锂电池产业链2025年半年报业绩综述：Q2业绩延续改善，向上拐点确立

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, indicating a positive outlook for the sector [1]. Core Insights - The lithium battery supply chain has shown significant improvement in net profit for two consecutive quarters, establishing a performance turning point. The demand for power batteries is expected to rise further due to the traditional peak season for new energy vehicles [5][58]. - The solid-state battery industrialization is progressing, leading to certain incremental demand for materials and equipment in the supply chain [5][58]. - The report suggests focusing on leading companies in the supply chain that have technological and cost advantages, particularly in solid-state electrolytes and new types of anodes and cathodes [5]. Summary by Sections 1. H1 2025: Significant Improvement in Supply Chain Performance - The lithium battery supply chain achieved a revenue of CNY 503.23 billion, a year-on-year increase of 11.78%, and a net profit of CNY 40.10 billion, up 29.08% year-on-year [14][24]. - All segments except for separators reported year-on-year net profit growth, with the highest growth in the positive electrode segment at 164.02% [24][26]. - The overall gross margin for the supply chain was 18.66%, a slight decrease of 0.95 percentage points year-on-year [28][35]. 2. Q2 2025: Continued Growth in Net Profit - The supply chain recorded a revenue of CNY 267.86 billion in Q2 2025, representing a year-on-year increase of 11.05% and a quarter-on-quarter increase of 13.81% [58]. - Net profit for Q2 reached CNY 21.77 billion, up 30.49% year-on-year and 18.68% quarter-on-quarter [58]. - Most segments showed significant improvement in net profit, with the exception of the separator segment, which experienced substantial losses [63]. 3. Investment Recommendations - The report recommends paying attention to leading companies in the supply chain that are improving their fundamentals, particularly those with advantages in solid-state electrolyte technology and core processing equipment for solid-state batteries [5][58]. - The report highlights the importance of monitoring the ongoing industrialization of solid-state batteries and the potential for increased demand in the materials and equipment sectors [5][58].