Jinyuansheng
Jinyuansheng makes battery cathode precursors and processed copper, cobalt and nickel for new energy battery manufacturers and cathode material producers.
- Shanghai, SH, CNChina
Jinyuansheng makes battery cathode precursors and processed copper, cobalt and nickel for new energy battery manufacturers and cathode material producers.
Is its category moving in its favor or against it?
Demand is rising, but the category’s growth is uneven: China’s NCM market favors cost-performance balance and long-term capacity expansion keeps supply pressure material. China’s domestic production of ternary cathode materials reached 819,300 tonnes in 2025, a 19.36% year-on-year increase, while overseas production fell 23.80% to 248,000 tonnes. NCM 6-series materials solidified their dominant position in China’s EV battery market, where slowing EV sales growth and intense terminal price competition led manufacturers to favor mid-to-high nickel materials.
Benchmark assesses that worldwide cathode active material production capacity will expand 178% from 2024 to 2030, with China holding 87% of that capacity in 2024 and 84% in 2030. Worldwide demand for cathode materials totaled 4.79 million tons in 2025 against shipments of roughly 4.95 million tons, as demand climbed 42% and shipments grew 34% compared with 2024.
What is the investment case, and what must be true for it to hold?
Jayson’s position across battery materials and Congolese copper gives a route to monetize both, provided contracted supply continues, while thin margins at cathode producers pose the main threat to the case. The firm’s core activity is producing precursor materials for lithium-ion batteries, and Mercuria committed up to $250 million over three years for supply from Congolese operations, including the recently started Kinga Kila project.
Domestic output of ternary cathode materials hit 819,300 tonnes in 2025, up 19.36% year on year, while overseas output dropped 23.80% to 248,000 tonnes. Intense rivalry among domestic and overseas ternary cell makers has squeezed order books, and cathode producers often take new clients at minimal margins or run thin profits or losses.
What does the product do for its buyer, and how is it delivered?
Jinyuansheng's NCM precursor serves as a material input to lithium battery cathode production, where lithium doping supports more uniform element diffusion during sintering. Conventional cathode materials are produced by mixing ternary precursors with lithium sources, followed by high-temperature thermochemical reactions. The lithium-doped ternary precursor also facilitates multi-element doping and reactions.
The New Energy Materials Division delivers products and services to downstream new energy battery manufacturers and cathode material customers.