在动力电池的牌桌上，从来不缺雄心勃勃的玩家，但蜂巢能源无疑是其中最特殊的一个。 它于2018年脱胎于长城汽车，以"破局者"的姿态杀入看似格局已定的市场。 短短数年，凭借其独创的"短刀电池"技术，在全球动力电池市场中劈开一条新航路。 蜂巢的突破，源自于深刻的产业洞察和对技术本源的执着。对话中，蜂巢能源董事长杨红新 回顾， 最初选择"叠片"这一工艺，是为了满足更高能量密度需求，是典型的"整车思维"驱 动的技术选择 。 中国锂电产业 20年，从无到有、从追随到引领。高工锂电成立15周年之际，特别策划系列 对话，遍访锂电创变者，回望产业来时路，探寻未来新动能。 正是基于这种对终端应用的深刻理解，蜂巢反向定义并打磨出了"短刀"这一兼具安全、成本 和适配性的产品形态，并围绕它建立起了一套从设备、工艺到质量控制的完整体系。 如 今 ， 蜂 巢 的 短 刀 电 池 全 球 出 货 量 已 近 80 万 套 ， 且 无 一 例 安 全 事 故 ， 成 功 配 套 Stellantis、吉利、VinFast等国内外众多车企。 这一成绩的背后，是一种贯穿始终的务实主义。 这种务实，还体现在对前沿技术落地的冷 静判断上。 当行业热议 ...

3、公司怎么看待固态电池的发展？ 目前市场普遍认为固态电池包括半固态电池和全固态电池，但半固态电池的结 构实际上与液态电池一样，仍需要正极、负极、电解液和隔膜。公司认为，半固态 电池是走向全固态电池的过渡产品；而全固态电池，从原材料和工艺等与液态电池 不一样，目前处于产业发展初期，成本也较高，未来全固态电池将会更多应用于"三 深"（深空、深海、深地）等领域，与现有的液态电池、半固态电池长期共存。公 司在半固态电池材料和固态电池材料领域也有长期的关注和投入，在半固态电池隔 膜业务布局方面，公司下属控股子公司江苏三合电池材料科技有限公司具备半固态 电池隔膜量产供应能力，公司在积极开拓市场。在全固态电池材料布局方面，公司 下属控股子公司湖南恩捷前沿新材料科技有限公司专注高纯硫化锂、硫化物固态电 解质和硫化物固态电解质膜产品的研发和布局，高纯硫化锂产品的中试线已经搭建 完成，固态电解质 10 吨级产线已经投产，具备出货能力，已在玉溪规划千吨级产线。 公司将继续投入研发，积极开拓市场，加深与客户的合作和技术交流，推动行业技 术发展。 4、公司在固态材料的优势？ 首先，得益于公司扎实的研发能力和全链式的"垂直"创新体系， ...

Group 1 - The company held an earnings briefing on September 19, 2025, with key personnel including the chairman and CEO present to engage with investors [1] - The company has 30 years of experience using rare earth/neodymium-iron-boron magnetic materials in its micro-units, such as portable speakers and automotive audio systems [2] - The company emphasizes its commitment to timely information disclosure regarding any stock repurchase plans as per Shenzhen Stock Exchange regulations [3] Group 2 - The company's foreign sales account for 80% of its total revenue, with detailed revenue composition available in periodic reports [4] - The company is focused on its main business operations to enhance profitability and return value to shareholders, despite external market influences on stock performance [4] - The AI glasses project is in mass production planning but currently does not significantly impact main business revenue; updates will be disclosed if business volume meets disclosure standards [4]

Group 1 - The company, Cangzhou Mingzhu, has indicated that its diaphragm products are being applied in semi-solid batteries and are currently in small batch supply [2]

Group 1 - The company, Cangzhou Mingzhu (002108.SZ), has indicated that its diaphragm products are applicable in semi-solid batteries and are currently being supplied in small batches [1]

Core Insights - The company plans to mass-produce its third-generation semi-solid-state battery by 2026, which incorporates solid-state electrolytes in both the anode and cathode, reducing the electrolyte content in the cell [2] - The current pouch cell energy density has reached 400Wh/kg, with expectations to exceed 500Wh/kg for high-safety all-solid-state batteries due to the introduction of solid oxide electrolytes [2] - The semi-solid-state battery has gained recognition from major eVTOL clients, with the second-generation battery achieving an energy density of 330Wh/kg and entering mass production this year [2] Company Developments - The company has completed the sample delivery of its first-generation sulfide all-solid-state battery and has developed the second-generation sulfide all-solid-state battery, achieving an energy density of 500Wh/kg [2] - The eVTOL battery market presents higher energy density, discharge rate, and safety requirements compared to passenger vehicles, indicating a high technical barrier and added value, which contributes to a higher profit margin for the company [2]

Core Viewpoint - Cangzhou Mingzhu (002108) announced a delay in the operational status of its fundraising project, the Cangzhou Film Project, now expected to be operational by October 2025, while the project is currently under construction [1] Group 1: Project Updates - The company is closely monitoring and actively promoting the progress of various expansion projects, aiming for early production of these projects [1] - The Cangzhou Film Project is a key fundraising initiative for the company [1] Group 2: Product Information - The company's diaphragm products are applicable in semi-solid batteries, with small batch supplies currently available [1] - The company produces lithium-ion battery diaphragm products but is not a manufacturer of lithium-ion batteries and has not obtained patents for semi-solid batteries [1]

Core Viewpoint - The company has shown strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by robust demand in the diaphragm coating processing business and advancements in product development [3][4]. Group 1: Company Performance - The company achieved operating revenue of 7.088 billion yuan, a year-on-year increase of 11.95% [3] - The net profit attributable to shareholders reached 1.055 billion yuan, up 23.03% year-on-year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 999.2 million yuan, reflecting a 29.17% year-on-year growth [3] Group 2: Business Segments - The diaphragm coating processing business has a full order book, meeting the increasing demand from power battery customers and making significant breakthroughs in the energy storage sector [4] - The company has optimized product design and upgraded technology in the negative electrode materials business, leading to cost reduction and efficiency improvement [4][5] - The PVDF business has effectively captured market opportunities, resulting in stable product quality and increased orders [4] Group 3: Market Position and Strategy - The company is a leader in the domestic PVDF market, with a market share exceeding 30% [11] - The company has established a closed-loop layout in the industry chain, integrating diaphragm base membranes, coating materials, and equipment [5] - The company is actively pursuing the development and market promotion of silicon-carbon anode materials, which are expected to enhance energy density significantly [7][8] Group 4: Future Outlook - The company aims to achieve a shipment target of 250,000 to 300,000 tons for negative materials next year, and 10 billion to 13 billion square meters for coating diaphragms [13] - The company plans to introduce new innovative products and improve production efficiency to maintain stable profitability in the diaphragm business [5][13] - The company has over 3 billion yuan in orders for solid-state battery production equipment, indicating strong demand in this segment [9][10]

Core Viewpoint - The company has developed various high-end lithium battery copper foil products suitable for solid-state and semi-solid-state batteries, including medium and high tensile strength copper foil and mesh three-dimensional structure copper foil [1] Group 1 - The company responded to investor inquiries on September 15 regarding its product development [1] - The developed products include different specifications of copper foil for lithium-ion batteries [1] - The focus is on high tensile strength copper foil products [1]

Group 1 - The event "2025 Hebei Listed Companies Investor Online Collective Reception Day" was held on September 15, focusing on the collective performance explanation of the 2025 semi-annual reports [1] - Cangzhou Mingzhu (002108) announced during the investor interaction that its lithium-ion battery separator products are now applied in semi-solid batteries, with small batch orders already being supplied [1] - The company's products cover multiple fields including new energy vehicle lithium batteries, 3C batteries, electric two-wheeler batteries, energy storage, and household appliances [1] Group 2 - The company is expected to benefit continuously from the separator business due to the promotion of new energy storage policies and the growth in downstream demand [1]