“小米SU7事故”，揭开“去宁化”联盟暗战真相

Core Viewpoint - The article discusses the strategic shifts of CATL (Contemporary Amperex Technology Co., Limited) in response to increasing competition and the need to bind downstream customers, particularly in light of recent controversies surrounding its battery supply for Xiaomi vehicles [2][7][8]. Group 1: Market Position and Competition - CATL's market share in China's power battery sector was 45.08% in 2024, showing a decline from 52.1% in 2021 and 48.2% in 2022 [14]. - The company's battery system sales growth dropped significantly from 107% in 2022 to 32.6% in 2023 [15]. - Several automakers are diversifying their battery suppliers to enhance supply chain security, which has led to a reduction in orders from CATL [16][18]. Group 2: Strategic Adjustments - CATL is shifting its focus from upstream resource control to binding key downstream customers, reflecting a strategic pivot in response to competitive pressures [22]. - The company has reduced its investments in upstream suppliers, including significant divestments from leading lithium material and equipment companies [24][25]. - CATL has formed partnerships with various automakers, including investments in companies like Aiways and Zeekr, to strengthen its market position [26][27]. Group 3: International Expansion and IPO Plans - CATL's planned Hong Kong IPO aims to raise at least $5 billion, marking one of the largest IPOs in the Hong Kong market in recent years [8]. - The company intends to use 20% of the IPO proceeds to supplement overseas operational funds and establish a significant foreign currency fund pool [50]. - The need for foreign currency reserves is critical for CATL's international projects, as its current foreign currency holdings are insufficient to cover future needs [45]. Group 4: Competitive Landscape - CATL faces strong competition from companies like LG Energy Solution and Panasonic, which are rapidly expanding their production capacities and securing government support in key markets [60][62]. - The article emphasizes that CATL's delayed entry into the Hong Kong market could result in missed opportunities for strategic partnerships and resource control [52][57]. - The global battery market is shifting towards resource integration, and CATL's ability to leverage its IPO for international capital is crucial for maintaining its competitive edge [66].