Sou Hu Cai Jing·2025-07-11 11:02Core Viewpoint - CATL is suing Haicheng Energy for unfair competition, with the case set to be heard on August 12, raising concerns about Haicheng's ongoing IPO process [3][6]. Group 1: Legal Dispute - The lawsuit centers on Haicheng Energy's 587Ah large-capacity battery, which CATL claims overlaps significantly with its patented products, particularly noting a mere 4.4% deviation in energy density [7]. - The lawsuit includes several companies associated with Haicheng Energy, indicating a broader context of competition and potential employee poaching from CATL [4][5]. - This is not the first legal confrontation between the two companies, as CATL previously sued Haicheng's founder for violating a non-compete agreement [9]. Group 2: IPO Implications - Haicheng Energy is in a critical phase for its Hong Kong IPO, with its battery shipments experiencing a compound annual growth rate of 167% from 2022 to 2024, and revenue projected to grow from 3.615 billion to 12.917 billion [11]. - The company has raised a total of 8 billion in funding, achieving a valuation of 25 billion, with a high PE ratio of 87, significantly above its competitors [11]. - Despite its rapid growth, Haicheng has reported net losses of 1.777 billion and 1.975 billion in 2022 and 2023, respectively, with expectations to turn a profit in 2024 [11][12].