{"slug":"enchem","name":"엔켐","name_en":"Enchem","ticker":"348370.KS","updated_at":"2026-07-12T06:29:12.152207+00:00","canonical":"https://valuechain.wiki/enchem","same_as":["https://finance.yahoo.com/quote/348370.KS","https://finance.naver.com/item/main.naver?code=348370"],"citable":"밸류체인 그래프 기준 엔켐의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 13곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Enchem is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 13 companies within two hops; the links are backed by 8 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"글로벌 이차전지 전해액 선도기업 (국내 1위)","kicker_en":"Global secondary-battery electrolyte leader (Korea No.1)","lead":"엔켐은 이차전지 전해액을 만드는 국내 1위, 세계권 상위 기업이다. 미국 조지아에 연 10만톤 규모 공장을 선제 가동해 SK온·LG에너지솔루션 등 북미 셀 고객에 현지 공급하며, 2024년 북미 전해액 시장 점유율 53%로 1위를 기록했다. 전해액 원가의 약 40%를 차지하는 리튬염(LiPF6)의 내재화를 추진하고 있다.","lead_en":"Enchem is Korea's No.1 and a top-tier global maker of secondary-battery electrolytes. It pre-emptively started a 100,000 ton/year plant in Georgia to supply North American cell customers such as SK On and LG Energy Solution locally, reaching a 53% North American electrolyte share in 2024. It is internalizing lithium salt (LiPF6), which accounts for about 40% of electrolyte cost.","segments":{"fy":2025,"parts":[{"desc":"EV·ESS용 리튬이온 전해액 — 2025 매출 하락(EV 침체·판가)에도 북미 53%(2024) 과점 유지. CATL과 2026~2030년 5년 35만톤(~1.5조원) 공급계약 확보로 물량 가시성 확대","name":"전해액 (Electrolyte)"},{"desc":"원가 ~40% 리튬염을 새만금 EDL 합작(2026 4Q 완공)으로 자급 — 비중국산 LiPF6로 FEOC 원재료 요건 충족. 중국 LiFSI 업체 시대시콩 지분 100% 인수(599억)로 리튬염 수직통합 강화","name":"리튬염 (LiPF6) 내재화"}],"total":"매출 3,128억원 (2025 연결, -14.5%), 순손실 706억원(전년 -5,583억에서 대폭 축소)","source":"DART 사업보고서(FY2025)","concentration":"중국 전해액 업체가 FEOC 규제로 미 진출이 사실상 차단돼 북미 점유가 독보적(2024년 53% 1위). 조지아 10만톤 선제 가동. 2025년은 EV 침체·전해액 판가 하락으로 매출이 줄었으나 순손실이 -5,583→-706억으로 대폭 축소됐고, CATL 대형 계약·LiPF6 내재화로 2026년 턴어라운드를 겨냥한다."},"segments_en":{"fy":2025,"parts":[{"desc":"Li-ion electrolyte for EV/ESS — despite a 2025 revenue decline (EV slump, prices), it holds a 53% (2024) North American oligopoly; a 5-year 350k-ton (~KRW 1.5tn) CATL contract for 2026-2030 expands volume visibility","name":"Electrolyte"},{"desc":"Internalizing the lithium salt (~40% of cost) via the Saemangeum EDL JV (completion Q4 2026) — non-Chinese LiPF6 meets FEOC raw-material rules; a 100% acquisition of Chinese LiFSI maker Shidai Sikang (KRW 59.9bn) deepens vertical integration","name":"LiPF6 internalization"}],"total":"Revenue KRW 312.8bn (2025 consolidated, -14.5%), net loss KRW 70.6bn (sharply narrowed from -558.3bn)","source":"DART business report (FY2025)","concentration":"With Chinese electrolyte makers effectively blocked from the US by FEOC rules, Enchem's North American share is dominant (53% No.1 in 2024). Its Georgia 100k-ton plant is pre-launched. 2025 revenue fell on the EV slump and electrolyte-price declines, but net loss narrowed sharply (-558.3bn to -70.6bn); the CATL mega-contract and LiPF6 internalization target a 2026 turnaround."},"returns_yearly":{"2022":-37.4,"2023":173.9,"2024":-20.5,"2025":-26.1,"2026":-76.7},"return_asof":"2026-06-30","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":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","tier":2,"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7}},{"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":"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":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","tier":1,"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1}},{"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":"엔켐의 논지는 FEOC 규제가 만든 북미 전해액 과점과 리튬염 수직계열화다. 미국 조지아에 연 10만톤 공장을 선제 가동해 SK온·LG에너지솔루션 등 북미 Big 3 셀 고객에 현지 공급하며 2024년 북미 점유율 53%로 1위를 쥐었다 — 중국 상위 경쟁사가 FEOC 규제로 미국 진출이 막혀 있어 이 점유가 독보적이고, 미 AMPC(45X) 세액공제까지 받는 소수 기업이다. 원가의 약 40%를 차지하는 리튬염(LiPF6)을 합작사 EDL(새만금 연 5만톤)로 내재화해 중국 의존을 낮추는 수직계열화가 마진 방어축이다. 다만 2025~26년 주가 급락은 EV 수요 둔화와 전해액 판가 하락을 반영한다. 재평가 트리거는 북미 가동률·AMPC 정책, CATL 등 중국·유럽 다변화(약 1.5조원 공급계약 임박 보도), 그리고 리튬염 내재화 가동이다.","analysis_en":"Enchem's thesis is a North American electrolyte oligopoly created by FEOC rules plus lithium-salt vertical integration. It pre-emptively started a 100kt/yr Georgia plant to supply North America's Big 3 cell customers (SK On, LG Energy Solution) locally, reaching a 53% North American share in 2024 — with top Chinese rivals blocked from the US by FEOC rules, that share is dominant, and it is one of few firms qualified for the US AMPC (45X) credit. Internalizing lithium salt (LiPF6), about 40% of cost, via the EDL joint venture (Saemangeum, 50kt/yr) to cut China reliance is the margin-defense axis. But the 2025-26 share plunge reflects slowing EV demand and falling electrolyte prices. Re-rating triggers are North American utilization and AMPC policy, diversification into China and Europe (a ~KRW 1.5tn CATL deal reported imminent), and the lithium-salt internalization coming online.","analysis_asof":"2026-06-30"},"edges":[{"direction":"revenue","counterparty":"CATL","counterparty_slug":"catl","confidence":"high","metric":{"type":"amount","unit":"KRW","value":1500000000000,"period":"CATL 5년(2026-2030) 계약","qualifier":"multi_year_supply","volume_tons":350000},"note":"CATL과 2026~2030년 5년간 총 35만톤(현 시세 ~1.5조원) 전해액 공급계약 — 톈츠 중심이던 CATL 전해액 조달을 다변화하며 엔켐이 중국 최대 셀 고객에 진입한 대형 수주. 북미 밖 물량 가시성의 핵심 축.","note_en":"A 5-year (2026-2030) contract to supply CATL with 350,000 tons of electrolyte (~KRW 1.5tn at current prices) — Enchem enters the largest Chinese cell customer, diversifying CATL's electrolyte sourcing beyond Tinci. A core of non-North-America volume visibility.","sources":[{"stance":"confirms","publisher":"뉴스워커","publisher_en":"Newsworker","kind":"news","lang":"ko","published_at":"2025-12-24","url":"http://www.newsworker.co.kr/news/articleView.html?idxno=408246","title":"엔켐, CATL과 5년 35만톤 전해액 공급계약(~1.5조원)","title_en":"Enchem signs 5-year, 350k-ton electrolyte supply deal with CATL (~KRW 1.5tn)","excerpt":"엔켐, CATL과 2026~2030 5년 35만톤(~1.5조원) 전해액 공급계약","excerpt_en":"Enchem signs 5-year (2026-2030) 350k-ton (~KRW 1.5tn) electrolyte deal with CATL"},{"stance":"confirms","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2025-11-28","url":"https://www.kedglobal.com/batteries/newsView/ked202511280001","title":"Enchem tipped to secure $1 bn electrolyte supply deal with CATL","title_en":"Enchem tipped to secure $1 bn electrolyte supply deal with CATL","excerpt":"국내 1위 전해액 기업 엔켐이 CATL과 5년간 1.5조원(약 $10억) 규모 전해액 공급계약 체결이 임박했다.","excerpt_en":"Enchem, South Korea's top electrolyte maker, is poised to secure a five-year electrolyte supply contract worth KRW 1.5tn (about $1bn) with CATL."}]},{"direction":"revenue","counterparty":"SK온","counterparty_slug":"sk-innovation","confidence":"high","metric":{"type":"amount","unit":"KRW","value":312800000000,"period":"Enchem FY2025 매출(-14.5%)","qualifier":"company_scale"},"note":"엔켐 조지아 공장이 2023년 3월 SK온 조지아 공장에 전해액 초도 납품을 시작했다. SK온은 엔켐 북미 Big 3 셀 고객 중 하나다.","note_en":"Enchem's Georgia plant began first electrolyte deliveries to SK On's Georgia plant in March 2023. SK On is one of Enchem's Big 3 North American cell customers.","sources":[{"stance":"confirms","publisher":"테크월드","publisher_en":"TechWorld (EPNC)","kind":"news","lang":"ko","published_at":"2026-04-06","url":"https://www.epnc.co.kr/news/articleView.html?idxno=330836","title":"[TECH한주] K-배터리 혈맥을 잇다…전해액 글로벌 거물로 우뚝 선 '엔켐'의 질주","title_en":"Enchem's rise as a global electrolyte power","excerpt":"엔켐 조지아 공장은 SK온 조지아 공장에 전해액 초도 납품을 시작으로, LG에너지솔루션과 GM의 합작 얼티엄셀즈 오하이오 공장에도 공급을 개시했다.","excerpt_en":"Enchem's Georgia plant began first deliveries to SK On's Georgia plant, then started supplying the Ohio plant of Ultium Cells, the LG Energy Solution-GM joint venture."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-26","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260326001049","title":"엔켐 사업보고서 (FY2025)","title_en":"Enchem business report (FY2025)","excerpt":"사업보고서가 전해액 주요 매출처로 국내 셀 3사를 기재. 2024 전해액 판매량 49,096톤, 북미 점유 53%.","excerpt_en":"The business report lists the domestic cell makers as key electrolyte customers; 2024 electrolyte volume 49,096 t, 53% North America share."},{"stance":"mentions","publisher":"팍스경제TV(증권가 인용)","publisher_en":"Pax Economy TV (analyst view)","kind":"research","lang":"ko","published_at":"2026-02-25","url":"https://www.paxetv.com/news/articleView.html?idxno=254819","title":"엔켐, 2026년 북미 규제 변곡점…FEOC로 공급망 존재감 강화·턴어라운드 전망","title_en":"Enchem: 2026 North America regulatory inflection; FEOC strengthens supply-chain position, turnaround expected","excerpt":"2026 북미 규제 변곡점: FEOC로 중국 경쟁사 차단·엔켐 북미 1위, 턴어라운드 전망","excerpt_en":"2026 NA regulatory inflection: FEOC blocks Chinese rivals, Enchem NA No.1, turnaround expected"},{"stance":"confirms","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2021-10-15","url":"https://www.kedglobal.com/battery-materials/newsView/ked202110150004","title":"Enchem: A Samsung hive-off that turns into an electrolyte giant","title_en":"Enchem: A Samsung hive-off that turns into an electrolyte giant","excerpt":"엔켐의 핵심 고객으로 LG화학, SK이노베이션, CATL이 꼽힌다.","excerpt_en":"The article identifies LG Chem, SK Innovation and CATL as Enchem's key clients."}]},{"direction":"revenue","counterparty":"LG에너지솔루션","counterparty_slug":"lg-energy-solution","confidence":"high","metric":{"type":"amount","unit":"KRW","value":312800000000,"period":"Enchem FY2025 매출(-14.5%)","qualifier":"company_scale"},"note":"엔켐 조지아 공장이 2023년 8월 LG에너지솔루션과 GM의 합작 얼티엄셀즈 오하이오 공장에 전해액 공급을 개시했다. LG에너지솔루션은 엔켐 북미 Big 3 셀 고객 중 하나다.","note_en":"Enchem's Georgia plant began supplying the Ohio plant of Ultium Cells (LG Energy Solution-GM JV) in August 2023. LG Energy Solution is one of Enchem's Big 3 North American cell customers.","sources":[{"stance":"confirms","publisher":"테크월드","publisher_en":"TechWorld (EPNC)","kind":"news","lang":"ko","published_at":"2026-04-06","url":"https://www.epnc.co.kr/news/articleView.html?idxno=330836","title":"[TECH한주] K-배터리 혈맥을 잇다…전해액 글로벌 거물로 우뚝 선 '엔켐'의 질주","title_en":"Enchem's rise as a global electrolyte power","excerpt":"엔켐은 2023년 8월 LG에너지솔루션과 GM의 합작법인 얼티엄셀즈 오하이오 공장에 전해액 공급을 개시했다.","excerpt_en":"In August 2023 Enchem began supplying electrolyte to the Ohio plant of Ultium Cells, the LG Energy Solution-GM joint venture."},{"stance":"confirms","publisher":"금융감독원 전자공시(DART)","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2026-03-26","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260326001049","title":"엔켐 사업보고서 (FY2025)","title_en":"Enchem business report (FY2025)","excerpt":"엔켐 FY2025 매출 3,128억(-14.5%)·순손실 706억(전년 -5,583억서 축소); 북미 조지아 10만톤 현지공급","excerpt_en":"Enchem FY2025 revenue KRW 312.8bn (-14.5%), net loss KRW 70.6bn (narrowed from -558.3bn); local supply from Georgia 100k-ton plant"},{"stance":"confirms","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2021-10-15","url":"https://www.kedglobal.com/battery-materials/newsView/ked202110150004","title":"Enchem: A Samsung hive-off that turns into an electrolyte giant","title_en":"Enchem: A Samsung hive-off that turns into an electrolyte giant","excerpt":"엔켐의 전해액은 폭스바겐·포드를 포함한 세계 10대 EV 제조사 전부에 공급되며, 핵심 고객으로 LG화학이 꼽힌다.","excerpt_en":"Enchem's electrolytes are supplied to all of the world's top 10 EV makers including Volkswagen and Ford, with LG Chem among its key clients."}]},{"direction":"cost","counterparty":"리튬염 (LiPF6) 원료 (비공개)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"KRW","value":312800000000,"period":"Enchem FY2025 매출(-14.5%)","qualifier":"company_scale"},"note":"리튬염(LiPF6)은 전해액 원가의 약 40%를 차지하는 핵심 원료다. 엔켐은 중국 의존을 줄이기 위해 합작사 EDL을 통한 새만금 리튬염 공장으로 내재화를 추진 중이며, 그 전까지는 외부에서 조달한다.","note_en":"Lithium salt (LiPF6) is the key raw material, about 40% of electrolyte cost. Enchem is internalizing it via its EDL joint-venture plant in Saemangeum to cut reliance on China, sourcing externally until then.","sources":[{"stance":"confirms","publisher":"테크월드","publisher_en":"TechWorld (EPNC)","kind":"news","lang":"ko","published_at":"2026-04-06","url":"https://www.epnc.co.kr/news/articleView.html?idxno=330836","title":"[TECH한주] K-배터리 혈맥을 잇다…전해액 글로벌 거물로 우뚝 선 '엔켐'의 질주","title_en":"Enchem's rise as a global electrolyte power","excerpt":"전해액 제조 원가의 약 40%를 차지하는 리튬염(LiPF6) 등 원재료의 수직 계열화를 추진하고 있다.","excerpt_en":"Enchem is pursuing vertical integration of raw materials such as lithium salt (LiPF6), which accounts for about 40% of electrolyte manufacturing cost."}]},{"direction":"investment","counterparty":"EDL (리튬염 합작, 중앙디앤엠)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"KRW억","as_of":"2023-06-16","basis":"EDL 새만금 리튬염 공장 투자(연 5만톤)","value":600.5,"period":"2023~2026","basis_en":"EDL Saemangeum lithium salt plant (50kt/yr)"},"note":"엔켐과 중앙디앤엠의 합작사 EDL이 새만금 국가산단에 연 5만톤 리튬염(LiPF6) 공장을 약 6,005억원 투자해 짓는다. 전해액 핵심 원료를 자급해 중국 의존을 낮추려는 수직계열화다.","note_en":"EDL, a joint venture of Enchem and Joongang DNM, is investing about KRW 600.5bn to build a 50,000 ton/year lithium salt (LiPF6) plant in the Saemangeum complex, a vertical-integration move to self-supply the key electrolyte raw material and cut reliance on China.","sources":[{"stance":"confirms","publisher":"코리아이코노믹데일리","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-06-16","url":"https://www.kedglobal.com/batteries/newsView/ked202306160012","title":"S.Korea's Enchem to build lithium salt plant in Saemangeum","title_en":"S.Korea's Enchem to build lithium salt plant in Saemangeum","excerpt":"엔켐과 중앙디앤엠의 합작 EDL이 새만금 국가산단에 연 5만톤 규모 리튬염 공장을 6,005억원 투자해 건설한다. 리튬염은 전해액의 핵심 원료다.","excerpt_en":"Enchem and Joongang DNM's JV EDL will invest KRW 600.5bn to build a 50,000-ton lithium salt plant in the Saemangeum complex; lithium salt is the main raw material for electrolytes."}]},{"direction":"cost","counterparty":"유기용매·첨가제 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"KRW","value":312800000000,"period":"Enchem FY2025 매출(-14.5%)","qualifier":"company_scale"},"note":"전해액 제조에 카보네이트계 유기용매와 각종 기능성 첨가제를 조달한다. 개별 공급사·금액은 비공개.","note_en":"Enchem procures carbonate organic solvents and functional additives for electrolyte production. Individual suppliers and amounts are not disclosed.","sources":[{"stance":"mentions","publisher":"엔켐","publisher_en":"Enchem","kind":"ir","lang":"ko","published_at":"2025-08-20","url":"https://kind.krx.co.kr/external/dst/irReference/17193/%EC%97%94%EC%BC%90_'25%EB%85%84_IR%EC%9E%90%EB%A3%8C.pdf","title":"엔켐 2025년 IR 자료","title_en":"Enchem 2025 IR presentation","excerpt":"엔켐은 전해액(리튬염·유기용매·첨가제의 조성) 제조사로, 핵심 소재의 내재화·현지화를 추진한다.","excerpt_en":"Enchem makes electrolyte (a formulation of lithium salt, organic solvents and additives) and pursues internalization and localization of core materials."}]}]}