白皮书：中国气候科技产业“超级并购周期”即将到来

Core Insights - The Chinese climate technology industry is entering a "super merger cycle" led by industry leaders, transitioning from a technological and industrial revolution to a valuation and profit revolution [1][10] - A white paper released at the Shanghai International Carbon Expo indicates a significant wave of mergers and acquisitions (M&A) reshaping the competitive landscape and accelerating the global green industry transition [1][10] M&A Activity Trends - M&A activities in the Chinese climate technology sector are primarily concentrated in the photovoltaic industry chain, infrastructure, energy storage, and lithium battery sectors, maintaining a stable transaction volume share of over 75% [5][8] - From 2020 to 2024, the number of investment and M&A transactions in the renewable energy sector increased from 385 to 615, reflecting an upward trend [2] - The disclosed M&A transaction value reached a low of 135.9 billion yuan in 2021, rebounding to 229.5 billion yuan in 2024 [2] Strategic Focus - The focus of M&A activities has shifted from mere scale expansion to acquiring key technologies, improving supply chains, and expanding market channels [1][5] - The proportion of cross-border M&A is increasing, with Chinese companies actively seeking advanced technologies and management experiences through international acquisitions [1][5] Investment Dynamics - The primary investors in the climate technology sector are industrial capital, which has increased from 76.2% in 2020 to 86.8% in 2023, slightly decreasing to 80% in 2024 [4] - Control-oriented transactions dominate, accounting for 66.9% of M&A activities in 2024 [4] Sector-Specific Insights - The photovoltaic industry chain, infrastructure, energy storage, and lithium battery sectors accounted for 39%, 19%, 13%, and 9% of transaction volumes in 2024, respectively, totaling 80% [5] - The enthusiasm for the lithium battery sector has decreased due to slowing downstream demand and price fluctuations, with transaction values remaining above 60 billion yuan [8] - The infrastructure sector saw significant growth, with transaction values nearly quadrupling compared to 2023 [8] Future Outlook - The current M&A wave is expected to focus more on cutting-edge technology areas such as hydrogen energy, energy storage, and carbon management, with a diversification of M&A models [8][10] - The integration of technology resources through M&A is seen as essential for industry upgrades, with a need for companies to effectively incorporate acquired technologies into their innovation systems [9][10] - The ongoing M&A activities are positioned as a core driver for accelerating technological breakthroughs and market consolidation in the climate technology sector, enhancing China's global influence and market share [10]