Sanmei(SH:603379) Xin Lang Cai Jing·2025-06-26 07:04Core Viewpoint - Sanmei Co., Ltd. has postponed its significant investment project in electrolyte production, originally set for completion in June 2027, despite achieving impressive financial results in Q1 2025, indicating a strategic reevaluation in response to market challenges [1][4]. Company Summary - Sanmei Co., Ltd. has been transitioning from traditional fluorochemical products to the lithium battery materials sector since 2020, leveraging its upstream raw material advantages [2]. - The company has invested in multiple lithium battery projects, including a 6.2 billion yuan investment in a dual-fluorosulfonyl lithium project and a 2.3 billion yuan investment in a 6000-ton lithium hexafluorophosphate project [2]. Industry Summary - The electrolyte market is facing significant challenges, including a fundamental shift in supply and demand dynamics due to cost control pressures from downstream lithium battery and electric vehicle sectors [1]. - The lithium hexafluorophosphate industry is experiencing a downturn characterized by slowing demand growth, overcapacity, and declining prices, with prices dropping from nearly 600,000 yuan per ton in 2022 to below 100,000 yuan per ton in 2024 [3]. - The industry is also grappling with technological risks as advancements in battery technology, such as solid-state batteries, threaten the relevance of traditional liquid electrolytes [3][5].