Capchem Secures a 300,000-Ton Major Order From CATL!

Figure 1 – Announcement of the “Electrolyte Cooperation Agreement”

New Materials Research has learned that this is one of the largest long-term electrolyte supply deals in the lithium battery industry in recent years, and another key move by Capchem to lock in leading customers.

The two parties agreed to conduct monthly reviews, and the annual actual purchase volume not exceeding the fluctuation limit will not be considered a breach of contract. The purchase volume in 2028 is three times that in 2026—CATL has expressed full confidence in Capchem’s capacity ramp-up.

Capchem was founded in 1996 and listed on the Shenzhen Stock Exchange in 2010. It has more than 3,000 employees. Its domestic bases are located in Guangdong, Jiangsu, Fujian, Hunan, and Hubei, while internationally, it has operations in Poland, the United States, Saudi Arabia, and Malaysia.

In 2025, the company's revenue9.639 billion yuan(+22.84%), net profit attributable to the parent company1.097 billion yuan(+16.48%), among which revenue from battery chemicals6.679 billion yuan(+30.57%). Production capacity was 681,600 tons, with a utilization rate of 77.66%, and an additional 536,000 tons under construction. In the first quarter of 2026, revenue3.361 billion yuan(+67.85%), net profit attributable to the parent companyRMB 480 million(+109.02%), with growth accelerating significantly.

Beyond battery chemicals, organofluorine chemicals are Xinzhoubang’s “cash cow” with a gross margin of over 60%—in the first half of 2025, this segment generated revenue of RMB 720 million with a gross margin of 62.8%. Its subsidiary Sanming Haisifu has commenced construction on a 30,000-ton high-end fluorochemical project, with a total investment of approximately RMB 1.2 billion.

Xinjubang currently has a PTFE production capacity of 3,000 tons/year, a PFA production capacity of 2,000 tons/year, and a PFSA production capacity of 1,000 tons/year (all from the first phase of Hitec). The production capacity for fluorinated rubber is 500 tons/year (from Haisifu). The technology layout for fluorinated polyimide has been completed across the entire chain, and the flexible electronic skin film is expected to be supplied in bulk in the fourth quarter of 2025.

In addition, New Chemical has also provided core raw materials for fluoropolymer modification—perfluoroalkyl ether modifying monomers, which can effectively improve the high and low-temperature mechanical properties and processing reliability of fluoropolymers. On the downstream side, New Chemical's organic fluorochemicals have entered the supply chains of companies such as BYD, Samsung SDI, and LG Chem, and have indirectly entered the industrial chains of automakers like Tesla and BMW.

In January 2026, Capchem formally submitted its H-share listing application to the Hong Kong Stock Exchange, building an “A+H” dual capital platform. The Malaysia project is expected to commence production by the end of 2026, while the Poland Phase II, Saudi Arabia, and U.S. projects are all progressing.

Electrolyte large single contract volume, high gross profit support from fluorine materials, accelerated release of overseas production capacity—next, we will observe the realization rhythm of capacity utilization after the landing of the 300,000-ton long-term contract.