China Battery Chartbook September 2025 Eric Shen Goldman Sachs (Asia) L.L.C. +852-2978-7954 eric.shen@gs.com Qiying Wei Goldman Sachs (Asia) L.L.C. +852-2978-6426 qiying.wei@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For R ...

Near-term tightness vs. sustainable price hikes. Despite near-term tightness in the battery market, we remain cautious about expectations for sustained price increases. Investor discussions indicate anticipation of price hikes amidst rising month-over-month shipments and supply constraints. While seasonal strengths into Q4 2025 might lead to marginal or temporary price rebounds (or the perception thereof), potentially driving stock prices in the near term, we believe a sustainable price hike is unlikely. Th ...