Core Viewpoint - The strategic significance of BetterRay's solid-state battery material solution is highlighted, covering semi-solid and all-solid battery materials, focusing on the three core material systems: cathode, anode, and electrolyte [1] Group 1: Material Development - BetterRay is committed to developing high-performance cathode materials to enhance battery energy density and stability [1] - The company is actively developing silicon-based anode materials, which have a higher theoretical specific capacity than traditional graphite anodes, further improving battery energy density [1] - Challenges with silicon-based anodes include volume expansion during fast charging, which can affect battery lifespan and performance [1] Group 2: Cost and Production - The complex preparation process of silicon-based anode materials results in higher costs, limiting large-scale application [1] - BetterRay plans to advance large-scale production of materials and collaborate with other manufacturers for validation, aiding the industrialization of solid-state battery technology [1] Group 3: Strategic Transformation - The company is transitioning from a single material supplier to a leading provider of systematic solutions for future battery materials, reflecting its keen insight into market trends and forward-looking in technology R&D and industry layout [1] - By offering systematic solutions, BetterRay aims to better meet customer needs, establish closer partnerships, and enhance its competitiveness in the market [1]

Investment Rating - The report indicates a positive outlook for the solid-state battery industry, suggesting it as a key upgrade direction for lithium-ion batteries [1]. Core Insights - Solid-state batteries are expected to address the limitations of liquid lithium-ion batteries, such as energy density ceilings, safety risks from lithium dendrites, and performance issues at low temperatures [5][11]. - The global solid-state battery shipment is projected to reach 614.1 GWh by 2030, with a market size potentially reaching 17.2 billion yuan [19][21]. - The penetration rate of solid-state batteries is expected to increase from approximately 0.1% in 2023 to 10% by 2030 [22][24]. Summary by Sections 1. Solid-State Battery as an Upgrade Direction - The solid-state electrolyte enhances battery safety, with technology routes categorized into sulfide, oxide, and polymer types [5][16]. - The development of solid-state batteries is crucial for overcoming existing technological bottlenecks and meeting future diverse application needs [5][11]. 2. Industry Progress and Adoption - Major automotive manufacturers are accelerating the adoption of solid-state batteries, with a focus on sulfide technology [29][33]. - Companies like BYD and CATL have confirmed their commitment to the sulfide solid-state battery route, with production plans in place [33][36]. 3. Cost Reduction Trends - The current cost of solid-state batteries is higher than traditional lithium-ion batteries, with projections indicating that the unit cost could reach 0.78 yuan/Wh in the long term [38][42]. - The cost of solid-state batteries is expected to decrease as production yields improve, with mid-term costs estimated at around 0.50 yuan/Wh [42][43]. 4. Key Companies in the Solid-State Battery Industry - Notable companies involved in the solid-state battery sector include Nakanor, Yuanhang Precision, Better Ray, Lingge Technology, and Wuhan Blue Electric, each making significant advancements in technology and production capabilities [4][4][4]. - Nakanor has delivered key solid-state battery equipment to major clients, marking a technological breakthrough in the industry [4][4]. - Better Ray has launched high-nickel positive electrodes and solid-state electrolytes, contributing to next-generation battery solutions [4][4]. 5. Market Demand and Government Support - The Chinese government has elevated solid-state battery research to a national strategic level, with significant funding and policy support aimed at accelerating development [19][20]. - The solid-state battery market is anticipated to grow significantly, driven by advancements in technology and increasing demand for electric vehicles [19][21].

Core Viewpoint - The article highlights the 30-year development journey of Shenzhen's lithium battery materials "Four Swordsmen," showcasing China's transition from a technology void to a global leader in the lithium battery materials industry, contributing to the growth of the "New Three Items" in China [1] Group 1: Industry Overview - Shenzhen continues to be the "first city" in foreign trade in China, with new energy vehicles, lithium batteries, and photovoltaic products leading the growth [2] - In the first half of this year, Shenzhen's private enterprises exported lithium batteries worth 30.44 billion RMB, marking a year-on-year increase of 30.4% [3] Group 2: Key Players - The "Four Swordsmen" of Shenzhen's lithium battery materials industry include KedaLi, BetterRay, New Zobon, and Xingyuan Materials, each leading in critical material sectors such as structural components, anode materials, electrolytes, and separators [5] - These companies have successfully broken the monopoly of Japanese and Korean firms in the lithium battery materials market, establishing themselves as leaders in their respective fields [12] Group 3: Historical Context - At the end of the 20th century, Japanese companies held 93% of the global lithium battery market share, creating a significant barrier for Chinese companies [8] - The emergence of Shenzhen's "Four Swordsmen" was driven by entrepreneurs who sought to overcome the high costs and technological barriers imposed by foreign firms [9][11] Group 4: Company Developments - KedaLi has grown from a small startup to a leading manufacturer of battery precision structural components, with a market value exceeding 30 billion RMB [14] - New Zobon has maintained its position as a top domestic electrolyte supplier, focusing on high-energy, high-safety, and wide-temperature range technologies [16] - Xingyuan Materials has become a global leader in lithium-ion battery separators, with a market share increase from 11.0% in 2020 to 14.4% in 2024 [19] - BetterRay has been the global leader in anode material shipments for 15 consecutive years, with a comprehensive industrial layout in natural and artificial graphite anode materials [19] Group 5: Strategic Expansion - The "Four Swordsmen" are actively expanding their global presence, with KedaLi investing in production bases in Germany, Sweden, and Hungary to meet overseas demand [20] - New Zobon has established over 20 production bases worldwide, including a profitable facility in Poland, and is expanding into South Korea and Malaysia [22] - Xingyuan Materials has built a major production base in Malaysia, while BetterRay is advancing projects in Indonesia and Morocco to enhance its global competitiveness [23][26]

Core Viewpoint - Shenzhen continues to lead as China's "foreign trade capital," with significant growth in exports of new energy vehicles, lithium batteries, and photovoltaic products, particularly driven by private enterprises in the lithium battery sector [2] Group 1: Industry Overview - The lithium battery industry is crucial for applications in consumer electronics, new energy vehicles, and energy storage, with four main materials: cathode, anode, electrolyte, and separator [3] - Historically, Japanese companies dominated the global lithium battery market, holding 93% market share in 2000, but Chinese companies have begun to break this monopoly [3][4] Group 2: Key Players in Shenzhen - Shenzhen has produced a group of leading companies in lithium battery materials, referred to as the "Four Swordsmen": Keda Li, Better Ray, New Zobon, and Xingyuan Material, each excelling in critical material sectors [2][6] - Keda Li has grown from a small startup to a leading manufacturer of battery precision structural components, achieving a market value exceeding 30 billion RMB, with a revenue of 6.645 billion RMB in the first half of 2023, up 22.01% year-on-year [7] - New Zobon, a top electrolyte supplier, reported a revenue of 2.002 billion RMB in Q1 2025, a 32.14% increase year-on-year, and holds over 10% market share in China [8][9] Group 3: Market Dynamics and Challenges - The "Four Swordsmen" have faced challenges from international competition and market fluctuations but have maintained strong positions in their respective fields [12] - Xingyuan Material and Better Ray experienced revenue fluctuations in Q1 2025, with Xingyuan's revenue at 0.889 billion RMB, a 24.44% increase, while Better Ray's revenue decreased by 3.88% to 3.392 billion RMB [9] Group 4: Strategic Expansion - The "Four Swordsmen" are actively expanding their global presence, with Keda Li investing in production bases in Europe and New Zobon establishing multiple international facilities [10][11] - Better Ray is also pursuing international projects in Indonesia and Morocco to enhance its global competitiveness in the lithium battery materials market [11]

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting its advantages over traditional liquid batteries and the rapid development of related materials [3][11][20]. Core Insights - Solid-state batteries outperform liquid batteries in safety, energy density, and integration, with manufacturers and battery producers rapidly positioning themselves to support material demand [1][11]. - The core of solid-state lithium battery technology is the solid electrolyte, with sulfide and oxide being the mainstream technological routes [2][34]. - The report emphasizes the potential of sulfide electrolytes due to their superior ionic conductivity and mechanical properties, while also noting the stability and industrial progress of oxide electrolytes [3][27][36]. Summary by Sections 1. Solid-State Batteries: Performance Advantages and Accelerated Layout - Solid-state batteries are expected to emerge due to their high energy density and safety, effectively addressing issues like lithium dendrite growth [11][12]. - The transition from liquid to solid-state batteries simplifies construction by eliminating the need for separators, thus reducing costs [12][27]. 2. Solid Electrolytes: Core of Solid-State Lithium Battery Technology - Solid electrolytes are classified into sulfide, oxide, polymer, and halide types, with the choice of materials being crucial for large-scale production [27][34]. - Sulfide electrolytes exhibit high ionic conductivity and good mechanical properties, making them a promising candidate for commercialization despite challenges like air stability and high production costs [36][41]. 3. Investment Recommendations - As the solid-state battery industry matures, upstream core materials will benefit significantly. Companies that are early adopters of lithium sulfide and have technological advantages are recommended for investment [3][41]. - The report forecasts that by 2027, the shipment of solid-state batteries in China will reach approximately 18 GWh, with a compound annual growth rate of 44% from 2024 to 2028 [20][22].

Core Viewpoint - Globalization is no longer a choice for companies but a consensus for industrial development and the ultimate direction, especially in the current highly competitive environment [2]. Group 1: Globalization Progress in China's Lithium Battery Industry - The 24潮产业研究院 (TTIR) analyzed 13 leading companies in China's lithium battery industry, showing that their total overseas revenue increased from 39.156 billion yuan in 2020 to 228.740 billion yuan in 2024, a growth of 484.18% [3][5]. - However, in 2024, the overseas revenue of these companies decreased by 7.14% year-on-year, and the proportion of overseas revenue to total revenue only increased by 6.48 percentage points over five years [5]. Group 2: Company-Specific Performance - Companies like 阳光电源, 中伟股份, 恩捷股份, and 科达利 have shown strong growth in overseas revenue from 2020 to 2024, with 中伟股份 maintaining over 30% growth for four consecutive years [5]. - Conversely, companies such as 天齐锂业, 贝特瑞, 格林美, 宁德时代, and 华友钴业 experienced negative growth in 2024, with 天齐锂业 facing the most significant decline of 81.13% [5][7]. Group 3: Investment and Capacity Planning - As of now, major companies like 宁德时代, 华友钴业, and others have planned or established significant overseas operations, with total investment budgets nearing 370 billion yuan [9]. - 宁德时代 is leading in overseas investment, planning to build five factories with a total investment budget of approximately 178.948 billion yuan [9]. Group 4: Challenges in Globalization - The globalization process is facing challenges, including project delays and terminations due to changing market conditions and legal disputes, as seen with 国轩高科 and other companies [10][12]. - The global lithium battery industry is experiencing a downturn, affecting the globalization efforts of Chinese companies, with many projects being postponed or canceled [12][13]. Group 5: Future Outlook - The future of globalization in the lithium battery sector is uncertain, with potential for more projects to be delayed or terminated due to ongoing global economic and policy fluctuations [14][15]. - Companies must balance their investment strategies with the need for financial health to survive in a competitive landscape [15].

北交所部分公司2021年业绩情况 资料来源：Wind、安信证券 北交所与新三板坚持服务创新型中小企业，市场定位突出更早、更小、更新，与主板、科创板、创 业板形成错位格局、增强服务合力。截至2021年底，北交所上市公司当中，战略新兴产业、先进制造 业、现代服务业等占比87%，经营业绩突出、创新能力较强。市场服务创新型中小企业的聚集效应初步 形成，服务创新驱动发展、经济转型升级等国家战略的功能更加凸显。 北交所不断激发企业向上动能，上下贯通、内外连通的市场特色，使得企业向上发展意愿增强，市 场吸引力提升。一方面坚持层次递进，北交所上市公司均来源于新三板创新层，形成金字塔形的市场结 构；另一方面坚持互联互通，与沪深交易所和区域股权市场建立转板对接机制，发挥在多层次资本市场 的联接作用。 在北交所"龙头"撬动作用下，市场韧性进一步增强，市场信心进一步提振，改革成效正在不断显 现。开市以来，机构投资者加速布局，奠定了市场长期投资、价值投资逻辑基础。证券公司加大业务投 入和企业储备力度。商业银行积极参与，促进形成直接融资与间接融资共同服务创新型中小企业新局 面。 允泰资本创始合伙人付立春对《经济参考报》记者表示，北交所的 ...

行业内，天赐材料2024年营收同比下降18.74%，归母净利润同比下降74.40%，均连续2年下滑，公司CFO顾斌仍以216.5万元年薪，位居业内第四，其大专学 历也明显低于同行。 | 简称 | 行业(申万二级) | CFO | 薪酬(万) | 薪酬变化 | 归母浄利(亿) | 增速 | 学历 | | --- | --- | --- | --- | --- | --- | --- | --- | | 宁德时代 | 电池 | 郑舒 | 285.10 | -2.2% | 507.45 | 15.0% | 双本科 | | 贝特瑞 | 电池 | 刘志文 | 274.83 | -45.7% | 9.30 | -43.8% | 大专 | | 格林美 | 电池 | 穆猛刚 | 234.95 | 53.8% | 10.20 | 9.2% | 硕士 | | 天赐材料 | 电池 | 顾斌 | 216.50 | 0.0% | 4.84 | -74.4% | 大专 | | 德瑞锂电 | 电池 | 王卫生 | 207.84 | 61.1% | 1.51 | 182.5% | 大专 | | 中伟股份 | 电池 | 朱宗元 | 205.7 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 而公司CFO刘志文仍以274.8万元年薪，高居业内次席，其大专学历，相较其他同行也明显偏低。 | 简称 | 行业(申万二级) | CFO | 薪酬(万) | 薪酬变化 | 归母净利(亿) | 增速 | 学历 | | --- | --- | --- | --- | --- | --- | --- | --- | | 宁德时代 | 电池 | 郑舒 | 285.10 | -2.2% | 507.45 | 15.0% | 双本科 | | 贝特瑞 | 电池 | 刘志文 | 274.83 | -45.7% | 9.30 | -43.8% | 大专 | | 格林美 | 电池 | 穆猛刚 | 234.95 | 53.8% | 10.20 | 9.2% | 硕士 | | 天赐材料 | 电池 | 顾斌 | 216.50 | 0.0% | 4.84 | -74.4% | 大专 | | 德瑞锂电 | 电池 | 王中华 | 207.84 | 61.1% | 1.51 | 182.5% | 大专 | | 中伟股份 | 电池 | 朱宗元 | 205 ...

值得注意的是，同为在申万二级电池行业、同为大专学历CFO，贝特瑞财务总监刘志文275万年薪，相 当于天能股份胡敏翔77万年薪的3.5倍。 | 简称 | CFO | 任职日期 | 2024新 | 新郎变 | 年齢 | 出生年 | | --- | --- | --- | --- | --- | --- | --- | | | | | 酬万元 | 化万元 | | મે | | 贝特瑞 | 刘志文 | 2017-01-09至一 | 274.83 | -230.93 46 | | 1979 | | 天赐材料 | 顾戒 | 2010-11-27至一 | 216.50 | 0.03 60 | | 1965 | | 尚太科技 | 壬蓮し | 2020-08-08至一 | 135.06 | 15.81 43 | | 1982 | | 胡南裕能 | 壬洁 | 2020-11-03至一 | 104.52 | -71 55 | | 1970 | | 天能股份 | 胡敏翔 | 2019-02-19至一 | 76.68 | -2.84 44 | | 1981 | | 富临精工 | 后小平 | 2023-01-06至一 | 60.88 | ...