What ZEC does

ZEC (Guizhou Zhenhua E-Chem Inc., stock code 688707) is a Guizhou-based, Shanghai STAR Market-listed cathode materials manufacturer and a state-owned subsidiary of China Electronics Corporation (CEC). Founded in Shenzhen in April 2004 and relocated to Guiyang in 2018, ZEC specializes in the R&D, production, and sale of lithium-ion battery cathode materials, with its proprietary large single-crystal NCM ternary technology developed since 2009 forming the technical core of the portfolio.

The company operates two production bases — Guiyang National High-Tech Zone and Anlong County (Yilong base, in Qianxinan Prefecture) — with combined annual capacity of 82,000 tons of cathode materials as of H1 2025, more than double the 37,000 tons reported in 2021. The product portfolio spans the full NCM spectrum (medium-nickel NCM523, medium-high nickel low cobalt, high-nickel, ultra-high nickel), cobalt-free nickel-manganese binary materials, high-voltage lithium cobalt oxide, layered oxide and polyanion sodium-ion cathode materials, solid-state and semi-solid battery key materials (solid electrolytes, modified ternary, lithium-rich manganese-based), and cathode materials engineered for the low-altitude economy (eVTOL). Recycling capacity of 3,000 tons/year is operated through a minority-held subsidiary (Guizhou Hongxing Electronic Materials). The Yilong base holds SGS PAS 2060 carbon neutral certification — Guizhou Province's first such cathode-material 'zero carbon factory' — and both bases hold IATF16949, ISO 14001, 45001, 50001, 27001, and 22301 certifications.

ZEC generates revenue primarily through direct B2B sales of cathode materials to major Chinese lithium-ion battery manufacturers, with applications spanning new energy vehicle power batteries, 3C consumer electronics, and energy storage systems. Sales are conducted through direct engagement with key accounts under enterprise supply agreements, with additional emerging demand from eVTOL/low-altitude economy customers. The distribution model is entirely direct B2B with no retail or consumer channel. The customer base is concentrated among domestic Chinese battery OEMs; CNGR is the most prominently named sodium-ion partnership customer, with a 1,000-ton polyanion cathode order secured in December 2024. Marketing is driven by corporate communications, investor relations through the SSE STAR Market platform, industry exhibitions, and ESG/sustainability disclosures rather than consumer-facing channels.

Name

ZEC

Legal name

贵州振华新材料股份有限公司

Website

https://zh-echem.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Guizhou Zhenhua E-Chem Inc. (688707) is a Chinese state-owned manufacturer of lithium-ion and sodium-ion battery cathode materials, serving domestic battery OEMs for electric vehicles, energy storage, 3C electronics, eVTOL, and solid-state applications via direct B2B supply from its 82,000-ton-capacity Guiyang and Yilong production bases.

Ownership category

akta.pro rank

Product category

Battery Cathode Materials

NAICS

Battery Manufacturing (33591)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

akta.pro secondary industries

Solid-State Battery Materials & Cell Manufacturing (EUAFABAH), Battery Recycling & Materials Recovery (Li-ion, LFP, Flow, Lead-Acid) (EUAMALAE)

Keywords

• Lithium-ion battery cathode materials
• Sodium-ion battery materials
• Ternary cathode materials
• Lithium cobalt oxide materials
• Energy storage battery materials

Headquarters

HQ city

Zhenhua

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Lithium-ion battery cathode material sales: ZEC generates revenue primarily from the R&D, production, and sale of lithium-ion battery cathode materials including NCM三元 (medium-nickel, medium-high nickel, high-nickel), lithium cobalt oxide, composite ternary, and nickel-manganese binary materials, primarily for new energy vehicles, 3C consumer electronics, and energy storage applications.
2. Sodium-ion battery cathode material sales: Emerging revenue stream from sodium-ion battery cathode materials, achieving hundred-ton-level sales in 2023 and commercial vehicle applications. A 1,000-ton polyanion order was secured in 2024, marking the first thousand-ton-level commercial order in the sodium-ion sector.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

ZEC researches, develops, produces, and sells battery cathode materials — primarily single-particle large single-crystal nickel-cobalt-manganese (NCM) ternary materials across the full nickel grade spectrum (NCM523, medium-high nickel, high-nickel, super high-nickel), high-voltage lithium cobalt oxide, cobalt-free nickel-manganese binary materials, and sodium-ion cathode materials (layered oxide and polyanion). Products are supplied to lithium-ion and sodium-ion battery manufacturers serving new energy vehicles, 3C consumer electronics, energy storage, and the low-altitude economy (eVTOL) sectors. The company operates two production bases in Guizhou Province with a combined annual capacity of 82,000 tons.

Product overview

ZEC operates as a vertically integrated cathode materials platform rather than a single product company. Its core portfolio centers on single-particle large single-crystal nickel-cobalt-manganese (NCM) ternary cathode materials available across the full spectrum of nickel grades (NCM523, medium-high nickel low cobalt, high-nickel, super high-nickel), supplemented by lithium cobalt oxide and composite ternary materials for consumer electronics. The company has extended beyond lithium-ion into adjacent growth vectors: layered oxide and polyanion sodium-ion battery cathode materials (with a 1,000-ton commercial order secured), semi-solid/solid-state battery key materials (solid electrolytes, modified ternary, lithium-rich manganese-based), and low-altitude economy cathode materials. An internal closed-loop ecosystem is formed through Guizhou Hongxing Electronic Materials, a subsidiary handling waste lithium-ion battery recycling with 3,000 metric tons/year capacity. ZEC's two production bases — Guizhou Zhenhua New Materials Co., Ltd. (Guiyang High-tech Zone) and Guizhou Zhenhua Yilong New Materials Co., Ltd. (Anlong Economic Development Zone, Qianxinan Prefecture) — together support an annual capacity of 82,000 tons as of mid-2025.

Differentiator

Problem solved

Functional benefit

Brands

• 先进级智能工厂: Smart factory certification level awarded by Guizhou Province for intelligent manufacturing and digital transformation

Products and services

• High-Voltage Lithium Cobalt Oxide (高电压钴酸锂)
• High-Voltage LCO/NCM Hybrid Cathode (高电压多晶三元 / Composite Ternary) A composite ternary cathode material for consumer electronics batteries offering good safety performance, processability, and cost-effectiveness.
• Lithium Nickel Cobalt Manganese Oxide (NCM) Cathode Materials — Full Range (镍钴锰三元材料) A family of single-particle large single-crystal NCM ternary cathode materials covering medium-nickel, medium-high nickel, and high-nickel variants, widely used in new energy vehicle power batteries, consumer electronics, and energy storage applications.
• NCM523 Energy-Type Cathode Material (动力型NCM523) A medium-nickel NCM523 energy-type ternary cathode material offering long cycle life and high safety, targeting mid-range to high-end EVs, 3C products, and energy storage.
• Medium-High Nickel Low Cobalt NCM Energy-Type Cathode Material (动力型中高镍低钴三元) A medium-high nickel, low cobalt NCM energy-type cathode material targeting mid-range to high-end EVs, 3C products, and energy storage applications.
• High-Nickel NCM Energy-Type Cathode Material (动力型高镍三元) A high-nickel NCM energy-type cathode material designed for high-end EVs, 3C products, and energy storage with high energy density performance.
• Super High-Nickel NCM Energy-Type Cathode Material (动力型超高镍三元) A super high-nickel NCM energy-type cathode material delivering high energy density for high-end EVs, 3C products, and energy storage.
• Power-Type Medium-High Nickel Low Cobalt NCM Cathode Material (功率型中高镍低钴三元) A power-type medium-high nickel low cobalt NCM cathode material optimized for small power lithium batteries.
• Cobalt-Free Layered Nickel-Manganese Binary Cathode Material (动力型中高镍无钴层状二元) A cobalt-free layered nickel-manganese binary cathode material offering high energy density and low cost for mid-low to mid-high end EVs, 3C products, and energy storage.
• Layered Oxide Sodium-Ion Battery Cathode Materials (层状氧化物钠离子电池正极材料) Multi-generation iterated sodium-ion battery cathode materials using layered oxide technology; achieved successful vehicle application in 2023, hundred-ton sales, and is commercially available.
• Polyanion Sodium-Ion Battery Cathode Materials (聚阴离子钠离子电池正极材料) Polyanion-based sodium-ion battery cathode materials for energy storage applications; a hundred-ton pilot line is under comprehensive evaluation. First 1,000-ton commercial order (NFPP main product) secured in December 2024.
• Solid Electrolyte Oxides and Modified Materials for Semi-Solid/Solid-State Batteries (半固态/固态电池关键材料) Self-developed solid electrolyte oxides, modified ternary materials, and lithium-rich manganese-based cathode materials for semi-solid and solid-state battery applications, already sent to leading downstream customers for validation.
• Low-Altitude Economy Cathode Materials (低空经济正极材料) Cathode materials developed for low-altitude electric vehicles (eVTOLs) with high energy density, high power, long cycle life, and enhanced safety; achieved hundred-ton scale production and sales.

Quantifiable outcome

• First ultra-high nickel and polyanion sodium-ion cathode materials commercially applied in China — multiple iterations of layered oxide sodium-ion products achieved vehicle-level applications; 1,000-ton polyanion commercial order secured in 2024
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• 中伟股份 (CNGR / China Nonferrous Metal Guangfu)coreStrategic or Co-development Partner · 1 November 2024ZEC and CNGR jointly secured a 1,000-ton sodium-ion battery material order — one of the first thousand-ton-scale sodium-ion commercial orders in the industry. This partnership leverages ZEC's sodium-ion cathode material technology with CNGR's battery precursor capabilities for the growing energy storage market.
• SGS (Société Générale de Surveillance)coreStrategic or Co-development Partner · 1 May 2023SGS, an internationally recognized carbon emissions testing, inspection, and certification body, conducted the PAS 2060 carbon neutrality certification audit for ZEC's 义龙新材 production base. The certification confirms 义龙新材 as the first 'zero carbon factory' for cathode materials in Guizhou Province, validating ZEC's sustainability leadership.
• 贵州红星电子材料有限公司 (Guizhou Hongxing Electronic Materials Co., Ltd.)coreStrategic or Co-development PartnerZEC invested in 红星电子材料 in 2016 to establish a closed-loop recycling system. The joint venture operates a 3,000 ton/year metal capacity waste lithium battery recycling and processing facility that has been operationalized, supporting ZEC's circular economy and sustainable development goals.
• 贵州省血液中心 (Guizhou Blood Center)minorOthersZEC regularly partners with the Guizhou Blood Center and 黔西南州中心血站 to organize employee blood donation drives. Over 300 employees have participated in blood drives, contributing significantly to local clinical blood supply.
• 贵州省松桃苗族自治县 (Songtao Miao Autonomous County)minorOthersZEC conducts poverty alleviation purchases from Songtao County, including 2,233 boxes of fresh eggs and other agricultural products. The company also supports rural revitalization through consumer帮扶 programs including purchasing from 从江县秋里村百香果 farms (5,157 jin purchased) and aid donations to 阿八小学.
• 贵州省相关部门 (Guizhou Provincial Government)minorOthersZEC receives policy support from Guizhou provincial and municipal governments. Provincial leaders including Vice Governor Wang Shijie and Premier Li Bingjun have conducted on-site inspections of ZEC, expressing support for the company's development and policy assistance for the new materials industry.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Ronbay Technology: Ronbay Technology is the largest high-nickel NCM ternary cathode material producer in China and one of ZEC's closest direct competitors, serving the same EV battery OEMs with overlapping product portfolios across NCM523, NCM613, NCM811 and ultra-high-nickel grades.
• Easpring Material Technology (Dangsheng): Beijing Easpring is a top-tier Chinese NCM ternary cathode materials manufacturer with comparable product breadth across nickel grades and similar B2B sales channels into Chinese and Korean battery OEMs, making it a direct competitor to ZEC.
• Xiamen Tungsten New Energy Materials: Xiamen Tungsten's new energy materials division manufactures NCM and cobalt cathode materials for power batteries and 3C electronics, overlapping with ZEC's product range and customer base in China's lithium-ion supply chain.
• Shanshan Co. Shanshan is a major Chinese cathode and anode materials producer covering NCM, LCO, and LFP chemistries. Its broad cathode portfolio and shared battery OEM customers make it a direct competitor to ZEC across multiple end markets.
• GEM Co. GEM is a leading Chinese battery materials and recycling company producing NCM precursors and cathode materials while operating large-scale battery recycling capacity. It overlaps with ZEC in cathode materials supply and competes via its recycling-driven closed-loop model.

Emerging players

• CNGR Advanced Material: CNGR is China's largest battery precursor (nickel/cobalt sulfate) producer and a strategic partner to ZEC on the 1,000-ton sodium-ion order. As CNGR expands into cathode active materials, it represents both a key partner and an emerging vertically integrated competitor.
• HiNa Battery: HiNa Battery is a leading Chinese sodium-ion battery developer producing layered oxide and Prussian blue cathode materials. As a pioneer in sodium-ion, it directly competes with ZEC's emerging sodium-ion cathode material business for early ESS and EV applications.
• Long Power Technology: Long Power Technology is a Chinese producer of NCM and specialty cathode materials, including single-crystal high-nickel variants. It overlaps with ZEC's product portfolio and competes for shares in the Chinese power battery cathode market.

Broad incumbents

• POSCO Future M: POSCO Future M (formerly POSCO Chemical) is a major Korean cathode materials manufacturer with high-nickel NCM and emerging solid electrolyte capabilities, supplying global battery OEMs. It competes with ZEC in the Chinese and Korean battery supply chains.
• Umicore: Umicore is a Belgian-based global materials technology company producing NCM cathode materials and recycling battery materials. It competes with ZEC as an established international incumbent in cathode materials for European and global battery OEMs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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 ZEC