The world's No.1 electrolyte maker for nine straight years, integrated down to LiPF6
Tinci Materials
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.
002709.SZ Updated Jul 12, 2026 5 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · 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.
- Customer 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.
- Segments · Li-ion battery materials · Daily/specialty chemicals
Revenue from
- CATL Medium confidence· Count 58,600 t · 2024-06~2025-12(만료·미갱신) · electrolyte per solid LiPF6, long-term agreement (expired, not renewed)
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.Confirms ZH Huxiu Published Jun 16, 2026: Tinci-CATL supply agreement expired unrenewed; customer diversificationConfirms ZH OFweek Li-battery Published Jun 15, 2026: CATL does not renew Tinci; places 300kt electrolyte order elsewhereConfirms ZH SZSE filing (cninfo) Published Mar 10, 2026: Tinci Materials FY2025 Annual Report summary (SZSE 002709)Confirms ZH Sina Finance Published Jun 17, 2024: Tinci Materials signs a supply agreement with CATL for electrolyte tied to 58,600 tons of LiPF6Confirms EN Yicai Global Published Jun 17, 2024: China's Tinci Soars After CATL Puts In Big Battery Materials Order - 글로벌·중국 배터리 셀 고객 (EVE·Gotion·LG엔솔·테슬라 등) Medium confidence
Beyond CATL and BYD, Tinci supplies electrolyte to EVE, Gotion, LG Energy Solution, Tesla and other Chinese and global cell and automaker customers.Confirms ZH SZSE filing (cninfo) Published Mar 10, 2026: Tinci Materials FY2025 Annual Report summary (SZSE 002709)Confirms ZH Eastmoney (broker report) Published Nov 17, 2025: Tinci Materials: electrolyte leader benefiting from the lithium-battery recovery - BYD Medium confidence
Alongside CATL, a major customer of Tinci's electrolyte; the Chinese battery and EV giant is part of Tinci's large cell-customer base.Confirms ZH Eastmoney (broker report) Published Nov 17, 2025: Tinci Materials: electrolyte leader benefiting from the lithium-battery recovery
Pays to
- 탄산리튬·리튬 원료 (배터리급 탄산리튬·리튬휘석 정광) Medium confidence
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.Confirms ZH SZSE disclosure (cninfo) Published Apr 15, 2025: Guangzhou Tinci Materials 2024 Annual Report Summary - 카보네이트 용매·불소 원료 공급 바스켓 (비공개) Low confidence
Procures carbonate solvents such as EC and DMC and fluorine feedstock such as hydrogen fluoride for electrolyte formulation. Individual supplier shares are not disclosed.Mentions ZH SZSE disclosure (cninfo) Published Apr 15, 2025: Guangzhou Tinci Materials 2024 Annual Report Summary
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 |
| 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 |
| SAIC Motor | lead2 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| BYD Electronics | lead2 | -56.1 | +16 | -0.4 | +60.6 | -19.4 | -34.4 |
| UBTech Robotics | lead2 | · | · | · | -21.6 | +95.4 | -39.2 |
| CATL | lead1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| BYD | lead1 | -6.5 | +10.5 | -28.5 | +58.9 | +8.7 | -12.7 |
| Tinci Materials | node | +68.3 | +5.6 | -61.4 | -0.7 | +124.2 | -1 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥66 · Price ¥40.06 (07-10) · Upside +65%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Soochow Securities · 曾朵红·阮巧燕·岳斯瑶 | 买入 | ¥76 | Apr 28, 2026 | Report ↗ |
| Capital Securities (HK) | 买进 | ¥56 | Mar 10, 2026 | Report ↗ |
Buy with a CNY76.0 target: Q1 beat slightly (revenue +91% YoY), with LiPF6 unit profit at RMB30k/t and cathode iron-phosphate expected to turn profitable in Q2; 2026 net profit seen at RMB7.03bn (+416%).