Group 1 - The core viewpoint of the article is the ongoing selection process for the 2025 China Solid-State Battery Industry Golden Award, aimed at recognizing innovative companies in the solid-state battery sector [2][5]. - Hefei Yinshi New Materials Technology Co., Ltd. has registered for the award, focusing on the "2025 China Sulfide All-Solid-State Battery Electrolyte Technology Innovation Award" [2][4]. - The company was established by a team from the Chinese Academy of Sciences and former professors from Yanshan University, specializing in high-performance sulfide solid-state electrolytes [3][4]. Group 2 - The Golden Award aims to encourage innovation in the solid-state battery industry and recognize leading companies that contribute significantly to the sector [5]. - The selection process involves self-nomination or recommendations, followed by a review and voting by an expert committee [5]. - The timeline for the award includes application submission from July 28, 2025, to September 20, 2025, with various stages of review and evaluation leading to the award ceremony on November 8, 2025, in Guangzhou [6].

Core Viewpoint - The report on Enjie Co., Ltd. indicates that while the company faces cyclical industry pressures, the expected ramp-up of solid-state products presents potential growth opportunities [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 5.76 billion yuan, a year-on-year increase of 20.5%, but reported a net loss of 90 million yuan, marking a shift from profit to loss [2]. - The gross margin was 15.5%, down 5.49 percentage points year-on-year, and the net margin was -1.6%, down 7.7 percentage points year-on-year [2]. - In Q2 2025, revenue was 3.03 billion yuan, with a year-on-year increase of 23.6% and a quarter-on-quarter increase of 11.2%, but the net loss was 120 million yuan [2]. - The company’s production capacity utilization rate has been steadily increasing, contributing to a significant rise in shipment volumes, although pricing pressures have negatively impacted revenue growth [2][3]. Market Dynamics - The price of wet-process 7um products decreased by 25% year-on-year to 0.74 yuan per square meter in H1 2025, with specific product prices also declining [2]. - A consensus has been reached in the lithium battery separator industry regarding price discipline and a halt on capacity expansion, which is expected to stabilize prices in the second half of the year [2]. Product Development - The company’s subsidiary, Hunan Enjie, has accelerated the launch of solid-state products, with significant production milestones achieved in 2025 [3]. - Enjie has established a strong product portfolio including lithium sulfide, electrolytes, and electrolyte membranes, with performance metrics that lead the industry [3]. Investment Outlook - The company is positioned as a leading player in the global separator market, with strategies to enhance market share through increased capacity utilization and cost reduction [3]. - Revenue projections for 2025, 2026, and 2027 are 11.5 billion yuan, 13.5 billion yuan, and 16.1 billion yuan respectively, with net profits expected to be 8 million yuan, 500 million yuan, and 830 million yuan respectively [3].

Core Insights - The company reported a revenue of 5.76 billion yuan for the first half of 2025, representing a year-on-year increase of 20.5%, but incurred a net loss of 90 million yuan, marking a shift from profit to loss [1] - In Q2 2025, the company achieved a revenue of 3.03 billion yuan, with year-on-year and quarter-on-quarter growth of 23.6% and 11.2% respectively, but also reported a net loss of 120 million yuan [1] - The company's gross margin decreased to 15.5%, down 5.49 percentage points year-on-year, while the net margin fell to -1.6%, a decline of 7.7 percentage points year-on-year [1] Revenue and Profitability - The company's revenue growth was driven by increased shipment volumes, but pricing pressures led to a weaker revenue growth rate compared to shipment growth [1] - The average price of the company's products, specifically the 7um film, decreased by 25% year-on-year to 0.74 yuan per square meter in H1 2025, impacting revenue growth [1] - The company plans to stabilize prices and has reached key agreements in the lithium battery separator industry to pause capacity expansion and implement price discipline [1] Future Outlook - The company is expected to maintain high revenue growth in the second half of 2025, supported by increasing production capacity in Hungary and stabilization of product prices [1] - The company’s subsidiary, Hunan Enjie, has begun production of lithium sulfide and signed a significant investment agreement for solid-state electrolytes, indicating potential for future growth [2] - The company is positioned as a leading player in the separator industry, with strategic initiatives to enhance capacity utilization and cost efficiency, while also expanding into international markets [2] Financial Projections - Revenue projections for the company are estimated at 11.5 billion yuan, 13.5 billion yuan, and 16.1 billion yuan for the years 2025, 2026, and 2027 respectively [2] - Expected net profits for the same years are projected to be 8 million yuan, 500 million yuan, and 830 million yuan, with earnings per share of 0.01, 0.52, and 0.86 yuan [2]

Investment Rating - The report maintains a "Buy" rating for the companies Jinbo Co., Ltd. and Xiamen Tungsten Co., Ltd. [8][10] Core Viewpoints - The solid-state battery sector is experiencing a surge in activity, with multiple companies set to launch new products, indicating a strong focus on solid-state battery technology [2][4] - The report emphasizes the importance of electrolyte technology routes and lithium metal in the solid-state battery discussions, with sulfide halides being a focal point [2][3] - The solid-state battery industry is expected to see significant advancements, with semi-solid batteries anticipated for mass delivery by 2025 and full solid-state battery solutions accelerating in development [4] Summary by Sections Industry Overview - The CIBF 2025 conference will feature solid-state batteries prominently, with a full-day forum dedicated to the topic, highlighting its significance in the industry [1] - The report notes that the second quarter of the year is particularly active for industry events, with several product launches related to solid-state batteries expected [2] Technology and Innovation - The report identifies key areas of focus within the solid-state battery technology, including silicon-based anodes, electrolyte membranes, and composite foils, which are expected to benefit from industry growth [3] - The report suggests that polymer solid-state batteries are more industry-friendly and have a higher maturity level, indicating a potential for rapid commercialization [3] Investment Opportunities - The report continues to recommend the solid-state battery supply chain, including halide/polymer solid-state electrolytes, lithium metal collectors, electrolyte membranes, and silicon-based anodes [4] - Specific companies highlighted for investment include Jinbo Co., Ltd. and Xiamen Tungsten Co., Ltd., with target prices set at 28.20 and 53.72 respectively [8][10]