Breaking Japan's monopoly after 20 years! Taijin New Energy is launching on the STAR Market today!

(Source: Secretary of the Board Club)

Preface

Today, Taijin New Energy (688813) officially began trading on the STAR Market, with its opening price up more than 85%.

The reason investors are willing to pay a premium is precisely that this company has irreplaceable hard-core strength in a niche field—it took the company 20 years to turn a “bottleneck” technology that Japanese companies had long controlled into a global leader.

1. From following to leading

To understand Taijin New Energy’s value, you first need to recognize a little-known yet critical piece of equipment: the cathode roller.

In the composition of lithium batteries, electrolytic copper foil is a key material for the negative electrode, and the cathode roller is the core equipment used to produce electrolytic copper foil.

For a long time, the market for high-end cathode rollers has basically been dominated by Japanese companies.

Domestic copper foil manufacturers not only face high procurement costs, but delivery schedules and technology upgrades are also often constrained by outside factors.

Taijin New Energy’s underlying logic is to address this pain point. With the company’s R&D background from the Northwest Institute of Nonferrous Metals, after 20 years of iterations, it has achieved domestic substitution of core equipment for ultra-thin lithium battery copper foil with a thickness of 4-6μm.

In 2022, Taijin New Energy was the first to develop the world’s largest-diameter 3.6-meter cathode roller, setting a new industry record. This is not only an expansion of size, but also represents substantial breakthroughs in fundamental processes such as precision titanium processing domestically.

2. A market share of “two firsts”

The ultimate reflection of technological implementation is market share.

At present, in its two major core products, Taijin New Energy is positioned among the domestic top tier:

Core equipment—cathode rollers: domestic market share exceeded 45% in 2024

The market share of copper foil titanium anodes is also ranked first.

This means that for every two rolls of high-end lithium battery copper foil produced domestically, more than one roll comes from equipment made by Taijin New Energy.

Behind this figure is the fact that the products have already entered the supply chains of leading companies such as BYD, Ganfeng Technology, and Hailiang Co., Ltd. Being able to get included in the list of downstream manufacturers that have extremely high requirements for good product yield is, in itself, the most direct proof of the equipment’s stability.

3. High growth and the “second growth curve”

From the financial data, Taijin New Energy is in a phase of rapid performance release. From 2022 to 2024, the company’s revenue compound annual growth rate is as high as 47.78%, and its net profit compound annual growth rate is 40.99%.

Even more reassuring is its “reservoir”: as of the end of 2025, the amount of orders on hand reached 3.258 billion yuan. In the current high-end manufacturing sector, such a large order backlog provides a high degree of certainty for the company’s performance over the next two years.

While solidifying its core business in lithium batteries, Taijin New Energy has not stopped. The company is actively building a “second growth curve”:

Chip packaging copper foil: with the advancement of independent and controllable progress along China’s semiconductor industry chain, demand for ultra-thin high-end standard copper foil is urgent—this is a blue ocean with higher added value than lithium battery copper foil.

Hydrogen energy and photovoltaics: it is laying out cutting-edge fields such as titanium electrodes for electrolytic water hydrogen production and high-efficiency electrodes for photovoltaics, directly entering the green energy track.

4. Written at the end

Overall, Taijin New Energy is a representative company in the wave of domestic substitution for high-end equipment. It has not chased short-term market hotspots, but instead has focused on a highly niche and highly high-threshold track for 20 years, ultimately building its own technical moat.

However, as a manufacturing company in its growth stage, Taijin New Energy also faces many challenges.

For example, the lithium battery industry is still in the capacity clearance stage. Affected by the broader environment, the company’s newly signed orders in 2024 have declined.

The prospectus also frankly points out that it is possible that the company’s revenue and net profit in 2026 may fall compared with 2025. How to smooth out the performance ups and downs caused by cyclicality is a task that management must face.

But in the long run, whether the company can successfully cross the industry’s low point in the cycle and realize expectations in new tracks such as chip packaging and hydrogen energy still needs to be tested over time.

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