Battery - The domestic lithium battery market prices remain generally stable. In September, lithium battery production increased by approximately 10% month-on-month, and major battery manufacturers are expected to maintain high operating rates in Q4 to boost production and ensure raw material supply [1] - However, due to recent price increases in several downstream materials, there is an expectation of rising prices for battery cells in the future [1] New Energy Vehicles - The sales situation for domestic new energy vehicles is strong, with automakers not lacking orders and competing on delivery capabilities. From October 1 to 12, retail sales in the passenger car market reached 686,000 units, down 8% year-on-year but up 12% month-on-month [2] - Retail sales of new energy vehicles during the same period totaled 367,000 units, down 1% year-on-year and up 1% month-on-month, with a retail penetration rate of 53.5% [2] - Cumulatively, new energy vehicle retail sales reached 9.236 million units, up 23% year-on-year, with an annual cumulative penetration rate of 52.0% [2] Energy Storage - This week, the energy storage cell market prices remained stable, and leading domestic energy storage cell manufacturers are expected to operate at full capacity until Q1 next year [3] - BYD recently launched its 2710Ah cell and corresponding 14.5MWh product, which is expected to exert significant pressure on existing storage products and has gained popularity among overseas customers, potentially leading the future development of energy storage integrated products [3] - On October 13, the Hebei Provincial Development and Reform Commission released a list of 97 independent energy storage pilot projects with a total scale of 13.82GW/47.03GWh, indicating a positive outlook for several northern provinces this year [3] - On October 15, the Zhejiang Provincial Development and Reform Commission issued a notice soliciting opinions on optimizing time-of-use electricity pricing policies, which will have certain impacts on commercial energy storage [3]

Core Viewpoint - The article highlights the significant growth and advancements in BYD's battery business, particularly in energy storage and electric vehicle sectors, showcasing impressive sales figures and innovative product developments [2][4][7]. Group 1: Battery Installation and Sales - BYD's total installed capacity of power batteries and energy storage batteries reached approximately 23.2 GWh in September 2025, with a cumulative total of about 203.251 GWh for the first three quarters of 2025, marking a nearly 60% year-on-year increase compared to 127.720 GWh in the same period of 2024 [2]. - In the first three quarters of 2025, BYD's automotive sales reached 3.26 million units, maintaining a leading position despite a slight decrease in growth rate [8]. - BYD achieved a milestone by producing its 14 millionth electric vehicle, becoming the first company globally to reach this figure [8]. Group 2: Energy Storage Business - BYD's energy storage segment has shown remarkable performance, with global lithium battery shipments for energy storage reaching 315.8 GWh in the first half of 2025, a 98% year-on-year increase, positioning BYD as the fourth largest player in this market [4]. - The company signed a contract for a 12.5 GWh energy storage project with Saudi Electricity Company, bringing the total project volume to 15.1 GWh, setting a new industry record [4]. - BYD's new "Hao Han" energy storage system, featuring a single unit capacity of 14.5 MWh and an energy density of 233 kWh/m³, significantly exceeds the industry average by 50% [6]. Group 3: Technological Innovations - The new 2710Ah battery cell developed by BYD utilizes advanced materials and technologies, enhancing capacity and energy density while reducing thermal runaway risks, marking a breakthrough in battery technology [6]. - BYD's DM-i super hybrid technology has set three global records, including the highest engine thermal efficiency at 46.06% and the lowest fuel consumption of 2.9 liters per 100 kilometers [9]. - The upcoming second-generation blade battery is anticipated to bring disruptive technological advancements to the industry [9].