A top Korean battery maker orders Yinghe's cut-and-stack machines, the Chinese supplier says
Korea's battery makers, cutting costs, have been buying more Chinese production equipment, Korean trade press reports.
Chinese battery-equipment maker Yinghe Technology (赢合科技) says an order from a leading Korean battery maker has put its cut-and-stack machines into the Korean market for the first time. It isn't Yinghe's first Korean business. Korean trade press has reported since early 2025 that Korea's battery makers are turning to cheaper Chinese production equipment to cut costs.
A cut-and-stack machine cuts electrode sheets to shape and stacks them with separator film into a cell, the step that makes stacked cells rather than wound ones. Yinghe, based in Shenzhen with factories in Huizhou, first made the claim at a Sept. 17 results briefing and repeated it in an Oct. 26 reply to an investor on the Shenzhen Stock Exchange's investor Q&A platform. It didn't disclose the buyer or the value.
Its half-year report names LG Energy Solution among battery and car makers it has long worked with, and says it is one of their core equipment suppliers. Battery equipment brought in 5.03 billion yuan (about US$748 million), about four-fifths of revenue, up 79.5% from a year earlier. On Sept. 29 Yinghe said it won orders from two leading Korean battery makers, one of them for stacking machines, Caiwen News (财闻网) reported.
Korea's big battery makers, including LG Energy Solution and SK On, were adopting or considering Chinese equipment, Yinghe's included, to cut costs as EV demand slowed, Electronic Times reported in February 2025. So far that was mostly in less demanding steps such as formation, the charging of newly assembled cells, the paper said. Digital Daily reported in May that SK On had picked Yinghe as a stacking-equipment supplier. The paper said Korean equipment makers, already losing orders to cancelled battery projects, worry about Chinese makers' expanding low-price supply.
Yinghe's overseas sales fell 35.2% year on year to 1.26 billion yuan (about US$188 million) in the first half of 2026, while domestic revenue rose 108.6% to 4.83 billion yuan (about US$719 million). Both figures include the e-cigarettes sold by a subsidiary Yinghe controls. By our calculation, overseas sales were about a fifth of revenue.
Sources: 赢合科技 Yinghe Technology (SZSE 互动易 reply), 赢合科技 Yinghe Technology 2026 half-year report (SZSE filing), 财闻网 Caiwen News, 디지털데일리 Digital Daily, 전자신문 Electronic Times (via Daum), 10jqka 同花顺 (relay of Yinghe's Sept. 17 results-briefing record), Yinghe Technology (product page)
Editor: Ian Lamont
