Fushine(SZ:300497)2025-11-17 13:16Group 1: Market Trends and Demand - The price of VC has rapidly increased, driven by the growth in demand for energy storage and power batteries, with current prices around 50,000 CNY/ton [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% [3] - The shipment of lithium batteries for energy storage in China was 265 GWh in the first half of 2025, showing a year-on-year growth of 128% [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 [4] - Plans are in place to increase VC production capacity to 10,000 tons/year by Q2 2026, with potential future expansions to 20,000 tons/year for VC and 5,000 tons/year for FEC depending on market demand [4] Group 3: Pricing and Profitability of Pharmaceutical Products - The procurement price of 6-APA has decreased by 38% compared to the end of 2024, which is expected to enhance the gross margin of the pharmaceutical manufacturing business [6] - The sales revenue from hezobactam and sulbactam is projected to account for approximately 40% of the company's total revenue in 2024 [6] Group 4: Market Outlook for Pharmaceutical Products - The sales of piperacillin-tazobactam injection exceeded 7 billion CNY in 2023, while the sales of cefoperazone-sulbactam injection surpassed 9 billion CNY, marking a year-on-year growth of 13.39% [6] - New drug approvals are expected to drive demand for upstream raw materials and intermediates, opening new growth avenues for the company [6] Group 5: Microbial Protein Production and Future Plans - The company has an existing production capacity of 1,200 tons/year for microbial protein and is accelerating the construction of a project with a planned capacity of 200,000 tons/year [9] - The microbial protein production process is efficient, sustainable, and free from antibiotics, with applications in various sectors including "meat alternatives" and health products [10] Group 6: Advantages of Amino Acid Water-Soluble Fertilizers - The amino acid water-soluble fertilizers contain essential amino acids and have shown significant effects on plant growth and metabolism [11] - The market outlook is promising due to national policies promoting the reduction of chemical fertilizers and the innovation of green inputs [11]