What Libao does

Yibin Libao New Materials Co., Ltd. (宜宾锂宝新材料股份有限公司, dba LIBODE Lithium Treasure) is a China-based, privately held high-tech enterprise founded in July 2017 and headquartered in Yibin, Sichuan Province, focused on the R&D and manufacture of lithium-ion battery cathode active materials and their precursor materials. Its product portfolio spans the full ternary cathode chemistry range—NCM 5 through NCM 9 series, NCA, lithium-rich manganese-based materials—plus a sodium-ion battery cathode line, cobalt-free spinel products, and 6-series / 8-series ternary precursors produced through its wholly-owned subsidiary Yibin Guangyuan Lithium Electric Materials Co., Ltd. The company serves leading domestic and global power battery manufacturers and EV OEMs via direct enterprise sales, with cumulative sales revenue exceeding 10 billion yuan and a top-8 national ranking in ternary cathode material sales for two consecutive years.

The company's technology base rests on approximately 80 granted patents and nine proprietary process platforms, including a crystal nucleus-growth stage-separated control synthesis architecture, high-nickel low-cobalt single crystal modification, dynamic pre-oxidation and large-space three-dimensional sintering, and a closed-loop lithium-nickel-cobalt-manganese recycling chain. R&D is anchored by a ~200-person team (25%+ holding master's or doctoral degrees), seven provincial/municipal-level technology innovation platforms, a CNAS-accredited laboratory, and joint graduate training bases with five universities including Beijing Institute of Technology and Central South University. The company operates two manufacturing sites in Yibin (cathode + precursor) and a subsidiary in Guangzhou, with 50,000 tons of cathode capacity and 10,000 tons of precursor capacity currently, scaling toward 120,000 tons and 100,000 tons respectively by 2030.

Libao is controlled by Tianyuan Group (天原集团), a Yibin SOE-affiliated diversified conglomerate, and counts Yibin Xinxing Industrial Investment and Chengdu Jixin Libao (two government-backed funds) among its shareholders following a 2019 round totaling 600 million yuan. A ~$265.6M Series 2 round closed in April 2023, followed by the launch of IPO preparation work, restructuring into a joint-stock company in 2024, and construction of a Phase 3 50,000-ton cathode materials project. Revenue is generated almost entirely through B2B hardware sales of cathode active materials and precursors under a quote-based enterprise pricing model with no publicly disclosed unit pricing.

Name

Libao

Legal name

宜宾锂宝新材料有限公司

Website

https://libode.com.cn

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Yibin Libao is a Chinese high-tech materials manufacturer producing lithium-ion battery cathode active materials (NCM 5–9, NCA, lithium-rich manganese-based, sodium-ion, cobalt-free) and precursors for leading domestic and global power battery makers, with vertically integrated production in Yibin, Sichuan.

Ownership category

akta.pro rank

Product category

Battery Cathode Materials

NAICS

Battery Manufacturing (33591)

SIC

Miscellaneous Chemical Products (2890)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

akta.pro secondary industry

Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI)

Keywords

• Lithium-ion cathode materials
• Ternary precursor materials
• Sodium-ion battery materials
• Battery materials manufacturing
• Energy storage materials

Headquarters

HQ city

Sichuan

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Infrastructure

Revenue model

1. Cathode Materials Sales: Manufacturing and selling lithium-ion battery cathode materials (NCM series, NCA, lithium-rich manganese-based, sodium-ion) to battery manufacturers and EV companies. Primary revenue stream from B2B enterprise sales.
2. Precursor Materials Sales: Production and sale of cathode material precursors through subsidiary Yibin Guangyuan Lithium Electric Materials Co., Ltd., providing配套 for company's own cathode materials and external customers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Yibin Libao manufactures and sells lithium-ion battery cathode materials (NCM 5–9 series, NCA, lithium-rich manganese-based, sodium-ion cathode, and cobalt-free spinel) and supporting NCM precursor materials for power batteries used in new energy vehicles and energy storage systems. Products are produced at the Yibin headquarters and through its wholly-owned subsidiary Yibin Guangyuan Lithium Electric Materials, which manufactures ternary cathode material precursors (nickel cobalt manganese hydroxide). The portfolio serves domestic and international lithium-ion battery manufacturers with focus on power battery applications.

Product overview

Libao (宜宾锂宝新材料股份有限公司) is a high-tech enterprise specializing in lithium-ion battery cathode materials and supporting precursors. The product portfolio includes two main categories: cathode materials (NCM 5-9 series, NCA, lithium-rich manganese-based, sodium-ion battery cathode materials, and cobalt-free spinel products) and cathode material precursors (6-series and 8-series precursors). These products serve the new energy vehicle and energy storage battery industries, with the company's subsidiary 宜宾光原锂电材料有限公司 specializing in precursor production to support the cathode material manufacturing.

Differentiator

Problem solved

Functional benefit

Products and services

• NCM 5 Series Cathode Material Nickel Cobalt Manganese (NCM) cathode material for lithium-ion batteries, suitable for various energy storage applications. Part of Libao's broader NCM cathode materials product line serving power battery manufacturers.
• NCM 6 Series Cathode Material Mid-nickel NCM cathode material with balanced performance for power battery applications. Targeted at lithium-ion battery manufacturers seeking a balance of energy density, cost and cycle life.
• NCM 7 Series Cathode Material High-nickel NCM cathode material for high-energy-density lithium-ion batteries. Designed for power battery manufacturers targeting higher energy density for electric vehicle applications.
• NCM 8 Series Cathode Material Ultra-high nickel NCM cathode material delivering superior energy density for electric vehicle batteries. Targeted at premium power battery applications requiring maximum energy density.
• NCM 9 Series Cathode Material Next-generation ultra-high nickel NCM cathode material for premium power battery applications. Represents the highest nickel content tier in Libao's NCM product family for advanced energy density requirements.
• NCA Cathode Material Nickel Cobalt Aluminum oxide cathode material known for high energy density and cycle stability. Used in power battery applications requiring premium energy density and durability.
• Lithium-rich Manganese-based Cathode Material Lithium-rich manganese-based cathode material with capacity exceeding 250mAh/g, targeting next-generation high-energy-density batteries. Jointly developed with Beijing Institute of Technology and capable of achieving energy density over 400Wh/kg per cell through pressure-stable structure regulation.
• Sodium-ion Battery Cathode Material Cathode material for sodium-ion batteries, developed to address lithium resource scarcity by leveraging abundant sodium resources. Features in-situ carbon coating and new ligand treatment to improve conductivity and water absorption, with optimised crystal structure for electrode material performance.
• Cobalt-free Spinel Cathode Material Cobalt-free spinel cathode material offering cost advantages and reduced dependency on scarce cobalt resources. Developed using high-voltage cobalt-free single crystal preparation technology with lattice regulation of binary systems and doping/coating element research.
• NCM 6 Series Precursor NCM 6-series precursor (nickel cobalt manganese hydroxide) serving as the foundation material for mid-nickel cathode production. Produced by Yibin Guangyuan Lithium Electric Materials, Libao's wholly-owned precursor subsidiary with 10,000 tons existing capacity expanding to 100,000 tons.
• NCM 8 Series Precursor NCM 8-series precursor for ultra-high nickel cathode material production, enabling high-energy-density battery applications. Produced at Yibin Guangyuan's facilities to supply Libao's high-nickel cathode material production and external customers.

Quantifiable outcome

• Cathode material cycle life improved to 1C/8C rate capability from conventional 1C/1C
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• 宜宾职业技术学院新能源电池学院党总支minorStrategic or Co-development Partner · 4 December 2024Party-building co-construction and school-enterprise cooperation; signed joint agreement for talent exchange, scientific research innovation, and talent cultivation in new energy battery industry.
• 三江新区动力电池局党支部minorStrategic or Co-development Partner · 27 November 2024Party organization joint-building activity; signed cooperation agreement for organizational development, party member interaction, party building resource sharing, and assistance; regular joint theme day activities, experience exchange, and volunteer services.
• 崇德村 (Chongde Village)minorOthers · 5 July 2024Responded to 'Two New Organizations Connect Hundred Villages' initiative; purchased agricultural products from Chongde Village to support rural revitalization and distributed to employees.
• 北京理工大学 (Beijing Institute of Technology)coreStrategic or Co-development PartnerStrategic R&D partnership for cathode material development; joint research on high-specific-capacity lithium-rich manganese-based cathode materials; established joint graduate training base; Wang Zhengqiang Innovation Studio partnered with the university for technology innovation.
• 中南大学 (Central South University)coreStrategic or Co-development PartnerUniversity partnership for talent cultivation and joint research; established joint graduate training base for battery materials research and development.
• 5 Universities Joint Graduate Training BasescoreStrategic or Co-development PartnerEstablished joint graduate training bases with 5 universities including Beijing Institute of Technology and Central South University to build 'industry-university-research-application' deep integration innovation ecosystem.
• 四川省企业联合会/四川省企业家协会minorOthersIndustry association that publishes annual rankings of Sichuan enterprises; recognized Yibin Libao in Top 100 Manufacturing Private Enterprises and Top 100 Private Enterprises in R&D Investment.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Hunan Yuneng (Yuneng Energy): Top Chinese LFP cathode manufacturer with significant production scale. Comparable as a major domestic cathode competitor serving similar power-battery and energy-storage customers.
• Hunan Changyuan Lico: Chinese cathode materials producer focused on NCM and NCA chemistries for power batteries. Comparable mid-tier domestic cathode peer targeting similar tier-1 Chinese battery customers.
• Brunp Recycling Technology: CATL subsidiary producing precursors and cathode materials as part of CATL's vertical integration strategy. Comparable as a precursor/cathode producer and represents the in-house sourcing threat from the largest battery customer.
• Shenzhen Dynanonic: Leading Chinese LFP/nano-phosphate cathode manufacturer. Comparable as a domestic cathode peer serving the same downstream battery customer base, though focused primarily on LFP rather than NCM chemistries.
• GEM Co. (Greenmе Ecology): Chinese leader in battery materials recycling and precursor production, with growing cathode materials business. Directly comparable as both a precursor supplier and cathode materials competitor; notably also a 2023 Libao investor.
• Ronbay Technology: One of China's leading high-nickel NCM cathode material producers, listed on the Shanghai STAR Market. Directly competes with Libao in the same NCM ternary cathode category serving top-tier Chinese battery manufacturers.
• Easpring Material Technology (Beijing Easpring): Major Chinese cathode materials manufacturer (NCM, NCA, LFP) supplying global battery makers, including overseas customers. Comparable to Libao as a domestic NCM-focused cathode peer.

Broad incumbents

• POSCO Future M: Korean global cathode materials manufacturer supplying high-nickel NCM to leading battery makers. Comparable as a global-scale cathode competitor, though focused on overseas customers and backed by a large steel group.
• Umicore (Rechargeable Battery Materials): Belgian global materials group with cathode active materials operations serving automotive and battery customers worldwide. Comparable as a global cathode competitor, though broader portfolio includes recycling and catalysis.
• Xiamen Tungsten (XTC New Energy Materials): Diversified Chinese tungsten and battery materials group with a significant cathode materials subsidiary. Overlaps with Libao in the NCM cathode category but is a much larger conglomerate with broader tungsten and rare-earths operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Libao