Xingyuan Caili Says Diaphragm Prices Recover on Tight Supply-Demand, Overseas Pricing Higher

Xingyuan Caili presented in an institutional research that, benefiting from robust downstream demand from the power battery and energy storage industries, diaphragm demand continues to grow, industry capacity utilization is gradually rising, and supply-demand conditions remain tight. Diaphragm product prices have stabilized and recovered, and price increases are boosting profit recovery for both the industry and the company, improving profit margins. The diaphragm industry is a capital-intensive, technology-intensive heavy-asset sector with long expansion cycles and a slow pace of new capacity release, while downstream power and storage demand continues to grow.

After the diaphragm industry bottomed out at the end of 2025, the company, in response to supply-demand changes, initiated batch price adjustments for core customers. In the first half of 2026, mainstream wet-process base film prices achieved a significant recovery compared with the end of 2025. Given the current restocking pace of downstream battery cell enterprises and the supply-demand gap, there is a basis for a new round of price adjustments. Looking at the two pricing systems, domestic and overseas, overseas market pricing is significantly higher than the domestic market.