巨头加速“换电狂飙”：宁德时代、蔚来密集建站，奥动冲刺IPO！行业将迎爆发期？

时代周报2025-12-19

换电行业近期动作频频。　　先是宁德时代巧克力换电模式在福州实现规模化落地，随后奥动新能源股份有限公司（以下简称“奥动新能源”）在港交所递交招股书。　　紧接着12月18日，蔚来能源宣布与中安能源首批合作共建的50座充换电站，正式在安徽省内投入运营。　　短短20天内，换电领域的几大主要玩家接连发力。　　中商产业研究院发布的《2025-2030年中国充换电设备行业市场发展现状及潜力分析研究报告》显示，...

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Will the industry usher in an explosive period?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300750":1.95,"NIO":1.93,"09866":1.93,"03750":1.95,"NIO.SI":1.93,"EVS.SI":0.6},"content_text":"换电行业近期动作频频。　　先是宁德时代巧克力换电模式在福州实现规模化落地，随后奥动新能源股份有限公司（以下简称“奥动新能源”）在港交所递交招股书。　　紧接着12月18日，蔚来能源宣布与中安能源首批合作共建的50座充换电站，正式在安徽省内投入运营。　　短短20天内，换电领域的几大主要玩家接连发力。　　中商产业研究院发布的《2025-2030年中国充换电设备行业市场发展现状及潜力分析研究报告》显示，中国换电设备行业市场规模从2021年的30亿元增长至2024年的54亿元。预计2025年中国换电设备市场规模将达到92亿元，2026年市场规模将达到132亿元。　　行业前景虽被普遍看好，但企业的盈利挑战已迫在眉睫。奥动新能源招股书显示，2022年-2025年上半年，公司累计亏损20.16亿元。究其原因，高额的基建投入与持续的运维成本是其亏损的重要原因之一。　　事实上，这也是整个换电行业的普遍痛点：前期基础设施建设投入大、运营成本高，现阶段可持续的盈利模式仍在探索之中。　　领跑玩家集中发力　　换电模式发展了十几年，至今仍不是大多数新能源车主的首选补能方式。然而，随着车企、电池厂商和第三方服务商纷纷加大投入，再加上明确的政策支持，这一模式正迎来新的发展机会。　　宁德时代尚未官宣推出巧克力换电之前，换电模式的玩家主要集中在车企和第三方供应商。　　其中，车企的典型代表是NIO\" target=\"_blank\" web=\"1\">蔚来。自布局换电业务以来，蔚来累计建成充换电站8466座。其中，蔚来换电站3627座，充电站4839座，高速换电网络联通全国550座城市。　　除了蔚来，包括吉利、上汽、北汽等传统车企，也在换电领域有所涉足。截至2025年4月，吉利旗下的易易互联已布局和运营超470座换电站。　　中商产业研究院数据显示，当前全国换电站保有量前三的企业分别是蔚来、奥动新能源和吉利旗下易易互联，CR3超90%。　　近日，顶着“换电赛道第一股”头衔的奥动新能源向港交所递交了上市申请。招股书显示，奥动新能源2022-2025年上半年，营收分别为11亿元、11.55亿元、9.26亿元和3.24亿元。截至2025年6月30日，奥动新能源拥有521个换电站，其中自有换电站267个，注册电动汽车数超过13万辆，并管理超过16万块电池。　　奥动新能源在招股书中提到，2024年，按换电站运营服务产生的收入计，公司成为中国独立第三方换电解决方案提供商中排名第一的企业。　　与蔚来、奥动新能源已经在换电赛道布局十余年不同，电池巨头宁德时代虽然是新入局者，但发展速度却突飞猛进。　　根据宁德时代最新披露的数据，11月1日-12月10日，巧克力换电站在全国范围内新增落站184座、开业118座。截至12月10日，巧克力换电已在全国46座城市累计建成925座。　　标准化是巧克力换电得以迅速发展的根本因素之一。宁德时代方面提到，目前，巧克力换电站可以兼容轴距2500mm的A0级车至轴距3100mm的C级车，不同品牌的车型只需要接入巧克力换电块的标准即可。　　速度快、烧钱多、争议大　　奥动新能源在招股书中提到，中国换电汽车的销量从2020年的6.6万辆增至2024年的26.9万辆，复合年增长率为42.0%，预计到2030年将达113.8万辆，2024年至2030年的复合年增长率为27.1%。　　换电行业市场规模从2020年的人民币15亿元增至2024年的人民币103亿元，复合年增长率为61.1%，预期于2030年达到人民币705亿元，2024年至2030年的复合年增长率为37.8%。　　高增长率离不开参与者的积极推动。只不过，换电这种“重资产+高服务”的模式，一方面确实在很大程度上缓解了消费者的补能焦虑。　　数据显示，奥动新能源旗下换电站的换电速度：乘用车换一次只需要20秒、轻卡30秒，重卡40秒；蔚来迭代到第四代换电站后，单次换电时间压缩至3分钟以内；宁德时代巧克力换电站的单次换电时间也只有99秒。　　但另一方面，给参与者带来的财务压力也不可小觑。　　奥动新能源招股书显示，2022-2025年上半年，公司亏损分别为7.85亿、6.55亿、4.19亿元和1.57亿元。三年半的时间里，累计亏损超过20亿元。 图片来源：奥动新能源招股书　　蔚来的财务承压同样明显。成立至今，蔚来在充换电技术和基础设施领域已累计投入近180亿元。数据显示，蔚来一代换电站单站成本约300万元，尽管到了第三代已经大幅下降，但单站成本仍需150万元。　　这也使得虽然换电成为蔚来的核心竞争力，但也给公司带来了较大的财务压力。　　或许正因如此，换电在发展的同时，也一直伴随着争议。　　尤其是当超充技术发展越来越成熟，消费者可以在十几分钟完成一次完整充电时，换电这种高投入、回报周期长、“自我造血能力不足”的补能方式，更是屡遭质疑。　　蔚来创始人李斌曾多次呼吁，充电和换电不要对立起来，换电和充电适合不同场景，是很好的补充。奥动新能源副总裁杨烨在接受媒体采访时也提到，800充电电压平台，能解决日常的充电场景，而换电解决的长途的场景，充换电是一种互补。　　换电从“自建”走向“协同”　　在高投入、长周期的行业特性下，单打独斗的自建模式早已难以为继，资源整合、优势互补的协同发展，成为破解换电行业盈利困局的关键路径。　　根据2025年相关部门发布的《新能源汽车产业发展规划（2025-2030年）》，明确将换电与充电并列作为新能源汽车能源补给的主要方式，并提出到2030年建成覆盖全国、高效协同的换电服务网络。　　协同发展直接推动了合作车型数量与品牌的增加。2025年4月，包括一汽、长安、北汽、奇瑞、广汽在内的5家车企与宁德时代已发布10款巧克力换电新车型。　　12月初，京东联合广汽、宁德时代推出的“国民好车”，其租电不足5万元的价格，再次引发了消费者对换电的关注。　　奥动新能源官网显示，其已与一汽、东风、长安、上汽、北汽、广汽、东风日产等超16家主流整车企业建立合作，联合开发的换电车型超30款。　　行业协同方面，其实早在2024年8月，蔚来能源就已经推出“加电合伙人”计划。截至目前，已与25个省市、地区的35家城投、交投在内的合作伙伴共建近200座充换电站。今年年初，蔚来与宁德时代就乘用车换电网络、行业技术标准等达成战略合作协议。　　宁德时代预测，到2030年，换电、家充、公共充电将形成“三分天下”格局。（文章来源：时代周报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2592159022","isCrawlerRequest":true}