KOSPI · Diversified chemicals · Battery (LGES) & cathode
LG Chem
Korea's largest diversified chemical maker. Of about ₩45.9 trillion in 2025 consolidated revenue, battery subsidiary LG Energy Solution accounts for 51.5%, petrochemicals 38.2%, advanced materials (cathodes) 5.7%, and life sciences 2.9%. It supplies EV cathodes to General Motors, Toyota, and Panasonic under long-term contracts, while its naphtha-based petrochemicals lean on high-value products to defend margins amid a weak commodity cycle.
051910.KS Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, LG Chem is directly linked to 5 companies (1 supply, 3 revenue, 1 investment relationships) and reaches 23 companies within two hops; the links are backed by 8 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~₩45.9T (FY2025 consolidated)
- Segments · LG Energy Solution (battery subsidiary)(51.5%) · Petrochemicals(38.2%) · Advanced materials (cathodes, e-materials)(5.7%) · Life sciences(2.9%) · Common/other (Farm Hannong etc.)(1.6%)
Revenue from
- General Motors (양극재) High confidence· contract ₩24.7T · 2024.02.07~2035.12.31 양극재
Long-term EV cathode supply contract of ₩24.75T (Feb 2024–Dec 2035) to GM/Ultium.Mentions KO NH Investment & Securities (via AlphaBiz) Published Feb 5, 2026: NH Investment cuts LG Chem target to KRW 420,000, keeps Buy on cathode turnaround - Toyota (양극재) High confidence· contract ₩2.9T · 2023.10.06~2030.12.31 양극재
Long-term EV cathode supply contract of ₩2.86T (Oct 2023–Dec 2030) to Toyota North America. - LG Electronics (resin supply) High confidence· Amount ₩951.2B · FY2025 LG전자향 Resin
Supplies resins for LG Electronics' appliance moldings — ~KRW 951.2bn of affiliated materials revenue in FY2025. - 파나소닉 (양극재, 미국) Medium confidence· contract ₩3.8T · 2025.11.15~2029.07.31 양극재
US-bound long-term EV cathode supply contract of ₩3.76T (Nov 2025–Jul 2029). Counterparty withheld in the filing; media identify it as Panasonic (cathode ultimately for Tesla).Confirms EN The Korea Economic Daily (KED Global) Published Nov 14, 2025: LG Chem wins $2.6 billion cathode deal with US clientMentions EN The Korea Herald Published Nov 14, 2025: LG Chem wins 3.76 tln-won EV cathode material supply deal from USConfirms KO DART (FSS) Published Nov 13, 2025: LG Chem Single Supply Contract Disclosure (long-term EV cathode)
Pays to
- GS칼텍스 (납사) High confidence· Amount ₩11.1T · 석유화학 원재료 매입(연결)
Key domestic supplier of naphtha/EDC, the main petrochemical feedstock (₩11.09T purchases, 47.6% of materials in FY2025). - 화유코발트 Huayou (전구체·리튬) High confidence· Amount ₩1.5T · 첨단소재 원재료 매입(연결)
Key supplier of precursor and lithium for advanced-materials cathodes (₩1.47T purchases, 6.3% of materials in FY2025). - Cosmo Advanced Materials & Technology High confidence· Contract value ₩250.4B · cathode purchase contract
Buys high-nickel NCM cathode active material from Cosmo AM&T. 2025 single-supply contract worth 250.4 billion won. - NICHIA (전지 원재료) Medium confidence· Amount ₩9.8T · LGES 전지 원재료 매입(연결)
Key supplier of battery materials (cathode/anode/separator) for subsidiary LG Energy Solution (₩9.81T purchases, 42.1% in FY2025).
Investments
- LG에너지솔루션 (배터리 자회사 지분) High confidence· Market share 51.5% · LGES가 LG화학 연결매출에서 차지하는 비중
Listed subsidiary spun off from the battery division on Dec 1, 2020; ~₩23.7T revenue in 2025, 51.5% of LG Chem's consolidated top line.
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 |
|---|---|---|---|---|---|---|---|
| Mazda Motor | lead2 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Panasonic Energy | lead1 | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +113.2 |
| LG Electronics | lead1 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| LG Chem | node | -29 | +9.7 | -36.6 | -45.3 | +31.2 | -14.4 |
| LG Energy Solution | benef1 | · | · | -26.9 | -7.6 | +13.1 | -18.1 |
| Cosmo Advanced Materials & Technology | benef1 | +121.4 | +48.7 | +128.9 | -60.4 | -3.4 | -22.5 |
| LS ELECTRIC | benef2 | -19.2 | +11.4 | +37.4 | +234.2 | +145 | +79.6 |
| Dai Nippon Printing | benef2 | +56.5 | +13.9 | +42.6 | +8.5 | +22.5 | +15.3 |
| Daejoo Electronic Materials | benef2 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Sociedad Química y Minera de Chile S.A. | benef2 | +6.8 | +71.8 | -18.3 | -39.4 | +89.2 | +7.6 |
| Yunnan Energy New Material (SEMCORP) | benef2 | +92.8 | -38.6 | -72.6 | -29.2 | +76.4 | +7.5 |
| Umicore | benef2 | -27.5 | +5.9 | -37.1 | -51.4 | +111.6 | +2.4 |
| Lotte Energy Materials | benef2 | +31.5 | -32.9 | -49.3 | -30 | +75.8 | -8.4 |
| Albemarle | benef2 | +59.8 | -6.6 | -32.8 | -39.5 | +67.7 | -10.4 |
| SKC | benef2 | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -19.2 |
| L&F | benef2 | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
| Ganfeng Lithium | benef2 | +12 | -17.4 | -56.1 | +0.1 | +108.3 | -21.8 |
| POSCO Future M | benef2 | -17.7 | +97.6 | +16.3 | -43.6 | +56.5 | -32 |
| Advanced Nano Products | benef2 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| Chunbo | benef2 | +40.4 | -7.3 | -65 | -55.6 | +59.1 | -37.6 |
| PNT (People & Technology) | benef2 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| Enchem | benef2 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
LG Chem's thesis is three different cycles overlapping inside one company. 51.5% of consolidated revenue is listed subsidiary LG Energy Solution (batteries), so LG Chem's stock effectively tracks its battery stake value — EV demand and LGES's share price are the biggest variables. Elsewhere, petrochemicals (38%) are pressured by weak naphtha-based commodity conditions, while Advanced Materials' cathodes build a growth axis via long-term contracts with GM (KRW 24.75tn), Toyota and Panasonic. Watch the battery air-pocket recovery, cathode utilization and petrochemical restructuring. Graph propagation: GM/Toyota/Panasonic cell demand pulls cathodes, while upstream Huayou Cobalt and Cosmo AM&T (precursor/cathode) and GS Caltex (naphtha) set cost.
Analysis generated from returns as of 2026-07-10