证券日报网讯1月7日，宁德时代（300750）在互动平台回答投资者提问时表示，公司的钠离子电池将在 乘用车、商用车、换电和储能等多个领域实现规模化应用。公司的钠新乘用车动力电池拥有优异的低温 能量保持率与安全表现，是全球首款通过新国标认证的钠离子电池。 ...

文 | 中关村储能产业技术联盟 12月28日消息，宁德时代供应商大会在福建宁德举行。宁德时代称，2026年将在换电、乘用车、商用车、 储能等领域大规模应用钠电池 ，有望 形成 "钠锂双星闪耀" 的新趋势。 2025年4月21日，宁德时代发布钠新电池，这是全球首款大规模量产的钠离子电池， 突破了材料本身的性能边界，首次将钠离子电池推向大规模 量产，凭借钠的本征安全和丰富储量，将有效降低对锂资源的依赖。 钠新电池包含两类产品，分别是钠新乘用车动力电池和钠新24V重卡启驻一体蓄电池，均可实现零下40℃至零上70℃的全温域适配，重新定义了 电池的极限温域。 钠新乘用车动力电池的能量密度达175Wh/kg，为当前全球钠电最高，比肩磷酸铁锂电池。宁德时代钠新24V重卡启驻一体蓄电池，使用寿命突破 8年，全生命周期总成本较传统铅酸蓄电池降低61%。 作为备受瞩目的新型储能技术，钠离子电池凭借其独特性能优势，正加速迈向规模化应用。 在2025年召开的" 钠离子电池产业链与标准发展论坛 "上， 中国科学院院士、新基石研究员、清华大学化学系教授 李景虹曾 指出 ，钠离子电池 是绿色能源的重要发展方向，应扬长避短， 充分发挥其功率 ...

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

Core Insights - The partnership between Rongbai Technology and CATL marks a significant recognition of Rongbai's technical strength and market position in sodium battery cathode materials, indicating a comprehensive promotion of these products across various sectors [1][3] - The ongoing trend of "long-term contracts" and "order locking" in the lithium battery industry reflects a strong demand surge, with companies actively securing production capacity [1][4] Group 1: Partnership Details - Rongbai Technology has been designated as the primary supplier of sodium battery cathode materials for CATL, with a commitment to supply at least 60% of CATL's total procurement volume, which is expected to exceed 500,000 tons annually [1][3] - The agreement is effective until December 31, 2029, with an automatic renewal clause if no objections are raised three months prior to expiration [3] Group 2: Strategic Collaboration - Both companies will establish a high-level visitation mechanism to discuss future business development goals and plans, enhancing their collaborative efforts [2] - Rongbai Technology will align its production and development plans with CATL's objectives, focusing on capacity, product development, and supply chain enhancements to improve competitiveness in the market [2] Group 3: Industry Context - The sodium battery developed by CATL has received certification under the new national standard GB38031-2025, positioning it as the first sodium-ion battery globally to achieve this certification, which is expected to drive large-scale application of sodium cathode materials [3] - The lithium battery industry is witnessing a trend of securing supply agreements, as seen with other major players like Haiboshu and Tianqi Lithium, indicating a competitive landscape where companies are preemptively locking in supply to meet future demand [4][5]

Core Insights - CATL has signed a significant cooperation agreement with Rongbai Technology, becoming its primary supplier for sodium-ion battery cathode materials, with a procurement commitment of at least 60% of its total annual purchases from Rongbai [2][3] - The partnership aims to enhance both companies' competitiveness in the market by focusing on production capacity, product development, and supply chain efficiency [2][3] - CATL's sodium-ion battery, branded as "Sodium New," is expected to capture over 40% of the domestic passenger vehicle market, indicating a substantial growth opportunity [4] Group 1 - CATL has committed to purchasing a minimum of 60% of its total procurement from Rongbai Technology, with potential discounts for higher volumes [3] - The cooperation agreement is set to last until December 31, 2029, and includes high-level visits to discuss future business goals [2][3] - Rongbai Technology's revenue for the first three quarters of 2025 was 8.986 billion, a year-on-year decrease of 20.64%, with a net profit loss of 204 million, down 274.96% [3] Group 2 - CATL's sodium-ion battery technology offers advantages in low-temperature performance, carbon footprint, and safety, making it suitable for northern regions [4] - The sodium-ion battery has an energy density of 175 Wh/kg and a range of over 500 kilometers, enhancing its appeal in the electric vehicle market [4] - CATL's sodium-ion battery is set to debut in 2026, with applications in various vehicle models, showcasing its compatibility with existing battery standards [4]

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has established a significant partnership with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, which is expected to lead to large-scale applications of sodium-ion batteries in the market [1][5]. Group 1: Partnership Details - Rongbai Technology has been designated as the first supplier of sodium-ion battery cathode materials for CATL, with a commitment from CATL to purchase no less than 60% of its total procurement from Rongbai annually [1][9]. - A cooperation agreement has been signed between CATL and Rongbai Technology, effective until December 31, 2029, to facilitate comprehensive collaboration in various areas including market strategy, technology, and supply chain [5][9]. - The agreement includes provisions for high-level visits and discussions to enhance business cooperation and align development goals [9]. Group 2: Market Potential and Product Development - CATL anticipates that sodium-ion batteries could meet over 40% of the domestic passenger vehicle market demand, indicating a substantial target market [1]. - The sodium-ion battery brand "Sodium New" launched by CATL is the first to receive certification under the new national standards, marking a significant milestone in the industry [1][16]. - The sodium-ion battery technology is expected to provide advantages in low-temperature performance, carbon footprint reduction, and safety, with a specific energy density of 175Wh/kg and a range exceeding 500 kilometers [18]. Group 3: Financial Performance - As of the third quarter of 2025, Rongbai Technology reported a revenue of 8.99 billion yuan, a year-on-year decrease of 20.64%, and a net profit attributable to shareholders of -204 million yuan, reflecting a significant decline of 274.96% [11][12]. - The stock price of Rongbai Technology was reported at 29.50 yuan per share, with a market capitalization of 21.08 billion yuan as of November 14 [13].

Core Viewpoint - CATL has established a strategic partnership with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, which is expected to drive the large-scale application of sodium-ion batteries in the market [2][6]. Group 1: Partnership Details - Rongbai Technology will supply no less than 60% of its total procurement volume to CATL annually as part of the agreement [6][8]. - The partnership aims to enhance collaboration in market strategy, technology, product development, and supply chain management [8]. - If CATL's annual procurement reaches 500,000 tons or more, Rongbai Technology will offer more favorable pricing through cost reductions [8]. Group 2: Market Potential and Product Development - CATL predicts that sodium-ion batteries could meet over 40% of the domestic passenger vehicle market demand, indicating significant market potential [2][15]. - The sodium-ion battery, branded as "Sodium New," has been recognized as the first to pass the new national standard certification [2][15]. - The sodium-ion battery features an energy density of 175Wh/kg and a range of over 500 kilometers, addressing low-temperature performance and safety concerns [17]. Group 3: Financial Performance - Rongbai Technology reported a revenue of 8.99 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.64%, with a net profit attributable to shareholders of -204 million yuan, down 274.96% [9][12]. - The partnership is expected to positively impact Rongbai Technology's future operating performance if the agreement is fully executed [9].

Core Viewpoint - CATL is strengthening its supply chain by partnering with upstream material suppliers, specifically with Rongbai Technology, to promote the large-scale application of sodium-ion batteries [1][3]. Group 1: Partnership Details - Rongbai Technology has become the primary supplier of cathode materials for CATL's sodium-ion batteries, with a commitment from CATL to purchase no less than 60% of its total procurement from Rongbai annually [1][3]. - A cooperation agreement has been signed between CATL and Rongbai Technology, effective until December 31, 2029, to enhance collaboration in various areas including market strategy, technology, and supply chain [3][4]. - The agreement includes provisions for Rongbai Technology to prioritize capacity and raw material supply to meet CATL's demands [4]. Group 2: Market Potential and Product Development - CATL predicts that sodium-ion batteries could cover over 40% of the domestic passenger vehicle market, indicating significant market potential [1]. - The sodium-ion battery brand "Sodium New" was launched by CATL, which is the first to pass the new national standard certification [1][7]. - The sodium-ion batteries introduced by CATL have advantages in low-temperature performance, carbon footprint, and safety, with an energy density of 175Wh/kg and a range exceeding 500 kilometers [9]. Group 3: Financial Impact - Rongbai Technology anticipates that the cooperation agreement will positively impact its future operating performance, despite a reported revenue decline of 20.64% year-on-year for the first three quarters of 2025 [5].

Core Viewpoint - CATL has further strengthened its supply chain by partnering with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, with a commitment to purchase at least 60% of its total procurement from Rongbai annually [2][10][12]. Group 1: Partnership Details - The cooperation agreement between CATL and Rongbai Technology is effective until December 31, 2029, focusing on comprehensive collaboration in market, strategy, business, technology, product development, and supply chain [10][12]. - Rongbai Technology will prioritize capacity and raw material supply to meet CATL's demands, ensuring competitive response times, product quality, and cost efficiency [12][14]. - If CATL's annual procurement reaches 500,000 tons or more, Rongbai Technology will offer CATL more favorable pricing through cost reductions [13]. Group 2: Market Potential and Product Development - Sodium-ion batteries are expected to achieve large-scale application, with CATL predicting that they could cover over 40% of the domestic passenger vehicle market demand [5][22]. - CATL's sodium-ion battery, branded as "Sodium New," is the first to pass the new national standard certification and has been designed to operate effectively in extreme temperatures [24]. - The energy density of the Sodium New battery reaches 175 Wh/kg, providing over 500 kilometers of pure electric range, making it a viable option for electric vehicles in colder regions [24][26]. Group 3: Financial Performance - As of November 14, CATL's stock price was 404.12 CNY per share, with a market capitalization of 1.86 trillion CNY, reflecting a decline of 2.76% [7]. - Rongbai Technology reported a revenue of 8.99 billion CNY for the first three quarters of 2025, a year-on-year decrease of 20.64%, and a net profit attributable to shareholders of -204 million CNY, down 274.96% [17][19].

Group 1: Market Trends - The automotive market is experiencing a peak sales season, with multiple car manufacturers launching new models, driven by policy support and expected increases in sales volume [1] - The demand for lithium batteries is anticipated to grow due to the increased demand for power batteries and sustained high growth in the energy storage sector [1][2] - The energy storage cell market is facing a "difficult to price and order" situation, with leading companies operating at high capacity [2] Group 2: Company Performance - CATL (Contemporary Amperex Technology Co., Limited) has sufficient orders and is currently operating at over 90% capacity utilization, with plans to expand production to 1TWh by next year [1] - Haicheng Energy Storage has been in a full production state since March, with orders scheduled until the end of the year, indicating strong demand in the energy storage cell market [2] - CATL's R&D investment exceeded 10 billion yuan in the first half of 2025, focusing on innovative product development, including sodium-ion batteries [3] Group 3: Industry Developments - The lithium battery industry is witnessing a price recovery in certain segments, with material prices experiencing slight increases due to demand [2] - The solid-state battery technology is gaining attention, with expectations for industrialization by 2027, potentially reshaping the lithium battery landscape [2][3] - The global shift towards renewable energy is driving demand for both power and energy storage batteries, with increased competition in overseas markets [3]