磷酸铁锂行业亏损加剧，“反内卷”仍需多方努力

Core Viewpoint - The lithium iron phosphate (LFP) materials industry is experiencing a significant downturn despite strong downstream demand, with prices plummeting and companies facing prolonged losses [1][2]. Industry Overview - From the end of 2022 to August 2025, the price of LFP materials dropped from 173,000 yuan/ton to 34,000 yuan/ton, a decline of 80.2% [1]. - The industry has faced over 36 months of continuous losses, with an average debt-to-asset ratio of 67.81% among six listed LFP companies [1]. - The industry is trapped in a "production without profit" cycle, which is a major bottleneck for high-quality development [1]. Company Performance - Xiamen Hichain Energy Technology Co., Ltd. (Hichain Energy) has submitted an application for a mainboard listing in Hong Kong, showcasing strong performance metrics [2]. - Hichain Energy's revenue for 2024 is projected to grow by 26.61%, with a net profit increase of 113.17% [3]. - In the first half of this year, Hichain Energy reported a revenue growth of 224.61% and a net profit growth of 136.13% [3]. Competitive Strategy - Hichain Energy's low-price competition strategy has drawn industry attention, with a significant project in Saudi Arabia priced at $73 to $75 per installed unit, marking a global record low [3]. - The company achieved a shipment volume of 30 GWh in the first half of the year, generating revenue of 5.45 billion yuan, translating to 18.2 million yuan per GWh [3]. Financial Support and Risks - Hichain Energy's profitability is heavily reliant on government subsidies, receiving a total of 2.653 billion yuan from 2022 to the first half of 2025, which exceeds its operational cash flow [4]. - The company has shown a trend of increasing accounts payable turnover days, reaching 226.1 days in the first half of 2025, indicating delayed payments to suppliers [5]. - The overseas market has been a significant contributor to Hichain Energy's profits, with 63.05% of its gross profit in 2024 coming from the U.S. market, although growth has slowed in 2025 [5][6]. Industry Challenges - The high debt levels in the LFP industry have restricted external financing options for expansion, posing challenges for future growth [5]. - The low-price competition and reliance on subsidies may exacerbate the financial strain on the already struggling LFP materials sector [6].