南财智讯11月24日电，湖南裕能在投资者关系活动中表示，基于下游旺盛需求，公司对行业前景持乐观 态度。在动力电池领域，乘用车和商用车电动化渗透率提升以及单车带电量增加将推动市场持续增长； 在储能领域，大电芯技术应用、电力市场化改革、容量电价补偿政策及AI数据中心等新兴场景带动配 储需求增强，叠加海外储能需求快速上升，储能市场正进入高速发展通道，磷酸盐正极材料有望延续强 劲增长态势。 ...

湖南裕能新能源电池材料股份有限公司 证券代码：301358 证券简称：湖南裕能 投资者关系活动记录表 | | 力市场化改革及容量电价补偿等政策支持，AI 数据中心等新兴应用 | | --- | --- | | | 场景对配储需求增强，叠加海外储能需求快速提升等，多重积极因 | | | 素共同推动储能市场进入高速发展通道。磷酸盐正极材料作为锂电 | | | 产业链的关键环节，有望在动力及储能电池需求的驱动下延续强劲 | | | 增长态势。 | | | 4、请问公司在上游资源端的布局进展有哪些？ | | | 回复：向上游布局磷矿资源是公司完善一体化布局的重要环节， | | | 公司自取得磷矿采矿许可证以来，有序推进矿山建设，目前整体进 | | | 展较为顺利，黄家坡磷矿在四季度陆续出矿。 | | | 5、公司西班牙布局的生产基地产能是多少？请问是供海外客户 | | | 为主吗？ | | | 回复：公司已在西班牙布局年产 5 万吨锂电池正极材料项目， | | | 许多国内、国外客户都表达了浓烈的兴趣，与公司保持了积极的沟 | | | 通。 | | | 6、请问公司高端产品的占比是多少？全年占比会提升至什么水 | | ...

Core Viewpoint - The lithium iron phosphate (LFP) material industry is facing intense competition and significant profit pressure, with the entire industry experiencing continuous losses for over 36 months, and an average debt ratio of 67.81% among six listed companies [2]. Group 1: Industry Challenges - The current pre-tax cost of LFP materials has reached 15,600 CNY/ton, while the market average price is only slightly above 14,000 CNY/ton, leading to a loss of nearly 10% per ton [2]. - The overall gross profit margin for the "cathode materials" business among 20 listed companies is only 8.76%, ranking 13th among 15 sub-sectors in the lithium battery industry, while the gross profit margin for downstream power battery companies is 20.38%, indicating a profitability ratio of 2.33 times [4]. - In the first three quarters of 2025, the combined net profit of ten listed companies in the cathode materials sector was only 552 million CNY, while a single battery manufacturer, CATL, achieved a net profit of 49.034 billion CNY, which is 88.83 times that of the ten cathode material companies combined [5]. Group 2: Supply and Demand Dynamics - The supply-demand structure of the cathode materials industry has fundamentally changed since 2023, with significant capital entering upstream production while downstream demand has not kept pace, leading to overcapacity and intensified competition [6]. - Approximately 97 super projects in the cathode materials sector have been announced by domestic companies, with a total investment budget exceeding 450 billion CNY [6]. - Effective production capacity for cathode materials is projected to reach 401.01 million tons in 2024, increasing to 532.9 million tons in 2025 and 679.9 million tons in 2026, while market demand is expected to be only 390.8 million tons in 2025 and 516.8 million tons in 2026, resulting in excess capacity of approximately 142.1 million tons and 163.1 million tons, respectively [6]. Group 3: Company Performance and Future Outlook - The effective production capacity of major companies is projected to increase significantly, with Hunan Youneng leading at 145,000 tons by 2026, followed by Wanrun New Energy at 52,000 tons and Fulmin Precision at 50,000 tons [8][9]. - The total planned production capacity for LFP materials by 29 domestic companies has reached 1,064.15 million tons, with an additional 1.1 million tons planned by overseas companies, indicating a combined capacity of nearly 1,200 million tons [10]. - The industry consensus is that globalization is essential for sustainable growth, with companies needing to complete their global layouts to reshape the industry landscape [12][13].

Core Insights - Lithium iron phosphate (LFP) cathode materials have significant advantages in safety, cycle life, and cost due to their olivine structure and cobalt-nickel-free formulation, despite limitations in energy density and low-temperature performance [1][5][8] - The demand for LFP materials is driven by the electric vehicle (EV) and energy storage markets, with LFP battery installation in the power battery sector reaching an absolute dominance and over 90% in the energy storage sector [1][6][8] - The industry is transitioning towards high-end technology-driven competition, focusing on technological upgrades and vertical integration of the supply chain, leading to increased market concentration and further segmentation of application scenarios [1][6][10][12] Industry Overview - LFP materials (chemical formula: LiFePO₄) are a key component of lithium-ion batteries, characterized by a stable olivine crystal structure [2][3] - The LFP industry is supported by stable upstream supply of lithium, iron, and phosphorus, with leading companies enhancing product performance through diverse manufacturing processes [1][6] Market Dynamics - In the power battery sector, LFP battery installation reached 402.6 GWh in the first nine months of 2025, accounting for 81.5% of total installations, a year-on-year increase of 62.7% [6][7] - The energy storage market has seen rapid growth, with LFP batteries dominating new installations, achieving 20.58 GW/48.52 GWh in the first half of 2025, representing 94.21% and 87.95% of the market in power and capacity, respectively [7][8] Competitive Landscape - Major companies in the LFP sector include Hunan Youneng, Dofang Nano, and Fulian Precision, with varying production capacities and technological advantages [2][9] - The industry is witnessing a shift towards high-performance products, with companies like Hunan Youneng and Dofang Nano focusing on high-density and long-cycle life products to meet the demands of leading battery manufacturers [9][12] Future Trends - The LFP industry is expected to focus on high-end technological upgrades, improving energy density, fast charging, and low-temperature adaptability [10][11] - Vertical integration of the supply chain will become a mainstream trend, with companies enhancing control over upstream resources and establishing recycling systems to support sustainable development [11][12] - Market competition is shifting from price-based to value-based, with high-performance differentiated products becoming the core competitive advantage [12]

Core Viewpoint - The article highlights the rapid growth and dominance of lithium iron phosphate (LFP) batteries in the Chinese electric vehicle and energy storage markets, while also addressing the paradox of increasing demand coupled with significant financial losses in the LFP materials sector [2][4][12]. Market Overview - From January to October this year, China's installed capacity of new energy vehicle power batteries reached approximately 578 GWh, with LFP batteries accounting for about 470.2 GWh, representing a staggering 81.3% market share [2]. - In the energy storage sector, LFP batteries hold a near-total market share of 99.9% [2]. - The installed capacity of LFP batteries in the new energy vehicle sector grew by 59.7% year-on-year during the first ten months of the year, while the installed capacity of ternary batteries decreased by three percentage points [2]. Industry Challenges - Despite strong demand, the LFP materials industry faces severe profitability challenges, with many companies unable to achieve profitability [3][12]. - The average market price of LFP materials from January to September was only 14,177.1 yuan per ton, which is below the industry average cost of 16,201.8 yuan per ton [8][12]. - The LFP materials sector has been experiencing continuous losses for over 36 months, with prices plummeting from 173,000 yuan per ton at the end of 2022 to 34,000 yuan per ton by August 2025, a decline of 80.2% [13][18]. Cost and Pricing Dynamics - The cost of LFP materials is significantly impacted by rising prices of raw materials such as lithium, iron, and phosphorus, which have seen substantial increases [15][16]. - Companies in the LFP materials sector struggle to pass on these cost increases to downstream customers, leading to a situation where they must accept orders at a loss [16][17]. - The average asset-liability ratio of six listed LFP materials companies is as high as 67.81%, indicating financial strain [18]. Future Directions - A new cost index for LFP materials is being developed to provide a transparent reference for pricing and to guide the industry towards healthier competition [6][20]. - The establishment of this cost index aims to help companies rebuild pricing logic, curb excessive competition, and promote innovation and quality over mere scale [21][22]. - The association plans to expand this initiative to other critical materials in the lithium battery supply chain to address similar issues of overcapacity and price competition [22].

Core Viewpoint - The company is optimistic about the future growth prospects of the phosphate cathode material market, driven by increasing demand in both the power battery and energy storage sectors [1] Group 1: Power Battery Sector - The penetration of new energy vehicles (NEVs) is accelerating, with commercial vehicles also moving towards electrification [1] - The average battery capacity per vehicle is gradually increasing, indicating continued growth potential in the power battery market [1] Group 2: Energy Storage Sector - Advancements in large battery cell technology are enhancing the economic viability of energy storage systems [1] - Policy support from electricity market reforms and capacity price compensation is fostering growth in the energy storage market [1] - Emerging applications such as AI data centers are increasing demand for energy storage solutions, alongside rapid growth in overseas energy storage needs [1] Group 3: Market Outlook - The demand for phosphate cathode materials is expected to maintain strong growth momentum, driven by the dual forces of power batteries and energy storage batteries [1]

Core Insights - The company, Hunan YN, announced on November 19 that downstream demand remains strong, and it is operating at full production capacity while maintaining a leading capacity utilization rate in the industry [2] Group 1 - The company reported strong downstream demand [2] - The company is operating at full production capacity [2] - The company maintains a leading capacity utilization rate in the industry [2]

Core Insights - Hunan Yuneng (301358) announced on November 19 that it has been progressing smoothly with the construction of the Huangjiapo phosphate mine since obtaining the mining rights [1] - The company expects to start mining in the fourth quarter of this year, which is anticipated to have a positive impact on profits once production reaches full capacity [1] Company Developments - The company has been advancing the construction of the phosphate mine in an orderly manner since acquiring the mining rights [1] - Mining operations are expected to commence in the fourth quarter of this year, indicating a timely progression towards production [1] Profit Outlook - Once the phosphate mine reaches production capacity, it is projected to positively influence the company's profitability [1]

Core Viewpoint - Hunan YN Energy (301358) is committed to continuous product innovation and iteration, aligning with market trends in energy storage batteries and fast-charging performance for power batteries [1] Group 1: Product Innovation - The company has introduced new product lines, including the CN-5 series and YN-9 series, which cater to the evolving market demands for larger energy storage cells and enhanced charging capabilities [1] - The shipment proportion of new products has rapidly increased this year, indicating strong market acceptance and demand [1] Group 2: Market Demand - The company is benefiting from the growing demand in the energy storage sector, leading to an increase in the proportion of products applied in energy storage [1] - Overall, the shipment volume of new products is expected to significantly increase compared to last year [1]

Core Viewpoint - The lithium iron phosphate (LFP) industry is facing significant challenges, including continuous losses for over three years, rising raw material costs, and pressure from downstream battery manufacturers, leading to a critical need for resolution in the industry [2][3][4]. Industry Challenges - The LFP material prices have plummeted from 173,000 yuan/ton to 34,000 yuan/ton from the end of 2022 to August 2025, a decline of over 80%, while the average debt ratio of six listed companies in the sector is 67.8% [3][4]. - The industry is experiencing a dual squeeze, with upstream raw material prices rising while downstream battery manufacturers refuse to accept price increases, creating a situation where companies face losses regardless of whether they accept orders or not [8][10]. Demand Growth - The core application scenarios for LFP are expanding, with the penetration rate of new energy vehicles exceeding 45% in China, and a projected demand increase of over 30% for LFP materials in the coming year [6][8]. - The energy storage sector is expected to see a 60% year-on-year increase in installed capacity by 2025, with global energy storage battery shipments predicted to grow by 30% in 2026 [6][8]. Competitive Landscape - Chinese LFP products hold a dominant position in the global market due to technological, cost, and supply chain advantages, despite attempts by other countries to reduce reliance on Chinese products [7][8]. - The average cost of LFP production is around 15,600 to 16,200 yuan/ton, while the current market price is approximately 14,770 yuan/ton, leading to losses of nearly 1,000 yuan for every ton sold [9][10]. Industry Response - The establishment of the LFP Materials Subcommittee aims to address industry challenges by auditing costs and providing transparent pricing data to help companies set reasonable prices and curb destructive competition [13][14]. - Companies are exploring collective price increases to counteract the pressure from battery manufacturers, with some firms already controlling production capacity to stabilize prices [14][15]. Future Outlook - The anticipated demand from both domestic and international markets suggests that LFP prices are likely to rise, with projections indicating potential price increases by the end of this year and into the first half of next year [15].