定价折价低 根据5月12日宁德时代披露的全球发售信息，此次招股最高发售价定为每股H股263港元，折合人民币约244元/股。 经济观察报 记者 老盈盈 新能源龙头企业宁德时代的赴港上市计划，进入最后冲刺阶段。 2025年5月12日，宁德时代宣布正式启动国际配售簿记，预计于5月20日在香港联交所主板挂牌并开始上市交易。 这宗2025年以来港股最大IPO（首次公开发行），在香港市场开启了一场资本盛宴。 在香港机构人士眼中，今年以来，香港市场上演了一轮又一轮的上市热潮，宁德时代是其中最高的一波"热浪"。 此前，宁德时代和保荐人召开了几轮路演，与香港各路机构投资者会面，向投资者展示其盈利能力的韧性、在动力电池和储能电池领域的领先地位、持续的 创新技术和全球化的布局。 对于机构投资者而言，他们一直想知道的是，"宁王"此次发行价的折价到底有多少。根据宁德时代披露的全球发售信息，发行价格区间上限为每股263港 元，折价率很可能不到10%。有机构投资者认为，此次折价可能偏低，这在赴港上市的A股上市公司中并不多见。究其原因，与投资机构对宁德时代的充分 认可和其较强的市场话语权有关系。 根据宁德时代披露的全球发售信息，23家主权财 ...

□本报记者 杨凌 赵同增 刚过立夏，郑州航空港经济综合实验区已处处"热情似火"。 "我们将继续全力推进项目建设，扎实做好项目谋划，着力扩大基础设施投资，推动一批重点项目开 工，加快在建重大项目进度，推动招商项目落地转化，让项目建设成为全区发展的有力'引擎'。"该负 责人表示，郑州航空港将以高度的责任感和使命感，全力以赴做好二季度各项工作，确保实现"双过 半"，加快打造全省经济高质量发展新的核心增长极，为奋力谱写中国式现代化河南篇章作出新的贡 献。 "我区经济运行稳中有忧。"郑州航空港区党工委主要负责人说，航空港外贸依存度明显高于全省、全 国，属于典型的外向型经济，而目前国际经贸形势复杂严峻，外部不确定性因素增多，给港区经济社会 发展带来新的挑战。 如何确保"双过半"？该负责人表示，郑州航空港要坚定必胜信心、正视困难挑战，在稳固工业大盘的同 时，继续做好外贸文章，坚决扛稳"挑大梁"的政治责任。 工业是经济运行"压舱石"，一季度工业对郑州航空港经济增长贡献率为67.1%。二季度，该区将全力做 好重点企业生产保障，加快电子信息产业产能导入，加快新能源汽车研发中心、储能电池等"3+3"新事 业项目实施，加快拓展本地配 ...

Core Viewpoint - Ningde Times plans to globally issue approximately 118 million H-shares, with a maximum offering price of HKD 263.00 per share, aiming to raise around HKD 30.72 billion for its projects and operational needs [1][4]. Group 1: Company Overview - The company is a global leader in innovative energy technology, primarily engaged in the research, production, and sales of power and energy storage batteries [2]. - As of December 31, 2024, the company has established six R&D centers and thirteen manufacturing bases worldwide, serving clients in 64 countries and regions [2]. - The company has equipped over 17 million electric vehicles with its batteries, indicating a significant market presence [2]. Group 2: Fundraising and Investment - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 2.628 billion (or about HKD 203.71 billion) at the maximum offering price [3]. - The company expects to receive net proceeds of approximately HKD 30.72 billion from the global offering, with 90% allocated to the Hungary project and 10% for working capital [4]. Group 3: Hungary Project Details - The Hungary project, located in Debrecen, will have a total land area of 1.05 million square meters, with planned capacities of 34GWh and 38GWh for the first and second phases, respectively [5]. - The total investment for the first and second phases is estimated at EUR 4.9 billion, with the first phase expected to be completed by 2025 [6]. - As of December 31, 2024, the company has invested approximately EUR 700 million in the Hungary project [5][6].

4月29日，美国清洁能源协会（ACP）代表美国储能行业宣布了一项历史性承诺，将投资1000亿美元用于发展美国本土制造的储能电池，以 实现美国储能项目100%采用本土电池的目标。 据悉，自2018年FERC第841号令发布以来，美国储能装机量增长了25倍，其中仅2024年就增加了超11GW，累计装机总容量达到29GW。 根据相关预测，预计美国2025年电网规模储能新增装机将达到13.3GW，到2030年总容量将超过100GW。这种持续增长的储能装机量正在 拉动美国电池制造的投资。 美国清洁能源协会表示，此次投资1000亿美元的，将用于资助新电池制造工厂的建设和帮助美国储能项目采购美国本土制造的电池。 这项投 资预计将为整个电池储能行业创造35万个工作岗位，并最终使美国储能项目需求能够100%使用美国生产的储能电池。 Fluence美洲区总裁John Zahurancik表示：Fluence已经投资了在美国的电芯、电池模组、外壳、热管理和控制系统等生产制造，从今年开 始这些工厂将为 Fluence提供美国生产的储能产品。Fluence在犹他州、德克萨斯州、田纳西州和亚利桑那州的制造工厂支持更可靠和更具成 本效益的 ...

Company Overview - Penghui Energy reported a total revenue of 7.961 billion yuan in 2024, a year-on-year increase of 14.83%, but faced a net loss of 252 million yuan, a significant decline of 685.72% compared to the previous year [1][3] - In Q1 2025, the company continued to incur losses with total revenue of 1.690 billion yuan, a year-on-year growth of 5.83%, but a net loss of 45 million yuan, a decrease of 375.01% year-on-year [1][3] - The company's lithium battery business accounted for 92.5% of its main revenue in 2024, with a revenue growth of 15.11% [3] Financial Performance - The gross profit margin for lithium batteries in 2024 was 11.4%, down 4.35 percentage points from 2023 [3][5] - Asset impairment losses increased from 207 million yuan in 2023 to 412 million yuan in 2024, significantly impacting overall profitability [3][5] - The cost of lithium batteries rose by 21.05% year-on-year in 2024, primarily due to inventory impairment and raw material price fluctuations [1][3] Market Dynamics - The global energy storage battery market experienced explosive growth in 2024, with a shipment scale of 314.7 GWh, a year-on-year increase of 60% [7] - The competitive landscape is intense, with the top ten companies holding a market share of 90.9%, making it challenging for new entrants [7] - The price of battery-grade lithium carbonate decreased from 96,900 yuan per ton at the beginning of 2024 to 75,000 yuan per ton by year-end, a decline of 23% [5][6] Industry Challenges - The first quarter of 2025 saw a rare decline in new energy storage project installations, with a year-on-year decrease of 1.5% in capacity [9] - The competitive pressure on pricing is evident, as companies are forced to lower prices to win bids, impacting their profit margins [8][9] - Seasonal factors may have contributed to the decline in new installations, as the first quarter typically sees fewer bids compared to the fourth quarter [9]

Core Insights - CATL held a "Boundary Awakening" Super Technology Day on April 21, showcasing innovative products including the second-generation Shenxing supercharging battery, Xiaoyao dual-core battery, and sodium batteries [2] - The company has invested over 70 billion RMB in R&D over the past decade, with a record high of 18.6 billion RMB planned for 2024 [2] - CATL positions itself not merely as a battery manufacturer but as a pioneer in the new energy industry [2] R&D and Production Capabilities - CATL has established six R&D centers and thirteen battery manufacturing bases, creating a comprehensive R&D and production system [3] - The Ningde, Yibin, and Liyang bases have been recognized as global lighthouse factories by the World Economic Forum [3][4] Market Position in Power Lithium Battery Industry - According to data from the China Automotive Power Battery Industry Innovation Alliance, CATL leads the market with a significant share, followed by BYD and Zhongchuang Xinhang, all with over 5% market share [5] Market Position in Energy Storage Battery Industry - CATL holds the highest market share in China's energy storage battery sector, exceeding 30% [7] - In the first half of 2023, CATL's market share in China's energy storage lithium battery shipments was over 33.5%, with BYD in second place at 9.7% [7] New Product Developments - On April 21, CATL introduced several new products, including the second-generation Shenxing battery with a peak charging rate of 12C, and a sodium battery that performs well in extreme cold [9] - The company plans to mass-produce its start-stop battery by June 2025 and its power battery by December 2025, which is expected to drive growth in hard carbon anode materials [9] - The Xiaoyao dual-core battery utilizes self-generating anode technology, which is anticipated to be industrialized soon, with limited impact on traditional graphite anode materials [9]

同时，在近期 ESIE 2025 ，多家储能电池企业接连斩获订单，再度印证市场的火热程度。 比如，亿纬锂能与沃太能源正式签署《战略合作协议》，双方将在 2025-2028 年达成电芯战略采购合作，预计总采购规模达 10GWh 。此 次合作将进一步强化双方在新能源产业链的协同优势，共同推动全球清洁能源转型；与威胜能源技术股份有限公司签署 1GWh 战略合作框 架。 在 2025 年初，亿纬锂能已与海博思创签 50GWh 电芯战略采购合作，至此亿纬锂能合作签单已达 61GWh 。 4 月 11 日，厦门和储与鹏辉能源签署战略合作协议，双方签订 GWh 级电芯订单。根据协议，厦门和储将采用鹏辉能源自研的高安全、长循 环、高能效风鹏电芯 314Ah ，应用于高压直挂柔性储能系统、集中式柔性储能系统等重要项目。 力神（青岛）分别与威腾电气集团股份有限公司、安徽通盛能源科技股份有限公司、中绿中科锂电容、常德昆宇、 AmpereHour 五家行业领 先企业签署合作协议，总订单量超过 3GWh 。 在全球能源格局加速变革的大背景下，储能产业正站在时代的风口浪尖，展现出前所未有的发展前景。 尤其引领储能产业市场化改革的 " 1 ...

4月10日， ESIE 2025正式启幕，所有储能企业几乎齐聚 北京，同台炫技"秀肌肉"。 仅储能电池端， 宁德时代、亿纬锂能、远景动力、楚能新能源、鹏辉能源、赣锋锂电、瑞浦兰钧、力神电池、中天储能 等头部企业均有亮 相，其中不少企业借此机会发布储能电池和系统新品，甚至现场签单，热闹非凡。 起点锂电不完全统计了部分储能电池企业本次活动期间展出的新产品，希望以此给读者带来些许参考。 注：以下企业不分排名先后。 宁德时代" 天恒·智储"平台亮相 继 全新6.25MWh天恒储能系统后， 宁德时代 智慧储能管理平台——"天恒・智储"于4月10日亮相， 旨在为储能站客户带来全生命周期管理 的智能化运维与运营解决方案，从安全、效率到收益全链条护航储能资产全生命周期价值。 据介绍， 宁德时代的天恒 ·智储管理平台，通过"大数据平台 + AI大模型与先进机理算法融合 + AI助手工具"等创新集合， 能 为广大储能电 站构建涵盖智能预警、运行分析、电站体检和智慧运维在内的全套标准化能力。 亿纬锂能 6.9MWh系统重磅发布 继Mr.Giant 5MWh系统成功推出后，亿纬锂能再次加码大储赛道，发布新一代6.9MWh储能系统，精 ...

Core Viewpoint - The article highlights the rapid development and competitive advantages of the new 392Ah energy storage cell from Ruipu Lanjun, emphasizing its low modification cost, short cycle time, and quick ramp-up to mass production, which positions it favorably in the evolving 300Ah+ energy storage market [1][15]. Group 1: Market Trends and Product Development - The competition in the 300Ah+ energy storage cell market is entering a 2.0 era, with major manufacturers expected to complete new product launches and mass production plans between 2023 and 2024. The capacity switch rate from 280Ah to 314Ah cells among leading manufacturers is projected to reach 52% by early 2024 [2]. - By the second half of 2024, large-scale bidding for 314Ah cells is anticipated, with a market penetration rate of 40% for these cells in commercial energy storage products [2]. - GGII forecasts that the penetration rate of 314Ah cells will exceed 70% by 2025, indicating a growing acceptance in the mainstream market and opening doors for the commercialization of 300Ah+ energy storage cells [3]. Group 2: Product Features and Performance - The new 392Ah energy storage cell from Ruipu Lanjun boasts an energy density of 415Wh/L, a cycle life of over 12,000 cycles, and an energy efficiency of 95%, making it a strong contender in the 300Ah+ energy storage cell market [4][16]. - The Powtrix™ 6.26MWh energy storage system, developed alongside the 392Ah cell, reduces the number of battery clusters by 50%, increases energy density by 20%, and saves 16% in footprint, while also shortening operational time by 18% compared to the 5MWh system [4][22]. - The 392Ah cell's design allows for minimal size changes, enhancing compatibility with existing production lines and processes, which improves safety, reliability, and manufacturability [14]. Group 3: Safety and Reliability - The 392Ah cell incorporates advanced safety features, including a zero-tab redundancy design that enhances energy efficiency and stability, reducing potential safety risks and ensuring long-term stable operation [16][18]. - The cell has passed GB 44240-2024 shallow puncture tests, confirming its fire and explosion resistance [17]. - The thermal runaway temperature of the 392Ah cell is comparable to that of the 314Ah product, demonstrating its maturity and reliability in safety standards [18]. Group 4: Market Demand and Future Outlook - The 392Ah cell is positioned to fill a gap in the next-generation energy storage cell market, with a balanced performance in safety, manufacturability, longevity, energy density, and cost [11]. - By 2024, the domestic market for long-duration energy storage (4 hours and above) is expected to reach approximately 15GW/63GWh, accounting for over 25% of total energy storage bidding, indicating a growing demand for such solutions [24]. - Ruipu Lanjun's collaboration with various mainstream automotive and energy storage manufacturers has led to a monthly shipment of over 2GWh of the new battery technology, reflecting strong market traction [9].

2024年，楚能新能源超20GWh的出货量，不仅使其顺利进入国内储能电池出货量前十，而且 助其在全球储能市场占据一席之地。 进入2025，楚能新能源延续上年发展态势，一季度表现亮眼，放量提速，实现"储能+动力"双 驾马车狂奔。2025年出货量超60GWh将成事实。 01 储能端：中标/入围/签约多个大项目 据不完全统计，今年一季度，楚能新能源连续开单，中标/入围/签约中国电建、中核汇能、中 车青岛四方所、特隆美储能等多个企业项目。 具体来看：3月21日，中能建储能6GWh储能电芯框采中标公示，楚能新能源等8家企业入围， 其中楚能新能源中标的是标段一（采购容量5GWh），投标报价13.5亿元。 3月19日，中车发布2025年度储能电芯框架协议采购中标候选人。项目拟采购314Ah的储能 电芯，采购数量为2995200块，总规模约3GWh，楚能新能源以第一中标候选人入围。 3月15日，楚能新能源与特隆美储能在楚能全球总部签署5GWh储能电芯战略合作协议。楚能 新能源将为特隆美全球储能项目供应5GWh自主研发的314Ah储能电芯产品。 2月13日，中国电建集团（股份）公司2025-2026年度储能系统设备框架入围集中 ...