Core Viewpoint - Company Fudi Technology has received a designated notification from a leading domestic new energy commercial vehicle customer, indicating that it will start supplying lithium iron phosphate batteries based on the SPS super soft package solution in 2026, marking a significant market recognition for its SPS battery products [3][4]. Group 1: Product Development and Market Position - The SPS super soft package battery is a flagship product of Fudi Technology, compatible with various material systems such as ternary and lithium iron phosphate, achieving significant cost reduction and efficiency improvements through innovations in material systems, battery structure, and production processes [4]. - In 2024, the SPS large soft package product will officially enter mass production, securing multiple high-quality designated projects, including partnerships with GAC, Dongfeng, Geely, and Jiangling for its lithium iron phosphate products [4][5]. - The commercial vehicle market is accelerating its electrification transformation, with major battery companies actively launching dedicated batteries for commercial vehicles, indicating a technological revolution and competitive ecosystem in a trillion-level market [5]. Group 2: Production Capacity and Sales Data - Fudi Technology's production lines for the "Ganzhou 30GWh new energy battery project (Phase I)" and "Guangzhou 30GWh power battery production base project (Phase I 15GWh)" have been launched, with production capacity utilization and product yield steadily increasing [5]. - In the first half of 2025, domestic new energy vehicle sales reached 5.878 million units, a year-on-year increase of 35.5%, with commercial vehicle sales growing by 55.9% [6]. - The sales of new energy commercial vehicles accounted for only 6.4% of total new energy passenger vehicle sales, but contributed to 20% of the total installed capacity, highlighting a shift towards higher capacity batteries in commercial vehicles [6]. Group 3: Strategic Partnerships and Innovations - In March 2024, Fudi Technology reached a cooperation agreement with FAW Liberation to apply its semi-solid batteries in commercial vehicle products, establishing a strategic partnership to promote the development of semi-solid and solid-state batteries in the commercial vehicle market [7]. - The cost of Fudi Technology's semi-solid batteries is only 5%-10% higher than that of liquid batteries, and the company has achieved GWh-level shipments [8]. - Fudi Technology views the development of solid-state batteries as a crucial strategy for changing the industry landscape, with plans to advance the mass production timeline for its sulfide solid-state batteries to 2025 [9].

Core Viewpoint - Company has received project designation notification from a leading domestic new energy commercial vehicle client, indicating a breakthrough in the application of its SPS lithium iron phosphate battery in the new energy commercial vehicle sector [1] Group 1: Project Developments - The company will start supplying batteries in 2026 based on the client's sales forecast and arrangements [1] - The designated project will utilize SPS super soft pack lithium iron phosphate batteries, which are a key product for the company [1] - The notification does not constitute a supply agreement, and there are uncertainties regarding the final order due to necessary quality tests and client evaluations [1] Group 2: Production Capacity - The company has launched production lines for its "Ganzhou 30GWh new energy battery project (Phase I)" and "Guangzhou 30GWh power battery production base project (Phase I 15GWh)" with steadily increasing capacity utilization and product yield [2] - The company anticipates that 2025 will mark the year of large-scale shipments of its SPS lithium iron phosphate battery products [2] - The company has also received a component designation notification from GAC Group for a vehicle model, which will also use SPS super soft pack lithium iron phosphate batteries [2] Group 3: Strategic Changes - In May, the company underwent a change in control, with its major shareholder shifting from Hong Kong Funi to Guangzhou Industrial Investment Holding Group, which is expected to provide comprehensive support in various strategic areas [2] Group 4: Technological Advancements - The company is advancing its all-solid-state battery technology, with a pilot line expected to be completed by the end of 2024, aiming for a production capacity of 0.2GWh [3] - The company plans to expand all-solid-state battery capacity to GWh level by 2026 based on customer feedback and strategic planning [3] - The company envisions a coexistence of liquid batteries, semi-solid batteries, and all-solid-state batteries in the market, each suited for different application scenarios [3]