接下来，固态电池要回答"凭什么用你"的市场拷问。 摘要 亿航智能 副总裁 张宏 在先进空中交通发展领域,我们国家的政 策体系是最全面、最立体的。未来不是将 要到来,而是未来已经扑面而来。现在需 要的是产业链上下游抓住窗口期,共同将 蓝图变为现实。 深圳中基 研究院院长 王磊博士 全固态电池将把现有设备体系整体推 入重塑周期:新增设备约占20%,升 级设备约占30%,其余50% 需要重新 改造,这意味着原有工艺路线几乎要 从头再建。由于固态电解质的脆性特 征,卷绕难以继续适配,叠片加压成 为确保固固界面的唯一主线,这也让 软包封装重新回到舞台中央,短期内 甚至可能成为增长最快的封装形式。 需求的细分市场，以此作为成功的突破 i 中科深蓝汇泽 总经理 窦曦博士 中科深蓝汇泽最新一代65Ah聚合物固态电芯能量 密度已提升至约340Wh/kg，可实现全程8C放电与 10C瞬时放电。在热蔓延验证中,一只电芯被加热 至210°C触发热失控,而相邻电芯与其仅以3毫米 隔热垫分隔 -- 在这种极端近距离条件下,相邻电 芯外观保持完好,电压依旧维持满电。在更严苛的 模组内"20%电芯热失控"热蔓延实验中,五只 电芯仅用1毫米隔 ...

Core Viewpoint - Zhengli New Energy (3677.HK) has raised approximately HKD 5.04 billion through the issuance of new H shares, targeting the next decade of the power battery industry by enhancing its financial strength and optimizing its equity structure [1] Group 1: Fundraising and Strategic Allocation - The company plans to allocate around 70% of the raised funds to the construction and equipment purchase for the second phase of its Changshu factory, 10% for the construction of a solid-state battery pilot line, 10% to support R&D activities, and the remaining 10% for working capital and general corporate purposes [1] - This fundraising is a strategic response to the competitive and rapidly evolving landscape of the power battery industry, focusing on capacity expansion and technological innovation [1][2] Group 2: Market Growth and Capacity Expansion - The global power battery market is expected to grow from 900.2 GWh in 2024 to 3564.5 GWh by 2029, with a compound annual growth rate (CAGR) of 31.7%, while China's market is projected to grow from 549.9 GWh to 1961.4 GWh during the same period, with a CAGR of 29.0% [2] - Zhengli New Energy aims to achieve a total production capacity of 50.5 GWh by the end of 2026, with the second phase of the Changshu project and a new 10 GWh capacity planned for production in Q4 2025 [3] Group 3: Quality and Competitive Advantage - The company has established a flexible production line capable of switching between different battery types, which allows it to meet the diverse needs of key clients such as FAW Hongqi and SAIC General [3] - Zhengli New Energy is the first domestic power battery company to obtain AS9100D aerospace quality management certification, ensuring its products meet high standards for safety and performance [3][4] Group 4: Focus on Solid-State Technology - The industry is transitioning to a dual-driven model of "technology + scale," with solid-state batteries recognized as the next mainstream battery technology [5][6] - Zhengli New Energy is investing 20% of the raised funds into solid-state battery pilot line construction and R&D, aiming to overcome key bottlenecks in solid-state battery commercialization [6] Group 5: Long-Term Technological Accumulation - The company has developed advanced technologies in solid-state electrolytes and high-energy density batteries, positioning itself for breakthroughs in the aviation battery sector and low-altitude economy [7] - The long-term technological advancements not only enhance current business competitiveness but also open new growth opportunities in emerging markets [7] Conclusion - The fundraising aligns with industry trends and the company's strategic goals, providing essential support for capacity expansion and technological development, which is crucial for capturing market share in the power battery sector [8] - Despite potential short-term dilution of shares, the strategic allocation of funds is expected to drive long-term growth in both scale and profitability for Zhengli New Energy [8]

Core Viewpoint - The growth in demand for electric vehicles is driving an increase in sales of power batteries, particularly in the passenger car segment, with the company experiencing a supply-demand imbalance [1] Group 1: Company Performance - The company reported a total shipment volume of 7.8 GWh in the first half of the year, representing a year-on-year increase of 99.2%, with passenger car battery shipments reaching 7.63 GWh, up 110.8% [1] - The company achieved operating revenue of 3.172 billion yuan, a year-on-year growth of 71.9%, and a net profit of 220 million yuan, an increase of 350 million yuan year-on-year [1] - The gross profit margin improved to 17.9%, an increase of 8 percentage points compared to the same period last year [1] Group 2: Production Capacity and Market Position - The company is currently in a supply-demand imbalance and plans to expand production capacity steadily, targeting 25.5 GWh by the end of 2024 and 35.5 GWh by the end of 2025, with a long-term goal of reaching 50.5 GWh by the end of 2026 [2] - The company ranks ninth in the industry for total power battery installation and seventh for passenger car battery installation, with a rise to sixth place in domestic rankings for passenger car battery installation in June [1][2] Group 3: Strategic Partnerships and Innovations - The company has established extensive collaborations with leading enterprises such as FAW Hongqi, Leap Motor, and SAIC Motor, and has secured new project designations from Volkswagen China [2] - The company is also expanding into the aviation battery sector, collaborating with Liaoning Tonghang and Hefei Zero Gravity Industry, with potential applications in various electric aircraft and humanoid robots [3] - The company is advancing in cutting-edge technologies, including solid-state batteries, lithium metal batteries, sodium-ion batteries, and fast-charging batteries, with a pilot line for sulfide solid-state batteries expected to be operational in the first half of next year [3]

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].

Core Viewpoint - The development of aviation batteries is positioned as a higher technical challenge compared to automotive batteries, with advancements in aviation battery technology expected to benefit the automotive sector as well [1][2] Group 1: Company Insights - Zhengli New Energy is transitioning from automotive batteries to aviation batteries, emphasizing the need for advanced materials and higher safety standards in aviation applications [1] - The company held a press conference on August 18, 2025, to discuss the certification and mass production of aviation power battery systems [1] - The CEO, Chen Jicheng, highlighted that the experience gained from electric aircraft can enhance the development of batteries for electric vehicles and other high-end manufacturing sectors [1] Group 2: Industry Trends - The integration of aviation battery technology is expected to improve the safety and performance of automotive batteries, as both sectors share complementary safety principles [2] - The demand for high charging speeds in electric aviation is critical due to the high operational efficiency required for aircraft, which influences the design and innovation of battery materials and systems [2] - The development of electric aviation is closely linked to the rise of the low-altitude economy, with a focus on creating safe, efficient, and scalable power systems as a prerequisite for this economic model [2]

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]

Core Viewpoint - Zhengli New Energy officially listed on the Hong Kong Stock Exchange on April 14, 2023, marking it as a significant player in the power battery industry and a unicorn from Changshu, Jiangsu Province [1][4]. Company Overview - Zhengli New Energy was founded in 2019 and operates in various sectors including power batteries, energy storage batteries, marine batteries, and aviation batteries [6]. - The company is led by Chairman Cao Fang, who has extensive experience from her nearly 40 years at Fuyao Glass, and General Manager Chen Jicheng, who also has a background in Fuyao Glass [1]. Financial Performance - Zhengli New Energy reported revenues of approximately 1.499 billion yuan, 3.290 billion yuan, 4.162 billion yuan, and 5.130 billion yuan for the years 2021, 2022, 2023, and 2024 respectively, with net profits of -402 million yuan, -1.720 billion yuan, -590 million yuan, and 91.014 million yuan [7]. - The company achieved profitability in 2024 after experiencing losses from 2021 to 2023 due to significant investments in technology research and product development [7]. Market Position - Zhengli New Energy holds a market share of only 1.8% among Chinese power battery manufacturers, with the top ten manufacturers accounting for 95.3% of the total installed capacity in 2024 [8]. - The company aims to increase its market share by leveraging technological advancements and expanding its customer base, despite the competitive landscape [8]. Future Plans - The company plans to expand into international markets, primarily through partnerships with domestic manufacturers to export battery products [5]. - Zhengli New Energy is cautious about establishing overseas manufacturing facilities, indicating that such decisions will be driven by market demand and order volume [5].