锂电行业2025年年报盘点：全球储能需求狂飙，有人守利润，有人抢份额

每日经济新闻05-03 13:03

2025年年报披露完毕，锂电池及上游产业链厂商表现如何呢？以头部厂商宁德时代、国轩高科、亿纬锂能为代表，其营收、净利润均表现良好。但在2025年储能需求飙升的同时，宁德时代、国轩高科的储能业务增速显得相对缓慢。　　或许，宁德时代不愿使用低价策略，而是利用巨大的降本潜力，去抢占对成本相对敏感的储能电池市场。其在2025年年报中，只字未提固态电池，却对钠电着墨颇多。　　动力、储能出货量齐涨　　2025...

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GWh，同比增长79%，处于高速增长之中。　　在动力电池领域，国内市场主要由宁德时代、比亚迪占据。根据崔东树数据，2025年国内动力电池份额方面，宁德时代、比亚迪、中创新航、国轩高科、亿纬锂能位列前五，市场份额分别为43.8%、21.8%、7.0%、5.7%和4.2%。可以看出，仅宁德时代、比亚迪两大巨头就占据超七成的份额。　　动力电池全球市场份额方面，根据SNE Research数据，宁德时代、比亚迪、LG新能源、中创新航、国轩高科位列前五，市场份额分别为39.2%、16.4%、9.2%、5.3%和4.5%。即宁德时代、比亚迪两大巨头占据全球市场近55%的份额。　　储能电池方面，在全球市场上，宁德时代、海辰储能、亿纬锂能、比亚迪、瑞浦兰钧位列前五，市场份额分别为30%、13%、12%、9%和8%。　　2025年，尽管储能电池市场规模大幅增长，但宁德时代的增速未能跟上总体市场增速。根据宁德时代2025年财报，其该年度实现储能电池销量121 GWh，同比增长29.13%。　　需要注意的是，宁德时代并非单纯的储能电池厂商，也是储能系统厂商。宁德时代表示，公司在维持领先地位的基础上，秉承“合作共赢”理念，深度整合全球供应链资源，提升储能系统整站优化与工程设计能力，系统集成业务全球共计交付超70个项目，出货规模同比增长超160%。　　2025年，宁德时代储能电池系统营业收入624.40亿元，同比增长8.99%。虽然宁德时代储能电池系统营收增长相对较慢，但仍保持了相对较高的毛利率水平。其储能电池系统毛利率为26.71%，甚至高于动力电池23.84%的毛利率。　　国轩高科、亿纬锂能业绩表现　　国轩高科的业务结构与宁德时代类似，均为动力电池占大头，且储能电池系统毛利率较高。2025年，国轩高科动力电池系统营收占比75.60%，储能电池系统营收占比20.12%。　　营收增速方面，国轩高科同样类似于宁德时代，其储能电池系统营收增速为15.76%，低于动力电池系统32.85%的增速。同样，国轩高科储能电池系统毛利率也相对较高，为20.75%，高于动力电池系统14.39%的毛利率水平。　　与宁德时代、国轩高科不同，亿纬锂能储能电池业务几乎与动力电池业务匹敌。2025年，其储能电池、动力电池营收占比分别为39.76%、42.07%。　　该年度，亿纬锂能动力电池、储能电池均保持相对较高营收增速，分别为34.91%和28.45%。然而，高营收增速背后却是相对较低的毛利率，其动力电池、储能电池毛利率分别为15.50%、12.28%。　　从毛利率可以看出，与宁德时代、国轩高科相比，亿纬锂能选择以利润换市场，在储能领域以相对低毛利的“战术”以换得市场份额。在动力电池领域，亿纬锂能未进入全球前五，在国内仅位列第五。而在储能电池领域，亿纬锂能以全球12%的市场份额位列全球第三。　　亿纬锂能表示，公司在储能电池领域处于全球领先水平。公司在行业内率先进入储能领域，经过多年的研发和实践积累，引领行业技术创新，转向“大方形+叠片”路线为主导的技术平台。同时公司是全球首家量产600Ah+大方形铁锂储能电池的公司。　　此外，在固态电池和钠电这两条当下火热的技术路线上，宁德时代强调钠电、国轩高科强调固态电池，而亿纬锂能二者均重视。　　宁德时代表示，公司将锂电池领域的深厚沉淀延展至钠电池等其他化学体系，形成全面、先进的产品矩阵，可应用于乘用车、商用车、表前储能、表后储能等领域，以及船舶、航空器、数据中心等新兴应用场景。　　在宁德时代看来，钠新乘用车动力电池拥有优异的低温能量保持率与安全表现，凭借钠的丰富储量可有效降低对锂资源的依赖。　　国轩高科表示，在持续巩固磷酸铁锂电池现有技术优势的基础上，将固态电池作为研发重点方向，全力推进技术研发与产业化落地。报告期内，公司已顺利完成首条全固态电池中试线的建设与投产，构筑差异化竞争壁垒。　　关于固态电池，亿纬锂能表示，公司已规划建设100MWh（兆瓦时）固态电池量产基地，龙泉系列固态电池产品已相继下线，标志着公司在全固态电池商业化进程中迈出关键一步，利于公司抢占下一代电池技术制高点，加快为人形机器人、低空飞行器及 AI 终端等应用领域提供高安全性、高能量密度的全固态电池解决方案，确立公司在全球固态电池产业化竞赛中的第一梯队地位。　　关于钠电，亿纬锂能称，公司钠离子电池储能系统已投入运行；依托钠离子电池独特的高低温特性，公司开发出无液冷钠离子电池系统，探索其高温、高寒、高湿等不同气候条件下进行兆瓦级电力台区储能示范；同时积极探索钠离子在启停电源、两轮车市场等低压市场的应用。报告期内，公司亿纬钠能总部动工建设，项目规划年产能2 GWh，将高效赋能储能及AIDC（人工智能数据中心）场景。　　从技术路线上看，宁德时代当下对钠电非常重视，将其视为锂电的重要补充。钠电一方面可以摆脱对锂资源的依赖，另一方面具有优良的降本潜质。或许，宁德时代不愿意使用锂电去低价抢储能市场，正是布局了钠电这一“大招”。即大规模量产之后，使用钠电去抢占储能市场，乃至未来的二轮车、启停电池市场。（文章来源：每日经济新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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; 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