【Performance】Tianji Shares Expects Net Loss of Over 1.25 Billion Yuan in 2024
On the evening of January 20, Tianji Shares (002759) released its 2024 performance forecast, projecting a net loss attributable to shareholders of 1.25 billion to 1.5 billion yuan, compared to a net profit of 36.64 million yuan in the same period last year. The company also expects a net loss attributable to shareholders after deducting non-recurring gains and losses of 1.25 billion to 1.5 billion yuan, compared to a net profit of 36.56 million yuan in the same period last year.
Tianji Shares stated that due to intense market competition for its main product, LiPF6, prices have dropped significantly. As a major player in the LiPF6 industry with large-scale production and sales, all three of its subsidiaries specializing in LiPF6 products reported losses, with total losses exceeding 300 million yuan and a net loss attributable to shareholders of approximately 250 million yuan.
Meanwhile, the LiPF6 industry remains in a downward cycle with temporary overcapacity. The company predicts a decline in future profitability, and goodwill impairment tests on its asset group have resulted in an estimated impairment of around 1 billion yuan. After this impairment provision, the remaining book value of goodwill for the LiPF6 asset group is approximately 440 million yuan. (Source: Battery Hundred People Association - Battery Network)
【Performance】Yongtai Technology Expects Narrowed Losses in 2024
On the evening of January 20, Yongtai Technology (002326) released its performance forecast, projecting a net loss attributable to shareholders of 360 million to 480 million yuan in 2024.
According to Battery Network, Yongtai Technology reported a net loss attributable to shareholders of approximately 620 million yuan in the same period last year, indicating a narrowed loss YoY in 2024. Yongtai Technology explained that after significant market price adjustments for its main lithium battery material product, LiPF6, in the previous year, prices have stabilized this year. Additionally, the production and sales scale of its subsidiary Yongtai New Energy's electrolyte project have gradually ramped up, enhancing the synergy of its vertically integrated industry chain for electrolyte materials. This has improved overall operational efficiency and strengthened cost control. During the reporting period, revenue from lithium battery and other material segments achieved steady growth compared to the previous year, significantly reducing the loss amount.
Furthermore, on the evening of January 16, Yongtai Technology announced that its controlling subsidiary, Shaowu Yongtai Advanced Materials Co., Ltd., had completed equipment installation and commissioning for its "134,000 mt/year Liquid Lithium Chemicals Industrialisation Project (Phase I: 67,000 mt/year Lithium Bis(fluorosulfonyl)imide Solution Project)." The trial production plan has passed expert review, and the project has commenced trial production. (Source: Battery Hundred People Association - Battery Network)
【Performance】Aoke Shares Expects Narrowed Losses in 2024
On the evening of January 17, Aoke Shares (300082) announced that it expects a net loss attributable to shareholders of 130 million to 170 million yuan in 2024, compared to a loss of 309 million yuan in the same period last year.
Aoke Shares stated that in response to insufficient effective demand and intense market competition for its main products, the company elevated its subsidiaries to operating entities and implemented a series of operational reforms, including customer-centric marketing strategies, a combination of market orientation and industry focus, and innovation in high-end differentiated products. These measures have essentially achieved the goal of halving the loss compared to 2023. (Source: Battery Hundred People Association - Battery Network)
【Market】Electrolyte Production Growth in 2025 Expected at Around 15%
According to SMM data, China's electrolyte production in 2024 reached 1.41 million mt, up 34% YoY.
Supply side, electrolyte prices remained at low levels throughout 2024, and the market was in a surplus state. Therefore, looking ahead to 2025, the market is expected to adopt a cautious attitude toward overall industry output. Domestic electrolyte production is projected to align closely with downstream demand, with a growth rate of approximately 15%. (Source: Battery Hundred People Association - Battery Network)
【Think Tank Insights】LiPF6 Capacity Clearing May Continue Until Year-End 2026
Recently, research institutions EVTank and Yiwei Economic Research Institute, in collaboration with the China Battery Industry Research Institute, jointly released the "White Paper on the Development of the Global LiPF6 Industry (2025)." According to the white paper, global LiPF6 shipments in 2024 reached 208,000 mt, up 23.1% YoY, while the overall market size was 12.96 billion yuan, down 33.3% YoY.
EVTank stated in the white paper that the LiPF6 industry in 2024 remained in a severe overcapacity state, with many capacities planned in 2023 and 2024 stalled. Except for a few companies, most had operating rates below 70%.
According to EVTank data, the average price of LiPF6 dropped from a peak of nearly 600,000 yuan/mt in 2022 to around 54,000 yuan/mt in Q4 2024. By year-end 2024, actual transaction prices were even lower as companies sought to maintain operating rates. Looking ahead, EVTank noted that as leading electrolyte companies gradually plan to build their own LiPF6 capacities for internal use, the industry's capacity clearing process may continue until year-end 2026.
