Core Viewpoint - The article discusses the advancements in solid-state battery technology, particularly focusing on halide solid electrolytes, which are seen as a promising solution to the limitations of traditional liquid electrolyte batteries [1][10]. Group 1: Event Overview - The 2025 (10th) Lithium Battery Industry Annual Conference and the Lithium Golden Tripod Award Ceremony were held in Shenzhen, gathering over 800 attendees to discuss core topics in lithium batteries, materials, and equipment [1]. - The event included a forum on user-side energy storage and battery technology, emphasizing the exploration of technological breakthroughs and safety challenges [1]. Group 2: Technical Insights - Traditional liquid batteries face significant issues, including flammability, lithium dendrite growth, and limited temperature ranges, which hinder energy density improvements [5][6][7][8]. - Solid-state electrolytes are proposed as a key enabling technology for next-generation batteries, offering enhanced safety, longer cycle life, and higher energy density [10]. Group 3: Halide Solid Electrolytes - Halide solid electrolytes have gained attention due to their room temperature ionic conductivity reaching 10^-3 S/cm, making them competitive with liquid electrolytes [11]. - They exhibit better electrochemical compatibility with high-voltage cathodes and have unique potential in safety and cycling stability [11]. - The development history of halide solid electrolytes shows significant progress since 2018, marking the emergence of the second generation with improved ionic conductivity [12]. Group 4: Comparative Analysis - Halide solid electrolytes offer a balance of ionic conductivity, mechanical properties, and electrochemical stability compared to sulfide and oxide solid electrolytes [14][15]. - While sulfide electrolytes have the highest ionic conductivity, they are sensitive to air and humidity, whereas halides provide better oxidation stability and lower costs [14]. Group 5: Future Directions - The company plans to advance its first-generation halide products into pilot testing, focusing on performance validation in soft-pack batteries [19]. - The second-generation halide materials will continue to optimize electrochemical performance and expand the application range of solid electrolyte systems [20]. - The company, headquartered in Shenzhen, aims to integrate high-end equipment, new processes, and new materials into its product development strategy [20].

Investment Rating - The report rates the electrical equipment industry as "Positive" [5] Core Insights - The core challenge in the engineering of all-solid-state batteries lies in pressure management, which is crucial for ion conduction and material contact [2][15] - The initial pressure and stacking pressure are critical factors affecting battery performance, with low stacking pressure being essential for stable operation [2][49] - The report anticipates demonstration vehicle applications for all-solid-state batteries by 2027, with consumer scenarios potentially starting earlier [2] Summary by Sections 1. Core Challenges in All-Solid-State Battery Engineering - The primary difficulty is managing pressure to ensure effective solid-solid contact, which is essential for ion conduction [15] - Initial pressure during manufacturing and maintaining stacking pressure during operation are both critical to battery performance [15] 2. Initial Pressurization in All-Solid-State Batteries - Initial pressure helps achieve material densification, which is vital for solid-solid interface contact [26] - Key processes include roller pressing, isostatic pressing, and high-pressure formation, with isostatic pressing showing significant potential [26][29] 3. Stacking Pressure in All-Solid-State Batteries - Maintaining appropriate stacking pressure is necessary to address challenges such as uneven interface contact and lithium dendrite growth [49] - Low stacking pressure is a trend in the industry, with a consensus target below 10 MPa, and automotive applications suggesting even lower limits [51][52] 4. Relevant Industry Chain and Progress - Investment opportunities are identified in roller pressing, isostatic pressing, high-pressure formation equipment, and in materials such as sulfide and composite electrolytes [3][9]

Core Viewpoint - Solid-state batteries exhibit superior performance and have a wide range of applications, with accelerated industrialization processes both domestically and internationally [5]. Group 1: Advantages of Solid-State Batteries - Solid-state batteries have higher energy density and better safety compared to liquid batteries, with energy density expected to reach over 500 Wh/kg [15][11]. - They can operate under extreme conditions without the risk of combustion or explosion due to the use of non-volatile solid electrolytes [15]. - The design of battery cells, modules, and systems is simplified due to the non-flowing nature of solid electrolytes, optimizing the PACK design [15]. Group 2: Solid Electrolyte Technologies - Solid electrolytes are the core component of solid-state batteries, with various technology routes including polymers, oxides, sulfides, and halides, with sulfides being the most widely accepted due to their high ionic conductivity [16][14]. - Each type of solid electrolyte has its advantages and disadvantages, with sulfides offering excellent processing advantages and flexibility [16]. Group 3: Production Challenges - The mass production of solid-state batteries faces challenges such as the interface contact between solid electrolytes and electrodes, as well as the engineering issues related to cost reduction [19][22]. - Key challenges include ensuring the stability of the solid-solid interface and the large-scale preparation of sulfide solid electrolytes, which significantly impact the commercial viability of solid-state batteries [22][19]. Group 4: Domestic and International Industry Landscape - Major domestic battery manufacturers have clarified their technology routes, focusing on sulfide electrolytes and aiming for small-scale production by 2027, with energy density targets around 400 Wh/kg [26][23]. - Internationally, companies in the US and Japan are advancing rapidly, with many planning to achieve large-scale production of solid-state batteries by 2030 [27][25]. - Policies in China are accelerating the development of solid-state batteries, with significant support from government agencies aimed at achieving commercial applications by 2026 [29][31].

Core Viewpoint - The company has made significant progress in the field of solid-state electrolytes, focusing on reducing material costs and developing high ionic conductivity halide solid-state electrolytes through a dual approach of "energy-type + fast-charging type" [1] Group 1: Company Developments - The company has successfully trialed halide solid-state electrolyte samples and completed the first round of electrochemical testing, achieving an ionic conductivity of 1.5-2 mS/cm, demonstrating good conductivity performance [1] - Compared to sulfide systems, the halide electrolyte offers three main advantages: a wider electrochemical window that can stably match high voltage platforms above 4.3V, improved stability with simplified manufacturing processes, and lower raw material and manufacturing costs [1]

Financial Performance - The company reported a total revenue of 86.48 million yuan for the first half of 2025, a decrease of 45.57% year-on-year [1] - The net profit attributable to shareholders was -72.41 million yuan, down 70.96% year-on-year [1] - The gross margin was 6.21%, a decline of 55.09% compared to the previous year [1] - The net margin was -87.86%, a decrease of 221.54% year-on-year [1] - Total expenses (selling, administrative, and financial) accounted for 41.33% of revenue, an increase of 111.16% year-on-year [1] Cash Flow and Financial Health - The company's cash flow situation is concerning, with cash and cash equivalents at 158 million yuan, down 38.47% year-on-year [2] - The average operating cash flow over the past three years has been negative, indicating potential liquidity issues [2] - The ratio of cash to current liabilities is only 23.38%, suggesting limited financial flexibility [2] Product Development and Innovation - The company has successfully trial-produced a dry electrode equipment prototype, which is currently in the parameter adjustment and technical validation phase [3] - The dry electrode technology differs from traditional methods by eliminating the need for a film-making process, allowing for a more efficient production [3] - The company has achieved significant progress in solid-state electrolyte development, with halide solid electrolyte samples completed ahead of schedule [4] Material Development and Market Expansion - The company has maintained stable cooperation with major 3C clients for optical adhesives and tapes, with planned shipments proceeding as scheduled [5] - In the Micro LED sector, the company has made notable advancements in mass transfer films, with small batch shipments already achieved [6] - The water vapor barrier film has been successfully delivered to a flexible perovskite manufacturer, marking a breakthrough in this area [7]

Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery industry is currently experiencing stagnation in overall performance, but capital expenditures on equipment are accelerating, leading to increased recommendations and conference calls [2][3] - The industry is gradually leaning towards sulfide routes for solid-state batteries, with major domestic manufacturers like BCC actively exploring these solutions [1][6][9] Key Developments - A pilot production line for solid-state batteries is being established, expected to be completed by the end of this year, focusing on large cell production (590 mm standard length, 80-100 Ah) [2][3] - Current production capacity is limited to a few hundred batteries per day, indicating that the pilot line is not yet at gigawatt-hour scale [1][4] - Major manufacturers are planning small-scale production of high-nickel cathode batteries by 2027 and a combination of high-nickel ternary and lithium-rich manganese cathode batteries by the end of 2025 [1][9] Technical Insights - The energy density of single cells is above 400 Wh/kg, but grouping them results in a decrease in energy density. Cycle life is approaching 1,000 cycles, meeting solid-state battery goals, but requires significant pressure to ensure conductivity [10] - Fast charging technology faces bottlenecks, with current pilot lines supporting 1C fast charging, but higher rates require further optimization of material systems and interface processing [11][13] - The solid-state battery preparation routes include liquid phase, solid phase, and carbothermal reduction methods, with no clear best route established yet [3][16] Material and Design Considerations - The main cathode materials remain high-nickel ternary and lithium-rich manganese, with sulfide lithium primarily used to optimize interfaces rather than as a cathode material [14][15] - The industry is recognizing the need to integrate halides to solve cathode issues and polymers for anode problems, leading to a more practical design approach [6][9] - The current market for silicon-carbon anode materials is limited, with a small percentage of adoption in the liquid electrolyte base [31] Future Projections - Solid-state technology is expected to see small-scale production by 2027 and commercialization by 2029, with large-scale production line construction potentially accelerating in 2028 [32] - The capital expenditure for solid-state technology is anticipated to remain stable, focusing on dry coating for cathodes and other specialized equipment [33] Challenges and Risks - Lithium metal batteries face significant challenges, including dendrite formation and membrane puncture leading to short circuits, despite their high energy density potential [8][19] - The commercial viability of lithium metal anodes remains uncertain, with most companies still focusing on silicon-carbon solutions [19][20] Conclusion - The solid-state battery industry is at a critical juncture, with ongoing developments in technology and production capabilities. However, challenges in fast charging, material optimization, and commercial scalability remain significant hurdles to overcome.

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the **halide solid-state electrolyte** technology, which is considered a breakthrough for the next generation of solid-state batteries [2][5]. Core Insights and Arguments - **Research Progress**: Significant advancements in halide solid-state electrolytes were highlighted at the Second China All-Solid-State Battery Innovation Development Summit held in February 2025. The research began in 2018, with breakthroughs in chloride and bromide halides showing sufficient ionic conductivity and stability, achieving 1 mS/cm at room temperature [2][5]. - **Technical Challenges**: The main challenges include humidity stability and the interface with the anode. Humidity sensitivity can reduce ionic conductivity, which can be improved through doping or coating. The anode interface is prone to reactions that lead to capacity decay, necessitating interface modification or composite electrolyte designs [2][6]. - **Commercial Viability**: Balancing performance and cost is crucial for commercial applications. Early halide materials relied on rare earth elements, making them expensive. However, since 2021, zirconium-based non-rare earth materials have emerged as a cost-effective alternative, despite initially lower ionic conductivity [2][7]. - **Recent Breakthroughs**: In 2023, a zirconium-based 4.75 chloride oxide solid-state electrolyte achieved a room temperature ionic conductivity of 2.42 mS/cm, with a cost of $11.6 per kilogram, laying a foundation for commercialization [2][8]. - **Patent Activity**: There has been a rapid increase in patent applications for halide solid-state electrolytes since 2016. Panasonic leads with 74 patents, while domestic companies like the Automotive Power Battery Research Institute and Honeycomb Energy follow with 17 and 13 patents, respectively. In the period from 2024 to March 2025, domestic manufacturers added 25 new patents, indicating accelerated development [2][9]. - **Automaker Innovations**: Domestic automakers, such as Geely, have made significant strides, obtaining 8 patents in 2024. Their self-developed oxychloride zirconium lithium solid-state electrolyte demonstrated good humidity stability, with minimal ionic conductivity loss [2][10]. - **Battery Manufacturer Developments**: Leading battery companies like CATL and BYD have made notable advancements. CATL introduced a doped sulfide solid-state electrolyte with an ionic conductivity of 1.15 mS/cm, while Honeycomb Energy developed a chloride-oxide composite lithium metal anode system with a conductivity of 7.5 mS/cm [2][11]. Additional Important Content - **Preparation Methods**: Various preparation methods for halide solid-state electrolytes include solid-phase synthesis, liquid-phase synthesis, and gas-phase synthesis, each with its own advantages and challenges [2][6]. - **Future Outlook**: The halide solid-state electrolyte technology is expected to play a crucial role in the future of solid-state batteries, with ongoing research aimed at overcoming existing technical challenges and enhancing commercial viability [2][12].