In-depth Analysis of Electrolyte Price Trends for Capchem (SZ300037)

Based on the latest market data and research materials, I now present to you a comprehensive analysis report on the electrolyte price trends for Capchem (SZ300037).

Electrolyte prices experienced sharp cyclical fluctuations between 2024 and 2026. From an overall perspective, the market exhibited the operational characteristics of

In terms of price growth, during the price rally that started in H2 2025, the average electrolyte price surged from the low of RMB 17,500/ton to RMB 36,800/ton in mid-December, representing a

The core driver of the electrolyte price rally is the supply-demand imbalance and skyrocketing prices of its key raw materials:

• 2025 low price: RMB 49,000/ton (mid-July)
• 2025 December high price:
  RMB 173,000/ton
• Price increase:
  253%
  [2][4]
• As of January 2026: RMB 150,000-165,000/ton (price pulled back slightly)

• Early September 2025: RMB 46,000/ton
• December 15, 2025:
  RMB 181,000/ton
• Price increase:
  293%
  (nearly 3x)
• As of January 2026: RMB 77,500/ton (sharp pullback) [2][3]

The sharp rise in raw material prices was directly passed through to electrolyte products, driving both volume and price growth of electrolytes starting in H2 2025 [1].

• October 2025: China’s new energy vehicle (NEV) sales reached 1.715 million units, up 19.93% YoY [1]
• October 2025: Power battery installed capacity reached 84.1 GWh, up 42.06% YoY [1]
• 2025: Global electrolyte shipments reached
  2.235 million tons
  , with a market size of
  RMB 56.42 billion
  , up 37.6% YoY [5]

• In the past two to three years, the industry has undergone in-depth restructuring, with a large amount of low-efficiency capacity eliminated [2]
• Enterprises’ willingness to expand production remains low, leading to limited new capacity
• Supply tightness for materials such as lithium hexafluorophosphate and VC persists

This supply-demand mismatch directly drove the recovery-driven price increases of electrolytes and their raw materials [2].

As a leading enterprise in the electrolyte industry, Capchem holds an important position in the market:

• Poland Phase II Project
  : Add 50,000 tons/year of electrolyte production capacity, planned investment not exceeding RMB 200 million [6]
• Saudi Arabia Project
  : 200,000 tons/year carbonate solvent + 100,000 tons/year ethylene glycol production line, investment of approximately USD 260 million [6]
• Domestic Projects
  : 5,000 tons/year high-performance fluorine materials project (to be put into operation by end-2026), Haifu 30,000 tons/year high-end fluorine fine chemicals project (to be put into operation by end-2027) [6]

The company’s overseas layout strategy has effectively reduced logistics costs and tariff impacts, improved supply chain response efficiency, and laid a foundation for subsequent overseas market share expansion [6].

• Yu Qingjiao, Chairman of the Zhongguancun New Battery Technology Innovation Alliance: This round of price rally is likely to last until H1 2026, but the extreme high of RMB 600,000/ton will not be repeated [2]
• Electrolyte prices are expected to fluctuate within the range of
  RMB 30,000-40,000/ton
  [2]
• Supply tightness for materials such as lithium hexafluorophosphate and VC will ease significantly, with prices gradually returning to rational levels [3]

• The industry competition pattern is expected to be reshaped, and policies will continue to support the development of new energy vehicles [1]
• The Central Economic Work Conference clearly proposed "in-depth rectification of involutionary competition", which is expected to compress the space for low-price competition in the cell material sector [3]
• Price fluctuations in the industrial chain are expected to converge, returning to the "cost + reasonable profit" center [3]

1. During the electrolyte price rally cycle, the company’s profitability has improved significantly
2. Capchem’s overseas production capacity is continuously ramping up, and the Poland plant is operating well
3. The company’s fluorinated liquid business has prominent competitiveness, forming a diversified layout

1. Electrolyte prices are already at a high level, with a risk of pullback
2. Sales growth of downstream new energy vehicles may slow down
3. Fluctuations in raw material prices pose challenges to the company’s cost control

[1] Securities Times Network - "Sudden Major Positive! Lithium Batteries Surge Across the Board!" (https://www.stcn.com/article/detail/3493132.html)

[2] Battery 100 People Conference - Battery Network - "Electrolyte Sector Roars with Price Hikes!" (https://www.itdcw.com/news/ycnews/12161524942025.html)

[3] Caifuhao (East Money) - "Electrolyte Product Price Trend from January 5 to January 9, 2026" (https://caifuhao.eastmoney.com/news/20260112170720335992280)

[4] InfoLink Consulting - "Lithium Price Hits a New Phased High; Cell and System Prices Continue to Rise" (https://www.infolink-group.com/energy-article/cn/ess-spot-price-20251222)

[5] EVTank/Eve Economic Research Institute - "China’s Electrolyte Shipments Reach 2.235 Million Tons in 2025; Industry Enters New Phase of Volume and Price Growth" (https://www.inewenergy.com/newsn/bg/44386.html)

[6] Sina Finance - "Electrolyte Weekly | Capchem Plans to Expand Overseas Lithium Battery Material Capacity by 350,000 Tons!" (https://finance.sina.com.cn/roll/2026-01-06/doc-inhfiznq5972071.shtml)

Figure 1: Price Trends of Electrolyte and Key Raw Materials (2024-2026), Data Sources: EVTank, Quotes from Various Research Institutions

Figure 2: Electrolyte Market Competition Pattern and Major Enterprises’ Capacity Expansion Plans