On December 10, 2025, Guangzhou Tianci High-tech Materials Co., Ltd., a leading lithium battery electrolyte manufacturer, announced that the completion date of its RMB 834 million lithium battery electrolyte capacity expansion project would be postponed to July 2026. This marks the second delay of the project, totaling one year behind the original plan, citing civil engineering acceptance, equipment commissioning, and changes in the external environment. Public data shows that Tianci Materials was listed in 2014, with a global market share of over 40% in lithium-ion battery electrolytes. The expansion project, funded by convertible bonds issued in 2022, originally planned to build a production line with an annual output of 41,000 tons, and was first delayed in March 2024 due to process upgrades. As of November 30, 2025, the project had only invested RMB 82.2347 million of raised funds, accounting for 9.86% of the planned investment. Coincidentally, within the same week, three core executives of the company disclosed plans to reduce their holdings by a total of 924,000 shares. Vice Chairman Xu Sanshan and two others plan to reduce their holdings by no more than 500,000 shares, 400,000 shares, and 24,000 shares respectively. However, controlling shareholder Xu Jinfu promised not to reduce his holdings for the next six months on December 7, which was interpreted by the market as a "hedging stabilization" measure. In terms of performance, the company's profitability has been under pressure in recent years, with net profit attributable to shareholders dropping from RMB 5.714 billion in 2022 to RMB 484 million in 2024. However, its performance rebounded in the third quarter of 2025, with a year-on-year increase of 24.33% in net profit attributable to shareholders in the first three quarters. Currently, the company is advancing its listing on the Hong Kong Stock Exchange, planning to raise funds to support overseas projects and R&D. At the industry level, the imbalance between supply and demand of electrolytes may intensify in 2025. Coupled with the integrated layout of downstream battery manufacturers, the space for third-party suppliers is being squeezed. Tianci Materials is facing dual challenges between technological upgrading and capacity expansion.

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