[SMM Analysis] Ternary cathode material production in October increased by 11.58% MoM.

In October 2025, domestic ternary cathode material production achieved significant growth, up 11.58% MoM and 43.08% YoY. The overall industry operating rate continued to rebound to 55%.

From a product structure perspective, driven by robust demand in the domestic EV market, the share of 6-series materials further increased to 44.00%. Although 5-series materials faced cost pressure, demand from the EV sector for 5-series also performed well this month, with its share slightly rising to 14.81%. The share of high-nickel materials was correspondingly squeezed, with the shares of 8-series and 9-series being 25.75% and 13.38%, respectively.

In the EV market, driven by expectations of subsidy phase-out next year and bullish sentiment on raw materials, Q4 demand performed strongly, and the high-growth momentum is expected to continue until year-end. Demand in the small power and consumer markets was relatively mediocre recently. Overall, market demand in November is expected to remain positive, with the production schedule continuing its slight rise, up 1.37% MoM and 39.76% YoY.