2025.09. 27 本文字数：2198，阅读时长大约4分钟 作者 | 第一财经 陆如意 继2023年"借壳上市"失败后，海辰储能的第二次资本化尝试再次受阻。 今年3月25日，海辰储能向港交所递交招股申请书，期间的联席保荐人为华泰国际、中信证券、农银国 际、中银国际。截至9月25日，其港股招股书失效。 据港交所规定，企业递交的招股书有效期为6个月，若未在6个月期限内完成上市聆讯，招股书将自动 失效。后续拟上市企业若希望继续推进上市，可选择更新相关财务数据和业务进展信息，并重新提交申 请。 因此，招股书失效属于港交所的正常程序性规则， 不应被"粗暴"地解读为IPO"折戟"。 但是，在没有 完成证监会备案和港交所聆讯的情况下失效，说明该公司"尚未准备好"或上市进程确实存在一些"关 卡"。 三次遭"宁王"专利诉讼 除了专利端的"高度重叠"，两者在核心高管及技术团队上也有"重叠"。海辰储能可以说是"脱胎于"宁 德时代，海辰储能创始人吴祖钰及多名高管此前有过宁德时代任职履历。 "跑马圈地"下的财务压力 在上市审批过程中，联交所会就拟上市公司的业务模式、关联交易、独立性、法律合规、财务数据等进 行多轮问询。 而在港股I ...

今年3月25日，海辰储能向港交所递交招股申请书，期间的联席保荐人为华泰国际、中信证券、农银国 际、中银国际。截至9月25日，其港股招股书失效。 据港交所规定，企业递交的招股书有效期为6个月，若未在6个月期限内完成上市聆讯，招股书将自动失 效。后续拟上市企业若希望继续推进上市，可选择更新相关财务数据和业务进展信息，并重新提交申 请。 因此，招股书失效属于港交所的正常程序性规则，不应被"粗暴"地解读为IPO"折戟"。但是，在没有完 成证监会备案和港交所聆讯的情况下失效，说明该公司"尚未准备好"或上市进程确实存在一些"关卡"。 三次遭"宁王"专利诉讼 在上市审批过程中，联交所会就拟上市公司的业务模式、关联交易、独立性、法律合规、财务数据等进 行多轮问询。 而在港股IPO关键的聆讯期，海辰储能与万亿"宁王"（宁德时代，300750.SZ）正在就专利侵权等法律纠 纷进行诉讼，这些未决的、可能对公司业务造成重大不利影响的诉讼，也在一定程度影响海辰储能的上 市进程。 继2023年"借壳上市"失败后，海辰储能的第二次资本化尝试再次受阻。 "跑马圈地"下的财务压力 海辰储能成立于2019年，主要产品包括储能电池及系统，覆盖源网 ...

继2023年"借壳上市"失败后，海辰储能的第二次资本化尝试再次受阻。 今年3月25日，海辰储能向港交所递交招股申请书，期间的联席保荐人为华泰国际、中信证券、农银国 际、中银国际。截至9月25日，其港股招股书失效。 彼时，宁德时代在"2025储能587技术日"公开表示，得益于全球领先的智造水平，宁德时代587Ah电芯 拥有行业领先的品质和交付能力，实现单体缺陷率达到PPB级（十亿分之一），安全把控等级达7.5西 格玛，生产节拍提升50%，碳排放减少57%。 据港交所规定，企业递交的招股书有效期为6个月，若未在6个月期限内完成上市聆讯，招股书将自动失 效。后续拟上市企业若希望继续推进上市，可选择更新相关财务数据和业务进展信息，并重新提交申 请。 因此，招股书失效属于港交所的正常程序性规则，不应被"粗暴"地解读为IPO"折戟"。但是，在没有完 成证监会备案和港交所聆讯的情况下失效，说明该公司"尚未准备好"或上市进程确实存在一些"关卡"。 三次遭"宁王"专利诉讼 在上市审批过程中，联交所会就拟上市公司的业务模式、关联交易、独立性、法律合规、财务数据等进 行多轮问询。 而在港股IPO关键的聆讯期，海辰储能与万亿"宁王" ...

隋东表示，目前锂电池产业部分环节价格已呈现筑底回升态势，企业扩产节奏也有所放缓，供需结构有 望逐步优化。"例如，在主要材料环节，资源品、正负极材料及电解液等价格受需求带动普遍小幅上 涨。" 本报记者 冯雨瑶 李婷 汽车市场正处"金九银十"销售旺季，多家车企密集推出新款车型。业内人士认为，政策推动下，汽车销 量或有望进一步提升，同时，这也将带动锂电池需求增长。 深圳市前海排排网基金销售有限责任公司研究员隋东告诉《证券日报》记者，随着"金九银十"旺季到 来，动力电池需求预期增强，叠加储能端持续高增长，促使锂电池迎来需求增长。 据悉，动力电池方面，宁德时代新能源科技股份有限公司（以下简称"宁德时代"）目前订单充足。在此 基础上，摩根士丹利研报称，宁德时代目前产能利用率超过90%，还正在建设250GWh新产能，目标是 明年产能达到1TWh。 在储能方面，储能电芯市场再度出现"加价难排单""一芯难求"现象，龙头企业生产线普遍高负荷运转。 据厦门海辰储能科技股份有限公司（以下简称"海辰储能"）透露，今年3月份起，海辰储能厦门、重庆 基地进入满产状态，这种满产状态一直持续至今，目前工厂的订单排产已至年底，生产计划十分饱和。 ...

全球储能领域的"老大"与"老三"正面交锋始于2023年。当年9月，宁德时代起诉海辰储能创始人吴祖钰违反竞业协议，后者最终支付了100万元违约金。 长江商报消息 ●长江商报记者 沈右荣 万亿"宁王"与储能"新贵"的商业纠纷，因为一封《求助信》再度成为关注焦点。 9月15日晚间，自称"冯登科妻子"的用户通过微信公众号发布一封《求助信》，信中称其丈夫、海辰储能前总裁办主任和工程部负责人冯登科被宁德时代指控侵犯商业秘密而遭逮捕。 冯登科妻子在信中质疑这是一场"恶性商战"，并称其丈夫可能成为牺牲品。 截至目前，宁德时代（300750.SZ）及海辰储能科技股份有限公司（以下简称"海辰储能"）均未对此做出回应。 2025年3月25日，成立仅6年的海辰储能向港股递表，开启IPO征程。公司多名高层有宁德时代工作经历。 公开信息显示，2023年以来，宁德时代已经四次出手狙击海辰储能，其中三次为直接诉讼。 近几年，海辰储能营业收入高速增长，2024年达到129亿元，公司估值250亿元。 截至2025年6月，宁德时代拥有及正在申请专利达49347件，是海辰储能的12.65倍。 遭宁德时代狙击，海辰储能的IPO充满变数。 "老大"与" ...

Core Viewpoint - The investment community is increasingly focused on Xiamen, driven by its continuous investment in the venture capital ecosystem, institutional innovation, and an improved business environment, attracting both general partners (GPs) and limited partners (LPs) [6][10]. Group 1: Investment Environment - Xiamen has become a key destination for investors, with a notable increase in the number of active LPs and a friendly fundraising environment for GPs [7][10]. - The region's LPs are among the few willing to invest in the consumer sector, and there is a significant "linkage effect" among Xiamen's LP community [7][10]. - Xiamen's fund registration scale and LP activity have been steadily increasing, making it a preferred choice for many GPs [7][10]. Group 2: Economic Transformation - Historically reliant on manufacturing and tourism, Xiamen is now emerging in strategic new industries such as renewable energy, hard technology, digital economy, and high-end manufacturing [9]. - The successful mass production of the world's first 587Ah energy storage battery by Xiamen's Haichen Storage marks a significant milestone in the energy storage industry [9]. - Xiamen leads the province with 99 companies recognized as "unicorns," "future unicorns," or "gazelles," highlighting its innovation capabilities [9]. Group 3: Policy Support - The Fujian provincial government has implemented measures to enhance capital market services for technology enterprises, including a 10 billion yuan provincial merger fund and a 10 billion yuan provincial S fund to support quality tech companies [10][11]. - The government is also focusing on optimizing the management of venture capital funds and promoting market-oriented approaches to improve the efficiency of fiscal fund allocation [11]. - Xiamen's "拨改投" policy and cross-strait integration funds have been identified as key drivers of its fundraising success [12]. Group 4: Upcoming Events - The "2025 Mother Fund Annual Forum and the Sixth Lujing Venture Capital Forum" is set to convene, bringing together various stakeholders to explore the multiplier effect of combining long-term capital, industrial capital, and innovative capital [15].

Core Viewpoint - The lawsuit initiated by CATL against Xiamen Hichain Energy Technology Co., Ltd. and others highlights concerns over unfair competition, particularly regarding the similarity of their 587Ah battery products, which have a mere 4.4% deviation in energy density compared to CATL's patented products, significantly below the industry standard of 10% [1][2]. Group 1: Legal Proceedings - The Fujian Ningde Intermediate People's Court has accepted the case on June 25, with a hearing scheduled for August 12 [1]. - This is not the first legal confrontation between the two companies; in 2023, CATL sued Hichain's founder for breaching a non-compete agreement, resulting in a compensation of 1 million yuan [2]. Group 2: Company Background and IPO - Hichain Energy, founded by former CATL employees, is currently in the process of an IPO on the Hong Kong Stock Exchange, having submitted its application on March 25, 2023 [2]. - The timing of the court hearing coincides with the IPO review period, which could impact Hichain's ability to prove that the lawsuit does not affect its ongoing operations [2]. Group 3: Market Position and Growth - Hichain Energy has rapidly grown to become one of the top three companies in global lithium-ion energy storage battery shipments within five years [2]. - The company's revenue figures for 2022, 2023, and projected 2024 are approximately 3.615 billion yuan, 10.202 billion yuan, and 12.917 billion yuan, respectively, reflecting a compound annual growth rate of 89% [3]. - The shipment volume of Hichain's energy storage batteries has seen a compound annual growth rate of 167% during the same period [3].

Core Viewpoint - The heavy-duty truck sector is poised to lead the next wave of electrification, with significant growth expected in the sales of new energy heavy-duty trucks in the coming years [2]. Market Trends - The sales of new energy heavy-duty trucks are projected to exceed 80,000 units in 2024, representing a year-on-year growth of approximately 140% [2]. - In the first quarter of 2025, sales are expected to surpass 30,000 units, nearing 40% of the total sales for the previous year [2]. - By 2025, the domestic market for new energy heavy-duty trucks is anticipated to exceed 110,000 units, achieving a penetration rate of 15% [2]. Battery Supply Chain - The surge in new energy heavy-duty truck sales is driving demand for upstream battery supply, with over 26 GWh of power batteries expected to be shipped in 2024, predominantly from the top three battery manufacturers [2]. - Early entrants in the market are gaining competitive advantages through technology iteration and ecosystem development [2]. Company Performance - Ruipu Lanjun has established a strong position in the market by focusing on technology research and development, product validation, and customer binding [2]. - In 2024, Ruipu Lanjun achieved a heavy-duty truck installation capacity of 1.82 GWh, ranking third nationally, and secured orders from leading heavy-duty truck manufacturers [2]. Product Innovations - Ruipu Lanjun has upgraded its 324Ah product to the Pro version, enhancing energy density and cycle life, thus meeting the performance expectations of heavy-duty truck users [3][8]. - The 324Ah Pro cell features an energy density of 198 Wh/kg and a cycle life exceeding 10,000 cycles, significantly improving operational efficiency and reducing costs for heavy-duty truck operators [8][10]. Cost Efficiency - The 324Ah Pro cell has achieved zero cost growth despite a general increase of over 5% in similar products, showcasing Ruipu Lanjun's technological strength [12]. - The product's design allows for a significant increase in operational mileage, enhancing the utilization rate and reducing the unit freight cost for new energy heavy-duty trucks [10]. Advanced Battery Design - The S-box battery cluster developed by Ruipu Lanjun employs a frameless structure, reducing weight and improving energy density by 35% compared to conventional designs [16][19]. - The S-box can accommodate various energy configurations, including 450 kWh, 680 kWh, and up to 800 kWh, catering to diverse customer needs [19]. Safety Features - Ruipu Lanjun's battery design incorporates multiple safety features, including a two-stage explosion-proof valve and high insulation design, ensuring safe operation under high voltage conditions [17]. Market Positioning - The new energy heavy-duty truck market is characterized by high concentration, with leading battery companies forming long-term partnerships with major manufacturers, enhancing their market share [19]. - Ruipu Lanjun's continuous innovation in product development positions it to capture significant market opportunities in the new energy heavy-duty truck and broader commercial vehicle sectors [19].