证券代码：301600 证券简称：慧翰股份 慧翰微电子股份有限公司 截至目前，公司已陆续取得英国、阿联酋、沙特等多个 国家及地区的测试认证资质，成为国内少数实现认证体系全 面覆盖的企业，能够充分满足客户海外出口需求，为车企产 品进入全球主要市场提供有力支撑。 3、公司认为 eCall 这个产品的技术门槛在哪里？公司 eCall 产品是否有自己独特的优势呢？ 2025 年 11 月 21 日投资者关系活动记录表 编号：2025-025 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □其他（电话会议） 参与单位 国泰海通证券、中信保诚基金。 时间 2025 年 11 月 21 日 16:00-17:00 地点 1#楼 5 层会议室（一） 上市公司接待 人员 冯静女士、潘敏涛先生 投资者关系活 动主要内容 1、国标AECS将于2027年7月1日实施，公司认为eCall 会复刻前几年 ETC 一样的需求爆发式增长吗？ AECS 是车载事故紧急呼叫系统，与 ETC 均是依托相关政 策法规催生的增量市场，在政策实施阶段，具有爆发式的需 求。 事实上 ...

Core Viewpoint - CATL is promoting a battery swapping model, transforming batteries from a product into a service, which is seen as a key innovation for exploring new growth opportunities in the industry [1] Group 1: Market Entry and Pricing Strategy - The Aion UT Super, a battery-swapping model launched by CATL in collaboration with JD and GAC, has a retail price of 89,900 yuan, with a rental version priced at 49,900 yuan, making it accessible to a broader consumer base [2][3] - The battery rental model, with a monthly fee of 399 yuan, aims to attract consumers who are hesitant about battery range and charging efficiency, particularly those transitioning from traditional fuel vehicles [2][3] Group 2: Competitive Landscape - CATL's entry into the market with a low-cost battery-swapping vehicle contrasts with competitors like NIO, which focuses on high-end models, indicating a strategic shift towards more affordable electric vehicles [2][3] - The Aion UT Super's battery price is 40,000 yuan, accounting for 80% of the vehicle's cost, which is significantly higher than the industry average for battery replacement costs [4][5] Group 3: Battery Technology and Performance - The Aion UT Super features CATL's "Chocolate" battery, which has an energy density of 160 Wh/kg and provides a range of 500 kilometers, meeting consumer demands for efficiency [4][5] - The battery's design includes safety features and a battery management system that enhances its lifecycle value by 40%, although it incurs higher initial costs [5] Group 4: Infrastructure Development - CATL plans to establish 1,000 battery swapping stations by the end of 2025, with a long-term goal of 30,000 stations, indicating a significant investment in infrastructure to support the battery-swapping model [7][9] - The high costs associated with building battery swapping stations are a barrier to entry for many competitors, with NIO and CATL being the primary players in this space [7][8] Group 5: Industry Standards and Collaboration - The industry faces challenges in standardizing battery swapping protocols, which is crucial for widespread adoption, as different manufacturers have varying specifications [8][9] - CATL and NIO have previously announced a strategic partnership to develop a unified battery swapping network, although the implementation of this collaboration is still in progress [8][9]

宁德时代电池使用量已经连续8年排名全球第一，今年很有可能将蝉联第一。作为行业"领头羊"，宁德 时代提及的"新增长空间"很快就成为业内关注的话题——从卖产品转向卖服务，换电模式是宁德时代 的"明牌"。 作为这一模式创新的载体，宁德时代11月与京东、广汽合作推出的埃安UT super，将换电车型的租电版 本售价门槛降低至5万元以下。这款低车价、高电池价的A级车，折射出动力电池领军企业宁德时代的 雄心，但也隐含着这家万亿市值公司时下不得不面对的困局。 低价入局 11月9日，上述三方合作的换电车型埃安UT super正式上市，整车销售价格为8.99万元，租电版本售价仅 为4.99万元，一个月内下单电池月租金为399元。考虑到车辆登记价不含电池价，消费者选择租电版本 还可进一步减少购置税。 "如果要说突破，这是埃安UT super第一次把换电功能下放到同级别车型。"宁德时代巧克力换电相关负 责人在接受证券时报记者采访时表示。在宁德时代看来，目前市场上10万元以下新能源车占有率还有提 升空间，不少油车用户对电池的续航、补能等有疑虑，希望埃安UT super可以打动这部分消费者。 "我们正在推动'车电分离'的换电模式，让电 ...

Group 1 - The core viewpoint of the article emphasizes the continuous exploration of new growth areas by CATL, focusing on technological breakthroughs, scenario expansion, model innovation, and zero-carbon ecology [2] - CATL's fourth-generation lithium iron phosphate battery is currently in mass production, leading the industry in high energy density, long lifespan, and high power compared to second and third-generation products [2] - The fifth-generation product has recently started mass production, achieving new breakthroughs in energy density and cycle life [2] - CATL is at the forefront of research and industrialization of solid-state batteries, with expectations for small-scale production by 2027 [2] - Solid-state batteries are anticipated to be applied in deep space, deep sea, and deep earth fields, coexisting with existing liquid and semi-solid batteries [2] Group 2 - In the low-altitude travel sector, CATL's batteries have powered a two-ton eVTOL that has completed multiple flight validations in complex environments, showcasing the potential of electric drive [3] - CATL is promoting a battery-swapping model, transforming batteries from products into services, with the "Chocolate Battery Swap Alliance" covering 45 cities and plans to establish 1,000 swap stations by the end of 2025 [3] - The recently launched "National Good Car" Aion UT super integrates CATL's battery technology and battery-swapping ecosystem, with a battery rental purchase price of 49,900 yuan [3] - The battery-swapping system is designed to be compatible with solid-state batteries, allowing users to access cutting-edge technology [3] - CATL is involved in creating China's first fully electric passenger ship and the first battery-swapping project for cargo ships, aiming to extend green transportation across land, sea, and air [3] Group 3 - The Carbontech New Energy Carbon Materials and Battery Conference focuses on the preparation of new energy carbon materials and their applications in the battery industry, discussing advancements in various carbon materials [6] - The conference will feature presentations from numerous companies and experts, covering topics such as silicon-carbon anodes, conductive additives, and innovative carbon materials [7][8] - The event aims to gather over 1,000 research teams, 500 end-users, and 100 investment institutions to foster collaboration and innovation in the carbon materials sector [28]

Core Insights - CATL's latest high-temperature battery technology is being utilized in the "National Good Car" developed in collaboration with JD and GAC, eliminating the need for water cooling and enhancing battery lifespan and safety [3] - The global lithium battery export reached over 900 billion yuan in the first three quarters of this year, with CATL contributing nearly 400 billion yuan, accounting for over 40% of the total [1] - CATL has created nearly 150,000 jobs across 13 global production bases, with the Yibin base employing 30,000 people and expected to exceed 50,000 in the future [2] Industry Developments - The "2025 World Power Battery Conference" highlighted the importance of technological innovation and the integration of related industries to promote high-quality development in the global power battery sector [1] - CATL's R&D investment over the past decade amounts to approximately 80 billion yuan, with over 15 billion yuan invested in the first three quarters of 2025 [2] - The company is advancing the "battery swapping" model, transforming batteries from products into services, with the "Chocolate Battery Swapping Alliance" covering 45 cities and plans to establish 1,000 swapping stations by the end of the year [2]

Core Insights - The fourth-generation lithium iron phosphate battery produced by CATL leads the industry in high energy density, long lifespan, and high power, with the fifth generation recently entering mass production, achieving breakthroughs in energy density and cycle life [2] - The Chinese power battery industry has maintained its position as the world's largest for eight consecutive years, with sales reaching 786 GWh and exports exceeding 129 GWh in the first three quarters of this year, representing year-on-year growth of 48.9% and 32.7% respectively [3] - The development of the power battery industry is crucial for the global green transition, with the Ministry of Industry and Information Technology outlining goals and tasks for the new energy vehicle battery industry in the 14th Five-Year Plan [4] Industry Trends - The power battery industry is transitioning from high-speed growth to high-quality development, with a focus on enhancing product quality and reducing defect rates from parts per million (PPM) to parts per billion (PPB) [5] - New energy storage is expected to play a significant role in the evolving energy landscape, with installed capacity projected to exceed 180 million kW by 2027 [6] - The integration of power batteries and energy storage batteries is anticipated to create a new power system, with energy storage batteries potentially capturing 50% of the overall battery market [6] Innovation and Applications - CATL is promoting a battery-as-a-service model through its "battery swapping" initiative, aiming to establish 1,000 battery swap stations by the end of the year and 30,000 globally in the future [7] - The focus on battery recycling is increasing, with the potential for higher overall lifecycle value from nickel-cobalt-lithium batteries compared to lithium iron phosphate batteries [7] - The diversification of new energy vehicles is evident, with significant sales figures for intelligent range-extended electric vehicles, indicating a shift from traditional fuel vehicles to new energy solutions [7]

Core Insights - The global energy transition is driving the growth of the new energy industry, with China leading in electric vehicles, lithium batteries, and photovoltaics, referred to as the "new three pillars" of exports [1] - CATL contributes nearly 60% of the global lithium battery export volume and has created approximately 150,000 jobs across its 13 production bases, with around 30,000 employees at the Yibin base alone [1] - Over 20 million new energy vehicles worldwide are equipped with CATL batteries, resulting in an annual carbon reduction of about 14 million tons [1] Group 1: Innovation and Technology - The company emphasizes innovation as the core driving force for industry growth, exploring new growth spaces through four dimensions: technological breakthroughs, scenario expansion, model innovation, and the construction of a "zero-carbon ecosystem" [2] - CATL has developed advanced battery technologies, including the fourth-generation lithium iron phosphate battery, which leads in high energy density, long lifespan, and high power compared to second and third-generation products [2] - The sodium-ion battery significantly reduces reliance on lithium resources and enhances safety and low-temperature performance, facilitating the adoption of new energy vehicles in northern high-latitude regions [2] Group 2: Market Expansion and Applications - CATL is expanding battery applications beyond passenger vehicles to commercial vehicles, electric ships, and electric aircraft, achieving historical highs in the penetration rate of new energy heavy trucks [2] - The company’s Tianxing battery has become the preferred choice for pure electric heavy trucks, and it has launched specialized high-strength versions for demanding conditions in mining and construction machinery [2] - Nearly 900 vessels equipped with CATL batteries are currently in operation in the electric shipping sector, and the company is making strides in low-altitude travel with its eVTOL aircraft [2] Group 3: Business Model and Sustainability - CATL is promoting a battery-as-a-service model through its "chocolate battery swap alliance," which has established coverage in 45 cities and aims to build 1,000 battery swap stations by the end of the year, with a future goal of 30,000 globally [3] - The company is actively pursuing integrated wind-solar-storage solutions and has established "zero-carbon models" in regions like Yibin, Hainan, Fujian, and Shandong [3] - CATL has achieved a nickel-cobalt-manganese recycling rate of 99.6% and a lithium recycling rate of 96.5%, and it has initiated a "Global Energy Recycling Program" in Europe to promote circular economy transformation [3]

Core Insights - The chairman of CATL, Zeng Yuqun, discussed solid-state batteries and the "National Good Car" Aion UT super at the 2025 World Power Battery Conference [1][3] - CATL is exploring new growth areas through technological breakthroughs, scenario expansion, model innovation, and zero-carbon ecology [3][6] Group 1: Battery Technology Advancements - CATL's fourth-generation lithium iron phosphate battery is leading the industry in high energy density, long lifespan, and high power compared to second and third-generation products [6] - The fifth-generation product has recently begun mass production, achieving breakthroughs in energy density and cycle life [6] - CATL is at the forefront of research and industrialization of solid-state batteries, with over ten years of R&D experience and a leading research team [6] - The company anticipates small-scale production of solid-state batteries by 2027, as scientific issues have been largely resolved, although commercialization challenges remain [6] Group 2: Innovative Business Models - CATL is promoting a battery-as-a-service model through its "chocolate battery swap alliance," which currently covers 45 cities and aims to establish 1,000 battery swap stations by the end of 2025 [8][9] - The "National Good Car" Aion UT super integrates CATL's battery technology and battery swap ecosystem, with a battery rental purchase price of 49,900 yuan [9] - The battery swap system is designed to be compatible with solid-state batteries, allowing users to access cutting-edge technology [9] Group 3: Broader Industry Impact - CATL is involved in pioneering projects such as the first pure electric passenger ship and the first battery swap project for cargo ships in the country [9] - The company aims to extend green transportation across land, sea, and air, marking a transition in the new energy industry from rapid growth to high-quality development [9]

Core Viewpoint - The chairman of CATL, Zeng Yuqun, emphasized the company's advancements in solid-state batteries and the launch of the "National Good Car" Aion UT super in collaboration with JD and GAC Group at the 2025 World Power Battery Conference [2][4]. Group 1: Battery Technology Advancements - CATL is exploring new growth areas through four dimensions: technological breakthroughs, scenario expansion, model innovation, and zero-carbon ecology [4]. - The company has successfully mass-produced its fourth-generation lithium iron phosphate battery, which leads the industry in high energy density, long lifespan, and high power compared to second and third-generation products [8]. - The fifth-generation product has recently begun mass production, achieving new breakthroughs in energy density and cycle life [9]. - CATL's research and industrialization progress in solid-state batteries is among the global leaders, with over ten years of R&D investment [10]. Group 2: Solid-State Battery Development - The solid-state battery sector is seen as a transitional phase with semi-solid batteries leading to full solid-state solutions [10]. - The scientific challenges in the solid-state battery industry are largely resolved, but commercial supply chain issues remain, with small-scale production expected by 2027 [10]. - Future applications of solid-state batteries are anticipated in deep space, deep sea, and deep earth, coexisting with existing liquid and semi-solid batteries [10]. Group 3: Innovative Business Models - CATL is promoting a battery-as-a-service model through its "battery swapping" initiative, transforming batteries from products into services [12]. - The "Chocolate Battery Swapping Alliance" currently covers 45 cities, with plans to establish 1,000 swapping stations by the end of 2025 [12]. - The Aion UT super integrates CATL's battery technology and swapping ecosystem, with a battery rental purchase price of 49,900 yuan [13]. Group 4: Ecosystem Development - CATL is actively building a battery swapping ecosystem, which is compatible with solid-state batteries, allowing users to access cutting-edge technology [14]. - The company is involved in pioneering projects such as the first pure electric passenger ship and the first cargo ship battery swapping project in the country [14]. - The development of the new energy industry is transitioning from rapid growth to high-quality development, indicating a broader and more systematic growth era ahead [14].

值得一提的是，宁德时代与京东、广汽合作推出的"国民好车"，正是基于巧克力换电系统，他介绍，该 车采用宁德时代最新耐高温电池，所以不需要水冷，寿命更长、安全性更高。换电体系还能灵活兼容固 态电池，让用户始终享受最前沿科技。 11月12日消息，以"新视野·新生态·新机遇"为主题的2025世界动力电池大会在四川宜宾开幕。宁德时代 董事长曾毓群出席开幕仪式并发表演讲。面对全球能源转型的艰巨任务，曾毓群提出产业必须以创新为 核心动力，从四个维度探索新增长空间。 曾毓群认为，模式创新将释放能源服务新价值。他表示，宁德时代正在推动"车电分离"的换电模式，让 电池从商品变为服务。宁德时代"巧克力换电联盟"已覆盖全国45个城市，到年底将建成1000座换电站， 未来将在全球建成3万座。 ...