CATL(SZ:300750) Xin Lang Cai Jing·2025-09-28 10:48Core Insights - The sodium-ion battery industry is experiencing a shift from initial high expectations to a more realistic focus on value creation, following a period of price volatility in lithium-ion batteries [1] - In the first half of this year, global sodium-ion battery shipments reached 3.7 GWh, marking a year-on-year growth rate of 259% [1] Industry Overview - Sodium-ion batteries operate similarly to lithium-ion batteries, relying on the movement of sodium ions between the anode and cathode [2] - Compared to lithium-ion batteries, sodium-ion batteries offer advantages such as abundant resource availability, lower costs, higher safety, and better low-temperature performance, although they have lower energy density and shorter cycle life [4] Development Stages - Sodium-ion battery development in China has progressed through several stages over the past 15 years, with the current phase being critical for commercialization, expected to occur around 2026 [4] - The initial phase focused on material development, followed by the prototyping of battery samples [4] Market Dynamics - The surge in lithium prices around 2021 led to heightened expectations for sodium-ion batteries as a cost-effective alternative, but recent declines in lithium prices have tempered these expectations [5] - Currently, the cost of sodium-ion batteries is approximately 0.5 CNY/Wh, while lithium batteries range from 0.3 to 0.4 CNY/Wh [5] Future Projections - It is anticipated that sodium-ion battery costs could be reduced by about 50% in the next two to three years [6] - The primary application markets for sodium-ion batteries are expected to be in commercial vehicles, such as heavy-duty trucks and engineering machinery, rather than large-scale energy storage [6] Technological Advancements - The development of polyanion sodium-ion batteries is gaining attention due to their stable structure and high safety, making them suitable for various applications [7] - Collaboration between different components, such as low/high-temperature electrolytes and compatible anodes, is essential for optimizing performance [7] Industry Initiatives - Major battery manufacturers, including CATL, are increasing their investments in sodium-ion technology, with CATL's sodium-ion battery achieving an energy density of 175 Wh/kg [8][9] - CATL plans to begin mass production of sodium-ion batteries in line with customer demand next year [9] Regulatory Support - The Ministry of Industry and Information Technology (MIIT) is committed to promoting the high-quality development of the sodium-ion battery industry through strategic planning and resource allocation [11] - Efforts are underway to enhance the standardization of sodium-ion batteries, with several national standards already published and more in development [12]