今年起，国内 储能扩产 项目以及国外储能订单环比增多 ， Q1 内有进展 项目 超过 100 个，涵盖储能 电池、系统集成 两大部分。储能电池 方面来看，不仅锂电池产能旺盛，钠电池和半固态电池也大量用于储能项目上。 2023 年到现在，储能需求可以说呈现出 U 字型走势， 2023 上半年达到需求高峰期，下半年出现产能过剩情况，导致整个 2024 年都在清库 存延缓需求，但今年开年却又呈现出上升趋势，预计本次扩产潮可能会持续到 2026 年。 产品端，储能电池和储能柜的更新换代速度会加快，电芯的容量增大会导致储能柜内电芯数量减少，系统内部零部件变少，但智能化数字化以及 热管理技术加强，同时取消了强制配储后，储能行业受到市场影响更大，项目布局也会回归理性。 需要注意的是，钠电池、半固态电池、大圆柱电池开始放量，未来储能电芯竞争将更加多元化，项目扩张也会让这些新出现的电芯价格受到影 响。 本已产能过剩的储能行业，竟在今年 Q1 重新掀起扩产狂潮。 01 头部企业布局情况一览 起点锂电经过不完全统计， 今年 Q1 头部储能厂商在国内主要有以下项目更新： 宁德时代 一季度宁德时代新增 6 个储能相关项目，主要在福建、 ...

作者 | 王小娟 编辑 | 柴旭晨 每次车展，不仅是车企们展示新车、新技术的舞台，产业链上企业们也摩拳擦掌，都将最新技术拿出来晒一番。 本次上海车展，亿纬锂能就携OMNI全能电池、开源电池、飞行器电池、机器人电池、汽车电子电池等一系列核心技术产品亮相展会。 在亿纬锂能副总裁、电池系统研究院院⻓江吉兵看来，大圆柱电池是新能源汽车的最优解。在此之前，亿纬锂能的大圆柱电池也获得了宝马的定 点，在2025年推出搭载大圆柱电池的新车型。 值得一提的是，行业已有不少车企将大圆柱电池作为解决方案，在此之前，代表性的就有特斯拉主导的4680电池。 具体而言，他认为，相较于方形电池，大圆柱电池10倍的制造效率，系统零部件设计标准化和成组工艺标准化，可让电池成为汽车标准零部件。并 且，大圆柱电池还可以解决后续升级问题。 江吉兵表示，在新能源汽车产品迭代周期压缩至12-18个月的产业现状下，大圆柱电池的"固定尺寸+多元化学体系"技术路线，成功解决了标准化与 个性化之间的发展悖论。其可兼容从磷酸铁锂（LFP）、磷酸锰铁锂（LMX）到三元锂（NCM）等多种化学体系，实现电量、续航、充电时间、功 率的灵活调整，可以将电池系统的研发时间缩 ...

Financial Performance - In 2024, the company achieved total revenue of 48.615 billion yuan and a net profit attributable to shareholders of 4.076 billion yuan, with a non-recurring net profit of 3.162 billion yuan, reflecting a year-on-year growth of 14.76% [3][4]. Business Segments Consumer Batteries - The consumer battery segment continues to lead, with ongoing enhancements in delivery capabilities and expansion into emerging markets such as BBU data centers, eVTOL, drones, and aircraft [3][4]. - The company expects a 20% year-on-year growth in the consumer battery segment for 2025 [8]. Energy Storage - The energy storage business saw a significant leap, with a total shipment of 50.45 GWh in 2024, representing a year-on-year increase of 91.90% [4]. - The company ranks second globally in energy storage cell shipments, with a 24.25% share of overseas direct sales in 2024 [7][8]. Power Batteries - The power battery segment experienced a 7.87% year-on-year growth, with shipments reaching 30.29 GWh in 2024 [4]. - The company holds a 12.15% market share in the domestic commercial vehicle battery market, ranking second [4]. Production and Capacity - The company’s Malaysian factory is progressing as planned, with energy storage production expected to commence in early 2026 [5][6]. - The company is enhancing production capacity utilization through line modifications and customer expansion, with expectations for steady improvement in 2025 [8]. Market Outlook - The company remains optimistic about the U.S. market despite uncertainties regarding tariff policies, with large-scale deliveries of energy storage orders anticipated to begin in 2026 [5][6]. - The cancellation of mandatory storage policies is expected to stimulate more application scenarios in the energy storage market [7]. Strategic Developments - The company is focusing on new technologies, including solid-state batteries and sodium batteries, with plans for pilot production lines in 2025 and gradual scale-up in 2026 [8]. - The company’s commercial vehicle solutions include a range of products for various applications, with ongoing performance iterations [8].

02 赣锋锂业公告称，公司与杭州市拱墅区人民政府、杭州市能源集团有限公司分别签署《框架合作协议》《战略合作协议》，三方将开展产业培育和长 效发展合作，建立共赢的长期战略合作发展关系。公司拟在杭州拱墅区投资建设高比能固态电池研发及产业化基地，围绕交通领域电动化新能源产业 拓展、能源供应链拓宽、动力电池综合循环利用等领域开展合作。 03 鹏辉能源2025Q1营收16.9亿元 4月24日，鹏辉能源连续披露2024年及2025年一季度业绩情况，两段时期公司营收均实现增长。具体来看，2024年，鹏辉能源实现营收79.61亿 元，同比增长14.83%；净利润-2.52亿元；扣非净利润-3.22亿元。2025年一季度，鹏辉能源实现营收16.9亿元，同比增长5.83%；净利 润-4498.31万元；扣非净利润-8030.16万元。 ◆ 材料 ◆ GGII： 2024年中国锂电回收市场 ◆ 电池 ◆ 亿纬锂能2025Q1营业收入128亿元 01 亿纬锂能发布2025年第一季度报告， 公司Q1实现营业收入127.96亿元，同比增长37.34%； 扣非归母净利润8.17亿元，同比增长16.60%。 亿 纬锂能动力电池一季度出货达1 ...

Core Viewpoint - Despite the ongoing downturn in the lithium battery market, EVE Energy has shown relatively stable performance, although it does not stand out compared to industry leaders CATL and BYD [1] Financial Performance - In 2024, EVE Energy reported revenue of 48.615 billion yuan, a year-on-year decrease of 0.35%, and a net profit of 4.076 billion yuan, a year-on-year increase of 0.63% [2] - In Q1 2025, EVE Energy achieved revenue of 12.796 billion yuan and a net profit of 818 million yuan, representing a year-on-year growth of 16.6% [2] - The company's battery shipment volume increased significantly, with a nearly 60% growth in power batteries and nearly 80% growth in energy storage batteries in Q1 [2] Business Segmentation - EVE Energy's lithium battery revenue is divided into power batteries (39.43%), energy storage batteries (39.14%), and consumer batteries (21.23%) [3] - The energy storage battery segment has been rapidly increasing its revenue share, potentially surpassing power batteries this year [3] - The gross margin for power batteries remained around 14%, despite a 20% year-on-year revenue decline [3] Market Position and Competition - CATL and BYD dominate the domestic power battery market, holding nearly 70% of the market share, leaving EVE Energy and other manufacturers to compete for the remaining share [4] - EVE Energy aims to reduce reliance on a few major clients by diversifying its customer base and offering differentiated products and services [4] Growth Drivers - The energy storage business has emerged as a crucial growth engine for EVE Energy, helping to mitigate overall performance declines [5] - In 2024, EVE Energy's energy storage capacity is expected to reach approximately 50 GWh, with an additional 20 GWh projected for 2025 [6] - EVE Energy's energy storage shipment volume reached 50.45 GWh in 2024, with a year-on-year growth exceeding 90% [6] Technological Advancements - EVE Energy has made significant progress in solid-state battery technology, with plans to launch high-power solid-state batteries for hybrid applications by 2026 [6] - The company has also achieved notable research results in lithium metal secondary batteries, sodium-ion batteries, and hydrogen fuel cells [6]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].

Investment Rating - The industry investment rating is "Overweight" [2][50]. Core Viewpoints - The new national standard for power batteries used in electric vehicles will be implemented in July 2026, which is expected to drive the elimination of outdated production capacity [41]. - The demand for lithium batteries is anticipated to maintain rapid growth due to the continuous development of renewable energy and the increasing demand for energy storage from new data centers [46]. - The overall demand for lithium batteries is expected to remain strong, supported by the dual drivers of electric vehicles and energy storage [46]. - The report suggests focusing on companies with strong performance support in the battery segment, leading companies in the materials segment with improving margins, and segments benefiting from the solid-state battery industry [46]. Market Review - As of April 24, 2025, the lithium battery index increased by 9.16% over the past two weeks, outperforming the CSI 300 index by 7.84 percentage points [13]. - The lithium battery index has decreased by 5.64% month-to-date, underperforming the CSI 300 index by 3 percentage points [13]. - Year-to-date, the lithium battery index has declined by 7.97%, lagging behind the CSI 300 index by 4.15 percentage points [13]. Price Changes in Lithium Battery Supply Chain - As of April 24, 2025, the average price of battery-grade lithium carbonate is 70,000 CNY/ton, down 1.82% over the past two weeks [25]. - The price of lithium hydroxide (LiOH 56.5%) is 74,400 CNY/ton, down 0.67% [25]. - The price of lithium iron phosphate remains stable at 33,300 CNY/ton, while NCM523, NCM622, and NCM811 have seen slight declines of 1.26%, 1.19%, and 1.34% respectively [27]. - The price of electrolyte lithium hexafluorophosphate is 57,500 CNY/ton, down 2.54% [31]. - The average price of square lithium iron phosphate cells is 0.34 CNY/Wh, and square ternary cells are 0.44 CNY/Wh, both remaining stable [36]. Company Announcements - CATL announced an expansion of its battery swap business, with ten new models set to launch in the fourth quarter of 2025 [41]. - The company also released a new sodium-ion battery, which is expected to be mass-produced by December 2025 [41]. - EVE Energy reported a 37.34% year-on-year increase in revenue for Q1 2025, reaching 12.796 billion CNY [47]. Suggested Focus Companies - CATL (300750) is highlighted for its strong profit growth and market leadership in energy storage batteries [48]. - EVE Energy (300014) is noted for its advancements in large-capacity lithium iron phosphate battery technology [48]. - Keda Industrial (002850) is recognized for its stable growth in precision battery components [48]. - Enjie (002812) is acknowledged for its leadership in lithium battery separators and ongoing development of solid-state products [48]. - Naconor (832522) is mentioned for its innovative equipment for solid-state battery production [48].

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-062 1、股东部分股份解除质押的基本情况 | 股东名称 | 是否为控股股东 或第一大股东及 其一致行动人 | 本次解除质押 数量（股） | 占其所持 股份比例 | 占公司总 股本比例 | 质押开始日 | 解除质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 刘金成 | 是 | 2,800,000 | 3.62% | 0.14% | 2024年1月31日 | 2025年4月24日 | 渤海国际信托股份有限公司 | | 亿纬控股 | 是 | 17,000,000 | 2.60% | 0.83% | 2023年4月24日 | 2025年4月24日 | 渤海国际信托股份有限公司 | 2、股东部分股份质押的基本情况 | 股东名称 | 是否为控 股股东或 第一大股 | 本次质押数 | 占其所持 | 占公司总 | 是否是 | 是否为补 | 质权人 | 质押开始日 | 质押到期日 | 用途 | | --- | --- | --- | --- | --- | --- | --- | - ...

| 证券代码：300014 | 证券简称：亿纬锂能 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：123254 | 转债简称：亿纬转债 | | 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、截至 2025 年 4 月 25 日，惠州亿纬锂能股份有限公司（以下简称"公司"）股 票已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85% 的情形，已触发"亿纬转债"（债券代码：123254）转股价格向下修正条件。 2、公司于 2025 年 4 月 25 日召开第六届董事会第五十二次会议，审议通过了《关 于不向下修正亿纬转债转股价格的议案》，公司董事会决定本次不向下修正"亿纬转债" 的转股价格。同时自本次董事会审议通过次一交易日起未来 5 个月（2025 年 4 月 28 日 至 2025 年 9 月 27 日）内，如再次触发"亿纬转债"转股价格向下修正条款，亦不提 出向下修正方案。在此期间之后，若再次触发"亿纬转债"的转股价格向下修正条款， 届时公司董事会将再次召开会议决定是否行使"亿纬 ...

| 证券代码：300014 | 证券简称：亿纬锂能 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123254 | 转债简称：亿纬转债 | | 惠州亿纬锂能股份有限公司 第六届董事会第五十二次会议决议公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 惠州亿纬锂能股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日在广东省惠 州市仲恺高新区惠风七路 38 号亿纬锂能零号会议室采用通讯表决的方式召开第六届 董事会第五十二次会议。本次会议由董事长刘金成先生主持，应参加会议董事 7 名， 实际参加 7 名。本次会议的召开符合《公司章程》规定的法定人数。 会议的召集和召开符合《公司法》和《公司章程》的有关规定。经表决，形成以下 决议： 一、审议通过了《关于不向下修正亿纬转债转股价格的议案》 鉴于"亿纬转债"距离存续届满尚远，经综合考虑公司的基本情况、股价走势、市 场环境等多重因素，以及对公司的长期发展潜力与内在价值的信心，为维护全体投资 者的利益，同意本次不向下修正"亿纬转债"转股价格。同时自本次董事会审议通过 ...