在最卷的一年里，宁德时代赚了722亿

蓝鲸财经03-14

作者：观潮科技Pro 高恒在动力电池价格持续下行、行业产能快速扩张的背景下，锂电产业正在进入一场新的淘汰赛。过去几年间，大量企业加速扩产，全球动力与储能电池规划产能已经远远超过当前市场需求，价格竞争随之蔓延至整个产业链。对于电池厂来说，真正的考验不再只是技术突破，而是能否在价格压力之下继续保持盈利能力。就在这样的行业环境中，宁德时代交出了一份颇为亮眼的成绩单。最新财报显示，这家全球最大的动力电池...

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高恒在动力电池价格持续下行、行业产能快速扩张的背景下，锂电产业正在进入一场新的淘汰赛。过去几年间，大量企业加速扩产，全球动力与储能电池规划产能已经远远超过当前市场需求，价格竞争随之蔓延至整个产业链。对于电池厂来说，真正的考验不再只是技术突破，而是能否在价格压力之下继续保持盈利能力。就在这样的行业环境中，宁德时代交出了一份颇为亮眼的成绩单。最新财报显示，这家全球最大的动力电池...</p>\n\n<a href=\"https://www.lanjinger.com/d/1773227252477156386\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2097828557.USD","symbol_name":"AZ EQUITY CHINA \"A\" (USD) ACC","start_time":0,"source_url":"https://www.lanjinger.com/d/1773227252477156386","article_id":"2619144188","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2619144188","pubTimestamp":1773453810,"columns":[],"sourceInfo":{"source_id":"lanjinger_stock","name":"蓝鲸财经"},"weMediaInfo":null,"summary":"就在这样的行业环境中，宁德时代交出了一份颇为亮眼的成绩单。2025年，宁德时代实现营业收入4237.02亿元，同比增长17.04%；归属于上市公司股东的净利润722.01亿元，同比增长42.28%；扣非净利润645亿元，同比增长43%。财报显示，2025年宁德时代销售费用为37.35亿元，同比增长仅4.84%，明显低于营收增速。从业务板块来看，2025年宁德时代动力电池系统毛利率为23.84%，储能电池系统毛利率为26.71%，电池材料及回收业务毛利率达到27.27%。","collect":0,"end_time":0,"defaultTopTitle":"lanjinger.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300750":"宁德时代","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2360107325.USD":"BGF FUTURE OF TRANSPORT \"A4\" (USD) INC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2778985437.USD":"ALLIANZ CHINA 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billion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300750":1.98,"EVS.SI":0.6,"03750":1.98},"content_text":"作者：观潮科技Pro 高恒在动力电池价格持续下行、行业产能快速扩张的背景下，锂电产业正在进入一场新的淘汰赛。过去几年间，大量企业加速扩产，全球动力与储能电池规划产能已经远远超过当前市场需求，价格竞争随之蔓延至整个产业链。对于电池厂来说，真正的考验不再只是技术突破，而是能否在价格压力之下继续保持盈利能力。就在这样的行业环境中，宁德时代交出了一份颇为亮眼的成绩单。最新财报显示，这家全球最大的动力电池制造商不仅保持了稳定增长，还在利润、产能效率以及产业链布局等多个维度展现出明显优势。但比财报数字更值得关注的，是这家公司赚钱方式正在发生的变化。当行业进入存量竞争阶段，宁德时代不再只是依靠规模扩张，而是在通过制造效率、产能利用率以及资源循环体系，逐步把电池生意做成一门更具长期盈利能力的产业。理解这些变化，或许才是看懂这份财报的关键。01：利润为什么跑赢营收先看最核心的利润表数据。2025年，宁德时代实现营业收入4237.02亿元，同比增长17.04%；归属于上市公司股东的净利润722.01亿元，同比增长42.28%；扣非净利润645亿元，同比增长43%。在营收只增长17%的情况下，公司利润却增长了42%，利润增速比营收高出约25个百分点。在制造业，这种“利润跑赢营收”的情况并不常见，通常意味着两件事：规模效应开始释放，以及成本结构出现明显优化。首先是销量带来的规模效应。2025年宁德时代锂离子电池销量达到661GWh，同比增长39.16%。其中动力电池销量541GWh，同比增长41.85%；储能电池销量121GWh，同比增长29.13%。销量增长接近40%，明显快于营收增速，这意味着行业价格确实在下降，但公司通过更大的出货规模弥补了价格下滑带来的影响。同时，根据SNE Research统计，2025年宁德时代全球动力电池装机量市占率达到39.2%，较上一年继续提升，连续9年位居全球第一。在全球动力电池市场中，几乎每三块电池就有一块来自宁德时代。销量上升带来的直接结果，是产线利用率提升，从而摊薄制造成本。锂电池生产属于典型的重资产制造业，设备投资巨大，折旧成本占比高。当销量扩大时，固定资产折旧会被更多产品分摊，单Wh成本随之下降。对宁德时代来说，661GWh的出货规模，使其在单位制造成本上形成明显优势。其次是费用结构的稳定。财报显示，2025年宁德时代销售费用为37.35亿元，同比增长仅4.84%，明显低于营收增速。这意味着公司在市场拓展和客户维护方面的投入增长有限，渠道体系已经相对成熟，不需要通过大规模营销投入来推动销售。管理费用为116.67亿元，同比增长20.4%。这一增幅略高于营收，但考虑到公司近年来持续推进海外工厂建设和全球业务扩张，这一增长仍处于可控范围。与此同时，公司研发投入继续保持增长。2025年研发费用达到221.47亿元，同比增长19.02%，研发投入占营收比例约5.23%。截至年末，公司研发人员达到22901人，占员工总数的12.32%。这组费用结构的变化说明一个问题：宁德时代在保持高研发投入的同时，并没有明显增加销售和运营成本，从而让更多收入转化为利润。最后是毛利率结构的稳定。从业务板块来看，2025年宁德时代动力电池系统毛利率为23.84%，储能电池系统毛利率为26.71%，电池材料及回收业务毛利率达到27.27%。在行业整体价格下行的背景下，这样的毛利水平说明公司依然具备较强的成本控制能力和技术优势。另一个值得注意的细节是海外市场。2025年宁德时代境外收入达到1296.41亿元，同比增长17.5%，占总收入30.6%，而境外业务毛利率高达31.44%，明显高于境内业务的24%。海外市场不仅贡献了接近三成收入，也成为利润的重要来源。综合来看，宁德时代利润增长的逻辑并不复杂：销量扩大带来的规模效应、稳定的费用结构以及较高的毛利率水平，共同推动了利润增速超过营收增速。在电池价格持续下降的环境下，公司并不是依靠涨价获得利润，而是通过更高的生产效率和更大的出货规模，让每一度电池的盈利能力持续提升。02：96.9%的产能利用率意味着什么如果说销量增长和成本控制解释了利润结构，那么还有一个更关键的指标，决定了宁德时代为什么能在价格战中依然赚钱——产能利用率。在制造业，产能利用率往往比价格更重要。电池生产线属于典型的重资产投资，一条产线动辄数十亿元设备投入，固定资产折旧每天都在发生。一旦产线闲置，折旧成本就会直接吞噬利润。而2025年的锂电行业，恰恰正处在“产能过剩”的阶段。数据显示，2025年全球动力与储能电池规划产能已经超过3000GWh，而实际市场需求只有约1500GWh，行业整体产能利用率普遍不足60%，部分中小企业甚至低于30%。大量企业不得不通过降价争夺订单来维持生产，价格战由此愈演愈烈。在这样的行业环境下，宁德时代的生产数据却呈现出完全不同的状态。2025年公司锂电池总产能为772GWh，全年产量达到748GWh，对应产能利用率高达96.9%。相比上一年的76.3%，这一指标一年之内提升了超过20个百分点，公司几乎所有可运行产线都在满负荷生产。96.9%的利用率，在制造业中已经属于极端高位。通常只有订单持续充足、生产计划高度稳定的企业，才可能长期维持接近满产的状态。当行业中不少企业还在为消化库存发愁时，宁德时代却处于“能开的线几乎都开了”的生产节奏。这种差异，直接带来成本结构上的巨大分化。对此，科技产业时评人彭德宇表示：当其他企业的生产线在闲置中不断折旧时，宁德时代的设备折旧成本被大量出货摊薄。同样一条生产线，在利用率接近100%的情况下，每生产一度电池所分摊的固定成本会明显下降。这也是为什么在电池价格整体下降的背景下，公司依然能够维持稳定盈利能力的原因。与此同时，宁德时代还在主动对产线进行“更新换代”。2025年公司计提资产减值准备90.79亿元，其中长期资产减值准备35.52亿元，固定资产减值26.6亿元。从表面看，这是一笔不小的成本，但本质上反映的是公司正在加速淘汰效率较低的旧产能，把资源集中到自动化程度更高、效率更高的新一代产线上。企事界北京科技有限公司执行董事李睿分析称，在技术迭代极快的电池行业，生产设备并不是一次投入就可以长期使用。随着电芯设计、材料体系和生产工艺不断升级，旧产线的效率和良率都会逐渐落后。与其被动承受产能贬值，不如主动进行产线升级，这也是公司维持高效率生产的重要方式。更重要的是，在现有产能接近满负荷的情况下，宁德时代仍然在继续扩张产能。财报显示，截至2025年末，公司在建产能达到321GWh。对于一家已经拥有超过700GWh产能的企业来说，这样的扩产规模说明公司对未来市场需求仍然保持相对乐观的判断。与此同时，公司现金流表现同样强劲。2025年宁德时代经营活动产生的现金流量净额达到1332.20亿元，同比增长37.35%，为公司持续扩产和技术投入提供了资金保障。多家机构也对未来电池需求保持增长预期。中信建投预计，2026年全球锂电池需求有望超过2700GWh，同比增长超过30%，其中储能电池需求有望超过900GWh。东吴证券则预测，2026年全球动力与储能电池需求将达到2309GWh，同比增长约23%。从盈利逻辑来看，这组数据揭示了一个更底层的事实：在锂电行业进入价格竞争阶段后，真正决定企业盈利能力的，不再是单纯的价格，而是生产效率与产能利用率。当行业进入淘汰赛阶段，谁能让设备持续运转、让产线保持高效率生产，谁就更容易在价格下行周期里活下来，并继续扩大市场份额。03：回收业务与资源布局：宁德时代的“第二利润曲线”如果说高产能利用率解释了宁德时代当前的制造效率，那么财报中还有一个更容易被忽视的变化：公司正在把电池产业链的利润向上游和后端延伸。除了动力电池这一核心业务之外，储能市场也正在成为新的增长来源。2025年宁德时代储能电池销量达到121GWh，同比增长29.13%。根据SNE Research统计，公司储能电池出货量已经连续5年位居全球第一。随着全球新能源发电规模持续扩大，电网对储能系统的需求不断增长，储能业务正逐渐成为公司的第二增长曲线。在储能之外，宁德时代还在进一步向产业链后端延伸。最典型的就是电池回收业务。2025年，宁德时代废旧电池回收量达到21万吨，同比增长63.2%。这一增速明显快于电池出货规模的增长速度，意味着越来越多进入退役周期的动力电池正在回流到回收体系之中。随着早期新能源车电池逐步进入更换周期，回收市场正在从“概念阶段”走向实际商业化。从收入结构看，这项业务的表现并不显眼。2025年电池材料及回收业务实现收入218.61亿元，同比下降23.83%。公司在财报中解释，这主要受到原材料价格波动的影响，即回收产品的销售价格随着锂、镍、钴等大宗材料价格下降而同步回落。但如果只看收入，很容易忽略真正的变化。2025年该业务毛利率达到27.27%，较上一年大幅提升16.76个百分点。这意味着尽管收入规模有所下降，但单位利润反而明显增加。原因在于，随着回收规模扩大和技术效率提升，回收处理成本不断下降，使得利润空间得到释放。从产业链角度看，这种变化的意义并不只是多了一块利润来源。彭德宇认为，动力电池生产对锂、镍、钴等关键金属依赖度极高，而这些资源长期受到国际市场价格波动影响。通过回收体系，公司可以从废旧电池中重新提取这些金属材料，从而形成“生产—使用—回收—再生产”的闭环体系。相比矿产开采，回收获得的原材料成本更低，同时也能降低对外部资源供应的依赖。与此同时，宁德时代也在继续加强对上游资源的布局。2025年，公司电池矿产资源业务实现收入59.78亿元，同比增长8.83%。虽然这一业务毛利率仅为11.25%，远低于电池制造业务，但其战略意义在于为公司提供稳定的原材料来源。通过参与全球锂、镍、钴等资源项目，公司正在逐步强化对上游供应链的控制能力。如果把这两部分业务放在一起看，就会发现宁德时代正在形成一种新的产业结构：一方面通过矿产资源获取原材料，另一方面通过回收体系回收退役电池中的金属资源，从而形成“海外矿山”和“城市矿山”两条供应路径。这种双渠道的资源体系，不仅能够降低原材料价格波动带来的风险，也让公司在成本控制上拥有更大的主动权。从长远来看，随着新能源车保有量持续增长，退役动力电池规模还会进一步扩大。回收体系一旦形成规模效应，其利润贡献很可能逐步提升，并成为电池制造之外的重要收益来源。这也意味着，宁德时代的商业模式正在发生变化——它不再只是单纯的电池制造商，而是在尝试构建一个覆盖资源获取、生产制造和循环利用的完整能源产业体系。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport","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 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