Analysis Report on Overseas Customer Breakthrough of Xingyuan Material (SZ300568)

Xingyuan Material is

, founded in 2003 and listed on the Shenzhen Stock Exchange in 2016. The company is the first Chinese enterprise to break the foreign monopoly of dry-process single-stretching technology for lithium battery separators, and also the first Chinese lithium battery separator manufacturer to export products in batches to overseas markets [1][2]

Indicator	Data
Market Capitalization	$21.03 Billion
Current Stock Price	$15.60
1-Year Return	+61.83%
Global Planned Capacity	16 Billion ㎡/Year (by 2027)

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Xingyuan Material has established a

and secured partnerships with top global battery manufacturers and automakers:

• Korean Clients:
  LG Energy Solution, Samsung SDI, Sony (Japan)
• Japanese Clients:
  Panasonic, Nissan
• Chinese Leading Players:
  CATL, BYD
• European & American Clients:
  Has established partnerships with globally renowned automakers such as Mercedes-Benz, BMW, Volkswagen, and Toyota [1][2]

Over 40%, ranking among the top in China’s separator industry in terms of export proportion for consecutive years [1][2]

Advantage Dimension	Details
Technological Barriers	Masters dry-process, wet-process, and coated separator technologies simultaneously; leads in ultra-thin dry-process separator and 4D nano-coating technologies
Certifications	Has obtained ISO9001, ISO14001, and ISO/TS16949 system certifications; has established compliance with VDA6.3 process audit standards of the German Association of the Automotive Industry
Solid-State Battery Layout	The solid-state electrolyte membrane developed has excellent electrochemical performance. The product has entered the certification or testing phase with multiple clients, and has been supplied in small batches to several well-known top-tier clients [1]

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Production Base	Planned Capacity	Commissioning Status
Sweden Plant	1.5 Billion ㎡	To be commissioned by the end of 2026
Malaysia Plant	2 Billion ㎡	Phase 1 (0.8 Billion ㎡) has been commissioned; Phase 2 (1.2 Billion ㎡) is expected to be commissioned in H1 2026 (the world’s largest film production base)
Spain Plant	0.2 Billion ㎡	Under Planning
US Plant	0.5-1 Billion ㎡	To be launched in 2027

[1][3]

The company has established

:

• Shenzhen (separator technology, cutting-edge technology and equipment research)
• East China (Nantong)
• Osaka, Japan
• Sweden, Europe

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According to the latest policy analysis,

[1]:

Policy Key Points	Impact Analysis
Starting from April 1, 2026, the battery export tax rebate rate will be reduced from 9% to 6%	As a core raw material, separators are not included in the “finished battery” list, resulting in minimal direct impact
Complete cancellation starting from January 1, 2027	Overseas production capacity layout can avoid policy impacts and enjoy tax incentives in target markets

Company	Net Profit Elasticity from Overseas Capacity
Xingyuan Material	75-80% (Highest in the Industry)
Enjie Inc.	Approximately 20%

Xingyuan Material’s net profit elasticity contributed by overseas capacity is significantly higher than the industry average, mainly due to its

[1][3]

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• Technical Performance:
  Boasts excellent electrochemical performance, meeting technical requirements of multiple leading domestic and overseas battery enterprises, as well as solid-state and semi-solid-state battery manufacturers
• Commercialization Stage:
  The product has entered the
  certification or testing phase
  with multiple clients, and
  has been supplied in small batches to several well-known top-tier clients
  [1]
• Application Fields:
  The product is widely used in new energy vehicles, energy storage power stations, electric bicycles, power tools,
  aerospace
  , 3C digital products, and medical environments [1]

As of June 2025, the company and its holding subsidiaries have applied for

, continuously consolidating its technological leading edge [2]

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1. Leading Overseas Customer Breakthrough:
   Secured partnerships with top global battery manufacturers such as LG Energy Solution, Samsung SDI, and Panasonic; overseas customers account for over 40% of total clients
2. Optimal Overseas Capacity Layout:
   Total planned overseas capacity of 3.5 billion square meters, the largest scale in the industry
3. Largest Beneficiary of Policy Dividends:
   Overseas capacity layout can avoid policy risks amid adjustments to export tax rebate policies
4. First-Mover Advantage in Solid-State Batteries:
   Has achieved small-batch supply of solid-state electrolyte membranes

Risk Type	Details
Capacity Absorption Risk	Rapid expansion of overseas capacity requires matching downstream demand
Industry Cycle Risk	Lithium battery separator prices remain at a low level, and a full upward cycle has not yet been confirmed
Technological Iteration Risk	Changes in solid-state battery technology routes may affect existing layouts

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Xingyuan Material has formed

in overseas customer breakthrough:

• Customer Structure:
  Secured partnerships with top global battery manufacturers and automakers; overseas customers account for over 40% of total clients
• Capacity Layout:
  3.5 billion square meters of planned overseas capacity, with synergy among multiple bases in Sweden, Malaysia, and the US
• Technological Barriers:
  Comprehensive coverage of dry-process, wet-process, and coating technologies, with leading layout in solid-state battery materials
• Policy Benefits:
  Amid adjustments to export tax rebate policies, overseas capacity will become a core profit growth driver

With the gradual commissioning of overseas capacity from 2026 to 2027 and the accelerated commercialization of solid-state batteries, Xingyuan Material’s

.

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[1] Eastmoney.com - The Listed Battery Film Company Benefiting the Most from the Cancellation of Battery Export Tax Rebates – Xingyuan Material (https://caifuhao.eastmoney.com/news/20260111140117073695820)

[2] Xingyuan Material Recruitment Official Website - Company Introduction (https://m.liepin.com/company/7914447/)

[3] Sina Finance - Lithium Battery Separator Industry Shifts from Scale Expansion to Structure Adjustment Amid M&A and Price Hike Waves (https://finance.sina.com.cn/jjxw/2025-12-29/doc-inhemcnz0529246.shtml)