Core Viewpoint - In 2025, the power battery industry in China experienced rapid growth, with sales surpassing 1 TWh for the first time, reflecting significant structural changes in exports, material composition, vehicle demand, and market competition [1] Group 1: Sales and Growth - In 2025, the total sales of power batteries reached 1200.9 GWh, a year-on-year increase of 51.8%, significantly higher than the 28.4% growth in 2024 [1] - Cumulative installed capacity was 769.7 GWh, up 40.4% year-on-year, with an increase of 221.3 GWh compared to 2024 [1] Group 2: Export Dynamics - Cumulative exports of power batteries in 2025 reached 189.7 GWh, a year-on-year growth of 41.9%, a substantial increase from the 5.0% growth in 2024 [3] - In December 2025, exports of lithium iron phosphate batteries accounted for 51.3% of total monthly exports, marking a 71.1% year-on-year increase and surpassing the previously dominant ternary batteries [3] Group 3: Battery Type Performance - In 2025, the installed capacity of lithium iron phosphate batteries was 625.3 GWh, representing 81.2% of total installed capacity, with a year-on-year growth of 52.9% [5] - The installed capacity of ternary batteries dropped to 18.7%, with a year-on-year growth of only 3.7%, continuing a downward trend from 10.2% in 2024 [5] Group 4: Commercial Vehicle Growth - The growth of commercial vehicles was explosive, with the installed capacity of pure electric trucks increasing to 17.7%, a year-on-year growth of 168.9% [7] - The average battery capacity of new energy vehicles rose to 55.2 kWh, a year-on-year increase of 18.8% [7] Group 5: Market Structure and Competition - The market competition is evolving from a "dual dominance" to a "stable head and diverse rise," with CATL and BYD maintaining their leading positions but seeing their combined market share decrease from 69.8% to 64.9% [10] - Mid-tier companies like Zhongchuang Innovation and Guoxuan High-Tech are gaining market share, with Guoxuan's installed capacity reaching 43.44 GWh, a year-on-year increase of 1.07 percentage points [12] Group 6: Material Demand and Pricing - The demand for core materials such as lithium iron phosphate and ternary materials surged by over 50% in 2025 [14] - By the end of 2025, the price of battery-grade lithium carbonate reached 150,000 yuan per ton, reflecting a more than 60% increase compared to the end of 2024 [14] Group 7: December Performance Highlights - In December 2025, power battery sales reached 143.8 GWh, a year-on-year increase of 49.2%, while installed capacity was 98.1 GWh, up 35.1% year-on-year [16] - The growth was driven by policy incentives and strong end-user demand, with major automakers launching promotional campaigns to stimulate purchases [15]

Investment Rating - The report rates the lithium battery industry as "stronger than the market" [3]. Core Insights - The demand for power batteries and energy storage batteries remains robust, with significant increases in average prices for energy storage cells and systems [3]. - In December 2025, domestic battery production reached 201.7 GWh, marking a year-on-year increase of approximately 62% and a month-on-month increase of about 14% [3]. - The average price of industrial-grade lithium carbonate surged to 168,000 CNY/ton as of January 23, 2026, reflecting a weekly increase of 9.80% [3]. - The monthly installation volume of lithium iron phosphate batteries in December 2025 was 79.8 GWh, a year-on-year increase of 30.82% [3]. - The report highlights the importance of focusing on core enterprises in battery cells that lead in overseas layouts and the synergy between power batteries and energy storage [3]. Summary by Sections Production - In December 2025, the production of lithium iron phosphate cathode materials was 26,930 tons, a year-on-year increase of 32.48% [3]. Prices - The average price of lithium iron phosphate (power type) was reported at 47,100 CNY/ton on January 9, 2026, with a 4.43% increase from January 4 [3]. - The average price of three-dimensional power cells rose to 0.47 CNY/Wh and remained stable [3]. Domestic Demand - The report indicates that the monthly installation volume of three-dimensional power batteries was 18.2 GWh, showing a year-on-year growth of 27.27% [3]. - The new energy storage application projects' monthly bidding capacity reached a record high of 21.8 GW/64 GWh in December 2025, with a month-on-month increase of 65% [3]. Overseas Demand - In December 2025, China's power battery exports amounted to 19.0 GWh, reflecting a year-on-year increase of 47.29% [3]. - Global new energy vehicle sales in November 2025 reached 2 million units, a year-on-year increase of 8.53% [3].

近日，DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元，为自动驾驶新能源重卡赛道历史最 大单笔融资。本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、瀚棠置业、临沂国科、长 兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金主 要用于集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 DeepWay深向是全球首家通过正向定义打造智能新能源重卡解决方案,并实现批量交付的企业。公司坚 持正向定义理念，采用"自有车辆+自研智驾技术"一体化双轮驱动发展战略，在传统燃油车技术体系之 外重新定义产品与研发架构，使车辆硬件与智能驾驶软件在底层实现深度适配，以货运领域完全无人驾 驶为终极目标。截至2025年6月，公司已累计交付约6400台新能源重卡，在全球正向定义新能源重卡市 场排名第一。 围绕无人驾驶这一长期目标，DeepWay深向选择了务实、渐进的发展路径，将有限的资源优先配置到可 最先实现商业化落地的方向。公司成立初期，先通过正向定义打造车辆，实现三电核心零部件自研，完 成了新能源重卡的电动化革新；在此基础上推动组合辅助驾驶系 ...

近日，"重卡新势力"DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元，为自动驾驶新能源重 卡赛道历史最大单笔融资。 据悉，本轮融资由普华资本领投，ABC Impact、欣旺达（300207）、前海淏天、瀚棠置业、临沂国 科、长兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资，融资资金 主要用于公司主营业务运营和发展，进一步夯实在智能新能源重卡领域的领先地位。 目前，DeepWay深向已率先在全系最新车型中实现组合辅助驾驶系统标配，智驾付费订阅率持续提升。 在应用场景选择上，DeepWay深向重点聚焦中国物流体系中体量庞大的固定线路短途大宗运输市场，该 市场运力需求约占公路货运总量的40%至50%。围绕这一场景，公司正在加速推进智能编队的应用，目 前在新疆、内蒙古、四川等客户场景进行编队测试验证和载货运营，并实现了编队车型的首批客户交 付。 伴随着数据积累与运营经验的不断深化，DeepWay深向有望率先实现智能编队的大规模部署，并逐步向 短途及中长途场景的单车智能无人驾驶演进，持续向"工业机器人"这一长期目标迈进。 普华资本基金合伙人杨洁表示："DeepWay深向 ...

Core Insights - DeepWay has completed a record Pre-IPO financing round of 1.177 billion RMB, marking a significant milestone in the autonomous driving sector for heavy-duty electric trucks [1] - The investment reflects a shift in capital market evaluation from mere technological admiration to a focus on commercial viability and business model certainty [1][5] - The company aims for L4 autonomous driving, employing a pragmatic approach that emphasizes gradual progress and real-world application [2][3] Financing and Market Trends - The 1.177 billion RMB financing is indicative of a broader trend in the autonomous driving industry, which saw total disclosed financing exceed 58.2 billion RMB in 2025, a nearly threefold increase from the "winter" period of 2023 [3] - Leading companies in the L4 autonomous delivery space secured over 4 billion RMB in financing in 2025, setting new records in the domestic market [3] Investment Philosophy - Investors are increasingly favoring companies with proven commercial viability over those with purely experimental technologies, as evidenced by DeepWay's ability to attract both state-owned and foreign capital [5] - The company’s "evolutionary" approach contrasts with the "rocket launch" mentality prevalent in the industry, focusing on practical, incremental advancements [5] Technological Integration - DeepWay has achieved vertical integration by combining proprietary vehicles with self-developed autonomous driving technology, allowing for comprehensive data acquisition and operational efficiency [8][10] - This integration results in significant cost advantages and enhanced safety features, positioning DeepWay favorably against competitors reliant on third-party technologies [10][11] Data Utilization and Future Goals - DeepWay has accumulated over 100 million kilometers of real-world L2 operational data, with a subscription rate exceeding 30%, indicating strong market acceptance of its technology [12][13] - The transition from L2 to L4 is seen as a data-driven iterative process, leveraging existing operational data to refine control algorithms for more complex driving scenarios [14][16] Conclusion - The recent financing round not only signifies a milestone for DeepWay but also highlights a successful pragmatic approach within the Chinese autonomous driving industry [17] - With the influx of capital, DeepWay is poised to accelerate its investments in advanced technologies, further solidifying its position in the commercial vehicle autonomous driving market [17]

在智能驾驶商业化落地方面，DeepWay深向同样走在行业前列。目前，DeepWay深向已率先在全 系最新车型中实现组合辅助驾驶系统标配，智驾付费订阅率持续提升。这一进展得益于公司始终以市 场核心需求为导向，坚持智驾功能的实用性与经济性为第一优先级，通过高性价比方案快速实现商业 闭环。同时，大规模量产交付也为公司积累了大量真实运营场景数据，为后续无人驾驶所需的感知、 决策与控制算法提供了可复用的数据与工程基础。 据IPO早知道消息，DeepWay深向日前完成Pre-IPO轮融资，总募集金额达11.77亿元，这也是自 动驾驶新能源重卡赛道历史最大单笔融资。 本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、瀚棠置业、临沂国科、长兴创强基 金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金主要用于 集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 作为全球首家通过正向定义打造智能新能源重卡解决方案并实现批量交付的企业，DeepWay深向是 坚持正向定义理念，采用"自有车辆+自研智驾技术"一体化双轮驱动发展战略，在传统燃油车技术体 系之外重新定义产品与 ...

近日，DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元，为自动驾驶新能源重卡赛道历史最 大单笔融资。本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、瀚棠置业、临沂国科、长 兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金主 要用于集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 DeepWay深向是全球首家通过正向定义打造智能新能源重卡解决方案，并实现批量交付的企业。公司坚 持正向定义理念，采用"自有车辆+自研智驾技术"一体化双轮驱动发展战略，在传统燃油车技术体系之 外重新定义产品与研发架构，使车辆硬件与智能驾驶软件在底层实现深度适配，以货运领域完全无人驾 驶为终极目标。 ...

新能源重卡公司DeepWay深向已完成11.77亿元的Pre-IPO轮融资。本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、瀚棠置业、临沂国科、长兴创强基金、山东国控资本、联想创投、大湾区 基金、光跃投资、红山基金共同投资。据了解，资金将主要用于集团主营业务的运营和发展。 ...

Core Insights - DeepWay has completed a Pre-IPO financing round of 1.177 billion yuan, led by PwC Capital, with participation from multiple investors [1] - The funds will primarily be used for the operation and development of the company's core business [2] - DeepWay aims to transition from policy-driven to market-driven growth in the new energy heavy truck sector, with significant market potential projected [2] Company Overview - Founded in July 2020, DeepWay's core shareholder is Baidu, with its CEO being the founder of logistics company Lion Bridge Group [2] - The company has launched three models of new energy heavy trucks and is the exclusive partner of Baidu's intelligent driving technology in the commercial vehicle sector [2] - DeepWay has completed four rounds of financing, totaling over 3.1 billion yuan [2] Market Dynamics - The new energy heavy truck market is experiencing explosive growth, with total sales reaching 231,100 units in 2025, a year-on-year increase of 182% and a market penetration rate of 28.89% [2] - Industry forecasts predict that the penetration rate of new energy heavy trucks will reach 35% by 2026 and exceed 50% by 2030, with the market size expected to surpass 250 billion yuan [2] Competitive Landscape - The industry participants are categorized into two groups: traditional companies like China National Heavy Duty Truck Group and FAW Jiefang, which are transitioning to new energy, and new energy heavy truck "new forces" like DeepWay [2] - DeepWay differentiates itself by focusing on a forward-thinking design philosophy and has achieved self-research in key components [3] Technological Advancements - DeepWay has delivered approximately 6,400 new energy heavy trucks as of June 2025 and is advancing the large-scale application of its auxiliary driving systems [3] - The company employs a subscription model for its intelligent driving services, with increasing rates of subscription for its latest models equipped with L2-level auxiliary driving hardware [3] - DeepWay is conducting tests for autonomous driving in various regions and aims for large-scale deployment of intelligent convoy systems [3] Investment Perspectives - Investors recognize DeepWay's systematic advantages in intelligent driving, emphasizing the integration of vehicle and driving technology for high reliability and safety [4] - The company is seen as a potential leader in the future of intelligent road freight due to its unique strategic path and strong technological barriers [4] - DeepWay's mission aligns with investor goals of reducing emissions and decarbonizing the freight sector through innovative electric and intelligent technologies [5]

Core Insights - Shenxiang Technology Co., Ltd. has completed a financing round before its listing in Hong Kong, raising approximately 1.2 billion RMB (about 173 million USD) [1] - The investors in this financing round include Temasek's ABC Impact, Lenovo Group's global technology industry fund, PwC Capital, and battery manufacturer Xinwanda [1] - The combination of institutional investors and industrial capital reflects a collaborative participation, with Xinwanda having direct cooperation potential with Shenxiang Technology in the new energy heavy truck business [1]