CATL(SZ:300750) Zheng Quan Shi Bao Wang·2025-11-20 00:15Core Viewpoint - The lithium battery materials industry is experiencing a significant improvement in supply-demand dynamics, with a tight balance expected to continue into 2026, driven by strong demand in both energy storage and power sectors [1] Supply-Side Analysis - In Q3 2025, the overall profitability across various sectors showed a notable recovery, with minimal overall losses reported for the first time, although some sectors still faced poor profitability [1] - Capital expenditures across multiple segments have increased year-on-year, indicating a positive trend in investment within the industry [1] - Cash flow conditions have slightly improved, although a significant portion is attributed to CATL (Contemporary Amperex Technology Co., Limited) [1] - Inventory levels are currently deemed reasonable, with the inventory-to-total assets ratio increasing quarter-on-quarter in Q3 2025 [1] Demand-Side Analysis - Energy storage demand has exceeded expectations, with global energy storage battery shipments reaching 428 GWh from January to September 2025, marking a year-on-year increase of 90.7% [1] - Cumulative sales of power and other batteries in China for the same period totaled 1,067.2 GWh, reflecting a year-on-year growth of 55.8% [1] Supply-Demand Dynamics - The demand peak in 2025 has led to price increases in certain segments, with leading companies experiencing tight production capacities, resulting in a state of tight supply-demand balance [1] - Looking ahead to 2026, energy storage demand is expected to continue exceeding expectations, coupled with sustained high growth in power demand, reinforcing the anticipated tight supply-demand balance [1] Industry Trend Outlook - Based on the analysis of various factors in Q3 2025, the lithium battery materials industry is expected to maintain improved supply-demand conditions, with a continuation of the new cycle [1]