储能电池：2025 财年出货量约 640GWh，同比增 90%；12 月出货量回顾-ESS Battery_ ~640Gwh FY25 shipment, _90% y_y; December shipment review

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. ESS Battery ~640Gwh FY25 shipment, >90% y/y; December shipment review Global ESS battery demand accelerated in FY25, with shipments up >90% y/y to ~640 GWh. December shipments remain firm at 85 GWh with 34% m/m ...