2025年，新能源汽车换电行业迎来规模化发展元年，但电池规格不统一、车型适配难度大等行业痛点仍 制约着赛道规模化发展。近日，宁德时代换电业务能源发展总监曲国俊在接受北京商报记者专访时表 示，电池标准化是换电模式规模化基石，宁德时代通过推广20#/25#标准化换电块，已实现99秒极速换 电，且适配多个品牌和车型。 曲国俊表示，巧克力换电从首座换电站落地到1000站网络成型仅用一年时间，刷新了行业基建纪录。截 至2025年12月30日，全国累计建成换电站达1020座，全面覆盖京津冀、长三角、川渝、珠三角大湾区四 大核心经济带。在商用车领域，骐骥换电2025年建成305座换电站，与巧克力换电共同完成宁德时代两 大领域的规模化布局。 宁德时代商用车终端业务总监任文磊介绍称，在智慧物流方面，巧克力换电站miix站通过150秒的换电 能够帮助用户节省大量的补能时间，并助力无人驾驶物流车完成自动补能，为其商业化大规模落地提供 支撑。 曲国俊认为，展望2026年，巧克力换电的关键词将是"新基建""标准化"和"全生态"。在生态合作方面， 宁德时代将继续深化与中石化、电网等能源企业的网络建设合作；在商业模式方面，将开放加盟，吸引 ...

2025年，新能源汽车换电行业迎来规模化发展元年，但电池规格不统一、车型适配难度大等行业痛点，仍制约着赛道规模化发展。2025年，宁 德时代旗下巧克力换电业务以"新基建"为核心关键词，一年内建成1020座换电站，刷新行业基建速度纪录。 近日，宁德时代换电业务能源发展总监曲国俊在接受北京商报记者专访时表示，标准化是换电模式规模化发展的基石，宁德时代通过推广 20#/25#标准化换电块，已实现99秒极速换电，且适配多个品牌和车型。2026年，巧克力换电网络将实现3000站的累计规模，覆盖超140座城市 并同步启动高速公路换电布局，"展望2026年，我们将继续推进'新基建''标准化'和'全生态'，推动换电模式成为补能主流"。 携手中石化共建1万座换电站 "如果要概括2025年的换电生态，'新基建'无疑是关键词。"曲国俊表示，巧克力换电从首座站落地到1000站网络成型仅用一年时间，刷新了行 业基建纪录。截至2025年12月30日，全国累计建成换电站达1020座，全面覆盖京津冀、长三角、川渝、珠三角大湾区四大核心经济带。在商用 车领域，骐骥换电2025年建成305座换电站，与巧克力换电共同完成宁德时代两大领域的规模化布 ...

Core Viewpoint - CATL has successfully completed its annual station construction targets for both passenger and commercial vehicle battery swapping segments, significantly exceeding industry averages [1] Group 1: Passenger Vehicle Battery Swapping - The "Chocolate Battery Swapping" network has established 1,020 stations, surpassing the annual target [1] - By 2026, the plan is to build over 3,000 battery swapping stations across more than 140 cities, alongside the initiation of a highway network and an open franchise plan, with a long-term goal of 30,000 stations [1] Group 2: Commercial Vehicle Battery Swapping - The "Qiqiji Battery Swapping" network has completed 305 stations, also exceeding its annual target [1] - By 2026, the goal is to establish 900 stations, expanding the main routes to a "five horizontal and five vertical" network, with a vision to create an "eight horizontal and ten vertical" national battery swapping green network covering 80% of the mainline transport capacity by 2030 [1]

Core Viewpoint - The article discusses the IPO of Aodong New Energy, a battery swapping company founded by Cai Dongqing, known as the "Father of Oriental Disney," highlighting the challenges and financial struggles the company faces in the competitive new energy sector [4][5][18]. Company Overview - Aodong New Energy aims to become the "first stock in battery swapping" and is currently the largest independent third-party battery swapping solution provider in China, with significant investments from notable institutions like NIO Capital and SoftBank Capital [4][5][12]. Financial Performance - The company has been operating at a loss, with a net loss of 157 million yuan in the first half of 2025 and cumulative losses exceeding 2 billion yuan since 2022. Revenue has also declined, with a 31.7% year-on-year drop in the first half of 2025 [5][8][12]. - The gross loss margin worsened from -4.4% to -8.9% year-on-year, indicating a lack of improvement in its financial health [5][8]. Business Model - Aodong New Energy operates under two business models: a "light asset model" focusing on selling battery swapping equipment and a "heavy asset model" involving significant capital investment in building and operating battery swapping stations. The light asset model contributed 71% of revenue in 2022, but its share has since decreased to 30.2% by mid-2025 [7][8]. - The heavy asset model, which now accounts for 69.8% of revenue, has led to significant financial challenges, with a gross loss margin of -23.3% in the first half of 2025 [8][12]. Market Position and Competition - The battery swapping industry is experiencing rapid growth, with market size projected to increase from 1.5 billion yuan in 2020 to 10.3 billion yuan by 2024, reflecting a compound annual growth rate of over 60% [15]. - Aodong New Energy positions itself as an independent third-party service provider, collaborating with over 16 major automotive companies to develop battery swapping models, but faces intense competition from established players like NIO and CATL [15][16][17]. Investment and Financing - Aodong New Energy has raised approximately 3.5 billion yuan in total investments, with significant backing from strategic investors, including NIO Capital. However, the company has not secured new financing since early 2022, leading to cash flow pressures [12][13]. - The lack of new funding has intensified the urgency of the IPO as a means to sustain expansion and operations [13]. Industry Challenges - The company faces challenges from the high capital requirements of the battery swapping model and increasing competition from alternative technologies, such as ultra-fast charging solutions [17][18]. - The operational model's inherent conflicts, where costs exceed revenues, highlight the difficulties in achieving profitability in the current market landscape [8][17].

Core Insights - The opening ceremony of the Qiji battery swap stations along the Huhong Expressway in the Sichuan-Chongqing-Hubei region was held, marking a significant step towards a more efficient and environmentally friendly logistics network [1] Group 1: Technology and Efficiency - The Qiji battery swap technology features a low center of gravity design that enhances vehicle stability and allows for efficient battery swaps in just 5 minutes, maintaining performance even in extreme weather conditions [1] - The logistics time from Chengdu to Wuhan has been reduced to under 18 hours, improving transportation efficiency by 40% compared to traditional charging methods [1] Group 2: Economic Benefits - A logistics company representative indicated that operating costs can be saved by approximately 0.62 yuan per kilometer compared to traditional fuel vehicles, potentially increasing annual revenue by about 60,000 yuan for vehicles traveling 100,000 kilometers a year [1] - The first batch of 12 battery swap stations is expected to achieve a daily battery swap volume of 360,000 kWh, contributing to a reduction of over 40,000 tons of emissions annually, equivalent to planting nearly 3 million trees [1] Group 3: Strategic Importance - The Huhong Expressway is a crucial part of the national "Five Vertical and Seven Horizontal" highway system, with the Sichuan-Chongqing-Hubei section being the longest route in the Qiji battery swap network at 1,250 kilometers [1] - The full connection of the Huhong Expressway to Shanghai is planned for 2026, which will facilitate the transportation of more "Chongqing-made" products through this green corridor at lower logistics costs and in a more environmentally friendly manner [1]

Core Viewpoint - Aodong New Energy, a leading company in battery swapping solutions, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to establish a comprehensive product and service ecosystem for battery swapping [1][2]. Financial Performance - Aodong has faced significant losses, accumulating over 2 billion yuan in losses over the past three and a half years, indicating a challenging financial situation [4][8]. - The company's net losses for 2022, 2023, 2024, and the first half of 2025 were reported as 785 million yuan, 655 million yuan, 419 million yuan, and 157 million yuan respectively, with a total revenue of 3.24 billion yuan in the first half of 2025, down 31.7% year-on-year [9][11]. Technology and Innovation - Aodong's technological advantage lies in its innovative buckle-type battery swapping technology, which significantly improves swapping speed and extends the lifespan of battery modules, achieving industry-leading swapping times of 20 seconds for passenger cars and small trucks, 30 seconds for light trucks, and 40 seconds for heavy trucks [5][6]. Market Position and Competition - The battery swapping market is highly competitive, with major players like CATL and NIO entering the space, necessitating Aodong to solidify its foundation and expand its business [15][17]. - Aodong plans to broaden its battery swapping solutions to a wider range of electric vehicles, including ride-hailing and commercial vehicles, while collaborating with additional vehicle operators and OEM partners [16][19]. Future Outlook - The company aims to use the funds raised from its IPO to accelerate the expansion of its battery swapping network, enhance core technology research and development, and optimize its financial structure to support heavy asset investments [19][20]. - The success of the IPO will be crucial for Aodong to continue competing in the battery swapping market amid increasing competition from industry giants [20].

Core Viewpoint - The company is currently operating at full capacity for its battery swap stations, with significant growth in orders from major clients expected to continue over the next 2-3 years [1] Group 1: Company Performance - The company has seen a multiple increase in orders for its electric vehicle battery swap stations compared to the same period last year [1] - The current production capacity for battery swap stations is fully utilized, indicating strong demand [1] Group 2: Future Outlook - The company is planning and implementing expansion plans to meet the anticipated increase in orders [1] - The overall profitability of the company's battery swap and new energy business segments is expected to significantly improve with the continued delivery of related orders [1]

Core Viewpoint - The company has experienced a significant increase in orders for electric vehicle battery swapping stations, with orders growing several times compared to the same period last year, driven by a focus on major clients and projects [1] Group 1: Company Performance - The company is currently operating at full capacity for its battery swapping stations [1] - There is an expectation of sustained strong demand from major clients over the next 2-3 years based on customer needs and industry trends [1] - The company is planning and implementing expansion plans to meet the anticipated growth in orders [1] Group 2: Future Outlook - The overall profitability of the company's battery swapping and new energy business segments is expected to significantly improve with the continued delivery of related orders [1]

Core Insights - CATL's "Chocolate Battery Swap" stations have surpassed 700 nationwide, covering 39 cities, with plans to establish over 2,500 stations in more than 120 cities by 2026 [1][2] - The "Chocolate Battery Swap" stations are modular and designed for quick battery exchanges, reducing the time to just a few minutes [1] - The initiative aims to achieve a target of 1,000 stations by the end of 2025, significantly faster than the industry average [2] Company Developments - CATL's subsidiary, Times Electric, is responsible for the "Chocolate Battery Swap" stations, which are set to launch their first stations by the end of 2024 [1] - A new vehicle, termed the "National Good Car," is being launched in collaboration with JD Auto and GAC, focusing on affordability and performance [2][3] - The partnership aims to enhance the entire supply chain from production to service, making car purchasing as convenient as buying a smartphone [3] Market Trends - The battery swap market for electric vehicles is projected to grow from 12.433 billion RMB in 2023 to 174.917 billion RMB by 2025, with a compound annual growth rate of 190% [3] - The total number of battery swap stations is expected to exceed 30,000 by 2025, indicating a rapidly expanding market [3] - The competitive landscape includes major automakers like Geely and NIO, as well as energy groups like State Power Investment Corporation, with third-party operators also emerging [3]

Core Viewpoint - The article highlights the strategic collaboration between CATL and the Haikou government to establish a comprehensive battery swap network in Hainan, aligning with the province's green development goals and the broader push for electric vehicle infrastructure in China [2][3]. Group 1: Event Overview - The CINE2025 Solid-State Battery Exhibition and Industry Annual Conference will take place from November 6-8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors and 20,000 professional attendees [1][11]. - The event will also include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [1]. Group 2: CATL's Strategic Moves - CATL has signed a strategic cooperation agreement with the Haikou government to invest in 100 battery swap stations across Hainan by 2030, marking a significant step in expanding its battery swap network in Southern China [1][2]. - The company aims to establish over 1,000 battery swap stations by 2025, with the Hainan market being a crucial component of this strategy [2][3]. Group 3: Market Growth and Performance - CATL's battery swap business has seen rapid growth, achieving a record of 105 new stations and 103 stations going live in August alone, totaling 512 stations across 34 cities by the end of August [2]. - The daily battery swap volume has reached over 140,000 kWh, with individual stations achieving a daily swap volume of 10,000 kWh, positioning CATL among the industry leaders [2]. Group 4: Collaboration and Policy Support - The partnership with Haikou includes collaboration on green energy development, new energy storage applications, and electric transportation, enhancing the local energy ecosystem [3][4]. - Haikou has introduced incentive policies, offering up to 500,000 yuan for projects that deploy a certain number of battery swap vehicles, supporting the promotion of the battery swap model [3].