Shida Shinghwa Advanced Material(SH:603026) Zheng Quan Shi Bao Wang·2025-10-16 09:17Core Viewpoint - The company Shida Shenghua is facing significant financial losses in 2025, with projected net losses ranging from 49 million to 75 million yuan, a stark contrast to the profit of 11.27 million yuan in the same period last year, indicating a year-on-year decline of 534.97% to 765.77% [1] Company Summary - Shida Shenghua's core product, dimethyl carbonate, is heavily impacted by an imbalance in supply and demand within the carbonate solvent market, leading to a significant drop in prices [1] - The company has increased its market investment and R&D efforts to cope with intense competition, resulting in a rise in operating expenses [1] - Operating costs for Shida Shenghua increased by approximately 17% in the first half of 2025, surpassing the revenue growth of 14.87% [1] Industry Summary - The electrolyte industry is experiencing an oversupply across the entire value chain, from upstream lithium salts to midstream solvents, causing many companies to face a "revenue without profit" dilemma [2] - As of the end of the third quarter, the average profit for electrolytes was 1,649 yuan per ton, reflecting a quarter-on-quarter decline of 29.61% [2] - The market is expected to see a peak in production from October to November 2025, driven by increased demand from domestic electric vehicle consumption and overseas demand due to policy changes [2] - Long-term forecasts suggest a cyclical recovery in the industry, with expectations of a new round of capacity elimination by the end of 2025 to 2026, which may improve the utilization rates of leading companies [2]