After recording its first ever annual loss since listing, Shanshan Inc. (杉杉股份, 600884.SH) achieved a significant recovery in 2025 and has carried strong momentum into Q1 2026. The company’s full-year 2025 revenue reached RMB 21.59 billion (~US$3.17 billion), up 15.56% year-on-year, while net profit attributable to shareholders came in at RMB 458 million (~US$67 million), with recurring net profit of RMB 373 million (~US$55 million), marking a return to profitability.
Entering Q1 2026, revenue was RMB 5.38 billion (~US$791 million), up 11.99% year-on-year, while net profit surged 898.85% year-on-year and recurring net profit rose 2011.12% to RMB 316 million (~US$46 million). Operating cash flow also turned positive, reaching RMB 127 million (~US$19 million).
This recovery is a concentrated expression of the broader anode material sector gradually entering a phase of structural recovery after the earlier adjustment period. Three simultaneous shifts are under way across demand, product mix, and competitive dynamics — and the differing performances of Shanshan and its peers including Bettery (贝特瑞), Putailai (璞泰来), Shangtai Technology (尚太科技), Zhongke Electric (中科电气), and Xiangfenghua (翔丰华) collectively paint a vivid picture of the industry’s current state.
Shanshan: Core Business Momentum
Shanshan’s business foundation remains built on anode materials. In 2025, anode material sales volume reached 430,400 tonnes, up 26.76% year-on-year, generating revenue of RMB 10.1 billion (~US$1.48 billion), up 23.25%, with gross margin improving by 1.14 percentage points and net profit rising 29.80%. Against a backdrop of overall price compression in the industry, this growth was driven by a combination of shipment volume expansion and product mix optimisation. Artificial graphite remains the dominant product and continues to consolidate its leading global market share.
Product Upgrade: High-Performance Materials
Of greater industrial significance is the acceleration of product mix evolution toward high-performance materials. Shanshan’s graphite anode products have achieved volume production and commercial deployment of 6C ultra-fast charging, megawatt-level flash charging, and 15,000-cycle ultra-long-cycle energy storage applications. This signals a structural shift in anode materials from traditional energy carriers to high-rate, high-cycle functional materials — a direction with increasing value density as EV fast-charging systems proliferate and energy storage systems extend their operating cycles.
Silicon-Based and Hard Carbon: Moving to Scale
On the new technology front, Shanshan’s silicon-based anode Ningbo Phase 1 facility has been formally commissioned and has entered batch supply to leading domestic and overseas clients, marking the transition from laboratory and pilot phase into early-stage scaled production. Silicon-based anodes are widely regarded as a key pathway to increasing energy density in next-generation power battery systems. In parallel, the company’s 1,000 tpa hard carbon production line has also been commissioned, targeting sodium-ion and solid-state battery applications — a complementary strategic direction aimed at expanding addressable markets beyond the lithium battery system.
Global Expansion: Finland and Europe
On the globalisation front, Shanshan’s Finland 100,000 tpa integrated anode project has completed key environmental impact approvals and is ready to break ground. The company has also established supply chain collaboration with international partners Imerys and Falcon, and completed the first graphitisation furnace energisation at its Swiss facility, moving its European localised supply chain from the construction phase into pre-trial-run stage. This positioning directly addresses the trend toward local supply chain content in European new energy, with long-term implications for overseas market share.
Industry Overview: Global Anode Market 2025
According to Xinlu Research data, global anode material production reached 3.12 million tonnes in 2025, with China accounting for 99.0% of total supply — effectively the world’s sole production centre. Artificial graphite penetration has risen to approximately 93%, while 4C and above fast-charging products now account for 15% of the market, signalling accelerating premiumisation.
Despite this overall expansion, differentiation between companies is intensifying. Q1 2026 anode demand was primarily driven by the energy storage market, with the power battery segment expected to recover further in Q2. For the full year, demand is forecast to grow 15–20%, driven by high-growth energy storage and rising overseas power battery exports. However, structural divergence will remain pronounced, with the gap between high-performance products and lower-end capacity continuing to widen.
Peer Comparison: Q1 2026
| Company | Q1 Revenue | YoY | Q1 Net Profit | YoY |
| Shanshan | ~US$791M | +12.0% | ~US$67M (FY) | +2011% (rec.) |
| Bettery | ~US$634M | +27.1% | ~US$19M | -8.9% |
| Putailai | ~US$640M | +35.3% | ~US$104M | +44.4% |
| Shangtai Tech | ~US$323M | +34.9% | ~US$27M | -24.4% |
| Zhongke Electric | ~US$334M | +42.2% | ~US$10M | -51.9% |
| Xiangfenghua | ~US$79M | +75.3% | ~US$3.4M | +387.5% |
The contrast is stark. Putailai stands out for profit quality — strong revenue growth paired with proportional earnings expansion, reflecting its integrated model and product diversification. Shanshan’s recovery is the most dramatic on a percentage basis but comes off a low base. Zhongke Electric and Shangtai Technology both show the classic ‘revenue growth without profit growth’ pattern, pointing to continued margin compression at the mid-tier. Xiangfenghua’s rebound is substantial but reflects base effects rather than structural change.
The broader conclusion: the anode sector is transitioning from a capacity-expansion-driven growth model toward one centred on technology upgrade, product mix optimisation, and global supply chain capability. Concentration will continue rising, and companies with strong technology reserves, customer relationships, and global reach are best positioned for the next cycle.
Note: All CNY figures converted to USD at 1 USD = 6.80 CNY (8 May 2026). USD figures rounded for readability.
Source: Shimo Shixun (石墨时讯), “杉杉暴涨2011.12%！”, originally published by Carbontech, republished via WeChat, 8 May 2026.
Disclosure: This article has been translated from a Chinese-language source published on WeChat. For clarity and formatting purposes, GraphiteHub has made some adjustments; however, all underlying facts, figures, and quotations are from the original source. GraphiteHub does not guarantee the accuracy of the translation and accepts no responsibility for any errors, omissions, or misinterpretations. Readers should refer to the original WeChat article for the authoritative source material. This content is for informational purposes only and does not constitute investment advice.
