Summary of Key Points from Conference Call Industry Overview - The solid-state battery industry is gradually recovering from a downturn, with a clear sales orientation and conservative procurement practices observed at the CIBF battery exhibition [1][3] - New national standards for battery safety will be enforced in July 2026, favoring leading manufacturers who can meet these stringent requirements [4] Solid-State Battery Developments - Solid-state battery technology has made significant progress domestically, but still lags behind leading Japanese companies in dry process equipment performance [5] - Companies like Haopeng Technology and Naconor are excelling in dry homogenization and coating equipment, facilitating the application of domestic equipment in solid-state product production [1][5] - The main challenge for solid-state batteries is cost, with pilot line capital expenditures being high, leading to initial applications being concentrated in high-end fields such as drones and robotics [6] Sodium-Ion Battery Insights - The sodium-ion battery supply chain is maturing and is beginning to replace lead-acid batteries in specific applications, although competition is intensifying [1][7] - Acceptance of semi-solid products from second and third-tier companies remains low, despite positive communication regarding orders from overseas clients in sectors like drones and robotics [8] Key Players and Innovations - Notable companies such as Yuyuan New Materials and Zhongke Shenlan have received recognition for their solid-state and semi-solid products at the CIBF exhibition [9] - Defu Technology has demonstrated significant innovation in carrier copper foil technology, addressing lithium metal deposition issues, which enhances the feasibility of mass production [10] - Domestic equipment manufacturers are performing well in the lithium battery equipment sector, with many pilot lines utilizing domestic equipment [11][12] Market Outlook and Investment Recommendations - The solid-state battery industry is expected to scale up to GWh-level production lines within two to three years, aligning with major automakers' expectations for commercial production by 2027-2028 [2][17] - Investors are advised to focus on companies with core upgrade capabilities, including Honggong Technology, Naconor, CATL, and Guoxuan High-Tech [2] Challenges and Future Considerations - The cost of solid-state battery production is a significant hurdle, with pilot line costs being approximately 40% higher than liquid-state batteries, and potential long-term costs being two to three times higher [6][16] - Sodium-ion batteries need to achieve cost advantages to compete effectively against lithium iron phosphate batteries, with ongoing efforts required to reduce costs and improve energy density [15][16]