Analysis of BTR's Silicon-based Anode Business: Technological Leadership and Capacity Expansion

Based on the information I have collected, below is an analysis of the latest developments in BTR (Stock Code: 835185)'s silicon-based anode business:

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As a leading enterprise in the global anode materials industry, BTR holds an absolute leading position in the silicon-based anode sector. According to data from EVTank, the first-tier global silicon-based anode manufacturers in 2022 mainly included BTR, Shin-Etsu Chemical, and Daejoo (South Korea), accounting for approximately 86% of the total market share[1]. BTR is one of the earliest domestic enterprises to mass-produce silicon-based anode materials, and its shipment volume has continued to lead the industry[2].

In 2024, the company’s anode material shipment volume exceeded 430,000 tons, with a global market share of over 20%, ranking first in the industry[3].

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Time Node	Silicon-based Anode Capacity	Remarks
As of the end of 2023	5,000 tons/year	Leading shipment volume in the industry
As of the end of 2024	6,000 tons/year	Capacity ramping up
2025-2028 (Planned)	40,000 tons	Gradual production launch

The company’s large-scale silicon-based anode capacity expansion plan indicates that its capacity will grow significantly in the coming years to meet the demand for high-energy-density battery materials from new energy vehicles and energy storage markets[4].

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• 5th-generation product has been developed
  , with a specific capacity of over 2000mAh/g, leading the industry[5]
• CVD silicon-carbon product
  has been recognized by multiple mainstream global power customers, and is expected to achieve mass production and shipment in 2025[6]
• The newly developed
  porous carbon for CVD silicon-carbon
  has officially entered the pilot test stage. This material can significantly improve the conductivity and structural stability of silicon-based anodes[7]

• Has completed the technological development and mass production of multiple silicon suboxide products
• With a specific capacity of over 1500mAh/g[8]
• The first domestic industry standard for carbon composite silicon suboxide products, YS/T 6260-2024, which was led by the company, has been officially released and will be implemented on May 1, 2025[9]

• In July 2025, the company officially launched the industry’s first
  S+i Graphite Long-range Anode Material Solution
  , which addresses industry pain points such as uneven material dispersion and thermal stability in silicon-based anode applications, and is expected to accelerate the commercialization of high-energy-density silicon-based anode materials[10].

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BTR has formed a complete product matrix in the solid-state battery field:

Product Series	Application Scenario	Core Materials
BTR FLEX Series	Semi-solid-state Batteries	High-nickel ternary cathode, silicon-based anode
BTR GUARD Series	All-solid-state Batteries	Solid-state electrolyte, lithium-carbon composite anode

The company has developed the

, providing a “high energy + high safety” material solution for next-generation battery technology[11]. Silicon-carbon anode materials are mainly paired with solid-state batteries to improve battery energy density. It is expected that the penetration rate of solid-state batteries will reach 10% by 2030, with broad market prospects[12].

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BTR’s silicon-based anode products have been highly recognized by mainstream global battery manufacturers:

• International Customers
  : Panasonic, Samsung SDI, LG Chem, SK On
• Domestic Customers
  : CATL, BYD, Gotion High-Tech, EVE Energy, Lishen, Sunwoda

The company has achieved comprehensive breakthroughs in domestic and international “46” series large cylindrical projects, and its new-generation silicon-based anode products have entered the supply chain of international leading customers[13].

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As of the end of 2024, the company has accumulated

, including , ranking first in the industry in terms of the number of patents in the silicon-based anode field[14]. The company also led and participated in the formulation of 5 international standards, 17 national standards, and 4 industry standards, continuing to lead industry technical specifications[15].

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2025 is regarded by the industry as the first year of CVD silicon-carbon anode volume production. Relying on its technological accumulation and capacity layout in the silicon-based anode field, BTR is expected to achieve breakthroughs in the following aspects:

1. Mass production of CVD silicon-carbon products
   : Expected to achieve mass supply in 2025, further increasing market share
2. Accelerated capacity expansion
   : Gradual release of the planned 40,000-ton capacity to consolidate leading position
3. Volume production of solid-state battery materials
   : With the acceleration of the industrialization of solid-state batteries, demand for related materials will grow rapidly
4. Overseas market expansion
   : Strengthen global service capabilities relying on overseas bases in Indonesia, Morocco, etc.

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[1] Soochow Securities: “CVD Technology Breaks Through, Volume Production Starts in 2025 - Silicon-carbon Anode Special Report” (January 2025)

[2] Kaiyuan Securities: “BTR (835185.BJ) - In-depth Report on Beijing Stock Exchange Company” (July 2024)

[3] Energy Finance Network: “2025 China Lithium Battery Industry Anode Materials Annual Competitiveness Brand List” (2025)

[4] Huayuan Securities: “In-depth Report on BTR (835185.BJ)” (September 2025)

[5] BTR Prospectus, Kaiyuan Securities Research Institute

[6] BTR 2025 Semi-annual Report

[7] Caifuhao: “BTR 2025 Semi-annual Report: Anode Shipment Exceeds 260,000 Tons! Revenue Reaches 7.838 Billion Yuan with Steady Growth” (September 2025)

[8] BTR 2024 Annual Report

[9] Ministry of Industry and Information Technology Industry Standard Announcement

[10] Dongfang Caifuwang BTR Stock Bar

[11] Huayuan Securities Research Institute

[12] Guojin Securities: “In-depth Report on Lithium Battery Silicon Anode: CVD Silicon-carbon Reshapes the Industry Chain, Moving Towards 0-1 in Power Scenarios” (April 2025)

[13] BTR 2024 Social Responsibility Report

[14] BTR 2024 Annual Report

[15] BTR Official Website and Announcements