Sulfide Prices Continue to Seek Bottom; Zhejiang University’s Kilogram‑Scale Synthesis Breakthrough, 60‑billion‑yuan 30 GWh Project Breaks Ground

H1 2026, performance of listed companies in the solid-state battery supply chain showed stark divergence. Traditional lithium battery material suppliers reaped huge profit growth (Tinci Materials +>900%) due to price rebounds, while overseas start-ups remained deep in the red (QuantumScape net loss $199M).

[Solid-State Battery: Solid Power Reported H1 2026 Revenue of $2.805 Million; Sulphide Electrolyte Pilot Production Line Progressed as Planned] In 2026, Solid Power (SLDP) released its H1 2026 financial report. During the reporting period, the company achieved revenue of $2.805 million, down 79.31% YoY (including Q2 revenue of -$300,000, due to a $1.2 million revenue reversal resulting from adjustments to assumptions for recognizing milestone revenue from the SK On collaboration); net profit attributable to shareholders was -$36.849 million, with the loss narrowing 8.99% YoY. As of the end of the reporting period, it held cash of $419.3 million and had no debt. In the solid-state battery segment, the company remained committed to the sulphide solid-state electrolyte technology route; construction of the continuous electrolyte pilot production line progressed as planned, and it continued to advance cooperation with Samsung SDI, BMW, SK On, and others.

South Korean steel casting producer Hankook Steel has received a new order worth KRW 2.6 billion from Samsung Heavy Industries for large-scale steel castings to be used in shipbuilding, covering heavy casting components for hull structures across roughly 12 vessels. The order falls under a KRW 11.7 billion framework agreement signed in December 2025 for 47 vessels including LNG carriers and container ships; with prior orders of KRW 3.7 billion (Dec 2025) and KRW 3.1 billion (Apr 2026), total confirmed contracts under the framework now reach KRW 9.4 billion. Hankook's order backlog is up about 30% versus end-2025.

On August 11, Samsung SDI announced the signing of a new agreement with General Motors to jointly develop next-generation prismatic batteries for electric vehicles. These batteries are expected to be produced at the former joint venture Synergy Cells. Concurrently, Samsung SDI announced it has acquired General Motors' entire 49.99% stake in Synergy Cells, achieving full ownership of the company and thereby securing its first independent battery production plant in North America. Synergy Cells' plant under construction in Indiana, US, with a planned annual capacity of 27GWh and an investment of up to $3.5 billion, was originally positioned as an automotive battery production base. Influenced by market conditions, the plant will subsequently adjust its production direction, prioritizing energy storage battery products.

Samsung SDI announced on August 11 that it signed a joint development agreement (JDA) with GM to co-develop prismatic batteries for next-generation electric vehicles. The two companies plan to jointly develop prismatic batteries using Samsung SDI’s high-energy-density and fast-charging technologies, with the batteries to be applied to GM’s next-generation EVs in the future. Samsung SDI also agreed to acquire GM’s entire 49.99% stake in their joint venture, Synergy Cells. Once the acquisition is completed, Synergy Cells will become Samsung SDI’s first wholly owned battery production subsidiary in North America.

On August 7, South Korean research firm SNE Research released global (excluding China) power battery installation data for electric vehicles (EVs, PHEVs, HEVs) in H1 2026. The data showed that in H1 2026, power battery installations ex-China reached approximately 269 GWh, up 26.3% YoY, continuing a steady growth trend.

Samsung unveiled the V10 Bonding V-NAND (BV-NAND) prototype and the industry’s first conceptual models of zHBM and zNAND-O architectures at the Future of Memory and Storage (FMS) conference held in Santa Clara, California, US. The BV-NAND chip features over 400 layers and adopts a novel wafer bonding architecture to enhance memory density and performance. Compared with the previous-generation V9 NAND, it delivers approximately 58% higher memory density, along with significant improvements in read, write, and I/O performance, meeting the demands of AI systems for higher-capacity, more energy-efficient memory solutions. For the zHBM and zNAND-O architectures, Samsung achieves greater data capacity in a smaller footprint by vertically stacking memory cells. Unlike conventional HBM, which is packaged side-by-side with AI processors, zHBM stacks memory vertically on top of the AI accelerator, thereby shortening data transfer distances, increasing bandwidth, and boosting energy efficiency. Samsung stated that its wafer bonding technology is expected to deliver more than 10 times the memory density of conventional HBM5, improve energy efficiency by 3 times, and reduce thermal resistance by more than half.

Independent tech journalist Tim Culpan pointed out that the A20 Pro processor wafers produced by TSMC’s N2 process are showing good yield and sufficient capacity, with processor production basically ready, and that this process is not a bottleneck affecting iPhone shipments. However, due to a severe shortage of DRAM supply, the completed processor wafers cannot be subsequently packaged, leading to inventory buildup and putting pressure on Apple and its supply chain’s stockpiling. With only weeks to go before the release of the iPhone 18 series and the foldable iPhone Ultra, Apple and its supply chain assemblers are urgently seeking more mobile DRAM chip supply. In terms of DRAM supply, Apple currently relies primarily on Micron Technology, while also sourcing from SK Hynix and Samsung.

[SMM Tin Morning Brief: Bulls took profits on the eve of the nonfarm payrolls, SHFE tin 2609 night session closed at 431,080 yuan/mt]