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Zhou Du research focus: research on zinc-manganese battery industryTarget recommendation: 1) Home appliances: such as [Gree Electric]/[Midea Group]/[Haier Zhijia]/[Hisense Household Appliances]; 2) Small household appliances: such as [Cobos]/[Jimi Technology]/[Xiaoxiong Electric Appliances]; 3) Kitchen appliances: such as [Vantage Shares]/[Boss Electric Appliances]; 4) Black electricity: such as [TCL Electronics]/[Hisense Video]The decline in the export volume of zinc-manganese batteries has narrowed, the export destinations are relatively scattered, and the impact of US tariffs is small. In terms of exports, in 2023, the total export volume of zinc-manganese batteries in China was US$ 1.78 billion, which was -5.2% year-on-year, and the export volume was 27.05 billion, which was -0.8% year-on-year. Among them, the total export volume of carbon zinc-manganese batteries was 590 million US dollars, which was -6.5% year-on-year, and the export volume was 13.29 billion pieces, which was-0.6% year-on-year; The total export volume of alkaline zinc-manganese batteries was US$ 1.195 billion, which was -4.4% year-on-year, and the export volume was 13.758 billion, which was -0.7% year-on-year. On the whole, the downward trend of the export volume of zinc-manganese batteries in the past 23 years has narrowed, and the decline rate is even greater, which means that the average price of zinc-manganese batteries has declined. The export destinations of zinc-manganese batteries are relatively scattered, and the impact of US tariffs is small. Among them, in 2023, Nigeria became the first country in China to export carbon zinc-manganese batteries, with an export volume of 2.914 billion and an export value of 93 million US dollars.

TF 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-241211The decline in the export volume of zinc-manganese batteries has narrowed, the export destinations are relatively scattered, and the impact of US tariffs is small. In terms of exports, in 2023, the total export volume of zinc-manganese batteries in China was US$ 1.78 billion, which was -5.2% year-on-year, and the export volume was 27.05 billion, which was -0.8% year-on-year. Among them, the total export volume of carbon zinc-manganese batteries was 590 million US dollars, which was -6.5% year-on-year, and the export volume was 13.29 billion pieces, which was-0.6% year-on-year; The total export volume of alkaline zinc-manganese batteries was US$ 1.195 billion, which was -4.4% year-on-year, and the export volume was 13.758 billion, which was -0.7% year-on-year. On the whole, the downward trend of the export volume of zinc-manganese batteries in the past 23 years has narrowed, and the decline rate is even greater, which means that the average price of zinc-manganese batteries has declined. The export destinations of zinc-manganese batteries are relatively scattered, and the impact of US tariffs is small. Among them, in 2023, Nigeria became the first country in China to export carbon zinc-manganese batteries, with an export volume of 2.914 billion and an export value of 93 million US dollars.The decline in the export volume of zinc-manganese batteries has narrowed, the export destinations are relatively scattered, and the impact of US tariffs is small. In terms of exports, in 2023, the total export volume of zinc-manganese batteries in China was US$ 1.78 billion, which was -5.2% year-on-year, and the export volume was 27.05 billion, which was -0.8% year-on-year. Among them, the total export volume of carbon zinc-manganese batteries was 590 million US dollars, which was -6.5% year-on-year, and the export volume was 13.29 billion pieces, which was-0.6% year-on-year; The total export volume of alkaline zinc-manganese batteries was US$ 1.195 billion, which was -4.4% year-on-year, and the export volume was 13.758 billion, which was -0.7% year-on-year. On the whole, the downward trend of the export volume of zinc-manganese batteries in the past 23 years has narrowed, and the decline rate is even greater, which means that the average price of zinc-manganese batteries has declined. The export destinations of zinc-manganese batteries are relatively scattered, and the impact of US tariffs is small. Among them, in 2023, Nigeria became the first country in China to export carbon zinc-manganese batteries, with an export volume of 2.914 billion and an export value of 93 million US dollars.

Target recommendation: 1) Home appliances: such as [Gree Electric]/[Midea Group]/[Haier Zhijia]/[Hisense Household Appliances]; 2) Small household appliances: such as [Cobos]/[Jimi Technology]/[Xiaoxiong Electric Appliances]; 3) Kitchen appliances: such as [Vantage Shares]/[Boss Electric Appliances]; 4) Black electricity: such as [TCL Electronics]/[Hisense Video]Zhou Du research focus: research on zinc-manganese battery industryThere is no complete substitution relationship between primary battery and secondary battery, and primary battery has an advantage in the use of low-power electrical appliances. Chemical batteries can be divided into primary batteries and secondary batteries according to the nature of use. Primary batteries, also known as "primary batteries", lose their effectiveness after the active substances in the batteries are consumed, such as alkaline zinc-manganese batteries, carbon zinc-manganese batteries and primary lithium battery. Secondary batteries, also known as "batteries", can be used repeatedly by charging after the power is exhausted. There are commonly nickel-hydrogen batteries, lithium-ion batteries, lead-acid batteries, nickel-cadmium batteries and so on. Although the application fields of primary batteries and secondary batteries overlap to some extent, there are still clear boundaries in the main use scenarios, and there is no complete substitution relationship. In recent years, the trend of household consumer appliances has gradually developed towards small and medium power consumption, and primary batteries still dominate in these scenarios.