【Guoxuan High-Tech Achieves Double Growth in Revenue and Profit in the First Half of the Year】On August 28, Guoxuan High-Tech released its semi-annual report for 2024. The report shows that Guoxuan High-Tech generated operating revenue of RMB 16.794 billion in the first half of 2024, marking a year-on-year increase of 10.2%; net profit reached RMB 271 million, up 29.69% year-on-year; and non-recurring net profit amounted to RMB 49.0612 million, a year-on-year growth of 38.71%. Guoxuan High-Tech's business is mainly divided into power battery systems and energy storage battery systems, accounting for 69.67% and 25.84% of total revenue, respectively.

[Guoxuan High-tech's New Battery Factory] According to the Malaysian National News Agency, battery manufacturer Guoxuan High-tech will establish a battery assembly plant in Malaysia to expand its influence in Southeast Asia. Cheng Qian, President of Guoxuan High-tech's Asia-Pacific Business, stated that the battery cells will be sourced from China, and the project is currently in the discussion stage. Riding on the wave of new energy globalization, Chinese lithium-ion battery industry chain enterprises are accelerating the pace of "going global" to establish factories, and Southeast Asia has become a popular destination for Chinese traction batteries to "go overseas" in recent times.

Guoxuan High-tech has achieved the preparation and basic performance verification of automotive-grade all-solid-state batteries. On August 20th, Guoxuan High-tech stated on the investor interaction platform that the company has now achieved the preparation and basic performance verification of automotive-grade all-solid-state batteries, marking a breakthrough from 0 to 1 in all-solid-state batteries. It has successfully passed the rigorous 200°C hot box test, providing a new implementation route for high-energy-density and high-safety battery systems.

[Guoxuan High-tech: Preparation and Basic Performance Verification of Automotive-grade All-solid-state Battery Completed] Guoxuan High-tech stated on the interactive platform that the company has now achieved the preparation and basic performance verification of automotive-grade all-solid-state batteries, marking a breakthrough from 0 to 1 for all-solid-state batteries. It has successfully passed the rigorous 200°C hot box test, offering a new implementation route for high-energy-density and high-safety battery systems.

【SMM Analysis】According to the latest research report released by the Natural Resources Defense Council (NRDC), Illinois plans to utilize the sites of soon-to-be-decommissioned power plants to deploy a battery energy storage system with a capacity of up to 3GW. This initiative will not only meet the state's electricity supply needs but also reduce reliance on the construction of new transmission lines.

Guoxuan High-tech Invests to Establish an Energy Storage Technology Company in Jiangsu" According to the Qichacha APP, Jiangsu Xuanteng Energy Storage Technology Co., Ltd. was recently established. Its legal representative is Sha Chenchen, with a registered capital of 10 million yuan. Its business scope includes: energy storage technology services; battery sales; Internet of Things application services; and Internet of Things technology research and development. Qichacha's equity penetration data shows that the company is jointly held by Hefei Guoxuan High-tech Power Energy Co., Ltd., a wholly-owned subsidiary of Guoxuan High-tech, and Jiangsu Tuteng Electric Technology Co., Ltd.

[Commencement of Hong Kong's First Battery Recycling Project] Recently, the groundbreaking ceremony of Hong Kong's first power battery treatment facility, jointly hosted by Jinjing Xinneng Holding Co., Ltd. and its wholly-owned subsidiary Jinyang International (Hong Kong) Co., Ltd., was successfully held at the T2 and T3 sections of the Hong Kong EcoPark. It is reported that the treatment facility will adopt an automated production line combined with artificial intelligence technology to achieve the recycling of lithium battery resources. The project is expected to be put into operation in 2026, with sufficient space reserved for future capacity expansion. In February, Guoxuan High-tech's subsidiary, Guoxuan Power, signed a memorandum of understanding with Jinjing Xinneng. The two sides will jointly develop reverse logistics (battery recycling) business globally, establish research facilities in the United States, Europe, and Southeast Asia, and jointly invest in and operate battery recycling business in Germany and the United States.

Slovakia Announces Subsidies for Gotion InoBat Batteries Factory: Total Investment of 1.2 Billion Euros, Expected to Commence Production in January 2027" Slovakia's Minister of Economy, Jana Sagova, announced on the 20th that the Slovakian government has approved a national aid of 214 million euros to battery company Gotion InoBat Batteries (GIB), with 150 million euros in subsidies and 64 million euros in income tax relief. GIB is a joint venture formed by Guoxuan High-Tech and Slovakian battery manufacturer InoBat, which plans to invest nearly 1.2 billion euros to build an electric vehicle battery factory in Slurany, Slovakia. Sagova stated that this will be the second largest investment project in Slovakian history. According to the statement, the factory is expected to commence production in January 2027 and reach its full planned capacity by June of the same year, with all products exported to the EU market.

SMM learned that on June 18th, the bidding announcement for the procurement of complete equipment for the energy storage system for the first phase (100MW/200MWh) of the 300MW/600MWh independent energy storage power station project in Tengzhou Binhu, Zaozhuang City, Shandong Province, was released. Sungrow Power Supply Co., Ltd. won the bid for the project, while Hefei Guoxuan High-Tech Power Energy Co., Ltd. and Zhongchuangxinhang Technology Group Co., Ltd. were the second and third bid winners, respectively. The bidders for this project are Zhongxingjiuzhou Environmental Governance Co., Ltd. and Yuanchu (Zaozhuang) New Energy Technology Co., Ltd. The construction scale of the energy storage power station is 100MW/200MWh, using lithium iron phosphate batteries and outdoor container layout, with a supporting new 220kV booster station.

[Guoxuan High-Tech: 360Wh/kg Soft-Packed Semi-Solid Battery Has Already Possessed Industrialization Capability] SMM learned that on May 16th, Guoxuan High-Tech stated on the interactive platform that the company now has a soft-packed semi-solid battery with an energy density of up to 360Wh/kg, which has already possessed industrialization capability. The company is currently in the process of docking with customers in various fields, including complete vehicles, low-altitude flights, etc.