GGII: In the first quarter of 2026, China's lithium battery shipments reached 525GWh, a year-on-year increase of 67%.

According to GGII data, the shipment of lithium batteries in China in 2026 Q1 was 525GWh, a year-on-year increase of 67% and a month-on-month decrease of 8%. Among them, the shipment of power batteries was 270GWh, a year-on-year increase of 35%; the shipment of energy storage batteries was 215GWh, a month-on-month increase of over 7% and a year-on-year increase of 139%. The industry maintains the high production levels seen in 2025 Q4. In the power battery sector, the market share of LFP power batteries continues to rise, achieving a shipment of 225GWh, a year-on-year increase of 45%, accounting for 83% of the total power battery shipments. The main reasons are: 1) seizing export tax rebates; 2) strong demand in the commercial vehicle sector (such as heavy trucks); 3) increase in single vehicle energy density driving demand. In 2025-2026 Q1, the shipment of lithium batteries in China remained high, with only a slight decrease in the shipment of lithium main materials in 2026 Q1. According to GGII data, the shipment of cathode materials in China in 2026 Q1 was 1.49 million tons, a year-on-year increase of 47% and a month-on-month decrease of 6%. Among them, the shipment of lithium iron phosphate materials was 1.2 million tons, a year-on-year increase of 54% and a month-on-month decrease of 4%, with the high growth mainly driven by the high production in Q1 of domestic energy storage and power battery enterprises. The shipment of ternary materials was 0.22 million tons, a year-on-year increase of 31%, mainly driven by exports. The shipments of lithium cobaltate and lithium manganate materials were 26,000 tons and 45,000 tons, with year-on-year increases of -11% and 23% respectively. In terms of material exports, 2026 Q1 showed a significant "off-season is not light" feature. According to customs data, China exported a cumulative 20,000 tons of lithium iron phosphate materials in Q1, a year-on-year increase of 520%; and a cumulative 45,000 tons of ternary materials, a year-on-year increase of 118%, mainly due to the "rush for export" caused by export tax rebates and accelerated global penetration of lithium iron phosphate batteries. The membrane industry has limited new capacity additions, with strong demand at the battery end driving shipments for second-tier and new entrant companies. In 2026 Q1, the shipment of lithium battery membranes in China was 9.7 billion square meters, a year-on-year increase of 51% and a month-on-month decrease of 5%. Wet-process membranes accounted for 85.6 billion square meters, a year-on-year increase of 43%. In the negative electrode material industry, the shipment of negative electrode materials in 2026 Q1 was 820,000 tons, a year-on-year increase of 33%, basically the same as in 2025 Q1. Artificial graphite accounted for 760,000 tons of shipments. Although raw material prices have increased, driving a rise in negative electrode material prices of about 800-1000 yuan/ton compared to Q4 last year, overall, the upstream raw material price increases have had a limited impact on raising domestic negative electrode material prices. The shipment of electrolytes in China in 2026 Q1 was 650,000 tons, a year-on-year increase of 59% and a month-on-month decrease of 2.4%. In 2026, domestic electrolyte companies will see a scale release of overseas production capacity. Due to insufficient capacity in sub-material production, the prices of upstream raw materials for electrolytes are expected to remain high, and prices of related materials in the future (such as lithium hexafluorophosphate, VC, etc.) are expected to further increase.