2025年锂电铜箔盘点：产量突破百万吨，加工费稳步回暖

Industry Overview - By 2025, China's effective production capacity for lithium battery copper foil is projected to reach 124.5 thousand tons, with an annual output of 103.5 thousand tons, reflecting a year-on-year growth of 27.9% [1] - The processing fee for 6-micron copper foil has slightly increased compared to last year, with the current market average at 18,000-22,000 yuan per ton. In contrast, the processing fees for 5-micron and 4.5-micron copper foil have significantly decreased due to strong downstream demand, currently averaging 24,000-32,000 yuan per ton [1] Supply Chain Dynamics - Global copper mine supply is expected to face frequent disruptions in 2025, with notable incidents including Indonesia's suspension of copper concentrate exports and production cuts at Freeport's copper mine. The global copper production is anticipated to decline by 0.12% in 2025, with a 6.5% year-on-year drop in output from the top twenty copper mines in Q3 [3] - The demand for copper in new energy and AI sectors is expected to maintain rapid growth, leading to a significant supply gap in the copper market next year. The price of electrolytic copper is projected to fluctuate between 90,000-100,000 yuan per ton in 2026 [3] Market Trends - The procurement structure for copper foil models has shifted, with the proportion of 5-micron copper foil purchases significantly increasing, currently exceeding 15% and expected to rise to 37% next year. This change allows for a 15-20% reduction in copper usage compared to 6-micron copper foil, thereby lowering battery production costs [5] - The production capacity expansion for lithium battery copper foil in China is expected to stagnate in 2026 due to three consecutive years of losses and high copper prices impacting cash flow. Major companies plan to maintain high operating rates to meet anticipated high demand next year [5] Financial Performance - As of the first three quarters of 2025, several companies have shown varying revenue growth and profitability. For instance, Nord shares reported a revenue of 47.93 million yuan, a 29.21% increase, but a net profit loss of 0.94 million yuan with a gross margin of 7.23% [8] - The overall industry is experiencing a significant polarization, with leading companies maintaining high order volumes and operational rates, while smaller firms struggle to survive despite some orders spilling over from larger players [8] Future Outlook - The demand for 5-micron, 4.5-micron, and ultra-thin copper foil is expected to be a key strategy for battery manufacturers to control costs. Currently, only leading manufacturers possess the technical capabilities to produce these products [12] - Recent contracts between major companies like CATL and suppliers such as Jia Yuan Technology and Nord shares for three-year copper foil orders indicate a strategic move to alleviate supply chain pressures amid tight supply and demand conditions [12]