江苏国泰一纸公告，为其筹划四年的锂电电解液项目画上句号 —— 投资15.38亿元、年产40万吨 的锂离子电池电解液项目正式"停摆"。 这则看似常规的企业战略调整公告，背后藏着项目从 "高预期"到"难落地"的转折，更折射出当下 锂电电解液行业的生存困境与转型求索。 时间拉回 2021年，彼时正是锂电行业的"黄金增长期"，新能源汽车销量暴涨带动电解液需求激 增。 江苏国泰顺势官宣项目，由下属宁德国泰华荣新材料有限公司承建，彼时对这一项目的期待值拉 满： 可行性研究报告显示，项目建成后年均销售收入预计达 150.8亿元，净利润约7.9亿元，投 资回收期仅5.17年，经济效益堪称亮眼。 在产能释放节奏上，规划也十分清晰 ——建设周期24个月，建成后第一年产能利用率45%、第二 年75%、第三年90%，第四年起满产运行，每一步都透着对市场的信心。 然而现实与规划的差距逐渐拉大。直到最新终止公告发出，这个曾被寄予厚望的项目仍未正式开 工，仅停留在土地协调阶段。 问题的症结首先出在 "硬件"上：2023年3月，宁德华荣竞得福鼎市店下龙安片区约12万平方米的 建设用地，可这块关键土地却未能按《国有建设用地使用权出让合同》约定 ...

证券代码： 300409 证券简称：道氏技术 广东道氏技术股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 √ | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 (周五) 下午 2025 8 22 15:00~16:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长荣继华 | | 员姓名 | 2、董事、总经理张翼 | | | 3、副总经理、财务总监彭小内 | | | 4、董事会秘书潘昀希 | | | 5、独立董事彭晓洁 | | | 6、保荐代表人张春晖 公司于 2025 年 8 月 22 日（星期五）15:00~16:00 在全景网 | | | 举办了 2025 年半年度业绩说明会 ...

Core Viewpoint - The company, Suotong Development, reported significant growth in its financial performance for the first half of 2025, driven by increased demand and rising prices in the prebaked anode market, alongside expansion in production capacity [1][2]. Financial Performance - The company achieved operating revenue of 8.306 billion yuan, a year-on-year increase of 28.28% [1] - The net profit attributable to shareholders reached 523 million yuan, reflecting a remarkable year-on-year growth of 1568.52% [1] - Basic earnings per share were reported at 1.05 yuan [1] - A cash dividend of 2.1 yuan per 10 shares (tax included) is proposed [1] Production and Sales - Prebaked anode production totaled 1.7605 million tons, up 12.23% year-on-year [1] - Sales of prebaked anodes reached 1.6901 million tons, an increase of 9.82% year-on-year [1] - Export sales of prebaked anodes were 445,600 tons, growing by 13.18% [1] - Domestic sales of prebaked anodes amounted to 1.2445 million tons, with an increase of 8.66% [1] - Lithium battery anode production was 42,900 tons, up 84.91% year-on-year [1] - Sales of lithium battery anodes reached 44,000 tons, a growth of 120.00% [1] - Capacitor production was 775 million units, increasing by 3.52% [1] - Sales of capacitors were 788 million units, reflecting an 8.47% increase [1] Capacity Expansion - The company is progressing with a joint venture project in Guangxi for 600,000 tons of prebaked anodes, with construction nearing completion [2] - A joint venture project in Jiangsu for 320,000 tons of prebaked anodes is also underway, aimed at meeting Southeast Asian market demand [2] - The company signed a joint development agreement with EGA for its first overseas prebaked anode project [2] Technological Development - The company is exploring solid-state battery technology, having signed a technical development contract with Beijing Institute of Technology for sulfide solid electrolyte and silicon-based anode interface technology [2] - Previous collaborations with Beijing Institute of Technology have led to the development of silicon-carbon and silicon-oxygen composite anode materials, resulting in patent applications [2] - The company has completed small-scale development of CVD silicon-carbon materials based on biomass carbon sources and is advancing research on resin-based carbon sources [2]

证券代码：002812 证券简称：恩捷股份 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 投资者关系活动记录表 编号：2025-009 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 ☑ | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | | | | □现场参观 | | | □其他 | | 参与单位名 | 通过全景网"投资者关系互动平台"(http://ir.p5wnet)参与公司 2025 年半年度业绩 | | 称及人员姓 | | | 名 | 说明会的广大投资者 | | 时间 | 年 月 日 2025 8 19 | | 地点 | 全景网"投资者关系互动平台"(http://ir.p5wnet) | | 上市公司接 | 董事长 Xiaoming Lee 先生、副董事长兼总经理李晓华先生、副总经理禹雪女士、 | | 待人员姓名 | 董事会秘书白云飞先生、财务总监李湘林先生、独立董事张菁女士 | | | 公司就投资者以下问题进行回复： | | | 1、现阶段公司产能利用率是多少？ | | | 尊敬的投资者，您好！公 ...

Core Viewpoint - The company has not yet begun mass production of its solid electrolyte materials, specifically lithium sulfide and sulfide solid electrolytes, and there are no current plans for capacity expansion [1] Group 1 - Investors inquired about the mass supply of lithium sulfide and sulfide solid electrolytes [1] - The company confirmed that mass supply has not yet started [1] - The company is currently assessing its production capacity and future expansion plans [1]

Investment Rating - The report indicates a positive investment outlook for solid-state batteries, particularly those utilizing sulfide electrolytes, with expectations for significant advancements and market penetration by 2030 [2][12]. Core Insights - Solid-state batteries are seen as the future due to their high safety and energy density, with a focus on sulfide electrolytes aiming for a specific energy density of 400Wh/kg and a cycle life exceeding 1000 times by 2027 for small-scale automotive applications and large-scale production by 2030 [2][12]. - The report emphasizes the importance of sulfide electrolytes, which offer the highest ionic conductivity at room temperature compared to other types, making them the most promising solid-state electrolyte materials [15][28]. - The competitive landscape for lithium sulfide and sulfide electrolytes is evolving, with numerous players entering the market, including established lithium battery companies and emerging startups [4][19]. Summary by Sections 1. Solid-State Battery Focus on Sulfide Systems - Solid-state batteries are expected to replace traditional lithium-ion batteries due to safety concerns associated with flammable organic liquid electrolytes [12][16]. - The transition to solid-state batteries is driven by the need for higher energy density and safety in electric vehicles and large-scale energy storage [12][19]. 2. Sulfide Electrolytes: Barriers in Electrochemical Design and Synthesis - Various forms of sulfide electrolytes exist, with lithium sulfide-silver-germanium mineral structures being the most prominent due to their low cost and high ionic conductivity [3][28]. - The report identifies key challenges in improving the electrochemical stability and synthesis processes of sulfide electrolytes, which are critical for their commercial viability [3][30]. 3. Lithium Sulfide: Core Raw Material for Electrolytes - The purity of lithium sulfide is crucial for the performance of sulfide electrolytes, with multiple production methods evaluated for their cost-effectiveness and safety [3][4]. - The report highlights the competitive factors in lithium sulfide production, focusing on purification costs and the advantages of various synthesis routes [3][4]. 4. Competitive Landscape: Diverse Routes Awaiting Consolidation - The market for lithium sulfide and sulfide electrolytes is characterized by a diverse array of participants, including leading lithium battery manufacturers and new entrants [4][19]. - The report anticipates increased competition as battery manufacturers actively develop their own sulfide electrolytes, leading to a more consolidated market in the future [4][19]. 5. Investment Recommendations - The report suggests focusing on companies with unique processes and superior product performance in the lithium sulfide sector, as these are expected to lead the market in the medium term [5][19]. - Key players identified include companies that are pioneering various synthesis methods for lithium sulfide, which are expected to have significant scaling potential [5][19].

Core Viewpoint - The article highlights the rapid advancements and developments in the solid-state battery sector by various listed companies, indicating a strong push towards commercialization and increased energy density in battery technology [2][3][4][5]. Group 1: Company Developments - Penghui Energy has improved the energy density of its solid-state batteries from 280Wh/kg to 320Wh/kg and is on track to complete its pilot production line by September 2025, targeting applications in electric vehicles and consumer electronics [2]. - Guoxuan High-Tech has achieved a 90% yield rate for its solid-state battery pilot line and is designing a 2GWh production line, with energy density reaching 350Wh/kg and a range of 1000 kilometers on a single charge [2]. - Del Technology has established a sample production line in Shanghai and aims to develop a third-generation solid-state battery with an energy density exceeding 400Wh/kg [3]. - Enjie Co. is focusing on high-purity lithium sulfide and solid electrolyte materials, with pilot lines established but no significant revenue generated yet [4]. - Taihe Technology is in the pilot stage for several solid-state battery projects, including lithium sulfide and solid electrolytes [4]. - Daoshih Technology has formed a strategic partnership with Zhuhai Guanyu to collaborate on lithium-ion and solid-state battery materials, enhancing production capabilities [4]. Group 2: Industry Trends and Market Outlook - The solid-state battery industry is expected to see significant advancements, with pilot lines launching in 2025-2026 and small-scale production by 2027, followed by broader applications in high-value sectors by 2030 [5]. - The market for solid-state batteries is projected to grow from approximately 7GWh in 2024 to over 65GWh by 2030, driven by the conclusion of key projects and increasing demand [5]. - The shift towards sulfide-based solid electrolytes is noted as a major trend in material development for solid-state batteries, moving away from earlier diverse approaches [5].

Investment Rating - The report suggests a positive outlook on solid-state batteries as the next-generation solution for lithium batteries, indicating significant investment opportunities in this sector [5]. Core Insights - Solid-state batteries offer substantial advantages over traditional lithium-ion batteries, including higher energy density and improved safety due to the use of solid electrolytes [5][6]. - The report identifies sulfide solid electrolytes as the future mainstream route for solid-state batteries, highlighting their high ionic conductivity despite challenges in chemical and air stability [24][41]. - Key challenges for solid-state batteries include interfacial wetting issues, which can lead to lithium dendrite growth and reduced cycle life [50][57]. - The industry is supported by favorable policies, with significant investments expected in solid-state battery research and development, particularly in the consumer and automotive sectors [82]. Summary by Sections 1. Advantages of Solid-State Batteries - Solid-state batteries can achieve energy densities exceeding 500 Wh/kg by utilizing high-silicon or lithium metal anodes, significantly surpassing traditional lithium-ion batteries [5][17]. - The solid electrolyte's mechanical strength helps suppress lithium dendrite growth, enhancing safety by preventing short circuits [23][41]. 2. Types of Solid Electrolytes - Solid electrolytes are categorized into four main types: polymer, oxide, sulfide, and halide, with sulfides showing the highest ionic conductivity [26][41]. - Sulfide electrolytes are currently the focus of major companies like Toyota and CATL, indicating a strong industry trend towards this technology [42][47]. 3. Core Issues: Interfacial Wetting - The report discusses the critical issue of solid-solid interfacial wetting, which affects lithium ion transport and can lead to dendrite formation and reduced battery life [50][57]. - Both chemical/electrochemical and physical interface problems contribute to these challenges, necessitating advancements in material compatibility and processing techniques [51][55]. 4. Changes in Key Components - The report emphasizes the importance of dry electrode processes and the use of isostatic pressing to enhance the performance and manufacturability of solid-state batteries [63][71]. - Current collectors made from nickel-iron alloys are highlighted as a promising alternative to traditional copper collectors, addressing corrosion issues associated with sulfide electrolytes [78][81]. 5. Industry Development and Policy Support - The report outlines a clear industrialization timeline for solid-state batteries, with significant government support expected to accelerate development in the consumer and automotive markets [82].

Group 1 - The company has completed the construction of a 10-ton level sulfide solid electrolyte and is capable of supplying it [2] - Currently, the company has not generated significant revenue from this product on a large scale [2] - The company advises investors to be cautious regarding investment risks [2]

Investment Rating - The report maintains a positive outlook on the solid-state battery industry, indicating that leading Chinese companies like CATL are expected to continue their dominance in the new technology cycle [1][2]. Core Insights - Solid-state batteries are anticipated to follow the supply chain and cost control patterns established by liquid lithium batteries, with Chinese enterprises likely to replicate their advantages [1][2]. - The initial application scenarios for solid-state batteries will be limited to high-end sectors that prioritize safety and endurance, such as premium new energy vehicles, low-altitude economy, and ocean-going vessels [1][6]. - The Chinese government plans to implement a major special policy for solid-state batteries starting in 2024, with an initial investment of 600 million yuan aimed at supporting core enterprises [1][16]. - The penetration rate of solid-state batteries is expected to remain low, around 10%, with liquid batteries continuing to dominate the market [1][18]. Summary by Sections Solid-State Battery Development - Solid-state battery technology is seen as a significant trend in the lithium battery industry, with Chinese companies expected to maintain a clear advantage over the next five years [2]. - Toyota is shifting from polymer technology to sulfide technology, which, despite its potential, faces challenges in production processes and costs [1][10]. Material Development - Solid electrolyte materials are currently converging towards specific technological routes, with optimism surrounding sulfide routes in the market [3]. - High-nickel materials in ternary cathodes are expected to see increased adoption in solid-state applications, with leading Chinese companies gaining recognition from overseas clients [3][24]. Equipment and Investment Logic - The equipment segment is crucial for the solid-state battery industry, with significant investment required for production lines, estimated at 500 million yuan per GWh for solid-state compared to 150-200 million yuan for liquid lithium batteries [5][28]. - Companies with complete line delivery capabilities are highlighted as key players in the equipment sector [30]. Market Dynamics - The report emphasizes that solid-state batteries will primarily be used in high-cost tolerance scenarios, while traditional lithium-ion technologies will remain prevalent in entry-level new energy vehicles [6][18]. - The competitive landscape in the lithium battery anode market is dominated by Chinese companies, which are expected to maintain their leading position [27]. Future Projections - By 2030, the market for solid-state batteries in China is projected to reach 200 GWh, supported by continuous government policies [15]. - The report anticipates that the sulfide solid-state technology could dominate the market by 2035, with significant reductions in costs expected over the next decade [12][22].