Obvious Pattern of Capacity Differentiation: Leading battery enterprises such as CATL and BYD have maintained a capacity utilization rate of over 80% due to their technological and customer advantages, with some enterprises even operating at full capacity. In contrast, small and medium-sized enterprises (SMEs) generally have a capacity utilization rate of less than 30% due to backward technology and high costs, and some are in a state of shutdown or semi-shutdown.
Accelerated Advancement of Technological Innovation: Breakthroughs have been made in the field of solid-state batteries. CATL's sulfide all-solid-state battery has achieved a single-cell energy density of over 500 Wh/kg, and small-batch production is expected to start in 2027. Gotion High-Tech's automotive-grade sulfide all-solid-state battery "Jinshi Battery" has an energy density exceeding 400 Wh/kg, and vehicle-mounted verification was launched in 2025. In addition, fast-charging technology has also made continuous progress. The Tianxing Logistics Super-Charging Version battery launched by CATL can achieve 4C super charging, replenish 60% SOC in 12 minutes, and has an ultra-long range of 350 km.
New Characteristics in Import and Export: From January to September 2025, China's export value of lithium-ion batteries reached 55.38 billion US dollars, a year-on-year increase of 26.75%. However, exports to the United States declined, and the export market showed a pattern of "decline in Europe and rise in Southeast Asia". In terms of imports, China's external dependence on lithium resources remains at 58%, with the main import sources being Australia, Chile, Argentina, etc.
Improved Profitability of Enterprises: Taking CATL as an example, in the first three quarters of 2025, CATL achieved a total revenue of 283.1 billion yuan, a year-on-year increase of 9.3%; its net profit attributable to shareholders reached 49 billion yuan, a significant year-on-year increase of 36.2%; and its non-net profit attributable to shareholders was 43.6 billion yuan, a year-on-year increase of 35.6%, showing a marked improvement in profitability.
Further Increase in Industry Concentration: Leading enterprises have responded to the surging demand through intensive capacity expansion. For instance, after the commissioning of the second phase of CATL's Luoyang base, its annual capacity increased by 30 GWh, and the third and fourth phases of the project are being accelerated. BYD launched a new 5 billion yuan power battery capacity expansion project in Zhengzhou. With the expansion of leading enterprises and the withdrawal of SMEs, the industry concentration has continued to increase.
