第一批卷低价的储能公司，已经被斩杀了

Core Insights - The energy storage industry has seen a dramatic decline, with 32,867 companies shutting down in the past three years, indicating a severe market contraction [7][12][48] - Jiangsu Beiren announced a strategic withdrawal from its energy storage business after three years of losses, citing intense competition, tightening policies, and declining market prices as key factors [2][10] - The once-promising commercial energy storage sector, referred to as the "trillion-dollar track," has transformed from a blue ocean to a red ocean, and now resembles a "dead sea" for many participants [4][12] Industry Overview - In 2023, the commercial energy storage sector experienced a surge, with installed capacity increasing more than threefold and 50,000 new companies entering the market, averaging 150 new entrants daily [4][10] - However, this growth was accompanied by a significant decline in equipment prices, leading to fierce price wars that have now subsided as many low-cost players face bankruptcy [6][9] Financial Challenges - Jiangsu Beiren's revenue from energy storage grew from 11.79 million to 87.72 million yuan, but its gross margin plummeted from 34.62% to 8.83%, indicating severe financial strain [20][21] - The industry is characterized by a "three-way death loop" of high fixed costs, thin profit margins, and weak bargaining power, making it difficult for small players to survive [14][16] Market Dynamics - The energy storage market is facing a cash flow crisis, with many companies struggling to collect payments from clients who are reluctant to share savings from energy costs [34][36] - The cancellation of time-of-use electricity pricing policies has undermined the economic viability of many projects, leading to a withdrawal of capital from the market [41][42] Competitive Landscape - The market is increasingly dominated by larger players who can leverage their scale and experience in energy management, leaving smaller companies at a disadvantage [45][46] - The shift in policy and capital dynamics has created a challenging environment for small and mid-sized energy storage firms, many of which lack the core competencies to compete effectively [44][48] Conclusion - The exit of Jiangsu Beiren symbolizes a broader trend of market consolidation, where only companies with strong core competencies and financial stability are likely to survive [48][50] - The energy storage sector is evolving into a more rational market, where competition will be based on comprehensive capabilities rather than just price [49][50]