宁德时代投资DeepSeek 5亿元，构建“绿电-储能-配电-算力”垂直闭环
英文摘要
On June 15, 2025, DeepSeek completed a ¥51 billion Series A round at a post-money valuation of ~¥400 billion, with CATL and its investment platform Puquan Capital contributing approximately ¥5 billion, the second-largest external investment after Tencent. This follows CATL’s recent acquisitions of a controlling stake in HVDC leader Zhongheng Electric and IDC operator Century Internet. The three deals form a ‘green electricity → energy storage → HVDC distribution → computing power’ vertical chain, enabling CATL to supply energy storage, peak-valley arbitrage for lower electricity costs, green direct power, and backup power to AI data centers. Experts view the investment as a strategic pivot: CATL is transitioning from a battery manufacturer to an AI computing energy infrastructure platform, leveraging its government relationships and energy network to secure electricity quotas and negotiate tariffs, thereby unlocking higher valuation multiples beyond manufacturing PE ratios.
中文摘要
6月15日，DeepSeek完成510亿元A轮融资，投后估值约4000亿元，宁德时代及其投资平台溥泉资本出资约50亿元，为仅次于腾讯的第二大外部投资方。此前宁德时代已先后入主高压直流供电龙头中恒电气与IDC运营商世纪互联，三笔投资串联成“绿电→储能→HVDC配电→算力”的垂直闭环。宁德时代可为DeepSeek提供数据中心专用储能、峰谷套利降电费、绿电直供及备用电源，并利用自身政府关系和能源网络争取能耗指标与电价优惠。分析认为，宁德时代是在动力电池渗透率见顶、储能毛利率承压背景下，从卖电芯转向卖“算力能源解决方案”，试图切换至“算力基础设施+科技成长”的估值体系，打开新的增长空间。
关键要点
DeepSeek’s Series A round raised ¥51 billion at a post-money valuation of ~¥400 billion; CATL system invested ~¥5 billion, second only to Tencent.
DeepSeek A轮融资510亿元，投后估值约4000亿元；宁德时代体系出资约50亿元，仅次于腾讯。
The investment follows CATL’s control stakes in Zhongheng Electric (HVDC) and Century Internet (IDC), completing a vertical 'green electricity → storage → distribution → computing' chain.
随后入股中恒电气（HVDC）与世纪互联（IDC），形成“绿电-储能-配电-算力”的垂直闭环。
CATL can directly reduce DeepSeek’s electricity costs through energy storage peak-valley arbitrage, green power supply, and backup power, while using its government ties to secure energy quotas and negotiate tariffs.
宁德时代可通过储能峰谷套利、绿电直供及备用电源降低DeepSeek电费，并利用政府关系争取能耗指标与电价。
The move is a strategic pivot: CATL aims to reposition from a battery manufacturer to an AI energy infrastructure platform, seeking higher valuation multiples beyond manufacturing PE ratios.
战略卡位：宁德时代从电池制造商转向AI算力能源基础设施平台，以突破制造业市盈率估值天花板。