On November 10, 2025, A-share listed company Shangtai Technology (001301) officially disclosed that its board of directors has approved an investment proposal to invest 4.07 billion yuan to build a new project with an annual output of 200000 tons of lithium-ion battery negative electrode materials in Yangqu Industrial Park, Shanxi Comprehensive Reform Demonstration Zone. This is another heavyweight capacity expansion measure for the company's layout in the region after the first three phases of the project landed in Shanxi and achieved stable production. The project will rely on Shanxi's energy security and policy advantages to build intelligent and green high-end production lines, complete R&D and operation systems, with an expected construction period of 14 months. After reaching full capacity, the annual output value is expected to exceed 6 billion yuan, further consolidating the company's leading position in the global negative electrode material market.

As one of the core materials of lithium-ion batteries, the production capacity and technological level of negative electrode materials directly affect the performance and cost of power batteries and energy storage batteries. The 200000 ton project invested in this time is a key layout for Shangtai Technology to adapt to the explosive growth of the new energy vehicle and energy storage market under the "dual carbon" strategy. With the continuous expansion of downstream customer production capacity, the supply of high-performance and low-cost high-quality negative electrode materials is showing a tight balance. After the project is put into operation, it will focus on supplementing the company's differentiated and high-performance product production capacity, deepening strategic cooperation with core customers such as CATL, Guoxuan High tech, and Honeycomb Energy. It is worth noting that the project will continue the company's advantage of integrating the entire industry chain, covering the entire process from grinding, granulation, graphitization, carbonization to finished product processing. With an industry ultra-low investment cost of only 130 million to 140 million yuan per 10000 tons of production capacity (far below the industry average level of 250 million to 300 million yuan), it will further amplify the economies of scale.

From the perspective of industrial layout, the landing of this project in Shanxi is not accidental. Since transforming into an integrated negative electrode material business in 2017, Shangtai Technology has invested a total of 5 billion yuan to complete the first three phases of projects in Shanxi, forming a production capacity of 200000 tons. By 2024, the global market share will reach 10%, ranking among the top five in the industry. With stable product quality, Shangtai Technology has become the largest negative electrode material supplier in Ningde Times. The location of the fifth phase project in Shanxi's transformation and comprehensive reform demonstration zone will enjoy policy dividends such as land support and infrastructure support, while relying on local energy resource endowments to reduce production energy consumption. At the same time, the Shanxi Phase IV 200000 ton project, which the company is synchronously promoting, has started construction in August 2025, and the Malaysia 50000 ton overseas base will also be launched within the year. It is expected that the company's total production capacity will exceed 500000 tons by 2026, forming a "domestic+overseas" dual wheel driven production capacity pattern.

Technological innovation is the core password for Shangtai Technology to continue leading the way. The company's new generation of fast charging negative electrode materials have achieved mass supply, supporting high energy density and fast charging performance, perfectly adapting to the needs of power batteries and energy storage batteries; At the same time, we are accelerating the construction of silicon-based negative electrode mass production bases and seizing the commanding heights of next-generation negative electrode material technology. This new project will introduce advanced intelligent equipment and new processes, consolidating the advantage of graphite self supply rate, further improving product consistency and production efficiency, and responding to the increasingly stringent requirements of the industry for material performance. Financial data shows that in the first three quarters of 2025, the company achieved a revenue of 5.506 billion yuan and a net profit attributable to the parent company of 711 million yuan. In the first half of the year, the sales of negative electrode materials increased by 68.49% year-on-year, and the stable operating conditions provided solid support for project investment.

The 4.07 billion yuan expansion plan this time is not only an important step for Shangtai Technology to upgrade its own production capacity, but also reflects the trend of the domestic negative electrode material industry transforming from scale expansion to technology driven transformation. With the steady progress of the project, the company will further strengthen its triple advantages of cost, technology, and customers, and provide more competitive core material solutions for the global new energy industry. In the future, with the dual assistance of continuous release of integrated production capacity and expansion of overseas markets, Shangtai Technology is expected to further increase its global market share and promote China's negative electrode material industry to occupy a more core position in the global value chain.Editor/Bian Wenjun