| （来源：起点锂电） | | --- | | | 一方法 分 酒電瓶用 分 超高原 | | | | | 1 | KI वि 親 | 精 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2015 ○ 2025 | | | | | નિર 15 | 与 您 同 行 | | | | | 起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | | | | | | | | | | | 100 优 | 能 | EB 及 | - क | | | | | F Ele | | | HT 455 | 75 | | | t 100 | | | | | | | 中国 · 深圳 2025,12,18 | | | | | | | 专场冠名 | 一 因石酸光 | | | | | | | | | | 合影墙独家冠名 | KES | 签到墙独家冠 | 小雪裸电 | 椅背贴独家冠名 | | ARONIE | 矿泉水独家冠名 | 52 蓝 版 材 B | | | 赞助及演讲单位 | 1 | Clinto | 人 酮璃能源 | 家 运东申道 | NORDA ...

图： 海辰储能 高级产品经理 林日 以下为现场速记内容： 尊敬的各位来宾、各位同仁，大家上午好！ | | | 73 :: 24 短点酒电 22 酒点保能 | | | | | হিন্দ 親 | 程 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2015 0 2025 | | | | 巨火 K 5 | 125 同 行 | | | | | | | | | 起点锂电行业年会暨锂电金鼎奖颁奖典礼 | | | | | | | | F | | 1011 作 | 能 及 | 田 | क | | | | | H Elli | | | 157 Status and States | | | | t 100 | | | | | | | 中国 · 深圳 2025,12.18 | | | | | | | 专场冠名 | C BZ東州 | | | | | | | | | | 合影墙独家冠名 | XES | 签到墙独家品 | - 川曾理电 | 椅背贴视家冠名 | | AHOMB | 矿泉水独家 | SS ■ 能 材 B | | | 帮助及通讲 ...

Core Insights - The chairman of CATL, Zeng Yuqun, stated that the new energy industry is transitioning from "localized breakthroughs" to a "global incremental era" [1][3] - CATL plans to establish 1,000 battery swap stations by the end of the year, with a global expansion target of 30,000 stations [1][5] - In the first three quarters of 2025, China's lithium battery exports reached nearly 200 GWh, with CATL contributing nearly 60% [1][3] Group 1: Industry Achievements and Future Strategy - Zeng Yuqun highlighted the achievements of the Chinese new energy industry over the past decade, emphasizing the role of electric vehicles, lithium batteries, and photovoltaics as new export pillars [3] - The total export value of the "new three items" exceeded 900 billion yuan, with lithium batteries contributing nearly 400 billion yuan, accounting for over 40% [3] - CATL's global battery output reached nearly 200 GWh, creating approximately 150,000 jobs across 13 production bases, with the Yibin base alone employing 30,000 people [3][5] Group 2: Financial Performance and Production Capacity - In the first three quarters of 2025, CATL reported cumulative revenue of 283.1 billion yuan and a net profit of 49 billion yuan, maintaining strong growth [5] - The battery shipment volume was approximately 180 GWh, with energy storage batteries accounting for about 20%, and an annual production target of 730-750 GWh, representing a 40% year-on-year increase [5] - CATL's production capacity is expected to exceed 1 TWh by 2026 [5] Group 3: Technological Innovations and Global Expansion - CATL's fifth-generation lithium iron phosphate battery has achieved mass production, and its solid-state battery research and development is among the global leaders [6] - The company plans to mass-produce its second-generation sodium-ion battery by the end of 2025, with large-scale preparations for a 587 Ah cell for energy storage [6] - CATL's global production and research layout is advancing, with factories in Hungary, Germany, Spain, and Indonesia, and a market share of over 46% in the European power battery market [6][7] Group 4: Sustainability and Resource Recycling - CATL's resource recycling rates are impressive, with nickel-cobalt-manganese recovery at 99.6% and lithium recovery at 96.5% [6] - The company is actively involved in various energy storage scenarios, including grid-side peak shaving and frequency regulation, commercial distributed energy storage, and renewable energy systems [6]

Core Insights - The demand for square lithium iron phosphate energy storage cells is strong, with prices remaining high across various capacities [2][4] - Major manufacturers are focusing on next-generation products, leading to supply tightness for current mainstream products [3][4] - Global energy storage cell shipments are expected to see significant growth, with a projected increase of 106.1% year-on-year in the first half of 2025 [4] Pricing and Market Trends - The price range for 100 Ah energy storage cells is between 0.340-0.410 RMB per watt-hour, with an average of 0.375 RMB per watt-hour; for 280 Ah, the range is 0.260-0.335 RMB, averaging 0.298 RMB; and for 314 Ah, the range is 0.260-0.340 RMB, averaging 0.300 RMB [2] - The prices for 280 Ah cells remained stable month-on-month, while the transaction focus for 100 Ah and 314 Ah cells has slightly increased [2] - The increase in prices is attributed to rising costs of upstream materials such as electrolytes and petroleum coke [4] Supply and Production Capacity - Major manufacturers are experiencing high production levels, with some companies reporting full capacity and order schedules extending to 2026 [2][3] - The transition from 300+ Ah to 500+ Ah and larger capacity products is intensifying, with many manufacturers concentrating resources on next-generation product development [3] - Companies like Ningde Times are accelerating production capacity expansion to meet market demand, particularly for the 587 Ah product [4] Demand Drivers - Demand is primarily driven by multiple GWh-level projects in China and the rapid release of global orders from leading overseas integrators [3] - The export ratio of energy storage cells for some companies exceeds 50%, indicating strong international demand [3] - The upcoming fourth quarter is expected to see a surge in grid connection activities, further supporting demand [4] Future Outlook - The global energy storage cell shipment scale is projected to reach 240.21 GWh in the first half of 2025, marking a historical peak [4] - The high demand from downstream terminals is anticipated to continue supporting prices in the supply chain [3]

Group 1 - The price range for square lithium iron phosphate energy storage cells is reported, with 100 Ah priced at RMB 0.340-0.410 per watt-hour, averaging RMB 0.375; 280 Ah priced at RMB 0.260-0.335, averaging RMB 0.298; and 314 Ah priced at RMB 0.260-0.340, averaging RMB 0.300 [1] - Demand for energy storage cells in China is strong, with prices remaining high; the 280 Ah cell price is stable, while 100 Ah and 314 Ah cells have seen slight increases [1] - Major manufacturers are expected to maintain high production levels until January-February 2026, with actual transaction prices stabilizing at high levels [1] Group 2 - Demand is driven by domestic GWh-level project deliveries and rapid order releases from overseas integrators; over 50 GWh of energy storage cells are expected to be delivered by mid-2025, with over 50% of exports [2] - The supply side is transitioning from 300+ Ah to 500+ Ah and larger capacity products, leading to increased supply tightness for mainstream 300+ Ah cells [2] - Rising prices of upstream materials, such as electrolyte and petroleum coke, are supporting cell costs; the fourth quarter sees a concentration of grid connection deadlines, and overseas markets remain stable despite uncertainties in the US [2] Group 3 - Contemporary Amperex Technology Co., Ltd. (CATL) is experiencing saturated production capacity and is accelerating expansion efforts, particularly for the 587 Ah product, which is expected to increase its market share [2] - Global energy storage cell shipments are projected to reach 240.21 GWh in the first half of 2025, a year-on-year increase of 106.1%, with the second quarter alone reaching 136.78 GWh, surpassing the previous peak [2]

Core Insights - In the third quarter, CATL (Contemporary Amperex Technology Co., Limited) reported an average daily revenue exceeding 200 million yuan, indicating strong financial performance [2] - The company achieved a total revenue of 283.07 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 9.28%, while net profit rose by 36.20% to 49.03 billion yuan [2][3] - The third quarter alone saw revenue of 104.19 billion yuan, a growth of 12.90%, and net profit of 18.55 billion yuan, reflecting a significant increase of 41.21% [3] Financial Performance - Revenue for the first three quarters: 283.07 billion yuan, up 9.28% year-on-year [3] - Net profit for the first three quarters: 49.03 billion yuan, up 36.20% year-on-year [3] - Third quarter revenue: 104.19 billion yuan, up 12.90% year-on-year [3] - Third quarter net profit: 18.55 billion yuan, up 41.21% year-on-year [3] - Basic earnings per share for the third quarter: 4.10 yuan, up 37.23% [3] Operational Highlights - The company has a strong cash reserve, with over 360 billion yuan in cash and financial assets as of September 30, 2025 [3] - Inventory increased by 34.05% to 80.21 billion yuan, attributed to business scale expansion [3] - Financial expenses improved significantly, with a reduction in losses by 142.41% due to increased foreign exchange gains and interest income [3] Capacity Expansion - CATL is actively expanding its global production capacity to meet surging customer demand, with significant expansions in domestic bases across various provinces [4] - The German factory has been operational since 2024 and is continuously profitable, while the Hungarian factory is expected to reduce costs by 20% compared to the German facility [4] - The company anticipates that its energy storage business will see increased output, with a projected addition of over 100 GWh of energy storage capacity by 2026 [4] Market Performance - As of October 20, CATL's A-shares rose by 2.33%, with a market capitalization of 1.69 trillion yuan, while its Hong Kong shares increased by 1.25% [4]

Core Viewpoint - The company is experiencing significant growth in both the power battery and energy storage sectors, with a strong focus on expanding production capacity and enhancing product competitiveness through technological innovation [1][6][19]. Group 1: Operational Aspects - In Q3, the company shipped approximately 180 GWh, with a domestic to overseas shipment ratio of 70% to 30% [1][11]. - The commercial vehicle segment is seeing a 100% growth rate, particularly in logistics vehicles, driven by economic factors and infrastructure support [1][16]. - Energy storage capacity is under pressure due to production constraints, but future growth is expected as the market stabilizes [1][17]. Group 2: Technological Developments - New technologies such as Shenxing, Qilin, and sodium-ion batteries account for 60% of shipments, with sodium-ion batteries being tested in commercial vehicles [2][18]. - The company has introduced NP3.0 technology to enhance battery safety and performance, particularly for intelligent driving applications [7][23]. Group 3: Financial Performance - In Q3 2025, total revenue reached 140.1 billion yuan, a 12.9% year-on-year increase, with net profit growing by 41.2% to 18.55 billion yuan [6][10]. - Inventory levels increased to over 80 billion yuan, primarily due to business expansion and products in transit [9][15]. Group 4: Market Demand and Trends - The energy storage market is expected to maintain high growth due to favorable policies and increasing demand from data centers [3][19]. - The company anticipates a continued rise in single vehicle battery capacity, driven by consumer demand for longer ranges [21][27]. Group 5: Customer Relationships - The company is building long-term partnerships with clients, focusing on meeting genuine demand rather than short-term supply fluctuations [4][24]. - The introduction of new products is expected to enhance customer satisfaction and market share [23][25]. Group 6: Policy and Regulatory Environment - Export control policies have minimal impact on the company, with ongoing communication with the government ensuring smooth operations [5][13]. - The company is well-positioned in Europe, with ongoing projects in Hungary and Spain, which are expected to enhance local market share [22][13]. Group 7: Competitive Landscape - The energy storage market has high technical barriers, and the company is confident in maintaining its competitive edge despite emerging competitors [20][14]. - The company’s comprehensive supply chain strategy is designed to mitigate risks associated with raw material price fluctuations [14][20].

Core Viewpoint - In the third quarter of 2025, CATL (Contemporary Amperex Technology Co., Limited) reported significant growth in revenue and net profit, indicating strong operational performance and robust demand in the lithium battery sector [1][2]. Financial Performance - For the first three quarters of 2025, CATL achieved a revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.20% [2]. - In Q3 alone, the company recorded a revenue of 104.19 billion yuan, representing a 12.90% growth, and a net profit of 18.55 billion yuan, which is a 41.21% increase [2]. - The basic earnings per share for Q3 was 4.10 yuan, reflecting a growth of 37.23% [2]. Cash Flow and Assets - As of September 30, 2025, CATL's cash reserves were robust, with total cash and financial assets exceeding 360 billion yuan [4]. - The company's total assets reached 896.08 billion yuan, marking a 13.91% increase compared to the previous year [2]. Inventory and Orders - Inventory increased by 34.05% year-on-year to 80.21 billion yuan, attributed to the expansion of business scale [4]. - Contract liabilities surged by 46.14% to 40.68 billion yuan, indicating a strong order backlog [4]. Financial Improvements - Financial expenses saw a significant improvement, with a reduction in losses by 142.41% due to increased foreign exchange gains and net interest income [4]. - Investment income rose by 67.46%, benefiting from the profitability of associated companies [4]. Capacity Expansion - CATL is actively expanding its production capacity both domestically and internationally, with significant expansions in various locations including Shandong, Guangdong, and Hungary [5][6]. - The company is also planning a 15 GWh capacity project in Indonesia, expected to be operational by mid-2026 [6]. Market Performance - As of October 20, 2025, CATL's A-shares closed up 2.33%, with a market capitalization of 1.69 trillion yuan [7].

Core Insights - In Q3 2025, CATL achieved an average daily revenue exceeding 200 million yuan, with significant growth in both revenue and net profit compared to the previous year [2]. Financial Performance - For the first three quarters of 2025, CATL reported revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.20% [2]. - In Q3 alone, revenue reached 104.19 billion yuan, growing by 12.90%, while net profit surged by 41.21% to 18.55 billion yuan, indicating a profit growth rate more than three times that of revenue [2]. - As of September 30, 2025, the company had cash reserves exceeding 360 billion yuan, with inventory increasing by 34.05% year-on-year to 80.21 billion yuan, reflecting business scale growth [2]. - Contract liabilities rose significantly by 46.14% to 40.68 billion yuan, indicating a robust order backlog [2]. - Financial expenses improved markedly, with a reduction in losses by 142.41% due to increased foreign exchange gains and net interest income [2]. Capacity Expansion - CATL is actively expanding its global production capacity to meet surging customer demand, with significant expansions in domestic locations such as Shandong, Guangdong, Jiangxi, Fujian, and Qinghai [3]. - The company’s overseas facilities include a German factory that became operational in 2024 and is profitable, while the Hungarian factory is expected to be completed by the end of 2025 [3]. - A new factory in Spain has been established, and an Indonesian battery project is planned with a capacity of 15 GWh, expected to be operational by mid-2026 [3]. Energy Storage Business - The energy storage segment accounted for 20% of overall shipments during the reporting period, with growth rates surpassing those of power batteries [4]. - CATL anticipates that the utilization rate for energy storage capacity will improve in the coming quarters as production capacity increases [4]. - The company plans to add over 100 GWh of energy storage capacity at its Shandong facility by 2026, including the production of 587Ah cells, which are expected to be highly favored by customers due to their optimal performance characteristics [4].

Core Viewpoint - The article highlights the rapid deployment and delivery of large-scale energy storage systems, particularly the 6.25MWh 4h energy storage system developed by Hai Chen Energy, marking a significant milestone in the European market [2][6]. Group 1: Product Launch and Delivery - Hai Chen Energy has shipped its first batch of 12 units of the world's first 6.25MWh 4h energy storage system to Europe, with delivery expected to reach Germany in approximately 28 days [3][6]. - The 6.25MWh storage system is designed for high energy efficiency, safety, rapid deployment, and intelligent operation, making it suitable for renewable energy integration and power system frequency regulation [5][6]. Group 2: Industry Trends - The industry is witnessing a surge in the production and delivery of 6MWh+ energy storage systems, with several companies, including Kelu Electronics and Cai Ri Energy, announcing their own large-capacity systems [8][9]. - Kelu Electronics has launched a new generation Aqua C3.0 storage system with a capacity of 6.25MWh, expected to achieve large-scale delivery capabilities by the end of 2025 [8]. - Cai Ri Energy has announced its capability for mass production and delivery of a 6.25MWh containerized storage system based on a 587Ah battery cell, with project deliveries expected to begin in Q4 2025 [8]. Group 3: Strategic Partnerships and Orders - Hai Chen Energy has secured substantial orders in Europe, including a 2GWh supply agreement with Solarpro and a 3GWh project collaboration with BOS Power [10]. - The company has previously announced significant orders totaling 5GWh in Europe, indicating strong demand for its energy storage solutions [6][10].