Group 1 - Anfu Technology has decided to terminate its joint venture project for sulfide all-solid-state batteries due to substantial risks arising from the freezing of the controlling shareholder's shares of Gao Neng Times [1] - The joint venture aimed to establish a new battery pilot platform and develop a 300MWh pilot production line for sulfide-based all-solid-state batteries, with four phased goals set for product sampling from 2026 to 2030 [1] - Anfu Technology is a leading alkaline battery manufacturer in China, with its subsidiary Nanfu Battery being one of the top three alkaline battery brands globally, facing challenges from the rapid adoption of lithium batteries [1] Group 2 - Lih湖股份 announced its exit from the joint venture with Gao Neng Times by transferring its 45.45% stake in Gao Neng Lih湖 for a nominal price of zero, following unsuccessful negotiations [2] - Gao Neng Lih湖 was established as a joint laboratory to develop industrialization technologies for all-solid-state sulfide batteries, but Gao Neng Times failed to fulfill its initial capital contribution obligations [3] - Lih湖股份 is an automotive parts supplier, primarily producing compressor housings and turbine housings, which are critical components of automotive power systems [3] Group 3 - Gao Neng Times, founded in July 2021, focuses on the research and industrialization of all-solid-state batteries and solid electrolytes, with significant backing from various investors [4] - The company completed over 55 million in angel financing in 2022 and established a research center for sulfide all-solid-state batteries in Zhuhai, followed by a Pre-A round financing in 2023 [4]

Core Viewpoint - Anfu Technology announced a joint venture to establish a new battery pilot platform aimed at developing and commercializing all-solid-state battery technology, positioning itself for future growth opportunities in the battery industry [1][2]. Group 1: Joint Venture Details - Anfu Technology's subsidiary, Nanfu Battery, will partner with Nanping Green Industry Investment Fund and High Energy Times to create a joint venture with a registered capital of 50 million yuan [1]. - The ownership structure of the joint venture includes Nanfu Battery holding 19% (9.5 million yuan), Nanping Green Industry Fund holding 30% (15 million yuan), and High Energy Times holding 51% (25.5 million yuan) [1]. Group 2: Project Goals and Timeline - The joint venture has set specific milestones for product samples: - By December 2026, samples for 3C consumer and small electric two-wheeler solid-state batteries will be completed - By December 2027, samples for home energy storage solid-state batteries - By December 2028, samples for robotics and electric vehicle power solid-state batteries - By December 2030, samples for large-scale energy storage solid-state batteries [2]. Group 3: Strategic Implications - This investment represents Anfu Technology's expansion into new battery technologies beyond traditional consumer batteries, potentially opening new avenues for industrial collaboration and future revenue growth [2].