Key points: In mid-September, equipment companies such as Lyric, Lead Intelligent, and ST Funeng disclosed solid-state battery equipment progress in quick succession: Lyric’s all-solid-state full-line project completed phased acceptance, and its warm isostatic pressing equipment reached mass-production delivery standards; Lead Intelligent continued to win orders from leading customers in Q3 and delivered multiple production lines in parallel; ST Funeng’s subsidiary Chaoye Precision achieved small-batch delivery. The collective acceleration of orders and deliveries on the equipment side indicates that solid-state battery industrialization is accelerating from laboratory validation to pilot mass production. However, SMM believes that the transition from pilot production to mass production still requires 2–3 years, and the pattern of equipment moving first while mass production remains distant will not change in the short term.
I. How Are Solid-State Battery Equipment Companies Progressing in the “Last Mile” During the Golden September and Silver October?
Recently, information on the solid-state battery equipment side has been released intensively. Around September 15, solid-state battery equipment companies were relatively active.
At the Guangdong listed companies investor collective reception day, Lyric disclosed that the company has opened up key stages including dry electrode, electrolyte transfer printing, isostatic pressing, and high-voltage formation and grading, and can adapt to multiple system routes such as sulfide, oxide, polymer, and halide. Its warm isostatic pressing equipment has reached mass-production delivery standards. The all-solid-state full-line project delivered to a leading automaker has completed phased acceptance. It has also received orders from two leading customers for key models and pilot lines, which are currently being assembled in the factory.
On the same day, Lead Intelligent responded on an interactive platform that it has a fully independent intellectual property all-solid-state battery full-line solution, has opened up the entire mass-production process for all-solid-state batteries, and achieved full coverage of the full-line solution and key equipment for each process stage. Since Q3, it has continued to win orders from leading customers, with production line equipment for multiple customers being delivered in parallel. The orders cover core process equipment such as dry electrode, electrolyte coating, transfer equipment, solid-state stacking, and isostatic pressing.
ST Funeng also stated that its subsidiary Chaoye Precision has achieved small-batch delivery of solid-state battery-related equipment, but this accounts for a relatively small proportion of the company’s overall business amount.
Judging from the statements of equipment companies, the industry has shifted comprehensively from a pure technology R&D stage to a customer validation and small-scale delivery stage. Lyric made a clearer judgment that 2026–2027 is a critical window for mass-production process validation, and the first batch of GWh-level all-solid-state demonstration lines is expected to be built and achieve small-batch application in high-end models.
II. Technological Breakthroughs on the Equipment Side Are Concentrating on Core Process Stages
Isostatic pressing equipment is regarded by the industry as a core incremental link in solid-state battery mass production. In the current competitive landscape, overseas leaders Quintus and Hana are competing with domestic companies such as Lead Intelligent, Lyric, Chuanxi Machinery, and Naknor. Among them, warm isostatic pressing has become a key breakthrough method for solving core bottlenecks such as poor solid-solid interface contact and high ion transport resistance. At Naknor, key equipment such as dry electrode, lithium strip calendering, and electrolyte film formation has been mastered and delivered to customers, and isostatic pressing equipment has also entered the validation stage. The dry-process roll pressing equipment jointly developed by Xianhui Technology and Qingtao Energy has completed delivery and is continuously undergoing iterative optimization on the customer side.
Summary: SMM needs to point out that an explosion of orders on the equipment side does not equate to the arrival of the mass-production inflection point. Currently, solid-state batteries still face three major technical bottlenecks: insufficient interfacial mechanical stability, poor interfacial electrochemical stability, and difficulty in effectively suppressing lithium dendrite growth. Equipment companies’ deliveries are mainly concentrated at the pilot-line level; true GWh-level mass-production lines have not yet been launched on a large scale. From the perspective of industry-chain transmission rhythm, the chain of equipment first, materials following, and cell validation remains clear. The current orders of equipment companies more reflect pilot-line construction demand rather than real volume growth in the end market. SMM expects that 2026–2027 will be a critical window for equipment companies to move from “delivery validation” to “repeat orders,” but there is still a considerable distance before the explosion in equipment demand brought by large-scale mass production.
Appendix: List of Solid-State Battery Equipment Companies
1. Full-line platform manufacturers (covering multiple processes, with full-line delivery capability)
Lead Intelligent (300450.SZ): Has a fully independent intellectual property all-solid-state battery full-line solution, has opened up the entire mass-production process for all-solid-state batteries, and achieved full coverage of the full-line solution and key equipment for each process stage. Its core equipment covers the entire process of electrode preparation, electrolyte membrane preparation, isostatic pressing densification, and back-end inspection. Since Q3 2026, it has continued to win orders from leading customers, covering core process equipment such as dry electrode, electrolyte coating, transfer equipment, solid-state stacking, and isostatic pressing. Its stacking equipment had a market share of about 30% in 2025.
Lyric (688499.SH): In the field of solid-state battery equipment, it has opened up key stages such as dry electrode, electrolyte transfer printing, isostatic pressing, and high-voltage formation and grading, and can adapt to multiple system routes including sulfide, oxide, polymer, and halide. Its warm isostatic pressing equipment has reached mass-production delivery standards. The all-solid-state full-line project delivered to a leading automaker has completed phased acceptance. It has also received orders from two leading customers for key models and pilot lines. It has established deep cooperation with several companies including Qingtao Energy, GAC Group, Farasis Energy, and Shanghai Yili.
Manst (301325.SZ): One of the full-line platform manufacturers. It has delivered dry-process multi-roll film-forming systems and ceramic twin-screw fibrillation equipment, and is advancing in the direction of weakening single-machine selling points and strengthening “whole-plant solutions.”
Yinghe Technology (300457.SZ): Has already laid out in the dry electrode equipment field, with a leading market share in the roll pressing equipment industry.
Hymson (688559.SH): Together with Lead Intelligent, it forms a “two strong leaders” pattern in full-line integration.
2. Key single-machine equipment manufacturers (with advantages in specific processes)
2.1 Roll pressing/isostatic pressing direction
Naknor (920522.BJ): Centering on the main line of all-solid-state battery equipment, it focuses on roll pressing/isostatic pressing. It has a leading market share in the roll pressing equipment industry. In H1 2026, it continued to increase R&D investment in all-solid-state battery equipment, while simultaneously advancing domestic and overseas market expansion and customer delivery.
Chuanxi Machinery (subsidiary of AVIC Airborne Systems): Leading in isostatic pressing equipment technology, with a production qualification barrier for ultra-high-pressure vessels; it is a professional isostatic pressing equipment manufacturer.
Kexin Electromechanical (300092.SZ): Has laid out in the warm isostatic pressing equipment direction.
Huazi Technology (300490.SZ): Has laid out in the warm isostatic pressing equipment direction.
Rongqi Technology: Entered the isostatic pressing equipment field by taking an equity stake in Sichuan Lineng, and also has a layout in warm isostatic pressing equipment.
2.2 Coating direction
Putailai (603659.SH, subsidiary Jiatuo Intelligent): Has advantages in coating and is a key single-machine equipment manufacturer in the coating process.
Keheng Co. (300340.SZ, subsidiary Haoneng Technology): Has advantages in coating.
2.3 Formation and grading direction
Hangke Technology (688006.SH): Has advantages in formation and grading, and has production capacity for high-voltage formation and grading equipment.
Jingshi Electromechanical: Has advantages in formation and grading.
2.4 Dry electrode equipment direction
Jinyinhe (300619.SZ): Its equipment technology focuses on material mixing and dispersion and the electrode sheet manufacturing stage. It has adapted equipment for both dry and wet process routes of solid-state battery electrodes, and provides customized development according to customer process requirements for different material systems such as sulfide, oxide, and polymer.
Honggong Technology (301662.SZ): Together with Naknor, it forms the “Gemini” of dry electrodes. It has already laid out in the dry electrode equipment field and is strengthening the “whole-plant solution” direction.
Shangshui Intelligent: Has achieved small-batch delivery of dry electrode equipment to companies such as BYD.
Liqi Intelligent: Has already laid out in the dry electrode equipment field.
2.5 Testing/inspection equipment direction
Xingyun Co. (300648.SZ): Has a relatively high market share in testing equipment and a solid market position.
3. Specialized process equipment manufacturers (around new processes such as adhesive frame printing and laser/TUV printing)
Delong Laser (688170.SH): Its scoring insulation equipment has entered the supply chains of multiple customers. Laser scoring insulation has advantages in precision and efficiency and is expected to become a mainstream route.
Yifei Laser (688646.SH): Enters the solid-state battery equipment field around laser processes.
Lianying Laser (688518.SH): Enters the solid-state battery equipment field around specialized processes such as laser welding.
4. Overseas solid-state battery equipment companies
Quintus Technologies: A Swedish high-pressure technology company and global leader in isostatic pressing equipment, with leading technological advantages in the field of warm isostatic pressing for solid-state batteries.
Hana Technology: A South Korean equipment company with a layout in the field of solid-state battery isostatic pressing equipment.
EPSI: An overseas solid-state battery equipment company; its specific product direction involves isostatic pressing or related process equipment.
AM Batteries: A U.S. dry electrode equipment company focused on dry electrode manufacturing technology.
PNT: An overseas dry electrode equipment company.
Saueressing: An overseas solid-state battery equipment company.
SACMI: An Italian equipment company with a layout in solid-state battery-related equipment.
Hitachi: A Japanese comprehensive equipment company with a layout in solid-state battery-related equipment.
CIS: An overseas solid-state battery equipment company.
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