Core Viewpoint - CATL is actively pursuing a dual strategy of preparing for its IPO while rapidly advancing its industrial projects, focusing on expanding beyond lithium batteries into various sectors [1][2]. Group 1: Industrial Project Developments - In recent weeks, CATL has made significant strides in areas beyond lithium batteries, including partnerships, product innovations, and technological advancements [2]. - CATL announced a collaboration with Changan Mazda to develop automotive products based on its integrated intelligent chassis, enhancing cooperation in the skateboard chassis field [2]. - The company achieved a milestone by having its products, including the Kirin battery and the Chocolate battery swap system, pass the new national standard GB 38031-2025, becoming the first in China to have a full range of products certified [2]. - CATL launched a 9MWh super-capacity energy storage system solution, TENER Stack, which features a modular design to comply with global transportation regulations [2]. Group 2: Focus on Three Key Downstream Businesses - CATL's downstream expansion is categorized into three main areas: battery swapping, automotive chassis, and energy storage systems [4]. - The battery swapping model adopts a B to G approach, linking battery storage systems directly to the grid, allowing electric vehicles to charge during off-peak hours and even reverse discharge to the grid [5]. - CATL is forming alliances with multiple automakers to expand its battery swapping network, collaborating with major companies to launch ten vehicle models that support battery swapping [5]. Group 3: Advancements in Automotive Chassis - CATL's entry into the automotive chassis market is marked by the introduction of the Panshi chassis, which exceeds safety standards and emphasizes battery safety as a core design principle [6][7]. - The Panshi chassis utilizes advanced structural designs to enhance vehicle safety and performance, indicating a shift in automotive manufacturing towards battery-centric designs [7][10]. Group 4: Battery Industry Integration - CATL has established a closed-loop system in battery manufacturing, extending its reach into energy storage systems and automotive chassis, thereby building a comprehensive new energy empire [9]. - The company has developed a robust recycling system through its subsidiary, Bangpu Recycling, which is crucial for maintaining its battery empire [9]. - The release of the Panshi chassis suggests that battery manufacturers may increasingly influence automotive design, as the integration of battery packs into chassis becomes more critical for safety [10].

Core Insights - The 2025 Shanghai International Automobile Industry Exhibition has marked the beginning of a new round of competition in power systems, driven by the "dual carbon" goals and innovations in battery technologies [1] Group 1: Battery Technology Developments - Numerous battery companies showcased their latest technologies and products, including Huizhou EVE Energy Co., Ltd. with its comprehensive battery solutions and BYD's solid-state battery models [2] - The focus on solid-state batteries, high-nickel ternary batteries, and lithium iron phosphate batteries indicates a diverse technological landscape, with solid-state batteries seen as the next generation of power batteries [2] - CATL introduced its dual-core battery technology, emphasizing the combination of different chemical systems to enhance performance across various conditions [3] Group 2: Market Trends and Competition - The entry into a "multi-core era" for power batteries signifies a shift from single-material competition to a collaborative approach among various battery technologies [4] - The competition is intensifying with advancements in sodium-ion batteries, hydrogen fuel cells, and methanol fuel technologies, which are expected to redefine market dynamics [5] - The introduction of a low-pressure, ambient temperature solid-state hydrogen storage fuel cell vehicle at the exhibition highlights the growing interest in hydrogen technology [6] Group 3: Future Outlook - The automotive power system competition is anticipated to become more intense by 2025, pushing the industry towards greener, smarter, and more efficient solutions [6] - Industry experts suggest that companies must enhance R&D efforts, improve product performance, and lower costs to meet market demands and foster collaboration for technological advancement [7]

Group 1 - The core announcement from CATL's Super Technology Day includes the launch of three new battery products: sodium-ion passenger vehicle battery, Xiaoyao dual-core battery, and the second-generation Shenxing supercharging battery, along with a sodium-ion 24V heavy truck battery [2][3] - The Xiaoyao dual-core battery is described as a continuation of the AB battery technology introduced in 2020, allowing for the integration of two different battery chemistries within a single battery pack, enhancing performance and safety [3][4] - CATL's chairman emphasized that the dual-core to multi-core innovation will extend beyond passenger vehicles to electric buses, heavy trucks, aircraft, ships, and industrial applications, accelerating the industrialization of new energy across various scenarios [4] Group 2 - The sodium-ion battery technology has reached significant breakthroughs, addressing previous limitations in energy density, lifespan, safety, and cycling, thus facilitating the arrival of the multi-core era [5] - The first sodium-ion product, the sodium-ion 24V heavy truck battery, is set to begin mass production in June 2023, while the sodium-ion power battery will be launched in December 2023 [5] - The second-generation Shenxing supercharging battery can achieve over 520 kilometers of range with just 5 minutes of charging and has improved low-temperature performance, enhancing charging efficiency by 100% compared to current industry standards [5] Group 3 - CATL maintains a dominant position in the power battery sector, holding a market share of 37.9% as of the end of 2024, and has reported a revenue of 84.7 billion yuan and a net profit of 13.96 billion yuan for Q1 2025, reflecting a year-on-year growth of 32.9% [6] - The company is actively exploring a "second growth curve" in areas such as battery swapping, energy storage, and international markets to counteract the slowing growth in its core battery business [6][7] - In the energy storage sector, CATL achieved a sales volume of 93 GWh in 2024, with a market share of 36.5%, and its energy storage systems generated revenue of 57.29 billion yuan, surpassing power batteries as the primary profit contributor [8] Group 4 - CATL has signed a framework agreement with Sinopec to build a nationwide battery swapping network, aiming to establish at least 500 swapping stations by 2025, with a long-term goal of expanding to 10,000 stations [7] - The company is also pursuing international expansion through a secondary listing in Hong Kong, aiming to raise approximately 50 billion yuan to support overseas capacity expansion and international business development [8]