Capchem

Business

Capchem (深圳新宙邦科技股份有限公司, Shenzhen Capchem Technology) has three main lines: battery chemicals (electrolyte), organic fluorine chemicals and electronic information chemicals. It plans a global electrolyte capacity of 1.5 million tonnes a year over its current strategy period and says it will pace the build to demand (2026 interim report, p. 17).

Results

In the first half of 2026 revenue rose 75.7% to ¥7.46bn and net profit attributable to shareholders rose 103.3% to ¥983.8m (pp. 8, 18). By business (pp. 18, 19):

• Battery chemicals: ¥5.75bn, up 104.3%, at a 15.32% gross margin, up 5.61 points.
• Electronic chemicals: ¥956m, up 40.8%, at 51.68%.
• Organic fluorine chemicals: ¥708m, down 1.9%, at 55.87%, down 6.93 points.

It says its joint venture Shilei Fluoride Materials helps secure key raw materials for the battery business (p. 18).

Where it stands

Battery chemicals are three-quarters of Capchem's revenue but earn a fraction of the margin of its other lines. Its battery chemicals margin is less than half that of Tinci Materials, although the two report different product groupings.