Policy support continues to intensify! Battery-grade solid-state battery sector rises in tandem, with multiple stocks including Xiangxin Technology hitting daily limit [[Hot Stocks]]

SMM April 30 News: On April 30, the battery and solid-state battery sectors both rose, with the battery sector gaining over 2% during the session, and the solid-state battery index also rising over 1.7% at one point. Among battery stocks, Lyric surged over 12% during the session, while Great Power Energy, Xianhui Technology, and Zhenyu Technology all rose over 6%. In the solid-state battery sector, Xiangxin Technology, South China Precision, and Zhongxin Fluoride Materials were among the stocks that hit the daily limit, with Tiannai Technology and GSP Automotive Group leading the gains. On the news front, the MIIT released the 2025 Automotive Standardization Work Points on April 28, which mentioned the need to prospectively layout standard research in frontier areas, analyze and assess the development trends and potential application scenarios of cutting-edge technologies, and identify and judge the future direction of automotive standardization. It also emphasized promoting the formulation and release of standard sub-systems for automotive AI, solid-state batteries, and EV battery swapping, initiating the construction of standard systems in new areas such as data governance and application, and conducting advanced research on standardization needs for new business models like flying cars. Additionally, the document mentioned improving the safety level of NEVs. It called for the release of standards for EV remote service and management and the implementation of power battery safety requirements, advancing the review and approval of EV safety requirements, and conducting pre-research on mandatory national standards for fuel cell EV and power battery recycling safety requirements, continuously enhancing EV safety. It also highlighted advancing the review and approval of standards for power battery durability and thermal management systems, accelerating the development of standards for all-solid-state batteries, in-service detection of power batteries, and power battery labeling, and continuously optimizing power battery performance requirements. The document also emphasized accelerating the formulation of standards for the efficiency test methods of drive motor systems, conducting pre-research on standards for distributed drive motor systems, hybrid power systems, and onboard hydrogen systems, and strengthening quality requirements for key system components. It called for the release and implementation of safety requirements for commercial vehicle battery swapping, accelerating the formulation of standards for charging performance, chassis battery swapping, and battery swapping compatibility testing, conducting pre-research on megawatt-level charging standards for commercial vehicles, and improving the convenience of EV use. In terms of corporate developments, according to the latest news from CATL, on April 27, CATL obtained two test reports for GB 38031-2025 "Safety Requirements for Power Batteries for Electric Vehicles," becoming the first domestic company to pass the new national standard. The products that passed the test included battery cells and battery packs. The new version of the mandatory national standard for power battery safety, GB 38031-2025, was released on March 28, 2025, and will officially take effect on July 1, 2026. The issuance of the first test report not only verifies the effectiveness and operability of the GB 38031-2025 standard but also recognizes CATL's technological leadership in the power battery field. Additionally, some companies recently announced their related layouts for solid-state batteries. SMM compiled the recent responses from relevant companies regarding solid-state batteries, as follows: EVE's all-solid-state battery pilot line is expected to be operational in 2025. EVE mentioned in a recent conference call that the company has completed the development of small pouch battery assembly processes, and the pilot line is expected to be operational in 2025, with gradual scaling up in 2026. Sodium-ion batteries are being developed for ESS applications, and small batch deliveries have already been achieved. Changan's Golden Shield all-solid-state battery made its debut at the Shanghai Auto Show. The battery boasts a high specific energy of 400 Wh/kg, opening up possibilities for Changan to explore land, sea, and air travel. Changan expects to complete the test flight of a flying car by the end of this year. Ganfeng Lithium announced on the evening of April 25 that it will sign a cooperation agreement with the Gongshu District People's Government of Hangzhou and Hangzhou Energy Group to jointly promote the company's investment in the construction of a high-specific energy solid-state battery R&D and industrialization base in Gongshu District, Hangzhou. The cooperation will focus on the electrification of the transportation sector, the expansion of the new energy industry, the broadening of the energy supply chain, and the comprehensive recycling of power batteries. Previously, Ganfeng Lithium specifically released the progress of its solid-state battery. The company mentioned in the announcement that it has formed a full-chain layout for solid-state batteries, with R&D and production capabilities in key areas such as sulfide electrolytes and raw materials, oxide electrolytes, lithium metal anodes, battery cells, and battery systems, and is accelerating the commercialization of solid-state batteries. Ganfeng Lithium stated that the company is simultaneously advancing the industrialization of silicon-based and lithium metal anode technologies, with lithium metal anode technology at the core, to promote the mass production of high-specific energy batteries. The cycle life of 400 Wh/kg battery cells has exceeded 800 cycles and completed engineering verification, demonstrating potential for large-scale application; the world's first 500 Wh/kg 10Ah product has achieved small batch production, setting a benchmark for the industrialization of lithium metal batteries. At the same time, silicon-based anodes are being advanced, with a product gradient layout of 320-450 Wh/kg for the silicon-based system, where 320 Wh/kg cells have exceeded 1,000 cycles, and 450 Wh/kg technology reserves are at the industry's top level, meeting the differentiated needs of different scenarios for energy density and cycle performance. For the low-altitude economy and high-end equipment fields such as drones and robots, the company innovatively integrates cylindrical packaging with high-specific energy battery technology, developing 21700 cylindrical cells with energy densities covering 330-400 Wh/kg, combining high specific energy with structural stability, providing efficient power support for lightweight equipment. Farasis Energy stated in its 2024 annual report that the company's second-generation semi-solid-state battery is expected to be mass-produced in 2025, and the third-generation semi-solid-state battery is undergoing vehicle-grade certification and industrialization development. Farasis Energy stated that the company has conducted extensive research and testing in areas such as solid-state electrolytes, and all-solid-state batteries will first be applied in high-performance vehicles, flying cars, and humanoid robots. Meanwhile, many companies, including Runyang Technology, Shengbang Co., and Hengxing Technology, were also asked about the application of their respective products in solid-state batteries. Runyang Technology stated that its products are not yet applied in solid-state battery packaging and testing; Shengbang Co. also stated that the electrolyte-resistant battery sealing rings and high-performance battery sealing rings developed by the company are not yet applied in the solid-state battery field; Hengxing Technology said that the company currently does not have products directly used in solid-state batteries, and most products need to be reprocessed for use in downstream end-user industries; Kent Catalysts also admitted during an investor survey that the company currently has no products applied in the solid-state battery field. Great Power Energy continues to focus on solid-state battery technology. Great Power Energy mentioned in a previous earnings report that the company's solid-state battery based on composite inorganic ceramic electrolytes has achieved an energy density of 280 Wh/kg, with high safety and stable operation in the range of -20℃ to 85℃. TONZE stated that the company currently has patents related to solid-state battery electrolyte materials, but it is still in the laboratory stage, and industrialization faces significant uncertainty. On April 22, Yifei Laser and Jinyu New Energy signed a strategic cooperation agreement. The two parties will, based on their previous cooperation in the development of all-solid-state batteries, carry out comprehensive strategic cooperation in the R&D of equipment, process optimization, market promotion, and industry chain coordination for all-tab solid-state batteries and square aluminum shell solid-state batteries. Huaxi Securities previously stated that high performance and high safety are the core performance advantages of solid-state batteries, in line with national requirements for power batteries. Currently, with joint efforts from the material, battery, and automaker sectors, the industrialization process of solid-state batteries is continuously advancing. Xiangcai Securities stated that solid-state batteries have become a key breakthrough direction for various countries, and in recent years, major global countries have introduced relevant policies to support the development of solid-state batteries, accelerating the pace of solid-state battery technology industrialization. According to estimates by the China Business Industry Research Institute, China's solid-state battery market will grow from 1 billion yuan in 2023 to 20 billion yuan in 2030. At the 2025 (10th) New Energy Industry Expo - All-Solid-State Battery Forward-Looking Technology Forum hosted by SMM, Zhu Jian, Senior Consulting Project Manager at SMM, stated that in terms of global all-solid-state battery penetration, the penetration rate of all-solid-state batteries will be around 0.1% in 2025, and is expected to reach around 4% in 2030, with the penetration rate of all-solid-state batteries expected to reach around 9% in 2035. At the same time, he also stated that the development of solid-state batteries currently faces many challenges. In terms of materials and production preparation, solid-state batteries face issues such as solid electrolyte film formation, sulfide electrolyte reactions (with silicon-based anodes), high-temperature decomposition, solid-solid interface contact, production environment control, pressure equipment control, operating pressure control (vehicle operating pressure control), lithium metal: uneven deposition during charging leading to dendrite formation, and silicon-based anode expansion. SMM believes that the development of solid-state batteries requires the full cooperation of the entire industry chain, including raw material companies, battery material companies, solid-state battery companies, production equipment companies, and end-user automakers! Therefore, we can see that all-solid-state batteries have broad prospects in consumer batteries, EV batteries, and ESS batteries, but still face challenges in supply chain coordination, cost reduction, and solving technical pain points. SMM will continue to track the development of the all-solid-state battery market and jointly help companies achieve steady and long-term development.