Core Insights - The demand for square lithium iron phosphate energy storage cells is strong, with prices remaining high across various capacities [2][4] - Major manufacturers are focusing on next-generation products, leading to supply tightness for current mainstream products [3][4] - Global energy storage cell shipments are expected to see significant growth, with a projected increase of 106.1% year-on-year in the first half of 2025 [4] Pricing and Market Trends - The price range for 100 Ah energy storage cells is between 0.340-0.410 RMB per watt-hour, with an average of 0.375 RMB per watt-hour; for 280 Ah, the range is 0.260-0.335 RMB, averaging 0.298 RMB; and for 314 Ah, the range is 0.260-0.340 RMB, averaging 0.300 RMB [2] - The prices for 280 Ah cells remained stable month-on-month, while the transaction focus for 100 Ah and 314 Ah cells has slightly increased [2] - The increase in prices is attributed to rising costs of upstream materials such as electrolytes and petroleum coke [4] Supply and Production Capacity - Major manufacturers are experiencing high production levels, with some companies reporting full capacity and order schedules extending to 2026 [2][3] - The transition from 300+ Ah to 500+ Ah and larger capacity products is intensifying, with many manufacturers concentrating resources on next-generation product development [3] - Companies like Ningde Times are accelerating production capacity expansion to meet market demand, particularly for the 587 Ah product [4] Demand Drivers - Demand is primarily driven by multiple GWh-level projects in China and the rapid release of global orders from leading overseas integrators [3] - The export ratio of energy storage cells for some companies exceeds 50%, indicating strong international demand [3] - The upcoming fourth quarter is expected to see a surge in grid connection activities, further supporting demand [4] Future Outlook - The global energy storage cell shipment scale is projected to reach 240.21 GWh in the first half of 2025, marking a historical peak [4] - The high demand from downstream terminals is anticipated to continue supporting prices in the supply chain [3]

Group 1 - The price range for square lithium iron phosphate energy storage cells is reported, with 100 Ah priced at RMB 0.340-0.410 per watt-hour, averaging RMB 0.375; 280 Ah priced at RMB 0.260-0.335, averaging RMB 0.298; and 314 Ah priced at RMB 0.260-0.340, averaging RMB 0.300 [1] - Demand for energy storage cells in China is strong, with prices remaining high; the 280 Ah cell price is stable, while 100 Ah and 314 Ah cells have seen slight increases [1] - Major manufacturers are expected to maintain high production levels until January-February 2026, with actual transaction prices stabilizing at high levels [1] Group 2 - Demand is driven by domestic GWh-level project deliveries and rapid order releases from overseas integrators; over 50 GWh of energy storage cells are expected to be delivered by mid-2025, with over 50% of exports [2] - The supply side is transitioning from 300+ Ah to 500+ Ah and larger capacity products, leading to increased supply tightness for mainstream 300+ Ah cells [2] - Rising prices of upstream materials, such as electrolyte and petroleum coke, are supporting cell costs; the fourth quarter sees a concentration of grid connection deadlines, and overseas markets remain stable despite uncertainties in the US [2] Group 3 - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing saturated production capacity and is accelerating expansion efforts, particularly for the 587 Ah product, which is expected to increase its market share [2] - Global energy storage cell shipments are projected to reach 240.21 GWh in the first half of 2025, a year-on-year increase of 106.1%, with the second quarter alone reaching 136.78 GWh, surpassing the previous peak [2]