SEVB and Xiamen Tungsten New Energy have reached a "Strategic Cooperation Framework Agreement on Solid-State Batteries," focusing on the R&D of solid-state battery electrolytes and related materials. Currently, SEVB's semi-solid-state batteries are still in the laboratory stage, while Xiamen Tungsten New Energy is jointly developing new-structure NL cathode materials with battery companies.

[Sunwoda's New Progress in Solid-State Batteries] Sunwoda's subsidiary, SEVB, has signed the "Strategic Cooperation Framework Agreement on Solid-State Batteries" with Xiamen Tungsten New Energy. Based on the complementarity and compatibility of both parties, they will carry out extensive and in-depth cooperation around their respective development strategies in areas such as the research and development, mass production, and market development of a series of new energy battery materials for solid-state batteries, establishing a strategic partnership. The agreement includes the development of cathode active materials, electrolytes, and related materials for solid-state batteries, joint development of solid-state batteries, and industrialisation cooperation.

According to SMM statistics, China's production of ternary cathode materials in H1 2024 was 330,000 mt, up 13.8% YoY from 290,000 mt in H1 2023, with a capacity utilisation rate of around 40%.

[Xiamen Tungsten New Energy's 40,000-ton Cathode Material Project Lands] Xiamen Tungsten New Energy announced on August 2 that the company's board of directors reviewed and approved the investment plan for a 40,000-ton cathode material precursor project in France with an annual output the day before. Xiamen Tungsten Europe plans to jointly establish Xiamen Tungsten New Energy Technology Co., Ltd. (France) with Orano PCAM in France, with Orano PCAM holding a 51% stake and Xiamen Tungsten New Energy Europe holding a 49% stake. The two parties will take the joint venture as the main entity to build a 40,000-ton cathode material precursor project with an annual output in Dunkirk, Hauts-de-France, France. The total investment for the project construction is proposed to be 3.15 billion yuan (including tax).

[Xiamen Tungsten New Energy's 40,000-ton Major Project Launched] Xiamen Tungsten New Energy announced on August 2 that the company's board of directors had reviewed and approved the investment plan for a 40,000-ton cathode material precursor project in France the previous day. Europe Xiamen Tungsten plans to jointly establish France Xiamen Tungsten New Energy Technology Co., Ltd. with Orano PCAM in France, with Orano PCAM holding a 51% stake and Europe Xiamen Tungsten New Energy holding a 49% stake. Both parties will take the joint venture as the main entity to build a 40,000-ton cathode material precursor project in Dunkirk, Hauts-de-France, France. The total investment for the project construction is estimated to be RMB 3.15 billion (tax included) (the final investment amount will be subject to actual investment).

[Quick News: Xiamen Tungsten New Energy Performance Report: Net Profit in the First Half of the Year Decreased by 6.12% Year on Year] On July 15, Xiamen Tungsten New Energy released its half-year performance report for 2024, with a revenue of 6.3 billion yuan in the first half of the year, down 22.43% year on year, and a net profit attributable to the owners of the parent company of 239 million yuan, down 6.12% year on year.

Xiamen Tungsten New Energy Will Soon Start a New Project with an Investment of Approximately 270 Million Yuan" Xiamen Tungsten New Energy's high-end energy material engineering innovation center construction project has completed the energy-saving review and filing, and will start construction in July, with a planned completion date in March 2026. The Xiamen Tungsten New Energy high-end energy material engineering innovation center is located in Haicang District, with an investment of approximately 270 million yuan. The project plans to build workshops, comprehensive buildings, and related supporting structures. Xiamen Tungsten New Energy expressed that the project is expected to serve as a "catalyst" for the company's research and development innovation and capacity enhancement.

[Xiamen Tungsten New Energy (688778.SH) annual net profit in 2023 reaches 531 million yuan] Xiamen Tungsten New Energy (688778.SH) announced its 2023 annual performance report. During the reporting period, the company achieved an operating income of approximately 17.229 billion yuan, a year-on-year decrease of 40.08%; realized a net profit attributable to the owners of the parent company of around 531 million yuan, a year-on-year decrease of 52.64%; and achieved a net profit attributable to the owners of the parent company after deducting non-recurring gains and losses of around 469 million yuan, a year-on-year decrease of 52.10%.

Xiamen Tungsten New Energy is a new energy company, and it recently held a board meeting to approve the capital increase for the French annual output of 40,000 tons of ternary materials project. This move aims to further support the follow-up development of the project and meet the growing demand from overseas customers. The decision is in line with the company's future overall strategic development direction, beneficial for expanding the business scale, enhancing industry position and risk resistance, and strengthening the company's comprehensive strength. (Excerpt from Battery China report)