Power Battery Landscape Shifts: LFP Share Exceeds 80% as Second-Tier Players Accelerate Breakthrough

Core Data

• September Installation: Total power battery installation 76.0GWh (+39.5% YoY), record high for 2025

• Technology Split: LFP batteries 81.8% (62.2GWh), NCM batteries 18.2% (13.8GWh)

• Jan-Sep Cumulative: 493.9GWh total installation (+42.5% YoY), LFP share 81.5%

Market Competition Landscape

• CATL: September installation 32.51GWh 42.81% share, down 13.7ppt from 2021

• BYD: 16.0GWh installation, 21.07% share, up 3.3ppt from 2021

• Second Tier: CALB (7.38%), EVE (4.10%), Sunwoda (3.60%) gaining share

• Chinese Leadership: Jan-Jul global installation 590.7GWh, CATL (37.5%), BYD (17.8%) leading

• Overseas Expansion: Hunan Yuneng, Defang Nano building LFP cathode plants in Spain, Malaysia

• Policy Impact: Localization requirements in US/EU driving Chinese companies’ overseas investments

Future Outlook

• Capacity Upgrade: Leaders shifting to premium capacity race, Hunan Yuneng’s CN-5 series, Defang Nano’s 4th gen products in tight supply

• Globalization 2.0: Transition from product export to local production, addressing trade barriers and carbon footprint requirements

• Tech Breakthroughs: Qing Tao’s solid-state batteries targeting 2026 mass production, energy density exceeding 500Wh/kg

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