Financial Data - In Q4 2025, LG Energy achieved revenue of 29.9 billion yuan, a year-on-year decrease of 4.79% and a quarter-on-quarter increase of 7.75%. The gross margin was 12.55%, up 4.31 percentage points year-on-year but down 12.83 percentage points quarter-on-quarter [1] - The operating loss for Q4 2025 was 590 million yuan, showing a reduction in losses year-on-year but an expansion of losses quarter-on-quarter, resulting in an operating margin of -2.0%. The contribution from AMPC manufacturing subsidies was 1.26 billion yuan, down 9.02% quarter-on-quarter. Excluding subsidies, the actual operating loss was approximately 2.24 billion yuan, with an operating margin of -7.4%, an increase of 1.9 percentage points year-on-year but a decrease of 11.5 percentage points quarter-on-quarter [1] - Revenue growth was driven by significant increases in North American energy storage business despite a slowdown in electric vehicle sales due to the termination of U.S. EV subsidies and inventory adjustments by automakers [1] Market Outlook - Global electric vehicle (EV + PHEV) sales are expected to grow by 18% year-on-year in 2026 [1] - North American battery demand is projected to approach 200 GWh in 2026, with energy storage accounting for about 50%, reaching 100 GWh [1] - Global energy storage installation demand is anticipated to grow by 40% year-on-year in 2026, with 96% of North American energy storage demand in 2025 applied to the grid and commercial sectors [1] Growth Strategy Energy Storage - The company expects to add over 90 GWh of new energy storage orders in 2026, following 55 GWh and 90 GWh in 2024 and 2025, respectively [2] - Plans to strengthen long-term utility-scale energy storage orders from North America and expand UPS orders through high-power NCM soft-pack batteries [2] - By the end of 2025, global energy storage system capacity is projected to be 36 GWh, with North America accounting for 60% [2] Power - The company aims to broaden its product line, with plans to mass-produce LFP and medium-nickel high-voltage batteries in Q1 2026 [2] - New business opportunities are being explored in robotics, marine, and low-altitude markets, alongside the development of an energy management optimization system based on energy storage battery data [2] 2026 Guidance - The revenue growth target is set at 15%-20%, primarily driven by stable growth in cylindrical batteries and increased sales of energy storage systems [3] - The operating margin target (including AMPC subsidies) aims for year-on-year improvement, with a focus on increasing energy storage supply and enhancing cost competitiveness [3] - Capital expenditures are targeted to be reduced by 40% year-on-year, amounting to approximately 30.6 billion yuan [3] SK Innovation Q4 2025 - SK On's battery business reported revenue of 7.082 billion yuan in Q4 2025, a year-on-year decrease of 8.9% and a quarter-on-quarter decrease of 19.4% [4] - The operating loss for the battery business was approximately 2.145 billion yuan, with an operating margin of -30.3%, reflecting a year-on-year decline of 7.8 percentage points and a quarter-on-quarter decline of 23.4 percentage points [4] - Despite unfavorable external conditions, the company plans to reshape its business through investment balance and strengthening energy storage operations [4]
海外电池厂跟踪（LG&SK）
数说新能源·2026-02-02 02:37