随着新能源汽车市场已经步入市场化发展新阶段，车企自研电池的成果已经显现。 吉利近日透露， 旗下的吉曜通行已拥有行业最大的短刀电池先进产能，目前在全国拥有 8 大生产基地，到 2027 年将形成 70GWh 产能规 模。 吉利神盾短刀电池是 2024 年 6 月 27 日吉利汽车发布的自研自产的新一代"刀片式"磷酸铁锂电池。 短刀设计长度为 580mm ，比传统长 刀电池缩短 40% ，厚度增加 35% 。 今年 4 月，吉利整合旗下电池业务成立 " 吉曜通行 " ，将原有的金砖电池、神盾短刀电池，统一为 " 神盾金砖电池 " 品牌。神盾代表吉利 极致的电池安全系统，金砖代表吉利行业领先的电芯技术，实现吉利自研自产电池安全系统与电芯产品的 " 强强合体 " 。 01 8 大生产基地 将形成 70GWh 产能 具体来看， 相较于传统长刀电池，神盾短刀电池通过缩短电芯长度、增大横截面积降低内阻，循环寿命达 3500 次（约 100 万公里），支 持 17 分 4 秒完成 10%-80% 快充（ 2.45C 倍率）， -30℃ 低温容量保持率超 90% 。 安全方面 ， 通过 8 针同刺、 5.8mm 实弹贯穿、动态 ...

Core Insights - Geely Galaxy is accelerating towards its goal of annual sales of one million units, with the launch of the 2026 Geely Galaxy E5 Long Range version on July 24, featuring upgraded range and quality while maintaining the same price as the 2024 model, ranging from 109,800 to 145,800 yuan [1] Group 1: Product Features - The new model offers five variants, with the maximum range increased from 530 km to 610 km [1] - The vehicle's battery meets stringent new national standards and has undergone optimization in chassis tuning, introducing two new colors: "Late Forest Green" and "Dawn Blue" [1] - The 610 km variant can power an induction cooker for 2 hours, a refrigerator for 3 hours, and a projector for 4 hours, enabling extended external power supply [3] Group 2: Technological Upgrades - The 2026 Geely Galaxy E5 features the upgraded Galaxy Flyme Auto intelligent cockpit system, with enhancements to the in-car navigation and HUD display [3] - A new car wash mode simplifies user preparation by automatically closing all windows and sunroofs, activating air conditioning recirculation, and disabling proximity unlocking and locking functions [3] Group 3: Safety and Market Performance - The vehicle is equipped with the "Shen Dun Short Knife" battery, which has passed multiple safety tests and certifications, setting a new safety benchmark for power batteries under 150,000 yuan [5] - Since its launch, the Geely Galaxy E5 has achieved cumulative sales exceeding 150,000 units and has become the export champion of Chinese A-class pure electric SUVs in 35 countries and regions, including Malaysia and Australia [5]

Core Points - The 2026 Geely Galaxy E5 has been launched with five variants priced between 109,800 to 145,800 yuan, with some models seeing a price increase of 2,000 yuan while others maintain the 2024 pricing [2] - The new model features improved battery range, with the standard version's range increased from 440 km to 530 km, and the long-range version's range enhanced from 530 km to 610 km [2] - The new battery, "Shen Dun Short Knife," has passed the new national standard certification and can withstand pressures significantly above the required standards [2] - The 2026 model introduces advanced features such as L2-level assisted driving, adaptive headlights, and a new color option [2] - The Flyme Auto intelligent cockpit system has been upgraded with new navigation and vehicle control features [3] - The chassis of the 2026 Galaxy E5 has undergone extensive digital tuning and testing, resulting in a 20% improvement in shock absorption performance [4]

Core Insights - The 2026 Geely Galaxy E5 has been launched with five variants, featuring significant upgrades in range and in-car technology, while maintaining the same price range of 109,800 to 145,800 yuan as the 2024 model [1][2] - The new model's low-end version has increased its maximum range from 440 km to 530 km, and the high-end version from 530 km to 610 km, enhancing user convenience and reducing charging frequency [1] - The 610 km version includes an additional 8 kWh battery, allowing it to supply power to appliances during emergencies, such as powering an electric kettle or microwave [1] Product Features - The 2026 Geely Galaxy E5 features an upgraded Galaxy Flyme Auto intelligent cockpit system, with new navigation and user-friendly functions, including a one-button car wash mode [2] - The audio experience has been enhanced with the addition of the Flyme Sound section in QQ Music, providing immersive surround sound [2] - Safety improvements include the new "Shen Dun" blade battery, which has passed rigorous safety tests, including the "8-pin puncture" test and the 5.8 mm penetration test [2] Market Performance - The Geely Galaxy brand is a key player in Geely's transition to new energy vehicles, contributing over one-third of Geely's total sales in the first half of the year, with 548,400 units sold, a year-on-year increase of 232% [3] - The launch of the Galaxy E5 is expected to further support Geely's goal of achieving an annual sales target of 3 million vehicles [3]

Core Viewpoint - Geely is shifting its strategy from a multi-brand approach to a more integrated model, focusing on resource consolidation and technological synergy to enhance competitiveness in a challenging automotive market [2][3]. Group 1: Brand and Structural Changes - In 2014, Geely decided to cancel three sub-brands to concentrate sales resources and meet the strong demand from Chinese consumers [2]. - On May 7, Geely announced plans to acquire all issued shares of Zeekr Technology for approximately $6.5 billion, making Zeekr a wholly-owned subsidiary and consolidating its passenger car brands under Geely [2][3]. - This marks the largest adjustment in Geely's passenger vehicle system, aiming to reduce internal competition and streamline management across brands [2][3]. Group 2: Technological Integration and Cost Reduction - Following the release of the "Taizhou Declaration" in September, Geely has undertaken several integrations to minimize redundant investments and promote technology sharing, such as opening Zeekr's advanced driver assistance system to Geely's brands [3]. - Geely's passenger vehicle segment plans to collaborate deeply in areas like vehicle architecture, electronic architecture, advanced driving, smart cockpits, and power batteries [3][4]. - The battery business is identified as the most complex area of strategic integration, with the establishment of a new battery industry group named "Jiyao Tongxing" [4]. Group 3: Battery Business Strategy - Geely is reorganizing its battery-related R&D and manufacturing resources through equity acquisitions, aiming for a platform-based approach to unify R&D, procurement, and manufacturing [4]. - The existing battery brands, "Shendun Short Blade" and "Jinzhuan," will be integrated into "Jinzhuan Battery Cell," offering three versions: super fast charging, high energy density, and super hybrid [4]. - Geely aims to increase the supply ratio of Jiyao Tongxing to 30% within two years while maintaining long-term collaborations with suppliers like CATL and Sunwoda [4].

Core Viewpoint - Geely Automobile is divesting its non-core business by selling stakes in Geely Xinhua to focus on enhancing its core automotive business competitiveness [1][2]. Group 1: Transaction Details - On April 30, Geely Automobile announced the sale of 41.5% and 28.5% stakes in Geely Xinhua for 49.8 million and 34.2 million RMB respectively, resulting in Geely no longer holding any equity in Geely Xinhua [1]. - After the transaction, Geely Xinhua will be owned 70% by Zhejiang Jiyao and 30% by a subsidiary of Xinhua [2]. Group 2: Business Focus and Future Plans - Geely Xinhua, established on September 24, 2021, focuses on developing, producing, and selling hybrid vehicle battery cells, modules, and packs, with a registered capital of 100 million RMB [1]. - The company is projected to achieve a net profit of 165 million RMB in 2024, but reported a loss of 23.89 million RMB in the first quarter of 2025 [1]. - Geely Holdings announced the establishment of a new battery industry group, Zhejiang Jiyao Tongxing Energy Technology Co., Ltd., to integrate its battery businesses [2]. Group 3: Product Development - The new battery group will unify existing battery brands under the "Shen Dun Jin Zhan" brand, focusing on high-end luxury brands like Zeekr and Lynk & Co [2][3]. - The Jin Zhan battery will continue to focus on lithium iron phosphate technology and plans to launch a series of advanced battery products [3].

Core Viewpoint - The battery suppliers are capturing over 90% of the profits in the new energy vehicle (NEV) industry, while vehicle manufacturers are struggling with losses, highlighting a significant imbalance in the industry dynamics [2][3]. Financial Performance - CATL reported a revenue of 362 billion yuan for 2024, a 9.7% decrease from 400.9 billion yuan in the previous year, but its net profit increased by 15.01% to 50.745 billion yuan, averaging over 100 million yuan in daily profit [2]. - Zeekr, a major client of CATL, reported a total revenue of 113.89 billion yuan in 2024, a 39% increase, but incurred a net loss of 5.79 billion yuan, reducing its losses from 8.264 billion yuan in 2023 [2]. Industry Dynamics - The current state of the automotive industry is unhealthy, with battery suppliers profiting significantly while vehicle manufacturers face continuous losses [3]. - The cost of battery procurement accounts for approximately 40% of the total vehicle cost, exacerbating the financial strain on NEV manufacturers [2]. Strategic Moves by Zeekr - Zeekr is implementing two major strategies to address its financial challenges: 1. **Brand Integration and Cost Reduction**: Zeekr acquired 51% of Lynk & Co for 9.367 billion yuan to streamline operations and reduce overlapping R&D costs, aiming for a 20% improvement in overall operational efficiency [3][7]. 2. **Establishment of Jiyao Tongxing**: This new battery group aims to reduce reliance on CATL by developing in-house battery solutions, potentially lowering costs by 20,000 to 30,000 yuan per vehicle, which could save 6 billion yuan annually if sales reach 300,000 units [12][13]. Market Positioning - The dual-brand strategy positions Zeekr as a global luxury tech brand (above 300,000 yuan) and Lynk & Co as a high-end NEV brand (above 200,000 yuan), fostering differentiated competition [7][10]. - The integration of Lynk & Co into Zeekr is expected to enhance product development efficiency by over 15% and reduce costs across both brands [7]. Future Outlook - The ongoing changes within Zeekr and Lynk & Co are aimed at achieving better synergy and operational efficiency, while the establishment of Jiyao Tongxing signifies a strategic shift to mitigate high battery costs and challenge CATL's dominance [14][15]. - The current profit margins enjoyed by CATL are anticipated to be challenged, with the potential for a significant shift in the NEV industry's profit landscape in the near future [15].

Group 1 - Geely Group is accelerating its adjustments, particularly within its subsidiaries [1] - Zeekr Technology Group made urgent personnel appointments, with Lin Jie overseeing domestic marketing for the Zeekr brand [2] - Lin Jie, a veteran from Geely, has a track record of significant sales growth, with Lynk & Co. achieving over 120,000 units sold in 2018 and a target of over 285,000 units for 2024 [2] Group 2 - Zeekr Technology Group aims for a total sales target of 790,000 units this year, with Lynk & Co. contributing 390,000 units and Zeekr 320,000 units [2] - As of April, Lynk & Co. has sold 100,000 units, achieving 25.6% of its annual target, while Zeekr's sales were 13,727 units in April, showing a year-on-year decline of nearly 15% [2][3] - The competitive landscape is expected to intensify, posing challenges for Lin Jie in achieving synergy between Lynk & Co. and Zeekr [3] Group 3 - Geely's battery business is undergoing integration, with the establishment of an independent battery group named Jiyao Tongxing, merging two technology brands into "Shen Dun Jin Zhan Battery" [3] - Jiyao Tongxing was registered at the end of January this year, with Zheng Xin as the legal representative [3] - Recent executive changes at Jiyao Tongxing include An Conghui, the current CEO of Zeekr Technology Group, becoming the chairman [3]

Core Insights - Geely has successfully conducted a frontal center pillar collision test at 50 km/h with its Galaxy E5, showcasing its commitment to safety in the competitive electric vehicle market [2][3] - The "Shen Dun Short Blade Battery" has passed rigorous safety tests, establishing a comprehensive safety system that integrates battery design, structure, vehicle layout, and intelligent control strategies [2][3] Summary by Sections Safety Testing and Achievements - The Galaxy E5's collision test was conducted at the TECCON laboratory in Austria, marking a significant milestone in electric vehicle safety [2] - Geely's testing standards included extreme conditions such as 8-pin puncture tests and live ammunition impacts, demonstrating the battery's risk resistance [2] Market Position and Challenges - Geely's focus on creating the safest vehicles is commendable, but it faces challenges in maintaining this high standard in a price-sensitive market [4] - The Galaxy E5 is priced at 150,000 RMB and has achieved dual five-star ratings from Euro NCAP and ANCAP, but sustaining this high standard in lower price segments remains uncertain [5] Battery Technology and Future Outlook - While the Shen Dun Short Blade Battery shows high reliability, there are ongoing concerns regarding its energy density, weight efficiency, and cost-effectiveness [5][6] - The battery's performance must not compromise the vehicle's competitiveness, especially against advancements in solid-state batteries and 800V high-voltage platforms [6]

4月23日，吉利在2025上海车展宣布吉利控股集团将整合旗下电池业务，成立全新电池产业集团——浙江吉曜通行能源科技有限公司（以下 简称"吉曜通行"），将 原有的金砖电池、神盾短刀电池，统一为神盾金砖电池品牌， 实现吉利自研自产电池安全系统与电芯产品的"强强合 体"。 2024年6月发布神盾短刀电池，电芯尺寸仅为580mm，相较于传统的长刀电池，尺寸缩短大约40%。这 种紧凑的尺寸设计为车辆提供了更 多的空间布局灵活性。电芯的能量密度达到 192Wh/kg，有长达3500圈的循环寿命，可安全行驶超100万公里。 而神盾短刀电池主要由盐城耀宁负责生产。 此前，神盾短刀电池主要供应吉利银河品牌，金砖电池主要用于极氪、领克等高端豪华品牌。吉利集团在关键零部件及技术上大多由不同品 牌、部门分别研究，将不同产品适配高端、大众等不同车型，以提高灵活性、增加区分度，但也导致重复研发、成本上升。 此次整合后，不再区分 Pack层面与电芯层面的品牌，统一以"神盾金砖"品牌面向市场。其中，"神盾"象征着极致安全的电池系统，"金 砖"则代表着行业领先的电芯技术。 天眼查 APP 显示， 吉曜通行成立于 2025 年 1 月 26 日 ...