Core Viewpoint - The article discusses the advancements and challenges of anode-free battery technology, highlighting its potential for higher energy density and lower costs compared to traditional lithium-ion batteries. It also addresses the technical issues such as lithium dendrite growth and SEI film instability, along with solutions being explored by companies like CATL and BYD [2][5][9]. Group 1: Advantages of Anode-Free Technology - Anode-free batteries offer higher energy density due to higher discharge voltage and reduced weight and volume, achieving a mass energy density of 650 Wh/kg and a volume energy density of 1300 Wh/L [5][6]. - The technology simplifies the manufacturing process by reducing the need for metallic lithium, thereby lowering overall battery costs [6]. Group 2: Key Challenges - Lithium dendrite formation poses a significant risk, as lithium ions directly deposit on the current collector, leading to uneven growth and potential short circuits [9]. - The instability of the SEI film, which can break and reform during lithium deposition and stripping, consumes active lithium ions and reduces battery capacity [10]. Group 3: Solutions to Challenges - Solutions focus on four main areas: current collector modification, SEI film stabilization, lithium supplementation, and electrolyte optimization [16]. - Modifying current collectors involves creating a three-dimensional structure to enhance surface area and lithium affinity, which helps suppress dendrite growth [17][18]. - Optimizing electrolytes includes using high-concentration solutions to minimize side reactions and potentially employing solid-state electrolytes [16]. Group 4: Industry Progress - CATL announced its "self-generating anode" technology, which improves energy density by 60% in volume and 50% in mass, while enhancing ion conductivity by 100 times and reducing active lithium consumption by 90% [25]. - BYD has patented a porous sponge-like current collector that gradually increases lithium affinity, achieving a porosity of 40-60 wt%, which helps accommodate lithium ions and reduce dendrite formation [30].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies, but it suggests a focus on companies involved in the anode-free battery technology, indicating potential investment opportunities. Core Insights - Anode-free battery technology allows lithium ions to deposit directly on the current collector surface, leading to higher energy density and lower costs compared to traditional batteries. However, challenges such as lithium dendrite growth and SEI film stability remain critical issues to address [8][15][19]. - The report highlights significant advancements in the industry, particularly with companies like CATL and BYD, which are developing proprietary technologies to enhance battery performance and stability [8][40][45]. - The report recommends focusing on Zhongyi Technology, which has a strong position in the copper foil sector and is advancing in anode-free technology, particularly with its lithium-copper composite anode materials [8][49][55]. Summary by Sections 1. Anode-Free Technology Concept - Anode-free batteries differ from traditional lithium-ion and lithium metal batteries by not preloading active materials on the anode current collector, allowing for direct lithium ion deposition [11][15]. - This technology offers higher energy density (650 Wh/kg) and lower costs due to reduced reliance on lithium metal [15][19]. 2. Industry Progress of Anode-Free Technology - CATL launched its "self-generating anode" technology in April 2025, achieving a 60% increase in volumetric energy density and a 50% increase in mass energy density [40]. - BYD has patented a porous sponge-like current collector that enhances lithium ion deposition and reduces dendrite growth, significantly improving battery cycle life [45][46]. 3. Related Companies - Zhongyi Technology has been a key player in the copper foil industry for over a decade, focusing on high-performance electrolytic copper foil for lithium batteries and electronic circuits [49][55]. - The company has shown consistent revenue growth, with a notable increase in operating income from 2.197 billion to 4.786 billion from 2021 to Q1 2025, despite fluctuations in net profit due to industry supply and demand dynamics [57][58].