Core Viewpoint - The global user-side energy storage market is experiencing new development characteristics in the first half of 2025, driven by both policy and market adjustments, despite a short-term observation sentiment due to policy changes [1][3]. Market Status - The global commercial energy storage market has shown steady development in the first half of 2025, with a slowdown in new installed capacity growth due to unclear policy details [3][6]. - Leading companies have performed exceptionally well, with some achieving 400% year-on-year growth in signed contracts by completing one-third of their annual targets by May [6]. Overseas Market - The overseas market is developing differently, with the European commercial energy storage market showing significant growth, expected to reach 19.6 GWh of new installations by 2028, increasing its market share from 12% in 2024 to 25% [7]. Chinese Market - In China, from January to April 2025, the total grid-connected capacity reached 22.6 GWh, with user-side energy storage projects accounting for 0.696 GW/1.775 GWh, representing 7.8% of new energy storage connections [10]. - Manufacturing projects dominate the market, making up 85% of the demand, including both traditional high-energy-consuming industries and advanced manufacturing sectors like semiconductors [13]. Price Trends - Prices for commercial energy storage systems are on a downward trend, with the average price of a 215 kWh energy storage unit dropping from 0.8 yuan/Wh in January 2024 to 0.66 yuan/Wh, a decrease of approximately 18.75% [17]. Market Forecast for 2025 - The global commercial energy storage market is expected to add 15.26 GWh of new installations in 2025, with China contributing 10.56 GWh, pushing the market size beyond 10 billion yuan [20]. - The industry is entering a new phase characterized by diversified profit models, expansion into inland regions, and heightened safety and compliance requirements [20].

Core Viewpoint - The article discusses the impact of new commercial electricity pricing policies in Jiangsu Province on the industrial and commercial energy storage market, highlighting both challenges and opportunities for investment in energy storage projects [2][10]. Group 1: Policy Changes and Market Response - Starting June 2025, Jiangsu will implement new time-of-use electricity pricing and distributed energy policies, which will test the economic viability and technical requirements of commercial energy storage projects [2]. - Some companies have paused investments due to altered revenue expectations, while others have temporarily halted ongoing projects, facing potential contract risks [2]. - Despite these challenges, several user-side energy storage projects have been successfully launched in Jiangsu, indicating resilience and long-term confidence in the market [2]. Group 2: Project Highlights - CATL has launched a 1.99MW/4.66MWh energy storage project in Jiangsu, expected to save over one million yuan in electricity costs annually, with a payback period of under five years [4]. - Yunji Huisheng has successfully connected a 3.7MW/7.955MWh distributed energy storage project in Yangzhou, enhancing green energy consumption and reducing electricity costs [6]. - China Shipbuilding Industry Corporation has completed a 2MW/6MWh energy storage project, utilizing intelligent string storage technology to optimize performance and extend system lifespan [7]. Group 3: Financial Analysis and Investment Viability - A comparison of old and new policies shows that under the new pricing, the payback period for energy storage projects increases by 9.5 years, with the overall investment return rate dropping to 4.93% [10][11]. - Despite reduced profit margins from peak-valley arbitrage, the energy storage market in Jiangsu remains viable, with potential for diversified revenue models [12]. - Strategies such as operational optimization and dynamic demand control can enhance the comprehensive return rate of energy storage projects by 48%, increasing average annual returns [13]. Group 4: Future Outlook - The article suggests that the new policies represent a strategic turning point for the commercial energy storage sector, pushing for higher-level advancements and multi-dimensional value extraction [19]. - The upcoming "2025 Global User-side Energy Storage Industry Value Summit" will gather industry leaders to discuss the implications of the new policies and explore future development paths [19].

Core Viewpoint - The commercial energy storage market is experiencing a significant price war, with prices dropping sharply, leading to a competitive landscape where companies are aggressively undercutting each other to capture market share [2][8][21]. Price Trends - Longyuan Energy recently announced a price of 0.478 yuan/Wh for its EnerFusion series energy storage cabinets, pushing the industry closer to the 0.45 yuan/Wh mark [2][3]. - Since September 2023, the price of commercial energy storage cabinets has decreased from 1.40 yuan/Wh to 0.478 yuan/Wh, representing a decline of 65.85% [8][12]. - The average price of commercial energy storage cabinets has fallen from 0.8 yuan/Wh in January 2024 to 0.65 yuan/Wh, a decrease of 18.75% [13]. Competitive Strategies - Companies are employing a combination of new product launches and price reductions to quickly capture customer resources and market share [15]. - The pricing strategies often come with conditions such as minimum purchase quantities and upfront payments to ensure order quality [11]. - The competition is not solely based on price but also on the ability to manage supply chains and provide comprehensive lifecycle management services [20][21]. Cost Structure - The BOM (Bill of Materials) cost for commercial energy storage systems is approximately 0.534 yuan/Wh, indicating that some companies are pricing their products below cost [17]. - The breakdown of BOM costs includes components such as battery cells (0.27 yuan), PCS (0.074 yuan), and BMS (0.05 yuan), among others [18]. Market Dynamics - The market is witnessing a bifurcation into two low-price development paths, where companies that can control costs and provide value-added services will likely prevail [20][21]. - The ongoing price war is seen as the beginning of a more profound competition focused on value rather than just price [21].