Core Viewpoint - The 2025 Peak Forum on Lightweight Power Battery Technology aims to focus on lightweight battery technology and expand emerging application markets, highlighting the rapid growth of the lightweight power and small-scale energy storage markets driven by policy support, demand for instant delivery, and technological upgrades [1][3]. Event Background and Highlights - The event will feature the authoritative release of the SPIR Lightweight Power Battery and Two-Wheeled Vehicle Battery Swap TOP Rankings, covering the top 20 lightweight power battery shipments in China and key segments in the battery market [3]. - The global two-wheeled vehicle battery swap market is experiencing rapid growth, with Chinese companies poised to capitalize on new opportunities due to industry chain integration advantages [3]. - The industry is facing challenges such as battery safety, market penetration, and cost optimization, which need urgent solutions [3]. - AI technology is accelerating the development and optimization of new battery technologies and processes, significantly improving research and development efficiency [3]. Event Organization - The event is organized by Qidian Lithium Battery, Qidian Sodium Battery, and Qidian Two-Wheeled Vehicle and Battery Swap, with an expected attendance of over 500 participants [4]. Conference Agenda - The agenda includes specialized sessions on high-rate and fast-charging battery technologies, lightweight electric vehicle battery technologies, and small-scale energy storage battery technologies, with discussions on development trends and applications [5][7]. Invited Companies - Notable companies invited to participate include major electric two-wheeled vehicle manufacturers and battery companies such as Yadea, Aima, and CATL, as well as equipment and materials suppliers [8]. Registration Information - The registration fee for the event is 2888 yuan per person, which includes a conference ticket, lunch, and a copy of the 2025 China Lightweight Power Battery Industry White Paper [9].

Group 1: Sodium Battery Material Applications - The main application scenarios for the company's sodium battery materials include large-scale energy storage, start-stop power sources, and low-speed electric vehicles [2] - The company anticipates an increase in the usage of poly-anion materials in large-scale energy storage demonstration projects in the coming years [2] Group 2: Product Development and Performance - The third-generation NFPP product has been successfully developed, with significant improvements in cost reduction and a maximum packing density of 2.3 g/cm³ [3] - The capacity of the third-generation NFPP sodium battery material can reach 110 mAh/g, achieving first-class performance levels domestically [3] Group 3: Market Recognition and Production Capacity - The NFPP technology route is increasingly recognized in large-scale energy storage applications, with some leading factories achieving production lines capable of delivering thousands of tons [3] - The company plans to construct a sodium battery material factory with an initial production capacity of 6,000 tons per year, adapting to market demand [5] Group 4: Catalyst Sales Growth - The company achieved record high sales revenue and shipment volume for catalysts last year, driven by strategic adjustments and advanced low-temperature SCR denitrification technology [6][7] - The brand recognition of "Fangxin Lihua" has improved, leading to a preference for the company's catalysts among customers at similar price points [7] Group 5: Carbon Capture Market Outlook - The company maintains an optimistic view on the carbon capture business, with over 120 operational CCUS projects in China by the end of 2024, capturing approximately 7 million tons per year [7] - The number of registered CCUS projects under construction in 2025 is expected to exceed 1.3 million tons, nearly doubling the current capacity [7]

Core Viewpoint - The article highlights the strategic supply agreement between Guangdong Haishida Sodium Star Technology Co., Ltd. and an overseas client for sodium-ion battery modules, indicating a significant growth opportunity in the energy solutions market [1]. Group 1: Company Developments - Guangdong Haishida has received a procurement order for sodium-ion batteries totaling no less than 1GWh over the next four years, primarily for residential, commercial, and telecommunications applications [1]. - The company has established a production capacity of 10GWh and is building an additional 6GWh, with expectations to reach 16GWh by Q1 2025 [2]. - The company has successfully developed five different specifications of cylindrical sodium-ion battery products, with capacities ranging from 1.3Ah to 20.0Ah, and five specifications of square sodium-ion products, with capacities from 50Ah to 220Ah [2]. Group 2: Product Advantages - The sodium-ion batteries utilize a poly-anion system, offering advantages such as structural stability, safety, low cost, high-temperature resistance, high discharge rates, and environmental friendliness [1]. - The poly-anion sodium-ion products can operate in a temperature range of -40℃ to 80℃ with a charging and discharging efficiency exceeding 96%, showcasing significant performance advantages in various applications [2]. - The company is also developing a Prussian blue material system for sodium-ion batteries, which is still in the verification phase, while the layered oxide and poly-anion routes have already produced mature products [2]. Group 3: Solid-State Battery Developments - The company has completed the construction of a 6GWh solid-state battery facility, which will soon produce the first batch of square 314Ah semi-solid-state batteries, marking a milestone in transitioning from laboratory to mass production [3].

Core Viewpoint - The 2025 Peak Forum on Lightweight Power Battery Technology aims to focus on lightweight battery technology and expand emerging application markets, highlighting the rapid growth of the lightweight power and small-scale energy storage markets driven by policy support, demand for instant delivery, and technological upgrades [3][4]. Event Background and Highlights - The event will feature the authoritative release of the Lightweight Power Battery and Two-Wheeled Vehicle Battery TOP Rankings, covering the top 20 lightweight power battery shipments in China and key segments in small-scale energy storage, drones, electric tools, and two-wheeled vehicles [3]. - The global two-wheeled vehicle battery swap market is experiencing rapid growth, with Chinese companies poised to capitalize on new opportunities due to industry chain integration advantages [3]. - The industry is facing challenges such as battery safety, market penetration, and cost optimization, which need urgent solutions [3]. - AI technology is accelerating the development of new battery technologies and processes, significantly improving research and development efficiency [3]. Event Organization - The event is organized by Qidian Lithium Battery, Qidian Sodium Battery, and Qidian Two-Wheeled Vehicle and Battery Swap, with an expected attendance of over 500 participants [4]. Conference Agenda - The agenda includes specialized sessions on high-rate and fast-charging battery technologies, lightweight electric vehicle battery technologies, and small-scale energy storage battery technologies, with discussions on development trends and applications [5][7]. Invited Companies - Notable companies invited to participate include major electric two-wheeled vehicle manufacturers and battery companies such as Yadea, Aima, CATL, and BYD, as well as equipment and materials suppliers [8]. Registration Information - The registration fee for the event is 2888 yuan per person, which includes a conference ticket, lunch, and a copy of the 2025 China Lightweight Power Battery Industry White Paper [9].

Investment Rating - The investment rating for the industry is "Positive" [3] Core Viewpoints - The release of new products and technologies by CATL marks a significant advancement in the fast-charging battery sector, with the introduction of the second-generation Shenzhou supercharging battery capable of 800 km range and peak 12C fast charging [4][14] - The industry is entering a "fast charging parity" phase, where charging efficiency is crucial for increasing the penetration rate of new energy vehicles in China [15][20] - The demand for high-pressure dense lithium iron phosphate materials is expected to grow due to the fast-charging trend, although the current public charging infrastructure is insufficient to support the widespread adoption of peak 12C fast charging [21][24] Summary by Sections New Products and Technologies - CATL introduced four new products: 1. Second-generation Shenzhou supercharging battery with 800 km range and peak 12C fast charging [4][14] 2. Sodium new 24V heavy truck start-stop integrated battery, operational at -40℃ with an 8-year lifespan, set for mass production in June 2025 [4][29] 3. Sodium new passenger vehicle power battery, the world's first large-scale production sodium-ion battery, with a pure electric range exceeding 500 km, planned for mass production in December 2025 [4][6] 4. Xiaoyao dual-core battery system, allowing cross-system and cross-voltage operations [4][6] Industry Trends - The fast-charging technology has reached a breakthrough at the battery level, with subsequent improvements in charging efficiency primarily dependent on the enhancement of charging infrastructure and grid compatibility [21][24] - The penetration rate of new energy vehicles in China is expected to reach 47.6% by 2024, with charging efficiency being a key factor in this growth [20][21] - The current public charging infrastructure is inadequate for the demands of peak 12C fast charging, necessitating significant upgrades [24] Sodium Battery Developments - The performance of CATL's sodium new passenger vehicle power battery is comparable to lithium iron phosphate batteries, with an energy density of 175 Wh/kg and a cycle life exceeding 10,000 cycles [30][32] - The current cost of sodium batteries is higher than lithium batteries, primarily due to the high cost of hard carbon and the lack of a scaled supply chain [32][30] - The sodium battery is expected to find niche applications in the market once cost reductions are achieved through scaling [32]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 48.05 RMB [6][9]. Core Views - The company reported a revenue of 1.908 billion RMB in Q1 2025, showing a year-on-year increase of 25.80% but a quarter-on-quarter decrease of 7.73%. The net profit attributable to shareholders was 111 million RMB, reflecting a year-on-year increase of 0.22% and a significant quarter-on-quarter increase of 1365.53% [1]. - The company expects a recovery in overseas ternary orders in 2025, with a projected increase in ternary shipments by 40%-50% due to improved profitability from international clients and rising metal prices [3]. - The company is actively developing sodium battery technology and anticipates a significant increase in lithium iron phosphate (LFP) shipments, with production capacity expected to reach 80,000 tons by mid-2025, leading to a turnaround in profitability for LFP products [4][5]. Summary by Sections Financial Performance - In Q1 2025, the ternary cathode shipment volume was estimated at 10,000 tons, remaining stable quarter-on-quarter, with a net profit per ton exceeding 10,000 RMB. The LFP shipment volume was estimated at 24,000 tons, experiencing a decline due to seasonal factors, with net profit per ton remaining stable [2]. - The company forecasts a net profit of 784.27 million RMB in 2025, with a projected growth in net profit for 2026 and 2027 [8]. Market Position and Strategy - The company is focusing on emerging technologies, including a 60%-70% increase in lithium acid output in the small digital market and initial shipments in the sodium battery market for electric two-wheelers in 2025 [5]. - The company is also advancing solid-state battery technology, which is currently in the pilot testing phase [5]. Valuation Metrics - The report estimates the company's net profit for 2025-2027 at 784.27 million RMB, 920.14 million RMB, and 1.018 billion RMB respectively, with a target PE ratio of 31 times for 2025 [6][8].

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **海思达 (Haisida)**, a company involved in the **sodium-ion battery** industry, and its strategic developments in the **energy storage** sector. The company is also linked to **普利特 (Pulite)**, which is involved in various technological advancements and market expansions. Key Points and Arguments 1. **Financial Performance and Future Outlook** - Haisida reported an operating loss due to industry-wide impacts and historical inventory impairments, but expects a rebound in performance in 2025 with new capacity releases and sodium-ion battery developments, projecting over 10% growth in main business and significant profit improvement [1][2][28] - The company anticipates a profit close to 500 million yuan for 2024, despite challenges in the new energy sector, including a historical inventory impairment of approximately 160 million yuan and a goodwill impairment of about 40 million yuan [2] 2. **Sodium-Ion Battery Development** - Haisida has partnered with 中科海钠 (Zhongke Haina) to develop sodium-ion products, focusing on the energy storage sector, with orders exceeding gigawatt-hours in various applications [1][4] - The sodium-ion battery technology shows significant advantages in high-rate performance, temperature resilience, and safety compared to lead-acid and some lithium batteries, with collaborations established with major companies like 沃尔德 (Wald), 风帆 (Fengfan), and others [1][3][5] 3. **Market Applications and Collaborations** - Sodium-ion batteries are being applied in various sectors, including start-stop systems, communication backup, and special vehicles, with a global demand for start-stop systems estimated at around 115 million units annually [5][6][7] - Haisida's collaboration with 小松 (Komatsu) in Japan is expected to lead to large-scale applications in industrial vehicles, with positive customer feedback received [3][15] 4. **Production and Cost Structure** - The company is accelerating the industrialization of sodium-ion batteries, launching various product types, including large cylindrical and square batteries, with a focus on a 160 Ah 2VPP system that emphasizes safety and longevity [1][11] - The cost structure of sodium-ion batteries is being optimized, with expectations that prices will decrease significantly, potentially reaching parity with lithium-ion and lead-acid batteries within three years [12][24][26] 5. **Strategic Initiatives and Future Goals** - Haisida aims to achieve revenues of 1.5 to 2 billion yuan by 2027, corresponding to approximately 6 GWh of sodium-ion capacity, with a focus on expanding production lines and product development [3][25][27] - The company is also establishing a new subsidiary, 广东海思达钠新技术有限公司 (Guangdong Haisida Sodium New Technology Co., Ltd.), to independently develop sodium-ion technology and enhance market competitiveness [21] Additional Important Insights - The sodium-ion battery market is expected to grow significantly, with applications in energy storage systems and backup power systems being prioritized [8][19][27] - Haisida's sodium-ion technology is particularly suited for data center backup needs due to its high safety and rapid response characteristics [18][20] - The company is addressing the challenges posed by U.S. tariffs through the establishment of production bases in Malaysia and Thailand, which helps mitigate export impacts [17] This summary encapsulates the critical insights from the conference call, highlighting the company's strategic direction, market positioning, and future growth potential in the sodium-ion battery sector.

快充：第二代神行电池兼顾 800km 续航与 12C 超充 公司发布了第二代神行电池，快充能力继续突破。该电池采用磷酸铁锂体系， 可提供 800 公里续航里程，实现充电 5 分钟续航 520 公里，充电倍率平均 6-8C、峰值 12C，相比于之前平均功率 4C 有明显提升，继续保持领先。低 温性能方面，在-10℃的环境中，仅需 15 分钟即可将电量从 5%充至 80%， 表现亮眼。该产品有效应对新能源汽车的续航和充电焦虑，有利于公司深化 快充市场布局。 钠电：钠新电池突破材料性能边界，展现高安全 证券研究报告 宁德时代 (300750 CH) 科技日：看好技术升级持续创造价值 | 华泰研究 | | | 动态点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 新能源及动力系统 | 4 月 21 日宁德时代在其科技日活动上发布了 3 个核心技术：快充升级版、 钠电"钠新"、多核技术，在性能、应用场景方面实现创新，提供完整系统 方案。我们看好公司继续强化在新能源产业的技术领先优势，在技术升级创 造价值的时代持续巩固全球市场电池龙头地位。维持买入评级 ...

2025起点 轻型动力电池 技术 高峰 论坛 2025第五届起点两轮车换电大会 聚焦轻型电池技术 拓展新兴应用市场 时间： 7月10-11日 地点：江苏无锡 一、活动背景及亮点 二、活动组织架构 活动名称： 2025起点轻型动力电池技术高峰论坛 2025第五届起点两轮车换电大会 活动主题： 聚焦轻型电池技术 拓展新兴应用市场 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动规模： 500+ 起点研究院（ SPIR）轻型动力电池及两轮车换电TOP排行榜权威发布（覆盖 中国轻型动力电池出货量TOP20，中国中小储能电池出货量 TOP20、无人机电池/电动工具电池/两轮车电池关键细分环节出货量TOP10、锂电电动两轮车/两轮车换电运营商TOP10 等），为行业树立 标杆，为投资及采购决策者提供参考； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、智能家居、智慧储能等热门应用场景进入高速发展 期，新一轮增量市场推动电池技术迭代革新； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长，基于产业链整合优势，中国企业将迎来新一轮布局 风口，电池安全、下沉 ...

2025起点 轻型动力电池 技术 高峰 论坛 2025第五届起点两轮车换电大会 聚焦轻型电池技术 拓展新兴应用市场 时间： 7月10-11日 地点：江苏无锡 一、活动背景及亮点 二、活动组织架构 活动名称： 2025起点轻型动力电池技术高峰论坛 2025第五届起点两轮车换电大会 活动主题： 聚焦轻型电池技术 拓展新兴应用市场 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动规模： 500+ 起点研究院（ SPIR）轻型动力电池及两轮车换电TOP排行榜权威发布（覆盖 中国轻型动力电池出货量TOP20，中国中小储能电池出货量 TOP20、无人机电池/电动工具电池/两轮车电池关键细分环节出货量TOP10、锂电电动两轮车/两轮车换电运营商TOP10 等），为行业树立 标杆，为投资及采购决策者提供参考； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、智能家居、智慧储能等热门应用场景进入高速发展 期，新一轮增量市场推动电池技术迭代革新； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长，基于产业链整合优势，中国企业将迎来新一轮布局 风口，电池安全、下沉 ...