Separator Weekly | Putailai Sprints Toward "A+H" Listing! China BAK Battery Technology Lithium Battery Separator Sales Reached 3.3 Billion Square Meters Last Year

(Source: My Battery Network)

Introduction | mybattery

Recently, Great Wall Securities analysts pointed out that with high crude oil prices, increased geopolitical tensions causing supply tightness, and the approaching peak season in the second quarter acting as triple catalysts, the lithium battery sector’s beta has reached its peak. Profit recovery across all segments is clear, especially in the separator segment, which may be approaching a supply-demand balance inflection point due to the dual effects of leading companies consolidating upward and rising downstream demand.

[Editor’s Note] Separator Weekly, a weekly report on separator news jointly produced by Battery Network and Henan Huqiang New Energy Materials Technology Co., Ltd. (referred to as “Huqiang New Materials”), is released every Friday under the “Battery Think Tank” column. It aims to provide industry with more objective insights and analysis through valuable data, reports, or news, offering different perspectives and thinking to manufacturing industries. Additionally, we will launch in-depth research and project matchmaking based on reader, industry, and company needs, introducing advanced foreign technologies and suitable capital to promote the commercialization of China’s separator industry. Exploring co-hosted columns with enterprises or institutions is also intended to better meet company, market, and user demands. We look forward to your attention, participation, and support!

Battery Network Editorial Office | Huqiang New Materials

March 20, 2026

Announcing “拆北” and then listing on Hong Kong Stock! Putailai Launches the “North and South Campaign” in Capital Markets

On March 16, according to the Hong Kong Stock Exchange disclosure, Putailai (603659) submitted an application for listing on the Main Board of HKEX, with China International Capital Corporation (CICC) as its sole sponsor.

It is reported that Putailai is a comprehensive solution provider in the upstream of the new energy battery industry chain, mainly engaged in R&D, manufacturing, and sales of key materials for new energy batteries and automated equipment for new energy batteries. It has developed into a platform-based enterprise centered on “materials + equipment,” with these two as the main sources of revenue.

As of December 31, 2025, Putailai operated 17 production bases, with an additional 8 under construction. The company’s designed annual capacity includes 14 billion square meters of coated separators, 2.1 billion square meters of separator base film, 250,000 tons of anode materials, 30,000 tons of PVDF, 30,000 tons of bauxite and alumina, and 62 million square meters of CAAS electrode tab work.

Battery Network notes that shortly after Putailai filed for HKEX listing, its controlling subsidiary Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd. (“Jiatuo Intelligent”) proposed to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange. This offering plans to issue no more than 46.51 million shares to raise funds for supporting high-end intelligent equipment projects, core technology R&D and industrialization, and working capital. (Source: Battery 100 People - Battery Network)

China National Materials Technology: Lithium Battery Separator Sales to Reach 3.3 Billion Square Meters in 2025, Up 76% Year-over-Year

On March 19, China National Materials Technology (002080) released its 2025 annual report. The company achieved operating revenue of 30.195 billion yuan in 2025, up 25.9% year-over-year; net profit attributable to shareholders was 1.818 billion yuan, up 103.82%; basic earnings per share were 1.0832 yuan. The company plans to distribute a cash dividend of 4.34 yuan per 10 shares (tax included). In 2025, sales of glass fiber and products reached 1.37 million tons, a record high, ranking second globally; wind turbine blade sales reached 36 GW, up 51%, maintaining the first global market share; lithium battery separator sales totaled 3.3 billion square meters, up 76%, ranking third in the global wet process market; hydrogen storage cylinder sales reached 13,000 units, maintaining the domestic market share and number of announcements for five consecutive years; CNG cylinder sales have held the top position domestically for eleven years. (Source: Hairong Network)

RuiZhi New Energy Successfully Develops a New Generation Aromatic Polyamide Coated Separator

RuiZhi New Energy announced that Shaanxi RuiZhi New Energy Technology Co., Ltd. (“RuiZhi New Energy”), leveraging over a decade of technical accumulation from Northwestern Polytechnical University’s Materials College, has successfully developed a new high-performance aromatic polyamide coated separator. It excels in heat stability, wettability, and energy density, providing key material support for the development of high-safety lithium batteries.

Currently, RuiZhi New Energy has established a separator production line in Anhui with an annual capacity exceeding 200 million square meters. Its functional separator products are supplied in bulk to dozens of industry-leading companies. The semi-solid-state separator and lithium supplement separator have been deeply co-developed with several top cell manufacturers, gaining broad industry recognition. Additionally, RuiZhi’s aromatic polyamide separators are undergoing customer testing and sample delivery with leading industry players, entering the implementation phase. As the solid-state battery industry approaches explosive growth, RuiZhi New Energy is accelerating toward large-scale production with its breakthroughs in high-safety materials. (Source: Hairong Network)

Cangzhou Mingzhu: Currently, the company’s wet-process separator expansion project totals 1.3 billion square meters under construction

On March 18, Cangzhou Mingzhu (002108) stated on the investor interaction platform that the company’s wet-process lithium-ion battery separator expansion project totals 1.3 billion square meters under construction, while the dry-process lithium-ion battery separator project has 300 million square meters still under construction. (Source: Hairong Network)

Meilian New Materials: Sales and Prices of Anhui Meixin Wet Process Separators Gradually Increasing

On March 17, Meilian New Materials (300586) responded to investor questions on the interaction platform, stating that as demand in the battery industry recovers, the sales volume and prices of its controlling subsidiary Anhui Meixin’s wet process separators are gradually rising. So far, the year-over-year growth in sales has been significant. The company will continue to optimize operations, develop new products, and build new projects to create new profit growth points, aiming for diversified growth and continuous expansion of Meilian New Materials’ scale and value. (Source: Hairong Network)

Guoci Materials: Core Product Matrix of Aluminum Oxide, Bauxite, and Others in the New Energy Materials Sector Has Been Formed

On March 15, Guoci Materials (300285) responded to investor questions, stating that its new energy materials segment has established a core product matrix including aluminum oxide, bauxite, lithium battery cathode additives, and zirconia microbeads. These are widely used in key processes such as separator coating, cathode material modification, and electrode grinding. Thanks to excellent product performance and stable supply capabilities, the company has become a qualified supplier for leading new energy companies, with a continuously optimized customer structure. (Source: Hairong Network)

Think Tank Insight | Separator Segment May Enter a Supply-Demand Balance Inflection Point

Recently, Great Wall Securities analysts pointed out that with high crude oil prices, increased geopolitical tensions causing supply tightness, and the approaching peak season in the second quarter acting as triple catalysts, the lithium battery sector’s beta has peaked. Profit recovery across all segments is clear, especially in the separator segment, which may be approaching a supply-demand balance inflection point due to the dual effects of leading companies consolidating upward and rising downstream demand.

Written by Lin Yin