Net profit surged by 897.19%! Do-Fluoride’s revenue for the first half of 2026 reached 7.036 billion yuan.

On the evening of August 17, Duofuduo released its semi-annual report for 2026. Data shows that the company achieved operating revenue of 7.036 billion yuan in the first half of the year, a year-on-year increase of 62.55%; net profit attributable to shareholders of the listed company was 512 million yuan, a surge of 897.19% year-on-year.

Benefiting from the upward trend in the new energy industry, the core product lithium hexafluorophosphate saw both volume and price increases, coupled with the volume growth of the new energy battery business, driving a significant improvement in the company's profitability.

Regarding the substantial growth in performance, Duofuduo stated that the overall prosperity of the new energy industry is improving, and the volume and price of the core product lithium hexafluorophosphate have recovered significantly year-on-year; meanwhile, the production and sales of the new energy battery business have grown substantially, and the product gross profit margin has improved significantly.

The dazzling performance has attracted northbound funds to continue their layout. The semi-annual report shows that Hong Kong Securities Clearing Company Limited increased its holdings by 30.5939 million shares in the second quarter, with a shareholding ratio reaching 3.84, becoming the company's second-largest shareholder.

In terms of quarterly performance, the company's profitability showed a trend of being high in the beginning and low in the end.

Net profit in the second quarter was 136 million yuan, a sequential decline from 376 million yuan in the first quarter, a trend highly correlated with price fluctuations of lithium hexafluorophosphate. Industry data shows that the average market price of lithium hexafluorophosphate in the first half of 2026 was 118,000 yuan/ton. Prices surged in the first quarter, touching a high of 165,000 yuan/ton, then retreated to 96,000 yuan/ton at the end of April before rebounding. As of mid-August, the spot price of lithium hexafluorophosphate remained around 107,000 yuan/ton, and market operations tended towards rationality.

At the supply and demand level, CICC predicts that under the dual pull of demand from new energy vehicles and energy storage, the global lithium hexafluorophosphate market will maintain a tight balance overall in 2026, with total annual demand of approximately 404,000 tons and effective industry capacity of about 414,000 tons. Industry insiders analyze that with the gradual commissioning of new capacity, the supply and demand pattern will slowly ease. In the short term, it is difficult for product prices to repeat massive surges or crashes, and industry profits are expected to return to a reasonable range, bidding farewell to the extreme volatility trend of 2025.

In terms of capacity planning, Duofuduo announced in July an adjustment to the pace of project construction. Based on the market environment and industry trends, the scheduled commissioning time for the "Annual Output of 100,000 Tons of Key Materials for Lithium-ion Battery Electrolyte Project" has been postponed from November 30, 2026, to November 30, 2027.

The company stated that it will continue to track market changes and advance project construction in an orderly manner. Regarding the battery business, the company's "Fluorine Core" large cylindrical battery covers four major scenarios: new energy vehicles, energy storage, light vehicles, and battery swapping. Relying on the two major production bases in Jiaozuo, Henan, and Nanning, Guangxi, it continues to guarantee market supply.

Besides the lithium battery material track, the semiconductor electronic chemicals business is welcoming industry opportunities.

Benefiting from the expansion of AI computing power driving the warming of the global semiconductor industry, the demand for electronic-grade hydrofluoric acid continues to expand. SEMI data shows that with the capacity expansion of HBM and advanced process chips, the supply of high-end G5-grade electronic-grade hydrofluoric acid is tight, and the capacity utilization rate of leading enterprises continues to rise. Since the beginning of this year, the market price of electronic-grade hydrofluoric acid has increased by 20%—30%, and high-end sources remain in short supply.

Public information shows that Duofuduo's G5-grade UPSSS electronic-grade hydrofluoric acid purity can match the advanced processes of 12-inch wafers. It has established stable cooperation with many domestic and foreign leading semiconductor enterprises. The existing capacity is 40,000 tons/year, which can be flexibly scheduled according to downstream orders, and capacity utilization is steadily improving. Supply chain personnel point out that the certification cycle for electronic-grade hydrofluoric acid is long, the technical barrier is high, and once customer cooperation lands, the stability is strong. However, Duofuduo admits that the current revenue from electronic-grade hydrofluoric acid accounts for less than 2% of the company's total revenue, so it cannot yet form a significant pull on overall performance.

(The information in this article comes from the company's semi-annual report and public industry information and does not constitute investment advice)