CATL(SZ:300750) Shen Zhen Shang Bao·2025-10-21 22:32Core Insights - CATL's "Chocolate" battery swap stations have surpassed 700 locations across 39 cities in China, with plans to establish over 2,500 stations in more than 120 cities by 2026 [2] - The "Chocolate" battery swap stations, launched by CATL's subsidiary, focus on urban core business districts and transportation hubs, reducing battery swap time to just a few minutes [2] - The battery swap network aims to achieve a target of 1,000 stations by the end of 2025, significantly faster than the industry average of over four years for similar milestones [3] Company Developments - A new vehicle, termed the "National Good Car," was announced in collaboration with JD Auto and GAC, set to launch during JD's "Double 11" shopping festival, with 9,449 reservations made within a week [3][4] - JD Auto will serve as the sales channel, GAC will handle production, and CATL's subsidiary will provide new energy operation services, enhancing the integration of battery swap services with vehicle sales [4] Market Trends - The battery swap market for new energy vehicles is projected to grow from 12.433 billion RMB in 2023 to 174.917 billion RMB by 2025, with an expected compound annual growth rate of 190% [4] - The total number of battery swap stations is anticipated to exceed 30,000 by 2025, indicating a rapidly expanding market [4] - The competitive landscape is evolving, with traditional automakers and energy groups forming the first two tiers, while third-party operators are emerging as a significant force in the market [4]