近期起点研究院 SPIR发布《2026全球钠电行业白皮书》，根据白皮书报告最新调研数据显示2025年全球钠电行业正极材料出货约2万吨，同 比增长122.2%，其中聚阴离子正极材料出货量超越层状氧化物，出货约1.4万吨，同比增长366.6%；层状氧化物正极材料出货0.5万吨，同比 下降16.6%。 | 序号 | 企业简称 | | --- | --- | | 1 | 珈钠能源 | | 2 | 容百科技 | | 3 | 英钠新能源 | | 4 | 万润新能 | | 5 | 津工能源 | | 6 | 钠科能源 15.3 | | 7 | 钠远新材 | | 8 | 瑞扬新能源 | | 9 | 同兴皓升 | | 10 | 泰和科技 | 价格方面， 2025年层状氧化物正极材料均价3.8万元/吨，同比下降26.3%；聚阴离子正极材料均价2.8万元/吨，同比下降22.2%。 2025全球钠电正极材料企业出货TOP1-10分别为： 珈钠能源、容百科技、钠创新能源、英钠新能源、万润新能、钠科能源、当升科技、江苏 翔鹰、钠远新材和津工能源； TOP11-20: 瑞扬新能源、格林美、振华新材、扬广科技、同兴皓升、泰和科技、贝特瑞、晟钠 ...

Core Viewpoint - The sodium battery industry is entering a critical phase of deep development by 2025, driven by technological iteration and scenario validation, facilitating the transition from niche pilot projects to large-scale penetration across multiple applications [2] Group 1: Market Opportunities - The sodium battery market is expected to exceed a scale of 100 billion yuan, with significant commercial value demonstrated in various sectors such as power, energy storage, and start-stop applications [5] - The energy storage market is projected to see a demand of over 13 TWh for batteries in the next decade, with the highest growth rate in data center AIDC applications [5] - The northern new energy vehicle market presents a blue ocean opportunity for sodium batteries, with a significant penetration rate gap compared to southern cities [5] - The start-stop market is increasingly demanding, with sodium batteries offering cost advantages over lead-acid batteries [5] Group 2: Technological Innovations - Companies are developing layered oxide and polyanion cathode materials, achieving energy densities of 170 kg/Wh for layered oxides and 2.5 g/cm³ for polyanion materials, with cost reductions expected [6][7] - Innovations in manufacturing processes, such as self-adaptive coating and collaborative welding technologies, are enhancing the reliability and performance of sodium battery cells [9][10] - The introduction of large-capacity sodium-ion cells (588Ah) is set to establish unique value propositions in the energy storage market, focusing on true technology and safety [9] Group 3: Policy and Industry Support - Sodium-ion batteries have been included as a key direction in the "14th Five-Year Plan," with local governments implementing specific incentive policies to foster development [11] - Companies are rapidly expanding production capacities, with plans for significant new production lines and resource acquisition to support future growth [11] Group 4: Competitive Landscape - Major players like BYD and Rongbai Technology are focusing on safety, performance, and cost in their sodium battery designs, emphasizing the importance of balancing these factors for market success [13][14] - Companies are exploring various cathode materials, with NFPP materials showing unique advantages in cost, safety, and cycle life, positioning them favorably in the market [35][39] - The industry is witnessing a shift towards collaborative strategies among companies to enhance supply chain efficiency and drive down costs [41][44]

Core Insights - The successful test flight of the Volant VE25-100 eVTOL aircraft marks a significant advancement for China's Advanced Air Mobility (AAM) sector, with a flight altitude of 2400 meters and a pre-flight approval time of just one hour [1] - Sichuan Chengben Agricultural Development Co., Ltd. has become the only rabbit meat export breeding farm in Sichuan and Southwest China, with an expected annual export of 200 tons of rabbit products, indicating a growing global market presence for "Chuan" rabbit meat [1] Economic Development - During the "14th Five-Year Plan" period, the per capita GDP of Zigong surpassed $10,000, with a 15.9% year-on-year increase in industrial added value in the first three quarters of 2025, outperforming the provincial average by 8.8 percentage points [5] - The city is focusing on traditional industries' digital transformation and new industries' development, with significant investments in smart manufacturing and emerging sectors like low-altitude economy and new materials [5][6] Industrial Transformation - Zigong is actively restructuring its industrial system, with companies like Dongfang Boiler leading the way in smart manufacturing and digital transformation, achieving a 35% increase in production efficiency through product traceability [5][6] - The establishment of the Zigong Aviation Industrial Park has attracted over 60 key enterprises, covering various aspects of the aviation industry, including drone manufacturing and flight training [6] Infrastructure and Logistics - The opening of the Chengyi High-speed Railway marks the beginning of a "dual high-speed railway" era for Zigong, enhancing logistics capabilities and regional connectivity [10] - The city has launched multiple international freight trains, including the China-Europe Railway Express, establishing new trade routes and enhancing economic cooperation [10][11] Cultural and Tourism Development - Zigong is promoting cultural tourism, with initiatives like the "Lantern Festival" gaining international recognition and contributing to the city's cultural heritage [8] - The integration of culture and tourism is a strategic focus, with new tourism projects and events being developed to attract global visitors [8] Environmental and Social Initiatives - Zigong has implemented various environmental protection measures, achieving significant improvements in air and water quality, and enhancing public amenities [17][18] - The city has also focused on employment and social security, with a notable increase in urban employment and improvements in basic medical insurance coverage [18] Conclusion - Zigong is undergoing a transformative phase, leveraging its industrial heritage while embracing innovation and sustainability, positioning itself as a key player in the Chengdu-Chongqing economic circle and contributing to China's modernization efforts [20]

Industry Overview - The CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition is the first professional exhibition focusing on the entire industry chain of new battery technologies, scheduled for November 6-8, 2025, in Guangzhou [2] - The exhibition will feature over 200 exhibitors, 2,000 participating companies, and 20,000 professional attendees, along with a new battery technology forum and the Solid-State Battery Golden Ding Award ceremony [2] Company Profile - Shenzhen Shengna New Energy Technology Co., Ltd. is headquartered in Shenzhen and focuses on sodium-ion battery material technology research and development, production of power and energy storage batteries, energy storage system integration, and battery recycling [7] - The company collaborates with the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences, to establish the Shengna Advanced Sodium Battery Innovation Center, led by Dr. Guo Xin [7] Product Offerings - Shengna New Materials includes: - Polyanionic cathode materials [8] - Layered oxide cathode materials [10] - Shengna Power offers: - Soft-pack sodium-ion batteries (NFPP) [12] - Cylindrical sodium-ion batteries (NFPP and NFM) [14][16] - Prismatic sodium-ion batteries (NFPP) [18] Competitive Advantages - Strong research capabilities led by an academic team, fostering an innovative ecosystem for industry-academia collaboration [20] - Cost-effective materials: The cathode uses iron-manganese-based oxides and the anode utilizes biomass hard carbon, reducing overall material costs by 40% compared to lithium batteries, with a zero-carbon factory powered by 100% green electricity, lowering energy consumption by 75% compared to traditional production [21] - Breakthroughs in mass production processes: The company has developed a "dry electrode + microwave sintering" process, reducing energy consumption for cathode material preparation by 50% and costs by 30% compared to wet processes [22]

Core Viewpoint - The article highlights the production data of sodium-ion battery cathode materials in China for the first half of 2025, indicating significant contributions from leading companies in the industry [1]. Group 1: Production Data - The total production of sodium-ion battery cathode materials in China from January to June 2025 reached 7,155 tons [1]. - The top five companies in this sector are: - JiaNa Energy - ZhongKe HaiNa - WanRun New Energy - YingNa New Energy - DangSheng Technology [1]. Group 2: Material Types - Among the total production, the output of polyanionic cathode materials was 4,950 tons [1]. - The production of layered oxide cathode materials amounted to 2,005 tons [1]. - The output of Prussian blue/white cathode materials was 200 tons [1].

Core Viewpoint - The sodium battery industry should establish itself independently by leveraging its own performance and cost advantages, rather than competing directly with lithium batteries [1][14]. Industry Development - The sodium battery industry is poised for commercialization by 2025, with significant investments from leading battery companies and the emergence of new application markets due to its differentiated advantages [2]. - The polycation technology route has become a focal point in the sodium battery sector, gaining recognition from various sodium and lithium battery enterprises [2]. Company Initiatives - Rongbai Technology, a leader in positive materials, initiated sodium battery research in 2022 and has rapidly progressed from laboratory to industrialization, with a 6000-ton polycation material project launched in Hubei [3][5]. - The 6000-ton polycation capacity planned by Rongbai is primarily for the NFPP route, aiming for high output value with compact land use [5]. Cost and Performance - The NFPP cost has stabilized at 25,000 yuan per ton, reflecting a nearly 30% reduction since the beginning of the year, with a future target of 20,000 yuan per ton [7]. - The energy density of Rongbai's polycation materials has improved from 2.3 g/cm³ last year to a target of 2.5 g/cm³ this year, indicating a focus on performance enhancement [7]. Market Opportunities - Sodium batteries are seen as a market pioneer rather than a competitor to lithium batteries, providing better options for energy security and market expansion [13]. - The potential markets for sodium batteries include start-stop power sources and large power applications, particularly in northern regions where lithium battery penetration is low [11][16]. Strategic Positioning - Rongbai's sodium battery division emphasizes the need for a unique development path that is not reliant on lithium material price fluctuations, focusing instead on performance and cost [6][10]. - The company has developed an integrated production process tailored for sodium batteries, which enhances production efficiency by over 20% compared to traditional methods [9]. Future Outlook - The sodium battery market is expected to grow significantly, especially in the start-stop power sector, where current mainstream choices are still lead-acid batteries [14][16]. - Rongbai aims to become a comprehensive solution provider for positive materials, focusing on the entire lifecycle of new energy materials [18].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating challenges in the market while showing some signs of recovery in Q4 [2][4]. Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 15.088 billion, a year-on-year decrease of 33.41%, and a net profit attributable to shareholders of 296 million, down 49.06% [2]. - For Q4 2024, the operating revenue was 3.764 billion, a year-on-year decrease of 7.81% and a quarter-on-quarter decrease of 15.14%. However, the net profit for Q4 was 180 million, marking a turnaround from losses, with a quarter-on-quarter increase of 69.17% [2][4]. - The gross profit margin for 2024 was 10.02%, an increase of 1.43 percentage points, while the net profit margin was 2.18%, a decrease of 0.59 percentage points [4]. Group 2: Market Position and Product Performance - The company maintained a high growth rate in shipment volume, with a total shipment of 120,000 tons in 2024, representing a year-on-year increase of over 20%, and a global market share exceeding 12% [3]. - The company’s production of manganese iron lithium and sodium-ion batteries is entering a harvest period, with shipments of manganese iron lithium products growing over 100% year-on-year [6]. Group 3: Strategic Developments - The company invested approximately 175 million in strategic businesses, achieving a profit of 504 million in the ternary cathode business, with a net profit per ton of 420 yuan [5]. - The Korean factory achieved profitability for the first time, contributing to improved profitability and increased sales of high-nickel products [5]. - The company is set to start mass production and delivery of layered oxide cathode materials and polycation cathode materials in early 2025, with significant orders already secured [6].