NBSS(SH:600884) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 05:46Core Viewpoint - The lithium battery industry is experiencing a strong rebound in the first half of 2025, driven by the dual forces of global energy transition and electrification, with the anode material sector showing significant recovery and concentration improvement [1][2]. Industry Overview - The lithium battery industry has entered a new phase of "recovery and prosperity" in 2025, with a collaborative growth across the entire supply chain, moving away from the low point of 2024 [2][5]. - The demand for lithium battery core materials is witnessing a "volume and price increase" window, driven by the booming markets for electric vehicles and energy storage [3][4]. Market Dynamics - In the first half of 2025, global demand for anode materials continued to grow, with market prices stabilizing and structural optimization occurring within the sector [5]. - The market concentration is increasing, with leading companies leveraging their technological and production advantages to squeeze out smaller competitors [5][12]. Company Performance - Shanshan Co., Ltd. reported impressive financial results for the first half of 2025, achieving revenue of 9.858 billion yuan, a year-on-year increase of 11.78%, and a net profit attributable to shareholders of 207 million yuan, a staggering increase of 1079.59% [1][6]. - The company's anode business has become the core engine driving performance growth, while its polarizer business remains stable, supporting overall positive trends [6][8]. Competitive Advantages - Shanshan holds a leading market share of 21% in the artificial graphite anode materials sector, indicating strong competitive positioning [6]. - The company has successfully introduced new products such as fast-charging anodes and silicon-based anodes, enhancing its technological leadership [6][13]. - Strategic partnerships with major battery manufacturers like CATL and BYD have solidified Shanshan's customer base, ensuring stable sales and facilitating participation in technological advancements [7][10]. Policy Environment - The Chinese government has introduced multiple supportive policies for the lithium battery and energy storage industries, creating a favorable development environment for anode material companies [10][11]. - These policies are expected to stimulate demand for anode materials, further benefiting leading companies like Shanshan [10][11]. Global Expansion - Shanshan is actively pursuing global expansion, with a 100,000-ton anode material production project in Finland progressing well, aimed at serving the European electric vehicle and energy storage markets [11][12]. - The company has also signed strategic cooperation agreements to enhance its global supply chain and respond quickly to market demands [11][12]. Future Outlook - The lithium battery industry's high growth potential is expected to continue, with increasing demand for anode materials driven by the rising penetration of electric vehicles and ongoing energy storage installations [12][13]. - Shanshan's comprehensive advantages in technology, production capacity, customer relationships, and supply chain stability position it well to capitalize on the ongoing industry recovery [12][13].