Summary of Solid-State Battery Industry Conference Call Industry Overview - The focus is on the solid-state battery industry, highlighting its growth potential and technological advancements [1][2][3]. Key Points and Arguments 1. **Investment Focus**: Investors should concentrate on companies with new technologies in incremental processes or materials, such as dry electrode technology and new anode/cathode materials [2][3]. 2. **Market Valuation**: When assessing lithium battery companies, it is crucial to use a uniform time scale for evaluations, avoiding discrepancies between 2030 demand projections and current valuations of traditional leaders [4]. 3. **Supply and Demand Dynamics**: The lithium battery industry is currently experiencing a shift away from internal competition, with a focus on capacity utilization and the pace of new capacity expansion, which is expected to improve profitability [5]. 4. **Recent Growth Factors**: The recent surge in solid-state battery interest is attributed to good production schedules, equipment bidding guidance, and a significant government subsidy of 6 billion yuan [6][7]. 5. **Subsidy Potential**: The subsidy for solid-state batteries may increase to 7-8 billion yuan, contingent on the results of a mid-term review by the Ministry of Industry and Information Technology [8]. 6. **Market Development**: The solid-state battery market is expected to see significant developments in 2025, with major companies planning to establish large-scale pilot lines and enter the order delivery phase [9]. 7. **Investment Directions**: Key investment areas in the solid-state battery supply chain include equipment and materials, particularly focusing on sulfide electrolytes and anode materials transitioning from silicon-carbon to lithium metal or no anode [10][12]. 8. **Electrolyte Challenges**: Sulfide electrolytes face challenges such as toxicity when exposed to moisture, but advancements like the addition of lithium iodide can enhance their environmental stability [14]. 9. **Anode Material Trends**: The trend is shifting from silicon-carbon anodes to lithium metal or no anode technologies, which are expected to dominate by 2026 due to their advantages in cycle life [13]. 10. **Regulatory Impact**: Environmental regulations are expected to tighten production in the electrolyte and lithium hexafluorophosphate sectors, potentially leading to supply constraints [19]. Additional Important Insights - **Price Transmission Mechanism**: The establishment of a price transmission mechanism in the upstream materials sector is crucial for improving profitability and negotiating power with downstream customers [18]. - **Focus on Equipment**: The solid-state battery equipment market is characterized by significant value and margin improvements compared to liquid batteries, with a focus on companies that can provide comprehensive solutions [21][23]. - **Post-Processing Equipment Importance**: The post-processing equipment in solid-state battery production is critical due to the higher pressures and longer processing times required, leading to increased value per unit of equipment [24]. - **Emerging Companies**: Companies like Jiangcheng Ultrasonic and Lianying Laser are making notable advancements in solid-state battery technologies and are worth monitoring for investment opportunities [26][27]. This summary encapsulates the key insights and developments in the solid-state battery industry as discussed in the conference call, providing a comprehensive overview for potential investors and stakeholders.

Core Viewpoint - Nandu Power has signed an order for an independent energy storage project with a total capacity of 2.8 GWh, utilizing its self-developed 314Ah semi-solid state battery, marking the largest application of semi-solid battery storage globally [2] Group 1: Project Details - The order includes a 1.2 GWh project in Shenzhen and two 800 MWh projects in Shanwei [2] - The projects are expected to consume over 1 billion kWh of renewable energy annually, enhancing the grid's capacity to absorb renewable energy in the Guangdong-Hong Kong-Macao Greater Bay Area and reducing approximately 1 million tons of CO2 emissions [2] Group 2: Battery Technology - The 314Ah semi-solid state battery employs oxide solid-liquid mixed electrolyte and high melting point polymer separator technology, which suppresses lithium dendrite growth, reduces thermal runaway risks, and maintains high ionic conductivity to enhance battery safety and lifespan [2] - This project represents the first commercial application of solid-state battery technology at the GWh level, with operational data expected to support future developments [2] Group 3: Research and Development - Nandu Power began developing solid-state batteries in 2017, with a 30Ah all-solid-state battery expected to resolve the "solid-solid interface" issue by the end of 2024, improving cycle life and rate performance [2] - The 783Ah solid-state battery, set to be released in April 2025, will feature multiple technological improvements to enhance energy density and safety performance [2]