Core Viewpoint - The battery-grade manganese market is expected to continue its rapid growth, with a projected shipment volume of 57,000 tons in the first half of 2025, representing a year-on-year increase of 54% [1]. Group 1: Market Dynamics - Traditional manganese-based materials, particularly lithium manganese oxide, remain the largest application area, accounting for over 80% of the market in the first half of 2025. However, the share of new manganese-based cathode materials, such as lithium manganese iron phosphate, is increasing significantly [3]. - The new manganese-based cathode materials are anticipated to become the largest application market for battery-grade manganese as technologies like lithium iron phosphate and high-voltage nickel manganese oxide scale up in the near future [4]. Group 2: Production Processes - There are currently three main production processes for battery-grade manganese: metal manganese, manganese sulfate, and recycling methods. The metal manganese process holds the highest market share, with leading companies including Zhonggang Tianyuan. The manganese sulfate process ranks second, represented by Huicheng New Materials, while the recycling method is led by Shidai Zhongneng. Compared to 2024, the market share of the metal manganese process has decreased in the first half of 2025, while the shares of manganese sulfate and recycling methods have increased [6]. Group 3: Industry Concentration - The battery-grade manganese industry has a high concentration, with leading companies such as Zhonggang Tianyuan, Huicheng New Materials, Hunan Shuangfu, Zhongzhe New Materials, and Guangxi Manganese Hua collectively holding an 80% market share in the first half of 2025 [8]. Group 4: Future Outlook - With breakthroughs in manganese-based cathode material technology, the penetration rate of manganese materials is expected to continue increasing. Coupled with the inherent advantages of low cost and long cycle life of manganese materials, the shipment volume is projected to maintain high growth [10].

Group 1 - The company in Tongren City, Guizhou, has developed a two-stage roasting activation technology for the resource utilization of electrolytic manganese slag, transforming waste into valuable materials such as cement additives and roadbed materials [1] - The company has processed a total of 63,375 tons of manganese slag, producing approximately 46,000 tons of harmless manganese slag, successfully exploring a path for harmless treatment and resource utilization of manganese slag [1] - Tongren City is a significant manganese production base in China, with proven manganese ore reserves of about 800 million tons, and has been addressing environmental pollution caused by traditional slag disposal methods [1] Group 2 - In the Dalong Economic Development Zone, a new functional materials company processes sulfurized manganese slag to extract valuable metals like nickel, cobalt, and manganese, creating a circular economy by using waste as production materials for cement [3] - The Dalong Economic Development Zone has attracted multiple new functional materials companies, forming an upstream and downstream processing industrial chain for manganese-based new materials, with products being exported to countries like South Korea, Japan, and Europe [3] - The new functional materials industry cluster in Tongren has been recognized as one of the first 66 national strategic emerging industry clusters, with a reported industrial output value of 7.93 billion yuan in Q1 2025, reflecting a year-on-year growth of 14.6% [3] Group 3 - Guizhou Province ranks among the top 10 in China for mineral resource reserves, including coal, phosphorus, aluminum, and manganese, and has established a resource-based industrial foundation focusing on new energy battery materials and related sectors [4] - In Q1 2025, Guizhou's industrial added value above designated size grew by 10.3%, surpassing the national average, with significant growth in the automotive manufacturing sector, particularly in new energy vehicles [4] - The province is transitioning from a "resource-rich" area to an "industrial highland" by strengthening and innovating emerging industries, with substantial growth in the new energy battery and materials sector [4]