Ningbo Shanshan

What Ningbo Shanshan does

Ningbo Shanshan Co., LTD (SSE: 600884) is a vertically integrated Chinese materials manufacturer operating two core segments: lithium battery materials and optoelectronic (polarizer) materials. The lithium battery materials business produces cathode materials (lithium cobalt oxide, NCM/NCA ternary, lithium manganese oxide), anode materials (synthetic graphite, natural graphite, silicon-based, MCMB, composite graphite), and electrolytes with lithium hexafluorophosphate. The company holds the #1 global ranking in synthetic graphite anode capacity (60,000 tons/year) and cathode materials capacity, with operations spanning Shanghai, Ningbo, Huzhou, Chenzhou, Ningde, Inner Mongolia, Sichuan, and Yunnan. Major customers include ATL, LGC, CATL, BYD, Gotion, SDI, Farasis Energy, and Lishen across consumer electronics, EV, and energy storage applications.

The optoelectronic materials segment, operated through subsidiary Shanjin Optoelectronics (杉金光电), manufactures LCD and OLED polarizers for displays. This segment was built via the 2021 acquisition of LG Chem's LCD polarizer assets and expanded in early 2025 with the acquisition of LG Chem's SP polarizer business, achieving 34% global market share in large-size LCD polarizers (ranked #1 globally) and full-category OLED polarizer mass production capabilities. The business operates 10 production lines across Nanjing, Guangzhou, and Zhangjiagang, including 6 ultra-wide front-end lines, with display customers including BOE and CSOT.

Revenue is generated through direct enterprise sales of physical materials to battery and display panel manufacturers, with products sold primarily in China, South Korea, and Japan. The company holds 2,155 authorized polarizer patents and 402 anode material patents globally. As of 2026, the company underwent a controlling shareholder restructuring with Anhui Wanwei Group becoming the strategic investor, and relocated its Shanghai headquarters to Lujiazui.

Name

Ningbo Shanshan

Legal name

Ningbo Shanshan Co., LTD

Website

https://ssgf.net

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Ningbo Shanshan (SSE: 600884) is a Chinese listed materials manufacturer producing lithium battery materials (cathode, anode, electrolyte) and LCD/OLED polarizer films, ranking #1 globally in synthetic graphite anode capacity and large-size LCD polarizer share, serving battery manufacturers (CATL, BYD, LGC, ATL) and display panel makers (BOE, CSOT).

Ownership category

akta.pro rank

Product category

Lithium Battery Materials and Display Polarizer Films

NAICS

Battery Manufacturing (33591), Carbon and Graphite Product Manufacturing (335991)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

akta.pro secondary industries

Anode Materials Manufacturing (Graphite, Silicon, LTO) (EUAFABAC), Battery & Energy Storage High-Purity Chemicals (Electrolyte salts/solvents, additives) (IMAEAKAM)

Keywords

• Lithium battery materials
• Cathode anode materials
• Polarizer films
• Display materials
• Battery electrolytes

Headquarters

HQ city

Ningbo

HQ country

China

HQ region

Asia

Offices18 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Lithium Battery Materials Sales: Research, production and sales of lithium battery materials including cathode materials (lithium cobaltate, multi-materials, lithium manganate, ternary precursors) and anode materials (synthetic graphite, natural graphite, MCMB, composite graphite, silicon anode). Products sold to major battery manufacturers.
2. Polarizer Materials Sales: LCD and OLED polarizer materials for display applications. Products include large-size LCD TV polarizers, OLED polarizers, and automotive display polarizers. Revenue grew 9.65% YoY in 2025 with net profit up 81.75%.
3. Electrolyte Sales: Electrolyte products and lithium hexafluorophosphate (LiPF6) raw materials for lithium batteries, used in consumer electronics, EVs and energy storage systems.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Ningbo Shanshan (宁波杉杉股份有限公司) manufactures and sells lithium battery materials including cathode materials (lithium cobalt oxide, NCM/NCA ternary, lithium manganese oxide), anode materials (synthetic graphite, natural graphite, MCMB, composite graphite, silicon-based anode), and electrolytes with lithium hexafluorophosphate. The company also produces LCD and OLED polarizer films for display applications through its subsidiary Shanjin Optoelectronics (杉金光电).

Product overview

Ningbo Shanshan (宁波杉杉股份有限公司) operates as a vertically integrated materials manufacturer with two core business segments: lithium battery materials and optoelectronic materials. The lithium battery materials business encompasses cathode materials (lithium cobalt oxide, NCM/NCA ternary, lithium manganese oxide), anode materials (synthetic graphite, natural graphite, silicon-based, composite graphite), and electrolytes with lithium hexafluorophosphate. The company is the global leader in synthetic graphite anode and cathode materials production capacity. The optoelectronic materials segment, operated through subsidiary Shanjin Optoelectronics (杉金光电), produces LCD and OLED polarizing films for displays including TVs, monitors, smartphones, and automotive applications. The company holds the top global position in large-size LCD polarizers (34% market share) and has achieved full-category OLED polarizer mass production capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Shanjin Optoelectronics (杉金光电): Subsidiary brand for polarizing film business, acquired from LG Chemistry, serving LCD and OLED display markets globally

Products and services

• Cathode Materials (正极材料) Lithium battery cathode materials including lithium cobalt oxide (LCO), NCM ternary, NCA ternary, and lithium manganese oxide (LMO) series. Used in 3C consumer electronics, EV power batteries, and energy storage systems.
• Anode Materials (负极材料) Lithium battery anode materials including synthetic graphite (人造石墨), natural graphite (天然石墨), MCMB, composite graphite (复合石墨), and silicon-based anode materials (硅基负极). Synthetic graphite production capacity ranked #1 globally.
• Electrolyte (电解液) Lithium battery electrolyte used in 3C digital batteries, EV power batteries, and energy storage lithium batteries. Various specifications available.
• Lithium Hexafluorophosphate (LiPF6 / 六氟磷酸锂) Raw material used to manufacture electrolyte products, primarily supporting in-house electrolyte production.
• LCD Polarizing Film (LCD偏光片) LCD polarizers for televisions and monitors. The company holds 34% global market share for large-size LCD polarizers, ranked #1 worldwide. Products include ultra-low reflection, high transmittance, and wide viewing angle series for large-size TVs (75-inch and above).
• OLED Polarizing Film (OLED偏光片) Organic light-emitting diode polarizers covering full size range from OLED TVs to smartphones. First domestic manufacturer to achieve full-category OLED polarizer mass production.
• Automotive Display Polarizer (车载显示偏光片) High-reliability automotive-grade polarizers featuring low impedance, wide viewing angle, high transmittance, and precision special-shaped processing. First domestic polarizer supplier to enter mainstream automotive supply chain.
• Shanjin Optoelectronics (杉金光电) Subsidiary brand for photoelectric materials, producing LCD and OLED polarizing films. Operates 10 globally leading polarizer production lines in Nanjing, Guangzhou, and Zhangjiagang, including 6 ultra-wide front-end production lines.

Quantifiable outcome

• Large-size LCD polarizer global market share reached 34%, ranked #1 globally
• +5 more outcomes

Named customers10 records

Segments5 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

Three partnerships are on record, tiered core.

• LG Chem SP Polarizer BusinesscoreStrategic or Co-development Partner · 1 January 2025In early 2025, Shanshan completed acquisition of LG Chem's SP polarizer business, achieving business transformation from LCD polarizer to LCD+OLED polarizer while expanding applications to automotive, AR/VR, IT and other scenarios.
• LG Chem LCD Polarizer BusinesscoreStrategic or Co-development Partner · 1 January 2021In 2021, Shanshan completed acquisition of LG Chem's LCD polarizer core assets, officially entering the global high-end display supply chain. This marked the first step in domestic high-end polarizer localization. Large-size LCD polarizer global market share reached 34%, ranked #1 globally.
• Luoyang Molybdenum Industry (洛阳钼业)coreStrategic or Co-development Partner · 12 July 2017Shanshan signed strategic cooperation framework agreement with Luoyang Molybdenum Industry to strategically intervene in upstream resources of cathode materials, stabilizing resource supply. Shanshan participated in Luoyang Molybdenum's fixed increase, vertically integrating into upstream resources.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Sumitomo Metal Mining: Japanese diversified mining and materials company producing NCA and NCM cathode materials primarily for Panasonic and Tesla. Vertically integrated from nickel mining to cathode, competing with Shanshan in high-nickel cathode space.
• Umicore: Belgian materials technology company with a major rechargeable battery materials business producing NCM cathode materials. While a broader chemicals and materials conglomerate, its battery cathode business directly competes with Shanshan in serving European and global cell makers.
• Resonac (formerly Showa Denko): Japanese chemical company producing anode materials (graphite, hard carbon) for lithium-ion batteries. Has emerged as a significant anode materials competitor, particularly in hard carbon for next-gen batteries, overlapping with Shanshan's anode product portfolio.

Direct peers

• BTR New Material Group: China's largest anode materials producer and Shanshan's closest domestic competitor in synthetic graphite and silicon-carbon anode materials. Both companies serve the same global battery cell customers with overlapping product portfolios, making BTR the most direct comparable in the anode space.
• POSCO Future M: POSCO's battery materials subsidiary producing cathode active materials (NCM, NCA) and anode materials. Directly comparable as a major Korean cathode supplier serving LG Energy Solution, Samsung SDI, and other global cell makers, competing head-to-head with Shanshan's cathode business.
• Nitto Denko: Japanese specialty materials manufacturer that is one of the world's leading polarizer producers for LCD and OLED displays. Direct competitor to Shanshan's Shanjin Optoelectronics subsidiary in the display polarizer business following Shanshan's acquisition of LG Chem's polarizer assets.
• Easpring Material Technology: Beijing-based cathode active materials (NCM, LCO, NCA) producer. Direct competitor to Shanshan's cathode business, serving similar cell-maker customers with overlapping product lines in ternary cathode materials for EVs and consumer electronics.
• Shenzhen Dynanonic: Chinese cathode materials manufacturer focused on LFP and NCM ternary cathode materials. Competes with Shanshan in cathode materials for both EV power batteries and energy storage applications, with overlapping Chinese customer base.
• Tianci Materials (CATL affiliate): Chinese cathode materials manufacturer with strong ties to CATL, producing NCM and LFP cathode materials. Competes directly with Shanshan in serving Chinese EV cell makers with overlapping product portfolios.
• Putailai (Jiangxi Zichen): Leading Chinese anode materials manufacturer specializing in graphite and silicon-based anodes. Competes directly with Shanshan in the same Chinese and Korean cell-maker customer base, with similar large-scale integrated production bases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ningbo-shanshan-co-ltd-

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries15 records

Funding overview

Funding rounds1 record

Investors4 records

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

M&A

Investments1 record

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

Frequently asked questions about Ningbo Shanshan