Core Viewpoint - The article emphasizes that composite current collectors have transitioned from laboratory research to industrial application, with Yinglian's technology in solid-state batteries providing sustainable momentum for high-quality industry development, becoming a key force in the transition from concept to large-scale application of solid-state batteries [1][10]. Group 1: Structural Reconstruction - The implementation of new national standards for power batteries and the popularization of fast-charging technology have intensified safety performance requirements, highlighting structural defects in traditional current collectors [4]. - Traditional aluminum foil is prone to aluminum-thermal reactions during thermal runaway, leading to significant temperature increases, which are major causes of battery fires and explosions [4]. - The composite current collector's "polymer substrate + metal coating" sandwich structure offers a revolutionary solution to these issues, enhancing safety by preventing electrical arcing and reducing aluminum-thermal reactions [5]. - The polymer substrate's density is only 1/7 to 1/10 that of copper, significantly reducing weight while maintaining conductivity, thus improving energy density [5]. - The metal usage in composite current collectors is only 1/3 to 1/5 of traditional current collectors, allowing for a cost reduction of over 65% compared to traditional materials [5]. Group 2: Precision Control - Despite the advantages of composite current collectors, challenges in high process difficulty and yield control have hindered mass production [7]. - Yinglian has established a comprehensive process system that integrates raw materials, processing, testing, and data systems to overcome mass production bottlenecks [7]. - The company has achieved a production width of 1140mm for composite copper foil with a thickness uniformity control of ≤2%, entering a stable mass production phase [7]. - This breakthrough significantly enhances efficiency and reduces unit costs, ensuring performance consistency for downstream applications [7]. Group 3: Forward-looking Layout - Yinglian is proactively preparing for the next generation of solid-state battery materials while consolidating its advantages in the liquid battery market [8]. - The company is focusing on two core areas: bipolar current collectors and lithium deposition technology, aiming to meet the higher requirements for solid-state battery applications [9]. - The optimization of vacuum deposition and magnetron sputtering technologies is expected to enhance the bonding strength and density of coatings, with a target for mass production capabilities by 2025-2027 [9]. - The lithium deposition technology offers significant advantages, with cycle life improvements exceeding three times that of traditional rolling methods, and a volume change rate of less than 3% [9]. Group 4: Industrial Value - The widespread application of composite current collectors is anticipated to drive a positive cycle of "safety upgrades, energy density improvements, and cost optimization" within the lithium battery industry [13]. - Yinglian has completed a comprehensive layout from technology research and development to mass production, with a total investment of 3.089 billion yuan in a demonstration factory in Jiangsu [10]. - The factory is expected to achieve a production capacity of 500 million square meters of composite copper foil and 200 million square meters of composite aluminum foil by 2025, providing solid support for large-scale supply [10]. - Collaboration with upstream raw material and equipment manufacturers has formed a synergistic industrial ecosystem, enhancing technological precision to a nanometer-level accuracy [12].

Group 1: Battery Production and Sales - In May 2025, China's total production and sales of power and other batteries reached 123.5 GWh and 123.6 GWh, respectively, representing year-on-year growth of 47.9% and 58.1%, with a production-to-sales ratio close to 1 [1] - The power battery installation volume in May was 57.1 GWh, showing a year-on-year increase of approximately 43.1% [1] - The market share of CATL in China's power battery installation volume increased by 3.4 percentage points to 42.9% [1] Group 2: Export Trends - In May, China's power and other battery exports reached 19 GWh, with a year-on-year increase of 23.0% but a month-on-month decrease of 14.6%, accounting for 15% of total sales [5] - The export growth of energy storage and other batteries slowed down due to tariff disturbances, but a partial tariff agreement between China and the US in May 2025 is expected to boost exports in June [5] Group 3: Company Developments - EVE Energy announced plans to list H-shares in Hong Kong to enhance its capital strength and international competitiveness, with a new battery factory in Malaysia expected to start production in Q1 2025 [2] - CATL's research team published findings on lithium metal battery failure mechanisms, aiming to achieve energy density breakthroughs exceeding 500 Wh/kg, which could facilitate the large-scale application of solid-state batteries [4] Group 4: Industry Standards - The China Automotive Engineering Society released the "Full Solid-State Battery Determination Method," establishing a clear definition and standards for solid-state batteries, which will help standardize the market and promote technological collaboration across the industry [3]