关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电、封面图： 图虫创意 ICC鑫椤锂电数据显示，2 0 2 5年中国锂电铜箔有效产能1 2 4 . 5万吨，全年国内锂电铜箔总产量1 0 3 . 5 万吨，同比增长2 7 . 9 %。 加工费方面： 6 微米铜箔加工费较去年略有增长，目前市场均价 1.8-2.2 万元 / 吨。 5 微米与 4.5 微米铜箔因下游需求强劲、规模化生产推进，加工费较去年高位显著回落，目前市场均价 2.4-3.2 万 元 / 吨。 铜价与加工费双上涨 成本端： 铜矿供给方面： 2025 年全球铜矿供应扰动频发 。 一季度印尼暂停铜精矿出口、自由港铜矿减产；二 季度紫金矿业刚果（金）卡莫阿铜矿因地震减产 15 万吨； 7 月底智利 EI Teniente 铜矿因矿难停 产； 9 月初自由港 Grasberg 铜矿事故停产，预计 2027 年才恢复至事故前产能。 根据 国际铜研究组织（ ICSG ）发布的数据显示， 8—9 月全球铜矿产量同比负增长， 2025 年全球 铜矿产量预计下降 0.12% ，其中三季度全球二十大铜矿产量 ...

Summary of Lithium Battery Copper Foil Industry Conference Call Industry Overview - The lithium battery copper foil industry is experiencing tight supply and demand due to increased requirements from both energy storage and power batteries, leading to a significant rise in capacity utilization rates, with many companies operating at near full capacity. It is expected that the operating rate will exceed 90% in Q4 2025 [1][2][10]. Key Points - **Demand Shift**: The energy storage sector is rapidly shifting towards thinner 4.5-micron copper foil to enhance energy density, despite a 10%-15% increase in procurement costs. This shift results in a 20% increase in total square footage, making it economically beneficial overall [1][6]. - **Production Challenges**: Initial production of 4.5-micron copper foil faced technical challenges such as roll length, pinholes, and breakage. However, these issues have been largely resolved through technological upgrades, allowing leading manufacturers to supply high-quality products consistently [1][4][5]. - **Cost Dynamics**: Overall copper foil costs are declining, with increased selling prices and output volumes. The market has largely moved away from producing 6-micron or 8-micron copper foil, focusing instead on 5-micron and 4.5-micron products [1][7][10]. - **Market Penetration**: The market penetration rate for 4.5-micron copper foil has reached 40%-50%, with most manufacturers discontinuing 8-micron and 6-micron products [1][8]. - **Profitability**: The profitability of 4.5-micron copper foil is significant, with production costs ranging from 23,000 to 26,000 yuan per ton, while 6-micron foil is barely breaking even [11][12][14]. - **Future Trends**: The market is expected to remain tight through 2026, with ongoing price increases for 4.5-micron and thinner copper foils. The industry is also encouraged to raise prices to prevent low-quality competition [3][10][17]. Additional Insights - **Production Capacity**: Current production capacity is being maximized, with orders extending into August of the following year. The overall market production has increased by approximately 20% [16][20]. - **Price Increase Trends**: There is a clear trend of price increases across the industry, with associations encouraging price hikes to maintain reasonable profit margins [17]. - **Shared Production Lines**: The production lines for energy storage and power battery copper foils are shared, which will influence future production schedules based on demand fluctuations [18]. - **Customer Lock-in**: Downstream customers are seeking to lock in production capacity to ensure stable supply, which poses challenges for suppliers in maintaining flexibility [19]. Conclusion The lithium battery copper foil industry is poised for growth driven by technological advancements and increasing demand for thinner products. The focus on 4.5-micron copper foil is reshaping the market dynamics, with significant implications for pricing, production capacity, and profitability.

Core Viewpoint - The lithium battery copper foil industry is experiencing a rebirth driven by cost reduction and technological innovation after a challenging period of losses over the past two years [3][4]. Industry Overview - From 2014 to 2023, lithium battery copper foil sales surged from less than 50,000 tons to nearly 500,000 tons, with total industry capacity increasing by over 120% from 2022 to 2023 due to a production expansion initiated in 2020 [3][5]. - In 2023, China's lithium battery copper foil production capacity reached 950,000 tons, with a total electrolytic copper foil capacity of 1,563,000 tons per year [5]. Financial Performance - Major listed companies in the copper foil sector faced significant losses in 2024, with losses ranging from 84 million yuan to 352 million yuan [4][6]. - The overall product gross margin for the lithium battery copper foil sector plummeted from 20% in previous years to 4.84% in 2023, and further down to 0.14% in 2024 [6]. Recovery Signs - In Q1 2025, six out of the top ten listed companies in the copper foil sector reported positive net profit growth, indicating a potential turning point for the industry [7]. - Factors contributing to the recovery include cost reduction through optimized processes and an increase in the proportion of high-value-added products [4][7]. Market Dynamics - The market is transitioning towards thinner copper foils, with 6-micron copper foil currently being the mainstream product, while demand for even thinner products like 4.5-micron and 3-micron foils is increasing [4][11]. - The processing fee for lithium battery copper foil peaked in April 2022 but has since declined significantly, with expectations of stabilization in the near future [5][10]. Future Outlook - The industry anticipates a gradual improvement in supply-demand dynamics as low-end capacity is phased out and market consolidation occurs [6][10]. - The market for ultra-thin copper foils (less than 6 microns) is expected to grow, with projections indicating that their market share could rise from 15% to 30-40% by the end of 2025 [11][12].

Core Viewpoint - Nord Shares (诺德股份) has secured significant high-end copper foil orders, which are expected to enhance its core competitiveness and positively impact its financial performance in 2025 [1][2] Group 1: Recent Orders and Agreements - Nord Shares' subsidiary, Shenzhen Baijiada New Energy Materials Co., Ltd., signed a procurement contract with Jiangsu Trina Storage Co., Ltd. for 4.5-micron copper foil, valued at approximately 200 million RMB [1] - A strategic cooperation framework agreement was established with Honeycomb Energy Technology Co., Ltd., projecting a procurement volume of 50,500 tons of lithium battery copper foil over the next three years, estimated at around 5.05 billion RMB based on recent pricing [1] - Earlier in February, Baijiada reached a supply framework agreement with Zhongchuang Innovation Aviation for 45,000 tons of copper foil products, with a significant portion expected to be 4.5-micron electrolytic copper foil [1] Group 2: Market Position and Product Development - The company is focusing on technological innovation and has achieved mass production of ultra-thin lithium battery copper foil (3 to 5 microns), positioning itself among the few global suppliers capable of such production [2] - The product structure is being optimized towards high-end and diversified applications, with a consistent increase in orders for 4.5-micron products since Q1 2024, maintaining a leading gross margin in the industry [2] - High-end copper foil products command significantly higher processing fees compared to lower-end products, suggesting that companies with a higher proportion of high-end products, like Nord Shares, are likely to see improved profitability as market demand rises [2]

诺德股份（600110）公告，全资孙公司深圳百嘉达新能源材料有限公司与江苏天合储能有限公司签订了 2025年度《采购合同》。合同约定天合储能向百嘉达采购4.5微米铜箔，合同金额约2亿元人民币。该协 议自双方签字并盖章之日起生效，将对公司2025年经营业绩产生积极影响。 ...