The Institute of Metal Research, Chinese Academy of Sciences recently announced that its research team has achieved a breakthrough in the field of solid-state lithium batteries, providing a new pathway to address the key challenges of high interfacial impedance and low ion transport efficiency in solid-state batteries. Researchers introduced that the integrated flexible battery constructed based on this material demonstrates excellent anti-bending performance, capable of withstanding 20,000 repeated bending cycles. When used as polymer electrolyte in composite cathodes, the energy density of composite cathodes increased by 86%. This development is expected to bring safer and more efficient energy solutions to fields such as humanoid robots, electric aviation, and electric vehicles in the future.
Industrial Securities stated that the commercialization of solid-state batteries is expected to continue accelerating in 2025. With core advantages including high energy density, excellent safety, and wide temperature range adaptability, solid-state batteries can not only gradually replace existing liquid lithium batteries in applications such as new energy vehicles and energy storage, but also explore emerging markets including low-altitude flight, robotics, and data centers.
It is understood that solid-state lithium batteries offer high safety and high energy density, representing an important direction for next-generation energy storage technology. However, poor solid-solid interface contact leads to high ion transport resistance, constraining applications. The research team utilized the flexibility of polymer molecular design, simultaneously introducing ethoxy groups with ion conduction functionality and electrochemically active short sulfur chains on the main chain, creating new materials that achieve interface integration at the molecular scale. This material possesses both high ion transport capability and controllable switching between ion transport and storage behaviors in different potential ranges. The integrated flexible battery constructed based on this material demonstrates excellent anti-bending performance, capable of withstanding 20,000 repeated bending cycles.
According to institutional research reports, from January to August 2025, investment in China's lithium battery industry chain grew rapidly, with solid-state batteries becoming the hottest investment track in the lithium battery industry. As lithium battery equipment companies disclosed their semi-annual reports, solid-state batteries as a new technology were frequently mentioned. Equipment companies began delivering solid-state battery-related equipment to downstream manufacturers starting in June this year, with rapid growth in solid-state equipment orders in the first half of the year, all indicating significant acceleration in the industrialization process of solid-state batteries. Investment opportunities across all segments of the industry chain are becoming increasingly prominent, with the equipment segment, as the most upstream of entire industry capital expenditure, set to benefit first.
EVTank predicts that by 2030, global shipments of solid-state batteries (with electrolyte content below 10%) will reach 614.1GWh, with penetration rate in the overall lithium battery market expected to be around 10%, and market size exceeding 250 billion yuan.
In terms of applications, new energy vehicles have attracted significant attention as an effective means to alleviate energy shortages and reduce environmental pollution. Battery technology, as one of the key technologies for electric vehicles, directly affects the driving range, safety, and economic efficiency of new energy vehicles, providing indispensable core support for the widespread adoption of new energy vehicles globally.
Domestic new energy vehicle companies are accelerating their deployment of all-solid-state battery routes, with most leading automakers expecting all-solid-state batteries to be installed in vehicles by 2026 and enter small-scale production by 2027. CATL, BYD COMPANY, Qingtao Energy, LGES and others have all initiated pilot line construction, gradually moving toward hundred-megawatt to gigawatt-scale mass production.
Overseas, European new energy vehicle demand continues to improve: Against the backdrop of subsidy policy restarts in countries like the UK and Italy, and continuous optimization of vehicle model supply, European new energy vehicle demand continues to rise. In September, new energy vehicle sales in nine European countries reached 311,200 units, up 34% year-on-year and 74% month-on-month; new energy vehicle penetration rate was 31.8%, up 5.8 percentage points year-on-year and 0.5 percentage points month-on-month. From January to September, new energy vehicle sales in nine European countries totaled 2.0653 million units, up 30% year-on-year.
CICC published a research report stating that as all-solid-state batteries steadily advance toward the industrialization introduction stage, the equipment segment, as the first industry chain segment to realize benefits, is in a critical window period "from verification to volume expansion." Automakers may install small batches of all-solid-state batteries in vehicles by 2027. It is estimated that the incremental market space for all-solid-state battery equipment in 2027 may reach 2.5 billion yuan, and is expected to grow at a 122% CAGR to reach 27.3 billion yuan by 2030.
On October 8, Toyota Motor's global website announced that Sumitomo Metal Mining Co., Ltd. and Toyota Motor have reached a cooperation agreement on mass production of all-solid-state battery cathode materials for battery electric vehicles (BEV). Both parties will advance the research and development process through this cooperation. As next-generation battery technology, all-solid-state batteries have the potential for smaller volume, higher output power, and longer lifespan compared to traditional batteries currently using liquid electrolytes. When applied to battery electric vehicles, all-solid-state batteries are expected to bring performance improvements including longer driving range, shorter charging time, and higher output power. Toyota Motor plans to launch battery electric vehicles equipped with all-solid-state batteries between 2027 and 2028.
Bank of Communications International pointed out that besides new energy vehicles, emerging scenarios such as low-altitude flight, robotics, and AI are opening new market spaces for solid-state batteries, accelerating industrialization landing. It recommends paying attention to the industrialization progress of solid-state batteries and the investment opportunities they bring.
Industrial Securities stated that under strong national policy support, companies across all segments of the industry chain have successively released all-solid-state battery technology solutions. Meanwhile, demand catalysis from emerging application scenarios such as low-altitude economy and robotics continues to be released. With multiple positive factors overlapping, the industrialization process of solid-state batteries is expected to accelerate ahead of schedule. Currently, the first-generation all-solid-state battery material system has been finalized, with material performance and equipment approaching mass production requirements. It is expected that the second half of 2025 will be the critical period for solid-state battery equipment and material companies to enter designated supplier status. Companies with comprehensive layouts in solid-state battery equipment and materials segments and faster verification progress are expected to benefit.
Related Concept Stocks:
BYD COMPANY (01211): BYD's subsidiary FinDreams Battery has chosen the technical route of sulfide composite electrolyte + high-nickel ternary (single crystal) + silicon-based anode (low expansion) in the all-solid-state battery field. This route aims to balance high energy density, safety, and commercialization potential. In February this year, Sun Huajun, CTO of BYD Battery Co., Ltd., stated that BYD will launch batch demonstration vehicle applications of all-solid-state batteries around 2027, with large-scale vehicle installation after 2030.
CALB (03931): CALB's launched "Boundless" all-solid-state battery technology achieves energy density as high as 430Wh/kg and capacity exceeding 50Ah. This technology has achieved important breakthroughs in battery operating pressure, lifespan, and power. CALB released its premium high-energy super flight battery, with the first-generation 300Wh/kg flight battery to be launched in 2025, while the second-generation flight-specific battery with energy density of 350Wh/kg is planned for 2026.
GAC GROUP (02238): GAC GROUP's all-solid-state battery uses 100% solid electrolyte, achieving energy density above 400Wh/kg. This technology utilizes third-generation sponge silicon anode and high areal capacity solid cathode technology, achieving volume energy density improvement of over 52% and mass energy density improvement of over 50%. Previously, GAC GROUP announced plans to achieve vehicle installation by 2026.
CATL (03750): As a global leader in the solid-state battery field, the company adopts a "sulfide all-solid-state + condensed semi-solid-state" dual-track parallel strategy, with industry-leading technology and mass production capabilities. Condensed batteries have achieved mass production and vehicle installation in models such as NIO ET9 and Xiaomi SU8, with energy density reaching 400Wh/kg, contributing 18.6 billion yuan in revenue in the first half of 2025; sulfide all-solid-state battery laboratory samples have achieved energy density breakthrough of over 500Wh/kg.
Ruipu Energy (00666): Ruipu Energy, as the leading unit, successfully applied for the "Long-life, High Energy Density All-Solid-State Lithium Battery" project, which was selected for the public list of Zhejiang Province's 2025 "Pioneer Goose +X" Science and Technology Plan. This project will further accelerate and deepen the company's all-solid-state battery research and development. In the all-solid-state battery field, through the "Pioneer Goose +X" technology project, the company's manufactured all-solid-state battery cells are expected to achieve energy density exceeding 400Wh/kg, with products to be widely applied in passenger vehicles and new application fields such as low-altitude aircraft.