11月20日，中国证券报·中证金牛座记者从业内独家获悉，由于我国磷酸铁锂行业陷入连续多年整体性 亏损的窘境，产业无序竞争、低价内卷现象威胁全行业生存根基与持续发展大局，中国化学与物理电源 行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。该《通知》建议，企业应将协 会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开展低价倾销。记者独家 获悉，中国化学与物理电源行业协会将自本月起，每月定期披露行业平均成本区间，为企业报价提供权 威监管依据。同时，协会建议企业履行信息报送义务，企业每月定期向协会如实、完整提交产能、产 量、库存等经营数据，作为行业资源配置等重要参考依据。 （文章来源：中国证券报） 日前，"磷酸铁锂材料行业成本研究"研讨会在北京召开。自2022年以来，磷酸铁锂材料行业陷入产能过 剩、同质化竞争泥潭，成本与价格矛盾突出，已成为锂电产业链利润承压最为严重的环节。未来产业链 高质量发展需要加大行业反内卷力度，遏制低于成本的恶性竞争。 ...

记者从业内获悉，由于我国磷酸铁锂行业陷入连续多年整体性亏损的窘境，产业无序竞争、低价内卷现 象威胁全行业生存根基与持续发展大局，中国化学与物理电源行业协会将发布《关于参考磷酸铁锂成本 指数及规范行业发展的通知》。该《通知》建议，企业应将协会11月18日披露的行业平均成本区间作为 报价的重要参考，不要突破成本红线开展低价倾销。记者独家获悉，中国化学与物理电源行业协会将自 本月起，每月定期披露行业平均成本区间，为企业报价提供权威监管依据。同时，协会建议企业履行信 息报送义务，企业每月定期向协会如实、完整提交产能、产量、库存等经营数据，作为行业资源配等重 要参考依据。（中证金牛座） ...

Core Viewpoint - The lithium iron phosphate industry in China is facing continuous overall losses, leading to chaotic competition and low-price undercutting, threatening the survival and sustainable development of the entire industry [1] Industry Developments - The China Chemical and Physical Power Industry Association will issue a notice regarding the reference cost index for lithium iron phosphate and the standardization of industry development [1] - The notice suggests that companies should use the industry average cost range disclosed by the association on November 18 as an important reference for pricing, avoiding price dumping that exceeds cost thresholds [1] - Starting this month, the association will disclose the industry average cost range monthly, providing authoritative regulatory guidance for company pricing [1] Data Reporting Requirements - The association recommends that companies fulfill their obligation to report information, requiring them to submit accurate and complete data on capacity, output, and inventory to the association on a monthly basis [1] - This data will serve as an important reference for resource allocation within the industry [1]

11月18日，在工信部新闻发布中心9层，湖南裕能、万润新能、德方纳米、安达科技、丰元锂能、浙江友山、协鑫锂电7家磷酸铁锂企业的代表，应中国化学 与物理电源行业协会邀请，前来讨论有关磷酸铁锂产业存亡的问题。 "一边是新能源汽车与储能需求的'双爆发'，一边是材料企业连续三年多的'持续亏损'，这个行业的矛盾已经到了必须解决的地步。"安达科技副总经理刘家 成道出了磷酸铁锂产业的核心困境。 中国化学与物理电源行业协会副秘书长汤雁说："磷酸铁锂以近74%的正极材料出货占比支撑全产业运转，储能领域更是以99.9%的绝对占比成为新型电力系 统的核心，这是我国在锂电领域少有的'全球卡脖子'材料。" 但光鲜的产业图景下，企业的生存现状不容乐观。2022年底至2025年8月，磷酸铁锂材料价格从17.3万元/吨暴跌至3.4万元/吨，跌幅超80%，全行业连续亏损 超36个月，6家上市企业平均负债率达67.8%。 "现在未税成本已经到了15600元/吨，市场均价却只有14000元/吨出头，每吨亏近10%，上游硫酸亚铁、硫磺还在涨价，下游电芯厂又压着不让提价，我们陷 入了'接单亏、不接单也亏'的两难。"湖南裕能营销公司总经理吴润彬说。 同 ...

与此同时，磷酸铁锂行业快速发展过程中的结构性矛盾也日益突出。公开数据显示，2022年底至2025年8月磷酸铁锂 材料价格从17.3万元/吨暴跌至3.4万元/吨，跌幅达80.2%，全行业连续亏损超36个月，6家上市企业平均资产负债率高 达67.81%。 一家与会企业代表表示，上游原材料价格的暴涨并不能有效传导至磷酸铁锂企业。同时，由于下游的电芯企业普遍较 为强势，常常以长期协议等要求磷酸铁锂企业满足订单需求，因此不少企业是亏着排产的。 汤雁表示，现在头部企业订单已排至2026年，产能满产，但磷酸铁锂材料成本压力仍未根本缓解，无序竞争叠加产业 链利润分配不合理，正不断瓦解我国来之不易的全球供应链优势。 磷酸铁锂凭借其高安全性、长循环寿命和成本优势，已成为全球动力电池与储能电池的主流技术选项。但从2022年开 始，磷酸铁锂行业开始陷入"增产不增收"的怪圈，行业"内卷"持续加剧。 为破解磷酸铁锂行业"内卷式"竞争难题，探寻锂电产业链高质量发展的可行路径。近日，由中国化学（601117）与物 理电源行业协会主办的《磷酸铁锂材料行业成本研究》研讨会在北京举办。 中国化学与物理电源行业协会副秘书长汤雁在致辞中表示，当前锂电 ...

21世纪经济报道记者周潇枭 见习记者冉黎黎 北京报道2025年上半年，磷酸铁锂行业似乎迎来回暖。头 部前五企业产能基本满产，TOP5—10企业产能利用率达到80%，预计2025年中国磷酸铁锂材料产量将 攀升至370万吨，头部企业订单已排到2026年，部分电池企业出现一吨难求的局面。 刘家成表示，明年，新能源汽车的单车带电量会持续提升，EV（电动汽车）的占比、商用汽车的占比 也持续提升，"需求端是不错的，以2025年中国磷酸铁锂材料产量将攀升至370万吨来推测，明年可能达 到510万吨至530吨"。 整体来看，据汤雁介绍，当全球能源转型进入深水区，锂电产业正迎来储能与新能源汽车双轮驱动的黄 金发展期。根据协会最新统计，2025年1—9月我国锂离子电池出口额达553.8亿美元，同比增长 26.75%，出口数量33.99亿个，同比增长19.14%，持续保持稳健增长态势。国内市场同样势头强劲，新 能源汽车渗透率突破45%，储能装机量同比激增60%，双重需求驱动下，全行业产值今年有望向3万亿 元大关迈进。其中，磷酸铁锂材料无疑是核心支柱——以近74%的正极材料出货占比支撑全产业链运 转，在储能电池领域更以99.9%的绝 ...

Core Viewpoint - Dragon Power Technology (02465) has seen a nearly 4% increase in stock price, attributed to the recovery of lithium prices and the growing demand for energy storage globally [1] Group 1: Market Trends - Lithium iron phosphate (LFP) prices have been recovering, with a rise of approximately 10% since October, driven by stabilizing lithium prices and proactive strategies from automotive manufacturers and battery producers [1] - As of November 13, the average price of LFP is around 36,900 CNY per ton, reflecting an increase of 3,300 CNY per ton since early October [1] Group 2: Company Developments - Dragon Power Technology has announced plans to enhance its operations in the new energy and new materials sectors, focusing on the development of LFP cathode materials and expanding overseas production capacity [1] - The company aims to strengthen its product promotion in the fields of new energy vehicles, energy storage, and data centers, particularly for its cooling liquid products [1] - In the third quarter, the company significantly reduced its losses and is implementing cost-cutting and efficiency-boosting strategies to improve its operational performance [1]

Core Viewpoint - Longpan Technology (龙蟠科技) shares have increased nearly 4%, reflecting positive market sentiment driven by the recovery in lithium prices and the growing demand for energy storage solutions [1] Group 1: Market Trends - Lithium prices have stabilized after hitting a low, with phosphoric iron lithium prices showing a recovery, increasing approximately 10% since October [1] - As of November 13, the average price of phosphoric iron lithium is about 36,900 yuan per ton, up 3,300 yuan per ton from early October, representing a 10% increase [1] Group 2: Company Developments - Longpan Technology has announced plans to actively advance its layout in the new energy and new materials sectors, focusing on the development of phosphoric iron lithium cathode materials, including overseas capacity expansion and new product promotion [1] - The company is also increasing its efforts in the cooling liquid products sector, targeting applications in new energy vehicles, energy storage, and data centers [1] - In the third quarter, Longpan Technology significantly narrowed its losses and aims to improve its operational status through cost reduction and efficiency enhancement strategies, as well as increasing shipments of high-voltage products [1]

Core Insights - The lithium iron phosphate (LFP) industry is experiencing a strong recovery in Q3 2025, driven by surging demand in the downstream power and energy storage markets, leading to high operational capacity among leading companies [1] - The industry faced challenges over the past two years due to rapid capacity expansion, falling raw material prices, and intensified competition, resulting in significant price drops and widespread losses [1] - Since August 2023, the situation has reversed, with explosive growth in downstream demand and effective matching of supply capabilities [1] Industry Performance - From January to October 2025, the installation volume of LFP batteries in China increased by nearly 60% year-on-year, accounting for 81.3% of the total installation volume, solidifying its dominant position [1] - The energy storage market has also become a significant growth driver, with lithium battery shipments exceeding 30% of last year's total in the first three quarters of 2025, showing rapid year-on-year growth [1] Price and Production Trends - In October 2025, China's LFP production reached 390,000 tons, marking a significant year-on-year increase, with market prices rising by 7% to approximately 37,000 yuan per ton [2] - The high demand in the electric vehicle sector highlights the cost and safety advantages of LFP batteries, while the energy storage market benefits from the increasing adoption of renewable energy [2] Structural Changes and Profitability - The current industry recovery is characterized by profound technological iterations and structural optimizations, with high-pressure, high-density LFP products becoming the market focus due to their superior performance and high technical barriers [2] - The processing cost of high-end products is 1,000 to 3,000 yuan per ton higher than that of standard products, enhancing their bargaining power and leading to a market situation of "oversupply in low-end, tight supply in high-end" [2] Company Performance - Leading companies are leveraging technological advantages and economies of scale to recover from losses, with Hunan YN's net profit surging 235% year-on-year to 340 million yuan in Q3 [4] - Other companies like Wanrun New Energy and Longpan Technology have also significantly reduced losses through cost-cutting and improved capacity utilization [4] - Companies are optimistic about future prospects, with expectations of narrowing losses and achieving profitability by mid-2026 as high-end capacity is gradually released and low-end inefficient capacity is phased out [4]

Core Viewpoint - The lithium iron phosphate (LFP) market is experiencing significant growth driven by strong demand in the electric vehicle and energy storage sectors, leading to increased competition among leading manufacturers for high-end production capacity [1][2][5]. Industry Demand and Growth - The demand for lithium iron phosphate in energy storage batteries is rising, with projections indicating that China's energy storage lithium battery shipments will reach 165 GWh in Q3 2025, a 65% year-on-year increase [2]. - In the first three quarters of this year, China's power battery cumulative installation reached 493.9 GWh, a 42.5% increase year-on-year, with LFP batteries accounting for 402.6 GWh, representing an 81.5% share and a 62.7% increase [2]. - The third quarter of this year showed strong demand for LFP, with companies reporting sufficient orders and high sales volumes [2][3]. Company Performance - Hunan Youneng reported Q3 revenue of 8.868 billion yuan, a 73.97% year-on-year increase, with net profit rising by 235.31% to 340 million yuan [3]. - Guizhou Anda Technology achieved Q3 revenue of 736 million yuan, a 79.63% increase, and a total revenue of 2.273 billion yuan for the first three quarters, up 109.02% year-on-year [3]. Supply Agreements and Contracts - Shandong Fengyuan Chemical announced a supply agreement to provide 100,000 tons of LFP materials to Chunan New Energy over the next three years [4]. - Hubei Wanrun secured a long-term order from CATL to supply 1.3231 million tons of LFP products from May 2025 to 2030 [4]. Market Trends and Innovations - The LFP industry is witnessing a strong trend in technological innovation, particularly in energy density, fast charging capabilities, and compaction density, leading to a structural boom in the market [6]. - High-end products with advanced features are in high demand, with companies like Hunan Youneng and Defang Nano reporting increased sales of their high-density LFP products [6]. Capacity Expansion and Globalization - Leading LFP manufacturers are initiating new rounds of capacity expansion, with companies like Fulin Precision Engineering planning to invest 4 billion yuan in a new high-density LFP project [7]. - Hunan Youneng is expanding its overseas production bases in Spain and Malaysia, with projects in the approval and preparation stages [8]. - The competitive landscape is shifting as leading companies leverage resource integration and scale advantages, while smaller firms face increasing challenges [8].