倒计时22天 2025（第十届）起点锂电行业年会暨锂电金鼎奖颁奖典礼 &起点研究十周年庆典 2025起点用户侧储能及电池技术论坛 活动主题： 新周期 新技术 新生态 活动时间： 2025年12月18-19日 活动地址： 深圳市维纳斯皇家酒店（深圳国际会展中心京基百纳店）二楼维纳斯厅（深圳市宝安区沙井 镇沙井路118号） 主办单位： 起点锂电、起点固态电池、起点储能、起点研究院SPIR 活动规模： 线下2000+，在线直播观看30000+ 第一批赞助及演讲单位： 海辰储能/融捷能源/瑞浦兰钧/逸飞激光/鹏辉能源/赣锋锂电/多氟多/保力新/ 远东电池/国轩吉美泰/诺达智慧/创明新能源/孚能科技/德赛电池/陀普科技/蓝京新能源/中比新能源/北 测新能源/亿鑫丰/达力智能/金力股份/苏州莫洛奇/鑫晟达/先导智能/恩捷股份/尚太科技/超业精密/科 迈罗/东唐智能/贤辰智享/爱签/中天和/和明机械等 2025 年，无论在应用边界还是技术进展上，大圆柱电池都以"高能量密度、高安全、低成本"的三大核心优势，实现了超预期发展，产业化正 进入关键时期。 可喜的是，在汽车、储能、 eVTOL 、两轮车等多个细分场景，国内一众大圆柱 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Insights - The company reported significant growth in net profit for Q3, with a quarter-on-quarter increase of 140.16% [9]. - The company's revenue for the first three quarters of 2025 reached 450.02 billion yuan, a year-on-year increase of 32.17% [9]. - The company is a leading player in the power battery sector, with a 66.98% year-on-year increase in battery shipments [9]. - The company has optimized its customer structure, which is expected to enhance profitability [9]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 168.32 billion yuan, a year-on-year increase of 35.85% and a quarter-on-quarter increase of 9.49% [9]. - The net profit for Q3 was 12.11 billion yuan, representing a year-on-year increase of 15.13% and a quarter-on-quarter increase of 140.16% [9]. - The gross margin for the first three quarters was 15.95%, down 1.43 percentage points year-on-year, while the net margin was 6.61%, down 3.01 percentage points year-on-year [9]. Product and Market Development - The company has successfully launched large cylindrical batteries and is the first supplier for BMW's next-generation electric vehicle [9]. - The company’s energy storage battery shipments reached 48.41 GWh in the first three quarters, a year-on-year increase of 35.51% [9]. - The company is expected to release a solid-state battery with an energy density of 350 Wh/kg by 2026 [9]. Future Outlook - The company maintains a "Buy" rating with projected EPS of 2.16 yuan and 3.47 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 36 times and 23 times [9][11]. - The company is positioned as a platform enterprise in power, energy storage, and consumer lithium batteries, with anticipated rapid profit growth due to product and customer structure optimization [9].

Core Insights - EVE Energy has commenced the installation and commissioning phase of its battery production facility in Debrecen, Hungary, marking a significant milestone in the project [1][2] - The Hungarian facility is a key component of EVE Energy's European strategy, with a total planned investment of approximately 9.9 billion RMB and an annual production capacity of 28 GWh [2] - The project will primarily manufacture 46 series cylindrical batteries for the BMW Group's electric vehicle platform, with an expected completion and production start date in 2026, creating over 1,000 local jobs [2] Group 1 - The facility covers an area of approximately 450,000 square meters and is designed to integrate manufacturing, supply chain management, and customer service within the European renewable energy sector [2][3] - EVE Energy's senior vice president highlighted the importance of the Hungarian project in the company's global layout, emphasizing its role in enhancing the company's capabilities in the European renewable energy market [3] Group 2 - The local government of Jingmen expressed support for the project, viewing it as a model for international industrial cooperation and a step forward in EVE Energy's globalization efforts [2] - The project is expected to strengthen the local business environment and enhance the global competitiveness of local enterprises [2]

Core Viewpoint - The company, EVE Energy, reported a mixed performance in its 2025 semi-annual report, showcasing a significant revenue growth of 30.06% year-on-year, reaching 28.17 billion yuan, while net profit was only 1.605 billion yuan, indicating pressure on profitability despite historical revenue highs [1][3] Financial Performance - Total revenue for the first half of the year was 28.17 billion yuan, a 30.06% increase year-on-year, while net profit was 1.605 billion yuan, with a non-recurring profit of 1.16 billion yuan [3] - Excluding stock incentive expenses and specific bad debt provisions, net profit would have been 2.218 billion yuan, reflecting a growth of 3.78% year-on-year [3] - The gross profit margin for the power battery business improved significantly, reaching 17.60%, an increase of 6.92 percentage points year-on-year [4] Operational Highlights - In Q2, the company achieved a record revenue of 15.351 billion yuan, with power battery shipments reaching 21.48 GWh, a year-on-year increase of 58.58%, and energy storage battery shipments at 28.71 GWh, up 37.02% [4] - Operating cash flow showed a remarkable recovery, with a net cash flow of 2.373 billion yuan, a year-on-year increase of 660.72% [4] Strategic Focus - The company is transitioning from "scale expansion" to "value cultivation," emphasizing the importance of technology iteration and product differentiation as survival strategies [1][7] - EVE Energy has established a multi-layered technological moat in power batteries, energy storage batteries, and frontier energy sectors, focusing on long-term talent investment and incentive mechanisms [2][8] Industry Context - The lithium battery industry is expected to see a significant shift, with the penetration rate of new energy vehicles in China projected to exceed 50% by 2025, and the energy storage market expected to grow at a compound annual growth rate of 30% [7][9] - The industry is experiencing a "tear" with competition among different battery technologies, including lithium iron phosphate and ternary batteries, as well as the commercialization of solid-state batteries [7] Future Outlook - The company is well-positioned in the market, with its large cylindrical battery technology leading to significant market share and expected growth in global shipments [8] - EVE Energy is also advancing in the energy storage sector, with a projected market size of 120 billion yuan by 2025 and over 500 billion yuan by 2030, driven by large-scale applications [9] - The company’s focus on R&D and technological advancements is expected to yield strong financial resilience and competitive advantages in the long term [10]

Financial Performance - Company reported a revenue of 21.66 billion yuan for the first half of the year, a year-on-year decrease of 5.73% [1] - Net profit was 2.14 billion yuan, essentially flat with a slight decrease of 0.64% [1] - Non-recurring net profit increased by 19.32% year-on-year to 15.0 billion yuan [1] - Operating cash flow sharply declined by 90.55% from 3.3 billion yuan in the same period last year to 312 million yuan [1] Core Business Developments - Energy storage battery shipments surged by 133.18% year-on-year, with a global market share rising to second place [1][2] - Power battery shipments increased by 7.03% year-on-year, ranking second in the commercial vehicle sector with a market share of 13.54% [1][2] - The company has delivered over 21,000 units of the 46 series cylindrical battery, with the product evolving into the Omnicell all-purpose battery [2] Strategic Initiatives - The CLS model has been elevated to one of the company's five strategic business segments, focusing on co-development, technology licensing, and service support [3] - The first project under this strategy is a joint venture with Daimler Truck, PACCAR, and Electrified Power to establish ACT in Mississippi, USA, with an annual production capacity of approximately 21 GWh of lithium iron phosphate batteries [3] - The joint venture aims to secure stable market demand by having the three foreign partners as primary customers for the new production capacity [3]

Core Insights - The company reported a revenue of 21.66 billion yuan for the first half of the year, representing a year-on-year decline of 5.73% [1][2] - Net profit was 2.14 billion yuan, showing a slight decrease of 0.64% compared to the previous year [1][2] - The company's net profit excluding non-recurring items increased by 19.32% year-on-year, reaching 1.50 billion yuan [1][2] Financial Performance - Revenue: 21,659,398,588.08 yuan, down from 22,975,722,909.04 yuan, a decrease of 5.73% [2] - Net profit attributable to shareholders: 2,137,249,689.22 yuan, compared to 2,150,924,034.44 yuan, a decrease of 0.64% [2] - Net profit excluding non-recurring items: 1,499,101,177.24 yuan, up from 1,256,413,275.44 yuan, an increase of 19.32% [2] Cash Flow and Earnings - Net cash flow from operating activities was 311,882,588.92 yuan, a significant decline of 90.55% [3] - Basic earnings per share: 1.04 yuan, down 0.95% from 1.05 yuan [3] - Diluted earnings per share: 1.04 yuan, also down 0.95% from 1.05 yuan [3] - Return on equity: 5.97%, down from 6.80%, a decrease of 0.83% [3] Business Segment Performance - The company shipped 20.95 GWh of energy storage batteries, a remarkable increase of 133.18% year-on-year, achieving the second-largest global market share [3] - The shipment of power batteries reached 13.54 GWh, a year-on-year growth of 7.03%, ranking second in the commercial vehicle sector [3] - Cumulative delivery of the 46 series large cylindrical batteries exceeded 21,000 units, with product iteration to the Omnicell all-in-one battery [3]

Core Viewpoint - LG Energy Solution reported significant growth in operating profit for Q2 2023, driven by U.S. battery production subsidies and preemptive inventory accumulation by clients before potential tariffs [1][2] Group 1: Financial Performance - Operating profit for Q2 2023 increased by 152.4% year-on-year and 31.4% quarter-on-quarter, reaching 492.2 billion KRW, compared to 195 billion KRW in the same period last year [1] - Consolidated revenue decreased by 9.7% year-on-year and 11.2% quarter-on-quarter, totaling 5.565 trillion KRW [1] - Net profit reached 91 billion KRW, a turnaround from a net loss of 24 billion KRW in the previous year [1] Group 2: Production and Capacity Expansion - LG Energy Solution paused the construction of its ESS battery factory in Arizona, prioritizing existing capacity in Michigan and accelerating the production plan for lithium iron phosphate batteries for ESS by one year [1] - The company plans to expand its annual production capacity for ESS batteries to 17 GWh by the end of this year [1] Group 3: Strategic Partnerships and Market Outlook - LG Energy Solution signed a supply agreement with Chery for 8 GWh of cylindrical batteries for European electric vehicles, marking the first such contract between a Korean battery manufacturer and a Chinese automaker [2] - The company anticipates a slowdown in global electric vehicle demand in the short term but expects long-term growth driven by advancements in autonomous driving technology [2] - LG Energy Solution is optimistic about the growth opportunities in the global ESS market, particularly due to the rising demand from renewable energy projects and AI data centers [2] - Policy adjustments are expected to increase barriers for "restricted foreign entities" entering the U.S. market, enhancing the competitive advantage of companies with established local production and supply chains [2]

Core Viewpoint - LG Energy Solution (LGES) reported a significant turnaround in its financial performance for Q2, achieving a net profit of 91 billion KRW (approximately 470 million RMB) compared to a net loss of 24 billion KRW in the same period last year, driven by increased demand and strategic adjustments in response to U.S. tariffs [2][3]. Financial Performance - In Q2, LGES's operating profit surged by 152% to 492.2 billion KRW (approximately 2.56 billion RMB), marking a return to profitability after five consecutive quarters of losses [2]. - The company's revenue for Q2 decreased by 11.2% quarter-on-quarter to 5.565 trillion KRW (approximately 28.9 billion RMB) and fell by 9.7% year-on-year [6]. Market Dynamics - The ongoing U.S. tariff policies have created favorable conditions for Korean and Japanese battery manufacturers, as they limit the market share of Chinese battery companies in the U.S. [3]. - LGES plans to accelerate the establishment of production bases in North America to meet the anticipated demand for energy storage systems (ESS), with a target to expand annual ESS battery production capacity to 17 GWh by the end of the year [3]. Strategic Developments - LGES has entered into a supply agreement with Chery to provide 8 GWh of cylindrical batteries for European electric vehicle models, marking a significant collaboration between a Korean battery manufacturer and a Chinese automaker [3]. - The company is set to begin production of lithium iron phosphate (LFP) batteries for ESS applications a year earlier than initially planned, starting in 2025 [3]. Challenges and Risks - The electric vehicle market is facing pressures due to the impending termination of a $7,500 tax credit for new vehicles and rising macroeconomic pressures, which may impact sales for LGES's key customers like General Motors and Tesla [4]. - LGES's battery usage has declined by 13.3% year-on-year in the first five months of the year, particularly in the European market, reflecting broader market challenges [5]. - The company's market share has decreased from 13.5% in 2023 to 10.8% in 2024, with further decline to 10% in the first five months of the year, indicating increasing competition from companies like CATL and BYD [5].

Investment Rating - The report maintains a "Recommended" investment rating for the energy and new energy sectors [7] Core Insights - The new energy sector is significantly driven by policies, with price increase signals being transmitted throughout the industry [2] - The photovoltaic industry is at the bottom of the cycle, with future policy strength being a key variable affecting industry trends [4] - The wind power sector is expected to see robust growth in 2025, particularly in offshore wind projects, supported by ongoing policy backing [4] Weekly Market Review - From July 5 to July 11, 2025, the Shanghai Composite Index rose by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The Shenwan Power Equipment Index increased by 2.50%, outperforming the CSI 300 by 1.68 percentage points [13] - Within sub-sectors, the Shenwan photovoltaic equipment saw a significant increase of 7.25%, while wind power equipment rose by 0.72% [13][17] Key Sector Tracking - EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, with funds primarily allocated for projects in Hungary and Malaysia, aiming for a production capacity of 30GWh by 2027 [3] - The photovoltaic industry is focusing on capacity consolidation in the silicon material segment and strengthening price regulation across the supply chain [4] Investment Recommendations - For the photovoltaic sector, it is advised to focus on silicon materials, glass, and battery segments that have undergone sufficient corrections, as well as leading manufacturers with new technologies [4] - In the wind power sector, attention should be given to companies like Goldwind Technology and Mingyang Smart Energy, particularly in offshore wind projects [4] New Energy Vehicles - The new energy vehicle supply chain in China continues to grow rapidly, with a recommendation to focus on battery and structural components benefiting from low upstream raw material prices [5] - Companies such as CATL and EVE Energy are highlighted as key players to watch as the industry recovers from excess capacity [5]

Group 1: Industry Overview - The "anti-involution" signal from policy levels is driving structural adjustments in the power equipment and new energy sectors, indicating a shift from disorderly competition to high-quality development [1] - The photovoltaic industry is experiencing accelerated elimination of backward production capacity under policy guidance, with signs of price stabilization in silicon materials and glass [1] Group 2: EVE Energy's Global Expansion - EVE Energy has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for a 30GWh power battery factory in Hungary and a 38GWh energy storage battery project in Malaysia, marking a critical phase in its global layout [1] - The Hungary project targets local demand from European automakers, focusing on the production of 46 series cylindrical batteries, while the Malaysia project aims at the Southeast Asian energy storage market [1] Group 3: Competitive Landscape and Financial Challenges - The shift in industry competition logic is evident as domestic lithium battery capacity faces significant overcapacity pressure, while policies in Europe and the U.S. favor localized supply, creating new opportunities [2] - EVE Energy's "China manufacturing + overseas base" model helps avoid trade barriers and shortens the distance to core customers, but the projected 2027 production timeline for the Hungary project coincides with competitors like CATL and Sunwoda, indicating potential market competition intensity [2] - As of March 2025, EVE Energy has cash reserves of 13.435 billion yuan, but the total investment demand for overseas projects far exceeds current reserves, with a debt-to-asset ratio rising to 62% [2] - The energy storage business's strategy of "exchanging price for volume" has led to a continuous decline in gross margins, with the average price of energy storage batteries expected to drop by 33% year-on-year in 2024 [2] Group 4: Photovoltaic Industry Dynamics - The photovoltaic industry's "anti-involution" actions are transitioning from initiatives to tangible implementations, with major domestic photovoltaic glass companies collectively announcing a 30% production cut, expected to reduce July output to 45GW, which has led to a rebound in glass prices [3] - The central financial committee has mandated the rectification of low-price disorderly competition, indicating that supply-side reforms in the photovoltaic sector have entered an execution phase [3] - The silicon material segment is becoming a focal point for capacity consolidation, with recent rumors of "silicon material storage" leading to price recovery, as the average transaction price for multi-crystalline silicon N-type materials has risen to 34,700 yuan/ton, a 0.87% increase [3] - The new photovoltaic manufacturing industry standards raise the threshold for new capacity, further curbing inefficient expansion [3] - The competitive focus is shifting from price to technological differentiation, with advancements in large-size N-type cells and perovskite tandem technologies accelerating, allowing leading firms to achieve cost reductions and efficiency improvements [3] - The primary contradiction in the photovoltaic sector has shifted from insufficient demand to oversupply, with the potential for marginal improvements as policies and corporate actions drive capacity elimination [3]