Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is expected to receive official subsidy review results by the end of 2024 or early 2025, which will guide the industry's direction. During the review period, no significant market changes are anticipated [3][1]. - Key companies in the industry include B Company, which is advancing full solid-state battery vehicle testing, and C Company, focusing on expanding material suppliers and evaluating near-production equipment [4][1]. Core Insights and Arguments - The main changes in the solid-state battery supply chain are centered around influential leading companies and their supply chain progress, including material and equipment suppliers [2][1]. - B Company is making rapid progress in vehicle testing, while C Company is more focused on supplier expansion and equipment evaluation, with vehicle testing expected in Q4 [5][1]. - C Company is concentrating on sulfide, halide, and polymer electrolytes, exploring metal anode collector solutions, with several companies beginning technical discussions and sample validations [6][1]. Equipment and Technology Developments - The industry is focusing on three main areas: the development of shaping equipment, evaluation of near-production process equipment, and optimization of existing production processes to accelerate technology maturity for commercial applications [7][1]. - In Q3 and Q4 of 2025, attention will be on the development of dry electrode, stacking, and packaging processes, with specific focus on the progress of equipment shaping and the impact of electrolyte membranes and metal anodes on the stacking process [8][1]. Key Companies to Watch - Notable equipment companies include Nakanor, Keheng Co., and Hangke, while material suppliers of interest are Daozhi Technology and Guanghua Technology. In the metal anode sector, recommended companies include Yinglian Co., Tiantie Technology, Shengli Precision, and Jiayuan Technology [9][1]. - Companies with capabilities in lithium sulfide technology, such as Guanghua Technology and Shanghai Xiba, are expanding their production capabilities and collaborating with downstream battery manufacturers [11][1]. Market Dynamics and Future Outlook - The demand for lithium sulfide is high, and its price is expected to remain elevated through 2026. Companies like Guanghua Technology and Shanghai Xiba are preparing for large-scale production with their pilot lines expected to be operational by August or September [11][1]. - The packaging segment involves companies like Delong Laser, Jiaocheng Ultrasonic, and Lianying Laser, which provide packaging equipment to leading electronic manufacturers [13][1]. - The solid-state battery industry is undergoing positive changes, but specific catalysts remain uncertain. The release of significant policies or activities could positively impact the market [14][1]. Investment Considerations - Future opportunities in the solid-state battery sector depend on the release of major policies or activities by key participants. Investors should focus on the positive marginal changes within the industry and the reasonable valuation of individual companies [15][1].

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the lithium battery and new energy sectors, focusing on the impact of U.S. tariff adjustments on these industries [1][2][3]. Core Insights and Arguments - **Tariff Adjustments**: The U.S. has frequently adjusted tariffs on lithium batteries and related products. The total tax rate for energy storage batteries has decreased to 40.9%, but if no agreement is reached in the next three months, it could rise to 64.5% [1][2]. - **Impact on Demand**: The reduction in tariffs is expected to marginally improve the economic viability of energy storage projects, particularly benefiting Tesla's North American storage demand, with projected profits increasing to $350 million [1][3][13]. - **Market Reactions**: Companies with significant indirect exposure to the U.S. market, such as those producing consumer electronics batteries, have seen stock price adjustments due to concerns over demand shrinkage and supply chain shifts [1][5]. - **3M Company**: Initially faced pessimism regarding its energy storage business due to tariff concerns, but stock prices have begun to recover as market conditions improve. Expected shipments for 2025 are between 670-680 GWh, with profits projected around $70 billion [9]. - **Macro Trends**: The U.S. accounts for approximately 30% of global energy storage demand. The tariff reduction is expected to lead to a surge in installations in the short term [1][6]. Additional Important Content - **Indirect Exposure Risks**: Companies like EVE Energy and others in the consumer electronics battery sector are facing significant indirect exposure to U.S. tariffs, leading to stock price declines [5][14]. - **Future Opportunities**: The solid-state battery sector is highlighted as a potential investment opportunity, with several companies expected to benefit from upcoming product launches and technological advancements [18]. - **Long-term Market Trends**: The U.S. renewable energy market is projected to grow, with wind and solar power becoming increasingly competitive. This growth is expected to drive demand for energy storage solutions [19][26]. - **Investment Recommendations**: Companies such as Ningde Times, Sungrow Power, and others are identified as key beneficiaries in the energy storage market due to their strong positions and readiness to expand orders [28][38]. Conclusion - The overall sentiment is cautiously optimistic regarding the lithium battery and energy storage sectors, with potential for growth driven by tariff adjustments and increasing demand for renewable energy solutions. Companies with strategic positioning and adaptability to market changes are likely to benefit the most in the coming years [1][17][38].