Putailai

Business

Putailai (上海璞泰来新能源科技集团股份有限公司) has three battery-material and equipment businesses: graphite anode material, separator base film and coating processing, and automation equipment for battery plants. It also makes binders, ceramic coating materials and composite current collectors (2026 interim report, pp. 12 to 14).

Results

In the first half of 2026 revenue rose 42.7% to ¥10.11bn and net profit attributable to shareholders rose 37.6% to ¥1.45bn (pp. 7, 12). All its main products were at full capacity (p. 12).

Anode

It sold 95,200 tonnes of anode material, up 37.45%. Its Jiangxi, Shandong, Inner Mongolia and Liyang bases were at full capacity, and the first 100,000-tonne phase of its Sichuan project was ramping up. It says anode orders hit a record and industry supply was tight (p. 13).

Separator coating and base film

Its coating processing volume was 7.946 billion square metres, up 66.47%, which it puts at 36.45% of global wet-process separator shipments of 21.798 billion square metres, a share calculated by the company from industry data. It shipped 1.027 billion square metres of base film, up 94.69%, and plans to add 2.0 billion, 3.2 billion and 4.0 billion square metres of base film capacity by end-2026, end-2027 and the first quarter of 2028, aiming for 30% self-supply of base film by 2028. With separator supply tight it has raised prices for some customers to offset higher raw material costs (p. 12).

Equipment

Automation equipment revenue was about ¥2.6bn, up over 40%. New orders were more than ¥4.1bn, about double, and the order backlog was about ¥8.8bn (p. 13).

Where it stands

Putailai sells to both sides of a cell plant: it supplies the materials and the machines that make the cells, so its growth follows battery makers' capacity additions. See also separators.