| | 倒计时37天 | | --- | --- | | | CINE2025固态电池展暨固态电池行业年会 | | 主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 | | | 协办单位及固态年会总冠名： 茹天科技 | | | 活动时间： 2025年11月6-8日 | | | 活动地点： 广州南沙国际会展中心（2楼船厅及广州厅） | | | 活动规模： 展商规模200+、参会企业2000+、专业观众20000+ | | | 同期活动： | 2025起点固态电池金鼎奖颁奖典礼、SSBA固态电池产业联盟理事会 | 第一批展商及赞助商： 金钠科技/茹天科技/海四达钠星/融捷能源/易事特钠电/泰和科技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/科达新能 源/时代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新能源/扬广科技/银川苏银产业园/兆钠新能源/精诚模具/儒特股份/希 倍动力/先导干燥/瓦时动力/博粤新材料/苏州翼动新能/亿隆能源/钠创新能源/瑞森新材料/海裕百特/凯德利/长篙新材/清研电子 /孚悦科技 等 2025 年二季度，锂电板块结 ...

Core Viewpoint - The energy storage sector is experiencing significant growth due to unexpected recovery in industry prosperity and event catalysts, leading to high demand for energy storage batteries and near-full production capacity among major manufacturers [2]. Group 1: Production Capacity and Utilization - Major battery manufacturers are reporting full orders and tight production capacity, with some companies having their energy storage battery orders nearly filled through 2026 [3]. - The production capacity and utilization rates for leading companies in 2025 and 2026 are as follows: - CATL: 160 GWh (89.86% utilization) in 2025, 230 GWh (85% utilization) in 2026 - EVE Energy: 80 GWh (100% utilization) in 2025, 130 GWh (88% utilization) in 2026 - Hicharge: 75 GWh (93% utilization) in 2025, 102 GWh (98% utilization) in 2026 - Others also show high utilization rates, with a total capacity of 552 GWh (87% utilization) in 2025 and 937 GWh (85% utilization) in 2026 [4]. Group 2: Demand and Pricing Trends - The demand for large-capacity energy storage cells, such as the 314Ah model, is outstripping supply, with orders extending into 2026. However, the overall industry capacity utilization remains around 65%, indicating structural shortages [14]. - The price trends for various energy storage cell models show significant increases, with the 100Ah and 314Ah cells experiencing price hikes of 10%-15% and 5%-10% respectively, while lower-capacity cells are facing oversupply [15][17]. Group 3: Company-Specific Updates - CATL has a utilization rate of 89.86% for its energy storage systems, with orders extending to October, and some overseas projects requiring "premium pricing for priority production" [6]. - EVE Energy reported full production status for its energy storage batteries as of September 28 [7]. - Hicharge's Chongqing base has orders extending to October, with a 220% increase in overseas orders and a gross margin exceeding 40% [8]. - Ruipu Lanjun has maintained a production utilization rate above 90% since Q2 2025, reaching 100% in July [9]. - Ganfeng Lithium announced that its energy storage cells have achieved large-scale production and established long-term supply partnerships with major industry players [10]. - Penghui Energy reported full production for its major energy storage products, with some price increases compared to the first half of the year [11]. - Chuangneng New Energy has received over 80 GWh in new orders as of September, with a monthly shipment exceeding 8 GWh [12]. Group 4: Strategic Collaborations and Orders - The total announced energy storage cell orders since 2025 have reached 152.879 GWh, accounting for 56.19% of all related orders [18]. - Various companies have signed significant collaboration agreements, including: - Envision Technology Group with over 10 energy system companies for 40 GWh - EVE Energy with strategic cooperation agreements totaling 10 GWh [19].

图为宜昌楚能工作人员向参访者展示电池集装箱。 张畅摄 "50秒钟就能将13块314Ah电芯，精准组装成长约100厘米、宽约18厘米的模组。"宜昌楚能新能源工作 人员介绍，相比280Ah电芯，314Ah电芯组成的电池集装箱储电量提升逾50%，受到市场青睐。 从建成投产到产能全面释放，产品俏销海内外，楚能新能源宜昌项目仅用了两年时间。9月26日， 80GWh全新一代锂电池项目开工，叠加一期产能，宜昌楚能新能源总产能有望接近150GWh。 图为楚能电池集装箱。 张畅摄 短短两年间，楚能新能源在宜昌实现连续布局，成为该市新能源电池及材料产业蓬勃发展的生动缩影。 中新网宜昌9月29日电 (王梦媛)位于湖北省宜昌市夷陵区的楚能新能源(宜昌)锂电池产业园29日一派繁 忙。集装箱车间内，工人正在对刚刚下线的5MWh储能集装箱进行检验检测。这款被称为"大充电宝"的 集装箱式储能产品，将于10月出口至保加利亚。 近年来，该市实施"双碳引领、枢纽赋能、强产兴城"战略，推动化工产业向新能源电池、动力总成和高 端装备制造迭代升级，打造世界级动力电池产业集群和核心基地。宁德时代、山东海科、深圳欣旺达、 湖北楚能等头部企业纷纷重仓入驻。 ...

公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量21.8GWh，同比+23%。2025H1 公司在全球动力电池市场出 货排名第四、国内动力电池市场出货排名第三。乘用车市场，公司在国内市占率创新高，2025 年7 月单 月市占率达到8.25%。公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合 作，交付产品类型日益丰富。商用车市场，公司2025H1 国内新能源商用车电池装机量同比增长超 310%，单月排名进入前三。2025H1 公司实现新能源商用车新车公告230 款以上，同比增长33%，实现 各领域车型全面覆盖。公司与欧洲Volvo、奇瑞、吉利、徐工、三一等客户合作密切，份额稳中向好。 公司储能业务实现快速增长。2025H1 公司储能系统产品及其他业务实现营收57.57 亿元，同比+110%， 储能电芯出货量进入全球前四。公司314Ah 电芯产品实现大批量稳定交付；392Ah 电芯作为6.25MWh 系统最优解决方案、已实现批量交付。公司新一代600Ah+储能大电芯能量密度达到440Wh/L 以上，助 ...

证券研究报告 | 2025年09月10日 中创新航（03931.HK） 优于大市 动储电池市场份额稳步提升，盈利能力持续改善 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·海外公司财报点评 公司2025H1 实现归母净利润4.66 亿元、同比+87%。公司2025H1 实现营收164.19 亿元，同比+32%；实现净利润（含少数股东权益）7.53 亿元，同比+81%；实现 归母净利润 4.66 亿元，同比+87%；毛利率为 17.53%，同比+1.91pct；净利率为 4.59%，同比+1.24pct。 公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力 电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量 21.8GWh，同比+23%。 2025H1 公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第 三。乘用车市场，公司在国内市占率创新高，2025 年 7 月单月市占率达到 8.25%。 公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合作， 交付产品类型日益丰富。商用车市场，公司 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown a steady increase in market share in the power battery sector, with significant growth in commercial vehicle markets and a notable improvement in profitability [2][3]. - The company's revenue for the first half of 2025 reached 164.19 billion CNY, a year-on-year increase of 32%, while the net profit attributable to shareholders was 4.66 billion CNY, up 87% year-on-year [1][3]. - The company is ranked fourth globally and third domestically in power battery shipments, with a record market share of 8.25% in the passenger vehicle segment as of July 2025 [2][3]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 17.53%, an increase of 1.91 percentage points year-on-year, and a net margin of 4.59%, up 1.24 percentage points year-on-year [1]. - The company's energy storage system products and other businesses generated revenue of 57.57 billion CNY in the first half of 2025, reflecting a 110% year-on-year growth [3]. - The forecasted net profit for the company from 2025 to 2027 is expected to be 13.76 billion CNY, 21.18 billion CNY, and 30.28 billion CNY, representing year-on-year growth rates of 133%, 54%, and 43% respectively [3][4]. Market Expansion and Strategic Partnerships - The company has established deep collaborations with leading domestic and international firms such as Volkswagen, Hyundai, Toyota, and others, enhancing its product offerings [2]. - The company is expanding its global footprint with new production bases in Thailand and Europe, which will improve its international delivery efficiency [3]. - Strategic partnerships with domestic clients like State Power Investment Corporation and China Nuclear Energy are being deepened to support rapid business growth [3].

Core Viewpoint - Guochuang Innovation (03931) is rated "outperform" by Guoxin Securities, with projected net profits for 2025-2027 expected to grow significantly, indicating strong future performance [1] Financial Performance - The company expects net profits of 1.376 billion, 2.118 billion, and 3.028 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 133%, 54%, and 43% [1] - In the first half of 2025, the company achieved a net profit of 466 million yuan, up 87% year-on-year, with total revenue of 16.419 billion yuan, a 32% increase [1] - The gross margin was 17.53%, an increase of 1.91 percentage points, while the net margin was 4.59%, up 1.24 percentage points year-on-year [1] Battery Business - In the first half of 2025, the company's battery business generated revenue of 10.662 billion yuan, a 10% increase year-on-year, with a battery shipment volume of 21.8 GWh, up 23% [2] - The company ranked fourth globally and third domestically in battery shipments, achieving a record market share of 8.25% in July 2025 for passenger vehicles [2] - The company has established deep collaborations with major automotive manufacturers, enhancing product delivery diversity [2] Energy Storage Business - The energy storage system and other businesses generated revenue of 5.757 billion yuan in the first half of 2025, reflecting a 110% year-on-year increase, with battery cell shipments entering the global top four [3] - The company has successfully delivered large quantities of its 314Ah battery cells and is set to mass-produce a new generation 600Ah+ battery cell with a density exceeding 440Wh/L by Q4 2025 [3] - The company is expanding globally, with a production base in Thailand and a new facility in Europe under construction, enhancing international delivery capabilities [3]

动力电池方面，2025H1公司动力电池业务实现营收106.62亿元，同比+10%;动力电池装车量21.8GWh， 同比+23%。2025H1公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第三。乘用车 市场，公司在国内市占率创新高，2025年7月单月市占率达到8.25%。公司与大众、现代、丰田、奥 迪、小鹏、零跑、长安等国内外头部企业深入合作，交付产品类型日益丰富。商用车市场，公司 2025H1国内新能源商用车电池装机量同比增长超310%，单月排名进入前三。2025H1公司实现新能源商 用车新车公告230款以上，同比增长33%，实现各领域车型全面覆盖。公司与欧洲Volvo、奇瑞、吉利、 徐工、三一等客户合作密切，份额稳中向好。 储能业务方面，2025H1公司储能系统产品及其他业务实现营收57.57亿元，同比+110%，储能电芯出货 量进入全球前四。公司314Ah电芯产品实现大批量稳定交付;392Ah电芯作为6.25MWh系统最优解决方 案、已实现批量交付。公司新一代600Ah+储能大电芯能量密度达到440Wh/L以上，助力20尺集装箱带 电量达到6.8MWH+，将于2025Q4实现量产。公司与国家 ...

Core Insights - The article highlights the procurement of 500,000 units of 314Ah battery cells by China National Petroleum Corporation (CNPC) from leading battery manufacturers, indicating a significant demand in the energy storage sector [2][3]. Group 1: Procurement Details - The first bidder, Contemporary Amperex Technology Co., Limited (CATL), won the bid with a total price of 160,768,000 yuan, translating to a unit price of 0.32 yuan/Wh [2][3]. - The second candidate, Xiamen Hicharge Energy Technology Co., Ltd., had a bid of 140,670,000 yuan, with a unit price of 0.28 yuan/Wh [2][3]. Group 2: Market Context - CATL reported a revenue of 28.4 billion yuan in the first half of 2025 from energy storage, with a gross margin of 25.52% [4]. - Other companies such as Chuangneng New Energy, Trina Storage, Hicharge Energy, and Guoxuan High-Tech have also secured significant orders totaling 7.2 GWh for energy storage battery cells [4].

Group 1 - The eighth Sodium Battery Summit Forum will be held on August 28, 2025, in Shenzhen, focusing on the theme of "Full Chain Technology Capacity Leap GWH Level Shipment 'True' Year" [1] - The event is organized by Qidian Sodium Battery and Qidian Research Institute (SPIR), with Jin Na Technology as the main sponsor and over 600 participants expected [1] - Various companies including TianNeng Sodium Battery, Weike Technology, and others will participate as sponsors and speakers [1] Group 2 - The 2025 Qidian Household Storage and Portable Energy Storage Battery Tour has commenced, aiming to visit over 50 leading companies in the sector [3] - A technical forum will be held on September 26, 2025, in Shenzhen, where the 2025 China Household Storage and Portable Energy Storage Industry White Paper and competitive rankings will be released [3] Group 3 - Guangdong Huixin Innovation Energy, a subsidiary of Ganfeng Lithium, specializes in two-wheeled vehicle batteries and energy storage batteries, with a production capacity of 5 GWh [6] - The company’s two-wheeled battery sales accounted for over 50% of total revenue in 2023, and it is expected to lead the market in 2024 [6] - Huixin's products are certified by multiple international standards and are exported to various countries, with a growing demand in the overseas energy storage market [7] Group 4 - The company is experiencing increased orders in the energy storage sector, with significant demand in Europe and Africa, particularly in household storage [7] - The European market for balcony energy storage is expanding, with a reported 135,000 new installations in Germany from January to April 2025, indicating rapid growth [7] - Huixin is focusing on customized solutions for different regional needs, including high-temperature products for Southeast Asia [8] Group 5 - The household storage market is undergoing a transformation, with competition shifting from price to comprehensive capabilities, including supply chain integration and system capabilities [8] - Key competitive factors include battery cell and BMS capabilities, PCS control strategies, EMS integration, and local operational capabilities [8] - New entrants face challenges such as obtaining overseas certifications, which serve as significant barriers to entry [8]