内容概要：纯电动汽车换电行业已成为对中国传统充电基础设施的重要补充，它将成为交通工具和新型 智能电网链接的桥梁。纯电动汽车的换电市场分为"换电站运营"和"换电设备"两大核心板块。据统计， 2025年中国纯电动汽车换电市场规模有望增长至167亿元，其中，纯电动汽车换电站运营规模75亿元， 占换电市场的44.91%；换电设备规模92亿元，占换电市场的55.09%。预计2026年中国纯电动汽车换电 市场规模将达245亿元，其中，纯电动汽车换电站运营规模113亿元，占换电市场的46.12%；换电设备 规模132亿元，占换电市场53.88%。 上市企业：优优绿能（301590）、中国石化（600028）、协鑫能科（002015.SZ） 相关企业：奥动新能源股份有限公司、国家电力投资集团有限公司、海蔚来汽车有限公司、杭州伯坦科 技工程有限公司、吉利汽车集团有限公司 关键词：纯电动汽车换电市场规模、纯电动汽车换电市场竞争格局、纯电动汽车换电行业发展前景 一、纯电动汽车换电行业定义及商业模式 纯电动汽车换电模式是指通过集中型充电站对大量电池集中存储、集中充电、统一配送，并在电池配送 站内对电动汽车进行电池更换服务或者集电池的 ...

换电网络建设再获突破。2026年新年第一天，蔚来滇藏换电路线实现全线贯通。该路线始于云南昆明，全长超2,700公里，沿途布局19座换电站，平均每 142公里就有一座换电站。依托全国超3,600座换电站、1,000余座高速公路换电站的网络基础，蔚来和乐道用户可从全国各地出发，全程换电直达珠峰脚 下，实现"加电和加油一样方便"。今年一月，蔚来品牌换电体系将新增超4,200块长续航电池包，其中包括1,200块100kWh电池包和超3,000块102kWh电池 包，后续还将根据用户需要持续补充。 蔚来公司表示，2026年，公司累计近700亿元的技术研发成果将进一步显现，充换电基础设施建设持续完善，蔚来、乐道、萤火虫的用户体验将不断提 升。 政策利好方面，从2026年1月1日起，车辆购置税优惠政策将由免征调整为减半征收。新政利好可车电分离的换电车型，用户采用BaaS电池租用方案购买蔚 来、乐道、firefly萤火虫车型，可享额外购置税减免，依据产品价格，分别可节省1,770元至9,558元不等。 全年交付与累计交付成绩亮眼。2025年全年，蔚来品牌共交付178,806台，乐道品牌共交付107,808台，firefly萤 ...

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].

奥动新能源亏损是高昂的运营成本、持续的研发投入以及激烈市场竞争下服务定价承压等多重因素共同作用的结果。自有换电站的建设和运营成本高企，而 行业竞争，尤其是来自蔚来等自建换电网络的车企以及其他第三方服务商的压力，使得服务费难以提升，甚至面临下行风险。此外，奥动新能源维持着约2 亿元的存货规模，其管理和潜在的资产减值风险亦需警惕。 奥动新能源在换电领域的领先地位与技术实力不容小觑。作为中国最大的独立第三方换电解决方案提供商，截至2025年6月30日，其智慧能源服务平台已连 接521座换电站，其中包括267座自有站和254座第三方合作站，注册电动汽车超过13万辆，管理的电池数量超过16万块。 不过换电行业整体仍处于发展阶段，面临着诸多不确定性，奥动新能源也面临着一定的行业风险。目前，电动汽车电池尚未形成统一的行业标准，尽管工信 部已出台相关政策引导，但标准化进程的具体时间表尚不明确。这意味着奥动新能源当前投入巨资建设的换电设备未来可能面临因标准统一而带来的兼容性 调整甚至被替代的风险，技术路线存在不确定性。 此外，奥动新能源自身也存在一些亟待规范的问题。招股书披露，奥动新能源有19座自有换电站（占自有站总数的7.8 ...

Core Viewpoint - Aodong New Energy is striving to become the "first stock in battery swapping" in Hong Kong but is facing significant profitability challenges, with a net loss of 157 million yuan in the first half of 2025 and a worsening gross loss rate from 4.4% to 8.9% [1][2] Financial Performance - Aodong New Energy reported a net loss of 157 million yuan in the first half of 2025, a 44.52% reduction from 283 million yuan in the same period of 2024, but this improvement is attributed to business scale contraction and cost-cutting rather than enhanced profitability [5] - Revenue for the first half of 2025 was only 324 million yuan, a year-on-year decline of 31.7% [5] - The gross loss rate deteriorated from 4.4% in the first half of 2024 to 8.9% in the first half of 2025, indicating that for every 100 yuan in revenue, the loss increased from 4.4 yuan to 8.9 yuan [5] Business Model Challenges - Aodong New Energy is heavily reliant on the taxi and ride-hailing market, which has seen demand saturation and tightening policies, adversely affecting business performance [8] - The company has shifted from a focus on equipment sales to a service-driven model, halting the construction of new battery swapping stations and significantly reducing operations [8][9] - The number of self-owned battery swapping stations decreased from 321 in 2023 to 267 in the first half of 2025, raising concerns about revenue generation capabilities [9] Research and Development Issues - Aodong New Energy's R&D investment from 2022 to the first half of 2025 totaled only 248 million yuan, with a 27.4% decrease in R&D spending from 37.2 million yuan in the first half of 2024 to 27 million yuan in the first half of 2025 [6] - The company has faced significant staff turnover, with many R&D personnel and executives leaving, leading to a reduced R&D team of only 68 people, accounting for 4.4% of the total workforce [6] Market Position and Future Prospects - Aodong New Energy is currently the largest independent third-party battery swapping solution provider in China but is under pressure from larger competitors like NIO and CATL, which have established a more extensive network of battery swapping stations [15][17] - The company is attempting to pivot towards heavy-duty trucks and Robotaxi battery swapping solutions, but it lacks core competencies in the heavy-duty truck sector and faces challenges in customer acquisition for this new market [12][13] - The overall battery swapping industry is struggling, with a lack of unified standards and a comprehensive support system, which poses significant risks for Aodong New Energy's future [15][17]

Core Insights - The first operational battery swapping station in Shigatse City was officially launched on December 16, providing efficient and stable battery swapping services for up to 200 new energy taxis daily [1] Group 1: Company Overview - The battery swapping station is operated by Yiyihulian Technology Co., Ltd., which has developed battery swapping technology specifically for high-altitude environments characterized by low pressure, low temperatures, and significant temperature fluctuations [1] - The battery swapping process can be completed in as little as 60 seconds, allowing vehicles to increase their daily operating time by approximately 90 minutes, corresponding to an additional 45 kilometers of travel [1] Group 2: Industry Development - The efficient and adaptable battery swapping model is becoming a crucial component in supporting new energy transportation in high-altitude regions [1] - The local market is seeing a growth in the number of new energy vehicles, with the supporting infrastructure also accelerating in development [1] - A preliminary charging network has been established, consisting of a centralized charging and swapping station system complemented by decentralized charging piles [1]

12月9日，由中国汽车维修行业协会主办的2025年汽车售后服务客户满意度调查（CAACS卡思调查）发布会在京举行。中国汽车维修行业协会副会长兼 汽车制造企业售后服务分会会长盖方、秘书长底彦彬、副秘书长康学楠、行业发展部主任赵军、汽车制造企业售后服务分会秘书长蔡永升出席发布会。多家 主流乘用车和商用车主机厂售后服务负责人、行业专家共同见证调查成果发布。 自2009年开始，卡思调查已连续开展16年。目前，卡思调查的评价指标参考行业标准JT/T 900—2023《汽车售后维修服务客户满意度评价方法》，该版 《评价方法》力图从消费者体验售后服务的感受出发，融入对行业管理规范的合规考察，同时结合市场变化调整评价体系，使评价体系更符合现状，具有科 学性、合理性和前瞻性。在2025年卡思调查结果发布会现场，盖方表示，16年来卡思调查见证了中国汽车产业的蓬勃发展和转型升级的日益提速，也亲历着 汽车维修与售后服务领域的变迁和生态的加速重构，持续开展调查的目的，旨在通过调查促进全行业落实管理部门政策法规、规范售后服务市场，助力树立 行业管理标准的提升，推动汽车售后服务行业高质量发展。 据悉，2025年卡思调查包含乘用车授权服务店 ...

Core Viewpoint - NIO's founder and CEO Li Bin expressed optimism about the global market performance of Chinese automotive companies, emphasizing that their success would create opportunities for NIO and contribute to the development of charging networks [1]. Group 1: Battery and Charging Infrastructure - Li Bin hopes for strong sales of large battery range extenders, indicating a strategic focus on enhancing battery technology [1]. - NIO plans to gradually establish a battery swapping network based on user density, highlighting the advantages of battery swapping as a distributed energy facility, especially in regions with weak power grids [1]. - The company is researching integrated energy stations that combine solar energy, storage, charging, and battery swapping, aiming to improve energy efficiency and accessibility [1]. Group 2: Cost Efficiency and Energy Loss - Li Bin noted that battery swapping incurs only a single energy loss of over 10%, presenting a cost advantage in energy management [1]. - He emphasized that the energy aspect of battery swapping is distinct from automotive considerations, suggesting a broader perspective on energy solutions [1].

Core Viewpoint - NIO's founder and CEO Li Bin welcomes more automotive manufacturers and industry giants like CATL to enter the battery swapping sector, viewing it as beneficial for the entire industry [1] Group 1: Industry Collaboration - Li Bin emphasizes the importance of collaboration within the industry, stating that cooperation is always the best option [1] - NIO has established framework collaborations with multiple automotive companies over the past two years, indicating a willingness to open its charging and battery swapping network to the entire industry [1] Group 2: Strategic Partnerships - NIO and CATL have maintained strategic cooperation in various aspects, particularly in resource and technology sharing related to battery swapping networks [1]

Core Viewpoint - The company, Cao Cao Travel (02643), has entered into a marketing service framework agreement with Yiyi Internet, aimed at promoting battery swapping services in China from January 1, 2026, to December 31, 2028 [1] Group 1: Agreement Details - The agreement is set for a duration of three years, focusing on marketing services related to battery swapping operations [1] - The collaboration is expected to leverage the company's driver base and ecosystem resources to enhance the promotion and user adoption of battery swapping services in cities where the company operates [1] Group 2: Expected Outcomes - The partnership is anticipated to improve operational synergies and increase energy replenishment efficiency, thereby enhancing the value proposition for drivers [1] - It aims to strengthen user engagement with the company's travel services and support a broader electrification ecosystem [1] Group 3: Financial Terms - The pricing arrangements within the agreement reflect relevant costs and market practices, established under normal commercial terms [1]