Core Viewpoint - The lithium battery supply chain has experienced significant price increases from 2020 to 2022, driven by strong demand and a smooth transmission of price hikes across the industry [2][3]. Group 1: Price Trends - Electrolyte prices started at 70,000 CNY/ton in September 2020, rising to 100,000 CNY/ton by the end of the year, and reaching a peak of 580,000 CNY/ton in February 2022, with long-term contract prices stabilizing between 200,000 to 300,000 CNY/ton [2][3]. - Iron lithium cathode prices, including phosphoric acid iron and processing fees, doubled in 2021, peaking at over 40,000 CNY/ton by the end of that year [2][3]. - Anode prices began to rise in Q3 2021 due to graphite production constraints, increasing from 12,000 CNY/ton to a high of 25,000 to 28,000 CNY/ton by Q2 2022 [2][3]. Group 2: Supply Chain Dynamics - Lithium carbonate prices rebounded from a low of 40,000 CNY/ton at the end of 2020 to 50,000 CNY/ton in early 2021, and surged to 300,000 CNY/ton by the end of 2021, eventually reaching 520,000 CNY/ton by February 2022 [2][3]. - The battery sector has effectively transmitted raw material price increases, with battery prices rising by 1 cent/wh in Q1 2021 and accelerating to 2-3 cents/wh in Q1 and Q2 of 2022, reaching over 1 CNY/wh [2][3]. Group 3: Future Outlook - Current market conditions resemble Q4 2020, with expectations for continued price increases due to strong demand and low profitability levels compared to previous years [3]. - The industry's expansion willingness is significantly lower than in 2021, with limited new supply expected by 2026, suggesting a more stable price environment [3]. - The anticipated price increases are not expected to be as dramatic as in 2021, with supply-demand tightness projected to be lower, particularly for hexafluorophosphate and lithium carbonate [3]. Group 4: Investment Recommendations - The current valuation of leading companies is considered reasonable, with expected industry growth of 20% in 2027, suggesting potential for investment in the battery sector, including companies like CATL, Yiwei Lithium Energy, and others [4]. - Material leaders such as Keda Lithium and others are also highlighted as strong investment opportunities, alongside companies in the lithium carbonate sector [4]. - The solid-state battery sector is recommended for investment, particularly with catalysts expected to materialize in Q4 2025 [4].

2024年底，有极氪001 WE86车型车主反馈称，部分长行驶里程车辆存在充电变慢、电池容量衰减异常 等情况。对此，极氪宣布发起所谓"冬季关爱活动"，为全部极氪001 WE86车型免费更换全新电池包。 尽管极氪并未点明该车型所载电池品牌，但多方渠道信息均将矛头指向由欣旺达动力所供应的电芯。 【文/观察者网 潘昱辰 编辑/高莘】根据国家市场监督管理总局2月9日披露的信息，日前，浙江极氪智 能科技有限公司根据《缺陷汽车产品召回管理条例》和《缺陷汽车产品召回管理条例实施办法》的要 求，受浙江吉利汽车有限公司委托向国家市场监督管理总局备案了召回计划。 此次召回的编号为S2026M0023V：自2026年3月6日起，召回生产日期从2021年7月8日至2024年3月18日 期间生产的部分极氪001WE版汽车，共计38277辆。本次召回范围内的部分车辆，由于高压动力电池的 部件制造一致性原因，长期使用动力电池内阻会异常升高，可能导致部分动力电池性能下降，极端情况 下可能导致动力电池热失控，存在安全隐患。 召回信息显示，极氪将对召回范围内车辆进行检查或远程诊断，对尚未更换动力电池的车辆免费更换动 力电池总成，以消除安全隐患。 ...

极氪此次召回与一则诉讼相关。2025年12月，欣旺达动力被威睿电动起诉，对方索赔23.14亿元。起诉 理由是欣旺达在2021年6月到2023年12月期间交付的电芯存在质量问题，而威睿电动背后站着吉利和极 氪。2月6日，欣旺达发布公告称，双方在一审阶段达成和解，威睿电动将在《和解协议》生效后撤回起 诉。 按照欣旺达公告，双方同意对于更换动力电池包相关的费用按照实际成本进行认定，根据实际发生金额 经双方核对后确认，双方商定按比例分担该实际发生金额，同时事件处理后的相关电池包全部归欣旺达 所有。欣旺达预计，本次事件对上市公司2025年归母净利润的影响为5亿-8亿元。 新京报贝壳财经讯（记者林子）2月9日，新京报贝壳财经记者自极氪方面获悉，极氪向市场监管总局备 案，主动召回2021年7月至2024年3月生产的部分老款极氪001 WE 86版车辆，以彻底消除因动力电池内 部部件制造一致性问题带来的性能下降或潜在风险，此次召回涉及车辆共计38277台，目前极氪在售全 系车型均不在此次召回范围之内。 极氪将通过检查或远程诊断，为相关车辆免费更换动力电池。更换后三电质保不变。 在业内看来，吉利主动引入法律这把"标尺"，促使双 ...

2月4日，一段汽车碰撞救援视频在网络平台悄然传开，迅速引发全网热议。 网传视频截图 该起事故实际发生于2025年3月19日11时59分，地点位于云南省文山壮族苗族自治州砚山县平远镇某路 口，涉事车辆为一辆东风奕派eπ007纯电动网约车，搭载的正是欣旺达提供的磷酸铁锂电池，同时标注 匹配马赫E电池系统——该系统由东风集团与欣旺达动力科技合资的东昱欣晟代工生产，核心电芯源自 欣旺达。 涉事eπ007定位中低端纯电动市场，价格区间为10.99万—13.99万元，目前2025款、2026款车型均处于在 售状态，其电池配套方案未发生明显调整。 视频中，一辆东风奕派eπ007纯电动轿车与重型半挂车碰撞后，短短数十秒内便冒出黑烟、燃起明火， 车门锁死导致乘员逃生受阻，最终造成1人死亡、4人受伤的悲剧。 令人关注的是，东风奕派曾宣传"不起火、不爆炸"，具备极致安全防护能力。 这场迟来的视频曝光，不仅让这起尘封近一年的事故重回公众视野，更将欣旺达电池的安全宣传与实际 表现的巨大反差，推至舆论风口浪尖。 东风奕派撞车后烈火吞车 经记者核实，网络热传的视频并非事故发生当日画面，而是发生于去年。 公开信息显示，欣旺达动力电池2025 ...

2026.02. 09 去年底，吉利系动力电池公司威睿动力起诉欣旺达动力（欣旺达子公司），起诉原因是欣旺达动力在 2021年6月至2023年12月期间向威睿动力交付的电芯存在质量问题，并向后者索赔超23亿元。 而极氪001正是搭载这批欣旺达电芯的重要产品，仅2022年就售出了超7万辆，其中WE86版占比超 60％。但随着极氪001的放量，部分极氪001 WE86车主反馈，车辆存在充电速度变慢、感知电量 不准等问题。此前，极氪汽车已经为部分极氪001 WE86车主免费更换了电池包。2月9日，极氪发 布情况说明称，随着监测技术的持续升级和样本数据的不断累积，极氪发现了此次召回范围内车辆 （特定批次的动力电池）的潜在安全隐患。 2月6日，吉利系和欣旺达达成和解。记者获悉，对使用欣旺达电芯的极氪001 WE86消除可能存在 的影响，正是双方和解的前提条件之一。 根据《和解协议》，对于截至2025年12月31日已经实际发生的成本费用金额，欣旺达动力应向威睿 动力支付的剩余金额为6.08亿元；对于2025年12月31日之后实际发生的成本费用金额（包括相关 车辆召回），双方按约定分担实际发生的成本费用。对于应承担的成本费用 ...

车企和电池厂商的合作召回。 去年底，吉利系动力电池公司威睿动力起诉欣旺达动力（欣旺达子公司），起诉原因是欣旺达动力在 2021年6月至2023年12月期间向威睿动力交付的电芯存在质量问题，并向后者索赔超23亿元。 而极氪001正是搭载这批欣旺达电芯的重要产品，仅2022年就售出了超7万辆，其中WE86版占比超 60％。但随着极氪001的放量，部分极氪001 WE86车主反馈，车辆存在充电速度变慢、感知电量不准等 问题。此前，极氪汽车已经为部分极氪001 WE86车主免费更换了电池包。2月9日，极氪发布情况说明 称，随着监测技术的持续升级和样本数据的不断累积，极氪发现了此次召回范围内车辆（特定批次的动 力电池）的潜在安全隐患。 2月6日，吉利系和欣旺达达成和解。记者获悉，对使用欣旺达电芯的极氪001 WE86消除可能存在的影 响，正是双方和解的前提条件之一。 根据《和解协议》，对于截至2025年12月31日已经实际发生的成本费用金额，欣旺达动力应向威睿动力 支付的剩余金额为6.08亿元；对于2025年12月31日之后实际发生的成本费用金额（包括相关车辆召 回），双方按约定分担实际发生的成本费用。对于应承担的成本 ...

Core Viewpoint - The energy storage industry is experiencing a surge in companies planning to go public in Hong Kong, marking the beginning of a "storage IPO wave" as multiple firms submit their applications for listing [1][14]. Group 1: Company Listings - Companies such as Yihui Lithium Energy, Huasheng Lithium Battery, and Deye have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, reflecting a strategic move to enhance their international presence and financing options [1][4][6]. - Yihui Lithium Energy aims to raise funds primarily for its 30GWh power battery project in Hungary, which is expected to commence production in 2027 [1]. - Huasheng Lithium Battery anticipates a significant profit increase in 2025, projecting a net profit of between 12 million to 18 million yuan, marking a year-on-year growth of 106.87% to 110.30% [2]. Group 2: Financial Performance - Yihui Lithium Energy reported a revenue of 45 billion yuan for the first three quarters of 2025, with energy storage battery revenue reaching 17.069 billion yuan, a year-on-year increase of 37.9% [1]. - Deye achieved a revenue of 8.846 billion yuan and a net profit of 2.347 billion yuan in the first three quarters of 2025, showcasing its strong market position in both residential and commercial energy storage [4]. - Huichuan Technology reported a revenue of 31.663 billion yuan for the first three quarters of 2025, with a net profit of 4.254 billion yuan, reflecting a year-on-year growth of 24.67% and 26.84% respectively [6]. Group 3: Market Trends - The influx of energy storage companies into the Hong Kong market signifies the industry's robust growth and the strategic response of firms to capitalize on global carbon neutrality opportunities [14]. - The competitive landscape is expected to intensify as more companies enter the market, enhancing China's global competitiveness in the energy storage sector [14].

Investment Rating - The industry is rated as "Outperform" [2] Core Insights - The production of positive materials in December showed a year-on-year increase, with domestic battery production reaching 201.7 GWh in December 2025, a growth of approximately 62% year-on-year and 14% month-on-month [2] - Lithium carbonate prices have decreased, with industrial-grade lithium carbonate priced at 134,000 CNY/ton as of February 6, 2026, reflecting a weekly decline of 9.46% [2] - The average price of energy storage cells has significantly increased, with prices for various types of lithium iron phosphate cells rising by 3.02% to 4.96% as of February 6, 2026 [2] - The demand for lithium iron phosphate batteries reached a monthly shipment of 79.8 GWh in December 2025, marking a year-on-year increase of 30.82% [2] - The global sales of new energy vehicles reached 2.1521 million units in December 2025, showing a year-on-year growth of 11.50% [2] Summary by Sections Production - In December 2025, the production of lithium iron phosphate positive materials was 26,930 tons, a year-on-year increase of 32.48% [2] Prices - The average price of lithium iron phosphate (power type) was reported at 47,100 CNY/ton on January 9, 2026, an increase of 4.43% from January 4, 2026 [2] - The average price of liquid-cooled container energy storage systems increased slightly, with prices reaching 0.48 and 0.55 CNY/Wh as of February 6, 2026 [2] Domestic Demand - The monthly shipment of ternary power batteries remained stable at 18.2 GWh in December 2025, with a year-on-year increase of 27.27% [2] Overseas Demand - The export volume of Chinese power batteries in December 2025 was 19.0 GWh, reflecting a year-on-year increase of 47.29% [2]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 浙商证券研报指出，吉利诉讼和解落地，欣旺达阴霾尽扫前路坦荡。吉利威睿的电芯纠纷，自2021 年以来一直是压在欣旺达成长预期上的一块大石，而在去年底转为诉讼后，更是对公司短期带来了非常 大的负面影响。此次和解协议的签署，对于双方而言是化干戈为玉帛，而对欣旺达而言更是阴霾尽扫的 前路坦荡。看好公司的持续成长空间，当下市值对应的PE分别为21.17、13.89和10.36倍，维持"买入"评 级。 （责任编辑：刘畅 ） ...

证券研究报告·公司点评报告·电池 欣旺达（300207） 与威睿诉讼和解，港股上市推进顺利，动储 业务高增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 47,862 | 56,021 | 66,392 | 89,177 | 102,773 | | 同比（%） | (8.24) | 17.05 | 18.51 | 34.32 | 15.25 | | 归母净利润（百万元） | 1,076 | 1,468 | 1,409 | 3,025 | 4,118 | | 同比（%） | 0.77 | 36.43 | (4.02) | 114.65 | 36.12 | | EPS-最新摊薄（元/股） | 0.58 | 0.79 | 0.76 | 1.64 | 2.23 | | P/E（现价&最新摊薄） | 41.37 | 30.32 | 31.59 | 14.72 | 10.81 | [Table_Tag] [Table_S ...