Recently, several automakers have advanced their semi-solid-state battery projects to the pilot testing and vehicle installation verification stages, while efforts to overcome key technological challenges in all-solid-state batteries continue. Financing enthusiasm for upstream materials and solid-state battery equipment startups remains strong, with both capital and industry sending positive signals—and the industrialization of solid-state batteries is entering a window period of accelerated advancement. Against this backdrop, a number of upstream and downstream listed companies across the industrial chain are leveraging their respective advantages to pursue differentiated layouts across various segments and secure first-mover advantages. In the all-solid-state segment, a relevant person in charge at Easpring Technology stated that the company's solid-state material products have been delivered in batches to multiple solid-state battery customers. In the semi-solid-state segment, a relevant person in charge at GEM stated that the company is conducting research and development around key materials and technologies for solid-state and semi-solid-state batteries, and that its ultra-high-nickel 9-series and lithium-rich manganese-based materials have achieved ton-level shipments.