鑫椤锂电·2025-07-08 02:25Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, with China's dominance in the market further strengthened [2]. Group 1: Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 912,000 tons, a year-on-year increase of 49.74%, while global production reached 980,000 tons, up 43.12% year-on-year [3]. - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the nearly 50% year-on-year growth in China and over 40% globally in 2025H1 indicates strong market momentum even at high base levels [5]. Group 2: Market Competition Landscape - The domestic electrolyte market concentration continues to rise, with leading companies showing significant advantages. Tianqi Materials holds over 30% market share, followed by BYD and New Zobang [8]. - The top three companies (Tianqi, BYD, New Zobang) together control 61.73% of the market, firmly establishing their dominance [9]. - The competition among second-tier manufacturers is intense, with companies like Xianghe Kunlun, Shida Shenghua, and Zhuhai Saiwei each holding market shares in the 4%-5% range [9]. - The share of "other" manufacturers is only 4.65%, indicating a narrowing space for smaller players and an increasing Matthew effect in the industry [10]. Group 3: Future Outlook - The electrolyte market in the first half of 2025 continues to show high growth, with Chinese companies maintaining a core position in the global supply chain. The market structure exhibits a "tripod" pattern dominated by Tianqi, BYD, and New Zobang, while second-tier companies face fierce competition [13]. - As the global electrification process deepens, technological iterations and cost control will be key for companies to maintain and enhance competitiveness, with industry concentration expected to tilt further towards leading firms [13].