Shanghai Putailai New Energy Technology Group Co., Ltd. (Putailai) (603659)

Equity Research Report　|　Industry: New Energy Battery Materials, Automation Equipment and Process Services　|　Report Date: September 13, 2026　|　As of the September 11, 2026 close; certain technical indicators are based on September 10, 2026 data, while shareholder structure data are as of June 30, 2026

This report was automatically compiled by AI based on publicly available information and is for reference only. It does not constitute investment advice.

1. Executive Summary

Putailai recorded revenue of RMB 10.115 billion in the first half of 2026, up 42.70% year on year; net profit attributable to shareholders reached RMB 1.452 billion, up 37.58%; recurring net profit attributable to shareholders was RMB 1.312 billion, up 32.25%; and net cash flow from operating activities was RMB 1.799 billion, up 47.05%, indicating that both earnings and cash flow maintained relatively rapid growth. In 2025, the company generated revenue of RMB 15.711 billion and net profit attributable to shareholders of RMB 2.359 billion, up 98.14% year on year, representing a significant recovery from 2023–2024 levels.

The company’s “materials + equipment + processes” platform-based synergy model continues to deliver benefits. Coating processing volume reached 10.942 billion square meters in 2025, up 56.3% year on year; anode material shipments were 143,000 tonnes, up 8.1%; PVDF and fluoropolymer sales were 41,300 tonnes, up 99.1%; revenue from automation equipment and services was RMB 4.569 billion, up 21.2%, while new orders reached RMB 5.427 billion, up 130.9%. In-house supply of base films, graphitization technology upgrades, raw-material formulation optimization and cross-site coordinated cost reduction helped lift the gross margin of the lithium battery materials and equipment principal business to 31.66% in 2025.

Growth has also been accompanied by cost and customer-structure pressures. In the first half of 2026, operating costs increased 54.85% year on year, outpacing revenue growth, while higher prices for certain raw materials and the ramp-up of new capacity weighed on gross margins. In 2025, sales to the largest single customer accounted for 38.91% of revenue, while the five largest customers accounted for 58.14%. The largest customer represented 42.57% of accounts receivable and receivables financing, and the five largest customers represented 64.79%. Customer concentration and collection timing remain important factors affecting operations.

As of the September 11, 2026 close, the company’s share price was RMB 21.38, down approximately 11.4% from RMB 24.12 on August 13. The price was below the MA5, MA10 and MA20, while MACD remained below the zero axis. The stock also declined on higher volume, with combined net outflows from super-large and large orders of approximately RMB 90.12 million, indicating continued technical weakness. The share price is close to the 52-week low of RMB 20.92 and the lower Bollinger Band. Market attention will focus on the effectiveness of support near RMB 21, capital absorption and whether earnings growth can continue to materialize.

2. Company Overview

2.1 Basic Information

2.2 Main Businesses and Product Portfolio

• Membrane materials and coating processing: Includes wet-process separator base films, coated separators, aluminum-plastic packaging films, current collectors and composite current collectors. Coating processing volume reached 10.942 billion square meters in 2025, up 56.3% year on year and representing approximately 35.3% of the global new-energy battery coated separator market; as of the end of 2025, effective coated separator capacity was approximately 14.0 billion square meters, while annual base-film capacity was approximately 2.1 billion square meters. The relevant market shares are based on industry statistics disclosed in the company’s annual report and the company’s own methodology; no independent third-party cross-verification using the same methodology was identified.
• Anode materials: Primarily produces mid- to high-end artificial graphite anode materials, while also developing silicon-carbon anodes, hard carbon, soft carbon, composite graphite and lithium-metal anodes. Shipments reached 143,000 tonnes in 2025, up 8.1% year on year; annual capacity was approximately 250,000 tonnes as of the end of 2025.
• Functional materials: Includes PVDF and fluoropolymers, PVDF binders, polyacrylic acid, styrene-butadiene rubber, nano-alumina, boehmite and bio-based aramid. Sales of PVDF and fluoropolymers reached 41,300 tonnes in 2025, up 99.1% year on year; effective PVDF capacity exceeded 30,000 tonnes as of the end of 2025. The sales figure includes PVDF and fluoropolymers and is not fully equivalent to the company’s own PVDF capacity.
• New-energy automation equipment and services, and electrode contract manufacturing: Equipment covers key processes including slurry mixing, coating, calendering, slitting, winding, stacking, electrolyte filling, formation and capacity grading, and helium leak testing. Revenue from automation equipment and services was RMB 4.569 billion in 2025, up 21.2% year on year, while new orders totaled RMB 5.427 billion, up 130.9%; the company has commissioned an 8 GWh slurry-mixing and electrode-coating line.
• Platform-based synergy model: Through coordination among “materials + equipment + processes,” the company promotes synergies among in-house base-film equipment, base-film production, coating processing, in-house functional-material supply, anode materials and electrode contract manufacturing. Based on the company’s internal figures before intersegment eliminations, revenue from new-energy battery materials and services was RMB 11.793 billion in 2025, while revenue from automation equipment and services was RMB 4.569 billion; on a consolidated basis, revenue from lithium battery materials and equipment was RMB 15.532 billion.

2.3 Position in the Upstream and Downstream Chain and Cost-Profit Structure

Putailai is positioned in the upper-middle reaches of the new-energy battery materials and equipment value chain. Its businesses connect upstream inputs such as petroleum coke, needle coke, polyolefin resins, fluorochemical raw materials, ceramic powders, electricity and equipment components with downstream customers including power battery, energy-storage battery and consumer battery manufacturers, automakers and new-energy manufacturers. The company’s core value does not lie in a monopoly over a single resource, but in creating a platform-based synergy through “base films and coated separators + anode materials + functional materials + automation equipment + process services.”

• Upstream inputs for anode materials include petroleum coke, needle coke, pitch, natural graphite and other carbon materials, as well as electricity and auxiliary materials required for graphitization processing. Upstream inputs for separators and base films include polyolefin resins, extraction agents, solvents, coating slurries, ceramic powders and binders. PVDF and fluoropolymer inputs include fluorochemical raw materials. Functional materials involve alumina, boehmite, PVDF, aramid, PAA and SBR, among others. Upstream inputs for automation equipment include mechanical structural parts, electrical components, standard parts, non-standard parts, control systems and software modules.
• The 2025 annual report did not disclose specific procurement amounts, individual shares or the share of the five largest suppliers for the above raw materials. Therefore, the specific weighting of raw-material costs and supplier concentration cannot be confirmed.
• In 2025, direct material costs for lithium battery materials and equipment were RMB 8.337 billion, accounting for 78.55% of the cost structure of that business and representing the largest cost item. The proportion of processing fees declined, in connection with inventory reduction and a higher in-house supply ratio.
• The company does not have full pricing power over upstream inputs such as petroleum coke, needle coke, polyolefin resins, chemical raw materials, ceramic powders and electricity. Some inputs have commodity or chemical-product pricing characteristics, meaning that the company is, overall, a manufacturer whose costs are partially constrained by upstream prices.
• The company partially offsets upstream cost volatility through in-house graphitization, proprietary integration of base-film equipment, in-house base-film supply, centralized raw-material procurement, process optimization and multi-site coordinated production. Its in-house R&D capabilities for base-film and coating equipment provide a cost advantage.
• Downstream customers mainly include power battery manufacturers, energy-storage battery customers, consumer battery manufacturers, automakers, and customers requiring lithium battery equipment and electrode contract manufacturing services.
• Coated separators and base films directly enter the cell manufacturing process, while anode materials, PVDF, boehmite and alumina generally require customer certification or long-term validation. Automation equipment projects are characterized by customization, long delivery cycles and high after-sales service requirements.
• The 2025 audit report disclosed that sales to single Customer A were RMB 6.113 billion, accounting for 38.91% of annual company revenue. The customer was described as “a globally leading innovative new-energy technology company.” The annual report did not disclose its specific name, and it cannot be directly inferred to be CATL, BYD or any other particular customer.
• Sales to the five largest customers accounted for 58.14% in 2025, down 7.75 percentage points from 2024. This figure is disclosed in the company’s annual report and audit report. Customer A’s name has not been made public, and the detailed customer mix remains subject to the latest annual report.
• As of December 31, 2025, the largest customer accounted for 42.57% of accounts receivable and receivables financing, while the five largest customers accounted for 64.79%; the corresponding figures in 2024 were 41.31% and 69.31%, respectively. Customer concentration and collection terms have a significant impact on the company.
• Downstream battery manufacturers have relatively high concentration, creating pressure from annual price reductions, cost optimization, supplier certification and payment-term management. However, the company has technological, certification and supply-stability barriers in high-end coated separators, base-film equipment, anode materials and functional materials. It can enhance customer stickiness and obtain some bargaining power through its “materials + equipment + processes” model.
• Working-capital evidence indicates that downstream customers have a significant influence on collection timing. As of December 31, 2025, the largest customer accounted for 42.57% of accounts receivable and receivables financing, and the five largest customers accounted for 64.79%. Net cash flow from operating activities was approximately RMB 2.7 billion in 2025, which the company attributed mainly to operating-performance growth, stronger inventory turnover and increased collection efforts. At the end of 2025, inventories included 39,300 tonnes of anode materials, 2.028 billion square meters of coated separators and 5,500 tonnes of PVDF and fluoropolymers. However, the annual report stated that these inventories included goods shipped but not yet recognized as revenue, and they cannot simply be regarded as entirely slow-moving inventory.
• Supplier concentration: The 2025 annual report did not disclose the names, purchase amounts or shares of the five largest suppliers. The data are therefore insufficient to confirm upstream supplier concentration. Customer concentration: sales to single Customer A accounted for 38.91%, while the five largest customers accounted for 58.14%; the largest customer accounted for 42.57% of accounts receivable and receivables financing, and the five largest customers accounted for 64.79%. These figures are for 2025 or year-end 2025. Customer A’s specific name was not disclosed, and the relevant concentration data rely mainly on the company’s annual report and audit report, subject to the latest annual report.

The company is located in the upper-middle reaches of the new-energy battery value chain and is more accurately characterized as a “midstream materials processing and equipment manufacturing” company rather than an upstream resource monopolist or a downstream consumer brand. Profit improvement mainly depends on higher utilization of coated separator and base-film capacity, a higher in-house base-film supply ratio, integrated cost reduction in anode materials, equipment efficiency and process optimization, increased volumes of PVDF and high-end functional materials, and a higher mix of high-end fast-charging, silicon-carbon anode and composite-coating products.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest available financial report is the 2026 interim report, covering January 1, 2026 to June 30, 2026. It was disclosed on August 20, 2026 and is unaudited. Recurring net profit attributable to shareholders was RMB 1.312 billion in the first half of 2026, up 32.25% year on year; basic EPS was RMB 0.69, up 40.82%; and the weighted average return on equity was 6.89%, an increase of 1.31 percentage points year on year.

In the first half of 2026, the company maintained relatively rapid growth in revenue and profit. Net cash flow from operating activities was RMB 1.799 billion, up 47.05% year on year and exceeding net profit attributable to shareholders for the period, indicating relatively good cash-flow quality. The company had previously forecast first-half 2026 net profit attributable to shareholders of RMB 1.4 billion to RMB 1.5 billion, and the final result of RMB 1.452 billion fell within the guidance range. Operating costs increased 54.85% year on year in the first half of 2026, outpacing revenue growth of 42.70%; higher prices for certain raw materials and the ramp-up of new capacity continued to pressure gross margins. Recurring net profit attributable to shareholders was RMB 2.219 billion in 2025, up 108.74% year on year, while basic EPS was RMB 1.12.

3.2 Earnings Forecasts

According to the earnings forecast page of Tonghuashun, as of September 12, 2026, 13 institutions had issued forecasts for Putailai’s 2026 performance during the preceding six months. These figures are institutional research forecasts, not company guidance or definitive data disclosed by the exchange. Forecast dispersion is relatively wide for 2028, with net profit attributable to shareholders estimated at RMB 4.717 billion to RMB 6.480 billion.

3.3 Valuation and Institutional Ratings

Share-price data are as of the September 11, 2026 close. The closing price was RMB 21.38, with a daily change of -2.69%. Based on total shares outstanding of approximately 2.144 billion as of June 30, 2026, total market capitalization is estimated at approximately RMB 45.8 billion. Based on actual 2025 EPS of RMB 1.12, the static P/E ratio was approximately 19.1x; based on consensus EPS forecasts, forward P/E ratios for 2026–2028 were approximately 14.2x, 10.6x and 8.4x. Net assets attributable to shareholders of the listed company were RMB 21.404 billion as of June 30, 2026. Based on approximately 2.144 billion shares, book value per share was approximately RMB 9.98, implying a P/B ratio of approximately 2.14x. The current share price corresponds to a 2026 consensus forward P/E of approximately 14x, below the 20x–30x 2026 valuation assumptions used in some recent research reports. If earnings forecasts for 2026–2028 are achieved, the current valuation does not appear high against a backdrop of sustained profit growth. However, valuation depends to a considerable extent on rapid earnings growth over the next two to three years. If volume growth in anodes, separators, PVDF and equipment falls short of expectations, or if industry price competition continues to pressure gross margins, actual valuation could be higher than the above calculations suggest. Recent public institutional views are primarily “Buy” or “Overweight,” with target prices concentrated around RMB 35–RMB 41. However, target prices and earnings forecasts represent sell-side views and do not constitute formal company earnings commitments.

4. Recent News and Announcements

4.1 RMB 170 Million Guarantee for a Wholly Owned Subsidiary; Total External Guarantees Remain High

On September 12, 2026, Putailai disclosed an “Announcement on the Progress of Guarantees Provided to Subsidiaries.” It signed a Maximum Guarantee Agreement with the Hohhot Branch of Industrial Bank to provide a RMB 170 million guarantee for wholly owned subsidiary Inner Mongolia Zichen Xingfeng New Energy Technology Co., Ltd. The guarantee takes the form of joint and several liability, with a guarantee period of three years from the expiration of the debt-performance period. Before this guarantee, the company’s outstanding guarantees for Inner Mongolia Xingfeng totaled RMB 280 million. Following the guarantee, the company and its subsidiaries had provided cumulative guarantees of RMB 450 million to Inner Mongolia Xingfeng, including RMB 250 million provided in 2026. The total external guarantees provided by the company and its controlled subsidiaries amounted to RMB 22.28615 billion, equivalent to 109.07% of the company’s audited 2025 net assets attributable to shareholders. There were currently no overdue guarantees. The guaranteed entity is principally engaged in anode-material graphitization and recorded first-half 2026 revenue of RMB 1.091 billion and net profit of RMB 161 million, compared with a full-year 2025 net loss of RMB 158 million. The announcement noted that the asset-liability ratios of certain guaranteed entities exceeded 70%; the scale of guarantees and liquidity-chain risks require continued monitoring. Source: Sina Finance announcement mirror and Shanghai Stock Exchange announcement.

4.2 Use of 2023 Repurchased Shares Changed to Cancellation; Registered Capital to Be Reduced

On September 8, 2026, the company disclosed an “Announcement on the Cancellation of Repurchased Shares, Reduction of Registered Capital and Notification to Creditors.” The 9.751415 million shares repurchased in 2023 had originally been intended for an employee shareholding plan. Following approval by the board of directors and shareholders’ meeting, their intended use was changed to cancellation and a reduction of registered capital. As the performance conditions for the first exercise period of the initial grant under the 2025 stock-option incentive plan had been met, incentive recipients had independently exercised options for a cumulative 7.785099 million new shares by the end of the second quarter of 2026. Upon completion of the relevant share cancellation and option exercises, total shares outstanding are expected to change from 2,136.399076 million to 2,134.432760 million, representing an expected net reduction of 1.966316 million shares; registered capital will be changed accordingly. Creditors may declare claims from September 8 to October 22, 2026. The shareholders’ meeting approved the relevant resolutions on September 7, 2026. The resolution to change the use and cancel the repurchased shares received 99.9103% of votes in favor, while the resolution to change registered capital and amend the articles of association received 99.8768% of votes in favor. Source: Sina Finance announcement mirror and Shanghai Stock Exchange announcement.

4.3 2026 Share Repurchase Plan Continues; Approximately RMB 90 Million Repurchased

On September 2, 2026, the company disclosed an “Announcement on the Progress of Share Repurchases.” The repurchase plan was disclosed on July 22, 2026, with an implementation period from July 21, 2026 to July 20, 2027. Total repurchase funds are to be no less than RMB 200 million and no more than RMB 300 million, and the repurchased shares are intended for an employee shareholding plan or equity incentive program. As of August 31, 2026, the company had cumulatively repurchased 3.835100 million shares, representing 0.18% of total shares outstanding as of June 30, 2026; cumulative payments totaled RMB 90.0002 million, excluding transaction costs; and the repurchase price ranged from RMB 22.64 to RMB 24.22 per share. Based on the RMB 300 million upper limit, approximately 30.0% of the planned amount had been completed; based on the RMB 200 million lower limit, approximately 45.0% had been completed. This repurchase plan does not involve the same shares as the historical shares repurchased in 2023 and canceled on September 8. Source: Sina Finance announcement mirror and Shanghai Stock Exchange announcement.

4.4 No New Third-Quarter Earnings Forecast or Flash Report Identified in September 2026

As of September 13, 2026, searches of the company’s announcement list and relevant keywords had not identified any new third-quarter earnings forecast, earnings flash report or earnings revision announcement issued by Putailai in September 2026. The company had previously issued a first-half 2026 earnings forecast in July, estimating net profit attributable to shareholders at RMB 1.4 billion to RMB 1.5 billion, up 32.66% to 42.14% year on year, and recurring net profit attributable to shareholders at RMB 1.26 billion to RMB 1.36 billion, up 27.00% to 37.08% year on year. These figures were unaudited. The company disclosed its interim report on August 20, 2026; subsequent analysis should be based on the formal periodic report. Source: The company’s first-half earnings forecast and related announcement page.

4.5 Controlling Subsidiary Jiatuo Intelligent Resumes STAR Market Listing Review on the Beijing Stock Exchange

On August 27, 2026, the company disclosed an announcement on the progress of its controlling subsidiary Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd.’s application to list on the Beijing Stock Exchange. Jiatuo Intelligent submitted application materials to the BSE on June 26, 2026, received an acceptance notice from the BSE on June 30, and applied on the same day to suspend the review, which was approved. After the circumstances leading to the suspension were resolved, Jiatuo Intelligent submitted an application to resume the review on August 24, and the BSE changed its review status to “review resumed” on August 25. The company cautioned that the proposed offering and listing could still fail to pass BSE review, obtain registration from the China Securities Regulatory Commission or complete the offering. The matter remains under review and should not be regarded as a confirmed listing or confirmed financing amount. Source: Sina Finance announcement mirror and Shanghai Stock Exchange announcement.

4.6 No New September 2026 Announcements on Controlling Shareholder Shareholding Changes, Pledges or Regulatory Penalties Identified

As of September 13, 2026, keyword searches had not identified any new September announcements concerning increases, reductions or pledges of shares by the controlling shareholder. The earlier shareholder-related matter was the pledge of 43 million shares by Liang Feng, the controlling shareholder and actual controller, on June 26, 2026. Following that pledge, Liang Feng had cumulatively pledged 223.11 million shares, representing 41.98% of his direct holdings and 10.41% of the company’s total shares outstanding. This matter was not a new September announcement. As of September 13, 2026, searches had also not identified any public announcement that the company had been penalized, investigated or required to respond to inquiries by the Shanghai Stock Exchange, the CSRC or other regulators in September 2026. The conclusion that no such items were identified reflects only the results of public-announcement searches as of that date.

4.7 No Major September 2026 M&A Announcement Identified; Earlier Investment Matters Were Not New Announcements

As of September 13, 2026, no major acquisition announcement newly disclosed by Putailai in September 2026 had been identified. Important earlier 2026 investment and asset matters included the following: In January 2026, the company proposed to acquire a 5% stake in Ruyuan Dongyangguang Fluorine Resin Co., Ltd. for RMB 240 million in cash, with its ownership interest expected to increase from 55% to 60% after completion; in March 2026, the company proposed to invest USD 297 million through a wholly owned subsidiary to build a 50,000-tonne-per-year lithium-ion battery anode-material base in Malaysia; and from May to June 2026, the shareholders’ meeting approved a 7.2 billion-square-meter-per-year lithium-ion battery separator construction project and related guarantees and financing matters. These were earlier 2026 project developments and not new September announcements.

4.8 Recent Announcement Themes: Repurchases and Share-Capital Management, Subsidiary Listing Progress and Guarantee Risks

As of September 13, 2026, Putailai’s recent announcements mainly concerned repurchases and share-capital management, implementation of incentive mechanisms, capital-market operations by a controlling subsidiary and guarantees. The company continued to implement a new RMB 200 million to RMB 300 million repurchase plan, with RMB 90.0002 million already repurchased and paid as of August 31, 2026. It also proposed to cancel the 9.751415 million shares repurchased in 2023. After taking into account the 7.785099 million new shares issued through option exercises, the expected net reduction in share capital is 1.966316 million shares. Controlling subsidiary Jiatuo Intelligent has resumed its BSE listing review, but risks remain relating to review, registration and offering failure. Following the additional RMB 170 million guarantee on September 12, total external guarantees by the company and its controlled subsidiaries reached RMB 22.28615 billion, equivalent to 109.07% of audited 2025 net assets attributable to shareholders. There were currently no overdue guarantees, but the scale of guarantees and the high asset-liability ratios of certain guaranteed entities require continued monitoring.

5. Share-Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of September 11, 2026, Putailai closed at RMB 21.38, below the MA5, MA10 and MA20. MACD was below the zero axis, while RSI was approximately 36.34, indicating overall technical weakness. The share price was close to the lower Bollinger Band and the 52-week low of RMB 20.92, leaving room for a technical rebound near the lower band. However, the decline on September 11 was accompanied by higher volume, and combined net outflows from super-large and large orders totaled approximately RMB 90.1215 million. No clear bottoming or reversal confirmation had yet formed. The technical focus is currently on the effectiveness of downside support and capital absorption rather than on a single directional conclusion.

5.3 Short-Term Outlook (Next Week, Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content represents subjective scenario analysis based on the September 11, 2026 closing data, historical prices and technical indicators. It does not constitute investment advice or a guarantee of future actual performance.

① Key Technical Levels

② Scenarios for the Next Week (Subjective Weights, Not Statistical Probabilities)

• Low-level consolidation (relatively higher subjective heuristic weight, approximately 50%–60%; this is a subjective judgment based on current technical indicators and fund flows, not a statistical probability): Price range of approximately RMB 21.0–RMB 22.2. Trigger conditions include support at RMB 20.9–RMB 21.1, turnover value falling back to approximately RMB 300 million–RMB 500 million, and the share price regaining RMB 21.4 without decisively breaking through RMB 22.0–RMB 22.2. If this scenario materializes, the share price may oscillate repeatedly around RMB 21 while awaiting further confirmation from volume and MACD
• Weak decline (medium subjective heuristic weight, approximately 30%; this is a subjective judgment based on current technical indicators and fund flows, not a statistical probability): Price range of approximately RMB 20.0–RMB 21.1. Trigger conditions include a decisive closing-price break below RMB 20.9–RMB 21.0, continuous net outflows from main funds, daily turnover value remaining above recent normal levels and reaching approximately RMB 600 million or more, and simultaneous weakening in risk appetite for the lithium battery materials sector or broader market. Current data do not show a clearly stronger support level below RMB 20.9
• Strong rebound (relatively low subjective heuristic weight, approximately 10%–20%; this is a subjective judgment based on current technical indicators and fund flows, not a statistical probability): Price range of approximately RMB 22.2–RMB 23.2. Trigger conditions include the share price regaining RMB 22.0–RMB 22.2, turnover value rising to approximately RMB 800 million or more and remaining at that level, super-large and large-order flows shifting from net outflow to net inflow, and a further break above RMB 22.4. A break above RMB 23.2 would indicate that the share price had regained MA20 and the Bollinger middle band, potentially shifting the technical picture from a weak rebound toward a period of recovery

③ Capital and Liquidity Background

As of September 11, 2026, the turnover rate was approximately 1.21%, turnover value approximately RMB 550 million and trading volume approximately 25.88 million shares. Recent turnover value was generally within a range of RMB 240 million to RMB 950 million: approximately RMB 241 million on September 10, RMB 460 million on September 9, RMB 445 million on September 8 and RMB 362 million on September 7; approximately RMB 938 million on August 21; and approximately RMB 630 million–RMB 740 million from August 24 to August 26. Turnover value on September 11 was higher than on the previous trading day but below that of some high-volume trading days in mid-to-late August. Combined with the share-price decline and net main-fund outflows, this was more consistent with increased volume during a decline and insufficient capital absorption than with a clear accumulation signal. Shareholder-structure data as of June 30, 2026 show that the top 10 tradable shareholders collectively held approximately 60.73%; the total number of shareholder accounts was 153,382, up approximately 8.20% from March 31, 2026; and average holdings were approximately 13,979 shares, down from the previous reporting period. Among the top 10 shareholders, Hong Kong Securities Clearing Company Limited, the China Universal Energy Innovation Equity Fund and a China Life traditional insurance product could be identified. Public funds and insurance funds did not account for a high proportion, while the four largest shareholders were primarily the actual controller, management and persons acting in concert or related investment platforms. These shareholder data lagged the September 11, 2026 date by more than two months and cannot represent current changes in tradable positions. The relatively high nominal concentration suggests that actually tradable shares may be lower than total tradable shares, while the increase in shareholder accounts and decline in average holdings indicate that shares outside core shareholders may have become more dispersed. If turnover value reaches or exceeds approximately RMB 800 million for two consecutive trading days, while combined super-large and large-order flows turn net positive and the closing price regains RMB 22.2–RMB 22.4, this could be observed as a signal of stronger capital absorption. If volume increases while main funds continue to post net outflows, the move is more likely to represent the release of selling pressure during a decline.

A checkable volume-price confirmation signal is: turnover value reaches or exceeds approximately RMB 800 million for two consecutive trading days, combined super-large and large orders turn to net inflows, and the share price closes back above RMB 22.2–RMB 22.4. This signal is for observing whether capital absorption has strengthened.

④ Points to Monitor (For Observation Only, Not Trading Instructions)

• Observe whether the RMB 20.9–RMB 21.1 area can hold. A decisive break below this area would weaken support at the 52-week low and could open room for the stock to seek support near RMB 20 or lower.
• Observe whether RMB 21.4 can be regained and whether the RMB 22.0–RMB 22.4 resistance zone can be decisively breached. RMB 23.18 corresponds approximately to MA20 and the Bollinger middle band.
• Observe whether turnover value can increase from the recent RMB 500 million–RMB 600 million level to approximately RMB 800 million or more, together with net inflows from super-large and large orders.
• Observe whether RSI continues to fall from around 36 or whether divergence emerges, with the price making a new low while RSI does not. These are observation points only, not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and calculations using historical prices and technical indicators. Short-term share prices may also be affected by news, capital flows, the broader market environment and other factors. Technical indicators have inherent lags and limitations. This analysis does not guarantee future actual performance and does not constitute a buy or sell recommendation. Investors should independently assess the latest market information and bear investment risks themselves.

6. Industry Landscape and Competitor Analysis

6.1 Industry Conditions

Putailai operates across several subsectors, including separators, anode materials, functional materials and lithium battery equipment. Common industry characteristics include growing downstream demand for new-energy batteries, relatively long customer-certification cycles, and equal emphasis on technology and scale. The industries also face pressure from capacity expansion, price competition and cost reduction. The company’s annual report cited EVTank data, and the relevant industry figures follow the methodology cited in the annual report.

6.2 Competitive Landscape

• Separator industry: China’s lithium-ion battery separator shipments reached 32.85 billion square meters in 2025, up 44.4% year on year. Wet-process separator shipments reached 26.52 billion square meters, up 51.6%, accounting for 80.7% compared with 76.9% in 2024. The competitive focus is shifting from simple capacity expansion toward equipment efficiency, yield, unit energy consumption, material innovation and customized solutions.
• Putailai focuses on coating processing in separators and extends upstream into base films, coating equipment, coating materials and process services. Its advantages lie in coating scale, process expertise, customer certification and “materials + equipment + processes” synergies. Risks include increased supply from wet-process base-film capacity expansion and low-cost competition from newer high-efficiency capacity.
• Anode-material industry: China’s anode-material shipments reached 2.922 million tonnes in 2025, up 38.1% year on year, including 2.54 million tonnes of artificial graphite. Key competitive factors include cost control, capacity scale and technological innovation. New technologies such as silicon-based and lithium-metal anodes could reshape the competitive landscape.
• Putailai positions its anode-material business in mid- to high-end artificial graphite and is developing differentiated products including fast-charging, high-capacity, low-expansion, long-cycle-life and silicon-carbon anodes. However, it still faces pressure from industry capacity expansion, falling product prices and low-cost competition from new entrants.
• Functional-materials industry: Competition in products such as PVDF, boehmite and alumina is shifting from simple capacity expansion toward customer certification, purity, particle-size distribution, dispersibility and battery-performance compatibility. Companies that enter core battery supply chains and have large-scale supply capabilities have stronger customer stickiness and earnings stability.
• Lithium battery equipment industry: This is a technology-intensive sector involving mechanical engineering, electronics, electrical systems, chemistry, materials, automatic controls and software systems. Key competitive factors include accumulated technology, project delivery, after-sales service, whole-line coordination and continuous iteration. Putailai’s equipment business is coordinated with its own materials and process businesses, but it still faces competition from specialized equipment manufacturers.

6.3 Major Competitors

Putailai is not fully comparable with a single separator, anode or equipment company. Its differentiation lies in the “materials + equipment + processes” synergy formed by its coating-separator scale, proprietary integration of base-film equipment, anode materials, functional materials, automation equipment and electrode contract manufacturing. Public industry materials commonly identify Putailai, Lead Intelligent and Yinghe Technology as companies with strong overall competitiveness in lithium battery equipment. However, this comparison largely reflects industry-research methodology and should not be treated as an official company ranking or used directly for overall valuation or cross-company profitability comparisons.

7. Risk Factors

• High customer concentration and collection risk: Sales to a single customer accounted for 38.91% of revenue in 2025, while the five largest customers accounted for 58.14%. The largest customer accounted for 42.57% of accounts receivable and receivables financing, and the five largest customers accounted for 64.79%. Changes in procurement, bargaining or collection timing by core customers could materially affect revenue recognition, cash flow and working capital.
• Large external guarantee exposure: As of September 12, 2026, total external guarantees by the company and its controlled subsidiaries amounted to RMB 22.28615 billion, equivalent to 109.07% of audited 2025 net assets attributable to shareholders. Although there were currently no overdue guarantees, certain guaranteed entities had asset-liability ratios above 70%, and changes in their operations or solvency could increase contingent-liability risks for the listed company.
• Dual pressure on gross margins from costs and prices: Operating costs increased 54.85% year on year in the first half of 2026, outpacing revenue growth of 42.70%. Higher prices for certain raw materials and the ramp-up of new capacity have already pressured gross margins. Price volatility in petroleum coke, needle coke, polyolefin resins, fluorochemical raw materials, ceramic powders and electricity could weaken the profit recovery of the anode, separator and functional-material businesses.
• Capacity expansion and product-price decline risks in anodes, separators and functional materials: Key industry competition remains focused on scale, cost and customer certification. Although the company has capacity and synergies in coating processing, anodes and PVDF, increased industry supply, continued customer price reductions or insufficient capacity utilization could result in revenue growth failing to translate into corresponding profit growth.
• Construction and ramp-up uncertainty for new capacity and overseas projects: The company is advancing separator construction projects and plans to invest in a 50,000-tonne-per-year lithium-ion battery anode-material base in Malaysia. If construction, equipment commissioning, customer certification or capacity ramp-up falls short of expectations, capital could be tied up, depreciation could increase and profit realization could be delayed.
• Order-conversion and delivery risks in the equipment business: New orders for automation equipment and services increased 130.9% year on year in 2025, but lithium battery equipment projects are customized, have long delivery cycles and require extensive after-sales service. Whether order growth can be converted into revenue and profit on schedule still depends on customer investment progress, project delivery and acceptance.
• Weak short-term technical and capital-flow conditions: As of September 11, 2026, the share price was below MA5, MA10 and MA20, and MACD was below the zero axis. The September 11 decline was accompanied by higher volume, with combined net outflows from super-large and large orders of approximately RMB 90.12 million. If the RMB 20.9–RMB 21.1 area fails, short-term price support could weaken further. Technical indicators reflect historical prices and fund flows only and cannot represent fundamentals or future performance.
• Significant variance in earnings realization: Institutional consensus forecasts show continued growth in net profit attributable to shareholders during 2026–2028, but the 2028 forecast range is RMB 4.717 billion to RMB 6.480 billion, indicating substantial disagreement. If volume growth in separators, anodes, PVDF or equipment falls short of expectations, or if industry price competition causes gross margins to decline, actual earnings could fall below market forecasts.

8. Conclusion and Outlook

Putailai’s core growth drivers are increased separator coating volumes, a higher in-house base-film supply ratio, integrated cost reduction in anode materials, expansion of PVDF and other functional materials, and growth in automation-equipment orders. In the first half of 2026, earnings and operating cash flow maintained relatively rapid growth, indicating that the aforementioned business synergies and profit recovery remain in progress. Institutional average forecasts for net profit attributable to shareholders in 2026–2028 are approximately RMB 3.230 billion, RMB 4.299 billion and RMB 5.431 billion, respectively. However, these figures are sell-side forecasts and do not constitute company earnings commitments.

The company’s future earnings sensitivity will continue to depend on the ramp-up of new capacity, capacity utilization, product prices, raw-material costs and customer demand. Separator, anode and PVDF businesses all face industry capacity expansion and price competition, while the equipment business faces project-delivery, customization and competition from specialized equipment manufacturers. At the same time, total external guarantees have reached RMB 22.286 billion, equivalent to 109.07% of audited 2025 net assets attributable to shareholders, and certain guaranteed entities have asset-liability ratios above 70%. Capital expenditure, guarantee exposure and operating collections therefore require continued monitoring.

From a valuation perspective, the RMB 21.38 share price corresponds to a static 2025 P/E of approximately 19.1x and forward P/E ratios of approximately 14.2x, 10.6x and 8.4x for 2026–2028 based on institutional consensus forecasts. On the surface, this reflects part of the market’s expectations for future profit growth. However, if business volume falls short of expectations, gross margins remain under pressure, or guarantee and customer-collection risks increase, the earnings-growth assumptions underpinning the current valuation may need to be reassessed.

Data Sources

• Shanghai Putailai New Energy Technology Group Co., Ltd. 2025 Annual Report
• Putailai (603659)_Company Announcements_Putailai: 2025 Annual Report_Sina Finance_Sina.com
• Company Announcements_Putailai: 2025 Annual Audit Report_Sina Finance_Sina.com
• Putailai: 2023 Net Profit Fell 38.42% Year on Year; Proposed Cash Dividend of RMB 1.4 per 10 Shares | Putailai_Sina Finance_Sina.com
• Company Announcements_Putailai: 2024 Annual Report_Sina Finance_Sina.com
• 2025 Ranking of Development Potential of Chinese Anode-Material Companies_Ranking_China Commercial Intelligence Network
• Research Report on the Development Status and Investment Prospects of China’s Lithium Battery Equipment Industry (2026–2033)_Guanyan Report Network
• Putailai (603659)_Company Announcements_Putailai: 2026 Interim Report Summary_Sina Finance_Sina.com
• Securities Code: 603659　　Securities Abbreviation: Putailai　　Announcement No.: 2026-061
• Zhongyuan Lithium Battery: Putailai (603659) Annual Report Review: Earnings Growth Resumes and Separators Ramp Significantly | Lithium Batteries_Sina Finance_Sina.com
• Putailai (603659) Earnings Forecast_F10_Tonghuashun Financial Services
• Putailai (603659) 2026 Interim Report Review: Anode and Separator Volume Growth Contributes Earnings Upside; Results in Line with Market Expectations_Sina Finance_Sina.com
• https://m.igu888.com/ylyc/603659.html?utm_source=openai
• Institutional Ratings | Soochow Securities Gives Putailai a “Buy” Rating
• Putailai (603659) Analyst Consensus Estimates_Market Sentiment_Investing.com
• Putailai (603659) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Putailai (603659)_Company Announcements_Putailai: Announcement on the Progress of Guarantees Provided to Subsidiaries_Sina Finance_Sina.com
• Putailai (603659)_Company Announcements_Putailai: Announcement on Cancellation of Repurchased Shares, Reduction of Registered Capital and Notification to Creditors_Sina Finance_Sina.com
• Putailai (603659)_Company Announcements_Putailai: Announcement on the Progress of Share Repurchases_Sina Finance_Sina.com
• Putailai (603659)_Company Announcements_Putailai: Announcement on the Progress of Controlling Subsidiary Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd.’s Application for Public Offering and Listing on the Beijing Stock Exchange_Sina Finance_Sina.com
• Putailai (603659) Corporate Events_F10_Tonghuashun Financial Services
• Shanghai Putailai New Energy Technology Group Co., Ltd. 2026 Interim Report
• Putailai (603659) Historical Stock Data: Historical Quotes, Prices and Charts_Investing.com
• Putailai (603659.SH), Stock Price, Real-Time Quotes, News and Financial Data | HSTong
• Putailai (603659)_Stock Quotes, Market Overview_CFI.cn
• Putailai (603659) Technical Analysis, Forecasts and Buy/Sell Suggestions_Investing.com
• Putailai (603659)_Capital Flows_Stockstar
• Putailai (603659) - Tradable Shareholders - Stock Quote Center - Sohu Securities

This report was automatically retrieved, compiled and generated by AI based on publicly available information. Information is current as of the September 11, 2026 close; certain technical indicators are based on September 10, 2026 data, and shareholder structure data are as of June 30, 2026. Timing differences may exist. Specific data should be based on the company’s formal announcements and authoritative data terminals. This report is for information organization and research reference only, does not constitute investment advice, and investors should make independent judgments and bear investment risks themselves.