[年报]容百科技(688005):2024年年度报告简版（英文版）
原标题:容百科技:2024年年度报告简版（英文版） NingboRonbayNewEnergyTechnologyCo.,Ltd. 2024AnnualReportSummary SectionIImportantNotes 1、Thisannualreportsummaryisderivedfromthefullannualreport.ForacomprehensivepictureoftheCompany’soperatingperformance,financialstatus,andfuturedevelopmentplans,investorsareencouragedtocarefullyreadthefullannualreportonthewebsitewww.sse.com.cn.2、TheCompany'sBoardofDirectors,BoardofSupervisors,directors,supervisors,andseniormanagementpersonnelguarantee the authenticity, accuracy, andcompleteness ofthe annualreport,ensuringtherearenofalserecords,misleadingstatements,orsignificantomissions,andtheybearindividualandjointlegalresponsibilities. 3、AlldirectorsoftheCompanyattendedtheBoardofDirectorsmeeting.4、Pan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership)issuedastandardunqualifiedauditreportfortheCompany. 5、Profit distribution plan or capital reserve capitalization plan for the reporting periodapprovedbytheBoardofDirectors AccordingtotheauditbyPan-ChinaCertifiedPublicAccountants(SpecialGeneralPartnership),asofDecember31,2024,theparentcompany'sdistributableprofitsattheendoftheperiodamounttoRMB268,284,854.38.UponreviewbytheCompany'sBoardofDirectors,theCompanyplansforthe2024fiscalyeartodistributeprofitsbasedonthetotalsharecapitalof714,725,470sharesregisteredontheequitydistribution recorddate,excluding10,090,435treasurysharesinthespecialrepurchasesecuritiesaccount,resultinginabaseof704,635,035shares.Itisproposedtodistributeacashdividendof3.70yuan(taxinclusive)per10sharestoallshareholders,totalingaplannedcashdividendof260,714,962.95 yuan (tax inclusive), which accounts for 88.11% of the net profit attributable toshareholdersoflistedcompaniesasperthe2024consolidatedfinancialstatements.TheCompanywillnotissuebonussharesandwillnotcapitalizethecapitalreserve.IftherearechangesintheCompany'stotal share capital due to convertible bond conversions, share repurchases, share repurchases andcancellation for equity incentive grants, or share repurchases and cancellation for major assetrestructuringsbetweentheannouncementdisclosuredateandtheequitydistributionrecorddate,theCompanyplanstomaintaintheper-sharedistributionratiounchangedandadjustthetotaldistributionamountaccordingly.Iftherearesubsequentchangesinthetotalsharecapital,aseparateannouncementwillbemadedetailingthespecificadjustments. TheCompany's2024profitdistributionplan has beenreviewed andapproved bytheFourthSessionoftheThirdBoardofDirectorsandtheFourthSessionoftheThirdBoardofSupervisors,andstillneedstobesubmittedforreviewbytheshareholders'generalmeeting.TheCompanyheldthethirdsessionofthethirdBoardofDirectorsonDecember27,2024,andreviewedandapprovedtheProposalontheCapitalReserveCapitalizationPlanfortheThirdQuarterof2024,whichwassubsequentlyreviewedandapprovedbythetemporaryshareholders'generalmeetingonJanuary15,2025,agreeingtocapitalizethecapitalreservestoshareholdersatarateof4.9sharesforevery 10 shares.The Company completed the equity distribution in March 2025, with a total of231,725,615sharesconverted,increasingthetotalsharecapitalto714,725,470shares.DetailsareprovidedintheThirdQuarter2024EquityDistributionAnnouncement(2025-005)disclosedontheShanghaiStockExchangewebsite(www.sse.com.cn)onFebruary28,2025.SectionIIDefinitions Inthisreport,unlessthecontextindicatesotherwise,thedefinitionsoffollowingtermsapply:
1、Companyprofile 1.1 Summaryofcompanystock "√Applicable" "□Notapplicable"
"□Applicable" "√Notapplicable" 1.3 Contactpersonandcontactinformation
Unit:YuanCurrency:RMB
Unit:YuanCurrency:RMB
1.Discussionandanalysisofbusinessconditions The company remains strategically optimistic about the overall market competitiveness ofhigh-nickel/ultra-high-nickel ternary materials. Globally, the market share ofhigh-nickel/ultra-high-nickelternarymaterialsisboundtosteadilyincreaseinthefuture.Currently,thereisacleardemandforhigh-energydensityandlong-rangebatteriesinhigh-endvehiclemodelsinoptimalchoice.Especiallywiththegradualindustrializationofsolid-statebatteries,therequirementsforenergy density are increasingly higher, making high-nickel/ultra-high-nickel ternary materials theoptimal choice for solid-state batteries. In high-latitude regions like Europe, where extreme coldenvironments demand better low-temperature performance, high-nickel/ultra-high-nickel ternarymaterialscanleveragetheirsuperiorlow-temperatureperformanceadvantages.Globally,thevaluablemetalsinhigh-nickel/ultra-high-nickelternarymaterialscanbefullyrecycled.ParticularlyinEuropeanandAmerican countries, where stringentsustainability requirements prevail, as alargenumberofbatteriesreachend-of-lifeinthefuture,theindustrialchainforefficientternarymaterialsrecyclingwilldemonstrategreaterlow-costadvantages.Since2024,themassadoptionofthe4680largecylindricalbatteriesinvehicleshas begun,accelerating theindustrializationofsolid-state batteries.Emergingmarkets such as humanoid robots and low-altitude economy will inevitably favorhigh-nickel/ultra-high-nickelternarymaterialswithhigherenergydensityandpowerperformance.Duringthereportingperiod,theglobalnewenergyindustrycontinueditsrapidgrowthtrend.AccordingtoEVTankdata,globalnewenergyvehiclesalesreached18.236millionunitsin2024,ayear-on-year increase of 24.4%. Driven by the new energy vehicle market, global power batteryshipmentscontinuedtogrow.AccordingtoSNERdata,thetotalglobalinstalledcapacityofpowerbatteriesreached894.4GWhin2024,ayear-on-yearincreaseof27.2%.AccordingtothedatafromICCSINOLithiumBattery,globalternarymaterialproductionreached953,000tonsin2024,withChina'sternarymaterialproductionat614,000tons.Asagloballeaderinternarycathodematerials,theCompanyshipped120,000tonsin2024,ayear-on-yearincreaseofover20%, with a global market share exceeding 12%, leading the world for four consecutive years.Additionally,theCompanymadepositiveprogressinproductandcustomerstructureoptimization,newbusiness areas such as lithium manganese iron and sodium batteries, R&D, global layout, andorganizationaldevelopment. Duringthereportingperiod,theCompany'soperatingperformanceimprovedquarterbyquarter,withtotalprofitsandprofitpertoncontinuouslyimproving.WiththefullmonthlyproductioncapacityoftheKoreanfactoryinthefourthquarter,thefurtherincreaseinoverseascustomersalesandthesalesratioofultra-high-nickelproducts,theCompanyultimatelyachievedanannualoperatingrevenueof15.088billionyuanandanetprofitof329millionyuan. 1.1DailyOperatingBusiness 1.1.1KeyBusinessProgress Duringthereportingperiod,theCompany'ssalesofternarycathodematerialsreached120,000tons,achievingacounter-trendgrowthof20%,withaglobalmarketshareexceeding12%,afurtherincreaseof2percentagepointsfrom2023,maintainingtheglobalfirstpositionforfourconsecutiveyears. Onthebasisofcontinuousimprovementinbusinessscale,boththeCompany'scustomerandproduct structures have seen significant improvements. In 2024, the cumulative sales to overseascustomersexceeded20,000tonsforthefirsttime,withshipmentsofultra-high-nickelproductsabovethe9-seriesreaching27,000tons,increasingtheratioto23%. Since 2024, the widespread installation of 4680 large cylindrical batteries in vehicles hasacceleratedtheindustrializationofsolid-statebatteries.Emergingmarkets,suchashumanoidrobotsandthelow-altitudeeconomyhaveachievedsignificantdevelopment.Thesemarketsegmentshaveclearlydemandedhigherenergydensityandhigherpowerperformanceforhigh-nickelternarymaterials.Asaleaderinhigh-nickelternarymaterials,theCompanyhastakentheleadinsecuringpositionsintheseemergingmarkets,providingnewsupportforthecontinuousgrowthoftheCompany'sfuturebusiness.Additionally,duringthereportingperiod,theCompany'smid-nickelhigh-voltageseriesproductswerealsorecognizedbyleadingcustomers,whichwillprovideanewgrowthpointforthecontinuousandstableincreaseinthesalesofternarymaterials. In2024,theCompanyinvestedapproximately175millionyuaninstrategicbusinessessuchasprecursors,lithiummanganeseiron,andsodiumbatteries.TheCompany'scontinuousandsteadfastinvestmentinstrategicbusinesseshelpsachievestrategiclayoutandcustomerpositioning.Excludingstrategicbusinessinvestments,theternarycathodebusinessachievedafull-yearprofitof504millionyuan.Withthecontinuousincreaseinoverseasproductioncapacityandthereleaseofoverseascustomerdemandin2025,theCompany'sprofitabilitywillbefurtherenhanced.2)Lithiummanganeseironphosphatebusiness Duringthereportingperiod,withthedevelopmentofcommercialvehiclemarketssuchaselectrictrucks,thesalesofmanganese-iron-lithiumproductsinthehigh-powersectorsignificantlyincreased. The Company's shipment of lithium manganese iron phosphate products saw ayear-on-year increase of over 100%, maintaining the industry's leading market share fortwoconsecutiveyears. The Company holds the primary supplier position with multiple customers. Thefirst-generationproductsecurednearly10,000vehicleordersfromleadingpowerbatterycompanies,achievingabreakthroughinmassproductionintheEVsector.TheEVclient'spureapplicationsolutionleadstheindustryandhassecuredcooperationintentionsfromtopinternationalcustomers,showingpromisetofurtherexpandthemarketspaceforlithiummanganeseironphosphate.Thesecond-generationlithiummanganeseironphosphateproducthascompletedvalidationandfirst-stagespecification,withper-tonwatt-hourcost10%lowerthanlithiumironphosphate,linemodificationisexpectedtobecompletedby2025,enablingmassproductionanddelivery.3)Sodiumbatterybusiness Duringthereportingperiod,theCompanymadesignificantbreakthroughsinthedevelopmentofsodium-ioncathodeproducts,withsubstantialimprovementsinvariousperformanceparameters,processstability, and cost control. The Company's sodium-ion cathode products have maintained closecooperationwithmainstreamcustomersbothdomesticallyandinternationally.Infieldssuchaspower,energystorage,andstart-stoppowersupplies,theCompanyhassecuredleadingpositionsamongtopbatterymanufacturers,boastinganindustry-leadingannualshipmentvolume.Itisexpectedthattheshipmentvolumewillcontinuetoexperiencerapidgrowthby2025. Inearly2025,theCompanysuccessivelysecuredordersfor3,000tonsoflayeredoxidecathodematerialsandhundredsoftonsofpolyanioniccathodematerials,promptlyinitiatingmassproductionanddeliveryprocesses.Additionally,theCompanyhasbegunconstructinganewproductionlinewithanannualproductioncapacityof6,000tonsofsodium-ioncathodematerialsinXiantao,Hubeitomeetthedemandsofstrategictop-tiermarketcustomers. 4)Precursorbusiness The precursor segment, as a crucial part of the Company's supply chain, has synergisticallydevelopedwiththecathodebusinessovertheyears,enhancingtheCompany'soverallcompetitiveness.Duringthereportingperiod,theCompany'sdomesticandinternationalprecursorproductionlinesbothpassed certification audits by top-tier international customers, marking the Company's precursorproductsashavingreachedglobalfirst-classstandardsintechnologyandquality.TheCompany'shigh-nickel/ultra-high-nickelbatchprocesstechnologyisattheindustry'sleadinglevel. During the reporting period, the precursor business successfully facilitated the developmentcooperation of high-nickel/ultra-high-nickel cathodes with renowned domestic and internationalcustomers, with the precursor products also entering the introduction phase. The Company hassimultaneouslydevelopedaseriesofproductsincludinglithiummanganeseironphosphate,sodium-ionprecursors,andmid-nickelternaryprecursors,amongwhichthelithiummanganeseironliquid-phaseprecursorhasachievedmasssupply. By2025,leveragingitsgloballayout,theCompany'sKoreanprecursorproductionlinewillachievemasssupplytointernationalcustomersandacceleratetheestablishmentofnewoverseasprecursorcapacities, strengthening international customer development and continuously enhancing corecompetitiveness. 5)Equipmentbusiness The Company's equipment business adheres to independent development, driving continuousimprovementsinproducttechnicalperformanceandcostadvantages.TheCompany'sindependentlydevelopedlargerotarykilnhasachievedbreakthroughsinthemassproductionapplicationsofternarycathodes,phosphatecathodes,andprecursors,successfullycompletingmassproductionverificationoflines.The pioneering innovativesodium batteryintegrated process equipmenthas completed pilotcertification,withtheuniquetechnologysignificantlyreducingsodiumbatterymanufacturingcosts,openingupnewgrowthpointsinthenewenergyfield.Full-industry-chainequipmentresearchanddevelopment(R&D)focuseson"highperformance+lowcost,"drivenbybothtechnologicaliterationandlarge-scaleapplication,continuouslyenhancingtheCompany'scomprehensivecompetitiveness.1.1.2R&DProgress TheCompanyhasalwaysemphasizedtechnologicalinnovation,strengtheningR&DcapabilitiesandexpandingR&Dscope.R&Ddirectionextendsfromcathodematerialrecyclingindustrychaindownstream to material electrochemical systems, including battery cell design, manufacturing anddismantlingprocesses,promotingusedbatteryrecycling.TheCompany'sscientificresearchcooperationreachesmetalminesandurbanmines.Whiledrivingindustryprogress,theCompany'srelationshipwiththeindustrybecomescloser,supplychainmoreoptimized,andprocessesfurtherstabilized.ThroughR&D and scientific research services, the Company is committed to forming an efficient,low-energy-consumption,zero-emissionproductionmodel,achievinganefficientandstablesupplychain,meetingsustainabledevelopmentgoals,andultimatelyenhancingthemarketcompetitivenessofcathodematerials. Duringthereportingperiod,theCompanycontinuouslyincreaseditsR&Dinvestment,withR&Dexpenditurestotaling424millionyuan,representingayear-on-yearincreaseofapproximately20%.Intermsofpatents,theCompanyhascompletedapplicationsfor245domesticpatentsand29internationalpatents,andhasbeengranted150patents.TheCompany'stotalcumulativepatentapplicationshavereached1,206,withatotalof597patentsgrantedbothdomesticallyandinternationally.TheCompany'spatents cover not only low-nickel/mid-nickel/high-nickel/ultra-high-nickel ternary materials, lithium manganeseironphosphate,sodium-ioncathodematerials,andprecursormaterialsbutalsoincludecutting-edgeproductssuchassolid-statebatterymaterials,spinelnickel-manganeseoxidecathodes,andlithium-richmanganese-basedcathodes.Additionally,itincludesupstreamanddownstreamareasoftheindustry chain such as engineering equipment, testing, recycling, electrode sheets, and batteryapplications. Inthefieldofcutting-edgetechnology,ultra-high-nickelternarycathodematerialsandsulfideelectrolyte materials for solid-state batteries have been recognized by multiple domestic andinternationalcustomers.Thecapacityandcycleperformanceofall-solid-statebatterycathodematerialsremainleading,andthepilotproductionlineforsulfideelectrolytesisexpectedtobecompletedby2025.Spinelnickel-manganeseoxideandlithium-richmanganese-basedcathodematerialscontinuetobevalidatedincollaborationwithmultiplecustomers,demonstratingexcellentperformanceandreceivingrecognitionfromseveralcustomers.Spinelnickel-manganeseoxidehasachievedmassshipment,anditisexpectedtorealizelarge-scaleproductionandvehicleinstallationby2026.1.1.3SupplyChainProgress During the reporting period, the Company established a three-in-one supply chain systemintegratingtechnologyoutput,materialsupply,andgreenmanufacturing,providingnotonlycathodematerials but also covering research services (process design, performance optimization, etc.) andtechnologytransfer(patentlicensing,technologytransfer,etc.).Asagloballeaderincathodematerials,theCompanycollaboratesopenlywithpartnersatalllevelsoftheindustrychain,achievingoptimalresourceallocationandmaximumefficiency,forminganefficient,low-consumption,zero-emission,andirreproduciblesupplychainbarrier. TheCompanycontinuestodeepenitsglobalsupplylayout.BasedonitscathodematerialbaseinSouthKorea,theCompanyhasestablishedasupplychainsystemforkeymetals(suchaslithium,nickel,andcobalt)thatmeetstherequirementsoftheEUBatteryRegulationandtheU.S.InflationReductionAct.Ithassetuparawmaterialtraceabilitysystem andrequiresupstreamsuppliers tocompleteresponsible mining assurance initiative certifications, meeting the requirements of European andAmericancustomers.TheCompanyhasincreaseditseffortstoextendinvolvementwithupstreamresourcesbyrenewinglong-termsupplyagreementswithleadinglithiumsaltcompaniesandreachinglong-termcooperationwithminingenterprisesinAustraliaandAfrica.Fornickelandcobaltresources,theCompanydeepenscooperationwithnickelsmeltingenterprisessuchasGEMandLygend,andhasestablishedconnectionswithlocalnickelminingenterprisesinIndonesia,significantlyenhancingitscontroloverupstreamresourcesandsignificantlyimprovingsupplychainsecurityandcostadvantages.1.1.4EngineeringTechnologyProgress TheCompany'sindependentlydesignedkiloton-levellargeproductionlinehasbeeninstalledinSouthKoreaandisexpectedtostartpilotproductioninthefirsthalfof2025,achievingasignificantincreaseinenergyefficiencycomparedtothephase-Iproductionlineinthecountry.Additionally,thenext-generation3,000-tonultra-largeproductionlineisunderdevelopment,withfurtherupgradesinequipmentautomationandproductionlinedigitization,resultinginareductionofcoreindicatorssuchasone-timeinvestmentandoperatingcostsbyover20%onaveragecomparedtothepreviousgenerationofkilotonproductionlines. TheproductionlineforthePolandprojecthasbeenupgradedanditeratedbasedontheSouthKoreankilotonproductionline,withanautomationlevelsuperiortothatoftheSouthKoreanline.Theprojecthascommenceddesignandprocurementworkandisexpectedtobecommissionedby2026.ThelaunchofthenewproductionlineinEuropemarksasecondupgradeintheCompany'soverseasengineering technology development and comprehensive project management capabilities. It alsoexportsabatchofinternationalengineeringandtechnicaltalents,layingthefoundationforthesmoothimplementationoffutureprojectsinotherglobalregions. 1.1.5ProgressinIndustrializationofManufacturingManagement During the reporting period, a global system was actively established on the manufacturingmanagementplatform.TheChungjucathodefactoryinSouthKoreacarriedoutprocessinnovationandTPM management, with the phase-I project completing the introduction of international customercertificationandachievingfullproductioninthefourthquarter.Thephase-IIprojectinSouthKoreahasbeencompletedandisplannedforpilotproductioninthefirsthalfof2025.TheSouthKoreanprecursorfactoryhascompletedtechnicalmodificationsofproductionlinesandpassedinternationalcustomercertification,preparingforoverseasorderstockpiling. Intermsofsmartproductionandinformationsystemintroduction,themanufacturingmanagementoperatingsystemhasbeensuccessfullypiloteddomesticallyandwillbepromotedtooverseasbases.Byintegratingcapabilitiesfromengineering,manufacturing,anddigitalpromotionplatforms,thephase-IIproductionlineinSouthKoreawillbecomeagloballyleadingcathodematerialproductionlineuponcompletion.TheengineeringmanagementteamforthePolandprojectisbeingfullyestablished.TheCompanywillformulatemulti-dimensionalsmartenhancementstrategiesbasedontheEuropeanproject.Intermsoftalentcultivationandreserves,theCompanyhassetupownergroupsforEuropeanandSouthKoreanprojects,matchingdomestichumanresourcesfromdifferentprofessionsthroughouttheprocess from project planning, design, construction, delivery, to debugging and mass production,providingfull-processtechnicalandmanagementempowerment.Meanwhile,theCompanypromotesoverseastalentcultivationanddevelopment,completingthesupplementationofseniormanagementpositionsandlocalizedoperationaltalentsattheChungjucathodefactoryinSouthKoreaandthePolandcathode factory, driving the talent structure towards internationalization, and conducting culturalintegrationandpromotionactivitiesbetweendomesticandoverseasteamstoenhancecross-culturalcollaboration. 1.2GlobalizationProgress TheCompany'sglobalizationhasalwaysbeenattheindustry'sforefront.Withthecurrentchangesintheworld'spoliticalandmarketenvironment,thisadvantagewillbefurtheramplifiedby2025.Duringthereportingperiod,withthedeepeningoftheglobalizationstrategy,theCompanyachievedfruitfulresultsinoverseasdevelopment,withalayoutformedasfollows:Client-side:57newinternationalclientsweredevelopedinJapan,SouthKorea,Europe,andNorthAmerica;multipleinternationalclientdevelopmentagreementsandstrategiccooperationagreementsweresigned;theSouthKoreanfactoryreceivedcertificationfromJapaneseclientsandbeganmassproduction,whilealsobeingofficiallyintegratedintothesupplychainofwell-knownJapaneseandSouthKoreanbatterycompanies. Manufacturing-side: In the South Korean region, the Company has established an annualproductioncapacityof20,000tonsofhigh-nickelternarymaterialsand6,000tonsofprecursors,withanadditional40,000tonsofhigh-nickelcapacitycompletedandexpectedtostartpilotproductioninthefirsthalfof2025;intheEuropeanregion,theCompanycompletedthelayoutofthePolandbasethroughinvestmentandacquisition.Thebase'sfactorybuildings,laboratorybuildings,andauxiliaryfacilitiesarecomplete,withallnecessaryenvironmentalassessmentproceduresinplace.Thephase-Iprojectofthe20,000-tonmid-nickel/high-nickelternarymaterialsisprogressingsteadilyandisexpectedtocompletethe main structure within 2025; in the NorthAmerican region, the Company has completed theregistrationofitsNorthAmericansubsidiary;aftermorethanayearofsiteselectionandpreparation,theNorthAmericanprojecthasenteredtheinitiationstage. SupplyChain:TheCompanyhassigned3-yearlong-termcontractswithinternationallithiumsaltsuppliers tosecure long-term resources and prices;establisheddeep cooperationwith high-qualitylithiumminersinAustralia,Africa,andSouthAmerica;optimizedMHPsupplyandcostchannelstostabilizerawmaterialsourcesfornickelmaterialtradingbusiness,layingthefoundationforoptimizingglobalmaterialcosts. TalentManagement:TheCompanyhasrecruitedandbuiltateamoftalentswithinternationalvisionandprofessionalskills,increasingtheproportionoflocalizedemployeesandlocalmanagementtalentsinoverseasbases. Social Responsibility and Sustainable Development: The Company actively adoptedenvironmental protection measures, participated in local public welfare activities, and improvedemployeebenefits,enhancingitsengagementincorporatesocialresponsibilityandsocialgovernance,integratingintothelocalsociety. With the globalization and advancement of the Company's overseas business, Ronbay iscontinuouslylearningandimprovingindevelopment,graduallybecomingacompanythatadaptstodifferentnationalsystems,cultures,andmanagementenvironmentsworldwide.1.3ProgressinOrganizationandManagement Duringthereportingperiod,theCompanycomprehensivelyoptimizedthegroup'sorganizationalmanagementsystem,constructedaminimalistthree-layerorganizationalstructure,establishedafuturestrategyoffice,strengthenedthegroup'sstrategiccontrolandinnovationbusinessinvestmentcapabilities,andfullyauthorizedbusinessunitsfordailyoperations.Basedonthefunctionalempowermenthierarchyand business value chain positioning, the Company modularized each department, forming across-functionalmatrixcollaborationmechanism,helpingtobuildanindustrialinvestmentandoperationgroup. To support the continuous implementation of the global strategy, the Company will furtherimprovethediversifiedincentivemechanismtoensurethatallregionsathomeandabroadcanattracttalentsandbuildexcellenttalentechelonstomeetthegrowingneedsoftheCompany'sinternationalbusiness.Inthefuture,theCompanywillincreaseitseffortsintrainingandcultivatingemployeesandcadres,acceleratedigitalandintelligenttransformationandartificialintelligenceapplicationsinvariousfields,andbuildanefficientglobalmanagementplatform. 2.OverviewoftheCompany'sMainBusinessDuringtheReportingPeriod2.1MainBusiness,Products,orServices The Company is mainly engaged in the research, development, production, and sales ofmulti-materials,lithiummanganeseironphosphatematerials,sodium-ionmaterials,andmulti-precursormaterials.Theproductsaremainlyusedinthemanufactureoflithium/sodiumbatteriesandareprimarilyapplied in fields such as electric vehicles, electric two-wheelers, energy storage equipment, andelectronicproducts.CoreproductsincludeNCM811series,NCAseries,NCMAseries,Ni90andaboveultra-high-nickelseriescathodematerials,pureandblendedlithiummanganeseironphosphatecathodematerials,layeredoxideandpolyanionseriessodium-ioncathodematerials,andternaryprecursors.AsthefirstdomesticcompanytoachievemassproductionofNCM811seriesproductsandapplythemtoglobalmainstreamterminalautomakers,theCompany'shigh-nickelandultra-high-nickelseriesproductsareatthegloballeadinglevelintermsoftechnologyandproductionscale.Inrecentyears,withthemassproductionandinstallationonvehiclesofhigh-energydensitybatteriessuchasQilinbatteriesand large cylindrical batteries, the Company's ultra-high-nickel 9-series product shipments havecontinuedtoincrease;inthefieldofsolid-statebatteries,ithasestablishedcooperationwithmorethan40domesticandinternationalbatteryandcompletevehiclemanufacturers,includingCATLandWeLionNewEnergy.Particularly,thebatteryproductsmatchedwiththecathodematerialsforsemi-solid-statebatterieshavebeenappliedtoterminalcustomers'1000-kilometerultra-long-rangemodels.Theternarycathodematerialsforsolid-statebatteriesfeaturehighcapacity,stableinterface,andlongcyclelife,gainingfullrecognitionfromleadingindustrycustomers,withstablegrowthinshipmentsduringthereportingperiod.Simultaneously,guidedbyaglobalstrategy,theCompanyaccelerateditsentryintotheEuropeanandAmericannewenergyvehiclemarkets,continuouslyoptimizingitscustomerstructure.In2024,theproportionofoverseascustomersfurtherincreased.Additionally,theCompanyhasestablishedcooperativerelationshipswithfiveoftheworld'stopsixmostvaluablebatteryandelectricvehiclecustomers,withcumulativeoverseascustomersalesexceeding20,000tons.Withpositiveprogressininternationalcustomerdevelopment,theCompany's9-seriesultra-high-nickelproductshaveachievedcumulativesalesof27,000tons,markinganewbreakthrough. Afteryearsofaccumulation,thestrategicadvantagesoftheCompany'sprecursorsegmenthavebecomeincreasinglysignificant,andthesynergisticeffectswiththecathodesegmentarealsobecomingmoreprominent.In2024,theCompany'sprecursorproductionlinesuccessfullypassedthecertificationaudit of top international customers, indicating that the product quality level has reached globalfirst-class standards. The high-nickel/ultra-high-nickel batch process technology has reached anindustry-leadinglevel,andsignificantbreakthroughshavealsobeenachievedinlithiummanganeseironliquid-phaseprecursors.Theoverallcompetitivenessimprovementoftheprecursorbusinessin2024hasalsobroughtmoreprojectcollaborationopportunitiesfortheCompany'scathodebusiness,formingnewgrowth.Currently,relatedprojectsareprogressingsteadilyandareexpectedtoachievebreakthroughsin2025,furtherenhancingtheCompany'sinfluenceandmarketshareintheindustry.As a comprehensive supplier of cathode materials covering the entire market, the Companycontinues toexpand its competitive advantage and market territory in high-nickel materials whileinnovatingarounditsmainbusiness.Theperformanceofthemid-nickelhigh-voltageseriesmaterialshasbeencertifiedbycustomers,andmultiplelithiummanganeseironphosphatecathodematerialshavebeenappliedinfour-wheeledvehicles,two-wheeledvehicles,energystorage,andconsumerfields.Thedevelopmentofthenewgenerationoflow-costproductshasalsomadephasedprogressandhasbeenrecognized by end customers. In 2024, the Company's lithium manganese iron material achieveddoubled sales volume, with the mixed system completing Ministry of Industry and InformationTechnology (MIIT) filing for two domestic vehicle models, while the pure system also obtaineddesignatedcertificationfromoverseasbatterycellcustomers.Basedontheoriginalsmallpowermarket,withthedevelopmentofcommercialvehiclemarketssuchaselectrictrucks,lithiummanganeseironproductshavealsoseenasignificantincreaseinsalesinthelargepowersector.Inthesodium-ionfield,theCompany'slayeredoxideandpolyanionicproductsareattheindustry-leadinglevelintermsofcomprehensiveindicatorssuchasperformance,processstability,andcostcontrol,securingkeypositionswith top customers at home and abroad. The production line has passed customer audits andcertificationsandisexpectedtoachievelarge-scalemassproductionanddeliveryin2025.2.2MainBusinessModels The Company possesses an independent R&D, procurement, production, and sales system,primarily achieving profitability through the R&D, manufacturing, and sales of diverse cathodematerialsandtheirprecursors,lithiummanganeseironphosphatematerials,andsodium-ioncathodematerials. (1)R&DModel TheCompanyhasformedacustomer-centric,market-orientedR&Dsystem.Itoperatesthroughbusinessdivisionsthatfocusoncustomerneedsandaresearchinstitutededicatedtoforward-lookingindustriesandhigh-endproducts.Additionally,byadoptingtheIntegratedProductDevelopment(IPD)approach,cross-departmentalproductdevelopmentteamshavebeenformed,enhancing"horizontal+vertical"R&Dcapabilities.TheCompany'sCentralResearchInstituteintegratesR&DresourcesfromChina,Japan,andSouthKorea,undertakingcorefunctionssuchascutting-edgetechnologyresearch,productprocessinnovation,andincubationofnewventures,supportingtheCompany'stransformationfromoriginalinnovationtomassproductionandenhancingitsR&Dcapabilitiesinprocessimprovement.IntermsofindustrializingR&Dproducts,theCompanyprovidesmaterialsamplestocustomerswhilealso offering suggestions on usage conditions based on the development status of downstreamcustomers'batteryproducts,assistingcustomersinfinalizingtheirbatterysystemsandjointlyexploringproductapplicationmarkets.RegardingR&Dpersonneltraining,theCompanycontinuouslyempowersR&DstaffthroughR&Dsystemtrainingandknowledgesharing,providingasteadystreamofR&DtalentsfortheCompany'sbusinessexpansion. (2)ProcurementModel Toachieveintegratedmanagementofsupplychaindevelopment,centralizedprocurement,andprocessingtrade,theCompanyestablishedRonbayCommerceandcontinuestodevelopanintegratedcommercial and industrial trading platform on basis of the establishment. Regarding procurementstrategy,formajorrawmaterialssuchasnickel,cobalt,manganese,andlithium,theCompanyhasestablished long-term partnerships with renowned domestic and international upstream suppliersincludingGanfengLithium,Albemarle,GEM,TianqiLithium,HuayouCobalt,andLygendResources,formingarelativelystablequalifiedsupplierlist,ensuringcontinuousstablerawmaterialsupplywhileestablishing cost competitive advantages. In terms of supplier management, the Company strictlycontrolstheprocurementprocessbypromotingstandardizedbiddingproceduresandsystematicsupplierevaluation,ensuringthereliabilityofrawmaterialquality. (3)ProductionModel TheCompanyprimarilyadoptsaproductionmodelbasedonsales,guidedbycustomerordersandmedium-c to long-term demand plans, to formulate and implement production plans. In terms ofproduction organization, the Company has established comprehensive production process controlprocedures and fast, effective customer order processing workflows. The production departmentformulatesproductionplansbasedonsalesplansprovidedbythesalesdepartment,aswellasactualinventory, safety stock levels, and production capacity of the workshop. In actual operations, theproductionpaceisreasonablyadjustedaccordingtospecificorders,ensuringtimelydeliveryandstablequalitywhilereducinginventorylevelstocontrolproductioncostsandimprovecapitalefficiency.Additionally,tomeettheproductionneedsofsomenewmaterials,theengineeringdepartmentoptimizesthe production line layout and equipment structure according to the special requirements of newproducts.Furthermore,toaddresstheissuesofwidelydistributedcustomers,rapiddevelopmentspeed,andsignificantscaledifferences,theCompanyhasestablishedfourmajorproductionbasesinHubei,Guizhou,Zhejiang,andSouthKorea,andsetupofficesinNingde,Shenzhen,andSouthKorea.Thismaximizes the utilization of market resources, enabling rapid response in product development,manufacturing, and logistics. For strategic customers, the Company also implements customizedproductionbasedontheirspecifictechnicalparameterrequirementstoensurestablesupplyandhighperformanceofproducts. (4)SalesModel TheCompanyprimarilyadoptsadirectsalesmodel,withcorecustomerscoveringmainstreambatteryfactoriesandautomakersbothdomesticallyandinternationally.Giventhecomplexityofthebattery material systems, the long R&D cycle of power batteries, and the high precision controlrequirementsinthemanufacturingprocess,theCompany,asacathodematerialenterprise,needstoprovidecustomerswithsupportingtechnicalsolutionsfordifferentbatterysystems.Tothisend,theCompanyorganizesandcoordinatessales,R&D,procurement,andengineeringdepartmentstoformprojectteamstoquicklyrespondtospecificneedsofdifferentcustomers.2.3IndustryOverview 2.3.1Developmentstage,basiccharacteristics,andmaintechnicalbarriersoftheindustry(1)IndustryDevelopmentStage TheCompanyprimarilyfocusesonthefieldofcathodematerialsforlithium-ionbatteries,whichisacrucialcomponentofstrategicemergingindustriesandservesasakeyfoundationalmaterialforthedevelopmentofnewenergy,newmaterials,newenergyvehicles,andenergystoragesectors.BasedonChina's"carbonpeakingandcarbonneutrality"goals,andcatalyzedbyregulationssuchastheEU'sbanonthesaleoffuelvehiclesby2035andtheU.S.InflationReductionAct,thelithiumbatteryindustrycontinuestofollowthelong-termpositivedevelopmenttrendoftheglobalnewenergyvehicleindustry.In 2024, the global new energy vehicle market continues to show an overall growth trend.AccordingtoEVTankdata,globalnewenergyvehiclesalesreached18.236millionunitsin2024,ayear-on-yearincreaseof24.4%.Amongthese,theChinesemarketperformedparticularlywell,withnewenergyvehiclesalesreaching12.866millionunitsin2024,ayear-on-yearincreaseof35.5%,raisingitsshareofglobalsalesfrom64.8%in2023to70.5%.Thissignificantgrowthismainlyduetothefar-exceedingexpectationsofChina'svehicletrade-inprogram,coupledwithcontinuousupgradesandnewmodelintroductions,aswellasreducedvehicleprices,drivingtheannualEVpenetrationratetoexceed40%.Incontrast,EuropeandtheUnitedStatessawnewenergyvehiclesalesof2.89millionand1.573millionunitsrespectivelyin2024,withyear-on-yeargrowthratesof-2.0%and7.2%.Drivenbytherobustdevelopmentofthenewenergyvehiclemarket,thepowerbatterymarketalsoexhibitsastablegrowthtrend.In2024,drivenbythestrongperformanceoftheChinesemarket,globalpowerbatteryinstallationsalsoincreased.AccordingtoSNERdataforecasts,thetotalglobalinstallationcapacityofpowerbatterieswasexpectedtoreach894.4GWhin2024,ayear-on-yearincreaseof27.2%.Whenthetimeframeisextendedfrom2017to2024,thepowerbatteryinstallationcapacityhassurgedsignificantly,withtheglobaltotalin2017beingjust59GWh,andthecompoundannualgrowthrateduringthisperiodreachingashighas47.99%.Overall,asakeyfoundationalmaterialindustryforthedevelopmentofnewenergyvehiclesandothersectors,thelithiumbatteryindustryisshowingstrongandlong-termgrowthtrendsagainstthebackdropofthecontinuouspositivedevelopmentoftheglobalnewenergyvehicleindustryandrelevantpolicycatalysts.Thisiscloselylinkedtothedevelopmentprospectsofthelithium-ionbatterycathodematerialfieldthattheCompanyfocuseson,which,asanimportantpartofstrategicemergingindustries,playsanindispensableroleinthedevelopmentofnewenergy,newmaterials,newenergyvehicles,andenergystoragesectors.(2)FundamentalCharacteristics（未完）  |