# 曾毓群 · Robin Zeng — 封面传记 ACF-00-00102

> 亚洲封面人物 Asia Cover Figure · 机器可读档案（LLM-ready）。本文件由官网结构化档案数据自动生成，供 AI 检索与引用。中文全文与英文全文对照编排。

## 档案元数据 Metadata

- 封面编码 ACF Code：**ACF-00-00102**
- 姓名 Name：曾毓群 / Robin Zeng
- 职务 Title：创始人、董事长 / Founder and Chairman
- 公司 Company：宁德时代 / CATL
- 出生 Born：1968-03，福建省宁德市 (Ningde, Fujian Province)
- 篇别 Category：格局（格局篇 / Cover Biography (Geju)）
- 入档日期 Accessioned：2026-05-12
- 标签 Tags：动力电池, 宁德时代, 新能源, 全球化, 麒麟电池, 神行电池, 储能, 技术路线
- 永久档案链接 Archive URL：https://coverfigure.com/acf/ACF-00-00102/geju
- English archive：https://coverfigure.com/acf/ACF-00-00102/geju?lang=en
- 官网原文报道 Feature story：https://coverfigure.com/acf/figure/cengyuqun

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## 卷首 Editorial Intro

2026年3月4日，北京人民大会堂，全国政协十四届四次会议首场“委员通道”集体采访。当曾毓群走向发言席，台下的记者们举起手机对准这位年近花甲的福建男人。他穿着合体的深色西装，语速不快，带着不易察觉的宁德口音。"展望未来，我们会加大研发投入，把中国的产品卖到世界，把我们的技术、我们的标准推广到全世界。"这句话说出来时轻描淡写，却像是给过去十五年的中国新能源产业做了一句总结。

十五年前，没有人会想到，一家从福建宁德山区走出来的电池企业，能做到全球每十块动力电池里就有四块产自它的工厂。2011年的宁德时代，四间厂房是租的，几十人的办公室也是租的，从ATL分拆出来时带着"日资背景"的历史包袱，连进入国家补贴白名单都要费一番周折。那时候，全球动力电池是松下、三星SDI、LG新能源的天下——日本和韩国的企业，带着几十年的技术积累，把持着行业的话语权。

改变这一切的，是一个从岚口村煤油灯下走出来的"赌徒"。

"赌性坚强"这四个字，被王兴的一条饭否帖从宁德的办公室带到了互联网上，从此成了曾毓群最广为人知的标签。有人觉得这字太野，不像一个千亿级企业家该挂的东西；有人觉得这字精准——从辞掉国企铁饭碗南下东莞，到从TDK体系里独立出来做动力电池，再到all in三元锂路线、all in出海建厂，曾毓群的每一步关键决策都带着浓重的"赌"的色彩。

但他自己说，赌是脑力活，不是体力活。"拼只是体力活，赌才是脑力活。"这句话解释了为什么他的赌注十有八九能赢——不是因为运气好，而是因为每一次下注之前，他都算过概率：市场够不够大？有没有相邻技术？门槛够不够高？这三条"投资事业铁律"，是他和师父张毓捷在办公室里讨论出来的，也是CATL所有重大决策背后的底层逻辑。

从消费电池到动力电池，是因为动力电池的市场更大；从磷酸铁锂到三元锂，是因为三元锂的技术门槛更高；从国内到海外建厂，是因为全球化是必经之路。每一个看似冒险的决定，背后都有理性的计算。只是计算之后，在别人还在犹豫"万一失败怎么办"的时候，他已经20%的把握就下场了。

2017年登顶全球第一之后，很多人以为故事会在这里达到高潮。但真正的考验才刚刚开始。比亚迪刀片电池的横空出世，让磷酸铁锂路线强势回归；美国的地缘政治压力，让出海之路布满荆棘；固态电池、钠离子电池等新技术路线，随时可能颠覆现有格局。曾毓群办公室里的"赌性更坚强"换成了"溥博渊泉"，但这不是说他不赌了——而是赌注更大了，下注的方式更系统了。

他赌全固态电池短期内不会商业化，所以一边嘴上"泼冷水"，一边手上"没停过"；他赌欧洲离不开中国电池技术，所以砸下百亿欧元在德国、匈牙利、西班牙连建三厂；他赌换电是终局补能形态，所以一边做超充一边布局换电网络；他赌"全域增量"时代的到来，所以从动力电池到储能、从低空经济到电动船舶，边界不断拓展。

所有这些赌注的背后，是同一个逻辑——押注能源转型的大趋势，押注中国制造业的优势，押注技术创新能不断打开新的天花板。

曾毓群常说，中国锂电产业要做到"2.0版的世界第一"——不是靠价格战的第一，而是高质量的、让全世界尊重的第一。这句话的分量，行业里的人都懂。从"量"的第一到"质"的第一，从"制造输出"到"标准输出"，从"产品出海"到"技术出海"——每一个跨越，都比上一个更难。

站在全球动力电池九年冠的位置上回望，岚口村的煤油灯、东莞车间的图纸、宁德厂房的焊花，连成了一条清晰的轨迹。这条轨迹的名字，叫"赌性"——不是盲目的赌博，而是建立在深度洞察和工程能力之上的、敢于提前下注的战略勇气。

一个从福建山区走出来的农家子弟，用了不到三十年时间，把中国电池送上了全球产业的牌桌中央。这是他一个人的传奇，也是一个时代的注脚。

On March 4, 2026, at the Great Hall of the People in Beijing, the first “committee channel” group interview of the CPPCC annual session opened. When Zeng Yuqun stepped up to speak, reporters raised their phones toward the Fujianese man nearing sixty. "Looking ahead, we will increase R&D investment, sell Chinese products to the world, and take our technology and our standards global," he said—an understated sentence that read like a summary of fifteen years of China's new-energy industry.

Fifteen years ago, no one imagined a battery company from the mountains of Ningde, Fujian, would come to supply four of every ten power batteries on earth. CATL in 2011 had four rented factory buildings and a rented office for dozens of staff, carried the historical baggage of a Japanese-owned lineage after its spin-off from ATL, and struggled even to enter the national subsidy whitelist. Global power batteries then belonged to Panasonic, Samsung SDI and LG Chem—Japanese and Korean firms with decades of technology in hand.

The man who changed this was the "gambler" who had come up under the kerosene lamp of Lankou village. The four characters 赌性坚强—betting spirit, stay strong—spread from his Ningde office to the Chinese internet via a Meituan founder's post. Some found the phrase too wild for a trillion-scale entrepreneur; others found it precise: quitting the state job for Dongguan, breaking from the TDK system to make power batteries, going all-in on ternary lithium, then all-in on overseas plants—each critical decision carried the color of a wager. But he insists gambling is intellectual labor, not physical: every bet has its probabilities calculated—is the market big enough, is adjacent technology available, are the barriers high enough? After the global No.1 position in 2017, the bets only grew larger and more systematic: cooling public talk on solid-state while accelerating it internally; tens of billions of euros across German, Hungarian and Spanish plants; swapping, storage, low-altitude economy and electric boats—all the same logic, staked on the energy transition, on Chinese manufacturing, and on technology's ability to keep opening new ceilings. From a farming village in Fujian to the center of the global industry's card table took less than thirty years. It is one man's legend—and a footnote to an era.

## 人物速览 Lead

曾毓群，宁德时代创始人、董事长，中国动力电池产业登顶全球最具代表性的技术型企业家。1968年3月出生于福建省宁德市岚口村，父母务农，少年时在煤油灯下苦读。1985年以全校第一考入上海交通大学船舶工程系，1989年毕业后放弃国企铁饭碗南下东莞，进入TDK旗下新科磁电厂，从基层技术员做到31岁的技术总监；1999年联合创立消费电池企业ATL，带领团队两周攻克聚合物锂电池鼓包难题，后成为苹果iPod电池核心供应商。[s12][s40][s46]

2011年，他将动力电池业务从日资背景的ATL分拆，在家乡宁德创立宁德时代（CATL）。2012年通过宝马800多页技术规范审核，2015年凭三元锂路线押注市占率飙至46%、超越比亚迪登顶国内，2017年超越松下成为全球动力电池第一并保持至今。2022年麒麟电池、2023年神行超充电池相继发布；德国图林根、匈牙利德布勒森、西班牙萨拉戈萨三厂构成欧洲布局，2026年上半年全球市占率39.9%，海外市占率33.6%，储能电池连续五年全球第一。[s16][s4][s27][s26]

2025年宁德时代营收4237亿元、归母净利润722亿元（净利率18.1%）。2025年1月被美国国防部列入1260H"涉军企业"清单，公司回应称是错误、未参与任何军事相关活动，行政复议进行中（据公开报道）。曾毓群的决策哲学被概括为"赌性坚强"——他说"拼是体力活，赌才是脑力活"，但每一次下注都遵循"市场够大、相邻技术、门槛够高"三条铁律。[s34][s35][s13]

Zeng Yuqun (Robin Zeng) is founder and chairman of CATL and the most representative technology entrepreneur in China's rise to global leadership in power batteries. Born in March 1968 in Lankou village, Ningde, Fujian, to farming parents, he studied by kerosene lamp as a boy, won first-place admission to Shanghai Jiao Tong University's naval architecture department in 1985, and after graduating in 1989 gave up a state-enterprise job to start as a technician at a TDK magnetic-head plant in Dongguan, becoming technical director at 31. In 1999 he co-founded the consumer-battery firm ATL, whose team cracked the polymer Li-ion swelling defect in two weeks and became Apple's core iPod battery supplier.

In 2011 he spun the power-battery business out of Japanese-owned ATL to found CATL in his hometown Ningde. Passing BMW's 800-plus-page audit in 2012, his ternary-lithium bet carried CATL to a 46% Chinese market share in 2015—overtaking BYD—and in 2017 it overtook Panasonic for the global No.1 position it has held ever since. The Qilin CTP 3.0 battery (2022) and Shenxing super-charging LFP cell (2023) followed; plants in Thuringia (Germany), Debrecen (Hungary) and Zaragoza (Spain) form its European network, and in H1 2026 CATL held 39.9% of the global power-battery market (33.6% excluding China) and a fifth consecutive year atop global energy-storage batteries.

In 2025 CATL posted CNY423.7 billion in revenue and CNY72.2 billion in net profit (18.1% net margin). In January 2025 the U.S. Department of Defense added CATL to its 1260H list of "Chinese military companies"; CATL says the designation is wrong and that it has no military-related activities, and its administrative reconsideration is underway (per public reports). Zeng's decision philosophy is summed up as "the guts to bet"—"hard work is physical labor, betting is intellectual labor"—though every wager follows three iron rules: a big enough market, adjacent technology, and high barriers to entry.

## 正文 Archive Chapters

### 1. 岚口村的煤油灯：寒门少年的出走与归乡 / The Kerosene Lamp in Lankou Village: A Poor Boy's Departure and Return

1968年3月，曾毓群出生于福建省宁德市蕉城区飞鸾镇岚口村，这是一个地处凤凰山麓、三都澳之滨的滨海小山村，四面环山，交通闭塞。父母都是普通农民，家中甚至没有通电，夜晚的曾毓群就在煤油灯下苦读。在村民眼中，他从小少言寡语，但聪明勤奋，立志走出穷山沟。1982年，他考入福建省首批重点中学宁德一中；1985年，年仅17岁的他以全校第一名的成绩考入上海交通大学船舶工程系，成为全村第一个重点大学的大学生，十里八乡为之轰动。[s12][s40][s45]

1989年大学毕业后，曾毓群被分配至福州一家国企。在那个年代，国企铁饭碗是无数人梦寐以求的归宿，但他入职仅三个月就主动辞职，南下广东东莞，进入日本TDK旗下的新科磁电厂做一名最基层的技术员。这个决定在当时几乎不可理喻——放弃稳定的体制内工作，去外资企业从底层做起。但多年后回望，正是这两次"不安分"的选择——走出大山、砸碎铁饭碗——埋下了日后"赌性坚强"的种子。[s12][s40]

在新科磁电厂，曾毓群一干就是十年。从船舶工程跨行到磁电技术，他展现了惊人的学习能力。1999年，31岁的他成为新科磁电厂历史上最年轻、也是第一位中国大陆籍的技术总监。这十年间，他积累了精密制造与工程管理的扎实功底，也结识了两位日后创业路上的关键人物——梁少康（香港新科实业总裁）和陈棠华（他的直属上司，美国博士、资深技术高管）。[s46][s40]

值得注意的是，曾毓群的"归乡情结"贯穿了其整个创业史。从2008年说服TDK把动力电池项目设在宁德（内部人士回忆"Robin是以辞职来要挟，把公司'绑'回来的"），到2011年将CATL总部落户家乡，再到后来带动整个宁德形成千亿级新能源产业集群，他与宁德这座城市的命运深度绑定。宁德从福建"老少边岛穷"的欠发达地区，一跃成为"中国新能源电池之都"，曾毓群是最核心的推动者。[s40][s45]

**English:** Zeng Yuqun (Robin Zeng) was born in March 1968 in Lankou, a mountain-fringed coastal village in Ningde, Fujian, where his farming family had no electricity and he studied by kerosene lamp. Quiet but fiercely hardworking, he entered the province's key Ningde No.1 High School in 1982 and, in 1985 at 17, won admission to Shanghai Jiao Tong University's naval architecture department ranked first in his school—the village's first university student.

After graduating in 1989 he was assigned to a state enterprise in Fuzhou, but quit within three months to take an entry-level technician's job at a TDK-owned magnetic-head plant in Dongguan—a decision that seemed reckless at the time. Ten years later, in 1999, the 31-year-old became the plant's youngest and first mainland-Chinese technical director, mastering precision manufacturing and meeting two future partners, Hong Kong executive Liang Shaokang and his U.S.-educated boss Chen Tanghua. A deep attachment to his hometown runs through his career: he is credited with maneuvering TDK's power-battery project into Ningde in 2008—insiders recall him threatening to resign to bind the company there—headquartering CATL in the city in 2011, and anchoring the industrial cluster that turned Ningde into "China's new-energy battery capital."

### 2. ATL时期：消费电池之王的锻造 / The ATL Years: Forging a Consumer-Battery Champion

1999年，梁少康、陈棠华、曾毓群三人在香港注册成立新能源科技有限公司（ATL），主攻聚合物锂电池。梁少康出资牵头，陈棠华提供技术指导，曾毓群则出任执行副总裁，主导技术研发。创业之初，他们从美国贝尔实验室取得了聚合物锂电池的专利授权，但很快发现该专利存在电池鼓包的致命缺陷——这是一个困扰行业的难题。[s12][s46]

曾毓群带领团队夜以继日攻关，仅用两周时间就通过调整电解液配方和工艺，成功解决了鼓包问题，使ATL成为全球少数能量产聚合物锂电池的企业。这一技术突破奠定了ATL日后崛起的基础，也让曾毓群在行业内一战成名。2001年，他从华南理工大学获得工学硕士学位，同年正式出任ATL总裁。[s40][s46]

真正让ATL跻身全球顶尖供应商行列的是苹果订单。2003年左右，曾毓群敏锐地判断崭露头角的苹果公司将会是下一个"世界第一"。当苹果为新一代iPod寻找一款对续航、寿命、形状都要求苛刻的异形电池时，ATL通过定制化的电芯方案一举拿下1800万颗iPod电池的订单。此后，ATL陆续成为三星、华为、vivo等品牌的核心电池供应商，稳居全球消费类聚合物锂电池龙头地位。[s40][s46]

2005年，日本TDK以1亿美元收购了ATL 100%的股权。曾毓群等核心团队留任，继续管理公司。这一看似"被收购"的节点，实际上为日后CATL的独立埋下了伏笔。一方面，TDK的管理体系和全球客户网络让ATL进一步规范化；另一方面，日资背景在日后中国动力电池产业政策中反而成了障碍——2011年前后，国家政策规定新能源汽车补贴只面向采用国产电池的车企，ATL的日资身份使其无法进入动力电池白名单。正是这个政策限制，直接催生了宁德时代的独立。[s46][s1]

2008年，曾毓群主导在TDK集团内成立动力电池事业部，并将生产基地设在福建宁德。2014年至2017年间，他还担任过TDK副总裁、高级副总裁等职务。2017年3-4月，曾毓群辞去在TDK和ATL的全部职务，全身心投入宁德时代的发展。[s1][s46]

**English:** In 1999 Liang Shaokang, Chen Tanghua and Zeng Yuqun registered Amperex Technology Limited (ATL) in Hong Kong to make polymer lithium batteries; Zeng served as executive vice president in charge of R&D. Licensed polymer patents from Bell Labs carried a fatal swelling defect that baffled the industry—Zeng's team solved it within two weeks by reformulating electrolyte and process, making ATL one of the few companies able to mass-produce polymer Li-ion cells and establishing Zeng's reputation. He took a master's from South China University of Technology in 2001 and became ATL's president the same year.

The Apple order made ATL a top-tier supplier: judging early that Apple would become a world leader, Zeng won a contract for 18 million custom-shaped iPod batteries demanding extreme standards of endurance and form factor, then added Samsung, Huawei and vivo as core customers. TDK acquired 100% of ATL for USD100 million in 2005, with Zeng's team staying on—the acquisition brought TDK discipline and a global client network, but the Japanese parentage became a liability when China's NEV subsidies were restricted to domestic-battery makers, locking ATL out of the power-battery whitelist. In 2008 Zeng led the creation of a power-battery division sited in Ningde; he held TDK/ATL executive roles (including TDK senior vice president) until resigning all of them in the spring of 2017 to devote himself to CATL.

### 3. 二次创业：从ATL到CATL的分拆与抉择 / The Second Venture: The Spin-off from ATL to CATL

2011年12月，宁德时代新能源科技有限公司在福建宁德注册成立。从表面看，这是ATL动力电池事业部的一次简单分拆；但深入审视，这是一次涉及股权结构、技术归属、业务边界的精密剥离。由于ATL的日资背景（TDK全资持有）使其无法享受中国新能源汽车补贴政策，曾毓群主导将动力电池业务独立出来，成立由中方控股的宁德时代。[s46][s12]

分拆初期，宁德新能源（ATL子公司）持有宁德时代有限15%的股权，这一持股关系一直持续到2015年10月。此后，TDK逐步退出CATL的股东行列，CATL成为一家真正的中资企业。这一股权演变历程至关重要——它既说明了CATL与ATL/TDK的历史渊源，也解释了为何CATL能够在政策红利期快速崛起。[s1][s46]

创业之初的宁德时代面临的选择远比技术难题更复杂：走哪条技术路线？当时行业主流有磷酸铁锂和三元锂两条路线。磷酸铁锂安全性高、成本低，但能量密度低；三元锂能量密度高、续航长，但安全性和成本有挑战。曾毓群选择了三元锂电池作为主攻方向——这是一个关键的"赌注"。2015年，国家新能源汽车补贴政策调整，设立了能量密度"生死线"——能量密度低于120Wh/kg的电池无法获得补贴。这一政策变化让深耕磷酸铁锂的比亚迪陷入低谷，而提前布局三元锂的宁德时代则乘风而上，2015年市占率飙升至46%，一举超越比亚迪成为国内第一。[s24][s12]

外界常将这次路线选择归功于"赌性"，但实际上，曾毓群的判断有其技术逻辑和产业洞察。他早在2002年就说过"电池的最终战场，是电动车和储能"，"消费电子从来都不会是电池行业的Goldmine"。从消费电池到动力电池的赛道切换，从磷酸铁锂到三元锂的路线选择，背后都是同一个逻辑——押注更大的市场、更高的技术壁垒、更长的增长曲线。[s40]

创业之初的另一个关键节点是宝马合作。2012年，宝马为其首款纯电动车之诺1E在中国寻找电池供应商。刚刚成立的宁德时代通过了宝马800多页技术规范的严格审核，成为其动力电池核心供应商。与宝马的合作不仅是一张客户名单的增加，更重要的是，它帮助宁德时代建立了汽车级电池的质量体系和工艺流程，为日后进入全球车企供应链奠定了标准基础。[s8][s12]

**English:** CATL (Contemporary Amperex Technology Co., Limited) was registered in Ningde in December 2011—a precise carve-out from ATL's power-battery division across equity, technology and business boundaries, driven by the fact that TDK's full ownership made ATL ineligible for China's NEV subsidies. ATL's Ningde subsidiary initially held 15% of CATL until October 2015, when TDK exited and CATL became a genuinely Chinese-owned company—history essential to understanding both its lineage and its policy-fueled rise.

The pivotal technical bet was ternary lithium over LFP. Ternary cells offered higher energy density at higher cost and risk; when 2015 subsidy rules set an energy-density threshold (below 120Wh/kg lost subsidies), CATL's early ternary bet carried it to a 46% domestic share, overtaking BYD for first place. Zeng had said as early as 2002 that "the ultimate battlefield for batteries is EVs and energy storage"—consumer electronics was never the gold mine. Another founding pillar was BMW: in 2012 the new company passed the automaker's 800-plus-page technical audit to supply cells for the Zinoro 1E, BMW's first Chinese EV. The partnership built CATL's automotive-grade quality system and process standards—its passport into global automaker supply chains.

### 4. 赌性坚强：办公室文化与决策哲学 / "The Guts to Bet": Office Culture and Decision Philosophy

曾毓群办公室里挂过的三幅字，是理解他的商业哲学最直观的三把钥匙。第一幅是"赌性坚强"，来自他的师父张毓捷（宁德新能源公司董事长、宁德时代终身荣誉董事长）。张毓捷酷爱打麻将，认为做事业赌性必不可少，60岁生日时请人写了这幅字。曾毓群看到后特别喜欢，张毓捷不给，他就趁师父不在时"顺"走了。张毓捷后来只好又写了一幅"赌性更坚强"挂回去。[s13][s41]

这幅"赌性更坚强"在曾毓群的办公室里挂了很久，见证了宁德时代从初创到登顶的全过程。美团王兴早年在饭否上发帖提到此事，一位投资人到曾毓群办公室看到这幅字时惊讶地问："你们福建人不都是挂'爱拼才会赢'吗？"曾毓群回答："办企业不能光靠拼，拼只是体力活，赌才是脑力活。"这句话经由王兴之口传播开来，成为曾毓群最广为人知的标签之一。[s41][s13]

"赌性"的真正含义，用曾毓群自己的话解释，是"基于五识（知识、常识、见识、胆识、赏识）做判断"。他和张毓捷讨论时说："做一件事我有20%的把握就做了，开始是20%，做着做着变成50%、70%……"两人还总结出投资事业的三条铁律：第一，市场要足够大；第二，要有相邻技术；第三，技术的进入门槛要高。这三条铁律贯穿了CATL的所有重大决策——从动力电池到储能，从CTP到麒麟，从国内到海外。[s13]

随着企业规模扩大，"赌性更坚强"被替换为出自《中庸》的"溥博渊泉"——意为智慧如深泉广博。这一转变标志着曾毓群管理哲学的演进：从创业期的破局魄力，转向成熟期的系统布局能力。但"赌性"并未消失，而是内化到了组织基因中。曾毓群提出的"练好基本功，发挥想象力"——前者对应工程思维和制造基本功，后者对应技术想象和战略赌性——是对这两种精神的精确概括。[s41][s13]

在具体决策上，曾毓群投入时间最多的是技术路线决策。他在接受《财经》杂志采访时明确表示，花时间最多的决策"就是技术路线决策"。这种将技术路线视为企业生命线的态度，使得CATL在多条技术路线上同时布局——三元锂、磷酸铁锂、钠离子、凝聚态、全固态——既不把鸡蛋放在一个篮子里，又确保在任何一条主赛道上都不落后于人。[s25]

**English:** Three calligraphy works that hung in Zeng's office frame his philosophy. The first read "赌性坚强"—gambling spirit, stay strong—from his mentor Zhang Yujie, ATL chairman and CATL's lifelong honorary chairman, a mahjong enthusiast who believed business demands a willingness to gamble. Zeng liked the piece so much he "lifted" it when the mentor wasn't looking; Zhang had a second, 赌性更坚强, hung to replace it. When Meituan's Wang Xing posted the anecdote, it became Zeng's best-known label; his own gloss: "Hard work is just physical labor; betting is intellectual labor."

The "betting" is disciplined: judgment built on knowledge, common sense, insight, boldness and appreciation of talent, and three iron rules shared with Zhang—market must be big, adjacent technology must exist, and entry barriers must be high. He acts at 20% confidence: "Start at 20%, and as you work it becomes 50%, 70%." Those rules run through every CATL decision, from power batteries to storage, CTP to Qilin, China to overseas. As the company scaled, the wall scroll was replaced by 溥博渊泉 from the Doctrine of the Mean—wisdom as vast as a deep spring—marking a shift from startup bravado to systematic positioning, though the betting instinct was institutionalized rather than retired ("train the fundamentals, exercise imagination"). Of all decisions, he told Caijing magazine, he spends the most time on technology routes—which is why CATL hedges across ternary, LFP, sodium-ion, condensed-matter and all-solid-state rather than betting the farm on one chemistry.

### 5. 技术路线图：CTP、麒麟、神行与钠离子 / The Technology Roadmap: CTP, Qilin, Shenxing and Sodium-ion

宁德时代的技术创新体系是其核心竞争力的根本来源。截至2026年，公司累计研发投入超过900亿元，拥有2.1万名研发人员，累计专利超过5万份。曾毓群亲自担任学术委员会主任，至少每半年与团队沟通一次技术进展和方向问题。在他的主导下，CATL形成了"多化学体系协同发展"的技术路线图。[s22][s36]

在电池结构创新方面，CTP（Cell-to-Pack）技术是CATL的标志性突破。2019年，CATL在全球首创无模组电池包CTP1.0，使电池体积利用率突破50%大关。此后CTP技术不断迭代：CTP2.0取消模组两端板，CTP3.0则进一步取消箱体内横纵梁。2022年6月23日发布的麒麟电池（CTP3.0）将体积利用率提升至创纪录的72%，能量密度达255Wh/kg，实现整车1000公里续航，支持10分钟快充。在相同化学体系、同等电池包尺寸下，麒麟电池的电量比特斯拉4680系统提升13%。麒麟电池于2023年量产上市，首批合作厂商包括吉利、华为等。[s4][s14]

在磷酸铁锂快充领域，2023年8月16日发布的神行超充电池是又一里程碑。这是全球首款采用磷酸铁锂材料并可大规模量产的4C超充电池，实现"充电10分钟，续航400公里"，续航达700公里以上，即使在-10℃低温环境下也可在30分钟充至80%。神行电池的发布标志着超充从高端选配走向大众标配。2025年4月，第二代神行发布；2026年4月的超级科技日上，第三代神行超充电池将充电速度提升至"常温满电仅需6分钟"，10%-80%仅需3分44秒，并实现极致倍率与超长寿命的平衡——1000次完整循环后容量保持率仍在90%以上。[s5][s23][s48]

三元体系方面，麒麟电池持续迭代。第三代麒麟电池能量密度达280Wh/kg，电池包仅重625kg，较同级别LFP系统减重255kg，节省空间112升，支持10C超充，峰值功率达3MW。2026年发布的麒麟凝聚态电池则将能量密度提升至350Wh/kg，续航可达1500公里。[s48][s2]

钠离子电池是CATL布局的另一条关键路线。2026年超级科技日上发布的"钠新"电池，突破了钠离子电池量产的四大行业难关（极致控水、硬碳产气、铝箔粘接瓶颈、自生成负极规模化），将于2026年底正式规模化量产。钠离子电池有效降低对锂资源依赖，更安全、更低碳，且解决了低温性能痛点，为北方高纬度地区的新能源车普及提供了新路径。[s23][s48]

对于当下热议的全固态电池，曾毓群的态度颇具辩证性。他在多个场合给固态电池"泼冷水"，称其"商品化还很远"、"2030年之前百万级装车的可能性很小"，甚至给出"Level 4/9"的技术成熟度评分。但与此同时，CATL在全固态电池领域的研发投入并未停止——内部在宜宾为15GWh量产线做最后调试。曾毓群的"降温"与CATL的"加速"，构成了一对典型的"嘴上泼冷水、手上没停过"的战略组合。[s23][s47]

**English:** Technology is the root of CATL's moat: by 2026 cumulative R&D spend exceeded CNY90 billion, with 21,000 researchers and over 50,000 patents; Zeng chairs the academic committee and reviews technical direction at least semi-annually, pursuing a multi-chemistry portfolio. In structural innovation, CATL pioneered the module-free Cell-to-Pack architecture in 2019 (volume utilization above 50%), iterating to CTP 3.0—the Qilin battery launched June 23, 2022—with 72% volume utilization, 255Wh/kg, 1,000km vehicle range, 10-minute fast charging and 13% more pack capacity than Tesla's 4680 system at equal chemistry and size. The 2026 Qilin condensed-state iteration reaches 350Wh/kg and up to 1,500km.

In LFP fast charging, the Shenxing battery (August 16, 2023) was the first mass-producible 4C LFP cell—10 minutes of charging for 400km, over 700km range, 80% in 30 minutes at −10°C—bringing supercharging from premium to mainstream; the third generation, shown at the 2026 Super Tech Day, reaches a full charge in 6 minutes (10–80% in 3:44) with above-90% retention after 1,000 cycles. The 2026 "Naxin" sodium-ion battery cracked four mass-production pain points and will scale by end of 2026, cutting lithium dependence and easing cold-weather limits. On all-solid-state batteries Zeng is publicly skeptical—"commercialization is far off," million-scale vehicle deployment before 2030 unlikely—while internally a 15GWh Yibin line is being commissioned: a classic combination of cooling public rhetoric with never-stopped hands.

### 6. 登顶之路：从中国第一到全球霸主 / The Climb to the Top: From China No.1 to Global Leadership

2017年，宁德时代动力电池出货量超越松下，首次登顶全球第一。这是一个历史性的时刻——在此之前，全球动力电池市场长期由日本松下、韩国LG等企业主导。而此后的九年里，CATL连续蝉联全球第一，市占率从2017年的约20%一路攀升至2025年的39.2%，几乎以一己之力占据了全球市场的四成。[s16][s2]

增长的数据令人震撼。2025年，全球动力电池装机量达1187GWh，同比增长31.7%；宁德时代以464.7GWh的装机量排名第一，同比增长35.7%，市场份额39.2%。排在第二到第五名的企业装机量加起来都不及CATL一家。2026年上半年，CATL全球市占率进一步升至39.9%，海外市占率达到33.6%——这个数字的意义在于，即使不包含中国市场，CATL在全球其他地区的份额也超过了任何一家竞争对手。[s16][s27][s32]

客户结构是CATL霸主地位的最好证明。在中国市场，其客户包括理想、蔚来、小鹏、极氪、AITO、小米等几乎所有主流新能源车企；在海外市场，特斯拉、宝马、奔驰、大众、福特、Stellantis、现代、本田、沃尔沃等国际品牌都是其核心客户。一个广为流传的说法是：2026年上半年热销车型TOP10中，7款主供宁德时代。[s27]

储能是CATL的第二增长曲线，同样保持全球第一。根据SNE Research数据，2025年全球储能电池出货量550GWh，同比增长79%；宁德时代以30.4%的市占率连续五年蝉联全球第一，全球约2300个储能项目部署了CATL的电池产品。曾毓群多次强调"能源消费电气化，电力供应清洁化"的大趋势，认为储能是"电网最友好的调节器"，电化学储能是8小时以下产品中最经济、最可靠的选择。[s2][s36]

2025年财务数据更能说明问题。全年营业收入4237.02亿元，同比增长17.04%；归母净利润722.01亿元，同比增长42.28%；毛利率26.3%，净利率18.1%，均创近五年新高。全年锂离子电池销量661GWh，同比增长39%。一个常被引用的对比是：2025年，比亚迪、吉利、上汽、长城、长安五家头部车企的净利润加在一起是735亿元，只比宁德时代一家多出13亿元。[s14][s25]

曾毓群将这种领先归因于"创新"而非"价格"。他反复强调"宁德时代最不做的就是价格竞争"，"我们不是价格竞争，而是要价值竞争"。在他看来，以低质、减配实现的"低价"不具备经济效益和可持续性，一旦整个行业被打上"低质低价"的标签，就是生死存亡的大问题。[s25][s36]

**English:** In 2017 CATL's power-battery shipments overtook Panasonic's to claim global first place—ending decades of Japanese and Korean dominance—and it has held the crown for nine straight years, its share rising from roughly 20% in 2017 to 39.2% in 2025. In 2025 global power-battery installations reached 1,187GWh (+31.7%); CATL installed 464.7GWh (+35.7%), more than the second-through-fifth suppliers combined. In the first half of 2026 global share reached 39.9%, with 33.6% outside China—meaning it leads even with the home market excluded. Its client roster spans virtually every major NEV maker: Li Auto, NIO, XPeng, Zeekr, AITO and Xiaomi at home; Tesla, BMW, Mercedes-Benz, Volkswagen, Ford, Stellantis, Hyundai, Honda and Volvo abroad.

Energy storage is the second growth leg, also global No.1: 30.4% of a 550GWh market in 2025 (+79% industry-wide), five consecutive years on top, with cells deployed in about 2,300 storage projects worldwide. The 2025 financials: revenue CNY423.7 billion (+17.0%), net profit CNY72.2 billion (+42.3%), gross margin 26.3% and net margin 18.1%, five-year highs, with 661GWh of lithium batteries sold (+39%); the combined net profit of five leading automakers (BYD, Geely, SAIC, Great Wall, Changan) roughly equaled CATL alone. Zeng attributes the lead to value rather than price competition: "The thing CATL least does is compete on price"—a low-quality, de-spec'd "cheap" label would be existential for the whole industry.

### 7. 全球扩张：德国、匈牙利、西班牙的欧洲三连 / Global Expansion: The Germany–Hungary–Spain European Triple

全球化是曾毓群近年来投入精力最多的战略方向之一。CATL的海外布局遵循了一条清晰的路径：从产品出口到本地化制造，再到深度融入本地产业生态。欧洲是CATL海外扩张的核心战场，三大工厂构成了覆盖欧洲大陆的供应网络。[s31][s26]

德国图林根工厂是CATL的第一个海外生产基地。2018年7月，CATL与图林根州政府签署投资协议；2019年10月举行奠基仪式；2022年12月正式启动电芯量产。工厂总投资18亿欧元，规划年产能14GWh，主要为宝马、奥迪、保时捷等欧洲高端车企供货。德国工厂的意义不仅在于产能，更在于它是第一家获得大众汽车集团电芯认证的非欧洲电池制造商，证明了中国电池技术在欧洲严苛标准下的竞争力。2025年，德国工厂已实现盈利，成为欧洲首个实现盈利的中国电池工厂。[s8][s26][s49]

匈牙利德布勒森工厂是CATL在欧洲的第二座、也是规模最大的工厂，投资金额高达73.4亿欧元，占地221公顷，规划远期产能可达100GWh。2022年项目官宣，2026年5月模组组装产线正式量产，初始年产能5GWh。这座工厂紧邻宝马、奔驰、Stellantis、大众等车企的欧洲生产基地，宝马全新电动车工厂同样选址德布勒森，形成"同城配套"的产业格局。匈牙利工厂是CATL港股上市募资的主要投向——90%的募集资金用于该项目的一、二期建设。[s38][s15][s31]

西班牙萨拉戈萨工厂是CATL与Stellantis的50:50合资项目，总投资41亿欧元，规划年产能50GWh，计划2026年底投产。这是中国在西班牙的最大单笔投资，也是欧洲首个碳中和锂电池工厂。与Stellantis的合作标志着CATL的欧洲战略进入新阶段——从简单的"在欧洲生产"升级为"与欧洲合作伙伴共建产业"。[s6][s28]

海外业务的盈利能力是另一个值得关注的指标。2026年上半年，CATL境外收入871.29亿元，同比增长42.35%，占总营收的31.46%；境外毛利率29.97%，比境内的21.16%高出近9个百分点。也就是说，CATL在海外市场不仅卖得更多，而且赚得更厚。德国工厂的盈利、匈牙利工厂的爬坡、西班牙项目的推进，共同构成了CATL全球化的"兑现期"——从投入期进入收获期。[s26]

除欧洲外，CATL还在印尼布局电池产业链项目，并通过技术授权模式进入美国市场。与福特的合作开创了一种独特的"技术输出"模式：福特全资拥有并运营密歇根州的BlueOval电池工厂，CATL提供技术许可、工艺培训和制造专业知识。这种模式既让福特获得了美国IRA法案的补贴资格，也让CATL以"轻资产"方式将技术输出到美国，规避了地缘政治风险。2026年6月，该工厂正式开始生产LFP电芯。[s29][s30]

**English:** CATL's globalization runs from product exports to localized manufacturing to embedding in local industrial ecosystems, with Europe the core front. The Thuringia plant in Germany—CATL's first overseas base—signed in July 2018, broke ground October 2019 and started cell production in December 2022: EUR1.8 billion invested, 14GWh planned capacity, supplying BMW, Audi and Porsche, and notably the first non-European cell maker to pass the Volkswagen Group's certification. It turned profitable in 2025—the first Chinese battery factory in Europe to do so.

The Debrecen plant in Hungary, CATL's largest at EUR7.34 billion across 221 hectares with up to 100GWh long-term capacity, saw module assembly start in May 2026 (initial 5GWh), sitting beside BMW's own new EV plant in the same city and absorbing 90% of the Hong Kong listing proceeds. The Zaragoza plant in Spain, a 50:50 joint venture with Stellantis, totals EUR4.1 billion for 50GWh from end-2026—China's largest single investment in Spain and Europe's first carbon-neutral lithium battery plant, signaling a shift from producing in Europe to building industry with European partners. In H1 2026 overseas revenue reached CNY87.1 billion (+42.4%), 31.5% of total, at a 29.97% gross margin—nearly 9 points above domestic. Beyond Europe, CATL is building an Indonesia chain and entering the U.S. via technology licensing: Ford fully owns and operates the Michigan BlueOval LFP plant (which began cell production in June 2026, after scaling from a planned USD3.5 billion to USD2.0 billion) while CATL licenses technology, trains processes and supplies know-how—a light-asset way past geopolitical friction.

### 8. 双雄争霸：宁德时代与比亚迪的"冤家"关系 / Titans' Rivalry: CATL and BYD's "Frenemy" Relationship

曾毓群和王传福，两位同样来自福建的企业家，带领各自的公司主导了全球动力电池产业的格局。宁德时代与比亚迪的竞争，是中国新能源产业最引人注目的"双雄争霸"。两家公司的竞争维度早已超越单纯的市场份额争夺，延伸至技术路线话语权、快充产品性能、补能基建布局等全方位的比拼。[s24][s36]

从历史来看，比亚迪曾是中国动力电池行业的先行者和老大。凭借在磷酸铁锂领域的深厚积累，比亚迪长期占据国内市场第一的位置。但转折点发生在2015年——补贴政策提高能量密度门槛后，深耕三元锂的宁德时代迅速崛起，当年市占率飙升至46%，首次超越比亚迪。此后的数年间，宁德时代不断拉开差距，而比亚迪则经历了一段低谷期——曾痛砍2000名电池研发人员。[s24]

比亚迪的翻身始于刀片电池。2020年，比亚迪推出刀片电池，通过结构创新大幅提升了磷酸铁锂电池的体积利用率和安全性，重新定义了磷酸铁锂的技术边界。此后，比亚迪凭借垂直整合的优势（电池+整车+半导体全产业链）和新能源汽车销量的爆发式增长，电池业务快速扩张。2025年，比亚迪全球动力电池装机量排名第二，市占率约14.4%（2026上半年数据）；在国内市场，比亚迪市占率约21.58%，稳居第二。[s24][s27]

技术路线之争是两家竞争的核心。宁德时代以三元锂见长，比亚迪以磷酸铁锂著称。但近年来，两条路线呈现融合之势——宁德时代大力发展磷酸铁锂（神行电池），比亚迪也在布局三元锂。2026年4月，宁德时代CTO高焕抛出"25万元以上纯电车型用磷酸铁锂就是变相减配"的言论，被视为对比亚迪的隔空喊话；比亚迪电池事业群CTO孙华军则回应"电池供应商没有资格定义汽车高端属性"。这种公开的观点交锋，折射出两家对技术路线话语权的争夺。[s24]

补能基建是新的竞争战场。比亚迪计划2026年底建成2万座闪充站，宁德时代则推出"超换一体"补能网络计划，目标2026年底建成4000座超换一体站，2028年底与合作伙伴共建超过10万座共享补能基础设施。比亚迪走的是"数量优先"路线，宁德时代走的是"换充一体"路线——曾毓群明确表示"换电87秒、99秒就够了"，在全自动驾驶场景下换电更有前景。[s24][s47]

商业模式的根本差异决定了两家的竞争逻辑。宁德时代是第三方电池供应商，服务所有车企；比亚迪是垂直整合的车企，电池主要自用（外供比例相对较低）。曾毓群在接受媒体采访时曾暗指竞争对手"模仿水平只有百分之六七十，却用低价竞争"，言辞中透露出对行业低价竞争乱象的不满。但客观来看，比亚迪的崛起是不可忽视的挑战——2025年两家合计占据全球约54.3%的市场份额，双寡头格局已经形成。[s24][s27]

值得注意的是，曾毓群在多个场合提到"中国锂电产业要做到2.0版的世界第一"，即"高质量发展的世界第一，让全世界尊重"。这种表述既包含着对国内同行"内卷"的担忧，也体现了他作为行业龙头的责任感——在他看来，价格战只会拉低整个中国锂电产业的全球形象，唯有坚持创新和高质量发展，才能守住全球竞争优势。[s36]

**English:** Zeng Yuqun and Wang Chuanfu, both Fujian entrepreneurs, lead the two companies that dominate global power batteries; their rivalry long ago spilled beyond market share into technology-route leadership, fast-charging performance and charging infrastructure. BYD was the early Chinese leader on LFP strength—until the 2015 subsidy energy-density threshold carried ternary-focused CATL to 46% share and first place, opening years of gap (BYD at one point cut 2,000 battery R&D staff). BYD's comeback came with the 2020 Blade Battery, whose structural innovation redefined LFP's volume utilization and safety; backed by vertical integration and NEV volume, BYD ranked global No.2 with roughly 14.4% in H1 2026 (21.6% domestically).

The chemistry dispute is the rivalry's heart—CATL's ternary strength versus BYD's LFP pedigree—though the routes are converging as CATL pushes LFP (Shenxing) and BYD explores ternary; a 2026 exchange, with CATL CTO Gao Huan arguing LFP in cars above CNY250k is de-specification and BYD battery CTO Sun Huajun retorting that cell suppliers don't get to define automotive luxury, captures the public contest. Charging infrastructure is the new battleground: BYD plans 20,000 flash-charging stations by end-2026, while CATL pushes its "super-charge-and-swap" network toward 4,000 sites by end-2026 and over 100,000 shared facilities with partners by 2028—Zeng argues battery swap (87–99 seconds) has the stronger future in fully autonomous driving. The business models differ fundamentally—CATL sells to all automakers; BYD mainly self-supplies—and together the pair held about 54.3% of the global market in 2025, a duopoly. Zeng's framing of "a version-2.0 world No.1—high-quality, respected worldwide" expresses both worry about domestic cutthroat competition and the industry leader's responsibility.

### 9. 争议与风险：客户集中、技术赌注与法律诉讼 / Controversies and Risks: Customer Concentration, Technology Bets and Litigation

作为全球动力电池行业的绝对龙头，宁德时代的发展并非没有争议和风险。这些争议既来自外部竞争和监管环境，也来自企业自身的商业模式和战略选择。

客户集中度问题是长期被市场关注的风险点。宁德时代前五大客户的收入占比虽然逐年下降，但仍处于较高水平。2018年上市时，宁德时代前五大客户销售额占比高达80%以上，其中仅吉利一家就占了近20%。随着客户基数的不断扩大，这一比例有所改善，但对少数核心客户的依赖仍然存在。特斯拉、宝马等国际大客户的订单变化，可能对公司业绩产生显著影响。曾毓群对此的应对是持续扩展客户版图——从中国车企到国际车企，从乘用车到商用车，从动力电池到储能电池——通过多元化降低单一客户风险。[s11][s12]

技术路线赌注是另一个核心争议。CATL同时布局了多条技术路线——三元锂、磷酸铁锂、钠离子、凝聚态、全固态——这既是优势也是风险。优势是"东边不亮西边亮"，无论哪条路线成为主流，CATL都有储备；风险是"撒胡椒面"式的投入可能导致资源分散，而且如果某一条押注的路线被证明是错的，可能造成巨额损失。曾毓群给固态电池"泼冷水"的行为，在一定程度上也反映了CATL作为现有液态电池霸主的战略考量——固态电池的过早商业化会是对现有业务的"创造性破坏"。但这种"既得利益者"的心态，会不会让CATL在下一代技术上慢半拍？这是市场的担忧所在。[s47][s23]

专利诉讼是CATL维护市场地位的重要手段，但也伴随着胜负参半的结果。与塔菲尔的专利战中，CATL取得了胜利——2021年福建省高院判决塔菲尔侵害其防爆装置专利，赔偿约2330万元，塔菲尔此后跌出行业前十五。但与中创新航的专利战则胜负交错：截至2024年中，在5项专利诉讼中，CATL胜诉1项、败诉2项、2项未宣判，中创新航败诉被判赔付金额总计约1.03亿元。另有部分专利被国家知识产权局宣告无效。这一结果表明，专利战并非CATL的"必胜武器"，在面对更具实力的对手时，胜负难料。[s10][s18][s37]

美国地缘政治风险是悬在CATL头上的一把利剑。2025年1月，CATL首次被美国国防部列入1260H"涉军企业"清单；2026年6月，国防部更新清单，CATL继续保留在列，同时新增比亚迪、亿纬锂能等企业。CATL回应称这是"一个错误"，公司并未参与任何军事相关活动，并提出行政复议请求。虽然1260H清单的直接影响有限（主要是限制与国防部的业务往来，而CATL基本没有涉军业务），但它可能带来次生影响——如被纳入出口管制名单、影响与美国企业的合作等。CATL与福特的合作已面临美国国会的政治审查，项目规模从最初的35亿美元缩水至20亿美元。[s34][s35][s29]

行业"内卷"与价格竞争是曾毓群最关心的行业风险。他多次公开批评"部分企业直接在正常价格基础上降价30%，还承诺寿命增加50%"，认为这种恶性竞争会毁掉整个行业。2026年6月，他在接受《财经》采访时甚至以光伏行业为警示："为什么现在锂电行业没有这个恶果产生？是因为宁德时代在撑着这个价钱，只要我们把价钱低下来，它比光伏还惨。"这句话既道出了CATL的行业地位（价格锚定者），也道出了他的担忧——一旦价格战开打，全行业都会遭殃。[s25][s36]

**English:** CATL's dominance carries documented debates. Customer concentration has eased but persists—top-five customers were over 80% of revenue at the 2018 listing (Geely alone near 20%)—with Zeng responding by broadening from Chinese to international, passenger to commercial, power to storage. The multi-route technology portfolio is both hedge (every winning chemistry covered) and risk (resources spread; one wrong bet is costly at scale); Zeng's public coolness toward solid-state batteries inevitably reflects an incumbent's defensiveness, prompting the market's worry that CATL could be half a step late on the next generation.

Patent litigation is a competitive tool with mixed results: CATL won against TAFEL (the Fujian High Court's 2021 ruling ordered roughly CNY23.3 million for the explosion-venting patent; TAFEL later fell out of the industry top 15) and settled with SVOLT (2022), but the five suits against CALB split outcomes—as of mid-2024 one win, two losses (two invention patents invalidated by the intellectual-property authority) and two undecided, with some patents invalidated—showing litigation is no automatic victory against well-resourced rivals. On the U.S. geopolitical front: the U.S. Department of Defense added CATL to the 1260H list of "Chinese military companies" in January 2025 and kept it on the updated list in June 2026; CATL says the designation is wrong, states it has no military-related activities, and has filed for administrative reconsideration (the process is underway, per public reports). Direct impact is limited—CATL has essentially no DoD business—but secondary effects could include export-control exposure and pressure on partnerships such as Ford's (scaled from USD3.5bn to USD2bn). On industrial "involution," Zeng warns that reckless price-cutting would leave the battery industry worse off than solar—so far, he argues, CATL is the price anchor holding that outcome at bay.

### 10. 公共角色：两会提案、社会贡献与财富地位 / A Public Role: CPPCC Proposals, Philanthropy and Wealth

曾毓群的公共角色在近年来日益突显。作为第十三、十四届全国政协委员，他连续多年在两会上提交提案，从专业角度为新能源产业发展建言献策。这些提案并非泛泛之谈，而是紧扣行业痛点，体现了一位技术出身企业家的务实风格。[s19][s20]

2024年两会，曾毓群提交了四份提案：一是《关于加快推进重卡电动化进程的提案》，建议优化电动重卡管理政策、完善标准体系；二是《关于抓住本质推进电池与电网双向融合互动（B2G）的提案》，提出从V2G上升到B2G，一箭双雕解决交通和能源领域的两大难题；三是《关于加强工业固废全生命周期管理的提案》，建议建立固废护照管理制度；四是《关于高标准引领高质量保持我国新能源电池产业竞争优势的提案》，建议提高标准技术水平、加强国际标准推广。[s20][s50]

2025年两会，曾毓群将关注点放在新型储能上，提交了《提升新型储能市场化运用水平，推动行业高质量发展》的提案，提出三大建议：完善电价机制（拉大峰谷价差）、完善成本疏导机制（丰富辅助服务品种并向用户侧分摊）、完善容量补偿机制（出台容量电价细则）。此外，他还建议建立新型储能定期安全检查制度，参照电力行业定期检修机制，确保储能电站全生命周期安全。[s19][s20]

2026年两会，曾毓群在"委员通道"上的发言聚焦于全球化和标准输出。他表示："展望未来，我们会加大研发投入，把中国的产品卖到世界，把我们的技术、我们的标准推广到全世界。"他披露，CATL累计研发投入超过800亿元，拥有2.1万名研发人员，累计专利超过5万份，产品覆盖全球几十个国家和地区、2000多万辆汽车、3000多座储能站。[s21][s22]

社会贡献方面，曾毓群与母校上海交通大学的关系尤为密切。2021年被聘为校董，担任上海交大溥渊未来技术学院名誉院长（"溥渊"二字取自《中庸》"溥博渊泉"，呼应其办公室的书法作品）。2023年，他向上海交大捐赠了市值约22亿元的宁德时代股票，设立教育发展基金。这是上海交大建校以来收到的大额单笔捐赠之一。[s40][s22]

财富排名方面，曾毓群近年来稳居中国富豪榜前列。2021年5月，他以345亿美元身家首次超越李嘉诚，成为香港首富。2025福布斯中国内地富豪榜上，曾毓群以535亿美元（约合3300亿元人民币）排名第四。2026胡润全球富豪榜上，其财富增至3800亿元人民币，中国排名第四，全球排名第33位。随着2026年宁德时代股价的持续上涨，其身家进一步攀升，市场猜测其可能很快超越马化腾进入中国前三。[s12][s43][s44]

曾毓群还担任中华全国工商业联合会副主席等社会职务，并获得多项荣誉：全国五一劳动奖章、中国锂电杰出贡献奖、美国国家先进技术电池联盟终身成就奖、诺贝尔可持续发展基金会可持续发展特别贡献奖等。2023年，他入选《TIME》周刊气候影响力人物榜单。[s2][s39]

**English:** Zeng's public profile has grown with his company. A member of the 13th and 14th national committees of the Chinese People's Political Consultative Conference, he has filed practitioner's proposals each year: in 2024, on accelerating heavy-truck electrification, advancing battery-to-grid (B2G) two-way integration, life-cycle management of industrial solid waste, and defending China's battery-industry edge through higher standards; in 2025, on market mechanisms for new-type energy storage—wider peak-valley price spreads, cost-allocation mechanisms, capacity pricing—and a periodic safety-inspection regime for storage stations modeled on power-industry maintenance; in 2026, on globalizing Chinese technology and standards, disclosing over CNY80 billion in cumulative R&D, 21,000 researchers and 50,000-plus patents serving dozens of countries, 20 million-plus vehicles and 3,000-plus storage stations.

His ties to alma mater Shanghai Jiao Tong University are especially close: university board member from 2021 and honorary dean of its Puyuan Future Technology College (named from the same Doctrine of the Mean phrase as his wall scroll), he donated CATL shares worth about CNY2.2 billion in 2023—among the largest single gifts in the university's history. Wealth rankings put him consistently at the top of China's lists: he surpassed Li Ka-shing as Hong Kong's richest in May 2021 (USD34.5 billion); he ranked fourth among mainland Chinese on the 2025 Forbes list at USD53.5 billion and fourth in China (33rd globally) on the 2026 Hurun list at RMB380 billion. He also serves as vice chairman of the All-China Federation of Industry and Commerce, with honors including a National May 1 Labor Medal and a 2023 TIME list of climate leaders.

### 11. 组织与人脉：福建帮、TDK系与瑞庭投资 / Organization and Networks: The Fujian Circle, the TDK Lineage and Ruiting Investment

曾毓群的商业网络有几个清晰的脉络。其一是"TDK系"——从新科磁电厂到ATL再到CATL，核心团队大多有TDK/ATL背景。梁少康（香港新科实业前总裁、ATL联合创始人）、陈棠华（ATL技术负责人）、张毓捷（"赌性坚强"的授匾人、CATL终身荣誉董事长）等人，构成了曾毓群早期创业的"贵人"网络。其中陈棠华被曾毓群誉为"恩师、恩人、亲密战友"，是他技术和管理上的引路人。[s46][s41]

其二是"福建帮"和"宁德帮"。曾毓群对家乡有深厚的感情，不仅将公司总部设在宁德，还带动了整个宁德的产业发展。黄世霖（联合创始人、前副董事长）与曾毓群是宁德老乡，两人从宁德一中到上海交大再到创业，一路同行。CATL早期的核心团队中，福建籍、宁德籍人士占了相当比例。这种同乡网络既是凝聚力的来源，也可能带来公司治理多元化不足的隐忧。[s12][s45]

其三是股权结构与控制权。曾毓群通过厦门瑞庭投资有限公司间接持有宁德时代23.27%的股份，是公司的实际控制人。2024年2月之前，曾毓群与副董事长李平为一致行动人，双方共同控制公司。2024年2月，两人经协商一致解除一致行动人关系，曾毓群独自掌握CATL的控制权。这一变动的背景和影响值得关注——它意味着曾毓群在公司决策中的话语权进一步集中，但也减少了权力制衡。[s1][s39]

其四是香港上市的资本网络。2025年5月的港股上市，CATL引入了中石化、科威特投资局、高瓴资本等基石投资者，合计认购26.28亿美元。中金、中信建投、摩根大通、美银、高盛、摩根士丹利等国际投行组成了豪华的承销团。港股上市不仅为CATL带来了海外融资渠道，也进一步巩固了其国际投资者基础和全球化形象。[s15][s26]

其五是行业生态的构建。CATL与多家主流车企成立合资公司——时代北汽、时代长安、时代一汽、时代广汽、时代吉利、时代上汽等——这种"绑定客户"的模式既保证了订单来源，也深度嵌入了车企的供应链体系。曾毓群将这种关系描述为"共生生态"："能够enable你的客户，能够让客户也赚到钱，推高客户的品牌，那就是个很好的共生生态。"[s8][s25]

**English:** Zeng's business network runs along clear lines. The TDK/ATL lineage supplies much of the core team—Liang Shaokang (former SAE Magnetics president, ATL co-founder), Chen Tanghua (ATL's technical leader, whom Zeng calls "mentor, benefactor and close comrade"), and Zhang Yujie, who bestowed the gambling-spirit calligraphy and became CATL's lifelong honorary chairman. A second web is the Fujian/Ningde circle: Zeng headquartered the company in his hometown and anchored its industrial cluster; co-founder and former vice chairman Huang Shilin is a Ningde native who walked the same path from Ningde No.1 High School to Shanghai Jiao Tong to entrepreneurship, and Fujian natives filled much of the early team—a source of cohesion, though one that raises governance-diversity questions.

Control runs through Xiamen Ruiting Investment, via which Zeng holds 23.27% of CATL as actual controller; in February 2024 he and vice chairman Li Ping dissolved their concert-party arrangement, leaving Zeng in sole control—concentrating decision power while reducing internal checks. The May 2025 Hong Kong listing drew cornerstone investors including Sinopec, the Kuwait Investment Authority and Hillhouse (USD2.628 billion total) and a CICC–CSC–JPMorgan–BofA–Goldman–Morgan Stanley underwriting syndicate, broadening the international investor base. Finally, CATL's ecosystem model—joint ventures with major automakers (with BAIC, Changan, FAW, GAC, Geely, SAIC and others)—locks in orders and embeds CATL in customers' supply chains; Zeng calls it a symbiosis: "If you can enable your customer, let the customer make money too and lift their brand—that's a healthy ecosystem."

### 12. 一个"赌徒"的时代注脚 / A "Gambler" as a Footnote to His Era

回望曾毓群的创业历程，从岚口村煤油灯下苦读的少年，到执掌全球领先电池企业的"宁王"，他的人生轨迹恰好与中国新能源产业的崛起同频。有人说他是"赌徒"——因为他在20%的把握就敢下注；有人说他是"工程师"——因为他把电池缺陷率做到了十亿分之一（PPB级）。这两个看似矛盾的身份，在他身上奇特地统一了。[s13][s26]

"赌性坚强"是创业初期的破局之道——押注三元锂、押注动力电池、押注出海建厂，每一步都带有强烈的不确定性。"溥博渊泉"是成熟期的系统布局——多技术路线并行、全产业链布局、全球化扩张，每一步都有精密的计算和预案。从"赌"到"谋"的演进，正是一家创业公司成长为行业巨头的必经之路。[s41][s13]

曾毓群常说"赌是脑力活"，意思是赌不是凭运气，而是基于知识、常识、见识、胆识、赏识的综合判断。这句话放在中国新能源产业的语境下尤其贴切。中国企业在动力电池领域实现了对日韩企业的弯道超车，不是靠运气，而是靠一批像曾毓群这样的技术型企业家，在正确的时间做了正确的赌注，并且用极致的工程能力把赌注变成了现实。[s13][s36]

但登上顶峰之后，挑战才真正开始。技术路线的迭代（全固态会不会颠覆液态？）、地缘政治的风险（美国市场怎么进？）、行业生态的健康（内卷会不会毁掉产业？）、接班人的培养（后曾毓群时代谁来掌舵？）——这些都是横亘在CATL和曾毓群面前的重大课题。曾毓群已经58岁了，虽然他依然精力充沛、思维敏锐，但企业传承是任何一个伟大公司都必须面对的问题。[s25][s47]

曾毓群说过，他的目标不只是做到世界第一，而是要做到"2.0版的世界第一"——高质量发展的、让全世界尊重的世界第一。这个目标能不能实现，很大程度上取决于他接下来的几个关键赌注：固态电池的布局速度、海外市场的渗透深度、第二增长曲线（储能、换电、矿产、回收）的爆发力度。[s36]

从岚口村出发，曾毓群走了很远。但他和宁德时代的故事，可能才刚刚讲到中盘。

**English:** From the boy reading under a kerosene lamp in Lankou village to the chairman of the world's largest battery company, Zeng Yuqun's trajectory has run in lockstep with the rise of China's new-energy industry. He is called a gambler—because he commits at 20% odds—and an engineer—because he pushed cell defect rates to parts-per-billion. The two identities coexist in one man without contradiction. 赌性坚强 was the startup-era key to breaking open: ternary lithium, power batteries, overseas plants, each step steeped in uncertainty. 溥博渊泉 marks the mature phase of system-building—multi-route portfolios, full-chain layout, global expansion—each move calculated and contingency-planned. The evolution from gamble to strategy is precisely the road a startup travels to become an industry giant.

"Betting is intellectual labor," he says—luck has nothing to do with it; the judgment rests on knowledge, common sense, insight, boldness and recognition of talent. The sentence fits Chinese industry especially: the catch-up with Japan and Korea in power batteries was not luck but a generation of technical entrepreneurs making the right bets at the right time and converting them through extreme engineering. The hardest tests come after the summit—technology-route succession (can solid-state disrupt liquid batteries?), geopolitics (how to open the American market?), industrial health (will involution destroy the sector?), and succession (who steers CATL after Zeng?). At 58 he remains sharp and energetic, but every great company must face the question. His stated aim is not simply to be No.1 but to be a "version 2.0 No.1"—a high-quality world leader that earns respect. From Lankou village he has come far; the story of CATL may only be at its middle chapters.

## 卷尾 Editorial Conclusion

2026年4月21日，北京，宁德时代超级科技日。曾毓群没有出现在舞台中央——发布产品的是首席科学家吴凯、CTO高焕等一众技术高管。这位创始人退到了幕后，这是一个信号。

从"赌性坚强"到"溥博渊泉"，从冲在第一线的技术创业者到运筹帷幄的企业掌舵者，曾毓群的角色在变，CATL的组织形态也在变。2.1万人的研发团队、5万+专利、13大生产基地、60+国家覆盖——这家公司已经远远超出了一个人的掌控半径。它需要的不只是一个"赌徒"，更是一套系统。

曾毓群显然明白这一点。他花时间最多的决策是技术路线，他最在意的是行业生态的健康，他在两会上谈的是标准国际化和储能安全。这些都不是一家普通企业该考虑的事——这些是行业领导者该考虑的事。当一家公司做到了全球近四成的市场份额，它的每一个决策都在影响整个行业的走向。这既是权力，也是责任。

但挑战也在堆积。比亚迪在身后紧追不舍，技术路线之争白热化；美国的政治打压没有缓和的迹象，出海之路充满不确定性；固态电池等下一代技术的突破随时可能改写格局；行业内卷的隐忧始终存在。曾毓群说他"最不做的就是价格竞争"，但如果有一天价格战不可避免，CATL还能不能守住18%的净利率？

更深层的问题是：后曾毓群时代，宁德时代还能不能是宁德时代？

58岁的曾毓群还远远没有到退休的年纪，他依然精力充沛、思维敏锐，对技术细节了如指掌。但任何一家伟大的公司，都必须面对创始人之后的传承问题。CATL的管理团队已经在成长——吴凯、高焕、李平等人逐渐走向前台——但曾毓群作为灵魂人物的角色，短期内是没有人可以替代的。

他的办公室里现在挂着"溥博渊泉"。这四个字出自《中庸》："溥博渊泉，而时出之。溥博如天，渊泉如渊。"意思是智慧像深泉一样广博，时时喷涌而出。从"赌"到"谋"，从"破"到"立"，从创业到守业再到扩业，这是一个企业家必经的三重境界。曾毓群已经走完了前两重，第三重正在进行时。

2025年，他在世界动力电池大会上说："中国锂电产业不仅要做到世界第一，还要做到2.0版的世界第一，即高质量发展的世界第一，让全世界尊重。"这句话可以读作CATL下一阶段的宣言，也可以读作曾毓群对自己下一个十年的要求。

从岚口村的煤油灯到全球电池帝国，走了五十八年。从全球第一到让全世界尊重，还有多远？

时间会给出答案。而曾毓群，大概已经算好了概率，准备好下一把赌注了。

At CATL's Super Tech Day in Beijing on April 21, 2026, Zeng Yuqun was not at center stage—chief scientist Wu Kai, CTO Gao Huan and other technology executives launched the products. The founder had stepped behind the curtain. It is a signal.

From "betting spirit" to "wisdom like a deep spring," from frontline technology entrepreneur to strategic helmsman, Zeng's role is changing and CATL's organizational form with it. A 21,000-person R&D workforce, over 50,000 patents, 13 major production bases and coverage of 60-plus countries are beyond any single person's radius of control; the company needs not just a gambler but a system. Zeng understands this: the decisions that take most of his time are technology routes; what he cares most about is the health of the industry ecosystem; at the two sessions he speaks of internationalized standards and storage safety. These are the concerns of an industry leader—at nearly forty percent global market share, every CATL decision moves the whole industry, power and responsibility at once.

Yet challenges pile up: BYD pressing hard behind, technology-route rivalry white-hot, American political pressure unrelenting, next-generation chemistries that could rewrite the order, and the constant worry of involution. Zeng says price competition is the last thing he does—but if a price war becomes unavoidable one day, can CATL hold its 18% net margin? The deeper question is whether CATL can remain CATL after Zeng. At 58 he is far from retirement age, sharp and deep in technical detail, and his team (Wu Kai, Gao Huan, Li Ping) is maturing, but the soul-founder role is irreplaceable in the short term. His wall scroll now reads 溥博渊泉—wisdom vast as the sky and deep as a spring. From gamble to strategy, from breaking open to building up, the three realms of an entrepreneur: he has completed the first two and works in the third. From the kerosene lamp to the global battery empire took fifty-eight years. How far is it from global No.1 to being respected worldwide? Time will tell—and Zeng has probably already calculated the odds for the next bet.

## 金句 Pull Quote

> 拼只是体力活，赌才是脑力活。

> Hard work is only physical labor; betting is intellectual labor.

## 履历时间线 Career Timeline

- **1968-03** 出生于福建宁德岚口村 / Born in Lankou village, Ningde, Fujian
  - 曾毓群出生于福建省宁德市蕉城区飞鸾镇岚口村一个普通农民家庭，家境贫寒，靠煤油灯苦读。[s12][s40][s45]
  - EN: Zeng Yuqun was born in Lankou Village, Feiluan Town, Jiaocheng District, Ningde, Fujian Province, into a farming family.
- **1985-09** 考入上海交通大学船舶工程系 / Admitted to Shanghai Jiao Tong University
  - 以全校第一名的成绩从福建省宁德第一中学毕业，17岁考入上海交通大学船舶工程系，成为全村第一个重点大学大学生。[s40][s45]
  - EN: Graduated first from Ningde No.1 Middle School and entered Shanghai Jiao Tong University at age 17, majoring in naval architecture.
- **1989-07** 大学毕业 辞国企南下东莞 / Graduated; quit SOE for Dongguan TDK plant
  - 获上海交通大学船舶工程系工学学士学位，被分配至福建一家国企，入职仅3个月即主动辞职，南下东莞进入TDK旗下新科磁电厂担任工程师。[s1][s12][s40]
  - EN: Graduated with a BEng from SJTU, worked briefly at a state-owned enterprise for 3 months before joining TDK's new materials factory in Dongguan.
- **1997-09** 考取中科院物理所博士 / Entered CAS Institute of Physics PhD program
  - 29岁考取中国科学院物理研究所博士学位，师从中科院院士陈立泉，主攻锂离子电池材料研究。[s40]
  - EN: Admitted to the PhD program at the Institute of Physics, CAS, studying under Academician Chen Liquan, focusing on lithium-ion battery materials.
- **1999-01** 联合创立ATL新能源科技 / Co-founded ATL
  - 与梁少康、陈棠华在香港注册创立新能源科技有限公司（ATL），出任执行副总裁，主攻聚合物锂电池。带领团队攻克贝尔实验室专利的电池鼓包难题，实现商用量产。[s1][s12][s46]
  - EN: Co-founded Amperex Technology Limited (ATL) in Hong Kong with Leung Siu Hong and Chen Tanghua, leading polymer lithium battery R&D and solving the swelling defect problem.
- **2001-07** 获华南理工硕士 出任ATL总裁 / Master's from SCUT; became ATL president
  - 从华南理工大学应用物理系电子与信息工程专业毕业，获工学硕士学位；同年正式出任ATL总裁，带领团队拿下苹果iPod定制电池订单。[s1][s40]
  - EN: Received MSc from South China University of Technology and became ATL President, securing Apple iPod battery orders.
- **2005-01** TDK收购ATL 留任管理 / TDK acquired ATL; stayed in management
  - 日本TDK以1亿美元收购ATL 100%股权，曾毓群继续留任管理层。2014年至2017年间曾担任TDK副总裁、高级副总裁等职。[s1][s46]
  - EN: Japan's TDK acquired 100% of ATL for $100 million. Zeng remained in management, later serving as TDK Vice President from 2014 to 2017.
- **2006-07** 获中科院物理所博士学位 / PhD from CAS Institute of Physics
  - 获得中国科学院物理研究所凝聚态物理理学博士学位，完成在电池材料领域的学术积累。[s1][s2]
  - EN: Received PhD in Condensed Matter Physics from the Institute of Physics, CAS, completing his academic foundation in battery materials.
- **2008-06** 创办宁德新能源科技 / Founded Ningde power-battery base
  - 在宁德创办宁德新能源科技有限公司，主持中国领先的聚合物锂电子电池项目。团队研发项目获国家科学技术进步奖二等奖。[s12][s40]
  - EN: Founded Amperex Technology Limited (Ningde), leading China's largest polymer lithium battery project and winning the National Science and Technology Progress Award (Second Class).
- **2011-12** 创立宁德时代CATL / Founded CATL
  - 因政策限制外资企业生产动力电池，将ATL动力电池业务分拆独立，在福建宁德注册成立宁德时代新能源科技有限公司，选择三元锂电池为主攻方向。[s12][s46]
  - EN: Spun off ATL's EV battery division to establish CATL in Ningde, Fujian, focusing on ternary lithium battery technology.
- **2012-06** 与宝马建立战略合作 / Strategic partnership with BMW
  - 与德国宝马集团达成战略合作，成为其动力电池核心供应商，首款车型为之诺1E。通过宝马800多页技术规范审核，奠定汽车级电池供应商地位。[s7][s8]
  - EN: Established strategic partnership with BMW as its core EV battery supplier, passing BMW's 800+ page technical specification review.
- **2013-05** 为宇通开发客车动力电池 / Developed bus batteries for Yutong
  - 为全球领先客车厂宇通开发客车动力电池，开始在商用车领域布局。同年获得全国五一劳动奖章。[s8][s40]
  - EN: Developed bus batteries for Yutong, the world's largest bus manufacturer, expanding into commercial vehicles. Received the National May Day Labor Medal.
- **2015-09** 国内市占率超越比亚迪登顶 / Oversaw BYD for China's top market share
  - 凭借三元锂电池技术路线和补贴政策红利，宁德时代国内动力电池市场份额飙升至46%，首次超越比亚迪成为行业第一。[s24]
  - EN: CATL's domestic market share surged to 46%, surpassing BYD for the first time to become China's largest EV battery maker.
- **2017-06** 出任董事长 全球出货量第一 / Appointed chairman; global shipments No.1
  - 正式出任宁德时代董事长；同年动力电池出货量超越松下，首次登顶全球第一。[s12][s40]
  - EN: Became Chairman of CATL; the company surpassed Panasonic to become the world's No.1 EV battery maker by shipment volume.
- **2018-06-11** 深交所创业板上市 / Listed on Shenzhen ChiNext
  - 宁德时代在深圳证券交易所创业板正式上市，股票代码300750，发行后总股本21.72亿股，创下当时A股最快过会纪录。[s11]
  - EN: CATL listed on the Shenzhen Stock Exchange ChiNext board (300750), setting a record for the fastest IPO approval in A-share history at the time.
- **2019-06** 德国工厂奠基 海外布局启动 / Broke ground on Germany plant
  - 宁德时代德国图林根工厂（CATT）举行奠基仪式，这是CATL首个海外生产基地，总投资18亿欧元，规划年产能14GWh。[s8][s49]
  - EN: Groundbreaking for CATL's Thuringia plant in Germany, its first overseas manufacturing base with €1.8 billion investment and 14 GWh planned capacity.
- **2020-07** 正式向特斯拉供货 / Began supplying Tesla
  - 宁德时代正式开始向特斯拉上海超级工厂供应动力电池，成为特斯拉重要的电池供应商之一。[s24]
  - EN: Began supplying batteries to Tesla's Shanghai Gigafactory, becoming one of Tesla's key battery suppliers.
- **2021-05** 身家超李嘉诚 成香港首富 / Net worth surpassed Li Ka-shing; Hong Kong's richest
  - 以345亿美元身家超过李嘉诚，成为香港地区首富，宁德时代A股总市值首次突破万亿元大关。[s12][s39]
  - EN: Surpassed Li Ka-shing to become Hong Kong's richest person with $34.5 billion net worth; CATL A-share market cap exceeded 1 trillion yuan.
- **2022-06-23** 发布CTP3.0麒麟电池 / Launched CTP 3.0 Qilin battery
  - 发布第三代CTP（Cell-to-Pack）技术——麒麟电池，体积利用率突破72%，能量密度达255Wh/kg，实现整车1000公里续航，2023年量产上市。[s4][s14]
  - EN: Launched Qilin Battery (3rd-gen CTP technology) with 72% volume utilization and 255 Wh/kg energy density, enabling 1000km range.
- **2022-07-21** 与福特达成全球战略合作 / Global strategic cooperation with Ford
  - 与福特汽车宣布全球战略合作，涵盖北美、欧洲及中国的动力电池供应，为Mustang Mach-E和F-150 Lightning供应LFP电池。[s7]
  - EN: Announced global strategic cooperation with Ford, supplying LFP batteries for Mustang Mach-E and F-150 Lightning across North America, Europe and China.
- **2022-12** 德国图林根工厂正式投产 / Germany Thuringia plant in production
  - 宁德时代德国图林根工厂正式启动电芯量产，成为CATL首个海外电池生产基地，为宝马、奥迪、保时捷等欧洲车企供货。[s8][s49]
  - EN: CATL's Germany Thuringia plant began cell production, becoming its first overseas battery manufacturing base supplying BMW, Audi, Porsche and others.
- **2023-08-16** 发布神行超充电池 / Launched Shenxing super-charging LFP battery
  - 发布全球首款磷酸铁锂4C超充电池——神行超充电池，实现"充电10分钟，续航400公里"，2023年底量产，开启新能源车超充时代。[s5][s23]
  - EN: Launched Shenxing Superfast Charging Battery, the world's first mass-producible LFP 4C superfast charging battery with 10-min charge = 400km range.
- **2024-02** 解除一致行动人 独掌CATL / Dissolved concert-party; sole control of CATL
  - 曾毓群与副董事长李平经协商一致，决定解除一致行动人关系，曾毓群通过瑞庭投资持股23.27%，独掌CATL控制权。[s1][s39]
  - EN: Zeng Yuqun and Vice Chairman Li Ping dissolved their concerted action agreement; Zeng holds 23.27% through Ruiting Investment, taking sole control of CATL.
- **2024-12-10** 与Stellantis合资建西班牙… / JV with Stellantis for Spain plant
  - 与Stellantis集团宣布各持股50%成立合资企业，在西班牙萨拉戈萨建设磷酸铁锂电池工厂，投资41亿欧元，规划年产能50GWh，2026年底投产。[s6][s28]
  - EN: Announced 50:50 JV with Stellantis to build an LFP battery plant in Zaragoza, Spain, with €4.1 billion investment and 50 GWh capacity.
- **2025-01-07** 被列入美国防部1260H清单 / Put on U.S. DoD 1260H list; review sought
  - 美国国防部将宁德时代纳入1260H"涉军企业"清单，公司回应称"这是一个错误"，并提出行政复议。[s34][s35]
  - EN: US DoD added CATL to the 1260H Chinese Military Companies list; CATL called it "a mistake" and filed for administrative review.
- **2025-05-20** 港交所二次上市 / Secondary listing on Hong Kong Stock Exchange
  - 宁德时代在香港联交所主板正式挂牌上市（股票代码03750.HK），发售价263港元，募资约357亿港元，90%用于匈牙利项目建设。[s15][s26]
  - EN: CATL dual-listed on the Hong Kong Stock Exchange (03750.HK) at HK$263 per share, raising ~HK$35.7 billion, 90% for the Hungary project.
- **2025-11-12** 宣布第五代磷酸铁锂量产 / Fifth-gen LFP enters mass production
  - 在2025世界动力电池大会上宣布：第四代磷酸铁锂全面领先行业，第五代产品已开始量产，能量密度和循环寿命实现新突破；全固态电池研究进度行业前列。[s23][s36]
  - EN: Announced at the World Power Battery Conference that 5th-gen LFP batteries entered mass production, with new breakthroughs in energy density and cycle life.
- **2026-02** 全球市占率升至39.2% / Global market share reached 39.2%
  - SNE Research数据显示，2025年全球动力电池装机量达1187GWh，宁德时代以464.7GWh蝉联全球第一，市占率升至39.2%，连续九年位居榜首。[s16][s17][s27]
  - EN: SNE Research data: CATL maintained its No.1 global position with 39.2% market share (464.7 GWh installed) in 2025, leading for 9 consecutive years.
- **2026-04-21** 超级科技日发布全产品矩阵 / Super Tech Day unveiled full product matrix
  - 在北京举办"极域之约"超级科技日，发布第三代神行超充电池、第三代麒麟电池、麒麟凝聚态电池、第二代骁遥增混电池、钠新电池五大新品，覆盖全材料体系。[s48]
  - EN: Hosted Super Technology Day in Beijing, launching 3rd-gen Shenxing, 3rd-gen Qilin, condensed-state Qilin, 2nd-gen Xiaoyao hybrid, and sodium-ion batteries.
- **2026-05** 匈牙利工厂模组线投产 / Hungary plant module line in production
  - 匈牙利德布勒森工厂电池模组组装产线正式量产，年产能5GWh，远期规划100GWh，是欧洲最大动力电池工厂。[s38][s31]
  - EN: Module assembly line at the Debrecen plant in Hungary began production with 5 GWh initial capacity, planned for 100 GWh long-term.
- **2026-06** 福特密歇根工厂投产 美国CMC清单… / Ford Michigan plant running; kept on U.S. list
  - 福特BlueOval密歇根电池工厂开始生产LFP电芯，采用CATL技术授权模式；同期美国国防部更新CMC清单，宁德时代继续保留在列。[s29][s30][s35]
  - EN: Ford's BlueOval Michigan plant began LFP cell production under CATL tech licensing; US DoD updated CMC list retaining CATL.
- **2026-03-04** 两会委员通道谈全球化 / CPPCC "committee channel" remarks on globalization
  - 在全国政协十四届四次会议首场"委员通道"上表示，将把中国产品、技术和标准推广到全世界，累计研发投入超800亿元，专利超5万份。[s21][s22]
  - EN: Spoke at the CPPCC "Committee Members' Passage," stating China will export battery products, technology and standards globally, with R&D exceeding 80 billion yuan.
- **2026-08** 2026上半年市占率39.9% / H1 2026 market share reached 39.9%
  - SNE Research数据显示，2026上半年全球动力电池装机608.5GWh，宁德时代以242.7GWh占比39.9%，海外市占率升至33.6%。[s27][s32]
  - EN: SNE Research: CATL held 39.9% global share in H1 2026 with 242.7 GWh installations; overseas share rose to 33.6%.

## 常问问答 FAQ

**Q1: 曾毓群是哪里人？出生年份是？**

A: 曾毓群1968年3月出生于福建省宁德市蕉城区飞鸾镇岚口村，中国香港永久性居民。[s1][s40]

**Q1 (EN): Where was Robin Zeng born and when?**

A: Robin Zeng Yuqun was born in March 1968 in Lankou Village, Feiluan Town, Jiaocheng District, Ningde, Fujian Province, China. He is a permanent resident of Hong Kong.

**Q2: 曾毓群的教育背景是什么？师从哪位院士？**

A: 曾毓群拥有上海交通大学船舶工程系工学学士（1989）、华南理工大学应用物理系电子与信息工程专业工学硕士（2001）、中国科学院物理研究所凝聚态物理理学博士（2006）学位，博士阶段师从中科院院士陈立泉。[s1][s40]

**Q2 (EN): What is Robin Zeng's educational background and who was his PhD advisor?**

A: Zeng holds a BEng in Naval Architecture from Shanghai Jiao Tong University (1989), an MSc from South China University of Technology (2001), and a PhD in Condensed Matter Physics from the Institute of Physics, CAS (2006). His PhD advisor was Academician Chen Liquan.

**Q3: 宁德时代是哪一年成立的？为什么从ATL分拆出来？**

A: 宁德时代2011年12月注册成立。分拆原因是当时ATL有日企TDK的股权，而国家新能源汽车补贴只面向采用国产电池的车企，ATL的外资身份无法进入动力电池白名单。[s12][s46]

**Q3 (EN): When was CATL founded and why was it spun off from ATL?**

A: CATL was founded in December 2011. It was spun off from ATL because ATL was 100% owned by Japan's TDK, making it ineligible for China's NEV subsidies, which required domestic battery suppliers.

**Q4: 宁德时代全球动力电池市占率是多少？连续几年第一？**

A: 根据SNE Research数据，2025年宁德时代全球动力电池装机量464.7GWh，市占率39.2%，连续九年位居全球第一。2026上半年市占率进一步升至39.9%。[s16][s27]

**Q4 (EN): What is CATL's global EV battery market share and how many years has it been No.1?**

A: According to SNE Research, CATL held 39.2% of the global EV battery market in 2025 with 464.7 GWh installed, ranking No.1 for 9 consecutive years. Its share rose to 39.9% in H1 2026.

**Q5: 什么是"赌性更坚强"？跟曾毓群什么关系？**

A: "赌性更坚强"是挂在曾毓群办公室的一幅字，源自其师父张毓捷的"赌性坚强"。曾毓群认为做事业20%把握就可以开始，赌性是基于知识、常识、见识、胆识、赏识的理性判断，而非凭运气。后企业壮大后更换为《中庸》"溥博渊泉"。[s13][s41]

**Q5 (EN): What does "stronger gambling spirit" mean and how is it related to Robin Zeng?**

A: It refers to a calligraphy scroll that hung in Zeng's office, evolving from his mentor Zhang Yujie's "gambling spirit is strong." Zeng believes in acting on 20% certainty, defining "gambling" as rational judgment based on knowledge, insight, and courage rather than luck.

**Q6: 宁德时代与比亚迪的关系是怎样的？**

A: 两者是全球动力电池行业前两名的竞争对手，形成"双雄争霸"格局。2025年两家合计占据全球54.3%的市场份额。宁德时代主打三元锂+第三方供应模式，比亚迪主打磷酸铁锂+垂直整合模式，在技术路线、快充产品、补能基建等多维度展开竞争。[s24][s27]

**Q6 (EN): What is the relationship between CATL and BYD?**

A: They are the top two global EV battery makers with a combined 54.3% market share in 2025. CATL focuses on ternary chemistry and third-party supply; BYD focuses on LFP and vertical integration. They compete across technology, fast-charging, and charging infrastructure.

**Q7: 曾毓群有多少身家？在富豪榜上排第几？**

A: 根据2026胡润全球富豪榜，曾毓群以3800亿元人民币财富位列中国第4位、全球第33位。2025福布斯中国内地富豪榜上，其以535亿美元排名第4。[s43][s44]

**Q7 (EN): What is Robin Zeng's net worth and ranking on rich lists?**

A: On the 2026 Hurun Global Rich List, Zeng ranks 4th in China and 33rd globally with a fortune of 380 billion RMB. On the 2025 Forbes China Mainland Rich List, he ranked 4th with $53.5 billion.

**Q8: 宁德时代在海外有哪些工厂？**

A: 宁德时代在欧洲有三大基地：德国图林根工厂（2022年投产，14GWh）、匈牙利德布勒森工厂（2026年模组投产，远期100GWh）、西班牙萨拉戈萨工厂（与Stellantis合资50GWh，2026年底投产）。另有印尼电池产业链项目、美国福特技术授权工厂（密歇根BlueOval）。[s8][s28][s29]

**Q8 (EN): Where are CATL's overseas factories located?**

A: CATL has three European bases: Thuringia (Germany, operational since 2022, 14 GWh), Debrecen (Hungary, module production started 2026, 100 GWh long-term), and Zaragoza (Spain, 50:50 JV with Stellantis, 50 GWh, starting late 2026). It also has projects in Indonesia and a tech-licensing plant in Michigan, US with Ford.

**Q9: 宁德时代和中创新航/塔菲尔的专利诉讼结果如何？**

A: 塔菲尔案：2021年福建高院判决塔菲尔侵害防爆装置专利，赔偿约2330万元。中创新航案：5项专利诉讼中，截至2024年5月宁德时代胜诉1项（防爆装置专利，判赔4157万元）、败诉2项（两项专利被宣告无效）、2项未宣判，双方互有胜负。[s10][s18][s37]

**Q9 (EN): What were the outcomes of CATL's patent lawsuits against CALB and Tafel?**

A: Against Tafel: Fujian High Court ruled Tafel infringed the explosion-proof device patent in 2021, ordering ~23.3 million RMB in damages. Against CALB: of 5 patent lawsuits, CATL won 1 (41.57 million RMB damages), lost 2 (2 patents invalidated), and 2 were undecided as of mid-2024.

**Q10: 美国"涉军名单"对宁德时代有什么影响？**

A: 2025年1月宁德时代被美国国防部列入1260H"涉军企业"清单，2026年6月更新后继续保留。该清单主要限制与美国国防部的业务往来，CATL基本无涉军业务，直接影响有限。但存在被进一步纳入出口管制等次生风险，公司已提出行政复议。[s34][s35]

**Q10 (EN): What is the impact of the US "military companies" list on CATL?**

A: CATL was added to the US DoD's 1260H list in January 2025 and retained in June 2026. The list mainly restricts business with the US DoD, and CATL has essentially no military-related business, so direct impact is limited. However, secondary risks like export controls exist, and CATL has filed for administrative review.

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本档案机器版由亚洲封面人物官网自动生成：https://coverfigure.com ｜ 永久档案：https://coverfigure.com/acf/ACF-00-00102/geju ｜ 生成时间 Generated：2026-09-11 00:42