【SMM Analysis：Market Supply Increases, Refined Cobalt Export Average Price Declines MoM】

On March 14, the Zhanjiang Xuwen 200 MW/400 MWh standalone shared ESS power station project, built by Energy China Guangdong Electric Power Design Institute under the integrated “research-industry-investment-construction-operation” model, was successfully connected to the grid, becoming Guangdong Province’s first standalone energy storage project connected to a large-scale offshore wind power grid connection point. The project adopts advanced grid-forming technology and a fully liquid-cooled cascaded LFP ESS, featuring millisecond-level rapid response, high safety, and a cycle life of more than 6,000 cycles, effectively enhancing the power grid’s capacity to accommodate and regulate fluctuating new energy sources such as offshore wind power. The project can simultaneously serve new energy consumption, power grid peak shaving and frequency regulation, and emergency power supply support, becoming a key carrier for the local development pattern of “wind and solar power + energy storage support + zero-carbon port industries.”

XPeng Motors' Q4 2025 revenue was 22.25 billion yuan, up 38.2% YoY; Q4 non-GAAP net profit was approximately 510 million yuan. XPeng Motors expected Q1 vehicle deliveries to decline 29.8%-35.1% YoY, to between 61,000 and 66,000 units.

Yingong Technology's 18650-900mAh fast-charging Yinsu sodium-ion battery cell achieved 5C cyclic fast charging across the full SOC range and supported fast charging above 10C. It required only 5 minutes to complete 80% rapid recharging and offered outstanding low-temperature adaptability.