Key Players: The 10 Most Critical Publicly Listed Companies in Solid-State Battery Raw Materials

With the accelerated development of the global new energy vehicle and energy storage industries, solid-state batteries have become a core direction for next-generation battery technology due to their high energy density (>400 Wh/kg), intrinsic safety (no risk of electrolyte leakage), and long cycle life (>1000 times).

• Technical route differentiation
  The three major electrolyte routes of sulfides (CATL, Ganfeng Lithium), oxides (Shanghai Shiba), and polymers (Ruitai New Materials) are developing in parallel.
• The period of capacity explosion is approaching.
  The key window for mass production from 2025 to 2027, with leading companies planning production capacities exceeding tens of thousands of tons.
• Significant differentiation in performance
  The profitability at the materials end remains stable (CATL's net profit increased by 33%), while equipment manufacturers show leading growth (SENIOR's net profit increased by 61%).

No. 10: Putailai (603659): Dual Layout of Solid-State Electrolytes and Equipment

Main business: diaphragm coating/anode materials/solid-state equipment; core products: LLZO/LATP electrolytes, dry film forming equipment.

Solid-state battery progress: a 200-ton solid-state electrolyte pilot production line in Sichuan has been put into operation; received solid-state equipment orders exceeding 200 million yuan (including isostatic pressing equipment).

Latest Performance: 2025 H1 revenue of 7.09 billion yuan (+12.0%), net profit of 1.06 billion yuan (+23.0%).

The 9th one:Xian Dao Intelligent (300450): A Global Oligarch in Solid-State Battery Equipment

Main business: Lithium battery/solid-state battery production line equipment; core products: dry coating/isostatic pressing equipment (all-solid-state production line).

Solid-state battery progress: the only global provider of a complete solid-state line solution, with a market share of over 70%; orders for the first half of 2025 are expected to reach 400-500 million yuan (a year-on-year increase of 100%).

Latest Results: Revenue for the first half of 2025 was 6.61 billion yuan (+14.9%), with a net profit of 740 million yuan (+61.2%).

The 8th one:Yunnan Germanium (002428): Core Germanium Source for Sulfide Electrolytes

Main business: germanium mining/tetrachloride (fiber optic grade); Core product: germanium tetrachloride (purity 99.9999%).

Solid-state battery progress: The only domestic enterprise producing sulfide electrolytes in mass production is a germanium source enterprise; germanium enhances the ionic conductivity of sulfides and reduces interfacial resistance.

Latest performance: Revenue for the first half of 2025 was 530 million yuan (+52.1%), with a net profit of 22.15 million yuan (+339.6%).

The 7th house:Orient Zirconium (002167): Global Leader in Zirconium Oxide

Main business: Zirconium series products (zirconia/electrically fused zirconia); core products: high-purity nano zirconia (core material for solid-state electrolytes).

Solid-state battery progress: global market share >50%, 500 tons of nanowires to be produced by Q2 2025; signed a three-year long-term agreement with Qingtao/Weilan (locking in 60% capacity).

Latest performance: Revenue for 2025 H1 was 630 million yuan (-23.1%), with a net profit of 29.08 million yuan (+148.6%).

The 6th company:Shanghai Xiba (688113): Exclusive mass production of LLZO oxide electrolyte.

Main Business: Water Treatment + Solid Electrolyte Materials; Core Product: LLZO Oxide Electrolyte (Yield >98%).

Solid-state battery progress: The world's only LLZO ton-level production company supplies BYD blade batteries; production capacity will expand to 2,000 tons per year by 2025.

Latest Performance: Revenue for H1 2025 was 220 million RMB (-15.9%), with a net profit of 110 million RMB (+156.6%).

Main business: lithium salts/additives (with LiTFSI as the core); core product: LiTFSI (compatible with three major solid-state routes).

Progress in Solid-State Batteries: The world's only LiTFSI mass production company supplies to Qingtao/ProLogium; jointly developing high-purity lithium sulfide with CATL (cost reduced by 80%).

Latest Performance: Revenue in the first half of 2025 was 970 million yuan (-7.4%), with a net profit of 81.91 million yuan (-24.2%).

Company 4: Tinci Materials (002709): Leader in Electrolyte Additives

Main business: Electrolyte (core), LITFSI solid-state battery materials; Core products: Sulfide/oxide electrolytes (ionic conductivity >8 mS/cm).

Progress in Solid-State Batteries: Pilot production at the 100-kilogram level by 2026, mass production at the ton level by 2027; signed a supply agreement with Welion New Energy for 100 tons of electrolytes (2025-2030).

Latest performance: Revenue in H1 2025 was 7.03 billion yuan (+29.0%), and net profit was 270 million yuan (+12.8%).

Company 3: Amprius Technology (300073): Core Supplier of Solid-State Cathode Materials

Main Business: Lithium battery cathode materials (ternary, lithium-rich manganese-based, solid-state electrolyte); Core Products: Sulfide all-solid-state cathode materials (ton-level shipments), lithium-rich manganese-based materials (leading in compaction density).

Solid-state battery progress: Sulfide electrolyte mass production in tonnage, introduced to customers such as Qingtao, Weilan, and Huineng; oxide electrolyte pilot line in hundred-ton scale put into production, customer certification in progress.

Latest performance: Revenue of 4.43 billion yuan in H1 2025 (+25.2%), net profit of 310 million yuan (+8.5%).

The second family:Ganfeng Lithium (002460): Dual Drivers of Lithium Resources and Solid-State Batteries

Main business: lithium salts (56.78%), lithium batteries (35.52%); core products: sulfide electrolytes (ionic conductivity > 8 mS/cm), 420Wh/kg solid-state battery cells.

Solid-state battery progress: Unique layout of three major electrolyte routes, Chongqing base's sulfide electrolyte quality production line has been put into operation (cost reduced by 40%); 21700 cylindrical batteries (50,000 units produced daily) will begin mass production in early 2026, supporting drones/eVTOL.

Latest performance: Revenue of 8.38 billion RMB in H1 2025, net loss of 530 million RMB (cash flow of 300 million RMB).

Company 1: CATL (300750): Global leader in power batteries, full-chain layout of solid-state technology.

Main business: Power batteries (73.55% of revenue), energy storage systems (15.88%), battery material recycling (4.41%). Core products: Condensed state battery (4C fast charging), sulfide all-solid-state battery (500Wh/kg).

Solid-state battery progress: Technology: Sulfide electrolyte interface impedance reduced by 60%, with over 2,000 patents; Mass production: 100GWh capacity planned for 2027, condensed matter batteries have been supplied to NIO ET9/Xiaomi SU8; Revenue: Solid-state batteries will account for 12% in Q1 2025.

Latest performance: Revenue for the first half of 2025 was 178.89 billion yuan (+7.3%), net profit was 30.49 billion yuan (+33.3%), and gross profit margin was 25.6%.