In-Depth Analysis Report on Investment Timing for the Solid-State Battery Industry Chain

Now let me prepare a comprehensive and in-depth analysis report on the investment timing for the solid-state battery industry chain:

---

As the core direction of next-generation battery technology, solid-state batteries are moving from laboratories to industrialization. 2025 has become the first year of solid-state battery industrialization in China, with market demand and technological breakthroughs forming a dual resonance [1]. Compared with the current mainstream liquid lithium-ion batteries, solid-state batteries replace traditional liquid electrolytes with solid electrolytes, which can fundamentally solve thermal runaway safety hazards while enabling the use of high-energy-density cathode and anode materials. It is expected to increase cell energy density to 400-500Wh/kg or even higher [2].

From a global competitive landscape perspective, China, Europe, the US, Japan, South Korea and other countries are actively promoting solid-state battery R&D. If overseas countries achieve technological breakthroughs in this field first, it may challenge China’s existing lithium battery industry advantages [2]. This has elevated solid-state batteries to the focus of national strategic competition, with policy support continuing to strengthen.

Policy guidance in China’s solid-state battery sector has gradually shifted from macro support to standardization and regulated development:

Time	Policy Milestones
2022	Included in the national carbon neutrality energy storage technology system
2023	Strengthened research on standard systems, put forward requirements for cycle life and safety
2024	Clarified performance specifications for solid-state single cells
2025	Promoted the construction of standard sub-systems, defined all-solid-state batteries

On December 30, 2025, the National Technical Committee on Standardization of Automobiles released Electric Vehicle Solid-State Batteries - Part 1: Terminology and Classification (Draft for Comments). As the world’s first national standard draft for electric vehicle solid-state batteries, it marks that China’s solid-state battery technology has officially entered a critical phase of industrialization [1].

---

Current solid-state battery technology is transforming from “materials science” to “production engineering”, with multiple key technical bottlenecks broken:

Technical Route	Core Advantages	Industrialization Progress	Representative Enterprises
Sulfide	Highest ionic conductivity (>10mS/cm)	Mainstream route for all-solid-state batteries	CATL, Ganfeng Lithium
Oxide	Good stability, low cost	Mainstream choice for semi-solid-state batteries	BYD, Weilan New Energy
Polymer	Good flexibility, easy processing	Technology maturity to be improved	Ganfeng Lithium, Qingtao Energy
Halide	Good compatibility, wide voltage window	New technical direction	CATL, Qingtao Energy

In January 2025, CATL obtained a patent for doped halide solid-state electrolytes, innovatively adopting cathode doping or coating modification technology, and controlling the mass ratio of cathode active materials to doped halide solid-state electrolytes between 9:1 and 7:3 [2]. In 2024, BYD successfully rolled out 60Ah all-solid-state battery pilot products, adopting a combination of high-nickel ternary single-crystal cathodes, low-expansion silicon-based anodes, and composite halide-sulfide electrolytes.

is the biggest constraint to mass production of all-solid-state batteries. Jinghe Energy has developed cathode and anode coating technology: “When preparing cathode and anode materials, a layer of sulfide coating is applied on the outside, which improves the compactness of the same materials, and its conductivity can be increased by an order of magnitude compared with current all-solid-state batteries” [3]. Ascend Lithium Materials has developed a new sulfide electrolyte compounded with chlorine and iodine, effectively solving the problem of solid-solid interface contact, and the product has entered batch verification with leading customers [1].

Enterprise	Energy Density	Technical Features
Jinghe Energy	800 Wh/kg	Lithium-rich manganese-based cathode material [3]
CATL	500+ Wh/kg	Sulfide + halide composite electrolyte [4]
BYD	400 Wh/kg	Blade solid-state battery, 600Wh/L volumetric energy density [4]
Ganfeng Lithium	420 Wh/kg	Third-generation all-solid-state battery [4]
Guoxuan High-Tech	360 Wh/kg	Jinshi Battery, passed 200℃ extreme safety test [4]

Multiple automakers and battery manufacturers have announced clear mass production timelines:

┌─────────────────────────────────────────────────────────────────────┐
│                    Commercialization Timeline for Solid-State Batteries                          │
├────────────────┬─────────────────────────────────────────────────────┤
│ Enterprise     │ Commercialization Plan                                           │
├────────────────┼─────────────────────────────────────────────────────┤
│ GAC Group      │ 2026: Equipped on Hyper models (60Ah pilot production line completed) [1]            │
│ Dongfeng Motor │ 2026 September: Mass production and installation of 350Wh/kg batteries; 2027: All-solid-state batteries [1]          │
│ FAW Hongqi     │ End of 2027: Mass production and installation on high-end flagship models (prototype vehicles rolled off the line) [1]      │
│ SAIC Group     │ 2027: Mass production and delivery of all-solid-state batteries (Qingtao Power production line connected) [1]      │
│ CATL           │ 2027: Small-batch production of all-solid-state batteries [4]                       │
│ BYD            │ 2027-2029: Small-batch installation on vehicles [4]                            │
│ Guoxuan High-Tech │ 2027: Small-batch production and vehicle installation testing [4]                       │
│ Jinghe Energy  │ 2027: Achieve large-scale production capacity breakthrough [3]                         │
└────────────────┴─────────────────────────────────────────────────────┘

According to calculations by China Merchants Securities, by 2030,

, with an annual compound growth rate of 103% for the industry from 2024 to 2030 [1]. CITIC Securities estimates that global solid-state battery shipments will exceed 700GWh in 2030, of which all-solid-state batteries will exceed 200GWh [1].

---

The solid-state battery industry chain covers the entire benefit pattern of

[1]:

Upstream Raw Materials      Midstream Materials       Battery Manufacturing       Equipment Manufacturing      Downstream Applications
   │                          │                          │                          │                         │
   ▼                          ▼                          ▼                          ▼                         ▼
Lithium/Cobalt Ore     Solid-State Electrolyte      Cell Manufacturing      Dry Electrode Equipment   New Energy Vehicles
   │                  Cathode Materials         PACK Integration      Sintering Equipment       Energy Storage Systems
   │                  Anode Materials         BMS Systems       Testing Equipment       eVTOL/UAV
   ▼                          ▼                          ▼                          ▼                         ▼
Tianqi Lithium      Ascend Lithium Materials        CATL      Xinda Intelligent       GAC/Dongfeng
Ganfeng Lithium      Sanxiang New Materials        BYD      Shanghai Xiba       Geely/NIO

Industry Chain Link	Investment Value Index	Risk Index	Core Logic
Battery Manufacturing	★★★★★	High	Highest technical barriers, large valuation elasticity
Equipment Manufacturing	★★★★☆	Medium-High	Strong demand for equipment in the early stage of industrialization
Midstream Materials	★★★★☆	Medium	Large space for domestic substitution, rapid technological iteration
Upstream Raw Materials	★★★☆☆	Medium-Low	Strong resource attributes, strong cyclicality
Downstream Applications	★★★★☆	Medium	High certainty of terminal demand

：Global leader in power batteries with a 37.9% market share, focusing on the sulfide all-solid-state battery route, with laboratory energy density exceeding 500Wh/kg. The company has mass-produced condensed-state batteries (semi-solid-state batteries) and supplied them to NIO ET9 and Xiaomi SU8. The company has laid out over 2000 patents in the solid-state battery field, and is expected to achieve small-batch production in 2027 [4].

：The Blade solid-state battery adopts a “super iron phosphate” system, with volumetric energy density of 600Wh/L, which is 40% higher than traditional Blade batteries. The 30GWh solid-state battery base in Xi’an is planned to be completed in 2026 [4].

：Developed a low-impedance cathode-sulfide electrolyte composite system with cycle life exceeding 2500 times, passed Samsung SDI certification, and is compatible with both oxide and sulfide systems. In 2024, overseas business gross profit margin reached 42%, with export volume increasing by 185% year-on-year [4].

：Has obvious monopoly advantages in dry electrode technology, with new orders expected to exceed RMB 8 billion in 2025, and will directly benefit from the industrialization of solid-state batteries [4].

：The only domestic enterprise to achieve ton-level mass production of LLZO oxide electrolytes with a yield rate of 98%, supporting BYD’s Blade solid-state battery project, with 40% lower cost than the sulfide route [4].

：The sulfide all-solid-state “Jinshi Battery” has an energy density of 360Wh/kg, passed the 200℃ extreme safety test, developed an “in-situ curing” process, reduced interface impedance to below 10Ω·cm, and obtained technical certification from Volkswagen’s MEB+ platform [4].

：Pursues three routes simultaneously: oxide, sulfide, and polymer. The third-generation all-solid-state battery has an energy density of 420Wh/kg. The 10GWh solid-state battery base in Chongqing has been put into production, and it holds a controlling stake in ProLogium Technology, the only enterprise in the world to achieve hundred-ton level mass production of sulfide electrolytes [4].

---

Based on technological breakthrough progress and commercialization process,

, with 2025-2026 being the golden window for layout.

Investment Clock Analysis:
┌────────────────────────────────────────────────────────────────────┐
│  Technology Verification Phase ──► Small-Batch Production Phase ──► Large-Scale Production Phase ──► Cost Reduction Phase        │
│  (2024-2025)     (2025-2026)     (2026-2028)    (2028-2030)        │
│       ▲              ▲              ▲              ▲               │
│    High Risk         Medium-High Risk         Medium Risk        Medium-Low Risk          │
│   Focus on Leaders       Layout Materials         Focus on Scale     Select Cost Advantages       │
└────────────────────────────────────────────────────────────────────┘

• Effective solutions to solid-solid interface impedance problems [3]
• Multiple enterprises have completed the entire manufacturing process of all-solid-state batteries [1]
• Leading automakers are building production lines in batches, with clear mass production timelines [1]

• The Ministry of Industry and Information Technology clearly listed “accelerating breakthroughs in all-solid-state battery technology” as a key task for 2026 [1]
• Local governments have intensively laid out the solid-state battery track in their 14th Five-Year Plans [1]
• National standard system is being improved at an accelerated pace [1]

• As of January 14, 2026, Cailian Press’ solid-state battery sector index rose 10.27% in the past week [1]
• Weilan New Energy launched A-share IPO tutoring and filing [1]
• Tailan New Energy completed over RMB 400 million Series B+ financing [1]

• Global solid-state battery shipments are expected to exceed 700GWh in 2030 [1]
• Equipment market space reaches RMB 59.2 billion, with an annual compound growth rate of 103% [1]

Time Phase	Recommended Targets	Investment Logic
Short-Term (6-12 months)	CATL, Guoxuan High-Tech, Xinda Intelligent	Technology verification phase, focus on leaders with mass production capabilities
Medium-Term (1-2 years)	Ascend Lithium Materials, Shanghai Xiba, Sanxiang New Materials	Material and equipment leaders benefit first from industrialization
Long-Term (2-4 years)	BYD, Ganfeng Lithium, Farasis Energy	Full industry chain layout, enjoy scale dividends

---

Jinghe Energy is a cell and system solution provider focusing on all-solid-state batteries, born from the “Star Plan”. Its founder and CEO Li Yantao was a core member of the founding teams of CALB and Geely Power Batteries [3].

Jinghe Energy has developed cathode and anode coating technology. When preparing cathode and anode materials, a layer of sulfide coating is applied on the outside, which improves the compactness of the same materials, and its conductivity can be increased by an order of magnitude compared with existing all-solid-state batteries [3].

Using lithium-rich manganese-based cathode materials instead of high-nickel raw materials, it can increase cell energy density to , significantly leading CATL’s 500Wh/kg level [3].

Simultaneously developing AI BMS Battery Management System and CTP 4.0 architecture design:

• AI BMS: Achieves higher-precision cell state monitoring, improving battery health identification capabilities [3]
• CTP 4.0: No vertical and horizontal beams in the battery pack, combined with keel architecture and six-in-one functional materials, increasing space utilization by more than 30% [3]

Dimension	Progress
Financing	Completed tens of millions of RMB angel round financing (led by Sky Factory Venture Capital Fund) [3]
Customers	Reached cooperation with 3 new energy commercial vehicle customers and 2 energy manufacturers [3]
Vehicle Installation	First batch of engineering samples expected to complete vehicle installation testing in Q4 2026 [3]
Production Capacity	Target to achieve large-scale production capacity breakthrough in 2027 [3]
Application Scenarios	Covering intelligent vehicles, energy storage, eVTOL three major fields [3]

• 800Wh/kg energy density leads the industry, with obvious differentiated competitive advantages
• Founder team has profound industry background, strong technology implementation capabilities
• Focuses on the commercial vehicle segment market, avoiding direct competition with leading enterprises
• Lays out the eVTOL low-altitude economy track, forward-looking positioning in emerging markets

• Early-stage startup, yet to achieve large-scale mass production
• Technical route to be verified by vehicle installation, with uncertainties
• Relatively limited capital strength, capacity expansion constrained
• Commercialization progress may fall short of expectations

---

Risk Type	Specific Description	Impact Level
Technical Route Risk	Oxide, sulfide, and polymer technical routes have their own advantages and disadvantages, and no unified standard has been formed yet [4]	High
Commercialization Progress Risk	Academician Ouyang Minggao predicted that mass production of all-solid-state batteries may be delayed to 2030 [4]	High
Cost Risk	Current lithium sulfide prices are RMB 2.5-3 million/ton, and cost reduction may be slower than expected [4]	Medium-High
Competitive Landscape Change Risk	Competition between different technical routes may divert market share [4]	Medium
Valuation Risk	Some concept stocks have dynamic P/E ratios exceeding 50 times, and companies with low business share face the risk of underperforming expectations [4]	Medium

1. Diversified Investment
   : Do not concentrate on a single technical route, and consider enterprises with different technical directions
2. Prioritize Leaders
   : Prioritize layout of leading enterprises with technical barriers and mass production capabilities
3. Focus on Substantive Progress
   : Focus on enterprises with actual orders, vehicle installation progress, and production capacity plans
4. Long-Term Holding
   : Solid-state battery investment requires a long-term perspective of 3-5 years or more

---

1. Short-Term (2025-2026)
   ：Transition from technology verification to production phase, golden window for layout of leading enterprises, focusing on enterprises with clear mass production timelines such as CATL, BYD, and Guoxuan High-Tech.

2. Medium-Term (2026-2028)
   ：Material and equipment enterprises will benefit first from industrialization, focusing on segment leaders such as Ascend Lithium Materials, Xinda Intelligent, and Shanghai Xiba.

3. Long-Term (2028-2030)
   ：Large-scale mass production phase, focusing on second-tier elastic targets with cost advantages and technological iteration capabilities.

According to CICC forecasts,

[1]. With technological iteration and cost reduction, solid-state battery application scenarios will expand to energy storage, consumer electronics, humanoid robots and other fields, and diversified layout will jointly constitute the core driving force for industry growth [1].

For investors, the solid-state battery industry chain is a strategic investment direction with epoch-making attributes. Currently, it is on the eve of industrial explosion. It is recommended to seize the best layout window of 2025-2026, and select appropriate investment targets and strategies according to their own risk preferences and investment time horizons.

---

[1] Cailian Press - “MIIT Emphasizes Technological Breakthroughs, Central SOE Automakers Jointly ‘Take Action’, Solid-State Batteries to Enter a ‘Golden Period’ of Development” (https://finance.eastmoney.com/a/202601143619108035.html)

[2] UseWealth - “Solving the Energy Storage Dilemma: Scientific Challenges and Commercial Potential of Solid-State Batteries” (https://www.usewealth.com/Information/Details.aspx?i=139992)

[3] 36Kr - “Jinghe Energy Secures Tens of Millions of RMB in Financing, Focusing on Solving the ‘Solid-Solid Interface’ Problem of Solid-State Batteries” (https://eu.36kr.com/zh/p/3647590832508808)

[4] Sina Finance - “Investment Value Analysis of Solid-State Battery Sector: Industry Chain Panorama and Short-Term Opportunities” (https://cj.sina.cn/articles/view/7879848900/1d5acf3c401902mqwk)

[5] Economic Daily - “Industrialization of All-Solid-State Batteries Accelerates” (http://www.jingjiribao.cn/static/detail.jsp?id=630820)

[6] Securities Times - “Industrialization Progress of Solid-State Batteries Expected to Accelerate, Listed Companies Deepen Layout” (https://www.stcn.com/article/detail/3596052.html)

---

Report Generation Date: January 21, 2026