Up to 4,621% surge! 30 publicly listed firms in the lithium battery sector released their semi-annual reports on the same day.

A-share semi-annual report disclosure entered the final sprint, with the lithium battery industry chain becoming the market focus. On the evening of August 24, publicly listed firms in the lithium battery field collectively released their "mid-term report cards."

According to statistics from Battery.com, the 30 publicly listed firms in the lithium battery field that disclosed on that day had total operating revenue of approximately 290.317 billion yuan and total net profit of approximately 21.852 billion yuan. Among them, 23 achieved growth in both revenue and net profit.

From the perspective of operating revenue, in H1, Wanhua Chemical was the only company at the hundred-billion level, with H1 revenue reaching 119.316 billion yuan. In addition, CNGR Advanced Material, Gotion High-tech, Xingfa Group, and Keda Industrial achieved revenue at the ten-billion level, with 33.584 billion yuan, 27.776 billion yuan, 17.452 billion yuan, and 10.392 billion yuan, respectively.

In H1, 28 companies achieved revenue growth, among which Chengxin Lithium and Sichuan Energy Power Development saw growth rates of up to 355.94% and 124.78%, respectively. Two companies saw a decline in operating revenue.

From the perspective of net profit, in H1, Wanhua Chemical was also the only company exceeding 10 billion yuan, with net profit reaching 10.063 billion yuan. In addition, Gotion High-tech, CNGR Advanced Material, Keda Industrial, Sinomine Resource Group, and Chengxin Lithium had net profit exceeding 1 billion yuan, with 1.386 billion yuan, 1.303 billion yuan, 1.284 billion yuan, 1.111 billion yuan, and 1.012 billion yuan, respectively. Huati Technology, Solax Energy, Veken Technology, and Guoguang Electric incurred losses.

In H1, 23 companies achieved net profit growth, among which Aoke Chemical and Sinomine Resource Group saw growth rates of up to 4621.13% and 1146.81%, respectively, followed by SEMCORP, Jiayuan Science and Technology, and Xinde New Material, with growth rates of 980.99%, 940.00%, and 617.62%, respectively. Gotion High-tech, Xin'an Co., Chengxin Lithium, Yongxing Material, Jinyinhe, Tayho New Material, and Sichuan Energy Power Development also achieved YoY growth that more than doubled. Seven companies saw a decline in net profit.

From the overall performance perspective, structural divergence between upstream and downstream of the lithium battery industry chain was evident in H1: Benefiting from the continued boost of NEV and energy storage demand, upstream lithium chemicals and key material enterprises became the biggest winners, generally achieving turnaround or substantial growth; the midstream battery materials segment saw many bright spots, with multiple companies' net profit doubling or even increasing tens of times; in the "shovel sellers" segment of the industry chain, equipment enterprises performed steadily; while some downstream battery and energy storage enterprises, due to factors such as rising costs and exchange rate fluctuations, have slid to the brink of losses.

Details are as follows:

[Battery and Energy Storage]

Gotion High-tech's H1 net profit was 1.386 billion yuan, up 278.05% YoY

Gotion High-tech's H1 operating revenue was 27.776 billion yuan, up 43.22% YoY. The increase in operating revenue was due to the expansion of sales business scale. Net profit attributable to shareholders of the publicly listed firm was 1.386 billion yuan, up 278.05% YoY.

In H1, Gotion High-tech continued to deeply cultivate cutting-edge battery technologies, accelerating product iteration and technology implementation around full-scenario application needs, and improving its multi-technology-route battery product matrix. Meanwhile, it launched customized solutions for specific segments such as commercial vehicles and energy storage, further consolidating core competitiveness and building a solid technology and product foundation for sustained business growth. Among them, power battery system revenue was 22.597 billion yuan, up 61.43% YoY; ESS battery system revenue was 2.689 billion yuan, down 19.14% YoY.

Highpower Technology H1 Revenue 3.184 Billion Yuan, Sufficient Orders on Hand in Energy Storage Business

In H1, Highpower Technology achieved total operating revenue of 3.184 billion yuan, up 15.25% YoY; net profit attributable to parent company was 123 million yuan, up 27.11% YoY.

In H1, Highpower Technology made important progress in the transformation of its consumer electronics battery business. Although the consumer electronics battery business remains the core foundation of the company's operations and development, it is gradually shifting towards AI through adjustments in client and product structure. On the energy storage business side, with the global energy structure transformation and growth of energy storage market demand, the company's energy storage business maintained a good development momentum, with capacity utilization rate further improved and sufficient orders on hand, contributing new growth to the company's operating revenue. Meanwhile, the company strengthened its technology and product layout focusing on high safety, long cycle life, high C-rate and other product directions. Internally, it has built a professional and dedicated team, focusing resources and actively expanding forward-looking layouts in new-type application fields such as AIDC energy storage, and continuously improving its energy storage business layout.

Solax Turned from Profit to Loss, New Market Prices Relatively Low

In H1, Solax achieved total operating revenue of 3.154 billion yuan, up 74.59% YoY; net profit attributable to shareholders of the publicly listed firm was -35.1321 million yuan, down 124.78% YoY, turning from profit to loss.

Solax's main products are ESS batteries, energy storage inverters and grid-tie inverters, mainly used in distributed PV energy storage and PV grid connection fields. The main reason for the company's turnaround from profit to loss in H1 was that new market prices were relatively low, and the cost side was affected by factors such as rising raw material prices and lower export tax rebate rates, leading to a decrease in gross margin for the current period. Meanwhile, as the company's outside China business accounted for over 98%, it has been affected by wild swings in exchange rates in recent years. In the same period last year, exchange gains were realized, while in the current period, large exchange losses occurred, further widening the profit gap between periods.

Topband Co., Ltd. H1 Net Profit 129 Million Yuan, Down 60.98% YoY

In H1, Topband Co., Ltd. achieved total operating revenue of 5.809 billion yuan, up 5.57% YoY; net profit attributable to shareholders of the publicly listed firm was 129 million yuan, down 60.98% YoY.

In H1, Topband's tool and home appliance businesses generated revenue of 4.28 billion yuan, down 1.62% YoY; its automotive and high-end equipment businesses posted revenue of 604 million yuan, up 11.09% YoY; and its new energy business achieved revenue of 583 million yuan, up 21.02% YoY, with rapid revenue growth and accelerating market share gains.

Veken Technology Reports H1 Revenue of 838 Million Yuan, 3C Consumer Battery Business Under Pressure

Veken Technology recorded operating revenue of 838 million yuan in H1, up 31.35% YoY; net profit attributable to shareholders of the publicly listed firm was a loss of 37.28 million yuan, narrowing YoY.

Veken Technology's main businesses include the R&D, production, and sales of consumer batteries (including polymer batteries and aluminum-cased batteries) and small power batteries (including two-wheeler batteries and power tool batteries), as well as sodium-ion battery applications in residential ESS, industrial and commercial ESS, and ESS power stations. In H1, due to downstream price adjustment lags, rising costs of core raw materials such as copper foil, electrolyte, and protection plates, and poor cost pass-through to clients, the company's 3C consumer battery business saw its profitability under pressure temporarily.

CORUN Reports H1 Revenue of 2.479 Billion Yuan, Shifts Business Focus to ESS Sector

CORUN achieved total operating revenue of 2.479 billion yuan in H1, up 36.11% YoY; net profit attributable to the parent company was 56.50 million yuan, up 10.32% YoY.

In H1, leveraging its full industry chain layout from lithium ore resources and battery materials to battery recycling, CORUN built a strong foundation serving the energy storage market. While continuously maintaining and expanding its nickel-hydrogen and consumer battery base, the company, along with Hengtong Co., Ltd., has shifted its business focus to the ESS sector.

GGEC Reports H1 Revenue of 3.272 Billion Yuan, Swings to Loss

GGEC recorded operating revenue of 3.272 billion yuan in H1, down 15.64% YoY; net profit attributable to shareholders of the publicly listed firm was -75.7528 million yuan, down 217.71% YoY, swinging from profit to loss.

GGEC's main businesses are primarily audio & electroacoustic business and lithium battery business. The lithium battery business products are mainly polymer lithium-ion batteries, which can be used in headphones, smart speakers, wearable devices, e-cigarettes, drones, and other products. To better focus on its core business, the company divested its international trading company at the end of 2025. Meanwhile, due to adjustments in clients' shipment pace, the company's operating revenue declined YoY. Affected by rising prices of raw materials such as memory chips, magnetic steel, LCO, and plastic, the company's production costs increased, and gross profit decreased YoY.

[Lithium Mine and Lithium Chemicals]

Chengxin Lithium Reports H1 Net Profit of 1.012 Billion Yuan, Turns Profitable YoY

Chengxin Lithium achieved total operating revenue of 7.358 billion yuan in H1, up 355.94% YoY; net profit attributable to shareholders of the publicly listed firm was 1.012 billion yuan, compared with a loss of 841 million yuan in the same period last year.

Benefiting from the continued recovery of the lithium chemicals market, Chengxin Lithium's selling prices of lithium chemical products increased significantly compared to the same period last year; meanwhile, the company continuously optimized production efficiency and promoted cost control and efficiency enhancement, and the capacity of its Indonesia lithium chemicals plant was substantially released. In H1, the company's lithium chemical products achieved both volume and price increases, and its operating performance improved significantly YoY.

Sinomine Resource Group's net profit in H1 reached 1.111 billion yuan, up 1146.81% YoY.

In H1, Sinomine Resource Group achieved total operating revenue of 3.66 billion yuan, up 12.03% YoY; net profit attributable to shareholders of the publicly listed firm was 1.111 billion yuan, up 1146.81% YoY.

Driven by the significant YoY increase in the average price of the lithium chemicals market in H1 2026 compared to H1 2025, Sinomine Resource Group's lithium battery new energy raw material development and utilization business achieved operating revenue of 2.952 billion yuan, up 125.84% YoY, which strongly boosted the company's total operating revenue growth.

Hainan Mining's net profit in H1 up 83.39% YoY; Lithium resources integrated industry chain operated stably.

In H1, Hainan Mining achieved total operating revenue of 2.719 billion yuan, up 12.58% YoY; net profit attributable to shareholders of the publicly listed firm was 514 million yuan, up 83.39% YoY.

In H1, Hainan Mining's lithium resources integrated industry chain operated stably. While continuously optimizing costs and improving product quality, the company seized the market opportunity of lithium chemicals price recovery to expand production and sales scale. The period newly contributed 208 million yuan to net profit attributable to shareholders of the publicly listed firm, accounting for 40.43%, becoming an important source of net profit attributable to shareholders of the publicly listed firm.

Chuanneng Power's lithium battery business revenue in H1 hit 1.917 billion yuan, up nearly 8 times YoY.

In H1, Chuanneng Power's operating revenue was 3.34 billion yuan, up 124.78% YoY; net profit attributable to parent company was 706 million yuan, up 130.73% YoY. Among them, the company's lithium battery business revenue was 1.917 billion yuan, up 786.33% YoY.

Chuanneng Power holds the mining rights of the Lijiagou spodumene mine in Jinchuan County, Aba Prefecture, with proven ore resources of 38.812 million mt. The project currently has a raw spodumene ore processing capacity of 1.05 million mt/year, and a lithium concentrate mining and processing capacity of about 150,000 mt/year (grade 6%). Its capacity scale ranks among the top lithium miners, and the company has started relevant exploration work for resource increment at the Lijiagou mining area. In H1, lithium product market prices rose; Chuanneng Power's lithium battery business product sales volume and selling price increased YoY, and its lithium battery business revenue and profit rose significantly YoY; the company's wind and PV power generation business increased electricity sales, and revenue and profit from wind and PV power generation increased.

Yongxing Materials H1 Net Profit Up 139.24% YoY, Lithium Carbonate Sales Increase

Yongxing Materials achieved operating revenue of 5.083 billion yuan in H1, up 37.62% YoY; net profit attributable to shareholders of the listed company was 959 million yuan, up 139.24% YoY.

In H1, Yongxing Materials' lithium battery new energy business saw an increase in lithium carbonate sales and a rise in product prices.

Huati Technology H1 Net Loss of 28.218 Million Yuan, Lithium Ore Processing Business Reports Loss

Huati Technology achieved operating revenue of 283 million yuan in H1, up 46.42% YoY; net profit attributable to parent was -28.218 million yuan, compared with a loss of 25.1088 million yuan in the same period last year, with the loss widening.

Huati Technology's main businesses include R&D, manufacturing and integration of smart city products, engineering project installation, lithium ore processing and sales, lithium battery sales, operation management and maintenance, among others. In H1, the company's charging pile and energy storage product production and sales businesses continued to expand, driving overall operating revenue growth. The company's lithium ore processing business was affected by fluctuations in the lithium ore market. The changes in futures prices after the transfer of control and during the quotation period for quotation period procurement and sales were recorded in current profit or loss according to relevant regulations. The combined effect of the above factors resulted in a loss for the company in the current period.

[Battery Materials]

CNGR H1 Net Profit Up 77.8% YoY, Core Product Sales Exceed 250,000 mt

CNGR achieved operating revenue of 33.584 billion yuan in H1, up 57.51% YoY; net profit attributable to shareholders of the listed company was 1.303 billion yuan, up 77.80% YoY.

In H1, CNGR's total sales of core products, including nickel series, cobalt series, phosphorus series, and sodium series, exceeded 250,000 mt.

Xingfa Group H1 Revenue of 17.452 Billion Yuan, LFP Annual Capacity of 80,000 mt

Xingfa Group achieved operating revenue of 17.452 billion yuan in H1, up 19.37% YoY; net profit attributable to shareholders of the listed company was 836 million yuan, up 14.97% YoY.

In recent years, Xingfa Group has been continuously laying out the new energy materials industry chain, further extending the chain. It has currently formed an annual capacity of 80,000 mt of LFP, 150,000 mt of iron phosphate, and 100,000 mt of lithium dihydrogen phosphate. Projects such as Xingyou New Energy's 300,000 mt/year iron phosphate (Phase II) project and Inner Mongolia Xingfa's 100,000 mt/year LFP project are expected to be completed within the year.

SEMCORP H1 Net Profit of 820 Million Yuan, Lithium Battery Separator Revenue of 7.62 Billion Yuan

SEMCORP achieved total operating revenue of 8.671 billion yuan in H1, up 50.47% YoY; net profit attributable to shareholders of the listed company was 820 million yuan, up 980.99% YoY, compared with a loss of 93.1138 million yuan in the same period last year, turning from loss to profit.

H1, SEMCORP's core business, lithium battery separator, recorded substantial YoY growth, while its aseptic packaging and other businesses saw stable improvement, leading to an overall healthy development trend. Revenue from lithium battery separator products reached 7.62 billion yuan, up 58.09% YoY, with shipments also posting strong YoY growth.

Taihe New Material's Net Profit Doubled in H1, with Aramid Coated Separator Delivery Capacity Improving

Taihe New Material reported H1 operating revenue of 2.121 billion yuan, up 11.42% YoY; net profit attributable to shareholders of the publicly listed firm was 55.2532 million yuan, up 135.31% YoY.

Taihe New Material's business spans multiple industry sectors including green chemicals, high-end textiles, high-performance fibers, and new energy materials. Among them, the company's SAFEBM® battery aramid coated separator pilot project was completed and put into operation in 2023, with industrialisation trial production launched in 2025. The company has been continuously optimising and adjusting based on market demand. Currently, the delivery capacity of aramid coated separator products has improved significantly, with some clients placing small-batch orders. As the performance advantages of aramid coated separators gradually become evident, the SAFEBM® aramid coated separator market is expected to gradually enter a capacity release phase in the future.

Jiayuan Technology's H1 Net Profit Reached 382 Million Yuan, Up 940% YoY

Jiayuan Technology achieved H1 operating revenue of 7.513 billion yuan, up 89.57% YoY; net profit attributable to shareholders of the publicly listed firm was 382 million yuan, up 940% YoY.

In H1, the downstream new energy industry maintained a rising boom, boosting steady growth in copper foil market demand; Jiayuan Technology's gross margin increased; the fair value change gains and investment income from the company's invested companies increased.

Hengtong Shares' H1 Revenue Reached 1.4 Billion Yuan, with Copper Foil Product Sales Growth

Hengtong Shares reported H1 operating revenue of 1.41 billion yuan, up 72.33% YoY; net profit attributable to shareholders of the publicly listed firm was 91.6208 million yuan, down 27.83% YoY.

In H1, Hengtong Shares' operating revenue primarily came from the production and sales of copper cathode, biological veterinary drugs, feed additives, and combined heat and power supply. The revenue growth was mainly driven by higher copper foil product sales from its subsidiary. During H1, the company's R&D and market development efforts for major imported products such as high-frequency ultra-low profile copper foil (HVLP) series and RTF-III type copper foil progressed, laying the foundation for product iteration and high-quality growth of Hengtong Copper Foil. As of month-end June, the company's annual copper cathode capacity reached 25,000 mt.

New Energy and New Material Revenue Expanded, Aoke Shares' H1 Net Profit Surged 4,621.13% YoY

Aoke Shares achieved H1 operating revenue of 2.295 billion yuan, up 12.41% YoY; net profit attributable to shareholders of the publicly listed firm was 61.5397 million yuan, a substantial YoY increase of 4,621.13%.

In H1, revenue from Aoke Shares' carbonate products increased by 57% YoY, sales of lithium battery additive ethylene sulfite (ES) maintained rapid growth, and battery-grade polyethylene glycol (PEG) series products also achieved steady expansion. Benefiting from this, the share of revenue from the new energy and new material sector expanded steadily YoY, with the proportion of high-end new material business continuing to rise.

Wanhua Chemical's H1 Fine Chemicals and New Materials Series Sales Revenue Reached 22.548 Billion Yuan

Wanhua Chemical achieved H1 operating revenue of 119.316 billion yuan, up 31.26% YoY; net profit attributable to parent company was 10.063 billion yuan, up 64.35% YoY.

Wanhua Chemical stated that the H1 revenue growth was mainly due to product price increases and higher sales volume. By business segment, the polyurethane series achieved sales revenue of 44.957 billion yuan, the petrochemical series achieved 47.738 billion yuan, and the fine chemicals and new materials series achieved 22.548 billion yuan. Among them, revenue from the fine chemicals and new materials series increased by nearly 44% YoY.

Keda Manufacturing's H1 Net Profit Reached 1.284 Billion Yuan, Driving Release of New Anode Material Capacity

Keda Manufacturing achieved H1 operating revenue of 10.392 billion yuan, up 26.92% YoY; net profit attributable to parent company was 1.284 billion yuan, up 72.39% YoY.

Keda Manufacturing's main businesses include the production and sales of building ceramic machinery and overseas building materials products, along with strategic investments in the lithium chemicals business centered on Lanke Lithium, and other cultivation businesses such as lithium battery materials and equipment, hydraulic pumps, and smart energy. In H1, the company actively implemented its globalisation strategy, continuously deepening the global layout and service network for ceramic machinery and accessory consumables, accelerating overseas building materials capacity construction, product category expansion, and market channel extension, while promoting the release of new anode material capacity. Overall, the company achieved good growth in performance and maintained a stable operating condition.

Xinde New Material's H1 Net Profit Surged 6 Times YoY, with Anode Coating Material Shipments Soaring

Xinde New Material achieved H1 operating revenue of 833 million yuan, up 63.27% YoY; net profit attributable to parent company was 70.4253 million yuan, up 617.62% YoY.

In H1, the new energy industry continued to rise, with demand for power batteries and energy storage markets expanding simultaneously, and the penetration rate of high-voltage fast-charging car models increasing steadily, driving robust overall market demand for anode coating materials. Leveraging its leading industry position in China, stable top client resources, and capacity assurance from the "Golden Triangle" in Northeast, Southwest, and South China, Xinde New Material achieved significant YoY growth in overall shipments of anode coating materials.

Xin'an Shares H1 Net Profit Up 268% YoY, with New Energy Material Pilot Projects Progressing Steadily

In H1, Xin'an Shares achieved operating revenue of 8.563 billion yuan, up 6.26% YoY; net profit attributable to shareholders of the publicly listed firm was 254 million yuan, up 268.03% YoY.

In H1, Xin'an Shares' "AI + Liquid Cooling" business achieved a breakthrough from zero to one, advancing benchmark demonstration projects with clients in energy storage, communications, computing centers, and other fields, accelerating the industrialisation process. In the synthetic biology field, the company achieved phased results in strain construction and fermentation process optimisation, actively collaborating with research institutions to explore commercialisation paths. In new energy materials, the company focused on forward-looking directions such as silicon carbon anode and solid-state electrolytes, continuously promoting R&D of key materials, with pilot projects progressing steadily laying technical reserves for entering the next-generation battery supply chain.

Tiannai Technology H1 Revenue Reached 728 Million Yuan, with Higher-Generation Single-Wall Carbon Nanotube Sales Increasing

Tiannai Technology achieved H1 operating revenue of 728 million yuan, up 11.42% YoY; net profit attributable to parent company was 135 million yuan, up 15.39% YoY.

In H1, the lithium battery industry saw gradual demand recovery but competition in the conductive agent track intensified further with cost reduction pressure from downstream battery producers transmitting upward. Tiannai Technology continuously optimised its product sales structure increasing marketing efforts for high value-added single-wall carbon nanotube products. The proportion of higher-generation product sales rose with the gross margin of the main business reaching 37.76% in H1.

Jiuwu Hi-Tech H1 Revenue Reached 299 Million Yuan, Net Profit 37.39 Million Yuan

Jiuwu Hi-Tech achieved H1 operating revenue of 299 million yuan, up 10.51% YoY; net profit attributable to shareholders of the publicly listed firm was 37.3908 million yuan, down 3.37% YoY.

Jiuwu Hi-Tech focuses on the R&D and application of separation materials and technologies such as ceramic membranes organic membranes and lithium adsorbents. Leveraging years of experience in separation material technology R&D the company independently developed titanium-series and aluminum-series lithium adsorbent material preparation technology through years of R&D investment and experimentation creating an "adsorption + membrane" process for salt lake lithium extraction applicable to lithium resource development scenarios from different types of brine both in China and overseas. The company has become one of the few enterprises in China that simultaneously master key materials and processes for salt lake lithium extraction and possess sustained R&D innovation capabilities. In the field of solid-state battery key materials the company has established a comprehensive R&D and preparation technology system covering oxide and sulphide systems from upstream raw materials to electrolyte materials.

Zhonglun New Material H1 Net Profit Reached 68 Million Yuan, Up 63.34% YoY

Zhonglun New Material achieved H1 total operating revenue of 1.279 billion yuan, up 26.98% YoY; net profit attributable to parent company was 68.0016 million yuan, up 63.34% YoY.

In terms of new energy membrane materials Zhonglun New Material plans to invest a total of 2.5 billion yuan to build the project aiming to further enrich the company's "high-precision" product matrix and enhance industry competitiveness. The project will be constructed in phases with Phase 1 planning two production lines. The first line was commissioned in November 2025 and the second line is expected to be commissioned in H2 2026.

[Lithium Battery Equipment]

Jinyinhe Turned from Loss to Profit in H1, with Lithium Carbonate Business Revenue Up More Than Twofold YoY

Jinyinhe achieved H1 operating revenue of 953 million yuan, up 44.35% YoY; net profit attributable to shareholders of the publicly listed firm was 14.9961 million yuan turning from loss to profit up 135.57% YoY.

Jinyinhe is primarily engaged in high-end intelligent equipment manufacturing including new energy battery intelligent equipment manufacturing and silicone and polymer intelligent equipment. Using its in-house R&D advantages it also conducts research production and sales of silicone materials energy computing alkali metal materials carbon-based silicon-based synthetic materials and nano-spherical silicon dioxide powder silicone supercritical physical foaming products and equipment 4N metal rubidium and 4N metal cesium through subsidiaries. In H1 the company's lithium battery production equipment revenue was 535 million yuan up 66.85% YoY; lithium carbonate business revenue was 109 million yuan up 221.17% YoY.

Bozhong Precision Industry H1 Net Profit Reached 257 Million Yuan, Up 58.18% YoY

Bozhong Precision Industry achieved H1 operating revenue of 3.236 billion yuan, up 72.44% YoY; net profit attributable to shareholders of the publicly listed firm was 257 million yuan, up 58.18% YoY.

In H1 Bozhong Precision Industry saw an increase in orders and investment income. On one hand the company continued to consolidate its advantages in the consumer electronics field deeply binding with major clients; on the other hand it actively developed fields such as automotive automation new energy (e.g. battery swapping stations and lithium battery standard machines) smart warehousing and logistics semiconductors and optical communications achieving positive results.

Autowell H1 Revenue Reached 2.719 Billion Yuan, Net Profit 298 Million Yuan

Autowell achieved H1 operating revenue of 2.719 billion yuan, down 19.55% YoY; net profit attributable to shareholders of the publicly listed firm was 298 million yuan, down 3.11% YoY.

In H1 Autowell's module/PACK production lines used in the lithium battery/ESS sector maintained a relatively fast delivery pace. In the solid-state battery and solid-state battery materials field the company's sulphide solid-state electrolyte powder refinement and drying equipment and silicon carbon anode fluidised bed equipment have been shipped to clients and it has also laid out high-efficiency lamination equipment achieving a forward-looking layout in the core equipment field of solid-state batteries.

Conclusion:

From the above enterprises with high lithium resource self-sufficiency fully enjoyed price gains while the material segment witnessed high-growth leaders emerging in niche tracks such as anode coating separators and copper foil. However some battery producers faced profitability challenges due to raw material cost transmission and overseas exchange rate fluctuations.

Looking ahead to H2 with the advent of the peak season for NEVs continued robust demand for energy storage and accelerated implementation of new technology routes such as solid-state batteries and AI computing energy storage the lithium battery industry is expected to improve overall. Meanwhile industry chain competition will increasingly test enterprises' technological barriers cost control and global layout capabilities. In the industry reshuffle enterprises that rely solely on capacity expansion and lack cost advantages will continue to see their performance under pressure.