KOSDAQ · battery electrolyte salts & LCD etchant additives
Chunbo
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.
278280.KQ Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · 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
- Customer concentration · Samsung SDI is the largest customer for electrolyte additives; the share of Chinese cell revenue has shrunk from the past.
- Segments · Battery materials · Electronic materials · Pharma & fine chemicals
Revenue from
- LG Energy Solution High confidence
Supplies electrolyte salts and additives to LG Energy Solution — with Samsung SDI, a materials-bottleneck position serving Korea's two leading cell makers. - Samsung SDI High confidence
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.Mentions KO Shinyoung Securities Published Dec 9, 2025: Shinyoung Securities lifts Chunbo target 33% to KRW 60,000 on price rebound and new-plant ramp; Tesla Cybercab LiFSI confirmed (Mirae Asset)Confirms EN BusinessKorea Published Sep 22, 2020: Chunbo: Capacity Additions Paint a Promising Outlook - Central Glass Medium confidence
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. - CATL Medium confidence
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.
Pays to
- 설비 증설·전력 (새만금·군산 신공장) Medium confidence
Chunbo is investing heavily in new LiFSI and FEC plants in Saemangeum and Gunsan, requiring large capital spending and power.Confirms KO THE ELEC Published May 30, 2024: Chunbo paces electrolyte capacity expansion, targets cost competitiveness via new process - 탄산리튬·불소화합물 등 특수 리튬염 원료 Medium confidence
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.Confirms KO THE ELEC Published May 30, 2024: Chunbo paces electrolyte capacity expansion, targets cost competitiveness via new process
Investments
- Saemangeum/Gunsan capacity expansion (LiFSI, FEC) High confidence· capacity 2,500 tpy · LiFSI 새만금 신공장
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.Confirms KO Shinyoung Securities Published Dec 9, 2025: Shinyoung Securities lifts Chunbo target 33% to KRW 60,000 on price rebound and new-plant ramp; Tesla Cybercab LiFSI confirmed (Mirae Asset)
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 |
|---|---|---|---|---|---|---|---|
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Honda Motor | lead2 | +25.8 | -0.8 | +62.2 | -8 | +10 | -1.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| SAIC Motor | lead2 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| UBTech Robotics | lead2 | · | · | · | -21.6 | +95.4 | -39.2 |
| Samsung SDI | lead1 | -19 | +15.8 | -45.7 | -40.2 | +75.7 | +11.3 |
| CATL | lead1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| LG Energy Solution | lead1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Chunbo | node | +40.4 | -7.3 | -65 | -55.6 | +59.1 | -37.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 0 · Sell 1 · Avg. target ₩60,000 · Price ₩36,700 (07-10) · Upside +63%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| iM Securities | Sell | ₩50,000 | Nov 21, 2025 | Report ↗ |
| Eugene Investment & Securities | Buy | ₩70,000 | Apr 30, 2025 | Report ↗ |
Sees possible electrolyte price hikes but sizeable demand (volume) uncertainty, keeping a Sell at KRW 50,000.