[Solid-state Battery: Solid Power Posted a Net Loss of $23.8 Million in Q2, with Construction of the Continuous Electrolyte Trial Production Line Proceeding as Planned]

Per MIIT data and customs statistics, China exported 3.69 billion lithium-ion batteries in Jan-Aug 2026, up 22.9% YoY. Value-added output of the electronics manufacturing industry grew 15.7% YoY, with revenue up 20.1% to RMB 12.8 trillion and total profit up 110% to RMB 847.5 billion. The strong battery exports reflect sustained overseas demand for power and energy storage batteries.

[SMM Analysis: Solid-State Battery Next Decade Series, 9 of 9: A Brand-New Track, Not a "Simple Sequel" to Liquid Lithium Batteries] The industrialisation of solid-state batteries is not a "capacity replication + minor technical adjustment" of liquid lithium batteries, but a systematic shift from resource logic, chemical logic, and material logic to patent logic. The most common mistake in understanding solid-state batteries through the framework of liquid lithium batteries is treating "planned capacity" as "effective supply," treating "technical routes" as "settled answers," and treating "first-mover advantage" as "ultimate victory.