从资本市场来看，六氟磷酸锂近期的大幅涨价，也带火了碳酸亚乙烯酯（VC），相关概念股包括富祥 药业、永太科技、孚日股份（002083）、华盛锂电、联泓新科等公司，备受市场追捧。其中，孚日股份 近期更是上演了8连板，永太科技技近期的最大涨幅也翻倍。据此不难看出资本市场对碳酸亚乙烯酯 （VC）的关注。 不过，也有部分企业虽然早早启动了碳酸亚乙烯酯（VC）建设，但迟迟未见生产。譬如，泰和科技 （300801）一期年产1万吨碳酸亚乙烯酯项目原本2022年底已建设完成，但至今还没有正式投产。 伴随着六氟磷酸锂的报复性涨价，产业链公司正获得机构密集调研。证券时报记者发现，作为六氟磷酸 锂的关键添加剂，碳酸亚乙烯酯（VC）厂家正趁热忙着扩产试产。 11月24日，永太科技（002326）在调研中表示，公司目前量产的锂电材料包括电解液、六氟磷酸锂、双 氟磺酰亚胺锂（LIFSI）、碳酸亚乙烯酯（VC）和氟代碳酸乙烯酯（FEC）等产品。其中，VC已投产 5000吨/年的产能，新建的5000吨/年的产能已于11月17日进入试生产阶段，本次新增投产后，公司碳酸 亚乙烯酯（VC）产能将达到10000吨/年。 无独有偶，富祥药业（30049 ...

Core Insights - The electrolyte additive industry is crucial for improving electrolyte performance and enhancing battery overall performance, despite accounting for only 5%-10% of the total electrolyte volume [1][5] - China's electrolyte additive market is expected to grow rapidly, with shipments increasing from 198,000 tons in 2019 to 1,470,000 tons by 2024, and projected to reach 1,670,000 tons in 2025 [1][9] - The domestic market size for electrolyte additives is anticipated to reach approximately 7.189 billion yuan in 2024, with a potential to exceed 8.5 billion yuan in 2025 due to rising prices [1][10] Industry Overview - Electrolyte additives are defined as minor components added to electrolytes to enhance electrochemical performance, improve cathode deposition quality, or boost overall battery performance [2] - The additives can be categorized into six functional types: film-forming, flame-retardant, high/low-temperature modification, overcharge protection, conductivity, and water/acid removal [3][4] Policy Support - The Chinese government has introduced multiple policies to support the development of the electrolyte additive industry, including guidelines for energy electronics and new energy vehicle battery recycling [5][6] Industry Chain - The industry chain is well-defined, with upstream raw materials like ethylene carbonate and fluorides, midstream manufacturing focusing on functional additives, and downstream applications in electric vehicle batteries, energy storage, and consumer electronics [6][7] - The rapid growth of the new energy vehicle and energy storage sectors is a key driver for the entire industry chain [6][7] Current Development Status - The demand for electrolyte additives is accelerating towards composite, functional, and high-performance products, with domestic production rates for conventional additives like VC and FEC exceeding 90% [9][12] - The market for electrolyte additives is expected to experience a significant price increase, particularly for key products like VC and FEC, driven by supply-demand dynamics [9][10] Competitive Landscape - The industry is characterized by high concentration, with leading companies like Huasheng Lithium Battery and Tianci Materials leveraging technological barriers and vertical integration to dominate the market [11][12] - Companies are focusing on expanding production capacity and entering global supply chains to enhance competitiveness [11][12] Future Trends - The electrolyte additive industry is expected to evolve towards high-end technology, concentrated competition, and integrated supply chains, with a focus on developing new multifunctional additives [12][13] - The differentiation in downstream demand for power and energy storage batteries will drive the product structure towards customization and high added value [14]

Group 1 - The newly elected academicians include Lian Yubo from BYD and Wu Kai from CATL, highlighting the recognition of their contributions to the industry [6] - The total number of academicians in the Chinese Academy of Sciences is now 908, while the Chinese Academy of Engineering has 1002 academicians [5] Group 2 - Times United showcased its 45Ah large cylindrical lithium iron phosphate battery at a trade fair, attracting interest from international buyers due to its strong adaptability and stable performance [7][8] - Guoxuan High-Tech successfully delivered its UC standard battery cells to Volkswagen, marking a deepening collaboration with the automaker [9] Group 3 - Xindongda announced a strategic partnership with Shangfei Aviation, positioning itself in the low-altitude trillion-yuan market for electric vertical takeoff and landing aircraft [10] - Chuangneng New Energy officially entered the lightweight power market through a strategic alliance with Tianji Lithium Battery [10] Group 4 - As of October 14, 2025, there are 17,300 lithium battery-related companies in China, with 61.48% established between 5 to 10 years ago [11] - The lithium battery industry in China has formed a relatively stable market structure, with significant concentrations in first-tier cities and regions like South China and East China [11] Group 5 - Envision released a global AI-driven power system aimed at promoting green industrial transformation [12] - Funeng Technology has developed ultra-large capacity energy storage cells, enhancing the lifespan and cost-effectiveness of energy storage solutions [13] Group 6 - EVE Energy signed a strategic cooperation agreement with Huabao New Energy to advance solid-state battery technology [14] - The price of petroleum coke has surged to a historical high, with expectations of further increases due to potential refinery maintenance [16] Group 7 - Zhongwei Co. officially listed on the Hong Kong Stock Exchange, becoming the first A+H stock in the lithium battery materials sector with a market value of 49.424 billion [17] - The price of vinyl carbonate (VC) has increased over 200% due to supply constraints, with current prices exceeding 155,000 yuan per ton [18] Group 8 - Shengtun Group's 200,000-ton lithium iron phosphate project has been signed, with a total investment of 5.9 billion yuan [19] - Lithium carbonate futures have surpassed 100,000 yuan per ton for the first time since June 2024, leading to a rebound in related stocks [20] Group 9 - LG Chem secured a contract worth 3.76 trillion Korean won (approximately 25.7 billion USD) for cathode materials from a U.S. client [21] - Shengxin Lithium Energy announced a framework agreement with Huayou Holdings for the procurement of 221,400 tons of lithium salt products from 2026 to 2030 [22] Group 10 - Shangtai Technology signed a contract for a 200,000-ton anode material project in Shanxi, with an expected annual output value of 6 billion yuan [23] - Fengyuan Co. has successfully entered mass production of high-pressure dense lithium iron phosphate products [25] Group 11 - Tianci Materials expects its annual electrolyte sales to reach 720,000 tons in 2025, exceeding its initial target [26] - A recent analysis ranked the net profits of lithium battery equipment companies, with the top three being Putailai, Xian Dao Intelligent, and Dazhu Laser [28][30] Group 12 - Liyuanheng launched a quality monitoring system for ultrasonic welding, enhancing battery manufacturing reliability [31] - Xian Dao Intelligent introduced an integrated solution for solid-state battery formation, addressing key challenges in the process [32][33] Group 13 - A network of battery recycling points has been established in 14 cities in Liaoning Province to facilitate the disposal of used electric bicycle batteries [35] - A 40,000-ton lithium battery recycling project in Shandong has begun the approval process, with an investment of 300 million yuan [36] Group 14 - A project in Anhui for processing 20,000 tons of waste lithium batteries is nearing implementation [37] - A new battery recycling project in Zhejiang aims to optimize the reuse of 25,000 tons of lithium batteries [39] Group 15 - A project in Hubei for the comprehensive regeneration of 120,000 tons of lithium iron phosphate black powder has been announced [40] - XPeng Motors has launched its first mass-produced land carrier vehicle, marking a significant step in its production capabilities [42] Group 16 - NIO's CEO announced the milestone of 30,000 domestic users for the Firefly model, with plans for international expansion [43] - Evergrande Auto's two subsidiaries have been taken over by Guangzhou state-owned assets, indicating a shift in ownership [44] Group 17 - Xiaomi Auto has achieved a remarkable milestone of producing 500,000 vehicles in just 1 year and 7 months, setting a record in the industry [45] - GAC Group has completed the pilot production line for solid-state batteries, paving the way for mass manufacturing [46] Group 18 - BYD has applied for a patent for a multi-gun charging method, enhancing vehicle compatibility with various charging systems [47] - Star Motion Era, a company specializing in embodied intelligence, has secured nearly 1 billion yuan in A+ round financing [48]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：你好，公司vc改造工程大约多久完工？ 泰和科技（300801.SZ）11月20日在投资者互动平台表示，泰和科技的碳酸亚乙烯酯（VC）项目原本按 照自产高纯CEC原料设计，目前CEC因土地限制不能自产，使用外购的80%的CEC，产生的废料较多， 由于原料的变更，VC项目的生产工艺需要重新设计，并购入了新的设备，以适应外购的原料，目前正 在进行技术改造，尚未形成收入。公司已加快推动项目技改，争取尽快投产，具体投产时间敬请关注公 司后续披露的相关公告。感谢您的关注！ ...

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].

编者按： 企业是经济运行最活跃的因子。它们创造着无穷财富，更推动着生产力不断前行。某种意义而言，企业 是经济发展的希望。 山东，正在经历着动能转换的涅槃时刻，企业的作为将在很大程度上左右着经济大省到经济强省的蜕 变。今天，凤凰网山东推出"鲁企观察"聚焦总部位于枣庄的泰和科技（300801）。 不论是褒扬亦或是质疑，我们的最终目的都是希望，在这轮高质量发展浪潮中，鲁企能够展现更多的精 彩，并持续推动山东经济质变。 13日，姚娅因个人原因辞去总经理职务后，泰和科技17日公告聘任程终发为公司总经理。 令人关注的是，在离职前，姚娅还进行了股份减持。根据泰和科技的公告，11月11日，姚娅通过集中竞 价交易的方式减持60.66万股，减持均价31.40元，套现约1904.66万元。 今年以来，泰和科技高管变动频繁。1月，泰和科技副总经理万振涛因个人原因辞去副总经理职务；随 后，2024年5月被选举为公司董事的副总经理渐倩因个人身体原因辞去公司非独立董事、副总经理职 务；8月4日，财务总监颜秀因个人原因辞任，辞任后仍担任其他职务。 此外，早在2024年2月，公司董秘、财务总监张静也因个人原因辞职。 17日，泰和科技发布公告， ...

Core Viewpoint - Taihe Technology has initiated technical upgrades for its vinyl carbonate (VC) project, which involves revalidating the technical route and redesigning, procuring, and customizing equipment [1] Group 1 - The technical transformation and trial production process have uncertainties, and the specific production timeline will be disclosed in future company announcements [1] - Some equipment for the project has already been delivered [1]

Core Viewpoint - Yongtai Technology's subsidiary is set to begin trial production of lithium battery additives, enhancing its production capacity and competitive position in the lithium materials sector [1] Group 1: Production and Capacity Expansion - Yongtai Technology's subsidiary, Inner Mongolia Yongtai Chemical Co., Ltd., has received approval for a trial production plan for a project with an annual capacity of 5,000 tons of lithium battery additives, set to commence on November 17, 2025 [1] - The production of the electrolyte additive product VC (Vinylene Carbonate) will increase to 10,000 tons per year, strengthening the company's scale advantages in the lithium battery materials sector [1] - The project is expected to bolster the company's market position and overall competitiveness in the lithium materials industry [1] Group 2: Financial Performance - In the first three quarters of 2025, Yongtai Technology achieved a revenue of 4.028 billion yuan, marking a year-on-year increase of 20.65%, and a net profit attributable to shareholders of 32.55 million yuan, indicating a turnaround from previous losses [2] - The company reported a revenue of 1.419 billion yuan in the third quarter of 2025, reflecting an 18.3% year-on-year growth, although it recorded a net loss of 26.25 million yuan, which represents a 79.42% reduction in losses compared to the previous year [2] - The improvement in profitability is attributed to price increases of products like VC, driven by structural changes in supply and demand dynamics [2] Group 3: Market Trends and Stock Performance - The price increase of products is linked to a dynamic balance formed by structural changes in both supply and demand, with sustained growth in the downstream power and energy storage markets [2] - The stock price of Yongtai Technology rose significantly, from 8.94 yuan per share at the beginning of 2025 to a peak of 33 yuan per share by November 18, 2025, representing a maximum increase of 269.13% [2]

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a positive outlook for the industry [2]. Core Insights - The demand for energy storage is surging, leading to a continuous increase in lithium battery material prices. Lithium hexafluorophosphate, a key raw material for electrolytes, has seen its price rise to 160,000 CNY/ton, a threefold increase from the low of 50,000 CNY/ton in July 2025. This price surge is expected to persist due to tight supply conditions, which may last until 2026 [4][5]. - The report highlights the significant growth in procurement volumes for lithium hexafluorophosphate by electrolyte manufacturers, driven by the booming demand from the electric vehicle and energy storage sectors [4]. - The report suggests focusing on the lithium hexafluorophosphate supply chain, recommending companies such as Tianji Co., Tianqi Materials, Xinzhou Bang, Shenzhen New Star, and Duofluo [4]. Summary by Sections 1. Market Performance - The new materials index increased by 0.32%, outperforming the ChiNext index by 3.33%. Over the past five trading days, the battery chemicals sector rose by 13.83%, while semiconductor materials and electronic chemicals declined by 1.82% and 2.23%, respectively [2][17]. 2. Price Tracking - As of November 14, 2025, the price of valine remained stable at 12,550 CNY/ton, while arginine decreased by 0.47% to 21,400 CNY/ton. The price of vitamin D3 was 212,500 CNY/ton, unchanged from the previous week [3][28]. - The price of biodegradable plastics, such as PLA, remained stable at 17,800 CNY/ton for injection molding grade and 17,000 CNY/ton for film blowing grade [32]. 3. Investment Recommendations - The report emphasizes the high entry barriers in the industry and the cautious expansion of companies due to years of losses. It predicts that the average price of VC (vinylene carbonate), an important additive in electrolytes, could reach 100,000 CNY/ton by 2026 [5]. - Companies to watch include Huasheng Lithium Battery, Haike New Source, Lianhong Technology, and Taihe Technology [5].

（文章来源：每日经济新闻） 每经AI快讯，泰和科技（300801.SZ）11月19日在投资者互动平台表示，泰和科技碳酸亚乙烯酯（VC） 项目一期的设计产能为1万吨/年，目前正在进行技术改造，尚未形成收入。公司已加快推动项目技改， 争取尽快投产，具体投产时间敬请关注公司后续披露的相关公告。 ...