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On August 26, Chaowei Power (00951), a lead-acid battery giant, released its 2018 semi annual report. In the first half of the year, the company achieved a revenue of 13.37 billion yuan, a year-on-year increase of 32.2%. The profit attributable to the company's owners during the period was 102 million yuan, a year-on-year decrease of 63.6%.

As one of the representatives of lead-acid transformation and layout of lithium battery, Chaowei Power's layout in the field of lithium battery is relatively early, but the development process is tortuous, and it accounts for a small proportion of the company's overall revenue.

The announcement shows that in the first half of 2018, Chaowei Power's lithium ion battery achieved a revenue of 178 million yuan, a year-on-year increase of 88% compared with 94.58 million yuan in the same period last year, accounting for only 1.3% of the group's total revenue.

In fact, under the influence of multiple factors, such as the adjustment of subsidy policy, the rise of raw material prices, the reduction of main engine manufacturers' prices, and the intensification of market competition, the power battery industry is entering the "late autumn" in the "midsummer" of the previous two years, which is a great test for power battery enterprises, and also an opportunity to check whether battery enterprises are competitive in products, technology, capital, capacity, brand, etc.

When the tide receded, we knew who was swimming naked. In the face of increasingly fierce market competition, small and medium-sized power battery enterprises must improve their competitiveness in many ways to survive. From the market situation, Chaowei also needs to strengthen internal skill training in the field of lithium ion batteries.

In fact, the lithium ion battery business of Chaowei Power achieved a good result of 329 million yuan in revenue in 2016, with a year-on-year growth of 58%. However, affected by multiple factors, such as supplementary investigation of fraud, adjustment of new energy vehicle subsidy policy, review of recommended catalogue, and price rise of upstream raw materials, the lithium battery business of Chaowei Power changed its face in 2017 and achieved a revenue of 232 million yuan. In the first half of the year, the revenue was only 94.58 million yuan, a sharp drop year-on-year.

The material system of Chaowei Chuangyuan, a subsidiary of Chaowei Power, is mainly composed of multiple composite materials and ternary material systems, focusing on soft package products. In terms of energy density, the specific energy of single ternary soft package battery produced by Chaowei Chuangyuan currently reaches 200-210Wh/kg, and the product of 230Wh/kg is in the pilot stage. At the same time, we are actively planning the R&D and application of high nickel, high voltage cathode materials and silicon based cathode materials.

The new subsidy policy directly links the subsidy amount with the energy density. Improving the battery energy density has become an important task for battery enterprises, which has also had a certain impact on the development of the power battery market of Chaowei Chuangyuan in 2018.

According to the List of Recommended Models for the Promotion and Application of New Energy Vehicles released by Gaogong Lithium Battery in 2018, in the first half of the year, Chaowei Chuangyuan only provided supporting facilities for a few models, such as Yunnan Aerospace, Jiangling Automobile, Chang'an Automobile, and the number of supporting and installed power battery models declined year on year.

At present, the power battery market of Chaowei Chuangyuan mainly focuses on the A00 class micro electric vehicles and new energy special vehicles, and is facing fierce competition. Among them, improving the battery energy density and reducing the production cost are the keys to its participation in the future market competition.

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