Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province, specializing in fluorine fine chemical manufacturing [2][3] - The company operates multiple production bases across Zhejiang, Inner Mongolia, Fujian, and Guangdong, ensuring sufficient capacity to support future growth [3] Financial Performance - In the first three quarters of 2025, the company achieved revenue of CNY 402,835.11 million, a year-on-year increase of 20.65% [4] - The net profit attributable to shareholders was CNY 3,255.39 million, marking a return to profitability [4] Business Segments and Strategies Lithium Battery Materials - The company has established a vertically integrated supply chain for lithium materials, with production capacities as follows: - Solid lithium hexafluorophosphate: approximately 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year (equivalent to 20,000 tons/year in solid form) - Additives: VC at 10,000 tons/year; FEC at 3,000 tons/year - Electrolyte: 150,000 tons/year [5] - Future plans include enhancing R&D and product offerings to meet diverse customer needs [5] Pharmaceutical Sector - The pharmaceutical segment covers key therapeutic areas including cardiovascular, diabetes, central nervous system, anti-infection, and antiviral, with a vertically integrated supply chain for fluorinated intermediates and active pharmaceutical ingredients [6][7] - The company aims to leverage advanced technologies for deeper development in these areas [7] Agricultural Protection - Focused on fluorinated herbicides, fungicides, and insecticides, the agricultural segment is expanding its global market presence through vertical integration and leveraging overseas registration resources [8] - Plans include enhancing production processes and promoting sustainable agricultural solutions [8] Market Dynamics and Pricing - The price fluctuations of key materials like lithium hexafluorophosphate are influenced by supply-demand dynamics, industry competition, and raw material costs [9] - The company employs a market-driven pricing mechanism for lithium materials, adjusting based on market conditions and customer strategies [12] Production Capacity and Utilization - Current VC production capacity stands at 10,000 tons, with 5,000 tons added in November 2025, expected to be gradually released [10] - The company maintains a high capacity utilization rate to ensure timely order fulfillment [10] Segment Performance - In the first three quarters of 2025, the agricultural protection segment saw a revenue increase of 39.77%, while the lithium materials segment experienced a significant growth of 112.09% [17] - The pharmaceutical segment faced challenges with a revenue decline of 30.62% due to patent expirations and increased competition [18] Future Financing Plans - The company maintains stable relationships with banks and financial institutions, planning to assess and pursue financing opportunities aligned with its strategic needs [18]

Core Insights - The company has shown significant recovery in net profit during the first three quarters of 2025, with a revenue of 4.72 billion yuan, representing an 8.25% year-on-year increase, and a non-recurring net profit of 300 million yuan, up 1504% year-on-year [1] - The company is expanding its mature pharmaceutical business while investing heavily in new development directions, including advancements in drug technology and services [2] - The agricultural protection market is beginning to recover, with the company establishing a global supply chain through its Malaysian base, which is expected to start production within 1 to 2 years [3] - The company is also investing in new energy products, with significant projects underway to enhance its production capacity in lithium-related products [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved an operating income of 4.72 billion yuan, a year-on-year increase of 8.25% - The non-recurring net profit reached 300 million yuan, reflecting a substantial year-on-year growth of 1504% - The gross profit margin stood at 25.96%, an increase of 3.25 percentage points compared to the previous year [1] Pharmaceutical Business Development - The company is focusing on expanding its pharmaceutical product technology research and development, moving from traditional small molecule drugs to amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides [2] - The team is enhancing early clinical project conversion for clients by providing diverse linker synthesis services necessary for developing ADC/PROTAC drugs [2] Agricultural Protection Market - The agricultural protection market is recovering from a period of excess inventory due to global supply chain disruptions from 2019 to 2022, with demand expected to rebound in the second half of 2024 [3] - The company is collaborating with multiple international agricultural/plant protection companies to drive CDMO business through technological innovation [3] - The Malaysian base is under construction and aims to support CDMO business for agricultural protection products during the patent period, with production expected to start in 1 to 2 years [3] New Energy Initiatives - The company is investing 650 million yuan in projects to produce 200,000 tons of electrolyte, 20,000 tons of LT612 (lithium hydroxide monohydrate), and other lithium-related products [3] - The planned production capacity for lithium hexafluorophosphate is set at 20,000 tons per year, while the capacity for lithium bis(fluorosulfonyl)imide is projected at 10,000 tons per year [3] - The new energy business has achieved revenue breakthroughs, primarily from sales of LiFSI and electrolyte products, while the lithium hexafluorophosphate project is still undergoing technical improvements [3]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 28 Nov 2025 环球富盛理财有限公司 联化科技 Lianhe Chemical Technology (002250.SZ) 盈利能力修复，新能源板块打开未来成长空间 Profitability repair & New energy sector opens up future growth space 最新动态 ➢ 做大成熟医药业务，大力投入新方向的开发。2025 年以来，公司在医药产品技术研发方面持续发力，从传统小 分子药物拓展到氨基酸、多肽、PROTAC/ADC 连接子、寡核苷酸等。团队通过持续开发、加速赋能客户的早期 临床项目转化，为客户提供开发 ADC/PROTAC 药物所需的多样性 Linker 合成服务，并具备多肽，PEG 等类型 Linker 克级到百克级别的交付经验。同时，公司能够根据客户需求进行 Linker 的结构和合成路线的设计及优化。 这些新方向的尝试有望拓展公司医药 CDMO 业务的服务领域，帮助公司承接更多的项目。 ➢ 植保 ...

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][3]. - 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][3]. 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 32.55 million, marking a turnaround from losses [2][3]. Lithium Battery Materials - Current production capacities for lithium battery materials include: - Electrolyte: 150,000 tons/year - Solid lithium hexafluorophosphate: 18,000 tons/year - Liquid lithium bis(fluorosulfonyl)imide: 67,000 tons/year - Vinyl carbonate: 5,000 tons/year (with an additional 5,000 tons/year in trial production since November 17) - Fluoroethylene carbonate: 3,000 tons/year [3][4]. - The utilization rate of lithium battery materials is currently high, ensuring timely delivery of downstream orders [3][4]. Market Outlook - The lithium battery materials market is expected to maintain a tight supply-demand balance, driven by the long-term growth of the new energy industry. However, price trends remain uncertain due to various influencing factors [3][4]. Fluorinated Liquids - Fluorinated liquid products are applicable in semiconductor manufacturing, data center cooling, energy storage thermal management, and chip packaging. Although currently a small revenue contributor, the market potential is significant due to advancements in AI and high-performance computing [5][6]. Pharmaceutical and Plant Protection Segments - In the first half of 2025, the pharmaceutical and plant protection segments accounted for 16.04% and 19.50% of total revenue, respectively. The company plans to enhance project construction and expand sales channels in these areas [7][8]. Future Development Focus - The company will continue to focus on three core business segments: lithium battery materials, pharmaceuticals, and plant protection. Plans include optimizing the electrolyte material procurement platform, expanding the pharmaceutical product range, and integrating resources in the plant protection sector [8][9].

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].

Core Viewpoint - The company, Yongtai Technology, has announced that its wholly-owned subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd., has received approval for the trial production of a lithium battery additive project, which will significantly increase its production capacity of VC (Vinylene Carbonate) to 10,000 tons per year by 2025 [2][3]. Production Capacity Increase - The trial production phase for the 5,000 tons/year VC production line has been approved, which is part of a larger plan to build a total capacity of 25,000 tons/year for VC and 5,000 tons/year for FEC (Fluoroethylene Carbonate) [3]. - The company currently has an existing VC production capacity of 5,000 tons/year, and the new addition will double this capacity [3]. - The production ramp-up will depend on market demand and the release of industry capacity [3]. Market Dynamics - Recent reports indicate a significant price increase for lithium battery additives like VC, driven by strong demand in downstream sectors such as power batteries, energy storage, and consumer electronics [3][4]. - The company anticipates that the supply-demand balance for VC and similar products will remain tight due to structural changes in both supply and demand sides [4]. Financial Performance - 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 [6]. - The company plans to enhance its market competitiveness and profitability through product structure optimization, accelerated market promotion of new businesses, and increased R&D investment [6]. Industry Position - Yongtai Technology is recognized as a leading manufacturer of fluorine fine chemicals, with a vertically integrated production capacity covering lithium salt raw materials, lithium salts, additives, and electrolytes [4]. - The company has established multiple production bases across various regions, ensuring sufficient capacity to support future growth in its core business [6].

Core Viewpoint - Yongtai Technology's wholly-owned subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd., has received expert approval for its trial production plan of a 5,000-ton lithium battery additive project, which will significantly increase the company's VC (Vinylene Carbonate) production capacity to 10,000 tons per year [1][2]. Group 1: Production Capacity and Market Position - The trial production phase for the 5,000-ton VC production line has been approved, with the total VC capacity expected to reach 10,000 tons per year after the new production comes online [1]. - The company previously approved a project to build a total capacity of 25,000 tons of VC and 5,000 tons of FEC (Fluoroethylene Carbonate), with future capacity expansions dependent on market demand and industry capacity release [1][2]. - The new production capacity is anticipated to enhance Yongtai Technology's scale advantages in the lithium battery materials sector, solidifying its market position and competitive strength [1]. Group 2: Industry Demand and Pricing Trends - Recent reports indicate a significant price increase for lithium battery electrolyte additives like VC, driven by strong demand in downstream sectors such as power batteries, energy storage, and consumer electronics [2]. - The price surge is attributed to structural changes in supply and demand dynamics, with a sustained growth momentum in the downstream markets for power and energy storage [2]. Group 3: Financial Performance and Future Outlook - In the first three quarters of the year, Yongtai Technology 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 [3]. - The company plans to enhance its market competitiveness and profitability through product structure optimization, accelerated market promotion of new businesses, strengthened supply chain collaboration, and increased R&D investment [3]. - Yongtai Technology has established multiple production bases across Zhejiang, Inner Mongolia, Fujian, and Guangdong, ensuring sufficient capacity to support future core business growth [3].

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].