Industry Overview - Graphite is a crucial anode material in lithium-ion batteries, characterized by high-temperature resistance, corrosion resistance, electrical conductivity, and thermal conductivity [1] - Graphite anode materials are categorized into natural and synthetic types, each with distinct performance, cost, and application scenarios [1][2] Production and Supply Chain - The upstream supply chain includes raw material suppliers like natural graphite mines and carbon materials for synthetic graphite, while the midstream consists of manufacturers of graphite anode materials, and the downstream includes various battery producers [5][8] - China's natural graphite production reached 91 million tons in 2023, with a projected increase to approximately 95 million tons in 2024 [15] Market Trends - The market share of synthetic graphite anode materials has been increasing, with over 90% of the total anode material shipments being synthetic by mid-2025 [25] - The total output of graphite anode materials in China is expected to exceed 200 million tons by 2024, with a growth rate of 26% [24] Competitive Landscape - Leading companies in the graphite anode materials sector include BETTERI, Sanyuan, and others, with BETTERI's revenue from graphite-related business exceeding 10 billion yuan [29] - The industry is concentrated in regions like Guangdong, Shanghai, and Zhejiang, with many representative companies located in Guangdong [30] Future Outlook - The demand for graphite anode materials is anticipated to surge, particularly driven by the growth in electric vehicle batteries and energy storage systems, with projections indicating that shipments could exceed 5 million tons by 2030 [36][37] - The industry is expected to see further innovation and consolidation, with leading firms investing in high-end synthetic graphite and other advanced materials [34]