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2025-07-23
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Recently, Zhejiang Huayou Cobalt Co., Ltd. (hereinafter referred to as "Huayou Cobalt") responded to investor inquiries on the SSE E-Interaction platform, stating that its subsidiary, Bamo Technology, has achieved nearly 40% of the company's total cathode material sales through its large cylindrical battery and cylindrical battery cathode materials. These products are widely used in renowned domestic and international electric vehicle (EV) brands.
▲華友成都巴莫
In the rapidly evolving landscape of power battery technology, the coexistence of diversified technical routes has become an inevitable trend for future development. Large cylindrical batteries and cylindrical batteries, characterized by high energy density, safety, and cost advantages, are emerging as a critical technical route in the power battery sector, gaining increasing market prominence.
A landmark deal between South Korea’s LG Energy Solution and Chery Automobile—a 6-year supply agreement for 46-series large cylindrical batteries (8GWh order volume)—signals booming demand. The global market is projected to surpass 100GWh in 2025, with expectations of 4–5x growth by 2030.
????Leveraging its full-industry-chain integration and technological innovation, Huayou Cobalt has positioned itself as a key enabler in the large cylindrical battery era. From resource control to global supply chains, the company is redefining industry standards for cathode materials.
▲Huafei Project
Full-Industry-Chain Integration: Building a Competitive Foundation
In the new energy materials sector, control over the entire "resources-smelting-materials" chain is the core strength for risk mitigation and supply assurance. As a global leader in new energy lithium battery materials, Huayou Cobalt has established an integrated industrial chain spanning cobalt-nickel resource development, smelting, and ternary cathode material manufacturing. This full-industry-chain advantage not only ensures stable, high-quality nickel-cobalt raw material supply for Bamo Technology but also enables cost optimization and quality control from raw materials to finished products, granting large cylindrical battery cathode materials an inherent edge in "low-cost" competition.
Amid industry challenges such as raw material price volatility and supply chain instability, Huayou Cobalt's full-industry-chain layout acts as a "moat," ensuring continuous and stable mass production of ultra-high-nickel ternary cathode materials. This provides domestic and international clients with a "reliable and secure" supply chain.
Large cylindrical batteries demand cathode materials with "high capacity, high rate capability, and high safety"—acting as a litmus test for material technology. Backed by Huayou Cobalt's technological expertise, Bamo Technology entered the high-nickel material segment for cylindrical batteries in 2020 and has since pursued relentless innovation.
After three major technological upgrades, Bamo Technology achieved mass production of the world's highest nickel-content ultra-high-nickel ternary cathode material in the first half of this year. This breakthrough directly enhances EV range by 30–40 kilometers, turning "longer range" from a slogan into reality. By addressing pain points in high-nickel and high-voltage technical routes, Bamo Technology's R&D and mass production processes have reached global leadership in ultra-high-nickel fields, setting the benchmark for industry technological iteration.
▲華友廣西園區
Global Collaboration: Building a Top-Tier Client Ecosystem
Technological value is amplified through partnerships with global leaders. Bamo Technology, a subsidiary of Huayou Cobalt, has already penetrated core global power battery supply chains with its technical prowess:
- Collaborating with EVE Energy in 2020 to develop large cylindrical battery cathode materials, now mass-produced and applied in domestic EV deliveries and validated for international markets, accelerating global adoption.
- Years of deep cooperation with LG Energy Solution and leading domestic battery firms have yielded joint development of ultra-high-nickel ternary cathode materials, slated for mass production this year, adding "Chinese material" strength to the global large cylindrical battery market.
- The establishment of a Hungarian factory will enhance proximity to Europe's new energy industry hub, enabling localized supply and shared technological benefits for global clients.
From domestic leaders to international giants, Huayou Cobalt's top-tier client ecosystem reflects its global recognition in the large cylindrical battery materials sector.
Technological and collaborative advantages have materialized into market competitiveness. This year, Bamo Technology's large cylindrical and cylindrical battery cathode materials have accounted for nearly 40% of the company's total sales, widely adopted by renowned domestic and international EV brands. This data underscores market trust in product performance and Huayou Cobalt's "first-mover" advantage in the large cylindrical battery sector.
Whether supporting domestic EV range upgrades or aiding international brands' global expansion, Huayou Cobalt's ultra-high-nickel cathode materials have become a critical component. As global large cylindrical battery demand enters the "100GWh era," the company continues to drive growth momentum.
With the large cylindrical battery market projected to reach a trillion-yuan scale by 2030, Huayou Cobalt is advancing a strategy of "product premiumization and globalized operations" to secure future growth. Bamo Technology will focus on breakthroughs in large cylindrical battery material technology, meeting industry demands for higher capacity, rate capability, lower cost, and safety. Huayou Cobalt's full-industry-chain strengths will provide sustained momentum for this journey.
In the wave of the new energy revolution, Huayou Cobalt, anchored by its full-industry-chain foundation and driven by technological innovation, has not only cemented its leadership in large cylindrical battery materials but also propelled the global EV industry toward a future of longer range and greater sustainability through "Made in China" excellence.
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來源 ▏證券日報網
審核 ▏劉 強
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Southeast/South/East China Business Department, New Energy Marketing Centre
Ternary Cathode Materials Industry (Domestic Markets)
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Japan& Korea Business Department, New Energy Marketing Center
Ternary Cathode Materials Industry (Japanese &Korean Markets)
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European& American Business Department, New Energy Marketing Center
Ternary Cathode Materials Industry (European& American Markets)
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Operation Department, Recycling Industry Group
Domestic Waste Power Battery and Material Recycling Industry
