In-Depth Analysis of 260% Surge in Lithium Hexafluorophosphate Prices: Supply-Demand Reversal and Investment Opportunities in the Phosphochemical Industry Chain

Based on the latest collected data and market information, I present to you an in-depth analytical report on the skyrocketing price of lithium hexafluorophosphate and its impact on the phosphochemical industry chain.

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According to market data, the price of lithium hexafluorophosphate has experienced severe fluctuations:

Time Node	Price (CNY 10,000/ton)	Growth Rate
Mid-July 2025 (Low Point)	4.93-5.0	Benchmark
Early November 2025	12.0	+118%
Early December 2025	17.2	+248%
Current (January 2026)	17-18	+260%

As of December 2025, the spot price of domestic lithium hexafluorophosphate has reached 16.7-17.7 CNY 10,000/ton, with an average price of 17.2 CNY 10,000/ton[0]. According to the latest market information, the current price has further risen to around 18 CNY 10,000/ton, representing a staggering 260% increase from the July low[1].

• In 2024, global lithium hexafluorophosphate shipments reached 169,000 tons, with the top three companies accounting for 76.9% of the market share, indicating a highly concentrated market structure[0]
• As of the end of 2024, the global actual effective capacity was 390,000 tons, but the industry capacity utilization rate was only about 43.3%[0]
• After several years of a downward cycle, the industry has reached a consensus on prudent and orderly capacity expansion
• A large amount of capacity planned for 2023-2024 is in a stagnant state, and new capacity release is lower than expected[0]

• Explosive growth in energy storage demand: In Q3 2025, China’s energy storage battery shipments reached 165 GWh, a year-on-year increase of 65%; the full-year forecast is 580 GWh, with a growth rate exceeding 75%[0]
• Power battery production scheduling remains strong in off-season: In December, the total scheduled battery production in the Chinese market is expected to maintain a historical high of 220 GWh[0]
• Battery manufacturers have frequently signed supply guarantee agreements to lock in upstream raw material supplies[0]

The price of battery-grade lithium carbonate has risen from a bottom of about 60,000 CNY/ton to about 90,000 CNY/ton, strengthening cost support[0].

The new energy grid-connected electricity price marketization reform policy launched in February 2025 triggered the “531 Rush Installation Wave”, and the new installed capacity of new energy storage in May alone increased by more than 460% year-on-year[2].

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• Global dual leader in lithium hexafluorophosphate and electrolyte
• In 2024, global electrolyte shipments reached 503,000 tons, with a market share of 35.7%, ranking first globally for 9 consecutive years[0]
• In 2024, lithium hexafluorophosphate shipments reached 64,000 tons, with a market share of 37.6%, ranking first[0]
• Lithium hexafluorophosphate capacity is about 112,000 tons, basically achieving full production and sales[3]

• Current electrolyte capacity is about 850,000 tons, and the converted solid capacity of lithium hexafluorophosphate exceeds 110,000 tons[3]
• Procedures related to technical transformation projects are being applied for, and existing production lines maintain high capacity utilization[3]
• Layout of sulfide solid-state electrolyte, currently in the pilot test stage[0]

• Net profit attributable to shareholders in 2025 is expected to be 1.1-1.6 billion CNY, a year-on-year increase of 127%-231%[3]
• Full-year electrolyte sales in 2025 are expected to reach 720,000 tons, exceeding the initial target of 700,000 tons[3]
• Profit per ton in the fourth quarter was about 4,000 CNY, and the profit per ton in December may exceed 7,000 CNY[3]

• Current stock price: 44.44 CNY, 52-week range: 15.37-49.78 CNY[4]
• Market capitalization: 80.745 billion CNY (as of the December 2025 reporting period)
• The turnover rate in the past 3 months reached 525.7%, attracting extremely high market attention[0]

• In November 2025, it reached supply agreements with CALB and Gotion High-Tech for 2026-2028, with a total expected supply volume of 1.595 million tons[3]

• Lithium hexafluorophosphate capacity has reached 65,000 tons, with expected shipments of about 50,000 tons in 2025 and 60,000-70,000 tons in 2026[0]
• The 20,000-ton capacity plan of the fund-raising project has been delayed, and it is progressing steadily according to the established plan[0]
• The scale of the lithium battery business continues to expand, and shipments are expected to exceed 10 GWh this year[5]

• Phosphorus pentafluoride production does not use sulfuric acid, highlighting cost advantages against the backdrop of rising sulfuric acid prices[5]
• Independently masters anhydrous hydrogen fluoride production technology[5]

• Current stock price: 32.93 CNY, 52-week range: 10.10-41.99 CNY[4]
• Market capitalization: 38.07 billion CNY
• Current P/E is negative (-156.81), mainly due to losses from the lithium battery business in the early stage[4]

• Possesses high-quality phosphate ore resources, with continuous release of new phosphate ore capacity[6]
• The semi-water wet-process phosphoric acid technology creates cost and quality barriers[6]

• Market share of high-end feed-grade calcium dihydrogen phosphate, fire-fighting-grade monoammonium phosphate and other products is steadily increasing[6]
• Comprehensive application of the entire phosphochemical industry chain, with a layout in new energy materials[6]

• Current stock price: 38.58 CNY, 52-week range: 20.42-40.85 CNY[4]
• Market capitalization: 23.44 billion CNY
• 2025 forecast P/E is 16.4x, lower than the average level of comparable companies[6]
• Net profit attributable to shareholders in 2025 is expected to be 1.313 billion CNY, a year-on-year increase of 37.3%[6]

• Domestic leader in phosphate ore resources, with reserves exceeding 800 million tons[6]
• One of the world’s largest phosphate fertilizer producers, with a complete “mine-chemical integration” industrial chain layout[6]
• Business covers phosphate ore mining, phosphate fertilizer, compound fertilizer, fine chemicals and new energy materials such as iron phosphate[6]

• Current stock price: 30.68 CNY (as of December 2025)[6]
• Market capitalization: 55.93 billion CNY
• 2025 forecast P/E is 10.2x, with valuation at a low level in the industry[6]

• Focuses on phosphate ore mining and processing, phosphochemicals, silicon chemicals, glyphosate and other fine chemical products[6]
• Simultaneously promotes the layout of lithium iron phosphate new energy materials[6]
• Products are used in agriculture, chemical industry, new energy, electronics and other fields[6]

• 2025 forecast P/E is 18.4x[6]
• Net profit per share attributable to shareholders is expected to increase from 1.45 CNY/share in 2024 to 1.95 CNY/share in 2026[6]

• Mainly engaged in feed-grade phosphate salts and monoammonium phosphate, with core products highly overlapping with those of Sichuan Chuanheng Co., Ltd.[6]
• Competes directly in the segment market with a stable market position[6]

• Current stock price: 11.34 CNY, 52-week range: 9.60-15.38 CNY[4]
• Market capitalization: 21.41 billion CNY
• The recent decline provides a good layout opportunity[4]

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Lithium Carbonate → Lithium Hexafluorophosphate → Electrolyte → Finished Batteries
   ↑                                    Cost Support                         Price Transmission

• In early November 2025, the electrolyte price jumped by about 3,300 CNY/ton from the bottom[3]
• From the end of November to December 17, the prices of various types of electrolytes jumped by a total of about 6,500 CNY/ton again[3]
• China Merchants Securities predicts that the electrolyte price may continue to be transmitted in January 2026[3]

Industry Chain Link	Core Targets	Benefit Logic
Lithium Hexafluorophosphate	Tianci Materials, Do-Fluoride New Materials	Directly benefit from price increases and increased shipments
Electrolyte	Tianci Materials, Capchem	Smooth price transmission, profit capacity recovery
Phosphate Ore Resources	Yuntianhua, Xingfa Group, Chuanheng Co., Ltd.	Resource scarcity highlighted, valuation re-rating
Iron Phosphate/Lithium Iron Phosphate	Hubei Yihua, Sichuan Jinnuo	Demand-side support, capacity utilization rate improvement
Solid-State Battery Materials	Tianci Materials	Technical positioning, future growth driver

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Indicator	Forecast Value
2026 Demand	360,000-370,000 tons
Effective Capacity	About 350,000-360,000 tons
Supply-Demand Status	Tight
Price Judgment	Operate at a high level, fluctuate upward

• Tianci Materials: Focus on technical transformation and upgrading of existing capacity[0]
• Do-Fluoride New Materials: 20,000-ton project delayed[0]
• Skyrizon Co., Ltd.: 15,000-ton project is expected to be put into production in September 2026, contributing 4,000-6,000 tons[0]

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1. Downstream demand falls short of expectations:
   The growth rate of energy storage and new energy vehicle sales may slow down
2. Intensified industry competition:
   Price increases may stimulate the resumption of some production capacity
3. New technology progress falls short of expectations:
   There is uncertainty in the technical route of solid-state batteries
4. Fluctuations in raw material prices:
   Fluctuations in the prices of raw materials such as lithium carbonate and sulfuric acid affect costs
5. Policy changes:
   Adjustments to new energy subsidy policies and electricity price policies

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Target	Ticker	Investment Rating	Core Logic
Tianci Materials	002709.SZ	Buy (Initial Coverage)	Global leader, integrated layout, solid-state battery positioning
Do-Fluoride New Materials	002407.SZ	Attention	Comprehensive leader in fluorochemicals, reversal of lithium battery business
Sichuan Chuanheng Co., Ltd.	002895.SZ	Outperform Market	Phosphate ore resources, technological advantages, low valuation
Yunnan Yuntianhua Co., Ltd.	600096.SH	Outperform Market	Resource leader, low valuation, stable dividends
Sichuan Development Longmang Co., Ltd.	002312.SZ	Attention	Segment leader, reasonable valuation

The price of lithium hexafluorophosphate surged 260% in three months, with the core driving factor being

— explosive downstream energy storage demand coupled with limited supply-side capacity release, shifting the industry from severe oversupply to a tight balance state. In the phosphochemical industry chain, ; , as a comprehensive leader in fluorochemicals, has technological and cost advantages; meanwhile, resource-based phosphate ore enterprises such as are expected to benefit from the valuation reconstruction of the phosphochemical industry by virtue of their dual layout of “resources + new energy materials”.

From the perspective of industry chain transmission, the price transmission path of lithium hexafluorophosphate - electrolyte - battery has been rationalized, and the industry’s profit capacity is expected to continue to recover. New capacity in 2026 is limited, and the tight balance state is expected to continue, with the price center expected to remain at a high level, providing a good investment window for targets in the phosphochemical industry chain.

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[0] Kaiyuan Securities - “Lithium Hexafluorophosphate Cycle Reversal, Positioning as Core Material for Solid-State Batteries — Initial Coverage Report on Tianci Materials” (December 12, 2025) https://pdf.dfcfw.com/pdf/H3_AP202512151800942317_1.pdf

[1] Sina Finance - “Surge! Surge! Surge! Price Hike Signals Released Densely! Prices Skyrocket in Multiple Fields!” (January 8, 2026) https://finance.sina.com.cn/roll/2026-01-08/doc-inhfqikr5446768.shtml

[2] Science and Technology Daily - “From ‘Scale Expansion’ to ‘Quality Breakthrough’ — Raw Material Price Surge Spawns Lithium Battery Industry Transformation” (January 8, 2026) https://www.stdaily.com/web/gdxw/2026-01/08/content_459067.html

[3] Securities Times - “Lithium Ion Battery Material Sales Surge, Tianci Materials’ 2025 Net Profit Expected to Increase” (December 31, 2025) https://stcn.com/article/detail/3566725.html

[4] Jinling AI - Real-Time Market Data (January 10, 2026)

[5] Eastmoney - “6F Price Surge, Do-Fluoride New Materials’ 2026 Net Profit to Reach 5-6 Billion CNY, Stock Price to Exceed 100 CNY in Half a Year” (December 16, 2025) https://caifuhao.eastmoney.com/news/20251216091137770345220

[6] Guosen Securities - “Company Research Report on Sichuan Chuanheng Co., Ltd. (002895.SZ)” (December 2025) https://pdf.dfcfw.com/pdf/H3_AP202512121799134995_1.pdf

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This report is for reference only and does not constitute investment advice. Investment involves risks; please proceed with caution when entering the market.