Core Viewpoint - The lithium battery industry is undergoing a cyclical adjustment after a period of intense capacity expansion, leading to a reshaping of the competitive landscape [2][9]. Group 1: Industry Background - From 2020 to 2022, the industry experienced a capital influx phase, characterized by the active participation of "first-generation cross-border" companies [4]. - The volatility in lithium carbonate prices during this period reflected supply-demand dynamics and prompted traditional enterprises to seek new growth avenues [5]. - Significant capital flowed into lithium mining, cathode materials, and electrolyte sectors based on high industry expectations [6]. Group 2: Shift in Investment Logic - The previous investment logic focused on resource positioning and capacity scale, aiming for beta returns through heavy asset investments [7]. - As the cycle declined, high inventory levels and falling prices challenged the expansion model reliant on capital leverage, leading to valuation corrections and capacity clearances for many projects [8]. Group 3: Emergence of New Players - A new wave of "second-generation cross-border" companies is entering the market, focusing on the micro-materials sector, which has been overlooked but has high technical barriers [10][11]. - Liangjingjing New Materials, based in Fujian, exemplifies this trend by entering the lithium battery anode binder niche, aiming to optimize battery manufacturing yield and cost through micron-level process improvements [12]. Group 4: Technical Foundation and Innovation - The founder of Liangjingjing, Zeng Weijie, has nearly 20 years of experience in emulsion polymerization, which underpins the company's strategic focus on SBR binders rather than repeating the "main material" expansion path [13]. - The company is also developing new types of anode binders, such as PAA, for next-generation battery systems [16]. Group 5: Performance and Product Development - Liangjingjing's products, such as the LAD08 series, have shown significant improvements in peel strength, achieving 2-3 times better performance compared to conventional systems [41]. - The company has optimized electronic transmission efficiency in its new product lines, reducing charge transfer resistance by approximately 75% [43]. Group 6: Market Positioning and Supply Chain - Liangjingjing has entered the supply chains of leading companies like BYD, Penghui, and Putailai, with its products offering a balance of cost-effectiveness and supply chain stability [52]. - The company is positioned to meet the growing demand for lithium battery binders, with expectations of over 100,000 tons of global demand in the next five to ten years, corresponding to a market size of over 20 billion yuan [60]. Group 7: Capacity Expansion and Strategic Planning - Liangjingjing plans to produce 19,000 tons of SBR annually at its Fujian base, including 5,000 tons for lithium batteries, and is expanding its capacity in Guangxi to 450,000 tons per year by 2028 [65][66]. - This dual-base strategy and diversified product structure aim to ensure supply capability while mitigating risks associated with a single market segment [67]. Group 8: Industry Evolution and Future Outlook - The transition from the first generation of cross-border companies to the second generation reflects a maturation of China's fine chemical industry and a shift towards engineering capabilities and problem-solving [72]. - Companies like Liangjingjing are moving from being mere material suppliers to partners that help battery manufacturers control yield, optimize costs, and enhance energy density [69].