Investment Rating - The report assigns a "Buy" rating for the specific companies and an "Overweight" rating for the industry, indicating expected performance to exceed the overall market by more than 20% and the industry to outperform the overall market [69]. Core Insights - The report highlights the launch of solid-state battery material solutions by Beiterui, focusing on opportunities within the lithium battery sector on the North Exchange [2][12]. - As of May 16, 2025, there are 17 lithium battery-related companies on the North Exchange with a total market capitalization of 72.61 billion yuan, covering products such as anode materials, rolling equipment, and finished lithium batteries [21][22]. - Beiterui's main business segments include lithium-ion battery anode materials, cathode materials, and graphene materials, with a projected annual anode material sales volume exceeding 430,000 tons in 2024 and a production capacity of 575,000 tons per year [24]. Summary by Sections Beiterui's Solid-State Battery Solutions - Beiterui introduced the Beian FLEX semi-solid and GUARD all-solid series, featuring high-nickel cathodes, silicon-based anodes, solid electrolytes, and lithium-carbon composite anodes, aimed at providing high energy and safety solutions for next-generation battery technology [2][12][18]. - The FLEX series utilizes a composite of polymer and oxide electrolytes, enhancing performance under low temperatures and improving safety [13][14]. Industry Performance - The report notes that five major industries on the North Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28]. - The average price-to-earnings (P/E) ratios for various sectors have risen, with the information technology sector reaching a median of 86.1X [3][28][59]. Technology New Industries - From May 12 to May 16, 2025, 90 out of 148 companies in the technology new industry saw stock price increases, with an overall median increase of +1.21% [4][41]. - The total market capitalization of these companies rose from 444.26 billion yuan to 447.61 billion yuan during the same period [44][49]. Company Announcements - Lingge Technology has undertaken a solid electrolyte project, while Derui Lithium Battery's new production capacity is entering the acceptance phase, expected to commence production in the second half of 2025 [5][64][65].

Group 1 - The report highlights the launch of solid-state battery material solutions by BetterRay, focusing on opportunities within the lithium battery sector on the Beijing Stock Exchange [2][12][24] - As of May 16, 2025, there are 17 lithium battery-related companies on the Beijing Stock Exchange, with a total market capitalization of 72.61 billion yuan [21][24] - BetterRay's main business includes lithium-ion battery anode materials, cathode materials, and graphene materials, achieving a revenue of 14.2 billion yuan and a net profit of 930 million yuan in 2024 [24][26] Group 2 - The report notes that five major industries on the Beijing Stock Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28] - The average price-to-earnings (P/E) ratios for various sectors have risen, with the consumer services sector reaching a median of 60.4X [3][28] - The technology new industry saw a total market capitalization increase from 444.26 billion yuan to 447.61 billion yuan, with a median P/E ratio rising from 55.0X to 55.4X [4][44] Group 3 - The report indicates that BetterRay's solid-state battery solutions include high-nickel cathode materials and silicon-based anode materials, which enhance energy density and safety [12][19] - The solid-state electrolyte materials developed by BetterRay exhibit ionic conductivity exceeding 10 mS/cm, indicating strong performance [19][24] - The report also mentions the successful progress of new production capacity projects by companies like DeRay Lithium Battery, expected to commence production in the second half of 2025 [64][65]

Core Viewpoint - The article highlights the launch of Beiterui's solid-state battery material solutions, marking a significant step in the next-generation battery technology field, focusing on high energy density and safety requirements in emerging sectors like electric vehicles and humanoid robots [1][3]. Group 1: Material Innovations - Beiterui has developed a comprehensive material layout for solid-state batteries, including high-nickel cathodes, silicon-based anodes, solid electrolytes, and lithium-carbon composite anodes, aimed at commercializing solid-state battery technology [1][2]. - The Beian FLEX series features high-nickel cathode materials that reduce resistance by 6% compared to equivalent nickel-content ternary materials, while the silicon-based anode achieves a capacity of 2300 mAh/g, enhancing both capacity and safety [2]. - The electrolyte combines polymer and oxide electrolytes, improving performance at low temperatures and enhancing safety by 80% in puncture tests [2]. Group 2: Strategic Positioning - Beiterui is transitioning from a single battery material supplier to a comprehensive battery material solution provider, focusing on innovation to promote the adoption of next-generation batteries, including lithium-ion, solid-state, and sodium-ion batteries [3][4]. - The company aims to become a key player in the solid-state battery industry by building a full-chain technical capability covering cathodes, anodes, and electrolytes, thus creating technological barriers in critical material areas [4]. Group 3: Market Outlook - Industry forecasts predict that global solid-state battery demand will reach 500 GWh by 2035, with a compound annual growth rate of 30%, presenting a significant market opportunity [4]. - Major clients such as CATL, BYD, and Panasonic are accelerating their solid-state battery strategies, and Beiterui's integrated production capabilities in cathodes, anodes, and electrolytes position it favorably in the market [4].

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 13, 2025, at the company's technology park in Shenzhen, Guangdong Province, with a total of 46 investors attending [3][4]. - Key attendees included representatives from various investment firms such as Bosera Fund, Shenwan Hongyuan, and CITIC Securities [3]. Group 2: New Product Launch - The company launched the "Beian FLEX" semi-solid and "GUARD" all-solid-state battery materials, providing solutions for next-generation battery technology with a focus on "high energy + high safety" [5]. - The high-nickel positive electrode material in the Beian FLEX series reduces resistance by 6% compared to equivalent nickel content ternary materials, while the silicon-based negative electrode can achieve a capacity of 2,300 mAh/g [5]. Group 3: Production and Market Insights - The company has the production technology for solid-state battery materials, with 2024 expected to be a representative year for semi-solid battery product shipments, while 2027 is anticipated for large-scale production of all-solid-state batteries [6]. - The company is strategically positioned in the solid-state battery materials market, leveraging its extensive R&D background and engineering capabilities [7][8]. Group 4: Cost and Production Challenges - The third-generation silicon-based materials are currently in mass production, with costs comparable to industry standards [9]. - The company faces challenges in scaling up the production of sulfide materials, which still have high production costs despite recent reductions [12]. Group 5: Future Growth and Strategic Planning - The company aims to transition from a material supplier to a provider of comprehensive battery material solutions, focusing on new technologies and products to enhance value for customers [15]. - The strategic focus on high-nickel materials and overseas market expansion is expected to drive growth, with a significant emphasis on developing a closed-loop recycling system for materials [16]. Group 6: Market Dynamics and Competitive Landscape - The company acknowledges the downward pressure on prices due to market oversupply and the need for technological breakthroughs to reduce costs [18]. - The competitive landscape in the negative electrode market is evolving, with the company emphasizing the importance of balancing cost and performance in new product developments [19].