Core Viewpoint - The discussion around the mass production and large-scale application of solid-state batteries continues, with skepticism about the timeline for commercialization by 2030 and uncertainties regarding application scenarios, penetration rates, and pricing [2]. Group 1: Solid-State Battery Development - Sulfide solid-state batteries are currently the most popular route due to their high ionic conductivity, but they face challenges such as air sensitivity, solid-solid contact interface issues, and cost [2]. - The manufacturing process for solid-state batteries can be based on traditional lithium battery production lines, with modifications needed for key steps [4][5]. Group 2: Manufacturing Process - The production of traditional lithium batteries is divided into three stages: front-end (electrode manufacturing), mid-stage (cell assembly), and back-end (packaging) [4]. - The front-end involves the manufacturing of positive and negative electrode sheets using a wet process, which is mature but has drawbacks such as solvent use and energy consumption [8]. - In the solid-state era, the wet process is problematic due to the sensitivity of sulfide solid electrolytes to moisture and oxygen, leading to a shift towards dry processing methods [8][9]. Group 3: Electrode Preparation - The industry is currently exploring both dry and wet processes, with a more aggressive approach towards dry methods, as exemplified by companies like CATL and Toyota [9]. - Dry processing eliminates solvent use and energy consumption, making it more environmentally friendly and compatible with solid electrolytes, but it is still in the validation and improvement stage [8][9]. Group 4: Cell Assembly Techniques - Traditional lithium batteries use either winding or stacking methods for cell assembly, but solid-state batteries primarily rely on stacking due to the non-flowing nature of solid electrolytes [11][12]. - The absence of a separator in solid-state batteries allows the solid electrolyte to serve both as a separator and an ionic conductor, which changes the assembly process significantly [12]. Group 5: Solid-Solid Interface Densification - The interface between the solid electrolyte and electrodes is critical in solid-state batteries, as any gaps or roughness can lead to high resistance and affect performance [15]. - Densification methods for the solid-solid interface include uniaxial and biaxial pressing, with the latter providing more uniform pressure distribution [16][18]. Group 6: Industry Trends and Future Outlook - Companies like CATL prioritize mass production capabilities, while others like Toyota focus on multi-layer coating processes [18]. - The transition from material breakthroughs to engineering implementation is a key phase for the industry, with many challenges shifting from scientific to manufacturing issues [20].

Group 1 - The core focus of Delong Laser is on solid-state battery manufacturing processes, providing various laser solutions, including a laser marking insulation solution that has received small batch orders [1] - In the traditional lithium battery sector, Delong Laser offers fully automated laser blue film removal, laser baking, and roller cleaning solutions, which have achieved mass production and delivery [1] - The company's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - Delong Laser is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, the company is also focusing on precision laser micro-processing in industries such as semiconductors, electronics, and new energy, emphasizing the development of precision laser processing equipment and solutions [1] Group 3 - Shanghai Dunyi Asset Management Co., Ltd. was established in June 2015 and aims to become an excellent long-term value investment institution, maximizing long-term benefits for its stakeholders [2] - The company collaborates deeply with Taiwan Lijeng Investment Advisory, which has 30 years of global securities investment experience, sharing research results between their teams of over 20 members [2]

Group 1 - The private equity firm Haoze Zhiyuan recently conducted research on the listed company Delong Laser, focusing on its solid-state battery manufacturing solutions and laser technology [1] - Delong Laser has launched a laser marking insulation solution and received small batch orders, indicating its market traction [1] - The company has achieved mass production delivery in traditional lithium battery sectors, providing automated laser solutions for blue film removal, laser baking, and roller cleaning [1] Group 2 - Delong Laser's core competencies include laser technology, laser processing technology, and high-precision motion systems, positioning it well in the competitive landscape [1] - The company is constructing a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, Delong Laser is also focusing on precision laser processing in semiconductor, electronics, and new energy sectors, aiming to develop advanced laser processing equipment and solutions [1]

Group 1 - The core focus of Delong Laser is on providing various laser solutions for solid-state battery manufacturing, including a laser marking insulation solution that has received small batch orders [1] - In the traditional lithium battery sector, the company offers fully automated laser blue film removal, laser baking, and roller cleaning solutions, which have achieved mass production and delivery [1] - Delong Laser's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - Delong Laser is constructing a high-end equipment manufacturing project for new energy in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, the company is also focusing on precision laser processing in semiconductor, electronics, and new energy industries, emphasizing the development of precision laser processing equipment and solutions [1] Group 3 - Shanghai Chengrui Investment Management Co., Ltd. was established in May 2010 with a registered capital of 11 million [2] - The company has been recognized for its stable development and diverse client base, which includes banks, private banks, securities firms, insurance companies, trusts, various FOF institutions, and state-owned enterprises [2] - The investment research team consists of 33 highly qualified professionals with strong educational backgrounds and extensive investment experience from prestigious universities [2]

Group 1 - The core focus of Delong Laser is on providing various laser solutions for solid-state battery manufacturing processes, including a laser marking insulation solution that has received small batch orders [1] - In the traditional lithium battery sector, the company offers fully automated laser blue film removal, laser baking, and roller cleaning solutions, which have achieved mass production and delivery [1] - Delong Laser's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2 - The company is constructing a high-end equipment manufacturing project for new energy in Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, Delong Laser is also focusing on precision laser micro-processing in industries such as semiconductors, electronics, and new energy, with an emphasis on developing precision laser processing equipment and solutions [1]

Group 1 - The core viewpoint of the news is that Yihoyuan Asset Management recently conducted research on Delong Laser, which specializes in laser solutions for solid-state battery manufacturing and has received small batch orders for its laser insulation solutions [1] - Delong Laser provides fully automated laser solutions for traditional lithium batteries, including laser blue film removal, laser baking, and roller cleaning, and has achieved mass production delivery [1] - The company's core competencies lie in laser technology, laser processing technology, and high-precision motion systems, with plans to start production in 2026 for a new energy high-end equipment manufacturing project in Jiangyin High-tech Industrial Development Zone [1] Group 2 - Yihoyuan Asset Management, established in January 2014 and officially operational since June 2015, focuses primarily on secondary stock market investments and aims to expand into primary market PE equity investments and comprehensive asset management [2] - The company's vision is to become a world-class investment firm that benefits society, with a mission centered on natural principles and societal enrichment [2] - The company's values emphasize client returns, mutual achievement, and societal benefit [2]

Core Viewpoint - The recent research conducted by the well-known private equity firm Deruo focuses on Delong Laser, which is advancing in solid-state battery manufacturing and laser processing technologies [1] Group 1: Company Overview - Delong Laser provides various laser solutions for solid-state battery manufacturing and has launched a laser marking insulation solution, receiving small batch orders [1] - The company offers fully automated laser solutions for traditional lithium batteries, including laser blue film removal, laser baking, and roller cleaning, achieving mass production delivery [1] - Delong Laser's core competencies lie in laser technology, laser processing technology, and high-precision motion systems [1] Group 2: Future Developments - The company is constructing a high-end equipment manufacturing project for new energy in the Jiangyin High-tech Industrial Development Zone, with plans to commence production in 2026 [1] - Beyond lithium battery applications, Delong Laser is focusing on precision laser micro-processing in sectors such as semiconductors, electronics, and new energy, emphasizing the development of precision laser processing equipment and solutions [1]

调研纪要：德龙激光在固态电池制造工艺方面提供多种激光解决方案，已推出激光制痕绝缘方案并获得 小批量订单。在传统锂电领域，公司提供全自动激光除蓝膜、激光烘烤和辊压清洗等解决方案，已实现 量产交付。公司核心竞争力在于激光器技术、激光加工工艺技术和高精度运动系统。公司正在江阴高新 技术产业开发区建设新能源高端装备制造项目，计划2026年投入生产。除锂电业务外，公司还聚焦激光 精细微加工在半导体、电子和新能源等行业的应用，重点发展精密激光加工设备和解决方案。 机构简介： 根据市场公开信息及8月11日披露的机构调研信息，知名私募华杉投资近期对1家上市公司进行了调研， 相关名单如下： 1）德龙激光 （深圳前海华杉投资管理有限公司参与公司特定对象调研&线上会议） 深圳前海华杉投资管理有限公司（以下简称"华杉投资"）成立于2014年6月，是一家专注于A股与港股 权益类资产及其衍生品、大宗商品期货投资的宏观对冲型私募证券投资基金。华杉投资为中国证券投资 基金业协会会员，深圳市私募协会会员，私募证券投资基金管理人登记编号为P1007735，并于2018年 获得投资顾问资质。公司自成立以来，始终秉承"忠诚、专业、稳健、共赢"的经营 ...