COMPANY PROFILE / Solid-State Battery
GAC Group
— Declared ‘all-solid-state battery’ in its legal disclosure and announced a value exceeding 400Wh/kg among few automobile manufacturers
GAC Group is one of the Chinese automobile manufacturers covered in this series ‘All-solid-state battery’ is used directly in GAC Group’s legal disclosure documentA very few companies. The ESG report for 2025 will include‘Energy density exceeds 400 Wh/kg,’ ‘Passed the hot box test at 200°C and the nail penetration test.’and is explicitly stated. HoweverThe mass production period, the models equipped with it, and the production capacity are not mentioned anywhere.. Furthermore, the company is expected to incur a net loss of ¥8.78 billion in 2025.¥87,840 millionto be recorded. In this article, the scale of the automotive industry is kept to a minimum,what this company has announced and what it has not announced regarding solid-state batteriesfocuses on.
- Understand Guangqi Group in 30 seconds and its position in solid-state batteries
- About the logo and company name
- Where is this company in the world of solid-state batteries
- Company size (automotive industry is concise)
- Resources invested in solid-state batteries
- Previous efforts
- Future plans
- What is this company aiming for with solid-state batteries?
- Mapping of collaborations in the field of all-solid-state batteries
- Techniques and methods adopted
- Risks faced by this company
- Glossary / References / Claims and Corresponding References Table
1. Understanding Guangqi Group in 30 seconds and its position with solid-state batteries
Hong Kong 02238A shares and H shares in two markets
(Battery subsidiary exists)Major shareholder is the state-owned enterprise Guangzhou Automotive Industry Group
energy density
Over 400Wh/kgExplicitly mentioned in the 2025 ESG report
（IMPOW Battery）A subsidiary established in October 2022
Companies working on solid-state batteriesAutomotive manufacturers, battery manufacturers, and startupsis divided into three types. GAC Group is one of themAutomotive manufacturers. fact. However, regarding batteries, the annual report states ‘lithium mines + lithium battery basic materials production + battery production + energy storage and charging/discharging exchange services + battery leasing + battery recycling and staged utilization‘ thisvertically integrated new energy industry chainIt has been explained that it has built a vertically integrated new energy industry chain. As a company established for this purpose, Yoube Energy Technology · Guangqi Energy · Yubai Battery Technology · Times Guangqi Power Batteryare mentioned. That is to say, Guangqi Group isThe company that makes batteries in-houseis an automobile manufacturer. And solid-state batteries are disclosed as part of its own development results in the legal filing.
Guangqi Group’s ESG report is about the technological achievements as of 2025.2 batteriesintroduced in parallel fact. One isMagazine BatteryAnd, ‘Industry’s first battery system safety technology that does not ignite in nail penetration tests and does not catch fire in gun test’ ‘Adopted by HYPTEC, Guangqi Dangqin, and AION vehicles,’130,000 units or morewhere natural ignition is zero, cumulative50 billion kmsafe drivingmass-produced track recordthey have.
The cartridge battery is a safety technology that uses electrolyte, similar to the conventional lithium-ion battery, and it is not a solid-state battery. On the other hand, the solid-state battery isOver 400Wh/kgonly this number is shown, and the number of installed units, travel distance, and mass production period are not disclosed at all Unconfirmed / Future. ‘The batteries from Guangqi have zero natural fires in 1.3 million units’, reading this as the performance of solid-state batteries isincorrectIt is. Since they are arranged on the same page, please pay special attention.
2. Regarding logo and company name display
Note on notation: The company name is in Chinese, and in English it isGuangzhou Automotive Group Co., Ltd.(In traditional Chinese, it is Guangzhou Automobile Group Co., Ltd.), English: Guangzhou Automobile Group Co., Ltd., abbreviation isGAC Group. There are three confusing points. One isthe controlling shareholder Guangzhou Automotive Industry Group Co., Ltd. (GAIG)is a state-owned enterprise with being a separate legal entity. The second isGAC AIONis a subsidiary of an listed company and is a separate legal entity. The fourth one isGAC Toyota · GAC HondaIt is a joint venture company, not a subsidiary of an listed company. This will be distinguished in this article.
Official website:https://www.gac.com.cn3. Among the world of all-solid-state batteries, where is this company located?
4. Company Size (Automotive Business is Briefly Covered)
The automotive business itself is not the main topic of this article, so we will only focus on its size. fact。All amounts are in Chinese Yuan (RMB) and no exchange rate conversion is applied.
| Indicator (Yuan billion) | Fiscal year ending December 2024 | Fiscal Year Ending December 2025 | Increase/Decrease |
|---|---|---|---|
| sales revenue | 1,077.84 | 965.42 | −10.43% |
| Total Sales Profit (△ indicates loss) | 24.38 | △54.25 | Profit Decline |
| Parent Company Shareholder’s Net Income for the Period | ― | △87.84 | From black to red |
| Total Research and Development Expenditure | ― | 71.19 | Approximately 350 million yuan decrease from the previous year |
| Item | December 31, 2025 | Example of breakdown | Number and values |
|---|---|---|---|
| Total Employee Count | 82,067 | engineer | 14,350 |
| at the headquarters (group headquarters) | 334 | production staff | 49,454 |
| at major subsidiaries | 81,733 | Ph.D. holders | 150 |
| Number of research and development personnel | 7,982 | M.S. holders | 5,277 |
The number above isfor the entire company.It does not represent the scale of business for solid-state batteries. Guangqi Group is selling, investing in, and staffing for solid-state batteries.All of these have not been made public. Unconfirmed / Future。
FurthermoreThe numbers for the research and development of the same company vary depending on the document.. The total amount of research and development expenditure in the annual report is7.19 billion yuan(of which 5.967 billion yuan is capitalized as assets, 1.152 billion yuan is expensed, and the asset capitalization ratio is 83.82%), but the ESG report states that ‘research and development investment is’7.707 billion yuan, which is approximately 7.98% of consolidated sales. Since the scope of aggregation differs, do not compare them together. Regarding the number of employees, which is 82,067, the annual report notes that ‘it includes those from joint ventures and related companies.’
5. Resources invested in solid-state batteries
This is the most important chapter in this article. The manner in which automobile manufacturers participate in solid-state batteries can be broadly divided into three categories:(1) self-development, (2) procurement from battery manufacturers, and (3) investment in startups.into three parts. Guangqi Group isis doing both (1) and (2), and also doing (2) in the form of a joint venture。
| participation form | in the case of Guangqi Group | support based on primary information | Classification |
|---|---|---|---|
| (1) in-house development | Developing all-solid-state batteries in-house. The ‘National Excellent Engineering Team’ has explicitly stated that they developed both the bullet battery technology and all-solid-state batteries | Spotlight page of the 2025 ESG report | fact |
| (1) In-house production | Impow Battery Technologysubsidiary. Founded in October 2022. Production and sales of power batteries for 2025exceed 150,000 sets | annual report definition set and business review | fact |
| (2) Joint venture | CATL GAC Power BatteryEstablished in December 2018 by joint investment of CATL, Guangqi Auto, and CATL. Combined ownership is 49%between the main body and Guangqi AutoHoldings of Companies Applied the Equity Method | Annual Report Definition Set | fact |
| (2) Strategic Partnership | On November 10, 2025, a Comprehensive Strategic Partnership with CATLto conclude. Agreement on deepening cooperation in the new energy industry | ESG report schedule for 2025 | Fact (The text does not specify whether it is referring to all-solid-state batteries.） |
| (3) Investment | Investment in all-solid-state battery startups | ― | Unconfirmed |
Furthermore, in accordance with the procedure.Personnel, funds, external investment, and university collaboration.I will organize whether I was able to confirm these four points as primary information. I will also record ‘Not mentioned’ as a result.As a result.
| Resource types | Content | Classification |
|---|---|---|
| Person (company-wide) | Number of research and development personnel 7,982 people(21.96% of all employees). The total number of employees is 82,067. | fact |
| Person (exclusive to all-solid-state battery) | ESG report is ‘National Excellent Engineering Team‘ which was developed as stated.The number is not disclosed | Fact (the number isNot disclosed） |
| Money (company-wide) | Total Research and Development Expenditure 7.19 billion yuan(Annual Report) / Research and Development Investment 7.707 billion yuan(ESG Report) | Fact (The data is aggregated differently according to the source） |
| Gold (for all-solid-state batteries) | Research and development expenses and equipment investment for all-solid-state batteries | Not disclosed |
| production equipment | Inbater Battery Technology(subsidiary, established in October 2022). Production and sales of power batteries will exceed 150,000 sets by 2025.It is not written that they are making all-solid-state batteries | fact |
| External investment and joint venture | Taisai Kōki Dōryoku Denchi(Joint venture with CATL, 49% equity). Also includes Youpai Energy Technology (100% subsidiary), Guangqi Energy | fact |
| Collaboration with universities and research institutions | Joint research with university and public research institutions on solid-state batteries | Unconfirmed |
| Patent | Patent applications in 2025 3,091 piecesRegistration 2,506 pieces. Cumulative is applications 24,291 and registrations 15,311.The breakdown of solid-state battery-related items is not divided | Actually (details areNot disclosed） |
| external evaluation | the battery pack and solid-state batteries areselected for the exhibition ‘Results of China’s Manufacturing Industry in the 14th Five-Year Plan’(as recorded in the ESG report’s timeline for December 31) | fact |
The two numbers released by Guangqi Group are quite advanced from a material standpoint fact. FirstOver 400Wh/kg. Currently, high-energy-density cells in production are generally around 300 to 360 Wh/kg, so to reach this levelRemove the anode from graphiteis required. It will be either a high-silicon anode or a lithium metal anode, but GAC has not disclosed the material of the anodehas not disclosed the material of the anode Unconfirmed / Future。
NextHot box test at 200°C. The general thermal stability test for liquid lithium-ion batteries is typically conducted at around 130 to 150°C, and 200°C isThe temperature cannot be established if there is electrolyte residue.The electrolyte begins to decompose around 120-150°C and reacts with oxygen released from the anode at temperatures exceeding 150°C, leading to thermal runaway. This claim that the test was passed…The liquid is not actually present.This will be a strong supporting evidence of the situation. However, the company isnot specifying the system of solid electrolytes (sulfide system, oxide system, halide system, polymer system). Based on the description that it has passed the nail-piercing test and It is putting forward the assertion that it is ‘safe’ more prominently than the contents of the cell.This is a characteristic of Guangqi Group’s disclosure.
6. Previous Efforts
The ones where I could confirm the date with primary information onlyI will list them in order. Since the events mentioned in the news are not recorded in the company’s disclosure documents, they have not been included in this article’s timeline.
| period | incident | Meaning |
|---|---|---|
| July 2017 | Established GAC AION New Energy Vehicles | Divided the business entity for new energy vehicles |
| December 2018 | The main body, GAC AION, and CATL jointly invested to establish Times GAC Power Battery. The main body and GAC AION collectively held a total of 49% | battery cell acquisition was conducted in the form of a joint venture |
| October 2022 | Established Impow Battery Technology | Has the facility to manufacture batteries in-house |
| ― | Bullet Case BatteryAdopted by HYPTEC, Guangqi Dangqin, and AION vehicle models. Over 1.3 million units, zero natural fires, cumulative safe driving distance of over 5 billion kilometers | Track record in safety technology for mass-produced batteriesNot a full-solid-state battery |
| 2025 year | The ‘National Excellent Engineering Team’ developed the bullet case battery technology and full-solid-state battery. The core technology for breakthrough in the energy density of all-solid-state lithium batteries. | the theme of this article. HoweverThe publication of research results is not mass production. |
| 2025 year | Inbater Energy Technology’s production and sales of power batteriesexceed 150,000 setsAnd. The production line’s yield has also improved | Our company’s batteries have entered the mass production stage (there is no mention of whether they are solid-state or not) |
| November 10, 2025 | Signed a comprehensive strategic partnership with CATL. Agreed to deepen cooperation in the new energy industry and jointly promote new businesses | Does the target of the partnership include all-solid-state batteries?Not recorded |
| December 31, 2025 | both the cartridge battery and all-solid-state batterySelected for the exhibition ‘The Achievements of Chinese Manufacturing in the 14th Five-Year Plan’ | Technology was discussed at the national level |
| April 29, 2026 | Submit annual report and ESG report | Primary information for this article |
7. Future Plans
GAC Group has achieved results with solid-state batteriesachievementsto publishplanhas not been announced Unconfirmed / Future. Next are all, 2025 Annual Report, 2025 ESG Report 。
solid-state batterythe start-up period for mass production／the model(s) to which it will be installed／production facilities／Production Capacity／price range／ investment amount／Number of full-time staff／System of solid electrolytes／Negative electrode material／Cycle life specific values. ‘GAC will mass-produce solid-state batteries by the year X’ and such figures are often based on news reports, which we do not adopt in this article.
Furthermore,The company’s technology items listed as part of its execution plan for 2026are as follows fact。Solid-state batteries are not included here.
The annual report serves as an industry outlook on ‘Competition for the foundation technologies of new energy sources is’All-solid-state battery“and focuses on areas such as high-efficiency electric drive, etc.” fact However, this isindustry recognitionas stated in the document, it is not our company’s product plan. The results are discussed and also mentioned as industry trends, but they are not part of our company’s product plan.— This is the disclosure of Guangqi Group as of 2025.
8. What does this company aim to achieve with solid-state batteries?
This part includes information that the company has not directly stated.Inferred from primary sources within the scope of what can be read.Along with the basis, I will write it down.
| What can be read | primary information | Classification |
|---|---|---|
| solid-state batteries areNot for external sale but for installation on our own vehiclesis the main purpose | ‘A superior power solution for the future development of new energy vehicles’ is written, but there is no mention of external sales. | speculation |
| The immediate competitive axis issafetyplaced | The explanation of all-solid-state batteries focuses on the 200°C hot box test and the nail penetration test, and they are introduced in the same framework as the button cell batteries. | fact |
| The main actor in mass productionIn the near term, liquid cell batteriesas is | The plan for 2026 includes liquid cell batteries 3.0, not solid-state batteries | fact |
| solid-state batteries areResearch stageHigh possibility | The results have been announced, but the mass production period, the model vehicles to be equipped with, and the production sites are not disclosed at all | speculation |
| Battery containerConcentrated at Inbater Energy Technologyto go in the direction | In the explanation of the vertical integrated industrial chain, Gaihaisen Energy Technology is mentioned as a producer of batteries | speculation |
| The relationship with CATL isThere may also be a possibility to continue with solid-state batteries | In addition to the joint venture established in 2018, they have entered into an all-encompassing strategic partnership in November 2025. However, there is no mention of specific target technologies | speculation |
To read about GAC Group’s full-solid-state battery, the decisive factor is,2025 fiscal performance.. fact Sales decreased by 10.43% to 96.542 billion yuan, and the operating profit turned from a loss of 2.438 billion yuan to54.25 billion yuan lossdropped to, net income attributable to the parent company for the current period is8.784 billion yuan lossIt was. Sales volume also decreased by 1.406 million units (down 14.06% from the previous year), and within our own brand, it decreased to 609,200 units (down 22.83% from the previous year). The company has decided to postpone the dividend for the fiscal year 2025.to postponeas well.
In this situation, research and development expenditure isonly slightly reduced by 0.35 billion yuan from the previous yearIt means that Guangqi Group isa company that does not cut research and development expenditure even if its core business is in the red.Of the R&D expenditure of 7.119 billion yuan83.82% of assets are recordedand if future car models or technologies do not sell as expected,it will be written off as a lossIt is also a structure. The article naturally thinks that it would be difficult to make such a large investment in mass-producing solid-state batteries now. Unconfirmed / Future Only the results are announced publicly, and the timing is not announced. This financial situation is consistent with this.
9. Mapping of solid-state battery collaborations
10. Technology Approach Used
Guangqi Group announced the performance and test results of solid-state batteriesof solid-state batterieswhilethe material composition has not been disclosed. It is stated that the disclosed and undisclosed items are listed together.
| Item | description of primary information | Classification |
|---|---|---|
| name | All-Solid-State Battery. No retention such as semi-solid or quasi-solid is included | fact |
| energy density | Exceeds 400Wh/kg | Fact (company’s announced value. Third-party verification isUnconfirmed） |
| safety test | Hot box test at 200°Candnail-piercing testpassed such a rigorous test | fact |
| company’s claim | Innovation in materials and processes,safety, energy density, and cycle lifelead the industry | fact (specific values areNot disclosed） |
| System of solid electrolytes | distinguished by sulfide-based, oxide-based, halide-based, and polymer-based systems — Not specified | it remains uncertain |
| Negative electrode material | Lithium metal, high silicon, or other — Not specified | it remains uncertain |
| Cycle life | Only ‘industry leader’.No mention of number | it remains uncertain |
| Production batteries (separate item) | Bullet Case Battery。Cannot catch fire with a nail, nor ignite under gunfire; the industry’s first battery system safety technology. Over 13 million units sold and cumulative 5 billion km driven with zero natural fires.Liquid system | fact |
Nail penetration test is a test where a metal nail is forced through the cell to cause an internal short circuit fact. In liquid batteries, heat generated at the short-circuit point vaporizes and decomposes the electrolyte, mixing with oxygen released from the positive electrode and causing combustion. Therefore, to pass a nail through the liquid, it was necessary to stop the spread of heat on the battery system side (such as in a button cell structure).It was necessary to stop the spread of heat on the battery system side (such as in a button cell structure).
Passing a nail through a solid-state battery is a different claim. Since there is no flammable electrolyte, from a logical standpoint,there is no fuel that can burn inside the cell. Therefore, the disclosure by Guangqi Group is,‘Protecting the system’ to ‘the material itself does not burn’It seems to be trying to show Unconfirmed / Future. However, there are inherent dangers even with all-solid-state batteries. With sulfide systems, they react with water and produce hydrogen sulfide. If lithium metal as the negative electrode is used, dendrites (branch-like growths) can pierce through the solid electrolyte, which remains a problem. Since the company has not disclosed the system or the negative electrode.The discussion on safety will proceed from here. The use of lithium metal anodes, given the density exceeding 400Wh/kg as mentioned in this article, is highly likely. However, this is speculation.
11. The risks this company faces
| Risks | Content | Classification |
|---|---|---|
| Operating loss | Sales for 2025 decreased by 10.43% from the previous year, with operating income turning to a loss, and consolidated net loss attributable to parent company shareholders amounted to 8.784 billion yuan. Dividends were also deferred | fact |
| Decrease in sales volume | Annual sales of 1.7215 million units (down 14.06% from the previous year), with the company’s brand sales at 609,200 units (down 22.83% from the previous year) | fact |
| High asset ratio | Research and development expenditure of 7.19 billion yuan83.82% of assets are recordedIf it doesn’t sell as expected, it will be written off as a loss | fact |
| There is no plan for all-solid-state batteries | The results have been made public, but the production timing, the vehicles to be equipped with, and the production capacity are all undisclosed. There is no way to verify progress from the outside | Unconfirmed / Future |
| Verification of 400Wh/kg is impossible | The company’s announced value, and the results of third-party verification as well as specific values for cycle life have not been disclosed. | Unconfirmed / Future |
| Dependency on joint ventures | Times Auto Power Battery is a joint venture where Times Auto holds 49% and CATL is in the majority. Decisions regarding this joint venture cannot be made independently. | fact |
| Scale of Inpai Battery Technology | By 2025, power batteries will exceed 150,000 sets. It is smaller than the group’s annual sales of 17.2 million units and requires additional investment to grow to a scale that can accommodate solid-state batteries. | speculation |
| Joint venture business reduction | GAC Honda adjusted its production lines and optimized personnel as a result of transitioning to new energy, leading the company to explain that investment returns have decreased. | fact |
12. Glossary
- All-solid-state battery
- A battery that uses a solid electrolyte instead of a liquid. It does not use any electrolyte solution.
- Pseudosolid battery
- A battery where part of the electrolyte is replaced by a gel-like or pseudo-solid layer. Since there is still a liquid, it is different from a fully solid battery.
- Bullet Case Battery
- Guangqi Group’s battery system safety technology. Separates cells to stop the spread of heat. For liquid cell batteries.
- Hot box test
- Battery immersion test in a temperature-controlled bath at high temperatures. In liquid systems, temperatures of around 130 to 150 degrees Celsius are typical.
- nail-piercing test
- A safety test that pierces nails through cells to forcibly cause internal short circuits.
- Dendrite
- A phenomenon where lithium deposits branch out during charging, breaking through solid electrolytes and causing short circuits.
- Assets recorded for development costs
- Development expenditures that are recorded as assets because they are expected to generate future revenue and are amortized after the product is released.
- Company applying the equity method
- A company holding a portion of voting rights and having significant influence, but not controlling the other company.
AI-generated conceptual diagram13. Source
- Guangqi Group Annual Report (Hong Kong Stock Exchange submission, April 29, 2026). Sales revenue, operating income, net loss, number of units sold, research and development expenses and their breakdown, R&D personnel, employee numbers and breakdown by job type, headquarters location and listing market, controlling shareholder, Aibei Battery Technology and Times Guangqi Power Battery definitions and founding period, vertical integration new energy industry chain, 2026 implementation plan, mention of solid-state batteries in industry outlook, dividend suspension. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf
- Guangqi Group Environmental, Social, and Governance (ESG) Report (Hong Kong Stock Exchange submission, April 29, 2026). Energy density of solid-state batteries over 400Wh/kg, hot box test at 200°C and penetration test, development by the National Excellent Engineering Team, achievements with bullet battery (over 1.3 million units, cumulative 5 billion km), R&D investment of 7.7 billion yuan and sales ratio of 7.98%, patent count, comprehensive strategic partnership with CATL (November 10, 2025), selection for the 14th Five-Year Plan Manufacturing Industry Achievement Exhibition. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf
- Guangqi Group Official Website (for company overview verification). https://www.gac.com.cn
14. Table of Correspondence between Claims and Sources
| Main Argument in the Body | Classification | Sources |
|---|---|---|
| Official name, headquarters location, listed market (Shanghai 601238, Hong Kong 02238), the controlling shareholder is a state-owned enterprise | fact | Source 1, 3 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Sales revenue 96.542 billion yuan (down 10.43% from the previous year), total sales loss 5.425 billion yuan, net loss 8.784 billion yuan, dividend suspension | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Sales volume 1.72 million 15 thousand units (14.06% decrease) and self-brand 609,200 units (22.83% decrease) | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Research and development expenditure 7.119 billion yuan, asset recognition ratio 83.82%, research and development personnel 7,982 people (21.96%) | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Employee count 82,067 people and breakdown by occupation and educational background (including consolidated figures for joint ventures and related companies) | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Inbater Battery Technology, established as a subsidiary in October 2022, aims to have over 150,000 sets of power batteries by 2025 | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Guangqi Power Battery, established with CATL and others in December 2018, is a company accounted for using the equity method where Guangqi holds a total stake of 49% | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Vertical integration of the new energy industry chain and the four companies mentioned as its carriers | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| In the execution plan for 2026, it is noted that the items listed are the 3.0 version of the shell battery, Quark electric drive 3.0, and energy-saving technology 2.0, while solid-state batteries are not mentioned | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| It is stated in the industry outlook that ‘competition will focus on full-solid-state batteries and high-efficiency electric drives’} | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| Investment returns decrease due to adjustments in the production line of Guangqi Honda and personnel optimization | fact | Source 1 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| A description stating that the energy density of all-solid-state batteries exceeded 400Wh/kg | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| A statement that it passed both hot box tests at 200°C and nail penetration tests, developed by the National Excellent Engineer Team | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| The ammunition box battery has a track record of over 13 million units and cumulative 5 billion kilometers in the liquid system battery safety technology | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| Investment in research and development is 7.707 billion yuan, with a consolidated sales ratio of 7.98% (the 7.119 billion yuan reported in the annual report is different due to different aggregation methods) | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| 3,091 patent applications and 2,506 registrations in 2025; cumulative applications 24,291 and registrations 15,311 | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| Strategic partnership with CATL on November 10, 2025, and selection for the manufacturing industry exhibition on December 31 | fact | Source 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| Classification of three types of all-solid-state batteries (Automotive / Battery / Startup) | Calculations in this article | Arrangement by this article. Company names are exemplified from the 23 companies in this series |
| Mass production timing of all-solid-state batteries, installed vehicle types, production bases, production capacity, price range, investment amount, number of dedicated personnel | Unconfirmed / Future | Neither mentioned in reference 1 nor 2 https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| System of solid electrolyte, material of negative electrode, specific values for cycle life | Unconfirmed / Future | Not mentioned in reference 2. This article does not estimate https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| Third-party verification of 400Wh/kg | Unconfirmed / Future | It is only recorded as the company’s announced value in reference 2. The verification results cannot be confirmed. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| Is Inbater Battery Technology manufacturing all-solid-state batteries, and is their partnership with CATL inclusive of all-solid-state batteries? | Unconfirmed / Future | Not mentioned in references 1 and 2. This article does not make a definitive statement https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902624.pdf |
| University collaboration and startup funding related to all-solid-state batteries | Unconfirmed / Future | Not mentioned in Document 1 and 2. The author does not assert that it does not exist. https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0429/2026042902580.pdf |
| It is interpreted that the all-solid-state battery will primarily be installed in their own cars rather than being sold externally. | speculation | The interpretation of this article based on the absence of mention of external sales. |
| It is interpreted that the all-solid-state battery is still at the research stage. | speculation | The interpretation of this article is based on the fact that only the results are published and the timing is not indicated. |
| The direction to gather the battery industry under the umbrella of AI-generated concept diagram technology. | speculation | The interpretation of this article from the explanation of the vertical integrated industrial chain |
| It is possible that the relationship with CATL will continue even for solid-state batteries | speculation | The interpretation of this article from the structure of a two-layer partnership between joint ventures and strategic alliances |
| There is a high likelihood that lithium metal anodes are used in batteries exceeding 400Wh/kg | speculation | Explanation of this paper based on a comparison with the density level of existing cells. |
| Passing through a hot box at 200°C serves as evidence of the absence of liquid | speculation | Explanation of this paper on the decomposition temperature of electrolyte solutions. Not a company explanation. |
| The reading that it is difficult to decide on large-scale investments in solid-state batteries under operating losses. | speculation | Interpretation of this paper based on the ratio of assets recorded from earnings and research and development expenses. |
| The reading that additional investment is required for the scale of Aibei Battery Technology to accommodate solid-state batteries. | speculation | Interpretation of this paper based on the comparison between 150,000 sets and annual sales of 17.2 million units. |
Last Updated: September 23, 2026 / Troy Technical
The numbers in this article are all based on the legal disclosure documents submitted by Guangqi Group to the Hong Kong Stock Exchange. The amounts are recorded in Renminbi (RMB) and no currency conversion has been performed. We have not used the estimates or reported values from research companies. The ‘estimated’ sections are interpretations derived from primary information within this article, not the company’s official disclosures.The 1.3 million units and cumulative 5 billion kilometers performance figures mentioned here refer to liquid electrolyte batteries, not solid-state batteries.