Supply Chain

Chinaʼs Industry for Cathode Materials III - Overall DOMESTIC MARKET SHARE TOP 5 2025 H1

CHINESE SHARE OF GLOBAL MARKET

CAPACITY EXPANSION 10K TONS

Youshan

Shenghua

Core Competitive Advantages

Industry Overview

Chinese cathode material companies have formed a diversified product matrix including LFP, NCM, LCO, and LMFP, covering all application needs. Through vertical integration from "resources-precursors-cathode materials-recycling," they have built cost advantages and supply chain resilience. Leading companies are actively expanding overseas.

China's cathode material industry has formed the world's most complete product system. In H1 2025, LFP accounted for 77% of total cathode material shipments, with NCM making up about 20%. This diversified portfolio allows Chinese companies to flexibly meet the needs of different application scenarios.

Source: itdcw, SMM, GGII, EVTANK

Leading companies like Hunan Yuneng, Ronbay Technology, Dynanonic, and Wanrun New Energy have consolidated leading positions. Technological iteration continues to accelerate with ultra-high-nickel and mid-nickel/high-voltage materials, while solid-state battery cathode materials achieved ton-level shipments.

Extracted from the PDF; charts and images may read imperfectly.