17 September 2025 Analyst, China Autos The Hongkong and Shanghai Banking Corporation Limited li01.yang@hsbc.com.hk +852 2288 6216 Battery and autonomous supply chains in focus. For battery, we see a potential turning point in pricing in 2H25-1H26. Notably, some ESS battery products have already shown modest price improvements. Stronger-than-expected domestic ESS demand after the cancellation of the mandatory storage policy and growing orders from overseas markets (such as Europe, the Middle East, and Austra ...