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On the evening of August 22, solid-state battery concept stocksJinlongyu (002882.SZ)After releasing its semi-annual report, this company, whose market value doubled at the beginning of the year due to its solid-state battery concept, did not seem to satisfy the market with its semi-annual report.

Data shows that Jinlongyu achieved operating income of 1.622 billion yuan in the first half of the year, a year-on-year decrease of 8.4%; net profit attributable to the parent company's owners was 83.594 million yuan, a year-on-year decrease of 31.14%. Among them, the operating income in the second quarter was 937 million yuan, a year-on-year decrease of 11.62%; the net profit attributable to the parent company's owners was 47.4854 million yuan, a year-on-year decrease of 39.72%, showing an accelerating downward trend.

In addition, the following data of Jinlongyu are also worth noting.Badminton AssociationLiabilities were 1.17 billion yuan, up 30% from the same period last year, including accounts payable of 42.9951 million yuan, accounts receivable of 1.196 billion yuan, and inventory of 657 million yuan.

In terms of solid-state batteries, which are of great concern to the market, the semi-annual report shows that Jinlongyu's investment in solid-state battery projects continues to increase, and its R&D investment increased by 50.03% year-on-year to 15.7532 million yuan.

Regarding the decline in revenue and net profit, Jin Longyu explained that the decrease in operating income was affected by factors such as slowing market demand and sharp fluctuations in the prices of major raw materials. The decline in revenue led to a decrease in profits, while the increase in accounts receivable led to an increase in the provision for credit impairment losses.

Apart from the "halo" of solid-state batteries, Jinlongyu is essentially an enterprise whose main business is the research and development, production, sales and service of wires and cables. It belongs to the category of power cables, and its main products include two categories: wires and cables. Therefore, this makes Jinlongyu's performance extremely sensitive to raw material prices.

The actual impact of the solid-state battery business on Jinlongyu's performance is actually minimal. In August 2021, Jinlongyu announced its cross-border entry into the new energy field. The subsidiary Cable Industry plans to invest no more than 300 million yuan in five years to jointly conduct research and development of solid-state batteries and key materials related technologies with Jintianyi, marking its entry into the solid-state battery field. Jinlongyu issued an announcement earlier this year stating that the research and development of solid-state batteries and key materials related technologies is a cross-border investment, and there are many uncertainties in the success of the project's technical research and development and industrialization. This statement may be an indirect message to the outside world not to have too high expectations for the company's solid-state battery-related performance.

In addition, the solid-state battery industry, which was hyped by the market this week, also received some bad news. Penghui Energy (300438.SZ), which has been listed for two consecutive days, is expected not to mass-produce solid-state batteries within a year, which is equivalent to pouring cold water on the sector. Various companies in the sector have successively announced the progress of solid-state batteries, and Jinlongyu has followed suit.

Jinlongyu's semi-annual report also mentioned that the progress of the R&D projects related to solid-state batteries and their key materials is as follows: (1) In terms of battery cells, the introduction process of different system electrolyte materials has been developed, and the performance is still being tested. (2) In terms of electrolytes, the dry process of electrolytes and the application of different system electrolytes have been developed. Samples have been sent out. (3) In terms of diaphragms, the influence of different coating processes on the physical and chemical properties and electrical properties of electrolyte diaphragms has been developed. Samples have been sent out. (4) In terms of negative electrodes, the semi-solid battery performance test of self-developed silicon-based negative electrode materials has been completed, and the results meet the internal testing requirements. (5) In terms of positive electrodes, the ten-kilogram-level synthesis and preparation process of lithium manganese iron phosphate positive electrode materials has been completed, and the performance of soft-pack batteries has been evaluated using self-developed kilogram-level lithium manganese iron phosphate materials, and continuous improvements are being made based on the test results.

It can be seen that Jinlongyu's semi-solid-state battery process still has a long way to go before it can achieve performance, and its progress lags behind other companies in the industry. Apart from the solid-state battery, Jinlongyu is still the original Jinlongyu.