储能企业致命困局：有企业停产，3GWh订单成定时炸弹

Core Viewpoint - The current shortage of battery cells is the most critical issue facing the energy storage industry, leading to various operational challenges and financial pressures for companies [2][4][19]. Group 1: Supply Chain Challenges - Battery cell shortages have forced many energy storage companies to operate at reduced capacity, with some only able to maintain two-thirds of their production lines [3][4]. - The average delivery time for energy storage battery cells has increased from 30 days to 75 days, with 38.7% of small and medium-sized energy storage companies forced to cut production due to shortages [3][4]. - Companies are experiencing a shift from a buyer's market to a seller's market, with increasing prepayment requirements and longer lead times for battery cell orders [8][12]. Group 2: Financial Implications - The inability to secure battery cells has led to significant financial losses, with companies facing daily penalties due to delayed orders and unfulfilled contracts [14][19]. - The average asset-liability ratio for listed companies in the energy storage sector reached 65.3% in the first half of 2025, indicating rising financial pressure [30]. Group 3: Market Dynamics - The energy storage industry is experiencing a price war, with lithium battery storage system prices dropping nearly 80% over the past three years, leading to widespread losses across the sector [6][22]. - The emergence of a secondary market for battery cells has grown rapidly, with an estimated 5GWh of battery cells expected to flow through this market by September 2025, representing over 15% of total demand [27]. Group 4: Strategic Responses - Companies are adopting strategies such as splitting orders among multiple suppliers to mitigate supply risks, although this increases management and logistics costs [11][21]. - Some firms are exploring vertical integration by investing in battery cell production to secure supply chains, while others are focusing on higher-margin projects to ensure survival [32][33]. Group 5: Future Outlook - Industry experts predict that the battery cell shortage will persist for at least 6 to 12 months, with potential improvements expected post-2026 as new capacities come online and alternative technologies mature [34]. - The ongoing competition and supply chain challenges are prompting companies to innovate and adapt, with a focus on both technological advancements and market strategies to ensure long-term viability [36].