BTR New Material

Business

BTR (贝特瑞新材料集团股份有限公司, BTR New Material Group) makes lithium battery anode materials (natural and artificial graphite and silicon-based) and cathode materials, and is developing solid-state electrolyte and sodium-ion materials. It says it runs the whole natural graphite chain from mine to finished product (2026 interim report, pp. 7, 10).

Results

In the first half of 2026 revenue rose 30.4% to ¥10.22bn, but gross margin fell to 19.65% from 22.60% and net profit attributable to shareholders fell 20.1% to ¥382.5m (p. 9). It cites higher raw material and processing costs and competition (p. 11).

By product (pp. 11, 15):

• Anode: over 330,000 tonnes, up 22.97%, ¥7.56bn of revenue, up 20.4%, at a 22.71% gross margin, down 2.88 points.
• Cathode: over 13,000 tonnes, up 32.5%, ¥2.36bn of revenue, up 66.4%, at a 10.73% margin.

It says its Indonesian base is ramping fast, that it is using outsourced processing and leased capacity to deliver more, and that a 6C fast-charge artificial graphite is shipping in batches to a leading power-battery customer, which it does not name (p. 11). Operating cash flow was negative ¥339.8m (p. 15).

Where it stands

BTR sells more anode than any other company covered here, but each tonne earns less. Compared with Putailai, whose profit rose 37.6%, BTR's profit fell while its volume grew.