{"slug":"btr-new-material","name":"BTR New Material","name_en":"BTR New Material Group Co., Ltd","ticker":"835185.BJ","updated_at":"2026-07-12T06:19:05.041782+00:00","canonical":"https://valuechain.wiki/btr-new-material","same_as":["https://finance.yahoo.com/quote/835185.BJ"],"citable":"밸류체인 그래프 기준 BTR New Material의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 11곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, BTR New Material Group Co., Ltd is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 11 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"베이징거래소 · 리튬이온 음극재 · 세계 1위(15년 연속)","kicker_en":"Beijing SE · Li-ion anode materials · world #1 (15 straight years)","lead":"BTR신소재(贝特瑞)는 리튬이온전지 음극재 세계 1위 기업으로, 15년 연속 출하량 글로벌 1위를 지켰다. 2024년 매출은 142.37억 위안, 음극재 출하량은 43만톤을 넘어 세계 점유율 21%를 웃돈다. CATL·BYD·파나소닉·LG에너지솔루션·SK온·삼성SDI 등 세계 주요 셀 업체를 고객으로 두고, 인도네시아에 중국 밖 최대 음극재 공장을 세웠다.","lead_en":"BTR New Material is the world's top maker of lithium-ion battery anode materials, ranked first in shipments for fifteen consecutive years. In 2024 it posted revenue of RMB 14.237 billion and shipped more than 430,000 tonnes of anode material, holding over 21% of the global market. Its customers include the leading cell makers CATL, BYD, Panasonic, LG Energy Solution, SK On and Samsung SDI, and it has built the largest anode plant outside China in Indonesia.","segments":{"fy":2025,"parts":[{"desc":"천연·인조 흑연 음극재. 2025년 출하 약 60만톤(+40%), 매출 135.15억 위안(전체의 79.58%)으로 세계 1위 유지. 물량 급증(+40%)에도 매출은 +19%에 그쳐 흑연 판가 하락이 지속됐다.","name":"음극재 (负极材料)"},{"desc":"실리콘카본·실리콘옥사이드 등. 세계 시장 점유 70%+로 캐파·출하 업계 1위, 차세대 성장 축.","name":"실리콘 음극재 (硅基负极)"},{"desc":"고니켈 삼원계 양극재 등. 2025년 매출 30.33억 위안(전체의 17.86%).","name":"양극재 (正极材料)"}],"total":"매출 169.83억 위안(+19.29%), 归母순이익 8.75억 위안(-5.93%), 营업이익 13.40억(+16.71%). 음극재 출하 약 60만톤(+40%) — 물량 급증에도 매출은 +19%에 그쳐 흑연 판가 약세가 이어졌다.","source":"http://dataclouds.cninfo.com.cn/sjother2/bse_onmarket/2026/20260424/7fb34b543ff011f18c72fa163e296ac0.pdf","concentration":"셀 대형 고객 집중도 높음(2020년 5대 고객 매출 비중 62.6%). 주요 고객 CATL·BYD·파나소닉·LG에너지솔루션·SK온·삼성SDI."},"segments_en":{"fy":2025,"parts":[{"desc":"Natural and synthetic graphite anode. 2025 shipments ~600kt (+40%), revenue RMB13.515bn (79.58% of total), retaining world No.1. Despite +40% volume, revenue rose only +19% as graphite ASP kept falling.","name":"Anode materials"},{"desc":"Silicon-carbon and silicon-oxide anode. 70%+ global share, No.1 in capacity/shipments — the next growth axis.","name":"Silicon anode"},{"desc":"High-nickel NCM cathode, etc. 2025 revenue RMB3.033bn (17.86% of total).","name":"Cathode materials"}],"total":"Revenue RMB16.983bn (+19.29%), net income attrib. RMB875m (-5.93%), operating profit RMB1.340bn (+16.71%). Anode shipments ~600kt (+40%) — despite the volume surge revenue rose only +19% as graphite ASP stayed weak.","source":"http://dataclouds.cninfo.com.cn/sjother2/bse_onmarket/2026/20260424/7fb34b543ff011f18c72fa163e296ac0.pdf","concentration":"High cell-customer concentration (top-5 customers were 62.6% of revenue in 2020). Key customers CATL, BYD, Panasonic, LG Energy Solution, SK On and Samsung SDI."},"returns_yearly":null,"return_asof":null,"value_chain":{"leading":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":3,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"geely-auto","name":"지리자동차","name_en":"Geely Auto","tier":2,"returns_yearly":{"2021":-40.8,"2022":-22.9,"2023":-40.3,"2024":98.5,"2025":14.5,"2026":18.9}},{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":2,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":2,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"saic-motor","name":"상하이자동차(SAIC)","name_en":"SAIC Motor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-16.2,"2023":-6.8,"2024":29.1,"2025":-17.2,"2026":-28.4}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":2,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"panasonic-energy","name":"파나소닉 에너지","name_en":"Panasonic Energy","tier":1,"returns_yearly":{"2021":-5.7,"2022":-1.6,"2023":20.1,"2024":16.6,"2025":36.2,"2026":113.2}},{"slug":"catl","name":"CATL","name_en":"CATL","tier":1,"returns_yearly":{"2021":67.4,"2022":-21.4,"2023":-40.6,"2024":74.5,"2025":39.4,"2026":1.2}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":1,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}}],"benefiting":[],"analysis":"리튬이온전지 음극재 출하 세계 1위(점유 21%+·최다 연속)로, 흑연 음극재를 중심으로 실리콘 음극재(세계 70%+)·고니켈 양극재까지 넓힌 소재 거인이다. CATL·BYD·파나소닉·LG에너지솔루션·SK온·삼성SDI 등 세계 대형 셀 업체를 고객으로 물량 축은 견고하다. 논지의 핵심은 '점유율과 실적 시계가 별개'라는 점 — 2025년 음극재 출하가 약 60만톤(+40%)으로 급증했는데도 매출은 169.83억 위안(+19.3%)에 그쳐 흑연 판가 하락이 이어졌고, 归母순이익은 8.75억 위안(-5.93%)으로 오히려 뒷걸음쳤다. 즉 물량·점유율은 회복했지만 가격·이익 시계는 아직 바닥이며, 재평가의 방아쇠는 흑연 음극재 판가의 실질 반등과 실리콘 음극재 상용화 속도다. 원가 축은 석유·침상코크스와 흑연화 전력비로, 인도네시아 그린전력 공장으로 원가·탄소를 관리하며 중국 밖 최대 캐파를 확보했다(2026년 출하 80만톤 전망).","analysis_en":"The world No.1 in lithium-ion anode shipments (21%+ share, longest run), a materials giant that has widened from graphite anode into silicon anode (70%+ global) and high-nickel cathode. With Chinese and global cell makers — CATL, BYD, Panasonic, LG Energy Solution, SK On, Samsung SDI — as customers, its volume base is firm. The thesis is that share and the earnings clock are separate: 2025 anode shipments surged ~40% to ~600kt, yet revenue rose only +19% to RMB16.983bn as graphite ASP kept falling, and net income attributable actually slipped -5.93% to RMB875m. Volume and share have recovered, but the price/earnings clock is still at the bottom, and the re-rating trigger is a real rebound in graphite-anode pricing and the pace of silicon-anode commercialization. The cost axis is petroleum/needle coke and graphitization power, managed via its Indonesian green-power plant, the largest anode capacity outside China (2026 shipments guided ~800kt).","analysis_asof":"2026-07-04"},"edges":[{"direction":"revenue","counterparty":"CATL","counterparty_slug":"catl","confidence":"high","metric":{"type":"share","unit":"%","basis":"BTR 글로벌 음극재 출하 점유율(세계 1위 유지, FY2025 출하 약 60만톤)","value":21,"period":"2025","basis_en":"BTR global anode shipment share (retained No.1; FY2025 shipments ~600kt)"},"note":"세계 1위 배터리 셀 업체 CATL(宁德时代)에 음극재를 공급하는 핵심 고객 관계다.","note_en":"BTR supplies anode material to CATL, the world's largest battery cell maker, as a core customer.","sources":[{"stance":"confirms","publisher":"거래소 공시(cninfo/BSE)","publisher_en":"Exchange filing (cninfo/BSE)","kind":"filing","lang":"zh","published_at":"2026-04-24","url":"http://dataclouds.cninfo.com.cn/sjother2/bse_onmarket/2026/20260424/7fb34b543ff011f18c72fa163e296ac0.pdf","title":"BTR신소재 2025 연차보고서(베이징거래소 920185)","title_en":"BTR New Material FY2025 Annual Report (BSE 920185)","excerpt":"FY2025 연차보고서: 매출 169.83억(+19.29%), 음극재 출하 약 60만톤(+40%)·세계 1위, 음극 매출 135.15억(79.58%). CATL 등 대형 셀 고객 공급.","excerpt_en":"FY2025 annual report: revenue RMB16.983bn (+19.29%), anode shipments ~600kt (+40%), No.1; anode revenue RMB13.515bn (79.58%). Supplies major cell customers incl. CATL."},{"stance":"confirms","publisher":"증권시보(STCN)","publisher_en":"Securities Times (STCN)","kind":"news","lang":"zh","published_at":"2026-04-24","url":"https://www.stcn.com/article/detail/3815875.html","title":"BTR 2025 매출 169.83억(+19.29%)","title_en":"BTR 2025 revenue RMB16.98bn (+19.29%)","excerpt":"2025년 매출 169.83억(+19.29%), 归母순이익 8.75억(-5.93%), 营업이익 13.40억(+16.71%).","excerpt_en":"2025 revenue RMB16.983bn (+19.29%), net income attrib. RMB875m (-5.93%), operating profit RMB1.340bn (+16.71%)."},{"stance":"mentions","publisher":"vzkoo 리서치","publisher_en":"vzkoo research","kind":"research","lang":"zh","published_at":"2025-09-05","url":"https://www.vzkoo.com/read/20250905b4c63a4fec80bc3b9de5418c.html","title":"BTR 리서치: 전지소재 솔루션 리더","title_en":"BTR research: battery-materials solutions leader","excerpt":"리서치: 전지소재 솔루션 리더, 음극 물량 성장·실리콘 음극 70%+ 점유. 판가 반등이 관건.","excerpt_en":"Research: battery-materials solutions leader; anode volume growth and 70%+ silicon-anode share; ASP rebound is the key."},{"stance":"confirms","publisher":"Sina 공시(베이징거래소)","publisher_en":"Sina disclosure (BSE filing)","kind":"filing","lang":"zh","published_at":"2025-04-25","url":"https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=835185&id=10880465","title":"贝特瑞 2024年年度报告","title_en":"BTR New Material 2024 annual report","excerpt":"연차보고서 기준 매출 142.37억 위안, 음극재 출하 세계 1위(점유 21% 이상, 15년 연속). CATL 등 주요 셀 고객 공급.","excerpt_en":"Per the 2024 annual report: revenue RMB 14.237B, world No.1 anode shipments (21%+ share, 15 straight years), supplying CATL and other major cell makers."},{"stance":"confirms","publisher":"BTR신소재","publisher_en":"BTR New Material","kind":"ir","lang":"en","published_at":"2024-08-07","url":"https://www.btrchina.com/en/News/info.aspx?itemid=1243","title":"BTR, 음극재 세계 1위","title_en":"BTR, the world's leading anode materials manufacturer","excerpt":"BTR는 파나소닉·삼성SDI·LG에너지솔루션·SK온·CATL·BYD 등 주요 리튬이온전지 업체에 음극재를 공급한다고 공식 소개한다.","excerpt_en":"BTR states it supplies anode materials to major lithium-ion battery makers including Panasonic, Samsung SDI, LG Energy Solution, SK On, CATL and BYD."},{"stance":"confirms","publisher":"OFweek 리튬배터리망","publisher_en":"OFweek Li-Battery","kind":"news","lang":"zh","published_at":"2021-11-17","url":"https://libattery.ofweek.com/2021-11/ART-36002-8460-30535283.html","title":"베이터루이, 북증 시총 900억으로 선두","title_en":"BTR leads the Beijing exchange with a near-90bn RMB market cap","excerpt":"베이터루이의 주요 고객은 宁德时代(CATL)·比亚迪(BYD)·松下(파나소닉)·삼성SDI·LG·SK 등이라고 명시했다.","excerpt_en":"The article names BTR's main customers as CATL, BYD, Panasonic, Samsung SDI, LG and SK."}]},{"direction":"revenue","counterparty":"BYD","counterparty_slug":"byd","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"중국 최대 전기차·배터리 업체 BYD(比亚迪)에 음극재를 공급한다.","note_en":"BTR supplies anode material to BYD, China's largest EV and battery maker.","sources":[{"stance":"confirms","publisher":"PR뉴스와이어","publisher_en":"PR Newswire","kind":"news","lang":"en","published_at":"2024-08-07","url":"https://www.prnewswire.com/news-releases/btrs-indonesian-facility-becomes-largest-anode-plant-outside-china-302216431.html","title":"BTR 인도네시아 공장, 중국 밖 최대 음극재 생산기지로","title_en":"BTR's Indonesian facility becomes largest anode plant outside China","excerpt":"기사는 BTR의 주요 고객으로 파나소닉·삼성SDI·LG에너지솔루션·SK온·CATL·BYD를 명시한다.","excerpt_en":"The article names BTR's major clients as Panasonic, Samsung SDI, LGES, SK On, CATL and BYD."},{"stance":"confirms","publisher":"OFweek 리튬배터리망","publisher_en":"OFweek Li-Battery","kind":"news","lang":"zh","published_at":"2021-11-17","url":"https://libattery.ofweek.com/2021-11/ART-36002-8460-30535283.html","title":"베이터루이, 북증 시총 900억으로 선두","title_en":"BTR leads the Beijing exchange with a near-90bn RMB market cap","excerpt":"베이터루이의 주요 고객으로 比亚迪(BYD)가 CATL·松下 등과 함께 명시됐다.","excerpt_en":"The article names BYD among BTR's main customers alongside CATL and Panasonic."}]},{"direction":"revenue","counterparty":"Panasonic Energy","counterparty_slug":"panasonic-energy","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"테슬라향 원통형 배터리를 만드는 파나소닉(松下)에 음극재를 공급하는 해외 핵심 고객 관계다.","note_en":"BTR supplies anode material to Panasonic, a core overseas customer that makes cylindrical cells for Tesla.","sources":[{"stance":"confirms","publisher":"BTR신소재","publisher_en":"BTR New Material","kind":"ir","lang":"en","published_at":"2024-08-07","url":"https://www.btrchina.com/en/News/info.aspx?itemid=1243","title":"BTR, 음극재 세계 1위","title_en":"BTR, the world's leading anode materials manufacturer","excerpt":"BTR는 파나소닉을 포함한 주요 리튬이온전지 업체에 음극재를 공급한다고 밝힌다.","excerpt_en":"BTR states it supplies anode materials to major lithium-ion battery makers including Panasonic."},{"stance":"confirms","publisher":"OFweek 리튬배터리망","publisher_en":"OFweek Li-Battery","kind":"news","lang":"zh","published_at":"2021-11-17","url":"https://libattery.ofweek.com/2021-11/ART-36002-8460-30535283.html","title":"베이터루이, 북증 시총 900억으로 선두","title_en":"BTR leads the Beijing exchange with a near-90bn RMB market cap","excerpt":"베이터루이 천연흑연 음극재의 주요 수요처로 松下(파나소닉)가 명시됐다.","excerpt_en":"The article names Panasonic among the main buyers of BTR's natural-graphite anode material."}]},{"direction":"revenue","counterparty":"Korean cell makers (LG Energy Solution, SK On, Samsung SDI)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"한국 셀 3사(LG에너지솔루션·SK온·삼성SDI)도 BTR의 해외 주요 고객이다.","note_en":"The three Korean cell makers (LG Energy Solution, SK On, Samsung SDI) are also major overseas customers of BTR.","sources":[{"stance":"confirms","publisher":"BTR신소재","publisher_en":"BTR New Material","kind":"ir","lang":"en","published_at":"2024-08-07","url":"https://www.btrchina.com/en/News/info.aspx?itemid=1243","title":"BTR, 음극재 세계 1위","title_en":"BTR, the world's leading anode materials manufacturer","excerpt":"BTR는 삼성SDI·LG에너지솔루션·SK온 등 해외 주요 셀 업체에 음극재를 공급한다.","excerpt_en":"BTR supplies anode material to leading overseas cell makers including Samsung SDI, LG Energy Solution and SK On."}]},{"direction":"cost","counterparty":"흑연 원료·코크스 (천연흑연·석유/침상코크스)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"음극재의 핵심 원가는 천연흑연과 인조흑연의 원료인 석유·침상코크스, 그리고 흑연화 전력비다. 2025년 매출 169.83억에 대응하는 원가로, 흑연 판가 약세가 이어져 물량 +40%에도 이익이 눌렸다(개별 원료 매입가 미공시).","note_en":"The main input cost is graphite feedstock, natural graphite and the petroleum/needle coke behind artificial graphite; 2024 cost of sales was RMB 10.96B.","sources":[{"stance":"confirms","publisher":"증권시보","publisher_en":"Securities Times","kind":"news","lang":"zh","published_at":"2025-04-15","url":"https://www.stcn.com/article/detail/1665254.html","title":"정진하는 베이터루이, 2024년 순이익 9.3억 위안","title_en":"BTR posts RMB 930M net profit for 2024","excerpt":"2024년 베이터루이 매출은 142.37억 위안, 매출원가는 109.6억 위안, 매출총이익률은 23.02%로 개선됐다.","excerpt_en":"BTR's 2024 revenue was RMB 14.237B, cost of sales RMB 10.96B and gross margin improved to 23.02%."}]},{"direction":"cost","counterparty":"전력 (흑연화 공정)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"흑연화는 전력 집약 공정이라 전기료가 주요 원가다. BTR는 인도네시아 공장을 태양광 등 그린 전력으로 돌려 전력 비용·탄소를 관리한다.","note_en":"Graphitization is power-intensive, so electricity is a major cost; BTR runs its Indonesia plant on green power including solar to manage energy cost and carbon.","sources":[{"stance":"confirms","publisher":"PR뉴스와이어","publisher_en":"PR Newswire","kind":"news","lang":"en","published_at":"2024-08-07","url":"https://www.prnewswire.com/news-releases/btrs-indonesian-facility-becomes-largest-anode-plant-outside-china-302216431.html","title":"BTR 인도네시아 공장, 중국 밖 최대 음극재 생산기지로","title_en":"BTR's Indonesian facility becomes largest anode plant outside China","excerpt":"인도네시아 공장은 10MWh 이상의 태양광 발전을 포함한 그린 전력으로 가동된다.","excerpt_en":"The Indonesia facility operates on green power, including a photovoltaic plant exceeding 10 MWh capacity."}]}]}