[SMM Analysis] Inventory Levels of ESS Battery Cells Slightly Increased in February, May Decrease with Subsequent Demand Growth

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SMM March 13 News:

As of February 2025, ESS battery inventory increased by approximately 4% MoM, with the inventory-to-sales ratio rising to 1.83 months. Affected by the off-season in the ESS industry and the Chinese New Year holiday, the production and sales of ESS battery cells pulled back this month. However, due to low inventory clearance by enterprises at the year-end of 2024, the overall industry inventory remained low. Meanwhile, some producers, with clear subsequent orders, have started stockpiling in advance, leading to a slight increase in inventory levels and the inventory-to-sales ratio this month. Looking ahead, ESS industry inventory is expected to fluctuate within a reasonable range of 1.5-2 months. With the gradual recovery of ESS industry demand at the end of Q1 and the beginning of Q2, ESS battery cell inventory levels may show a downward trend.

SMM New Energy Industry Research Department

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Ye Yuan 021-51595792

Chensi Lin 021-51666836

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760