The indices of battery and solid-state battery once surged by over 2%! Is the industrialisation process of solid-state batteries expected to accelerate? [SMM Hot Topic]

SMM June 19: In early trading on June 19, both the battery and solid-state battery sectors surged simultaneously. The battery index opened with a gain exceeding 3%. Among individual stocks, Nuode Investment and Shandong Fengyuan Chemical hit the daily limit-up during the session, while Tianli Lithium and KanHoo rose over 10%. The solid-state battery index also surged more than 2% intraday, with Haike New Materials hitting a 20CM limit-up, and Kunming Hendera Science & Technology, KanHoo, Ningxin New Materials, among others, gaining over 10%. Haike New Materials reached a 20CM limit-up intraday, Xiangtan Electrochemical locked in the limit-up, with Jiuri New Materials, Guangpu Electronics, and others following the upward trend.

On the news front, the 5th China International Solid-State Battery Technology Conference and 2025 Advanced Battery Materials & Intelligent Equipment Technology Exhibition will be held from June 19 to 20, 2025. Huaxi Securities noted that technological advancements in batteries remain the core driver for expanding end-use demand. Solid-state batteries, with advantages like high energy density and enhanced safety, are positioned as the definitive next-generation battery technology. As battery technology matures and industry chain support improves, new solid-state battery products are expected to be released successively, capacity construction to materialize, and end-user performance to be continuously validated, accelerating the industrialisation process.

Industrial Securities commented that with strong national policy support, companies across the industry chain have successively unveiled all-solid-state battery technology solutions. Concurrently, demand catalysts from emerging applications like the low-altitude economy and robotics continue to emerge. Under these multiple favorable factors, the industrialisation of solid-state batteries is expected to accelerate. In this trend, companies with first-mover advantages in solid-state battery technology and leading application deployment will become core beneficiaries.

Dongwu Securities added that both policy and application fronts are intensifying support, accelerating the 0-1 industrialisation of solid-state batteries: Policy-wise, the MIIT issued standards for all-solid-state battery systems in April 2025, following a 6 billion yuan R&D fund allocation. Application-wise, end-user road tests by leading battery manufacturers are progressing, with automakers like BMW and Chery initiating tests, exceeding commercialization expectations. Meanwhile, CATL and Qingtao are setting up all-solid-state pilot lines. The MIIT project is slated for mid-term review by the end of 2025, with current challenges focusing on manufacturing. The 2025-2026 period is critical for pilot line deployment, marking a phase of continuous equipment optimization.

As solid-state batteries gain momentum, industry players are frequently announcing their initiatives in this field. SMM compiled recent corporate developments in solid-state batteries as follows:

[UU Green Energy: The company will closely monitor industry trends and iterate charging module solutions compatible with solid-state batteries]

On June 18, UU Green Energy stated on an interactive platform that the commercial application of solid-state batteries will deliver longer driving ranges and superior safety performance for NEVs. The company will continue to monitor industry trends and iteratively adapt the energy replenishment solutions for charging modules compatible with solid-state batteries.

[Del New Energy: The company's solid-state battery sample trial production line in Shanghai is undergoing various technical tests.]

Del New Energy stated on June 18 in response to investor inquiries on an interactive platform that the company's solid-state battery sample trial production line in Shanghai is undergoing various technical tests. Currently, the company possesses the capability to trial-produce various samples and can tailor corresponding solutions according to customer needs in different application scenarios and varying technical requirements. Regarding the solid-state battery investment project signed with the local government in Huzhou, the company aims to complete the construction of the first-phase pilot production line for solid-state batteries by the end of 2025 and proceed with the construction of a mass production line based on the pilot line, achieving a leap from trial production to pilot production and then to large-scale production. For information on the project's future new capacity and revenue, please refer to the company's subsequent public disclosures.

[Funeng Orient: Chaoye Precision, a subsidiary of the company, continues to advance the R&D of equipment technologies required for solid-state battery production, including lamination, welding, and packaging.]

Funeng Orient stated on June 18 in response to investor inquiries on an interactive platform that Chaoye Precision, a subsidiary of the company, continues to advance the R&D of equipment technologies required for solid-state battery production, including lamination, welding, and packaging. Currently, this business accounts for a relatively small proportion of the company's overall business revenue and does not have a significant impact on the company's performance.

[Del New Energy: Solid-state batteries have a wide range of application scenarios.]

Del New Energy stated on June 18 in response to investor inquiries on an interactive platform that solid-state batteries have a wide range of application scenarios, not only in new energy vehicles but also in robots, consumer electronics, energy storage systems, low-altitude aircraft, and many other fields. The company maintains an open attitude towards cooperation with customers in the downstream sectors of solid-state batteries. In addition to JMC New Energy, the company is also exploring other customers. Please refer to the company's subsequent public disclosures for more information.

[Gotion High-tech: All-solid-state batteries have not yet reached the stage of large-scale commercial application. The company will continue to advance based on existing R&D achievements.]

Gotion High-tech stated on June 18 on an investor interaction platform that all-solid-state batteries have not yet reached the stage of large-scale commercial application. The company will continue to advance based on existing R&D achievements, strengthen communication and cooperation with application scenarios, and continuously promote the industrialisation of all-solid-state batteries. In addition, the company indicated that its all-solid-state battery, the "Jinshi Battery," is in the pilot mass production stage, with a battery cell energy density reaching 350Wh/kg. The capacity of a single battery cell has increased by 150% compared to previous models, reaching 70Ah. Meanwhile, the preload force has decreased by 90%, and the battery can operate with just MPa-level pressure. In addition, Jinshi Battery has passed a series of rigorous safety tests, including nail penetration, thermal box, external short circuit, overcharge, and compression, demonstrating excellent safety performance. Meanwhile, the Jinshi Battery PACK system has completed preliminary development and application work and has commenced on-vehicle road testing. The company will continue to advance the commercialization process of all-solid-state batteries as planned.

[Sunwoda: The company's solid-state batteries are in the R&D stage, and production can be arranged according to customer needs in the future.]

Sunwoda (300207.SZ) stated on the investor interaction platform on June 18 that the company's solid-state batteries are in the R&D stage, and production can be arranged according to customer needs in the future. When mentioning mass production plans, Sunwoda plans to establish a 1GWh all-solid-state battery production line by 2026, increase battery cell capacity to 60Ah, and control costs below 2 yuan/Wh, initially achieving large-scale production. In 2024, the company mentioned in its disclosed activity record that it had completed the development of its first-generation semi-solid-state battery, commenced pilot trials of battery cell samples for the second-generation semi-solid-state battery energy, and completed laboratory validation of the third-generation polymer composite all-solid-state battery, with product development expected to be completed by 2025. The fourth-generation all-solid-state battery is still under development, with laboratory sample production expected to be completed by 2027.

[Zhenyu Technology: The company actively collaborates with downstream customers to advance research and reserve work in the field of solid-state battery structural component technology and processes.]

Zhenyu Technology stated on the investor interaction platform on June 18 that the company's solid-state batteries are currently in the early stages of industrialization, and the company is actively collaborating with downstream customers to advance research and reserve work in the field of solid-state battery structural component technology and processes. Thank you for your attention to the company!

[Leadpower Technology: The company has no practical application scenarios or actual production capacity for solid-state batteries.]

Leadpower Technology stated on the interaction platform on June 18 that the company had previously recruited relevant talents and invested resources in R&D for solid-state battery patents, and was granted a very small number of solid-state battery-related patents from 2019 to 2022. However, the company currently has no R&D projects for solid-state battery technology and has not obtained new technical patents. The company's existing products do not involve related technologies, nor have they formed solid-state battery production processes or production lines. Additionally, the company has not granted any external licenses for the aforementioned patents and has no practical application scenarios or actual production capacity for solid-state batteries.

[Manst: Introduction to the progress of solid-state battery and robotics businesses.]

Manst previously announced that it had successfully developed multiple process equipment in the field of solid-state batteries and launched a solid-state battery pole piece manufacturing solution at the CIBF exhibition in May, including a dry powder handling system and a wet electrolyte thin-coating system. The company has established a dual-product lineup of "wet process + dry process" in this field, with multiple core products currently being delivered to customers.

[Enpro Stock: Composite current collectors are required for solid-state batteries including polymer, sulphide, and oxide types.]

On June 17, Enpro Stock responded to investor inquiries on an interactive platform, stating that composite current collectors are necessary for solid-state batteries such as polymer, sulphide, and oxide types. Leveraging its technological reserves in vapor deposition processes, the company is conducting R&D on integrated lithium metal/composite current collector anode materials for solid-state battery materials and collaborating with leading automotive companies on related technological endeavors. The company will continue to explore application scenarios for composite current collectors.

[PTL: Progress Made in Multi-Business Layout in the Solid-State Battery Field]

During a survey on June 13, 2025, PTL stated that it is actively expanding its presence in the solid-state battery field, encompassing materials such as silicon carbon anodes, lithium metal anodes, solid-state electrolytes, composite current collectors, and semi-solid composite membranes. The company is also actively investing in R&D for process equipment solutions for the front-end and mid-end stages of solid-state battery production. To date, it has established a technological layout across multiple business lines.

In terms of automated equipment, the company has secured orders and partially delivered dry-process film-forming equipment, dry-process composite equipment, wet-process coating machines, lithium metal anode forming equipment, mixers, laminators, rolling equipment, and fluidized beds related to solid-state batteries, primarily for the front-end and mid-end stages. The company is also actively planning for important back-end equipment, such as isostatic pressing equipment. Over the past three years, the company has received orders for related process equipment in the solid-state battery field exceeding 200 million yuan.

Regarding anode materials, the company's silicon carbon anode materials are compatible with solid-state batteries. The first batch of production capacity at the Anhui Zichen silicon carbon anode base has entered trial production (approximately 400 mt/year), with core equipment independently developed by Jiatuo. The company continues to conduct R&D on lithium metal anode materials, aiming to address issues such as dendrite formation, volume expansion, and anode/solid-state electrolyte interface problems by constructing a new three-dimensional skeleton structure. Meanwhile, the company's lithium metal anode forming equipment adopts a calendering composite process and has completed the development and delivery of equipment prototypes.

In terms of solid-state electrolytes and separator membranes, the company has completed pilot-scale production of solid-state electrolytes LATP (lithium aluminum titanium phosphate) and LLZO (lithium lanthanum zirconium oxide), achieving an ionic conductivity of 10^-3 S/cm and controllable particle size. The company has also completed the construction of a pilot production line with an annual capacity of 200 mt for solid-state electrolytes at its Sichuan production site. The performance of semi-solid composite membranes meets application requirements for scenarios such as EVTOL.

[Ruifeng Advanced Materials: Phosphorus-carbon anodes can be used in solid-state battery systems.]

On June 16, Ruifeng Advanced Materials responded to investor inquiries on an interactive platform, stating that the company has conducted multiple batches of performance tests on phosphorus-carbon anode materials. Experimental verification has shown that phosphorus-carbon anodes can be used in solid-state battery systems. In addition to its application in anode materials for batteries, black phosphorus can also be used in the field of special nano-flame retardants. As research on black phosphorus materials deepens, it holds significant potential application value in fields such as medicine, semiconductors, optics, and catalysis in the future.

[Hisunny: The company continues to invest in R&D and build technological reserves in cutting-edge fields such as solid-state battery electrolytes.]

On June 16, Hisunny responded to investor inquiries on an interactive platform, stating that the company has always regarded technological innovation as its core development strategy, continuously investing in R&D and building technological reserves in cutting-edge fields such as solid-state battery electrolytes. Relevant R&D directions and phased progress have been disclosed in accordance with the law in periodic reports. Currently, the company is actively conducting basic research and process optimization on solid-state battery electrolyte materials in line with industry trends and customer needs, with some achievements already entering the laboratory verification stage.

It is also worth mentioning that the energy metals sector briefly surged over 2% during intraday trading, although the gains subsequently pulled back slightly.

On the news front, on June 18 local time, Andriy Yermak, the head of the Ukrainian Presidential Office, announced on his official social media platform that Ukraine is preparing to launch an open tender for the development of the Dobra lithium mine in Kirovohrad Oblast. This project may become the first key engineering project in cooperation with the US.

In addition, Dazhong Mining stated on an investor interaction platform on June 18 that the company's planned annual 20 million mt comprehensive recovery and utilization project for polymetallic resources has significant capacity scale advantages in the domestic hard-rock lithium extraction field, reaching an industry-leading level. Currently, the resource reserves of the Tongtianmiao ore section, the first mining area of the company's Jijiaoshan lithium mine, have passed the review and filing process of the Ministry of Natural Resources, reaching a large-scale mineral resource reserve level. This will provide sufficient raw material guarantees for subsequent lithium carbonate smelting. After the project is completed and put into operation, it will further consolidate the company's leading position in the upstream industry chain of lithium battery new energy and make positive contributions to the company's operating performance. The company will continue to leverage its resource endowments and technological advantages, scientifically advance project construction, and continuously enhance its comprehensive competitiveness in the lithium battery new energy field.

Furthermore, Dazhong Mining also stated that its Jiada lithium mine, located in western Sichuan, is situated in the eastern part of the Ker'yin ore field within the Songpan-Garze lithium belt, a renowned hard-rock lithium ore concentration area in China. The mining area boasts excellent resource endowments and relative cost advantages. This year, the Jiada lithium mine is expected to produce by-product raw ore. The company will choose the most advantageous and economical method to dispose of or sell this by-product raw ore based on market product prices, aiming to contribute profits to the company.