[SMM Analysis] Silicon-Carbon Sector Sees Frenzied Capacity Expansion, Industry Competition on the Verge of Breaking Out

As global demand continues to climb, anode material, as one of the core materials for lithium batteries, saw multiple projects initiated in May, with silicon-based routes becoming a key focus of deployment.

1. Tianmu Pioneer: Investing 5 billion yuan to build an integrated project with annual capacity of 50,000 mt of silicon carbon anode and 30,000 mt of porous carbon, advancing in two phases. Phase I will build production lines for 20,000 mt/year of silicon carbon anode material and 10,000 mt/year of porous carbon; Phase II will build production lines for 30,000 mt of silicon carbon anode material and 20,000 mt of porous carbon. Once fully operational, annual output value is expected to exceed 10 billion yuan.

2. Lanxi Zhide (Zigong, Sichuan): Focusing on the high-performance silicon carbon anode segment, launching a series of new material projects with overall planned capacity corresponding to an output value of 5 billion yuan, adopting a three-phase step-by-step construction model to steadily expand silicon-based anode capacity.

3. Anhui Huike New Energy (Anhui): Planning 40,000 mt of anode material capacity.

4. Qingdao Huateng Graphite Technology (Shandong): Specializing in R&D and production of silicon carbon composite anode materials, planning 39,000 mt of silicon-based anode capacity, corresponding to an output value of 390 million yuan.

5. Xinjiang Century Poplar New Material Technology Co., Ltd.: The project plans to build a 1,000 mt porous carbon production line and a 200 mt new-type silicon carbon anode material production line, focusing on supporting production line infrastructure.

6. Shijiazhuang Nasi New Energy Materials Co., Ltd. (a wholly-owned subsidiary of Shangtai Technology, a publicly listed firm): Leveraging the listed company's technological and resource advantages, investing 86.9749 million yuan to build a new 500 mt/year lithium battery silicon carbon anode material project, strengthening its presence in the high-end silicon-based anode sector.

7. Carbon One New Energy: Planning 200,000 mt of large-scale lithium battery anode material capacity. The project's core products focus on traditional graphite-based anodes, with natural graphite modification and precision coating processes as the core technology route, featuring large-scale, high-stability traditional anode products to improve the industry's foundational capacity support.

Overall, China's lithium battery anode industry is expected to enter a period of concentrated release of high-quality new capacity in 2027, with silicon-based anode becoming the primary growth direction. However, large-scale concentrated commissioning may lead to a phase of overcapacity, intensified market competition, and profitability under pressure across the industry. At that time, quality enterprises with core technology barriers, stable relationships with leading clients, and high-end mass production capabilities will secure core competitive advantages in the new round of industry reshuffle, achieving dual improvements in market share and profitability.

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