[SMM Analysis] Ternary Cathode Material Production Rose 2.61% MoM in September

In September 2025, domestic ternary cathode material production maintained growth, up 2.61% MoM and 31.52% YoY.

The overall industry operating rate continued to rebound, reaching 49%. By product structure, the share of 6-series materials increased significantly to 41.33%, crowding out other series, with the 5-, 8-, and 9-series accounting for 14.66%, 27.8%, and 14.17%, respectively. The share of 6-series materials is expected to remain high in Q4.

EV market side, it is still the traditional peak sales season, with some car models performing well in sales. Due to the expected phase-out of some subsidy policies next year, a certain sales rush is anticipated in Q4 this year; meanwhile, the launch of multiple new models at year-end will also support the production side. Consumer market side, overall demand in September was stable, but due to the recent significant rise in raw material prices, coupled with downstream battery cell manufacturers' expectations of further price increases, the procurement pace accelerated, driving a corresponding increase in production. In October, with the approach of the "Double 11" shopping festival, a certain stockpiling demand is expected.

Overall, the industry production schedule in October is expected to continue rising, up about 4.29% MoM and 33.72% YoY.