{"slug":"tinci","name":"Tinci Materials","name_en":"Tinci Materials","ticker":"002709.SZ","updated_at":"2026-07-12T06:19:07.021804+00:00","canonical":"https://valuechain.wiki/tinci","same_as":["https://finance.yahoo.com/quote/002709.SZ"],"citable":"밸류체인 그래프 기준 Tinci Materials의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 8곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Tinci Materials is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 8 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"9년 연속 세계 1위 전해액 기업, LiPF6까지 수직계열화","kicker_en":"The world's No.1 electrolyte maker for nine straight years, integrated down to LiPF6","lead":"톈츠재료는 리튬이온 배터리 전해액 세계 1위 기업으로, 2024년 전해액 판매량이 50만 톤을 넘어 9년 연속 세계 1위를 지켰다. 핵심 원료인 육불화인산리튬(LiPF6)을 직접 생산하고 탄산리튬과 불소 원료까지 내재화한 수직계열화로 원가 경쟁력을 확보했다. CATL과 BYD 등 주요 배터리 셀 업체가 고객이다.","lead_en":"Tinci Materials is the world's largest maker of lithium-ion battery electrolyte, with 2024 electrolyte sales above 500,000 tons keeping it the global leader for a ninth straight year. It produces its own lithium hexafluorophosphate (LiPF6) and internalizes lithium carbonate and fluorine feedstock, a vertical integration that anchors its cost advantage. CATL and BYD are among its battery-cell customers.","segments":{"fy":2025,"parts":[{"desc":"전해액(세계 1위, 2025년 판매 72만톤+·점유 약 32.2%)과 정극재 인산철리튬. LiPF6·LiFSI·첨가제·탄산리튬 등 원료를 배후 수직계열화 — 원료 내재화·가동률 상승이 판가 약세를 이기고 2025년 순이익을 3배 가까이 끌어올렸다.","name":"리튬이온 배터리 소재"},{"desc":"계면활성제·실리콘·수용성 고분자 등 일용화학 소재와 제지·건축·유전용 특수화학품.","name":"일용화학·특수화학품"}],"total":"166.50억 위안(2025 연결 매출, +33.0%); 归母순이익 13.62억 위안(+181.43%). 전해액 판매 72만톤+(+44%, 사상 최고), 10년 연속 세계 1위(점유 약 32.2%), 캐파 약 85만톤.","source":"https://static.cninfo.com.cn/finalpage/2026-03-10/1225002089.PDF","concentration":"전해액이 매출의 대부분. 최대 고객 CATL과의 장기 물료공급협의는 2025년 말 만료 후 미갱신 — CATL은 2026~2028년 물량을 신주방(30만톤)·영태과기(47만톤)로 이전했고, 톈츠는 초능·瑞蒲蘭鈞 등 신규 고객과 294.5만톤 장기계약으로 다변화 중."},"segments_en":{"fy":2025,"parts":[{"desc":"Electrolyte (world No.1, 2025 volume 720kt+, ~32.2% share) and LFP cathode. LiPF6, LiFSI, additives and lithium carbonate integrated upstream — cost internalization and higher utilization overcame weak ASP to nearly triple 2025 net income.","name":"Li-ion battery materials"},{"desc":"Surfactants, silicones and water-soluble polymers, plus specialty chemicals for paper, construction and oilfields.","name":"Daily/specialty chemicals"}],"total":"RMB16.650bn (2025 consolidated revenue, +33.0%); net income attrib. RMB1.362bn (+181.43%). Electrolyte volume 720kt+ (+44%, record), 10th straight year world No.1 (~32.2% share), capacity ~850kt.","source":"https://static.cninfo.com.cn/finalpage/2026-03-10/1225002089.PDF","concentration":"Electrolyte is most of revenue. Its long-term supply agreement with top customer CATL expired end-2025 without renewal — CATL shifted 2026-2028 volume to Shinbang (300kt) and Yongtai (470kt), while Tinci diversifies via 2.945Mt of new long-term contracts with Chuneng, Ruipu and others."},"returns_yearly":{"2021":68.3,"2022":5.6,"2023":-61.4,"2024":-0.7,"2025":124.2,"2026":-1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":3,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"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":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":3,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"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":"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":"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":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"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":"byd","name":"BYD","name_en":"BYD","tier":1,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}}],"benefiting":[],"analysis":"리튬이온 배터리 전해액 세계 1위(10년 연속)로, 핵심 원료 LiPF6부터 탄산리튬·불소까지 내재화한 수직계열화가 원가 해자다. 2025년 매출 166.50억 위안(+33%)·归母순이익 13.62억 위안(+181%)의 급반등은 판매량 72만톤(+44%, 사상 최고)에 원료 내재화·가동률 상승이 겹쳐 판가 약세를 이긴 결과다 — 물량·점유(32.2%)와 원가 우위가 이익 레버리지로 돌아온 국면이다. 논지의 핵심은 고객 집중 리스크의 현실화 — 최대 고객 CATL과의 장기 물료공급협의(고체 LiPF6 58,600톤 대응 전해액, 약 50만톤)가 2025년 말 만료 후 갱신되지 않았고, CATL은 2026~2028년 전해액을 신주방(30만톤)·영태과기(47만톤)로 이전했다. 톈츠는 초능·瑞蒲蘭鈞 등 신규 고객과 294.5만톤 장기계약으로 CATL 의존을 낮추는 다변화로 대응한다. 재평가의 방아쇠는 이 고객 재편 속의 물량 방어와 전해액 판가 사이클이다.","analysis_en":"The world No.1 in lithium-ion battery electrolyte (ten straight years), with vertical integration from the key raw material LiPF6 through lithium carbonate and fluorine as a cost moat. The 2025 rebound — revenue RMB16.650bn (+33%) and net income attrib. RMB1.362bn (+181%) — came as record electrolyte volume of 720kt+ (+44%) combined with cost internalization and higher utilization to overcome weak ASP, turning volume/share (32.2%) and cost advantage into earnings leverage. The thesis is customer-concentration risk materializing: the long-term supply agreement with top customer CATL (electrolyte for 58,600t of solid LiPF6, ~500kt) expired end-2025 without renewal, and CATL shifted 2026-2028 electrolyte volume to Shinbang (300kt) and Yongtai (470kt). Tinci is responding by diversifying — 2.945Mt of new long-term contracts with Chuneng, Ruipu and others to cut CATL reliance. The re-rating triggers are defending volume through this customer reshuffle and the electrolyte price cycle.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"CATL","counterparty_slug":"catl","confidence":"mid","metric":{"type":"count","unit":"t","basis":"고체 LiPF6 대응 전해액 장기협의(만료, 미갱신)","value":58600,"period":"2024-06~2025-12(만료·미갱신)","basis_en":"electrolyte per solid LiPF6, long-term agreement (expired, not renewed)","qualifier":"expired"},"note":"전해액의 최대 고객이었던 관계. 2024년 6월 전액출자 자회사 닝더카이신이 CATL과 물료공급협의(고체 LiPF6 58,600톤 대응 전해액, 약 50만톤·업계 추정 약 100억 위안)를 맺었으나 2025년 12월 31일 만료 후 갱신되지 않았다. CATL은 2026~2028년 전해액 물량을 신주방(30만톤)·영태과기(47만톤)로 이전했고, 톈츠는 초능·瑞蒲蘭鈞 등 신규 고객과 294.5만톤 장기계약으로 CATL 의존을 낮추는 중이다.","note_en":"Formerly the top electrolyte customer. In June 2024 wholly owned subsidiary Ningde Kaixin signed a supply agreement with CATL (electrolyte for 58,600t of solid LiPF6, ~500kt, estimated ~RMB10bn), but it expired on Dec 31, 2025 without renewal. CATL shifted 2026-2028 electrolyte volume to Shinbang (300kt) and Yongtai (470kt), and Tinci is cutting CATL reliance via 2.945Mt of new long-term contracts with Chuneng, Ruipu and others.","sources":[{"stance":"confirms","publisher":"후슈(Huxiu)","publisher_en":"Huxiu","kind":"news","lang":"zh","published_at":"2026-06-16","url":"https://www.huxiu.com/article/4817712.html","title":"톈츠-CATL 공급협의 만료·미갱신, 고객 다변화","title_en":"Tinci-CATL supply agreement expired unrenewed; customer diversification","excerpt":"톈츠-CATL 공급협의 만료 후 미갱신, 톈츠는 초능·瑞蒲蘭鈞 등과 294.5만톤 장기계약으로 다변화.","excerpt_en":"Tinci-CATL agreement expired unrenewed; Tinci diversifies via 2.945Mt long-term deals with Chuneng, Ruipu, etc."},{"stance":"confirms","publisher":"OFweek 리튬배터리망","publisher_en":"OFweek Li-battery","kind":"news","lang":"zh","published_at":"2026-06-15","url":"https://libattery.ofweek.com/2026-06/ART-36002-8120-30689953.html","title":"CATL, 톈츠 불속(不续)…30만톤 전해액 주문 확정","title_en":"CATL does not renew Tinci; places 300kt electrolyte order elsewhere","excerpt":"CATL, 톈츠와 재계약 안 함 — 2026~2028년 전해액을 신주방(30만톤)·영태과기(47만톤)에서 조달(총 77만톤).","excerpt_en":"CATL did not renew with Tinci — sourcing 2026-2028 electrolyte from Shinbang (300kt) and Yongtai (470kt), 770kt total."},{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE filing (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-10","url":"https://static.cninfo.com.cn/finalpage/2026-03-10/1225002089.PDF","title":"톈츠재료 2025 연차보고서 요약(선전 002709)","title_en":"Tinci Materials FY2025 Annual Report summary (SZSE 002709)","excerpt":"FY2025 연차보고서: 매출 166.50억(+33%), 순이익 13.62억(+181%), 전해액 판매 72만톤+·10년 연속 세계 1위(점유 32.2%).","excerpt_en":"FY2025 annual report: revenue RMB16.650bn (+33%), net income RMB1.362bn (+181%), electrolyte volume 720kt+, 10th straight year No.1 (32.2% share)."},{"stance":"confirms","publisher":"신랑재경","publisher_en":"Sina Finance","kind":"news","lang":"zh","published_at":"2024-06-17","url":"https://finance.sina.com.cn/stock/bxjj/2024-06-17/doc-inayzhac2720115.shtml","title":"天赐材料：与宁德时代签订预计58,600吨电解液产品的物料供货协议","title_en":"Tinci Materials signs a supply agreement with CATL for electrolyte tied to 58,600 tons of LiPF6","excerpt":"톈츠재료의 전액출자 자회사 닝더카이신이 CATL과 물료공급협의를 체결, 협의 유효기간(발효일~2025년 12월 31일) 동안 고체 육불화인산리튬 58,600톤에 대응하는 전해액을 공급한다.","excerpt_en":"Tinci's wholly-owned unit Ningde Kaixin signed a material supply agreement with CATL to supply electrolyte corresponding to 58,600 tons of solid LiPF6 through December 31, 2025."},{"stance":"confirms","publisher":"이차이글로벌","publisher_en":"Yicai Global","kind":"news","lang":"en","published_at":"2024-06-17","url":"https://www.yicaiglobal.com/news/chinas-tinci-soars-after-receiving-large-battery-materials-order-from-catl","title":"China's Tinci Soars After CATL Puts In Big Battery Materials Order","title_en":"China's Tinci Soars After CATL Puts In Big Battery Materials Order","excerpt":"톈츠재료가 CATL에 2025년 말까지 육불화인산리튬 58,600톤 분량의 리튬 배터리 전해액을 공급하며, 추정 매출은 약 100억 위안(약 14억 달러)이다.","excerpt_en":"Tinci will supply CATL with lithium battery electrolytes involving 58,600 tons of LiPF6 through end-2025, an arrangement estimated at CNY10 billion (about USD1.4 billion)."}]},{"direction":"revenue","counterparty":"글로벌·중국 배터리 셀 고객 (EVE·Gotion·LG엔솔·테슬라 등)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"CATL·BYD 외에도 亿纬锂能(EVE)·国轩(Gotion)·LG에너지솔루션·테슬라 등 중국과 글로벌 셀·완성차에 전해액을 공급한다.","note_en":"Beyond CATL and BYD, Tinci supplies electrolyte to EVE, Gotion, LG Energy Solution, Tesla and other Chinese and global cell and automaker customers.","sources":[{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE filing (cninfo)","kind":"filing","lang":"zh","published_at":"2026-03-10","url":"https://static.cninfo.com.cn/finalpage/2026-03-10/1225002089.PDF","title":"톈츠재료 2025 연차보고서 요약(선전 002709)","title_en":"Tinci Materials FY2025 Annual Report summary (SZSE 002709)","excerpt":"FY2025: 전해액 판매 72만톤+(+44%), 세계 1위(점유 32.2%). EVE·Gotion·LG·테슬라 등 다변화 고객.","excerpt_en":"FY2025: electrolyte volume 720kt+ (+44%), world No.1 (32.2% share). Diversified customers incl. EVE, Gotion, LG, Tesla."},{"stance":"confirms","publisher":"둥팡차이푸(증권 리포트)","publisher_en":"Eastmoney (broker report)","kind":"news","lang":"zh","published_at":"2025-11-17","url":"https://pdf.dfcfw.com/pdf/H3_AP202511171783102989_1.pdf","title":"天赐材料：电解液龙头企业，受益于锂电景气回升","title_en":"Tinci Materials: electrolyte leader benefiting from the lithium-battery recovery","excerpt":"리포트는 톈츠재료의 고객으로 亿纬锂能·国轩·LG·테슬라 등을 함께 열거한다.","excerpt_en":"The report also lists EVE, Gotion, LG and Tesla among Tinci's customers."}]},{"direction":"revenue","counterparty":"BYD","counterparty_slug":"byd","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"CATL과 함께 톈츠재료 전해액의 주요 고객. 중국 배터리·전기차 대기업으로 대형 셀 고객군에 포함된다.","note_en":"Alongside CATL, a major customer of Tinci's electrolyte; the Chinese battery and EV giant is part of Tinci's large cell-customer base.","sources":[{"stance":"confirms","publisher":"둥팡차이푸(증권 리포트)","publisher_en":"Eastmoney (broker report)","kind":"news","lang":"zh","published_at":"2025-11-17","url":"https://pdf.dfcfw.com/pdf/H3_AP202511171783102989_1.pdf","title":"天赐材料：电解液龙头企业，受益于锂电景气回升","title_en":"Tinci Materials: electrolyte leader benefiting from the lithium-battery recovery","excerpt":"리포트는 톈츠재료의 주요 고객으로 CATL(宁德时代)과 BYD(比亚迪), 亿纬锂能, 国轩, LG, 테슬라 등을 열거하고, 육불화인산리튬 자체 공급 등 일체화(수직계열화)를 강점으로 꼽았다.","excerpt_en":"The report lists Tinci's key customers as CATL and BYD, plus EVE, Gotion, LG and Tesla, and highlights self-supplied LiPF6 as part of its vertical integration."}]},{"direction":"cost","counterparty":"탄산리튬·리튬 원료 (배터리급 탄산리튬·리튬휘석 정광)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"LiPF6를 자체 생산하지만 그 원료인 배터리급 탄산리튬과 리튬휘석 정광 등 상류 리튬 원료를 조달·내재화한다. 원료 내재화가 원가 경쟁력의 핵심이다.","note_en":"Although it makes LiPF6 in-house, Tinci procures and internalizes upstream lithium feedstock such as battery-grade lithium carbonate and spodumene concentrate, the core of its cost advantage.","sources":[{"stance":"confirms","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE disclosure (cninfo)","kind":"filing","lang":"zh","published_at":"2025-04-15","url":"http://static.cninfo.com.cn/finalpage/2025-04-15/1223095055.PDF","title":"广州天赐高新材料股份有限公司 2024年年度报告摘要","title_en":"Guangzhou Tinci Materials 2024 Annual Report Summary","excerpt":"회사는 전해액에 육불화인산리튬·신형 리튬염·첨가제·인산철·탄산리튬 가공 및 리튬휘석 정광 등을 배후 배치했다고 명시한다.","excerpt_en":"The report states the company has arranged LiPF6, new lithium salts, additives, iron phosphate, lithium carbonate processing and spodumene concentrate behind its electrolyte."}]},{"direction":"cost","counterparty":"카보네이트 용매·불소 원료 공급 바스켓 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전해액 배합에 쓰는 EC·DMC 등 카보네이트 용매와 불화수소 등 불소 원료를 조달한다. 개별 공급사 비중은 (비공개).","note_en":"Procures carbonate solvents such as EC and DMC and fluorine feedstock such as hydrogen fluoride for electrolyte formulation. Individual supplier shares are not disclosed.","sources":[{"stance":"mentions","publisher":"선전거래소 공시(cninfo)","publisher_en":"SZSE disclosure (cninfo)","kind":"filing","lang":"zh","published_at":"2025-04-15","url":"http://static.cninfo.com.cn/finalpage/2025-04-15/1223095055.PDF","title":"广州天赐高新材料股份有限公司 2024年年度报告摘要","title_en":"Guangzhou Tinci Materials 2024 Annual Report Summary","excerpt":"2024 사업보고서 요약은 전해액 생산의 원재료 매입 구조를 다룬다(개별 공급사 비중 비공개).","excerpt_en":"The FY2024 annual report summary covers raw-material purchasing for electrolyte production (individual supplier shares undisclosed)."}]}]}