Summary of Guoxuan High-Tech Conference Call Company Overview - **Company**: Guoxuan High-Tech - **Industry**: Battery Manufacturing, specifically focusing on power batteries and energy storage solutions Key Points Performance Metrics - In the first half of 2025, Guoxuan High-Tech achieved a shipment volume of **40 GWh**, with power batteries accounting for **67%** and energy storage for **32%**. Domestic shipments made up **77%** while overseas shipments were **23%**. It is expected that the overseas shipment ratio will increase to nearly **30%** in the second half of the year [2][4] Revenue and Profit Growth - The company reported a revenue of **19.3 billion yuan**, a **15%** year-on-year increase, and a net profit of **360 million yuan**, up **35%** year-on-year. The non-recurring net profit grew nearly **50%**, reaching over **70 million yuan** [3] Production Capacity and Expansion Plans - Guoxuan High-Tech plans to increase its production capacity to **150 GWh** by the end of 2025 and aims for **200 GWh** by 2026, with the construction of two new factories [2][7] Cost Management and Profitability - The gross margin slightly decreased in Q2 due to U.S. tariffs, but cost-cutting measures are expected to restore margins to early-year levels in the second half. The energy storage business's share is projected to rise to **1/3**, which will help improve gross margins [2][7] Strategic Partnerships - A breakthrough partnership with Volkswagen is anticipated, with monthly shipments expected to start in 2026. The gross margin from Volkswagen orders is projected to exceed **15%**, positively impacting overall profitability [2][16] Product Development - Guoxuan High-Tech is on track to complete the design standardization for solid-state batteries by the end of 2025, with mass production lines expected to be established in 2026. The goal is to achieve small-scale vehicle installations by 2027 [2][11][20] - The semi-solid battery is expected to enter mass production in the second half of 2026, with an energy density of **330 Wh/kg** [2][12] Market Expansion - The company is targeting the two-wheeler power market, aiming for a revenue scale of **10 billion yuan** in the future. It is also focusing on solid-state and low-altitude applications, entering the industrialization phase [2][37] Customer Base and Product Structure - The sales of the third-generation battery cells in B-class vehicles and above are around **20%**, with a target to increase to **30%** by year-end [5] - For high-priced models (above **200,000 yuan**), the company plans to use ternary semi-solid products and future solid-state products, while continuing to focus on liquid batteries for models priced around **200,000 yuan** [6] Lithium Supply and Cost Management - The company has no immediate plans to increase lithium production due to price volatility but aims to reduce cash costs to around **60,000 yuan** per ton to align with lithium carbonate price bottoms. The expected lithium output for the year is about **10,000 tons** [17] Challenges and Future Outlook - The main challenges in solid-state battery development include cost reduction, particularly for electrolytes, and improving charging rates. Safety tests have been passed, indicating confidence in the safety of solid-state batteries [21][22] International Projects - Guoxuan High-Tech is planning a factory in Morocco to cater to European automakers and is also exploring partnerships with other international clients [23] Overall Market Trends - The overall battery market is seeing increased demand, particularly in the power sector, with expectations for continued growth in both domestic and international markets [36] Conclusion - Guoxuan High-Tech is strategically positioned for growth with its expansion plans, partnerships, and product innovations, aiming to enhance its market share and profitability in the competitive battery industry [39]

Group 1 - The core asset of the current bull market is solid-state batteries, which are gaining attention due to their advantages over traditional lithium-ion batteries, including safety, energy density, and low-temperature performance [1][2] - Solid-state batteries can store more energy, with current models exceeding 300Wh/kg and some reaching 400Wh/kg, potentially increasing the range of electric vehicles (EVs) by 30-50% [1][2] - The market for solid-state batteries is expected to grow significantly, with global shipments projected to exceed 10GWh by 2025 and over 600GWh by 2030, leading to a market size exceeding 250 billion yuan [2] Group 2 - The application areas for solid-state batteries are diverse, including electric vehicles, energy storage, and emerging markets such as eVTOL aircraft and AI glasses [2] - Domestic automakers view 2026-2027 as the year for solid-state battery integration, with a focus on achieving energy densities around 400Wh/kg [3] - The industry is transitioning from laboratory testing to mass production, with small-scale vehicle trials expected by the end of 2025 and widespread trials in 2026-2027 [3]

Group 1 - Company has launched the first generation of sulfide all-solid-state batteries for humanoid robots, completing sample delivery to leading humanoid robot companies and progressing well in demand alignment with multiple industry leaders [1] - The sulfide all-solid-state battery has achieved key breakthroughs, specifically tailored for humanoid robot clients' needs for high safety, lightweight, and long endurance, differentiating itself from electric vehicle power batteries [1] - The battery features a high nickel ternary cathode and high silicon anode combination, achieving an energy density of 400Wh/kg, which meets the stringent requirements for high energy density, lightweight, and safety in humanoid robots [1] Group 2 - The company announced plans for the second generation of all-solid-state batteries, set to launch in 2026, with an upgraded energy density of over 500Wh/kg, a 25% increase from the first generation [2] - The second generation will utilize advanced sulfide electrolyte systems, demonstrating high ionic conductivity and a wide operating temperature range, with safety features that include thermal runaway self-shutdown capabilities [2] - Production plans include a pilot line for small-scale delivery of 60Ah products by the end of 2025, vehicle validation from 2026 to 2027, and large-scale production by 2030 [2] Group 3 - The humanoid robot industry is approaching mass production, with industry forecasts predicting global battery demand for robots to reach 100GWh by 2030 [3]

Core Insights - Company has made significant technological advancements in solid-state battery development, particularly for humanoid robots, with a focus on high energy density and safety [1][2] - The second-generation solid-state battery is set to launch in 2026, featuring a lithium-rich manganese/high nickel cathode and lithium metal anode, achieving an energy density of over 500Wh/kg, a 25% improvement over the first generation [2] Group 1 - Company has completed sample delivery of sulfide solid-state batteries to a leading humanoid robot client, marking a key breakthrough in the humanoid robot sector [1] - The current humanoid robot battery solutions typically offer less than 2 hours of runtime, while the company's solution is expected to support 8-12 hours of continuous operation, positioning it as a mainstream technology choice for mass production [1] Group 2 - The company plans to produce a pilot line for solid-state batteries by the end of 2025, with small-scale delivery of 60Ah products, and aims for large-scale production by 2030 [2] - The company has established a technological moat through its flexible production capabilities and has already partially launched a 15GWh capacity at its Ganzhou base, with another 15GWh line in Guangzhou set to begin production [2] Group 3 - The global demand for robot batteries is projected to reach 100GWh by 2030, indicating a significant market opportunity for the company [2] - The company is well-positioned to lead in the solid-state battery sector and aims to capture market share in emerging fields such as low-altitude economy and smart equipment [2]

Core Viewpoint - The company has shown impressive performance in Q2 2025, driven by the recovery in the lithium battery industry, steady progress in internationalization and platformization, and the potential of solid-state battery technology to contribute to growth [1] Group 1: Financial Performance - In H1 2025, the company's revenue reached 6.61 billion yuan, a year-on-year increase of 14.92%, with net profit attributable to shareholders at 740 million yuan, up 61.19% year-on-year [2] - Q2 2025 single-quarter revenue was 3.51 billion yuan, reflecting a year-on-year increase of 43.85% and a quarter-on-quarter increase of 13.35% [2] - The gross margin for H1 2025 was 33.75%, while the net margin was 10.82%, showing a year-on-year decrease of 2.6 percentage points for gross margin but an increase of 3.3 percentage points for net margin [2] Group 2: Business Segments - The company's lithium battery laser equipment is a domestic leader, with improving orders and expected revenue acceleration, leading to an upward revision of EPS forecasts for 2025-2027 [2] - Non-lithium battery business, particularly photovoltaic intelligent equipment, achieved revenue of 531 million yuan, a year-on-year increase of 32.04%, with its revenue share rising to 8.04% [3] - The solid-state battery business is a key focus, with the company being a fully autonomous service provider for solid-state battery production lines, achieving breakthroughs in various critical equipment segments [3] Group 3: Strategic Initiatives - The company's globalization strategy has shown significant results, with overseas business revenue in H1 2025 reaching 1.15 billion yuan, a year-on-year increase of 5.42% [3] - The solid-state battery equipment has entered the supply chains of leading battery companies in Europe, America, Japan, and South Korea, indicating deep cooperation and repeat orders [3] - The company is enhancing its high-end equipment manufacturing technology, with innovations in various processes such as coating and electrolyte membrane preparation [3]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is gaining momentum due to its significant advantages over traditional lithium batteries, including safety, energy density, and system integration [2][3][4] - National and local policies are actively promoting the development of the solid-state battery industry, with the Ministry of Industry and Information Technology aiming to establish 3-5 global leading companies by 2027 [2][6] Key Insights - **Market Growth Projections**: Solid-state battery shipments are expected to reach 18GWh by 2027 and nearly double to 30GWh by 2028, indicating a potential explosive growth phase around 2027 [2][7] - **Automaker Plans**: Major automakers plan to launch electric vehicles equipped with solid-state batteries between 2025 and 2030, reflecting strong confidence in the technology [2][8] - **Leading Companies**: Companies like CATL and BYD are already investing in solid-state battery production capacity, focusing on either oxide or sulfide routes, which may signal an upward trend in shipments [2][9] Technical Aspects - **Core Technology Changes**: The transition from liquid to solid electrolytes is the key technological shift in solid-state batteries, enhancing safety and energy density [3][10] - **Material Composition**: Lithium sulfide is a critical material in solid-state batteries, accounting for over 40% of the material system and 80% of the cost, with demand expected to surge as production scales up [4][12] Policy Impact - **Supportive Policies**: From 2025, a multi-layered support system for solid-state batteries will be established, with clear timelines set by regions like Guangdong and Shanghai [6][7] - **Industry Cluster Goals**: By 2027, the goal is to form industry clusters and achieve initial scale production by 2030, which will facilitate large-scale applications [6] Competitive Landscape - **Production Techniques**: Various production techniques for lithium sulfide are being explored, with carbon thermal reduction showing cost advantages [13][14] - **Market Players**: Companies such as Ganfeng Lithium and Guanghua Technology are leading in lithium sulfide production, with Ganfeng already supplying to over 20 clients [15] - **Oxide Route Participation**: While less mainstream, the oxide route has a stable ion conductivity and accounts for about 30% of the market, with companies like Shanghai Xiba and Ganfeng Lithium involved in both sulfide and oxide routes [16] Investment Considerations - **Investor Focus**: Investors should prioritize companies with technological or cost advantages and those with strong ties to downstream customers, as these firms are likely to perform better in the competitive landscape [18]

丨 2025年9月2日星期二丨 NO.1两连板德新科技：公司不直接生产固态电池 9月1日，德新科技（603032）发布异动公告，截至公告披露日，公司注意到目前市场上对于公司固态电 池概念的热点情况。公司特此说明：公司不直接生产固态电池，子公司东莞致宏精密模具有限公司为下 游锂电池生产企业、新能源设备制造企业提供能满足不同生产工艺、产品性能及应用需求的系列极片自 动裁切高精密模具、高精密模切刀等产品及解决方案。此外，公司一大股东于2025年8月25日通过集中 竞价方式减持其所持有的公司无限售条件流通股233.51万股，占公司总股本的1%。 点评：德新科技发布公告澄清，公司虽不直接生产固态电池，但子公司致宏精密模具为锂电池及新能源 设备制造企业提供关键模具与解决方案，凸显其在产业链中的技术优势。同时，大股东近期减持公司股 份，可能对市场情绪产生短期影响。投资者应关注公司核心技术应用及市场趋势，理性看待大股东减持 行为。 NO.2特锐德：预中标约6.98亿元项目 9月1日，特锐德（300001）公告称，公司为中国华电集团和铁路建设项目的中标候选人，预中标总金额 约6.98亿元。其中，在华电集团的项目中，公司为第一名 ...

Group 1: Tungsten Market - Tungsten concentrate prices surged by 12,000 yuan to 264,000 yuan per ton on September 1, marking a 4.76% increase, with a cumulative rise of nearly 35% over the past two months [1] - Supply constraints due to reduced mining quotas and declining ore grades are supporting prices, while stable domestic demand primarily driven by essential purchases is also a factor [1] - The manufacturing sector is expected to enter a peak demand season, making it likely for tungsten prices to rise further [1] Group 2: Solid-State Battery Industry - A leading solid-state battery equipment manufacturer reported nearly 100 million yuan in new orders last year, with 400-500 million yuan in orders for the first half of this year, and expects to exceed 1 billion yuan in total orders for the year [2] - The solid-state battery industry is projected to grow at over three times annually, with significant capital movements noted recently [2] - By 2025, solid-state battery shipments are expected to surpass 10 GWh, with major technological breakthroughs anticipated in the next 2-3 years [2] Group 3: Industrial Mother Machine Standards - The National Standardization Administration and the Ministry of Industry and Information Technology have issued a plan to establish a high-quality standard system for industrial mother machines by 2026 [3] - The plan aims to accelerate the development of standards for high-end industrial mother machines and key components, with a complete standard system expected by 2030 [3] - The industrial mother machine sector is experiencing strong growth, with revenue and profit in the machinery industry showing higher growth rates than the national average [3] Group 4: Foldable Smartphone Market - Huawei announced the launch of the MateXTs foldable smartphone, which is the second flagship foldable phone globally, featuring satellite communication and 5G technology [4] - The global foldable smartphone market is projected to reach approximately 19.83 million units by 2025, with a compound annual growth rate of 7.8% expected through 2029 [4] - China has become the largest market for foldable smartphones, expected to maintain over 40% of the global market share in the coming years [4] Group 5: Laser Technology - A research team at Zhejiang University has developed the world's first electrically driven perovskite laser, which shows significant advantages in threshold current and stability [5] - The new laser technology is expected to have applications in data transmission, computing, and biomedical fields, highlighting the importance of laser technology in various industries [5] Group 6: High-Temperature Alloy Development - The GH2070P and GH4070T high-temperature alloy materials have successfully passed the review for use in supercritical demonstration projects, marking a significant breakthrough in high-parameter thermal power generation technology [6] - This development is expected to alleviate current limitations in high-parameter thermal power generation, supporting the high-quality development of the national energy sector [6]

Investment Rating - The investment rating for Guoxuan High-Tech is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 19.394 billion yuan in the first half of 2025, representing a year-on-year growth of 15.48%, with a net profit attributable to shareholders of 367 million yuan, up 35.22% year-on-year [6] - The gross margin for the core business of power batteries improved to 14.24%, an increase of 2.16 percentage points year-on-year, while the overall net profit margin rose to 1.89%, up 0.28 percentage points year-on-year [6] - The company is focusing on high-end automotive markets and has established strategic partnerships to enhance its product offerings and market presence [7][9] Summary by Sections Power Battery Business - In the first half of 2025, the power battery segment generated revenue of 14.034 billion yuan, a year-on-year increase of 19.94%, with its revenue share rising from 69.67% to 72.37% [7] - The global market share for power battery installations reached 3.6%, up 1 percentage point year-on-year, with a domestic market share of 5.18%, ranking fourth [7] Energy Storage Battery Business - The energy storage battery systems achieved revenue of 4.562 billion yuan, a year-on-year growth of 5.14%, with the company ranking seventh globally in energy storage battery shipments [8] - The company has made significant strides in localizing production in overseas markets, including a 5MWh liquid-cooled energy storage system produced in Germany [8] Solid-State Battery Development - The company has made rapid advancements in solid-state battery technology, achieving an energy density of 350Wh/kg for its "Jinshi All-Solid-State Battery" [9] - The first experimental line for solid-state batteries has been successfully completed, and the company is expanding its global footprint with new production bases planned in Morocco, Slovakia, and the United States [9] Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.691 billion yuan, 2.521 billion yuan, and 3.363 billion yuan respectively, with corresponding P/E ratios of 43, 29, and 22 [10] - Revenue forecasts for the years 2024 to 2027 are 35.392 billion yuan, 40.482 billion yuan, 52.207 billion yuan, and 68.537 billion yuan, with year-on-year growth rates of 12.0%, 14.4%, 29.0%, and 31.3% respectively [13]

Core Viewpoint - Gotion High-Tech announced plans to invest in two new battery projects and reported its performance for the first half of 2025, highlighting significant growth in production capacity and revenue [3][4][15]. Investment Projects - The company plans to invest up to RMB 4 billion in a new 20GWh lithium-ion battery manufacturing base in Nanjing, Jiangsu Province, to enhance production capacity and product structure [7][12]. - Another investment of up to RMB 4 billion is planned for a 20GWh new energy battery base in Wuhu, Anhui Province, aimed at meeting strategic customer demands and expanding production capacity [9][12]. Performance Report - Gotion High-Tech achieved revenue of RMB 19.394 billion in the first half of 2025, a year-on-year increase of 15.48%, with a net profit of RMB 367 million, up 35.22% [16]. - The second quarter of 2025 marked the first time the company surpassed RMB 10.338 billion in quarterly revenue, achieving a net profit of RMB 266 million, the highest in nearly seven years [16]. Business Segmentation - The power battery segment remains the primary revenue driver, generating RMB 14.034 billion, accounting for 72.37% of total revenue [17]. - The energy storage battery segment also showed steady growth, with revenue of RMB 4.562 billion, a 5.14% increase year-on-year, representing 23.52% of total revenue [19]. Market Position - Gotion High-Tech ranked 7th globally in power battery installation volume in the first half of 2025, with an installation volume of 17.9GWh, a year-on-year increase of 85.2%, capturing a market share of 3.6% [18]. - The company has established itself as a core supplier for Chery's hybrid models, delivering over 52,000 systems in the first half of 2025 [13][18]. Strategic Developments - Gotion High-Tech is actively advancing into the small power battery sector, aiming to create a "third growth pole" through a partnership with Hefei Guoxuan Jitai Battery Technology Co., focusing on technology innovation and market cultivation [22][23]. - The company is also expanding its global footprint, with overseas revenue reaching RMB 6.4 billion, accounting for 33% of total revenue, driven by local factory operations in Germany and Vietnam [21].