Group 1: Company Overview - Delong Holdings has made significant progress in solid-state battery research, with samples passing third-party safety tests in 2023 and a national invention patent expected in 2024 [1] - A cooperation agreement with Jiangling Group is set to be signed in August 2024, with a pilot production line expected to be completed by January 2025 [1] - The company plans to invest 300 million yuan in a solid-state battery pilot and industrialization project, as well as an intelligent motor industrialization project, with the investment agreement signed with the local government in Huzhou on May 30, 2025 [1] Group 2: Market Position and Performance - Kaku Si, a subsidiary, focuses on producing and selling thermal insulation, noise reduction, and lightweight products, serving clients such as Mercedes-Benz, BMW, Audi, and Volkswagen [1] - The operational performance of Kaku Si is expected to improve in 2024 and the first quarter of 2025, driven by enhanced operational efficiency and revenue growth in the new energy vehicle sector [1] - Kaku Si has a global production capacity layout, standardized production processes, and a quality control system, along with a world-class R&D center providing one-stop product development services [1] Group 3: Future Developments - Kaku Si aims to optimize its product structure, focusing on the development of new energy vehicle customer needs and aligning with domestic automakers' overseas supply requirements [1] - The company successfully developed a hydraulic retarder in 2023, which gained market recognition in 2024, leading to an increase in mass production and delivery scale [1]

Company Overview - Del Automotive Parts Co., Ltd. is a global automotive parts supplier focusing on NVH (Noise, Vibration, Harshness), thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [2]. - Approximately 70% of the company's revenue comes from its wholly-owned subsidiary, KakuSi, which has over 20 years of experience in the automotive parts industry [2]. - KakuSi has established a global R&D base in Europe, North America, and Asia, and has recently launched a division focused on electric vehicle components [2]. Solid-State Battery Development - The company has been developing solid-state batteries since 2018, focusing on oxide-based electrolyte solutions [3]. - In 2023, solid-state battery samples passed various safety tests, and a national invention patent was granted in 2024 [3][4]. - A strategic cooperation agreement was signed with Jiangling Motors in August 2024 to validate the solid-state battery in their vehicles [4]. - The company plans to invest approximately 300 million yuan in a new lithium battery pilot and industrialization project, which includes solid-state battery production [5]. Financial Performance - The company reported improved operational efficiency and a decrease in expense ratios, contributing to revenue growth in 2024 and Q1 2025 [10]. - KakuSi's products, which account for nearly 70% of the company's total revenue, have shown steady growth [10]. Product and Market Strategy - KakuSi's main products include thermal insulation, noise reduction, and lightweight components, serving major clients like Mercedes-Benz, BMW, and Audi [8]. - The company aims to enhance its product structure in response to the electric vehicle trend, having established a dedicated division for EV components in 2021 [12]. - The liquid retarder product, which addresses 80% of braking needs in commercial vehicles, has been successfully developed and is gaining market traction [13]. Future Growth Directions - The company plans to accelerate the industrialization of solid-state batteries for applications in electric vehicles, drones, and robotics [4]. - The smart motor industrialization project aims to upgrade existing production capabilities to meet market demands in robotics and automotive sectors [7].

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm Ruiyi Investment on a listed company, Del's shares, focusing on its advancements in solid-state battery technology and its strategic partnerships [1] - Del's shares have been developing solid-state batteries since 2018, utilizing oxide-based and composite organic materials for electrolytes, with samples passing third-party testing in 2023 and patent authorization expected in 2024 [1] - The company has signed a cooperation agreement with Jiangling Group and plans to establish a pilot production line by 2025, aiming to participate in exhibitions to showcase its products [1] - The solid-state battery samples demonstrate high safety and stability, employing mature coating processes to reduce costs, with applications planned for electric vehicles, drones, robots, and power tools [1] - Management anticipates significant market potential for solid-state batteries, aligning with the electrification trend in the automotive industry, and aims to expand its automotive component product categories to enhance vehicle value [1] - The company’s subsidiary, Kaku Si, produces thermal insulation, noise reduction, and lightweight products, serving major automotive clients such as Mercedes-Benz, BMW, and Audi, with nearly 70% of total revenue coming from these products [1] - Kaku Si has a global production capacity, standardized manufacturing processes, and a robust quality control system, along with a top-tier research and development center providing one-stop product development services [1] - The company plans to optimize its product structure and develop new energy vehicle products, including battery flame-retardant protective covers, while meeting the overseas supply needs of domestic automakers [1] - In 2023, the company developed a composite hydraulic retarder, which received patent authorization, and anticipates successful market expansion and increased production scale in 2024 [1]