CATL(SZ:300750) Di Yi Cai Jing·2025-07-07 10:48Core Viewpoint - The lawsuit initiated by CATL against Xiamen Hichain Energy Technology Co., Ltd. and others highlights concerns over unfair competition, particularly regarding the similarity of their 587Ah battery products, which have a mere 4.4% deviation in energy density compared to CATL's patented products, significantly below the industry standard of 10% [1][2]. Group 1: Legal Proceedings - The Fujian Ningde Intermediate People's Court has accepted the case on June 25, with a hearing scheduled for August 12 [1]. - This is not the first legal confrontation between the two companies; in 2023, CATL sued Hichain's founder for breaching a non-compete agreement, resulting in a compensation of 1 million yuan [2]. Group 2: Company Background and IPO - Hichain Energy, founded by former CATL employees, is currently in the process of an IPO on the Hong Kong Stock Exchange, having submitted its application on March 25, 2023 [2]. - The timing of the court hearing coincides with the IPO review period, which could impact Hichain's ability to prove that the lawsuit does not affect its ongoing operations [2]. Group 3: Market Position and Growth - Hichain Energy has rapidly grown to become one of the top three companies in global lithium-ion energy storage battery shipments within five years [2]. - The company's revenue figures for 2022, 2023, and projected 2024 are approximately 3.615 billion yuan, 10.202 billion yuan, and 12.917 billion yuan, respectively, reflecting a compound annual growth rate of 89% [3]. - The shipment volume of Hichain's energy storage batteries has seen a compound annual growth rate of 167% during the same period [3].