China Baoan Group

What China Baoan Group does

China Baoan Group (中国宝安集团股份有限公司, SZSE: 000009) is a Shenzhen-headquartered publicly listed Chinese investment holding company founded in 1983 and listed on the Shenzhen Stock Exchange since 1991, recognized as one of China's earliest joint-stock enterprises. The group operates a diversified portfolio of majority-controlled subsidiaries spanning lithium-ion battery materials (BTR/贝特瑞), pharmaceuticals (Ma Yinglong/马应龙), precision manufacturing (International Precision/国际精密), new energy charging equipment (Youcheng/友诚), and biotechnology (Chengdu Lvjin/成都绿金). Since 2014 the group has executed a strategic transformation divesting real estate holdings (Hainan Bozhou Baoan, Gangbao Real Estate, Hubei Baoan, Xinjiang Land) to concentrate capital on high-tech new materials, with high-tech industries contributing approximately 85.92% of consolidated revenue as of 2022.

The core economic engine is BTR, the world's #1 producer of lithium battery anode materials with 26% global market share in 2022 and ten consecutive years of leadership since 2013. BTR manufactures natural graphite, artificial graphite, and silicon-based anode materials, owns graphite mining resources, and has pioneered continuous graphitization technology reducing unit energy consumption by 70% versus traditional processes. BTR also produces hydrogen fuel cell diffusion layer and catalyst layer materials and ton-level solid-state electrolyte, and is expanding internationally with an 80,000-ton Indonesian anode project and a 50,000-ton Moroccan cathode project. The group holds national standard-setter authority for lithium-ion battery carbon anode materials and lithium iron phosphate, and BTR has earned Samsung's Global Supplier Manufacturing Innovation Gold Award.

China Baoan generates revenue through B2B hardware sales to global battery manufacturers (BTR), pharmaceutical distribution across China (Ma Yinglong), and direct sales to automotive and industrial customers (International Precision). The group also realizes value through equity stakes in A-share, H-share, and Beijing Stock Exchange listed subsidiaries. As of September 30, 2024, total assets reached approximately 52.5 billion CNY. 2023 consolidated revenue was approximately 30.7 billion CNY, with operating cash flow of 5.96 billion CNY representing a 1,952% year-over-year increase driven by working capital normalization at BTR. The group employs 10,000+ people across its operating subsidiaries.

Name

China Baoan Group

Legal name

中国宝安集团股份有限公司

Website

https://chinabaoan.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

China Baoan Group is a Shenzhen-listed Chinese holding company that controls BTR (world's #1 lithium battery anode materials producer at 26% global share), Ma Yinglong Pharmaceutical, and International Precision, with high-tech industries contributing ~86% of consolidated revenue.

Ownership category

akta.pro rank

Product category

Diversified Industrial Holdings

NAICS

Battery Manufacturing (33591), Management of Companies and Enterprises (551)

SIC

Miscellaneous Manufacturing Industries (3990)

akta.pro primary industry

Cathode Active Materials (CAM) Manufacturing (EUAFABAB)

akta.pro secondary industries

Natural Graphite Mining & Concentrates (IMAKAFAD), Solid-State Battery Materials & Cell Manufacturing (EUAFABAH), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA)

Keywords

• Lithium battery anode materials
• Graphite materials manufacturing
• Pharmaceutical products
• Precision manufacturing components
• Investment holding

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. High-Tech Industry Revenue: China Baoan's dominant revenue stream comes from high-tech industries (85.92% of total revenue in 2022), primarily through its lithium battery material subsidiary 贝特瑞 (BTR). BTR sells anode materials (natural graphite, artificial graphite, silicon-based) and emerging materials (hydrogen fuel cell components, solid-state electrolytes) to lithium-ion battery manufacturers globally. 2023 high-tech revenue was 268.29 billion yuan (BTR: 251.19 billion, 国际精密: 831 million, 友诚科技: 608 million).
2. Biomedical Industry Revenue: Revenue from the biomedical sector primarily driven by 马应龙 (Ma Yinglong), which manufactures and sells pharmaceutical products. 2023 马应龙 revenue was 31.37 billion yuan with net profit of 443 million yuan.
3. Real Estate Revenue: China Baoan historically operated in real estate, but has been actively divesting real estate assets (sold 海南儋州宝安, 港宝置业, 湖北宝安, 新疆地块) as part of its strategic pivot to focus exclusively on high-tech industries.
4. Investment Holdings and Capital Market Returns: As a holding company with listed subsidiaries (马应龙 A-share, 国际精密 H-share, 贝特瑞 Beijing Stock Exchange), China Baoan derives value from equity stakes in these companies. The group continues to actively manage its investment portfolio, including recent participation in the restructuring investment opportunity for 杉杉集团.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

China Baoan Group is a diversified industrial holding company that primarily operates through its subsidiaries to manufacture and sell lithium-ion battery anode materials (BTR), pharmaceutical products (Ma Yinglong), and precision manufacturing components (International Precision). Its core business is high-tech new materials, with subsidiary BTR producing natural graphite, artificial graphite, and silicon-based anode materials that hold the world's No. 1 market share position. The group is strategically divesting real estate to focus exclusively on high-tech industries.

Product overview

China Baoan Group (stock code: 000009 SZSE) operates as a diversified investment holding company with a strategic focus on high-tech industries. The group manages a portfolio of subsidiaries across four main business segments: (1) High-tech industry, centered on 贝特瑞 (BTR China) as the core platform for lithium-ion battery materials (anode and cathode materials, including natural graphite, artificial graphite, and silicon-based anodes), complemented by 友诚新能源 for new energy charging solutions and 成都绿金 for biotech materials; (2) Biomedical/pharmaceutical industry, anchored by 马应龙药业 (Ma Yinglong) producing traditional Chinese medicines; (3) Precision manufacturing, through 国际精密 (IPE Group) serving industrial and automotive applications; and (4) Real estate and comprehensive industry segments. The group's high-tech industries accounted for 85.92% of its 2022 revenue (275.23 billion RMB), with BTR China maintaining global market leadership in lithium-ion battery anode materials for ten consecutive years since 2013.

Differentiator

Problem solved

Functional benefit

Brands

• 宝安投资: Investment division of the group focusing on high-tech investments
• 宝安文化

Quantifiable outcome

• 贝特瑞 achieved 10 consecutive years of global No. 1 position in anode material shipments (2013-2022)
• +5 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• 贝特瑞 (BTR新材料集团)coreStrategic or Co-development Partner贝特瑞 (BTR New Materials Group) is China Baoan's most important subsidiary, a leading lithium-ion battery anode material manufacturer. China Baoan holds 69.54% of BTR's shares. BTR is listed on the Beijing Stock Exchange (previously New Third Board) and is the world's No. 1 anode material producer for 10 consecutive years. BTR achieved 2023 revenue of 251.19 billion yuan.
• 马应龙药业集团coreStrategic or Co-development Partner马应龙药业集团 (Ma Yinglong Pharmaceutical Group) is an A-share listed company (600993) controlled by China Baoan. It specializes in hemorrhoid treatments and pharmaceutical products, generating 31.37 billion yuan in revenue and 443 million yuan in net profit in 2023.
• 国际精密集团有限公司coreStrategic or Co-development Partner国际精密集团有限公司 (International Precision Group) is an H-share listed company controlled by China Baoan, specializing in ultra-precision components for automotive, robotics, and industrial applications. It achieved 831 million yuan in revenue in 2023.
• 江苏友诚新能源科技有限公司coreStrategic or Co-development Partner江苏友诚新能源科技有限公司 (Jiangsu Youcheng New Energy Technology) is a New Third Board listed company controlled by China Baoan. It is in the new energy sector and has entered the listing tutoring process. It achieved 608 million yuan in revenue and 73.44 million yuan in net profit in 2023.
• 成都绿金高新技术股份有限公司minorStrategic or Co-development Partner成都绿金高新技术股份有限公司 (Chengdu Lvjin High-Tech) is a subsidiary that obtained approval to list on the New Third Board. It operates in the high-tech/biomedical sector.
• 北京宝航环境治理有限公司minorStrategic or Co-development Partner北京宝航环境治理有限公司 (Beijing Baohang) is a subsidiary of China Baoan Group operating in the environmental management/comprehensive industry sector.
• 深圳市大地和电气股份有限公司minorStrategic or Co-development Partner深圳市大地和电气股份有限公司 (Shenzhen Dadihe Electric) is a controlled subsidiary of China Baoan that completed a directional share issuance (定向增发).
• 深圳大佛药业股份有限公司minorStrategic or Co-development Partner深圳大佛药业股份有限公司 (Shenzhen Dafo Pharmaceutical) is a controlled subsidiary of China Baoan that obtained approval to list on the New Third Board.
• 艾瑞福斯特(北京)技术股份有限公司minorStrategic or Co-development PartnerControlled subsidiary 艾瑞福斯特 (Airfoster) signed a cooperation agreement with 中航工业北京航空材料研究院 (AVIC Beijing Institute of Aeronautical Materials) for joint development of aviation materials technology.

Scale indicators12 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• BASF Battery Materials: BASF is a German chemicals incumbent with a global battery materials business (cathode active materials). It competes broadly with BTR in the lithium battery materials supply chain, serving tier-1 cell manufacturers across geographies.
• Umicore: Umicore is a Belgian global materials technology group with a major battery cathode and recycling business, representing a broader incumbent in the battery materials space that overlaps with BTR's emerging cathode materials and recycling ambitions.

Direct peers

• POSCO Future M: POSCO Future M is a Korean anode and cathode materials producer that directly competes with BTR in global lithium battery anode materials. Both serve global battery manufacturers including those serving the EV and energy storage markets.
• Kureha Corporation: Kureha is a Japanese specialty chemical company producing binder and carbon materials for lithium-ion battery anodes, competing with BTR in advanced battery materials serving global battery manufacturers.
• JFE Chemical: JFE Chemical is a Japanese producer of battery-grade carbon materials including anode materials for lithium-ion batteries, competing directly with BTR in artificial graphite and specialty carbon anode products.
• Shanshan Co. (Ningbo Shanshan): Shanshan is one of China's largest anode materials producers, directly competing with BTR in natural and artificial graphite anodes for lithium-ion batteries. Both target the same global lithium battery customer set with comparable product portfolios.
• Nippon Carbon: Nippon Carbon is a Japanese specialty carbon and graphite materials manufacturer producing anode materials for lithium-ion batteries, directly competing with BTR in the global supply chain of battery-grade graphite anodes.
• Mitsubishi Chemical Group: Mitsubishi Chemical is a major Japanese producer of anode materials (including artificial graphite) for lithium-ion batteries, directly competing with BTR in the global battery materials market for EV and consumer electronics applications.
• Putailai (Shanghai Putailai New Energy Technology): Putailai is a leading Chinese anode materials producer and one of BTR's closest direct competitors in lithium battery anode materials for EVs and energy storage. Both companies are domestic Chinese anode leaders targeting the same global battery manufacturer customers.

Emerging players

• Group14 Technologies: Group14 is a US-based silicon anode materials startup that competes with BTR's silicon-based anode business in next-generation lithium-ion battery chemistries. It represents an emerging-player threat in silicon-blend and solid-state battery anode technology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/china-baoan-group-co-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments8 records

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

Frequently asked questions about China Baoan Group