[SMM Analysis: Highly Likely False Rumor: The Official Launch of a Major Manufacturer's Solid-State Battery] July 27, 2026, recently, the online rumor claiming that "BYD's solid-state battery has officially launched, with an energy density of 480 Wh/kg, and will debut in the facelifted Denza N7" is untrue. Please refer to the official announcement for updates on BYD's solid-state battery business.

Qichacha shows that recently, Jiangsu Yili Technology Co., Ltd. (referred to as Yili Technology) completed a Series A financing round, with investors including Zhejiang Chuangwei Emerging Industry Venture Capital Partnership (Limited Partnership), Yixing Environmental Science Park Industrial Development Equity Investment Partnership (Limited Partnership), and Yuanhang Precision (920914). At the same time, Yili Technology’s registered capital increased from 5.3001 million yuan to 7.2082 million yuan, an increase of approximately 36%.

[SMM Analysis: Jiuwu Hi-Tech's LATP Solid-State Electrolyte Passes 4.62V Extreme Overcharge Test, Ceramic Membrane Giant's Dual-Track Solid-State Battery Layout] Jiuwu Hi-Tech's LATP solid-state electrolyte was applied in NCM811 pouch batteries and passed the extreme overcharge (4.62V) and over-discharge (0V) tests according to GB38031-2020, with no smoke, fire, or explosion throughout the process, a temperature rise of ≤5°C, and a significantly improved safety margin. The company has adopted a dual-track layout of oxides (LLZO/LATP) and sulphides, achieved mt-level mass production and supplied leading battery cell enterprises, while advancing a hundred-mt-level pilot scale-up. Leveraging nearly 30 years of ceramic membrane technology expertise, it is positioning itself in the key materials segment for solid-state batteries.

[Solid-State Battery: Huashang Zhongke Successfully Completes Pilot Trial of 99.95% High-Purity Lithium Sulphide; Multiple Enterprises in Shandong Deploy Lithium Sulphide] On July 22, 2026, information from Huashang Zhongke’s official account. Qingdao Huashang Zhongke New Energy Technology Co., Ltd. announced that its pilot-produced lithium sulphide was tested by the National Power Battery Innovation Center of the Guolian Automotive Power Battery Research Institute (with CMA/CNAS qualifications), and the product purity reached 99.95%. Relying on technology from the Chinese Academy of Sciences, the company overcame barriers such as anhydrous and oxygen-free sealed synthesis and multi-stage deep purification, and has completed construction of a pilot R&D production line with an annual capacity of 60 mt of sulphide solid-state electrolyte. Huashang Zhongke is a participating drafting unit of the national standard for solid-state batteries. Enterprises in Shandong that have deployed lithium sulphide include Ruifu, Taihe, Dayao, Wanrun Co., Ltd., Yifeng New Material, Zhongke Yuanben, etc.

[SMM Analysis: Expert Opinions Clash – Semi-Solid-State Battery Mass Production Year Begins, All-Solid-State Still Building Momentum] 2026 is widely regarded by the industry as the "mass production year" for semi-solid-state batteries. However, expert opinions on the industrial positioning and time pace of semi-solid-state and all-solid-state batteries are markedly divided. SVOLT Energy Technology Chairman Yang Hongxin and Huang Xuejie from the Institute of Physics, Chinese Academy of Sciences, among others, lean toward the view that "semi-solid-state will be the long-term mainstream," while CATL Chairman Zeng Yuqun and Gotion High-tech Chief Scientist Zhu Xingbao remain cautiously optimistic about all-solid-state batteries from the perspectives of technological maturity and cost.

[SMM Analysis: New Battery Consumption Tax Policy Takes Effect: Sodium-Ion Batteries Exempt, Lithium Batteries Taxed, Sodium-Ion Batteries Enter a "Tax Exemption Dividend Period"] SMM, July 21: The Ministry of Finance, the General Administration of Customs, and the State Taxation Administration recently jointly issued an announcement on the adjustment of the battery consumption tax policy. For the first time, lithium-ion batteries and similar products are included in the scope of consumption tax collection, while sodium-ion batteries, solid-state batteries, fuel cells, and others are listed in the exemption catalog. This "tax-and-exempt" design has garnered widespread attention across the sodium-ion battery industry chain...

[Solid-State Battery: South Korea's ECOPRO BM Unveils Development Roadmap for Core Materials of All-Solid-State Batteries] On July 16, 2026, ECOPRO BM held a corporate briefing for general investors at the NH Investment & Securities headquarters in Yeouido, Seoul, where Management Representative Kim Jangwoo, R&D Executive Director Gong Bohyeon, and Procurement Executive Director Shin Hosang attended and spoke. On July 19, the company officially unveiled its development roadmap for core materials of all-solid-state batteries, covering solid-state electrolytes, next-generation cathode and anode materials, and sodium-ion batteries.

On July 16, the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration jointly issued Announcement No. 20 of 2026, introducing systemic adjustments to the consumption tax policy on certain batteries. This marks the most significant policy revision since the establishment of the battery consumption tax framework in 2015, covering key categories such as lithium-ion batteries, solar cells, sodium-ion batteries, and solid-state batteries. Through a combined mechanism of “tiered tax rates + targeted exemptions + standards-based access,” it addresses the dual objectives of tax regulation and industrial guidance. 1. Lithium-Ion Batteries to Be Taxed First: 2% from September, Rising to 4% in September Next Year According to the announcement, starting September 1, 2026, conventional battery categories such as lithium-ion batteries will be subject to a 2% consumption tax rate, which will be raised to 4% from September 1, 2027. Lithium-ion batteries are the category most broadly affected by the new rules, with power batteries accounting for the vast majority of their shipments. Assuming an average battery cell price of 0.5 yuan/Wh and annual shipments of 1,000 GWh, a 2% tax rate translates to an additional annual tax burden of approximately 10 billion yuan at the cell level. At present, gross margins of power battery cell enterprises are generally compressed to around 10% or even lower, making this cost increase significant. In terms of pass-through, top-tier players, leveraging economies of scale and stronger bargaining power, are expected to pass on part of the tax burden to downstream automakers. However, second- and third-tier enterprises have limited room to negotiate, so their profit margins may come under further pressure, potentially intensifying industry divergence. After the tax rate rises to 4% in 2027, cost pressure will be significantly magnified, likely accelerating the rationalization of inefficient capacity. 2. Targeted Tax Exemptions for Frontier Technologies: Sodium-Ion and Solid-State Batteries Enjoy a “Policy Window” The announcement specifies that from September 1, 2026 to December 31, 2028, sodium-ion batteries, solid-state batteries, fuel cells, as well as perovskite, tandem, and gallium arsenide solar cells in the PV sector will be exempt from consumption tax. This arrangement directly targets frontier technology pathways that have not yet been industrialized on a large scale but hold strategic significance: Sodium-ion batteries are at a critical stage of transitioning from demonstration applications to large-scale mass production. The exemption will effectively lower the initial comprehensive production costs, narrow the cost gap with lithium-ion batteries, and accelerate their penetration in applications such as low-speed vehicles. Solid-state batteries, as the core direction for next-generation power batteries, remain in the R&D and small-batch trial production stage transitioning from semi-solid to all-solid-state. The tax exemption helps reduce trial-and-error costs and accelerate industrialization. The core logic is: tax mature technologies, and exempt frontier technologies from tax. Exempting frontier technologies that are still in the early stages of industrialization reflects a policy orientation of “using tax supplements from mature technologies to support frontier technologies, enabling them to move forward with less burden,” thereby guiding capital and resources toward technological iteration. In the short term, at the initial stage of the lithium battery consumption tax, cost side, battery cell enterprises will be under pressure and will manage by raising prices or optimizing their product mix. This cost increase is particularly erosive to the profits of second- and third-tier enterprises, and some marginal capacity may face break-even pressure. In terms of production scheduling pace, ahead of the September 1 start date, battery cell manufacturers may exhibit an “installation rush” effect involving concentrated shipments and advance stockpiling, potentially driving August production figures sharply higher in the short term, while September production schedules will face a phased pullback. In terms of price pass-through, top-tier players still have some cushion for negotiation, but smaller cell makers will face greater resistance in passing the tax burden to automakers and will need to absorb most of the costs themselves. In terms of product mix, production scheduling priorities for low-margin categories may be passively downgraded, accelerating the industry reshuffle. In the long term, after the tax rate rises to 4%, industry-wide cost pressure will be significantly magnified. Combined with the scheduled expiration of the tax exemption window for frontier technologies at the end of 2028, whether sodium-ion and solid-state batteries can achieve cost reductions at scale by then will become a critical factor in determining their competitiveness. The policy sends a very clear signal: the state’s regulatory logic for the battery industry is shifting from “universal support” to “differentiated guidance,” with technology leaders reaping greater policy dividends.

[7.21 Morning Briefing] US media reports: US-Iran conflict intensifies, the Pentagon is accelerating the deployment of F-16 and F-35 fighter jets to the Middle East. Advisor to Iran’s Supreme Leader: If US forces continue operations, Iran may shift to a full-scale offensive. The most-traded SHFE nickel 2609 contract surged in early trading then pulled back slightly, and as of the morning close, it reported 130,720 yuan/mt, down 0.13%. As the US-Iran conflict escalates, shipping restrictions in the Strait of Hormuz have strengthened sulfur cost support. However, refined nickel inventories remain difficult to reduce. Both domestic and international inventories are still at high levels, and the destocking speed is slow. In the short term, the price of the most-traded SHFE nickel contract is expected to trade within the range of 125,000-130,000 yuan/mt.

China's Ministry of Finance, General Administration of Customs and State Taxation Administration announced that, effective September 1, 2026, consumption tax policies for certain battery products will be adjusted in phases. Under the new policy, sodium-ion batteries, solid-state batteries, fuel cells, and photovoltaic batteries including perovskite, tandem and gallium arsenide cells will be exempt from consumption tax.