Dare Auto(SZ:300473)2025-06-16 00:54Group 1: Solid-State Battery Development - The company has selected a base for the solid-state battery pilot and industrialization project, aiming to accelerate the selection of pilot line equipment and construction [1] - The solid-state battery's safety and high-temperature performance significantly surpass that of liquid batteries, having passed third-party testing for puncture, heating, and overcharging [1] - The solid-state battery operates continuously under high temperatures without cooling devices, relying solely on natural heat dissipation, which reduces customer usage costs [1] Group 2: Safety and Performance Factors - The solid-state battery's safety and high-temperature performance are attributed to the absence of flammable materials during its preparation, ensuring intrinsic safety [2] - The electrolyte primarily consists of oxides, which are ceramic materials known for excellent chemical and thermal stability, enhancing battery safety and high-temperature performance [2] Group 3: Market Applications and Clients - Potential downstream clients for the solid-state battery include new energy vehicle manufacturers, humanoid robots, two-wheeled electric vehicles, and energy storage applications [3] - The solid-state battery's high-temperature performance simplifies thermal management systems in humanoid robots, allowing for more battery cells to be stored in limited space, thus enhancing endurance [4] Group 4: Technology and Market Strategy - The company has researched various technical routes, including polymer, oxide, and sulfide, but currently favors the oxide-based composite organic material electrolyte for easier mass production and market acceptance [5] - The company’s revenue structure is primarily from overseas clients, who have a good repayment cycle, contributing to strong cash flow [6] Group 5: Regulatory Impact and Product Promotion - New domestic safety regulations for power batteries are expected to boost market sales of safety-related products, including the company's flame-retardant materials, which have been supplied to major European manufacturers [6] - The market penetration of the company's hydraulic retarder products in the domestic commercial vehicle sector remains low, indicating significant growth potential [6] - The company anticipates continued improvement in operational performance in 2024 and Q1 2025, driven by enhanced management efficiency and rapid revenue growth in the new energy vehicle sector [6]