Core Insights - The lithium battery industry in China is emerging from a significant restructuring phase, entering a new capital expenditure cycle characterized by three notable features [1][4]. Group 1: Characteristics of the New Capital Expenditure Cycle - The first characteristic is that capacity expansion is led by top-tier companies, with unprecedented demand rigidity and scale observed [2]. - By the first half of 2025, CATL's capacity utilization rate has rebounded to nearly 90%, marking the first time since 2022 that leading battery manufacturers have collectively surpassed 80% [3]. - The capital expenditure in the lithium battery industry has turned positive year-on-year, with a growth rate of 31.72% as of the first half of 2025, indicating a robust recovery [5][6]. - Three key demand drivers support this expansion: a market-driven energy storage sector, increased battery capacity per vehicle, and the need for equipment upgrades as older production lines approach the end of their lifecycle [8]. Group 2: Globalization of Production - The second characteristic is the globalization of production, transitioning from "product export" to "capacity export" [9]. - Chinese battery companies are accelerating their global expansion, with significant investments in production facilities in Europe and Southeast Asia [9][10]. - Overseas production is evolving from simple PACK assembly to more complex cell and module manufacturing, enhancing equipment value [10]. Group 3: Technological Advancements - The third characteristic is the close resonance between capacity expansion and cutting-edge technology iterations, focusing on "advanced capacity" expansion [11]. - New technologies such as high-pressure lithium iron phosphate and solid-state batteries are driving revolutionary requirements for equipment [11][12]. - The procurement of pilot line equipment for solid-state batteries is already underway, indicating a proactive approach to future technological shifts [12][13]. Group 4: Challenges for Equipment Manufacturers - The new cycle presents three major challenges for equipment manufacturers: meeting high-volume production demands, providing automated production lines that meet international standards, and innovating in next-generation battery technologies [14]. - Haiyu Bate's advancements in high-throughput rolling equipment, automated European standard lines, and dry electrode technology exemplify how equipment companies can respond to these challenges [15][34]. Group 5: Haiyu Bate's Innovations - Haiyu Bate has developed high-throughput equipment with a roller diameter of 1.2 meters and a width of 1.6 meters, achieving production speeds of up to 120 m/min [18]. - The company has also introduced a fully automated vertical dual-reel structure, enhancing safety, space utilization, and production efficiency [33]. - In the dry electrode sector, Haiyu Bate's second-generation equipment supports independent pressure adjustments for each film-forming roller, addressing industry pain points and achieving higher density [36][38]. Conclusion - Haiyu Bate's development trajectory aligns closely with the lithium battery industry's evolution, driven by a commitment to understanding and addressing core customer needs [44][45].