当前，锂电行业扩产红利渐显，固态电池等新兴赛道加速推进。利元亨凭借现金流与盈利改善筑牢的财 务根基，叠加技术护城河支撑的主业优势，正处于发展的关键节点。随着降本控费持续显效、新订单逐 步落地，公司有望在聚焦主业的道路上持续突破。而随着锂电扩产周期重启及新兴场景落地，后续订单 落地与海外拓展进度值得关注。(CIS) 这一态势也标志着业绩拐点的显现，2025年第二季度单季归母净利润达2059.05万元，较第一季度增长 60.62%，延续了自2025年第一季度扭亏以来的增长态势。这主要得益于两方面：一是控本降费措施成 效放大；二是项目周期缩短带来成本优化，双重因素共同推动盈利水平改善。 经营性现金流净额的转正，是业绩改善最核心的印证，而这一成果的取得，离不开控本降费、主业聚焦 与收支管控的协同支撑。报告期内，公司经营性现金流净额达2.24亿元，同比由负转正。一方面，回款 端强化客户沟通机制，推动长账龄应收账款回收；另一方面，支出端通过严控资本开支、调整供应商账 期，叠加费用下降，经营性现金流出减少，实现了现金流的健康循环。 在锂电设备深耕中，技术护城河的价值持续释放。作为电池装配线及模组/Pack线龙头，公司在固态 ...

Core Viewpoint - The article discusses the launch of Zhuhai's long-term development plan for the solid-state battery industry, highlighting key companies and their technological focuses, indicating a significant push in this emerging field in China [1][2]. Summary by Sections Key Companies - Xinjie Energy focuses on oxide solid electrolytes and lithium metal anode technology, achieving an impressive energy density of 480Wh/kg for its "Falcon" lithium metal solid-state battery, with plans to produce a 5GWh production line this year [2]. - Gaoneng Times is developing sulfide solid-state batteries, having completed the development of a 20Ah solid-state cell and plans to establish a 300MWh pilot production line in collaboration with Nanfu Battery by 2025 [2]. - Zhuhai Guanyu has not publicly disclosed its solid-state battery technology but has indicated promising safety and cycle life in its laboratory samples, warranting future attention [3]. Development Goals - The plan aims to cultivate semi-solid batteries with energy densities exceeding 350Wh/kg and all-solid batteries over 400Wh/kg, promoting applications in various sectors including energy storage and consumer electronics [3][4]. - The strategy emphasizes innovation through "solid-state battery + new scenarios" to expand application ranges [4]. Technological Focus - The plan highlights the need to overcome challenges in the mass production of ultra-thin solid electrolyte membranes and to develop low-energy, low-cost, high-performance production equipment [5]. - Key equipment mentioned includes dry coating devices and high-pressure formation equipment, with a forward-looking approach to next-generation battery production technologies [5]. Phased Development Approach - Short-term goals (by 2027) include focusing on key materials and technologies, establishing research centers, and nurturing influential solid-state battery companies [5]. - Long-term goals (by 2030) aim for significant breakthroughs in industrialization, enhancing the technology level of key materials and equipment, and achieving mass product delivery [5]. Financial Support - Zhuhai plans to attract various investment institutions to provide comprehensive financial services for solid-state battery companies, encouraging financing through accounts receivable and inventory pledges [6]. - The action plan serves as a model for other regions in China, aiming to enhance the role of solid-state batteries in the energy sector [6].