Dell Holdings: Solid-state battery has achieved continuous trial production, actively expanding development opportunities in embodied intelligent robot field

Delco Co., Ltd. (300473) disclosed in its investor relations activity record on March 17 that the company hosted research visits from multiple institutional investors, including Huachuang Securities, Eastmoney Securities, and Great Wall Securities, on March 16.

Previously, Delco released its 2025 earnings forecast, estimating net profit attributable to shareholders of the listed company to be between 130 million and 170 million yuan, a year-on-year increase of 132.63% to 204.21%. After deducting non-recurring gains and losses, net profit is expected to be between 95 million and 128 million yuan, a year-on-year increase of 265.15% to 391.99%.

Regarding the reasons for the performance changes, Delco stated that the company’s operational efficiency has continued to improve with business development, and internal management optimization measures have also taken effect. As revenue increases, management and financial expenses have been controlled, jointly driving steady profit growth.

The company acquired all equity of Aizhuo Intelligent Technology (Shanghai) Co., Ltd. through share issuance, with the transaction completed in December 2025. This transaction is a business combination under common control, and the financial data for this reporting period and the same period last year have included Aizhuo Intelligent Technology (Shanghai) in the consolidated financial statements.

During the reporting period, the impact of non-recurring gains and losses on net profit is estimated to be between 42 million and 52 million yuan. This impact mainly stems from the initial to the consolidation date net income generated by the business combination with Aizhuo Intelligent Technology (Shanghai) under common control.

Delco originally specialized in automotive steering pumps and gradually gained high market recognition and share in the steering pump field. In 2017, the company acquired Kautex in Germany, adding noise, thermal insulation, and lightweight products, marking its move toward globalization. Currently, the company has established global R&D and manufacturing bases in Europe, North America, and Asia. To adapt to the trend of electrification in the automotive industry, Delco established a new energy vehicle division, developing several specialized materials for new energy vehicles in recent years and supplying to internationally renowned automakers.

“Delco has a total of 11 factories across 8 European and American countries, including the US, Mexico, Germany, Spain, Belgium, Poland, Austria, and Slovakia. Some overseas factories face labor shortages, and overall labor operation costs are high. The company is upgrading overseas production lines with robotic automation to effectively reduce manufacturing costs and improve efficiency and performance,” Delco explained. The company’s earlier acquisition, Aizhuo Technology, specializes in automotive coating and covering parts, with full-stack self-developed technologies including product design, mold development, and lean manufacturing. Aizhuo Technology has established long-term stable cooperation with many automakers and Tier 1 suppliers, supporting brands such as Hongqi, Chery (including Zhijie), BAIC (including Xiangjie), Toyota, JMC, Xpeng, BYD, Leapmotor, and Tesla.

Notably, Delco established Delco Japan as early as 2018 to focus on solid-state battery development. In 2024, the company’s solid-state battery technology received a national invention patent. In February 2025, the company showcased its latest generation of solid-state batteries at the Tokyo International Battery and Energy Storage Exhibition.

Delco stated that its solid-state batteries are highly safe, having passed safety tests such as needle penetration, heating, and overcharge by third-party testing agencies, as well as UN38.3 certification required for international shipping by air and land. Another feature is their excellent high-temperature resistance, allowing continuous operation at elevated temperatures through natural heat dissipation. The high-temperature resistance of the solid-state batteries will enhance their adaptability for applications in confined spaces and specific scenarios.

The company’s solid-state batteries have already achieved continuous pilot production, demonstrating good consistency during testing. In terms of process, Delco has mastered the process window for solid-state battery materials and can customize solutions based on different customer requirements to meet various application needs. The company is actively advancing the construction of pilot lines, expected to be completed in the first half of this year. Currently, Delco is expanding its solid-state battery applications in energy storage, power, and robotics, with some development agreements or cooperation intentions signed with clients.

Regarding its layout in embodied intelligent robots, Delco said that in October 2025, it established Shanghai Delrxiang Network Robotics Co., Ltd., forming an R&D team dedicated to embodied intelligent robots and expanding research and application in this field.

Currently, the company is collaborating with a domestic robot manufacturer, using its overseas factory production lines as robot application scenarios, conducting targeted training and secondary development of robot bodies, aiming to upgrade overseas factory lines to intelligent and automated systems. Once the technology matures, the company plans to promote it to other enterprises.

“Automotive parts companies entering the embodied intelligent robot industry have a first-mover advantage,” Delco noted. The company’s automotive products, including insulation, noise reduction materials, engineering plastics, motors, electronic controls, solid-state batteries, and high-precision gears, are capable of being applied in embodied intelligent robots. The company is also actively exploring development opportunities for related products in this field.