Fushine(SZ:300497)2025-11-16 13:42Group 1: Market Trends and Demand - The price of VC has rapidly increased due to the growing demand from energy storage and power batteries, influenced by macro policies and supply-demand changes [2][3] - 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 [3] 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 [3] - Future plans include increasing VC and FEC production capacities to 20,000 tons/year and 5,000 tons/year, respectively, depending on market demand [3] Group 3: Cost Management and Efficiency - The company is leveraging its experience in chemical processes to control production costs effectively, with VC product costs expected to decrease further as capacity increases [4] - The procurement price of 6-APA has decreased by 38% compared to the end of 2024, which is anticipated to enhance the gross margin of the pharmaceutical manufacturing business [6] Group 4: Product Portfolio and Market Position - The company is the largest global supplier of Sulbactam and a major supplier of Tezobactam, with a significant market share and quality assurance [5][6] - The company is expanding its production capacity for Piperacillin, which is in high demand due to increased terminal demand [7] Group 5: New Product Development - The company is the first in China to achieve large-scale industrialization of filamentous fungal protein, with a current capacity of 1,200 tons/year and plans for a 200,000 tons/year project [7] - The new protein has passed technical reviews and is awaiting regulatory approval, which will enable the company to expand its microbial protein business significantly [7]