| | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 其他 | | 活动参与人员 | 深圳市国诚投资咨询有限公司：张文俊、边立之 | | | 公司董事、董事会秘书、副总经理：张江山 | | | 公司证券事务代表：王英 | | 时间 | 2025 年 11 月 24 日 | | 地点 | 公司会议室 | | 形式 | 现场调研 | | | 一、公司的基本情况 | | | 公司成立于 1999 年，并于 2009 年上市，总部位于 | | | 浙江省台州市，是一家全球领先的含氟精细化学品制造 | | | 商，是行业内少数几家横跨无机及有机氟化工行业的企 | | | 业。以含氟技术为核心，公司已经覆盖的业务包括新型 | | | 材料（新能源锂电及氟化液材料）、医药、植物保护及 | | | 贸易业务等，且在上述行业公司均以丰富的产品类型覆 | | 交流内容及具体问答记 | 盖上中下游产业链。 | | 录 | 公司在浙江、内蒙古、福建、广东等地区布局了多 | | | 个生产基地，现有、在 ...

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province. It is a global leader in fluorine fine chemicals manufacturing, covering both inorganic and organic fluorochemical industries [2]. - The company has multiple production bases in Zhejiang, Inner Mongolia, Fujian, and Guangdong, with sufficient existing, under-construction, and planned capacities to support future core business growth [2]. Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 402,835.11 million, a year-on-year increase of 20.65%. The net profit attributable to shareholders was CNY 3,255.39 million, marking a turnaround from losses [3]. Lithium Battery Materials - Current production capacities for lithium battery materials include: - Electrolyte: 150,000 tons/year - Solid-state lithium hexafluorophosphate: 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year - Vinyl carbonate (VC): 5,000 tons/year (with an additional 5,000 tons/year entering trial production on November 17) [3][4]. - Fluoroethylene carbonate (FEC): 3,000 tons/year [3]. Cost and Competitive Advantage - The company has advantages in the fluorochemical and lithium battery materials sectors due to its long-standing expertise, vertical integration, and continuous process optimization, enhancing production efficiency and cost control [4]. Market Demand and Pricing - The VC market is currently active with strong demand, and the company plans to release new VC production capacity in an orderly manner based on market needs [5]. - Recent price increases for lithium hexafluorophosphate and VC are attributed to structural changes in supply and demand, with future price trends remaining uncertain due to various influencing factors [6]. Research and Development - The company is engaged in R&D for solid-state battery materials, focusing on lithium supplement agents that enhance battery life and energy density, applicable across various battery systems [8]. - Collaboration with Fudan University is progressing well, with the establishment of a joint venture, Shanghai Yongtai Xinfeng New Materials Co., Ltd., to industrialize lithium supplement technology [9]. Future Development Plans - The company will continue to focus on three core business areas: lithium battery materials, pharmaceuticals, and plant protection. Plans include: - Enhancing the one-stop procurement platform for electrolyte materials and improving product competitiveness through innovation [10]. - Expanding the pharmaceutical product portfolio in cardiovascular, diabetes, antiviral, and digestive system areas [10]. - Exploring applications for fluorinated liquid products in emerging fields such as liquid cooling data centers and energy storage management [10].

Core Viewpoint - Yongtai Technology's subsidiary has received approval for trial production of a lithium battery additive project, which will significantly increase its production capacity for VC (Vinylene Carbonate) to 10,000 tons per year by 2025 [1][2]. Production Capacity Increase - The company plans to construct an additional 25,000 tons of VC and 5,000 tons of FEC (Fluoroethylene Carbonate) production capacity, with the current trial production phase focusing on the 5,000 tons of VC [2]. - The new production line will double the existing VC capacity from 5,000 tons to 10,000 tons per year, enhancing the company's scale advantages in the lithium battery materials sector [2][3]. Market Demand and Pricing - Recent reports indicate a surge in prices for lithium battery additives like VC, driven by strong demand in downstream sectors such as power batteries, energy storage, and consumer electronics [2][3]. - The company anticipates that the supply-demand balance for VC will remain tight due to structural changes in both supply and demand, alongside a cautious expansion pace in the industry [3]. Financial Performance and Growth Strategy - In the first three quarters of the year, the company achieved revenue of 4.028 billion yuan, a year-on-year increase of 20.65%, and reported a net profit of 32.55 million yuan, marking a turnaround from previous losses [4]. - The company aims to enhance its market competitiveness and profitability through product structure optimization, accelerated market promotion of new businesses, strengthened industry chain collaboration, and increased R&D investment [4]. Industry Position and Future Outlook - Yongtai Technology is recognized as a leading manufacturer of fluorine-based fine chemicals, with a vertically integrated production capacity covering lithium salt raw materials, lithium salts, additives, and electrolytes [3]. - The company has established multiple production bases across various regions, ensuring sufficient capacity to support future growth in its core business [4].

"该项目的投产将进一步提升公司VC的产能和规模化优势，加强公司在锂电材料板块的业务发展，巩固 公司的行业地位和市场份额，有利于公司进一步提升综合竞争力。"永太科技表示。 近期，锂电电解液的添加剂如VC等品种的价格加速上行。开源证券研报显示，动力电池、储能电池、 消费电子等下游领域需求旺盛，驱动行业供需关系改善。 不过，永太科技表示，上述项目从试生产阶段到全面达产尚需一定的时间，同时在前期生产阶段，项目 生产装置、产品产量及稳定性有待于观察和提升，可能会面临市场需求环境变化、竞争加剧等不确定因 素的影响。 11月17日晚间，永太科技发布公告称，公司全资子公司内蒙古永太化学有限公司年产5000吨锂电添加剂 项目试生产方案于2025年11月17日经专家评审通过，已具备试生产条件，将开始试生产。基于此，公司 电解液添加剂产品VC（碳酸亚乙烯酯）的产能将达到10000吨/年。 VC产能将大幅提高 永太科技公告显示，2021年，公司审议通过《关于内蒙古永太年产25000吨VC和5000吨FEC等项目的议 案》，拟建设年产25000吨VC和5000吨FEC（氟代碳酸乙烯酯）等。 本次进入试生产阶段的是其中年产5000吨锂电 ...

● 本报记者 李嫒嫒 11月17日晚间，永太科技发布公告称，公司全资子公司内蒙古永太化学有限公司年产5000吨锂电添加剂 项目试生产方案于2025年11月17日经专家评审通过，已具备试生产条件，将开始试生产。基于此，公司 电解液添加剂产品VC（碳酸亚乙烯酯）的产能将达到10000吨/年。 有望提升盈利能力 永太科技日前披露的调研纪要显示，公司是一家领先的含氟精细化学品制造企业，是行业内少数几家横 跨无机及有机氟化工行业的公司。以含氟技术为核心，公司业务覆盖新型材料（新能源锂电及氟化液材 料）、医药及贸易业务等。 其中，在锂电材料板块，公司已构建起覆盖锂盐原料、锂盐、添加剂及电解液的垂直一体化产能布局与 产业链体系，核心产品涵盖六氟磷酸锂、双氟磺酰亚胺锂、碳酸亚乙烯酯等关键锂电材料。 针对近期VC等产品的价格上涨。永太科技表示，本轮产品的价格上涨主要源于供需两端的结构性变化 形成的动态平衡。基于新能源产业长期向好的发展趋势，下游动力、储能市场的增长动能持续存在，叠 加供给侧行业产能集中度的提升以及扩产节奏趋于谨慎，VC等产品的供需紧平衡状态有望延续。 VC产能将大幅提高 永太科技公告显示，2021年，公司审议通 ...

证券日报网讯立中集团（300428）11月14日在互动平台回答投资者提问时表示，双氟磺酰亚胺锂为公司 子公司山东立中新能源材料有限公司的二期规划项目，目前尚未建成。 ...

Core Viewpoint - The price of chlorosulfonic acid has surged rapidly, with a recent increase of 13.72% to 1765 RMB/ton, marking a cumulative rise of 23.5% in November and over 35% since early August, indicating a significant trend in the electrolyte raw material market [1][3]. Group 1: Price Trends - Chlorosulfonic acid is a key raw material for lithium bis(fluorosulfonyl)imide (LiFSI), which is increasingly seen as a substitute for lithium hexafluorophosphate (LiPF6) due to its superior technical specifications [3]. - The price of lithium hexafluorophosphate has reached 130,000 RMB/ton, diminishing its cost advantage over LiFSI [3]. - The price increase of chlorosulfonic acid is partly driven by a significant rise in sulfur prices, which have exceeded 3500 RMB/ton, with an annual increase of over 130% [3]. Group 2: Stock Market Reactions - On November 13, the A-share lithium battery industry chain saw a broad increase, particularly in stocks related to electrolytes, with companies like Furui Co. experiencing six consecutive trading limits [4]. - Several stocks, including Fuxiang Pharmaceutical, Huasheng Lithium Battery, and Haike New Source, also hit the 20% trading limit [6]. - Chlorosulfonic acid-related stocks such as Sanyou Chemical, Shilong Industrial, and Kaisheng New Materials experienced rapid price increases, with some reaching trading limits [6][9]. Group 3: Company Capacities and Developments - Kaisheng New Materials is a global leader in chlorosulfonic acid production, with an annual capacity of 150,000 tons, holding over 26% of the global market share [9]. - Jinhua Industrial has an existing capacity of 80,000 tons for chlorosulfonic acid, with a project to build an additional 100,000 tons underway [9]. - Sanyou Chemical is progressing on a project to produce 40,000 tons of chlorosulfonic acid, expected to be completed in Q4 of this year [9]. - Companies like Taihe Technology and Yongtai Technology are also expanding their production capacities for lithium bis(fluorosulfonyl)imide, with planned capacities of 20,000 tons and 67,000 tons per year, respectively [10][11].

Core Viewpoint - The significant rise in the stock price of Duofuduo is primarily driven by the surge in lithium hexafluorophosphate prices, which have increased dramatically since September, leading to a year-to-date gain of over 150% for the company [1][2][3]. Group 1: Stock Performance - On November 5, Duofuduo's stock closed at 29.59 yuan, up 6.32%, with a total market capitalization of 352.25 billion yuan, marking a new recent high [2]. - Since early April, Duofuduo's stock has been on an upward trend, with a notable acceleration in price from September [2][3]. Group 2: Price Dynamics of Lithium Hexafluorophosphate - The price of lithium hexafluorophosphate has seen a significant increase, rising from a low of 49,300 yuan per ton in July 2025 to 120,000 yuan per ton by November 4, 2025 [1][3]. - This price increase is attributed to the rising costs of upstream lithium carbonate, which saw its average price for battery-grade rise from 73,300 yuan per ton at the end of September to between 80,300 and 81,700 yuan per ton in October [3]. Group 3: Company Capacity and Future Projections - Duofuduo currently has a production capacity of 65,000 tons of lithium hexafluorophosphate, with an additional 20,000 tons under construction [4]. - The company plans to ship approximately 50,000 tons of lithium hexafluorophosphate in 2025, with projections of 60,000 to 70,000 tons in 2026 [4]. Group 4: Financial Performance - In the first three quarters, Duofuduo achieved a total revenue of 6.729 billion yuan, with a net profit of 780.55 million yuan, reflecting a year-on-year increase of 407.74% [11]. - However, the company's non-recurring net profit for the same period was -23.33 million yuan, indicating that it still needs to return to profitability [11][12].

Core Viewpoint - The company currently does not have "bis(trifluoromethylsulfonyl)imide lithium" products, but it has a production capacity of 2,400 tons per year for "lithium bis(fluorosulfonyl)imide" through its subsidiary [1] Group 1 - The company's subsidiary, Hengyang Fubang, possesses an annual production capacity of 2,400 tons for "lithium bis(fluorosulfonyl)imide" [1] - The company's joint venture, Shenzhen Xinyuanbang Technology Co., Ltd., has established a comprehensive research, testing, and production platform for solid-state electrolyte materials, achieving mass production and sales at a scale of hundreds of tons [1] - Customer feedback for the solid-state electrolyte materials has been positive, and the company is actively collaborating with downstream customers to promote further industrial applications [1]

Core Insights - The strategic core project of Haike Xinyuan, the Hubei production base, has successfully released its additive capacity in 2025, marking a significant step in the company's layout in the high-end new energy materials sector [1][3] - The Hubei base has a total additive capacity of 12,700 tons, featuring a diverse product matrix that meets mainstream and cutting-edge market demands [1][2] Group 1 - The Hubei base's product lineup includes mainstream film-forming additives such as vinyl carbonate (VC), fluoroethylene carbonate (FEC), and ethylene sulfate (DTD), as well as high-end lithium salt additives like lithium bis(fluorosulfonyl)imide (LiFSI) and lithium difluoro(oxalato)borate (LiODFB) [2] - The successful operation of the Hubei base is strategically significant, enhancing the company's national production distribution and improving supply chain stability and market responsiveness [2][3] Group 2 - The continuous growth in the electrolyte additive sector has allowed Haike Xinyuan to establish a more solid business foundation through the strategic placement of the Hubei base [3] - The positive production and sales performance of the Hubei project is expected to contribute to the company's growth momentum and strengthen its market share in the electrolyte solvent and additive field [3]