{"slug":"chunbo","name":"천보","name_en":"Chunbo","ticker":"278280.KQ","updated_at":"2026-07-12T06:17:21.21515+00:00","canonical":"https://valuechain.wiki/chunbo","same_as":["https://finance.yahoo.com/quote/278280.KQ","https://finance.naver.com/item/main.naver?code=278280"],"citable":"밸류체인 그래프 기준 천보의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Chunbo is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"코스닥 · 2차전지 전해질염·LCD 식각첨가제","kicker_en":"KOSDAQ · battery electrolyte salts & LCD etchant additives","lead":"천보는 2차전지 전해질염과 전해액 첨가제를 만드는 한국 소재기업이다. 2016년 세계 최초로 중대형 전지용 LiFSI(F전해질)를 상용화했고, P전해질(LiPO2F2)에서는 글로벌 독점적 지위를 갖는다. 삼성SDI·LG에너지솔루션·SK온·CATL 등 셀 업체와 센트럴글라스 같은 전해액사에 특수 리튬염과 첨가제를 공급한다. LCD 식각액 첨가제 세계 1위인 전자소재 부문도 함께 두고 있다.","lead_en":"Chunbo is a Korean materials company that makes secondary-battery electrolyte salts and additives. In 2016 it became the first in the world to commercialize LiFSI (F-electrolyte) for medium and large batteries, and it holds a near-monopoly in P-electrolyte (LiPO2F2). It supplies specialized lithium salts and additives to cell makers such as Samsung SDI, LG Energy Solution, SK On and CATL, and to electrolyte formulators such as Central Glass. It also runs an electronic-materials arm that is the world leader in LCD etchant additives.","segments":{"fy":2025,"parts":[{"desc":"전해질염(F전해질 LiFSI, P전해질 LiPO2F2, LiBOB, LiDFOP)·전해액 첨가제(VC·FEC) — FY2025 매출 679억(전기 774억). 배터리 수요 둔화로 감소했으나 P전해질 글로벌 독점·비중국 LiFSI 경쟁력이 소재 병목의 근거. 삼성SDI·LGES·CATL·센트럴글라스 공급.","name":"2차전지 소재"},{"desc":"LCD 식각액 첨가제(세계 1위)·OLED·반도체 공정 소재 — FY2025 매출 514억(+5.3%). 2차전지와 다른 디스플레이·반도체 사이클로 실적 변동성을 완충하는 안정 축.","name":"전자소재"},{"desc":"의약품 중간체 등 정밀화학 — FY2025 약 145억. 특수 합성 역량을 소재로 넓힌 다각화 축.","name":"의약·정밀화학"}],"total":"FY2025 연결매출 1,338억원(전년 대비 -7.6%)·영업이익 37억원(흑자 전환, 전기 -227억). 2차전지 소재 679억·전자소재 514억·의약/정밀화학 등 145억","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001151","concentration":"전해질 첨가제의 최대 고객은 삼성SDI. 중국 셀 매출 비중은 과거 대비 축소."},"segments_en":{"fy":2025,"parts":[{"desc":"Electrolyte salts (LiFSI, LiPO2F2, LiBOB, LiDFOP) and additives (VC, FEC) — FY2025 revenue KRW 67.9bn (from KRW 77.4bn). Down on weak battery demand, but a materials bottleneck on P-electrolyte global monopoly and non-China LiFSI competitiveness. Supplies Samsung SDI, LGES, CATL, Central Glass.","name":"Battery materials"},{"desc":"LCD etchant additives (world No.1), OLED and semiconductor process materials — FY2025 revenue KRW 51.4bn (+5.3%). A stable axis on a display/semiconductor cycle distinct from batteries, buffering earnings volatility.","name":"Electronic materials"},{"desc":"Pharmaceutical intermediates and fine chemicals — ~KRW 14.5bn in FY2025. A diversification axis extending specialty-synthesis capability into materials.","name":"Pharma & fine chemicals"}],"total":"FY2025 consolidated revenue KRW 133.8bn (-7.6% YoY), operating income KRW 3.7bn (returned to profit from -KRW 22.8bn). Battery materials KRW 67.9bn, electronic materials KRW 51.4bn, pharma/fine-chemicals ~KRW 14.5bn","source":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001151","concentration":"Samsung SDI is the largest customer for electrolyte additives; the share of Chinese cell revenue has shrunk from the past."},"returns_yearly":{"2021":40.4,"2022":-7.3,"2023":-65,"2024":-55.6,"2025":59.1,"2026":-37.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":3,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"mazda-motor","name":"마쓰다","name_en":"Mazda Motor","tier":3,"returns_yearly":{"2021":18.8,"2022":22.8,"2023":81.1,"2024":-39,"2025":17.3,"2026":-3.2}},{"slug":"geely-auto","name":"지리자동차","name_en":"Geely Auto","tier":2,"returns_yearly":{"2021":-40.8,"2022":-22.9,"2023":-40.3,"2024":98.5,"2025":14.5,"2026":18.9}},{"slug":"honda-motor","name":"혼다","name_en":"Honda Motor","tier":2,"returns_yearly":{"2021":25.8,"2022":-0.8,"2023":62.2,"2024":-8,"2025":10,"2026":-1.2}},{"slug":"general-motors","name":"제너럴 모터스","name_en":"General Motors","tier":2,"returns_yearly":{"2021":40.8,"2022":-42.4,"2023":7.9,"2024":49.8,"2025":54.2,"2026":-3.8}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"toyota","name":"Toyota Motor Corporation","name_en":"Toyota Motor Corporation","tier":2,"returns_yearly":{"2021":58.1,"2022":-13.4,"2023":63,"2024":1.8,"2025":21.8,"2026":-18.2}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":2,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"saic-motor","name":"상하이자동차(SAIC)","name_en":"SAIC Motor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-16.2,"2023":-6.8,"2024":29.1,"2025":-17.2,"2026":-28.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":2,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"samsung-sdi","name":"삼성SDI","name_en":"Samsung SDI","tier":1,"returns_yearly":{"2021":-19,"2022":15.8,"2023":-45.7,"2024":-40.2,"2025":75.7,"2026":11.3}},{"slug":"catl","name":"CATL","name_en":"CATL","tier":1,"returns_yearly":{"2021":67.4,"2022":-21.4,"2023":-40.6,"2024":74.5,"2025":39.4,"2026":1.2}},{"slug":"lg-energy-solution","name":"LG에너지솔루션","name_en":"LG Energy Solution","tier":1,"returns_yearly":{"2023":-26.9,"2024":-7.6,"2025":13.1,"2026":-18.1}}],"benefiting":[],"analysis":"천보의 논점은 '전해질 소재 과점 + 배터리 사이클 되돌림'이다. P전해질(LiPO2F2) 글로벌 독점과 국내 최초 LiFSI 양산으로 삼성SDI·LGES·SK온·CATL·센트럴글라스에 특수 리튬염·첨가제를 공급하는 소재 병목이지만, 2023~24년 배터리 수요 둔화로 매출이 꺾이고 영업손실로 돌아섰다. 2025년 회복(+59%) 뒤 2026년 되돌림(-38%)은 셀 업체 가동률과 리튬 가격에 실적이 직결되는 소재사 특성을 드러낸다. 관전 포인트는 새만금·군산 신공장 증설의 가동률과 탄산리튬 신공법 원가절감 — 고정비 큰 소재사라 수요 회복 시 이익 레버리지가 크다. 최대 고객 삼성SDI 편중과 중국향 매출 축소가 믹스 변수다.","analysis_en":"Chunbo's thesis is 'an electrolyte-materials oligopoly plus a battery-cycle give-back.' A near-monopoly in P-electrolyte (LiPO2F2) and the first domestic LiFSI mass production make it a materials bottleneck supplying specialized lithium salts and additives to Samsung SDI, LG Energy Solution, SK On, CATL and Central Glass, but softening battery demand in 2023-24 bent revenue down and into an operating loss. The 2025 recovery (+59%) and 2026 give-back (-38%) reveal how directly its results track cell-maker utilization and lithium prices. What to watch is the utilization of new Saemangeum/Gunsan plants and cost cuts from a new lithium-carbonate process — as a high-fixed-cost materials maker, its earnings leverage is large when demand recovers. Concentration on top customer Samsung SDI and a shrinking China mix are the swing factors.","analysis_asof":"2026-07-10"},"edges":[{"direction":"investment","counterparty":"새만금·군산 신공장 증설 (LiFSI·FEC 캐파)","counterparty_slug":null,"confidence":"high","metric":{"type":"capacity","unit":"tpy","basis":"LiFSI 새만금 신공장","value":2500,"qualifier":"cost_-50pct"},"note":"턴어라운드의 자본 축 — 천보가 새만금 F전해질(LiFSI 연산 2,500톤)·FEC 첨가제 신공장에 대규모 증설한다. 비중국산·저원가 공정으로 기존 라인 대비 약 50% 원가 절감을 노려, 고정비 큰 소재사 특성상 가동률이 오르면 이익 레버리지가 크게 나오는 구조. 미국 상계관세 회피용 비중국 공급망의 핵심.","note_en":"The capital axis of the turnaround — Chunbo is expanding a Saemangeum LiFSI (2,500 tpy) and FEC additive plant, targeting ~50% cost savings versus existing lines via a non-China, low-cost process. As a high-fixed-cost materials maker, rising utilization drives large profit leverage; it is central to a non-China supply chain that dodges US countervailing duties.","sources":[{"stance":"confirms","publisher":"신영증권","publisher_en":"Shinyoung Securities","kind":"research","lang":"ko","published_at":"2025-12-09","url":"https://news.nate.com/view/20251209n05559","title":"신영증권, 천보 목표주가 6만원 33% 상향 — 판가 반등·신공장 램프업","title_en":"Shinyoung Securities lifts Chunbo target 33% to KRW 60,000 on price rebound and new-plant ramp; Tesla Cybercab LiFSI confirmed (Mirae Asset)","excerpt":"신영: 새만금 F전해질(LiFSI 2,500톤)·FEC 신공장 램프업으로 판가 반등·턴어라운드, 목표가 6만원(+33%).","excerpt_en":"Shinyoung: Saemangeum LiFSI (2,500 tpy) and FEC plant ramp drives price rebound and turnaround; target KRW 60,000 (+33%)."}]},{"direction":"revenue","counterparty":"LG Energy Solution","counterparty_slug":"lg-energy-solution","confidence":"high","metric":null,"note":"LG에너지솔루션에 전해질염·첨가제를 공급 — 삼성SDI와 함께 국내 셀 양강을 고객으로 둔 소재 병목 지위.","note_en":"Supplies electrolyte salts and additives to LG Energy Solution — with Samsung SDI, a materials-bottleneck position serving Korea's two leading cell makers.","sources":[{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"en","published_at":"2021-01-25","url":"https://www.thelec.net/news/articleView.html?idxno=2238","title":"천보, 전해질 생산 두 배로 확대","title_en":"Chunbo to double electrolyte production","excerpt":"천보는 LG에너지솔루션을 포함한 셀 업체에 LiPO2F2 등 전해질염과 첨가제를 공급한다.","excerpt_en":"Chunbo supplies LiPO2F2 and other salts and additives to cell makers including LG Energy Solution."}]},{"direction":"revenue","counterparty":"Samsung SDI","counterparty_slug":"samsung-sdi","confidence":"high","metric":{"fy":2025,"seg":"2차전지 소재","qualifier":"largest_customer","seg_rev_krw_bn":67.9},"note":"천보 전해액 첨가제의 최대 고객 — 전해질염(LiFSI·LiPO2F2)과 기능성 첨가제를 공급한다. 삼성SDI 편중은 안정적 물량이자 단일고객 리스크의 양면.","note_en":"The largest customer for Chunbo's electrolyte additives — supplying electrolyte salts (LiFSI, LiPO2F2) and functional additives. The concentration on Samsung SDI is both stable volume and single-customer risk.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-16","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260316001151","title":"천보 사업보고서 (2025.12)","title_en":"Chunbo FY2025 Annual Report (DART)","excerpt":"2차전지 소재 부문 FY2025 매출 679억(전기 774억); 연결 매출 1,338억·영업이익 37억(흑자 전환).","excerpt_en":"Battery-materials segment FY2025 revenue KRW 67.9bn; consolidated revenue KRW 133.8bn, OP KRW 3.7bn (returned to profit)."},{"stance":"mentions","publisher":"신영증권","publisher_en":"Shinyoung Securities","kind":"research","lang":"ko","published_at":"2025-12-09","url":"https://news.nate.com/view/20251209n05559","title":"신영증권, 천보 목표주가 6만원 33% 상향 — 판가 반등·신공장 램프업","title_en":"Shinyoung Securities lifts Chunbo target 33% to KRW 60,000 on price rebound and new-plant ramp; Tesla Cybercab LiFSI confirmed (Mirae Asset)","excerpt":"증권가: P전해질 독점·비중국 LiFSI 1위, 테슬라 사이버캡 F전해질 공급 확인.","excerpt_en":"Analysts: P-electrolyte monopoly, non-China LiFSI leader; LiFSI confirmed for Tesla Cybercab."},{"stance":"mentions","publisher":"한국거래소 KIND","publisher_en":"KRX KIND","kind":"filing","lang":"ko","published_at":"2024-03-13","url":"https://kind.krx.co.kr/common/disclsviewer.do?method=searchInitInfo&acptNo=20240313002364","title":"천보 사업보고서(일반법인)","title_en":"Chunbo Business Report (annual)","excerpt":"천보가 한국거래소에 제출한 사업보고서(일반법인) 공시다.","excerpt_en":"Chunbo's annual business report filed with the Korea Exchange."},{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"en","published_at":"2021-01-25","url":"https://www.thelec.net/news/articleView.html?idxno=2238","title":"천보, 전해질 생산 두 배로 확대","title_en":"Chunbo to double electrolyte production","excerpt":"천보는 LG에너지솔루션·삼성SDI·SK이노베이션·CATL과 일본 센트럴글라스에 LiPO2F2 등 전해질염과 첨가제를 공급하며, 삼성SDI가 첨가제 최대 고객이다.","excerpt_en":"Chunbo supplies LiPO2F2 and other salts and additives to LG Energy Solution, Samsung SDI, SK Innovation, CATL and Japan's Central Glass, with Samsung SDI the main additives customer."},{"stance":"confirms","publisher":"비즈니스코리아","publisher_en":"BusinessKorea","kind":"news","lang":"en","published_at":"2020-09-22","url":"https://www.businesskorea.co.kr/news/articleView.html?idxno=52177","title":"천보, 증설로 성장 전망","title_en":"Chunbo: Capacity Additions Paint a Promising Outlook","excerpt":"천보는 전해질과 세계 최다 종류의 전해액 첨가제를 만든다. 주력 제품은 LiPO2F2(P전해질)와 LiFSI(F전해질)다.","excerpt_en":"Chunbo manufactures electrolytes and the world's widest range of electrolyte additives; its key products are LiPO2F2 (P derivatives) and LiFSI (F derivatives)."}]},{"direction":"cost","counterparty":"설비 증설·전력 (새만금·군산 신공장)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"천보는 새만금과 군산에 LiFSI·FEC 대규모 신공장을 지으며 대규모 설비투자와 전력을 투입한다.","note_en":"Chunbo is investing heavily in new LiFSI and FEC plants in Saemangeum and Gunsan, requiring large capital spending and power.","sources":[{"stance":"confirms","publisher":"아시아경제","publisher_en":"Asia Business Daily","kind":"news","lang":"ko","published_at":"2025-08-25","url":"https://core.asiae.co.kr/article/2025082507590246997","title":"천보, 빠르게 성장하는 LiFSI 시장","title_en":"Chunbo and the fast-growing LiFSI market","excerpt":"천보는 새만금에 LiFSI 전용 신공장을 짓고 신공법으로 원가를 30% 이상 낮춘다고 밝혔다.","excerpt_en":"Chunbo said it is building a dedicated LiFSI plant in Saemangeum and cutting cost by more than 30% with a new process."},{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"ko","published_at":"2024-05-30","url":"https://www.thelec.kr/news/articleView.html?idxno=28212","title":"천보, 전해질 생산능력 증설 속도조절…신공법으로 가격경쟁력","title_en":"Chunbo paces electrolyte capacity expansion, targets cost competitiveness via new process","excerpt":"천보는 2024년 LiFSI 2,500톤·FEC 1,000톤 증설에 이어 2027년까지 LiFSI 3만톤 규모로 신공장을 확대한다.","excerpt_en":"Chunbo is expanding new plants from 2,500 tonnes of LiFSI and 1,000 tonnes of FEC in 2024 toward 30,000 tonnes of LiFSI by 2027."}]},{"direction":"revenue","counterparty":"Central Glass","counterparty_slug":null,"confidence":"mid","metric":null,"note":"셀 업체뿐 아니라 일본 전해액 배합사 센트럴글라스에도 LiPO2F2 등 전해질염을 공급 — 셀 직납과 전해액사 경유의 이원 판매 채널.","note_en":"Beyond cell makers, it supplies LiPO2F2 and other salts to Japanese electrolyte formulator Central Glass — a dual channel of direct-to-cell and via-formulator sales.","sources":[{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"en","published_at":"2021-01-25","url":"https://www.thelec.net/news/articleView.html?idxno=2238","title":"천보, 전해질 생산 두 배로 확대","title_en":"Chunbo to double electrolyte production","excerpt":"천보의 LiPO2F2는 일본 센트럴글라스와 주요 배터리 업체에 공급된다.","excerpt_en":"Chunbo's LiPO2F2 is supplied to Japan's Central Glass and the major battery makers."}]},{"direction":"cost","counterparty":"탄산리튬·불소화합물 등 특수 리튬염 원료","counterparty_slug":null,"confidence":"mid","metric":null,"note":"전해질염 제조의 핵심 원가는 탄산리튬과 불소화합물 등 원료다. 천보는 탄산리튬을 쓰는 신공법으로 제조원가를 절반 이상 낮추려 한다.","note_en":"The core input cost for electrolyte salts is feedstock such as lithium carbonate and fluorine compounds; Chunbo is pursuing a lithium-carbonate-based process to more than halve manufacturing cost.","sources":[{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"ko","published_at":"2024-05-30","url":"https://www.thelec.kr/news/articleView.html?idxno=28212","title":"천보, 전해질 생산능력 증설 속도조절…신공법으로 가격경쟁력","title_en":"Chunbo paces electrolyte capacity expansion, targets cost competitiveness via new process","excerpt":"천보는 LiFSI·LiPO2F2·FEC·VC를 생산하며, 탄산리튬을 원료로 쓰는 신공법으로 제조원가를 절반 이상 낮출 계획이라고 밝혔다.","excerpt_en":"Chunbo produces LiFSI, LiPO2F2, FEC and VC, and says a lithium-carbonate-based new process will more than halve manufacturing cost."}]},{"direction":"revenue","counterparty":"CATL","counterparty_slug":"catl","confidence":"mid","metric":null,"note":"세계 최대 셀 업체 CATL에도 전해질염·첨가제를 공급하나, 중국 내 소재 국산화로 중국향 비중은 과거 대비 축소된 상태 — 성장 옵션이자 지정학 변수.","note_en":"Also supplies electrolyte salts and additives to CATL, the world's largest cell maker, but with China localizing materials, the China mix has shrunk versus the past — a growth option and a geopolitical variable.","sources":[{"stance":"confirms","publisher":"디일렉","publisher_en":"THE ELEC","kind":"news","lang":"en","published_at":"2021-01-25","url":"https://www.thelec.net/news/articleView.html?idxno=2238","title":"천보, 전해질 생산 두 배로 확대","title_en":"Chunbo to double electrolyte production","excerpt":"천보는 CATL을 포함한 주요 배터리 업체에 LiPO2F2 등 전해질염을 공급한다.","excerpt_en":"Chunbo supplies LiPO2F2 and other salts to major battery makers including CATL."}]}]}