Core Viewpoint - The announcement of the share reduction by the controlling shareholder of Daoshi Technology coincides with the company's technological breakthroughs in solid-state battery materials, raising questions about the company's short-term outlook and investment in R&D [1][2][3]. Group 1: Shareholder Actions - The controlling shareholder, Rong Jihua, plans to reduce holdings by up to 15.42 million shares, representing 1.97% of the total share capital, citing "personal funding needs" [1]. - After the reduction, Rong Jihua's shareholding will decrease from 16.19% to approximately 14.2% [1]. Group 2: Technological Developments - Daoshi Technology has made significant progress in solid-state battery core materials, achieving a breakthrough in sulfide electrolyte conductivity of over 1 mS/cm and stable production at the 100-gram level [1]. - The company has established a comprehensive material solution covering the entire solid-state battery industry chain, including single-wall carbon nanotube conductive agents and silicon-based anodes [1]. Group 3: Financial Performance - In 2024, Daoshi Technology's revenue is projected to be 7.752 billion, a year-on-year increase of 6.25%, with a net profit of 157 million, marking a turnaround [2]. - However, R&D expenditure for 2024 is expected to be 239 million, down 16.7% year-on-year, with R&D spending as a percentage of revenue at only 3.1%, significantly below the industry average of 5%-8% [2]. Group 4: Market Context and Challenges - The global solid-state battery market is expected to reach a scale of 100 billion by 2030, with Daoshi Technology at a critical technological breakthrough point [3]. - The company aims to achieve stable supply of kilogram-level sulfide electrolytes by 2025, but current production levels are insufficient compared to industry needs [2][3]. - The company faces headwinds in its main businesses of lithium battery materials and ceramic materials, with a decline in output of ternary precursors and a drop in ceramic material sales due to a sluggish recovery in the real estate sector [2].

Core Viewpoint - The year 2026 is anticipated to be a breakthrough year for revolutionary technologies in the electric vehicle (EV) sector, particularly with the introduction of all-solid-state batteries by major automakers in China [1][2]. Group 1: All-Solid-State Battery Overview - Major Chinese automakers, including Changan, SAIC, GAC, Dongfeng, Geely, and Chery, have set 2026 as the target year for the deployment of all-solid-state batteries [2]. - All-solid-state batteries offer significantly higher energy density compared to traditional lithium batteries, with theoretical pure electric range reaching up to 2000 km [2][4]. - The non-flammable nature of the electrolyte in all-solid-state batteries eliminates the risk of thermal runaway and combustion [3][4]. Group 2: Industry Standards and Definitions - The China Society of Automotive Engineers has released the "All-Solid-State Battery Determination Method" (T/CSAE 434-2025), marking the first global standard defining what constitutes an all-solid-state battery [7][10]. - The standard aims to clarify the confusion between solid-state, semi-solid, and all-solid-state batteries, which has been a significant issue in the industry [11][10]. - The new standard specifies that the moisture content in the electrolyte of an all-solid-state battery must not exceed 1% [20]. Group 3: Technical Aspects and Testing - The testing method for determining all-solid-state batteries involves visual inspection for liquid leakage and a weight loss test under vacuum conditions [21][22][27]. - The method has been validated by over 50 companies, demonstrating a low error rate of less than 0.3% [27]. Group 4: Sulfide Electrolytes and Commercial Viability - Sulfide electrolytes are highlighted as the most commercially viable option for all-solid-state batteries, with several automakers announcing imminent production [35][38]. - Sulfide electrolytes exhibit high ionic conductivity, making them suitable for high charging rates and wide temperature ranges [38][41]. - The interface issue between the solid electrolyte and electrodes is a critical challenge that needs to be addressed for mass production [46]. Group 5: Challenges and Cost Considerations - Despite their advantages, sulfide solid-state batteries face challenges such as poor chemical stability and high production costs [52][67]. - The cost of materials, particularly germanium used in sulfide electrolytes, is significantly high, impacting overall battery production costs [68][70]. - Manufacturing processes for sulfide solid-state batteries require extremely dry conditions, leading to higher production costs compared to traditional batteries [74][76]. Group 6: Historical Context and Future Outlook - Japan initially led research in solid-state electrolytes but has fallen behind in commercializing these technologies due to a focus on hybrid and hydrogen fuel cell technologies [84][85]. - In contrast, Chinese battery manufacturers have made significant progress in the last decade, positioning themselves to lead in the all-solid-state battery market [87][88].

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is experiencing accelerated industrialization, supported by a 6 billion yuan project from the Ministry of Industry and Information Technology, which covers major domestic enterprises and automakers [1][3] - Domestic automakers are actively investing in solid-state battery technology, with companies like SAIC and Geely making significant advancements [1][6] Key Developments - Toyota has postponed its mass production of solid-state batteries to 2027, while Samsung also plans to start production in 2027 [1][5] - Domestic companies such as BYD and CATL are targeting small-scale production by 2027, with CATL planning to produce chloride solid-state batteries [1][7] - Guoxuan High-Tech has launched a solid-state battery with an energy density of 350 Wh/kg, while Xinwanda aims for a similar energy density by around 2026 [1][8] Market Potential - The solid-state battery market is projected to reach 10 GWh by 2025 and 600 GWh by 2030, with a market size estimated at 250 billion yuan [1][24] - The industry is expected to remain competitive and diverse, with multiple companies vying for market share as core technology bottlenecks are overcome [1][25] Technical Challenges - Solid-state batteries have reached vehicle testing levels, but challenges remain in achieving large-scale stable production, particularly concerning yield rates and consistency [1][12] - The purity and particle size of lithium sulfide, a key raw material, must meet high standards (99.99% purity) for effective production [1][15] International Comparison - Domestic companies are on par with international leaders like Panasonic and Toyota in terms of technological progress, with some second-tier companies also showing advantages in key technologies [1][9] - Japanese companies have delayed their production timelines, indicating potential issues in their development processes [1][5] Future Trends - The solid-state battery industry is expected to see significant developments from 2025 to 2027, with a focus on optimizing safety, efficiency, and cost [1][30] - Multiple electrolyte routes (sulfide, oxide, polymer) are being explored, with sulfide being the most promising but not yet fully established [1][10][11] Investment Opportunities - The solid-state battery supply chain is entering an industrialization phase, presenting numerous investment opportunities in materials, equipment, and other sectors [2][3] Conclusion - The solid-state battery industry is poised for growth, with substantial government support and advancements from domestic companies. However, technical challenges and international competition will shape its future trajectory.

Core Viewpoint - The article emphasizes the significance of all-solid-state batteries as a core direction for next-generation battery technology due to their high safety, energy density, and wide temperature adaptability [1][2]. Group 1: Industry Challenges and Innovations - Major economies like China, Japan, and South Korea have incorporated solid-state battery technology into their national strategies, yet challenges such as poor air stability, high interfacial resistance, and complex mass production processes remain [2]. - The industry consensus suggests that the commercialization of sulfide technology requires breakthroughs in material modification, process innovation, and industry chain collaboration [2]. Group 2: Company Solutions and Product Development - Ruigu New Materials presented a "full-scenario solution" at the CIBF2025 exhibition, addressing the pain points of industrialization by developing a diverse product matrix that includes precursor materials, solid electrolyte materials, composite additives, and solid electrolyte membranes [3]. - The company focuses on two core development goals for sulfide solid electrolytes: high ionic conductivity and precise control of particle size, achieving a maximum ionic conductivity of 12 mS/cm in its S2 series products [4]. - Ruigu's S4 series solid electrolyte products exhibit unique material properties, such as flexibility and excellent compatibility between the anode, cathode, and electrolyte layers, enhancing performance during battery formation [5]. Group 3: Breakthroughs in Material Properties - The N series sulfide solid electrolytes developed by Ruigu demonstrate dual breakthroughs in water solubility and oxidation resistance, addressing the issue of hydrogen sulfide generation in traditional sulfide electrolytes [6]. - These materials can dissolve in water without performance degradation and show good performance in high-humidity applications, making them suitable for use as coating materials and functional additives [6]. Group 4: Production Capacity and Commercialization - Ruigu New Materials has overcome the mass production bottleneck of sulfide electrolytes, with a 100-ton production line expected to be operational by mid-June 2023 and a 1,000-ton line under construction [7]. - The company’s advancements in production technology are set to facilitate the transition of sulfide electrolytes from a bottleneck material to a commercially viable product [7]. Group 5: Market Trends and Future Outlook - The global solid-state battery race has entered a new phase of "technological breakthroughs" and "industrialization," with significant progress in material system innovation, cell structure design, and manufacturing process optimization in China [8]. - The anticipated production of 5.2 GWh of solid-state/semi-solid-state batteries in China by 2024 highlights the growing momentum in this sector, despite ongoing challenges in commercialization [8][9].