January 29, 2026 DISCLAIMER POSCO HOLDINGS 2025 2024 2023 2025 2024 2023 | (KRWbillion) | | Revenue | | | Operating Profit | | | Net Profit | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | 2023 | 2024 | 2025 | | Consolidated Income | 77,127 | 72,688 | 69.095 | 3,531 | 2,174 | 1.827 | 1,846 | 948 | 5043) | | Steel | 63,539 | 62,201 | 59,411 | 2,557 | 1,637 | 1,960 | 1,241 | 691 | 1,154 | | POSCO1) | 38,972 | 37,557 | 35,011 | 2,083 | 1,473 | 1,78 ...

Core Insights - The solid-state battery sector is experiencing increased activity, with Factorial Energy planning to go public in mid-2026 to raise $100 million for its battery technology [1][3] - The public listing is expected to enhance investor interest in the solid-state battery market and raise questions about the positioning of established players like QuantumScape and Solid Power [2] Factorial's Public Debut - Factorial will go public through a SPAC merger with Cartesian Growth Corporation III, valuing the company at approximately $1.1 billion and allowing it to avoid traditional IPO hurdles [3] - The company aims to start trading on Nasdaq under the ticker FAC around mid-2026 [3] Partnerships and Technology - Factorial collaborates with major automakers such as Mercedes-Benz, Stellantis, and Hyundai, which facilitates real-world testing and commercialization of its batteries [4] - The company's solid-state batteries promise higher energy storage, lighter weight, faster charging, and longer driving ranges compared to conventional lithium-ion cells [4] Performance Potential - In tests, a Factorial battery cell enabled a prototype vehicle from Mercedes to travel nearly 750 miles on a single charge, indicating significant potential for electric vehicles [5] - Factorial's batteries are expected to first appear in high-performance or luxury vehicles, with plans to expand into more affordable models over time [5] Industry Context - Solid-state batteries represent the next evolution in EV energy storage, offering improved safety and energy density compared to lithium-ion cells [6] - Despite their promise, challenges remain in scaling production, with high costs and complex manufacturing processes posing significant hurdles [7] Competitive Landscape - Factorial enters a competitive space that includes QuantumScape and Solid Power, both of which are also focused on solid-state battery development [8] - QuantumScape has made strides in manufacturing and testing, with its Cobra process being 25 times faster and more compact than previous systems, showcasing tangible progress [9] - Solid Power emphasizes collaborations with automakers like BMW and Ford, advancing pilot-scale production and focusing on operational efficiency [10][11] Investor Considerations - Investors are evaluating the three companies based on risk versus visibility, with QuantumScape providing a clearer roadmap but facing execution risks, while Solid Power has strong OEM ties and measured progress [12] - Factorial, being newer and less proven, benefits from strong partnerships and a significant capital injection from its SPAC merger, potentially accelerating early adoption of its technology [12] Overall Implications - Factorial's upcoming IPO is a significant development in the solid-state battery sector, potentially accelerating industry momentum and pushing automakers towards faster adoption of solid-state technology [13]

Factorial的产品Factorial Energy 自2021年起，Factorial Energy便与奔驰建立战略合作伙伴关系。2023年10月，Factorial Energy向奔驰交 付了超过1000个100+Ah锂金属固态电池的A样品。这是全球首批通过UN 38.3安全测试的100+Ah锂金属 电池，可实现391Wh/kg的能量密度。 【文/观察者网 潘昱辰 编辑/高莘】12月24日，美国固态电池开发商Factorial Energy宣布与特殊目的收购 公司（SPAC）Cartesian Growth Corporation III (CGCT) 完成最终业务合并协议，该交易预计于2026年年 中完成。其后将于美国纳斯达克交易所挂牌上市，股票代码"FAC"。 Factorial Energy的估值约为11亿美元（约合人民币77亿元），此次合并还将带来1亿美元（约合人民币7 亿元）的资金。该公司表示，在纳斯达克上市后将加速固态电池技术的规模化生产和商业化应用，并实 现从实验室到量产的关键跨越。 Factorial Energy于2019年由美国康纳尔大学化学博士及MBA黄思宇（Siyu Huang ...

Group 1 - The battery sector remains active, with the battery ETF (561910) experiencing a net inflow of over 2.77 billion since September 15, reaching a new historical high of approximately 4.1 billion [1] - Two significant events have shaken the global lithium battery and automotive industries, highlighting fundamental changes in value distribution and accelerated technological iteration [3] - Contemporary investment value is centered around two main themes: focusing on leading battery manufacturers like CATL, which have established absolute advantages, and closely monitoring advancements in solid-state batteries and related technologies [4] Group 2 - CATL's net profit for the first half of 2025 reached 30.485 billion, surpassing the combined profits of 19 domestic listed automakers, showcasing its strong control over the industry's profit core [3] - The automotive industry faces challenges, with many manufacturers struggling with losses due to intense price wars, high R&D costs, and raw material pressures, indicating a trend of "working for battery manufacturers" [3] - Mercedes-Benz's announcement of a test vehicle equipped with Factorial Energy's solid-state battery achieving a remarkable range of 1342 kilometers signifies a potential shift in the industry landscape towards solid-state technology [3]

Group 1: Research Basic Information - The research object is Tiannai Technology, belonging to the chemical products industry, and the reception time was September 15, 2025. The listed company's reception staff included the chairman and general manager Zheng Tao, the board secretary, deputy general manager, and financial controller Cai Yonglue, independent director Yang Yonghong, and securities affairs representative Yu Ling [16] Group 2: Detailed Research Institutions - The reception objects were investors who participated in Tiannai Technology's 2025 semi - annual performance briefing online, and the type was "other" [19] Group 3: Main Content - The company provides products and services to Factorial Energy and Mercedes - Benz's battery cell project [23] - The Tiannai Jincheng project is nearly completed and is expected to be put into production next year [23][27][29] - The company has established a cooperative relationship with Peng Lianmao's team, but specific cooperation details involve confidentiality clauses and cannot be disclosed [23][24] - Sodium - ion battery manufacturers are the company's customers, and some leading customers use the company's single - walled carbon nanotube products in their sodium - ion battery R & D plans [24] - Single - walled carbon nanotubes are strategic new materials in the key development guidance directory for the industrialization of frontier materials issued by the Ministry of Industry and Information Technology [25] - The company's R & D products for solid - state batteries are three - dimensional composites and two - dimensional composites, which can provide efficient and stable conductive networks for solid - state batteries [25][26] - From January to August, the company supplied nearly 1,500 tons of products to solid - state and semi - solid - state customers, with single - walled products accounting for about 70%. New fields such as robots, electronic devices, and composites will be important growth curves for the company in the future [26] - The fourth - generation single - walled tubes are already used in power batteries and are growing rapidly [27] - The company estimates that the shipment of single - walled carbon nanotube slurries in the third quarter will reach 1,500 - 2,000 tons, and the single - walled powder production capacity is expected to reach 130 - 140 tons in the first half of next year, with an expected shipment of 80 - 100 tons [27][29] - The company's annual production project of 450 tons of single - walled carbon nanotubes is under active construction [29] - CNTs are beneficial for improving the long - cycle performance, storage efficiency, and consistency of energy - storage batteries, and the company's energy - storage customers purchase various generations of its products [30] - The company will complete the share - repurchase plan gradually according to market conditions [31]

Group 1 - The solid-state battery index increased by 2.6% from September 8 to September 12, with a cumulative increase of 51.7% expected by 2025, while the CSI 300 index rose by 14.9% during the same period [1][3] - Average increase of 2.5% was observed among solid-state battery-related stocks, with significant gains in the battery supply chain, particularly in cathodes and electrolytes (+5.6%) and conductive agents (+3.9%) [1][3] - Enjie Co., Ltd. announced the completion of small-scale production capacity for high-purity lithium sulfide and the establishment of a 10-ton solid electrolyte production line, which is now operational and capable of shipping [2][3] Group 2 - Haimeixing successfully delivered dry-process equipment that reduces costs by over 15%, and has received a 4 billion yuan order for 2GWh solid-state battery production equipment, marking a significant milestone in the industry [2] - Recent tests of the Mercedes EQS equipped with solid-state batteries demonstrated a range of 137 kilometers remaining after a 1205-kilometer journey, setting a new record for the Vision EQXX concept car [2] - The solid-state battery sector is transitioning from laboratory testing to mass production validation, with expectations for small-scale vehicle trials by the end of 2025 and widespread trials in 2026-2027 [2] Group 3 - The top five gainers in the solid-state battery sector included Tianji Co. (+28.8%), *ST Weir (+27.6%), Xiamen Tungsten (+26.8%), Enjie Co. (+16.8%), and Jinyinhai (+16.1%) [3] - The five largest decliners were Jinlongyu (-11.1%), Zhongke Electric (-10.6%), Changyang Technology (-8.9%), Haichen Pharmaceutical (-7.6%), and Funeng Technology (-7.0%) [4]

Core Viewpoint - The recent surge in the A-share market related to solid-state battery concepts reflects strong investor confidence in the development of the solid-state battery industry chain, driven by some experimental products reaching the market [2][3]. Industry Overview - The solid-state battery index has risen by 16.69% in the last 20 days and over 50% year-to-date [2]. - Companies involved in solid-state battery technology, materials, and equipment have seen significant stock price increases, with Shanghai Xiba's stock rising over 40% since September [2]. - Leading manufacturers like EVE Energy and Guoxuan High-Tech have made notable advancements, including the establishment of production bases and the development of experimental lines [3]. Technological Developments - Solid-state batteries are categorized based on electrolyte content: semi-solid (5%-10%), quasi-solid (less than 5%), and all-solid [4]. - All-solid batteries are expected to offer significant improvements in energy density, safety, and lifespan compared to traditional liquid electrolyte batteries [4]. - Current industry consensus suggests that large-scale commercial use of solid-state batteries may not occur until around 2030 [8]. Competitive Landscape - Domestic battery manufacturers face intense competition from established players like CATL and BYD, which dominate the liquid battery market [5][6]. - Many second and third-tier manufacturers are actively disclosing advancements in solid-state battery technology, while leading companies remain relatively low-key [6]. - International competitors, such as Volkswagen and Mercedes-Benz, are also advancing in solid-state battery technology, with plans for mass production by 2030 [8][9]. Future Projections - Major companies have set timelines for solid-state battery production, with CATL and BYD aiming for small-scale production by 2027 and larger-scale production by 2030 [7]. - The cost of solid-state batteries remains a significant hurdle, with concerns that consumer prices may not be competitive until at least 2030 [8]. - Despite the challenges, China's overall advantage in battery technology is expected to lead the way in the commercialization of solid-state batteries [9].

Core Viewpoint - Mercedes-Benz has successfully tested a solid-state battery prototype in its pure electric EQS, achieving a remarkable range of 1205 kilometers on a single charge, surpassing the previous record of 1202 kilometers set by the VISION EQXX in 2022 [1][3] Group 1: Testing and Performance - The solid-state battery-equipped EQS test vehicle traveled from Germany to Sweden, covering 1205 kilometers under various climate and road conditions, with a remaining range of 137 kilometers upon arrival [1] - The solid-state battery developed by Mercedes-Benz's passenger car team and HPP team utilizes sulfur-based solid electrolyte technology, achieving an energy density of 450 watt-hours per kilogram and enhancing range by 25% [1][2] Group 2: Industry Developments - Other automakers, such as BMW, are also advancing solid-state battery technology, with the BMW i7 starting real-world testing in May 2023, featuring a battery cell developed by Solid Power [3] - Both Mercedes-Benz and BMW are on track to bring solid-state battery technology to mass production, with Mercedes-Benz aiming for commercialization within five years and BMW targeting 2028 for its solid-state battery models [3]

Core Insights - Lithium metal anode technology is expected to be a long-term evolution direction for anode side applications, with a market potential of 12-36 billion yuan by 2030, corresponding to a lithium metal demand of 961 to 2884 tons based on a 20μm lithium metal coating [1] Application Side - Domestic leading battery manufacturers are closely following overseas companies, with mass production timelines for all-solid-state batteries generally set for 2027-2028. Notable companies like Solid Power and Factorial Energy have confirmed the use of lithium metal anodes for their next-generation solid-state batteries, while domestic players such as CATL and Qingtao Energy are leading in technology layout [2] Industry Chain - The lithium industry is driven by upstream lithium companies, with a focus on high-purity, low-cost, and safe lithium metal ingot/foil production capabilities. Companies like Ganfeng Lithium and Tianneng Technology are leading in lithium metal rolling processes. Midstream anode material manufacturers are expanding into lithium metal anodes, leveraging their deep understanding of material development and battery applications. Foil manufacturers are extending their expertise in high-performance copper foil to lithium metal deposition and composite current collectors, with Yinglian Co. expected to play a key role in developing new deposition processes and structures [3] Technical Path - Rolling methods for lithium foil production are currently the most mature, while vapor deposition methods show superior performance and industrial feasibility. The rolling method produces lithium foil with a thickness of approximately 20-50μm, while vapor deposition can theoretically achieve thicknesses below 10μm, although it requires significant initial investment and is still in the experimental phase [4]

Core Viewpoint - Solid-state batteries represent the next generation of high-performance batteries, with short-term prospects for oxide semi-solid batteries and long-term potential for sulfide all-solid-state batteries, characterized by high material flexibility and high equipment certainty [1][8]. Group 1: Industry Progress and Market Outlook - The overseas development of solid-state batteries is progressing steadily, with product performance continuously improving. Battery manufacturers and automakers are collaborating on technology licensing, production line construction, and road testing, with mass production timelines set for 2026-2030 [4][12]. - Solid Power and Factorial Energy have entered vehicle testing phases, while QuantumScape and Samsung SDI have delivered samples, all targeting mass production between 2026 and 2030 [4][6]. - The solid-state battery market is expected to reach a shipment volume of 614.1 GWh by 2030, with a market size exceeding 250 billion yuan [14]. Group 2: Technological Developments - Solid-state batteries are characterized by high energy density and safety, with energy densities ranging from 301 to 560 Wh/kg for various products. For instance, Factorial Energy's Solstice battery supports a range of 1000 km and fast charging capabilities [6][14]. - The industry is witnessing a shift towards sulfide technology, with major players focusing on this route due to its potential advantages over existing technologies [8][24]. - The solid-state battery production process involves significant technological barriers, with new equipment expected to accelerate production as companies enter pilot testing phases [9][38]. Group 3: Investment Opportunities - Companies that are early in solid-state battery development and have experience in large-scale production are likely to benefit from the growing market [20][41]. - The solid-state battery sector is expected to attract significant investment, with government support and policy initiatives aimed at accelerating research and development [21][41]. - The collaboration between automakers and battery manufacturers is expected to drive commercial progress, with several companies already initiating vehicle testing and production plans [12][17].