Summary of Solid-State Battery Industry Conference Call Industry Overview - The solid-state battery sector is expected to show growth momentum after 2026, driven by major manufacturers' tenders and automotive road tests, with clearer technical solutions and cost reduction paths, supported by policies from the Ministry of Industry and Information Technology [1][3] - The commercialization of hybrid solid-liquid batteries is progressing positively, with companies like Delong and Hongqi collaborating, and Jinlongyu planning to establish a 2GWh production line targeting clients in drones and energy storage [1][4] - Pure solid-state batteries are currently focused on road testing and detection, with an emphasis on the demand expansion and value enhancement of materials such as lithium sulfide and lithium metal anodes [1][4] Key Developments - The solid-state battery sector has transitioned from speculative trading to policy-driven growth since Q2 2025, forming a more certain market space [3] - Significant developments include the Ministry of Industry and Information Technology emphasizing breakthroughs in solid-state battery technology in its 14th Five-Year Plan, and advancements in electrolyte technology reducing costs by over 95% [3] - Major automotive manufacturers are advancing high-energy products testing, and lithium sulfide production capacity is ramping up, clarifying technical and cost pathways [3] Commercialization Progress - The commercialization of hybrid solid-state batteries is expected to become clearer in 2026, with companies like Delong and Jinlongyu making significant strides [4] - The lithium sulfide supply chain has seen multiple companies establish production lines exceeding 100 tons, entering cost reduction phases [4] Electrolyte Development - The electrolyte segment has seen several companies establish production lines exceeding 100 tons, with traditional lithium battery leaders also exploring this area [5] - This segment is viewed as having significant potential for investment, given its value-doubling materials and alignment with long-term solid-state battery development [5] Anode-Free Solutions - Anode-free solutions are gaining attention, with companies like Zhongyin Technology and Hailiang collaborating with major clients to reserve production capacity [6] - The low-cost solutions being developed by the team from the University of Science and Technology of China may present investment opportunities [7] Material Segments to Watch - Other material segments worth monitoring include cathode materials, aluminum-plastic films, and nickel-iron current collectors, which are expected to gain traction during the new technology iteration cycle [8] - Companies like Shanghai Xiba and Xiamen Tungsten New Energy are well-positioned in the lithium sulfide sector, and those with strong client relationships, such as Guoci Dangsheng, are also recommended for investment [8] Industry Expansion Forecast - The lithium battery industry's expansion forecast for 2026 is significantly higher than previous estimates, with actual production expected to exceed 1,000GWh, up from earlier predictions of around 700GWh for 2025 [9] Equipment Company Performance - Lithium battery equipment companies are currently experiencing full order books, with many increasing their workforce to meet demand [10] - Some companies are raising prepayment and shipping ratios, with some orders reaching 70% to 80% prepayment, indicating high industry prosperity [10][11] Impact on Traditional Lithium Equipment Companies - The development of solid-state batteries presents valuation enhancement opportunities for traditional lithium equipment companies, which are involved in the construction of solid-state pilot lines [12] - Key segments include complete lines, dry processes, and isostatic pressing, with companies like Xian Dao Intelligent and Naco showing strong performance [12][13] Future Outlook for Equipment Companies - By 2026, it is expected that most lithium equipment companies will see increases in both order volume and net profit, with solid-state technology advancements likely to further enhance valuations [14]

Core Viewpoint - The company, Sulian Co., Ltd. (溯联股份), is actively engaged in the development of thermal management systems for power battery packs, particularly in response to the increasing demands of solid-state battery technology [1] Group 1: Company Overview - Sulian Co., Ltd. focuses on products used in the thermal management systems of power battery packs [1] - The design of solid-state battery packs is similar to existing products, but solid-state batteries require higher temperature control due to their operational characteristics [1] Group 2: Industry Context - The company has initiated preliminary technical research to meet the higher temperature control requirements associated with solid-state batteries [1] - Major domestic battery manufacturers, including CATL (宁德时代) and Guoxuan High-Tech (国轩高科), are significant clients of the company [1]