Shenzhen XFH Technology, a leading Chinese producer of lithium-ion anode materials, increased its output during the first half of 2024, driven by continued expansion in the downstream new energy vehicle (NEV) sector. The company produced 34,714 tonnes of anode materials between January and June, marking a 3.6% rise from 33,495 tonnes in the same period last year.
Despite this growth, XFH's production capacity remained largely unchanged at 39,539 tonnes per year, a slight decrease from 39,892 tonnes in the previous year. The company did not disclose the reasons behind this minor reduction in capacity.
However, XFH's revenue for the first half of 2024 fell sharply to 706 million yuan ($98.5 million), a 29% decline from 987 million yuan the previous year. This decrease was attributed to lower anode prices, a result of oversupply in the market.
To further expand its production capabilities, XFH is constructing a 60,000 t/yr anode material and graphitization complex in Yong'an city, Fujian province, set to launch by the end of the year. Additionally, the company is developing a larger 140,000 t/yr complex in Suining city, Sichuan province, though the launch date remains undisclosed.
China's NEV production reached 5.914 million units from January to July, up by 29% year-on-year, with sales also rising by 31% to 5.934 million units, according to the China Association of Automobile Manufacturers (CAAM).
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