Core Viewpoint - The article discusses the challenges faced by Haichen Energy Storage, particularly in light of legal issues and its upcoming IPO, which may impact its market position and financial stability [5][7][14]. Group 1: Legal Issues and IPO Impact - Haichen Energy Storage's president was detained for allegedly infringing on trade secrets, which has raised concerns about the company's IPO prospects [5][7]. - The company must demonstrate to regulators that ongoing litigation does not affect its operational capabilities, or it risks delays or termination of its IPO process [7][8]. - The legal troubles stem from competitive tensions with CATL, with Haichen asserting that the disputed technology is publicly known and not a trade secret [9][11]. Group 2: Company Background and Growth - Founded in 2019, Haichen Energy Storage has rapidly grown to become the third-largest energy storage battery manufacturer globally, focusing on lithium-ion storage solutions [16][14]. - The company has completed four rounds of financing, raising a total of 8 billion RMB, and has shown impressive revenue growth, with a compound annual growth rate of 89% from 2021 to 2024 [17][19]. - Despite its growth, the company faces financial risks, with accounts receivable surging from 22.3 million RMB in 2022 to 8.315 billion RMB in 2024, representing 69.5% of its revenue [19]. Group 3: International Expansion and Market Challenges - Haichen's international revenue share increased from 0% in 2022 to 28.6% in 2024, with significant contributions from the U.S. market [21][23]. - The company has faced challenges due to the recent bankruptcy of a major U.S. client, Powin, although it claims no direct financial impact from this event [23][24]. - The U.S. market's shrinking demand for energy storage solutions, exacerbated by recent legislative changes, poses a significant risk to Haichen's overseas operations and overall financial health [24][25].

Core Viewpoint - The lithium battery industry is entering a new round of capital expenditure amidst unclear demand signals, with a notable shift in production dynamics between lithium iron phosphate (LFP) and ternary batteries, indicating a demand "window" in the industry [1][3]. Group 1: Industry Dynamics - Since May 2025, the production growth rate of LFP batteries has fallen below that of ternary batteries, a rare occurrence that highlights a demand "window" in the industry [1]. - Major automotive and battery manufacturers have reported significant production cuts and slowed capacity expansion from May to July, reflecting strategic adjustments in response to market pressures [1][2]. - Some leading automotive companies may only achieve less than 40% of their annual sales targets in the first half of 2025, leading to downward revisions in sales forecasts [1]. Group 2: Price Trends - In the first and second quarters of 2025, the price of LFP batteries has decreased more than that of ternary batteries, with the second quarter's decline exceeding the average decline for all of 2024 [3]. - The price of LFP cathode materials dropped approximately 10% in the second quarter, marking the largest decline among major materials [3]. - The prices of LFP electrolytes have also fallen for two consecutive quarters, with declines greater than those of ternary electrolytes [4]. Group 3: Demand Challenges - A global demand gap has emerged, largely due to "advance overdraft" effects from previous surges in demand, particularly driven by U.S. tariff policies and the "Inflation Reduction Act" [6]. - In the first five months of 2025, exports of energy storage batteries from China to the U.S. saw a year-on-year growth exceeding 2000% [6]. - Concerns about the sustainability of demand are heightened by uncertainties surrounding domestic "trade-in" policies and the slowing growth of electrification [7]. Group 4: Capital Expenditure Trends - Despite cautious demand sentiment, a new round of capital expenditure is beginning in the industry, with improved capacity utilization rates in the first half of 2025 compared to the same periods in 2023 and 2024 [7]. - Capital expenditures for industry leaders like CATL have increased by over 40% year-on-year in the first quarter of 2025, with certain materials seeing a shift from negative to positive capital expenditure [7]. - Major battery equipment suppliers expect new orders to grow by over 45% in 2025, reversing the downward trend seen in 2023 and 2024 [7]. Group 5: Strategic Shifts - CATL is focusing on long-term strategies, including advancements in energy storage technology and transitioning from a pure manufacturer to an energy system operator [8]. - The industry faces a dilemma of prolonged capacity clearing and demand gaps while simultaneously entering a new capital competition [9]. - The parallel of "clearing" and "investment" complicates the industry's ability to establish clear expectations for price and profit recovery, emphasizing the importance of demand certainty [9].

Core Viewpoint - The competition in the next-generation energy storage cell market is intensifying, with companies like CATL and Sungrow leading the charge with their respective high-capacity cells, 587Ah and 684Ah, highlighting a broader technological and market strategy battle [4][5][8]. Group 1: Company Strategies - CATL believes that the optimal capacity for energy storage cells is 587Ah, balancing system integration efficiency and safety [5][6]. - Sungrow emphasizes that the efficiency of the entire energy storage system is more critical than the individual cell capacity, advocating for a holistic approach to system design [6][10]. - Both companies agree that larger capacity is not always better, and finding the right balance is essential for optimal performance [5][9]. Group 2: Technological Approaches - CATL utilizes a winding process for its 587Ah cells, which they argue provides a better match for national standards and enhances energy density [5][6]. - Sungrow, on the other hand, employs a stacking process for its 684Ah cells, which they claim is more suitable for high-capacity applications and offers advantages in system-level efficiency [6][7]. - The industry is witnessing a shift towards stacking technology, with over 20 manufacturers now producing stacked cells, indicating a growing trend in this direction [7][8]. Group 3: Market Dynamics - The energy storage market is evolving towards a more integrated approach, where the overall performance of the energy storage system is prioritized over individual cell specifications [10][11]. - The competition is not just about capacity but also about the technological routes and safety standards that each company adheres to [8][9]. - As the market matures, hardware differentiation is expected to diminish, leading to a focus on software capabilities and system integration as key competitive advantages [11].

Report Overview - Report Date: April 16, 2025 [1] - Report Type: Carbonate Lithium Futures Daily Report - Research Team: Non-ferrous Metals Research Team - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [2] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The carbon carbonate lithium futures fluctuated slightly downwards, with the main contract closing as a doji again, indicating a stalemate between long and short forces. The total open interest increased by 1,360 lots, and the main contract switched to the 07 contract, with the 07 - 05 spread widening to 180. The spot market center of gravity moved down, with the price of electric carbon dropping by 50 to 71,550 and the price of industrial carbon remaining flat at 69,650. Currently, the downstream material factories have weak demand for spot purchases, and there is still a large gap between the quotes of upstream lithium salt factories and the expected purchase prices of downstream, resulting in cautious market purchasing sentiment. The prices of lithium mica ore and lithium spodumene ore decreased by 15 yuan/ton and 10 yuan/ton respectively, and the losses of lithium salt factories purchasing external lithium mica and lithium spodumene both narrowed slightly to 8,511 and 3,988 respectively. Although the current losses are not enough to cause obvious production cuts in salt factories, the current lithium price has fallen below the cost support line of integrated lithium mica production. Moreover, the impact of the previous US counter - tariffs is approaching the end, and the carbonate lithium will return to the fundamental logic. It is expected that the futures price of carbonate lithium is expected to stop falling and rebound [6]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: The carbonate lithium futures fluctuated slightly downwards, the main contract closed as a doji, the total open interest increased by 1,360 lots, and the main contract switched to the 07 contract, with the 07 - 05 spread widening to 180 [6]. - Spot Market: The center of gravity of the spot market moved down, the price of electric carbon dropped by 50 to 71,550, and the price of industrial carbon remained flat at 69,650. The downstream demand for spot purchases is weak, and the market purchasing sentiment is cautious [6]. - Ore Market: The prices of lithium mica ore and lithium spodumene ore decreased by 15 yuan/ton and 10 yuan/ton respectively, and the losses of external - purchasing salt factories narrowed slightly [6]. - Outlook: The lithium price has fallen below the cost support line of integrated lithium mica production, and the impact of previous tariffs is approaching the end. The carbonate lithium will return to the fundamental logic, and the futures price is expected to stop falling and rebound [6]. 3.2 Industry News - On April 14, Funeng Technology obtained the "Compliance Assessment Report for Power Batteries under the EU Battery Regulation (EU 2023/1542)" from TÜV SÜD, which provides a solid technical backing and authoritative qualification guarantee for the company's European market layout and globalization strategy [7]. - The Yunnan Provincial Development and Reform Commission recently announced the "List of Provincial Major Projects in Yunnan Province for 2025" and the "List of 'Top Priority' Projects in Yunnan Province for 2025", including 19 lithium - related projects such as a 500,000 t/a lithium iron phosphate project and a 320,000 - ton lithium manganese iron phosphate project [7]. - At the 13th International Energy Storage Summit and Exhibition, CATL exhibited a 587Ah large - capacity cell integrated in the new energy storage system "Tianheng". The cell has a high energy density of 430Wh/L, better safety performance than small cells, and can increase the throughput capacity of the battery's entire life cycle by 48% and IRR by 2% - 3% through the bionic SEI film technology [8]

2025 对于新能源行业来说或许是个转折之年，因为开年来储能和动力电池订单不断，不少头部企业的业绩也迎来回暖。 这一点在宁德时代上尤其明显。起点锂电观察近一周发现，宁德时代近期的好消息已经不止于项目建设。 01 五个方面实现突破 1、587Ah 电芯亮相 首先是产品方面，近日宁德时代搭载于天恒储能系统的 587Ah 大容量电芯亮相，该电芯具有高安全、长寿命、高可靠、高能效、高集成五大 优势。 首先是高安全：采用四维安全技术护航，将热稳定性提升 20% ，从单体电芯到系统集成由点盖面的进行防控，并且储能站级的数智化安全管 理系统也在不断迭代升级。单体电芯实现 430Wh/L 能量密度的同时，安全性能测试甚至比小电芯更优。 接下来是长寿命：全周期可吞吐电量较上一代提升 48% ，引入长寿命缓衰减技术，将电化学特性、长期可靠性和空间要求三大方面进一步平 衡，引入仿生 SEI 膜技术降低活性锂的消耗，提升 IRR 2%-3% 。 第三是高可靠：电芯失效率达至业界领先 DPPB 级，宁德时代拥有超大规模电芯运行数据和大模型，在此之上进行全新迭代，保障每一颗电 芯稳定运行。 第四是高能效：能效长时间维持在 95% 以上， ...