By 2026, China's new energy vehicle market has evolved from an early-stage race over electric motors, batteries, and electronic controls into a systemic contest centered on battery technology roadmaps, supply chain depth, and cost-control capabilities. Leading domestic players — NIO, Li Auto, XPeng, BYD, and Leapmotor — have each charted a distinctly different path in their battery strategies. What lies beneath these divergent choices is not merely a matter of technical preference, but a reflection of fundamentally different business models, brand identities, and competitive philosophies. NIO: Anchored by Battery Swapping, Building a Multi-Supplier, Multi-Chemistry Matrix NIO's battery strategy stands apart within the industry. At its core is not the choice of a single supplier or chemistry, but rather a battery-swapping network serving as infrastructure, upwardly compatible with battery packs of varying capacities, chemistries, and suppliers. Currently, NIO's lineup runs primarily on 75 kWh and 100 kWh packs, while a higher-energy-density 150 kWh semi-solid-state pack, produced by WeLion New Energy, has already entered volume production and deployment. On the chemistry front, certain NIO models employ a hybrid cell arrangement blending ternary lithium and LFP cells — the LFP cells provide foundational range and cost advantages, while the ternary cells serve as a state-of-charge reference, addressing the well-known pain point of inaccurate SOC estimation inherent to LFP's flat voltage curve. On the supplier side, CATL has long held a core position, with CALB and WeLion also playing significant roles in the supply chain. In early 2026, NIO and CATL further signed a five-year comprehensive strategic cooperation agreement covering long-life batteries, swap-station compatibility, and overseas market expansion. For the full year 2025, NIO Group delivered 326,000 vehicles, up 46.9% year-on-year, and achieved its first quarterly operating profit in Q4 — signaling that its battery-swapping business model is beginning to enter a virtuous cycle. The ramp-up of its two sub-brands, ONVO and Firefly, has further amplified the scale effects of the swapping ecosystem, diluting the per-unit cost of infrastructure. Li Auto: EREV-Led, BEV in Pursuit — Deep Supplier Ties and the Shift Toward In-House Development Li Auto's battery strategy presents a sharp contrast to NIO's. Where NIO pursues breadth in its swapping network and flexibility in battery pack compatibility, Li Auto places greater emphasis on deep ties with top-tier suppliers and meticulous cost-side management. Li Auto's EREV models have long relied on ternary lithium batteries as their primary solution and are now progressively introducing LFP to optimize vehicle cost structures. In the pure-electric domain, the flagship MPV MEGA carries a high-performance ternary pack co-developed with CATL; in 2025, the i6 electric SUV formally adopted a dual-supplier model, sourcing from both CATL and Sunwoda for complementary supply. More significantly, in September 2025, Li Auto and Sunwoda jointly established a battery company, marking a definitive shift from a procurement relationship to one of equity-linked co-development. In May 2026, Li Auto delivered 33,350 vehicles, with the i6 surpassing 20,000 monthly deliveries for the third consecutive month and ranking among the top three electric SUVs by volume, while the EREV L-series remained its sales backbone. With "family comfort" as its core brand proposition, Li Auto's battery strategy has always served a single through-line: eliminating range anxiety while optimizing total cost of ownership — pragmatic and focused. XPeng: LFP as the Mainstay, a Three-Supplier Landscape Taking Shape, and the Dual-Powertrain Strategy Accelerating XPeng's battery strategy is centered on LFP, with a stable landscape of three core suppliers: CALB, EVE Energy, and FinDreams Battery (BYD). CALB has been one of XPeng's first-tier battery suppliers since 2021 and has long held the dominant share. In September 2025, EVE Energy formally entered XPeng's MONA series supply chain, providing prismatic cell solutions for base MONA variants, while longer-range versions continue to use BYD FinDreams cells. XPeng's technology identity has always revolved around full-stack self-developed AI — spanning advanced intelligent driving, proprietary chips, and large-model integration — which gives its battery strategy a notably pragmatic character: choose a mature, safe, and cost-controllable LFP route so that more resources can be concentrated on its core competence in intelligence. Since 2025, XPeng has fully embraced a dual-powertrain strategy of BEV plus EREV, with the addition of range-extender models introducing new variables to its battery demand structure. In May 2026, XPeng Group delivered 32,158 vehicles, with the flagship SUV GX becoming a core incremental contributor right from its debut, while the MONA series and P7+ continued to scale, validating the market appeal of its "technology for all" positioning. BYD: Full Vertical Integration as the Ultimate Moat If NIO, Li Auto, and XPeng respectively embody the brand paths of "service-driven battery swapping," "family comfort," and "technology intelligence," then BYD's defining label points squarely at vertical integration. From FinDreams battery cells and FinDreams Powertrain motors and electronic controls, to in-house IGBT and SiC power semiconductors, BYD has mastered the manufacturing of virtually every core component in a new energy vehicle — a level of supply chain depth unmatched both domestically and globally. The Blade Battery, BYD's signature technology, builds on an LFP foundation and achieves a balance of safety and energy density through structural innovation; it has now achieved scaled deployment across the entire lineup. On the cost side, the scale effects of selling 4.6 million units in 2025 have endowed BYD with extreme supply chain bargaining power. On the technology side, the "Eye of the Gods" advanced driver-assistance system has been deployed in over 2.5 million vehicles, generating more than 160 million kilometers of real-world driving data daily — a data flywheel that competitors will find difficult to replicate. In 2025, BYD's battery-electric vehicle sales reached 2.26 million units, surpassing Tesla (approximately 1.63 million) for the first time to claim the global BEV sales crown. From the Seagull at RMB 70,000 to the Yangwang at over RMB 1 million, from city commuters to hardcore off-roaders, BYD has built the world's most complete new energy product matrix, with its multi-brand strategy covering every mainstream price band and use case. Leapmotor: Full-Stack Self-Development Driving Extreme Value, Multi-Supplier Strategy Fueling the Volume Leap Leapmotor has emerged as a dark horse that can no longer be ignored among China's new-energy startups. Its battery strategy is defined by a clear formula: all-LFP plus parallel multi-sourcing, with core cell suppliers including Gotion High-Tech and CALB, among others — different batches of the same model may mix cells from different brands, but core parameters remain consistent. In November 2025, Leapmotor and CALB jointly established a battery factory, signaling Leapmotor's progression from multi-source procurement toward equity-linked core-supplier relationships. Leapmotor's true moat lies in its full-stack self-development approach — over 65% of core components are developed in-house, spanning electric drives, battery BMS, intelligent cockpits, and autonomous-driving chips. This is what enables Leapmotor to deliver extreme value in the RMB 100,000–200,000 mainstream price band. In May 2026, Leapmotor delivered 81,569 vehicles, up 81% year-on-year, holding the new-energy startup sales crown for multiple consecutive months, with the one-million-unit annual target now within reach. Leapmotor's product matrix has expanded into four series — A, B, C, and D — covering sedans, SUVs, and MPVs, while overseas exports have rapidly climbed to over 37% of total volume, becoming a second engine for growth. The Industrial Logic Behind Divergent Strategies When the battery strategies of these five automakers are examined side by side, several clear industrial patterns emerge. First, LFP's dominance in the mainstream market continues to strengthen. Whether it is BYD's Blade Battery, XPeng's all-LFP lineup, Leapmotor's extreme value proposition, or Li Auto's progressive LFP adoption in its EREV models, all point to the same trend: in the RMB 100,000–250,000 core consumption band, LFP's combined advantages in cost, safety, and cycle life have made it an unshakable baseline. Second, supply chain relationships are upgrading from simple buyer-seller transactions to capital-linked co-development. The joint ventures between Li Auto and Sunwoda, between Leapmotor and CALB, and the five-year agreement between NIO and CATL are all reflections of this trend. Third, battery strategy choices are increasingly dictated by each automaker's business model: NIO's battery-swapping system demands pack standardization and compatibility; BYD's vertical integration demands in-house production; Li Auto's EREV approach imposes unique requirements on battery capacity and cost. For participants in the upstream lithium resource and battery materials industries, understanding the battery strategies of leading automakers — and the direction in which they are evolving — is a critical entry point for gauging mid- and downstream demand structures, the cadence of technology-route shifts, and the changing landscape of supply chain dynamics. In this industrial contest that remains very much at halftime, the divergence in battery strategies not only determines each automaker's cost structure and product competitiveness, but will also profoundly reshape the value distribution across the entire lithium battery supply chain.

From June 3 to June 5, the Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , with a strategic partnership established with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and the sub-forum, bringing together 3,500+ attendees from 45 countries and regions worldwide, with 120+ speakers sharing their insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG construction, etc. Conference Background In the process of global industrial upgrading, the strategic value of critical metals has become increasingly prominent, and Southeast Asia has gradually emerged as a highly dynamic segment of the global mining landscape. As a major regional mineral producer, Indonesia has successively introduced multiple industrial policies for critical metals such as nickel, tin, aluminum, and copper, adjusting and optimizing areas including mining quotas, pricing mechanisms, tax policies, export management, and domestic market obligation since 2026. These efforts are guided by the goals of improving the regulatory system, enhancing industrial added value, and optimizing resource revenues, and have had a significant impact on the global metal supply chain and market dynamics. As Indonesia’s premier flagship event for the mineral industry, this conference focuses on supply chain security of critical minerals including nickel, cobalt and tin, and adopts a dual-driven model of mining and energy. It commits to promoting Indonesia’s industrial upgrading from raw material export to high-value industrial chain development, while providing solid resource support and practical cooperation paradigms for regional and global energy transition. 》Click to view the photo gallery of the conference June 3: Main Forum Opening Ceremony Adam Fan, Chairman, Shanghai Metals Market Nanan Soekarna, Chairman, APNI Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Sherly Tjoanda, Governor of North Maluku, North Maluku Government Todotua Pasaribu, Vice Minister, Ministry of Investement and Downstream Industry of Indonesia Drum Performance & Dance Show Opening Address Speaker: Adam Fan, Chairman of SMM Adam stated that this year marks the 4th year of the Indonesia Critical Minerals Conference. This flagship industry event is dedicated to building a global platform connecting Indonesia with the world. Empowering mineral resources through technology, the conference links producers and consumers to facilitate industrial chain and business cooperation. Boasting a record-high attendance, this year’s event gathers 3,500+ participants and 120+ speakers. The growing participation of global countries, enterprises and industry professionals demonstrates rising international trust and confidence in Indonesia’s critical mineral ecosystem. As cross-border collaboration is essential for building a robust global critical minerals supply chain, the conference strives to enhance supply chain transparency, interconnectivity and in-depth global industrial cooperation by pooling industry insights and resources. Speaker: Nanan Soekarna, Chairman of APNI Nanan Soekarna stated in his remarks that the 4th Indonesia Critical Minerals was the largest to date in terms of attendance, demonstrating the global industry’s full confidence in Indonesia’s minerals industry, cross-border cooperation models, and Indonesia’s roadmap for sustainable mining development, and he extended his sincere gratitude to all participating partners. He noted that the core of development in the critical minerals sector has shifted from a simple contest of resources and capacity to the transformation of the sustainable value of natural resources, balancing diverse economic, social, and environmental benefits. By deepening downstream industry chain expansion, Indonesia aims both to enhance industrial value-added and to build an international industrial brand and strengthen credibility in the global market. In the future, the core of global mining competition will not lie in resource reserves, but in transparent, responsible, and sustainable resource governance capabilities. Relying on global partners, Indonesia will uphold the philosophy of sustainable mining development and, through high-quality cooperation and shared value principles, work together to build the future of the critical minerals industry that balances ecology, benefits, and long-term development. Speaker: Arif Havas Oegroseno, Vice Minister, Ministry of Foreign Affairs Arif Havas Oegroseno mentioned that critical minerals are increasingly becoming a focal point of global geopolitical competition, with elements such as energy, minerals, and trade and economic rules being instrumentalized from time to time. Leveraging its domestic resource endowments, Indonesia is vigorously advancing downstream deep processing of minerals; this strategy is not limited to industrial upgrading, but is also a comprehensive development initiative that boosts employment, consolidates science and technology innovation capabilities, enhances industry chain resilience, and delivers inclusive gains from green development. In response to procurement demands from multiple parties, Indonesia adheres to a diversified cooperation approach by expanding a diverse range of procurement partners and promoting deeper participation by resource countries in technology R&D and industry chain value-added, thereby avoiding the risks of dependence on a single partnership. He also noted that for the future governance of critical minerals, ESG should truly become a competitive advantage for enterprises rather than a trade barrier, with its original purpose being to optimize environmental management, improve social responsibility, and empower enterprises to enhance quality and efficiency. In the face of a new round of industrial transformation, critical minerals serve as the core raw materials for energy transition, the digital economy, and the development of high-tech industries. Based on its resource endowment, Indonesia is determined to transform from a mineral resource producer into a reliable partner in the global industry chain and a co-builder of industry rules. It invites global investors, industry chain producers, and resource-producing countries to join hands, uphold the spirit of partnership, reject unreasonable additional conditions, and jointly build a new global pattern for critical minerals that is inclusive and universally beneficial. Keynote Speech: Investing in Critical Minerals Downstreaming: Unlocking the Full Value of Indonesia's Resources Guest Speaker: Todotua Pasaribu, Vice Minister, Ministery of Investment and Downstream Industry of Indonesia Pasaribu Todotua stated that against the backdrop of climbing global demand for critical minerals and concentrated resource origins, the strategic attributes of this category continue to stand out. Indonesia, leveraging its resource endowment, vigorously promotes the downstream transformation of the entire industry chain, which is a core national policy to boost the economy and optimize supply chain structures. Under the president's policy deployment, Indonesia has designated mineral deep processing as a pillar of industrial upgrading. The authorities have delineated 28 categories of strategic minerals across eight major sectors and estimated potential investment in related tracks at approximately $618 billion, which is expected to create 3 million new jobs annually upon implementation. The country has set investment attraction targets from 2024 to 2029, accompanied by annual implementation plans. The 2026 target is clear, and investment implementation progress in the first quarter has been steady. In recent years, downstream industry investment has accounted for nearly 30% of national fixed asset investment, becoming a key driver to boost the economy and helping the country sprint toward the 8% economic growth target by 2029. He introduced that Indonesia has already established downstream layouts in multiple critical mineral tracks, including nickel, tin, aluminum, copper, PV raw materials, and semiconductor raw materials. The nickel industry has extended from stainless steel production to the entire power battery industry chain, while the tin, aluminum, and copper sectors continue to expand into deep processing, electronic materials, and other high-value-added categories, synchronously deploying supporting industry chains for PV and semiconductors. To solidify the conditions for industrial implementation, Indonesia has optimized the business environment in three aspects: accelerating approval processes, providing infrastructure support, and offering policy incentives. It has shortened project approval cycles, improved supporting facilities for hydropower, ports, and transportation, and implemented supportive measures such as tax reductions and tariff preferences, continuously attracting global capital and technological cooperation. This drives the country's transformation from a raw material exporter to a high-value-added product manufacturer, relying on multi-party collaboration to convert local mineral resources into sustainable industrial benefits. Guest Speaker: Ciyong Zou, Deputy to the Director General and Managing Director of the Directorate of Technical Cooperation and Sustainable Industrial Development, UNIDO (United Nations Industrial Development Organization) Zou Ciyong said global demand for critical minerals continues to rise along with the rapid development of clean energy and digital industries, and the role of resource countries in ensuring stable mineral supply is becoming increasingly critical. Indonesia's transformation path from raw material extraction to deep processing can provide reference for resource countries in the Global South. Currently, mining development still faces multiple challenges such as environmental protection, carbon emissions, and livelihood supporting facilities. Sustainable development has become an imperative for the industry, which needs to balance economic benefits, green development and social inclusion. Leveraging its multilateral platform advantages, UNIDO empowers its member states in multiple dimensions, including industrial policy, technology transfer, investment and financing, and capacity building, promotes the establishment of a Global Green Mining Cooperation Alliance, and has implemented a demonstration project of the Indonesia Nickel Industry Eco-Industrial Park, using the project as a model to explore a sustainable development path for global mining. He pointed out that the long-term development of the critical minerals industry cannot be separated from in-depth international cooperation, and it is necessary to establish transparent public-private partnerships, build resilient supply chains, and uniformly implement common industry standards. Indonesia intends to join forces with partners from all sectors to tap the development potential of the industry, while insisting on placing environmental protection and sustainability at the forefront of industrial development. In the future, UNIDO will continue to engage with governments, industries and capital from multiple parties, working together to achieve coordinated economic, social and environmental benefits from mineral resources. Keynote Speeches Keynote Speech: Beyond Volume: How North Maluku Can Lead Indonesia’s Next Phase of Sustainable Downstream Growth? Guest Speaker: Sherly Tjoanda, Governor of North Maluku Province Sherly Tjoanda elaborated on how North Maluku can lead Indonesia's next phase of sustainable downstream development from the perspectives of geographical location, transportation advantages, skilled talent reserves, and the fact that North Maluku's nickel ore is high-grade ore. Keynote Speech: Two Decades of Critical Minerals: 2016-2036 - How Supply Structures Shape Market Dynamics Guest Speaker: Shirley Wang, VP, Shanghai Metals Market The Rule —Why resource-rich nations must process, not just mine A 1931 Question: Mine Today, or Wait? Hotelling gave mining a theoretical anchor. It was elegant — and incomplete. A rational resource-based country should ensure the rate of price increase is exactly equal to the return on investment (Interest rate) Four Reasons the Real World Departs from the Formula Substitution, policy shifts, demand surprises, and costs — each bends the expected path The Quiet Force Behind All of This Ore grades decline everywhere. Building downstream is not ambition. It is adaptation. Shirley analyzed this by comparing ore grades for nickel, tin, copper, alumina, and others for the years 2016, 2026, and 2036. ► Strategic Insight: Why Low-Grade Ore Is Changing the Rules • Continuously declining grades are forcing industrial upgrading and iteration. Deteriorating raw ore quality is driving mines and smelters to optimize production, increasing the utilization of low-grade ore, the application of new processes, and the recycling of secondary resources. • Pricing power is gradually shifting from trading markets to resource-rich governments. As high-grade mineral deposits are depleted, the impact of short-term supply and demand on prices weakens, and the pace at which resource-rich nations release supply becomes the core variable. Industry Mainline: Commonalities in Two Decades of Development Across Five Metals Nickel: Where One Country Anchors the Market Indonesia influences marginal incremental nickel supply, and the commissioning pace of its domestic industry dominates global nickel price movements. The analysis incorporated the global distribution of nickel mine capacity. Cost Structures Are Moving Apart RKEF costs face the steepest climb. Scale mattered yesterday. Cost discipline matters tomorrow. The Ore Base Is Quietly Shifting Looking at changes in the global nickel production cost structure, the primary low-cost raw material was high-grade primary nickel ore before 2015. From 2016 to 2026, the share of low-grade ore and laterite nickel ore mining has been climbing steadily. Currently, laterite nickel ore stands as the most cost-competitive raw material. As laterite nickel ore grades decline, future nickel production based on sulphide ore may increase. Keynote Speech: Indonesia's Green Nickel: From Us To The Next Generation Guest Speaker: Joseph Hong, President Commissioner, Neo Energy Keynote Speech: AI is NOT optional! Guest Speaker: Adam Fan, Chairman of SMM Adam noted that AI has become an essential requirement for the digital upgrade of the commodity industry. Leveraging a new AI technology system, SMM integrates macro and micro data, market intelligence, and industrial information through full-process intelligent processing, and with human-machine collaboration automatically generates in-depth industry reports — surpassing traditional manual approaches comprehensively in terms of timeliness, coverage, personalization, and depth of analysis. SMM has now deployed a mature industry AI solution: leveraging SMM’s massive database and customized AI capabilities, enterprises can enable intelligent inquiries, interactive reviews, and dynamic strategy simulations, accurately serving transaction analysis, production planning, and inventory strategies for non-ferrous metals such as cobalt, nickel, and copper. SMM AI Data Services offer a three-tier progressive intelligent solution for the metals industry: Instant Inquiry → Xiao Jin (Metrix): access real-time price trends and market insights, with data sourced from a premium subscription-grade database and insights calibrated by senior analysts; In-depth Research → Deep Report: a chapter-by-chapter analysis by product and region, featuring traceable charts and citations, and continuously updated as market conditions evolve; System Integration → MCP Data Services: covering over 200,000 real-time data indicators and more than 60 products across the entire industry chain, a single integration embeds the service into the enterprise AI framework. Keynote Speech: Indonesia's Post-Election Economy: Can the Country Sustain 5–6% Growth Amid Fiscal Pressures, Weak Export Prices and Heavy Industrial Power Subsidies? Speaker: Andre Simangunsong, Head of Mandiri Institute, Office of Chief Economist, Bank Mandiri Andre Simangunsong said Indonesia’s GDP grew by 5.6% in Q1 2026, with a full-year baseline forecast of 5.2%. The strong Q1 growth was primarily driven by a low base effect from delayed fiscal spending in 2025 and the front-loading of this year’s fiscal disbursements. The full year faces uncertainties from rising crude oil prices, geopolitical fluctuations, and a widening fiscal deficit. The 2026 fiscal budget is approximately IDR 2,000 trillion, focusing on eight key areas such as education and food security; 19 major industrial projects have already commenced, with nickel smelting and industry chain parks accelerating establishment, propelling the mineral sector’s transformation from raw resource exports to high-value-added deep processing. Indonesia has revised nickel ore royalty rules, introducing progressive royalty rates, promoting the upgrade of nickel products from nickel pig iron (NPI) to MHP and nickel sulphate, and laying out hydrometallurgical processing for low-grade ores; the outlook for the tin industry is positive. The banking sector’s loan-to-deposit ratio remains stable at 85%, and Bank Mandiri is advancing digital transformation and ESG-compliant lending to empower downstream industry projects. By combining industrial, fiscal, and financial strengths, Indonesia is expected to maintain a growth range of 5%–6% in the medium and long term. CXO Panel: Senior Executives' Roadmaps to Overcome Resource, Cost, Technology & ESG Challenges Moderator: Laksmi Kusumawati, Director of Downstream Planning and International Economic Cooperation, Ministry of National Development Planning/Bappenas Panelists: Bernardus Irmanto, President Director, PT Vale Indonesia Alex Sun, Chief Sustainability Officer and Vice President, Integrated Energy Service and Carbon Management, Envision Group Marvin R. Reinhart, Portfolio Management Department Head, Indonesia Battery Corporation Ilhamsyah Mahendra, Production & Commercial Director, PT Timah Tbk Keynote Speech: Breaking the Diesel Dependency: Reliable, Affordable Energy for Island Mines Speaker: Mr. Fred Ge, C&I BESS Technical Solution Manager in Asia-Pacific, Sungrow Panel Discussion: The "Green Premium" Myth vs. Reality: Who Will Pay for Decarbonization in the Critical Minerals Supply Chain? Moderator： MARCO KAMIYA， UNIDO Representative, Regional Office in Jakarta for Indonesia, Timor Leste and the Philippines UNIDO (United Nations Industrial Development Organization) Panelists: Ary Sudijanto, Deputy for Climate Change Control and Carbon Economic Value Governance, Ministry of Environment, Government of Indonesia Antti Koulumies, CEO, Terrafame Anna Stancher, Senior Project Manager, Responsible Minerals Initiative Yumo Li, Head of ESG Office in Tsingshan Board, Tsingshan Holding Group Lihui Sun, Vice President, Chief Sustainability Officer, Huayou Cobalt Cocktail Party We extend our sincere gratitude to the global logistics leader Access World for its exclusive sponsorship of the cocktail party at this conference. Founded in 1933, Access World has grown from a family business into an international logistics organization operating in 25 countries, with a strategically located network of ports and warehousing facilities in prime locations, ensuring the efficient daily handling and flow of goods. As an end-to-end logistics service provider, Access World has long been committed to simplifying global supply chains and enhancing the efficiency of commodity circulation. It is worth noting that this marks the second consecutive year Access World has generously sponsored the cocktail dinner at the Indonesia Mining Conference & Critical Minerals Conference. For this steadfast commitment and dedication to deeply cultivating the industry and continuously empowering industry exchanges, the organizing committee and all attendees express our deep respect and gratitude. Check-in & Networking

It is worth noting that with the gradual ramp-up of large cylindrical battery production, the share of 9-series materials is rising rapidly both domestically and internationally.

Dongfeng’s new-generation solid-state battery (oxide-polymer composite) to start mass production in 2H 2026; demo vehicles logged >3.2 million km safely. Dongchi Energy’s semi-solid device shipped to Djibouti (offshore oil platform application). Aviation solid-state battery energy density exceeds 480Wh/kg, boosting eVTOL range by 65%+. Sun Xueliang’s team achieved low-cost Li₂S (cutting sulfide electrolyte cost by >86%) and Li-Te battery with 13,000+ cycles.

The PV industry is currently facing the cyclical bottom characteristics of difficult surplus supply exit and slowing demand growth. However, it is worth noting that the PV sector has significantly underperformed other new energy sub-sectors. While stocks in energy storage, cells, and many other areas have repeatedly hit record highs, PV stock prices remain near the bottom, similar to year-end 2023. This means that once the industry passes the inflection point of market exit, stock prices will have significant upside potential. From the perspective of the industry chain, all four major segments—polysilicon, wafers, solar cells, and modules—are at low price levels, and valuation suppression across the entire industry chain has been quite sufficient, providing ample room for expectation gaps for a subsequent reversal.

On June 7, 2026, as a future industry prioritized in the national 15th Five-Year Plan, hydrogen energy serves as a core lever for optimizing the energy structure and implementing the dual carbon strategy. Since the start of this year, Hami City has leveraged its abundant wind and solar new energy resources and ample by-product hydrogen from coal chemical industries as dual resource advantages, targeting the development as Xinjiang’s first hydrogen energy industry demonstration zone and a hydrogen equipment manufacturing hub in western China. The city has continuously clustered high-quality resources across the hydrogen industry chain, accelerating the creation of an integrated full-chain industrial ecosystem covering production, storage, transport, refueling, and utilization, with the momentum for high-quality regional hydrogen industry development continuing to climb. On the equipment manufacturing front, breakthroughs have been achieved in local hydrogen core capacity construction. In Yiwu County, Hami, the large-power hydrogen fuel cell system production line of Xinjiang Kunhua New Energy Technology Co., Ltd. has achieved stable operation and reached production. The project, with a total investment of 150 million yuan, adopts an industry-leading large-power, single-stack, single-system technology pathway to mass-produce fuel cell systems and hydrogen energy storage power generation equipment across a power range of 150 kW to 250 kW. Its products are widely adapted for diverse application scenarios such as mining engineering machinery, urban sanitation, and port operations, filling a gap in high-end hydrogen equipment manufacturing in Xinjiang. Targeting the extreme and demanding operating conditions in the northwest plateau, characterized by high altitude, severe cold, and heavy loads, the enterprise has completed multiple rounds of specialized technical breakthroughs, successively conducting rounds of extreme environment tests across two winters, two summers, and two plateaus. Its equipment can achieve cold start at -30℃ and the overall system lifespan exceeds 20,000 hours, with operational stability and environmental adaptability fully validated. The R&D team continuously collects local mountain road condition and meteorological data to optimize system control strategies, and leverages Hami’s natural test scenarios of clustered coal industries and dense mining transport routes to complete scenario-based customization and upgrades. This ensures the equipment fully meets local complex operational requirements, forming a synergistic pattern of coordination and co-development with existing hydrogen refueling infrastructure. Huang Huanqing, General Manager of Xinjiang Kunhua New Energy Technology Co., Ltd., stated that the company will continue to empower industrial upgrades through technological innovation, collaborating with universities and research institutes to tackle core technologies for high-cold adaptation. Going forward, new projects will be implemented, including a 135-mt hydrogen-powered autonomous mining truck production line, hydrogen energy storage power generation, and hydrogen-powered two-wheelers , further extending the hydrogen equipment manufacturing industry chain. Leveraging the local comprehensive hydrogen refueling support system, these moves will address shortcomings in the full-chain hydrogen development and drive the scaled, green transformation and upgrade of the hydrogen industry in Yiwu. As Hami’s designated "hydrogen city," Yiwu County has established four integrated hydrogen production and refueling stations and deployed hundreds of hydrogen heavy trucks at scale, forming the largest hydrogen transport application scenario in Xinjiang. It is reported that upon reaching full production, the fuel cell system project is expected to achieve an annual output value of 150 million yuan and annual tax revenue of 15 million yuan , while also attracting agglomeration of core parts enterprises producing compressors, hydrogen storage systems, and humidifiers, gradually localizing the production of key components for hydrogen equipment and improving the regional hydrogen industry support system. In the long term, the company will use Hami as a core hub, radiating to energy corridors like Jiuquan, Ningdong, and Zhundong along the Belt and Road initiative, supporting the construction of a northwest hydrogen equipment manufacturing hub, promoting the integrated development of wind power, PV, energy storage, and hydrogen, enhancing regional green electricity consumption capacity, and facilitating carbon neutrality in the transport sector. The dual advantages of resource endowment and industrial foundation lay a solid groundwork for Hami’s hydrogen industry development. Locally, wind energy technical developable capacity reaches 300 GW, and solar energy technical developable capacity reaches 3.2 billion kW. The city’s total installed power generation capacity stands at 51,489.8 MW, with new energy accounting for as much as 73.84% of the installed capacity , providing ample clean energy support for large-scale green electricity hydrogen production. Meanwhile, leveraging its mature coal chemical industry system, Hami has the production capacity potential for 180,000 mt of purified vehicle-grade hydrogen annually, forming a dual-wheel complementary supply pattern of green hydrogen and grey hydrogen , effectively lowering the operating costs of fuel cell vehicles and offering economic advantages for scaled promotion and application. Hydrogen refueling infrastructure and end-use application scenarios are expanding and upgrading in tandem. The integrated energy station operated by Xuanli (Xinjiang) Hydrogen Energy Technology Co., Ltd. features a designed daily refueling capacity of 10 mt, positioning it as one of the leading large-scale refueling stations in China currently. Equipped with eight refueling bays, it supports simultaneous refueling for eight vehicles, with a daily average service capacity of 300 units. The station employs a 24-hour continuous production mode and can dynamically raise its production load based on vehicle refueling demand, ensuring stable hydrogen supply for heavy trucks. Currently, four refueling stations have been deployed in the Naomaohu area alone, establishing a robust hydrogen refueling support network. At the end-use application level, hydrogen heavy trucks, with their advantages of zero emissions and high efficiency, have become the main driver for regional green logistics transformation. Driven by the electrochemical reaction of hydrogen and oxygen, hydrogen heavy trucks operate combustion-free and with zero carbon emissions throughout. Hydrogen consumption per 100 km stabilizes at 15 to 18 kg, while the driving range exceeds 300 km, delivering significant transport efficiency advantages. Leveraging Hami’s positioning as a core hub for coal transport from Xinjiang, the area’s daily active heavy truck volume is approximately 50,000 units, spawning a trillion-yuan hydrogen heavy truck application market. Currently, 175 hydrogen heavy trucks have been deployed locally, with the number expected to expand to over 200 within the year, and the total deployment volume nearing 500 units by end-2026 . These primarily cover trunk coal transport scenarios, while a 600-km long-demonstration route from Naomaohu to Guazhou has been initiated, continuously expanding the boundaries of hydrogen transport applications. Policy support continues to unleash industrial vitality. Hami took the lead across Xinjiang in breaking through restrictions on hydrogen production at non-chemical industrial parks, liberalizing permissions for integrated hydrogen production and refueling station construction, and introduced dedicated hydrogen industry support policies in 2025, using targeted subsidies to facilitate infrastructure development and hydrogen vehicle operation promotion. To date, the city has built one scaled hydrogen production plant with a capacity of 25 mt/day and four refueling stations, with an overall daily refueling scale reaching 18 mt. In total, 569 hydrogen heavy trucks and 7 hydrogen buses have been deployed, with the scale of end-use applications continuing to expand. The layout for coordinated regional development is also accelerating. Hami is collaborating with Jiuquan in Gansu to co-develop a trans-provincial hydrogen expressway and hydrogen corridor spanning Xinjiang and Gansu, with plans to open dedicated hydrogen transport lanes on National Highway G331 and the G7 Expressway by 2030, at which point the regional deployment of hydrogen vehicles is expected to exceed 2,000 units. Meanwhile, a local hydrogen energy industry research institute has been established, focusing on technological exploration in frontier fields including hydrogen-electricity integrated microgrids, green ammonia co-firing, and hydrogen energy storage, and laying out developments for net-zero industrial parks and smart energy cities, thus comprehensively broadening the diverse application scenarios for hydrogen energy. According to the development plan, by 2030, Hami is expected to build a green hydrogen consumption capacity exceeding 500,000 mt, relying on the intrinsic industrial advantage of producing and selling locally to construct a highly risk-resistant hydrogen industry system. Presently, Hami continues to transform its wind and solar resource advantages into industrial development benefits, steadily advancing the industrial deployment of the "West-to-East Hydrogen Transmission" initiative. The hydrogen full-chain industry is thriving, becoming the core new driver for regional economic and social green high-quality transformation.