主办单位： 起点固态电池、起点锂电、SSBA固态电池联盟 活动主题： 聚焦新技术 共建新生态 活动时间： 2025年11月8日 全天 9:00-21:00 活动地点： 广州南沙国际会展中心二楼广州厅 活动规模： 1000+ 总冠名单位： 茹天科技 同期活动： CINE固态电池展/CINE钠电展（2025年11月6日-11月8日 ）、2025起点钠电行业年会暨钠电金鼎奖颁奖典礼（2025年11月6日-11月7日 ） 第一批演讲/赞助/参展/参会企业名单： 宁德时代/比亚迪/茹天科技/中科固能 /固态离子能源/巴斯夫杉杉//融捷能源/诺达智慧/天石科丰/有研广东院/博粤新材/清研电 子/国联动力/欣旺达/海裕百特/广汽/一汽/先导智能/鑫晟达/科达制造/诩辰科技/清华大学深圳院/中科院合肥物质科学研究院/金钠科技/海四达钠星易事特钠电/泰和科 技/隐功科技/科迈罗/国科炭美/晟钠新能/中钠能源/乔岳智能/津工能源/时代思康/富钠能源/极电特能/华普森/瑞扬新能源/亮见钠电/叁星飞荣/珠海纳甘新能源/皓升新 能源/扬广科技/银川苏银产业园/兆钠新能源/精诚时代/儒特股份/希倍动力/先导干燥/瓦时动力/苏州翼动新能/ ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is leveraging its battery technology to expand into international markets, particularly in Europe, aligning with the trend of electrification in the automotive sector [8] - The company showcased its Omnicell cylindrical battery technology at the IAA MOBILITY 2025, highlighting its advanced features such as high energy density and safety measures [2] - The new EU Battery Regulation will impose strict requirements on battery manufacturers, which the company is preparing to meet with its innovative products [3] Financial Summary - Revenue is projected to grow from 48,784 million yuan in 2023 to 117,384 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 31% [9] - Net profit attributable to shareholders is expected to increase from 4,050 million yuan in 2023 to 8,788 million yuan in 2027, reflecting a CAGR of around 14.4% [9] - The company's return on equity (ROE) is forecasted to improve from 11.9% in 2023 to 15.3% in 2027 [9] Market Position and Strategy - The company is actively collaborating with major automotive manufacturers, such as BMW, to enhance its market presence in Europe [2][8] - The construction of a factory in Hungary is underway, which will supply cylindrical batteries to BMW's facility, expected to create around 1,000 jobs [8] - The company aims to achieve a competitive edge through innovation and sustainable practices in battery production [8]

Group 1: Event Overview - The 2025 Munich International Motor Show, themed "'Moving' Everything," took place from September 9 to 14, attracting around 750 exhibitors from over 30 countries, with 116 Chinese exhibitors, marking a historical high in participation [2][3] - The event showcased the global shift towards electric, intelligent, and low-carbon mobility, with significant attention on new products and technologies from Chinese companies [2][5] Group 2: Industry Trends - The International Energy Agency's report indicates that global electric vehicle sales surpassed 4 million units in Q1 2025, with an expected annual total exceeding 20 million units, representing a 25% year-on-year increase and accounting for 25% of global new car sales [2] - By 2030, the number of public charging stations worldwide is projected to increase nearly eightfold to approximately 40 million [2] Group 3: Innovations and Technologies - Major automotive manufacturers like BMW, Mercedes, and Volkswagen are focusing on electric and intelligent development, with BMW showcasing the new iX3 model capable of over 900 km range and rapid charging [3][4] - Bosch and ZF presented advanced driver assistance systems and software-defined vehicle solutions, highlighting the integration of cutting-edge technology in automotive design [4][8] Group 4: Chinese Brands and Contributions - Chinese exhibitors, including BYD and GAC Group, showcased innovative models and technologies, such as BYD's ultra-fast charging technology and GAC's first mass-produced flying car [5][6] - BYD announced plans to establish a factory in Hungary by 2025, emphasizing its commitment to the European market and localizing production and services [5][6] Group 5: International Collaboration - The automotive industry is characterized by high globalization, with German companies relying on global supply chains and partnerships with Chinese firms for technological innovation and product development [7][8] - Companies like CATL and EVE Energy are focusing on localizing production in Europe, with CATL investing in a testing center in Germany to support green transformation efforts [7][8]

Core Insights - The global electric vehicle (EV) market is experiencing significant growth, with sales expected to exceed 20 million units in 2023, a 25% increase year-on-year, accounting for 25% of global new car sales [1][4] - The Munich Motor Show showcases the shift towards electrification and smart technology in the automotive industry, with major manufacturers and suppliers focusing on innovative solutions [1][2][4] Group 1: Electric Vehicle Market Trends - The International Energy Agency predicts that the number of public charging stations will increase nearly eightfold by 2030, reaching approximately 40 million [1] - Major automotive brands like BMW, Mercedes, and Volkswagen are unveiling new electric models and technologies, emphasizing the importance of sustainability and connectivity in future mobility [1][4] Group 2: Chinese Brands and Innovations - Chinese exhibitors at the Munich Motor Show are showcasing advancements in electric vehicle manufacturing, battery production, and smart driving software, with a record participation of 116 companies [4][6] - BYD's new models and its fast-charging technology, which allows for 2 kilometers of range in just 1 second of charging, highlight the company's commitment to the European market [3][6] Group 3: Industry Collaboration and Innovation - The automotive industry is increasingly characterized by global collaboration, with German and Chinese companies working together on technology innovation and supply chain cooperation [7] - Companies like CATL and EVE Energy are focusing on localizing production in Europe, enhancing their competitive edge and supporting the region's green transition [7][6]

Core Viewpoint - The article discusses the intense competition in the European battery supply chain, particularly between Chinese and Korean companies, and highlights three new rules reshaping the market: a new cost equation, precise demand and capacity matching, and the ultimate confrontation of industrial alliances [2][3]. Group 1: European Battery Localization - European automakers are shifting towards low-cost electric vehicles, leading to a redefinition of battery supply patterns, technology routes, and business models [4]. - The reliance on Chinese supply chains is significant, with collaborations between major European brands and Chinese battery manufacturers, indicating a deep integration of the two markets [5][6]. - Volkswagen's ambitious plans for battery production through its subsidiary PowerCo face financial challenges, highlighting the need for external capital to sustain growth beyond 2030 [8][12]. Group 2: Policy and Market Dynamics - The European Battery Alliance has invested €852 million in six battery projects, emphasizing the urgency for local industry development [11]. - Despite efforts to support local suppliers, automakers like Renault are still dependent on orders from LGES and CATL, reflecting a complex balance between securing current supply and controlling future technology [10][12]. - The challenges faced by Porsche in abandoning its battery production plans underscore the difficulties in the transition to electric vehicles amid fluctuating market demands [12]. Group 3: Chinese Battery Companies' Strategies - Chinese companies like BYD and CATL are actively pursuing battery production in Europe, aiming to maintain high standards without joint ventures [13][16]. - CATL's introduction of high-performance lithium iron phosphate batteries at the IAA showcases its strategy to dominate the next generation of battery technology [17][19]. - The rapid adaptability of Chinese battery manufacturers to market demands, such as switching production lines to lithium iron phosphate batteries, gives them a competitive edge over European counterparts [22][23]. Group 4: New Cost Definitions and Economic Considerations - The definition of "cost" in Europe is multifaceted, encompassing energy, labor, compliance, and circular economy factors, complicating the competitive landscape for battery production [28][29]. - The economic viability of lithium iron phosphate batteries is challenged by lower recycling profitability compared to ternary lithium batteries, posing a significant hurdle in the European market [32][34]. - The lack of recycling infrastructure in Europe presents both a challenge and an opportunity for Chinese companies to establish a foothold in battery recycling [35][36]. Group 5: Demand and Capacity Matching - The fluctuating demand for electric vehicles in Europe necessitates a cautious approach to capacity expansion, with companies like CATL adopting flexible production strategies [37][38]. - The ability to accurately gauge market demand and adjust production accordingly will be crucial for the success of Chinese companies in the European market [39]. Group 6: Industrial Alliances and Competitive Strategies - South Korean companies are forming strategic alliances to enhance their competitive position, while Chinese firms are expanding independently but maintaining a robust supply chain ecosystem [40][42]. - The contrasting approaches of collaborative "national teams" in Korea versus the market-driven strategies of Chinese companies highlight different paths to achieving efficiency and competitiveness in Europe [45]. Group 7: Future Outlook - The ongoing transformation in the European electric vehicle market indicates a critical period for both local and Chinese companies to adapt to new regulations and market dynamics [46]. - The future success will depend on the ability to navigate the complexities of technology, cost, policy, and strategic partnerships in this evolving landscape [47].

Core Viewpoint - BMW officially launched the new generation BMW iX3, marking its entry into a new era of electric and intelligent vehicles, with a focus on local market needs in China [2][3]. Group 1: Product Features - The new generation BMW iX3 features a fully upgraded sixth-generation electric drive system, incorporating two major technological breakthroughs: large cylindrical batteries and a new 800V high-voltage platform architecture [2]. - The battery pack utilizes a "cell-to-pack" design, integrating cells directly into the battery pack and incorporating "battery-body integration" technology, which reduces weight, lowers the center of gravity, and enhances interior space and aerodynamic performance [2]. - The large cylindrical battery allows the domestic version of the BMW iX3 to achieve over 400 kilometers of range with just 10 minutes of charging, and a CLTC range exceeding 900 kilometers [3]. Group 2: Battery Technology - The Omnicell large cylindrical battery, developed by EVE Energy, boasts features such as standardization, zero expansion, and high strength, with a 60% reduction in impedance, significantly improving power and thermal stability [4]. - The new generation silicon-based anode technology enhances energy density by over 15%, and the structural strength of the battery is superior to that of square batteries, achieving a steel shell strength of 550 MPa [4]. Group 3: Production and Collaboration - EVE Energy's cylindrical battery production began trial runs at the Shenyang production base in late 2024, supporting the localization of new generation models [5]. - As of June 30, EVE Energy's Shenyang cylindrical battery base entered the trial production phase, marking a significant step in the collaboration between BMW and EVE Energy [5]. - EVE Energy's cylindrical batteries have been validated in over 60,000 vehicles globally, with a total mileage exceeding 230,000 kilometers and no safety incidents or major quality issues reported [6]. Group 4: Market Strategy - BMW aims to launch over 40 new generation models by 2027, covering all market segments, with the iX3's production expected to set a precedent for the domestic large cylindrical battery market in high-end passenger vehicles [7]. - Other battery suppliers for BMW's new generation models include CATL and Envision AESC, with CATL set to supply large cylindrical batteries starting in 2026 [9]. - Envision AESC has already shipped its 46 series large cylindrical battery products to the U.S. for BMW's global electric platform models, indicating a significant acceleration in the adoption of large cylindrical batteries in the automotive sector [10].