关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 鑫椤锂电 2025 年 9 月 10 日，以 " 海外新风口 &国内投标装机 大揭秘 " 为主题的直播活动顺利开展， 鑫椤资讯 储能研究员 朱志翔 预测 了储能电芯及系统价格 、 分析了 海外储能市场火爆背后的原因 ， 并对 下半年 国内招投标市场和全年装机 进行了 预测，为行业发展提供了关键参考。 电芯与系统价格短期波动，竞争日趋激烈 近期，储能电芯价格出现短期波动，主要受海外订单阶段性释放和国内中标需求持续走高的影响，导致短 期内供需失衡。 同时， 6月底碳酸锂价格的上涨也对电芯成本产生了一定影响，但由于涨幅在碳酸锂价格联动机制风险可 控范围内，并未成为价格上涨的主要原因。 储能系统方面，自 531抢装潮后，价格虽随电芯价格上涨有所反弹，但整体仍保持下行趋势。 中东地区成为储能市场的新热点。 各系统厂商之间的竞争异常激烈，价格难以大幅反弹。头部厂商通过量产大容量电芯，在 4小时储能项目 报价中展现出强大竞争力，最低报价已跌破0.4元/Wh。 头部厂商竞争激烈，大容量电芯成关键 在市场竞争格局方面，头部储 ...

Core Viewpoint - The journey towards a high-value global supply chain emphasizes the importance of stability and long-term planning over rapid advancement, which is more challenging and crucial for success [1]. Company Overview - The energy storage industry is facing significant challenges, particularly for Haicheng Energy Storage, which is attempting to go public on the Hong Kong Stock Exchange amid various commercial disputes [2][3]. - Haicheng's former executive, Feng Dengke, has been taken into custody for allegedly infringing on trade secrets, adding pressure to the company's IPO plans [2]. - A lawsuit initiated by CATL against Haicheng for unfair competition, with claims exceeding 100 million yuan, is set to be heard on August 12, further complicating the company's situation [2]. Client Dependency and Financial Impact - Haicheng's largest U.S. client, Powin, is reportedly facing bankruptcy, which could significantly impact Haicheng's revenue, as Powin was expected to contribute 2.239 billion yuan in 2024, accounting for 17.3% of Haicheng's revenue [2][3]. - The company's reliance on a single major client has been criticized as a strategic misstep, revealing weaknesses in client selection and risk management [2]. Legal and Operational Challenges - Haicheng has issued a statement addressing rumors regarding its business operations, asserting that its partnership with Powin has not yet reached a scale of delivery and that there are no outstanding debts between the two [3][7]. - The company has also defended its technology against claims of similarity to competitors, asserting that its 587Ah battery cell is a unique product developed independently [8]. Financial Health and Debt Concerns - Haicheng's financial statements reveal alarming trends, with trade receivables skyrocketing from 223 million yuan in 2022 to 8.315 billion yuan in 2024, representing 69.48% of its revenue [14]. - The accounts receivable turnover days have increased dramatically from 11.8 days in 2022 to 185.7 days in 2024, indicating severe cash flow issues [14]. - The company's debt burden is concerning, with bank and other borrowings reaching 9.983 billion yuan and a debt-to-asset ratio of 73.1%, significantly above industry standards [14]. Market and Competitive Landscape - Haicheng's growth has been heavily reliant on a few high-risk clients, with the top five clients contributing 68.7% of its revenue [15]. - The company faces additional challenges due to the recent U.S. legislation impacting renewable energy subsidies, which could delay projects and increase financial risks [15][16]. Future Outlook - The combination of ongoing lawsuits, questions about core technology, high debt levels, and aggressive production strategies has created a precarious situation for Haicheng as it approaches its IPO [21]. - The company must urgently restructure its business model, solidify its technological independence, diversify its client base, and improve cash flow to maintain its market position [21].

Core Viewpoint - The company has issued a formal statement addressing recent rumors and misinformation circulating online, clarifying various allegations and asserting its commitment to legal rights and business integrity [3][5][7]. Group 1: Clarifications on Allegations - The company refutes claims regarding a "commercial secret infringement" involving a technology that has been deemed public knowledge, asserting that it has not utilized this technology in any products [3]. - The company corrects misinformation about the age of its chairman's spouse, stating the accurate birth year is 1991, not 1964 [4]. - The company clarifies that its collaboration with the U.S. energy integrator Powin has not reached a scale of delivery, and it is not listed as a creditor in Powin's bankruptcy filing, indicating no adverse impact on its operations [5]. Group 2: Product and Legal Matters - The company defends its 587Ah battery cell against claims of similarity to a competitor's product, emphasizing that it is a fully self-developed product based on its previously released energy storage cell [6]. - The company addresses a civil lawsuit regarding unfair competition, stating that no legal documents have confirmed any wrongdoing, and it plans to defend its rights through legal channels [7]. - The company expresses strong condemnation of the malicious fabrication and dissemination of false information, urging the public to refrain from spreading rumors and to maintain a fair competitive environment [7].

Core Insights - CATL demonstrated strong performance in the first half of 2025, with revenue and profit growth, solidifying its position as a leader in the global power battery sector [3][6] - The company reported a revenue of approximately 1788.86 billion yuan, a year-on-year increase of 7.27%, and a net profit of 304.85 billion yuan, up 33.33% [6] - CATL emphasized its leading position in five key areas, including market share, patent applications, and R&D investment [3][6] Financial Performance - Total revenue reached 1788.86 billion yuan, with a net profit of 304.85 billion yuan, and a gross margin of 25.02%, an increase of 1.57 percentage points [6] - The revenue from the power battery system was approximately 1315.73 billion yuan, a 16.8% increase year-on-year, while the energy storage battery system revenue was about 284 billion yuan, down 1.47% [6][7] - R&D investment totaled 101 billion yuan, a 17.5% increase, with 5993 new patent applications, maintaining the highest in the industry [7][10] Market Position - CATL maintained a global market share of 38.1% in the power battery sector, an increase of 0.6 percentage points year-on-year [7] - The company has achieved cumulative installations of approximately 20 million power batteries globally and over 2000 energy storage projects [7] - In the domestic market, CATL held a 43.05% share among the top 15 power battery installations in the first half of 2025 [7] Global Expansion - CATL's overseas sales reached 612.08 billion yuan, accounting for 34.22% of total revenue, with stable foreign customer payment situations [14] - The company is actively pursuing global expansion despite challenges, recognizing the necessity of entering international markets due to saturation in the domestic market [14][15] - The company is advised to enhance local supply chain partnerships and establish localized R&D teams to better adapt to market demands [15] R&D and Innovation - CATL has established six global R&D centers and has a research team of over 21,000, focusing on high-throughput material integration and other core technology platforms [10] - The company has made significant advancements in battery technology, including the development of sodium-ion batteries and ultra-fast charging solutions [10][11] - The company holds a total of 49,347 patents, with a significant portion filed internationally, showcasing its commitment to innovation [10]

Core Viewpoint - The company, Hai Chen Energy, issued a statement addressing recent online rumors and misinformation, asserting that the claims made are significantly inaccurate and do not affect its operations [1]. Group 1: Response to Rumors - The company clarified that the "composite electrolyte technology" related to Mr. Feng's "trade secret infringement" case is publicly known and does not constitute a trade secret, thus not impacting the company's operations [1]. - The company has not utilized the disputed technology in any of its products, and the ongoing investigation will not adversely affect its production and operations [1]. Group 2: Product Development - The company refuted claims that its 587Ah battery cell is similar to a competitor's product, stating that it is a fully self-developed product based on its previously released long-duration energy storage cell [5]. - The 587Ah battery cell was specifically designed for a 2-hour scenario requirement, showcasing the company's innovation in energy storage technology [5]. Group 3: Legal Matters - The company stated that there are no effective legal documents recognizing it as engaging in unfair competition in the ongoing civil lawsuit, emphasizing that the claims are solely the plaintiff's viewpoint [6]. - The company intends to defend its legal rights vigorously and condemns the malicious fabrication and dissemination of false information [6].

Core Viewpoint - Haicheng Energy issued a formal statement addressing five major controversies, including allegations of "trade secret infringement," the bankruptcy of its largest U.S. customer, and a lawsuit for unfair competition [1] Group 1: Trade Secret Infringement - The company denied the allegations of trade secret infringement related to Mr. Feng, stating that the "composite electrolyte technology" in question is publicly known and does not constitute a trade secret [6][7] - The controversy involves a patent transfer from Shenzhen Haihong New Energy Technology Co., which transferred multiple "electrolyte" related patents to Haicheng Energy in 2022 [6][7] - The company asserted that it has not used the "composite electrolyte technology" in any of its products, and the ongoing investigation will not adversely affect its operations [7] Group 2: Lawsuit for Unfair Competition - Haicheng Energy is currently facing a lawsuit from CATL for unfair competition, with the case filed in the Ningde Intermediate People's Court, set to be heard on August 12 [8] - The company emphasized that there has been no legal ruling confirming any unfair competition on its part, and the claims made by the plaintiff do not represent judicial recognition of the facts [7] Group 3: Customer Bankruptcy and Order Impact - The company addressed rumors regarding the bankruptcy of its largest U.S. customer, Powin, and the alleged evaporation of a 1.5 billion yuan order, clarifying that it has no unresolved debts with Powin [10][11] - The bankruptcy filing of Powin does not pose a negative impact on the company's operations [12] Group 4: Product Development and Competition - Haicheng Energy refuted claims that its 587Ah battery cell is highly similar to a competitor's product, asserting that its product is independently developed based on specific requirements [13] - The company highlighted that its 587Ah battery cell was first released in 2023, distinguishing it from competitors [13]

Core Viewpoint - The article discusses the recent controversies surrounding Haitian Energy Technology Co., Ltd., including allegations of "trade secret infringement," the bankruptcy of its major U.S. client, and lawsuits regarding unfair competition [2][5]. Group 1: Trade Secret Infringement - Haitian Energy denies the allegations of trade secret infringement related to the "composite electrolyte technology," asserting that it is publicly known and does not constitute a trade secret [7][8]. - The controversy involves Feng Dengkai, who has been taken into custody by police for allegedly infringing on trade secrets, with the complainant being CATL [5][8]. - The company claims it has not used the disputed technology in any of its products, and the ongoing investigation will not adversely affect its operations [8][9]. Group 2: Bankruptcy of Major Client - The company refutes rumors regarding the bankruptcy of its largest U.S. client, Powin, stating that it is not listed among Powin's creditors and that the bankruptcy will not impact its operations [10][11]. - The company emphasizes that its collaboration with Powin has not yet reached a scale of delivery, thus mitigating potential risks from the client's financial issues [10][11]. Group 3: Unfair Competition Lawsuit - Haitian Energy is currently facing a lawsuit for unfair competition initiated by CATL, with the case filed in the Ningde Intermediate People's Court [9]. - The company asserts that there are no legal documents confirming its involvement in unfair competition, and the claims made by the plaintiff do not reflect judicial recognition of the facts [8][9]. Group 4: Product Development and Market Position - The company defends its 587Ah battery cell, claiming it is a fully self-developed product and not similar to competitors' offerings, despite claims of high similarity [11]. - Haitian Energy's market position is notable, with a valuation exceeding 25 billion yuan, ranking third in the global energy storage market [5].

Core Viewpoint - The company, Haicheng Energy Storage Technology Co., Ltd., has issued a statement addressing various rumors and misinformation circulating online, asserting that these claims are false and defending its business practices and reputation [1][2][3]. Group 1: Commercial Secret Infringement - The company refutes claims regarding a "commercial secret infringement" related to the "composite electrolyte technology," stating that a third-party assessment confirmed the technology is publicly known and does not constitute a trade secret [3][4]. - The company has not utilized this technology in any of its products, and the ongoing investigation will not adversely affect its operations [3]. Group 2: Personal Information Misrepresentation - The company clarifies misinformation regarding the age of the chairman's spouse, asserting that the claim of her being born in 1964 is false; her actual birth year is 1991 [4]. Group 3: Customer Bankruptcy and Order Impact - The company addresses rumors about its largest U.S. customer, Powin, filing for bankruptcy and the alleged loss of a $1.5 billion order, stating that their collaboration has not reached a scale of delivery and there are no outstanding debts between the two parties [5][6]. - The bankruptcy filing does not list the company as a creditor, indicating no negative impact on its operations [5]. Group 4: Product Development Claims - The company disputes claims that its 587Ah battery cell is similar to a competitor's product, emphasizing that its 587Ah cell is based on its own 2023 innovation and is designed for specific two-hour scenarios [6]. Group 5: Unfair Competition Lawsuit - The company responds to allegations of unfair competition, stating that no legal documents have confirmed any wrongdoing on its part, and the claims are merely the plaintiff's perspective [7]. - The company intends to defend its rights through legal channels and condemns the malicious spread of false information [7][9].

Core Viewpoint - The article discusses the rapid development and challenges of large-capacity battery cells in the energy storage industry, emphasizing the need for cost reduction and efficiency improvement as the global energy structure shifts towards renewable sources [2] Group 1: Large Cell Layout - Nearly 20 battery cell companies have launched or planned 500Ah+ large cell products, with the iteration process accelerating significantly [3] - The transition from 280Ah to 300+Ah took about 3 years, while the leap to 500Ah and 600Ah occurred in just 2 years [3] - Companies like CATL and Sungrow are leading the market with innovative designs and high-capacity standards, but market validation of large cells is still needed [3][4] Group 2: Reasons for Large Cells - Large battery cells are crucial as they represent the highest value segment of the energy storage system, directly impacting system configuration and integration [3] - Increasing cell capacity reduces the number of batteries and components needed, thereby lowering overall investment costs for energy storage stations [3][4] Group 3: Technical Challenges of Large Cells - As cell capacity exceeds 500Ah, technical challenges arise, such as increased thickness of electrode sheets and potential safety risks like thermal runaway [6] - Manufacturing challenges include the need for high precision in coating and welding processes, which can affect the consistency and reliability of large cells [6][7] Group 4: Manufacturing Processes - Two main manufacturing processes for 500Ah+ cells are winding and stacking, each with its own advantages and disadvantages [8][9] - Stacking offers higher energy density and better safety but requires more precise equipment, while winding is simpler and cheaper but may compromise performance [8][9] Group 5: Specification Unification vs. Differentiation - The market is moving towards a unified framework for battery specifications while allowing for differentiated innovations [10] - Different market demands are leading to a competitive landscape where various capacities coexist, with 314Ah and 392Ah cells dominating shorter-duration storage and 500Ah+ cells focusing on longer-duration applications [10][11] Group 6: Future Trends - The development of large cells must consider investor acceptance and should focus on reducing Levelized Cost of Storage (LCOS) through technological innovations [12] - The future of large-capacity cells remains uncertain, as the industry must navigate technical limits and market needs to determine which cell types will prevail [12]

Group 1: Energy Storage Industry - The energy storage giant, Hichain Energy, is facing a personnel crisis during its critical IPO period in Hong Kong, impacted by the bankruptcy of Powin, the third-largest energy storage integrator in the U.S., which threatens Hichain's overseas strategy [3] - Hichain Energy's overseas revenue for 2024 is projected to be 3.7 billion yuan, with the U.S. market accounting for 60.5%, and Powin contributing 2.239 billion yuan in sales [3] - Contemporary Amperex Technology Co., Ltd. (CATL) has launched a comprehensive offensive against Hichain Energy, filing a lawsuit for patent infringement and seeking 150 million yuan in damages [3] Group 2: Semiconductor Equipment Industry - Tokyo Electron, the fourth-largest semiconductor equipment manufacturer globally, plans to invest 1.5 trillion yen from fiscal years 2025 to 2029, which is 1.8 times the investment of the previous five-year period [4] - The company holds leading positions in several key equipment sectors, including coating and developing, gas chemical etching, diffusion furnaces, and batch deposition, with AI application-related equipment revenue accounting for 30% of total sales [4] - Tokyo Electron is implementing a "dual strategy" by expanding sales of "less advanced process" semiconductor equipment to China, which has increased the revenue share from the Chinese market to 43% in Q3 of this year, up from 24% in the same period last year [4]