万润新能：经营质效连续三季度改善 反内卷背景下业绩拐点已至

Core Viewpoint - Wanrun New Energy (688275.SH) has demonstrated significant growth in the first half of 2025, with a 50.49% increase in revenue and a 90.23% rise in lithium iron phosphate shipments, indicating a strong operational turnaround amidst fierce industry competition [1][2][3]. Financial Performance - The company's revenue for the first half of 2025 reached 4.436 billion yuan, marking a year-on-year growth of 50.49% [2]. - Cumulative shipments of lithium iron phosphate totaled 148,300 tons, reflecting a year-on-year increase of 90.23% [1][2]. - The company has achieved a substantial reduction in losses compared to previous periods, showcasing improved operational efficiency [2][4]. Market Position and Strategy - Wanrun New Energy secured a significant contract with CATL, expected to contribute over 200,000 tons in annual sales, reinforcing its leading position in the market [3][7]. - The company has been actively optimizing its customer structure and reducing costs through various measures, including supply chain management and enhancing customer payment collection [2][4]. Industry Context - The lithium iron phosphate market is experiencing strong demand, with a reported 68% year-on-year growth in shipments, accounting for nearly 77% of total cathode material shipments in China [2]. - An industry meeting among leading lithium iron phosphate companies aimed to address overcapacity and promote fair market practices, indicating a collective effort to stabilize pricing and improve profitability [5]. Technological Advancements - Wanrun New Energy is investing in research and development, focusing on solid-state battery materials and innovative technologies to create new growth drivers [4]. - The company has developed high-capacity lithium iron phosphate materials and is currently in the customer validation phase for these products [4]. Future Outlook - The company is expected to benefit from ongoing market expansion efforts and the anticipated clearing of outdated production capacity in the industry [7]. - Wanrun New Energy's commitment to overseas expansion is projected to enhance its profitability as global demand for lithium iron phosphate increases [7].