Core Viewpoint - The article discusses the advancements in battery technology, particularly focusing on sodium-ion and solid-state batteries, highlighting the increasing penetration of electric vehicles and the corresponding growth in battery installation capacity by 2025 [2][4]. Group 1: Industry Trends - By 2025, the penetration rate of new energy vehicles is expected to exceed 60%, leading to a rapid increase in battery installation capacity [2]. - In Q1 2025, global sales of new energy vehicles reached 3.938 million units, a year-on-year increase of 29%, driving the installation of power batteries to 206.9 GWh, a 36% increase year-on-year [2]. - Phosphate iron lithium batteries accounted for 106.6 GWh of the installation volume, representing 51.5% of the global market share [2]. Group 2: Technological Innovations - The article highlights the competitive landscape of battery technologies, including large cylindrical, ultra-fast charging, and solid-state batteries, with a significant expansion in downstream application scenarios [2]. - Honeycomb Energy recently showcased its second-generation Long Scale Armor battery and the latest stacking technology, emphasizing the evolution of battery technology towards ultra-fast charging and solid-state solutions [3][4]. - The second-generation Long Scale Armor battery is set to begin mass production in mid-June 2025, featuring enhanced safety, energy density, and fast-charging capabilities [6][7]. Group 3: Product Features - The second-generation Long Scale Armor battery boasts a system energy density of 185 kWh/kg and a fast-charging cycle exceeding 1600 cycles, with a range of over 400 km [7][9]. - The battery package utilizes CTP design, improving volume utilization by 2-4%, and incorporates BDU cooling technology, reducing temperature by 40% [7][9]. - Honeycomb Energy's stacking technology is positioned as the optimal solution for mass production of solid-state batteries, addressing the brittleness of solid electrolytes [5][12]. Group 4: Safety and Efficiency - The second-generation Long Scale Armor battery employs high-integration thermal separation technology to eliminate short-circuit risks, achieving safety standards six times higher than industry norms [9]. - The latest short-blade cell technology can achieve a 6C charging rate with an energy density of 195 kWh/kg and a cycle life exceeding 5000 times [10][12]. - Honeycomb Energy's thermal composite stacking technology enhances production efficiency by 100% and improves yield rates to over 99.5% [12][13].

Investment Rating - The report maintains a "Positive" outlook on the solid-state battery industry, highlighting its potential as a next-generation battery technology with significant attention from the entire industry chain [4][9]. Core Viewpoints - Solid-state batteries face dual challenges of process and cost, but recent advancements indicate a consensus on mass production by 2027, with key players in the automotive and battery sectors actively releasing products [9][12]. - The manufacturing of solid-state batteries requires a comprehensive reconstruction of equipment and processes due to fundamental differences in material compatibility and bonding logic compared to liquid lithium-ion batteries [21][22]. - Equipment development is crucial for achieving scale production and cost reduction, with dry processing techniques being identified as effective methods for lowering costs and improving efficiency [22][34]. Summary by Sections Industry Overview - The solid-state battery industry is gaining traction, with a clear direction and trend towards mass production by 2027, driven by collaboration across the supply chain [4][9]. Manufacturing Challenges - The transition from laboratory to mass production faces significant technical challenges, particularly in scaling up cell sizes from the current average of 20Ah to the required 60Ah for automotive applications [12][21]. - Key challenges include the stability of material systems, consistency of processes, and safety of systems, all of which impact yield rates, production efficiency, and costs [12][21]. Equipment and Process Innovations - The report emphasizes the need for innovative equipment and processes, particularly in the areas of solid electrolyte film production and interface engineering, to address the unique requirements of solid-state batteries [21][35]. - Dry processing techniques are highlighted as essential for the production of solid-state batteries, offering advantages in efficiency and environmental impact [22][34]. Investment Recommendations - The report suggests focusing on companies that are closely collaborating with clients and have secured orders or achieved delivery in the key equipment sector, such as Naconor (832522), Honggong Technology (301662), and others [4][9].

Core Viewpoint - The article discusses the advancements in battery technology showcased by Hive Energy at the 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025), emphasizing the importance of the stacking process for fast-charging and solid-state batteries. Group 1: Stacking Technology - Hive Energy's chairman, Yang Hongxin, believes that the stacking process is the best solution for mass production of fast-charging and solid-state batteries, outperforming the traditional winding process in terms of stress distribution and metal deposition morphology [1] - The stacking process leads to more uniform metal deposition within the cell, making it the only viable technology for mass production of all-solid-state batteries, especially under the brittle conditions of solid electrolytes [1] - Hive Energy has focused on the stacking process since its inception, which began to gain traction in the power battery industry in 2018, contrasting with the well-established winding process [1] Group 2: Innovations in Stacking Process - The most common stacking technologies in the industry are Z-stacking and cut-stacking, while Hive Energy employs a thermal composite stacking technology that allows for eight stations to stack simultaneously, achieving a stacking efficiency of 0.125 seconds per piece [2] - Significant innovations were made in the design, manufacturing processes, production line algorithms, and raw materials to develop the thermal composite stacking technology, fundamentally transforming the entire production chain [2] - More companies are adopting stacking methods for battery production, including Geely's Jiyao Tongxing and GAC Aion's Yinpai Battery [2] Group 3: Fast-Charging Technology - Yang Hongxin highlighted that over 60% of EV/PHEV users charge their batteries to full capacity, while the industry typically focuses on charging times between 10%-80% SOC for EVs and 30%-80% SOC for PHEVs, neglecting the efficiency of the final charging stage [3] - Hive Energy aims to enhance the fast-charging performance at the end stage, achieving a full charge time of 15 minutes for its 4C fast-charging project, with the time to charge from 80%-100% SOC reduced to 5 minutes, a 30% improvement over competitors [3] - The 4C fast-charging project utilizes the stacking process, allowing for higher charging capabilities and features a smart dual-temperature control system for optimal battery charging conditions [3] Group 4: Second-Generation Dragon Scale Battery - The second-generation Dragon Scale battery is the largest hybrid battery globally, featuring a capacity of 65 degrees, supporting 800V fast charging, and a range exceeding 400 kilometers [3] - This battery can charge from 20% to 80% SOC in just 12.1 minutes, with fast charge cycles exceeding 1600 times and supporting 6C ultra-fast charging [4] - The battery incorporates a "thermal-electrical separation" technology to prevent short-circuit risks and meets new national standards with a robust design capable of withstanding impacts of up to 1000J, exceeding the new standards by six times [4] - The second-generation Dragon Scale battery is set for mass production in mid-June 2025, with plans to equip high-end MPVs, sedans, and SUVs [4]