In the first half of 2023, the domestic new energy industry witnessed a total of 395 mergers and acquisitions, indicating a 7% increase compared to the same period last year. However, the total transaction volume during this period was 137 billion yuan, signaling a year-on-year decrease of 23%. As a result, the value of single transactions in this year's M&A cases has slightly declined. These statistics encompass various sectors within the new energy industry, including lithium battery energy storage, wind power, photovoltaics, hydrogen energy, infrastructure, and other clean energy industries such as biomass, waste incineration, geothermal, and tidal energy.

Among these sectors, the lithium battery industry chain, infrastructure, and energy storage industries exhibited the most active merger and acquisition activity, accounting for 27%, 26%, and 15% of the total transaction volume respectively. However, the value and quantity of M&A transactions in the lithium battery industry chain have experienced a certain decline compared to the previous year. This can be attributed to factors such as a slowdown in downstream demand and fluctuations in the upstream cycle. Consequently, the number of mergers and acquisitions of mineral resources like lithium mines, influenced by factors such as the price of raw materials, has significantly diminished, amounting to only 5 transactions.

These changes in the market were anticipated to some extent. Firstly, the scarcity of known high-quality lithium ore resources has been an ongoing issue, with large-scale low-cost mines already established and high-quality targets for trading becoming increasingly scarce. Additionally, the decline in lithium salt prices has also affected the prices of lithium ore, resulting in an unavoidable decrease in unit profit margins. Consequently, the number of mergers and acquisitions within the lithium battery industry chain has shifted its focus to new battery technologies, particularly battery materials and solid-state batteries.

The shift towards new battery technologies reflects the industry's recognition of the need for innovation and advancement to drive further growth and development. As the market for new energy continues to expand, the demand for more efficient and sustainable battery solutions has increased. This has led companies to look for opportunities to invest in and acquire technologies that offer enhanced performance, longer lifespan, and improved safety. By focusing on battery materials and solid-state batteries, industry players aim to overcome the limitations of traditional lithium-ion batteries and open up new possibilities for energy storage.

Looking ahead, it is expected that the M&A activity within the domestic new energy industry will continue to evolve as companies adapt to changing market dynamics and pursue strategic partnerships. As the industry expands, new opportunities in emerging technologies and markets will arise, allowing for further consolidation and growth. By staying attuned to market trends and investing in innovative solutions, companies can position themselves for success in the rapidly evolving new energy landscape.

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