Beijing SE · Li-ion anode materials · world #1 (15 straight years)
BTR New Material Group Co., Ltd
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.
835185.BJ Updated Jul 12, 2026 3 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · 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.
- Customer 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.
- Segments · Anode materials · Silicon anode · Cathode materials
Revenue from
- CATL High confidence· Market share 21% · 2025 · BTR global anode shipment share (retained No.1; FY2025 shipments ~600kt)
BTR supplies anode material to CATL, the world's largest battery cell maker, as a core customer.Confirms ZH Exchange filing (cninfo/BSE) Published Apr 24, 2026: BTR New Material FY2025 Annual Report (BSE 920185)Confirms ZH Sina disclosure (BSE filing) Published Apr 25, 2025: BTR New Material 2024 annual reportConfirms EN BTR New Material Published Aug 7, 2024: BTR, the world's leading anode materials manufacturerConfirms ZH OFweek Li-Battery Published Nov 17, 2021: BTR leads the Beijing exchange with a near-90bn RMB market cap - BYD High confidence
BTR supplies anode material to BYD, China's largest EV and battery maker.Confirms EN PR Newswire Published Aug 7, 2024: BTR's Indonesian facility becomes largest anode plant outside ChinaConfirms ZH OFweek Li-Battery Published Nov 17, 2021: BTR leads the Beijing exchange with a near-90bn RMB market cap - Panasonic Energy High confidence
BTR supplies anode material to Panasonic, a core overseas customer that makes cylindrical cells for Tesla.Confirms EN BTR New Material Published Aug 7, 2024: BTR, the world's leading anode materials manufacturerConfirms ZH OFweek Li-Battery Published Nov 17, 2021: BTR leads the Beijing exchange with a near-90bn RMB market cap - Korean cell makers (LG Energy Solution, SK On, Samsung SDI) Medium confidence
The three Korean cell makers (LG Energy Solution, SK On, Samsung SDI) are also major overseas customers of BTR.Confirms EN BTR New Material Published Aug 7, 2024: BTR, the world's leading anode materials manufacturer
Pays to
- 흑연 원료·코크스 (천연흑연·석유/침상코크스) Medium confidence
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. - 전력 (흑연화 공정) Medium confidence
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.Confirms EN PR Newswire Published Aug 7, 2024: BTR's Indonesian facility becomes largest anode plant outside China
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Mazda Motor | lead2 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| SAIC Motor | lead2 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| BYD Electronics | lead2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| UBTech Robotics | lead2 | · | · | · | -21.6 | +95.4 | -39.2 |
| Panasonic Energy | lead1 | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +113.2 |
| CATL | lead1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| BYD | lead1 | -6.5 | +10.5 | -28.5 | +58.9 | +8.7 | -12.7 |
| BTR New Material Group Co., Ltd | node | · | · | · | · | · | · |
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 generated from returns as of 2026-07-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Huayuan Securities · 赵昊 | 增持 | — | Sep 3, 2025 | Report ↗ |
| Kaiyuan Securities · 诸海滨 | 增持 | — | Sep 2, 2025 | Report ↗ |
| Minsheng Securities | 推荐 | — | Aug 30, 2025 | Report ↗ |
Initiates coverage at Accumulate (buy) on BTR's anode-material leadership, projecting 2025-27 net profit of RMB1.17bn/1.45bn/1.80bn at 25.2x/20.2x/16.4x P/E.