Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The Longjiang Securities research team led by Wu Bohua was awarded the first place in the Best Analyst category for the New Energy Vehicles and Components industry at the 7th Sina Finance Golden Unicorn Awards [1] Group 2 - The weekly perspective from Longjiang Securities on power equipment and new energy highlights the ongoing high growth logic of lithium storage and emphasizes the performance catalysts in the wind power sector [2] - The report covers various aspects of the photovoltaic industry, including price changes in the supply chain, progress in silicon material mergers and acquisitions, energy consumption standards, and advancements in new technologies such as slurry and BC [2] - In the energy storage segment, the report discusses high-frequency production and bidding, price changes, the introduction of domestic policies related to the 14th Five-Year Plan, and the impact of US-China tariffs and trade policies [2] - The lithium battery section focuses on solid-state research trends, weekly changes in new energy vehicle sales, and expectations for price increases across the supply chain [2] - The wind power analysis includes attention to the 14th Five-Year Plan, deep-sea progress, domestic and international offshore wind construction, and the recovery of wind turbine profitability [3] - The power equipment analysis emphasizes the further approval of ultra-high voltage projects, large engineering project plans and bidding situations, and data on imports and exports [3] - New directions of interest include developments in the humanoid robot supply chain, domestic chip catalysts, advancements in AIDC technology, and the development of AI applications [3]

Core Insights - The strategic cooperation framework agreement between Beijing Dongsheng Materials Technology Co., Ltd. and Shandong Boyuan Pharmaceutical Chemical Co., Ltd. aims to establish a long-term and stable partnership in solid-state lithium battery materials technology development, product supply, market promotion, and equity investment [1][2] Group 1: Company Overview - Dongsheng Technology is focused on solid-state lithium battery materials and aims to leverage its advantages in sulfide electrolyte preparation and customer channels [2] - Boyuan Co. specializes in fine chemical research, production, and sales, with a primary focus on iodides and specialty functional chemicals, serving various industries including pharmaceuticals and chemicals [1] Group 2: Financial Performance - Boyuan Co. reported a revenue of 560 million yuan from iodides in the first half of 2025, marking a year-on-year increase of 16.56%, while specialty functional chemicals generated 95 million yuan, reflecting a decline of 16.1% with a gross margin of 12% [1] Group 3: Strategic Cooperation Details - The collaboration will focus on developing new solid-state electrolyte products with high ionic conductivity and interface stability, enhancing both companies' technological and industrial capabilities in key materials for solid-state batteries [2] - Boyuan Co. will act as a strategic supplier for Dongsheng Technology, prioritizing the supply of lithium iodide and lithium sulfide for solid-state electrolytes [2] - The partnership may extend to equity investment opportunities in the future, aiming to strengthen the strategic relationship and deepen industrial synergy [2] Group 4: Market Applications - The cooperation is expected to enhance the performance and industrialization capabilities of Dongsheng Technology's solid-state lithium battery materials, facilitating applications in emerging markets such as drones, eVTOLs, and humanoid robots [2]

Core Viewpoint - The strategic cooperation framework agreement between Ansheng Technology and Shandong Boyuan Pharmaceutical Chemical Co., Ltd. aims to establish a long-term and stable partnership in the field of solid-state lithium battery materials, focusing on technology development, product supply, market promotion, and equity investment [1][2]. Group 1: Strategic Cooperation - Both parties agree to collaborate on research and technology development in solid-state lithium battery materials, leveraging Ansheng's expertise in sulfide electrolyte preparation and Boyuan's advanced lithium iodide processing capabilities [1]. - The collaboration will involve sharing R&D platforms and forming technical teams to enhance the technological level and industrialization capabilities in the field of solid-state battery key materials [1]. Group 2: Supply Chain and Procurement - A stable supply relationship for raw materials used in solid-state lithium sulfide electrolyte products will be established, focusing on creating a safe, efficient, and cost-competitive supply chain [2]. - Ansheng and its controlling companies will prioritize purchasing lithium iodide and lithium sulfide from Boyuan and its controlling companies under equal market conditions [2]. Group 3: Capital Cooperation - The parties will explore potential cooperation in equity investment to achieve deep integration of resources and long-term binding through capital ties [2]. - They agree to lead different aspects of the business to avoid competition, with Ansheng focusing on solid-state lithium battery cathode materials and Boyuan on key raw materials like lithium iodide [2].

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Shandong Boyuan Pharmaceutical Chemical Co., Ltd. to enhance its capabilities in solid-state lithium battery materials [1] Group 1: Strategic Cooperation - The agreement was signed on October 15, 2025, establishing a long-term, comprehensive, and stable strategic partnership [1] - The collaboration will focus on technology development, product supply, market promotion, and equity investment in solid-state lithium battery materials [1] Group 2: Competitive Advantage - This partnership is expected to improve the performance and industrialization capabilities of the company's solid-state lithium battery-related materials [1] - The cooperation aims to accelerate the construction of a safe, efficient, and cost-competitive supply chain system, enhancing the company's overall competitive advantage [1]

Core Viewpoint - The partnership between Dangsheng Technology and SK On marks a significant step in the supply of lithium battery cathode materials, with a commitment to deliver approximately 130,000 tons from 2025 to 2028, focusing on high-nickel and medium-nickel materials [1][4]. Group 1: Company Overview - Dangsheng Technology is the first publicly listed company in China focused on lithium battery materials, supplying cathode materials to various regions including China, Japan, South Korea, Europe, and the United States [1]. - SK On, a subsidiary of the SK Group, is a leading global lithium battery manufacturer supplying major automotive companies like Hyundai, Daimler, and Volkswagen [1]. Group 2: Market Trends - The demand for high energy density and high rate performance cathode materials is surging due to the rapid development of advanced technologies such as humanoid robots, low-altitude aircraft, AI wearable devices, and smart driving [2]. - The solid-state battery market is expected to see significant growth, with projections indicating that by 2027, solid-state batteries will begin to be installed in vehicles, and by 2030, mass production will be achieved [2]. Group 3: Technological Advancements - Dangsheng Technology has established a comprehensive product layout in high-nickel, ultra-high-nickel, and medium-nickel high-voltage multi-element materials, positioning itself strategically in the next-generation battery materials market [3]. - The company has pioneered the "melt lithium - single crystal" model for solid-state lithium battery cathode materials, developing new technologies for multi-element gradient doping and surface modification [3]. Group 4: Strategic Implications - The collaboration with SK On is expected to strengthen the strategic partnership and enhance Dangsheng Technology's global market competitiveness, ensuring stable and rapid growth in performance [4].