According to the Financial Associated Press on December 7 (editor: Ping Fang), stimulated by the bullish news of sulfide solid state batteries, related concept stocks demonstrated active performance. Guangdong Guanghua Sci-Tech, which has lithium sulfide related solid state battery materials products, closed at its daily limit on Friday, marking 9 gains in 16 days, with a maximum cumulative increase of 172% in share price since June's low point. Meanwhile, grinm advanced materials, which has laid out solid state electrolyte raw materials, has seen a maximum cumulative increase of 198% in share price since its low point in September.

On the news front, two industry giants, Huawei and Contemporary Amperex Technology, have recently made significant breakthroughs in the sulfide solid state battery field. According to media reports, Huawei has officially announced an invention patent called "Doped Sulfide Materials and Their Preparation Methods, Lithium Ion Battery," which primarily applies to sulfide solid electrolyte technology. Meanwhile, Contemporary Amperex Technology has expanded its solid state battery R&D team to over 1,000 people, focusing on the sulfide route, and is entering the sample trial production phase for 20Ah.

Orient's Lu Rixin and others believe in their July 22 research reports that solid state batteries have a broad long-term space, and sulfide is expected to usher in development opportunities. As a truly revolutionary new technology, solid state batteries are expected to achieve mass production by 2027 and start the cost reduction channel from 2030. It is anticipated that by 2030, the penetration rates of solid state batteries in power batteries and consumer batteries will reach 2% and 10%, respectively, corresponding to an output of 85.8GWh; at that time, sulfide will be the main technical route for solid state batteries, creating opportunities for leapfrog development from 0 to 1.

According to the data column of the Financial Associated Press' VIP program, the industry chain involved with sulfide mainly includes sulfur chemicals and lithium sulfide, among which listed companies with lithium sulfide related production capacity include grinm advanced materials, Shandong Taihe Technologies, Shenzhen V&T Technologies, Guangdong Guanghua Sci-Tech, Wuxi Lihu Corporation, and Guangzhou Tinci Materials Technology, as detailed in the following figure:

Specifically, grinm advanced materials' high-purity lithium sulfide project for solid state electrolytes is still in the ongoing R&D phase, capable of achieving stable small batch production. On November 25, grinm advanced materials announced that the company has noticed the high market attention on the solid state battery concept recently. The company supplies solid state electrolyte materials for power batteries in small batches to customers, but the business revenue from this product accounts for a small proportion of the company's main business revenue. On November 29, grinm advanced materials stated in a research event that the company has been laying out solid state electrolyte raw materials in recent years, currently in the small trial stage after certain breakthroughs in R&D, while also cooperating with domestic and foreign clients for validation or small batch supply. At this stage, the company is only focused on the R&D and production of solid state electrolyte raw materials and has no development plans for solid state electrolyte products.

Shandong Taihe Technologies' lithium sulfide synthesis technology research project has completed small trials and is transitioning to the pilot test phase. In a survey announcement on April 12, Shandong Taihe Technologies stated that the company does not currently collaborate with the Qingdao Energy Institute of the Chinese Academy of Sciences to jointly produce sulfide for solid state battery electrolytes. The company is also engaged in the R&D of lithium-sulfur batteries and iron-sulfur flow batteries. On November 12, in an interactive platform statement, Shandong Taihe Technologies mentioned several technical reserves of solid state battery electrolytes, including "lithium sulfide synthesis technology research" and "lithium bis(trifluoromethylsulfonyl)imide (LiTFSI) synthesis technology research," and has no large-scale production currently. On August 27, the company noted on the interactive platform that they are developing and industrializing liquid batteries for "high energy density lithium-sulfur battery projects," and materials and technologies can be utilized in solid state batteries, but currently, there is no ongoing research on solid state batteries.

Shenzhen V&T Technologies stated in a survey announcement on May 25 that its invested company, High Energy Era (Zhuhai) New Energy Technology Co., Ltd., is an innovative high-tech enterprise engaged in the R&D and manufacturing of solid state lithium batteries. High Energy Era has established advanced battery research laboratories in Yokohama, Japan, Shenzhen, China, and Zhuhai. High Energy Era's sulfide solid state lithium battery R&D is progressing smoothly, having completed the development of the 20Ah level solid state cell A sample, while High Energy Era is also building a pilot production line, expecting to achieve mass production of small cells under 5Ah by the end of 2024.

In Guanghua Technology's 2024 semi-annual report, projects involving government subsidies include the construction of recyclable new high specific energy sulfide solid state lithium metal batteries. On December 6, Guanghua Technology issued a clarification announcement regarding the matter, stating that the company does not produce solid state batteries and solid state electrolytes, but rather the high purity chemicals needed for solid state electrolytes, such as sulfides, oxides, etc. The current production capacity of lithium sulfide related solid state battery materials is 300 tons per year, and the company can expand capacity to 3000 tons per year by purchasing production equipment such as reaction kettles in the existing plant according to market demand. The company's related solid state battery material products are new products developed based on the company's chemical separation and purification technology. Currently, the company's solid state battery material products are still in the product sampling testing and optimization stage with downstream customers. On December 2, Guanghua Technology announced on the interactive platform that the company has high purity oxides, sulfides, and chlorides.

Wuxi Lihu Corporation and High Energy Times jointly invested to establish a project company to research industrialized technology related to all-solid-state sulfide batteries. On November 19, Wuxi Lihu Corporation accepted an institutional investigation and answered, 'What is the cooperation situation with High Energy Times?' At that time, it was indicated that both parties had signed an investment agreement for the solid state battery project, and according to the terms of the contract, both parties would jointly invest in a joint venture company to promote the research and development and industrialization process of domestic all-solid state batteries. If the all-solid state battery developed by High Energy Times meets the conditions for mass production (with a scale of not less than 500MW) in the later stage and is ready to implement mass production of solid state battery products, the company has the right of first choice.

Guangzhou Tinci Materials Technology's semi-solid electrolyte and oxide and sulfide all-solid-state electrolytes are currently in the small-scale to medium-scale testing stage. On October 8, Guangzhou Tinci Materials Technology announced on the interactive platform that the company has a clear technical plan for various solid state battery electrolyte materials and has already laid out patents. During an institutional investigation on November 24, the company stated that it released the development strategy for solid state electrolytes in August this year, and developed solid state electrolytes based on the lithium sulfide route by utilizing the existing liquid lithium salt production platform. At the same time, the company is also developing corresponding additives for sulfide solid state electrolytes. At this stage, it primarily cooperates with downstream battery customers for material technology verification, planning to build a pilot production line in 2025 for small batch production applications.