A-share subscription | Lithium battery copper foil additive leader Jihua Chang (920193.BJ) opens subscription, the purity of the SPS produced by the company can reach over 95%

On June 17, Jihongchang (920193.BJ) started its subscription, with an issue price of 8.52 yuan per share and a subscription limit of 1.26 million shares. The price-earnings ratio is 14.98 times, and it is listed on the North Exchange. Guosen is its sponsor institution. The prospectus shows that Jihongchang is mainly engaged in the research, development, production, and sales of special functional materials related to surface and interface treatment. Based on the surface engineering treatment industry, it has gradually built and formed hundreds of intermediate and additive products matrix based on epoxy derivative new materials, sulfonate derivative new materials, and acetylene derivative new materials synthesis and application technology systems through unique starting material derivation and functional group design. These products are widely used in the fields of new energy batteries, photovoltaic silicon wafer cutting, water-based coatings, electronics, and general electroplating engineering. They play a role in leveling, wetting, brightening, complexing, film formation, grain refinement, and other functions, enhancing the life and stability of batteries, improving the strength and elongation of copper foil, enhancing cutting efficiency and silicon wafer quality, and promoting and safeguarding the high-quality development of downstream industries. At present, the company has established stable relationships with leading companies in various fields such as new energy electrolytes, lithium battery copper foil, photovoltaic cutting, and electronic and general surface treatment, including Shenzhen Capchem Technology, Zhuhai Saiwei, Guangzhou Tinci Materials Technology, Longdian Huaxin, Jiujiang Defu Technology, Ausol Materials, BASF. The purity of the company's SPS can reach over 95%, and the product quality is stable, leading in the industry. By 2025, driven by the continuous growth of the scale of power batteries and energy storage installations, the shipments of lithium battery copper foil will further increase. According to research data from GGII, the shipment of lithium battery copper foil in China will reach 940,000 tons in 2025. Looking ahead to 2026, the industry's growth momentum continues, with the annual shipment expected to reach 1,150-1,200,000 tons. According to EVTank, the shipment of lithium battery copper foil in China will reach around 1.08 million tons in 2025, and it is estimated that the global shipment of lithium battery copper foil will increase to 2.623 million tons by 2030, with a compound annual growth rate of about 20% from 2024 to 2030. Based on market research data, the domestic market size of SPS additives for lithium battery copper foil is estimated to be around 1,400-2,200 tons in 2025, with the company's SPS additive sales exceeding 1,000 tons in 2025. In terms of finance, the company achieved operating income of approximately 438 million yuan, 517 million yuan, and 529 million yuan in 2023, 2024, and 2025, respectively. During the same period, net profits were approximately 56.2129 million yuan, 56.3463 million yuan, and 65.3219 million yuan.