Core Viewpoint - Xiangfenghua (300890.SZ) reported its first half-year loss since its listing, with a revenue of 688 million yuan, a 2.8% year-on-year decline, and a net profit of -2.95 million yuan, a 107.7% year-on-year decrease, indicating significant challenges in the anode materials industry due to rising raw material costs and oversupply [3][4][5]. Company Performance - In the first half of 2025, Xiangfenghua's gross margin fell to 12.35%, down 6.23 percentage points from the previous year, while operating costs increased by 4.17 percentage points [5]. - The company experienced a significant drop in its net profit, with a non-recurring net profit of -14.80 million yuan, primarily due to non-operating income of 11.85 million yuan, including government subsidies [6][7]. - Xiangfenghua's market share is in the middle of the industry, with a production capacity utilization rate of 83.43% in 2024, and it shipped 68,900 tons that year [4]. Industry Context - The anode materials industry is facing oversupply and intense competition, leading to a divergence in performance among companies, with leading firms maintaining profitability while smaller firms struggle [4][10]. - The average gross margin for major listed companies in the industry was 22.26% in 2024, highlighting the pressure on margins due to rising costs and competitive pricing [5]. - The industry has seen a significant increase in production capacity, with output rising from 450,000 tons in 2020 to 1.89 million tons in 2024, resulting in a 320% increase [9]. Market Dynamics - The price of petroleum coke, a key raw material, surged over 70% in early 2025, impacting the cost structure of anode manufacturers [7]. - Despite a slight recovery in raw material prices in the second quarter, the overall profitability of the anode industry remains under pressure due to oversupply and price wars [8][9]. - High-end products are more profitable, with companies like Zhongke Electric maintaining profitability through premium offerings, while lower-end products struggle to generate profit [10].

倒计时18天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 在行业下行周期中，2024年，锂电上下游企业普遍面临亏损难题。 目前，宁德时代、亿纬锂能等50家锂电企业2024年的业绩预告出炉。据统计，这50家企业中， 业绩预增的企业不到三成。 从电芯厂到四大主材再到上游锂盐板块，锂电行业进入深度调整期。不过，积极的一面在于， 以2024年为转折点，不少头部企业坚定反内卷思维，推进差异化竞争，已经取得一定成效。 活动主题： 聚集新技术 探索新工艺 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 比如，比起在亏损中坚持的小厂，负极材料头部企业似乎从亏损中缓过来了一些。 湖南中科电气近日发布了2024年业绩预告， 预计实现盈利2.88亿元—3.25亿元，同比增长高达 590%—680%。 中科电气表示，2024年盈利增长主要是因为产销量提升和降本增效。 在负极行业竞争趋于白热化的背景下，作为TOP5负极材料企业，中科电气业绩上扬也为同行 企业提供一定信心。 01 业绩预增6倍 资料显示，中科电气成立 ...