【Daily Research Report Analysis · Putailai】

(Source: Wealth Online Technology)

The company was established in November 2012 and listed on the Shanghai Stock Exchange in November 2017. It serves the lithium-ion battery market, which is a key segment in clean energy, energy conservation, environmental protection, and high-efficiency energy storage industries. The company is committed to becoming a leading global provider of key materials for new energy batteries and automated equipment solutions.

The company aims to be a comprehensive solutions provider and platform enterprise for key materials and automation equipment and services in new energy batteries.

Its main businesses include anode materials, coated separators, PVDF and binders, composite current collectors, nano-alumina and boehmite, aluminum-plastic packaging films, and other new energy battery materials. It also provides automated process equipment and intelligent manufacturing systems for the new energy battery and materials industry.

Through resource sharing and industry synergy among its businesses in anode materials, membrane materials, coating, and automation equipment, the company offers diversified, differentiated, and specialized product combinations and integrated services to customers.

Company Highlights:

1. Focused on a platform for new energy materials and equipment.

The company is a comprehensive solutions provider and platform enterprise for key materials, automation equipment, and process technology in new energy batteries. Its main businesses include functional materials such as anode materials, coated separators, PVDF and binders, composite current collectors, nano-alumina, and boehmite. It also offers battery electrode tab manufacturing services and automated equipment and services for new energy batteries.

2. Benefiting from growth in energy storage and power batteries for lithium batteries.

As demand for power and energy storage lithium batteries increases, the demand for key materials like cathode and anode materials, separators, etc., will continue to benefit.

According to GGII data: By 2025, China’s lithium battery separator shipments will reach 32.3 billion square meters, a year-on-year increase of 44.84%. Wet-process separators account for 82.66% of shipments, up 5.08 percentage points from 2024.

China’s anode material shipments reached 2.9 million tons, a year-on-year increase of 39.42%. Among them, artificial graphite shipments totaled 2.67 million tons, accounting for 92.07%, a recent high. With growing demand from power and energy storage batteries, China’s demand for lithium battery key materials is expected to maintain double-digit growth.

3. The company’s new energy battery materials and services are recovering and will continue to grow through 2026.

Main products include anode materials, separator coating, and membrane materials, which include separator base films, ceramic coating materials, PVDF, and its derivatives.

In 2025, sales of anode materials reached 143,000 tons, up 8.09% year-on-year (below industry average); coated separator sales were 10.941 billion square meters, up 56.26%; PVDF and fluoropolymer sales were 41,315.5 tons, up 99.14%, with three consecutive years of growth above 90%. Total revenue from new energy battery materials and services was 11.793 billion yuan, a 20.69% increase.

Looking ahead to 2026, the company’s revenue from new energy battery materials and services is expected to continue growing, driven by sustained industry demand and the company’s established position in niche segments.

First, profitability of anode materials continues to improve. The company adopts a differentiated strategy balancing performance and cost, focusing on meeting the needs of mainstream customers for fast charging, long cycle life, and high capacity. New fast-charging anode products now meet 6C requirements, and with self-produced binders, can meet 8-10C fast charging. These products have been certified by multiple customers and are in mass production; CVD silicon-carbon anodes are also in mass production for consumer batteries.

As of the end of 2025: the company has an annual capacity of 250,000 tons of anode materials.

Second, coated separators remain industry leaders. In 2025, the company’s coated separator processing shipments accounted for approximately 35.3% of the global new energy battery coated separator market, maintaining the top position for seven consecutive years. The company has introduced new coating processes, breaking through the bottleneck of PCS spray coating thickness consistency. By the end of 2025, effective capacity for coated separator processing reached 14 billion square meters.

Third, separator base films significantly expanded. The latest base film production line investment and construction cycle are leading industry standards. By the end of 2025, annual capacity reached 2.1 billion square meters; sales in 2025 were 1.495 billion square meters, a 160.5% increase year-on-year, ranking sixth domestically, with improved self-supply rate. The second-generation ultra-thin high-strength 5μm base film has been introduced to customers and is industry-leading.

Fourth, functional materials continue to expand. By the end of 2025, PVDF capacity exceeded 30,000 tons, and boehmite and alumina capacities also reached 30,000 tons. In 2025, the company’s lithium-grade PVDF market share exceeded 30%. To meet customer needs, a 10,000-ton PVDF plant will be put into production, and a 15,000-ton PVDF project is under construction, with total capacity expected to reach 50,000 tons in 2026. Based on industry growth prospects, product layout, and niche industry position, the company’s revenue from new energy battery materials and services is expected to continue increasing in 2026.

4. The company’s new energy automation equipment and services are stable and growing.

The company’s new energy automation equipment product line covers key processes in lithium battery production, including coating, slitting, winding/stacking, electrolyte filling, formation, capacity testing, helium leak detection, and more.

In 2025, revenue from automation equipment and services (including internal sales) reached 4.569 billion yuan, a 21.2% increase. Driven by downstream battery expansion, new orders signed in 2025 totaled 5.427 billion yuan, up 130.9%. The company has established a dedicated retrofit service department, with steady growth in value-added retrofit orders, which will become an important part of the equipment business.

The self-developed high-speed double-sided coating machine for 4.5μm copper foil has solved the industry’s challenge of ultra-thin copper foil coating, achieving the first mass delivery in the industry; CVD silicon-carbon anode fluidized bed and composite current collector equipment have been completed.

Meanwhile, the company’s automation platform Jiatuo Intelligent was officially listed on the National Equities Exchange and Quotations (NEEQ) in December 2025, laying a foundation for long-term competitive advantage. Based on order status and new product R&D progress, the business is expected to grow steadily in 2026.

5. Core Competitiveness

(1) Integrated strategy builds strong product and service competitiveness

The company is the only global enterprise achieving an integrated industry closed-loop of “process, equipment, and materials” for coated separators, with significant advantages in coating innovation, efficiency, cost, and quality stability. It leads in capacity scale, self-supply of key coating materials, core automation equipment, and technological improvements.

In functional materials for new energy batteries, the company’s PVDF, PAA (a joint venture), alumina, and boehmite have achieved global technological and scale leadership, with notable market share. In base films, the company independently designs and controls the entire process.

With an integrated layout of “separator base film + coating materials + base film equipment,” the company can offer long-term cost control solutions for downstream customers, promoting cost reduction and efficiency gains across the industry, and maintaining long-term competitive advantages.

In anode materials, the company has also implemented integrated process layouts. The Sichuan plant has applied multiple continuous production and automated powder transfer processes, leading to innovations in environmental friendliness, safety, energy saving, and digitalization, setting a new benchmark for the next generation of anode factories.

(2) Platform strategy leverages “materials + process + equipment” synergy

The company boasts a strong R&D team in battery materials and automation equipment, along with industry experts. Based on a deep understanding of electrochemical systems, extensive R&D investment, and forward-looking platform strategy, it has developed solutions beyond single products, based on core technology synergy and customer needs. It has built a comprehensive solution system that spans the entire product lifecycle, providing deeply integrated process and solution outputs alongside products, creating a unique core competitiveness.

Through platform integration, the company covers the entire chain from material innovation and equipment development to process output and service value addition. Business units coordinate in R&D, market expansion, and manufacturing, continuously strengthening advantages in product quality, cost efficiency, and technological iteration, laying a solid foundation for capturing new opportunities in the evolving energy storage and battery industries.

(3) Technological and R&D advantages

As a platform enterprise in battery materials and process solutions, the company leads in frontier technology fields through material innovation and intelligent manufacturing.

By the end of 2025, the company and its subsidiaries had accumulated 1,792 patents, covering key areas such as anode materials, separator coating, and automation equipment, providing comprehensive solution capabilities.

1. New energy battery materials and services

(1) Membrane materials and coating processing

The company is the most efficient producer of wet-process separator base films globally, with autonomous integrated production equipment recognized by the market, breaking the industry dependence on overseas equipment for advanced lines.

Currently, the capacity of its mass-produced base film equipment is 200 million square meters per year, with a new generation exceeding 300 million square meters, achieving international leadership and offering significant technological, cost, and latecomer advantages. R&D on higher-efficiency base film equipment is underway.

The company is the world’s largest independent coated separator processor, with self-supplied coating equipment leading globally in efficiency and automation. It has developed multiple coating formulations to meet diverse customer needs, effectively improving interface reactions, electrolyte wettability, and core battery performance such as energy density and fast charging.

By deeply understanding coating processes and equipment, the company continuously enhances equipment performance, promotes innovation in coating materials and binders, and provides integrated solutions to downstream customers, maintaining long-term competitive advantages.

(2) Anode materials

The company has experienced R&D teams in carbon materials, capable of quickly responding to different application requirements. Its products, characterized by high capacity, high packing density, low expansion, long cycle life, and fast charging, dominate the mid-to-high-end digital and power battery markets globally. It continuously develops new products and processes to enhance technological and product competitiveness.

Its fast-charging anode products meet 6C performance, and with self-produced binders, can meet 8-10C fast charging. These products have been certified by multiple customers and are in mass production; innovative high-capacity, long-cycle products are highly recognized. The company plans to expand production in power and energy storage sectors.

It has also developed new high-performance graphite for consumer batteries, balancing capacity, packing density, and fast charging.

The company’s solutions for biomass graphite, silicon-carbon, hard carbon, and carbon nanotubes feature industry-leading performance. Its biomass graphite products outperform natural graphite in cycling at 45°C and have lower expansion, offering potential “carbon footprint” solutions for graphite anodes.

(3) Functional materials

The company has long focused on R&D and production of functional materials for new energy batteries, with unique insights into processes, product performance, and market needs. It has developed and mass-produced next-generation ceramic materials such as ultrafine alumina, boehmite, and fibrous boehmite for ultra-thin separator coatings, enriching its product portfolio and downstream applications.

Its lithium-grade PVDF has leading performance and market share; separator coating and cathode-specific PVDF also have competitive advantages. Breakthroughs in ternary binder technology have produced products comparable to international standards.

Joint development with affiliate Indel has resulted in water-based binders with significant advantages in adhesion, usage, heat resistance, and electrolyte wettability, enhancing product competitiveness in separator coating and anode fields.

2. New energy automation equipment and services

The company emphasizes R&D and technological reserves, with product lines covering key processes in battery manufacturing, capable of providing complete line production equipment.

For front-end manufacturing, its self-developed high-speed double-sided coating machine for 4.5μm copper foil has solved industry challenges in ultra-thin foil coating, achieving the first mass delivery; infrared drying technology has been scaled for mass use.

In the middle process, its electrolyte filling machines cover prismatic and cylindrical cells, integrating filling and resting processes, achieving precise filling under 0.1-1 MPa pressure, significantly improving accuracy. Innovative layout optimizes space utilization and increases capacity per unit area.

For the back-end, new medium-voltage DC formation and capacity testing equipment reduce heat and energy loss compared to traditional AC formation, can connect with energy storage products, enabling energy recycling and greatly reducing energy consumption.

In materials equipment, self-developed base film production and separator coating equipment feature controllability, short lead times, low costs, and high responsiveness. CVD silicon-carbon anode fluidized beds and composite current collector equipment are completed and continuously improved to support material updates and cost reduction.

Leveraging expertise in lithium equipment, the company actively promotes new materials and technologies in other energy sectors, such as hydrogen production and perovskite photovoltaic devices, forming a diversified technological reserve system.

4. Market resource advantages

As a platform enterprise for battery key materials and automation solutions, the company’s products are widely recognized globally, with a strong brand reputation and customer base in the high-end lithium battery market. Its diversified and differentiated product portfolio and integrated services foster customer loyalty.

The company actively expands into global power, energy storage, and consumer markets, maintaining long-term cooperative relationships with leading battery manufacturers and automakers such as CATL, LG New Energy, Samsung SDI, ATL, BYD, Zhongchuang Hang, Ruipu Lan Jun, Sunwoda, Zhuhai Guanyu, EVE Energy, Ganfeng Lithium, Geely Auto, Volkswagen Group, CATL New Energy, Tianjin Juyuan, among others.

5. Team advantages

The company has a strong R&D team in battery materials and automation equipment, along with industry experts. Its management team possesses deep industry resources and technical expertise, maintaining high sensitivity to industry trends and market demands. It proactively develops new products, technologies, and processes, effectively implementing strategic directions.

The company values talent, implements scientific talent incentive systems, work distribution, and team-building mechanisms. Through coordinated management of membrane materials, coating, anode materials, and automation businesses, it enhances resource synergy, forming a unique core cohesion and team advantage.

6. Market outlook

The company has certain scale advantages and industry positions in anode and separator fields, with notable integrated advantages in separator coating. The self-supply rate of base films continues to increase. Considering industry competition, the company’s profitability is expected to remain stable through 2026.

Risk warnings: intensified industry competition; slower-than-expected growth in China’s new energy vehicle sales; significant fluctuations in industry chain prices; exchange rate volatility, etc.

Source: WIND, March 9, 2026, Zhongyuan Securities, Putailai (603659): Performance recovery and significant volume increase in separators; company announcements; compiled by Wealth Online, date: 2026/03/13.

The above opinions, strategies, and analysis results are for reference only and are not investment advice. Investment risks are borne by the investor. The stock market involves risks; please invest cautiously.

These opinions are provided by the Investment Advisory Service Department. Investment advisors: Chang Jianwu, registration number: A1050619080001; Zhu Xiaofei, registration number: A1050621070003; Cai Manqiang, registration number: A1050621040002.