Battery materials · Korea's only cathode-and-anode CNT additive supplier
Advanced Nano Products
Advanced Nano Products is the only Korean supplier of carbon nanotube (CNT) conductive additives for both the cathode and the anode of lithium-ion batteries. FY2025 consolidated revenue was KRW 111.7 billion, with battery materials (CNT additives) contributing KRW 66.3 billion, or 59.4 percent, and driving growth. It also makes semiconductor CMP slurry, TCO sputtering targets for displays and solar cells, and hollow silica. With production entities in the US, China, Japan and Poland, it supplies global cell makers including LG Energy Solution, Samsung SDI and SK On.
121600.KQ Updated Jul 12, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, Advanced Nano Products is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 10 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Segments · Battery materials (CNT additive) · Semiconductor materials (CMP slurry) · Display materials (TCO targets, hollow silica) · Solar materials (TCO targets) · Other (heat-blocking film, functional materials)
Revenue from
- 배터리 3사 (LG엔솔·삼성SDI·SK온, CNT 도전재) High confidence
The only Korean firm producing CNT additives for both cathode and anode, supplying cell makers LG Energy Solution, Samsung SDI and SK On. FY2025 battery-materials revenue was KRW 66.3bn (59.4% of total, up 65.3% from KRW 40.2bn), of which KRW 59.0bn was exports. The filing's top customers A/B/C represent 17.0%, 9.7% and 7.7% of sales. CNT additive slurry capacity reached roughly 40,000 tons in 2025 (from 15,000 in 2023 and 25,000 in 2024).Confirms KO DART (FSS) Published Mar 20, 2026: Advanced Nano Products Annual Business Report (FY2025)Mentions EN The Asia Business Daily Published Jan 5, 2026: Conductive Additives for Lithium-Ion Batteries to Grow into 3 Trillion Won Market by 2035Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDIConfirms KO Mirae Asset Securities Published Jul 1, 2024: Advanced Nano Products coverage initiation — TP KRW135,000, Buy - LG Energy Solution Medium confidence
Supplies cathode and anode CNT additives to LG Energy Solution, served from local CNT plants in the US and Poland.Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDIMentions KO Mirae Asset Securities Published Jul 1, 2024: Advanced Nano Products coverage initiation — TP KRW135,000, Buy - Samsung SDI Medium confidence
Supplies cathode and anode CNT additives to Samsung SDI.Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDIMentions KO Mirae Asset Securities Published Jul 1, 2024: Advanced Nano Products coverage initiation — TP KRW135,000, Buy - SK Innovation (SK On) Medium confidence
Supplies cathode and anode CNT additives to SK On (SK Innovation).Mentions KO Finance Scope Published Nov 7, 2024: Advanced Nano Products builds US and Poland CNT plants to supply LG and Samsung SDIMentions KO Mirae Asset Securities Published Jul 1, 2024: Advanced Nano Products coverage initiation — TP KRW135,000, Buy
Pays to
- CNT·세리아·중공실리카 파우더 원재료 Medium confidence
Powder — the base material for CNT slurry, ceria slurry and hollow silica — is the largest raw-material line: KRW 30.8bn purchased in 2025, or 82.9% of raw materials (up sharply from KRW 13.7bn / 70.9% a year earlier). Korean CNT-powder suppliers commonly cited include LG Chem, JEIO and Kumho Petrochemical. Imports are 26% of raw materials.Confirms KO DART (FSS) Published Mar 20, 2026: Advanced Nano Products Annual Business Report (FY2025)Mentions EN The Asia Business Daily Published Jan 5, 2026: Conductive Additives for Lithium-Ion Batteries to Grow into 3 Trillion Won Market by 2035 - TCO 타겟·전도성 페이스트용 금속류 원재료 Medium confidence
Metals such as indium and zinc — the base material for TCO sputtering targets and conductive pastes used in displays and solar cells. KRW 5.1bn purchased in 2025, or 13.8% of raw materials. The metals unit price fell to KRW 658,000/kg from KRW 866,000 a year earlier.Confirms KO DART (FSS) Published Mar 20, 2026: Advanced Nano Products Annual Business Report (FY2025)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Ford Motor Company | lead2 | +137.5 | -42.2 | +15.8 | -13.1 | +42.3 | +15.3 |
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | +12 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -16.5 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +40.5 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | +23.5 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -9.9 |
| Advanced Nano Products | node | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32 |
YTD as of 2026-09-04 · source: Yahoo Finance
Advanced Nano Products operates across KOSDAQ, Battery materials, Only Korean cathode+anode CNT additive. It is down -32% in 2026. The demand side (avg +18%) leads the stock (-32%), so customer moves come first here. Among connected nodes the furthest ahead is Samsung SDI (+40.5%) and the furthest behind is LG Energy Solution (-9.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. With production entities in the US, China, Japan and Poland, it supplies global cell makers including LG Energy Solution, Samsung SDI and SK On.
Analysis generated from returns as of 2026-09-04