Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company reported a significant increase in shipments and is making orderly progress in solid-state battery development [4] - In H1 2025, the company achieved revenue of 19.394 billion yuan, a year-on-year increase of 15.48%, and a net profit attributable to shareholders of 367 million yuan, up 35.22% year-on-year [4] - The company is focusing on innovation and R&D, with a reported R&D investment of 1.382 billion yuan in H1 2025, a year-on-year increase of 13.34% [5] Financial Performance - In H1 2025, the company shipped approximately 40 GWh, a year-on-year increase of about 48% [5] - The revenue from power products was 14.034 billion yuan, up 19.94% year-on-year, with a gross margin of 14.24%, an increase of 2.16 percentage points [5] - The company expects revenues of 45.050 billion, 56.908 billion, and 69.227 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 27.29%, 26.32%, and 21.65% [6][8] Profitability Forecast - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 1.547 billion, 2.435 billion, and 3.241 billion yuan, respectively, with growth rates of 28.23%, 57.37%, and 33.07% [6][8] - The projected PE ratios for 2025, 2026, and 2027 are 53.62, 34.07, and 25.61, respectively [6][8]

Core Viewpoint - The company has made significant investments in solid-state electrolyte research, with over 30 related patent applications to date, indicating a strong commitment to innovation in this field [2] Group 1: Research and Development - The company, including its subsidiaries, has accumulated more than 30 patent applications related to solid-state and semi-solid-state electrolytes [2] - The company's affiliate, Shenzhen Xinyuanbang Technology Co., Ltd., has established a comprehensive research, testing, and production platform for solid-state electrolyte materials, achieving stable production and product delivery at a scale of hundreds of tons [2] Group 2: Market and Commercialization Challenges - Semi-solid batteries still require the use of electrolytes in conjunction with solid-state electrolytes, while full solid-state batteries face challenges related to cost, technology, and supply chain issues [2] - The company acknowledges that achieving large-scale commercialization of new technologies requires ongoing market validation and that there are many uncertainties to address [2] Group 3: Strategic Approach - The company plans to continue its diversified technology layout, sustained research and development investment, and proactive industrialization efforts to steadily enhance its market competitiveness [2]

Group 1 - The company is currently advancing its solid-state battery pilot line project [1] - After the pilot line is operational, the company plans to initiate mass production based on customer and product development progress as well as market demand [1] - The company aims to serve various customers and industry needs through this mass production [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司业绩持续向好，为何公司股价长年累月萎靡 不振、市值不断缩水？请问贵司固态电池研发到哪一步了？ 骆驼股份（601311.SH）8月15日在投资者互动平台表示，固态电池能够大幅提升电池的能量密度和安全 性，拓宽电池终端应用的场景，如储能、交通航运、消费电子等领域。公司聚集主业，重点推进汽车低 压电源、功率型电源等新型产品的研发创新与迭代优化；目前仅与高校开展固态电池技术的联合研发工 作。 ...

Core Viewpoint - Wanrun New Energy has decided to terminate the construction of the Wuhan R&D Technology Center and industrialization base project, which was planned to involve an investment of 5 billion yuan, due to changes in market conditions and the company's development strategy [1][3][4]. Financial Performance - After going public in 2022, Wanrun New Energy experienced a significant decline in revenue and net profit in 2023, with net profit dropping from 959 million yuan to a loss of 1.504 billion yuan [9][12]. - The company's asset impairment losses reached 747 million yuan in the same year, with inventory write-down losses accounting for 662 million yuan [12]. - By the end of Q1 2024, the company's debt ratio rose to 71.16%, marking a historical high [4]. Investment Decisions - The company has not made any substantial investments in the planned 50 billion yuan project since its inception two years ago, leading to increased financial burdens [1][4]. - In an attempt to reduce losses, Wanrun New Energy sold its lithium mine assets to companies controlled by its actual controllers, raising questions about management decisions [2][13]. Research and Development - Wanrun New Energy's R&D expenditure decreased by approximately 40% in 2024, amounting to 257 million yuan, with the R&D expense ratio slightly declining from 3.46% in 2023 to 3.42% in 2024 [7]. - The company has focused on developing high-value solid-state battery materials, including high-energy-density cathode materials and electrolytes, and has applied for multiple patents related to these technologies [6]. Strategic Moves - The termination of the 50 billion yuan project is seen as a prudent decision to mitigate investment risks and enhance operational efficiency [3][4]. - The acquisition of a 40% stake in Anqing Derun New Energy Materials Co., Ltd. turned from profit to loss shortly after the deal was completed, with the subsidiary reporting a net loss of 47.94 million yuan in 2024 [12].

Group 1 - The 2025 High-Performance Solid-State Battery Technology and Application Summit will be held on June 10 at the Shangri-La Hotel in Suzhou, focusing on advancements in solid-state battery technology, material and equipment innovation, market trend analysis, and full-scene application exploration [2] - The summit will cover key topics such as solid-state battery industry chain collaboration, cost control, and commercialization [2] - The event is sponsored by Liyuanheng and will feature three main sessions: Session One on key "puzzles" for full-scene applications, Session Two on equipment and material innovation, and Session Three on discerning market trends [2]