FENGYUAN(SZ:002805) 高工锂电·2025-10-26 08:21Core Viewpoint - The lithium battery industry is undergoing a significant supply chain reshuffle, with stronger binding among various segments, leading to a new competitive landscape. Stable material supply is crucial for battery manufacturers, while material companies benefit from rising lithium carbonate prices and securing orders from leading enterprises to mitigate future risks [2]. Group 1: Market Dynamics - In 2025H1, China's lithium iron phosphate (LFP) material shipment is projected to reach 1.61 million tons, a year-on-year increase of 68% [4]. - The top 10 energy storage battery companies have an average capacity utilization rate of 80%, with some nearing 90%, indicating robust demand for materials driven by full production and sales from battery companies [3][5]. - The lithium battery market has seen high order volumes in the first half of the year, with LFP battery installations accounting for 81.4% of total installations in the power market [4]. Group 2: Company Developments - Fengyuan Lithium Energy has achieved full production in Q3 2025, supported by a three-year order of 100,000 tons of lithium iron phosphate from Chuangneng New Energy [4][8]. - The collaboration between Fengyuan Lithium Energy and Chuangneng New Energy aims to enhance the iteration and cost optimization of cathode materials, driving technological innovation and industry upgrades [7]. Group 3: Product Evolution - The demand for higher-density lithium iron phosphate (≥ 2.6g/cm³) is becoming essential for the performance upgrades of power and energy storage batteries [12]. - Fengyuan Lithium Energy has developed a fourth-generation product with a powder density of 2.6g/cm³, which has already entered mass production, while the fifth-generation product (2.7g/cm³) is being validated for large-scale output [12][14]. - The next-generation energy storage batteries, such as the 588Ah model, are expected to drive demand for higher-density lithium iron phosphate materials [11][13].