CATL(SZ:300750) 起点锂电·2025-09-17 10:14Core Viewpoint - The energy storage industry is facing significant challenges due to ongoing price competition, which is undermining the healthy development of the sector [2][3]. Price Competition - The price of energy storage systems has decreased by approximately 80% over the past three years, with recent bids falling below 0.4 CNY/Wh, which deviates significantly from production costs [3]. - In August 2025, the average bid price for 2h and 4h lithium battery storage systems reached historical lows, with a specific project bid at 0.389 CNY/Wh [3]. - The trend of price competition is also spreading internationally, particularly in the Middle East, where prices have reached 73-75 USD/kWh, closely approaching China's lowest costs [5]. Market Dynamics - The energy storage market is experiencing overcapacity and intense competition, leading many companies to adopt low-price strategies to capture market share [5]. - As of 2023, low-price competition has become evident, continuing into 2024 and 2025, with over 300,000 registered energy storage companies [5]. Industry Outlook - The energy storage industry is described as being in a "dual state," where leading companies are securing numerous orders while many others face declining profit margins and risk elimination from the market [6]. - A positive trend is emerging as more companies are resisting low-price competition, shifting focus from price wars to value wars through differentiation and global strategies [6]. Innovation and Safety - Companies are urged to enhance research and development to escape homogenized competition and improve product performance and safety [7]. - CATL, as a leading enterprise, has invested over 80 billion CNY in R&D since 2014 and holds over 43,000 patents, emphasizing the importance of data and scientific principles in their commitments [7].