[SMM Analysis] Energy Density Demand Surges, Silicon Carbon Anode Expansion Hits the "Fast-Forward Button"

As the demand for high energy density from high-end batteries continues to surge, top-tier enterprises' silicon carbon anode products based on the CVD route have successively passed downstream client verification and achieved large-scale shipments. Driven by this, the silicon carbon anode industry ushered in a wave of 10kt-level capacity expansion in Q1 2026.

1. Ganzhou Litan: Total investment of 80 million yuan, of which environmental protection investment was 1.45 million yuan. Upon completion, the project will form an annual production scale of 500 mt of silicon carbon anode material.
2. Epnuo (Shenzhen) New Energy Technology Group Co., Ltd.: 20,000 mt silicon carbon anode project will be located in the Anqing area of Songshan Industrial Park, expected to break ground in March 2026 and commence production by the end of 2026, with fixed asset investment of approximately 1.2 billion yuan.
3. Lichen (Jiangshan) New Materials Co., Ltd.: plans to implement a 5,000 mt silicon carbon anode project in two phases. Phase I plans to invest 340.8199 million yuan to form an annual capacity of 2,000 mt of silicon carbon anode material at the program of large-scale equipment upgrades and consumer goods trade-ins industrial park in Jiangshan Economic Development Zone, and plans to be completed and put into production in February 2027. Phase II plans to invest 423.1851 million yuan to form an annual capacity of 3,000 mt of silicon carbon anode material at the program of large-scale equipment upgrades and consumer goods trade-ins industrial park in Jiangshan Economic Development Zone, and plans to be completed and put into production in December 2028.
4. Shanghai Keyun Industrial Co., Ltd.: plans to build an annual capacity of 10,000 mt of porous carbon and 3,000 mt of silicon carbon anode material, achieving an output value of no less than 1 billion yuan.
5. Zhuhai Hechuang New Energy Materials Co., Ltd.: began construction of an annual 2,000 mt silicon carbon anode material production project in March 2026. The total project investment is 120 million yuan, of which environmental protection investment is 8 million yuan, and the project plans to commence production in May 2026.
6. Zhejiang Geyuan Silicon Materials Co., Ltd.: plans to build a 6,000 mt silicon carbon anode project in two phases. Phase I has a total investment of approximately 250 million yuan, with fixed asset investment of approximately 210 million yuan, to build an annual capacity of 2,000 mt of new-type nano silicon carbon anode material for lithium-ion batteries; Phase II has a total investment of approximately 1.05 billion yuan, with fixed asset investment of approximately 860 million yuan, to build an annual capacity of 4,000 mt of new-type nano silicon carbon anode material for lithium-ion batteries.

This round of capacity expansion centers on CVD technology, driving cost reduction, penetration rate improvement, and market landscape optimization. Going forward, technological strength, scalability, and client resources will determine the winners among enterprises.

SMM New Energy Industry Research Department

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Chen Bolin 021-51666836

Xu Mengqi 021-20707868