（编辑 丛可心） 证券日报网1月8日讯 ，联化科技在接受调研者提问时表示，公司自成立以来一直在化学领域耕耘，多 年来始终专注于化学合成，新能源相关化学品也是基于化学合成。公司认为，在化学合成方面最重要的 能力是商业化的能力，公司在产品商业化方面是具有竞争力的。新能源行业是"足够宽、足够长"的赛 道。另一方面，公司当时业务以海外客户的CDMO业务为主，拓展新能源业务能有效对冲经营风险，保 障公司发展稳健。尽管在新领域开拓过程中不可避免会面临一些挑战，公司目前正稳步推进相关规划， 积极提升技术与运营能力，缩小与行业领先者的差距。 ...

Core Viewpoint - The company is focusing on sales of LiFSI, cathode materials, and electrolytes while continuing technical improvements on lithium hexafluorophosphate projects [1] Group 1: Business Development - The company is expanding its range of new energy products and exploring new markets to seize opportunities in the new energy sector [1] - The company aims to achieve a breakthrough in revenue from its new energy business by 2025 [1] - Revenue and profit performance in the new energy business are expected to further improve by 2026 [1] Group 2: Technical and Competitive Edge - The company follows a systematic process for technological development and continuously optimizes product competitiveness [1] - The company leverages its research and production capabilities to convert technological advantages into market advantages [1]

Core Viewpoint - The company emphasizes a customer-centric strategy, focusing on serving existing clients while actively seeking new customers across various sectors such as crop protection, pharmaceuticals, and renewable energy [1] Group 1: Customer Strategy - The company implements a major client strategy across all segments, prioritizing the service of existing customers [1] - The company believes that focusing on serving existing clients and continuously expanding the customer base fosters mutual trust and long-term cooperation [1] Group 2: Market Expansion - The company is actively exploring new clients in the crop protection, pharmaceutical, and renewable energy sectors [1] - The company aims to enhance its technical capabilities and market reach as part of its growth strategy [1]

每经头条（nbdtoutiao）——培训5天就考证！滑雪教练速成班乱象调查：零基础也可报名，学时还 能"注水" （记者 王瀚黎） 每经AI快讯，联化科技发布公告称，2026年1月8日，联化科技接受永赢基金等投资者调研，公司高级 副总裁、董秘陈飞彪等人参与接待，并回答了投资者提出的问题。 ...

Group 1: New Energy Business - The company primarily focuses on the sales of LiFSI, cathode materials, and electrolyte products, with ongoing technical improvements on lithium hexafluorophosphate projects. Revenue from the new energy business is expected to break through in 2025, with further growth anticipated in 2026 [1] - The company aims to expand its product range and market presence in the new energy sector, leveraging its R&D and production capabilities to convert technological advantages into market benefits [1] - The new energy sector is viewed as a sufficiently broad and long-term opportunity, helping to mitigate operational risks associated with the company's previous focus on overseas CDMO clients [2] Group 2: Overseas Operations - The UK base has maintained stable production and operations in 2025, with expectations for continued stability in 2026. The Malaysian base plans to invest $200 million, with the first phase of construction ongoing and expected to complete by the end of 2026 [3] - The Malaysian facility will focus on producing agricultural CDMO products, with plans to gradually commence production based on customer orders starting in 2027 [3] Group 3: Pharmaceutical Business - The pharmaceutical segment has shown steady growth, with a focus on a large client strategy and CDMO business model. The company has established stable commercial relationships with several leading global pharmaceutical companies [4] - The company is actively expanding its client base and developing new strategic partnerships, particularly with high-viscosity clients, while also focusing on small molecule CDMO and emerging business areas such as peptide products and radiopharmaceuticals [4] Group 4: Client Dependency and Market Strategy - The company acknowledges a high concentration of clients but emphasizes the importance of providing comprehensive services to existing clients while actively seeking new customers across various sectors [4] - The strategy includes enhancing technical capabilities and market expansion to foster long-term cooperation and mutual trust with clients, ensuring a sustainable business model [4]

Group 1 - The core point of the news is that Lianhua Technology has seen a significant stock price increase, rising 5.01% to 14.66 CNY per share, with a total market capitalization of 13.192 billion CNY and a trading volume of 213 million CNY [1] - Lianhua Technology has experienced a continuous stock price increase for 10 days, with a cumulative increase of 0% during this period [1] - The company, founded on September 14, 1998, and listed on June 19, 2008, operates in three main business segments: pesticides (54.03% of revenue), pharmaceuticals (32.32%), and functional chemicals (8.42%) [1] Group 2 - According to data, one fund under Wanjia Fund holds Lianhua Technology as its top position, with 20,800 shares, representing 0.49% of the fund's net value [2] - The Wanjia Zhongzheng 2000 Index Enhanced A fund has a total scale of 13.2558 million CNY and has achieved a year-to-date return of 3.07% [2] - The fund's performance ranks 3833 out of 5488 in its category since its inception, achieving a total return of 44.31% [2] Group 3 - The fund managers of Wanjia Zhongzheng 2000 Index Enhanced A are Qiao Liang and Zhang Yongqiang, with Qiao having a tenure of 6 years and 142 days and a total fund size of 5.886 billion CNY [3] - During Qiao's tenure, the best fund return was 131.99%, while the worst was 1.09% [3] - Zhang has a tenure of 3 years and 6 days, managing a fund size of 1.806 billion CNY, with a best return of 42.57% and a worst return of 5.97% [3]

Group 1: Company Overview - Company held a specific investor meeting on January 5, 2026, in Shanghai, attended by nine institutions including Tianfeng Securities and Southern Fund [1][2] - Senior Vice President and Secretary of the Board, Chen Feibiao, along with Securities Affairs Representative Dai Yiyi, discussed key issues such as the progress in the new energy business, overseas base layout, and pharmaceutical business planning [1][2] Group 2: New Energy Business - The new energy business is focused on the sales of LiFSI and electrolyte products, with a breakthrough in revenue achieved in 2025 and expected continued growth in 2026 [2] - The lithium hexafluorophosphate project is currently in the technical improvement stage, with ongoing optimization of product competitiveness through systematic process development [2] - The company leverages its long-standing experience in chemical synthesis to enhance its market position in the new energy sector [2] Group 3: Overseas Operations - The UK production base is operating smoothly in 2026, while the Malaysian base is under phased construction, primarily aimed at producing agricultural CDMO products [3] - The company plans to integrate resources from China, the UK, and Malaysia to provide comprehensive supply chain solutions covering the entire product lifecycle [3] Group 4: Pharmaceutical Business - The pharmaceutical business focuses on a CDMO model and has established partnerships with several leading global pharmaceutical companies, while also expanding its client base [4] - The business primarily serves products under patent, with long-term growth expected as these products are promoted [4] - Future development will emphasize small molecule CDMO, starting materials, and registration materials, while also investing in emerging areas such as peptides and radiopharmaceuticals [4] Group 5: Risk Management - The company acknowledges potential revenue impacts from the expiration of patents for agricultural clients but plans to mitigate this through product and technology upgrades [6]

Group 1: New Energy Business - The company primarily focuses on the sales of LiFSI and electrolyte products, while also improving the lithium hexafluorophosphate project through systematic process development [1] - In 2025, the company's new energy business revenue is expected to achieve a breakthrough, with continuous expansion of product varieties and market opportunities [1] - The revenue and profit performance of the new energy business is anticipated to further improve [1] Group 2: Strategic Entry into New Energy Sector - The company has been engaged in the chemical field since its establishment, with a focus on chemical synthesis, which includes new energy-related chemicals [1] - The new energy sector is viewed as a sufficiently broad and long-term opportunity, allowing the company to hedge operational risks associated with its primary CDMO business for overseas clients [1] Group 3: Overseas Operations - The UK base has maintained stable production and operational conditions this year, while the Malaysian base is under phased construction, primarily focusing on producing CDMO products for plant protection [3] - The company aims to provide a full supply chain service from China, the UK, and Malaysia, leveraging competitive resources and flexible production policies [3] Group 4: Pharmaceutical Business - The pharmaceutical business adopts a major client strategy, primarily through the CDMO model, and has established stable commercial relationships with several leading global pharmaceutical companies [4] - The company plans to expand its mature business areas, including small molecule CDMO and GMP intermediates, while also investing in emerging business developments such as peptide CDMO and radioactive drug CDMO [4] Group 5: Impact of Patent Expiry - Some plant protection clients are facing patent expirations, but the overall impact on the company is expected to be limited [5] - The company can continue to upgrade products and technologies with relatively low capital expenditure compared to new capacity investments, allowing it to maintain stable revenue despite natural declines from patent expirations [6]

Group 1 - The company was asked about the capacity utilization rate of its Texas base for LiFSI production, which is 10,000 tons per year [2] - The company confirmed that both LiFSI and electrolyte production at its facilities are not yet at full capacity [2] - The company operates a facility in Linhai with an electrolyte production capacity of 100,000 tons, which is also not fully utilized [2]

Core Viewpoint - The electrolyte market is expected to maintain rapid growth, with a year-on-year increase of 31.3% in 2024 and 46.1% in 2025, leading to an overall increase of 14.8% [1] Group 1: Market Growth and Demand - The rapid growth of the electrolyte market is driven by increasing downstream demand, with global electrolyte production projected to reach 2.367 million tons in 2025, a year-on-year increase of 46.1% [2] - Domestic electrolyte production in China is expected to reach 2.212 million tons in 2025, growing by 53.6% year-on-year, accounting for 93% of global production [2] Group 2: Company Performance and Rankings - Among major electrolyte manufacturers, Feidong Guoxuan has the highest growth rate at 134%, while second-tier companies like Zhuhai Saiwei, Xianghe Kunlun, and others have growth rates between 70% and 95% [4] - Leading companies such as Tianci, New Energy, and BYD have growth rates around 40-50%, maintaining their positions in the top tier [5] - Tianci Materials remains the largest global electrolyte supplier, with a production of 720,000 tons in 2025, accounting for 30.4% of global production [9] Group 3: Market Concentration and Competition - The market concentration among the top three manufacturers (CR3) is expected to decrease to 56.1%, down 6% year-on-year, indicating a significant increase in market share for second-tier manufacturers [6] - The competitive strength of domestic electrolyte manufacturers is significantly higher than that of foreign manufacturers, and this strength is expected to further enhance [7] Group 4: Future Outlook - Global electrolyte production is projected to exceed 3 million tons in 2026, with China's production expected to surpass 1.8 million tons [10] - A slight increase in electrolyte market prices is anticipated in 2026, with an overall trend of fluctuating upward prices [10]