Analysis of Fuxiang Pharmaceutical (300497)'s Strong Performance: VC Price Surge and Institutional Interest

Fuxiang Pharmaceutical (300497)'s recent strong performance is mainly driven by the rapid price increase of VC (Vinylene Carbonate) electrolyte additive [0]. The price of VC has risen from 50,000 yuan/ton to 150,000-170,000 yuan/ton, an increase of over 200% [0]. Coupled with the explosive demand for energy storage lithium batteries (China’s cumulative installed capacity of energy storage batteries reached 485.5 GWh in the first half of 2025, a year-on-year increase of 51.6% [0]), the company, as an important supplier of VC products, directly benefits. In terms of production capacity, the company currently has an annual VC capacity of 8,000 tons, and plans to expand it to 10,000 tons/year through technological transformation, which is expected to be completed in Q2 2026 [1]. Institutional attention has increased: on November 16, the company received roadshows from 16 institutions including Penghua Fund and Oriental Fund [2], and Soochow Securities issued a research report giving a “Buy” rating [0]. From the capital side, the Dragon and Tiger List on November 17 showed that hot money participant Hongqiao Road Xu Xiao was on the list [3], and the daily turnover hit a new high since January 2022 [4].

1. The VC business has become the core source of short-term performance flexibility for the company, and the price increase has significantly contributed to profits;
2. Institutional research and hot money participation have jointly boosted stock price activity, and market attention has increased rapidly;
3. The capacity expansion plan provides support for long-term growth, but short-term attention needs to be paid to the ability to maintain prices.

: Maintaining high VC prices and the implementation of capacity expansion are expected to further improve performance; the high growth of the energy storage industry provides continuous support for VC demand.
: VC price fluctuation risk (if new production capacity is released in the industry, it may lead to price declines); callback pressure brought by large short-term stock price increases; the performance fulfillment expectations after institutional research need to be tracked.

Fuxiang Pharmaceutical (300497) entered the strong stock pool due to the VC price surge and explosive energy storage demand, with institutional research and hot money participation jointly driving its stock price performance. The VC capacity expansion plan is a long-term focus, but short-term attention needs to be paid to price trends and stock price callback risks.