Core Viewpoint - Porsche has suspended its plans for in-house high-performance battery production due to the lack of economic feasibility and challenges in achieving economies of scale in the current market environment [4][5]. Group 1: Porsche's Battery Production Plans - Porsche's decision to halt its battery production plans is attributed to slower-than-expected growth in the electric vehicle market and changing market conditions in China and the U.S. [4] - The CEO of Porsche highlighted the significant investment and scale required for battery manufacturing, which is currently unachievable for the company [4]. - The Cellforce division, which was responsible for battery development, will reduce operations and focus on supporting the Volkswagen Group and its acquisition of V4Smart [4][5]. Group 2: V4Smart and PowerCo - V4Smart, previously known as V4Drive, is a platform for enhancing battery technology, with plans to produce high-performance cylindrical lithium-ion batteries [4][5]. - PowerCo, a subsidiary of Volkswagen established in July 2022, is focused on global battery business development and plans to build large battery factories in Germany, Spain, and Canada [5]. - PowerCo is investing in solid-state battery technology, including a $131 million investment in QuantumScape to support a pilot production line in California [5]. Group 3: Challenges in Battery Technology - The development of solid-state batteries faces more challenges compared to traditional liquid batteries, with significant technological and material bottlenecks [6]. - The rapid iteration of battery technology and the stability of supply chains are critical challenges for automakers, especially given the dominance of Chinese companies in materials and equipment [6]. - Companies like BYD, Geely, and Tesla are successfully producing their own batteries, with BYD achieving a domestic battery installation volume of 82.2 GWh from January to July this year [7]. Group 4: BYD and Geely's Battery Strategies - BYD has established 12 battery bases in China, with a total planned capacity exceeding 500 GWh, and is increasing its external supply to various automakers [7]. - Geely has integrated its battery business under the "Jiyao Tongxing" brand, aiming for a production capacity of 70 GWh by 2027, with a significant year-on-year growth in installation volume [7].

Core Viewpoint - The article discusses the challenges faced by South Korean battery manufacturers, particularly in the context of increasing competition from Chinese companies like CATL and BYD, leading to significant financial losses and a strategic shift towards lithium iron phosphate (LFP) batteries [4][6][10]. Group 1: Industry Challenges - In 2020, South Korean battery manufacturers had a strong market presence, with LG Chem holding nearly 30% of the global market share [6]. - By 2023, the market share of South Korean battery manufacturers has significantly declined due to the rise of Chinese competitors, resulting in substantial financial losses for companies like LG Energy, SK On, and Samsung SDI [6][8]. - The financial reports for Q4 2023 revealed losses of 2.255 trillion KRW (approximately 10 billion RMB) for LG Energy, 3.594 trillion KRW for SK On, and 2.683 trillion KRW for Samsung SDI, indicating a severe downturn in profitability [6]. Group 2: Strategic Shifts - In response to market pressures, South Korean battery manufacturers are pivoting towards LFP battery technology, with LG Energy and SK On announcing plans to transition their production lines [10]. - The South Korean government is launching a support plan worth 45.8 trillion KRW (approximately 2.349 billion RMB) to bolster the battery, semiconductor, and critical mineral industries, including 600 billion KRW specifically for small and medium-sized enterprises in materials and components [10]. Group 3: Automotive Sector Developments - Hyundai and Kia are attempting to regain market share in China, with Kia reporting a 13% year-on-year increase in sales in the first half of 2023, attributed to its electric vehicle strategy [12][13]. - Hyundai plans to launch 21 electric vehicle models by 2030 and is also focusing on solid-state battery technology, with ongoing research projects related to lithium metal and solid-state batteries [13][14].

Group 1: Lexin Group (乐信集团) - The company is experiencing a continuous improvement in profitability, with a significant year-on-year net profit growth of 126% in Q2 2025, reaching 511 million yuan, and a quarter-on-quarter increase of 19% [1][2] - The improvement in profitability is primarily attributed to a decrease in provisioning expenses and an increase in revenue, with the net take rate reaching 1.92%, up 34 basis points quarter-on-quarter [2] - The company maintains a buy rating with a target price of $11.80, indicating a potential upside of 73.5% from the current price of $6.80 [1][2] Group 2: Legend Biotech (传奇生物) - The company reported adjusted earnings in Q2 2025, with Carvykti sales reaching $439 million, marking a 19% year-on-year and 136% quarter-on-quarter increase, setting a new record for CAR-T therapy sales in a single quarter [8][9] - Despite a net loss of $125 million, the company achieved adjusted net profit of $10 million after excluding non-operating items, indicating a turnaround from previous losses [8] - The target price has been raised to $74, reflecting a potential upside of 100% from the current price of $37 [8][9] Group 3: Rui Pu Lan Jun (瑞浦兰钧) - The company experienced a 25% revenue growth in the first half of 2025, with sales of lithium battery products doubling year-on-year to 32.4 GWh [10][11] - Gross margin improved significantly, rising by 5.9 percentage points to 8.5%, while net loss decreased by 85% to 65.32 million yuan [10] - The target price has been adjusted to 15.46 HKD, indicating a potential upside of 33.8% from the current price of 11.55 HKD [10][11] Group 4: Battery Industry - In July 2025, the growth rate of battery installations slowed, with a total of 55.9 GWh installed, reflecting a year-on-year increase of 34.3% but a month-on-month decrease of 4% [14][15] - Battery exports remained robust, with July exports reaching 23.2 GWh, a year-on-year increase of 35.4%, despite a month-on-month decline of 4.7% [15] - The supply-demand balance is expected to support lithium prices, especially with the suspension of operations at a key lithium mine [15]

Core Viewpoint - The Shenzhen Stock Exchange has criticized Jinlongyu for violating regulations related to the disclosure of significant information that could impact stock prices, particularly regarding its solid-state battery business [2][3]. Group 1: Regulatory Actions - Jinlongyu has been penalized by the Shenzhen Stock Exchange for insufficient and inaccurate risk disclosures related to a significant order for solid-state battery cells [2][3]. - Key executives, including the chairman and general manager, have been held responsible for the company's violations and have received formal reprimands [3]. Group 2: Business Developments - On May 20, 2025, Jinlongyu announced a significant order for 100,000 solid-state battery cells with a density of 500Wh/kg, marking a milestone for the company [2]. - The company had previously denied allegations of "hype" related to its solid-state battery initiatives, despite stock price surges following announcements [3]. Group 3: Financial Performance - Jinlongyu's stock price doubled from under 17 yuan to over 40 yuan between May 20 and June 30, 2025, despite the company's declining financial performance [5]. - In 2024, Jinlongyu reported a revenue of 3.675 billion yuan, a decrease of 6.53% year-on-year, and a net profit of 140 million yuan, down 14.14% [8]. - The company experienced a slight recovery in Q1 2025, with revenues of 899 million yuan, up 31.14% year-on-year, and a net profit of 37.17 million yuan, an increase of 2.94% [8].

Group 1 - The core point of the article is that Jiuri New Materials (688199.SH) has announced that its affiliated company, Tianjin Plana Nano Technology Co., Ltd., is conducting research and development related to solid-state batteries [1] Group 2 - The company is actively involved in the emerging field of solid-state battery technology, which is significant for advancements in energy storage solutions [1]

Group 1 - The core point of the article is that Jiuri New Materials (688199.SH) has announced that its affiliated company, Tianjin Plana Nano Technology Co., Ltd., is engaged in research and development related to solid-state batteries [1]

Summary of Solid-State Battery and UV Adhesive Market Outlook Industry Overview - The focus is on the solid-state battery industry, particularly in China, with comparisons to Japan's Toyota [1][2] - The development of solid-state batteries in China is primarily in semi-solid or solid-liquid hybrid forms, indicating a gap in technology compared to global leaders [1][2] Key Points and Arguments - **R&D Investment and Policy Support**: There is a need for increased R&D investment and policy support to catch up with international competitors, particularly Toyota, which has already achieved installation conditions for solid-state batteries [1][2] - **Production Timeline**: Large-scale production of solid-state batteries is expected to begin after 2030, with installation validation planned between 2027 and 2030 [1][2] - **UV Adhesive Usage**: UV adhesive is being explored as a replacement for blue film in solid-state battery cathode materials, despite challenges related to cost, environmental impact, and long-term performance validation [1][4] - **Material Estimates**: The estimated usage of materials for solid-state batteries is between 1,500 to 1,800 tons per MWh, accounting for less than 5% of total usage, with a value estimate of approximately 144 million yuan per MWh based on a material price of 80,000 yuan per ton [1][6] - **Collaboration with Companies**: The company collaborates with Matsui, Company C, and Deno Laser in solid-state battery R&D, utilizing laser grooving technology combined with UV adhesive for improved precision and reliability [1][7] Technical Challenges - **Scientific and Technical Issues**: While scientific questions have been resolved, technical challenges such as sulfide preparation, interface stability, and performance metrics like cycle life and fast charging still need to be addressed [2][3][15] - **Production Capacity**: Current production capacity for UV adhesive is limited, with only three production lines capable of producing 2-4 GWh each [4][5] Market Dynamics - **Cost Comparison**: Solid-state batteries are projected to cost at least twice as much as conventional liquid batteries, with a 15%-20% premium even after scaling up production [2][16] - **Initial Applications**: Initial applications for solid-state batteries may include humanoid robots and aircraft, where performance is prioritized over cost [18] Competitive Landscape - **Leading Companies**: Companies like Toyota, Qingtai, NIO, and others are noted as leaders in the solid-state battery space, with specific mention of startups excelling in sulfide solid-state technology [2][13][21] - **Supplier Relationships**: The company has established relationships with suppliers for UV adhesive, including domestic and some overseas manufacturers, with a focus on high-end automotive applications [14] Future Outlook - **Performance Expectations**: Solid-state batteries are not expected to surpass other battery types within the next three years due to limitations in cycle life and fast charging capabilities [17] - **Collaborative Efforts**: Ongoing collaborations with Tesla and other companies are aimed at developing customized solutions to meet specific performance and design requirements [19][20]

证券日报网讯宁德时代（300750）7月31日发布公告，在公司回答调研者提问时表示，公司非常重视固 态电池，在固态电池领域已有10余年的研发积累，目前已组建了业内领先的研发团队，加大固态电池领 域的投入，技术始终处于行业领先地位。目前，固态电池行业的科学问题已经基本解决，还有一些工程 问题，离包括供应链在内的商业化还有一段距离。 ...

Core Viewpoint - Ningde Times reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, while also highlighting advancements in solid-state battery technology and ongoing global expansion efforts [2][7]. Financial Performance - The company achieved a total revenue of 178.9 billion RMB, representing a year-on-year increase of over 7.2% [7]. - Net profit reached 30.5 billion RMB, showing a year-on-year growth of over 33% [7]. - The gross profit margin exceeded 25.0%, an increase of 1.8 percentage points compared to the previous year [7]. - Operating cash flow amounted to 58.69 billion RMB [7]. Market Position - Ningde Times maintained a leading position in the global power battery and energy storage battery markets, with a market share of 38.1% in the power battery sector for the first five months of 2025, an increase of 0.6 percentage points from the same period in 2024 [7]. - In the energy storage sector, the company ranked first globally in production volume for the first half of 2025 [7]. - The company has cumulatively installed approximately 20 million power batteries and applied energy storage batteries in over 2,000 projects globally [7]. Shareholder Returns - The company announced a mid-year dividend plan, distributing 10.07 RMB per 10 shares (including tax), totaling approximately 4.573 billion RMB [8]. Research and Development - Ningde Times has established six major R&D centers globally, with a research team exceeding 21,000 members [10]. - The company has applied for nearly 50,000 patents, with 29,709 in China and 19,638 overseas [10]. - Significant breakthroughs include the second-generation "Shenxing" battery, which offers over 800 km range and peak charging capability, and the sodium-ion battery, which is the first to be mass-produced [10]. Strategic Initiatives - The company is advancing its battery swapping solutions, with over 300 battery swap stations built in the first half of 2025 [11]. - Strategic partnerships with Sinopec and NIO are being leveraged to create an efficient national energy supplement network [11]. - Ningde Times is also progressing on overseas projects in Hungary, Spain, and Indonesia to meet increasing global demand [12][13]. Sustainability Efforts - The company is committed to a "zero carbon" strategy, having reduced carbon emissions by 51,000 tons of CO2 equivalent during the reporting period [13]. - The German facility has achieved carbon neutrality, increasing the total number of zero-carbon factories to 10 [13].

Core Viewpoint - The significant change in the controlling stake of Funeng Technology (孚能科技) has occurred, with Guangzhou Industrial Investment Holding Group becoming the new controlling shareholder, indicating a shift towards state-owned enterprise support for the company [1][5]. Shareholder Changes - Funeng Technology's share transfer agreement has been completed, resulting in Guangzhou Industrial Investment Holding Group and its affiliates holding a total of 172 million shares, accounting for 14.1550% of the company's total equity [2]. - The transfer involved a total of 61.105 million shares, representing a 5% stake, from Hong Kong Funeng and its affiliates to Guangzhou Industrial Investment Holding Group and its affiliates [2]. Company Background - Founded in 2009 in Ganzhou, Funeng Technology is a leading manufacturer of soft-pack power and energy storage batteries in China, recognized as one of the first companies to achieve mass production of ternary soft-pack power batteries [4]. - The company has faced significant financial challenges since its IPO in 2020, accumulating losses of 4 billion yuan over four years, with a current stock price around 12.4 yuan per share [4][8]. Financial Performance - Funeng Technology's revenue increased from 3.5 billion yuan in 2021 to 16.436 billion yuan in 2023, but net profits have consistently declined, with losses of 9.53 billion yuan in 2021, 9.27 billion yuan in 2022, and 18.68 billion yuan in 2023 [8]. - In the first three quarters of 2024, the company reported revenue of 9.212 billion yuan, a year-on-year decrease of 17.98%, while net losses narrowed to 304 million yuan, a year-on-year increase of 80.57% [8]. Future Prospects - With the entry of state-owned capital, there is potential for Funeng Technology to revitalize its operations, particularly in solid-state battery research and development, which may receive new funding support [9]. - The collaboration with Guangzhou Industrial Investment Holding Group could enhance synergies across the electric vehicle supply chain, potentially facilitating Funeng Technology's international expansion [9].