经济学人：宁德时代瞄准世界霸主地位

作者：一天一篇外刊         来源：一天一篇外刊

Set amid a backdrop of lush rolling hills and marshy lakes, Ningde is an unassuming company town on the south-eastern coast of China, lined with low-rise buildings and apartment blocks. One structure stands out: a gleaming rectangular tower with a gently curving glass facade, which bears an uncanny resemblance to a giant lithium-ion battery pack.

在中国东南海岸郁郁葱葱的连绵山丘与波光潋滟的湖泊环绕中，悄然矗立着宁德这座低调的工业小镇。在街道两侧规整的低层建筑与公寓楼群中，一座现代感十足的矩形高楼格外吸睛，流线型玻璃幕墙以柔和的弧度延展，在日光下折射出粼粼光芒，恍若一枚巨型锂离子电池组竖立于大地

This is the headquarters of the world’s largest battery-maker, CATL, whose products power a third of the world’s electric vehicles (EVs), and a similar share of energy-storage systems for grids. The meteoric rise of the company, founded in 2011, has lifted the economic output of Ningde, the hometown of its boss, Robin Zeng, above that of Estonia or Uganda.

这正是宁德时代（CATL）的总部，作为全球最大的电池制造商，为全球近三分之一的电动汽车及同等比例的电网储能系统提供动力支持。2011年创立以来，这家行业巨擘以惊人的速度崛起，不仅重塑了全球能源格局，更推动故乡宁德市的经济总量超越爱沙尼亚与乌干达等国家——这座东南沿海的低调小城，正是宁德掌舵人曾毓群的故土。

On May 20th CATL raised almost $5bn in a secondary listing in Hong Kong, making it the largest share offering so far this year. Investors raced to get their hands on the stock, sending its price up by 16%. The sum is a small fraction of the $160bn market capitalisation of the firm, which first listed its shares in Shenzhen in 2018. But the Hong Kong offering is a clear statement of intent: not satisfied with dominance at home, China’s battery behemoth plans to spread across the globe.

5月20日，中国动力电池龙头宁德时代正式登陆港交所完成二次上市，以近50亿美元的募资规模摘得2025年度全球最大IPO桂冠。资本市场反应热烈，开盘首日股价即飙升16%。尽管此次融资额仅占其1600亿美元市值体量的一小部分，但相较于2018年深圳创业板首秀，此次香港二次上市更具战略深意。宁德时代正以资本市场的双重布局为支点，加速撬动全球储能版图的扩张野心.

CATL is already by far the largest firm in its industry. Its production volume is more than double that of BYD, its closest competitor, which has the advantage of being the world’s biggest maker of EVs (see chart 1). CATL’s 11 manufacturing sites across China cover nearly 20m square metres between them. The company, which employs over 100,000 people, also owns lithium mines and an offshore wind farm.

作为动力电池行业的绝对领军者，宁德时代已构筑起难以撼动的产业壁垒。如图表1所示，电池产量达到主要竞争对手比亚迪的两倍有余，比亚迪坐拥全球最大电动汽车制造商的先天优势。在产能布局方面，宁德时代在国内建设了由11个超级工厂组成的制造网络，总占地面积接近2000万平方米以及自持的海上风电场——这种垂直整合战略为其构筑了从资源开采到能源生产的完整闭环。

At the same time, CATL is continuing to push the boundaries of battery technology. It spent $2.6bn on research and development last year, more than triple the amount invested by LG Energy Solution. In April it unveiled a battery that can provide 520km (323 miles) of driving with five minutes of charging, stealing the thunder of BYD, which a month before announced it had developed one that can do 400km on the same charge time.

在技术攻坚领域，宁德时代持续刷新行业天花板。去年研发经费投入高达26亿美元，规模达到韩国LG能源解决方案的三倍有余。今年四月，这家中国电池霸主推出颠覆性产品——搭载超充技术的新一代动力电池，实现"充电5分钟，续航520公里"的突破性指标，一举改写市场格局。值得注意的是，这款产品的问世仅比竞争对手比亚迪晚一个月，比亚迪此前发布宣称可实现"同等充电时间内400公里续航"的竞品，然而现在却在关键参数上被宁德时代反超。

“The PhDs”, as CATL’s renowned research unit is referred to internally, work across the business. Some focus on fundamental battery chemistry. Others concentrate on improving the manufacturing process, much of which is performed by robots. Others still collaborate with suppliers and customers to develop new products. The company has more than 40,000 granted or pending patents.

宁德时代内部将核心研发力量命名为"博士团"，这个精英团队深度渗透至公司全业务链条。其中，基础研究组专注于电池化学的底层突破；工艺优化组则持续精进高度自动化的制造流程，机器人应用覆盖率超90%；产学研协同组携手上下游伙伴共建创新生态，联合开发前瞻性产品。截至目前，这家技术驱动型企业已构建起包含4万余项专利的技术壁垒，涵盖从材料科学到智能制造的全价值链环节。

作者：一天一篇外刊         来源：一天一篇外刊