Core Viewpoint - The Chinese lithium battery industry chain experienced an unexpected growth in the first half of 2025, with an overall growth rate exceeding 40% and a significant increase in battery shipments and storage segments [1][7]. Industry Growth - In the first half of 2025, the total shipment of lithium batteries reached 750-760 GWh, with a year-on-year growth rate of 60%-65%. The storage segment saw a remarkable quarter-on-quarter increase of over 80% and a year-on-year growth rate exceeding 110% [1][7]. - The demand for upstream materials has diversified, with shipments of lithium iron phosphate materials increasing by nearly 70% year-on-year, and key components such as anodes, separators, and electrolytes also showing strong growth [2][7]. Material Trends - The industry is shifting from traditional high-cost performance competition to a high-performance differentiation path, leading to a new ecosystem where various materials flourish [3][7]. - In the materials sector, the shipment of cathode materials reached 205-215 million tons, with a year-on-year growth of 50%-55%. Lithium iron phosphate materials led the growth with a year-on-year increase of 65%-70% [7]. - The gross profit margins in the materials industry are showing signs of recovery, although some segments are experiencing differentiation in profitability [7]. Market Dynamics - The market concentration is on the rise, with top-tier companies gradually restoring their market power and profitability. A new round of capacity expansion for lithium iron phosphate and anode materials is expected [8]. - The price of lithium salts is projected to remain in the range of 60,000-80,000 yuan, with limited potential for further decline or increase [9]. Technological Innovations - New materials such as CVD silicon-carbon are being commercialized, with significant applications in digital lithium batteries and high-performance requirements [9][30]. - The industry is witnessing a trend towards larger and more energy-efficient equipment, with advancements in various manufacturing processes [9][31]. Global Competition - The passage of the Inflation Reduction Act and the delay of the new battery law in the U.S. have complex implications for the global competitiveness of Chinese companies [10]. - China has established a leading position in green low-carbon technologies, including photovoltaic, wind power, electric vehicles, and fuel cells, showcasing strong market share [26][27].

一、四氧化三钴相关概述 1、定义 四氧化三钴，化学式为Co3O4，外观为灰黑色或黑色粉末，其是一种混合价态化合物，同时含有二价钴 和三价钴，四氧化三钴理论含钴量为73.43%，含氧量为26.57%，四氧化三钴具有尖晶石结构。 2、制备方法 内容概要：四氧化三钴，化学式为Co3O4，外观为灰黑色或黑色粉末，其是一种混合价态化合物，同时 含有二价钴和三价钴，四氧化三钴理论含钴量为73.43%，含氧量为26.57%，四氧化三钴具有尖晶石结 构。四氧化三钴作为生产钴酸锂最重要的原料之一，其品质好坏、成本的高低很大程度上影响甚至决定 了钴酸锂的产品品质及成本。钴酸锂是最早实现商业化应用的锂离子电池正极材料，随着其应用技术在 几十年的发展中不断的完善和提高，也被认为是当下最成熟的锂离子电池正极材料。钴酸锂电池因其体 积能量密度高、压实密度优异等特性，长期广泛应用于中高端消费电子领域。2022年国内市场对手机等 3C数码终端产品需求减弱，作为数码钴酸锂电池原材料的四氧化三钴需求也随着下滑。但随着经济稳 步发展，消费电子等下游领域需求逐渐回暖，四氧化三钴需求量也恢复增长态势，2024年中国四氧化三 钴表观需求量为9.1万吨， ...

| 2023年1月19日 | 四川简阳20GWh | 100 | | --- | --- | --- | | | 动力储能电池生产基地项目 | | | 2022年12月9日 | 23GWh圆柱磷酸铁锂 | 55.1 | | | 储能动力电池项目 | | | 2022年12月9日 | 21GWh大圆柱 | 52.03 | | | 乘用车动力电池项目 | | | 2022年10月20日 | 马来西亚投资 | 4.22 | | | 建设圆柱锂电池制造项目 | 亿美元 | | 2022年9月28日 | 沈阳亿纬锂能 | 100 | | | 40GWh储能与动力电池项目 | | | 2022年7月22日 | 湖南年产9万吨锂盐项目 亿纬锂能、紫金锂业、瑞福锂业 | 30 | | | 联合投资,亿纬持股26% | | | 2022年6月8日 | 武汉亿纬锂能储能总部 | 30 | | | 及储能技术研究院项目 | | | 2022年6月7日 | 荆门乘用车锂离子动力电池项目 | 43.75 | | 2022年6月7日 | 荆门HBF16GWh 乘用车锂离子动力电池项目 | 41.27 | | 2022年5月17日 | 玉 ...

Industry Overview - The total production of lithium batteries in China from January to April increased by 68% year-on-year, exceeding 473 GWh [1] - The export value of lithium batteries reached 155.4 billion yuan, a year-on-year increase of 25% [1] - Production of battery-grade lithium carbonate rose by 60% to 270,000 tons, while battery-grade lithium hydroxide decreased by 14% to 90,000 tons [1] Company Developments - EVE Energy plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength and international brand image [2] - EVE Energy ranked ninth globally in market share for power batteries and second in energy storage batteries [2] - CATL announced the mass production of its next-generation 587 Ah energy storage cell, which reduces the total number of components in storage systems by 40% and lowers costs by 15% [4]

工信部：1－4月全国锂电池总产量超过473GWh 同比增长68% 智通财经6月13日电，工信部发布数据，2025年1－4月，我国锂离子电池产业延续增长态势。根据锂电 池行业规范公告企业信息和行业协会测算，1－4月全国锂电池总产量超过473GWh，同比增长68%。电 池环节，1－4月储能型锂电池产量超过110GWh，新能源汽车用动力型锂电池装车量约184GWh。1－4 月全国锂电池出口总额达到1554亿元，同比增长25%。一阶材料环节，1－4月正极材料、负极材料、隔 膜、电解液产量分别约为115万吨、76万吨、80亿平方米、47万吨，同比增长均超过40%。二阶材料环 节，1－4月电池级碳酸锂产量27万吨，同比增长60%，电池级氢氧化锂产量9万吨，同比下降14%。1－ 4月电池级碳酸锂和氢氧化锂（微粉级）均价分别为7.4万元/吨和7.6万元/吨。 ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： #鑫椤锂电 行业热点 马克龙见证！远景动力电池超级工厂投产 6月3日， 全球领先的电池科技企业远景动力位于法国杜埃的电池超级工厂正式投产。 法国总统马克龙， 远景科技集团董事长张雷出席见证。远景动力高性能电池技术助力雷诺R5车型夺得法国电动车销售冠军， 随着远景动力杜埃超级工厂的投产，每年将为20万辆电动汽车提供高品质的动力电池，助力欧洲加速低碳 转型。 鑫椤锂电6月锂电预排产数据发布 鑫椤锂电发布锂电产业链6月预排产：样本企业中 电池排产107.7GWh，环比+2.9%，正极13.3万吨，环比 +9.1%，负极11.7万吨，环比+0.9%，隔膜14.9亿平，环比+4.3%，电解液7.6万吨，环比+6.6%， 总体排产 环比微增。 中核钛白50万吨磷酸铁项目终止 6月2日，中核钛白公告拟终止"年产50万吨磷酸铁"募投项目，将剩余募集资金永久补充流动资金，用于日 常生产经营及业务发展。 该项目为5年前披露的"年产50万吨磷酸铁锂项目"一期工程。 欧洲最大电池回收公司业务正式投运 6月3日，巴斯夫宣布 ...

【导读】富临精工子公司与宁德时代签订补充协议，提前锁定更多磷酸铁锂产能 6月5日晚间，富临精工公告称，宁德时代与公司子公司江西升华新材料有限公司（以下简称江西升华）通过签署《补充协议》，修订了此前双方签订的 《业务合作协议》（以下简称原协议）。 具体来看，宁德时代支持江西升华江西基地16万吨/年产能、四川三期20万吨/年产能建设。此前，宁德时代支持江西升华建设7.5万吨/年产能的磷酸铁锂 产能。 这意味着，宁德时代借此提前锁定更多磷酸铁锂产能。自2025年初以来，宁德时代已与万润新能、龙蟠科技、富临精工、丰元股份等A股磷酸铁锂企业签 订长协大单。 磷酸铁锂是锂电池中广泛使用的正极材料之一，主要用于新能源汽车动力电池和储能电池等领域，但市场格局正在重塑。在锂电池产业链人士看来，宁德 时代与多家头部磷酸铁锂企业签订长协大单，将加速该行业的"淘汰赛"进程。 宁德时代长协大单"扩容" 公告显示，《补充协议》对原协议进行修订，包含产线建设、合作数量等方面的提升。 | | | 在产线建设方面，原协议约定宁德时代向江西升华支付一定金额的预付款，支持江西升华江西基地7.5万吨/年产能建设；江西升华承诺江西基地按期完成 建设， ...

Core Viewpoint - Longpan Technology has secured significant contracts for lithium iron phosphate cathode materials, indicating a positive outlook for future performance and stock price appreciation [1][2][5]. Group 1: Contract Details - Longpan Technology's subsidiary, LBM NEW ENERGY, signed a production pricing agreement with Eve Energy, with a total sales amount exceeding 5 billion yuan, covering the sale of 15,200 tons of lithium iron phosphate cathode materials from 2026 to 2030 [2]. - The company has signed multiple long-term contracts since 2025, with total contract amounts potentially reaching 17 billion yuan [4]. - In early 2025, Longpan Technology signed a procurement agreement with CATL, with a maximum procurement limit set at 7 billion yuan for the same material [3]. Group 2: Financial Performance - Longpan Technology's revenue has shown significant growth since its listing, with revenue increasing from 1.297 billion yuan in 2017 to 14.072 billion yuan in 2022, marking a 247.15% year-on-year increase [6]. - However, in 2023, the company faced a downturn, with revenue dropping to 8.729 billion yuan, a decrease of 37.96%, and a net loss of 1.233 billion yuan [7]. - The company has shown signs of recovery in 2024, with revenue of 7.673 billion yuan, a decline of 12.10%, and a reduced net loss of 636 million yuan, down 48.46% year-on-year [8]. Group 3: Product Development - Longpan Technology has introduced a new generation of lithium iron phosphate cathode materials, which utilize a unique one-step sintering process, offering high cost-performance and competitive advantages [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5][7]. Core Insights - The company's energy storage business continues to show strong growth, contributing significantly to overall profitability stability. The revenue for 2024 is projected at 486.15 billion yuan, with a slight year-on-year decline of 0.35%, while the net profit attributable to shareholders is expected to reach 40.76 billion yuan, reflecting a year-on-year increase of 0.63% [4][5]. - The first quarter of 2025 shows rapid revenue growth, with a total of 127.96 billion yuan, marking a year-on-year increase of 37.34%. The net profit attributable to shareholders for this period is projected at 11.01 billion yuan, up 3.32% year-on-year [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 486.15 billion yuan, with a net profit of 40.76 billion yuan, and a non-recurring net profit of 31.62 billion yuan, which is a 14.76% increase year-on-year. The gross margin was 17.41%, up 0.37 percentage points, while the net margin was 8.68%, down 0.59 percentage points [4][6]. - For Q1 2025, the company reported a revenue of 127.96 billion yuan, a 37.34% increase year-on-year, with a net profit of 11.01 billion yuan, reflecting a 3.32% increase. The non-recurring net profit for this quarter was 8.18 billion yuan, up 16.6% year-on-year [4][6]. Business Segments - The energy storage battery segment generated revenue of 190.3 billion yuan in 2024, a 16.4% increase, accounting for 39% of total revenue. The company’s core product, the Mr.Big series 600Ah+ energy storage cell, is recognized as a technical benchmark in the industry. The energy storage battery shipment volume reached 50.45 GWh in 2024, a 91.9% increase year-on-year [4][5]. - The power battery segment reported a revenue of 191.7 billion yuan in 2024, a 20% decrease, while the shipment volume increased by 7.9% to 30.3 GWh. In Q1 2025, the shipment volume surged to 10.17 GWh, a 57.58% increase year-on-year [4][5]. - The consumer battery segment achieved a revenue of 103.2 billion yuan in 2024, a 23.4% increase, benefiting from the recovery in the consumer electronics market [4][5].

起点锂电获悉，金杨股份发布公告称拟投资建设马来西亚锂电池精密结构件项目，投资额不超过 9000 万美元，资金来源为公司自有资金或 自筹资金。 公司通过新加坡子公司在马来西亚成立项目公司，建设周期约 36 个月，旨在满足海外市场需求优化布局提升竞争力，但项目存在审批、投资 规模和进度不确定性、海外市场竞争及内部控制管理等风险。 01 电池精密结构件领域 "老手" 与恩捷股份等经济压力较重的公司不同，金杨股份经济压力不算大，该公司财报显示， 2024 年营收约 13.6 亿元，同比增长约 22.9% ；净 利润约 4315.3 万元，同比下降约 9.4% ；毛利率约 12% ，同比下降约 2.2% ；净利率约 5.4% ，同比下降约 1.3% 。 2025 年 Q1 公司营收约 3.2 亿元，同比增长约 26.6% ，环比下降约 15.8% ；净利润约 872.6 万元，同比下降约 18.7% ，环比增长约 13.4% ；毛利率约 12% ，同比下降约 1.6% 但环比上升约 0.8% ；净利率约 3.8% ，同比下降约 2.7% ，环比下降约 1.6% 。 轻微的增收不增利能看出，该公司业务情况相对良好。 业绩 ...