记者丨焦文娟 编辑丨张明艳 四年后，他带领团队推出全球首款不依赖专业充电站的双模电动车F3DM，实现了插电混动从概念到量 产的关键跨越。彼时，全球掌握双模技术的企业仅有通用、丰田和比亚迪三家。但前两者的纯电续航只 有约25公里，而比亚迪F3DM已达100公里，这一关键差异，不仅确立了比亚迪"以电为主"的混动技术 路线，更让中国车企在新能源核心技术领域实现对国际巨头的弯道超车。 此后十余年间，廉玉波主导的DM技术持续迭代，插混系统逐渐成为比亚迪的技术标签，也推动其站上 混动领域的主流位置。从2020年到2023年，比亚迪插混车型销量从4.8万辆跃升至143万辆，增长约30 倍。 值得注意的是，插混技术路线正成为中国新能源汽车产业参与全球竞争的核心优势之一。乘联分会数据 显示，2025 年 1-9 月，中国新能源车出口中，插混和普混车型已替代纯电车型成为新增长点，其中插 混皮卡在商用车出口中表现尤为突出。 廉玉波的当选，一定程度上证明了插电混动技术路线对中国汽车工业实现换道超车的战略价值。 对比亚迪而言，这无疑是近期的重磅利好消息。在行业竞争加剧与增长压力并存的背景下，廉玉波的当 选进一步强化了比亚迪"技术为王" ...

Core Insights - The election of BYD's executive vice president Lian Yubo and CATL's chief scientist Wu Kai as academicians of the Chinese Academy of Engineering marks a significant milestone, as it is the first time that leaders from the new energy vehicle industry have been recognized in this capacity, breaking the norm of previous academicians coming from universities and research institutions [1][4] Group 1: Key Figures and Achievements - Wu Kai is recognized for his foundational work on CATL's key products, such as the Kirin battery and the Shenzhou supercharging battery, which have set the technical limits for global power batteries in terms of energy density and charging speed [1] - Lian Yubo's career trajectory showcases a cross-disciplinary approach, having transitioned from aircraft manufacturing to leading the development of electric platforms at BYD, making him a pivotal figure in the company's technological output [1][3] Group 2: Technological Advancements - Under Lian Yubo's leadership, BYD launched the world's first dual-mode electric vehicle, the F3DM, which achieved a significant milestone in plug-in hybrid technology, offering a pure electric range of 100 kilometers, surpassing competitors like GM and Toyota [2][3] - The continuous iteration of BYD's DM technology has established it as a key identifier for the company, with plug-in hybrid vehicle sales skyrocketing from 48,000 units in 2020 to 1.43 million units in 2023, representing a growth of approximately 30 times [3] Group 3: Industry Impact - The election of these two academicians reflects the comprehensive technological breakthroughs across China's new energy vehicle industry, from core components to vehicle manufacturing, aligning with the global automotive industry's transformation towards carbon neutrality [4]

Core Insights - The election results for the 2025 Chinese Academy of Sciences and Chinese Academy of Engineering academicians were announced, with key figures from the new energy vehicle (NEV) industry, including BYD's Lian Yubo and CATL's Wu Kai, being elected as academicians, marking a significant shift in representation from traditional academia to industry leaders [1][3]. Group 1: Key Figures and Their Contributions - Wu Kai, as the chief scientist at CATL, is recognized for his foundational work on core products like the Kirin battery and the Shenzhou supercharging battery, which have set global standards for energy density and charging speed in power batteries [1][3]. - Lian Yubo's career reflects a cross-disciplinary approach, transitioning from aircraft manufacturing to leading electric vehicle technology development at BYD, where he has been pivotal in establishing the company's early electric vehicle technology framework [1][2]. Group 2: Industry Impact and Growth - Lian Yubo's election underscores the strategic value of plug-in hybrid technology in enabling China's automotive industry to achieve competitive advantages over international giants, with BYD's plug-in hybrid vehicle sales skyrocketing from 48,000 units in 2020 to 1.43 million units by 2023, representing a growth of approximately 30 times [2][3]. - The rise of plug-in hybrid technology is becoming a core competitive advantage for China's NEV industry, with data indicating that plug-in and hybrid models have replaced pure electric vehicles as the new growth point in exports during the first nine months of 2025 [2][3].

四年后，他带领团队推出全球首款不依赖专业充电站的双模电动车F3DM，实现了插电混动从概念到量 产的关键跨越。彼时，全球掌握双模技术的企业仅有通用、丰田和比亚迪三家。但前两者的纯电续航只 有约25公里，而比亚迪F3DM已达100公里，这一关键差异，不仅确立了比亚迪"以电为主"的混动技术 路线，更让中国车企在新能源核心技术领域实现对国际巨头的弯道超车。 此后十余年间，廉玉波主导的DM技术持续迭代，插混系统逐渐成为比亚迪的技术标签，也推动其站上 混动领域的主流位置。从2020年到2023年，比亚迪插混车型销量从4.8万辆跃升至143万辆，增长约30 倍。 值得注意的是，插混技术路线正成为中国新能源汽车产业参与全球竞争的核心优势之一。乘联分会数据 显示，2025 年 1-9 月，中国新能源车出口中，插混和普混车型已替代纯电车型成为新增长点，其中插 混皮卡在商用车出口中表现尤为突出。 11月21日，2025年中国科学院、中国工程院院士增选结果揭晓。比亚迪执行副总裁、汽车工程研究院院 长廉玉波，宁德时代首席科学家吴凯当选中国工程院院士。值得关注的是，这是中国工程院院士首次出 现新能源汽车产业链企业技术负责人的身影，打破了 ...

Core Insights - The chairman of CATL, Zeng Yuqun, stated that the new energy industry is transitioning from "localized breakthroughs" to a "global incremental era" [1][3] - CATL plans to establish 1,000 battery swap stations by the end of the year, with a global expansion target of 30,000 stations [1][5] - In the first three quarters of 2025, China's lithium battery exports reached nearly 200 GWh, with CATL contributing nearly 60% [1][3] Group 1: Industry Achievements and Future Strategy - Zeng Yuqun highlighted the achievements of the Chinese new energy industry over the past decade, emphasizing the role of electric vehicles, lithium batteries, and photovoltaics as new export pillars [3] - The total export value of the "new three items" exceeded 900 billion yuan, with lithium batteries contributing nearly 400 billion yuan, accounting for over 40% [3] - CATL's global battery output reached nearly 200 GWh, creating approximately 150,000 jobs across 13 production bases, with the Yibin base alone employing 30,000 people [3][5] Group 2: Financial Performance and Production Capacity - In the first three quarters of 2025, CATL reported cumulative revenue of 283.1 billion yuan and a net profit of 49 billion yuan, maintaining strong growth [5] - The battery shipment volume was approximately 180 GWh, with energy storage batteries accounting for about 20%, and an annual production target of 730-750 GWh, representing a 40% year-on-year increase [5] - CATL's production capacity is expected to exceed 1 TWh by 2026 [5] Group 3: Technological Innovations and Global Expansion - CATL's fifth-generation lithium iron phosphate battery has achieved mass production, and its solid-state battery research and development is among the global leaders [6] - The company plans to mass-produce its second-generation sodium-ion battery by the end of 2025, with large-scale preparations for a 587 Ah cell for energy storage [6] - CATL's global production and research layout is advancing, with factories in Hungary, Germany, Spain, and Indonesia, and a market share of over 46% in the European power battery market [6][7] Group 4: Sustainability and Resource Recycling - CATL's resource recycling rates are impressive, with nickel-cobalt-manganese recovery at 99.6% and lithium recovery at 96.5% [6] - The company is actively involved in various energy storage scenarios, including grid-side peak shaving and frequency regulation, commercial distributed energy storage, and renewable energy systems [6]

Core Insights - CATL is solidifying its position as a global leader in the renewable energy sector through technological breakthroughs, ecosystem development, and global expansion [1] Group 1: Technological Innovation - CATL prioritizes technological innovation as the core driver of its development, with the fifth-generation lithium iron phosphate battery set for mass production by 2025 and leading advancements in solid-state battery research [2] - The third-generation "Qilin Battery" has become an industry benchmark, while the "Shenxing Supercharging Battery" is integrated into the supply chains of major automotive manufacturers [2] - CATL's sodium-ion battery, the first to pass new national standards, offers significant advantages in low temperature, safety, and low carbon, potentially reducing reliance on lithium resources [2] - The NP3.0 battery safety technology platform integrates eight core innovations to ensure battery systems maintain power and safety under extreme conditions, setting new standards for battery safety in the era of smart driving [2] Group 2: Global Expansion - CATL's global strategy is progressing steadily, with Europe as a key market; the German factory is profitable, the Hungarian factory is in equipment testing, and the Spanish joint venture has been established [3] - The Indonesian facility is expected to commence production in 2026, making CATL the only Chinese battery company with large-scale production in Europe, holding over 46% of the European electric vehicle battery market [3] - The "global manufacturing + local service" model enhances supply chain resilience and deepens partnerships with multinational corporations, positioning CATL as an indispensable part of the global energy industry chain [3] Group 3: Energy Storage and Circular Economy - CATL's energy storage business is experiencing rapid growth, with a more than 30% year-on-year increase in energy storage battery shipments in the first three quarters of 2025, accounting for approximately 20% of total shipments [4] - A ten-year supply agreement with Haibosi Technology secures 200 GWh of battery supply, further strengthening CATL's competitive position in the energy storage sector [4] - The company has achieved the highest global recycling rates of 99.6% for nickel-cobalt-manganese and 96.5% for lithium, creating a comprehensive energy technology ecosystem that promotes sustainable development in the battery industry [4] Group 4: Capital Market Recognition - Strong performance and technological leadership have made CATL a rare asset in the global capital market, with its Hong Kong IPO in May 2025 seeing over 100 times oversubscription in the public offering and over 15 times in the international offering [5] - Major institutional investors, including Sinopec, Kuwait Investment Authority, and Hillhouse Capital, participated in cornerstone investments, reflecting global capital's recognition of CATL's leadership in the battery sector [5] - CATL's market capitalization has surpassed 1.8 trillion RMB, with A-shares rising over 50% this year, and H-shares trading at a significant premium compared to A-shares, indicating long-term confidence in its technological attributes and profitability [5]

11月6日，A股再上4000点，热点板块题材都在拉涨，CPO、机器人、电池、新能源、存储芯片、科创半导体等。 在11月4日文章《情绪低迷，炒作马字辈》，基星高照明确提到了，牛市没有结束。 今天有幸调研了宁德时代，对整个市场未来更有信心了。 首先，我没有投资个股，主要是通过宁德时代看看中国的公司。 根据公开信息，宁德时代是2011年团队二次创业，创立宁德时代，2018年就上市了，从1000亿市值，做到了目前的市值1.8万亿左右，分红了600多亿了， 真是一家既有成长性，又有分红回报的好公司。 下党零碳示范基地正式投用 The Xiadang Zero Carbon Demonstration Base was officially put into operation 累计9家工厂被全球知名认证机构SGS认证为零碳工厂 9 plants certified as zero-carbon battery factory by SGS 发布神行超充电池,可实现充电10分钟,续航400公里 2023年 Launched ShenXing Superfast Charging Battery, which is cap ...

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: Battery manufacturing, specifically focusing on power batteries and energy storage systems Key Points and Arguments Market Position - CATL has maintained the global leading position in power battery usage for 8 consecutive years, with a projected global market share of **38%** by the end of 2024, surpassing the second-place competitor by **21 percentage points** [2][4] - In the energy storage sector, CATL's market share is expected to reach **36.5%** by the end of 2024, leading the second competitor by **23 percentage points** [2][4] Financial Performance - In Q3 2025, CATL reported revenue of **104.1 billion yuan**, a year-on-year increase of **13%** and a quarter-on-quarter increase of **11%** [3] - The net profit attributable to shareholders was **18.5 billion yuan**, reflecting a year-on-year growth of **41%** and a quarter-on-quarter growth of **12%** [3] Technological Innovations - CATL has developed four major innovation systems: material innovation, system structure innovation, green manufacturing innovation, and business model innovation [6] - The third generation of CTP (Cell to Pack) technology has been introduced, achieving a record of **1,000 km** range for smart batteries [6] - The new **Shenxing Supercharging Battery** utilizes lithium iron phosphate materials, allowing for **4C** supercharging, enabling a **10-minute** charge for a **400 km** range [7] Product Developments - The **Kirin series** products support over **1,000 km** range and allow for mixed use of sodium-ion and lithium-ion batteries [8] - The **Vgo battery swapping brand** has introduced innovative products like chocolate battery blocks and smart apps to enhance flexibility and optimize infrastructure [9] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are **446.2 billion yuan**, **536.8 billion yuan**, and **636.2 billion yuan**, respectively, with net profits of **70 billion yuan**, **61 billion yuan**, and **110 billion yuan** [4][16] - The dynamic price-to-earnings ratio for 2026 is estimated to be around **20 times**, with a target price set at **401 yuan** [4][16] Global Expansion - By the end of 2024, CATL's total production capacity is expected to reach **616 GWh**, with a utilization rate of **76%** [15] - The company has established **13 production bases** globally, with Europe being a strategic focus, including factories in Germany and Hungary [15] Energy Storage Innovations - CATL has launched the world's first **5-year zero degradation** energy storage system, along with a **9 MWh** ultra-large capacity storage system [14] Commercial Vehicle Innovations - The **Tianxing series** batteries have been developed for commercial vehicles, achieving breakthroughs in range, speed, and safety standards [12] Additional Important Information - CATL's focus on renewable energy and energy storage is central to its strategy, aiming for mobile energy replacement and electrification [5] - The company is also expanding into solid-state battery technology, with plans for small-scale production by 2027 [12]

Core Insights - In 2023, China surpassed Japan to become the world's largest automobile exporter, with BYD overtaking Tesla as the largest pure electric vehicle manufacturer in the same year [1] - China's power battery industry has a global market share of 63.2%, with six out of the top ten global battery companies being Chinese, and CATL maintaining its position as the world's largest battery manufacturer for nine consecutive years [1] - The transition of China's power battery industry from labor-intensive to technology-intensive is highlighted as a successful model of industrial upgrade [1] Industry Development - The development of electric vehicles (EVs) has focused on addressing consumer pain points such as range and safety, with advancements in fast charging and performance in various climate conditions [2][3] - The initial focus was on electric buses and low-speed vehicles, which allowed for larger battery installations without energy density concerns, before moving to passenger vehicles where energy density became critical [3][4] - The introduction of subsidy policies linked to energy density has driven the shift from lithium iron phosphate (LFP) batteries to nickel-cobalt-manganese (NCM) batteries, which offer higher energy density [5][6] Safety Concerns - As NCM batteries gained market share, safety issues emerged, with incidents of fires and explosions reported, particularly in high-nickel variants [6][7] - Regulatory measures have been introduced to enhance battery safety, including mandatory standards for thermal runaway prevention [7] - The resurgence of LFP batteries is attributed to their superior thermal stability and safety, with innovations like BYD's blade battery achieving competitive energy density [8][9] Technological Innovations - The competition has shifted from a focus on battery chemistry to innovations in battery pack technology and safety systems [10] - New battery designs, such as GAC Aion's cartridge battery and CATL's Kirin battery, aim to enhance safety while maintaining energy density [10][11] - The industry is addressing new challenges related to performance in extreme weather conditions and charging speed, with ongoing research into thermal management systems and fast-charging solutions [12][13] Market Trends - The market is witnessing a significant shift in battery technology preferences, with LFP batteries regaining ground due to their cost-effectiveness and resource availability [9][10] - The demand for fast charging and battery swapping solutions is increasing, with companies exploring innovative business models to enhance consumer convenience [12][13] - The rapid growth of battery testing and R&D facilities reflects the industry's commitment to improving battery performance and safety [13][14]

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: New Energy Vehicles and Energy Storage Key Points Industry and Market Trends - **Electric Vehicle Demand**: Expected to grow by 25% in 2025, reaching 22.6 million units, with corresponding battery demand growth exceeding 50% [2][3] - **Battery Sales Growth**: Anticipated sales growth of over 60% year-on-year for batteries, with future growth rates for batteries projected at around 30%, outpacing the growth of electric vehicles [2][3] - **Energy Storage Demand**: Despite the cancellation of mandatory storage policies, demand remains strong, particularly in data centers and renewable energy projects, leading to a supply shortage [2][5] Company Performance - **Market Share**: CATL holds approximately 42% of the domestic market share, with a slight year-on-year decline, while global market share reached 37.5% as of July, showing a slight increase [2][5] - **Profitability**: In Q2, the net profit per watt-hour was approximately 0.1 RMB, with net cash flow from operations being 1.5 to 2 times the profit, indicating strong profitability [2][6] - **Sales Projections**: Expected sales of 600-700 GWh in 2025, with net profit projected to exceed 65 billion RMB. For 2026, sales could reach 800-900 GWh, with net profit potentially exceeding 80 billion RMB, and possibly reaching 100 billion RMB considering price increases [2][6] Technological Advancements - **Battery Technology**: CATL continues to lead in battery technology with products like the Shenxing supercharging battery, Kirin battery, and Xiaoyao battery, which are expected to capture more high-end market share [4][7] - **Solid-State Battery Development**: A dedicated R&D team of over 1,000 people has been established to focus on solid-state battery technology, with confidence in maintaining a competitive edge in the next 5-10 years [8] Pricing Strategies - **Price Adjustments**: Recent price increases in the battery sector include adjustments in commercial vehicle pricing, recovery of customer rebates, and cost transfers due to export tax policy changes [11] - **Energy Storage Pricing**: Domestic energy storage cell prices remain stable, while overseas prices are rising, with expectations for energy storage cell sales to increase from over 90 GWh to at least 130 GWh in 2025 [11] Competitive Positioning - **Supply Chain Integration**: CATL's strong supply chain capabilities enhance its competitive edge, attracting new equipment and material suppliers [9][10] - **Differentiated Competition**: In the energy storage sector, CATL focuses on integrated solutions overseas while primarily selling bare cells domestically, which is expected to improve ASP (average selling price) [10][13] Future Outlook - **Core Catalysts**: Key future developments include advancements in solid-state battery technology and the introduction of sodium-lithium hybrid batteries, which are expected to improve market share [15][16] - **Market Dynamics**: The ongoing supply shortages in the industry may lead to price increases in the energy storage segment, while the valuation of CATL remains attractive at around 20 times earnings, indicating no bubble risk [17] Conclusion - **Investment Recommendation**: Given the strong competitive position, growth potential, and current valuation, CATL is considered a key investment opportunity in the new energy sector, with projected profits for 2026 expected to reach at least 80-85 billion RMB, and potentially exceeding 90 billion RMB in optimistic scenarios [17]