China National Chemical Corporation (ChemChina) has been deeply involved in the fluorine industry for over 70 years, with products applied in refrigeration, safety, electronics, construction, medicine, pesticides, new energy, environmental protection, and other fields, making it "omnipresent and omnipotent."Get on board first! Meet "Fluorine"1. In the summer, cool driving relies on it On a hot summer day, the first thing you think about when getting in the car is turning on the air conditioning!The moment you turn on the air conditioning, the refrigerant, known as the "blood" of the air conditioning system, starts serving you – it absorbs heat through vaporization, lowering the temperature inside the car. In the field of refrigerants, ChemChina's subsidiary, BlueStar (Beijing) Chemical Machinery Co., Ltd., is a strong player with a full range of refrigerant products in various specifications. BlueStar's Zhejiang Research Institute started focusing on the development of ozone-depleting substance (ODS) alternatives in the 1980s, with multiple refrigerant projects included in national, ministerial, and provincial research plans. In the 1990s, Amp New Energy Technology Co., Ltd.'s HFC-134a (tetrafluoroethane) project was listed as a key scientific and technological project in the national "Eighth Five-Year Plan," filling a technological gap in China. Currently, most of the refrigerants used in cars on the market are HFC-134a. Additionally, Amp New Energy Technology Co., Ltd. is also the drafting unit for the Chinese national standard for HFC-134a. Amp New Energy Technology Co., Ltd.'s nearly ten varieties are popular in both domestic and global markets, with the "Jinleng®" automotive air conditioning refrigerant holding a leading position in the market. In the field of new energy vehicles, BlueStar is researching DL series refrigerants and YL series electronic fluorine liquids for use in the thermal management system of new energy vehicles, achieving constant temperature control for the car cabin and batteries.

Amp New Energy Technology Co., Ltd. was established in July 2001 as Jiangxi Black Cat Carbon Black Co., Ltd., focusing on the development of carbon black as a resource utilization product in the context of diversified development. The company went public on the Shenzhen Stock Exchange in September 2006, becoming the first company in China to be listed with a single carbon black product through market operations with state-owned assets holding. Over the past twenty years, the company has grown into a leading enterprise in the chemical industry specializing in carbon black products, with coal tar deep processing and white carbon black as its two wings, and resource utilization as a supplement. The company currently has carbon black production bases in Jingdezhen, Hancheng, Chaoyang, Wuhai, Handan, Taiyuan, Tangshan, and Jining (some with supporting coal tar deep processing capacity), as well as a carbon-based materials research institute in Qingdao and a special carbon black post-processing base in Hefei. It is a leading enterprise in the domestic carbon black industry with outstanding production capacity, reasonable production layout, and a high level of comprehensive utilization.Since its establishment in 2001, the company has been dedicated to the manufacturing and research of carbon black products, with carbon black sales revenue accounting for over 85% of the company's total business income. It is a leading enterprise in the Chinese carbon black industry, the Chairman unit of the Carbon Black Branch of China Rubber Industry Association, the first listed company in China with carbon black as its main business, and has been the top producer and seller of carbon black in China for over 10 consecutive years. The company's carbon black production technology and processes are at an international advanced level, making it a leader in energy efficiency in the Chinese carbon black industry. The carbon black products produced by Amp New Energy Technology Co., Ltd. are exported to over 20 countries and regions in Europe, America, and Japan, transforming from an unknown carbon black small factory at its inception to a globally renowned carbon black enterprise ranking fourth in market share. Carbontech is honored to have Mr. He Zonglin, technical consultant of Amp New Energy Technology Co., Ltd., to share the development trajectory of Black Cat Carbon Black, their future research plans, and analyze the pros and cons of conductive carbon black, graphene, and carbon nanotubes in the field of battery conductive agents.

Conductive carbon black is a type of conductive agent and an important auxiliary material in lithium batteries.Compared to other conductive agents, conductive carbon black has better overall performance and is currently the mainstream conductive agent. Benefiting from the continuous growth in demand for downstream new energy vehicles, we expect the global market space for conductive carbon black to be around 7.6 billion yuan by 2027. In terms of production process, the main barrier for conductive carbon black lies in the design of reaction furnace equipment. In terms of production cost, the main cost components of this product include raw materials such as coal tar. In terms of market landscape, this product has mainly relied on imports in the past, but is currently accelerating domestic substitution. Domestic companies mainly include Black Cat Corporation, Jiaozuo Hexiong, Yongdong Corporation, and Wuxi Dongheng. Looking at future trends, conductive carbon black is suitable for the trend of composite conductive agents. Conductive carbon black is the mainstream lithium battery conductive agent, with core technology creating barriers Conductive agents are important auxiliary materials for improving the conductivity of lithium batteries, which can compensate for the poor conductivity of positive electrode materials and maintain the conductivity performance of negative electrode materials after repeated expansion and contraction. Conductive carbon black performs well when considering factors such as the degree of improvement in electrode conductivity, slurry dispersion performance, formulation dosage, and cost. According to GGII data, conductive carbon black accounted for 65% of China's power battery conductive agents in 2022. The performance of conductive carbon black is mainly determined by its structural characteristics, specific surface area, and magnetic impurity content. The performance requirements for lithium-grade conductive carbon black are higher than for ordinary carbon black, and the product performance can be classified from low to high as acetylene black, SP, and Ketjen black. The reaction furnace is an important reaction equipment and a core barrier for the production of conductive carbon black, with components such as the oil nozzle in the furnace head being crucial for accuracy. Localization and cost reduction are the trend, with potential for small and beautiful new energy tracks In terms of cost composition, raw materials such as coal tar account for approximately 80% of the cost of conductive carbon black. The price of imported conductive carbon black has long been high, with shipping costs accounting for a certain proportion.Domestic substitution can eliminate shipping costs, while domestic raw material costs are lower than overseas costs, making it cost-effective. Assuming that the proportions of conductive carbon black added to ternary positive electrode materials, lithium iron phosphate and other positive electrode materials, and negative electrode materials are 2%, 3%, and 1% respectively, and the penetration rates of conductive carbon black from 2023 to 2027 are 56%, 54%, 52%, 51%, and 50%, the global market demand for conductive carbon black from 2023 to 2027 is estimated to be 48,000 tons, 66,000 tons, 89,000 tons, 118,000 tons, and 152,000 tons, corresponding to market spaces of 3.14 billion yuan, 3.94 billion yuan, 4.87 billion yuan, 6.15 billion yuan, and 7.60 billion yuan. Domestic substitution is underway, with efforts to promote expansion In the past, due to the dispersed scale of domestic carbon black companies and their focus on the tire market, as well as insufficient core research and development technology for reaction furnaces, domestic conductive carbon black was almost entirely dependent on imports. Major companies included France's Orion Stone, the United States' Cabot Corporation, Japan's Lion King, and Japan's Denka Corporation. With the accelerated penetration of downstream new energy vehicles and the significant increase in demand for lithium batteries, overseas supply of conductive carbon black has been unable to meet demand and prices have been high. Domestic companies have begun to initiate domestic production, gradually achieving technological breakthroughs. Major companies include Black Cat Corporation, Jiaozuo Hexiong, Yongdong Corporation, and Wuxi Dongheng.Risk warning: Lower-than-expected sales of downstream new energy vehicles, slower-than-expected industrialization progress, technological innovations, and the mention of companies in the industry chain do not represent coverage or investment recommendations for the company.

Recently, the Zhejiang Provincial People's Government issued a decision to commend the winners of the 1st Zhejiang Province Intellectual Property Award, announcing the list of winners. The core invention patent of Zhuhai Blue Sky Polyvinylidene Fluoride (PVDF) product, "High Adhesive Polyvinylidene Fluoride Copolymer," was awarded the first prize for invention patents."High Adhesive Polyvinylidene Fluoride Copolymer" addresses the long-term reliance on imported high-performance PVDF binders for lithium batteries and the foreign monopoly on intellectual property. We independently developed a new type of PVDF copolymer, with better adhesion and alkali resistance than foreign competitors. This has led to integrated technological innovation in polymerization, processing, application, and industrialization. Expert reviews have confirmed that the technology has reached international leading levels. This intellectual property achievement has been successfully implemented and mass-produced on a thousand-ton production line, supplying global lithium battery giants. The product has been adopted by the top 20 companies in the lithium battery industry, creating significant social and economic benefits and effectively promoting the technological progress of China's fluorine chemical industry.The Zhejiang Province Intellectual Property Award is the first provincial government comprehensive intellectual property award established nationwide. It is the only provincial government award in the field of intellectual property that covers all categories of intellectual property and the entire chain of "creation, operation, and protection." The evaluation is organized by the Zhejiang Market Supervision Administration (Zhejiang Intellectual Property Office).