Core Viewpoint - The strategic cooperation framework agreement between Ansheng Technology and Shandong Boyuan Pharmaceutical Chemical Co., Ltd. aims to establish a long-term and stable partnership in the field of solid-state lithium battery materials, focusing on technology development, product supply, market promotion, and equity investment [1][2]. Group 1: Strategic Cooperation - Both parties agree to collaborate on research and technology development in solid-state lithium battery materials, leveraging Ansheng's expertise in sulfide electrolyte preparation and Boyuan's advanced lithium iodide processing capabilities [1]. - The collaboration will involve sharing R&D platforms and forming technical teams to enhance the technological level and industrialization capabilities in the field of solid-state battery key materials [1]. Group 2: Supply Chain and Procurement - A stable supply relationship for raw materials used in solid-state lithium sulfide electrolyte products will be established, focusing on creating a safe, efficient, and cost-competitive supply chain [2]. - Ansheng and its controlling companies will prioritize purchasing lithium iodide and lithium sulfide from Boyuan and its controlling companies under equal market conditions [2]. Group 3: Capital Cooperation - The parties will explore potential cooperation in equity investment to achieve deep integration of resources and long-term binding through capital ties [2]. - They agree to lead different aspects of the business to avoid competition, with Ansheng focusing on solid-state lithium battery cathode materials and Boyuan on key raw materials like lithium iodide [2].

Core Viewpoint - The article highlights the advancements made by the company in the development and commercialization of high-capacity lithium manganese oxide materials, which are crucial for the next generation of solid-state batteries, emphasizing their high energy density and low cost [1][2]. Group 1: Technological Advancements - The company has successfully developed high-capacity lithium manganese oxide materials that can achieve discharge specific capacities of 280-305mAh/g in solid-state battery tests, showcasing industry-leading performance metrics [2]. - The lithium manganese oxide materials are the only ones capable of exceeding 500Wh/kg, making them a significant candidate for high energy density lithium battery cathodes [1][2]. - The company has addressed key technical challenges in ultra-high capacity lithium manganese oxide materials, enabling their application in solid-state batteries [1][4]. Group 2: Commercialization and Market Position - The company has achieved ten-ton level shipments of its lithium manganese oxide materials, marking a successful transition from laboratory development to commercial application [2][3]. - The customer base for the company's lithium manganese oxide materials includes leading lithium battery manufacturers and automotive companies across China, South Korea, Europe, and the United States, receiving high praise for product performance [2][4]. - The company is positioned as a technology leader and pioneer in the solid-state lithium battery materials sector, which may enhance its competitive edge in the global lithium battery materials market [2]. Group 3: Future Developments - To complement the high-voltage lithium manganese oxide materials, the company is developing low-cost, high-voltage halide electrolytes, which are currently in the stabilization preparation phase for large-scale application in solid-state batteries [2]. - As traditional lithium battery cathode materials approach performance limits, the focus on low-cost and abundant manganese-based cathode materials is expected to drive technological advancements in the lithium battery industry [2].

Group 1 - The core viewpoint of the article highlights the challenges and advancements in the solid-state battery industry, including expected shipment volumes and technological developments [1][2] - The global solid-state battery shipment is projected to reach 10 GWh by 2025 and 614.1 GWh by 2030, but faces challenges such as high costs and incomplete supply chains [2] - Domestic technology routes are diverse, with early semi-solid layouts and complete supply chains, while international players like Toyota and Nissan are expected to start mass production after 2027 [2] Group 2 - 中汽新能 plans to equip demonstration models with solid-state batteries by 2026, aiming for energy densities of 400 Wh/kg by 2026 and 420 Wh/kg by 2027 [2] - 当升科技 has achieved 10-ton level batch shipments of solid-state lithium battery cathode materials, utilizing a super-stable fast ion conductor modification process [2] - A new fluorinated polyether electrolyte developed by Tsinghua University enhances solid-state interface contact and ionic conductivity, providing new ideas for high safety and high energy density solid-state batteries [2] Group 3 - The solid-state battery index increased by 1.3% this week, with battery and aluminum-plastic film sectors showing notable gains [3] - From September 22 to September 26, the solid-state battery index rose by 1.3%, with a cumulative increase of 50.4% for 2025, while the CSI 300 index increased by 15.6% [4] - The top five gainers in the solid-state battery sector included 鹏辉能源 (+18.6%), 先导智能 (+17.8%), and 当升科技 (+11.2%), while the top five losers included 中一科技 (-10.2%) and 天铁科技 (-9.7%) [4]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The solid-state battery sector is gradually transitioning from laboratory to mass production validation, with small-scale vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027 [25] - The global solid-state battery shipment volume is projected to reach 10 GWh in 2025 and 614.1 GWh by 2030, although challenges such as high costs and incomplete supply chains remain [24][28] - Recent advancements include the development of a new high-energy-density polymer electrolyte by Tsinghua University, which enhances solid-state interface contact and ion conduction capabilities [27] Summary by Sections Industry Trends - The solid-state battery index increased by 1.3% from September 22 to September 26, 2025, with a cumulative increase of 50.4% since December 31, 2024 [11] - The average performance of solid-state battery-related stocks was -0.4% during the same period, with notable gains in battery and aluminum-plastic film sectors [4][11] Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) is recommended as a key beneficiary in the solid-state battery sector [25] - Dongfeng Motor's solid-state battery plans include a demonstration vehicle set for 2026, with significant progress reported by companies like Dangsheng Technology, which has achieved 10-ton batch shipments of solid-state lithium battery cathode materials [23][29] Market Performance - The top-performing stocks in the solid-state battery sector included Penghui Energy (+18.6%), Xianlead Intelligent (+17.8%), and Dangsheng Technology (+11.2%) [17][26] - Conversely, stocks such as Zhongyi Technology (-10.2%) and Tiantian Technology (-9.7%) experienced significant declines [17][26]

Core Insights - Dongwu Securities reports that Dangsheng Technology has achieved 10-ton level mass production of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery clients [1] - The company has overcome key technical challenges in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - Dangsheng Technology has successfully developed various electrolyte systems for solid-state electrolytes and has achieved scalable supply capabilities [1] Group 1: Product Development - The company continues to build a solid foundation for profitability with ternary structures, while the advantages of iron-lithium are gradually becoming apparent [1] - In the lithium cobalt oxide cathode segment, the company holds over 50% market share for 25H1 rate-type products [1] - The expected shipments for 2025-2027 are projected to be 0.6/0.85/1 million tons, representing year-on-year growth of 100%/42%/18% [1] Group 2: Future Projections - By 2027, all-solid-state NCM is expected to achieve thousand-ton level shipments, while lithium-rich manganese-based materials are anticipated to reach hundred-ton level shipments [1] - The company is developing liquid LRM with medium-high capacity (220-250 mAh/g) and solid-state LRM with high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] - Due to significant improvements in profitability, the company has raised its earnings forecasts for 2025-2027 while maintaining a "buy" rating [1]

Core Viewpoint - Dongwu Securities reports that Dangsheng Technology has achieved 10-ton level mass production of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery customers [1] Group 1: Product Development and Market Position - The company has overcome key technical issues in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - The company has successfully developed various electrolyte systems for solid-state electrolytes and achieved large-scale supply capabilities [1] - The market share of 25H1 rate-type lithium cobalt oxide cathodes exceeds 50%, with expected shipments of 0.6/0.85/1 million tons from 2025 to 2027, representing growth rates of 100%/42%/18% respectively [1] Group 2: Future Projections - By 2027, all-solid-state NCM is expected to achieve thousand-ton level shipments, while lithium-rich manganese-based materials are projected to reach hundred-ton level shipments [1] - The company has developed liquid LRM medium-high capacity (220-250 mAh/g) and solid LRM high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] Group 3: Financial Outlook - Due to significant improvements in profitability, the company has raised its profit forecasts for 2025-2027 and maintains a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to build a solid profit foundation through its ternary materials, with significant advancements in solid-state materials expected to create key competitive advantages [8] - The forecast for the company's net profit has been raised significantly, with expected net profits of 800 million, 1.05 billion, and 1.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 70%, 31%, and 30% [8] - The company is focusing on expanding its market presence in Europe, with a target of 60% of international customers, primarily supplying to major players like LG and SK [8] Financial Projections - Total revenue is projected to recover from 7.59 billion yuan in 2024 to 19.99 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 35.61% from 2025 to 2027 [1][9] - The earnings per share (EPS) is expected to increase from 0.87 yuan in 2024 to 2.51 yuan in 2027, indicating a strong upward trend in profitability [1][9] - The company's price-to-earnings (P/E) ratio is projected to decrease from 73.61 in 2024 to 25.39 in 2027, suggesting improving valuation metrics as earnings grow [1][9] Market Position and Strategy - The company has achieved significant milestones in solid-state lithium battery materials, with 10-ton level shipments and collaborations with multiple solid-state battery clients [8] - The ternary cathode materials are expected to see shipments of 60,000, 80,000, and 110,000 tons from 2025 to 2027, with a year-on-year growth of 50%, 33%, and 38% respectively [8] - The company is also advancing in the production of lithium iron phosphate (LFP) materials, with expected shipments of 110,000, 200,000, and 300,000 tons from 2025 to 2027, reflecting a growth rate of 90%, 100%, and 50% [8]

Group 1: Battery Technology Developments - Funeng Technology has achieved GWh-level shipments of its semi-solid-state batteries, with the second generation offering an energy density of 330-350 Wh/kg and a cycle life exceeding 4000 cycles, positioning it as an industry leader [1] - CE-LINK has launched a new series of mobile power supplies based on polymer semi-solid-state battery technology, featuring an energy density of 629 Wh/L and maintaining over 80% capacity after 300 cycles, with a thickness expansion of less than 10% [4] - Zhongqi New Energy's 100Ah all-solid-state "Jin Yang" battery is set for demonstration applications in 2026, boasting an energy density of 450 Wh/kg [5] Group 2: Strategic Partnerships and Market Expansion - CATL has signed a strategic investment agreement with Likao New Energy to jointly develop the energy storage industry in Yantai, marking CATL's first foray into this region [2] - CATL has established a significant presence in Shandong, with 21 holding companies in the region, including two wholly-owned subsidiaries and three joint ventures [2] Group 3: Material Innovations - Dangsheng Technology has successfully developed solid-state lithium battery cathode materials, achieving 10-ton level batch shipments and demonstrating stable preparation capabilities for high ionic conductivity solid electrolytes [5]

Core Viewpoint - The company, Dangsheng Technology, is making significant advancements in solid-state lithium battery materials, achieving mass production and establishing partnerships with major clients in the industry [1][2][3][4][5][6][7]. Group 1: Solid-State Lithium Battery Materials - Solid-state lithium battery cathode materials have reached a production scale of 10 tons, showcasing high energy density and safety [1]. - The company has developed lithium-rich manganese-based materials that address key technical challenges, positioning itself as a leader in the industry [2]. - Solid electrolytes with high ionic conductivity have been successfully developed, enabling stable production and large-scale supply capabilities [3]. Group 2: Diverse Material Business - The company has secured over 10 billion yuan in orders for ternary materials, establishing deep collaborations with international giants like LGES and SK on [4]. - Lithium cobalt oxide products have achieved performance breakthroughs, leading to mass supply for high-end digital products and major lithium battery manufacturers [5]. - Phosphate (manganese) lithium products have seen significant sales growth, with monthly shipments nearing 10,000 tons and a total production capacity expected to reach 120,000 tons [6]. Group 3: International Market and Financial Performance - The proportion of international customers is increasing, with the construction of a Finnish base to meet local demand from global clients [7]. - In the first half of 2025, the company reported revenue of 443.25 million yuan, a year-on-year increase of 25.17%, and a net profit of 31.12 million yuan, up 8.47%, indicating a recovery in operational performance [7].

Core Viewpoint - The company, 当升科技, has made significant advancements in various lithium battery materials and is actively developing international markets [1] Group 1: Product Developments - The company has achieved 10-ton level batch shipments of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery customers [1] - In the area of lithium-rich manganese-based materials, the company has overcome key technical challenges and developed medium-high capacity and ultra-high capacity products [1] - The company has successfully developed multiple electrolyte systems for solid-state electrolytes and has achieved large-scale supply capabilities [1]