Group 1: Company Overview and Development Strategy - The company is an international automotive parts system supplier, primarily producing and selling noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, motors, pumps, and automotive electronics [1][2]. - Initially focused on steering pump products, the company has gained significant market recognition and share, expanding its product line through continuous innovation and acquisitions, including the purchase of German company Kakuisi in 2017 [2]. - The company has established global R&D bases in Europe, North America, and Asia to support its international expansion [2]. Group 2: Solid-State Battery Development - The company began its solid-state battery initiative in 2018 after recognizing the technology's market potential during a visit to Japan [3]. - Key materials and process parameters for solid-state batteries have been developed, allowing for customized solutions based on client needs [4]. - Future plans include accelerating the construction of pilot production lines and gradually implementing mass production based on market demand [5]. Group 3: Product Features and Market Position - The solid-state battery features high safety standards, having passed third-party tests for puncture, heat, and overcharging, and can operate at high temperatures without cooling systems [9]. - The liquid retarder product offers advantages such as high braking torque per unit weight, lightweight design, and cost-effectiveness, leading to increased market competitiveness [11]. - The Kakuisi subsidiary benefits from a global production layout, enabling quick responses to customer needs across different regions [12][13]. Group 4: Financial Performance and Growth - The company has seen continuous improvement in its operational performance in 2024 and Q1 2025, attributed to enhanced management efficiency and a decrease in expense ratios [13]. - Revenue growth has been significantly driven by the rapid increase in sales of products related to the new energy vehicle sector [13].

Core Viewpoint - Del Corporation (德尔股份) is experiencing positive operational performance in 2024 and 2025, driven by improved management efficiency and rapid revenue growth in the new energy vehicle (NEV) sector [1][2][3] Group 1: Company Overview - Del Corporation is a global automotive parts supplier specializing in noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1] - Major clients include renowned automotive manufacturers such as Mercedes-Benz, BMW, Audi, Volkswagen, SAIC, Geely, Great Wall, and Chery [1] Group 2: Business Segments - The company's subsidiary, Kakuisi, focuses on thermal insulation, noise reduction, and lightweight products, accounting for nearly 70% of total revenue [2] - Kakuisi established a NEV division in 2021, developing products like battery flame-retardant covers and electromagnetic shielding for battery packs [2] Group 3: Strategic Initiatives - Del Corporation has made significant advancements in solid-state battery technology, receiving a national invention patent in 2024 [2][3] - A strategic cooperation agreement was signed with Jiangling Group for product validation of solid-state batteries in their vehicles [2] - The company aims to accelerate the industrialization of solid-state batteries for applications in NEVs, drones, robots, and electric tools [3] Group 4: Market Positioning - The company is well-positioned to meet the overseas supply needs of leading domestic automakers expanding internationally, with existing production capabilities in the US, Mexico, and Europe [2] - Solid-state battery samples have passed rigorous safety tests, indicating high safety and stability, with a focus on reducing production costs through mature coating processes [3]