Core Viewpoint - The lithium battery recycling industry is transitioning from a rough development phase to a more refined, standardized, and globalized stage, driven by rising prices of lithium and cobalt, supportive policies, and increasing demand for energy metals [1][2][6]. Industry Overview - Lithium battery recycling is likened to the development of "urban mines," converting waste batteries into valuable, recyclable resources [1]. - The industry is witnessing a transformation, with a market size exceeding 100 billion yuan, reshaping the resource supply landscape in the new energy sector [1][7]. Profitability and Market Dynamics - The profitability of lithium battery recycling businesses has improved significantly, with a reported 59% year-on-year increase in battery dismantling volume, reaching 36,000 tons in the first three quarters of 2025 [2]. - The rise in prices of lithium, cobalt, and nickel has enhanced cash flow for recycling companies, shifting the profit model from reliance on subsidies to the intrinsic value of recycled materials [2][3]. Policy and Regulatory Environment - The Chinese government has relaxed import policies for recycled materials, allowing certain types of black powder to be imported, which addresses previous challenges in the industry [3]. - This regulatory change is expected to secure domestic strategic resource supply and integrate China's battery recycling industry into global resource allocation [2][3]. Capacity Expansion and Capital Operations - Leading companies are adopting a dual strategy of capacity expansion and capital operations to capture market opportunities, with significant investments in new facilities and technology partnerships [4][5]. - Companies like Grinmei and Tianqi are actively pursuing acquisitions and financing to enhance their operational capabilities and market presence [4][5]. Technological Advancements and Lifecycle Integration - The industry is evolving from merely end-of-life disposal to playing a crucial role in the entire battery lifecycle, with companies developing comprehensive value chains from recycling to remanufacturing [6]. - Grinmei has achieved a lithium recovery rate exceeding 96.5% through innovative technologies, establishing partnerships with over 1,000 automotive and battery manufacturers [6]. Future Outlook - The lithium battery recycling market is projected to grow at an annual rate exceeding 50% over the next 3 to 5 years, with the domestic market expected to surpass 100 billion yuan by 2030 [7]. - The industry is moving towards a more regulated and competitive environment, with non-compliant players gradually exiting the market, signaling a positive trend for sustainable practices [7].

Core Viewpoint - The lithium battery recycling industry is transitioning from extensive development to a new phase characterized by refinement, standardization, and globalization, driven by rising prices of lithium and cobalt, along with supportive policies [1][9]. Industry Overview - Lithium battery recycling is likened to the development of "urban mines," converting waste batteries into valuable, recyclable resources [1]. - The industry is witnessing a transformation that is reshaping the resource supply landscape of the new energy sector, with a green circular market exceeding 100 billion yuan already formed [1][9]. Profitability and Market Dynamics - Since 2025, the prices of key metals like lithium, cobalt, and nickel have remained high, positively impacting the cash flow and profitability of recycling companies [3]. - For instance, a company reported a 59% year-on-year increase in battery recycling volume, reaching 36,000 tons in the first three quarters of 2025, leading to improved profit margins due to increased retired battery volumes and rising metal prices [3][9]. Policy and Regulatory Changes - In June 2025, a joint announcement by the Ministry of Ecology and Environment, the Ministry of Industry and Information Technology, and the State Administration for Market Regulation stated that recycled black powder meeting national standards is not classified as solid waste, facilitating imports [3][4]. - This policy change addresses previous challenges in importing materials and allows the domestic battery recycling industry to participate in global resource allocation [3][4]. Capital and Capacity Expansion - Leading companies are adopting a dual strategy of "capacity + capital" to seize market opportunities, including new base construction, technological cooperation, and capital financing [4][5]. - For example, a company announced a 400 million yuan acquisition to enhance its circular economy strategy, while another company has established a processing capacity of 100,000 tons for waste lithium batteries [5][7]. Technological Advancements and Industry Collaboration - The industry is evolving from merely end-of-life disposal to becoming a crucial player in the entire battery lifecycle, with companies developing comprehensive value chains from battery recycling to remanufacturing [8]. - One company has achieved a lithium recovery rate exceeding 96.5% and has established partnerships with over 1,000 automotive and battery manufacturers, creating a closed-loop supply chain [8]. Market Outlook - The lithium battery recycling market is expected to grow significantly, with an annual growth rate exceeding 50% projected over the next 3 to 5 years, potentially reaching a market size of over 100 billion yuan by 2030 [9].

Core Viewpoint - The lithium battery recycling industry is undergoing a value reassessment driven by high energy metal prices, increased demand for energy storage, and supportive policies, leading to the formation of a green circular market exceeding 100 billion yuan by 2025 [1][6]. Industry Overview - The prices of key metals such as lithium, cobalt, and nickel are expected to remain high due to global mineral development cycles and a second surge in downstream energy storage demand [1]. - The industry is transitioning from extensive development to a more refined, standardized, and globalized phase, with a market size projected to exceed 100 billion yuan [1]. Company Performance - Companies like Greeenme and Tianqi have reported significant improvements in profitability due to increased retirement volumes and rising metal prices, with Greeenme's battery recycling volume reaching 36,000 tons, a 59% year-on-year increase [2]. - Tianqi's lithium battery recycling segment has turned profitable, aided by the lifting of black powder import restrictions and rising metal prices [2]. Strategic Initiatives - Leading companies are adopting a "capacity + capital" dual-drive strategy to capture market opportunities, with Greeenme planning to invest 400 million yuan to acquire shares in Henan Recycling Group and pursue a Hong Kong listing [4]. - Tianqi has established a processing capacity of 100,000 tons of used lithium batteries, with another 100,000 tons under construction, indicating a strong commitment to expanding its recycling capabilities [4]. Technological Advancements - Greeenme has achieved a lithium recovery rate exceeding 96.5% through its nine global recycling bases and has established partnerships with over 1,000 automotive and battery manufacturers [5]. - The industry is focusing on technological iteration and collaboration across the supply chain, with non-compliant small operations exiting the market, leading to a concentration of market share among companies with technological and environmental advantages [5]. Market Outlook - The lithium battery recycling industry is expected to experience accelerated growth over the next 3 to 5 years, with an annual growth rate projected to exceed 50%, potentially surpassing 100 billion yuan by 2030 [5][6]. - The industry's growth is not only driven by short-term fluctuations in energy metal prices but also by the necessity of closing the loop in the new energy industry chain, ensuring resource security and alleviating mining pressures [6].

Core Insights - The core viewpoint of the article is the significant growth forecast for the global sodium-ion battery industry, particularly in the production and shipment of cathode materials by 2025, as detailed in the "2026 Global Sodium Battery Industry White Paper" published by Qidian Research Institute SPIR [2]. Group 1: Industry Overview - By 2025, the global shipment of sodium-ion battery cathode materials is expected to reach approximately 20,000 tons, representing a year-on-year growth of 122.2% [2]. - Among the cathode materials, the shipment of polyanionic cathode materials is projected to exceed that of layered oxides, with an estimated shipment of 14,000 tons, marking a staggering year-on-year increase of 366.6%. In contrast, the shipment of layered oxide cathode materials is expected to be 5,000 tons, reflecting a year-on-year decline of 16.6% [2]. Group 2: Price Trends - The average price of layered oxide cathode materials in 2025 is forecasted to be 38,000 yuan per ton, which is a decrease of 26.3% compared to the previous year [3]. - The average price for polyanionic cathode materials is expected to be 28,000 yuan per ton, showing a decline of 22.2% year-on-year [3]. Group 3: Leading Companies - The top 10 companies in the global sodium-ion battery cathode materials shipment for 2025 include: 1. Qiana Energy 2. Rongbai Technology 3. Sodium Innovation Energy 4. Yingna New Energy 5. Wanrun New Energy 6. Sodium Science Energy 7. Dangseng Technology 8. Jiangsu Xiangying 9. Sodium Far New Materials 10. Jinguang Energy [7]. - The next tier, companies ranked 11-20, includes: 11. Ruiyang New Energy 12. Green Beauty 13. Zhenhua New Materials 14. Yangguang Technology 15. Tongxing Haosheng 16. Taihe Technology 17. Better Energy 18. Shengna Energy 19. Chaona New Energy 20. Xinna New Materials [7]. Group 4: Market Segmentation - The top 10 companies in the shipment of polyanionic cathode materials include: 1. Qiana Energy 2. Rongbai Technology 3. Yingna New Energy 4. Wanrun New Energy 5. Jinguang Energy 6. Sodium Science Energy 7. Sodium Far New Materials 8. Ruiyang New Energy 9. Tongxing Haosheng 10. Taihe Technology [9]. - The top 10 companies in the shipment of layered oxide cathode materials include: 1. Sodium Innovation Energy 2. Rongbai Technology 3. Dangseng Technology 4. Jiangsu Xiangying 5. Zhenhua New Materials 6. Sodium Science Energy 7. Green Beauty 8. Better Energy 9. Yangguang Technology 10. Changyuan Lithium Technology [9].

Core Viewpoint - The lithium battery recycling industry is transitioning from extensive development to a new phase characterized by refinement, standardization, and globalization, driven by rising prices of lithium and cobalt, along with supportive policies [1][8]. Industry Overview - The lithium battery recycling sector is being recognized as a "urban mine," converting waste batteries into valuable, recyclable resources [1]. - A green circular market exceeding 100 billion yuan has emerged, reshaping the resource supply landscape in the new energy industry [1]. Profitability and Market Dynamics - The profitability of lithium battery recycling businesses has improved significantly due to increased retirement volumes and rising prices of lithium and cobalt [2]. - The price surge of energy metals has shifted the profit model from relying on subsidies to focusing on the intrinsic value of recycled materials, expanding profit margins for companies [2][3]. Policy Developments - New regulations have eased the import of recycled materials, allowing certain types of black powder to be imported without being classified as solid waste, thus facilitating the global resource allocation for China's battery recycling industry [2][3]. Capacity Expansion and Capital Operations - Leading companies are adopting a dual strategy of capacity expansion and capital operations to seize market opportunities, including new base construction and technology partnerships [4][6]. - Companies like Greeenme and Tianqi are actively pursuing acquisitions and financing to enhance their operational capabilities and market presence [4][5][6]. Technological Advancements and Industry Collaboration - The industry is evolving from merely end-of-life disposal to playing a crucial role in the entire battery lifecycle, with companies establishing comprehensive value chains [7]. - Greenme has achieved a lithium recovery rate exceeding 96.5% and has formed partnerships with over 1,000 automotive and battery manufacturers to create a closed-loop supply chain [7]. Market Outlook - The lithium battery recycling market is expected to grow at an annual rate exceeding 50% over the next 3 to 5 years, with the domestic market projected to surpass 100 billion yuan by 2030 [8].

锂电回收是对"城市矿山"的开发，它将废旧电池中的锂、钴等关键金属转化为可循环利用的宝贵资源。 随着锂、钴等能源金属价格持续走高，锂电回收又热闹了起来。与以往不同的是，在政策的护航下，锂 电回收行业正从粗放发展走向精细化、规范化、全球化发展新阶段。 近期，天奇股份（002009）、格林美（002340）等头部企业纷纷加码产能布局与资本运作，通过技术升 级、产业链延伸构建竞争壁垒。这场由价格、需求、政策共同驱动的行业变革，正深刻重塑新能源产业 资源供给格局，一个规模超千亿元的绿色循环市场已然成型。 锂电回收业务利润上升 2025年以来，受全球矿产开发周期滞后、下游储能需求二次爆发的影响，锂、钴、镍等关键金属价格维 持高位震荡。这种价格红利不仅改善了回收企业的现金流，更彻底扭转了行业的盈利预期。 "公司动力电池回收业务在2025年前三季度表现亮眼，回收拆解量达到3.6万吨，同比激增59%。"格林美 相关负责人在接受采访时表示："公司回收业务利润相应有所提升，主要受益于两方面因素：一是退役 量增加，二是锂、钴等金属年内价格持续上升。公司以相对较低的价格回收废旧电池，再加工成附加值 更高的新能源材料、梯次利用产品销售出 ...

格林美股份有限公司，成立于2001年，位于深圳市，是一家以从事计算机、通信和其他电子设备制造业 为主的企业。企业注册资本512429.9057万人民币。通过天眼查大数据分析，格林美股份有限公司共对 外投资了27家企业，参与招投标项目29次，财产线索方面有商标信息237条，专利信息1434条，此外企 业还拥有行政许可22个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，荆门市格林美新材料有限公司、格林美股份有限公司取得一项名为"一种包 覆掺杂双改性的正极材料及其制备方法和应用"的专利，授权公告号CN119943915B，申请日期为2025年 1月。 天眼查资料显示，荆门市格林美新材料有限公司，成立于2003年，位于荆门市，是一家以从事有色金属 冶炼和压延加工业为主的企业。企业注册资本843963.754883万人民币。通过天眼查大数据分析，荆门 市格林美新材料有限公司共对外投资了26家企业，参与招投标项目202次，专利信息1534条，此外企业 还拥有行政许可460个。 ...

证券日报网讯1月8日，格林美（002340）在互动平台回答投资者提问时表示，2025年公司镍资源产能迎 来全面释放，镍资源MHP出货超过11万吨(含参股)，较2024年出货量同比增长110%以上；2025年7月以 来公司15万吨/年的镍资源产能维持满产运行，预计2026年15万吨/年镍资源产能持续满产。 ...

Group 1 - The metal cobalt sector experienced a decline of 1.62%, ranking among the top losers in the concept sector, with companies like Greeenmei, Zhongwei Co., and Rongbai Technology showing significant drops [1][2] - Among the concept stocks, Zhejiang Fu Holdings, China Power Construction, and China Baowu Steel Group were the top gainers, with increases of 2.51%, 0.94%, and 0.59% respectively [1][2] - The metal cobalt sector saw a net outflow of 5.286 billion yuan, with 29 stocks experiencing net outflows, and 12 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - Zijin Mining led the outflow with a net withdrawal of 950.13 million yuan, followed by Greeenmei and Huayou Cobalt with outflows of 750.28 million yuan and 676.95 million yuan respectively [2][3] - The stocks with the highest net inflows included Zhejiang Fu Holdings, Zhongwei Co., and China Baowu Steel Group, with inflows of 52.42 million yuan, 22.11 million yuan, and 17.38 million yuan respectively [2][3] - The trading volume for the metal cobalt sector showed significant turnover rates, with Greeenmei at 12.20% and Zhongwei Co. at 3.68% [3]

Market Overview - The battery sector experienced a decline of 0.75% on the previous trading day, with Greeenme leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Anfu Technology (603031) saw a significant increase of 9.99%, closing at 52.50 with a trading volume of 193,000 shares and a turnover of 981 million [1] - Shanshan Co., Ltd. (600884) rose by 4.56%, closing at 14.00 with a trading volume of 1,293,500 shares and a turnover of 1.777 billion [1] - In contrast, Greeenme (002340) fell by 5.89%, closing at 8.78 with a trading volume of 6,204,100 shares and a turnover of 553.6 million [2] - Zhongwei Co., Ltd. (300919) decreased by 5.69%, closing at 53.90 with a trading volume of 336,100 shares and a turnover of 1.826 billion [2] Capital Flow - The battery sector saw a net outflow of 4.369 billion from institutional investors, while retail investors contributed a net inflow of 3.603 billion [2] - The main capital inflow and outflow for specific stocks included: - Xian Dao Intelligent (300450) had a net inflow of 5.90 billion from main capital [3] - Fulin Precision (300432) experienced a net outflow of 96.438 million from main capital [3] - Shanshan Co., Ltd. (600884) had a net inflow of 16.3 million from main capital [3]