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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
