我们分析100多家锂电上市企业发现，中国锂电产业似乎正在走出衰退周期。 据24潮产业研究院 (TTIR) 统计：2025年上半年100多家中国锂电上市公司 "锂电业务收入" 合计 约为5379.95亿元，同比增长了14.95%，增速较24年同期 （同比下降了20.21%） 增长了35.16个 百分点。 具体到15个锂电细分产业链，上半年12个细分产业营收实现正增长 （24年同期只有两个细分产业 链实现正增长） ，其中10个细分产业营收增幅在10%以上，增长最快的3个细分产业依次为钴镍 （增长67.88%） 、锂电铜/铝箔 （增长37.22%） 、负极材料 （增长31.64%） 。 | 排序 | 环节 | 涉及上市 | 合计 | 同比 | | --- | --- | --- | --- | --- | | | | 公司数量 | 销售收入 | 上一年増长 | | | | (家) | (亿元) | | | | 上游锂资源 | 14 | 244.77 | -18.02% | | 2 | 三元前驱体 | 6 | 180.15 | -23.53% | | --- | --- | --- | --- | --- | | 3 ...

Core Viewpoint - The global lithium battery industry is undergoing a significant transformation, moving away from a period of rapid growth to a phase of contraction, particularly as it approaches 2024, indicating an unprecedented downturn in the sector [1]. Industry Overview - Over the past two decades, China's lithium battery sector has achieved substantial breakthroughs in technology innovation, globalization, and industry investment, capturing a dominant global market share in various key areas, including approximately 70% of global power battery shipments and over 90% of energy storage battery shipments [1]. - The lithium battery industry is now facing a downturn, with a reported 11.87% decline in overall revenue for 108 Chinese lithium battery companies in 2024 compared to the previous year, alongside a staggering 67.27% drop in net profit [1][3]. Financial Performance - Key financial metrics for 2024 include: - Total assets: 29,092.41 million, up 6.17% year-on-year - Total liabilities: 16,721.07 million, up 7.31% year-on-year - Operating revenue: 13,028.84 million, down 11.87% year-on-year - Net profit attributable to shareholders: 651.92 million, down 67.27% year-on-year - Net financing cash flow: 210.20 million, down 81.91% year-on-year [3]. Market Dynamics - Major players in the industry, including CATL, Ganfeng Lithium, and Tianqi Lithium, are experiencing significant revenue declines, with CATL reporting a 9.7% drop in revenue for 2024, and other companies seeing declines of over 50% in their lithium product revenues [4][5]. - The global lithium battery landscape is shifting, with even leading companies facing severe impacts, as evidenced by the financial struggles of major Korean battery manufacturers and the bankruptcy filing of Ambri Inc. in the U.S. [5][6]. Investment Trends - The investment landscape is changing, with a notable halt or delay in large-scale lithium battery projects. Over 30 lithium battery business terminations have been reported in 2023 alone, involving investments exceeding 100 billion yuan [9]. - The global lithium battery industry is witnessing a retreat from previous aggressive expansion, with significant projects being canceled or postponed, such as LG Group's withdrawal from a planned electric vehicle battery ecosystem in Indonesia [9][10]. Future Outlook - The lithium battery industry is entering a new phase characterized by competition based on technological strength and operational efficiency rather than mere expansion. Companies that can demonstrate continuous innovation, effective capacity management, and strong financial health are likely to thrive in this evolving landscape [11].