全球储能：北京车展电池观察

Global Energy Storage: Battery takeaways from Beijing AutoShow Several Chinese battery cell manufacturers participated in the Beijing Auto Show: CATL,Sunwoda, and CALB. CATL held product launch events during the first two days of theexhibition, while CALB showcased its battery products at its booth without a formalpresentation. Neil Beveridge, Ph.D.+852 2123 2648neil.beveridge@bernsteinsg.com Brian Ho, CFA+852 2123 2615brian.ho@bernsteinsg.com This year’s battery themes at the auto show center on sodium-ion, semi-solid/solid-state technologies, and performance under extreme conditions, particularlyat low temperatures.While charging speed continues to improve, the pace of progressappears less dramatic than last year. Instead, leading battery makers such as CATL andBYD emphasized charging performance in cold environments, including demonstrations attemperatures as low as -30°C. At the same time, Sunwoda, CALB, and CATL all showcasedsemi-solid or solid-state battery solutions aimed at improving both energy density andsafety, with safety remaining a key discussion point across presentations from CATL andBYD. In addition, both CATL and Sunwoda introduced sodium-ion batteries that could entermass production in 2026. Their energy density has already reached around 120 Wh/kg,approaching the level of low-end LFP batteries. As conventional LFP chemistry appears to benearing its practical energy-density ceiling of roughly 190 Wh/kg, battery manufacturers areincreasingly shifting their focus toward alternative chemistries and next-generation batteryformats. CATL updated the latest technology development on its 2026 Tech Day(Link).highlighting advances in ultra-fast charging, sodium-ion batteries, and its integrated batteryswap and supercharging network. At the Beijing Auto Show, CATL emphasized battery-swapping infrastructure and sodium-ion batteries for extreme-temperature applications,with the company targeting 4,000 integrated swap-charge stations by the end of 2026.Sunwoda also introduced its LxFP battery, which combines LFP and NCM-basedmaterials to improve capacity and energy density, reflecting the industry’s broader push toenhance mature chemistries. CATL continues to lead the industry in technology positioning, with this year’s productfocus centered on high-nickel, semi-solid/solid-state, and sodium-ion batteries. Its dominant47% market share in China in 1Q26, combined with continued emphasis on safety, shouldhelp preserve its competitive moat. Nevertheless, rival battery makers are catching up morequickly than before. CALB and Sunwoda both demonstrated semi-solid/solid-state batterieswith energy density at least on par with CATL, suggesting the competitive landscape in next-generation chemistry is becoming more crowded. Beyond core passenger EV applications,peers are also differentiating through specialized products, including CALB’s ultra-long-lifeheavy-truck battery packs and Sunwoda’s higher-energy-density LxFP solution. In ESS, CATLand Sunwoda both highlighted sodium-ion batteries, while Sunwoda stood out for offering abroader range of storage solutions across residential, commercial, and industrial segments. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rate CATL (A) Outperform, PT CNY620; CATL (H) Market-Perform, PT HKD600. VALUATION COMPS TABLE DETAILS Several Chinese battery cell manufacturers participated in the Beijing Auto Show: CATL, Sunwoda, and CALB. CATL held productlaunch events during the first two days of the exhibition, while CALB showcased its battery products at its booth without a formalpresentation. This note summarizes some of the key highlights. PROGRESS TOWARDS HIGH ENERGY DENSITY BATTERIES •CATL highlighted its Condensed Battery at its 2026 Tech Day, featuring an energy density of 360 Wh/kg, significantly aboveconventional LFP batteries, which appear to be approaching their practical ceiling of around 190 Wh/kg, and also well aboveNMC batteries which can offer up to 280 Wh/kg at the pack level (Qilin Gen 3). This underscores CATL’s continued push intonext-generation chemistries to break through the performance limits of existing battery systems. •At the same time, other battery makers are making progress in the same direction, although CATL is leading incommercialization plans. CALB showcased a semi-solid battery with energy density reaching 400 Wh/kg, suitable for vehicleapplications including small commercial trucks, while Sunwoda presented a polymer-based solid-state battery with a similarenergy-density level. KEY TECHNOLOGY TRENDS HIGHLIGHTED AT THE AUTO SHOW This year’s exhibition showed battery demand is expanding beyond passenger EVs, with robotics, ESS, and commercial vehiclesemerging as key growth areas. •XPeng’s “physical AI” strategy points to rising battery demand from robotics, while CATL and Sunwoda both placed greateremphasis on ESS, with Sunwoda showcasing storage solutions across residential, commercial, industrial, and data-centeruse cases. •