Core Viewpoint - The solid-state battery industry is accelerating its industrialization process, with significant investments and production capacity expansions planned for the near future [3][4]. Industry Overview - In the first half of 2025, over 50 GWh of new production capacity has been planned in China, with investments exceeding 15 billion yuan, indicating a shift from research and development to pilot testing and production [3]. - The equipment sector's readiness is crucial for observing industry trends, as early investments in equipment can lead to a preemptive advantage in the market [6]. Company Insights - Liyuanheng has entered the delivery phase for its solid-state battery production lines and is engaging in technical exchanges with over 20 clients, transitioning from R&D to industrial application [4][7]. - The company reported a net profit of 33.41 million yuan in the first half of 2025, marking a strong recovery from previous losses [10]. - Liyuanheng's cash flow has improved, with a net operating cash flow of 224 million yuan, and accounts receivable turnover days reduced by approximately 15 days [11]. Technological Challenges - The core challenges in solid-state batteries include interface issues and high-pressure processes, which can lead to risks such as short circuits and toxic gas emissions [8][9]. - Liyuanheng has identified four key process nodes to address these challenges and has implemented a three-tiered safety system in its design to mitigate risks associated with toxic gas leaks [9]. Growth Opportunities - The company is diversifying its revenue streams, with smart warehousing orders reaching 652 million yuan, a tenfold increase year-on-year, and expanding into AI-powered manufacturing solutions [12]. - Liyuanheng is enhancing its global operations, establishing branches in various regions to support domestic clients' overseas expansion and to tap into local markets [12]. - The company's Polish production base has begun local production, allowing direct supply to European clients and reducing delivery costs, with expectations for increased order proportions from Europe in the next two years [12].

Company Overview - Liyuanheng Intelligent Equipment Co., Ltd. is located in Huizhou, Guangdong Province, established on November 19, 2014, and listed on July 1, 2021. The company specializes in the research, production, and sales of intelligent manufacturing equipment, providing high-end equipment and factory automation solutions for industries such as lithium batteries, automotive parts, precision electronics, security, and rail transportation [1]. Financial Performance - As of June 30, 2025, Liyuanheng achieved operating revenue of 1.529 billion yuan, a year-on-year decrease of 17.48%. However, the net profit attributable to shareholders increased by 119.33% to 33.41 million yuan [2]. - The company has distributed a total of 87.2418 million yuan in dividends since its A-share listing, with 35.3218 million yuan distributed over the past three years [3]. Stock Performance - On September 19, Liyuanheng's stock price decreased by 2.01%, closing at 70.82 yuan per share, with a trading volume of 569 million yuan and a turnover rate of 4.70%. The total market capitalization is 11.949 billion yuan [1]. - Year-to-date, Liyuanheng's stock price has increased by 216.58%, with a recent decline of 3.25% over the last five trading days, a 16.12% increase over the last 20 days, and a 70.04% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Liyuanheng is 22,400, an increase of 60.40% compared to the previous period. The average number of circulating shares per person is 7,541, a decrease of 37.66% [2]. - Among the top ten circulating shareholders, Zhonghang New Start Flexible Allocation Mixed A (005537) is the sixth largest shareholder, holding 935,900 shares as a new shareholder [3]. Industry Context - Liyuanheng operates within the electric equipment sector, specifically in battery and lithium battery specialized equipment. The company is associated with concepts such as solid-state batteries, hydrogen energy, CATL concepts, lithium batteries, and energy storage [2].

Summary of Solid-State Battery Conference Call Industry Overview - The focus is on the solid-state battery industry, particularly addressing the solid-solid interface issues and innovations in materials and equipment systems [1][2][3]. Key Points and Arguments 1. **Manufacturing Techniques**: Solid-state batteries utilize dry forming, isostatic pressing, structured materials, and laser equipment to enhance ionic conductivity and reduce side reactions, thereby improving overall performance and commercialization [1][7]. 2. **International vs. Domestic Strategies**: - International companies like QuantumScape and Solid Power have advanced in high-end equipment and are in pilot to small-scale production stages, employing Atomic Layer Deposition (ALD) technology for interface modification [1][5]. - Domestic companies focus on technological innovation using cost-effective methods such as dry processes and structured materials, currently in small-scale to pilot stages [5][11]. 3. **Key Manufacturing Processes**: - **Solvent-free Dry Forming**: This method has the highest application certainty and is valued at tens of millions, with high technical barriers and a significant degree of localization [11]. - **Isostatic Pressing**: This technology addresses interface contact issues systematically and is also valued at tens of millions, currently in the technical verification or small-scale procurement phase [11]. - **Structured Materials**: These include structured copper foils and supporting membranes, which are in the scale testing or introduction phase, valued in the tens of millions [11]. - **Laser Equipment**: Used for cutting and processing, currently in scale testing or introduction stages, with a high degree of localization [11]. - **Atomic Layer Deposition (AOD)**: Although primarily used in semiconductor or photovoltaic fields, its potential in lithium batteries is significant, with domestic leaders collaborating with top companies [12]. 4. **Interface Modification Techniques**: - Techniques such as coating, doping, controlled reactions, and alloying are crucial for enhancing performance by increasing contact area and blocking adverse reactions [13][14]. - ALD is highlighted as one of the most effective methods for improving interface stability and ionic conductivity [15]. 5. **Challenges in Solid-State Batteries**: - Key challenges include ionic conduction barriers due to the absence of liquid electrolytes, side reactions from active materials, mechanical matching issues, high interface resistance, and dendrite growth risks [9][10]. - Solutions require advanced material selection, precise processing techniques, and innovative design to ensure reliability, safety, and long cycle life [10]. Additional Important Insights - **Market Leaders**: Companies like QuantumScape and Solid Power are leading the global solid-state battery development due to their deep ties with automotive manufacturers and measurable progress [12]. - **Emerging Players**: Domestic companies such as CATL and BYD are beginning sample trials and pilot line setups, indicating a slower but growing presence in the market [12]. - **Key Equipment Suppliers**: Companies like Xian Dai Intelligent and Li Yuan Heng are significant players in the dry and isostatic equipment sectors, contributing to the supply chain [17][18]. - **Potential Growth Companies**: Firms like DeLong Laser and Yanhang Precision are noted for their roles in the solid-state battery supply chain, with potential for growth despite some uncertainties [23][24]. This summary encapsulates the critical aspects of the solid-state battery industry as discussed in the conference call, highlighting the technological advancements, market dynamics, and key players involved.

Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

关于参加广东辖区 2025 年投资者网上集体接待日活 动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688499 证券简称：利元亨 公告编号：2025-054 广东利元亨智能装备股份有限公司 届时公司高管将通过网络在线问答互动的形式，就公司 2025 年半年度业绩、 公司治理、发展战略、经营状况等投资者关心的问题，与投资者进行互动交流和 沟通，欢迎广大投资者踊跃参与！ 特此公告。 广东利元亨智能装备股份有限公司董事会 2025 年 9 月 16 日 为进一步加强与投资者的互动交流，广东利元亨智能装备股份有限公司（以 下简称"公司"）将参加由中国证券监督管理委员会广东监管局、广东上市公司 协会联合举办的"向新提质 价值领航——2025 年广东辖区上市公司投资者集体 接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五） 15:30 至 17:00。 ...

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [6]. Core Insights - In August 2025, the production and sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales reaching 1.391 million and 1.395 million units, respectively, representing year-on-year growth of 27.4% and 26.8% [4]. - The penetration rate of NEVs reached 48.8% in August, up 0.1 percentage points from the previous month, while the cumulative penetration rate for January to August was 45.5% [4]. - Battery sales also showed significant growth, with total battery sales of 134.5 GWh in August, a year-on-year increase of 45.6% [4]. - The demand for power batteries is expected to rise further due to the traditional peak season for NEVs, and the development of renewable energy and new data centers is driving high growth in the energy storage sector [4]. Summary by Sections New Energy Vehicle Market - In August 2025, NEV production and sales were 1.391 million and 1.395 million units, with year-on-year growth of 27.4% and 26.8% respectively [4]. - Cumulative NEV production and sales from January to August were 9.625 million and 9.620 million units, with year-on-year growth of 37.3% and 36.7% [4]. - Exports of NEVs reached 224,000 units in August, doubling year-on-year, while cumulative exports from January to August were 1.532 million units, up 87.3% [4]. Battery Market - Total battery production in August was 139.6 GWh, with a year-on-year increase of 37.3% [4]. - Power battery sales accounted for 73.5% of total sales, with a volume of 98.9 GWh, reflecting a year-on-year growth of 44.4% [4]. - The export volume of batteries in August was 22.6 GWh, a year-on-year increase of 23.9% [4]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain that are improving their fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively involved in the solid-state battery core process and equipment [4].

Core Viewpoint - The solid-state battery sector has seen significant capital market interest, with the solid-state battery index rising 77.7% from April to September 2023, despite ongoing uncertainties regarding industrialization [1][4][16]. Industry Overview - Solid-state batteries are defined as batteries that completely lack liquid electrolytes, relying instead on solid electrolytes to facilitate lithium ion conduction [1]. - The industry consensus indicates that solid-state battery industrialization is still in its early exploratory phase, with semi-solid batteries being viewed as more feasible [6][18]. - The technology involves multiple routes based on electrolyte types, primarily including sulfide, oxide, and polymer systems, with most domestic manufacturers favoring sulfide electrolytes [7][18]. Production Challenges - The industry anticipates trial production within two years and mass production in five years, but significant technical hurdles remain, including interface resistance, material stability, and cost control [3][15]. - Current production capabilities for solid-state batteries are limited, with few manufacturers able to produce cells larger than 20Ah, and achieving 50Ah is seen as a critical milestone [9][10]. - Major manufacturers like CATL and BYD are exploring various combinations of materials and technologies, with mass production timelines extending to 2027 or later [11][15]. Market Dynamics - Despite the hype surrounding solid-state batteries, the market is experiencing signs of valuation bubbles, with companies like Xian Dai Intelligent and Li Yuan Heng seeing stock price surges despite the ongoing technological challenges [16][17]. - Some companies not directly involved in solid-state battery production have also benefited from the market's enthusiasm, highlighting the speculative nature of the current investment climate [17][18]. Future Outlook - The solid-state battery technology is expected to take 5-10 years to fully replace liquid batteries, with initial applications likely in specialized fields rather than mainstream automotive use [14][15][18]. - The industry is characterized by a complex interplay between capital market speculation and the slow, methodical pace of technological development and industrial readiness [3][14].

Group 1 - The core viewpoint of the article is the strategic cooperation between Liyuanheng and the National New Energy Storage Innovation Center, focusing on long-term collaboration in the new power system and new energy storage equipment sectors [1] - The partnership will emphasize joint research and development of processes and equipment, as well as the transformation of scientific and technological achievements [1] - The collaboration aims to accelerate the deep integration of technological innovation and industrial innovation [1]

Group 1 - The solid-state battery concept stocks have declined again, with Tianji Co. nearing the limit down [1] - Xian Dao Intelligent fell over 8%, while other companies like Huasheng Lithium Battery, Nandu Power, and Liyuanheng also experienced significant drops [1]

Group 1 - The core viewpoint is that the demand for robots in the lithium battery industry is rapidly increasing due to the expansion of leading lithium battery companies and breakthroughs in solid-state battery technology, with humanoid robots expected to be scaled in industrial applications within three years [1][2]. - The growth in robot demand is catalyzed by the lithium battery sector, where the production processes of some solid-state batteries require robotic automation due to toxicity, thus driving the need for advanced robotics [2]. - The integration of advanced perception technologies, such as vision and laser, is essential for robots to adapt to production line requirements, which is a core competitive advantage of the company [2]. Group 2 - The company has over 2,000 machining tools and the capability for in-house production of key components, facilitating the mass production of humanoid robots [3]. - Humanoid robots are expected to excel in complex operational scenarios due to their superior adaptability compared to traditional robots, particularly in industries like lithium batteries, photovoltaics, and hydrogen energy [3]. - The company anticipates that with effective integration of intelligent humanoid robots into industrial scenarios, significant deployment on production lines could occur in less than three years [3].