Core Viewpoint - CATL is set to launch its IPO on the Hong Kong Stock Exchange on May 20, 2023, with a maximum issue price of HKD 263 per share, aiming to raise HKD 30.7 billion (approximately USD 4 billion), potentially making it the largest IPO in Hong Kong in nearly three years [1][2]. Group 1: IPO Details - The IPO price reflects CATL's confidence in its stock value, with a discount of less than 2% compared to its A-share closing price of RMB 248.3 on May 9, 2023 [1][2]. - The company completed its listing application in just three months, with a record 25 days for regulatory review, faster than peers like Midea and Kuaishou [1]. Group 2: Financial Performance - In 2024, CATL's revenue is projected to reach RMB 362 billion, despite a 9.7% year-on-year decline due to lithium carbonate price fluctuations; however, net profit is expected to grow by 15% to RMB 50.7 billion [3]. - The company's first-quarter performance in 2023 showed a 6.2% year-on-year revenue increase to RMB 84.7 billion, with net profit growth of 32.9% and operating cash flow of RMB 32.9 billion [3]. Group 3: Global Expansion Strategy - 90% of the funds raised from the IPO will be allocated to the construction of a factory in Debrecen, Hungary, which will become Europe's largest battery production base with a planned capacity of 100 GWh [4]. - CATL is building a global supply chain, including joint ventures in Spain and Indonesia, to enhance its production capabilities [4][5]. Group 4: Market Position and Risks - CATL's battery technology has been certified by Volkswagen, and the company is expected to benefit from economies of scale as its overseas production capacity ramps up [5]. - The geopolitical landscape poses risks, as CATL was listed on the U.S. Department of Defense's "Chinese Military Companies" list, which may affect its relationships with U.S. clients, although the impact on overall sales is limited [6]. Group 5: Industry Context - The capital market is currently optimistic about the renewable energy sector, driven by factors such as continued subsidies for electric vehicles and improved performance from some companies in the sector [2]. - As of the first quarter of 2025, CATL maintained a market share of 38.3% in the global battery market, reinforcing its position as a leader in the industry [6].

Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) is set to launch its IPO on the Hong Kong Stock Exchange on May 20, 2025, marking a significant event in the market with strong backing from top-tier cornerstone investors, reflecting confidence in its leading position in the global new energy sector [1][3]. Group 1: IPO Details - CATL officially submitted its A1 application to the Hong Kong Stock Exchange on February 11, 2025, and received the overseas issuance listing approval from the China Securities Regulatory Commission on March 25, 2025, achieving the fastest record for overseas issuance approval in recent years [1]. - The cornerstone investors, including Sinopec, Kuwait Investment Authority (KIA), and Hillhouse Capital, have committed a total of HKD 20.371 billion, with a pricing range of HKD 263 per share, indicating strong market confidence in CATL's global leadership in the new energy sector [1][3]. Group 2: Market Position and Performance - In 2024, CATL maintained a global market share of 36.8% in power batteries, ranking first for eight consecutive years, and held a 40% share in energy storage battery shipments, also leading the market [4]. - The company's domestic power battery installation volume reached 246.01 GWh, with a market share of 45.08%, significantly outpacing its closest competitor, BYD, by 20 percentage points [4]. Group 3: Financial Performance - CATL reported a revenue of CNY 362 billion and a net profit of CNY 50.745 billion for the full year of 2024, reflecting a year-on-year growth of 15.01%. In Q1 2025, net profit increased by 32.85%, with a gross margin of 24.4% [8]. - As of September 2024, the company had cash reserves of CNY 281.8 billion, providing a strong financial foundation for global expansion [8]. Group 4: Business Strategy and Innovations - CATL's battery swapping business is seen as a core growth driver, with solutions for passenger and commercial vehicles already in place, and partnerships with major automakers to launch over 30 battery-swappable models [9]. - The company has made significant advancements in ultra-fast charging technology, with the introduction of the Shunxing PLUS battery capable of achieving 80% charge in just 10 minutes, addressing user range anxiety [13]. Group 5: Global Expansion and Sustainability - CATL has established 13 production bases globally, including in Germany and Hungary, with an annual production capacity of 646 GWh, and plans to allocate 90% of IPO proceeds to enhance local supply capabilities in Europe [14]. - The company leads the industry in carbon neutrality efforts, with 74.51% of its core operations powered by zero-carbon electricity and a high recycling rate for battery materials [14]. Group 6: Market Outlook - Despite strong fundamentals, there are differing opinions on CATL's valuation, with current A-share price earnings ratio around 16 times, lower than the previously predicted 50 times [14]. - The company is navigating potential challenges from competitors and geopolitical risks through strategic partnerships and joint ventures [15].

眼下，面对国内竞争激烈的动力电池市场及车企构建多元化供应链趋势，宁德时代正加速全球布局，甚至通过技术授权模式迂回进入美国市场，并押注印尼 资源项目以稳定供应链。在此背景下，此次港股上市，不仅为其海外扩张提供"弹药"，更将成为其应对行业变局的关键一役。 90%资金投向匈牙利项目 记者了解到，本次宁德时代港股募资所得的90%将投向匈牙利项目第一期及第二期建设，进一步提升本地化供应能力。 从注册招股书来看，宁德时代2024年全球市占率为37.9%，在中国以外市场的市占率为27.0%。2024年，宁德时代的营业收入中有30.5%来自于海外市场。 每经记者｜黄辛旭 每经编辑｜孙磊 5月12日，宁德时代披露发行阶段董事会公告及刊登注册招股书，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。 根据该公告，此次宁德时代港股IPO的发行价格区间上限为每股263.00港元，预计募资总额为40亿~50亿美元。宁德时代将成近年来港股市场规模最大的IPO 项目之一。 本次发行已吸引包括能源巨头、主权财富基金和基石投资者最高203.71亿港元（按发行价格上限每股263.00港元计算）认购。据披露，参与本次基 ...

【导读】宁德时代拟5月20日在港股上市，募资总额将达40亿至50亿美元 中国基金报记者 邱德坤 5月12日，宁德时代披露发行阶段董事会公告及注册招股书，宣布正式启动国际配售簿记，预计5月20日在港交所主板挂牌上市。 据悉，若宁德时代正式在港股上市，将是近年来港股市场规模最大的IPO项目之一。 宁德时代港股IPO的特点包括实现接近A股价格的高位定价、超200亿港元的基石投资者认购，以及在较短时间内完成上市流程。 港股IPO发行价上限为263港元/股 公告显示，宁德时代港股IPO的发行价上限为每股263港元，约合每股244.67元人民币。 | 求發售項下的發售股份數目 | | : 117,894,500股H股(視乎發售量調整 | | --- | --- | --- | | | | 權及超額配股權行使與否而定） | | 香港發售股份數目 | | : 8,842,100股H股(可予重新分配及視 | | | | 乎發售量調整權行使與否而定) | | 國際發售股份數目 | | : 109,052,400股H股(可予重新分配及 | | | | 視乎發售量調整權及超額配股權 | | | | 行使與否而定) | | 最高發售價 ...

"屋漏偏逢连夜雨"，欧洲电动汽车产业在遭遇美国加税等多重因素压力下，再次迎来令人担忧 的消息。 近日，继瑞典电池制造商Northvolt破产后，德国动力电池制造商CustomCells宣布破产。无疑，这 又给欧洲动力电池产业的发展蒙上了一层阴影。 能20GWh）因缺乏订单支撑陷入闲置。而Lilium的飞行汽车适航认证延期、商业化进度滞后，导致飞行 汽车电池研发投入无法转化为收入，现金流断裂成为难以挽回的爆雷诱因。 而在更深刻的层面，技术瓶颈、竞争加剧与战略失衡的叠加，都为CustomCells的破产带来不利因 素。其客户结构单一，过度依赖一两家大客户，如来自保时捷的营收占比达40%以上，未形成多元化客 户的市场布局。当保时捷电动化转型放缓、Lilium因破产被收购导致订单冻结时，缺乏缓冲空间，暴露 出了B2B模式下客户集中度极高的潜在危机。 为何如今走向破产 据当地媒体报道，CustomCells成立于2012年，最初是德国弗劳恩霍夫协会（德国应用科学研究机 构）孵化的一家动力电池科技公司，专注于开发高性能电池技术。该公司在德国的伊策霍和图宾根建立 了动力电池生产基地，目前有超过200名员工。然而，在企业破产 ...

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].

各位老铁，这里是帮主郑重的复盘分享时间。今天咱们聊点重磅的——全球动力电池一哥宁德时代，周一就要在香港IPO了！听说这次发行价较A股折价 5%，筹资至少40亿美元，科威特投资局、中石化、高瓴都来捧场。这事儿对宁德时代A股走势影响多大？咱们边吃瓜边分析。 短期看250元就是心理关口，站稳了可能上摸260，跌破230得小心回调。长期投资者要是手头有货，200元以下就是黄金坑，对应PB不到3.5倍，这价格连巴 菲特都得心动。重点盯着两个信号：一个是Q2订单增速，另一个是港股上市后南向资金动向。要是哪天宁德宣布钠电池大单落地，或者固态电池中试成 功，那就是冲锋号！ 最后唠点掏心窝的 最近宁德时代A股在248元附近晃悠，技术面有点微妙。短期支撑位在230元，阻力位249.77元，MACD红柱缩成小细棍，RSI接近超买区，说明短线资金有 点恐高。不过资金面倒是不差，近5天主力净流入10亿多，但5月9日超大单突然净流出近5000万，这就像火锅里突然加了冰块——有人想落袋为安了。更值 得玩味的是，5月8日那笔大宗交易溢价近6%成交，机构席位疯狂扫货，这帮聪明钱是不是提前嗅到了港股上市的利好？ 长期逻辑：万亿市值的护城河稳不稳 ...

Core Insights - Chinese companies are increasingly demonstrating their advantages in the overseas power battery market, contributing over half of the global power battery installation volume in Q1 2023 [1][5] - The global power battery installation volume, excluding China, reached 98.4 GWh in Q1 2023, a year-on-year increase of 26.5%, while the total global market, including China, was 221.8 GWh, up 38.8% [1][5] Company Performance - CATL (宁德时代) ranked first in the global power battery market outside of China with a market share of 29.5%, achieving an installation volume of 29 GWh, an increase of 2 percentage points year-on-year [2][4] - BYD (比亚迪) saw a significant growth of 104.7% in its installation volume, reaching 6.4 GWh and a market share of 6.5%, ranking sixth [4][5] - Guoxuan High-Tech (国轩高科) entered the top ten for the first time with an installation volume of 2 GWh, marking a 108.2% increase and a market share of 2% [5][6] - Other Chinese companies, including Zhongxin Innovation (中创新航) and Funeng Technology (孚能科技), also made it to the top ten with installation volumes of 2 GWh and 1.9 GWh, respectively [5][6] Market Dynamics - The total market share of the five Chinese companies in the global power battery market outside of China reached 42% in Q1 2023, up from 35.2% the previous year [5][6] - In contrast, the combined market share of three South Korean companies (LG Energy Solution, SK On, and Samsung SDI) decreased to 40.3%, down from a 10.6% lead over Chinese companies the previous year [6][7] - Panasonic (松下) also experienced a decline in market share to 7.4%, attributed to its reliance on Tesla and a decrease in sales of Tesla's Model 3 and Model Y [6][7] Future Outlook - Tesla (特斯拉) achieved a remarkable growth of 447.9% in its installation volume, reaching 1.9 GWh, although it ranked tenth with a market share of 1.9% [6][7] - Tesla's strategy to produce at least 30% of its battery needs in-house may impact its suppliers, including LG Energy Solution and Panasonic, as it expands its battery production capabilities [7]

Core Viewpoint - The strategic collaboration among JinJing New Energy, China Resource Recycling International Development, and Guangdong Bangpu Recycling Technology marks a significant step in the battery recycling industry, transitioning from fragmented competition to a systematic approach, leveraging policy insights, technological advancements, and global network coverage [1][2][7]. Strategic Collaboration - The partnership aims to integrate the full chain capabilities of resource coordination, technology research and development, and global networking, enhancing the efficiency and effectiveness of battery recycling [2][4]. - JinJing New Energy's core business includes reverse supply chain management and green energy solutions, with a global service network covering key markets in the Americas, Europe, and Asia [1][3]. Business Synergy - JinJing New Energy has established a mature recycling point network across 28 countries, which, when combined with the resources from China Resource Recycling International and the technology from Bangpu Recycling, can create an integrated model for recycling, processing, and reusing battery materials [3][5]. - The collaboration is expected to lower logistics and operational costs while promoting standardized processes, thereby enhancing customer trust in recycled material quality [3][5]. Global Expansion - The global demand for power batteries is projected to grow at a compound annual growth rate of 22.3% until 2030, with the retired battery volume expected to exceed 800 GWh, indicating a substantial market opportunity for battery recycling [3][4]. - JinJing New Energy plans to expand its service network from 10 to 100 locations globally, leveraging the international resource allocation capabilities of China Resource Recycling International and the technological output from Bangpu Recycling [3][4]. Policy Environment - Recent policies, such as the EU's "New Battery Law" and China's action plan for establishing a battery recycling system, create a favorable environment for the collaboration, emphasizing increased recycling rates and material regeneration [4][5]. - The partnership will benefit from Bangpu Recycling's established industry standards and China Resource Recycling International's experience in international green standard formulation, facilitating compliance with various regulatory requirements [4][5]. Logistics Network - JinJing New Energy's logistics network across 28 countries, combined with the strategic resource allocation from China Resource Recycling International, is expected to create an efficient battery material import-export logistics system, reducing compliance risks and costs in international transport [5][6]. - The reverse supply chain business has shown significant growth, with revenue increasing by 140% year-on-year to HKD 157 million, accounting for 63.4% of total revenue as of mid-2024 [5][6]. Conclusion - The collaboration not only enhances JinJing New Energy's competitive edge through the integration of national policy support and industry-leading technology but also establishes a comprehensive coverage from policy analysis to terminal services, unlocking collaborative value within the new energy industry [7]. - This strategic move positions JinJing New Energy to build a competitive moat in a rapidly expanding market, enabling it to meet the demands of partners like Ningde Times and Guoxuan High-Tech while gaining pricing power through resource aggregation [7].

21世纪经济报道记者 林典驰 深圳报道 2022年的世界动力电池大会上，时任广汽集团董事长曾庆洪公开吐槽"主机厂在为电池厂打工"。而宁德 时代董事长曾毓群也是当场回应，"上游的资本炒作使得（电池原材料）价格脱离了合理轨道。"当中的 潜台词是电池厂也不赚钱。 彼时正值碳酸锂价格高涨，动力电池供给紧俏阶段。随后电池行业迎来了史上罕见的大扩产，之后行业 进入供给过剩阶段，碳酸锂价格连连下滑，产业链的打骨折价格战早已是常态。 三年后，鲜少再听见整车厂再喊话"电池太贵"，最近出圈的也仅有长安汽车董事长朱华荣向曾毓群在车 展现场砍价，希望电池降价30%-40%。不过，朱华荣口中的电池是钠离子，并非是早已供应链已经成熟 的锂离子电池。曾毓群也委婉回答："要等供应链开发出来"。 三年后的动力电池行业产能过剩已是常态，并且形成了两超多强的局面，订单向头部厂商集中。能称得 上赚钱的恐怕只有宁德时代和比亚迪，二线厂商或是相互争夺订单，瓜分剩余的市场份额，或是在细分 市场，寻求差异化，争取龙头公司未覆盖的市场。 根据中国汽车动力电池产业创新联盟数据，2024年，中国共产销锂离子电池1096.8GWh和1039.5GWh， 动力电池累 ...