Core Viewpoint - The company has developed high-strength heat-resistant composite skeleton membranes and other related products, which have been sent to leading battery manufacturers for sampling [1] Group 1: Product Development - The company is focusing on the development of high-strength heat-resistant composite skeleton membranes, high porosity skeleton membranes, and high heat-resistant large pore skeleton membranes [1] - These rigid skeleton membrane products are being sampled by top battery enterprises [1] Group 2: Intellectual Property - The company places a high emphasis on intellectual property protection [1] - All membrane products produced by the company possess complete independent intellectual property rights or have obtained relevant intellectual property licenses [1] Group 3: Financial Disclosure - The company advises stakeholders to refer to its periodic reports disclosed in designated information disclosure media for specific operational data [1]

Core Viewpoint - The company has developed various types of high-performance skeleton membranes and is actively engaging with leading battery manufacturers for product samples [1]. Group 1: Product Development - The company has successfully developed high-strength heat-resistant composite skeleton membranes, high porosity skeleton membranes, and high heat-resistant large-pore skeleton membranes [1]. - These products have been sent to top battery companies for evaluation [1]. Group 2: Intellectual Property - The company places a strong emphasis on intellectual property protection, ensuring that all its membrane products have complete independent intellectual property rights or have obtained relevant intellectual property licenses [1]. Group 3: Revenue Potential - The company has not disclosed specific revenue projections for the high-value skeleton membranes but indicates that further details will be available in its periodic reports [1].

Core Viewpoint - The company has made comprehensive arrangements in the field of solid-state batteries, indicating a strong commitment to research and development in advanced battery materials and technologies [1] Summary by Relevant Categories Technology Development - The company has a stake in XinYuanBang, which has achieved a production capacity of hundreds of tons for oxide electrolytes and has shipped ten tons [1] - Sulfide electrolytes are expected to have ton-level shipments by 2025 [1] - The company has developed both oxide composite and polymer composite solid electrolyte membranes, which enhance the cycle life and reduce impedance of semi-solid-state batteries, significantly improving safety [1] Product Applications - The semi-solid-state batteries using high nickel ternary systems can pass the 160°C thermal box test and puncture test, greatly enhancing battery safety [1] - The company has developed various types of rigid skeleton membranes, including high-strength heat-resistant composite skeleton membranes and high porosity skeleton membranes, which can be used to produce flexible polymer solid-state batteries and organic-inorganic composite solid-state batteries [1] Market Strategy - The company is focused on the research and application of cutting-edge materials in the battery field and plans to increase investment in R&D and market development for solid-state batteries [1] - Related products have been sent to leading battery companies for sampling [1]

Group 1: Solid-State Battery Development - The company has made significant progress in the solid-state battery sector, with plans to achieve ton-level shipments of electrolytes by 2025. Various types of rigid skeleton membranes have been developed, which can be used in multiple solid-state battery types, enhancing energy density and safety [1] - The company aims to increase R&D investment and market development in the solid-state battery field [1] Group 2: Business Expansion and Order Situation - In response to the rapid growth of the new energy sector, the company is actively expanding production both domestically and internationally to enhance market share. The company has received recognition from several leading clients due to its advanced technology and service capabilities [2] - Strategic cooperation agreements signed with major battery manufacturers in the last quarter of the previous year are expected to positively impact the company's operating performance, indicating a healthy order backlog [2] Group 3: Safety Performance of Lithium Battery Separators - The company's separator products, including nano-fiber coated separators, polyimide coated separators, and aramid coated separators, exhibit high-temperature resistance and strength, which are crucial for battery safety. The nano-fiber coated separator has already achieved over 100 million square meters in shipments [3] - With the acceleration of new-generation high-safety lithium battery separator production, the company is positioned to gain a competitive advantage in the market [3] Group 4: Industry Supply and Price Trends - The company opposes price competition in the separator market, believing that dry-process separator prices are likely to rise further, which will encourage companies to increase R&D investment [4] - The current high demand, especially in energy storage, has led to a favorable supply-demand situation for wet-process separators, allowing companies to optimize customer structures and enhance profits [4] - The company plans to improve operating profits by increasing supply to high-value customers and raising prices for low-profit or loss-making customers [4]

Core Viewpoint - The establishment of the Xingyuan Material's factory in Malaysia marks a significant milestone in the global high-end separator manufacturing sector, aiming to escape domestic market competition and establish an independent overseas pricing system to enhance profitability [1][6][12] Group 1: Investment and Production Capacity - The total investment for the Malaysian factory is nearly 5 billion RMB, with an annual production capacity planned to reach 2 billion square meters, making it the largest production base for lithium-ion battery separators and solid-state battery rigid skeletons globally [1][6] - The factory has already received a substantial number of order intentions, indicating a strong market demand driven by battery manufacturers' capacity expansion in Southeast Asia [1][2] Group 2: Pricing Power and Market Strategy - The core strategic value of the overseas expansion is the acquisition of "independent pricing power," allowing the company to set prices based on international market supply and demand, certification barriers, service costs, and product technological added value [3][6] - The company anticipates a structural supply shortage in the overseas high-end separator market by the end of 2026, which will provide significant bargaining advantages for firms with localized advanced production capacity [6][12] Group 3: Technological Foundation - The company's confidence in seeking independent pricing power stems from its undisputed technological strength in the high-end separator field, with a product matrix that meets global market demands for higher safety, efficiency, and longevity [7][9] - The high-performance coated separator series, including nano-fiber coated, polyimide coated, and aramid coated separators, are key tools for penetrating overseas markets, providing essential safety guarantees for lithium batteries [9][12] Group 4: Industry Collaboration and Globalization - The establishment of the Malaysian factory is part of a broader trend of systematic overseas expansion of China's lithium battery industry, with a localized lithium battery industry collaboration model emerging in Southeast Asia [11][12] - The company’s strategic layout extends beyond Southeast Asia, with investments in Europe and North America, indicating a proactive approach to global supply chain security and market entry [12]