New Stock News | Shida Shenghua ( 603026.SH ) Listing on Hong Kong Stock Exchange The global electrolyte solvent market has ranked first in shipment volume for six consecutive years

According to the Hong Kong Stock Exchange disclosure on April 1, Shida Shenghua New Materials Group Co., Ltd. (, “Shida Shenghua” for short, 603026.SH ), has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange. China International Capital Corporation is its sole sponsor.

Company Profile

The prospectus shows that the company is a comprehensive supplier of lithium-ion battery-related materials, and has established a leading position in the field of electrolyte solvents. With continuous investment in the new energy sector, the company has built a full-coverage, full-industry-chain layout spanning electrolyte solvents, lithium hexafluorophosphate (LiPF6), electrolyte additives, electrolytes, and other high-end new materials. The company is committed to providing integrated lithium-ion battery-related materials to customers worldwide.

The company is a global leader in lithium battery electrolyte solvent. According to Frost & Sullivan, since 2020, the company has ranked first in the global electrolyte solvent market in shipment volume for six consecutive years, and its global shipment volume market share in 2025 reached 22.2%. The company is the first company in China to achieve production capacity for the five carbonate solvent (, which are the most widely used electrolyte solvents in lithium-ion batteries ). With robust vertical integration capabilities and core technology, the company integrates key production processes for carbonate solvents, including ethylene carbonate (EC), propylene carbonate (PC), dimethyl carbonate (DMC), methyl ethyl carbonate (EMC), and diethyl carbonate (DEC), covering the full value chain from raw materials to finished products.

The company’s core management team has been deeply engaged in the fields of fine chemicals and new energy materials for more than 20 years. Relying on the technology foundation and industrialization experience of China University of Petroleum (East China ), the team has strong expertise in chemical materials and outstanding industry insights. Since its establishment, the company has led the development of carbonate solvent products and has maintained its leading position in the global electrolyte solvent market for lithium batteries; at the same time, it has expanded its efforts into the new energy and new materials fields, and has now become an emerging force in the electrolyte field and a key participant in the full industry chain of lithium-ion battery-related materials.

With the company’s strong R&D foundation and its industry-extension capability based on long-term customer cooperation, the company has successfully expanded its business into electrolyte products, and has also developed and completed production capacity for lithium hexafluorophosphate (LiPF6) and electrolyte additives, forming an integrated product system of core lithium-ion battery-related materials. Meanwhile, the company is actively advancing the R&D of high-end new materials such as sulfide solid electrolytes and polyetheretherketone (PEEK), aiming to meet the needs of emerging application scenarios including solid-state batteries, humanoid robots, aerospace, and medical implants. According to Frost & Sullivan, since extending its industry chain to electrolyte products in 2022, the company’s global electrolyte market shipment volume ranked rose to sixth in 2025, and the company’s electrolyte shipments from 2023 to 2025 grew at a compound annual growth rate of 292.2%, fully reflecting that the company’s product strength has been rapidly recognized by the market.

As of December 31, 2025, the company has set up five production bases across China, located in Dongying, Shandong; Zoucheng, Shandong; Wuhan, Hubei; Quanzhou, Fujian; and Meishan, Sichuan, forming a production system with multi-base coordination and division of labor.

Financial Data

Revenue

In 2023, 2024, and 2025, the company’s revenue was approximately RMB 5.635 billion, RMB 5.547 billion, and RMB 6.808 billion, respectively.

Losses

In 2023, 2024, and 2025, the company’s total loss for the year and total comprehensive income were RMB 65.234 million, RMB 70.423 million, and RMB 5.879 million, respectively.

Gross Profit Margin

In 2023, 2024, and 2025, the company’s gross profit margin was 6.3%, 5.3%, and 7.1%, respectively.

Industry Overview

The development of the lithium battery materials industry is closely linked to the shipment volume of downstream lithium batteries. From 2020 to 2025, global lithium battery shipments increased from 262.7 GWh to 1,971.8 GWh, and it is expected that global lithium battery shipments will reach approximately 6,563.2 GWh by 2030. From the regional structure, China continues to lead global growth in the lithium battery industry. From 2020 to 2025, China’s lithium battery shipments increased from 105.7 GWh to 1,176.7 GWh, with a compound annual growth rate of about 61.9%. It is expected that China’s lithium battery market will continue to maintain rapid growth momentum, and China’s lithium battery shipments will reach 3,639.7 GWh by 2030.

As a core material of lithium batteries, the demand for electrolyte grows as the new energy industry expands. From 2020 to 2025, global electrolyte shipments increased from 327.6 thousand tons to 2,381.4 thousand tons, with a compound annual growth rate of 48.7%. It is expected that this shipment volume will reach approximately 6,380.6 thousand tons by 2030. From a regional perspective, China has become the world’s main production base for electrolytes. In 2025, China’s electrolyte shipments reached 2,209.9 thousand tons, accounting for 90.0% or more of global shipments. It is expected that China’s electrolyte shipments will reach 5,500.1 thousand tons by 2030.

Electrolyte materials mainly refer to lithium hexafluorophosphate (LiPF6). From 2020 to 2025, global shipments of lithium hexafluorophosphate (LiPF6) increased from 44.0 thousand tons to 259.2 thousand tons, with an approximate compound annual growth rate of 42.6%. Global shipments of lithium hexafluorophosphate (LiPF6) are expected to reach 603.6 thousand tons by 2030. From a regional perspective, China has consistently accounted for over 90% of global shipments of lithium hexafluorophosphate (LiPF6). In 2025, China’s total shipments of lithium hexafluorophosphate (LiPF6) were approximately 244.6 thousand tons. It is expected that the growth momentum in the China market will continue, with the shipment forecast reaching 525.0 thousand tons by 2030.

Solvents are key media for dissolving lithium salts and conducting ions, and their shipment volume grows rapidly alongside the expansion of electrolyte demand. From 2020 to 2025, global electrolyte solvent shipments increased from 320.2 thousand tons to approximately 2,300.1 thousand tons, with an approximate compound annual growth rate of 48.3%. It is expected that by 2030, this shipment volume will reach 6,099.1 thousand tons. From a regional perspective, China has become the world’s main production base for electrolyte solvents. In 2025, China’s electrolyte solvent shipments were approximately 2,134.5 thousand tons, and it is expected that by 2030 China’s electrolyte solvent shipments will reach 5,257.5 thousand tons.

Board of Directors Information

At the time of drafting, the board will consist of 9 directors, including 2 executive directors, 4 non-executive directors, and 3 independent non-executive directors. The term of office for elected directors is 3 years and they may be re-elected for consecutive terms, but in accordance with relevant Chinese laws and regulations, the cumulative term of independent non-executive directors shall not exceed 6 years.

Shareholding Structure

According to the Hong Kong Listing Rules and Chapter 1.1C of the “Guide for New Listing Applicants,” China Central Large Holdings, RONGFA Group, KAITOU Group, Dr. Guo, and Shandong Weipu form a single largest shareholder group. As of the latest date that is actually practicable (2026年3月25日), they hold approximately 21.51% of the total issued shares of the company.

Intermediary Team

Sole Sponsor: China International Capital Hong Kong Securities Limited;

Legal Advisors: Smith Fiel Law Firm, King & Wood Mallesons;

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