◆ 电池 ◆ 赣锋锂业 新设锋能新能源科技公司 01 近日，湖北省锋能新能源科技有限公司成立，法定代表人为黄腾飞，经营范围包含：在线能源监测 技术研发；能量回收系统研发；风力发电技术服务等。企查查股权穿透显示，该公司由赣锋锂业间 接全资持股。 亿纬锂能 马来西亚小圆柱电池产能已量产 02 亿纬锂能披露，公司海外工厂建设进展顺利。马来西亚小圆柱电池产能已实现量产。马来西亚二期 储能工厂也正按既定规划有序推进，预计于今年底建成，明年初开始量产交付。匈牙利项目在今年 上半年已收到建筑许可决定，公司已经开始全面推进建设工作，预计2027年建成投产。 3GWh固态电池项目落地贵州 03 据贵州省黔西南州贞丰县融媒体中心消息，贵州省黔西南州贞丰县举行招商引资项目集中签约仪 式，其中包括深圳信投能源投资有限公司年产3GWh固态电池项目。 ◆ 材料 ◆ 永兴材料 1万吨提锂技改项目有序推进中 01 永兴材料披露，公司扩产工作积极推进中。另外，公司锂电新能源业务目前产能为3万吨/年，其 中1万吨产线正在进行绿色智能高效提锂综合技改项目，该项目按计划有序推进中，预计按期投入 使用。 ◆ 设备 ◆ 01 华自科技新增订单 同比增加 ...

亿纬锂能（300014.SZ）2025 年半年报点评 海外业务稳步推进，大容量电芯量产领跑 2025 年 08 月 24 日 ➢ 事件。2025 年 8 月 21 日，公司发布 2025 年半年报，公司上半年实现营收 281.70 亿元，同比增长 30.06%，实现归母净利润 16.05 亿元，同比减少 24.90%， 扣非后归母净利润 11.57 亿元，同比减少 22.82%。 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 153.73 亿元,同增 24.56%， 环增 20.14%；归母净利润为 5.04 亿元，同减 52.96%，环减 54.22%；扣非后 归母净利润为 3.39 亿元，同减 57.48%，环减 58.51%。毛利率：2025Q2 毛利 率为 17.46%，同增 1.90pct，环增 0.30pcts。净利率：2025Q2 净利率为 3.76%， 同减 5.09pcts，环减 5.34pcts。费用率：公司 2025Q2 期间费用率为 13.58%， 同比+3.81pcts，其中销售、管理、研发、财务费用率分别为 1.30%、6.65%、 4.24%、1.39%，同比变动 0 ...

人民财讯8月23日电，亿纬锂能（300014）在电话会议上表示，公司海外工厂建设进展顺利。马来西亚 小圆柱电池产能已实现量产。马来西亚二期储能工厂也正按既定规划有序推进，预计于今年底建成，明 年初开始量产交付。匈牙利项目在今年上半年已收到建筑许可决定，公司已经开始全面推进建设工作， 预计2027年建成投产。 ...

Core Insights - The company reported a Q1 2025 revenue of 12.8 billion yuan, a year-on-year increase of 37.3% but a quarter-on-quarter decrease of 12% [1] - The net profit attributable to shareholders was 1.1 billion yuan, reflecting a year-on-year growth of 3.3% and a quarter-on-quarter increase of 24% [1] - The non-recurring net profit reached 820 million yuan, up 16.6% year-on-year and 23.6% quarter-on-quarter [1] Group 1: Battery Sales Performance - In Q1 2025, the company shipped 10.17 GWh of power batteries, marking a year-on-year increase of 57.58%, benefiting from the growth in commercial vehicle sales [2] - The market share for power batteries was 13.41%, maintaining the second position in the domestic market, with over 80% coverage among top customers in the new energy commercial vehicle segment [2] - The company shipped 12.67 GWh of energy storage batteries, showing a year-on-year growth of 80.54%, although the quarter-on-quarter performance was affected by seasonal factors [2] Group 2: Profitability and Cost Management - The overall gross margin for the company reached 17.16%, with stable margins for power batteries and a slight decline in energy storage battery margins due to utilization rates [2] - In Q1 2025, the company reported investment income of 120 million yuan, while the total expense ratio was 10.85%, a year-on-year decrease of 1.75 percentage points [3] - The financial expense ratio increased to 1.41%, reflecting a year-on-year rise of 0.57 percentage points, while R&D expense ratio decreased to 4.76%, down 3.00 percentage points year-on-year [3] Group 3: Future Outlook - The company is expected to benefit from increased utilization rates driven by the growth in power battery demand and improved energy storage shipment structure [3] - The establishment of the Malaysian energy storage base is anticipated to mitigate the impact of U.S. tariffs, with expectations for further unit profit growth from large cylindrical battery shipments [3] - Projected revenues for 2025 and 2026 are 5.1 billion yuan and 7.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 18 and 13 times [3]

Core Viewpoint - The global cylindrical battery market is undergoing a structural transformation driven by technological advancements and increased manufacturing efficiency, leading to a competitive landscape focused on diverse application scenarios [3][26]. Group 1: Industry Events - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, in Suzhou, organized by GGII and sponsored by Zhongna Energy [2]. - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, also in Suzhou, organized by GGII and sponsored by Liyuanheng [2]. Group 2: Market Dynamics - The cylindrical battery market is experiencing a shift, with a decline in shipments for power applications, particularly influenced by changes in Tesla's 21700 model sales, while electric two-wheelers and power tools see significant growth [9][10]. - Chinese companies have increased their share in the global cylindrical battery market to over 40% in 2024, while Japanese and Korean manufacturers have seen a decline in shipments [10][11]. Group 3: Technological Advancements - The adoption of full-tab technology has improved manufacturing control, precision, and yield, enabling large cylindrical batteries to achieve rapid charging capabilities, meeting market demands for ultra-fast charging since 2024 [5][6]. - The cylindrical battery production efficiency is at least 50% higher than that of prismatic or pouch batteries, with leading manufacturers achieving production speeds of over 300 PPM [6][7]. Group 4: Application Trends - Large cylindrical batteries are increasingly being adopted in mid-to-high-end electric vehicles, with BMW confirming their use in next-generation models, marking a significant milestone for this technology [4][6]. - The market for cylindrical batteries is diversifying, with companies like EVE Energy and Tianpeng Power expanding into new markets such as eVTOL and humanoid robots, indicating a competitive landscape focused on specific application scenarios [8][11]. Group 5: Safety and Material Trends - The introduction of lithium iron phosphate (LFP) and lithium manganese iron phosphate (LMFP) chemistries is accelerating in the cylindrical battery market, particularly in small cylindrical batteries, driven by new safety regulations in China [18][20]. - The combination of LFP with large cylindrical batteries is opening new application spaces, especially in cost-sensitive sectors like public transportation and energy storage [21][24]. Group 6: Future Outlook - The competition in the cylindrical battery market is shifting towards specific application scenarios, with companies strategically positioning themselves across various sectors, including electric vehicles, flying vehicles, and energy storage [26]. - The expected shipment scale of large cylindrical batteries in China is projected to exceed 2.5 GWh in 2024, with a forecasted transition from small cylindrical batteries to large cylindrical batteries in the electric two-wheeler market [24].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].

在消费电池方面，亿纬锂能持续领跑，新兴市场拓展加大。消费电池作为亿纬锂能的传统强项，亿纬锂 能依然保持领先地位。锂亚硫酰氯电池、SPC电容器等产品稳居国家级单项冠军地位，2024年电子雾化 器电池全球累计出货超20亿只。同时，公司在人形机器人、eVTOL(电动垂直起降飞行器)、无人机等新 兴领域完成样品交付，单月小圆柱电池产销量突破1亿只，展现出强大的市场响应能力和技术储备。 4月24日晚间，亿纬锂能(股票代码：300014)发布2025年一季报，一季度公司营收127.96亿元，同比上升 37.34%；扣非归母净利润8.18亿元，同比上升16.60%。在全球新能源汽车产业蓬勃发展和储能需求爆发 式增长的大背景下，作为锂电池领域的领军企业，公司凭借技术创新、全球化布局和战略聚焦，不仅巩 固了行业地位，更在多个关键领域实现了突破。 在储能电池方面，亿纬锂能业务增长迅猛，全球市占率稳步提升。一季度，公司储能电池出货量达 12.67GWh，同比增长80.54%，主要受益于全球储能市场需求激增及公司产品的高质量与稳定交付能 力。回顾2024年，亿纬锂能储能业务迎来迅猛增长，全年出货量达50.45GWh，同比飙升91.9 ...

Core Viewpoint - The article discusses the growing interest of Chinese lithium battery companies in Malaysia as a strategic location for expansion, highlighting the unique advantages of the country in the context of the evolving Southeast Asian electric vehicle market [2][6][10]. Group 1: Strategic Importance of Malaysia - Malaysia is becoming a popular choice for Chinese lithium battery companies due to its low geopolitical risks, as it maintains a balance between China and the US without territorial disputes or internal conflict risks [8]. - The Malaysian government has implemented favorable foreign investment policies, including the National Industry 4.0 Policy, National Automotive Policy (NAP 2020), and Low Carbon Mobility Blueprint (LCMB 2021-2030), which support the upgrade and green transformation of industries [9]. - With over 60 ports and proximity to the Strait of Malacca, Malaysia offers lower shipping costs and easier access to global markets for local products [10]. Group 2: Market Potential in Southeast Asia - Southeast Asia is rich in key mineral resources for lithium battery production, such as nickel and cobalt, with Indonesia being a significant player attracting investments from companies like Huayou Cobalt and Greeenmei [6]. - The electric two-wheeler market in Southeast Asia is projected to grow at a CAGR of 13.09% from 2025 to 2029, with expectations to account for 30% of the global two-wheeler market by 2030 [7]. - Chinese companies like EVE Energy, Zhuhai Guanyu, and others are establishing production capacities in Malaysia, focusing on cylindrical batteries for the two-wheeler market, with a combined annual production capacity exceeding 1 billion units [7].

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 近年来，中国锂电产业链企业已有不少选择将马来西亚作为出海战略地。电池企业包括，亿纬锂能、珠海冠宇、蔚蓝锂芯、海四达；材料企业则包括 新宙邦、星源材质、恩捷股份、科达利、尚太科技。 而回顾锂电产业出海潮，东南亚一贯受到锂电产业重视，且通常被作为整体探讨。 一方面，东南亚具备丰富的矿产资源。镍、钴两大锂电池生产关键矿产资源丰富，马来西亚邻国印尼，更是作为矿产大户，吸引了华友钴业、格林美 前去建厂，进行本土化生产。 另一方面，东南亚整体具备电动化市场空间，并且表现出以两轮车为主的特点。多数 东南亚国家 的 公共交通体系不算发达，公路覆盖比例较低， 两轮车的灵活性与低成本能解决更多东南亚民众的出行痛点。并且印尼、越南、泰国、菲律宾 ...

Core Insights - The company reported a slight decline in annual revenue for 2024, with total revenue of 48.615 billion yuan, down 0.35% year-on-year, while net profit attributable to shareholders increased by 0.63% to 4.076 billion yuan [1] Group 1: Energy Storage Business - The energy storage business saw significant growth, with cell shipments reaching 50.45 GWh, a year-on-year increase of 91.9%, securing the second-largest global market share [2] - Revenue from the energy storage segment reached 19 billion yuan, supported by advancements in product technology, including the fourth-generation Mr.Big series cells [2] - The company’s 60 GWh super factory commenced production by the end of 2024, with a Malaysian production line expected to start in early 2026, enhancing global delivery capabilities [2] Group 2: Power Battery Sales - Power battery shipments totaled 30.29 GWh in 2024, reflecting a year-on-year growth of 7.87%, although revenue declined by 20.08% to 19.167 billion yuan due to fluctuations in downstream customer sales [3] - The company maintained a strong position in the commercial vehicle sector, achieving a market share of 12.15%, ranking second in the industry [3] Group 3: Consumer Battery Performance - The consumer battery segment generated revenue of 10.322 billion yuan, up 23.44% year-on-year, with a gross margin of 27.58%, an increase of 3.85 percentage points [4] - The company achieved full production and sales capacity in the small cylindrical battery segment, expanding its market share in various applications [4] - New market entries include BBU/eVTOL/robotics, with production capabilities from the Chengdu base and a Malaysian factory set to enhance customer demand fulfillment [4] Group 4: Profit Forecast and Investment Recommendations - The company anticipates revenue growth from 63.44 billion yuan in 2025 to 99.43 billion yuan in 2027, with year-on-year growth rates of 31%, 25%, and 25% respectively [5] - Net profit is projected to rise from 5.66 billion yuan in 2025 to 7.82 billion yuan in 2027, with corresponding growth rates of 39%, 21%, and 14% [5] - Earnings per share (EPS) are expected to increase to 3.8 yuan by 2027, with price-to-earnings (PE) ratios decreasing from 14 to 10 over the same period, maintaining a "buy" rating due to the company's leadership in the lithium battery industry [5]