Interpretation of Fluorochemical Annual Reports: Electrolyte Material Companies See High Net Profit Growth, Lithium Hexafluorophosphate Performance Gradually Recovers

Recently, multiple fluorochemical listed companies have released their 2025 annual performance reports. Driven by the steady growth of power batteries and the rapid expansion of energy storage batteries, the demand and prices of battery materials such as vinylene carbonate and fluoroethylene carbonate have risen, leading to a significant increase in the net profits of related enterprises. The industry is experiencing structural prosperity.

Surge in Battery Material Demand Drives Major Profit Growth for Multiple Companies

Benefiting from the release of demand in the new energy market, the fluorochemical lithium battery materials sector has performed impressively:

· Huasheng Lithium: Estimated 2025 net profit attributable to the parent company is 12-18 million yuan, with a year-on-year pre-increase of 106.87%-110.30%.

· Ruitai New Materials: Specializing in lithium battery electrolyte, the estimated 2025 net profit attributable to the parent company is 185-240 million yuan, with a year-on-year increase of 118.67%-183.68%.

New Energy Drives Loss Reduction, Narrowing Losses Significantly

New energy demand has also driven performance recovery and narrowed losses for some companies:

· Yongtai Technology: Estimated 2025 revenue is 5-5.5 billion yuan; net profit attributable to the parent company is expected to incur a loss of 25.6-48.6 million yuan, with the loss narrowing by 91.44%-95.72% year-on-year. The company stated that the sales volume and prices of lithium battery materials have increased year-on-year, with gross profit significantly rising, becoming the core driver for reducing losses.

Lithium Hexafluorophosphate: First Decline Then Recovery, Performance Still Under Pressure

The performance of lithium hexafluorophosphate varied throughout the year, dragging down the results of some companies:

· Shenzhen Xinxing: Estimated 2025 net profit attributable to the parent company is -69 to -46 million yuan. Although losses decreased by 222-245 million yuan compared to the previous year, the company remains in the red. The company noted that lithium hexafluorophosphate demand was weak in the first three quarters, competition intensified, and prices remained low. Prices rose starting in October, but due to low-priced orders, fourth-quarter profits were not fully realized.

Other downstream companies reported that raw materials like lithium hexafluorophosphate saw significant price increases in the fourth quarter, but the lag in electrolyte price transmission suppressed profitability.

Industry Outlook: Short-Term Demand Weak, Long-Term Focus on Supply Constraints and Upgrades

Fluorine Industry Online analysis points out that in 2025, demand from emerging sectors such as new energy and semiconductors is insufficient to offset the overall decline in fluorochemical demand. The upstream fluorite market faces weak supply and demand, with prices fluctuating within a range.

It is expected that the post-holiday off-season will gradually fade, and the industry will return to the long-term logic dominated by supply constraints + demand upgrades. High-end fluorochemicals and new lithium battery materials still hold growth potential.