Source Code Capital | "Zhide New Energy" Closes Hundreds of Millions of RMB in Funding; Existing Shareholder Source Code Capital Continues to Double Down

Recently, MaHui member and leading silicon-carbon anode company Zhide New Energy completed successive rounds of Series E and E+ financing totaling several hundred million yuan. Source Code Capital participated in the company's Series C round in 2022, and continued to increase its stake as an existing shareholder in this round.

Silicon-carbon anode materials are widely regarded as the key to unlocking next-generation lithium battery energy density breakthroughs. From consumer electronics to power batteries, from humanoid robots to electric vertical take-off and landing (eVTOL) aircraft, their applications continue to expand. During this window of accelerating material system iteration, Zhide New Energy — built on nearly a decade of technical accumulation and anchored by the industry's first integrated silane-to-silicon-carbon vapor-phase production line — has become the first to cross from "technology leadership" to "industrialization leadership." With strategic conviction in its "materials + chemicals" dual-engine approach, the company has established systematic advantages in high-performance silicon-carbon anodes through self-built silane production, in-house resin-based porous carbon manufacturing, independently developed large-scale core equipment, and strengthened supplier partnerships.

1

World's First Integrated Vapor-Phase Silicon-Carbon Production Line Begins Operation

In April 2026, Zhide New Energy's second production line at its silane-silicon-carbon integrated vapor-phase factory officially came online. The facility has a designed total capacity of 8,000 tons per year, with 3,000 tons currently operational — already fully booked by leading consumer electronics and power battery customers. The new line's commissioning marks a decisive step from laboratory to large-scale industrialization for premium silicon-carbon anode materials across critical dimensions: scale, consistency, safety, and cost control.

As the industry's first mass-production line using 500 kg-scale deposition and coating equipment, the first integrated silane-silicon-carbon line, and the first line built and operated to chemical industry standards within a chemical park, this project's completion represents not only a major milestone for Zhide New Energy but also demonstrates that China now possesses globally leading industrialization capabilities in next-generation lithium battery core materials.

For a long time, the silicon-carbon anode industry has relied on small-scale equipment of 20 kg and 100 kg capacities. Accordingly, an industry truism held that "the larger the equipment, the harder to control flow fields and temperature fields, and the harder to guarantee batch consistency," and "the larger the equipment, the higher the safety risks and the harder to maintain stable operations." Zhide New Energy deliberately set out to challenge this "common sense."

"We debated internally for a long time. The industry had zero experience in developing and mass-producing large equipment. Large equipment meant higher difficulty and longer timelines, while small equipment could be quickly replicated and deployed to capture market opportunities," recalled a core member involved in the production line's construction. "But everyone knew deep down that if we kept using small equipment, silicon-carbon anodes would never leave the lab, would never truly meet power battery demands."

And the harder challenges lay ahead. Silane, the core raw material for vapor-phase silicon-carbon, had long been sourced externally, with high transportation costs, unstable supply, and volatile prices. To solve this "chokepoint" issue, the company decided to build its own silane production line for integrated manufacturing. This meant they had to tackle not only equipment scale-up but also venture into the chemicals sector — a path no domestic peer had ever taken. "The hardest part wasn't the technology itself, but that no one could tell you how to do it," one engineer admitted. "Every parameter had to be figured out through trial and error, every process built from scratch."

This is the industry's first mass-production line using 500 kg-scale deposition and coating equipment. Dozens of independently developed large-scale units operate stably, with precise flow field and temperature field control. Single-batch product uniformity far exceeds that of small equipment, while unit production costs have dropped substantially.

This is the industry's first integrated silane-silicon-carbon production line. Silane output flows directly through pipelines to the silicon-carbon production stage, eliminating hazardous chemical transportation risks entirely and comprehensively improving supply chain stability.

This is the industry's first line commissioned in a chemical park and built and managed to petrochemical standards, introducing mature process safety, process control, and quality systems from the chemicals sector into new materials manufacturing — fundamentally reducing safety and process scale-up risks in large-scale new materials production. "We've done many things others considered unnecessary, and many things others didn't dare to do," said a company executive. "But it's precisely these 'hard but right' choices that allow us to stand here today, as the first in the industry to successfully walk this path."

This production line not only validates Zhide New Energy's leading capabilities in large-scale, high-efficiency, high-consistency silicon-carbon anode manufacturing but also establishes a new industry paradigm for the entire sector's transition from "materials development" toward "materials + chemicals" integration.

2

Eight Years of Deep Cultivation: From Breaking Monopolies to Defining Standards

Founded in 2018 with headquarters and main production facilities in Lanxi, Zhejiang Province, Zhide New Energy has focused on R&D and industrialization of high-end silicon anode materials since its inception. Core shareholders include leading industry and capital forces such as IDG, CITIC Capital, CMB International, Source Code Capital, Huawei, CATL, and SAIC.

On its technical path, Zhide New Energy has consistently adhered to a "high-performance, high-quality" route: pre-lithiation for silicon oxide, resin-based porous carbon scaffolds for silicon-carbon — making the "hard but right" product choices to create long-term value for downstream customers.

Throughout its development, the company has repeatedly achieved "industry-first" breakthroughs: in 2021, it became the first domestic company to commercialize pre-lithiated silicon oxide anodes in vehicles; in 2023, it achieved vehicle application of vapor-phase silicon-carbon anodes, continuing to lead the pack. In the premium consumer electronics segment, the company holds over 80% market share in silicon-carbon anodes, firmly ranking first in the industry.

As the first company in the industry to scale up silane chemical vapor deposition equipment, its 500 kg-scale deposition equipment is already stably shipping product to power battery customers. As the first company to pursue integrated industrial chain layout, it independently develops and manufactures both key precursor silane and core equipment. Additionally, it is the first company whose mass-produced vapor-phase silicon-carbon products meet automotive power battery requirements for consistency, uniformity, quality control, capacity, and cost.

In R&D and manufacturing organization, Zhide New Energy is among the deepest integrators of "materials development" and "chemical production" in the industry. The company independently develops and modifies core production equipment, produces specialty resin porous carbon in-house, and also collaborates with leading equipment and porous carbon suppliers, establishing significant advantages in performance, supply stability, and comprehensive cost.

With solid technical accumulation and industrialization capabilities, Zhide New Energy has been successively recognized as a national high-tech enterprise and a "Little Giant" specialized and innovative enterprise, with its core products certified among China's first-batch new materials. The newly commissioned production line fully demonstrates the company's clear confidence in silicon-carbon anodes' future market position.

Going forward, Zhide New Energy will continue to embrace the philosophy of "doing hard but right things," persistently exploring technology's uncharted territories, providing the global lithium battery industry with higher-performance, higher-quality, and safer, more stable silicon-carbon anode solutions, and becoming a technology-driven materials enterprise with global competitiveness.