In 2024, anode material prices hovered at low levels, putting pressure on corporate profitability. However, overall demand increased, and the capacity utilisation rate of several top-tier enterprises improved YoY. According to interviews conducted by reporters from the Financial Associated Press, price hike expectations are gradually emerging in the anode material industry. Some analysts predict that prices for certain anode material models may rise slightly in Q1 next year, with processing fees for top-tier enterprises expected to increase by 500–1,000 yuan/mt in January.
Citi analysts released a research report stating that lithium battery prices may have already hit bottom and could rise slightly in 2025. After attending an industry event, the analysts noted that an increasing number of industry participants "are less pessimistic compared to three months ago." The analysts pointed out that CATL's battery production is expected to grow by 30%-50% in 2025, while BYD and other second-tier producers may see production growth of 50%-100%. They added that if battery manufacturers achieve the strong expectations for 2025, "utilisation rates across the battery supply chain could increase significantly, potentially leading to more sustainable price increases across the entire value chain."
According to the Financial Associated Press thematic database, among the related publicly listed firms:
Shangtai Technology is primarily engaged in the independent R&D and production of artificial graphite anode materials, ranking among the top five in domestic market share for lithium battery anode materials.
Putailai focuses on the R&D, production, and sales of anode materials and graphitisation processing for new energy batteries, as well as separator and coating processing, automated equipment, PVDF and adhesives, aluminum-plastic packaging films and optical films, nano-alumina, and boehmite.
