Financial Data and Key Metrics Changes - For Q1 2025, revenues were $6.3 million, a significant decrease compared to the same period in 2024, where revenues were approximately double [4][19] - Gross profit for Q1 2025 was $500,000, resulting in an 8% gross margin, down from $1.5 million and a 10% gross margin in Q1 2024 [5] - The net loss for Q1 2025 was $15.5 million, which included $12.5 million in non-cash expenses, compared to a net loss of $3 million in Q1 2024 [6][7] - Cash balance at the end of March 2025 was $2.5 million, down from $4.6 million at the end of 2024 [7] Business Line Data and Key Metrics Changes - Revenue from commercial customers increased to 53% in Q1 2025 from 16% in Q1 2024, indicating a shift towards enterprise customers [4] - International customers contributed 25% of total revenue in Q1 2025, up from 11% in Q1 2024 [4] - Non-government sales grew by 41% year-over-year, demonstrating the effectiveness of the diversification strategy [23] Market Data and Key Metrics Changes - The U.S. Federal Government's halt on electric vehicle infrastructure acquisitions has negatively impacted revenue, as over half of the previous year's revenue came from federal orders [19][20] - State and local government sales remain strong, with indications of increased activity from California and other municipalities [24] Company Strategy and Development Direction - The company is focusing on diversifying its product offerings and geographic reach, particularly in Europe and other international markets [10][22] - The management believes that the acquisitions made in recent years have significantly enhanced the company's growth potential and market presence [13][38] - The strategy includes expanding the sales team and leveraging external sales resources to increase market penetration [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in future quarters despite current challenges, emphasizing the importance of their diversification strategy [10][28] - The company is optimistic about the potential for significant growth in Europe, the Middle East, and Africa [27][35] - Management acknowledged the impact of tariffs but remains hopeful for a reversal of the worst effects, which could improve margins [29][30] Other Important Information - The company has no debt and sufficient cash to continue operations, positioning itself well for future growth [10][39] - The goodwill impairment of $10.8 million was recognized due to a decline in market capitalization, but management believes this does not reflect the true value of the company's assets [6][16] Q&A Session Summary Question: How is the product mix between EV ARC and new products expected to evolve? - Management is enthusiastic about the adoption of new products like Beam Patrol and Beam Bike, expecting orders to increase in 2025 and beyond, while still seeing growth in EV ARC [44][47] Question: What is the current state of manufacturing capacity in Europe? - The company has significant manufacturing capacity in Europe, with the potential to produce five times more units than in the U.S., although supply chain issues remain a concern [58][63] Question: How will resiliency be emphasized in the product line? - Resiliency is a key aspect of the company's offerings, with products designed to operate during blackouts and natural disasters, which is increasingly relevant in various markets [66][70]

Core Viewpoint - The article highlights significant advancements in solid-state battery technology by leading companies in the industry, including CATL, XianDiao Intelligent, and BTR, indicating a strong push towards commercialization and production capabilities in the coming years [1][2]. Group 1: CATL - CATL expects to achieve small-scale production of solid-state batteries by 2027, with a focus on high energy density of up to 500Wh/kg for its condensed state batteries [1]. - The collaboration with COMAC on civil electric passenger aircraft projects is a key initiative, emphasizing adherence to aviation standards for safety and quality [1]. - The company's upcoming Hong Kong listing is anticipated to enhance its global strategic positioning and capitalize on the energy transition opportunities [1]. Group 2: XianDiao Intelligent - XianDiao Intelligent has successfully established a complete production process for solid-state batteries, covering all key equipment and solutions [1]. - The company has formed partnerships with several leading industry players and has delivered production equipment to clients in Europe, America, Japan, and South Korea, receiving positive feedback and repeat orders [1][2]. Group 3: BTR - BTR has announced that its solid-state battery materials are ready for mass production, including both semi-solid and all-solid battery materials [2]. - The company’s materials are applicable in digital and power sectors, with mass production contingent on validation from downstream cell manufacturers and automotive companies [2]. - BTR specializes in the research, production, and sales of lithium-ion battery anode and cathode materials, with a focus on various advanced materials [2].

China Battery Chartbook May 2025 Eric Shen Goldman Sachs (Asia) L.L.C. +852-2978-7954 eric.shen@gs.com Trina Chen Goldman Sachs (Asia) L.L.C. +852-2978-2678 trina.chen@gs.com Qiying Wei Goldman Sachs (Asia) L.L.C. +852-2978-6426 qiying.wei@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report ...

Group 1 - The ChiNext 50 Index has shown a strong increase of 2.42%, with notable gains from constituent stocks such as AVIC Chengfei (+18.95%), Lens Technology (+7.53%), and Sungrow Power Supply (+6.53%) [1] - The ChiNext 50 ETF managed by Harvest has seen a trading volume of 17.9959 million yuan with a turnover rate of 4.71% [4] - The ChiNext 50 ETF has experienced significant growth in scale, increasing by 22.8794 million yuan over the past three months, and its shares have grown by 57 million over the same period [4] Group 2 - The valuation of the ChiNext 50 Index is currently at a historical low, with a price-to-book ratio (PB) of 4.56, which is lower than 84.1% of the time over the past five years, indicating strong value for investors [4] - The top ten weighted stocks in the ChiNext 50 Index account for 64.53% of the index, including companies like CATL, Dongfang Wealth, and Mindray [4] - Recent market trends have shifted towards small-cap growth stocks, driven by themes such as DeepSeek and humanoid robots, with a prevailing focus on small-cap growth styles [4] Group 3 - Short-term economic and trade high-level talks are becoming a focal point, with a positive outlook for A-shares to gradually rise amid fluctuations [5] - Industry allocation recommendations include focusing on AI applications, innovative pharmaceuticals, and the "new consumption" sector within the broader consumer market [5] - Thematic investment suggestions include military industry and self-controlled sectors [5]

【九点特供】很够人形机器人企业爆单了!宇树王兴兴表示未来2至5年智能机 器 人重 心 在 端 到 端 大 模 型, 分 析 师 看 好 大 模型 为 具 身 智 能 提 供 落 地 可 能 性, 这 家 公司已交付了一台搭载大模型的机器人 2025-05-1208:19星期一 往期回顾:近期《九点特供》跟踪梳理军工、机器人等方向的资讯并加以解读,提及多只大 涨的上市公司。4月30日盘前,栏目追踪海外市场,指出夜间霍尼韦尔涨5.4%,公司业绩超 预期,维持了全年增长指引,这一增长主要来自于航空航天部门销售额的强劲表现,提及军 工概念上市公司爱乐达。其在5月7日、8日大幅走高，截至5月8日收盘，其四日最高涨幅达 !! 44. 59%。 | 个股 | 友布日期 | 而场逻辑 | 5日蒙昌张唱 | | --- | --- | --- | --- | | 爱乐达 | 4月30日 0812 | 霍尼韦尔涨54%,公司业绩超预期。维持了全年增长指 | 44. 59% | | | | 引。这一增长主要来自于航空航天部门销售额的强劲表现 | | | 晨晴航空 | 5月8日08:15 | 目前巴基斯坦的空军主力战机已基本中国化, ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **global energy storage** and **battery** industry, focusing on key players such as **CATL**, **SK Innovation**, **Samsung SDI**, and **Tianqi Lithium**. Core Insights and Arguments 1. **CATL's Hong Kong IPO**: CATL is planning to launch its share sale in Hong Kong during the week of May 12, with expectations to raise at least **$5 billion**, marking it as the largest IPO in the city in four years [3] 2. **SK Innovation's Financial Struggles**: SK Innovation reported a **net loss of Won 125.6 billion (US$88.4 million)** in Q1, attributed to falling oil prices and declining refining margins, despite increased battery sales [3] 3. **New Battery Safety Standards**: CATL's batteries comply with new Chinese safety standards effective from July 2026, which require batteries to avoid fire or explosion during thermal runaway events [3] 4. **SK IE Technology's Business Challenges**: SK IE Technology is struggling to sell its battery separator business and has halted plans for a new production facility in North America due to financial constraints and market conditions [3] 5. **Samsung SDI's Product Launch**: Samsung SDI will showcase its new high-density battery at the **2025 Interbattery Europe** exhibition, targeting the AI data center market [3] 6. **Hyundai and Kia's EV Strategy**: The companies plan to focus on budget-friendly electric vehicles (EVs) for both developed and emerging markets next year [3] 7. **Tianqi Lithium's Return to Profit**: Tianqi Lithium reported a net income of **CNY 104.3 million (US$14 million)** in Q1, recovering from previous losses due to increased production and sales [4] 8. **Albemarle's Market Outlook**: Albemarle anticipates continued pressure on high-cost lithium producers, with about **40% of global supply** at or below breakeven, and a third idled [8] 9. **LG Energy Solution's Recycling Initiative**: LG plans to establish a joint venture with Derichebourg to build a battery recycling plant in France, expected to process over **20,000 tonnes per year** [7] 10. **Porsche's Battery Production Reevaluation**: Porsche is reassessing its battery production plans, increasing expected special expenses from **€0.8 billion to €1.3 billion** due to slower EV uptake [7] 11. **BMW's Battery Factory Completion**: BMW has completed the central building of its new battery assembly plant in Bavaria, which will utilize large-volume cylindrical cells [7] 12. **Norway's EV Market Share**: In April, **97%** of new car registrations in Norway were electric, indicating a strong market for EVs [7] Additional Important Insights - **Market Dynamics**: The battery market is experiencing a divergence in performance among manufacturers, with some facing significant challenges while others adapt to new market conditions [19] - **Long-term Demand Growth**: Despite current price pressures, demand for lithium and batteries is expected to double in the long term, driven by the expansion of electric vehicles and energy storage systems [8] - **Investment Trends**: The industry is seeing a slowdown in investment for new projects due to low prices, which could hinder future supply growth [8] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the energy storage and battery industry.

Group 1 - CATL is seeking a loan of approximately $1 billion for investment in an Indonesian project, with negotiations ongoing for a potential 5 to 7-year term loan [2] - CATL launched the world's first 9MWh ultra-large capacity TENER Stack energy storage system, which improves volume utilization by 45% and energy density by 50% compared to traditional systems [3] - Shenyang EVE Lithium Energy announced a tender for outdoor road pipeline and traffic marking projects with a budget of 22 million yuan [4] Group 2 - Chuangneng New Energy signed a strategic cooperation agreement with UK-based Immersa for a 2.5GWh energy storage project, aiming for collaboration over the next five years [5] - Wuhan Chuangneng announced a 100 billion yuan investment in a 50GWh energy battery storage and logistics project, focusing on research, manufacturing, and sales [6] - Changsha Fudi Battery's expansion project for a 19GWh battery production line has received environmental approval [7] Group 3 - Zhongxin Innovation will gain control of the listed company Suoao Sensor, which specializes in automotive components and has partnerships with several new energy vehicle manufacturers [8] - Xinnengda established a new company in Beijing with a registered capital of 10 million yuan, focusing on energy storage technology and battery manufacturing [9] - Jiangsu Jieyuan's 20GWh energy storage lithium battery manufacturing project is progressing, with the first phase expected to be completed by Q3 this year [10] Group 4 - Shanxi Housheng's 16 lithium battery separator production lines have been fully operational, with an annual capacity exceeding 2 billion square meters [12] - Zhongwei Semiconductor completed angel round financing and is a key supplier of solid-state battery materials [13] - Zhejiang Dinghao's second-phase factory passed the factory audit by Envision Energy, indicating compliance with high standards [14] Group 5 - A project for the annual recovery of 30,000 tons of waste lithium batteries has been initiated in Yunnan, utilizing existing facilities for comprehensive recycling [20] - A project for the tiered utilization of 100,000 retired power lithium battery packs has been announced in Shandong, with a total investment of 12 million yuan [21] - By April 29, 2025, China had registered 14,600 battery recycling-related enterprises, a 13.9% increase from the previous year [22] Group 6 - SAIC Group's vehicle and battery project has officially settled in Shanghai Lingang, with an initial investment of 6 billion yuan [25] - Geely plans to acquire all issued shares of Zeekr Intelligent Technology, aiming for a complete merger [26] - Chery Automobile has submitted a listing application to the Hong Kong Stock Exchange, seeking to raise $1.5 billion for new energy vehicle development [28] Group 7 - BMW reported Q1 2025 revenue of 33.758 billion euros, a year-on-year decline of 7.8%, with a net profit decrease of 26.4% [33] - Volvo's battery subsidiary Novo Energy announced a 50% workforce reduction due to cost control measures [31][32]

Core Viewpoint - Nandu Power has showcased its advanced energy storage solutions, including the Center L Max 8.338MWh energy storage system and various high-capacity batteries, emphasizing significant improvements in energy density and safety [1][2]. Group 1: Product Innovations - The Center L Max 8.338MWh energy storage system features a self-developed large-capacity solid-state battery, achieving a 167% increase in energy density compared to conventional systems [1]. - The 30Ah solid-state battery has an energy density of 350Wh/kg and has passed multiple safety tests, ensuring it does not catch fire or explode [1]. - The 587Ah energy storage battery boasts an energy density greater than 430Wh/L, a cycle life of up to 15,000 times, and an energy efficiency exceeding 96% [1][2]. Group 2: Manufacturing Techniques - Nandu Power employs a stacking process for battery production, which enhances energy density and maintains structural integrity, avoiding stress concentration issues found in traditional winding processes [2][3]. - The 783Ah energy storage battery also utilizes the stacking technique, improving space utilization and energy density while ensuring low internal resistance [3]. Group 3: Market Positioning - Nandu Power's focus on safety and performance through innovative manufacturing techniques positions it favorably in the growing energy storage market, where demand for higher capacity and safety standards is increasing [2].

Core Viewpoint - The Fourth Solid-State Battery Conference and Silicon-Based Anode Industry Innovation Conference aims to accelerate commercialization and upgrade the industry chain in the context of global energy transition and emerging markets such as electric vehicles and AI [1]. Group 1: Conference Overview - The conference will be held from July 3-5, 2025, in Ningbo, Zhejiang, focusing on solid-state batteries and silicon-based anodes, addressing the core demands of low cost and high performance [1]. - The event will feature top experts, entrepreneurs, and capital market participants to share innovations and explore deep cooperation [1]. Group 2: Key Participants and Innovations - Dongfeng Motor Corporation has made significant advancements in solid-state battery technology, showcasing a semi-solid-state battery and planning to test full solid-state batteries in models by August 2025, aiming for over 1000 km range [2][3]. - GAC Aion is focusing on solid-state battery development, with plans to disclose progress at an upcoming technology day, emphasizing the importance of core technology breakthroughs [4]. - Zhongke Goneng has developed the world's first rollable sulfide solid-state electrolyte membrane, marking a significant milestone in mass production capabilities [5]. - Wanxiang OneTwoThree has achieved safety breakthroughs in semi-solid-state battery technology, with a self-developed energy density of 350 Wh/kg [6]. - Jinyu New Energy has introduced high-power semi-solid-state batteries and a no-anode battery series, achieving energy densities exceeding 300 Wh/kg [7]. - Jiangsu Guxin Energy focuses on solid-state batteries for specialized applications, producing batteries that can operate in extreme temperatures and have high energy density [8]. - Sichuan Huayi Qing Innovation Materials specializes in low-cost, high-capacity silicon-based materials for lithium-ion batteries, recently completing a financing round to enhance R&D [9]. Group 3: Conference Agenda Highlights - The conference will include roundtable discussions on the current status of solid-state battery industrialization and applications, advancements in solid-state sodium batteries, and key material developments [14]. - Special sessions will focus on the industrialization of silicon-based anodes and innovative preparation methods for low-cost porous carbon [14].

Group 1 - SES is launching its AI4S solution "Molecular Universe" for battery applications in a roadshow in China on May 14 at 15:00 [1] - The potential of AI in battery innovation is highlighted, emphasizing its limitless possibilities [2]