智通财经网·2025-10-21 06:13Core Insights - The performance of power batteries in September was strong, with a total production of 151 GWh, representing a year-on-year growth of 50% [3][4] - Cumulative production from January to September reached 1122 GWh, with a year-on-year increase of 44% [3][4] - The proportion of installed power batteries in 2025 is expected to stabilize at 44%, with ternary batteries at 39% and lithium iron phosphate batteries at 46% [4][5] Battery Production and Installation - In September 2025, the production of power batteries reached 151.2 GWh, with a cumulative production of 1121.9 GWh for the year [3] - The installation rate of power batteries in September 2025 was 50%, with ternary batteries at 44% and lithium iron phosphate batteries at 52% [4][5] - The production of new energy vehicles in September 2025 was 1.43 million units, a year-on-year increase of 22% [16] Market Dynamics - The market is characterized by strong competition, primarily between CATL and BYD, with CATL's lithium iron phosphate battery share surpassing BYD's [2] - The demand for batteries is driven by the rapid growth of the energy storage industry, influenced by global energy crises [5] - The proportion of high energy density batteries (above 160 Wh/kg) has decreased from 11% in 2024 to 7% in 2025, mainly due to the substitution of ternary batteries by lithium iron phosphate batteries [23] Vehicle Types and Battery Demand - The demand for pure electric passenger vehicles is projected to grow by 35.5% in 2025, while plug-in hybrid passenger vehicles are expected to grow by 16.1% [11] - The production of pure electric passenger vehicles reached 580,000 units in the first nine months of 2025, a year-on-year increase of 44% [16] - The structure of battery demand is shifting, with plug-in hybrid vehicles gaining a larger share of the market [13] Competitive Landscape - The number of battery companies has remained relatively stable, with 35 companies reported in September 2025 [17] - The competitive landscape is characterized by significant investments from leading battery manufacturers, which continue to expand their market share [18] - Future trends indicate a potential shift towards vehicle manufacturers producing their own batteries or collaborating with battery companies [18]