Core Viewpoint - The article highlights the significant evolution of China's power battery industry over the past 15 years, marking its transition from inception to a global leader, and anticipates new challenges and opportunities in the next 15 years, particularly in globalization and technological innovation [2][4]. Summary by Sections Industry Development - The Chinese power battery industry has grown from a nascent stage in 2010 to a robust sector, becoming a representative of China's manufacturing capabilities and a key element in the country's economic transformation [2]. - The industry is expected to enter a new phase starting in 2025, characterized by deeper penetration of electric transportation, energy system reforms, and the emergence of new applications, technologies, and business models [2][4]. 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives to reflect on past achievements and future challenges [4][5]. Video and Communication Initiatives - The company will conduct video interviews with 20 industry leaders and young innovators in the new energy sector, focusing on the globalization of Chinese enterprises and the evolution of the lithium battery industry [7][8]. - Topics for discussion will include a retrospective on the industry's development, new technologies, and future opportunities and challenges [10][11]. Industry Evolution and Future Outlook - The article outlines the development trajectory of the lithium battery industry from its early stages (2010-2015) through explosive growth (2016-2020) to a period of global leadership (2021-2025), emphasizing key technological and commercial breakthroughs [12]. - Future focus areas include technological advancements (solid-state batteries, sodium-ion batteries), full-scene applications (energy storage, marine, eVTOL), and globalization strategies (overseas factories, technology exports) [13]. Anniversary Celebration - The 15th Anniversary Industry Celebration will take place during the 2025 annual conference, inviting over 1,000 industry stakeholders to review the past 15 years and discuss new opportunities and challenges [15]. - Key themes will include new batteries and technologies, new opportunities in full-scene applications, innovative business models, and features on emerging enterprises [16][17].

Core Viewpoint - The article highlights the 15-year journey of China's power battery industry, emphasizing its growth from inception to becoming a global leader, and outlines the challenges and opportunities that lie ahead as the industry enters a new phase starting in 2025 [2][4]. Group 1: Industry Development - The Chinese power battery industry has evolved significantly over the past 15 years, transitioning from a nascent stage to a robust sector that is now a key representative of China's manufacturing on the global stage [2]. - The industry is expected to face new challenges and opportunities as it moves towards 2025, with a focus on electric transportation, energy system transformation, and the emergence of new applications and business models [2][4]. - Globalization will be a critical theme for the Chinese lithium battery industry in the next 15 years, with the need to integrate into the global market and develop multinational enterprises [2]. Group 2: Activities and Events - To commemorate its 15th anniversary, the company plans a series of activities under the theme "Reflecting on 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives [4][5]. - The activities will take place from March to December 2025 and will involve research visits, video interviews, in-depth reports, and a grand industry celebration [5]. - The anniversary celebration will gather over 1,000 industry leaders to review the past 15 years and discuss new opportunities and challenges for the future [15]. Group 3: Future Outlook - The article outlines a roadmap for the next 15 years, focusing on technological advancements such as solid-state batteries and sodium-ion batteries, as well as the expansion into various application scenarios like energy storage and eVTOL [13]. - Key topics for discussion will include the successes and failures of the past 15 years, the evaluation of individual companies' developments, and future plans for the new era [10][11]. - The industry will also explore new business models and innovations that will shape the landscape in the coming years [16].

Core Viewpoint - The article highlights the significant growth and transformation of China's power battery industry over the past 15 years, emphasizing its journey from inception to becoming a global leader, and outlines the challenges and opportunities that lie ahead as the industry enters a new phase starting in 2025 [2][4]. Group 1: Industry Development - The Chinese power battery industry has evolved from a nascent stage to a robust sector, becoming a representative of China's manufacturing capabilities on the global stage [2]. - The industry is expected to face new challenges and opportunities as it transitions into a new 15-year journey, with a focus on electric transportation, energy system transformation, and the emergence of new applications and technologies [2][4]. - Globalization will be a key theme in the next phase, with the need for Chinese lithium battery companies to integrate into the global market and develop international operations [2]. Group 2: 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives [4][5]. - The activities will take place from March to December 2025 and will involve research visits, video interviews, in-depth reports, and an industry gala [5]. - The anniversary will feature discussions on the achievements and challenges of the past 15 years, as well as the opportunities and challenges anticipated in the next 15 years [10][11]. Group 3: Future Focus - The future focus will include a review of the lithium battery industry's development phases, from its initial growth (2010-2015) to its explosive growth (2016-2020) and its current global leadership phase (2021-2025) [12]. - Key technological advancements and market changes will be analyzed, including developments in core industries such as batteries, equipment, and materials [12][13]. - The next 15 years will emphasize technological breakthroughs, new application scenarios, and global strategies, including overseas factories and technology exports [13].

Core Viewpoint - The article highlights the significant growth and transformation of China's power battery industry over the past 15 years, emphasizing its journey from inception to becoming a global leader, and outlines the challenges and opportunities that lie ahead as the industry enters a new phase starting in 2025 [2][4]. Group 1: Industry Development - The Chinese power battery industry has evolved from a nascent stage to a robust sector, becoming a representative of China's manufacturing capabilities on the global stage [2]. - The industry is expected to face new challenges and opportunities as it transitions into a new 15-year journey, with a focus on electric transportation, energy system transformation, and the emergence of new applications and technologies [2][4]. - Globalization will be a key theme in the next phase, with the need for Chinese lithium battery companies to integrate into the global market and develop international operations [2]. Group 2: 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives [4][5]. - The activities will take place from March to December 2025 and will involve research visits, video interviews, in-depth reports, and an industry gala [5]. - The anniversary will feature discussions on the achievements and challenges of the past 15 years, as well as the opportunities and challenges anticipated in the next 15 years [10][11]. Group 3: Future Focus - The future focus will include a review of the lithium battery industry's development phases, from its initial growth (2010-2015) to explosive growth (2016-2020) and leading global influence (2021-2025), highlighting key technological and commercial breakthroughs [12]. - Attention will be given to technological advancements such as solid-state batteries and sodium-ion batteries, as well as the application of these technologies across various scenarios including energy storage and eVTOL [13]. - The anniversary will also showcase new battery technologies, application opportunities, innovative business models, and features on emerging companies in the industry [16].

Core Viewpoint - The article highlights the significant evolution of China's power battery industry over the past 15 years, marking its transition from a nascent stage to a global leader, and anticipates new challenges and opportunities in the next 15 years, particularly in globalization and technological innovation [2][4]. Summary by Sections Industry Development - The Chinese power battery industry has grown from 0 to 1, evolving from a weak position to a leading global force, becoming a representative of China's manufacturing on the world stage [2]. - The industry is expected to face new challenges and opportunities as it enters a new phase starting in 2025, with a focus on electric transportation, energy system transformation, and the emergence of new applications and business models [2][4]. 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives [4][5]. - The activities will take place from March to December 2025 and will involve research visits, video interviews, in-depth reports, and a grand industry celebration [5]. Video Planning - The video initiatives will include dialogues with 20 industry leaders and discussions with young leaders in the new energy sector, focusing on the globalization of Chinese enterprises [7][8]. - Topics for discussion will cover the successes and failures of the past 15 years, new technologies, application scenarios, and business models for the future [10][11]. Industry Evolution - The article outlines the development trajectory of the Chinese lithium battery industry from its initial phase (2010-2015), through its explosive growth (2016-2020), to its current global leadership phase (2021-2025), highlighting key technological and commercial breakthroughs [12]. - It will also examine changes in the core industry chain, including batteries, equipment, and materials, along with a retrospective on key enterprises and the top 10 companies in various segments [12][13]. Future Outlook - The focus for the next 15 years will be on technological advancements such as solid-state batteries and sodium-ion batteries, as well as full-scene applications like energy storage and eVTOL [13]. - The industry will also explore globalization strategies, including overseas factories and technology exports [13]. Anniversary Celebration - The 15th anniversary celebration will take place during the 2025 annual meeting, inviting over 1,000 industry leaders to reflect on the past and discuss future opportunities and challenges [15]. - The event will feature discussions on new batteries, technologies, application opportunities, and innovations in business models [16].

Core Viewpoint - *ST Hengli is facing delisting due to negative net profit and insufficient revenue, with its stock entering a delisting preparation period starting June 25, 2025 [1][2] Group 1: Company Announcements - *ST Hengli received a notice of administrative penalty and will enter a delisting preparation period due to a negative audited net profit for 2023 and revenue below 100 million yuan [1] - The company has been warned of delisting risk since May 6, 2024, and has failed to disclose a majority of its board's assurance of the 2024 annual report by the legal deadline [1] - The stock will be delisted after a 15-day preparation period, with the delisting effective on the next trading day after the period ends [1] Group 2: Financial Performance - The company has experienced a significant decline in revenue and profitability since 2018, with 2023 revenue reported at only 79.54 million yuan, leading to a delisting risk warning [2] - For the first three quarters of 2024, *ST Hengli's revenue was merely 70.06 million yuan, indicating ongoing financial struggles [2] - Following an asset acquisition, the company reported a surge in revenue exceeding 200 million yuan in Q4 2024, but projected a loss of 33 to 43 million yuan for the year [3] Group 3: Industry Context - The company has attempted to pivot into the lithium battery sector, partnering with Ganfeng Lithium for comprehensive cooperation in the new energy industry chain [2] - The lithium battery industry is experiencing increased competition and overcapacity, leading to many cross-industry entrants facing challenges and withdrawing from the market [3] - A significant number of cross-industry lithium battery ventures have failed since 2023, highlighting the importance of focusing on core business and niche markets for survival [3]

Group 1 - The U.S. military conducted a significant airstrike on Iranian nuclear facilities using seven B-2 bombers, marking the largest deployment of B-2s in history [2] - The operation, named "Midnight Hammer," was executed with minimal knowledge among U.S. officials regarding its timing and details [2] - The B-2 bombers flew for 18 hours to reach Iranian airspace while maintaining radio silence and conducting multiple aerial refuels [2] Group 2 - The Iranian parliament has expressed support for closing the Strait of Hormuz, a critical oil shipping route, which could lead to oil prices soaring to $130 per barrel [3] - Approximately one-third of global oil trade passes through the Strait of Hormuz, making its closure a significant concern for international oil supply [3] - Brent crude oil futures have risen by 18% since June 10, reaching a five-month high of $79 per barrel [3] Group 3 - The European Commission has decided to restrict Chinese companies from participating in medical device tenders exceeding €5 million, citing retaliatory measures against China [4] - The Chinese government has criticized the EU's actions as a form of protectionism and double standards, despite the EU's claims of being an open market [4] Group 4 - The launch of the Cross-Border Payment System allows for real-time remittances between mainland China and Hong Kong, with banks offering fee waivers and cash incentives to attract customers [5] - This initiative is seen as a strategic move by banks to capture the growing cross-border business market, with the potential to tap into a multi-trillion yuan consumer market [5] Group 5 - A new regulation from the Shanghai Stock Exchange mandates that brokerage firms must process investor requests to change designated trading accounts on the same day, enhancing customer service [6] - This regulation aims to reduce barriers for investors wishing to switch brokers, potentially increasing competition among brokerage firms [6] Group 6 - The Central Commission for Discipline Inspection has issued guidelines on recognizing violations related to public officials' dining practices, emphasizing adherence to anti-corruption regulations [7] - The guidelines define various forms of improper dining, including accepting or providing meals that could influence official duties [7] Group 7 - More than ten provinces in China are encouraging a 2.5-day weekend policy to boost consumer spending and economic activity [8][9] - This initiative aligns with previous government recommendations aimed at optimizing holiday arrangements to promote tourism and consumption [8][9] Group 8 - Platinum prices have surged over 36% this year, surpassing gold's price increase, driven by rising consumer demand in China [10] - The demand for platinum bars and coins in China has increased by 140% year-on-year, making it the largest retail investment market for platinum globally [10] Group 9 - Vipshop's marketing vice president has been detained for alleged corruption, with the company affirming its commitment to zero tolerance for such behavior [11] - The company stated that its business operations remain normal despite the ongoing investigation [11] Group 10 - NIO faces customer complaints regarding "freezing" issues in their vehicles, with the company rejecting requests for vehicle replacements based on warranty limitations [12] - NIO has offered compensation in the form of loyalty points to affected customers, but negotiations for a satisfactory resolution are ongoing [12] Group 11 - The lithium battery industry is experiencing increased overseas expansion, with potential benefits from capacity releases expected in the near future [13] - A surge in research reports on stablecoins indicates growing interest and investment in this area [13] Group 12 - Several companies are pursuing significant investments and acquisitions, including Keda Li's plan to invest €5 million in Hungary for battery components and Jiemite's acquisition of control over Siteng Helix [16][17] - Other notable investments include a proposed 49.2 billion yuan project by Jidian Co. for a green methanol innovation demonstration [20]

Core Viewpoint - The Chinese lithium battery industry, particularly in power and energy storage, is undergoing intense competition and financial decline, with significant drops in net profits projected for 2023 and 2024 [1][2]. Financial Indicators - The "deducted non-recurring net profit" for 100 lithium battery listed companies is projected to decline from 189.4 billion yuan in 2022 to 53.8 billion yuan in 2024, representing a decrease of 51.67% and 41.21% in 2023 and 2024 respectively [1][2]. - Excluding CATL, the decline in "deducted non-recurring net profit" is even more severe, with reductions of 68.08% and 82.84% for the same periods [1]. - The "cash-debt difference" for these companies worsened significantly, showing -34.4 billion yuan in 2022 and -120.6 billion yuan in 2023 [2]. - The "fixed asset acquisition depreciation difference" is still positive but shows signs of shrinkage, decreasing from 171.4 billion yuan in 2022 to 87.6 billion yuan in 2024, with a notable decline of 18.09% and 37.62% in 2023 and 2024 respectively [2]. Company Analysis - In 2024, only 11 lithium battery listed companies maintained positive values across all three key indicators, indicating their potential for sustainable development [3]. - Conversely, 10 companies showed negative values across all three indicators, suggesting significant challenges to their sustainability [4]. Performance Rankings - The top companies by "deducted non-recurring net profit" in 2024 include CATL (449.93 million yuan), Salt Lake Co. (44.01 million yuan), and Huayou Cobalt (37.95 million yuan) [13]. - Companies with negative "deducted non-recurring net profit" include Andar Technology (-6.85 million yuan) and Wumart New Energy (-5.57 million yuan) [8]. Industry Outlook - The severe internal competition and financial health of companies are critical factors for survival in the lithium battery industry, with maintaining a positive cycle in the three core dimensions being essential for sustainable growth [12].

Investment Ratings - Power Equipment New Energy: Buy (Maintain) - Public Utilities: Buy (Maintain) - Environmental Protection: Buy (Maintain) [1] Core Views - Wind Power: Document 136 reshapes the logic of new energy installations, with wind power's output curve being favorable. Sales of wind power stations are expected to recover, and profits from wind turbine manufacturing are likely to improve. Focus on wind turbine manufacturers, with Q2 performance potentially under pressure, but watch for profitability improvements in Q3 and Q4, as well as progress in sales of power stations. Recommended companies include Mingyang Smart Energy, Yunda Co., and Goldwind Technology [4] - Solid-State Batteries: Companies like Winbond Technology, Xianlead Intelligent, and Xingyun Co. have completed the delivery of core equipment for solid-state batteries, significantly catalyzing the sector. Investment in solid-state battery equipment is 400-500 million per GWh, significantly higher than traditional liquid lithium battery equipment. The demand for solid-state battery materials is expected to rise due to policy support and advancements in AI PCB concepts. Recommended companies include Honggong Technology, Naconor, Winbond Technology, and Xiamen Tungsten [4] - Photovoltaics: After the anti-involution policy in Q4 2024 and the rush for installations in Q1 2025, the photovoltaic sector's debt repayment ability did not deteriorate further. However, from May 2025, production and prices in the photovoltaic sector have declined, leading to further deterioration in debt repayment and profitability. Anticipated supply or demand-side policies may strengthen the sector. Focus on integrated companies with low PB ratios, such as Aiko Solar and Tongwei Co. [5] - Energy Storage: Recent stock price adjustments for Deye Co. are primarily due to European inventory factors affecting performance expectations. However, its valuation has entered a reasonable range, and it is still considered to have allocation value. Monitor monthly data on household storage in July and August 2025. The outlook for large-scale energy storage and commercial energy storage in Europe remains positive, with key focus on Q2-Q3 performance and order releases. Recommended companies include Haibo Technology, Sungrow Power, Goodwe, and Deye Co. [5] - Controlled Nuclear Fusion: Recent adjustments are mainly due to market style changes and fewer catalytic factors. Future focus should be on domestic experimental pile bidding and technological progress between China and the US. Controlled nuclear fusion is seen as an important thematic investment opportunity, with potential for market speculation. Recommended company is Hezhan Intelligent [5] Summary by Sections - Wind Power: New installed capacity in 2024 is expected to be approximately 75.8 GW for onshore wind, a year-on-year increase of 9.68%, while offshore wind is expected to be about 4.0 GW, a year-on-year decrease of 40.85%. In the first four months of 2025, new installed capacity reached 19.96 GW, a year-on-year increase of 18.53% [7][8] - Public Utilities: As of June 20, 2025, the price of 5500 kcal thermal coal at Qinhuangdao Port is 619 RMB/ton, a slight increase from the previous week. Imported thermal coal prices remain stable [35] - Energy Storage Projects: Recent bidding information shows multiple large-scale energy storage projects, with a total capacity of 2830 MW and 9740 MWh across various projects [34]

高工锂电15周年特别策划 ● 15年，从破土萌芽，到枝桠参天；从步履蹒跚，到健步如飞。以2010年"十城千辆"为 肇始，在新能源汽车产业的强力牵引下，中国动力电池发展走过了波澜壮阔的15年。 ● 15年，筚路蓝缕，玉汝于成。中国动力电池产业经历了从0到1，从弱小到壮大，从跟随 到领跑的完整历程，如今已经成为中国制造走向全球的"新三样"代表，也成为中国经济转型 升级的时代注脚。 ● 以 2025年为转折，中国动力电池产业将开启新的15年征程。瞭望新征程，将会是更具 挑战，交通电动化向全场景渗透，能源体系变革也加速走向纵深，这也意味着，新应用场景 开启，新技术与产品创新，新商业模式落地，新的产业生态与格局。 ● 全球化也将成为中国锂电产业新征程中的时代命题。如何从领跑全球，到真正融入全 球，并成长出一批具备跨国经营的国际企业，将成为中国锂电产业新 15年的最大考验。能 否在新的征程中续写新时代的辉煌，让我们期待中国锂电产业的时代答卷。 高工15年，与行业同行 ● 后浪奔涌，对话中国新能源新青年领袖 2.高工圆桌派 ● 新 15年，中国企业全球化时代命题 ● 15年前，高工锂电开始用脚步丈量行业，用研究报告测量行业 ...