格隆汇9月26日丨新宙邦(300037.SZ)在投资者互动平台表示，公司在固态电解质领域的研究投入多年， 截至目前，新宙邦（含子公司）固态电解质相关专利申请累计超过30件。公司的参股公司深圳新源邦科 技有限公司已建立全体系固态电解质材料研发、测试及生产平台，并已实现百吨级量产和销售，客户反 馈良好，公司也正积极与下游客户合作推进进一步的产业化应用，按照客户未来需求对产能进行积极布 局，以应对市场的挑战和机遇。 ...

Core Viewpoint - The company is actively expanding the applications of its polyethylene glycol (PEG) products in various sectors, including pharmaceuticals, lithium battery new energy, and daily chemicals, while continuing research and development for other uses [1] Group 1: Product Applications - The company's PEG products are primarily used in pharmaceutical excipients, active pharmaceutical ingredients, lithium battery new energy, and daily chemicals [1] - The company is currently supplying PEG to Fulin Precision for use in lithium battery cathode materials [1] Group 2: Research and Development - The company is still in the research and development phase for PEG materials and has not yet supplied solid electrolyte materials to solid-state battery manufacturers [1] - The company is continuously exploring additional applications for polyethylene glycol [1]

Core Viewpoint - The company, Xilong Science, engaged with investors during the 2025 Guangdong Investor Collective Reception Day, discussing its business layout, product applications, and project progress [1][2]. Group 1: Business and Product Overview - Xilong Science has established a strategic layout in semiconductor new materials, including wet electronic chemical blending workshops, stripping liquid production lines, etching liquid production lines, ultra-pure reagents, and semiconductor material workshops [3]. - The company sells solid electrolyte materials, such as sulfides, through its official e-commerce platform "Youliao.com," with applications varying based on customer usage scenarios [3]. - The phosphate iron lithium cathode materials produced by the company are applicable in power batteries and energy storage batteries [3]. - Silver powder produced by the company is utilized in the photovoltaic sector [3]. - The company's electronic chemicals for the PCB sector include general types like acids, bases, and solvents, as well as functional wet electronic chemicals such as etching liquids, stripping liquids, and deburring liquids [3]. Group 2: Project Progress and Financial Performance - The first phase of the phosphate iron lithium cathode materials project has been completed and put into production [3]. - From January to June 2025, the revenue from lithium battery cathode materials reached 134,612,912.47 yuan, representing a significant increase compared to the same period last year [3]. - The second phase of the project, with a capacity of 30,000 tons, will be developed based on market demand and development planning, with timely disclosures to be made if information disclosure requirements are met [3]. - Regarding performance commitment compensation, the company disclosed on April 30, 2025, that it is not expected to pay additional cash compensation, with the remaining equity transfer payment and the value of the remaining equity in the target company expected to cover the performance compensation cap [3].

Group 1 - The company announced the establishment of a joint venture focused on the research and industrialization of solid-state electrolyte materials [2] - The joint venture was approved during the company's fifth board meeting held on August 17, 2025 [2] - The joint venture has completed its business registration and obtained a business license from the Dongying Economic and Technological Development Zone Market Supervision Administration [2]

Group 1: Solid-State Battery Developments - The company has made comprehensive layouts in solid-state batteries, with oxide electrolyte production capacity at the hundred-ton level and expected sulfide electrolyte shipments at the ton level by 2025 [3] - Various types of rigid skeleton membranes have been developed, enhancing energy density and safety of solid-state batteries [3] - The company plans to increase R&D investment and market development in the solid-state battery sector [3] Group 2: Business Expansion and Orders - The company is actively expanding production both domestically and internationally to increase market share amid rapid growth in the new energy sector [3] - Strategic cooperation agreements were signed with several leading battery manufacturers in Q4 of the previous year, positively impacting operational performance [3] Group 3: Lithium Battery Separator Safety - The company's separators, including nano-fiber coated and polyimide coated types, provide critical safety support for lithium batteries, effectively delaying thermal runaway [4] - Over 100 million square meters of nano-fiber coated separators have been shipped, indicating strong market demand [4] Group 4: Market Trends and Pricing - The price of dry-process separators has seen a nearly 30% increase by mid-2025, with further price rises expected due to supply-demand dynamics [6] - The company opposes price wars and prioritizes quality, aiming to enhance profitability through strategic customer management [6]

Core Viewpoint - The company Xinzhou Bang (300037) has established a solid-state electrolyte material research, testing, and production platform through its subsidiary Shenzhen Xinyuanbang Technology Co., Ltd. [1] Group 1 - The oxide electrolyte has reached the stage of mass production and sales [1] - Other types of electrolyte technologies are also being developed and produced [1] - The company is actively planning future production capacity based on customer demand [1]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its global capacity expansion and leading membrane technology [3]. Core Insights - The company reported a revenue of 1.898 billion yuan for H1 2025, a year-on-year increase of 14.78%, while the net profit attributable to shareholders decreased by 58.53% to 100 million yuan [1]. - In Q2 2025, the company achieved a revenue of 1.009 billion yuan, reflecting a 7.45% year-on-year growth and a 13.50% quarter-on-quarter increase, but the net profit dropped by 60% [1]. - The company is actively advancing in the solid-state battery sector, with significant production capacity achieved in oxide electrolytes and plans for ton-level shipments of sulfide electrolytes in 2025 [2]. - The company is expanding its global footprint, with a new production facility in Malaysia expected to produce 2 billion square meters of lithium-ion battery separators annually upon reaching full capacity [2]. - The company is also focusing on semiconductor materials as a second growth curve, leveraging over 20 years of experience in new energy materials [3]. Financial Projections - Revenue projections for 2025-2027 are 4.333 billion, 5.467 billion, and 6.682 billion yuan, with year-on-year growth rates of 22.4%, 26.2%, and 22.2% respectively [4]. - The net profit attributable to shareholders is expected to be 330 million, 580 million, and 825 million yuan for the same period, with growth rates of -9.2%, 75.5%, and 42.3% respectively [4]. - The projected PE ratios for 2025, 2026, and 2027 are 50, 28, and 20 [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]

Core Viewpoint - The article discusses the advancements and future directions in solid-state battery technology, highlighting the importance of solid electrolytes and the ongoing research and development efforts by various companies in the industry [5][6][22]. Group 1: Solid-State Battery Developments - Solid-state batteries are recognized as a crucial direction for the continued development of lithium batteries, with significant attention from society and support from national policies [5]. - Current projects aim to develop high-energy-density solid-state lithium batteries with energy densities of 350Wh/kg (single cell) and 260Wh/kg (system) [5]. - Innovations in solid electrolyte materials have achieved a conductivity of 10mS/cm and energy densities reaching 369.93Wh/kg, with ongoing large-capacity battery cycle tests [5]. Group 2: Research and Innovations - Research teams are combining ionic liquids with traditional organic electrolytes to enhance charging performance at high rates [6]. - New composite solid-state electrolytes with high ionic conductivity (0.78mS/cm) and excellent mechanical properties are being developed [6]. - Companies are focusing on improving the stability and cost-effectiveness of solid-state batteries while enhancing energy density from 300Wh/kg to over 500Wh/kg [10]. Group 3: Safety and Production Techniques - Companies like Zhongke Solid Energy are implementing in-situ polymerization techniques for safer solid-state battery production, achieving significant safety performance in tests [11]. - Innovations in manufacturing processes, such as the use of advanced rolling technologies, are being adopted to enhance the production of solid-state battery components [15]. - The development of high-performance solid electrolytes and battery designs aims to eliminate leakage risks and improve energy density for safer energy solutions [11][18]. Group 4: Market Trends and Future Outlook - The solid-state battery industry is expected to enter a new phase starting in 2025, with a focus on material innovation rather than price competition [22]. - Companies are exploring the use of metal-organic frameworks (MOFs) to enhance lithium-ion conduction and improve battery performance [22]. - A clear roadmap for engineering and mass production of solid-state batteries is being established, with significant production capacity planned for the coming years [19].

Group 1: Mining Projects and Production - The Muliang Lithium Mine in Ganzi, Sichuan, has a production scale of 3 million tons/year, with a lithium carbonate equivalent of approximately 70,000 tons. The mine has confirmed Li2O resources of 989,600 tons and an average grade of 1.62%, making it one of the highest-grade lithium mines in Sichuan [3] - The Sabi Star Mine in Zimbabwe has a production scale of 990,000 tons/year, capable of producing approximately 290,000 tons of lithium concentrate annually. The average grade is 1.98%, and the mine has resumed production after a temporary halt for technical upgrades [4] - The company holds a 52.20% stake in the Muliang Lithium Mine, which is expected to increase lithium concentrate supply by 70,000 tons/year upon completion [9] Group 2: Market Conditions and Strategic Decisions - The company is actively seeking high-quality lithium resource projects domestically and internationally due to the ongoing decline in lithium salt prices [5] - Future production adjustments at the Sabi Star Mine will depend on market changes, operational conditions, and the demand from the company's lithium salt factory [4] Group 3: Production Facilities and Innovations - The lithium salt project in Indonesia, with a capacity of 60,000 tons, began trial production in 2024, with core customer certifications progressing towards bulk supply expected in Q3 [6] - The company is investing in solid-state battery technology, with a current production capacity of 500 tons of metallic lithium and plans for a new 2,500-ton capacity project [7][8]