Group 1 - The core viewpoint of the report is that the glue frame printing process is a necessary component of solid-state batteries, with significant growth potential due to material adaptability and manufacturing precision control capabilities [1][2] - Solid-state batteries are identified as a key development direction for next-generation battery technology, driven by their high energy density and excellent safety features [2] - The introduction of isostatic pressing technology enhances the overall performance of solid-state batteries, addressing safety concerns and creating demand for glue frame printing [2] Group 2 - Various manufacturers are actively advancing glue frame printing solutions, with companies like Liyuanheng and High Energy Digital Manufacturing launching distinctive solutions [3] - Platform-type manufacturers, such as Songji Co., possess both equipment and material capabilities, having implemented the world's first mass production insulation UV spraying sample project for battery cells [3] - The glue frame printing process involves multiple techniques, including screen printing, pre-fabricated glue frame transfer, dispensing, and UV printing, each with unique characteristics [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 178.886 billion yuan for the first half of 2025, a year-on-year increase of 7.27%, and a net profit attributable to shareholders of 30.485 billion yuan, up 33.33% year-on-year [5][13] - The company's market share in energy storage remains the highest, with a total energy storage sales volume of nearly 150 GWh in Q2 2025, representing a year-on-year growth of over 30% [14] - The company has established over 400 battery swap stations for passenger vehicles and plans to reach 1,000 stations by the end of the year [15] - The company has launched several innovative products, including the second-generation supercharging battery and a large-capacity energy storage system [16] Financial Performance - For Q2 2025, the company achieved a revenue of 94.182 billion yuan, a year-on-year increase of 8.26% and a quarter-on-quarter increase of 11.19% [5][13] - The projected revenues for 2025-2027 are 464.43 billion yuan, 554.24 billion yuan, and 635.97 billion yuan, with year-on-year growth rates of 28.3%, 19.3%, and 14.8% respectively [17] - The projected net profits for the same period are 65.41 billion yuan, 80.12 billion yuan, and 92.98 billion yuan, with corresponding growth rates of 28.9%, 22.5%, and 16.1% [17] Market Position - The company maintains a leading position in the global market for power batteries, with a market share of 38.1% from January to May 2025, an increase of 0.6 percentage points year-on-year [14] - In the energy storage sector, the company ranks first globally in production volume as of June 2025 [14]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 中国经济网 7月30日晚， 宁德时代发布2025年半年报。上半年实现收入1789亿元人民币，同比增长超过7.2%；净 利润305亿元人民币，同比增长超过33%。 宁德时代有关负责人表示，目前市场上很多在研发的固态电池产品其实是半固态电池，宁德时代在固态电 池研发方面目前处于行业领先，已经有很好的进展。但另一方面，上述负责人表示，固态电池的商业化很 复杂，要考虑到成本和供应链成熟度等因素。其中，供应链成熟需要3年以上周期。 宁德时代预计2027年 小规模量产固态电池，2030年前后有望更大的规模化生产。 宁德时代是全球锂电池龙头，根据SNE Research的数据，宁德时代在动力电池领域已连续8年（2017年 至2024年）全球使用量排名第一；在储能领域，公司连续4年（2021年至2024年）储能电池出货量全球 第一。 固态电池被认为是下一代电池技术路线，也是解决电动汽车续航难题的终极答案，其使用固体电解质取代 传统锂电池中的电解液，不仅能大大提升电池的能量密度，还能改善电池的安全性。 宁德时代对固态电池技术 ...

Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Insights - The industry is undergoing a transformation with solid-state batteries accelerating the introduction of new technologies, and the integration of AI with new energy is considered central to future developments [4][26]. - The new energy vehicle supply chain has entered a new cycle, with companies like CATL and Aulton benefiting from the introduction of solid-state batteries [4][5]. - The photovoltaic industry is expected to see price increases due to inventory accumulation and cost support, with companies like GCL-Poly and Flat Glass benefiting [6]. - The energy storage sector is experiencing rapid growth, with over 7737 new storage projects registered in the first half of 2025, indicating a significant increase in capacity [6][26]. Summary by Sections New Energy Vehicle Supply Chain - Solid-state batteries are being introduced rapidly, with companies like CATL and Aulton set to benefit from this trend. Mercedes-Benz plans to mass-produce solid-state battery electric vehicles within five years [4][5]. - The introduction of new technologies and products is crucial during the solid-state battery adoption phase, with companies like Tian Tie Technology and Shanghai Xiba benefiting from recent contracts and acquisitions [5]. Photovoltaic and Energy Storage - The photovoltaic industry is expected to stabilize with a focus on reducing competition and managing capacity, benefiting companies like GCL-Poly and Flat Glass [6]. - Policies supporting green electricity and rapid development in energy storage are anticipated to improve market conditions, with companies like Sungrow and Haibo benefiting from these trends [6]. AI and New Energy Integration - The integration of AI with new energy sectors, including humanoid robots, is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from new market breakthroughs [7][10]. - The development of controlled nuclear fusion is entering a critical phase, with companies like Helion Energy and Jingda benefiting from advancements in this area [7][10]. Market Dynamics - The report highlights significant price changes in the lithium battery supply chain, with lithium carbonate prices dropping by 5% recently, while cobalt prices have increased [12][15]. - The overall market is expected to shift from price competition to technology competition, with leading companies likely to gain advantages in the evolving landscape [35].

一、市场行情回顾 08月01日，A股三大股指均出现不同程度的下跌。其中，上证指数下跌0.37%，深证成指下跌0.17%，创业板指下跌0.24%，全市场约3,300余只股票上涨。主 流宽基指数中，中证1000指数上涨0.14%，涨幅相对居前。 二、今日热点追踪 | 证券名称 日涨跌幅 | 今年以来 涨跌幅 | | --- | --- | | 中证1000 0.14% | 11.96% | | 深证成指 -0.17% | 5.54% | | 科创综指 -0.17% | 18.56% | | 科创100 -0.18% | 22.04% | | 中证500 -0.21% | 8.51% | | -0.23% | 36.79% | | 上证指数 -0.37% | 6.21% | | 创业板50 -0.41% | 8.20% | | 沪深300 -0.51% | 3.05% | | 中证A50 -0.61% | 1.69% | | 科创50 -1.06% 数据来源:Wind,日期截至2025-08-01 | 4.84% | | 北证50 | | | 创业板指 -0.24% | 8.45% | 沪深两市成交额为15984亿 ...

Core Viewpoint - Guoxuan High-Tech has officially initiated the design work for the mass production line of its first-generation all-solid-state battery, indicating an acceleration in its research and development in the solid-state battery field [1]. Group 1 - Guoxuan High-Tech's all-solid-state battery technology is considered a significant direction for the next generation of power batteries [1]. - Jinshi Battery has entered the pilot production stage, showcasing progress in the solid-state battery sector [1].

Core Viewpoint - The report from Founder Securities indicates that by 2030, the shipment volume of solid-state batteries is expected to reach 209 GWh, with semi-solid batteries accounting for 147 GWh and all-solid batteries for 63 GWh. The market size for solid-state battery equipment is projected to be approximately 40.8 billion yuan, with semi-solid equipment at 22 billion yuan and all-solid equipment at 18.9 billion yuan. The current landscape of solid-state battery equipment companies is characterized by a dual-driven model of "traditional lithium battery leaders transforming + emerging specialized players" [1][2]. Solid-State Battery - The core innovation of all-solid-state batteries is the replacement of liquid electrolytes and separators with solid electrolytes. Solid electrolytes, while not enhancing energy density on their own, offer greater stability and safety compared to liquid electrolytes, allowing compatibility with high-capacity anodes and cathodes. This can significantly increase the energy density of battery cells. The safety features of solid electrolytes, including high thermal and chemical stability, reduce risks of leakage, combustion, or explosion, thus enhancing intrinsic safety [2][3]. Semi-Solid Battery - Semi-solid batteries incorporate solid electrolytes into lithium-ion batteries while retaining a small amount of liquid electrolyte. The anode and cathode materials include a combination of ternary, lithium iron phosphate, and silicon-based materials. The domestic semi-solid battery industry is currently 2-3 years ahead of international counterparts in terms of industrialization progress, achieving commercial production requirements in both technology and cost [3]. Electrolyte Types - Electrolytes are primarily categorized into sulfide, oxide, polymer, and composite solid-state electrolytes. Sulfide electrolytes exhibit the best overall performance, particularly in ionic conductivity and electrochemical stability, but face cost challenges. Asian markets are focusing on sulfide routes, while North America and Europe are more inclined towards polymer and oxide routes. It is anticipated that by 2035, sulfide routes could account for approximately 43% of the market, becoming the mainstream option [4]. Anode and Cathode Materials - The cathode materials for solid-state batteries can continue to utilize existing lithium iron phosphate, lithium manganese oxide, lithium cobalt oxide, and high-nickel multi-materials. Commonly used anode materials include graphite, lithium titanium oxide, and silicon-based materials. The potential anode materials for solid-state batteries include carbon-based, silicon-based, and lithium metal anodes, with lithium metal and silicon anodes showing the most promise. However, challenges remain regarding physical contact issues and stability between the anode, electrolyte, and cathode [5]. Equipment Changes - The production of all-solid-state batteries requires new custom equipment for specific processes, while existing equipment will need precise upgrades. The cost of equipment for liquid batteries is approximately 100 million yuan per GWh, whereas for all-solid-state batteries, it ranges from 400 to 500 million yuan. This cost difference is attributed to reduced equipment efficiency and increased equipment quantity needed for production. However, with domestic equipment replacement and economies of scale, costs are expected to decrease over time [6].

Core Viewpoint - CATL reported strong financial performance for the first half of 2025, with significant revenue and profit growth, highlighting its dominant position in the battery market and the profitability of its operations compared to domestic automakers [1][5][29]. Financial Performance - The company achieved a revenue of 178.89 billion yuan, a year-on-year increase of 7.27% [2][5]. - Net profit attributable to shareholders reached 30.49 billion yuan, up 33.33% year-on-year [2][5]. - The net profit margin improved, with a basic earnings per share of 6.92 yuan, reflecting a 33.08% increase [2][5]. - Operating cash flow increased by 31.26% to 58.69 billion yuan [2][9]. Market Position - CATL maintained a global market share of 38.1% in the power battery sector, solidifying its leadership position [2][13]. - The company's profitability outperformed most domestic automakers, with its half-year net profit exceeding the full-year profits of many competitors [1][5]. Business Segments - The power battery system remains the core growth driver, generating approximately 131.57 billion yuan in revenue, a 16.8% increase year-on-year, accounting for 73.55% of total revenue [12][13]. - The energy storage battery segment saw a slight revenue decline of 1.47%, but production remained the highest globally [3][13]. - Revenue from battery materials and recycling dropped significantly by 44.97% [15]. Research and Development - R&D investment reached approximately 10.1 billion yuan, a 17.48% increase, supporting technological advancements and future product development [3][9]. - The company is advancing in solid-state battery technology, expecting small-scale production by 2027 and larger-scale production by 2030 [17][19]. Global Expansion - International revenue accounted for 34.22% of total revenue, up from 30.48% in the previous year, indicating successful global market penetration [9][10]. - The company is actively building a network of battery swap stations, with plans to establish 1,000 stations by the end of 2025 [28]. Future Outlook - CATL anticipates continued growth in the AI data center market, which is expected to drive long-term demand for lithium batteries [24]. - The company is focused on maintaining high capacity utilization rates and exploring new product innovations to stay ahead of competitors [21][29].

Group 1: Company Performance - In the first half of 2025, the company achieved revenue of 178.9 billion RMB, a year-on-year increase of over 7.2% [1] - The net profit for the same period was 30.5 billion RMB, reflecting a year-on-year growth of over 33% [1] - The company has maintained its position as the leading domestic power battery supplier for five consecutive years, with a total installation volume of 128.6 GWh and a market share of 42.92% [5] Group 2: Solid-State Battery Development - The company is currently leading in the research and development of solid-state batteries, with significant progress made [1] - Solid-state batteries are seen as the next-generation battery technology, offering improved energy density and safety compared to traditional lithium batteries [7] - The company anticipates small-scale production of solid-state batteries by 2027, with larger-scale production expected around 2030 [1] Group 3: Industry Trends and Competitors - The domestic power battery installation volume reached 299.6 GWh in the first half of the year, a year-on-year increase of 47.3% [5] - Other battery manufacturers, such as Weilan New Energy and Guoxuan High-Tech, have also announced timelines for solid-state battery production, with Weilan targeting 2027 for vehicle installation [7][8] - Major automotive companies like BYD and Changan are investing in solid-state battery development, with plans for mass production and vehicle integration in the coming years [8]

【DT新材料】 获悉， 7月30日， 辉能科技 （ProLogium） 全球首发第四代创新技术——"超流体化 无机固态电解质" （Superfluidized Inorganic Solid-State Electrolyte）。 据悉，这项技术将固态材料的高离子浓度和液态材料的界面接触优势结合在一起，突破了传统固态电 池在"离子导通性"、"界面稳定性"和"制造效率"上的瓶颈。 其中， 在离子导电率方面 ，根据SGS第三方验证， 该电解质在25°C下达到57 mS/cm，是现有常规 液态有机电解质和硫化物固态电解质的5-6倍， 超高的导电率使得高能量密度电池能够支持极速快 充，只需要4-6分钟就能将电量从5%充到60%-80%。 此外， 在低温环境 ，例如零下20度，导电率仍然能保持12.82 mS/cm，放电效率为90%-95%以上， 可以应用在极地、国防、航空航天等环境。 Source：九州电力 在界面稳定性方面 ，辉能科技流体化技术可以让固态电解质具备液态特性，能够自动适应活性材料 体积的变化，不需要加压模组，电池性能更稳定。 市场推广方面，7月30日，日本九州电力宣布与辉能科技开始战略合作，开发用于超 ...