Core Viewpoint - The article discusses the ongoing 2025 China Solid-State Battery Industry Golden Award selection, highlighting the participation of Aokuan Group and its nominated projects for various awards in the solid-state battery sector [3][10]. Group 1: Company Overview - Aokuan Group, established in 1987, is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise and a national high-tech enterprise [4]. - The company specializes in gel batteries, lithium-ion batteries, and sodium-ion batteries, and is currently developing solid-state batteries for various applications, including photovoltaic energy storage and electric vehicles [4][5]. - Aokuan Group has nearly 100 patents and has led over 10 provincial-level projects, emphasizing its commitment to research and development in solid-state battery technology [4][5]. Group 2: Product and Market Position - The main products of Aokuan Group include semi-solid cylindrical batteries and solid-state soft-pack batteries [6]. - The company has established a strong sales network covering over 100 countries and regions, including North America, Europe, Africa, and Southeast Asia, focusing on providing specialized services to its customers [5][9]. - Aokuan Group has formed deep strategic partnerships with several industry leaders, offering safe, long-cycle, and high-energy-density product solutions [9]. Group 3: Golden Award Details - The Golden Award aims to encourage innovation in the solid-state battery industry and recognize outstanding contributions from leading and innovative enterprises [10]. - The selection process involves self-nomination or recommendation, candidate data review, committee voting, and public announcement of results [10][11]. - The award ceremony is scheduled for November 8, 2025, in Guangzhou, coinciding with the first International Summit on Sulfide All-Solid-State Batteries [11].

Core Viewpoint - The research report on Weilan Lithium Chip (002245) highlights strong performance in three main business areas and promising progress in new directions, leading to an upgraded target price of 26.0 yuan and a "buy" rating [1] Financial Performance - The company's H1 2025 revenue reached 3.7 billion yuan, a 22% year-on-year increase, with net profit attributable to shareholders at 330 million yuan, up 99%, and net profit excluding non-recurring items at 360 million yuan, up 187% [2] - In Q2 2025, revenue was 2 billion yuan, with a quarter-on-quarter increase of 22% and a year-on-year increase of 16%. The net profit attributable to shareholders was 190 million yuan, with a quarter-on-quarter increase of 98% and a year-on-year increase of 35% [2] - The gross profit margin for Q2 was 21.1%, reflecting a quarter-on-quarter increase of 5.5 percentage points and a year-on-year increase of 0.7 percentage points [2] Product and Market Developments - The company shipped nearly 180 million units in Q2, a 30% quarter-on-quarter increase, with profit per unit rising to 0.6 yuan [2] - In the traditional lithium battery sector, H1 2025 revenue was 1.6 billion yuan, a 44% year-on-year increase, with over 200 million units shipped, a 20% increase [2] - The company launched a new semi-solid cylindrical product in July 2025, with an energy density of 350 Wh/kg and a cycle life exceeding 8000 times, with mass production expected by the end of the year [3] Business Segments Performance - The LED business reported H1 2025 revenue of 860 million yuan, a 15% year-on-year increase, with a gross profit margin of 25.6%, up 9.8 percentage points, contributing approximately 100 million yuan in profit, a 214% increase [3] - The metal logistics segment achieved H1 2025 revenue of 1.19 billion yuan, a 3% year-on-year increase, with a gross profit margin of 17.3%, up 2.8 percentage points [3] Operational Efficiency - The expense ratio in Q2 2025 decreased to 7.4%, down 1.5 and 2.5 percentage points quarter-on-quarter [4] - Operating cash flow turned positive year-on-year at 410 million yuan, with a quarter-on-quarter increase of 23% [4] - As of the end of H1 2025, inventory stood at 1.74 billion yuan, a 15% increase from the beginning of the year [4] Profit Forecast and Investment Rating - The company maintains net profit forecasts of 750 million yuan, 1 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 55%, 33%, and 31% [4] - The target price for 2026 is set at 26 yuan, with a price-to-earnings ratio of 30x [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown strong performance in its three main business areas, with significant revenue growth and profitability expected in the coming years [9] - The company is expected to benefit from new product launches and expansions in emerging markets, particularly in the lithium battery sector [9] - Financial forecasts indicate a robust increase in revenue and net profit over the next few years, with a projected net profit of 1.31 billion yuan by 2027 [1][9] Financial Performance Summary - Total revenue for 2023 is projected at 5.22 billion yuan, with a year-on-year decrease of 16.92%, followed by a recovery with 29.38% growth in 2024 [1] - The net profit attributable to shareholders is expected to rise from 140.82 million yuan in 2023 to 1.31 billion yuan in 2027, reflecting a significant year-on-year increase of 246.43% in 2024 [1] - The earnings per share (EPS) is forecasted to increase from 0.12 yuan in 2023 to 1.14 yuan in 2027, indicating strong growth potential [1] Business Segment Performance - The traditional lithium battery segment reported a revenue of 16.0 billion yuan in the first half of 2025, a 44% increase year-on-year, with a projected total shipment of 700 million units for the year [9] - The LED business generated 8.6 billion yuan in revenue in the first half of 2025, with a gross margin of 25.6%, contributing approximately 1 billion yuan in profit [9] - The company is also expanding into new fields such as semi-solid cylindrical batteries, with expected shipments of 1 million units in 2025 and over 10 million units by 2027 [9] Cash Flow and Capital Expenditure - The operating cash flow for the second quarter of 2025 was 4.1 billion yuan, showing a positive year-on-year change [9] - Capital expenditures in the second quarter of 2025 were reported at 1.9 billion yuan, reflecting a decrease of 22% from the previous quarter [9]

Core Viewpoint - The article discusses the advancements in multi-pole ear and semi-solid battery technologies presented by Noda Wisdom at the 2025 Fifth QiDian Two-Wheeled Vehicle Battery Exchange Conference, highlighting their potential impact on the electric vehicle and energy storage markets [1][9]. Group 1: Technology Development - Noda Wisdom's multi-pole ear technology reduces internal resistance and improves battery performance by increasing the number of ear connections, making it more cost-effective compared to traditional designs [10]. - The semi-solid battery developed by Noda Wisdom features a special membrane that withstands temperatures up to 500 degrees Celsius, offering higher safety and energy density compared to conventional products [1][15]. - The company has successfully passed safety tests for all four battery models, including the semi-solid battery, which achieved a 100% success rate in puncture tests [7][1]. Group 2: Product Offerings - Noda Wisdom currently offers four models of cylindrical batteries, with the 18650 and 21700 models being the primary focus, while the 26650 and 32650 models are in small-scale production [5]. - The four battery models cater to various applications, including digital devices, energy storage, electric vehicles, and specialized high/low-temperature environments [7]. Group 3: Market Position and Strategy - Noda Wisdom has established a stable supply chain and completed a full industry chain layout in the lithium-ion battery sector, extending from raw material sourcing to end-use applications [7]. - The company has applied for a total of 51 national patents, including 10 invention patents and 41 utility patents, indicating a strong focus on innovation and intellectual property [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded market expectations, with a net profit attributable to shareholders ranging from 160 to 220 million yuan, representing a year-on-year increase of 63% to 125% [9] - The company achieved a shipment of nearly 180 million units in Q2, a quarter-on-quarter increase of 30%, with a profit per unit rising to 0.6 yuan [9] - The company is expanding into new fields, launching semi-solid cylindrical new products with an energy density of 350 Wh/kg and a cycle life exceeding 8000 times [9] - The LED business showed strong profitability, contributing over 50 million yuan in Q2, with expectations for annual profit contribution of 150 to 200 million yuan [9] - The profit forecast for 2025-2027 has been revised upward due to better-than-expected performance, with net profit estimates of 750 million, 1 billion, and 1.3 billion yuan respectively [9] Financial Summary - Total revenue for 2023 is projected at 5,222 million yuan, with a year-on-year decrease of 16.92% [1] - The net profit attributable to shareholders for 2023 is estimated at 140.82 million yuan, reflecting a year-on-year decrease of 62.78% [1] - The earnings per share (EPS) for 2023 is expected to be 0.12 yuan, with a price-to-earnings (P/E) ratio of 110.53 [1] - The company anticipates total revenue growth of 29.38% in 2024, reaching 6,756 million yuan [10] - The projected net profit for 2024 is 487.84 million yuan, indicating a year-on-year increase of 246.43% [10]

液态锂电池的能量密度已经接近极限，并且存在热失控的风险，为了满足更高的安全性和能量 密度需求，固态电池应运而生。 但全固态电池由于多种技术痛点无法有效解决，故厂家纷纷从半固态电池开始入手，用逐渐减 少电解液的使用量方式来进行技术过渡，半固态电解液含量一般为5%-10%，并加以聚合物/氧 化物固态电解质，此外负极也从石墨体系升级到硅基负极，正极从磷酸铁锂升级至高镍三元/富 锂锰基等，隔膜仍然保留并涂覆有固态电解质涂层。 从半固态电池形态看，方壳和软包被视为较有希望的形态，但圆柱电池呼声较低，因为固态的 电解质与其中的卷绕工艺或有不适配，但随着圆柱电池逐渐放量，半固态技术的圆柱电池也会 有属于自己的空间。 例如今年3月初金杨股份就表示："已给相关客户送样4680大圆柱产品用于研发半固态电 池。"去年4月正利新能也推出首款双重半固态超长续航大圆柱电池——正力·骐龙。比克电池也 基于原位固化的半固态技术方案可以推及到圆柱产品。 今年2月，在2025起点锂电圆柱电池技术论坛现场， 诺达智慧 总经理 江国龙则对半固态圆柱 电池技术进行更深层次解读。 01 半固态圆柱电池技术发展现状 在会议上江国龙向在场同仁介绍了两个内容 ...

2月28日，以"聚集新技术 探索新工艺"为主题的行业首届圆柱电池技术——2025起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会，在 深圳宝安登喜路国际酒店正式举办，现场超200+圆柱电芯及应用、300+电池材料设备配套企业齐聚盛会，携手共探新发展，共创新机遇。 在圆柱电池工艺及智能制造专场环节， 诺达智慧 总经理 江国龙 发表了《半固态圆柱电池技术发展》主题演讲。 图：诺达智慧 总经理 江国龙 以下是速记整理内容： 各位领导，各位行业专家，大家下午好！ 固态电池和半固态电池，大家以前看的都是用在软包电池、方形电池，但是圆柱上很少看到。 首先我先介绍一下诺达智慧，公司2016年建厂，2019年在广西有自己的工厂，2022年开始在广东惠州建立了自己的工业园，主要量产产品 18650-3500mAh和21700-5000mAh圆柱型电池。 我今天想和大家分享的固态电池有两个点： 1.圆柱的固态和半固态。 2.圆柱的全极耳。 为什么大部分公司很少去做固态的圆柱电池呢？电解液在电池的安全性里只占了10-20%的性能，没有液态电解液，其实也不能算是完全安 全，最重要的是在失效时让整体温度不超过正负极主材料的热失控温 ...

聚集新技术 探索新工艺！ 2025年2月28日，由起点锂电、起点研究院（SPIR）联合主办的"2025起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会"在深圳宝安登 喜路国际酒店盛大举办，500+圆柱电池产业链嘉宾齐聚现场，共探行业发展新机遇。 本次技术峰会共包括大会开幕式、圆柱电池技术与创新专场、圆柱电池工艺及智能制造专场、圆柱电池材料体系创新与应用专场、圆柱电池之 夜等5个部分，超20位重磅嘉宾进行发言和演讲，以下是具体内容： 第一部分 大会开幕式 1、起点锂电 创始人 李振强进行主办方致辞 李振强介绍，今年起点平台将举办圆柱、方形、软包三大电池技术论坛，以形成针对电池封装形状的系列活动。而将圆柱电池作为首场论坛主 题，主要基于两点：一是圆柱电池，尤其是全极耳大圆柱电池，去年在技术上取得显著突破；二是在特斯拉等车企的引领下，圆柱电池在轻型 动力、电动两轮车、便携式储能等领域的增速预计将超越方形和软包电池，未来2-3年市场前景广阔。 李振强认为，未来，圆柱电池将以全极耳+大圆柱+铁锂为技术路线，进一步拓展应用场景，持续提升安全性和市场竞争力。 起点锂电 创始人 李振强 2、专场冠名赞助商 逸飞激光 研究 ...