Group 1: Overseas Expansion - The company's Hungary Phase I project is operational, and it is shipping to overseas customers [2] - The U.S. facility is completed, and equipment installation is underway, with samples being sent to overseas clients [2] Group 2: Impact of Solid-State Batteries - Semi-solid batteries still require separators, and some products have been supplied to relevant clients [2] - Full solid-state battery commercialization will take time, needing collaboration across the supply chain and ongoing technological advancements [2] Group 3: Profit Improvement Strategies - The company aims to enhance profitability through global capacity expansion and increasing overseas customer share [3] - Product structure optimization by increasing the proportion of coated films and developing high-value-added products [3] - Implementation of refined management practices to reduce costs and improve operational efficiency [3] Group 4: Key Clients for Overseas Bases - Major clients include LGES, Ultium Cells, and a large overseas automotive company [4] - Contracts include a supply agreement with Ultium Cells for up to $66.25 million worth of separators in 2025 [4] - A supply agreement with LGES for approximately 3.55 billion square meters of separators from 2025 to 2027 [4] - A contract with a well-known U.S. automotive company for about 973 million square meters of separators from 2026 to 2030 [4] Group 5: Industry Landscape and Company Position - The separator industry is undergoing consolidation due to price competition, with the company maintaining steady sales growth [5] - The company is positioned as a global leader in the separator market, focusing on accelerating globalization and enhancing competitiveness [6] Group 6: Solid-State Battery Developments - The company has established capabilities for mass production of semi-solid battery separators [7] - Research and production efforts are underway for lithium sulfide and solid electrolyte membranes in the full solid-state sector [7] Group 7: Competitive Barriers in Overseas Markets - The company has established overseas production capacity and a strong customer base, along with a robust intellectual property framework [8] - It was one of the first in the Chinese lithium battery industry to establish overseas production, with significant capacity in Hungary and the U.S. [8] - Long-term partnerships with global battery manufacturers enhance its market position [8]

文 ｜ 吴威辰 王喆 李越 敖翀 刘易 汪浩 柯迈 刘宇飞 侯苏洋 於学鑫 宁德时代在2 0 2 4年4月CIBF上表示2 0 2 7年可实现全固态电池小批量生产；比亚迪电池CTO孙华 军在2 0 2 5年2月1 5日的CASIP年度会议上表示比亚迪的全固态电池将在2 0 2 7年批量示范应用， 2 0 3 0年实现"固液同价"并大规模商用；2 0 2 5年2月2 5日的电动汽车百人会上，欧阳明高院士表示 全固态电池预计在2 0 2 7年实现批量装车，并于2 0 3 0年大规模量产装车。据此来看，行业对全固态 电池开启装车的时间线向2 0 2 7年收敛，并预期2 0 3 0年大规模商用，我们认为市场也将逐渐凝聚共 识，2 0 2 7年批量示范装车，意味着技术路线更明晰，如从单一硫化物到硫、卤化物混配，同时， 装车启动，锂电设备先行、锂资源也将打开新增量。 ▍ 材料端：固态电解质先行，关注受益行业β的交集环节。 预计材料端将形成两条主线：1）全新的增量固态电解质环节：路线逐步定型，产业化可期。 此 前市场倾向于将氧化物、聚合物、硫化物三大路线并行作为趋势，实际上，卫蓝新能源、清陶能 源量产的半固态电池均以氧化物 ...