Summary of Solid-State Battery Industry Conference Industry Overview - The conference focused on the solid-state battery industry, particularly the advancements and challenges faced by various companies in this field, including CATL, BYD, SAIC, NIO, and Geely [1][2][4]. Key Points and Arguments - **Government Funding**: The Ministry of Industry and Information Technology (MIIT) launched a 6 billion RMB special fund to support solid-state battery research, with CATL receiving nearly half of the funding, approximately over 2 billion RMB [2][3]. - **Research Focus**: Solid-state battery technology is still in the laboratory stage, with companies exploring different material combinations, particularly focusing on sulfide routes due to their higher ionic conductivity [1][4][6]. - **Technical Challenges**: The solid-liquid hybrid route faces issues such as low conductivity and poor interface contact. Sulfide solid electrolytes have higher conductivity but come with safety risks, including the generation of toxic hydrogen sulfide gas [1][7][10]. - **Product Development**: SAIC's Zhiji L6 model uses a semi-solid-state solution with a range of 1,000 km, but it has not fully met performance standards in terms of rate and puncture tests due to the presence of electrolyte [9][14]. - **Manufacturing Process**: The final manufacturing process for solid-state batteries includes steps like dry coating, dry mixing, and densification. The dry process is expected to be widely applicable across various lithium-ion batteries once matured [16][18]. - **Market Demand**: There is a growing demand for higher energy density while maintaining good cycle life and rate performance. Current semi-solid-state technology has limited improvements in energy density compared to traditional liquid technologies [14][13]. Additional Important Insights - **Material Routes**: While sulfide routes dominate current research, oxide routes are also being explored for their thermal stability and broader operating temperature range, although they currently receive less focus [6][10]. - **Cost Considerations**: The cost of semi-solid sulfide technology is comparable to CATL's NCM811 products, but the bill of materials (BOM) cost is approximately 7% higher, limiting large-scale applications in power and energy storage [12][13]. - **Safety Concerns**: The industry is increasingly focused on safety, with major manufacturers like CATL and BYD aiming for long-term goals through the development of solid-state sulfide products [8][10]. - **Future Prospects**: The next three years are expected to see no full solid-state projects, with the market primarily focusing on semi-solid-state technologies. The industry is still grappling with issues related to cycle life and rate performance [14][33]. Conclusion The solid-state battery industry is at a critical juncture, with significant government support and ongoing research efforts. However, challenges related to safety, manufacturing processes, and performance metrics remain key hurdles that need to be addressed for successful commercialization.

Core Viewpoint - The forum focused on the latest advancements, challenges, and future directions of solid-state battery technology, providing important references for the industry's future development [4]. Group 1: Latest Advances in Solid-State Battery Technology - Experts discussed breakthroughs in materials, processes, and performance of solid-state batteries, highlighting the generational development path from hybrid solid-state batteries to in-situ solidification batteries, and finally to the current pursuit of solid-state batteries [5]. - Dr. Li Hong emphasized the effectiveness of forming a solid electrolyte layer on particle surfaces through in-situ polymerization to enhance ionic conductivity [5]. - Professor Xu Yuanpeng analyzed the main technical routes for solid-state batteries, categorizing them into polymer, sulfide, and oxide types, each with unique advantages and challenges [5][6]. Group 2: Challenges in Industrialization of Solid-State Batteries - The industrialization of solid-state battery technology faces challenges such as interface stability, material costs, and manufacturing processes, as shared by BYD's Deputy Director of Battery Research Center, Pan Yi [7]. - Zhang Ningxin from Changan Automobile discussed the critical technologies in the manufacturing process of solid-state batteries, emphasizing the importance of electrode quality and performance [7]. Group 3: Future Development Directions of Solid-State Battery Technology - Experts agreed on the broad development prospects of solid-state battery technology, with the National Battery Innovation Center's Deputy Director, Wang Jiantao, discussing advancements in sulfide solid-state batteries and electrolytes [8]. - The future trend of solid-state batteries is expected to see commercialization in mid-to-high-end models as the electric vehicle market expands [8]. - Collaboration and innovation among upstream and downstream enterprises in the industry chain are essential for driving technological breakthroughs and industrial upgrades [8]. Conclusion - The forum showcased the latest research results and industrialization progress of solid-state battery technology, emphasizing its potential as a key direction for next-generation power batteries and the need for industry collaboration to promote rapid development and commercialization [9].

新浪科技讯 5月23日下午消息，近日，宝马集团宣布全球首辆搭载全固态电池（ASSB）的BMW i7测试 车型在慕尼黑正式启动道路实测。此举标志着宝马集团与固态电池技术企业Solid Power的合作进入全新 阶段，全固态电池技术从实验室验证跨越至实车应用。 此次测试的BMW i7车型搭载由Solid Power提供的大尺寸全固态电芯，并采用了创新的模组结构，从而 更好地适配宝马现有电驱系统。测试将重点关注电芯膨胀管理、运行压力控制及温度调节等核心课题， 为后续量产积累关键数据。 宝马集团电芯与模组副总裁Martin Schuster表示："BMW i7全固态电池测试车的上路，充分体现了宝马 的技术开放战略。我们始终以用户需求为核心，通过与全球顶尖伙伴的深度协作，持续推动电芯技术迭 代。" Solid Power是一家专注于全固态电池研发的企业，宝马集团与Solid Power的合作始于2016年，此后在 2021年，宝马通过战略投资进一步强化双方联合开发协议。2022年，双方共建全固态电池原型产线，并 于帕尔斯多夫电芯制造技术中心（CMCC）启动试制。 Solid Power总裁兼首席执行官John Van ...

Domestic News - Tianjin will increase the number of car license plate lottery indicators by 80,000, with 30,000 additional indicators allocated annually and 50,000 for a separate tiered lottery for citizens who have participated 25 times without winning [6] - A new standard for all-solid-state batteries has been established, defining the technology and testing methods, which will help in the development and commercialization of safer and more efficient batteries [7] - Deep Blue Automotive aims to achieve global sales of 2 million vehicles by 2030, with 35% of sales coming from overseas markets and plans to launch 30 new products [8] - Changan Automobile plans to introduce 35 new smart vehicles over the next three years, with a total battery capacity of 75GWh by 2026 [9] - Xiaomi's first SUV, the YU7, is set to launch in July, featuring advanced technology including a Snapdragon 8 chip and a comprehensive control module [10] - Xingqu Technology has released the world's first mass-produced magnesium-aluminum alloy shell dual-motor assembly, enhancing the power system for electric vehicles [11] - Junsheng Electronics has launched its first child presence detection product, enhancing child safety in vehicles [12] - Funeng Technology plans to deliver small batches of its 60Ah sulfide all-solid-state batteries by the end of 2025 [13] International News - India has allocated over €200 million for electric vehicle charging infrastructure, aiming to deploy approximately 72,000 public charging stations across the country [15] - Mercedes-Benz announced the establishment of its North American headquarters in Atlanta, consolidating key functions and investing millions in a new R&D facility [16] - Hyundai is investing in its first factory in the Middle East, marking a significant step in its strategy to penetrate the region [17] - Subaru is reassessing its electrification strategy in response to global trade uncertainties and declining sales [19] Commercial Vehicles - Qingling Group unveiled the world's first megawatt-level supercharged heavy truck at the China Western International Investment and Trade Fair, showcasing advancements in green logistics [20] - Weidu Technology will invest €175 million in France to establish a production base for long-range electric trucks, aiming for an annual capacity of 12,000 units [21] - Yuanmeng Technology's self-developed Xuanwu battery has passed the new national safety standards for electric vehicle batteries, indicating its leading safety performance [22] - CATL and Sinopec have signed an agreement to establish a heavy truck battery swap station in Fuzhou, with plans to build at least 500 stations by the end of the year [24]

Core Viewpoint - The development of solid-state batteries is progressing, with several companies announcing timelines for production and deployment, but significant technical and commercial challenges remain to be addressed before widespread adoption can occur [1][2]. Company Developments - Guoxuan High-Tech has established its first pilot line for solid-state batteries, with samples now undergoing road testing, aiming for small-scale vehicle testing by 2027 and mass production by 2030 [1]. - Qingtao Energy plans to deliver solid-state batteries for vehicle installation by the end of this year, with a goal of mass delivery by 2027 [1]. - Other major battery manufacturers like CATL and BYD have also set similar timelines for small-scale production of solid-state batteries by 2027 [1]. Technical Challenges - The main challenge in solid-state battery technology lies in the solid electrolyte, with no unified technical route among industry players, focusing on sulfide, oxide, and polymer materials, each with its own advantages and disadvantages [4]. - Sulfide electrolytes are currently the most popular choice among leading companies due to their conductivity, but they require higher standards for sealing and processing [4]. - The cost of sulfide solid-state batteries is projected to be several times that of current liquid lithium batteries, with unclear potential for cost reduction in the next 3-5 years [4]. Market Considerations - The high energy density of solid-state batteries could significantly enhance the range of electric vehicles and other applications, but the gap between technological breakthroughs and large-scale commercialization remains substantial [2]. - Industry consensus suggests that maintaining flexibility in technology routes is crucial, as no single solution has yet emerged that balances performance and economic feasibility [6].

Core Viewpoint - Guoxuan High-Tech has announced the completion of its pilot line for all-solid-state batteries, marking a significant advancement in battery technology [1] Group 1: Company Developments - The pilot line has a designed capacity of 0.2 GWh, indicating the company's commitment to scaling up production capabilities [1] - The entire production line is independently developed by the company, showcasing its technological capabilities and innovation [1] - The core equipment used in the production process has a localization rate of 100%, reflecting the company's focus on domestic manufacturing [1] Group 2: Technical Specifications - The pilot samples demonstrate an energy density of 350 Wh/kg, which is a competitive specification in the battery industry [1] - The single cell capacity is reported to be 70 Ah, indicating the potential for high-performance applications [1] - The company has initiated vehicle testing with the pilot samples, suggesting readiness for practical applications in the automotive sector [1]

Core Viewpoint - Company is advancing its battery technology with plans for mass production of second-generation semi-solid batteries with an energy density of 330Wh/kg and third-generation batteries reaching 400Wh/kg, while also exploring solid-state battery technologies with energy densities of 400-500Wh/kg [2] Group 1: Battery Technology Development - Company is developing multiple battery technologies including semi-solid, solid-state, lithium iron phosphate, high-voltage fast charging, and sodium-ion batteries [2] - The company’s products can support high-voltage fast charging, with SPS products achieving a full-system 6C fast charge [2] Group 2: Production Capacity and Profitability - Company has designed production capacities of 15GWh each for its Ganzhou and Guangzhou bases, with some production lines already operational and the rest expected to ramp up in the second half of the year [2] - The company anticipates a significant reduction in unit manufacturing costs as production capacity utilization increases in the second half of the year, leading to improved profitability [2] - Starting next year, as the utilization rate of new production bases increases, the company expects to see enhanced cost reduction effects and a significant improvement in gross margin [2] Group 3: Pricing and Cost Structure - The price of lithium carbonate has stabilized, and the company expects limited room for price reductions in downstream batteries [3] - The company anticipates a slight decrease in the overall average selling price of its products due to a shift in product mix towards lithium iron phosphate [3] - The company is implementing various cost reduction measures across manufacturing, management, and supply chain, which are expected to maintain a high gross margin [3] Group 4: Impact of Tariffs - Company indicated that the impact of U.S. tariffs on its exports and overseas market demand is minimal, with U.S. export revenue accounting for only about 5%-7% in the first quarter of 2024 and 2025 [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [8]. Core Views - The company achieved a revenue of 35.392 billion yuan in 2024, representing a year-on-year increase of 11.98%. The net profit attributable to shareholders was 1.207 billion yuan, up 28.56% year-on-year. The first quarter of 2025 saw a revenue of 9.055 billion yuan, a 20.61% increase year-on-year, with a net profit of 101 million yuan, up 45.55% year-on-year [3][4]. - The company has launched several high-performance battery products and achieved significant growth in its energy storage business, with a 200% increase in energy storage battery shipments and a 12.98% revenue growth in this segment [5][6]. - The company is building a robust supply chain, achieving over 40% self-sufficiency in key raw materials, and has established strategic partnerships with numerous automotive manufacturers and energy storage system integrators [6]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 10.217 billion yuan, a year-on-year increase of 3.97%, and a net profit of 794 million yuan, up 22.72% year-on-year. The gross margin for Q4 2024 was 18.05% [4]. - The company forecasts revenues of 46.944 billion yuan, 59.153 billion yuan, and 73.804 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.985 billion yuan, 2.667 billion yuan, and 3.575 billion yuan [6][11]. - The projected PE ratios for the next three years are 18, 14, and 10, reflecting a positive outlook on the company's growth trajectory [6][11].

03 ｜ 恩捷股份与美国知名汽车公司签订锂电隔离膜供应 近日，作为江苏苏州相城区重点项目之一的江锦新能源科技(江苏)有限公司生产新能源自动涂布机项目主体结构顺利封顶。 据介绍，该项目位于苏州相城区黄埭镇，总投资达3亿元，占地面积23.25亩，建筑面积近3万平方米。项目建成后，预计将具备年产锂电池涂 布设备130台、锂电测厚设备140台的生产能力。 （ 来源：江南时报） 往 期 回 顾 01 ｜ 全固态电池技术路线之争 02 ｜ 又一家锂电上市公司冲刺A+H！ 协议 04 ｜ LG新能源拟收购这一电池厂全部股份 点击阅读原文，即可报名参会！ ...

相关数据显示， 2025 年 1-2 月中国新能源汽车销量达 183.5 万辆，同比增长 52.0% ，新能源汽车渗透率达 40.3% ，同比提升 10.3 个 百分点。随着各家车企的新车上市，同时在降价促销、以旧换新等推动下，新能源汽车销量持续提高，带动动力电池装机量逐步攀升。 起点研究院（ SPIR ）《动力电池月度装机配套数据库》显示， 2025 年 1-2 月中国动力电池装机量达 70.28GWh ，同比增长 42.6% 。 装机量前 10 为宁德时代、比亚迪、中创新航、国轩高科、亿纬锂能、蜂巢能源、欣旺达、瑞浦兰钧、极电新能源、正力新能。 2025 年 1-2 月共有 42 家动力电池企业实现装机配套，主要配套乘用车；其中配套的车企主要为比亚迪、特斯拉、小米、吉利、奇瑞、长 安、理想等。 03 协议 04 ｜ LG新能源拟收购这一电池厂全部股份 从装机企业排名来看 ，相较去年，正力新能装机量为 0.93GWh ，同比增长 57.6% ，成功挤进前 10 ，而 LG 新能源退出前 10 。另外瑞 浦兰钧从 2024 年 1-2 月装机排名第 9 提升到第 7 ，装机量达 1.27GWh ，同比增长 3 ...