高工锂电·2025-11-03 11:51Core Viewpoint - The lithium battery industry continues to thrive in 2025, driven by the dual demand from the electric vehicle and energy storage markets, with overall shipment volumes and corporate performance showing synchronized improvement [1][5]. Industry Performance - In the first three quarters of 2025, the total shipment of lithium batteries in China exceeded 1.2 TWh, representing a year-on-year increase of 60%, with Q3 alone seeing shipments of 490 GWh, up 47% year-on-year [5]. - The growth in the power lithium battery market is primarily supported by the robust development of the electric vehicle industry, with domestic production and sales of new energy vehicles reaching 11.24 million and 11.23 million units respectively, marking increases of 35.2% and 34.9% year-on-year [5]. - The energy storage battery market also saw significant growth, with shipments reaching 165 GWh in Q3, a 65% increase year-on-year, driven by both policy support and market demand [6]. Company Performance - Among 18 A-share listed battery companies, two-thirds reported growth in both revenue and profit, showcasing strong resilience [2]. - CATL (宁德时代) achieved revenue of 283.1 billion yuan in Q3 2025, a year-on-year increase of 9.28%, with a net profit of 49.03 billion yuan, up 36.2% [2][10]. - EVE Energy (亿纬锂能) reported revenue of 45 billion yuan, a 32.17% increase, while Guoxuan High-Tech (国轩高科) saw a staggering 514.35% increase in net profit, reaching 2.53 billion yuan [10][11]. Market Dynamics - The industry is experiencing a divergence, with leading companies leveraging technology, scale, and global presence to maintain their competitive edge, while smaller firms face challenges in securing orders and maintaining profitability [3][8]. - The dominance of lithium iron phosphate batteries continues, accounting for 78% of total power battery shipments in Q3, with a year-on-year growth of 51% [5]. Technological Advancements - The lithium battery sector is transitioning from scale expansion to high-quality development, with innovations such as solid-state batteries opening new growth avenues [3][13]. - Companies like Funeng Technology (孚能科技) and Guoxuan High-Tech are making significant strides in solid-state battery technology, with plans for mass production and increased energy density [15][16]. Future Outlook - The lithium battery industry is expected to maintain its growth trajectory, driven by ongoing demand in power and energy storage markets, alongside continuous technological innovations [21]. - The upcoming 2025 High-Performance Lithium Battery Conference in Shenzhen will feature key industry leaders, highlighting the sector's focus on innovation and collaboration [1][21].