“反内卷”是锂电产业链共同挑战 推动行业建立全链协同共识

Core Insights - The lithium iron phosphate (LFP) material prices have plummeted from 173,000 yuan/ton to 34,000 yuan/ton between the end of 2022 and August 2025, marking an 80.2% decline, leading to over 36 months of continuous losses in the industry [1] - The LFP industry is experiencing a dual situation of high demand from electric vehicle and energy storage battery sectors, while simultaneously facing significant financial pressures, including an average debt ratio of 67.7% among leading companies [1][2] - The industry is characterized by structural supply-demand imbalances and a lack of bargaining power within the supply chain, with rising raw material costs not being effectively passed down to LFP manufacturers [3] Industry Challenges - The LFP sector is currently the most competitive segment within the lithium battery supply chain, with six out of seven leading companies having an average debt ratio of 67.7% [2] - The core issue causing the industry's predicament is the structural imbalance between supply and demand, compounded by the inability to transfer rising raw material costs to downstream LFP companies [3] - There is a notable contradiction in the industry, where there is an oversupply of low-end products while high-end products with advanced specifications are in short supply [3] Technological Upgrades - The industry faces challenges in technological upgrades, particularly in the context of competition from sodium-ion batteries in low-end storage and solid-state batteries in high-end markets [4] - Key areas for technological iteration include ultra-high density, fast charging capabilities, and low-temperature performance, but funding constraints hinder the industrialization of advanced technologies [4] - The lack of core technological accumulation among some companies, due to low entry barriers, leads to price competition in the low-end market, further eroding overall industry profitability [4] Collaborative Solutions - The LFP industry's "anti-involution" cannot be limited to a single segment; it requires collaborative efforts across the entire supply chain [6] - The China Chemical and Physical Power Industry Association has released a cost index system for the LFP industry to provide transparent value references for companies and support government regulation [6] - A shift from "price wars" to "value wars" is necessary, requiring consensus among mining, material, battery, and end-use companies to share cost pressures and establish a healthy price transmission mechanism [6]