Putailai's anode membrane sales are expected to increase by 160% in 2025, aiming to enter the top six in the industry, with the negative electrode material business awaiting a breakthrough

Amid increasing competition in the lithium battery industry, Putailai has achieved a performance breakthrough through diversified business expansion. According to the latest financial report, the company’s net profit in 2025 nearly doubled, and revenue hit a record high, successfully emerging from its previous low performance. Notably, its lithium battery separator and equipment businesses are experiencing explosive growth, while its traditional anode material business faces transformation pressures.

As a leading global coated separator manufacturer, Putailai achieved a coating separator processing volume of 10.942 billion square meters in 2025, up 56.3% year-over-year, capturing 35.3% of the global market share. More impressively, its base film business made breakthrough progress—shipments of base film surged 160.5% year-over-year to 1.495 billion square meters, ranking sixth in the industry. This leap forward is attributed to its unique vertical integration strategy; by independently developing base film production equipment, the company has not only broken through overseas technology restrictions but also increased single-line capacity to an internationally leading level. Currently, its mass production equipment has an annual capacity of 200 million square meters, with new-generation equipment exceeding 300 million square meters, offering significant cost advantages.

The equipment business has become another key growth driver. The financial report shows that new orders in this segment reached 5.427 billion yuan in 2025, a 130.9% increase year-over-year. This explosive growth is driven by the restart of downstream lithium battery companies’ expansion cycles and the demand for equipment upgrades due to technological iteration. The company’s dedicated retrofit service division has established stable order intake capabilities and is expected to become a new profit growth point. Notably, its subsidiary Jiatuo Intelligent has initiated the process of listing on the Beijing Stock Exchange. Its products cover equipment for all stages of lithium battery manufacturing and extend into emerging fields such as sodium batteries and perovskite solar cells.

However, the traditional anode material business shows clear differentiation. In 2025, shipments increased only 8.1% to 143,000 tons, far below the industry average growth rate of 38.1%. Capacity utilization issues are also prominent; with an annual capacity of 250,000 tons, only 143,000 tons were shipped. The company explains this as a strategic adjustment—controlling the shipment scale of low-value products and focusing on developing high-cost-performance, differentiated products. This strategic transformation will face challenges in 2026, but the company plans to achieve a shipment target exceeding 250,000 tons through the release of high-quality capacity at Sichuan Zichen.

In terms of technological reserves, Putailai has made substantial progress in silicon-carbon anodes. In 2025, this product achieved mass production supply to consumer battery clients, but remains in the validation stage for the power battery market. The company admits that high current costs limit broader application, mainly focusing on 3C electronics and power tools. As material costs decrease and production efficiency improves, a larger market is expected to open in the future. Its technology indicators in new materials such as biomass graphite and hard carbon have reached industry-leading levels, but short-term scale effects are still difficult to realize.

This evolution in business structure reflects a trend of deep industry integration in the lithium battery sector. From anode materials to separators, from raw materials to manufacturing equipment, Putailai is building a unique industry closed-loop by continuously extending upstream. This strategic choice offers cost advantages and supply chain control but also involves massive capital expenditure and transitional pains. Particularly in the anode material field, the company needs to balance maintaining healthy cash flow with capturing market share. Its target of a 70% shipment growth rate in 2026 will test the effectiveness of this strategic adjustment.