Differentiation in the performance of lithium battery companies "against internal curling" reshapes the competitive landscape.

In the first half of 2025, the lithium battery industry continues to experience a phased imbalance in supply and demand. With the increasing fierce market competition, industry reshuffling is accelerating, and performance differentiation is emerging among companies. In the upstream of the industrial chain, fluctuating lithium prices further challenge profitability, and self-sufficiency in resources and cost control capabilities become the watershed for performance. Tianqi Lithium is accelerating the digestion of high-priced inventory from earlier periods, coupled with the continuous arrival of domestically purchased lithium concentrates, leading to a decrease in production costs. It is expected to turn losses into profits in the first half of the year; Yongxing Materials, with a relatively high lithium mine self-sufficiency rate, remains profitable with a net profit of 4.01 billion yuan. Ganfeng Lithium has narrowed its losses compared to the same period last year through integrated deployment to smooth out cyclical fluctuations. In contrast, short-term pressure is greater for lithium salt manufacturers such as Shengxin Lithium Energy and Jiangte Electric, with loss levels expanding in the first half of the year. Faced with compressed profit margins, the lithium battery industry has initiated a "anti-inward movement" campaign, calling for "not folding prices but folding values," which is expected to drive capacity clearance and optimization, potentially leading to a window for industry chain profitability repair.