2026.01. 06 本文字数：1599，阅读时长大约3分钟 作者 | 第一财经 肖逸思 今年CES展，在英伟达、AMD一众热点公司的新闻中，一家来自芬兰的初创公司Donut Lab的消 息"异军突起"。这家公司在此次CES展上带来了其宣称的"全球首款可量产全固态电池"，该电池将 搭载在Verge Motorcycles的TS Pro和Ultra两款电动摩托车上。 公开资料显示，Donut Lab是一家规模较小的公司，由Marko Lehtimäki创立，他同时也是Verge Motorcycles的创始人。 笔者从Verge的官网了解到，TS Pro宣称搭载了摩托车领域首款固态电池，并已经开启预定，预计 交付时间是今年一季度，不含税价格为2.99万美元。该车有两种电池可供选择：标准电池（续航里 程217英里）无需加价，大容量电池（续航里程370英里）则需要加价5000美元。 Verge在官网并未大肆"鼓吹"这款固态电池，但根据Donut Lab的官方信息，这款固态电池的性能 非常"炸裂"，与当下的电池技术相比，几乎实现了全维度超越。该电池能量密度达到400Wh/kg； 五分钟即可充满电；设计循环寿命达到1 ...

笔者从Verge的官网了解到，TS Pro宣称搭载了摩托车领域首款固态电池，并已经开启预定，预计交付 时间是今年一季度，不含税价格为2.99万美元。该车有两种电池可供选择：标准电池（续航里程217英 里）无需加价，大容量电池（续航里程370英里）则需要加价5000美元。 Verge在官网并未大肆"鼓吹"这款固态电池，但根据Donut Lab的官方信息，这款固态电池的性能非常"炸 裂"，与当下的电池技术相比，几乎实现了全维度超越。该电池能量密度达到400Wh/kg；五分钟即可充 满电；设计循环寿命达到10万次；成本低于锂离子电池。简而言之，这款电池跑得远、充得快、寿命 长、还便宜。 全固态电池的故事，隔一段时间就有一个。 今年CES展，在英伟达、AMD一众热点公司的新闻中，一家来自芬兰的初创公司Donut Lab的消息"异军 突起"。这家公司在此次CES展上带来了其宣称的"全球首款可量产全固态电池"，该电池将搭载在Verge Motorcycles的TS Pro和Ultra两款电动摩托车上。 公开资料显示，Donut Lab是一家规模较小的公司，由Marko Lehtimäki创立，他同时也是Verge Mot ...

Core Insights - The article highlights the rapid expansion of Chinese battery manufacturers in Europe, particularly through significant investments in local production facilities to meet the growing demand for electric vehicle batteries [2][4][6]. Investment and Expansion - CATL and Stellantis have initiated a joint investment of €4.1 billion to establish a lithium iron phosphate battery factory in Zaragoza, Spain [2]. - Chinese battery companies are intensifying their investments in Europe, with multiple factories planned to be operational by 2026, creating a comprehensive production network across Western, Central, and Southern Europe [4][5]. - Guoxuan High-Tech has launched a battery factory project in Slovakia with an investment of up to €1.234 billion, aiming for an initial capacity of 20GWh [4]. Technology and Production Capacity - The article emphasizes the technological advantages of Chinese companies, particularly in lithium iron phosphate battery technology, which is crucial for the European market's shift towards affordable electric vehicles [7][8]. - CATL's second-generation battery technology allows for rapid charging and long-range capabilities, enhancing its competitive edge in the European market [7]. Market Dynamics - Despite a slowdown in the European electric vehicle market, the long-term potential remains strong due to stringent carbon emission regulations, prompting Chinese companies to invest heavily in local production [6][10]. - The article notes that European battery manufacturers are facing significant challenges, with several companies experiencing financial difficulties, which opens opportunities for Chinese firms to fill the supply gap [8][9]. Regulatory Environment - The implementation of the EU's new battery law presents both challenges and opportunities for Chinese companies, necessitating compliance with stringent regulations while enhancing their competitive positioning [10][11]. - Chinese firms are proactively adapting to these regulations by integrating compliance into their production processes and establishing local partnerships for battery recycling [11][12]. Collaboration with Automotive Industry - Chinese battery manufacturers are forming strategic partnerships with major European automakers, ensuring a stable supply of batteries for electric vehicles [13][14]. - The collaboration between Chinese battery companies and European car manufacturers is expected to strengthen as more Chinese automakers enter the European market, creating a synergistic effect [14][15].

但在二十多年前，中国汽车工业还深陷"市场换技术"还是"自主创新"的激辩。 当中国新能源汽车和动力电池双双"领航"全球，改写产业格局时，回望当时的争论与抉择，中国汽车产 业的逆袭早已埋下伏笔。 文本节选自《电车之心：中国动力电池传》第一章《从0到1："砸"出一个市场》 【文/杨璐、张从志】 "市场换技术"转向"自主创新" 北京大学的路风教授，是美国哥伦比亚大学的博士，演化经济学、技术创新理论学者理查德·纳尔逊教 授的学生。2003年10月至2004年2月，他受科技部委托，调研并撰写了报告《发展我国自主知识产权汽 车工业的政策选择》。这篇报告最开始在内部印发，后来不知怎么就流传到媒体上，引起轩然大波。二 十年后，路风教授回忆起这篇报告，依旧觉得不可思议。"这个调研对我来讲非常简单，我用的就是从 美国学习的创新理论。我没想到会引起那么大的反响。这个报告引起的热潮持续了一两年，舆论非常 大。科技部也写了报告，这件事就到了高层那里。" 一开始路风教授并不清楚，自己无形中卷入了一场中国工业要不要自主创新的辩论之中。新能源汽车和 动力电池的从无到有，某种意义上就是从这场关于发展道路的辩论开始的。 辩论一方的观点是"市场换技 ...

Core Viewpoint - The recent salary increase of 150 yuan per month for employees at CATL is a strategic move aimed at talent retention amidst intense competition in the battery industry, with the cost representing only 0.48% of the company's net profit for the first three quarters of 2025 [2][4][12]. Group 1: Salary Increase Background - Starting January 1, 2026, CATL will raise the basic salary of employees at levels 1 to 6 by 150 yuan per month, which amounts to an annual increase of 1,800 yuan [2][4]. - For the first three quarters of 2025, CATL reported a net profit of 49.034 billion yuan, indicating that the salary increase will add approximately 23.76 million yuan to labor costs, a minor fraction of the overall profit [4][6]. Group 2: Impact of Salary Increase - The salary adjustment will raise the monthly comprehensive income of production line employees to around 7,500 yuan, reflecting a 5% increase [9]. - The average annual salary for CATL employees in 2024 is projected to be 236,300 yuan, which is an increase of 10,600 yuan from the previous year, highlighting a contrast between the general salary growth and the specific increase for lower-level employees [9][12]. Group 3: Competitive Pressures - The battery industry is experiencing a shift from price competition to a multifaceted battle involving technology, cost, supply chain, and geopolitical factors [11]. - Major competitors like BYD, LG Energy, and CATL are employing various strategies to challenge CATL's market position, with significant impacts on market share and pricing [11]. Group 4: Industry Challenges - The stability of frontline employees is crucial for production capacity, especially in a competitive environment where skilled labor is scarce [12]. - The salary increase is viewed as a defensive strategy to retain talent during a period of high production demands and industry capacity utilization [12]. Group 5: Positive Significance - The salary increase, although modest, is a recognition of employee value in a slowing economy where many companies are cutting costs [15]. - As an industry leader, CATL's actions set a benchmark for the renewable energy manufacturing sector, indicating a shift towards sharing profits with frontline workers [15][16]. Group 6: Market Reaction - Following the announcement of the salary increase, CATL's stock price rose by 2.62%, reflecting positive market sentiment towards the company's cost management and talent strategy [17]. - The increase in labor costs, while small relative to profits, is seen as a foundational investment in maintaining CATL's competitive edge in a complex global landscape [17].

Core Insights - CATL's fifth-generation lithium iron phosphate (LFP) battery has officially entered mass production, enhancing energy density and cycle life compared to its predecessor [3] - The new battery technology is expected to significantly improve the performance of electric vehicles [3] - The second-generation Shenxing supercharging battery, launched in April 2023, boasts an 800 km range and a peak charging power exceeding 1.3 MW [3] Group 1: Product Development - The fifth-generation LFP battery shows notable improvements in energy density, cycle life, and low-temperature performance [3] - The second-generation Shenxing supercharging battery can charge over 520 km of range in just 5 minutes and 75 km in 30 seconds, demonstrating rapid charging capabilities [3] - The battery supports full temperature range and can deliver a maximum power of 830 kW even at a 20% state of charge [3] Group 2: Market Position and Strategy - CATL has established partnerships with 16 automakers for the second-generation Shenxing supercharging battery, covering 39 mass-produced models, indicating a strong market penetration expected by 2025-2026 [4] - In 2024, CATL's Shenxing and Kirin batteries are projected to account for 30%-40% of power battery sales, increasing to 60%-70% by 2025 [4] - CATL maintains a leading position in the LFP battery market, with over 170 GWh shipped in the first ten months of the year, representing approximately 36.4% market share [4] Group 3: Supply Chain and Material Requirements - CATL is focusing on high-density LFP materials, frequently ordering from LFP suppliers to meet the demand for high-pressure solid LFP [5] - In September 2025, CATL made a prepayment of 1.5 billion yuan to secure LFP supply and became the controlling shareholder of Jiangxi Shenghua [6] - CATL is also constructing a 450,000-ton high-pressure solid LFP production line, expected to be operational by 2026, ensuring stable raw material supply [6]

Core Viewpoint - The logistics industry is facing a green transformation driven by global climate governance and China's "dual carbon" goals, with zero-carbon transportation being a critical pathway for reducing costs and enhancing market competitiveness [1][2][3] Group 1: Industry Mission - Zero-carbon transportation is becoming the core support point for logistics ESG performance, addressing significant carbon emission pressures, especially as logistics carbon emissions account for about 9% of national emissions, with transportation contributing 85% of that [2] - The acceleration of global climate governance and the introduction of policies like the EU carbon border tax are reshaping the global supply chain, making green competitiveness essential for logistics transformation [2] Group 2: Real Challenges - Cost issues arise as the purchase cost of new energy transport equipment is 20%-50% higher than traditional fuel equipment, with battery replacement costs exceeding one-third of vehicle costs [4] - Technological bottlenecks exist, such as limited range of electric trucks (200-400 km) and insufficient charging infrastructure, which hinder long-distance transportation [5] - Collaboration challenges are present, with conflicts over cost-sharing between logistics companies and suppliers, and customers prioritizing price and delivery time over zero-carbon services [6] - Cognitive limitations affect the implementation of zero-carbon initiatives, with some companies focusing on short-term benefits and lacking awareness among frontline employees [7] Group 3: Pathways to Breakthrough - Cost optimization can be achieved through advanced technologies like big data and AI to reduce unnecessary travel, as demonstrated by Walmart's AI route optimization reducing costs by 15% [10] - Technological innovation is crucial, with companies like CATL developing batteries with 800 km range and fast charging capabilities, enhancing operational efficiency [11] - Collaborative efforts are needed to establish zero-carbon goals with suppliers and create customized zero-carbon solutions for customers, which can lead to increased market demand for green logistics [12] - Promoting awareness and training among employees about zero-carbon practices can enhance execution and foster a culture of sustainability within companies [13] Group 4: Exemplary Practices - JD Logistics serves as a benchmark for green transformation, reducing carbon emissions by over 500,000 tons annually through digital supply chain optimization and hydrogen-powered transport [14] - The company employs advanced technologies for efficient inventory management and has established partnerships for energy supply and low-carbon consumption initiatives [18] Conclusion - Zero-carbon transportation is an essential mission for the logistics industry, aligning with ESG strategies and driving high-quality development [19]

Group 1 - The company achieved total revenue of 283.1 billion yuan in the first three quarters of 2025, with a year-on-year growth of 9.3% [1] - Net profit attributable to shareholders reached 49 billion yuan, reflecting a year-on-year increase of 36.2% [1] - The company reported a net profit margin of 19.1% in Q3 2025, an increase of 4.1 percentage points year-on-year [1] Group 2 - The company shipped approximately 450 GWh of power and energy storage batteries in the first three quarters of 2025, with Q3 shipments nearing 180 GWh, representing a quarter-on-quarter growth of about 30% [2] - Energy storage batteries accounted for about 20% of total shipments, with a volume of approximately 90 GWh, driven by the rapid growth in power demand from overseas AI data centers [2] - The company launched a series of innovative products in 2025, including the second-generation supercharging battery and sodium-ion batteries, with new products currently accounting for about 60% of total sales [2] Group 3 - The company is projected to achieve revenues of 425.5 billion yuan, 509.3 billion yuan, and 584.9 billion yuan from 2025 to 2027, with corresponding net profits of 68.2 billion yuan, 86.1 billion yuan, and 103.5 billion yuan [3] - A target price of 618 Hong Kong dollars per share has been set, based on a 30x PE ratio for 2026, leading to a target market capitalization of 25.83 billion yuan [3]

Core Viewpoint - The report from Haitong International indicates that CATL has shown significant growth in revenue and profit for the first three quarters of 2025, driven by its strong market position and innovative product launches [1] Financial Performance - CATL achieved total revenue of 283.1 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 9.3% [1] - The net profit attributable to shareholders reached 49 billion yuan, marking a year-on-year increase of 36.2% [1] - The net profit excluding non-recurring items was 43.6 billion yuan, reflecting a year-on-year growth of 35.6% [1] Business Development - CATL's profitability has significantly improved, with healthy cash flow and a dual-driven strategy in power and energy storage batteries [1] - The company launched a series of innovative products this year, including the second-generation Shenxing ultra-fast charging battery and the sodium-ion battery for passenger vehicles [1] - In the commercial vehicle sector, CATL introduced the sodium-ion integrated battery and announced the mass production of a 587Ah large-capacity energy storage cell [1] - The company also unveiled the world's first mass-producible 9MWh ultra-large capacity energy storage system solution, TENERStack [1] Future Projections - Haitong International forecasts that CATL will achieve revenues of 425.5 billion yuan, 509.3 billion yuan, and 584.9 billion yuan from 2025 to 2027, with corresponding net profits of 68.2 billion yuan, 86.1 billion yuan, and 103.5 billion yuan [1] - The projected price-to-earnings ratios for these years are 25x, 20x, and 17x respectively [1] Market Position - CATL is recognized as a global leader in the lithium battery industry, with a significantly leading market share [1] - The company is expected to maintain a 30x price-to-earnings ratio for 2026, with a target price of 618 HKD for its H-shares, maintaining an "outperform the market" rating [1]

Core Viewpoint - The report from Haitong International indicates that CATL achieved significant revenue and profit growth in the first three quarters of 2025, driven by strong performance in both power and energy storage batteries [1] Financial Performance - Total revenue for CATL in the first three quarters of 2025 reached 283.1 billion yuan, representing a year-on-year increase of 9.3% [1] - The net profit attributable to shareholders was 49 billion yuan, reflecting a year-on-year growth of 36.2% [1] - The net profit excluding non-recurring items was 43.6 billion yuan, with a year-on-year increase of 35.6% [1] Product Innovation - CATL launched a series of innovative products this year, including the second-generation supercharging battery and sodium-ion battery for passenger vehicles [1] - In the commercial vehicle sector, CATL introduced the sodium-ion integrated battery and a large-capacity energy storage cell with a capacity of 587Ah [1] - The company announced the mass production of the world's first 9MWh large-capacity energy storage system solution, TENERStack [1] Future Projections - Haitong International forecasts that CATL will achieve revenues of 425.5 billion yuan, 509.3 billion yuan, and 584.9 billion yuan from 2025 to 2027, with corresponding net profits of 68.2 billion yuan, 86.1 billion yuan, and 103.5 billion yuan [1] - The projected price-to-earnings ratios for these years are 25x, 20x, and 17x respectively [1] Market Position - CATL is recognized as a leader in the global lithium battery industry, with a significantly high market share and continuous product iterations [1] - Haitong International assigns a target price of 618 HKD for CATL's H-shares based on a 30x price-to-earnings ratio for 2026, maintaining an "outperform" rating [1]