Hubei Wanrun New Energy Technology (SH:688275) 起点锂电·2025-08-11 09:42Core Viewpoint - Wanrun New Energy has successfully expanded its production capacity for lithium iron phosphate (LFP) after securing a significant contract with CATL, indicating strong demand and a solid order backlog [1][2][3]. Production Capacity and Expansion - Wanrun New Energy's production capacity for LFP has reached 46.8 thousand tons domestically as of Q1 2025, with facilities located in Hubei, Shandong, and Anhui, and a planned 50 thousand tons project in the U.S. by 2028 [2][3]. - The company has a high production utilization rate due to strong demand from strategic customers, with expectations for continued high utilization in Q3 [2][3]. Strategic Partnerships - A notable contract was signed with CATL in May 2023, where Wanrun New Energy is expected to supply approximately 1.3231 million tons of LFP over five years, significantly boosting its production utilization [2][3]. Technological Advancements - Wanrun New Energy is advancing its technology in high-density LFP, utilizing a two-burn process to enhance powder compaction, with successful small-scale shipments of its fourth-generation products and ongoing trials for the fifth generation [3]. - The company has also applied for a dispersant patent to improve the dispersion of small particles during LFP production, enhancing product density and electrochemical performance [3]. Industry Position and Market Trends - In the first half of 2025, China's LFP battery shipments are projected to reach 1.606 million tons, a year-on-year increase of 68.5%, with Wanrun New Energy ranked second in the industry [5][6]. - The company is actively involved in the solid-state battery sector, applying for patents related to high-energy density cathode materials and solid electrolytes, indicating a strategic focus on future battery technologies [4].