Core Insights - The company Tean Lithium (Shanghai) New Energy Co., Ltd. has recently completed nearly 100 million yuan in Series A financing, led by Jiangxi Jinan Guosi Equity Investment and Shandong Guotou [2] - Tean Lithium focuses on new energy core structural materials and has developed an original "pre-plated nickel" process, breaking the long-standing monopoly of overseas giants on key materials [2] Financing Purpose - The funds from this round will be primarily used to expand the pre-plated nickel production lines in Jiangsu and Shandong to alleviate delivery bottlenecks [3] - Investment will also be directed towards the research and development of next-generation high-corrosion-resistant coatings and ultra-thin steel strips to strengthen the company's technological moat [3] - Additionally, a customer joint laboratory will be established in Shanghai to accelerate development in sync with leading battery manufacturers, enhancing global responsiveness [3] Investment Rationale - The pre-plated nickel sector is on the verge of a boom in cylindrical lithium batteries, with Tean Lithium being the only team capable of mass domestic substitution [4] - The uniform plating technology can reduce the short-circuit rate of battery cells and enhance cycle life, providing a competitive edge [4] - The collaboration with Shandong Guotou offers industrial synergy resources that can rapidly scale production, creating a dual barrier of "technology + scenario" with high certainty across cycles [4] Investment Perspective - The Ministry of Industry and Information Technology has recently included key materials for new energy in the "Advanced Manufacturing Industry Cluster" initiative, leading to unprecedented local government support [5] - The swift response from industry capital such as Guosi and Shandong Guotou reflects a dual commitment of "patient capital from investors" and "deep engagement from managers" in the sector [5] - Tean Lithium's pre-plated nickel process fills a domestic gap, aligning with supply chain security demands and demonstrating the resilience and foresight of entrepreneurs in the hard technology field [5]

Core Viewpoint - The article highlights the significant market opportunity for Tean Lithium (Shanghai) New Energy Co., Ltd. in the pre-plated nickel steel strip market, which is currently dominated by foreign manufacturers, and discusses the company's recent funding and product developments [4][5]. Company Overview - Tean Lithium was established in July 2023 in Shanghai and has production facilities in Jiangsu and Shandong [4]. - The company has completed nearly 100 million yuan in Series A financing, with funds allocated for production line enhancement and capacity expansion [4]. Market Context - The global pre-plated nickel steel strip market is primarily monopolized by overseas companies, leading to long procurement cycles and limited global capacity, which is significantly below market demand [3][4]. - Tean Lithium aims to leverage its 30 years of industry experience to capitalize on this market opportunity [5]. Product Development - Tean Lithium's core technology is pre-plated nickel, which offers advantages over traditional nickel plating methods, such as more uniform coating thickness and improved corrosion resistance [4][5]. - The company has initiated a project to produce 15,000 tons of cylindrical battery pre-plated nickel steel strips in 2023, with an expected output of 12,000 tons of related products by the end of the year [5]. Competitive Advantage - Tean Lithium's pre-plated nickel products are comparable in performance to those from leading Japanese and European manufacturers, while offering a cost reduction of approximately 10% [5]. - The pre-plated nickel cylindrical batteries are gaining traction among major automotive companies like Tesla, BMW, and Mercedes-Benz, particularly in the electric vehicle sector [5]. Additional Products - Besides pre-plated nickel products, Tean Lithium has commercialized aerogel insulation films, which are used in electronic devices to address overheating issues [6]. - The company is also supplying electromagnetic shielding materials to Samsung and is developing new composite materials for other clients, including Lenovo and BOE [6].

机械强度与封装挑战更大。电池直径增加可能降低抗挤压能力，振动或冲击下易引发电解液泄 漏。因此电池壳体需要更强的抗挤压能力，隔膜产品也可采用陶瓷复合隔膜等增强抗穿刺性。 电池管理系统（BMS）复杂度上升等。大容量单体电池的故障影响范围更大，需更精准的监 控，因此BMS企业需要进行技术升级，搭配AI等技术，进行提前预测和预防。 起点锂电认为，大圆柱电池有望成为中国面向全世界新能源电池行业的一张"新名片"，而材料 的全方位升级是助推大圆柱电池技术发展的重要部分。 圆柱电池凭借技术成熟度高、安全性好、空间适应性强等优势，在消费、储能、动力等各个细 分领域"安营扎寨"，带动出货量进一步上升。 起点研究院（SPIR）数据显示，2024年全球圆柱电池出货达到151.2GWh，同比增长24%。预 计2025年出货量将增长为172.4GWh，同比增长14%，有望超过韩国成为全球圆柱电池生产和 销售最大的国家。 分析显示，中国圆柱电池这一轮增长的重要原因之一在于，国内30-34系列，40系列、60系列 等大圆柱电池市场份额逐渐扩大，带动整体份额上升。 起点锂电认为，如此市场表现的背后，一方面是全极耳等技术及工艺的成熟，带动电池性 ...