（文章来源：每日经济新闻） 宁德时代（300750.SZ）8月22日在投资者互动平台表示，公司在全固态电池上持续坚定投入，技术处于 行业领先水平，2027年有望实现小批量生产。 每经AI快讯，有投资者在投资者互动平台提问：请问，1、公司固态电池研发进展怎样？ 2、何时小规 模量产？ 3、一开始主要应用于机器人、高端新能源汽车、无人飞机、飞行汽车等高端高价格产品领域 吗？ 4、公司研发的固态电池主要原材料有哪些？路线有哪些？安全性怎样？对成本影响怎样？ ...

#活力中国向新而行# 【动力电池使用量连续8年排名全球第一 解锁宁德时代的成功密码】截至2025年6 月，宁德时代已服务超过2043万辆车，产品累计销往66个国家及地区。目前，宁德时代动力电池市场占 有率为37.9%，连续8年动力电池使用量排名全球第一；储能电池市场占有率为36.5%，连续4年出货量 排名全球第一。8月21日，中青报·中青网记者在参加#活力中国调研行#福建主题采访时了解到上述最新 数据。这家企业缘何能取得如此大的成功？宁德时代国内乘用车技术总工吴镇华介绍了3点原因：注重 研发创新、拥抱智能制造，以及形成了研发、制造、市场的整体数据闭环。 ...

Core Viewpoint - Far East Smarter Energy Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by advancements in smart cable networks, smart batteries, and smart airport services [2][4]. Financial Performance - The company achieved operating revenue of approximately 12.98 billion yuan, a year-on-year increase of 14.38% [2]. - Total profit reached approximately 159.64 million yuan, a substantial recovery from a loss of 167.49 million yuan in the previous year, marking a 195.31% increase [2]. - Net profit attributable to shareholders was approximately 143.51 million yuan, compared to a loss of 129.75 million yuan in the same period last year, reflecting a 210.60% increase [2]. - The net cash flow from operating activities was approximately 433.34 million yuan, a significant improvement from a negative cash flow of 359.09 million yuan [2]. Business Segments Smart Cable Networks - The smart cable network segment generated revenue of approximately 114.86 billion yuan, a year-on-year increase of 11.64% [5]. - The company is a leading player in the cable industry, focusing on high-performance cables for wind power, nuclear power, and renewable energy projects [6][7]. Smart Batteries - The smart battery segment reported revenue of approximately 6.87 billion yuan, a year-on-year increase of 40.13% [10]. - The company is expanding its product offerings in the energy storage market, with a focus on high-capacity lithium batteries and innovative storage solutions [16]. Smart Airports - The smart airport segment achieved revenue of approximately 7.51 billion yuan, a year-on-year increase of 37.46% [11]. - The company is actively involved in major airport projects across China and is expanding its international presence [11]. Industry Trends - The energy sector is experiencing rapid growth, with significant investments in high-voltage power transmission and renewable energy infrastructure [3]. - The demand for artificial intelligence and robotics is driving the need for advanced cable solutions, with market growth projected at substantial rates [3][4]. - The global airport infrastructure market is expected to grow from approximately 77.85 billion USD in 2022 to 139.14 billion USD by 2030, with a compound annual growth rate of 7.5% [4]. Strategic Initiatives - The company is increasing its R&D investments in emerging technologies such as liquid cooling, superconducting materials, and controlled nuclear fusion cables [5]. - Strategic partnerships with leading companies in various sectors are being established to enhance product offerings and market reach [10][14]. - The company is committed to sustainable practices and aims to contribute to the transition towards a green energy structure [5][12].

宁德时代8月22日大宗交易平台共发生2笔成交，合计成交量9.20万股，成交金额2645.01万元。以折溢价 进行统计，今日溢价成交的共有1笔，溢价率最高为0.29%。从参与大宗交易营业部来看，机构专用席 位共出现在1笔成交的买方或卖方营业部中，合计成交金额为1608.21万元。 进一步统计，近3个月内该股累计发生48笔大宗交易，合计成交金额为16.76亿元。 证券时报·数据宝统计显示，宁德时代今日收盘价为287.18元，上涨2.93%，日换手率为0.62%，成交额 为75.44亿元，全天主力资金净流入3.40亿元，近5日该股累计上涨2.69%，近5日资金合计净流出2.12亿 元。 两融数据显示，该股最新融资余额为77.95亿元，近5日减少7.06亿元，降幅为8.30%。（数据宝） 8月22日宁德时代大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 格 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | | 折溢价（%） | | | | 股） | | （元） | | | | | 5.60 | 1608.2 ...

Group 1: Sustainable Alternatives in Mineral Resources - The transition from technological exploration to large-scale application of sustainable alternatives in mineral resources is driven by material innovation, technological penetration, and institutional synergy, aiming to upgrade the mineral supply chain from resource-dependent to value-creating [1] - Breakthroughs in solid-state battery technology are reshaping mineral demand structures, with a new battery design reducing cobalt usage by 60% and increasing energy density by 30%, enhancing safety and lifespan [1] - Innovations in hydrogen fuel cell materials are reducing reliance on precious metals, with non-precious catalysts achieving 85% of the activity of traditional platinum-based catalysts, paving the way for large-scale applications [1] Group 2: Efficiency and Resource Utilization - The adoption of smart mining systems is significantly improving resource utilization efficiency, with a lithium mining company achieving a 15% increase in ore recovery and a 20% reduction in energy consumption through IoT and AI integration [1] - The large-scale application of bio-based materials is transforming mineral consumption patterns, with agricultural waste replacing 30% of traditional clay in ceramics and reducing carbon emissions by 40% [3] - Advances in synthetic materials are replacing high-risk minerals, such as graphene composites substituting copper in electronic components, leading to a 10% weight reduction and a 12% increase in battery range for electric vehicles [3] Group 3: Circular Economy and Resource Recovery - The maturity of mineral recycling technologies is reconstructing the resource supply system, with a battery recycling company extracting nickel, cobalt, and lithium with over 99.5% purity, reducing raw material procurement costs by 30% [3] - The innovation of supply chain collaboration mechanisms is amplifying circular value, exemplified by a multinational mining company using blockchain to enhance material recovery rates to over 90% through a "mineral passport" system [4] Group 4: Regulatory and Policy Developments - The iteration of international initiatives is reshaping industry rules, with the RMI's EMRT2.0 template requiring companies to disclose over 30 data points related to key minerals, enhancing supply chain transparency and compliance [6] - Differentiated regional policy designs are guiding resource allocation, as seen in the EU's conflict minerals regulation, which mandates third-party audits for minerals entering its market, accelerating the green transition of global supply chains [6]

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, while net profit attributable to shareholders decreased by 24.90% to 1.605 billion yuan [1] - Excluding stock incentive expenses and specific bad debt provisions, the net profit attributable to shareholders would be 2.218 billion yuan, reflecting a year-on-year growth of 3.78% [1] - The gross margin was 17.33%, up 0.88 percentage points year-on-year, while the net margin was 6.19%, down 3.73 percentage points year-on-year [1] Group 2: Battery Business Growth - In H1 2025, the company’s power battery shipments reached 21.48 GWh, a significant year-on-year increase of 58.58%, with revenue from this segment amounting to 12.748 billion yuan, up 41.75% [2] - The gross margin for the power battery business was 17.60%, an increase of 6.92 percentage points year-on-year [2] - The company has become the first battery supplier for a leading international automaker's next-generation electric vehicle model, with expectations to reach 20 GWh in shipments of large cylindrical batteries by 2026 [2] Group 3: Energy Storage Battery Performance - The company’s energy storage battery shipments totaled 28.71 GWh in H1 2025, marking a year-on-year growth of 37.02%, with revenue of 10.298 billion yuan, up 32.47% [3] - The gross margin for the energy storage battery segment was 12.03%, a decrease of 2.32 percentage points year-on-year [3] - The company is set to begin mass production of a storage project in Malaysia by early 2026, which will support global deliveries [3]

Core Viewpoint - The article discusses the rapid advancement of polymer-based solid-state batteries, highlighting their unique advantages in performance, manufacturability, and industrial adaptability, positioning them as a leading technology route in the solid-state battery industry [2][3]. Group 1: Performance Breakthroughs - Ionic conductivity has successfully surpassed the critical threshold of 10⁻³ S cm⁻¹ at room temperature through polymer molecular structure design [5]. - The electrochemical stability window has been expanded to 5V by employing main-chain antioxidant modification techniques and in-situ construction of the cathode-electrolyte interface (CEI) [6]. - Thermal stability has been enhanced, with the decomposition temperature of the electrolyte exceeding 200°C, while also exhibiting excellent flame-retardant properties and mechanical strength [7]. Group 2: Manufacturing Advantages - The polymer electrolyte can be directly applied to existing lithium-ion battery manufacturing processes, with equipment modification costs only one-tenth of other solid-state battery processes [9]. - The viscoelasticity of polymers allows for dynamic adaptation to electrode volume changes, resulting in a lower interface impedance growth rate by 1 to 2 orders of magnitude compared to inorganic solid electrolyte systems, enabling charge and discharge without external pressure [10]. - Over 90% of polymer raw materials can be shared with the existing chemical industry chain, eliminating reliance on scarce strategic metals, thus providing strong support for large-scale production [11]. Group 3: Challenges Facing Inorganic Systems - Inorganic systems face significant manufacturing challenges, requiring inert gas atmospheres or extremely low humidity environments, and high-temperature sintering processes that increase energy consumption by 5-8 times compared to lithium-ion batteries [12][13]. - Interface instability and high interface impedance due to rigid contact are major issues for inorganic systems [12][13]. - Safety concerns arise from the combustibility of sulfide electrolytes and the potential for lithium dendrite formation due to cracking [12][13]. Group 4: Commercialization Path Comparison - The polymer system can smoothly integrate with the existing industrial ecosystem through incremental technological improvements, while the inorganic system requires a complete overhaul of infrastructure and supply chains [14][15]. - Capital investment for dedicated production lines for inorganic systems can reach $100-200 million per GWh, which is 10-15 times higher than that for polymer routes [15]. - The supply chain integration cycle for inorganic systems is approximately 5-8 years, exceeding the 3-5 year technology iteration cycle of automotive companies [16]. Group 5: Industrialization Prospects - Polymer-based solid-state batteries are rapidly developing along a path of "improvement—replacement—exceeding," while inorganic systems still face systemic bottlenecks from material innovation to infrastructure [19]. - Based on the current technology maturity curve, polymer-based systems are expected to achieve large-scale application by 2026, becoming the mainstream solution for solid-state batteries [19].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in nickel strips and foils, with precision structural components experiencing significant growth. Solid-state products are expected to contribute additional revenue [7] - The company reported a revenue of 486 million yuan in H1 2025, a year-on-year increase of 25.38%, and a net profit attributable to shareholders of 30.96 million yuan, up 3.49% year-on-year [7] - The company is actively collaborating with leading manufacturers in the solid-state sector, which is anticipated to drive both volume and profit growth [7] Financial Summary - Revenue projections for 2023A to 2027E show an increase from 809.67 million yuan in 2023A to 1,899.73 million yuan in 2027E, with a compound annual growth rate (CAGR) of approximately 32.31% [1] - Net profit attributable to shareholders is expected to grow from 31.61 million yuan in 2023A to 132.89 million yuan in 2027E, reflecting a CAGR of 27.05% [1] - The latest diluted EPS is projected to increase from 0.32 yuan in 2023A to 1.33 yuan in 2027E [1] - The company maintains a stable expense ratio, with a period expense rate of approximately 8.1% in Q2 2025 [7] - The company's total assets are projected to grow from 1,161 million yuan in 2024A to 1,728 million yuan in 2027E [8]

Core Viewpoint - The company reported a significant increase in revenue but a decline in net profit, indicating challenges in profitability despite strong sales growth in the battery sector [3]. Financial Performance - Total revenue for the reporting period reached 28.17 billion yuan, a year-on-year increase of 30.06% [3]. - Net profit attributable to shareholders was 1.60 billion yuan, down 24.90% compared to the previous year [3]. - Net profit excluding non-recurring items was 1.16 billion yuan, a decrease of 22.82% year-on-year [3]. - Basic earnings per share were 0.78 yuan, a decline of 25.00% [3]. - Diluted earnings per share were 0.74 yuan, down 28.85% [3]. - The weighted average return on equity was 4.20%, a decrease of 1.77% from the previous year [3]. Operational Highlights - The company achieved a battery shipment of 21.48 GWh for power batteries, representing a year-on-year growth of 58.58% [1]. - Energy storage battery shipments reached 28.71 GWh, an increase of 37.02% year-on-year [1]. - The company has launched various product lines to cater to low-altitude economy, humanoid robots, and passenger vehicles [2]. Strategic Developments - The company is advancing its global manufacturing and delivery strategy, enhancing its international presence and local operations [4]. - The Malaysian battery production base is the first overseas facility to achieve mass production, covering a full range of consumer, power, and energy storage batteries [4]. - The successful launch of the Malaysian factory is expected to significantly enhance the company's overseas delivery capabilities and expand its influence in Southeast Asia, Europe, and North America [4].

Core Viewpoint - Chery Group has signed a cooperation agreement with Suzhou City to establish a lithium-ion battery production base in Dashan, indicating a significant expansion in the battery sector [1][2]. Group 1 - The project involves a collaboration to build a 20GWh battery production base [1]. - De Yi Energy Technology Co., Ltd. is a key platform for Chery's power battery industrialization, established in March 2022 with a registered capital of 1.8 billion yuan [1]. - De Yi Energy's business scope includes battery manufacturing, battery sales, and automobile sales, and is controlled by Wuhu Aikete Powertrain Co., Ltd., a wholly-owned subsidiary of Chery [1].