Shandong Kaisheng New Materials (SZ:301069) Xuan Gu Bao·2025-11-05 15:28Industry Overview - The average price of thionyl chloride has significantly increased by 8.61% to 1552 RMB/ton as of November 5, supported by favorable cost factors [1] - Since August, the price of thionyl chloride has steadily risen from 1300 RMB/ton, with a cumulative increase of 19.38% [1] - Thionyl chloride is a crucial raw material and chlorinating agent used in the synthesis of pesticides, pharmaceutical intermediates, and dyes, indicating stable demand in these sectors [1] - It is also a primary raw material for producing high-performance electrolytes, particularly lithium bis(fluorosulfonyl)imide (LiFSI), which is essential for solid-state batteries [1] - The demand for high-purity battery-grade thionyl chloride is expected to grow rapidly due to increasing requirements for energy density, fast charging performance, and safety in the electric vehicle and energy storage markets [1] - Thionyl chloride is a key raw material for producing aramid polymer monomers, which are indispensable high-performance fibers in defense, aerospace, and other fields [1] - Following a period of weak demand and low prices in 2024, a recovery phase in product prices is anticipated due to the explosion of demand in emerging downstream sectors [1] - Leading companies with scale advantages, integrated cost benefits, and technological leadership are expected to benefit the most [1] Company Insights - Kaisheng New Materials is the largest thionyl chloride producer globally, with a production capacity of 150,000 tons/year, leveraging advantages in production processes, cost control, and circular economy to maintain its industry leadership [2] - Shilong Industrial is one of the main domestic thionyl chloride producers, with a capacity of 50,000 tons, primarily serving customers in the production of sucralose sweeteners, pharmaceutical intermediates, dyes, and other fine chemical industries, with some applications in lithium battery materials [2]