Recently, ultra-high energy-density lithium-rich manganese solid-liquid batteries have been successfully installed in vehicles by China FAW Group’s subsidiary, China Auto New Energy Battery Technology Co., Ltd., marking an industry-first achievement!

The ultra-high energy-density lithium-rich manganese solid-liquid battery product, jointly developed by China Auto New Energy and the research team led by Academician Chen Jun of Nankai University, represents a significant breakthrough in China’s high-energy-density power battery sector and signifies the official entry of lithium-rich manganese solid-liquid battery technology into the commercialization stage.

The battery cell boasts an energy density of 5003 Wh/kg, more than double that of mainstream lithium iron phosphate batteries. The battery pack capacity has increased by 67% year-on-year, reaching a total capacity of 142 kWh. When installed in vehicles, this enables a driving range exceeding 1,000 km.

The battery employs a self-developed ultra-wetting in-situ cured composite electrolyte technology, combining the high safety of solid-state batteries with the high ionic conductivity of liquid batteries. This effectively addresses the challenge of high interfacial impedance commonly found in traditional solid-state batteries.

With ultra-high specific capacity and energy density, its theoretical specific capacity can reach 400–450 mAh/g, far surpassing that of traditional ternary materials. The innovative “Thermal-Electrical-Mechanical-Gas-Fire” five-dimensional protection technology ensures no thermal propagation in the battery system, significantly enhancing safety.

It is reported that lithium-rich manganese solid-liquid batteries fall under the category of semi-solid-state batteries, serving as a transitional technology from liquid lithium batteries to all-solid-state lithium batteries. By maintaining the high ionic conductivity of liquid electrolytes while incorporating solid electrolytes, they enhance interfacial stability and safety.

Plans are in place to commence pilot operations in 2026 to validate the battery’s reliability and durability in real-world usage environments. Continuous optimization of battery materials and structures will be pursued, with the goal of achieving a system energy density exceeding 340 Wh/kg, a battery pack capacity surpassing 200 kWh, and a driving range of 1,600 km.

On February 6, the first technical committee meeting of 2026 for the National Engineering Research Center for Lithium-Ion Power Batteries (hereinafter referred to as the “National Engineering Center”) was held at the headquarters of China Automotive New Energy Battery Technology Co., Ltd. (hereinafter referred to as “China Automotive New Energy”). Nearly 20 industry experts attended the meeting, including Chen Jun, Academician of the Chinese Academy of Sciences, Executive Vice President of Nankai University, and Director of the Technical Committee of the National Engineering Research Center for Lithium-Ion Power Batteries; Lu Tianjun, Party Secretary and General Manager of China Automotive New Energy; Qin Xingcai, Vice Chairman of the China Automotive Power Battery Industry Innovation Alliance; Huang Yunhui, Deputy Director of the Academic Committee of Huazhong University of Science and Technology and Professor. The meeting was co-chaired by Chen Jun and Lu Tianjun.

During the meeting, Chen Jun, Lu Tianjun, Qin Xingcai, and Huang Yunhui jointly unveiled the plaque for the new site of the National Engineering Research Center for Lithium-Ion Power Batteries. The National Engineering Center showcased multiple collaborative innovation achievements. Among them, Academician Chen Jun and General Manager Lu Tianjun jointly unveiled and launched an ultra-high specific energy solid-liquid battery system product. Developed jointly by the research team led by Academician Chen Jun of Nankai University and the R&D Technology Center of China Automotive New Energy, the product features an energy density exceeding 500 Wh/kg for its cells, a 67% increase in battery pack capacity compared to similar products, and a vehicle range of over 1,000 km after installation.

Yan Zhenhua, a core member of the joint team and a professor at Nankai University, stated that the product adopts independently developed innovative materials and key technologies. The cathode specific capacity exceeds 300 mAh/g, and the cell energy density surpasses 500 Wh/kg, which is more than twice that of high-performance lithium iron phosphate batteries. The product utilizes a super-wettable in-situ solidified composite electrolyte technology, offering advantages such as high ionic conductivity, super-wettability, a wide electrochemical window, strong interfacial affinity, flame retardancy, and low cost. It also employs an in-situ lithium anode generation technology, addressing the issues of high cost and safety risks associated with using metallic lithium strips. This not only reduces production costs and simplifies manufacturing processes but also achieves significant breakthroughs in battery cycle life and safety.

Li Xue, another core member of the joint team from China Automotive New Energy, noted that the newly launched battery product features a system energy density of 288 Wh/kg and a pack capacity of 142 kWh, enabling a vehicle range of over 1,000 km after installation. Moreover, the product is still undergoing iterative upgrades and is expected to achieve a system energy density exceeding 340 Wh/kg, a pack capacity of over 200 kWh, and a range of more than 1,600 km. Additionally, the product innovatively incorporates a five-dimensional protection technology covering “thermal, electrical, mechanical, gas, and fire” aspects, achieving zero thermal propagation in the battery system. Combined with a cloud-vehicle coordinated battery management technology, the product is planned to commence demonstration operations in 2026.

Chen Jun emphasized that the National Engineering Center is a vital component of the national science and technology development plan, tasked with implementing major national strategies and leading technological advancements in the industry. It should further enhance its role in bridging fundamental research and industrial applications, overcoming “bottleneck” technologies, and addressing challenges in the transformation of research achievements, thereby serving as an engine for cultivating new productive forces. At the same time, while leveraging its leading and aggregating role within the Beijing-Tianjin-Hebei region, the National Engineering Center should also extend its influence nationwide and globally, fostering a collaborative innovation ecosystem involving industry, academia, and research. This will further advance battery technology innovation and industrialization, promote the high-quality development of the new energy industry, and contribute to economic and social development as well as industry progress.

In recent years, lead-acid batteries have faced widespread criticism due to their short lifespan and frequent replacement needs, forcing many electric vehicle users to spend hundreds of yuan every year or two on new batteries. Against this backdrop, BYD has applied its “Blade Battery” technology to the two-wheeled electric vehicle sector, launching a lithium battery product specifically designed for electric bicycles. This battery not only starts at a low price of 169 yuan but also boasts a claimed lifespan of up to 10 years, along with a 5-year warranty service. However, despite its notable performance advantages, the battery remains rarely seen in the market, sparking extensive discussions.

The core competitiveness of BYD’s lithium battery lies in its safety. Addressing public concerns about the flammability and explosiveness of lithium batteries, the product directly adopts automotive-grade safety standards, having passed 424 extreme condition tests, including nail penetration, crushing, and immersion. The company even promises that the battery can function normally when submerged in water up to one meter deep—a performance far surpassing that of ordinary lithium batteries produced by small manufacturers, offering consumers stronger safety guarantees.

Despite its impressive technical specifications, the widespread adoption of BYD’s lithium battery faces multiple obstacles. The primary issue is the high initial replacement cost. With a starting price of 1,169 yuan, the cost is not user-friendly for the average consumer. Many vehicle owners, after consulting repair shops, believe that the expense of replacing the battery is comparable to purchasing a new electric vehicle, leading them to opt for buying a new vehicle rather than upgrading the battery.

Compatibility challenges represent another significant barrier. Most electric vehicles currently on the market are designed with lead-acid batteries as the standard. Replacing these with lithium batteries not only involves the battery itself but also requires simultaneous upgrades to controllers, dashboards, and other supporting components. This process is not only costly but may also face penalties from traffic police for illegal modifications, discouraging the majority of users.

The lack of a brand collaboration ecosystem also hampers the promotion of BYD’s lithium battery. Mainstream electric vehicle brands like Yadea and Aima have established stable supply chain systems. When users need to replace their batteries, authorized stores typically recommend products from partnered manufacturers. As BYD has yet to secure widespread collaborations with these brands, its lithium battery product struggles to enter the original equipment configuration lists, leaving consumers with little to no exposure to this option during the purchasing process.

BYD’s entry into the two-wheeled electric vehicle battery market has brought technological innovation. However, transitioning from a “technological highlight” to a “mainstream choice” still requires overcoming multiple barriers related to pricing, compatibility, and channel partnerships. This process not only demands strategic adjustments from the company but also relies on the gradual deepening of consumer awareness regarding new technologies.

On February 5, Chongqing Changan Automobile Co., Ltd. (hereinafter referred to as “Changan Automobile”) jointly held the “Changan Automobile Tianshu Intelligent New Safety Achievements Release and Sodium Battery Strategy Global Launch Event” with Contemporary Amperex Technology Co., Limited (hereinafter referred to as “CATL”) in Yakeshi. Changan Automobile officially unveiled its global sodium battery strategy, and the world’s first sodium battery-powered mass-produced passenger vehicle made its debut. In the future, multiple brands under Changan Automobile, including Avatr, Deepal, Qiyuan, and Gravity, will be equipped with CATL’s sodium-based batteries.

Currently, the world’s first sodium battery-powered mass-produced passenger vehicle has completed winter calibration in Yakeshi, with its range, low-temperature performance, safety, and discharge performance meeting usage requirements.

As a new type of battery, sodium batteries serve as an important complement to lithium batteries. Zhang Xiaorong, President of DeepTech Research Institute, told Securities Daily: “The launch of the first sodium battery-powered mass-produced vehicle marks a breakthrough for electric vehicles in overcoming high-cold climate limitations. The new energy industry is collaborating to promote technological diversification, which is of great significance for enhancing the all-weather adaptability of new energy vehicles.”

It was learned from the launch event that the Changan Automobile models equipped with CATL’s sodium-based batteries exhibited a discharge power nearly three times higher than that of conventional lithium iron phosphate models with the same battery capacity under -30°C conditions. At -40°C, the capacity retention rate exceeded 90%, and even at the extreme temperature of -50°C, stable discharge was maintained.

Test data show that CATL’s sodium batteries, combined with its third-generation CTP system integration technology, can achieve a pure electric range of over 400 km, with the highest energy density of the battery cells reaching 175 Wh/kg, placing it at the leading level in the industry. CATL believes that with the rapid development of the sodium battery industry chain, the pure electric range could be upgraded to 500 km or even 600 km, and the range for extended-range hybrid vehicles could exceed 300 km or even 400 km, covering over 50% of the range requirements in the new energy vehicle market.

It is worth mentioning that CATL initiated research and development of sodium-ion battery technology as early as 2016, with cumulative investments nearing 10 billion yuan by 2025. Its sodium-ion batteries also demonstrate excellent safety performance, passing extreme safety tests such as multi-surface crushing, electric drill penetration, and complete sawing while fully charged.

As a leading automaker fully embracing sodium batteries, Changan Automobile boasts over 40 years of profound automotive manufacturing experience. In 2025, Changan Automobile’s new energy vehicle sales exceeded 1.1 million units. With its multi-brand portfolio ranging from premium to mass-market brands and from passenger to commercial vehicles, Changan Automobile is expected to provide a million-unit market foundation for the large-scale application of sodium batteries in the future.

A representative of Changan Automobile told Securities Daily: “With the deepening of the strategic cooperation between the two companies, we will be the first to equip CATL’s sodium batteries in multiple new models across our brands, aiming to become the first leading automaker to fully adopt sodium batteries. This initiative seeks to share the benefits of the new energy era with users through technological democratization.”

The current wave of electrification in the new energy industry is dominated by lithium batteries. However, with breakthroughs in sodium battery technology, industry insiders believe that sodium batteries, leveraging their unique resource advantages and rapid technological advancements, will form a “lithium-sodium complementary” ecosystem alongside lithium batteries. Together, they will build a diversified energy supply structure, opening up new pathways for the sustainable development of the new energy industry.

It is reported that in 2026, CATL will apply sodium batteries on a large scale in areas such as battery swapping, passenger vehicles, commercial vehicles, and energy storage, fostering a new development trend of “lithium-sodium synergy.”

According to data from ICC Xinluo, China’s sodium-ion battery production reached 3.45 GWh in 2025, representing a year-on-year increase of 96%. In 2025, China’s total sodium battery cathode output amounted to 11,000 tons, a 101% increase year-on-year. It is expected that the operational capacity for sodium battery cathodes will exceed 120,000 tons in 2026. This trend will support the explosive growth of downstream sodium battery applications, with capacity utilization rates expected to rise significantly.

Zhang Xiaorong stated that the coordinated development of lithium and sodium batteries is a more practical path aligned with the development of the new energy industry. “Lithium batteries focus on high-end, long-range applications, while sodium batteries target medium-to-short-range travel and extreme environments. Their complementarity can enhance the resilience of the industry chain, reduce resource risks, and accelerate the adoption of battery swapping and electrification in lower-tier markets.”

“Sodium reserves worldwide far exceed those of lithium, which means sodium batteries will be less costly than lithium batteries,” said Zhang Xiang, Secretary-General of the International Association of Intelligent Transportation Technology. “In addition to their cost advantage, sodium batteries also exhibit excellent low-temperature performance and a broad applicable temperature range. However, whether sodium batteries can achieve large-scale application in the future remains to be tested over time.”

On February 3, following the signing of a major 6GWh energy storage order in Egypt in January, Trunergy New Energy secured another significant overseas contract yesterday. The company signed a strategic cooperation agreement on energy storage with Saudi Arabia’s Al Rajhi Electrical and Shanghai E-Electric Power in Dammam, Saudi Arabia. Under the agreement, Trunergy will supply a total of 5.5GWh of energy storage products to Al Rajhi Electrical for localized production and project development in the Middle Eastern market.

The cooperation aims to actively support Saudi Arabia’s energy transition strategy under its “Vision 2030” and jointly explore the energy storage market in the Middle East. According to the agreement, Trunergy will serve as Al Rajhi Electrical’s first Chinese strategic partner in the energy storage sector. Leveraging its strong R&D capabilities and large-scale manufacturing expertise in the lithium battery industry, Trunergy will provide advanced energy storage products and comprehensive technical support for Al Rajhi Electrical’s local factory construction in Saudi Arabia. Over the next three years, Trunergy will supply a total of 5.5GWh of energy storage products to Al Rajhi Electrical for localized production and project deployment in the Middle Eastern market.

On January 16, Trunergy also signed a strategic cooperation agreement with Egypt’s WeaCan and Kemet. Under this agreement, WeaCan and Kemet will serve as key facilitators for project implementation, leveraging their deep local industry resources and extensive project experience in Egypt. They will be responsible for application scenario, government approval coordination, grid connection support, and localized operational services, providing solid support for the large-scale deployment of Trunergy’s energy storage products. Trunergy, as the core technology and product supplier, will deliver a total of 6GWh of high-quality energy storage products in phases, ensuring their safe and stable operation within Egypt’s power system while offering full-cycle technical support services.

Currently, Trunergy has established four major regional service centers globally, covering China, Europe, North America, and Australia. This network forms a localized service support system that extends worldwide, offering comprehensive lifecycle services—from product delivery and technical consultation to installation, commissioning, and operational maintenance. With its independently developed core technologies, high-safety system designs, and precise responsiveness to diverse market demands, Trunergy has achieved batch deliveries and landmark project implementations in over 60 countries and regions. Its brand influence continues to grow, and customer recognition continues to deepen.

In 2025, Trunergy’s shipment volume exceeded 90GWh, positioning it among the top global energy storage battery suppliers. As large overseas orders from North Africa, the Middle East, and other regions continue to be secured, Trunergy’s global footprint is further expanding. The company is set to increase its market share and brand influence overseas, contributing “Trunergy Power” to the global energy transition.

On January 31st, NIU officially launched its U3 series of new national standard electric bicycles, covering the U3 Citi, U3 Sport, and U3 Pro models. As a heavyweight offering from NIU under the new national standard, this series aims to set a new benchmark for urban functionality and trendsetting style.

The upgrades comprehensively span three key dimensions, with the U3 Pro version standing out in particular.

In terms of performance, the series features an exclusively customized supercharged, long-range NEVAN Snow Leopard 48V30Ah lithium battery. A single battery provides a range of up to 107km. Paired with a 12-inch high-performance motor, acceleration from 0 to 25km/h takes only 2.97 seconds, ensuring swift response. The full-size, extra-wide tires offer superior grip.

Regarding smart features, the series introduces the industry-first bidirectional Lingxi Throttle, allowing forward and backward control with a single twist. It is equipped with a full-size TFT true-color display supporting automotive-grade AI full-screen navigation, customizable wallpapers, and sound effects. The Magic Wheel knob enables one-touch control of core functions.

For safety, the bikes are outfitted with Safe Brake dual-channel valve-type true ABS, combined with the industry-first automotive-grade UWB radar system. This provides precise blind-spot monitoring and collision warnings, offering comprehensive protection for riders. The convergence of multiple breakthrough technologies fully demonstrates the comprehensively leading product strength of the U3 series.

It is worth noting that the entire U3 series is equipped with the NEVAN Snow Leopard 48V30Ah lithium battery. This battery delivers a range exceeding 100 kilometers, ensuring carefree daily commuting. It performs well in cold environments, supporting charging at temperatures as low as -15°C and maintaining over 95% capacity at -20°C. The battery also boasts a long cycle life, with a capacity retention rate above 60% after 800 cycles. In terms of safety, the Snow Leopard battery has passed over 16,000 test cases, excelling in extreme tests far exceeding national standards, such as a 2-meter high drop and a 14cm steel nail puncture through the battery pack, providing a solid foundation for riding safety.

The launch of NIU’s U3 series sets a new benchmark for the new national standard electric bicycle market. Moving forward, NIU will continue to advance technological innovation, bringing users more high-performance mobility products and persistently leading the upgrade of the two-wheel travel experience.

According to a January 25 report by the South Korean media outlet “Business Post,” Samsung SDI plans to invest approximately 1 trillion won in its Göd factory in Hungary to establish a cylindrical battery production line. The company’s CEO, Choi Joo-sun, intends to shift the product portfolio for the European electric vehicle battery market from prismatic batteries to high-performance cylindrical batteries.

The European electric vehicle market is currently undergoing structural adjustments. Due to the economic slowdown, consumers are showing a preference for more economical electric vehicles, leading to a surge in demand for lithium iron phosphate (LFP) batteries. Chinese battery manufacturers, leveraging the cost advantages of LFP batteries, are rapidly capturing market share in Europe.

This shift has directly impacted Samsung SDI. According to data from SNE Research, from January to November 2025, Samsung SDI’s electric vehicle battery sales in Europe reached 11.7 GWh, a year-on-year decline of 19%. Its market share also dropped from 9.3% to 5.7%.

More critically, with CATL entering Europe and becoming BMW’s largest battery supplier, Samsung SDI lost its long-held position as BMW’s top battery supplier and was directly affected by BMW’s struggles in electric vehicle sales.

Furthermore, combined with the downturn in the U.S. electric vehicle market and reduced demand in North America due to subsidy cancellations, Samsung SDI’s performance has been severely impacted. Citing financial data, South Korean media reported that Samsung SDI’s revenue for 2025 was 129.095 trillion won, with an operating loss of 1.7272 trillion won, marking its first annual loss since 2016. For 2026, revenue is projected to be 150.23 trillion won, with an operating loss of 286.2 billion won.

As growth in the Chinese and American electric vehicle markets slows, Europe has become a focal point of competition for battery manufacturers. Recently, following the UK and France, Germany also reinstated its electric vehicle subsidy policy.

To reverse its decline in the European market, Samsung SDI is accelerating its strategic deployment of its 46-series cylindrical batteries to secure a position as BMW’s fourth cylindrical battery supplier.

Currently, BMW primarily uses prismatic batteries. However, BMW had earlier announced that starting from 2027–2028, its new-generation electric vehicle platform, “Neue Klasse,” will be equipped with Gen6 large cylindrical batteries.

BMW had previously announced its three large cylindrical battery suppliers: CATL, EVE Energy, and Envision AESC. Both CATL and EVE Energy have already established battery factories in Debrecen, Hungary, and are accelerating their progress toward mass production. CATL’s Hungarian factory is set to commence mass production in March or April this year, with an initial planned annual capacity of up to 40 GWh. It is reported that all production capacity has already been reserved by customers. EVE Energy’s Hungarian factory has a planned capacity of 30 GWh, with construction work fully underway and expected to be completed and operational by 2027.

In response, Samsung SDI recently placed orders for hundreds of cylindrical battery production equipment from its partners. Industry predictions estimate the investment scale to be around 1 trillion won. The company plans to begin introducing the equipment in the second half of this year, complete preparations for mass production by 2027, and achieve full-scale production by 2028.

According to previously disclosed information from BMW, the Gen6 large cylindrical battery, with a diameter of 46 mm, is specifically designed for BMW’s “Neue Klasse” vehicle electronic architecture. It can increase driving range by up to 30% (WLTP). Compared to the fifth-generation prismatic cells, the Gen6 cylindrical cells have a higher nickel content and reduced cobalt content in the cathode, along with increased silicon content in the anode, resulting in a volumetric energy density improvement of over 20%.

However, earlier reports indicated that BMW’s cylindrical battery requirements are for 4695 and 46120 cells—meaning a diameter of 46 mm but heights of 95 mm and 120 mm, respectively, rather than 80 mm.

Samsung SDI’s cylindrical battery roadmap aligns closely with BMW’s requirements. Its cylindrical batteries are 46P type, with a diameter of 46 mm, and can be produced in various heights, such as 80 mm, 95 mm, 100 mm, and 120 mm. Compared to the 2170 cylindrical batteries, these offer over five times the energy capacity and output.

Additionally, last year, the South Korean media outlet etnews cited industry sources stating that the first mass-produced 46P cylindrical battery from Samsung SDI’s Hungarian factory is expected to be the 4695 model and is likely to be installed in BMW’s next-generation electric vehicle models in Europe.

In this report by “Business Post,” an analyst from Shin Young Securities pointed out that as Chinese companies strengthen their position in the European market, Samsung SDI’s sales of ternary prismatic batteries may continue to face pressure. However, starting from 2027, with the supply of cylindrical batteries for the new electric vehicle platform, its sales in Europe are expected to recover.

Overall, it is almost an open secret that Samsung SDI will become BMW’s fourth cylindrical battery supplier.

In 2025, within the new energy vehicle sector, solid-state batteries have undoubtedly become the most dazzling “star.”

For years, solid-state batteries largely remained in the realm of conceptual hype, confined to laboratory research or serving as flashy PowerPoint highlights at automakers’ launch events to attract attention. However, in 2025, this technology broke through its constraints and truly took a critical step from prototypes to products, and from demonstration to mass production.

In October 2025, CCTV News reported that Chinese scientists made a major breakthrough in solid-state lithium-metal battery technology, successfully addressing key challenges in enhancing battery performance. This means that the range of solid-state batteries is expected to leap from the previous benchmark of 500 km per 100 kg of battery to surpassing the 1,000-km ceiling.

A research team led by Huang Xuejie from the Institute of Physics at the Chinese Academy of Sciences, in collaboration with teams from Huazhong University of Science and Technology and the Ningbo Institute of Materials Technology and Engineering, developed an iodine-ion-based “self-repairing” technology. During battery operation, iodine ions form an iodine-rich interface under an electric field, automatically filling gaps and pores between the electrode and electrolyte like “shifting sand.” This innovation completely eliminates reliance on external high-pressure equipment, overcoming the biggest bottleneck hindering the practical application of all-solid-state batteries. Meanwhile, other research teams have continued to advance innovations in flexibility and safety.

Moving beyond upstream materials, midstream battery manufacturers and major new energy vehicle companies have also accelerated their efforts in this field.

Specifically, CATL has adopted a strategy of “pursuing semi-solid-state first while tackling all-solid-state technology” in the solid-state battery arena. Its condensed semi-solid-state batteries achieved large-scale mass production in Q1 2025, and the world’s first sulfide all-solid-state battery pilot line was put into operation in Hefei in May last year, with plans for small-scale mass production by 2027. In October 2025, Sunwoda released its “Xinbixiao” polymer solid-state battery, with a 0.2 GWh all-solid-state battery pilot line expected to be completed in March this year, also targeting small-scale mass production by 2027.

Among new energy vehicle manufacturers, Changan Automobile’s “Golden Bell Cover” all-solid-state battery technology has progressed from the laboratory to real-vehicle validation, with plans to enter vehicle integration verification in 2026 and achieve scaled mass production by 2027. Geely Auto aims to complete all-solid-state battery vehicle integration verification in 2026, followed by scaled mass production in 2027. SAIC Motor emphasized in its 2026 new vehicle plan that all-solid-state batteries will undergo prototype vehicle testing within the year. Currently, the MG4 semi-solid-state “Anxin” edition has already been launched. GAC Group announced in November last year that it had taken the lead in building China’s first large-capacity all-solid-state battery pilot production line. By 2026, its Hyper brand models are expected to be fully equipped with solid-state batteries, with mass production gradually rolling out between 2027 and 2030.

Timeline-wise, most automakers’ plans for solid-state battery vehicle integration are concentrated between 2026 and 2030. Various indicators suggest that a competitive race around solid-state batteries has quietly commenced among major automakers. This, in turn, will accelerate the rapid development of solid-state batteries.

It is understood that solid-state batteries replace traditional flammable liquid electrolytes with non-combustible, non-corrosive solid electrolytes, fundamentally eliminating risks such as leakage, combustion, and explosions. Even under extreme conditions like high temperatures, compression, or puncture, they remain stable, ensuring inherent safety and significantly reducing thermal runaway risks. Thanks to their excellent stability, solid-state batteries can use metallic lithium as the anode, which offers up to ten times the energy density compared to current graphite anodes. Additionally, their stable nature results in fewer side effects, thereby extending battery lifespan. Moreover, they exhibit stronger adaptability to temperature variations, functioning effectively across a wide range from -50°C to 200°C. Furthermore, since there is no need to worry about leakage, solid-state batteries can be designed in more flexible shapes, perfectly adapting to electric vehicle platform structures, filling previously unused spaces, and substantially improving the volumetric energy density of power batteries.

Overall, the transition from liquid to solid-state batteries represents a generational leap in power battery technology.

Despite their multiple performance advantages, solid-state batteries still face significant challenges before they can truly achieve vehicle integration.

Among these challenges, the production processes and equipment requirements for solid-state batteries are far more demanding than those for liquid batteries. Public data shows that the cost of liquid lithium-ion batteries is approximately 100–150 USD/kWh, while solid-state batteries cost between 400–800 USD/kWh, making them three to four times more expensive. Additionally, the construction cost of ultra-clean, dry workshops required for solid-state batteries is several times higher than that of traditional liquid battery production lines.

Cost aside, solid-state batteries are not absolutely safe either. Some industry experts have noted, “A thermal runaway in a liquid battery might be like a small firecracker—startling but with limited destructive power—whereas if a solid-state battery breaches its safety limits, it could be more like a large firecracker, with more severe consequences.” In other words, the harm caused by thermal runaway in solid-state batteries could be greater.

Currently, high costs and safety uncertainties present significant practical obstacles to the deployment of solid-state batteries.

That said, the mass production and implementation of solid-state batteries would be a major boon for the new energy vehicle industry, and many automakers have already outlined clear timelines for this technology’s adoption. 2027 is a critical milestone for the small-batch mass production of solid-state batteries, with demonstration lines set to officially commence production and vehicle integration. By then, whether solid-state batteries are mere hype or genuine technological advancement will become clear.

Against the backdrop of fluctuating lithium carbonate prices and companies seeking supply chain security, sodium-ion batteries (hereinafter referred to as sodium batteries) are emerging as a new investment hotspot. As of the market close on January 28, concept stocks related to sodium battery development, such as Seven Colors Chemical, Limin Group, and Minmetals New Energy, have all surged by over 20% since the beginning of the year. Among them, Seven Colors Chemical has seen its stock price rise by 58.4% year-to-date.

Industry leader CATL has recently achieved a breakthrough in the mass production of sodium batteries.

Recently, CATL launched the “CATL Tianxing II Light Commercial Vehicle Customized Solution Series,” creating the industry’s first mass-produced sodium battery for light commercial vehicles. Its standout feature is its adaptability to extreme cold regions.

This battery has a capacity of 45 kWh and is compatible with various vehicle types, including small and medium-sized vans and mini trucks, making it suitable for new energy commercial vehicles. “The battery retains over 92% of its usable capacity at -20°C; even at -30°C, when the cell is completely frozen, it can still be charged immediately upon connection. At the same temperature, even if the battery is extremely depleted to 10% SOC, the vehicle can still climb a 10° slope under full load,” Peng Bin, STO of CATL’s Commercial Product Line, specifically emphasized to the National Business Daily the battery’s advantages in extreme cold environments.

Compared to lithium batteries, sodium batteries have distinct advantages and disadvantages. In terms of advantages, sodium resources are easier to obtain, offer better low-temperature performance, higher safety, and less noticeable temperature rise during high-rate charging compared to lithium resources. However, sodium batteries currently lag behind lithium batteries in terms of industrialization costs, supply chain maturity, and energy density.

“Lithium batteries have developed for many years, and the entire supply chain is very complete and efficient. Sodium batteries certainly cannot achieve this effect this year. However, in the next two to three years, our goal is to make sodium batteries more economically competitive than current lithium-ion batteries,” said Gao Huan, Chief Technology Officer of CATL, in an interview with reporters.

CATL’s entry into this field is not an isolated case, as companies across the entire industry chain have been actively deploying sodium battery technologies.

On January 17, Jiangsu Zhongna Energy Technology Co., Ltd. officially put into operation its 10,000-ton sodium iron sulfate cathode material production base—the Meishan Lina Project—located in Meishan City, Sichuan Province. The project aims to build an integrated capacity of 30,000 tons of sodium iron sulfate cathode materials and 5 GWh of sodium-ion battery pack systems. Prior to this, EVE Energy held a groundbreaking ceremony for the “EVE Sodium Energy Headquarters and Jinyuan Robot AI Center” project, with a total investment of approximately 1 billion yuan and a planned annual capacity of 2 GWh.

In terms of application scenarios, sodium batteries are being increasingly adopted in markets such as electric two-wheelers and energy storage. Gao Huan revealed that sodium batteries will gradually expand to passenger vehicles, commercial vehicles, and even construction machinery as production capacity grows. It is reported that the Aion UT Super, jointly launched by JD.com, GAC Group, and CATL, will also introduce a sodium battery version, with mass production expected in the second quarter of 2026.

“To achieve resource or energy independence, our goal is to promote sodium batteries on a large scale,” Gao Huan stated. He believes that sodium batteries will replace lithium batteries on a large scale in certain fields, marking the starting point of a broader restructuring of the energy landscape.

According to incomplete statistics from Battery Network, since the beginning of this year, 15 companies across various segments of the battery industry chain—including energy storage, power batteries, electrolytes, separators, and lithium salts—have intensively advanced their plans for listing in Hong Kong. These companies have either officially announced plans, submitted applications, completed filings, or passed hearings. A wave of Hong Kong stock market layout, characterized by “leading enterprises driving the trend and covering the entire industry chain,” is fully unfolding within the industry.

Currently, over 50 listed companies in the battery and new energy industry chain have disclosed performance forecasts, with more than 60% delivering impressive results. Several companies have explicitly stated that the core driver of their performance growth is the continued recovery of the global power battery market, the explosive growth in energy storage demand, coupled with the strong rise of emerging sectors. Enterprises in the battery and new energy chain are once again standing at the forefront of development opportunities, ushering in a new round of growth prospects.

Among them, the latest data from the China Automotive Battery Industry Innovation Alliance shows that in 2025, China’s cumulative exports of power and energy storage batteries reached 305.0 GWh, a year-on-year increase of 50.7%, accounting for 17.9% of the total annual sales volume.

In terms of export scale, recent data from the China Industrial Association of Power Sources indicates that China’s cumulative lithium battery export value in 2025 was $76.746 billion, a year-on-year increase of 25.55%. The cumulative export volume of lithium batteries was 4.679 billion units, up 19.52% year-on-year.

Looking ahead, EVTank’s “White Paper on the Development of China’s Lithium-ion Battery Industry (2026)” predicts that global lithium-ion battery shipments will reach 3,016.3 GWh and 6,012.3 GWh in 2026 and 2030, respectively. The forecast for 2026 global shipments has been raised by 17.3% compared to the 2025 version of the white paper, primarily driven by demand for energy storage batteries.

Statistics show that in 2025, the total scale of overseas orders for Chinese energy storage enterprises reached nearly 284.26 GWh, equivalent to 3.49 times the newly installed capacity of overseas new-type energy storage in 2024. However, it is undeniable that changes in the international trade environment brought about by policies such as the U.S. Inflation Reduction Act and the EU’s Net-Zero Industry Act are also evolving simultaneously. Consequently, Chinese battery and new energy enterprises are compelled to gradually transition from “product export” to “capacity export.”

Against this backdrop, to support overseas factory construction and technological R&D, battery and new energy enterprises have an unprecedented strong demand for international financing platforms. As a springboard connecting global capital, the Hong Kong capital market has made a strong comeback as a “dark horse” in the global IPO center. Relevant data shows that in 2025, 19 A-share listed companies landed in Hong Kong, a surge of 533% compared to 2024, raising a total of HKD 139.993 billion, accounting for over 50% of the total funds raised by Hong Kong IPOs. Among them, the battery and new energy industry leader CATL raised HKD 41.006 billion, ranking second globally in terms of funds raised.

Entering 2026, this wave of enthusiasm for Hong Kong listings continues to heat up with even stronger momentum. Not only is the number of companies pursuing dual “A+H” capital market layouts steadily increasing, but new forces aiming for Hong Kong IPOs are also emerging one after another. According to incomplete statistics from Battery Network, since the beginning of this year, 15 companies across various segments of the battery industry chain—including energy storage, power batteries, electrolytes, separators, and lithium salts—have intensively advanced their plans for listing in Hong Kong. These companies have either officially announced plans, submitted applications, completed filings, or passed hearings. A wave of Hong Kong stock market layout, characterized by “leading enterprises driving the trend and covering the entire industry chain,” is fully unfolding within the industry.

**A+H! Penghui Energy Plans to List on the Main Board of the Hong Kong Stock Exchange**

On January 5, Penghui Energy (300438) announced that the company intends to issue overseas listed foreign shares (H shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX). As of the date of this announcement, aside from the relevant proposals approved by this board meeting, other specific details regarding this offering and listing have not been finalized.

In a research activity in December 2025, when replying to investors’ questions about the current production scheduling of its large-scale storage products, Penghui Energy stated that the company is currently basically at full production capacity, with main product scheduling extending until the first half of next year; overseas large-scale storage orders are in the process of ramping up, showing a significant increase compared to previous years. “Mostly cells are supplied domestically, while systems are mainly supplied overseas.” Penghui Energy expects domestic growth next year to be similar to this year, while overseas growth will accelerate further, with more user-side energy storage projects overseas.

**A-share Chint Electric Announces Hong Kong Listing Plan; Energy Storage Business Covers Various Scenarios**

On the evening of January 6, Chint Electric (601877) announced that to meet business development needs, further advance its internationalization strategy, actively leverage international capital markets to broaden diversified financing channels, and further enhance the company’s comprehensive competitiveness, it plans to issue overseas shares (H shares) and list on the HKEX. Chint Electric stated that the company is discussing specific advancement work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized yet.

As a global smart energy solutions provider and a subsidiary of the Chint Group, Chint Electric is a leading enterprise in China’s low-voltage electrical appliance industry, with its energy storage business covering various scenarios. According to its 2025 interim report information, Chint Power (25.880, 2.35, 9.99%) builds a leading technology product system covering photovoltaic inverters and energy storage fields with core patented technology. It continues to deepen its global strategic layout, with localized operations as the core driving force, comprehensively enhancing the international competitiveness of its photovoltaic inverter and energy storage system businesses, and continuously leading industry technological upgrades and value innovation.

**A-share Huasheng Lithium Plans Hong Kong Listing; Additive Annual Output 14,000 Tons**

On the evening of January 8, Huasheng Lithium (688353) issued an announcement stating that to accelerate its international strategic layout, enhance its overseas financing capability, and further improve its capital strength and comprehensive competitiveness, the company is planning to issue overseas shares (H shares) and list on the HKEX based on its overall development strategy and operational needs.

Information shows that Huasheng Lithium is an advanced supplier of lithium battery electrolyte additives, with an annual output of 14,000 tons. Its products are widely used in new energy vehicles, electric two-wheelers, power tools, UPS power supplies, mobile base station power supplies, photovoltaic power stations, 3C products, and other fields. The company has long maintained its leading position as a supplier of VC and FEC, with high product coverage in the Chinese domestic market. It also exports to Japan, South Korea, the United States, Europe, Southeast Asia, and other countries and regions. Its main customers include well-known international and domestic lithium battery industry chain manufacturers such as Mitsubishi Chemical, BYD (91.810, -0.82, -0.89%), Tinci Materials (41.600, -1.81, -4.17%), Guotai Huarong, and Shanshan Co., Ltd. (13.510, -0.41, -2.95%).

**A-share Putailai Plans Hong Kong Listing; 2025 Net Profit Expected to Double Year-on-Year**

On January 9, Putailai (603659) announced that the company is planning to issue overseas shares (H shares) and apply for listing on the Main Board of the HKEX. As of now, the company is discussing related work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized.

On January 20, Putailai announced that based on preliminary calculations by the company’s finance department, it is estimated that the net profit attributable to shareholders of the listed company in 2025 will be RMB 2.3 billion to RMB 2.4 billion, a year-on-year increase of 93.18% to 101.58%. The company stated that the wet-process separator and coating processing businesses saw significant synchronous growth in volume. The self-sufficiency rate of base film increased, continuously consolidating the synergistic advantages of “materials + equipment + processes.” The introduction of new base film products and new coating processes effectively matched customer product upgrade needs. The graphite anode material business strengthened various measures for process cost reduction, focusing on mainstream customer demands for new products such as fast charging, long cycle life, and high capacity. Silicon carbon anode entered mass production, the business bottomed out and recovered, with operations gradually improving. Functional materials such as PVDF, PAA, and ceramic coating materials saw rapid sales growth, effectively contributing to performance increment. Through diversified product portfolios and industry chain synergy to empower customers, the company achieved significant improvement and increase in profitability.

**A-share Inovance Technology Plans Hong Kong Listing; Xi’an Energy Storage Base Has Annual Design Capacity of 50GW**

On January 19, Inovance Technology (300124) announced plans to issue H shares and list on the HKEX to promote its internationalization strategy, enhance its global brand influence, and broaden financing channels.

It is reported that Inovance Technology has developed into a leading domestic industrial automation enterprise, with products involving servo systems, PLCs, industrial robots (18.740, -0.42, -2.19%), and new energy vehicle electric drive systems. In recent years, the company has increased investment in the energy storage field, positioning it as the “second growth curve.” In 2025, the company launched multiple new energy storage products and won major orders. The Xi’an energy storage base involves a total investment of approximately RMB 10 billion, with an annual design capacity of up to 50GW, positioning it to become a top-tier global standalone PCS factory for energy storage.

**”Partnership” with CATL; A-share Tianhua New Energy Rushes to Hong Kong Market**

On the evening of January 21, Tianhua New Energy (300390) issued an announcement stating that the company is planning to issue overseas shares (H shares) and list on the HKEX. Currently, the company is discussing specific advancement work for this H-share issuance and listing with relevant intermediaries, and details have not been finalized.

Information shows that Tianhua New Energy’s main businesses include new energy lithium battery materials, anti-static ultra-clean technology products, and medical device products. Among them, new energy lithium battery materials are the core business segment. As one of the main domestic lithium salt producers, its comprehensive capacity for lithium hydroxide and lithium carbonate reaches 165,000 tons. Currently, the company has established long-term and stable cooperative relationships with many domestic and foreign leading vehicle manufacturers, power battery manufacturers, and mainstream lithium battery cathode material producers. It also has a deep equity-level binding with CATL.

**The First GEM-Listed Company Also Plans Hong Kong Listing! Products Assist in Projects of CATL/BYD, etc.**

On the evening of January 23, Tgood (28.050, -0.57, -1.99%) (300001) issued an announcement stating that to further advance the company’s global strategic layout, accelerate overseas business development, build an international capital operation platform, and enhance its international brand image and comprehensive competitiveness, the company plans to issue overseas listed foreign shares (H shares) and apply for listing on the Main Board of the HKEX. The company will fully consider the interests of existing shareholders and the conditions of domestic and foreign capital markets, and choose an appropriate timing and issuance window to complete this issuance and listing within the validity period of the shareholders’ meeting resolution (i.e., within 24 months from the date of approval by the company’s shareholders’ meeting or other extended periods as agreed).

Information shows that Tgood was founded in 2004 and listed in 2009, being the first company listed on the Growth Enterprise Market (GEM). The company is mainly engaged in three areas: high-end box-type power equipment manufacturing, automotive charging ecosystem network, and new energy microgrid. It is worth mentioning that, under the “dual carbon” background, Tgood also customizes and offers power system solutions for large industrial clients in the battery industry chain. The company’s products are widely used in the construction of battery industry chain industrial park projects for companies such as CATL, BYD, EVE Energy (64.200, -1.58, -2.40%), LanKe Lithium, GEM Co., Ltd. (9.470, -0.34, -3.47%), Dofluoride (29.460, -1.68, -5.39%), and Shanshan New Materials.

**A-share EVE Energy Files Application with HKEX; Intends to Raise Funds for 30GWh Large Cylindrical Battery Construction in Hungary**

On January 2, EVE Energy (300014) submitted a second application to the HKEX. This time, the company intends to use the net proceeds solely for the continued construction of its production base in Hungary, as well as for working capital and general corporate purposes, not involving the third-phase construction of its production base in Malaysia.

The filing documents show that EVE Energy has obtained the land use right for the site of the Hungarian production base, and the Hungarian project has started construction, expected to be operational in 2027, with a planned capacity of 30GWh. The main products planned for production are power batteries, primarily the 46-series large cylindrical batteries. The project site is strategically located near the factories of major automotive customers to better meet their needs, thereby consolidating long-term strategic cooperative relationships with these customers.

**Wanbang Digital Switches to Hong Kong IPO; Sub-brand Star Charge Spun Off**

On January 4, Wanbang Digital Energy Co., Ltd. (referred to as “Wanbang Digital”), the parent company of Star Charge, officially submitted a listing application to the HKEX, launching its fourth “IPO campaign.” However, unlike the previous three times, Wanbang did not include the “gas station” Star Charge in this listing. Instead, it sold it off, planning to go public as a “slimmed-down” entity.

According to Frost & Sullivan data, based on revenue and sales volume in 2024, Wanbang Digital Energy is the world’s largest supplier of smart charging equipment, with global sales exceeding 470,000 units that year. It is also a smart charging equipment supplier in China certified by premium international OEMs (such as Volkswagen, Mercedes-Benz, etc.).

**Yuanxin Energy Storage Rushes for Hong Kong IPO; Recently Completed Hundreds of Millions in Equity Financing**

On January 9, Shenzhen Yuanxin Energy Storage Technology Co., Ltd. (hereinafter referred to as “Yuanxin Energy Storage”) officially submitted a listing application to the Main Board of the HKEX, with China Merchants Bank International acting as the sole sponsor. According to Frost & Sullivan data, in the first three quarters of 2025, Yuanxin Energy Storage added 1.3 GWh of standalone energy storage installed capacity, ranking first among global energy storage asset full lifecycle solution providers. In 2024, based on energy storage system shipments, the company ranked fifth among global energy storage asset full-lifecycle solution providers with shipments of 3.7 GWh.

On January 9, Yuanxin Energy Storage also announced the completion of hundreds of millions of RMB in equity financing. This round of financing was led by the well-known investment institution Cowin Capital, with follow-on investments from institutions such as Zhenghai Capital and Zhuoyuan Lantu.

**Bestar Files Application with HKEX; Has Achieved Scale Supply in Separator Sub-market**

On January 12, Zhenjiang Bestar New Material Co., Ltd. (abbreviated: Bestar) submitted a listing application to the HKEX, aiming for a main board IPO in Hong Kong.

Information shows that Bestar is a company focused on electronic function enhancement materials, with a strong market position in the fields of acoustic enhancement materials, electronic ceramic materials, electronic adhesives, and energy enhancement materials. Among them, the company’s electronic ceramic materials business has taken the lead in achieving technological breakthroughs and scale supply in the application field of ultrafine coating materials for new energy lithium battery separators. According to Frost & Sullivan statistics based on revenue for the first half of 2025, Bestar ranked second in the global LIB separator coating alumina ceramic materials market, with a market share of approximately 18.1%.

**Shared E-bike Supplier Pinecone Wisdom Files for Hong Kong IPO; Valuation Nearly $1 Billion**

On January 12, shared e-bike service provider Pinecone Wisdom Inc. (abbreviated: Pinecone Wisdom) submitted a listing application to the HKEX, planning to list on the Main Board, with Huatai International acting as the sole sponsor. The company plans to use the raised funds to strengthen R&D, explore e-bike sales commercialization, and overseas expansion.

It is worth mentioning that Pinecone Wisdom’s most recent financing round occurred in November 2025 (the D+ round did not involve new investment), with a post-investment valuation reaching $996 million, just one step away from unicorn status.

**A-share “Industrial Robot Leader” Estun Makes Second Attempt at Hong Kong IPO**

On January 15, Nanjing Estun Automation Co., Ltd. (abbreviated “Estun”) submitted a second application to the HKEX.

Information shows that based on its existing robot automated welding production lines, die-casting automation system solutions, and electric drive control power automation production lines, Estun deeply integrates the advantages of its series products and technologies such as Trio motion controllers, AC servo systems, industrial robots, and machine vision. It provides the new energy industry with high-speed, high-precision power battery module/PACK intelligent assembly production lines based on the company’s robots and motion control systems, and actively expands solutions for systems, establishing industry technology benchmarks and scale applications for the company’s automation core components and robot products to fully enter the new energy industry.

According to MIR statistics, in 2024, Estun once again became the domestic brand with the highest shipments of industrial robots and domestic multi-joint industrial robots in China, ranking first in domestic brand shipments in the Chinese market for seven consecutive years. It ranked second in terms of shipments in the Chinese industrial robot market, with its market share further increasing.

**A-share Cadi Scientific Files Application with HKEX; New Projects Including Charging/Swapping Systems Worth RMB 1.5 Billion Land in Hefei, Anhui**

On January 19, Cadi Scientific (300222) submitted a listing application to the HKEX, with Huatai International and Guoyuan International acting as joint sponsors. Information shows that facing the historical development opportunities brought by the accelerated advancement of new power system construction and the rapid expansion of new energy application scenarios, Cadi Scientific actively deploys core technology R&D in active distribution networks, energy storage, robot advanced control, and artificial intelligence with “digital energy” and “intelligent robot application” as two business carriers, creating integrated application scenarios for source-grid-load-storage.

According to news from “Hefei High-tech Release,” recently, the Cadi Scientific Digital Energy Industrial Base project settled in the Hefei High-tech Zone, Anhui, and completed land acquisition. The project has a total investment of RMB 1.5 billion and will focus on the R&D and production of core products such as smart circuit breakers, charging/swapping systems, and intelligent inspection robots upon completion.

**Passed Hearings**

**Lithium Battery Intelligent Equipment Leader Passes HKEX Hearing**

On January 25, Lead Intelligent (300450) passed the hearing for listing on the Main Board of the HKEX, with CITIC Securities (27.860, -0.21, -0.75%) and J.P. Morgan acting as joint sponsors. Information shows that the company’s core customers include global top battery manufacturers and vehicle manufacturers, including BYD, LG Energy Solution, Tesla, Volkswagen, etc. According to Frost & Sullivan data, based on 2024 revenue, Lead Intelligent is the world’s largest lithium battery intelligent equipment supplier, with a global market share of 15.5% and a Chinese market share of 19%.

On the same day, Lead Intelligent announced that it expects its 2025 net profit attributable to shareholders of the listed company to be RMB 1.5 billion to RMB 1.8 billion, a year-on-year increase of 424.29% to 529.15%. It stated that the recovery of the global power battery market and strong growth in energy storage demand, consolidation of its leading position, acceleration of order scale and delivery acceptance pace, coupled with new technology R&D and digital cost reduction and efficiency improvement, have significantly enhanced profitability.

**Conclusion**

After years of development, China’s battery industry chain has achieved self-sufficiency and control over all links from raw materials to core equipment: the global market shares of power batteries and energy storage batteries exceed 60% and 90% respectively; the self-sufficiency rates of key materials such as electrolytes, separators, and lithium salts have significantly improved; and the supporting capability across the entire chain has become increasingly mature.

Against the backdrop of largely completed import substitution, the collective overseas expansion of the aforementioned 15 companies has also prompted the market to ask a soul-searching question: Is the second half of the development of China’s battery and new energy industry about to officially enter a new journey of “international substitution”?

Undeniably, the significant improvement in import substitution has given Chinese battery enterprises the confidence to participate in global competition. Moreover, the intensive advancement of Hong Kong listing processes by 15 industry chain companies in less than a month at the beginning of the year further signals the acceleration of import substitution towards international substitution. And what is even more undeniable is that the Hong Kong stock market, as an important hub connecting Chinese enterprises with international capital, not only provides financing channels for enterprises but also promotes the establishment of corporate governance and standards in line with international practices, laying the foundation for international substitution.