智通财经8月29日讯（记者 刘梦然）新能源汽车需求的增长进一步推高了动力电池的销量，其中乘用车 动力电池市场表现尤为强劲。正力新能（03677.HK）管理层在今日举行的业绩说明会上表示，目前公 司产品处于供不应求状态。上半年，公司总出货量7.8GWh，同比增长99.2%，其中乘用车动力电池出货 量7.63GWh，同比增长110.8%。 对于公司下半年的生产与销售情况，公司管理层进一步表示，客户需求旺盛，产线满负荷运行，产品换 型较少，预计全年出货18-20GWh，同比增长约50%，且新产线已获客户定点。 在动力电池板块，正力新能与一汽红旗、零跑汽车、上汽乘用车、上汽通用、上汽通用五菱、广汽丰田 等头部企业建立广泛合作，并实现新车型项目的合作与量产。公司还获得大众中国增程新项目定点。 据公司管理层介绍，公司通过标准化电芯形态适配差异化化学体系，打造平台化电池包，以广汽传祺合 作项目为例，同一标准电芯和电池包可应用于中大型SUV、中型及中大型MPV等多类车型。 值得注意的是，今年8月，公司宣布在航空电池方面与辽宁通航及合肥零重力工业达成合作。业绩会 上，公司管理层介绍了航空电池新客户拓展情况及盈利潜力，航空电池可 ...

Core Viewpoint - Zhengli New Energy has successfully delivered a certified power battery system for electric aircraft, marking a significant milestone in the electric aviation sector and establishing itself as a leader in high-end manufacturing [1][2][3]. Group 1: Company Overview - Zhengli New Energy, founded in 2019, has rapidly positioned itself in the power battery industry by implementing a "land, sea, and air" strategy to explore battery applications across various transportation modes [2][11]. - The company has achieved a market share of 1.8% in 2024, ranking ninth nationally, with a projected net profit of 198 million to 243 million yuan for the first half of the year [8]. Group 2: Technological Advancements - The RX1E electric fixed-wing aircraft, developed in collaboration with Zero Gravity Aircraft Industry, is the first of its kind in China, featuring 100% domestically produced core components and over 25,000 hours of safe flight [3][4]. - Zhengli's aviation battery technology is characterized by "three highs and one fast," achieving an energy density exceeding 320 Wh/kg and supporting rapid charging capabilities [6][7]. Group 3: Market Opportunities - The low-altitude economy is projected to create a trillion-level market, with electric aviation seen as a key growth area for power battery manufacturers seeking new revenue streams amid intense competition in the electric vehicle sector [2][10]. - The aviation sector's transition to electric power is expected to significantly reduce carbon emissions, aligning with global ESG goals and national policies promoting low-altitude economic development [11][12]. Group 4: Strategic Partnerships - Zhengli has formed strategic partnerships with companies like Zero Gravity Aircraft Industry and Liaoning General Aviation Research Institute to supply battery systems for various types of electric aircraft [5][4]. - The collaboration emphasizes Zhengli's commitment to safety, reliability, and longevity in battery technology, which are critical for aviation applications [4][5]. Group 5: Future Outlook - The company aims to leverage its advancements in aviation battery technology to establish a competitive edge in the low-altitude economy, with plans to further develop its battery systems to meet the evolving demands of the aviation industry [11][12]. - Zhengli's focus on high-performance aviation batteries is expected to enhance its brand value and market position, despite the high R&D costs associated with this new venture [13].

Core Viewpoint - 正力新能 has achieved a significant milestone by becoming the first company in the power battery industry to mass-produce and deliver certified power battery systems for electric aircraft, specifically the RX1E electric fixed-wing aircraft, in response to the growing demand for electric aviation and the low-altitude economy [2][4][5]. Group 1: Company Overview - 正力新能 was established in 2019 and has quickly positioned itself in the power battery industry, focusing on a "land, sea, and air" strategy to explore battery applications across various transportation modes [4][15]. - The company has a strong background in battery technology, having previously supplied batteries for hybrid vehicles, which has contributed to its rapid growth and market presence [11][13]. Group 2: Technological Advancements - The RX1E electric aircraft's power battery system is characterized by "three highs and one fast," indicating high safety, high energy density, high power, and fast charging capabilities, with an energy density exceeding 320Wh/kg [9][10]. - The aviation battery technology is more advanced than that of automotive batteries, with a required energy density of over 300Wh/kg and a peak power output greater than 12C [10]. Group 3: Market Opportunities - The low-altitude economy is projected to create a market scale in the trillions, providing new growth opportunities for power battery manufacturers as they seek to diversify beyond the increasingly competitive electric vehicle sector [4][5][15]. - The collaboration with zero-gravity aircraft industry and Liaoning General Aviation Research Institute highlights the growing interest and investment in electric aviation, with both companies developing fully domestically produced electric aircraft [5][6]. Group 4: Strategic Partnerships - 正力新能 has formed strategic partnerships with companies like zero-gravity aircraft industry and Liaoning General Aviation Research Institute to supply power battery systems for various types of electric aircraft, including fixed-wing and eVTOL [6][9]. - The partnerships are based on the reliability and safety of 正力新能's battery technology, which meets the stringent requirements for aviation applications [6][7]. Group 5: Regulatory and Certification Challenges - Achieving airworthiness certification for aviation batteries is a complex process that involves rigorous testing and compliance with national aviation regulations, which 正力新能 has successfully navigated [7][9]. - The company has established itself as a leader in the industry by being the first to obtain both product certification and the AS9100D aerospace quality management system certification [9]. Group 6: Future Outlook - 正力新能 aims to leverage its advancements in aviation battery technology to establish a competitive edge in the low-altitude economy, aligning with national policies promoting the development of this sector [15][16]. - The company is focused on achieving its vision of a "zero-carbon society" by contributing to the decarbonization of the aviation industry through its innovative battery solutions [16][17].

"车规级的顶点，是航空级的起点。"8月18日，在谈到航空电池能量密度要求时，正力新能 （03677.HK）总经理陈继程说，相比汽车动力电池，航空电池必然要用到更先进的材料，由于航空级 电池的安全也要求更高，研发可以"反哺"汽车等其他动力电池的技术发展。 "电动航空目前是运营性质为主，而且前期投资比较大，所以对于飞行器的运营效率要求极高，肯定不 希望出现飞机等着充电这种情况出现。所以对于充电速度的要求非常高。"陈继程表示，通过材料、电 芯与系统的协同创新，航空电池产品的能量密度显著高于传统动力电池，大幅减轻电池重量，提升电动 飞行器的续航能力，同时为飞行器设计提供更多空间灵活性，通过材料体系和电芯设计的优化，兼顾高 能量密度与高功率输出，可以解决传统电池"能量密度与功率性能难以兼得"的难题。 在汽车电池领域站稳脚跟以后，正力新能向技术难度更高的航空电池发展。2025年8月18日，该公司在 常熟总部召开航空动力电池系统适航取证与量产交付发布会。当天下午，陈继程接受了包括第一财经在 内的媒体采访。 陈继程表示，电动航空的发展与低空经济崛起紧密相连，而安全、高效、可规模化的动力系统是低空经 济落地的核心前提。 他称， ...

Core Viewpoint - The entry of major automotive battery manufacturers into the small power battery market, particularly for electric two-wheelers, is driven by the need to diversify and utilize excess capacity in a competitive landscape [2][5][10]. Group 1: Market Dynamics - Guoxuan High-Tech's subsidiary Hefei Guoxuan Jitai Mei signed a cooperation agreement to enter the small power battery market, aiming to establish a vertical industrial chain hub [2]. - The electric two-wheeler market is experiencing a significant growth surge, with sales expected to reach 32.3 million units in the first half of 2025, a year-on-year increase of 29.5% [6]. - The new national standard for electric two-wheelers, effective September 2025, will accelerate the replacement of traditional lead-acid batteries with high-quality lithium batteries [7]. Group 2: Competitive Landscape - Major players like CATL and BYD have already established their presence in the electric two-wheeler battery market, with CATL's battery installation volume reaching 151.72 GWh in the first seven months of 2025, a 34.5% year-on-year increase [3]. - The battery industry is facing declining gross margins due to intensified competition, with CATL's gross margin dropping to 22.41% in the first half of 2025, down 4.49 percentage points from the previous year [3]. - The market for electric two-wheeler batteries is currently dominated by lead-acid battery manufacturers, with a duopoly formed by Tianneng and Chaowei, holding over 70% of the market share [9]. Group 3: Technological and Policy Influences - The lithium battery penetration rate in the electric two-wheeler sector was 22.4% in 2020 but fell to 4.9% in 2023 due to market policy changes and rising lithium prices [6]. - The cost of lithium iron phosphate batteries has decreased to below 0.5 yuan/Wh, making them economically viable compared to lead-acid batteries, presenting an opportunity for automotive battery companies [6]. - Sodium batteries are emerging as a potential alternative in the electric two-wheeler market, with expectations that they could capture 20% to 30% of the market share [8]. Group 4: Future Outlook - By 2027, the shipment volume of lithium batteries for electric two-wheelers in China is projected to reach 28 million units, with a penetration rate approaching 40% [8]. - The low-altitude economy is becoming a new market for automotive battery companies, with various applications in flying vehicles and electric ships [10][11].

Core Viewpoint - The article emphasizes that hybrid vehicles are a definitive entry point for growth in the new energy sector, with Zhengli New Energy strategically positioning itself within the core supply chains of both joint ventures and new force manufacturers [1]. Group 1: Market Position and Achievements - Since 2025, Zhengli New Energy has made significant strides in the plug-in and range-extended vehicle market, securing exclusive battery supply contracts for models like the SAIC-GM GL8 and potentially entering the Volkswagen supply chain [2][10]. - Zhengli New Energy has ranked among the top 10 domestic power battery manufacturers for two consecutive years (2023 and 2024), with a domestic passenger vehicle installation volume of 1.3 GWh in June 2023, placing it sixth for the month and seventh for the first half of the year [5][19]. - The hybrid vehicle market is identified as a clear structural growth area, with joint venture brands accelerating the localization of plug-in hybrids and range-extended technologies as a practical solution for transitioning from traditional fuel vehicles [4][7]. Group 2: Strategic Advantages - Zhengli New Energy's success is attributed to its forward-looking market judgment, system adaptability, and product resilience developed through years of experience with complex clients [6][18]. - The company has established a diverse client network that includes both new force brands and traditional joint venture manufacturers, meeting high demands for product standardization, cost control, and rapid response capabilities [21][22]. - Zhengli New Energy's unique background as a company that evolved from a joint venture with Toyota provides it with a deep understanding of the industry and engineering integration capabilities, enhancing its collaboration with local joint venture brands [13][14]. Group 3: Future Growth and Strategic Initiatives - The structural explosion in the hybrid market offers Zhengli New Energy not only increased visibility and order growth but also strategic value by entering the core supply chains of global automakers [25]. - The company is expanding its production capacity, with a significant investment in a new 25 GWh battery project in Jiangsu, expected to double its capacity to 50.5 GWh by 2026 [28][29]. - Zhengli New Energy's "LISA" strategy encompasses land, sea, and air, aiming to leverage its hybrid technology while expanding into pure electric and energy storage markets [29][30].

Group 1 - The core development of the low-altitude economy is highlighted by the collaboration between Tiancheng Control and a leading low-altitude aircraft manufacturer in the Sichuan-Chongqing region for the eVTOL seat project, marking a significant step in the company's eVTOL seat business [1] - Tiancheng Control's aviation seat products have received airworthiness certification from both the European Union Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA), showcasing the company's strong capabilities in innovation, research and development, and manufacturing [1] - The global flying car market is projected to grow from $22.06 billion in 2024 to $1.53 trillion by 2040, with a compound annual growth rate (CAGR) of 50.5% from 2024 to 2040, indicating a booming market for eVTOLs [2] Group 2 - Tiancheng Control has established strategic partnerships with various companies, including a collaboration with Fengfei Aviation Technology to develop eVTOL components and materials, enhancing its position in the eVTOL supply chain [3] - The company has secured multiple important orders in the passenger car seat market, with production expected to start in 2025, indicating a strong order backlog that supports sustained revenue growth [4] - In Q1 2025, Tiancheng Control reported revenue of 539 million yuan, a year-on-year increase of 46.74%, and a net profit of 20.92 million yuan, reflecting a significant growth trajectory and healthy cash flow [5]

每经记者 黄婉银 每经编辑 董兴生 4月14日，又一家动力电池公司——正力新能（HK03677，股价8.39港元，市值210.46亿港元）正式在港交所上市。 正力新能是江苏省常熟市独角兽第一股，也是福耀玻璃（HK03606，股价50.50港元，市值1473亿港元）创始人兼董事长曹德旺家族的又一家上市公司。 现年66岁的正力新能董事长曹芳是曹德旺的胞妹，曾负责福耀玻璃的销售及管理业务，正力新能总经理兼执行董事陈继程也曾长期效力于福耀玻璃，而"玻 璃大王"曹德旺本人亦通过旗下公司间接持有正力新能股份。 在4月14日下午举行的正力新能上市新闻发布会上，曹芳在接受《每日经济新闻》记者现场提问时表示，她在福耀玻璃工作了近40年，获得了很多可以用于 正力新能的销售、经营和管理的经验，并且曹德旺也通过福建耀华有限投资公司给予了资金支持。 图片来源：每经记者 黄婉银 摄 据了解，正力新能每股定价8.27港元，共发行1.22亿股股份。截至4月14日收盘，报收8.39港元/股，微涨1.45%。 在正力新能上市仪式现场，记者看到，香港交易所行政总裁陈翊庭也专门出席。曹芳在发言时表示，未来会以技术突破驱动产业升级，也会开拓国际市场。 ...

作 者丨费心懿 编 辑丨巫燕玲 港股动力电池板块迎来新玩家，掌舵人背靠"玻璃大亨"曹德旺家族的雄厚实力。 4月1 4日，正力新能( 3 6 7 7 .HK)在港交所主板上市，中金公司、招银国际担任联席保荐人。 此前全球发售结果显示，其公开发售约1 . 2 1 5亿股股份，其中香港公开发售占1 0%，国际发售 占9 0%。每股最终定价为8 . 2 7港元，净筹资金近1 0亿港元。 上 市 首 日 ， 该 股 表 现 稳 健 ， 早 盘 高 开 2 . 3% ， 全 天 报 收 8 . 3 9 港 元 / 股 ， 微 涨 1 . 4 5% 。 最 新 市 值 2 1 0亿港元。 2 0 2 2年11月，正力新能停止向威马汽车交付用于BEV（纯电动汽车）的三元锂电池产品。同 时，威马汽车事件使正力新能的三元锂电池销量锐减，从2 0 2 2年的2 . 9GWh降低至2 0 2 3年的 1 . 5GWh，三元锂电池销售收入从2 0 2 2年的2 6 . 2 9亿元减少至2 0 2 3年的1 4 . 4 8亿元。 从经营表现来看，正力新能刚刚实现扭亏。 数 据 显 示 ， 2 0 2 1 年 、 2 0 2 2 年 和 ...

今年以来，受A股IPO收紧以及大型企业全球化战略等因素影响，港股上市热潮不断，锂电行业也不例外。4月14日，中国锂离子电池制造商正力新能 （03677.HK）H股敲钟上市，公司当日股价收涨1.45%，总市值210.5亿港元。值得一提的是，正力新能创始人曹芳系福耀集团董事长曹德旺胞妹。伴随曹芳 带领正力新能成功登陆港股市场，曹德旺家族的资本版图也得以扩容。另外，在正力新能上市背后，还有多家锂电企业正在排队IPO，寻求登陆港股市场。 针对相关问题，北京商报记者向正力新能方面发去采访函进行采访，但截至记者发稿，未收到公司回复。 正力新能收涨1.45% 4月14日，正力新能上市首日股价高开2.3%，开盘后全天保持震荡态势，公司最终收涨1.45%，收于8.39港元/股，总市值达210.5亿港元。 资料显示，正力新能成立于2019年2月26日，是中国的锂离子电池制造商，主要专注于动力电池产品、储能电池产品及航空电池产品的研发、生产及销售。 业绩表现方面，公司净利在2021—2023年接连亏损，但于2024年实现扭亏。 具体来看，2021—2024年，正力新能实现营业收入分别约为14.99亿元、32.9亿元、41.62亿元 ...