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DigititanZhou Du research focus: research on zinc-manganese battery industryTF Securities-I Solid-state Dry Battery Industry 24w48 Zhou Du Research: Alkaline manganese gradually replaces carbon manganese, and downstream demand drives moderate growth of the industry-241211

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The competition pattern of zinc-manganese battery is mature and stable,The downstream demand potential of zinc-manganese battery is great in the future, and it will grow moderately in the future. According to the data of Zhiyanzhan Industrial Research Institute, the dry battery market in China increased from 45.68 billion yuan in 2018 to 60.01 billion yuan in 2022, with a CAGR of 7.1%, maintaining a steady growth trend. With the moderate growth of the downstream electric toy market of zinc-manganese batteries, the iteration of household appliances renewal and the increase of household medical equipment brought about by aging, the future demand of zinc-manganese batteries will be stable or will increase moderately.