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]

Group 1: Company Products and Production Capacity - The company's all-solid-state products include lithium sulfide, sulfide solid electrolytes, and sulfide solid electrolyte membranes. The lithium sulfide production line is currently in trial production, with a ton-level solid electrolyte production line established and a thousand-ton pilot production line planned [2][3]. - The company has established a joint venture, Jiangsu Sanhe Battery Material Technology Co., Ltd., with Beijing Weilan New Energy Technology Co., Ltd. and Liyang Tianmu Xian Dao Battery Material Technology Co., Ltd., holding 51% of the shares. It has two production lines capable of mass production [2][3]. Group 2: Market Orders and Collaborations - From 2025 to 2030, Beijing Weilan New Energy is expected to place orders totaling no less than 300 million square meters for semi-solid and all-solid-state battery electrolyte membranes, and no less than 100 tons for all-solid-state battery electrolytes [3]. - The company has signed a procurement framework agreement with Beijing Weilan New Energy, which stipulates that 80% of its material needs will be sourced from Shanghai Enjie and its controlled affiliates [3]. Group 3: Research and Development Focus - The future research direction for sulfide solid electrolytes involves developing products with better air stability, as the current manufacturing process requires isolation from water and oxygen [4]. - The company aims to optimize the particle size and morphology of solid electrolytes to improve conductivity and energy density [8]. Group 4: Cost and Safety Considerations - The cost of semi-solid separators is currently high due to raw material expenses, but market demand for differentiated products is expected to drive down costs as production scales up [5]. - Soft-packaging for solid-state batteries is considered safe, as it has been validated in liquid batteries. The design allows for gas and heat release in case of thermal runaway, reducing explosion risks compared to rigid structures [6]. Group 5: Market Positioning - The company views all-solid-state batteries as currently having higher costs compared to liquid lithium batteries, which offer better cost-performance ratios. All-solid-state batteries are expected to find applications in niche markets such as aerospace and deep-sea exploration [7][8].

Core Viewpoint - The industry consensus on the timeline for solid-state battery deployment has converged to 2027 for small-scale production and 2030 for large-scale commercialization, indicating a clearer technological roadmap and increased demand for lithium resources and equipment [1][2][11]. Group 1: Solid-State Battery Deployment Expectations - Leading battery manufacturers and experts have indicated that solid-state batteries are expected to begin small-scale production by 2027, with large-scale commercialization anticipated by 2030 [2]. - The convergence of expectations suggests a clearer technological path, transitioning from single sulfide to mixed sulfide and halide materials, which will drive demand for lithium battery equipment and resources [2]. Group 2: Materials Sector - The materials sector is expected to develop along two main lines: the establishment of new solid-state electrolyte routes and the shared materials benefiting from the solid-state battery industry [3][4]. - The solid-state electrolyte routes are likely to stabilize, with a focus on sulfide materials by major players like CATL and BYD, while conductive agents and silicon anodes are projected to see increased usage in solid-state batteries [4]. Group 3: Equipment Sector - The lithium battery equipment sector is showing signs of recovery, with expectations for a dual rebound in orders and performance by 2025 as major manufacturers ramp up production capacity [5][6]. - The transition to solid-state battery manufacturing is expected to drive new investment in equipment, particularly as the industry prepares for significant advancements in production technology [6]. Group 4: Resource Sector - The demand for zirconium, a key raw material for oxide electrolytes, is projected to increase significantly, with expectations of reaching 78,000 tons by 2030, which is 395 times the demand in 2023 [7]. - The industrialization of sulfide and lithium metal anodes is expected to double lithium consumption, with significant advancements in production capabilities being reported [7]. Group 5: Future Events in the Solid-State Battery Industry - Major events in 2025 include the unveiling of Hyundai's solid-state battery production line and the Shanghai Auto Show, which are anticipated to be key platforms for solid-state battery developments [8]. - The introduction of new models featuring semi-solid-state batteries by SAIC's MG brand is expected to occur in Q2 2025, potentially marking a significant milestone in the commercialization of semi-solid-state battery technology [8].