Jiangxi Fushine Pharmaceutical Co., Ltd.
Analysis Report on the 2026 Plan for Issuing A Shares to Specific Objects
Jiangxi Fushine Pharmaceutical Co., Ltd. (hereinafter referred to as "Fushine Shares" or "the Company") plans to issue A shares to specific objects. The Company has compiled the "Analysis Report on the 2026 Plan for Issuing A Shares to Specific Objects of Jiangxi Fushine Pharmaceutical Co., Ltd."
Unless otherwise specified, terms used in this report have the same meanings as defined in the "2026 Plan for Issuing A Shares to Specific Objects of Jiangxi Fushine Pharmaceutical Co., Ltd. (Draft)".
I. Background and Objectives of the Current Issuance
(I) Background of the Current Issuance
- Global demand for new energy and energy storage drives the high growth of the lithium battery industry, and the demand for electrolyte additives continues to expand.
The global energy structure is undergoing continuous transformation, with new energy vehicles and electrochemical energy storage becoming core strategic directions for countries promoting green and low-carbon development. In the European Union, legislation enacted in 2023 establishes a zero-emission target for new vehicles by 2035 and implements phased mandatory carbon footprint monitoring for the entire battery lifecycle through the "EU Battery Regulation," clarifying the path for electrification. Domestically, China's "dual carbon" policy system is continuously improving. The "Action Plan for Carbon Peaking Before 2030" outlines ten major actions including energy transition, energy conservation and carbon reduction, and transportation. In the energy storage sector, the National Development and Reform Commission and the National Energy Administration issued "Document No. 136" in January 2025, promoting the full integration of new energy grid-connected electricity into the power market. In January 2026, "Document No. 114" was issued, establishing an independent new energy storage capacity electricity price mechanism at the national institutional level. With all three revenue streams—energy storage capacity, auxiliary services, and capacity electricity price—fully opened, energy storage is transitioning from mandatory configuration to market-oriented operation, further strengthening downstream demand growth momentum.
Lithium batteries, as the core power source for new energy vehicles and energy storage systems, are experiencing sustained high growth in shipments. According to EVTank data, global lithium-ion battery shipments are expected to reach 2,280.5 GWh in 2025, a year-on-year increase of 47.6%. Among these, global power battery shipments will be 1,495.2 GWh, up 42.2% year-on-year, and global energy storage battery shipments will be 651.5 GWh, up 76.2% year-on-year, showing the most significant growth. China's market dominates the global lithium battery industry, with lithium-ion battery shipments reaching 1,888.6 GWh in 2025, a year-on-year increase of 55.5%, accounting for 82.8% of global shipments. Looking ahead, EVTank forecasts that global lithium-ion battery shipments will exceed the 3,000 GWh mark in 2026, reaching 3,016.3 GWh. By 2030, global lithium-ion battery shipments are expected to exceed 6,000 GWh, with energy storage batteries becoming the core growth engine.
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Lithium battery electrolytes are composed of solvents, lithium salts, and additives. Although additives account for only 2%-10% of the electrolyte's mass, they have a decisive impact on key performance indicators such as cycle life, safety, and high-temperature stability, making them the most technically challenging and functionally potent components in the electrolyte system. FEC and VC are indispensable functional additives in current lithium battery electrolyte systems. Currently, the performance requirements for electrolyte additives in energy storage batteries are significantly higher than those for power batteries, creating a structural growth space for FEC, VC, and other core additives, leading to both increased volume and price. High-quality additives are increasingly becoming the preferred choice.
- The electrolyte additive industry is at a structural inflection point, with improving supply-demand dynamics.