Group 1: Company Overview - Securities Code: 300530, Securities Abbreviation: Lingpai Technology [1] - Company Name: Hunan Lingpai Technology Group Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Type: Performance Briefing [2] - Date and Time: September 19, 2025, from 14:30 to 17:00 [2] - Location: Conducted via online platform [2] Group 3: Key Personnel - Board Secretary: Zhou Huato [2] - Chief Financial Officer: Shen Ju [2] - Securities Affairs Representative: Wan Feng [2] Group 4: Solid-State Battery Technology - Company has engaged in solid-state battery patent research from 2019 to 2022, resulting in a few patents [3] - Patents include one invention patent for "Composite Polymer Solid Electrolyte and Lithium Battery" granted in 2022 and one utility model patent for "Solid-State Battery" also granted in 2022 [3] - Currently, there are no ongoing solid-state battery R&D projects, and no new technical patents have been obtained [3] - Existing products do not involve solid-state battery technology, and there is no production capability or application scenarios for solid-state batteries [3]

Core Viewpoint - The article highlights the significant growth and structural changes in China's new energy vehicle (NEV) market, driven by policy support, consumer acceptance, and technological advancements in battery systems [5][7]. Group 1: Market Trends - In the first eight months of 2025, China's NEV production reached 9.382 million units, marking a year-on-year increase of 31.4%, with a cumulative penetration rate of 45.0% [5]. - The market structure shows that in August 2025, the share of cars (CAR) was 45.1%, down 2 percentage points from the previous year, while SUVs and MPVs accounted for 44.1% and 3.6%, respectively [11]. - The commercial vehicle segment, particularly trucks, has seen a significant increase in market share, driven by policy support and improvements in battery range [11]. Group 2: Battery Technology and Market - In August 2025, the installed capacity of NEV power batteries reached 60.9 GWh, a year-on-year increase of 29.8%, with a growth rate of 39.9% in the first eight months [17]. - The average battery capacity per vehicle was 51.6 kWh, reflecting a year-on-year increase of 17.0% [17]. - The market share of square battery cells was 98.6%, while lithium iron phosphate (LFP) batteries continued to gain traction due to their safety and cost advantages [18]. Group 3: Key Players in Battery Supply - The top three battery manufacturers held a market share of 74.2%, with CATL leading at 42.8% [20]. - BYD, Tesla, and Xiaomi were identified as the main contributors to the installed capacity of power batteries [17]. - The growth rates for companies like Xinwanda and Ruipu Lanjun were notably high, at 108.1% and 86.1%, respectively [20]. Group 4: Electric Motor Supply - In August 2025, the top ten electric motor suppliers accounted for 62.4% of the market share, with several companies experiencing a month-on-month increase in supply [23]. - Companies like Huichuan United Power and Huawei faced declines in supply due to reduced sales from specific vehicle brands [23]. Group 5: Solid-State Battery Development - Solid-state batteries are advancing rapidly, with various electrolyte types being explored, including sulfide, oxide, polymer, and composite electrolytes [35]. - The core advantages of solid-state batteries include high safety, high energy density, and improved performance metrics compared to liquid batteries [37]. - The global market for solid-state batteries is projected to reach 614 GWh by 2030, with a market size of 250 billion yuan and a penetration rate of 10% [39].

Important Market News - The State Council Information Office announced a press conference scheduled for September 22, 2025, to discuss the achievements of the financial industry during the "14th Five-Year Plan" period, featuring key officials from the People's Bank of China, financial regulatory authorities, and the China Securities Regulatory Commission [1] Industry Insights - The storage market is experiencing a second wave of price increases, with SanDisk raising prices by over 10% and Micron announcing a 20%-30% price hike for its storage products. This surge is driven by increased demand from cloud service providers, which are expected to boost capital expenditures by $18 billion in the 2025 fiscal year, significantly impacting AI-related storage needs. Micron's upcoming Q4 2025 earnings report is anticipated to exceed market expectations, with both DRAM and NAND sales and prices expected to rise [2] - The laser radar market is booming due to high demand in the robotics sector, with sales of domestic laser radar sensors nearly doubling year-on-year in the first half of the year. Industrial robot production reached 370,000 units, and service robots totaled 8.824 million units, marking increases of 35.6% and 25.5%, respectively. The laser radar market is projected to reach ¥24.07 billion by 2025 and ¥43.18 billion by 2026, driven by advancements in AI and robotics [3] - The 2025 Suining International Lithium Battery Industry Conference highlighted plans for the Ministry of Industry and Information Technology to enhance industry coordination and prevent low-level redundant construction. The new battery industry is expected to grow from $480 billion to $780 billion between 2025 and 2030, with a focus on solid-state batteries, sodium-ion batteries, and fast-charging technologies. Solid-state batteries are anticipated to achieve mass production by 2027 [4]

Investment Rating - The report maintains an "Accumulate" rating for the battery industry [1] Core Insights - The battery industry is experiencing accelerated technological breakthroughs, with profitability turning a corner [1] - Solid-state batteries are entering a critical mid-test phase, with significant advancements in the supply chain and technology [3][8] - The demand for energy storage batteries is exceeding expectations, with a notable improvement in profitability [28] Summary by Sections 1. Battery Industry Hotspot Value Analysis - **Solid-State Batteries**: The technology is converging towards sulfide as the main route, with new materials and technologies being rapidly developed. Solid-state batteries significantly enhance safety and energy density, with theoretical values exceeding 500 Wh/kg [8][9] - **Energy Storage Batteries**: Demand is being driven by domestic capacity price compensation and high growth in Europe and emerging markets. Global energy storage battery demand is expected to increase by 60% year-on-year in 2025, with a revised forecast of 500-550 GWh [28][29] 2. Battery ETF (159755): The Largest Battery-Themed ETF - The ETF closely tracks the core leaders in the new energy vehicle and energy storage sectors, showcasing significant long-term investment value due to the high growth potential of these industries [3][28] - As of September 16, 2025, the ETF's scale reached 10.8 billion yuan, with a daily trading volume significantly higher than the industry average [3][28] 3. Solid-State Battery Development - The industry anticipates that small-scale production of solid-state batteries will begin in 2027, with large-scale production expected to exceed 100 GWh by 2030 [25][27] - Major manufacturers like CATL and BYD are making significant progress, with 60Ah automotive-grade cells already offline, achieving energy densities of 350-400 Wh/kg [19][21] 4. Energy Storage Battery Demand and Supply - The global energy storage market is projected to see a demand of 310 GWh in 2025, with a year-on-year growth of 47%. The supply side is expected to maintain a high capacity utilization rate of 86% [35][36] - The price of energy storage batteries is showing signs of recovery, with a bottom-up trend observed in pricing, leading to improved profitability for leading companies [37][38]

Group 1: Solid-State Battery Development - The solid-state battery pilot production line is under construction and is expected to be completed by the end of Q3 2025 [2][4]. - The energy density of the new generation solid-state battery has improved from 280Wh/Kg to 320Wh/Kg [3][5]. - The company has received interest from various potential customers in sectors such as automotive, robotics, and consumer electronics for solid-state battery applications [2][3]. Group 2: Sodium-Ion Battery Capabilities - The company initiated sodium-ion battery research in 2021 and achieved commercial delivery of the first generation in 2023, targeting energy storage projects [3][4]. - The new sodium-ion battery technology features high safety and long cycle life, with a lifespan exceeding 10,000 cycles [3][4]. - The average efficiency of the square sodium-ion battery has surpassed 95%, making it suitable for energy storage applications [3][4]. Group 3: Financial and Production Insights - The company’s major energy storage product lines, including 314Ah large storage cells and 100Ah and 50Ah small storage cells, are currently operating at full capacity [6]. - There has been a price increase for some energy storage cell products compared to the first half of the year [6]. - Financial data regarding profitability for Q3 will be disclosed in the upcoming quarterly report [5][6]. Group 4: Market Strategy and Future Plans - The company aims to become a global leader in energy storage battery supply and lithium battery manufacturing, focusing on high-potential segments such as two-wheeled vehicles, specialized vehicles, and drones [6]. - The company is committed to a "user-centered" approach, emphasizing customized technical solutions to avoid homogenization in the market [6].

Group 1 - The solid-state battery industry has gained attention since September, with significant growth in battery and new energy-related ETFs, with some rising over 20% [1] - In August, China's total battery production reached 139.6 GWh, a month-on-month increase of 4.4% and a year-on-year increase of 37.3% [1] - The production of lithium iron phosphate batteries accounted for 77.8% of total production, with a year-on-year growth of 42.2% [1] Group 2 - Battery sales in August reached 134.5 GWh, reflecting a year-on-year growth of 45.6% [2] - The export of batteries increased by 23.9% year-on-year, totaling 22.6 GWh in August [2] - The installation of power batteries in August was 62.5 GWh, showing a year-on-year increase of 32% [2] Group 3 - The battery sector is experiencing rapid growth in demand, indicating it remains an incremental market [3] - Capital expenditure across the supply chain has slowed down since 2024, leading to improved supply-demand conditions and potential profitability recovery for companies [3] - Solid-state battery technology is highlighted as a promising development direction, with recommendations to focus on companies involved in solid-state battery equipment and materials [3]

Core Viewpoint - The company, Jintong Tianyu (300988.SZ), focuses on the research, production, and sales of precision metal components and new energy storage products, and currently does not engage in solid-state battery technology research [1] Group 1: Business Focus - The main business of the company includes precision metal components and new energy storage products [1] - The company is committed to continuously exploring market demands and actively pursuing technological innovation [1] - The company aims to respond quickly to and meet market needs [1]

东吴证券近日发布电池深度研究报告：25Q2电池占产业链利润42%，尽管宁德时代利润 确认极其保守，但贡献电池利润最高。出货端，龙头全球份额保持稳定，产能利用率打满， 订单外溢至二三线，因此二三线销量25H1增速高。价格端，动储价格底部已企稳，宁德受 益于产品和客户结构，均价高于同行。盈利端，动力电池整体盈利水平较好，二线毛利率普 遍15-20%，同比改善明显；储能盈利低位，二线储能毛利率10-12%，而宁德时代盈利仍维 持高水平，在保守确认情况下，单wh毛利较二线厂商高0.08-0.1元，单wh利润高0.06-0.08 元。 以下为研究报告摘要： 经营对比：龙头各项指标全方位领先，二线企业底部改善明显。25Q2电池占产业链利润 42%，尽管宁德时代利润确认极其保守，但贡献电池利润最高。出货端，龙头全球份额保持 稳定，产能利用率打满，订单外溢至二三线，因此二三线销量25H1增速高。价格端，动储 价格底部已企稳，宁德受益于产品和客户结构，均价高于同行。盈利端，动力电池整体盈利 水平较好，二线毛利率普遍15-20%，同比改善明显；储能盈利低位，二线储能毛利率10- 12%，而宁德时代盈利仍维持高水平，在保守确认情况 ...

经营对比：龙头各项指标全方位领先，二线企业底部改善明显 为满足本土化配套，宁德、亿纬等二线厂商纷纷加速欧洲和东南亚产能布局，配套海外客户，价格和盈 利较国内市场具备溢价，预计26-27年海外产能密集投放。技术上，储能电芯大电芯化，同时重视稳定 性、循环寿命等性能，且独立储能追求irr，龙头电芯稳定性强，同等情况下irr可高6-8pct，预计份额可 持续提升;动力将继续CTP，并提升快充、低温等性能。此外，厂商全面布局固态新技术，龙头引领， 二线追随，预计27年小批量、30年大规模量产。 25Q2电池占产业链利润42%，尽管宁德时代（300750）利润确认极其保守，但贡献电池利润最高。出 货端，龙头全球份额保持稳定，产能利用率打满，订单外溢至二三线，因此二三线销量25H1增速高。 价格端，动储价格底部已企稳，宁德受益于产品和客户结构，均价高于同行。盈利端，动力电池整体盈 利水平较好，二线毛利率普遍15-20%，同比改善明显;储能盈利低位，二线储能毛利率10-12%，而宁德 时代盈利仍维持高水平，在保守确认情况下，单wh毛利较二线厂商高0.08-0.1元，单wh利润高0.06-0.08 元。从财务指标看，25H1 ...

Summary of Solid-State Battery Conference Call Industry Overview - The focus is on the solid-state battery industry, particularly addressing the solid-solid interface issues and innovations in materials and equipment systems [1][2][3]. Key Points and Arguments 1. **Manufacturing Techniques**: Solid-state batteries utilize dry forming, isostatic pressing, structured materials, and laser equipment to enhance ionic conductivity and reduce side reactions, thereby improving overall performance and commercialization [1][7]. 2. **International vs. Domestic Strategies**: - International companies like QuantumScape and Solid Power have advanced in high-end equipment and are in pilot to small-scale production stages, employing Atomic Layer Deposition (ALD) technology for interface modification [1][5]. - Domestic companies focus on technological innovation using cost-effective methods such as dry processes and structured materials, currently in small-scale to pilot stages [5][11]. 3. **Key Manufacturing Processes**: - **Solvent-free Dry Forming**: This method has the highest application certainty and is valued at tens of millions, with high technical barriers and a significant degree of localization [11]. - **Isostatic Pressing**: This technology addresses interface contact issues systematically and is also valued at tens of millions, currently in the technical verification or small-scale procurement phase [11]. - **Structured Materials**: These include structured copper foils and supporting membranes, which are in the scale testing or introduction phase, valued in the tens of millions [11]. - **Laser Equipment**: Used for cutting and processing, currently in scale testing or introduction stages, with a high degree of localization [11]. - **Atomic Layer Deposition (AOD)**: Although primarily used in semiconductor or photovoltaic fields, its potential in lithium batteries is significant, with domestic leaders collaborating with top companies [12]. 4. **Interface Modification Techniques**: - Techniques such as coating, doping, controlled reactions, and alloying are crucial for enhancing performance by increasing contact area and blocking adverse reactions [13][14]. - ALD is highlighted as one of the most effective methods for improving interface stability and ionic conductivity [15]. 5. **Challenges in Solid-State Batteries**: - Key challenges include ionic conduction barriers due to the absence of liquid electrolytes, side reactions from active materials, mechanical matching issues, high interface resistance, and dendrite growth risks [9][10]. - Solutions require advanced material selection, precise processing techniques, and innovative design to ensure reliability, safety, and long cycle life [10]. Additional Important Insights - **Market Leaders**: Companies like QuantumScape and Solid Power are leading the global solid-state battery development due to their deep ties with automotive manufacturers and measurable progress [12]. - **Emerging Players**: Domestic companies such as CATL and BYD are beginning sample trials and pilot line setups, indicating a slower but growing presence in the market [12]. - **Key Equipment Suppliers**: Companies like Xian Dai Intelligent and Li Yuan Heng are significant players in the dry and isostatic equipment sectors, contributing to the supply chain [17][18]. - **Potential Growth Companies**: Firms like DeLong Laser and Yanhang Precision are noted for their roles in the solid-state battery supply chain, with potential for growth despite some uncertainties [23][24]. This summary encapsulates the critical aspects of the solid-state battery industry as discussed in the conference call, highlighting the technological advancements, market dynamics, and key players involved.