Fushine(SZ:300497) Sou Hu Cai Jing·2025-11-17 01:43Core Viewpoint - The company is experiencing significant growth in demand for its products, particularly in the VC and FEC segments, driven by the rapid expansion of the energy storage and power battery markets, alongside strategic capacity expansion plans [1][2]. Group 1: Market Demand and Pricing - Recent rapid increases in VC product prices are attributed to the growing demand from energy storage and power batteries, with VC prices around 50,000 yuan/ton [1]. - In the first half of 2025, the cumulative sales of power batteries reached 485.5 GWh, a year-on-year increase of 51.6%, while the shipment of energy storage lithium batteries was 265 GWh, up 128% year-on-year [1]. - The energy storage market in China is expected to exceed 500 GWh in scale, with a year-on-year growth rate of over 50% anticipated [1]. Group 2: Production Capacity and Expansion Plans - The company currently has a production capacity of 8,000 tons/year for VC and 4,000 tons/year for FEC, with plans to increase VC capacity to 10,000 tons/year by Q2 2026 [2]. - Future plans include increasing VC capacity to 20,000 tons/year and FEC capacity to 5,000 tons/year, depending on market demand and industry capacity releases [2]. Group 3: Cost Management and Profitability - The company is focused on reducing production costs for its VC products through technological improvements and has a strong position in cost control within the industry [3]. - The procurement price of 6-APA has decreased by 38% compared to the end of 2024, which is expected to enhance the gross margin of the company's pharmaceutical manufacturing business [4]. Group 4: Product Development and Market Position - The company is the largest global supplier of sulbactam and a major supplier of tazobactam, with ongoing efforts to expand production capacity for these products [5]. - The company has achieved significant milestones in the microbial protein sector, with a current capacity of 1,200 tons/year and plans for a project that will scale up to 20,000 tons/year [6]. Group 5: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 769 million yuan, a year-on-year decrease of 21.24%, and a net profit attributable to shareholders of -62.75 million yuan [7]. - The company's gross margin stands at 12.05%, with a debt ratio of 51.15% [7].