CATL(SZ:300750) Xin Lang Cai Jing·2025-09-22 00:10Core Viewpoint - The commercial dispute between CATL, the industry leader, and Haicheng Energy, a rising star in energy storage, has intensified due to allegations of trade secret infringement involving a key executive from Haicheng Energy [1][2]. Group 1: Company Background - Haicheng Energy was established on December 27, 2019, focusing on the research, production, and sales of lithium battery core materials and lithium iron phosphate energy storage batteries [1]. - The company plans to go public in Hong Kong on March 25, 2025, and has experienced rapid revenue growth, with projected revenue of 12.9 billion yuan in 2024 and a valuation of 25 billion yuan [1][7]. - Haicheng Energy's lithium-ion energy storage battery shipment volume is expected to rank third globally in 2024, with a market share of 11% [7]. Group 2: Legal Disputes - Since 2023, CATL has initiated multiple legal actions against Haicheng Energy, including a lawsuit for breach of non-compete agreements and claims of unfair competition, seeking 150 million yuan in damages [2][6]. - The latest legal action involves the arrest of Feng Dengke, a former executive at Haicheng Energy, accused of infringing trade secrets, marking CATL's fourth legal move against the company [1][2]. Group 3: Patent Competition - As of June 2025, CATL holds 49,347 patents, significantly outnumbering Haicheng Energy's 3,900 patents, highlighting a substantial gap in intellectual property [1][7]. - The patent dispute centers around a composite electrolyte patent, with claims that Haicheng Energy's technology closely resembles CATL's, differing only by 4.4% in energy density [2][5]. Group 4: Executive Background - Many key executives at Haicheng Energy, including its founder Wu Zuyu, have previous experience at CATL, contributing to the company's rapid rise in the energy storage sector [6][7]. - The company has seen a compound annual growth rate of 167% in lithium-ion energy storage battery shipments from 2022 to 2024 [7].