Capital

Investment Strategy of Leading Enterprises Strategic Divergence Under the Matthew Effect Tier 1 Production Capacity > 100 GWh) CATL Contemporary Amperex Technology Co., Ltd.)

Strategy: "Extreme Manufacturing + Raw Material Supply Locking"

2024 Capital Expenditure: RMB 28 billion (year-on-year YoY) decrease of 15%, while R&D investment reached RMB 18 billion YoY increase of 25%

Lithium Mine Investment: Won the bid for Sichuan Lijiagou Lithium Mine with an investment cost of RMB 120,000 per ton Technology Layout: Parallel development of three routes – solid-state batteries, sodium-ion batteries, and condensed matter batteries

BYD Build Your Dreams)

Strategy: "Vertical Integration + Global Expansion"

The full-year R&D expenditure in 2024 reached RMB 54.2 billion, representing a year-on-year increase of 35.68%, with the R&D expense ratio standing at 6.97%.

Third-Party Market Expansion: Blade Batteries supplied to FAW and Toyota, opening up the third-party market

Source: CATL annual report 2024;BYD annual report

Tier 2 Production Capacity: 20100 GWh) CALB China Aviation Lithium Battery Co., Ltd.)

Focus: High-voltage fast charging

2024 Milestone: Secured and delivered the worldʼs largest energy storage project order EVE Energy

Dual-Wheel Drive Strategy: Energy storage + power batteries

2024 Capacity Expansion Investment: announced an investment of CNY10.8 billion to construct the worldʼs largest standalone carbon-neutral battery plant, which has a planned production capacity of 60 GWh and focuses on the mass production of LF560K large energy storage cells. Gotion High-Tech

Strategic Shareholder: Volkswagen Group China

Technology Benchmarking: Aligned with German technical standards

Volkswagen China Investment Co., Ltd. announced that it will invest approximately 1.1 billion euros to acquire a 26.47% stake in Gotion High-tech.

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