Battery materials producer Ningbo Shanshan made 20.7 billion yuan (US$3.2 billion) last year, up 152 percent; net profit was 3.3 billion yuan, way ahead of last year’s 140 million yuan. The increase is mainly due to the growth in demand for EVs.

Ningbo Shanshan has a production capacity of 120,000 tons of anode materials and a graphitization capacity of 42,000 tons. To focus on its core business, anode materials and polarizers, Shanshan is to divest cathode materials, electrolytes and other non-core businesses.