Group 1: G-Cell Solid-State Battery Advantages - G-Cell solid-state battery achieves an energy density of 300Wh/kg, enabling electric vehicles to exceed a range of 1000 km, addressing the industry's challenge of balancing range and safety [2] - The battery has passed rigorous safety tests, maintaining "no fire, no explosion" safety even under a 3mm steel needle puncture [2] - Unique technologies such as closed-cell solid electrolyte, adaptive solid-solid interface, and triple oxygen protection ensure stable and efficient operation throughout the battery's lifecycle [2] Group 2: Application and Market Potential - G-Cell solid-state battery has gained recognition from numerous domestic and international automakers, successfully tested in various new models for B-class and above BEV vehicles [3] - Potential applications extend to cutting-edge fields such as electric vertical takeoff and landing aircraft (eVTOL) and humanoid robots, indicating a broad market outlook [3] Group 3: Production Capacity and Progress - The company plans to establish a 12GWh G-Cell solid-state battery production line, with progress dependent on the actual performance of vehicle installations and industrialization in the second half of the year [5] - Current customer engagements involve multiple battery models, necessitating adjustments in the production line for practical applications, with confidence in achieving mass production and market acceptance soon [5] Group 4: Jinshi Battery Development - Jinshi battery prototype cells have achieved an energy density of 350Wh/kg, with a 150% increase in single-cell capacity to 70Ah, and a 90% reduction in pre-tightening force [6] - The battery has successfully passed a series of stringent safety tests, demonstrating excellent safety performance [6] - The initial development of the Jinshi solid-state battery PACK system is complete, and road testing has commenced, with ongoing efforts to commercialize solid-state batteries [6] Group 5: Challenges in Mass Production - Transitioning from pilot production to mass production of solid-state batteries requires overcoming two main challenges: optimizing material systems and refining manufacturing technologies [8] - Cost reduction in raw materials and production processes is essential for successful mass production [8]

网易：2025年Q1营收288亿元 同比增7.4% 证监会：2024年对87家拟上市企业开展现场检查或督导 严肃查办5起欺诈发行案件 5月15日，据证监会网站，证监会发布2024年中国证监会执法情况综述。其中提到，2024年，证监会在 发行上市、信息披露、并购重组、退市等重点领域加大执法力度，集中力量精准打击欺诈发行、财务造 假、操纵市场等投资者最关切、最痛恨、最不能容忍的违法违规行为，通过"抓重点、办大案、树导 向"，引导市场主体诚实守信、合规经营，切实维护资本市场秩序和投资者权益。严打欺诈发行，守好 上市"入口关"。欺诈发行从源头上侵蚀市场诚信根基，扭曲资源配置机制，是资本市场"首害"。证监会 秉持"执法全覆盖，申报即担责"原则，全年对87家拟上市企业开展现场检查或督导，严肃查办5起欺诈 发行案件。其中，对高德信、华道生物等拟上市企业报送虚假财务数据行为处以3270万元、1150万元罚 款；对恒大地产欺诈发行债券及信息披露违法处以41.75亿元罚款，对董事长、实际控制人许某印处以 4700万元罚款、终身禁入证券市场，彰显依法从严打击欺诈发行的监管态度和坚定决心。（证监会网 站） 部分银行收紧风控 4月来零 ...

[Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 1 日 [Table_Title] 三星 SDI 2025Q1 电池业务收入同比下降 34.9%至 2.98 万亿韩元，电池业务营业利润同比由盈转亏 至亏损 4524 亿韩元 ►2025Q1 财务业绩情况 2025Q1，公司营业收入为 3.18 万亿韩元（165.36 亿人民 币），同比增长 34%，环比增长 15.4%。 2025Q1，公司营业亏损为 4341 亿韩元（22.57 亿人民 币），2024Q1 为盈利 2491 亿韩元（12.95 元人民币），同比 由盈转亏，2024Q4 为亏损 2567 亿韩元（13.35 亿人民币）， 环比亏损有所扩大。 2025Q1，公司净亏损为 2160 亿韩元（10.99 亿人民币）， 2024Q1 为盈利 2870 亿韩元（14.60 亿人民币），2024Q4 为亏 损 2430 亿韩元（12.36 亿人民币）。 2025Q1 末，公司持有的现金及现金等价物为 1.35 万亿韩 元（68.84 ...

Group 1: Financial Performance - Q1 2025 revenue was 316 million, a decrease of 20.25% year-on-year [4] - Net profit attributable to shareholders was 6.957 million, down 70.34% year-on-year [4] - Cash and cash equivalents reached 281 million, an increase of 87.28% year-on-year [4] - Accounts receivable stood at 361 million, representing 649.61% of net profit [4] Group 2: Business Strategy and Development - The company plans to promote industrial upgrades through investments and acquisitions [2] - Focus on stabilizing existing products while actively exploring new markets and products [5] - Emphasis on research and development for new energy vehicle components and precision parts [5] Group 3: Production Capacity and Utilization - Production capacity utilization rates for 2024 are 79.81% for compressor housings and 84.28% for turbine housings [3] - Current production lines are sufficient to meet operational needs, with stable orders on hand [3] Group 4: Market Trends and Challenges - The company acknowledges the impact of the rapid development of new energy vehicles on traditional fuel vehicle components [7] - Plans to mitigate risks associated with market competition and policy changes by diversifying product offerings [7] Group 5: Partnerships and Collaborations - Ongoing collaboration with GaoNeng Times for solid-state battery technology, with commercialization prospects being evaluated [5] - The company is actively seeking partnerships in solid-state batteries, new materials, and precision processing [4]

Core Viewpoint - Gotion High-Tech (002074) is actively managing its business operations in response to external challenges, such as tariffs and market dynamics, while focusing on strategic partnerships and technological advancements to enhance its market position. Group 1: Business Impact and Strategy - The impact of U.S. tariffs on the company's export business is limited due to the small proportion of U.S. business in total revenue, and the company is working on overseas production capacity to mitigate these effects [2] - The company has established a long-term strategic partnership with Chery Automobile, achieving over 40% battery supply for Chery's new energy passenger vehicles in 2024, with a focus on expanding into high-end platforms [3] - The company is enhancing its production capacity for mid-to-high-end vehicles, with a 15% increase in the shipment ratio for B-class and above models [4] Group 2: Product Development and Innovations - The company has launched a 5MWh energy storage liquid-cooled container with significant cycle life and longevity, contributing to approximately 35% of its energy storage shipments [5] - A modular battery swapping system has been developed, improving efficiency for electric heavy trucks, with successful collaborations on battery swapping vehicles across various models [6] - The company is expanding its production capacity to 28GWh based on customer demand and aims to enhance production efficiency [7] Group 3: Financial Performance - In Q1 2025, the company reported a revenue of 9.055 billion yuan, a year-on-year increase of 20.61%, and a net profit of 101 million yuan, up 45.55% [14] - The company has a debt ratio of 72.81% and a gross margin of 18.28%, indicating a stable financial position despite market fluctuations [14] Group 4: Market Trends and Future Outlook - The company is monitoring the lithium carbonate market, which has seen price declines, and is implementing cost-reduction strategies to maintain normal production levels [9] - Ongoing research and development in solid-state batteries have yielded promising results, with the successful development of a vehicle-grade solid-state battery [10] - The company is exploring new application scenarios in emerging industries such as low-altitude flight and electric ships, aiming for comprehensive breakthroughs from R&D to product application [11]

Group 1: Financial Performance - In 2024, the company shipped approximately 63 GWh, achieving revenue of 35.392 billion, a year-on-year increase of 11.98% [2] - The net profit attributable to shareholders reached 1.207 billion, up 28.56% year-on-year, while the net profit excluding non-recurring items was 263 million, a significant increase of 125.86% [2] - In Q1 2025, the company shipped about 18 GWh, generating revenue of 9.055 billion, a growth of 20.61% year-on-year [2] Group 2: Strategic Partnerships - The company has a long-term strategic partnership with Chery Automobile, recognized as an "Excellent Supplier" in 2024, with battery products supplied to over 40% of Chery's new energy passenger vehicles [3] - The collaboration includes battery supply for hybrid models, with a supply rate exceeding 60% [3] Group 3: Product Development and Innovation - The company has made breakthroughs in high-end vehicle supply, with B-class and above vehicle shipments accounting for approximately 15% of total shipments [4] - The Gotion Grid 5MWh energy storage system features high-capacity cells with over 15,000 cycles and a lifespan exceeding 20 years, contributing to about 35% of the company's shipments [5] - The company is actively developing a modular battery swapping system, enhancing efficiency for electric heavy trucks [6] Group 4: Market and Production Insights - The company’s U.S. business is relatively small, and the impact of tariff increases on overall performance is limited [2] - The lithium carbonate market has seen price declines, but the company maintains normal production through cost reduction and efficiency improvements [9] - The company is focused on optimizing inventory management to mitigate asset impairment risks [13][14] Group 5: Future Outlook - The company plans to expand its capacity for the Volkswagen project to 28 GWh based on customer demand [7] - The production capacity utilization rate is expected to increase further in 2025 due to strong order demand [8] - The company is investing in the development of all-solid-state batteries, achieving significant progress with the "Jinshi Battery" [10]

【DT新材料】 获悉，4月23日，全固态电池企业 中科固能 发布消息称，为了应用于更大尺寸的全 固态电池，提高硫化物固态电解质薄膜的机械稳定性，中科固能研究团队基于自主设计和改装的连续 化生产设备与生产环境， 开发出新产品——硫化物全固态电解质膜。 该产品具有六大核心优势： 1. 超高机械强度：确保在大尺寸和大规模生产中的稳定性； 2. 超薄厚度：仅为15-25微米，有助于提高电池的能量密度； 3. 超高离子电导率：达到3.82 mS/cm，显著提升电池性能； 4. 宽幅尺寸：幅宽拓展至400毫米，满足更大尺寸电池的需求； 5. 连续成卷生产：长度大于1000米，实现大规模连续化生产； 6. 高纯度硫化物固态电解质含量：超过95%，确保卓越的电化学性能。 中科固能称， 该硫化物全固态电解质膜为全固态电池产业注入强劲动力。未来，中科固能始终以技 术创新为驱动，以客户需求为导向。高离子电导率、超薄、宽幅、连续化生产的卷对卷硫化物全固态 电解质膜将进一步推动全固态电池产业化进程。 资料显示， 中科固能 成立于2022年10月，全称溧阳中科固能新能源科技有限公司，由吴凡教授联 合中科院物理所、溧阳市政府联合创办。自成 ...

Core Viewpoint - The second-generation Kirin battery from CATL has achieved a "trilemma" in battery performance, being recognized for its exceptional capabilities and customization, making it a standard for flagship electric vehicles from various manufacturers like Xiaomi, Ideal, and Zeekr [1][6]. Performance and Technical Specifications - The Kirin battery powers the Xiaomi SU7 Ultra, which aims to be the "world's fastest four-door production car," achieving a 0-100 km/h acceleration in 1.98 seconds and a top speed of 350 km/h [2][6]. - The battery can handle a peak discharge rate of 16C, with a peak voltage of 897V and a maximum power output of 1330 kW, even at 20% charge, it can still deliver over 800 kW [3][5]. - The battery's charging capability is also impressive, allowing it to charge from 10% to 80% in just 11 minutes at a 5.2C charging rate [3]. Thermal Management and Safety - The Kirin battery maintains a peak temperature below 55 degrees Celsius during extensive testing, ensuring optimal operating conditions even under high discharge rates [3]. - The battery features the lowest internal resistance among mass-produced products, at just 0.25 mΩ, and employs a dual large-surface cooling structure to enhance heat dissipation [4][5]. Technological Innovations - Key technologies supporting the Kirin battery include the super-electronic network positive electrode technology and fast-ion ring graphite negative electrode, which significantly enhance discharge response and lithium-ion exchange rates [5][6]. - The battery's design incorporates high-conductivity electrolytes, improving conductivity by 20%, and a cooling system that increases cooling surface area by 3.6 times compared to traditional designs [4][5]. Market Position and Collaborations - The Kirin battery is featured in multiple flagship models, including the Xiaomi SU7 Max and Ideal MEGA, showcasing its high-end customization capabilities [6][7]. - CATL has established strong partnerships with various automakers, with over 17 million vehicles equipped with CATL batteries globally, maintaining the top position in battery usage for eight consecutive years [7].

单季度来看，24Q4营业收入为145.65亿元，同增9.89%，环增17.56%；归母净利润8.87亿元，同增41.73%，环 降15.64%；扣非归母净利润6.62亿元，同增10.30%，环降33.91%。公司24Q4业绩同比增长，主要系公司动力 电池上量带动盈利改善。24Q4毛利率为17.48%，环降1.52pcts，同降0.23pcts，净利率为6.5%，环降2.58pcts， 同增1.68pcts。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 亿纬锂能24年营业收入486.15亿元，同降0.35%；归母净利润40.76亿元，同增0.63%；扣非归母净利润31.62亿 元，同增14.76%。 BBU 数据中心备电、eVTOL、无人机及飞行器等市场积极拓展， ...

储能电池： 24年收入190亿元，同增16%，出货 50.45GWh，同增91.90%。24H2储能电池出货量29.5GWh，均价0.38 元/Wh，环比24H1略增，毛利率为14.96%，环比略增。公司60GWh 超级工厂投产，储能大容量电芯应用领 先。马来西亚工厂预计26年初量产，支持海外交付。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 亿纬锂能24年营业收入486.15亿元，同降0.35%；归母净利润40.76亿元，同增0.63%；扣非归母净利润31.62亿 元，同增14.76%。 单季度来看，24Q4营业收入为145.65亿元，同增9.89%，环增17.56%；归母净利润8.87亿元，同增41.73%，环 降15.64%；扣非归母净利润6.62亿元，同增10.30% ...