Core Viewpoint - Taihe Technology announced on November 14 that its solid-state electrolyte lithium titanium aluminum phosphate can be applied in oxide solid-state batteries, currently in the pilot test stage [2] Company Summary - Taihe Technology is developing solid-state electrolytes for use in advanced battery technologies [2] - The company is currently in the pilot testing phase for its lithium titanium aluminum phosphate electrolyte [2] Industry Summary - The application of solid-state electrolytes is a significant advancement in the battery industry, particularly for oxide solid-state batteries [2] - The ongoing development and testing of solid-state technologies indicate a trend towards more efficient and safer battery solutions in the market [2]

Core Viewpoint - The 2025 Qidian Solid-State Battery Industry Annual Conference and the Golden Ding Award Ceremony focused on new technologies and collaborative ecosystem building in the solid-state battery industry, highlighting the industry's development trends and opportunities [1][3]. Group 1: Conference Overview - The conference included five main segments: opening ceremony and SSBA Solid-State Battery Alliance launch, solid-state battery technology sessions, solid electrolyte and key materials technology sessions, solid-state battery manufacturing and smart manufacturing sessions, and the Golden Ding Award ceremony [3][4]. - Over 500 key enterprises and 1,000 high-level representatives from the solid-state battery industry gathered to discuss new trends and opportunities [1][3]. Group 2: Keynote Speeches - Li Zhenqiang, founder of Qidian Solid-State Battery, emphasized the significant growth of China's lithium battery market, which has expanded from tens of billions to a trillion-level market, and highlighted the emergence of solid-state batteries as a new technological inflection point [4][6]. - Qin Tao, Chairman of Ruitian Technology, pointed out that while traditional lithium batteries dominate the market, solid-state batteries are becoming the key development direction due to their high safety and energy density [6][8]. Group 3: Technical Sessions - The SSBA Solid-State Battery Alliance was established to empower member enterprises and promote development through resource sharing [10]. - Various experts presented advancements in solid-state battery technologies, including breakthroughs in sulfide electrolytes, composite solid electrolytes, and engineering challenges in solid-state battery production [11][12][17][19][21]. Group 4: Industry Challenges and Innovations - Challenges in the solid-state battery industry include high production costs, complex manufacturing processes, and the need for improved material stability [12][19][21]. - Innovations discussed included modular equipment solutions for sulfide and oxide electrolyte systems, advancements in solid-state battery materials, and the development of high-performance manufacturing processes [12][19][21][22]. Group 5: Awards and Recognition - The Golden Ding Award recognized outstanding contributions in the solid-state battery industry, celebrating achievements in technology and innovation [64][66].

Core Insights - The article discusses the advancements and market potential of oxide solid-state batteries, highlighting their safety and energy density advantages over traditional liquid batteries [1][2][8] - It emphasizes the expected growth trajectory of the solid-state battery market, with projections indicating a significant increase in global shipments by 2030 [1][8] Industry Overview - Oxide solid-state batteries utilize oxide materials as solid electrolytes, replacing organic electrolytes and separators in traditional lithium-ion batteries, thus enhancing safety and energy density [1][2] - The most promising electrolyte type is the garnet-type LLZO, which exhibits high ionic conductivity and stability [3][4] Market Projections - By 2027, small-scale production of solid-state batteries is anticipated, with global shipments expected to reach 614 GWh by 2030, of which nearly 30% will be solid-state batteries [1][8] - In China, the solid-state battery market is projected to exceed 100 billion yuan by 2030, with oxide electrolytes expected to capture over 70% of the market share by 2025 [10][11] Policy Support - The Chinese government has introduced multiple policies to support the development of the solid-state battery industry, providing a clear framework for technological advancement and commercialization [5][6] Industry Chain Structure - The industry chain for oxide solid-state batteries in China is well-defined, with upstream resources including lithium and zirconium, midstream battery manufacturing, and downstream applications in electric vehicles and energy storage [5][6] Application Areas - The primary application for oxide solid-state batteries is in electric vehicles, where they are expected to enhance safety and energy density, with companies like BYD planning to launch new models featuring these batteries [7][8] - Other applications include consumer electronics and energy storage systems, where the demand for high energy density and safety is increasing [7][8] Competitive Landscape - The competition in the oxide solid-state battery sector is intensifying, with major players like CATL and BYD leading the charge in research and production [12][14] - New entrants are also emerging, leveraging unique technologies to enhance competition and drive industry progress [14][17]

Group 1 - The core viewpoint is that oxide solid-state batteries are a type of solid-state battery, primarily using oxide materials as electrolytes, such as lithium aluminum titanium phosphate (LATP) and lithium lanthanum zirconium oxide (LLZO) [1] - The advantages of oxide batteries include high safety, high energy density, long cycle life, and relatively low research and development costs [1] - Oxide batteries are expected to play a significant role in various fields, including electric vehicles, energy storage systems, consumer electronics, and energy systems [1] Group 2 - Taihe Technology's solid-state electrolyte, lithium aluminum titanium phosphate (LATP), is currently in the pilot testing stage and has not yet generated sales [1] - The company has not initiated research and development for other oxide battery-related materials [1]

Report Overview - Date: August 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] - Report Type: Carbonate Lithium Futures Daily Report [1] Industry Investment Rating - Not provided Core View - The short - term carbonate lithium futures are expected to stop falling and recover, with attention on the 77,000 support level. The current high supply pressure persists, but the inventory inflection point is looming as the downstream peak season approaches and social inventories have been decreasing for two weeks [9]. Summary by Section 1. Market Review and Operation Suggestion - Market performance: Carbonate lithium first rose and then fell. The main contract of carbonate lithium futures once rose above 81,000 due to market speculation about the suspension of Yifeng mines, but then declined as market risk preference dropped in the afternoon. Total trading volume increased while total open interest decreased, indicating a strong sentiment of capital leaving the market [9]. - Spot and futures: The spot price of electric - carbon decreased by 100 to 81,600. The spot premium over the 09 contract was 2,540, slightly higher than the previous day. As the 09 contract approaches the delivery month, the futures and spot prices are expected to converge [9]. - Raw material prices and production profits: The prices of Australian ore and lithium mica ore remained flat. The production profit of salt plants using purchased lithium spodumene narrowed to 1,988, and the production loss of salt plants using purchased lithium mica widened to 2,946. Despite this, salt - plant production enthusiasm remains high, and high supply pressure persists [9]. - Downstream product prices: The price of 5 - series power ternary materials remained flat, while the price of lithium iron phosphate decreased by 30. The upstream and downstream of the industrial chain showed resistance to price drops [9]. 2. Industry News - Energy innovation achievements: During the "High - quality Completion of the 14th Five - Year Plan" press conference, the National Energy Administration stated that during the 14th Five - Year Plan, new energy patents accounted for over 40% globally, and new energy technologies set new world records. New energy models and formats are booming, and new tracks are emerging, becoming an important source of new - quality productivity development [12]. - Company development: Del股份 is deeply involved in oxide solid - state battery technology, has built a sample trial - production line in Shanghai, and is accelerating the construction of a pilot line in Huzhou. Its products have obtained international certification, and it is promoting cooperation with automobile manufacturers and the implementation of diversified application scenarios [12]

Core Viewpoint - Chinese laser manufacturing leader HaiMuxing has successfully transitioned its solid-state battery technology from the lab to mass production, positioning itself as a frontrunner in the solid-state battery sector while many global battery giants are still in the experimental phase [1][2]. Group 1: Company Developments - HaiMuxing has confirmed that its solid-state battery production line equipment is not only supplied to Xinjie Energy but also to a "certain globally leading new energy technology company," likely identified as Zhongchuang Xinhang, a top domestic power battery manufacturer [1][2]. - The equipment provided by HaiMuxing covers critical processes in the manufacturing of sulfide solid-state batteries, including coating, rolling, and stacking, indicating the company's strong technical integration and innovative R&D capabilities [1][3]. Group 2: Industry Insights - The industry consensus suggests that the mass production of sulfide solid-state batteries is expected around 2028, and HaiMuxing's recent disclosures indicate that Zhongchuang Xinhang's sulfide solid-state battery technology is advancing towards industrialization faster than market expectations [2]. - HaiMuxing's dual strategy of developing both oxide and sulfide solid-state battery technologies allows it to mitigate risks associated with relying on a single technology path, thus capturing a valuable time window ahead of competitors still in the experimental phase [4][5]. Group 3: Competitive Landscape - The competition in solid-state batteries fundamentally revolves around high-end manufacturing capabilities, with HaiMuxing's successful projects with Xinjie Energy and Zhongchuang Xinhang showcasing its strong technical prowess and commercial expansion abilities [5][6]. - The advancements made by Chinese companies in the core manufacturing equipment segment signal a shift from being followers to becoming peers and even leaders in the future battery industry landscape [6].

Core Viewpoint - Ganfeng Lithium's IPO prospects have been severely impacted by a past insider trading incident, leading to a loss of investor confidence and a collective withdrawal of shareholders from Ganfeng Lithium's subsidiary, Ganfeng Lithium Battery [2][4][8]. Group 1: Insider Trading Incident - The insider trading incident occurred in November 2022, when Ganfeng Lithium engaged in illegal stock trading during a sensitive period, resulting in regulatory penalties [4][5]. - The China Securities Regulatory Commission (CSRC) imposed fines and penalties on Ganfeng Lithium, which directly affected Ganfeng Lithium Battery's ability to pursue an independent IPO due to regulatory restrictions [5][6]. Group 2: Shareholder Withdrawal - A total of 23 shareholders opted to sell their entire stakes in Ganfeng Lithium Battery, signaling a lack of confidence in the company's future and confirming the failure of the IPO gamble [2][8]. - The collective withdrawal of shareholders indicates a significant loss of trust in Ganfeng Lithium's management and future prospects [8]. Group 3: Financial Performance - Ganfeng Lithium Battery reported a profit of 164 million yuan in 2023, but this positive trend did not continue into 2024, with a loss of approximately 52.94 million yuan reported for the first nine months [10]. - Ganfeng Lithium's parent company, Ganfeng Lithium Industry, has also faced declining profits, with a projected net loss of 1.4 to 2.1 billion yuan for 2024, marking the first annual loss since its listing in 2010 [11]. Group 4: Market Conditions - The lithium carbonate price has plummeted from 600,000 yuan per ton in 2021 to 75,000 yuan per ton in 2024, representing a decline of 87.5%, which has severely impacted profit margins [14]. - Ganfeng Lithium's core business has seen a significant drop in gross profit margin from 49% in 2022 to 10.34% [14]. Group 5: Strategic Responses - In response to the financial downturn, Ganfeng Lithium is exploring new technologies such as solid-state batteries and diversifying into the photovoltaic sector, although these strategies face significant challenges [16][17]. - The company's expansion into the solar energy market has raised concerns among analysts regarding the risks associated with entering a volatile industry amid declining lithium prices [17].