电解液赛道赴港上市潮持续，继新宙邦后，昆仑新材也开始准备。 起点锂电获悉， 昆仑新材已向港交所主板递交上市申请书，保荐机构为平安证券、中信建投国际。 昆仑新材主营业务为电解液产品研发生产，并在凝胶状电解质、固态电解质、钠电池电解液等领域进行渗透，其工厂分布于四川宜宾、山东济 宁、浙江湖州三地。该公司电解液总产能约 18 万吨，并计划在宜昌、宜宾、匈牙利等地新建项目扩产，如果计划全部实现，总产能或将突破 50 万吨。 根据起点研究院 SPIR 数据， 2025 年中国锂电池电解液出货 211 吨，同比增长 45.3% ，其中 CR10 为 89.7% ，出货量 TOP10 企业 中，昆仑新材排名第三。 01 作为电解液的核心材料， 六氟磷酸锂 的变动值得一说，该材料的产能与价格直接决定电解液厂商综合实力，从市场趋势看，六氟磷酸锂将为 相关产业链企业带来巨大利润。 该材料在去年年末呈现一天一个价的趋势，上涨幅度之快令人咋舌，短短四个月就超过 200% ，并同时伴有产能紧俏、库存清空导致供需矛 盾加剧等因素。 稳固电解液基本盘，发力固态电解质 昆仑新材是电解液行业老玩家，在该赛道已经有丰富的长跑经验，其电解液产品广 ...

Core Viewpoint - Kunlun New Energy Materials Technology (Yichang) Co., Ltd. is shifting its focus to the Hong Kong stock market for its IPO after previously withdrawing its application for the ChiNext board, despite facing significant financial challenges in 2024, including a substantial drop in revenue and a transition from profit to loss [1][2]. Financial Performance - In 2023, the company reported revenues of approximately 1.577 billion yuan, which decreased to about 1.021 billion yuan in 2024, resulting in a net profit of 86.17 million yuan in 2023 turning into a loss of 27.61 million yuan in 2024 [2][3]. - For the first three quarters of 2025, the company achieved revenues of 1.032 billion yuan, an increase from 744 million yuan in the same period of the previous year, with a reduced net loss of approximately 13,600 yuan compared to a loss of 15.65 million yuan in the prior year [3]. Product Pricing and Sales - The average selling price of the company's main product, electrolyte, has significantly decreased, with prices dropping from 30,000 yuan per ton in 2023 to 14,000 yuan per ton in the first three quarters of 2025 [4]. - The sales revenue from electrolytes constituted about 99.6%, 99%, and 98.9% of the company's total revenue for 2023, 2024, and the first three quarters of 2025, respectively [4]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 82.1%, 73%, and 73% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [7]. - Group A, the company's largest customer, contributed approximately 60.1%, 59.3%, and 49.6% of total revenue during the same periods [7][6]. Market Position and Strategy - Kunlun New Energy is ranked third globally among electrolyte suppliers by shipment volume for the first three quarters of 2025 [2]. - The company has primarily focused on the domestic market, with over 99% of its revenue coming from sales to mainland China during the reporting periods [5]. IPO Context - The shift from attempting to list on the ChiNext board to the Hong Kong stock market may indicate a strategic pivot towards international customers and a pressing need for financing [8].

Core Viewpoint - Kunlun New Energy Materials Technology Co., Ltd. is shifting its focus to the Hong Kong stock market for an IPO after its previous attempt on the ChiNext was halted. However, the company faced significant challenges in 2024, with a sharp decline in revenue and a transition from profit to loss, although losses narrowed in the first three quarters of 2025 [1][3]. Group 1: Financial Performance - In 2023, the company reported revenue of approximately 1.576 billion RMB, which dropped to about 1.021 billion RMB in 2024, and further to around 744.1 million RMB in the first three quarters of 2024 [2]. - The net profit for 2023 was approximately 86.17 million RMB, which turned into a loss of about 27.61 million RMB in 2024. In the first three quarters of 2025, the loss was reduced to approximately 15.65 million RMB [2][3]. - For the first three quarters of 2025, the company achieved revenue of approximately 1.032 billion RMB, an increase from 744.1 million RMB in the same period of the previous year, with a significantly reduced loss of about 136,000 RMB compared to a loss of 15.65 million RMB in the previous year [4]. Group 2: Product Pricing and Market Dynamics - The average selling price of the company's main product, electrolyte, has significantly decreased, with prices dropping from 30,000 RMB/ton in 2023 to 14,000 RMB/ton in the first three quarters of 2025 [5]. - The sales revenue from electrolyte products accounted for approximately 99.6%, 99%, and 98.9% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [5]. Group 3: Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 82.1%, 73%, and 73% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [7]. - Group A, the company's largest customer, contributed approximately 60.1%, 59.3%, and 49.6% of total revenue in the respective periods [7][8]. Group 4: IPO Context and Strategy - The company previously attempted to list on the ChiNext but withdrew its application in May 2024. The shift to the Hong Kong market is seen as a strategic move to access international capital and address urgent financing needs [8]. - The company has primarily focused on domestic sales, with over 99% of revenue coming from mainland China during the reporting periods [6].

Company Overview - The company is a global leader in lithium battery electrolyte supply, focusing on the R&D, production, and sales of lithium battery electrolytes and advanced battery materials [6] - It has become a rapidly growing electrolyte technology enterprise in China, ranking third among global electrolyte suppliers by shipment volume as of September 30, 2025 [6] - The company has established strategic partnerships with leading global innovative technology companies in the new energy sector [6] Technological Innovation - The company actively pursues technological innovation in advanced battery materials such as solid-state electrolytes (SSE) and sodium-ion electrolytes, independently developing several technologies [7] - Its self-developed sulfide SSE has achieved an ionic conductivity of 12 mS/cm, nearing that of liquid electrolytes, and its flame-retardant gel electrolyte has improved battery safety and heat resistance to 145°C [7] Production Capacity - The company has strategically located production bases in Zhejiang, Sichuan, and Shandong, with a total electrolyte production capacity of 180,000 tons per year as of January 18, 2026 [9] - Plans are in place to expand production capacity to over 500,000 tons per year through new facilities in various locations, including Yichang, Jining, Huzhou, Yibin, and Szolnok, Hungary [9] Quality Control and Certifications - The company has developed advanced production processes with excellent quality control and diverse formulation capabilities, achieving a product qualification rate of 99.95% as of September 30, 2025 [10] - It has received multiple certifications, including ISO9001, ISO14001, ISO27001, ISO45001, and IATF16949 [10] Financial Performance - The company's revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 1.577 billion, RMB 1.021 billion, and RMB 1.033 billion, respectively [11] - The net profit for the same periods was RMB 86.168 million, a loss of RMB 27.609 million, and a loss of RMB 0.136 million [12] - The gross profit margin for these periods was 11%, 4.4%, and 5.7%, respectively [13] Industry Overview - The global lithium battery industry is experiencing rapid growth, with shipments expected to increase from 323.2 GWh in 2020 to 1,549.6 GWh in 2024, representing a compound annual growth rate (CAGR) of 48% [16] - China remains the largest market, with shipments projected to grow from 142.5 GWh in 2020 to 1,173.0 GWh in 2024, a CAGR of 69.4% [16] - The electrolyte market is closely tied to the lithium battery industry, with global electrolyte shipments expected to rise from approximately 342,000 tons in 2020 to about 1,509,000 tons in 2024, a CAGR of 44.9% [20]

Company Overview - The company is a global leader in lithium battery electrolyte supply, focusing on the research, production, and sales of lithium battery electrolytes and advanced battery materials [5] - It has become a rapidly growing electrolyte technology enterprise in China, ranking third among global electrolyte suppliers by shipment volume as of September 30, 2025 [5] - The company has established strategic partnerships with leading global new energy technology companies and maintains close cooperation with downstream customers through early-stage product development and capacity expansion [5] Technological Innovation - The company actively pursues technological innovation in advanced battery materials such as solid-state electrolytes (SSE) and sodium-ion electrolytes, independently developing several technologies [6] - It has achieved an ionic conductivity of 12 mS/cm for its self-developed sulfide SSE, nearing that of liquid electrolytes, and has developed flame-retardant gel electrolytes that enhance battery safety [6] Production Capacity - The company has established strategically located production bases in Zhejiang, Sichuan, and Shandong, with a total electrolyte production capacity of 180,000 tons per year as of January 18, 2026 [8] - Plans are in place to build or expand production bases in Yichang, Jining, Huzhou, Yibin, and Szolnok, Hungary, aiming to exceed a total production capacity of 500,000 tons [8] Financial Performance - Revenue for the nine months ending September 30 was approximately RMB 1.577 billion in 2023, RMB 1.021 billion in 2024, and RMB 1.033 billion in 2025 [10] - The company reported a profit of RMB 86.168 million in 2023, a loss of RMB 27.609 million in 2024, and a loss of RMB 0.136 million in 2025 [11] - Gross margins were 11% in 2023, 4.4% in 2024, and 5.7% in 2025 [12] Industry Overview - The global lithium battery industry is experiencing rapid growth, with shipments expected to rise from 323.2 GWh in 2020 to 1,549.6 GWh in 2024, reflecting a compound annual growth rate (CAGR) of 48% [14] - China remains the largest market, with shipments projected to grow from 142.5 GWh in 2020 to 1,173.0 GWh in 2024, maintaining a CAGR of 69.4% [14] - The electrolyte market is closely tied to the lithium battery industry, with global electrolyte shipments expected to increase from approximately 342,000 tons in 2020 to about 1,509,000 tons in 2024, representing a CAGR of 44.9% [18]

Group 1 - The core viewpoint of the article is that the lithium battery electrolyte market in China is expected to see significant growth, with a projected shipment of 211 tons in 2025, representing a year-on-year increase of 45.3% [2] - The market concentration is increasing, with the CR10 reaching 89.7%, indicating that the leading companies are solidifying their positions in the industry [2] - The growth in shipments is primarily driven by the demand for power batteries and energy storage batteries [2] Group 2 - The top 10 companies in the lithium battery electrolyte shipment for 2025 are: Tianqi Materials, Xinzhou Bang, Kunlun New Materials, Shida Shenghua, Zhuhai Saiwei, Sinochem Blue Sky, Ruitai New Materials, Fainlight, Yongtai Technology, and New Asia Shanshan [3] - Tianqi Materials is identified as the industry leader in this segment [3] - The report is published by Qidian Research Institute SPIR, which specializes in the new energy and new materials industry chain [4]

Core Viewpoint - The lithium battery industry is entering a new growth cycle in 2025, with all segments experiencing price increases and improved supply-demand structures, leading to sustained industry prosperity [1]. Group 1: Price Trends and Supply-Demand Dynamics - The electrolyte industry is witnessing a slow expansion in production capacity from 2023 to 2024, with insufficient new capacity to meet the high demand expected in 2025, resulting in a tightening supply situation and price increases [3]. - The average price of lithium battery electrolyte for lithium iron phosphate applications rose from 19,000 yuan/ton at the beginning of 2025 to 35,000 yuan/ton by December, marking an increase of over 84% within the year [4]. - Core raw material hexafluorophosphate lithium saw its price surge from less than 50,000 yuan/ton at the beginning of the year to over 180,000 yuan/ton by December 25 [5]. Group 2: Order Trends and Capacity Expansion - 2025 is expected to be a "year of procurement" for battery companies, driven by the ongoing "chip shortage" and the need to secure electrolyte materials as a competitive advantage [7]. - Major battery manufacturers, including CATL and others, have collectively added over 500 GWh of new production capacity this year, which corresponds to a demand for approximately 650,000 to 800,000 tons of electrolyte [8]. - CATL signed a five-year supply contract with South Korean electrolyte manufacturer Enchem for a total of 350,000 tons of electrolyte, valued at over 7 billion yuan [11]. Group 3: Globalization and Market Positioning - The lithium battery electrolyte industry is experiencing a globalization trend, with companies shifting from product export to capacity and technology export, seeking international capital to support their global strategies [15]. - Three leading electrolyte companies have announced plans for IPOs in Hong Kong, aiming to enhance their global strategic layout and strengthen their competitive position in international markets [16]. - The top three electrolyte companies in China, including Tianqi Materials and Sinoma, have seen significant growth, with a 53.1% year-on-year increase in electrolyte shipments from January to September [16].

Core Viewpoint - The successful production of the lithium battery additive VC by Lianhong New Materials Technology Co., Ltd. marks a significant advancement in the company's product portfolio within the new energy battery materials sector, enhancing its competitive edge and expected positive impact on performance [1] Company Summary - Lianhong's subsidiary, Shandong Huayu Tongfang Electronic Materials Co., Ltd., has successfully launched a 4000 tons/year VC production facility in Jining, Shandong, which began operations on December 22, 2025, producing qualified products [1] - The successful launch of the VC facility follows the successful production of the integrated project for new energy materials and biodegradable materials, further diversifying the company's offerings in the new energy battery materials field [1] - The VC product is the most widely used additive in lithium battery electrolytes, serving as an organic film-forming additive and overcharge protection additive, crucial for enhancing battery capacity and cycle life [1] Industry Summary - The new energy battery materials sector is a key strategic development direction for the company, with the VC product expected to significantly improve the overall performance of lithium batteries [1] - The lithium battery electrolyte industry is experiencing accelerated growth due to the continuous expansion of the electric vehicle market, surging energy storage demand, and the development of emerging sectors such as the low-altitude economy, leading to a high overall market sentiment [1] - Recent trends indicate a rapid increase in market prices for lithium solvents, lithium additives, and related products, reflecting the industry's robust growth [1]

Group 1 - The core viewpoint of the article highlights the successful production launch of a 4000 tons/year lithium battery additive, vinyl carbonate (VC), by Shandong Huayu Tongfang Electronic Materials Co., Ltd., a subsidiary of Lianhong Xinke, on December 22 [2] - The VC product is identified as the most widely used additive in lithium battery electrolytes, significantly enhancing battery capacity and cycle life, which is crucial for improving overall lithium battery performance [2] - The lithium battery electrolyte industry is experiencing accelerated growth due to the continuous expansion of the new energy vehicle market, explosive demand for energy storage, and the development of emerging sectors like the low-altitude economy, leading to a recent rapid increase in market prices for lithium solvents and additives [2]

Core Viewpoint - The lithium battery electrolyte sector in the A-share market is experiencing significant activity, with multiple stocks, including Haike Xinyuan, seeing substantial price increases, driven by a strong recovery in the lithium material market and rising electrolyte prices [1][3]. Group 1: Company Performance - Haike Xinyuan's stock closed at a historical high of 75.13 yuan on November 27, followed by a 7.31% increase to 80.62 yuan on November 28, marking a cumulative increase of over 230% since October [1][2]. - The company reported a revenue of 3.653 billion yuan for the first three quarters, a year-on-year increase of 43.17%, with a net loss of 128 million yuan, narrowing by 40.06% year-on-year [5]. - In Q3 alone, Haike Xinyuan achieved a revenue of 1.337 billion yuan, reflecting an 80.43% year-on-year increase [5]. Group 2: Market Dynamics - The average price of electrolytes reached 54,250 yuan per ton as of November 25, up nearly 180% from approximately 19,400 yuan per ton at the beginning of the year [4]. - The core raw material, lithium hexafluorophosphate, surged from about 49,300 yuan per ton in July to 160,500 yuan per ton by November 25 [4]. - The demand for electrolytes is being driven by the continuous high growth in new energy vehicle sales, with a penetration rate of 35% from January to October 2025 [4]. Group 3: Industry Outlook - The electrolyte industry is benefiting from a complete reversal in supply-demand dynamics, with the accelerating development of the energy storage market becoming a new growth engine [9]. - According to statistics, China's cumulative shipments of energy storage batteries reached 165 GWh in Q3 2025, a year-on-year increase of 65%, with total shipments for the first three quarters reaching 430 GWh, exceeding 130% of the total for 2024 [9]. - Long-term projections indicate that domestic energy storage installations could reach 591 GWh by 2030, opening new growth opportunities for the electrolyte industry [9].