BTR First-Half 2026 Revenue RMB10.22B Up 30.4%, Anode Sales Top Global
BTR (920185. BJ) reported first-half 2026 revenue of RMB10.221 billion, up 30.4% year on year, with net profit attributable to shareholders of RMB383 million, down from a year earlier. Anode material sales exceeded 330,000 tonnes, up 22.97%, maintaining the world's No. 1 position for 16 consecutive years. Its Indonesia unit posted revenue of RMB1.708 billion and net profit of RMB165 million. Cathode sales rose 32.52% to over 13,000 tonnes, with revenue up 66.39%.
On the evening of August 28, BTR (920185. BJ) released its 2026 interim report. During the reporting period, the company achieved operating revenue of RMB10.221 billion, up 30.40% year on year, while net profit attributable to shareholders was RMB383 million, declining from the prior year. The company attributed the profit decline mainly to rising prices of upstream core raw materials, higher processing costs, and competitive pressure in the industry.
In the first half, demand from downstream power battery and energy storage battery sectors continued to grow, driving higher shipment volumes. The anode material business sold over 330,000 tonnes, up 22.97% year on year, generating revenue of RMB7.561 billion, up 20.41%. Anode shipments have ranked first globally for 16 consecutive years, with artificial graphite shipments reaching a record high. The overseas Indonesia base ramped up capacity and volume quickly, with BTR Indonesia posting revenue of RMB1.708 billion and net profit attributable to shareholders of RMB165 million in the first half.
In the cathode material business, the company sold over 13,000 tonnes in the first half, up 32.52% year on year, with corresponding revenue of RMB2.359 billion, up 66.39%. The company further extended into resource recycling by investing in cathode material recovery operations, building a full closed-loop system covering disassembly, regeneration, and material integration.
The company said it will actively seek long-term cooperation with upstream resource suppliers, make strategic purchases of key raw materials, and secure stable long-term supply at reasonable prices, while gradually increasing the in-house ratio of key core processes.
BTR's research and development expenses in the first half totaled RMB387 million, as it continued to develop next-generation battery material systems including lithium-ion, solid-state, sodium-ion, and fuel cells. Several artificial graphite products have been adopted by leading domestic battery customers, covering next-generation energy storage, high specific energy, and ultra-long life applications. Among them, 6C ultra-fast-charging artificial graphite products have achieved volume shipments to leading power battery customers. The company also launched hybrid solid-liquid and all-solid-state material solutions. Sulfide electrolytes and lithium-carbon composite anodes have gained recognition from leading customers, oxide electrolytes have reached stable shipments from a thousand-tonne production line, and polymer electrolytes have received customer orders.
In terms of capacity layout, the company's production bases cover South China, East China, North China, Central and Western China, Southwest China, and Northeast China, as well as overseas bases in Indonesia and Morocco. Currently, the 50,000-tonne lithium battery cathode material project and the 60,000-tonne lithium battery anode material integrated project in Morocco are under construction.