Capital

Analysis of the Diversified Financing System From 2016 to October 2025, there were a total of 578 investment events with an accumulated investment amount of RMB 134 billion, making lithium batteries one of the most actively invested tracks in China. Among these periods, 2022 saw the highest number of investment events and the largest capital inflow, with 121 transactions and a record-high investment value of RMB 49.53 billion. Investment enthusiasm cooled down in 2024, with 80 events and a total investment of RMB 7.01 billion. However, the investment momentum rebounded from January to October 2025, registering 85 events and a total investment of RMB 6.37 billion. Series A is the dominant financing round. In terms of corporate financing rounds, the industry is currently dominated by Series A and Angel rounds, which accounted for 32% and 17% respectively from January to October 2025. This indicates that new lithium battery projects are emerging continuously, with early-stage investment becoming the mainstream. Next come strategic financing and Series B+ rounds, each accounting for 13%. In addition, Series C and Series D+ rounds are relatively rare, representing 1% and 2% respectively, reflecting that individual projects are moving towards maturity and the project risks are gradually decreasing. PE/VC constitutes the primary type of investment and financing institutions. From the perspective of overall investors, PE/VC accounted for 65% of all investment and financing entities. These institutions value the industryʼs rapid technological iteration and substantial growth potential, focusing on cutting-edge areas such as solid-state batteries. Next are funds and enterprises, each accounting for 14%. Their primary goal is to conduct vertical investment along the industrial chain, which helps improve capital circulation within the supply chain. Key participating enterprises include Saudi Aramco, Haiheng Group, Evergrande Green Energy, Geely Holding Group, Shengquan New Energy Co., Ltd., Huamao Technology Co., Ltd., Jiuri New Materials Co., Ltd., Corun New Energy Co., Ltd., Zhejiang Energy Group Co., Ltd., Ningfu New Energy Co., Ltd., and Haitong New Energy Co., Ltd. Additionally, government investment accounts for 6%. The government plays a role in policy guidance to leverage social capital into key sectors.

Source: Enlightenment 2025 Analysis of Investment, Financing, Mergers and Acquisitions in China's Lithium Battery Industry

Innovative Instruments Battery-Asset ABS Asset-Backed Securities)

Underlying assets: future cash-flows from storage/charging stations Example: CATL "Power-Battery Toll-Receipt ABS", RMB 1.5 bn issued, coupon 3.8% Rating drivers: battery-degradation curve, operator capability, PPA tenor.

Financial Leasing

Use case: equipment purchase, line construction Key lessors: Far East Horizon, Ping An Leasing, etc. Credit enhancement: parent guarantee + equipment mortgage

Green Finance

PBOC carbon-reduction facility: 1.75% re-lending rate Case: Oct 16, 2025,Sunwoda secured a 10-year RMB 67 million policy-based loan from CDB Shenzhen Branch for three energy storage projects.

Extracted from the PDF; charts and images may read imperfectly.