Core Viewpoint - The small power battery market is experiencing robust growth driven by demand, but it faces challenges such as high cost sensitivity, diverse application scenarios, and increasingly stringent technical standards. The market now requires batteries to meet comprehensive performance criteria, including safety, cost, lifespan, and performance in extreme temperatures. In this context, manganese-based batteries have emerged as a preferred solution due to their excellent low-temperature performance, high volumetric energy density, and precise State of Charge (SOC) calibration capabilities [2]. Group 1 - The company has made significant advancements in manganese-based battery materials, focusing on innovative precursor technologies and applications [4]. - Through continuous foundational research and technological innovation, the company has established a technical barrier centered on manganese-based composite systems and high-temperature solid-phase precursor technology, significantly enhancing the performance of manganese-based batteries [5]. - The company has developed a groundbreaking "three manganese synthesis" technology that overcomes the trade-off between high capacity and long cycle life, resulting in a new lithium manganese oxide cathode material with low packing density and long cycle life advantages [6]. Group 2 - The newly developed single crystal lithium manganese oxide material exhibits a discharge capacity of 115-120 mAh/g and a capacity type of ≥ 125 mAh/g, along with excellent cycle life performance [7]. - In the promising lithium manganese iron phosphate route, the company has innovated a solid-phase synthesis method for manganese iron oxide as a precursor, ensuring uniform distribution of manganese and iron ions at the atomic level, leading to high conductivity and stable voltage platforms [8]. - The revolutionary "preparation technology" optimizes the grinding process of manganese iron oxide precursors, reducing subsequent grinding time by 50% and directly enhancing production capacity by over 50% [8]. Group 3 - The company is committed to a dual-driven product matrix strategy, focusing on "manganese oxide materials" and "phosphate materials," to comprehensively cover mainstream cathode material technologies [9]. - Leveraging unique industry chain synergy capabilities, the company efficiently promotes the transition from laboratory technology to scalable and stable market products, achieving seamless integration from technology to market [9].

Group 1: Government Initiatives - Seven departments, including the Ministry of Industry and Information Technology, issued a plan to promote service-oriented manufacturing from 2025 to 2028, focusing on developing energy-saving and environmental protection services, and enhancing capabilities in green diagnostics and energy measurement [2] - During the "14th Five-Year Plan" period, Henan Province discovered 31 new mineral sites, with mining rights transaction amounts reaching 29.7 billion RMB [2] - Yunnan Province has established a national clean energy base, with total power generation capacity exceeding 167 million kilowatts, a 61.8% increase from the end of the "13th Five-Year Plan," and green power capacity exceeding 150 million kilowatts, ranking first in the country [2] Group 2: Industry Developments - Beijing is set to create a manganese-based battery industry cluster, with a new research institute established to accelerate the development of key materials and technologies for manganese-based batteries [3] - Jiangxi Province launched its first "mobile charging experience station," equipped with intelligent mobile charging robots capable of servicing approximately 20 electric vehicles, significantly reducing waiting times for drivers [3] Group 3: Market Performance - The passenger car market in China has seen cumulative retail sales of 17 million units this year, a 9% year-on-year increase, with September's retail sales of new energy vehicles reaching 1.307 million units, a 16% increase compared to last September [4]

Core Insights - A new battery technology route is expected to alleviate issues related to high costs, low energy density, and short range in traditional power batteries for electric vehicles [1] - The establishment of the Advanced Battery Materials and Devices Research Institute aims to accelerate the research and development of key materials and technologies in manganese-based batteries, promoting their integration into electric vehicles and creating an industrial cluster [1] Group 1 - The fourth Manganese-Based Battery and Key Materials Symposium was held in Beijing, focusing on the challenges and advancements in manganese-based batteries [1] - Manganese-based batteries are highlighted for their high energy density, low cost, and environmental friendliness, addressing current concerns in the electric vehicle industry [1] - The research institute will create a comprehensive innovation system that includes basic research, pilot incubation, and industrial application [1] Group 2 - The research institute will collaborate with major universities and research institutions, including Tsinghua University and Peking University, as well as industry players like CATL and BYD [2] - The goal is to establish a closed-loop system for the transformation of research results from material development to end-user applications [2]

Core Viewpoint - A new technology route for manganese-based batteries is expected to address issues such as high costs, low energy density, and short range in traditional batteries for electric vehicles [1][3]. Group 1: Manganese-Based Battery Advantages - Manganese-based batteries offer high energy density, low cost, and environmental friendliness, making them a promising alternative to current battery technologies [3]. - The abundant availability of manganese compared to lithium, nickel, and cobalt enhances the feasibility of manganese-based batteries [3]. - Manganese-based batteries are projected to achieve energy densities significantly higher than widely used ternary lithium batteries and lithium iron phosphate batteries, potentially alleviating range anxiety and performance issues in low temperatures [3][5]. Group 2: Research Institute Establishment - The establishment of the Advanced Battery Materials and Devices Research Institute aims to accelerate the development of key materials and technologies in the manganese battery sector [1][5]. - The research institute will create a comprehensive innovation system encompassing basic research, pilot incubation, and industrial application [5]. - The institute will facilitate the high-quality transformation and rapid industrialization of original research outcomes from Beijing's higher education institutions and research institutes [5]. Group 3: Technological Breakthroughs - A research team from Beijing University of Technology has achieved key technological breakthroughs in lithium-rich manganese-based cathode materials, enhancing their application in automotive lithium batteries [5]. - The team has successfully scaled up the production of these materials, overcoming challenges related to structural stability and surface impurities, and established a production line with a capacity of 1,000 tons per year [5][6]. Group 4: Industry Collaboration - The research institute plans to collaborate with leading universities and industry players, including CATL and BYD, to form a manganese battery industry cluster [6]. - The initiative aims to create a closed-loop for the transformation of research results from material development to end-use applications, supporting emerging industries such as electric transportation and advanced energy storage [6][7]. - The conference highlighted significant advancements, including new technologies that enhance the performance of manganese-based batteries, such as the "three manganese synthesis" technology and "preparation technology" for lithium iron phosphate [6][7].

Core Viewpoint - The article emphasizes the urgent need for the manganese industry to overcome resource bottlenecks, accelerate technological innovation, and build a green circular industrial system in response to profound changes in the energy sector and intense competition in the materials industry [1][11]. Group 1: Industry Insights - The National Manganese Industry High-Quality Development Conference was held on August 28, focusing on the future direction of the manganese industry [1]. - Longyang County is recognized as a significant manganese resource area in China, highlighting its importance in the national manganese industry landscape [3]. - The future development of manganese mining in China will focus on breakthroughs in low-grade ore utilization and exploration in potential areas such as Xiangdong, Chuanxi, and Hebei over the next 10-15 years [3]. Group 2: Technological Developments - Manganese-based cathode materials are identified as a crucial direction for future battery development, necessitating collaboration between industry, academia, and research to expand their application in power and energy storage batteries [3]. - The advantages of manganese-based materials include safety, low-temperature performance, and high cost-effectiveness, making them a new trend in the power battery industry [4]. - The global first manganese-based semi-solid-state battery was launched by SAIC on August 5, 2025, showcasing the potential of manganese-based batteries in various applications [4]. Group 3: Environmental Solutions - The treatment of manganese slag, a solid waste from electrolytic manganese production, poses a significant challenge for sustainable development in the manganese industry [7]. - A comprehensive solution for harmless treatment of manganese slag includes multiple processes such as multi-stage countercurrent washing and chemical stabilization techniques [7]. Group 4: Collaborative Discussions - A roundtable discussion featured industry leaders discussing breakthroughs in technological bottlenecks and market trends, fostering a consensus on development strategies [9]. - The conference served as a high-level platform for industry professionals to exchange ideas, igniting enthusiasm for technological innovation and resource optimization [11]. Group 5: Future Outlook - The successful conclusion of the conference marks a new development stage for the manganese-based new energy industry, with leading companies like Anhui Boshik High-Tech setting benchmarks for enhancing battery performance and expanding application fields [11]. - As technologies mature and commercialization accelerates, manganese-based batteries are expected to play a significant role in the green energy revolution, particularly in new energy vehicles and energy storage systems [11].

Core Viewpoint - Manganese-based batteries are systematically returning to the industry spotlight, emerging as a "third pole" in the lithium battery landscape, alongside lithium iron phosphate and ternary materials [2][4][14]. Group 1: Manganese Battery Technology Advancements - Star Power has achieved a breakthrough in the mass production of single crystal manganese lithium materials, enhancing structural stability and overall battery performance [3][6]. - The "golden dual-core" battery system, combining single crystal manganese lithium and lithium manganese phosphate, has demonstrated significant improvements in cycle life and low-temperature performance, with a normal temperature cycle life exceeding 3000 times and high-temperature cycle life over 1500 times [8][16]. - The new generation of manganese-based materials is being developed, including MnFeNi and low-pressure lithium manganese, aiming to cover multiple voltage ranges and adapt to various scenarios [15][16]. Group 2: Market Expansion and Applications - The manganese battery family is expanding with new members like lithium manganese phosphate and lithium-rich manganese, which are gaining traction in the market [9][14]. - CATL's M3P battery, based on lithium manganese phosphate, has been adopted in high-end models such as Chery's Star Era ES and Tesla's Model Y [10]. - Star Power has shipped over 10 million units of its second-generation lithium manganese phosphate battery, leading the industrialization process [11]. - General Motors and LG Energy are collaborating on lithium-rich manganese batteries expected to commercialize by 2028, while Ford plans to launch related products by 2030 [12][13]. Group 3: Competitive Landscape and Future Outlook - The industry is witnessing a collective push from companies like Star Power, CATL, LG, and Ford towards lithium manganese phosphate and lithium-rich materials, indicating a significant shift in the battery technology landscape [14]. - Manganese-based batteries are expected to extend their applications from light electric vehicles to mainstream power systems and energy storage markets, with potential advantages in cost and low-temperature performance compared to lithium iron phosphate [15][16].

Core Viewpoint - The electric two-wheeler market in developing countries, particularly in Africa and South Asia, presents significant business opportunities driven by high demand and low penetration rates, similar to the mobile phone market in Africa [1][2]. Group 1: Market Opportunities - Transsion Holdings is actively recruiting for its electric two-wheeler division, indicating a strategic focus on the African and South Asian markets [1]. - The potential user base for electric two-wheelers globally is estimated to be between 2 to 2.5 billion people, representing about one-third of the world's population [1]. - Governments in Africa, such as Rwanda and Kenya, are implementing policies to promote electric two-wheelers, including bans on new fuel-powered motorcycles and the establishment of charging infrastructure [2][4]. Group 2: Policy and Economic Drivers - Strong government policies in countries like India and Indonesia have significantly boosted electric two-wheeler sales, with India seeing a 33.5% increase in sales in 2023 [4]. - The economic necessity of two-wheelers in developing regions, where they serve as both consumer goods and tools for livelihood, enhances their demand [5]. Group 3: Infrastructure and Technological Adaptation - The low electricity coverage in many African regions makes electric two-wheelers more suitable than electric cars, as they can operate effectively in areas with limited infrastructure [6]. - Chinese battery companies, such as Xingheng Power, are capitalizing on the demand for electric two-wheelers, with a cumulative shipment of 33 million battery units [6][7]. Group 4: Battery Technology and Localization - Battery reliability and durability are critical for electric two-wheelers in harsh environments, leading companies to develop specialized battery technologies [9][10]. - Localized production and service networks are essential for success in the third-world markets, as demonstrated by companies like Guoxuan High-Tech and EVE Energy establishing local manufacturing facilities [14][15].

Core Viewpoint - The article discusses the competitive landscape in the lithium battery industry, highlighting the challenges of "involution" and the need for companies to establish strong competitive barriers to thrive in a saturated market [2][3][24]. Group 1: Industry Overview - The competition in the new energy sector has escalated to a national level, with leading companies maintaining growth while many others face stagnation or losses due to established competitive advantages [2]. - The electric two-wheeler lithium battery industry is undergoing significant transformation driven by new national standards, increased demand for lead-acid battery replacements, and a rationalization of lithium battery costs [3]. Group 2: Market Performance - In Q1 of this year, domestic sales of electric two-wheeled vehicles surged by 58% year-on-year, indicating a robust growth trend in the lithium battery sector for this market [4]. - Leading company Xingheng Power has solidified its market position with over 70% sales growth in Q1, despite facing production capacity constraints [4][5]. Group 3: Competitive Strategy - Xingheng Power has focused on refining its operations within the electric two-wheeler lithium battery sector since its establishment in 2003, forming strategic partnerships with major manufacturers [7]. - The company has achieved a supply rate of over 70% with leading vehicle manufacturers, demonstrating its deep understanding of market needs and robust supply chain management [7][9]. Group 4: Technological Innovation - Xingheng Power has developed a unique "golden dual-core" material system that enhances battery cycle life to 3000 times while ensuring safety and performance [11]. - The company has pioneered the manganese-based battery technology, which now holds over 80% market share in the electric two-wheeler sector, and has introduced patented safety features to mitigate fire risks [11][13]. Group 5: Market Positioning - Xingheng Power has strategically positioned itself in the Southeast Asian electric motorcycle market, capturing significant market share and responding quickly to local demands [17][18]. - The company has adopted a strategy of "technology embedded + market positioning," making it difficult for competitors to replicate its advantages [18]. Group 6: Resilience and Growth - During the lithium carbonate price surge in 2022, Xingheng Power did not simply pass on cost pressures but instead focused on technological breakthroughs to stabilize supply chains and market balance [20][21]. - The company has played a pivotal role in setting industry standards and has been a key player in the compliance transition for electric two-wheeled vehicles [21][22].

产品广泛应用于电动汽车、储能、电动轻型车等新能源领域。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，动力锂电池高新技术企业「星恒电源」日前完成数亿元融资，CMC资本与金通 资本联合对其子公司星恒电源（滁州）有限公司进行投资。 自2003年成立以来， 星恒电源 一直以来 致力于提供高质量的锂电池产品，服务于全球客户 ， 产 品广泛应用于电动汽车、储能、电动轻型车等新能源领域。星恒电源的锂电池产品已出口至 欧洲和 东南亚，遍布全球 30个国家和地区， 动力锂电池累计销量超3000万组，轻型车锂电池连续六年出 货全球领先，并配套超30万辆电动汽车。 星恒电源的产品以锰基电池为主，锰基电池以其安全性、抗衰性、低温性能和成本效益在小动力电池 市场中占据竞争优势。公司的产品线覆盖轻型车锂电池、电动汽车锂电池、家用储能电池与便携移动 电源电池等多个领域，满足不同场景的需求。特别是在两轮车锂电池行业，目前市场上存在大量劣质 锂电池，这些电池往往由小作坊生产，使用不合规拆解回收的汽车退役电芯及电池企业淘汰的不合格 电芯拼装而成，存在严重安全隐患，今年的南京大火，坚 ...