Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Company Code: 688005 Company Abbreviation: Ronbay Technology
Ningbo Ronbay New Energy Technology Co., Ltd.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Section I Important Notes
picture of the Company’s operating performance, financial status, and future development plans,
investors are encouraged to carefully read the full annual report on the website www.sse.com.cn.
authenticity, accuracy, and completeness of the annual report, ensuring there are no false records,
misleading statements, or significant omissions, and they bear individual and joint legal
responsibilities.
the Company.
by the Board of Directors
The Company does not propose any cash dividend distribution, bonus share issuance, or capitalization of
capital reserve into share capital for 2025.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Section II Definitions
In this report, unless the context indicates otherwise, the definitions of following terms apply:
Definitions of Common Terms
Company, The Company, refers
Ningbo Ronbay New Energy Technology Co., Ltd.
and Ronbay Technology to
Ningbo Ronbay Lithium Battery Material Co., Ltd., the
refers
Ronbay Lithium Battery predecessor of Ronbay Technology, originally named Ningbo
to
Jinhe Lithium Battery Material Co., Ltd.
refers Ningbo Jinhe Lithium Battery Material Co., Ltd., later renamed
Jinhe Lithium Battery
to Ningbo Ronbay Lithium Battery Material Co., Ltd.
refers Hubei Ronbay Lithium Battery Material Co., Ltd., a wholly-
Hubei Ronbay
to owned subsidiary of the Company
refers Beijing Ronbay New Energy Technology Co., Ltd., a wholly-
Beijing Ronbay
to owned subsidiary of the Company
refers Tianjin Ronbay Skyland Technology Co., Ltd., a subsidiary
Tianjin Ronbay
to controlled by the Company
refers Shenzhen Pengguan New Materials Technology Co., Ltd., a
Shenzhen Pengguan
to subsidiary controlled by the Company
refers Energy Material Technology Co., Ltd., a subsidiary controlled by
EMT Corporation/EMT
to the Company
refers Shanghai Ronbay New Energy Investment Partnership (Limited
Shanghai Ronbay
to Partnership), the controlling shareholder of the Company
Contemporary Amperex Technology Co., Limited and its
Contemporary Amperex subsidiaries: Jiangsu Contemporary Amperex Technology
refers
Technology Limited, Fuding Contemporary Amperex Technology Limited,
to
Limited/CATL Sichuan Contemporary Amperex Technology Limited, and SAIC-
CATL Power Battery Co., Ltd.
refers
Samsung SDI Samsung SDI Co., Ltd., a subsidiary of Samsung Group
to
A research and consulting firm focused on strategic emerging
GGII/Gaogong Industrial refers
industries in China, with institutes for lithium batteries, electric
Institute to
vehicles, LED, robotics, new materials, and intelligent vehicles.
A type of battery using lithium metal or lithium alloy as cathode
material and using non-aqueous electrolyte solution. Lithium
refers
Lithium Battery batteries can be divided into lithium metal batteries and lithium-
to
ion batteries. All references to "lithium batteries" in this report are
lithium-ion batteries.
A secondary battery (rechargeable battery) that operates primarily
by moving lithium ions between the cathode and anode. In the
refers
Lithium-Ion Battery process of charging and discharging, Li+ is embedded and de-
to
embedded between the two electrodes. During charging, Li+ is de-
embedded from the cathode and embedded into the anode through
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
the electrolyte, and the anode is in a lithium-rich state. The
opposite is true for discharging.
A secondary battery (rechargeable battery) that operates primarily
by moving sodium ions between the cathode and anode. In the
process of charging and discharging, Na+ is embedded and de-
refers
Sodium-Ion Battery embedded between the two electrodes. During charging, Na+ is
to
de-embedded from the cathode and embedded into the anode
through the electrolyte, and the anode is in a sodium-rich state.
The opposite is true for discharging.
One of the main components of lithium batteries, the performance
refers
Cathode Materials of the cathode material directly affects various performance
to
indicators of lithium batteries.
An intermediate product with highly uniform distribution of
multiple elements, prepared through a solution process. This
refers
Precursor product can be converted into a finished product through chemical
to
reactions and has a decisive impact on the performance indicators
of the finished product.
Ternary Cathode Ternary composite cathode materials made from nickel salts,
refers
Materials/Ternary cobalt salts, and manganese/aluminum salts in cathode materials
to
Materials of lithium batteries.
A ternary material with the chemical formula LiNixCoyMnzO2,
NCM (Lithium Nickel refers where x+y+z=1. It is the most widely used ternary material in
Manganese Cobalt Oxide) to China. The higher the nickel content, the higher the specific
capacity.
NCA (Lithium Nickel refers A ternary material with the chemical formula LiNixCoyAlzO2,
Cobalt Aluminum Oxide) to where x+y+z=1.
NCMA (Lithium Nickel
refers A ternary material with the chemical formula
Cobalt Manganese
to LiNixCoyMnzAlnO2, where x+y+z+n=1.
Aluminum Oxide)
A phosphate (chemical formula: LiFePO4) with an olivine
Lithium Iron Phosphate refers structure, used as the cathode material for lithium-ion batteries,
(LFP) to primarily for lithium-ion power batteries and lithium-ion energy
storage.
Lithium manganese iron phosphate (LiMnxFe1-xPO4) is a new
Lithium Manganese Iron refers type of phosphate solid solution lithium-ion battery cathode
Phosphate (LMFP) to material formed by replacing part of the iron (Fe) with manganese
(Mn) in lithium iron phosphate (LiFePO4).
Vehicles that adopt advanced technical principles, new
refers technologies, and new structures (or use conventional vehicle
New energy vehicles
to fuels but with new on-board power devices), integrating advanced
technologies in vehicle power control and drive.
The energy possessed by a battery per unit volume or unit mass,
refers
Energy density categorized into volumetric energy density (Wh/L) and
to
gravimetric energy density (Wh/kg).
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Section III Basic Information and Key Financial Data of the Company
"√ Applicable" "□ Not applicable"
Summary of company stock
Type of stock Stock exchange and sector Stock Stock code Previous stock
where the stock is listed abbreviation abbreviation
A-shares Shanghai Stock Exchange Ronbay 688005 /
Science and Technology Technology
Innovation Board
"□ Applicable" "√ Not applicable"
Secretary of the Board of Directors
Name Yu Jiyun
Address No. 39 Tanjialing East Road, Yuyao, Zhejiang Province
Tel 0574--62730998
Fax 0574--62730997
Email ir@ronbaymat.com
Unit: Yuan Currency: RMB
This year vs. last
Change (%)
Total assets 22,967,962,917.01 24,622,978,521.33 -6.72 24,639,096,566.49
Net assets
attributable to
shareholders of
listed companies
Operating
revenue
Operating
revenue after
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
excluding
income unrelated
to the main
business and
income lacking
commercial
substance
Total profit -121,725,747.51 429,798,018.91 -128.32 773,262,260.92
Net profit
attributable to
-187,442,870.48 295,910,777.62 -163.34 580,908,514.51
shareholders of
listed companies
Net profit
attributable to
shareholders of
listed companies -217,123,737.27 244,072,202.29 -188.96 515,391,565.36
after deducting
non-recurring
gains and losses
Net cash flow
from operating 1,135,208,772.74 523,401,116.89 116.89 1,795,379,751.91
activities
Weighted
Decrease of 5.75
average return on -2.29 3.46 7.73
percentage points
net assets (%)
Basic earnings
per share -0.27 0.42 -164.29 0.85
(Yuan/share)
Diluted earnings
per share -0.27 0.42 -164.29 0.85
(Yuan/share)
Proportion of
R&D investment Increase of 0.63
to operating percentage points
revenue (%)
Unit: Yuan Currency: RMB
Fourth quarter
First quarter Second quarter Third quarter
(October-
(January-March) (April-June) (July-September)
December)
Operating revenue 2,963,855,549.84 3,284,565,490.86 2,737,432,569.97 3,281,581,393.68
Net profit
attributable to
-15,429,523.56 -52,965,099.81 -135,246,611.47 16,198,364.36
shareholders of
listed companies
Net profit
attributable to
shareholders of
listed companies -24,985,126.72 -54,320,141.51 -141,499,369.10 3,680,900.06
after deducting
non-recurring
gains and losses
Net cash flow -605,132,504.28 1,496,716,067.58 479,750,022.16 -236,124,812.72
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
from operating
activities
Section IV Management Discussion and Analysis
At present, the world is undergoing an energy transition, with the cost of new energy beginning to
fall below that of fossil fuels. Coupled with the promotion of intelligent distributed power grids driven by
AI, the energy sector is approaching a “singularity” era. Meanwhile, against the backdrop of intensifying
geopolitical conflicts and rising traditional energy prices, the global energy transition is gaining further
momentum.
Industry development has led to differentiated demand across various material systems in different
application scenarios. Among them, ternary materials will continue to develop in high-end power batteries,
solid-state batteries, low-altitude economy, and humanoid robotics. Lithium iron phosphate (LFP), lithium
manganese iron phosphate (LMFP), and sodium-ion cathode materials are expanding their application
scope in both energy storage and power battery markets. The Company expects that by 2035, the annual
demand for LFP and sodium-ion cathode materials will each reach the scale of tens of millions of tons,
evolving into mega-scale industries.
The Company has successfully seized the opportunity arising from the transition of the power battery
market toward energy storage batteries and has achieved strategic positioning within the industry. It has
transformed from a single-material enterprise into a platform-based materials industrial group. During the
reporting period, the Company successfully completed the development of new high-voltage, high-nickel
materials, while mid-nickel products passed certification and production line retrofitting was completed.
Through a combination of in-house R&D and M&A, the Company entered the LFP sector with innovative
processes, fostering new productive forces in the industry. Leveraging internal industrial incubation, the
Company advanced the industrialization of sodium-ion cathode materials. Meanwhile, its LMFP business
maintained industry leadership, achieving doubled growth and entering a phase of rapid expansion.
Through investments in overseas recycling projects, the Company has mastered advanced recycling
technologies and evolved into an operator within the industry ecosystem. In addition, R&D of frontier
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
materials such as lithium-rich manganese-based materials, nickel-manganese binary materials, and solid-
state electrolytes has continued to progress with positive outcomes.
During the reporting period, the Company recorded operating revenue of RMB 12.268 billion and
net profit attributable to shareholders of the parent of RMB -187 million. The change in performance was
primarily due to the impact of changes in overseas market environment, which led to a decline in sales
volume in the first three quarters and exerted phased pressure on performance. However, with the gradual
optimization of product structure and ramp-up of new businesses, profitability improved quarter by quarter,
and the Company achieved a turnaround to profitability in the fourth quarter on a standalone basis. Details
of operations are as follows:
(I) Completion of new high-nickel material development, and mid-nickel production line upgrade
During the reporting period, affected by changes in overseas market conditions, the Company’s
shipments of ternary cathode materials were approximately 100,000 tons, representing a year-on-year
decline. Nevertheless, shipments of high-nickel cathode materials maintained a leading position in the
industry. Against this backdrop, the Company proactively advanced product structure optimization and
upgrading in line with market trends. The core 8-series high-nickel products completed a new-generation
technological upgrade, adapting to the emerging market of extended-range electric vehicles featuring large
battery capacity and small fuel tanks, and have entered the certification stage of mainstream end-vehicle
model supply chains. These products are expected to partially replace mid-nickel materials starting in 2026
and gradually ramp up in volume. For mid-nickel materials, the Company completed product development
and large-scale production line retrofitting, and passed customer audit, laying a solid foundation for
subsequent large-scale commercialization. Leveraging technological advantages, ultra-high-nickel
products have been promoted to the supply chains of more 4680 large cylindrical battery manufacturers
and automakers. High-capacity and high-rate products are progressing smoothly in emerging application
areas such as the low-altitude economy and humanoid robotics. The Company has established new product
development collaborations with several leading cell manufacturers, with material finalization expected
to commence in 2026 and mass production anticipated after 2027. In terms of global expansion, as terminal
customers in Europe and the United States accelerate the establishment of localized supply chains, the
Company has deployed supporting overseas production capacity. The Phase II project of a new production
line in South Korea, with an annual capacity of 40,000 tons, completed product commissioning and
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
customer certification in 2025. Meanwhile, the Phase I project in Poland, with an annual capacity of 25,000
tons of ternary cathode materials, is under active construction.
(II) Entry into the LFP sector through in-house R&D and M&A with a novel process
During the reporting period, the Company entered the LFP sector through a combination of
consecutive acquisitions and in-house R&D, leveraging an innovative “one-step” process. Compared with
the traditional iron phosphate process, this new process reduces the number of production steps from 15
to 6, lowering capital expenditure per ton by approximately 40% and reducing energy consumption by
approximately 30%. The process is highly adaptable to automation and digitalization, environmentally
friendly, and offers advantages in recyclability, and technological confidentiality, thereby demonstrating
strong competitiveness in high-end energy storage and power battery markets. Through the acquisition of
Guizhou Xinren, the Company has secured an annual production capacity of 60,000 tons. Existing plant
facilities and public auxiliary utilities are capable of supporting a rapid expansion to 300,000 tons per year.
In addition, the Company signed a long-term procurement agreement with CATL in January 2026, and is
currently advancing capacity construction and supply chain investment and deployment in line with
customer demand.
(III) Industry-leading sodium-ion cathode technology and long-term cooperation agreement with
CATL
During the reporting period, the Company’s self-developed sodium-ion cathode materials achieved
rapid commercialization, with significant progress in R&D, customer development, and capacity
deployment.
In terms of product development, the Company’s polyanion sodium-ion cathode materials have
achieved stable mass production and maintain industry-leading performance in key metrics such as cycle
life, electrode compaction density, and energy density. These products are widely applicable in power,
energy storage, start-stop system, and small power markets. In terms of customer development, the
Company entered into a long-term cooperation agreement with CATL in November 2025. Pursuant to the
agreement, subject to the Company meeting the customer’s requirements in technology, quality, cost,
delivery, and service, CATL will procure no less than 60% of its total annual procurement volume for
sodium-ion cathode materials from the Company. In terms of capacity expansion, the Company has
completed the construction of its Phase I project in Xiantao, Hubei, with an annual capacity of 6,000 tons,
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
and is actively advancing the feasibility study and evaluation for the planning and deployment of
additional domestic and overseas production bases.
(IV) Full production and sales of LMFP with breakthroughs across multiple application fields
During the reporting period, the Company’s LMFP products operated at full capacity with full sales,
with sales volume doubling compared to 2024 and achieving three consecutive years of doubled growth.
The Company ranked first in market share in the EV segment. Profitability continued to improve and
turned positive in the fourth quarter of 2025. Benefiting from favorable industry policies and
breakthroughs in product performance, the Company’s LMFP products have achieved comprehensive
coverage across BEVs, PHEVs, commercial vehicles, power tools, 3C electronics, and high-end electric
motorcycles. In 2025, the Company achieved successful mass production breakthroughs in the commercial
vehicle market, while its pure EV solutions for passenger vehicles gained customer recognition.
(V) Industry-leading frontier products including solid-state cathodes and electrolytes
In the solid-state battery field, the Company has pursued parallel development of cathode materials
and solid-state electrolytes, ranking as the leading supplier to several top-tier solid-state battery
manufacturers. In terms of solid-state cathode materials, high-nickel and ultra-high-nickel all-solid-state
cathode materials have achieved shipments at the scale of tens of tons. The products have been supplied
to leading domestic battery manufacturers and complete vehicle manufacturers, as well as internationally
renowned battery companies. Customer validation indicates that the materials can meet the requirements
for developing battery cells with an energy density of 400 Wh/kg and achieve a cycle life exceeding 1,000
cycles. The Company is also among the earliest in the industry to develop high-energy-density lithium-
rich manganese-based materials for all-solid-state batteries, and has achieved continuous shipments at the
ton-per-batch level.
In terms of solid-state electrolytes, the Company’s sulfide-based electrolyte materials demonstrate
industry-leading particle size control and ionic conductivity. The Company is currently advancing pilot-
scale production line construction, with certain mass-production equipment already validated under loaded
conditions. The pilot line is expected to be completed by mid-2026, with production commencing in the
second half of 2026. Through multi-site doping modulation, the air stability of sulfide electrolytes has
been significantly improved, eliminating the need for glovebox environments. The materials can now be
handled in both dry-room and glovebox environments with comparable performance in testing evaluations.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
(VI) Establishment of a green circular system and transition to an operator within the industry
ecosystem
During the reporting period, the Company continued to advance its ecological supply chain strategy
by deploying green circular industry chains in North America and Europe. Through equity investment in
a U.S.-based recycling company, the Company has acquired competitive recycling technologies for NCM
and LFP materials, thereby establishing core resource recovery capabilities. To address the technical
challenges associated with LFP recycling, the Company has integrated purification technologies from its
U.S. recycling partner with its proprietary “one-step” LFP cathode process. This has enabled the
transformation of traditional long-process, high-cost LFP recycling methods into a green, economically
efficient, and integrated circular regeneration technology for LFP materials. Through the deployment of
its circular industry chain, the Company has evolved into an operator within the industry ecosystem.
(VII) Continuous enhancement of organizational capabilities and development of a world-class talent
team
In 2025, in alignment with its business development and strategic planning, the Company adjusted
its organizational structure to better match its operational scale and management requirements. The
organizational transformation toward a platform-based materials enterprise has been largely completed.
The Company has integrated precursor materials, recycling businesses, and cathode materials into a
unified platform, forming four major materials business segments: ternary materials, sodium-ion materials,
LFP, and LMFP. These segments operate as primary business units responsible for day-to-day operations,
functioning as solution centers, product centers, and operation centers, with full operational authority and
accountability for business performance. At the same time, the Company has established sub-groups such
as Ronbay Trading and Frontier Technology, which act as value chain coordinators for integrated material
solutions, as well as super technology platforms for technological leadership, industrial upgrading, and
incubation of future growth drivers. The Company’s investment and operational capabilities have evolved
into institutionalized competencies. Through strategic research, organizational structuring, process
optimization, mechanism enhancement, financial budgeting, and risk control function development, the
Company is promoting the formulation and execution of its future industrial development plans.
Looking ahead to 2026, the Company will focus on strengthening organizational capabilities, aiming
to build a globally adaptable and efficient organization while continuously enhancing organizational
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
effectiveness. The Company will establish cross-functional and cross-regional collaboration platforms to
facilitate knowledge sharing, promote process optimization, foster an innovation-driven culture, and
improve organizational agility, thereby laying a solid organizational foundation for the development of a
global materials platform. In addition, the Company will advance the establishment of a global partnership
mechanism, implement competitive incentive policies, and build a world-class talent team. By fostering a
corporate culture that encourages innovation and unleashes creativity, the Company aims to provide strong
talent support for its competitiveness in global markets.
The Company is committed to becoming a comprehensive solution provider for lithium battery
cathode materials. At present, it is primarily engaged in the research and development, production, and
sales of lithium battery cathode materials, including ternary materials, LFP, LMFP, and sodium-ion
cathode materials. The Company’s products are mainly used in the manufacturing of lithium-ion and
sodium-ion batteries and are primarily applied in new energy vehicles, energy storage batteries, electric
two-wheelers, and consumer electronics. Its core products include: NCM811 series, NCA series, ultra-
high-nickel series (Ni90 and above), mid-nickel high-voltage series, LFP cathode materials, LMFP
cathode materials (including pure-use and blended series), and sodium-ion cathode materials (including
layered oxide and polyanion series).
The Company has established independent systems for R&D, procurement, production, and sales. It
primarily generates revenue by developing, manufacturing, and selling lithium battery cathode materials,
while providing integrated material solutions to downstream customers.
(1) R&D Model
The Company adheres to an R&D strategy of “frontier technology research, product development in
progress, and continuous optimization of products in production”, and has established a customer-centric
R&D system. Its frontier and basic technology R&D activities cover the entire industry chain, from
upstream mining resources and urban mining, to key battery materials, battery packs, battery applications,
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
and recycling. In the R&D process, on the one hand, the Company actively advances the implementation
of the IPD process, incorporates artificial intelligence applications, and develops internal AI large models;
on the other hand, it strengthens collaboration with external innovation ecosystems to promote the
globalization of R&D. The Company has facilitated deep integration between its Central Research Institute
and Engineering & Manufacturing Division, transforming them into a technology incubation platform to
accelerate the industrialization of frontier technologies. In industrial incubation, the Company provides
material samples and application guidance to customers, assisting in the validation and finalization of
battery systems. In terms of new materials, the Company focuses on the development of solid-state battery
materials and new cathode materials. It has achieved mass supply capability for cathode materials used in
all-solid-state batteries. The pilot production line for sulfide-based electrolytes is progressing rapidly,
while lithium-rich manganese-based materials and spinel nickel-manganese cathode materials are under
continuous development in collaboration with leading customers. In 2025, the Company successfully
industrialized its self-developed sodium-ion materials and entered into a cooperation agreement with
CATL.
In terms of intellectual property, the Company has established a global, full-industry-chain layout
and built a comprehensive global IP protection system. In talent development, the Company attracts core
talent through a well-established R&D system and a four-tier partnership mechanism, while enhancing
technical leadership through internal training programs to support business expansion.
(2) Procurement Model
The Company has established a platform-based organization, Ronbay Trading, to build a global
operational platform integrating “resource development and investment, trading, marketing, and a full-
cycle supply chain”. By integrating global resources and capital to operate globally, the Company aims to
achieve full-chain connectivity and coordination from upstream resources to end markets. Under this
platform, Ronbay Commerce coordinates the development of global bulk raw material and equipment
supply chains, strategic procurement, and processing operations, thereby building an integrated supply
chain system. In terms of procurement models, for key bulk raw materials such as nickel, cobalt,
manganese, lithium, and phosphorus, the Company maintains long-term strategic partnerships with
multiple core domestic and international suppliers to ensure stable supply and cost competitiveness. At
the same time, the Company actively advances investment and development of resource projects to
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
enhance the long-term competitiveness of its diversified cathode material supply chain, while
strengthening strategic procurement and refined operations to mitigate significant raw material price
fluctuations. In terms of supplier management, the Company ensures compliance in procurement
processes and stability in raw material quality by standardizing bidding procedures and systematizing
supplier evaluation mechanisms. In addition, the Company plans to establish a comprehensive energy
services company to provide integrated energy solutions for its global industrial parks and supply chain,
while exploring global energy supply chain management and related investment, development, and
operational opportunities.
(3) Production Model
The Company adopts a sales-driven production model, formulating production plans based on
customer orders and demand forecasts. It optimizes production line layout and dynamically adjusts
production schedules to control inventory and reduce costs while ensuring product quality and timely
delivery.
Positioned as a comprehensive solution provider for cathode materials, the Company promotes the
industrialization of new technologies and processes across the entire industry chain, and strengthens
industry chain collaboration through the output of technology and intellectual property. The Company is
advancing the development of “lights-out factories”, with a focus on process optimization, equipment
scaling, and digital and intelligent manufacturing, while building a zero-carbon operational system and
emphasizing the use of clean energy. It is transitioning from “extreme manufacturing” to “extreme
operations”. At the same time, the Company actively promotes localized manufacturing by integrating into
local communities through joint ventures. Its overseas factories adopt localized operations, establish
strong relationships with local communities, and align with local political, economic, legal, and cultural
environments.
The Company has established five major production bases in Ezhou (Hubei), Xiantao (Hubei), Zunyi
(Guizhou), Ningbo (Zhejiang), and Chungju (South Korea), along with multiple offices. Its European base
is expected to be completed and put into operation in 2026. The Company is capable of rapid response in
product development, manufacturing, and logistics, and provides customized production for strategic
customers to ensure stable supply and high product performance.
(4) Sales Model
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
The Company adopts a direct sales model, with core customers covering mainstream battery factories
and complete vehicle manufacturers both domestically and internationally. In response to the complexity
of battery material systems and diversified customer requirements, the Company has established a cross-
functional “iron triangle” collaboration mechanism. Sales, R&D, procurement, and engineering teams
jointly respond to customer needs, providing end-to-end technical solutions and fostering deep customer
integration.
The Company has built a normalized market research system to continuously track global new energy
policies and industry trends, thereby guiding customer development and sales strategies. In terms of
customer expansion, the Company focuses on strategic customers and establishes stable long-term
partnerships through long-term supply agreements, priority capacity allocation, and joint R&D initiatives.
(1) Industry Development Stage
At present, the world is undergoing an energy transition. With the advancement of photovoltaic and
energy storage technologies, the cost of new energy has begun to fall below that of fossil fuels. Coupled
with the promotion of intelligent distributed power grids driven by AI, the energy sector is approaching a
“singularity” era. This has driven the energy storage battery market into a phase of explosive growth.
Under the drivers of carbon peaking and carbon neutrality targets, together with the continued
implementation of supportive policies for new energy across multiple countries, the coordinated
development of power and energy storage markets has created substantial growth potential for the new
energy industry.
In terms of the global new energy vehicle market, according to EVTank data, global new energy
vehicle sales reached 23.542 million units in 2025, representing a significant year-on-year increase of
the long-term growth trajectory remains clear and robust. From a regional perspective, China remains the
standout market, leading globally with sales of 16.49 million units and accounting for more than 70% of
the global market share. The penetration rate of new energy vehicles in China successfully exceeded the
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
market has achieved a strong recovery under stringent emissions regulations, with annual sales rebounding
by 30.5%, accelerating its electrification transition. Although the U.S. market has experienced short-term
growth moderation due to policy adjustments, its long-term electrification potential remains substantial.
In other regions worldwide, passenger vehicle penetration remains relatively low, while emerging markets
such as India and Indonesia have recorded growth rates exceeding 50%, indicating considerable future
growth potential.
In the power battery market, according to SNE Research data, global installed capacity reached 1,187
GWh in 2025, representing a year-on-year increase of 31.7%, with a slight rebound in growth rate
compared to the previous year. This growth is not driven by rapid expansion in market size alone, but
rather by structural optimization and demand upgrading. On the one hand, the increasing proportion of
high-end electric vehicle models has driven continuous growth in battery capacity per vehicle; on the other
hand, the acceleration of commercial vehicle electrification and the rapid expansion of emerging markets
such as India and Southeast Asia have become key drivers of installed capacity growth. In terms of market
structure, the scale advantages of leading enterprises have become more prominent. Chinese companies
account for 70.4% of the global market share, reflecting a competitive landscape characterized by “strong
leaders and rapid growth among second-tier players.” Technological iteration and globalization have
become core competitive advantages.
The energy storage market has emerged as a new growth engine for the industry, achieving a critical
transition from policy-driven development to demand-driven growth. According to EVTank statistics,
global energy storage battery shipments exceeded 650 GWh in 2025, representing year-on-year growth of
over 70%, significantly outpacing the power battery market. The scaled development of independent
energy storage and grid-side energy storage, coupled with the continuous release of overseas demand, is
driving the transition of energy storage batteries from supporting infrastructure for new energy to a core
component of energy systems. From a technological perspective, LFP batteries dominate the current
energy storage market due to their low cost, long cycle life, and high safety. In the medium to long term,
sodium-ion batteries, with advantages such as abundant raw material resources and superior low-
temperature performance, demonstrate significant cost-reduction potential. They are expected to form a
complementary relationship with LFP batteries and gradually achieve industrial-scale application in
specific scenarios such as long-duration energy storage and remote-area energy storage.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Overall, the lithium battery cathode materials industry is at a critical stage characterized by “structural
optimization, technological upgrading, and diversified growth”. The differentiation of downstream
markets and the emergence of new demand will drive the industry’s transition from scale expansion to
high-quality development.
(2) Fundamental Characteristics
In 2025, the global power battery sector continued to be dominated by LFP and ternary cathode
materials, with the market structure further differentiating. According to EVTank data, China’s shipments
of LFP cathode materials reached 3.944 million tons in 2025, representing a year-on-year increase of
installations in the power battery segment, LFP batteries accounted for 81.2%, establishing a dominant
position in the domestic market. The energy storage sector has become a key growth driver for LFP, with
energy storage battery shipments increasing by more than 70% year-on-year.
The LFP industry exhibited clear polarization in 2025. Driven by both power and energy storage
demand, the demand side remained robust, and leading companies maintained high capacity utilization
rates. However, the industry as a whole faced margin pressure. This divergence has driven the industry to
shift from “scale competition” to comprehensive competition encompassing product technology, process,
and ecosystem collaboration. In the energy storage sector, LFP has become the mainstream technological
route due to its advantages in cost, cycle life, and safety, further consolidating its dominant position in the
lithium battery materials market. In the medium to long term, sodium-ion batteries, with advantages such
as abundant raw material resources and superior low-temperature performance, demonstrate significant
cost-reduction potential. They are expected to form a complementary relationship with LFP batteries and
gradually achieve industrial-scale application in specific scenarios such as long-duration energy storage
and remote-area energy storage. In addition, LMFP, as an upgraded technology route of LFP, has already
been adopted in certain vehicle models. With its higher voltage platform and resulting energy density
advantages, LMFP is expected to develop differentiated competitiveness in commercial vehicles and mid-
range passenger vehicle markets.
In the ternary materials segment, following the enactment of the “One Big Beautiful Bill Act”, the
early termination of the federal tax credit for new energy vehicles under Section 30D of the U.S. Internal
Revenue Code has led to near stagnation in the growth of the U.S. New energy vehicle market. Combined
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
with a slowdown in China’s new energy vehicle market growth and further penetration of LFP batteries in
mid- to low-end vehicle segments, the growth rate of the global ternary materials market declined in 2025.
Despite this, Chinese enterprises continued to increase their share in the global ternary supply chain,
supported by advantages in technology R&D and cost control. According to ICCSINO, global ternary
material production reached 1.033 million tons in 2025, representing a year-on-year increase of 7.4%, of
which China accounted for 769,000 tons. The global market share of Chinese enterprises increased from
continue to follow the high-nickel technology route, while demand for mid-nickel products remains strong
in China. Although the share of high-nickel ternary materials declined slightly in 2025, it remained at a
high level, exceeding 50%. Looking ahead, with the large-scale adoption of 4680 cylindrical batteries, the
acceleration of solid-state battery industrialization, and the gradual emergence of demand for high-energy-
density batteries in emerging fields such as humanoid robotics and the low-altitude economy, high-nickel
ternary materials are expected to maintain clear growth potential.
Mid-nickel high-voltage products have demonstrated strong performance driven by cost-
effectiveness. In 2025, the market share of 6-series ternary materials increased significantly, primarily
benefiting from low lithium salt prices, which narrowed the cost gap between ternary and LFP materials.
Leveraging a balanced combination of performance and cost, mid-nickel high-voltage products achieved
rapid penetration in China’s mainstream best-selling vehicle models, further consolidating the position of
ternary materials in the mid- to high-end passenger vehicle market.
In summary, in 2025, LFP is evolving toward differentiated competition in technology and process
innovation; high-nickel ternary materials remain an irreplaceable technological route for high energy
density applications, with long-term growth potential in high-end power batteries, eVTOL, and solid-state
batteries; and mid-nickel high-voltage materials are rapidly penetrating the mid- to high-end market due
to their cost-performance advantages. Leveraging its platform-based multi-technology strategy, the
Company has not only established strong technological barriers in high-nickel ternary materials but also
simultaneously advanced in mid-nickel high-voltage ternary materials, LFP, LMFP, and sodium-ion
materials. Its product portfolio demonstrates comprehensive competitiveness, supported by technological
depth and mass production capabilities to meet diversified market demands, thereby completing its
transformation into a platform-based enterprise.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
(3) Major Technical Barriers
The development and manufacturing of high-nickel cathode materials involve significant technical
barriers, requiring companies to have deep technical expertise. These barriers are mainly reflected in three
aspects: product development, production technology, and quality certification. From a development
perspective, companies must achieve a multi-dimensional performance balance tailored to customer
requirements, including high capacity, long cycle life, excellent rate performance, wide temperature
adaptability, low gas generation, and high thermal safety. This places high demands on production line
design, customized development capabilities, and technical service capabilities. From a production
perspective, stringent environmental control, equipment corrosion resistance, and high levels of
automation pose challenges to achieving stable, large-scale, and cost-effective mass production. From a
quality certification perspective, automakers and battery manufacturers typically require more than 1.5
years of long-term testing and comprehensive evaluation, covering raw material management, mass
production process control, delivery management, and system operation. As a result, market entry cycles
are lengthy. Building on this foundation, the industrialization of solid-state batteries imposes even higher
requirements on high-nickel ternary cathode materials. The two are closely linked in technological
evolution: high-nickel ternary cathodes are a key option for achieving high energy density in solid-state
batteries. However, challenges remain in ensuring interfacial stability between the cathode and electrolyte,
maintaining structural integrity during cycling, and ensuring the safety of composite cathodes when
combined with electrolytes. In addition, compatibility between solid-state cathode processes and existing
production lines must be maintained, further increasing the barriers to development and manufacturing.
In the LFP materials segment, significant technical barriers also exist. High compaction density has
become a core competitive factor, with fourth- and fifth-generation products imposing higher requirements
on production processes and raw material control. In terms of production processes, among current
mainstream routes, the iron phosphate method accounts for approximately 83% of the market share. While
technologically mature, it features long precursor production cycles, wastewater generation, and high
energy consumption. The ferrous oxalate method accounts for approximately 7% of the market share;
although it involves a longer process flow, it delivers superior performance. The Company’s “one-step”
process differs from these traditional routes by significantly shortening the production process,
substantially reducing capital expenditure per ton and energy consumption, while offering stronger
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
automation potential and eliminating the generation of solid, liquid, and gaseous waste. This provides a
new direction for technological development in the industry. In addition, for energy storage applications,
LFP materials face increasingly stringent requirements in technical indicators such as cycle life, iron
phosphide content, iron dissolution levels, and magnetic impurities, further raising the industry’s
technological entry barriers.
LMFP, as an upgraded product of LFP, offers higher voltage and energy density (approximately 15%-
However, it still faces relatively high technical barriers in material modification, blending with ternary
materials, optimization for standalone applications, and mass production processes. Furthermore,
developing LMFP products tailored to emerging application scenarios, such as energy storage, humanoid
robotics, and the low-altitude economy, also presents substantial technical challenges.
For sodium-ion battery cathode materials, technical barriers are primarily associated with three
technical routes: layered oxides are prone to structural degradation and interfacial side reactions under
high voltage; polyanion compounds have inherently low electrical conductivity, requiring complex
modification processes; prussian blue analogs are susceptible to the introduction of crystal water and
vacancy defects during synthesis, affecting performance and safety. To address these challenges, the
Company has implemented a comprehensive technology roadmap and sustained R&D investment. Its
polyanion materials have achieved a cycle life exceeding 15,000 cycles and a compaction density greater
than 2.40 g/cm?. In addition, the Company has moved away from the industry’s conventional production
line compatibility approach and developed a fully integrated process tailored to sodium-ion battery
characteristics. This enables the Company to achieve leading product performance while reducing
processing costs.
In 2025, the competitive landscape of the global cathode materials industry continued to evolve. The
Company has achieved full coverage across all major technology routes, including ternary materials,
LMFP, sodium-ion materials, and LFP. It has successfully transformed from a leading ternary materials
manufacturer into a platform-based provider of integrated cathode material solutions, with distinctive
advantages in multi-technology coordination, full-market coverage, and the ability to deliver customized
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
solutions to customers.
During the reporting period, the Company’s ternary materials business was in a phase of product
upgrading and iteration, with accelerated development of next-generation mid-nickel high-voltage and
high-nickel products. Its overseas expansion progressed steadily. At the Chungju, South Korea base, the
Company adjusted its qualified supply entity in response to the requirements of the “One Big Beautiful
Bill Act”. Upon completion, this adjustment is expected to revitalize production capacity in South Korea,
improve capital recovery, and enable the Company to benefit from the long-term growth of the North
American market. With respect to the European market, the project for ternary cathode materials, with an
annual capacity of 25,000 tons, at the Polish factory is expected to complete construction in the second
half of 2026 and enter the stages of product commissioning and customer certification, thereby enhancing
localized supply capabilities in Europe.
The Company has also achieved breakthrough progress in its strategically emerging businesses, with
LFP and sodium-ion materials becoming new growth drivers. In the LFP segment, the Company has
entered the market with brand-new production process featuring low cost and high performance and has
made significant progress in key customer onboarding and capacity expansion through acquisitions. At
the same time, the Company has taken the lead in expanding into overseas markets. Leveraging its existing
footprint in Poland, it is advancing production line construction to provide localized supply solutions for
European automakers and battery manufacturers, further consolidating its first-mover advantage in
globalization. In the sodium-ion segment, the Company entered into a strategic cooperation agreement
with CATL in November 2025, under which CATL has designated the Company as its primary supplier of
sodium-ion cathode powder. The LMFP business has maintained full production and full sales, achieving
quarterly profitability since the third quarter. Customer development across multiple application fields has
exceeded expectations, and shipment volume in the power battery segment continues to rank first in the
industry.
Patterns, and New Models During the Reporting Period
During the reporting period, performance requirements for power and energy storage batteries
continued to increase. The industrialization of solid-state batteries accelerated, sodium-ion batteries
entered their first year of commercialization, and significant changes occurred in both technological
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
evolution and competitive dynamics of LFP. The following is the development status and future trends of
new technologies and new business patterns during the reporting period:
(1) Solid-state Batteries: Semi-solid-state Entering Large-scale Application, Clearer Timeline
for All-solid-state Mass Production
In 2025, the solid-state battery industry transitioned from “proof of concept” to a critical stage of
“industrial implementation”.
For semi-solid-state batteries, technological maturity has improved significantly. These batteries are
no longer limited to high-end vehicle applications but are gradually penetrating the mainstream market.
During the year, large-scale vehicle deployment was achieved, with multiple automakers launching mass-
produced models equipped with semi-solid-state batteries across mid- to high-end and premium segments.
Semi-solid-state batteries have achieved a balanced trade-off among energy density, safety, and cost,
making them an ideal transitional solution from liquid batteries to all-solid-state batteries. Currently, the
energy density of semi-solid-state cells generally reaches 300-350 Wh/kg, meeting the range requirements
of mid- to high-end vehicles.
For all-solid-state batteries, leading global battery manufacturers and complete vehicle manufacturers
have largely reached a consensus, with mass production generally targeted for 2027-2028. The sulfide
electrolyte route, due to its high ionic conductivity, has become a commonly chosen technical direction
by mainstream manufacturers. Several companies have completed pilot production lines and successfully
produced Ah-level all-solid-state pouch cells, demonstrating excellent energy density performance. High-
nickel ternary and lithium-rich manganese-based cathodes are the primary development directions for
cathode materials, while silicon-carbon anodes are the mainstream choice for anode materials.
According to the analysis of industry research institution EVTank, the acceleration of solid-state
battery industrialization will drive upstream cathode materials toward higher energy density. As a
comprehensive supplier of cathode materials covering all major technology routes, the Company
maintains industry-leading R&D capabilities in high-nickel and ultra-high-nickel product series, which
are adaptable to solid-state battery systems and provide a first-mover advantage in the solid-state cathode
materials segment.
(2) LFP: Technological Iteration Driving Competitive Upgrading
In 2025, LFP materials further consolidated their dominant position in China’s power battery market
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
while maintaining a monopolistic share in the energy storage sector. According to EVTank data, in 2025,
China’s LFP cathode material shipments increased by more than 60% year-on-year, accounting for nearly
accounted for over 99%.
In terms of technological iteration, performance indicators such as high compaction density, high rate
capability, and long cycle life have become core competitive factors in the LFP material segment. As
market demand for volumetric energy density of LFP cells continues to increase, the upper limit of
compaction density is being continuously pushed higher. Meanwhile, fast-charging requirements are
driving improvements in rate performance, while energy storage applications demand longer cycle life.
The future trend toward integrated power and energy storage applications further requires LFP materials
to simultaneously achieve high compaction density, high rate capability, and long cycle life. This
necessitates technological upgrades across precursor preparation, sintering processes, element doping,
carbon coating, and particle size distribution on the basis of existing processes, creating substantial
technical barriers.
From a competitive landscape perspective, the industry is shifting from “scale expansion” to
“structural optimization”. Integrated deployment across the value chain has become a consensus among
leading players to reduce costs, with full-chain layouts encompassing “resources-precursors-cathode
materials-recycling” gradually taking shape.
Globally, the LFP supply chain remains highly concentrated in China, with more than 90% of
shipments originating from Chinese companies. As domestic battery manufacturers' LFP cell factories in
Europe, Southeast Asia, and other regions are successively put into operation, the localization of overseas
LFP supply chains is expected to accelerate. LFP is evolving toward a “high-performance all-round”
solution characterized by higher specific energy, higher power density, higher efficiency, and lower cost,
with system-level innovation becoming an inevitable path for industry evolution.
(3) Sodium-ion Batteries: Entering the First Year of Commercialization
In 2025, the sodium-ion battery industry achieved a critical transition from technology validation to
large-scale delivery. Technological maturity has improved significantly, the supporting industry chain has
gradually developed, and application scenarios have continued to expand.
In terms of technological breakthroughs, leading companies have achieved mass-produced products
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
with energy density exceeding 170 Wh/kg. The low-temperature performance advantage has been further
strengthened, maintaining high usable capacity even under extreme conditions of -30°C to -40°C,
effectively addressing key application challenges in northern regions.
From a cost perspective, as core materials have entered mass production at the scale of tens of
thousands of tons, some companies have reduced cell costs to below RMB 0.45/Wh, making sodium-ion
batteries economically competitive with lithium-ion batteries in certain application scenarios.
In terms of application scenarios, sodium-ion batteries are no longer limited to substituting lithium
batteries. They are rapidly penetrating markets such as low-speed electric vehicles, electric two-wheelers,
residential energy storage, and backup power for communication base stations. In large-scale energy
storage, “hybrid lithium-sodium” systems are beginning to be explored, leveraging the high-power
characteristics of sodium-ion batteries to manage transient power fluctuations.
According to EVTank data, global sodium-ion battery shipments doubled year-on-year in 2025. The
industry widely expects that with continued technological advancement and further cost reductions,
sodium-ion batteries will achieve large-scale applications in energy storage, two-wheelers, and low-speed
EVs, and may reach a hundred-GWh-level industry scale by 2030.
Since its establishment in 2014, the Company has been deeply involved in the R&D and
manufacturing of lithium/sodium-ion battery cathode materials and precursors. Leveraging its outstanding
capabilities in technological innovation and industrial mergers and acquisitions, the Company has
successfully secured multiple industry-leading core technologies.
During the reporting period, the Company actively focused on technological layouts in the forefront
of lithium/sodium battery materials. The main core technologies cover lithium/sodium-ion cathode
materials, precursors, resource recycling, and solid-state battery-related materials, including ultra-high-
nickel (Ni mol% ≥ 90) cathode material production technology, sodium-ion layered oxide cathode material
production technology, sodium-ion polyanion cathode material production technology, LMFP cathode
material production technology, atmosphere-controlled sintering technology for cathode materials, high-
voltage single-crystal material production technology, precursor co-precipitation technology, Ni-Co-Mn
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
metal recycling technology, battery-grade lithium dihydrogen phosphate preparation technology, and
integrated LFP recycling technology. The Company continues to improve preparation technologies for
various types of solid-state electrolytes, high-voltage nickel-manganese materials, lithium-rich
manganese-based materials, lithium replenishment additives, and high-compaction-density LFP. The
Company is committed to the development, transformation, and industrialization of its core technologies.
Ultra-high-capacity high-nickel products, sodium-ion layered oxide and polyanion cathode materials, and
second-generation LMFP have achieved stable large-scale production. These products have been supplied
in small batches to domestic and international customers across applications including power batteries,
energy storage batteries, high-power batteries, semi-solid-state batteries, 3C electronics, and low-altitude
aerial vehicles.
Source of
Name of Core
Technolog Application in Main Business and Products
Technology
y
This technology achieves uniform co-precipitation of various elements in
precursors and directional crystal growth, enhancing the cycle life and
Precursor Co-
Independe safety performance of corresponding cathode materials. During the
Precipitation
nt R&D reporting period, this technology has been widely applied in the
Technology
production of the Company's high-nickel NCM811 series, NCA series,
and ultra-high-nickel series precursor products.
This technology enhances the structural stability of ternary cathode
Cathode materials, effectively reduces structural degradation during cycling, and
Material Independe significantly improves the high-temperature cycle life of ternary
Doping nt R&D materials. During the reporting period, this technology has been widely
Technology applied in the production of the Company’ mid-nickel high-voltage
products, 8-series, 9-series, and ultra-high-nickel cathode materials.
This technology reduces Li/Ni cation mixing in crystal structures of
Cathode
ternary cathode materials and improves particle uniformity, thereby
Material
Independe enhancing structural stability and cycle life. During the reporting period,
Atmosphere
nt R&D this technology has been widely applied in the production of the
Sintering
Company's mid-nickel series, NCM811 series, NCA high-nickel series,
Technology
and Ni90 and above ultra-high-nickel series cathode products.
Cathode This technology optimizes particle surface conditions, improving high-
Independe
Material temperature performance and safety. During the reporting period, this
nt R&D
Surface technology has been widely applied in the production of the Company’
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Treatment mid-nickel, 8-series, 9-series, and ultra-high-nickel cathode products.
Technology
This technology, by controlling the particle growth of materials,
High-Voltage
optimizing morphology and crystal structure, has enhanced the
Single-Crystal
Independe performance of ternary cathode materials under high-voltage systems,
Material
nt R&D significantly improving capacity, cycle life, and storage characteristics.
Production
During the reporting period, this technology has been applied to the
Technology
Company's mid-nickel high-voltage product production.
This technology uses an inorganic acid dissolution-purification co-
precipitation method to recover nickel, cobalt, and manganese elements
NiCoMn Metal
Independe from cathode materials, eliminating the need for extraction processes,
Recycling
nt R&D resulting in a short process flow, minimal environmental pollution, and
Technology
low production costs. During the reporting period, this technology has
been applied in production at the Company’s South Korea factory.
One-step
This technology enables lithium carbonate recovery via a one-step
Lithium Investmen
process, significantly shortening process flow, reducing equipment and
Carbonate t and
labor input, and lowering processing costs. During the reporting period,
Recycling M&A
this technology was applied in newly added recycling production lines.
Technology
Battery-grade This technology utilizes various crude lithium salts as raw materials,
Lithium enhancing raw material flexibility. It streamlines purification processes,
Dihydrogen Independe reducing processing costs. During the reporting period, ton-scale pilot
Phosphate nt R&D expansion and multi-batch stability validation were completed, and the
Preparation technology has been applied in LMFP material production at Skyland
Technology Company.
High-value This technology is applicable to the recycling and utilization of various
Recycling phosphate-based cathode materials, achieving technological
Technology for Independe breakthroughs from waste materials to battery-grade lithium and iron
Diversified nt R&D salts. During the reporting period, ton-scale lithium salt production and
Phosphate Raw validation were completed, and the technology has been applied within
Materials the cathode materials division.
This technology combines integrated recycling processes with the “one-
Integrated LFP Investmen step” LFP cathode material production technology to deliver an efficient
Recycling t and and integrated overall solution for the recycling of LFP that is both
Technology M&A economically viable and technologically advanced. During the reporting
period, the technology has been incorporated into new LFP production
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
line expansion projects.
This technology enhances the thermal stability, cycle life, and safety
Ultra-high-
performance of Ni90 and above ultra-high-nickel ternary cathode
nickel Cathode
Independe materials, offering excellent compaction density, high volumetric energy
Material
nt R&D density, and cost advantages. During the reporting period, this technology
Production
has been widely applied in the production of the Company's Ni90 and
Technology
above ultra-high-nickel products.
This technology optimizes production and preparation processes and
equipment solutions, adopts a new type of single-crystal product
technology, controls the alkalinity of the cathode material surface, and
High-Nickel
Independe eliminates the washing process for high-nickel single crystals, thereby
Non-Washing
nt R&D improving the comprehensive performance of the product and reducing
Technology
production costs. During the reporting period, this technology has been
widely applied in the production of the Company's 8-series, and Ni90 and
above ultra-high-nickel products.
Sodium-Ion This technology enhances the capacity, cycle, and air stability of sodium-
Layered Oxide ion layered oxide cathode materials, suppresses gas generation behavior
Cathode Independe within the battery, and further improves battery energy density by
Material nt R&D optimizing morphology and increasing compaction density. During the
Production reporting period, this technology has been applied to the production of the
Technology Company's sodium-ion layered oxide cathode materials.
This technology enhances the compaction, capacity, rate, cycle, and air
Sodium-Ion stability of sodium-ion polyanionic cathode materials. By optimizing
Polyanionic morphology, increasing compaction density, and finely controlling
Cathode Independe particle size, it improves battery energy density while optimizing
Material nt R&D processing performance, enhancing low-temperature and cycle
Production performance. During the reporting period, this technology has been
Technology applied to the production of the Company's sodium-ion polyanionic
cathode materials.
This technology improves the electronic conductivity of LMFP materials,
LMFP Cathode and enhances the diffusion rate of lithium ions in the material. Through
Material Independe ion doping, carbon coating, and nanotechnology, it achieves
Production nt R&D improvements in the capacity, cycle rate, and low-temperature
Technology performance of LMFP materials, enabling power cathode materials to
open up a third route between LFP and nickel-cobalt-manganese ternary
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
materials. During the reporting period, this technology has been applied
in the mass production of LMFP materials by Skyland Company.
This technology utilizes an advanced “one-step” process with precise
control over precursor synthesis and high-temperature sintering, enabling
efficient and low-cost LFP production. This process significantly shortens
LFP Cathode the traditional multi-stage production flow, reducing equipment
Investmen
Material investment and energy consumption in intermediate steps. At the same
t and
Production time, it enables a more environmentally friendly production process.
M&A
Technology While ensuring that the material maintains good specific capacity,
excellent cycling stability, and safety performance, it also substantially
lowers production costs. Industrialization has been completed during the
reporting period.
During the reporting period, the Company filed 412 patent applications and obtained 175 patent
authorizations. The Company's total cumulative patent applications have reached 1,618, with a total of
for core product technologies, including high-nickel ternary materials, LMFP, and sodium-ion cathode
materials. In addition, it has proactively deployed intellectual property in frontier technology fields such
as solid-state batteries, lithium-rich manganese-based materials, spinel nickel-manganese materials, anode
materials, and lithium replenishment additives. The Company’s patent portfolio covers the entire industrial
chain, including engineering equipment, testing, recycling, electrode sheets, and batteries, both upstream
and downstream, thus building a multi-dimensional technical barrier. The Company continues to expand
its overseas patent portfolio. As of 2025, it has filed 100 PCT international applications, with 30 patent
families having entered the national phase. Its patent coverage spans major global markets, including
China, the United States, Europe, Japan, and South Korea. In 2025, the Company maintained its Level 3
certification under ISO 56005 Innovation and Intellectual Property Management Capability, as well as
certification under the Enterprise Intellectual Property Compliance Management System (GB/T 29490),
demonstrating a high level of maturity in its management systems. Following its recognition as a “National
Intellectual Property Demonstration Enterprise” in 2023, the Company, by virtue of its outstanding
performance in IP strategy implementation, high-value patent cultivation, and risk prevention and control
systems, was granted the qualification for inclusion in the “2025–2027 National Intellectual Property
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Demonstration Enterprise” program. Its external recognition and industry influence have been further
enhanced. The Company will align with its global development strategy by implementing comprehensive
protection for intellectual property generated during the innovation process, mitigating and resolving
intellectual property risks, safeguarding its own intellectual property, respecting others' intellectual
property, and becoming a global enterprise that meets international standards.
During the reporting period, the Company obtained 175 newly granted patents, including 89 domestic
and international invention patents, and 86 domestic utility model patents. Details are as follows::
Publication
Serial (Announcement) Patent Legal
Title
Number Number/Applicati Type Status
on Number
A Hollow Porous Concentration-gradient
Method Thereof
A High-thermal-safety High-nickel
Method Thereof, and Applications Thereof
A Water-free High-nickel Ternary Cathode
Material and a Preparation Method Thereof
A Composite Coating Agent for Cathode
Cathode Material, and a Battery
A Prussian Blue-type Cathode Slurry, a
Cathode Electrode Sheet
A Preparation Method for a Ternary
an Electric Vehicle
A Cathode Material with High Thermal
Safety
A Preparation Method for a Coated
an Electric Vehicle
A Sodium-ion Cathode Material and a
Preparation Method Thereof
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
A Coated Cathode Material, a Preparation
Method Thereof, and a Sodium-ion Battery
A Method for Determining Thermal Safety
of a High-nickel Ternary Cathode Material
A Cathode Material, a Preparation Method
Thereof, and a Lithium-ion Battery
A Cathode Active Material, a Preparation
Method Thereof, and Applications Thereof
A Cathode Material, a Preparation Method
Thereof, and a Lithium-ion Battery
A High-capacity High-nickel Multi-
Preparation Method Thereof
A Solid-state Electrolyte, a Preparation
Method Thereof, and Applications Thereof
A High-voltage Nickel-manganese
Method Thereof
A Sodium-based Cathode Active Material,
Applications Thereof
A Precursor of a Ternary Cathode Material
and a Preparation Method Thereof
A Precursor of a Ternary Cathode Material
and a Preparation Method Thereof
A Nickel-iron-manganese Oxyhydroxide
Thereof, and Applications Thereof
A Lithium-rich Manganese-based Cathode
Active Material and a Battery
A Preparation Method of Lithium Sulfide
and Lithium Sulfide
A Cathode Material, a Preparation Method
Thereof, and Applications Thereof
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
A Cathode Electrode Sheet and a Sodium-
ion Battery
A Solid-state Battery Cell, a Preparation
Lithium-ion Battery
A Recycling Method for Spent LFP
Cathode Materials
A Precursor of a Cathode Material, a
Preparation Method Thereof, a Preparation
Method of the Cathode Material, and a
Lithium-ion Battery
A Composite Cathode Material, a
Applications Thereof
An Intermediate Mixture for Preparing a
Cathode Material, a Preparation Method
Thereof, and a Method for Preparing the
Cathode Material
A Method for Testing Solid Content of a
Ternary Precursor Slurry
A Preparation Method of Lithium Sulfide,
Battery
A Quasi-single-crystal Lithium-rich
Manganese-based Cathode Precursor, a
Preparation Method Thereof, and
Applications Thereof
A Cathode Active Material Precursor, a
Applications Thereof
A Cathode Active Material Precursor, a
Applications Thereof
A Single-crystal Cathode Material, a
Lithium-ion Battery
A Prussian Blue-type Cathode Material, a
Preparation Method Thereof, and a Battery
A Ternary Single-crystal Cathode Material,
Applications Thereof
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
A High-nickel Cathode Material, a
Applications Thereof
A Cathode Material, a Preparation Method
Thereof, and Applications Thereof
A High-nickel Cathode Active Material, a
Applications Thereof
A Cathode Material, a Preparation Method
Thereof, and Applications Thereof
A Sodium-ion Cathode Material, a
Secondary Battery
A Cathode Electrode Sheet, a Preparation
Method Thereof, and Applications Thereof
A Lithium Replenishment Additive, a
Applications Thereof
A Lithium Replenishment Additive, a
Lithium-ion Battery
A Cathode Active Material, a Preparation
Method Thereof, and Applications Thereof
A Polyanion Cathode Material, a
Applications Thereof
A Cathode Active Material, a Preparation
Method Thereof, and Applications Thereof
A Sodium Iron Sulfate Composite Cathode
and Applications Thereof
A Phosphate Cathode Material, a
Lithium-ion Battery
A Cathode Material, a Preparation Method
Battery, and an Electrical Device
An Anode Active Material for a Lithium
Secondary Battery, a Preparation Method
Thereof, and a Lithium Secondary Battery
Comprising the Same
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
A Cathode Active Material, a Preparation
and an Electrical Device
A Cathode Active Material, a Preparation
Method Thereof, and Applications Thereof
A Sodium-ion Cathode Material, a
Applications Thereof
A Cathode Lithium Replenishment
Additive, a Preparation Method Thereof, a
Cathode Electrode Sheet, and a Lithium-
ion Battery
A Cathode Material, a Preparation Method
Thereof, and a Secondary Battery
A Lithium Replenishment Additive, a
Lithium-ion Battery
A Cathode Lithium Replenishment
and Applications Thereof
A Composite Cathode Material, a Cathode
Electrode Sheet, and a Battery
A Prussian White Material, a Preparation
Sheet, a Battery, and an Electrical Device
A Starch-based Hard Carbon Anode
and a Sodium-ion Battery
A Cathode Active Material for a Lithium
Rechargeable Battery, a Preparation
Rechargeable Battery Comprising the
Same
A Hard Carbon Material, a Preparation
Method Thereof, and Applications Thereof
An Anode Active Material for a Lithium
Secondary Battery, a Preparation Method
Thereof, and a Lithium Secondary Battery
Comprising the Same
An Electrode Sheet, a Preparation Method
Thereof, and a Battery
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
A Cathode Active Material Precursor, a
Applications Thereof
A Heat Recovery Device for a Sealed
Furnace
An Assembly Method for Improving
Stability of Coin Cell Testing
A Nickel Pellet Dissolution Process and a
Reaction Device Therefor
A Ceramic Rotary Kiln with Built-in
Heating
A Lithium Iron Phosphate Material, a
Applications Thereof
A Lithium Manganese Iron Phosphate
Thereof, and Applications Thereof
A Method for Recovering Precursor
Batteries
A Method for Recovering Lithium from
Waste Cathode Materials of Lithium-ion
Secondary Batteries to Produce Lithium
Carbonate
A Method for Regenerating Low-calcium
Nickel-Cobalt-Manganese Composite
Sulfate Solution from Waste Cathode
Materials of Lithium Secondary Batteries
A Method for Regenerating Waste Cathode
Materials of Lithium Secondary Batteries
Cobalt-Manganese Complex Sulfate
Solution
A Method for Recovering Precursor
Lithium-ion Secondary Batteries
A Method for Simultaneously Removing
Calcium and Silicon Ions during
Regeneration of Waste Cathode Materials
to Prepare Nickel-Cobalt-Manganese
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Complex Sulfate Solution
A Method for Producing a Nickel Sulfate
Solution for Use as a Raw Material for
Cathode Active Material Precursors of
Lithium Secondary Batteries
A Method for Regenerating Nickel (Ni)-
Cobalt (Co)-Manganese (Mn) Complex
Sulfate Solution from Waste Electrode
Materials
A Method for Recovering Lithium from
Waste Electrode Materials of Lithium
Secondary Batteries to Produce Lithium
Carbonate
A Method for Producing Composite
Sulfate Solution from Battery Scrap, a
Precursor Prepared Therefrom, and a
Secondary Battery Using the Same
A Method for Producing Nickel (Ni)-
Sulfate Solution by Centrifugation
A Method for Producing Composite
Sulfate Solution from Waste Electrode
Materials of Lithium-ion Secondary
Batteries
List of intellectual property rights obtained during the reporting period
Newly added this year Cumulative quantity
Number of Number of
Number of grants Number of
applications applications
(patents) grants (patents)
(patents) (patents)
Invention patent 329 89 959 251
Utility model
patent
Total 412 175 1,618 755
Note: During the reporting period, 17 utility model patents lapsed.
Se Estimated Current Cumulati Prog Specific
Project
ri Total Period ve ress Target to Be Achieved Technical Level Application
Name
al Investme Investm Investme or Prospects
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
N nt Scale ent nt Inter
u Amount Amount im
m Resu
be lts
r
The mass production
High-
process development
compactio
Develop high-compaction, has been completed,
n LFP Mass It is mainly
high-capacity LFP cathode and batch-to-batch
Mass produ applied in
Productio ction new energy
demands of power battery verified; compaction
n Process stage vehicles.
customers. density and capacity
Developm
have met the design
ent Project
target requirements.
Through process
innovation, optimize Have achieved
material performance and advantages including
enhance electrochemical high energy density
Polycrysta Mass It is mainly
performance, including and good cycling
lline produ applied in
Product ction new energy
retention, thereby obtaining production process
Developm stage vehicles.
ultra-high-nickel ternary has been finalized,
ent Project
cathode materials with high and batch stability
capacity and excellent has been verified.
cycling performance.
Ultra- Through integrated process Capacity has reached It is mainly
high- Pilot and technological customer target applied in
capacity stage innovation, develop ultra- requirements, and emerging
Ultra- high-nickel ternary cathode overall performance fields such as
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
high- materials with higher is at a leading level. new energy
nickel capacity and improved vehicles, and
Product cycling performance. low-altitude
Developm aerial
ent Project vehicles.
The first batching focuses
on mixing time, the first
sintering focuses on
temperature and duration,
the second batching focuses
on doping amount, the third
batching focuses on mixing
Ni94
intensity, and the third
Ultra-
sintering focuses on
high-
Prod temperature. Through The products have
nickel
uctio multi-dimensional gradient achieved advantages It is mainly
Dry-
n line verification, the optimal including high applied in
debu parameters of each process energy density and new energy
Single-
gging are precisely determined. good cycling vehicles.
crystal
stage By integrating multiple stability.
Product
processes, including core-
Developm
shell gradient structure
ent Project
design, three-stage
sintering, low-temperature
plasma modification, and
dry mechanical mixing
coating, a fully dry-process
integrated modification
solution is developed,
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
thereby simultaneously
addressing the three core
technical bottlenecks of
high-nickel materials.
Sodium-ion
polyanion cathode
materials are at an
industry-leading
level in terms of It is mainly
capacity, rate applied in
Sodium-
Develop low-cost sodium- capability, and energy
ion Mass
ion battery polyanion cycling storage,
Polyanion produ
Cathode ction
excellent electrochemical expected to meet stop system,
Developm stage
performance. application and low-
ent Project
requirements in speed vehicle
energy storage, markets.
power, start-stop
system, and low-
speed vehicle
markets.
Address the stability and The scaled-up It is mainly
Sodium safety issues of NFS samples are applied in
Iron materials under high- generally start-stop
Sulfate Pilot voltage conditions, and comparable to system, and
Product stage expand application laboratory samples; low-speed
Developm scenarios at extremely low key processes have vehicle
ent Project cost and high cost- been achieved and markets
performance. process control has where price
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
been optimized, with sensitivity is
performance at an high.
industry-leading
level in capacity, rate
capability, and
compaction.
The products have
Develop single-crystal passed validation by
cathode materials with high major customers,
It is mainly
capacity, good cycling meeting
applied in
Prod new energy
High- and good compaction high voltage, high
uctio vehicles, with
voltage performance, with capacity, long cycle
Product relatively low life, and low cost,
debu digital
Developm manufacturing cost, and are able to match
gging products/dron
ent Project meeting market the needs of different
es and other
expectations for energy customers; mass
fields.
density, safety, and low production supply to
cost. key customers is
imminent.
After two rounds of
It is mainly
applied in
High- stage validation, a
Compaction density of 2.45 new energy
compactio (Phas compaction density
n Product e I of 2.35 g/cm? and a
mAh/g. vehicles and
Developm comp capacity of 150
commercial
ent Project leted) mAh/g can be stably
vehicles.
reproduced.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Solid- -scale innovation, upgrade been completed, and applied in
liquid trial existing products to develop the products new energy
Integrated produ materials with high capacity basically meet EV passenger
Cathode ction and high compaction while customer vehicles and
Material ensuring improved cost requirements for commercial
Developm competitiveness. direct application; vehicles.
ent Project mass production is
expected in the
second half of the
year.
Kilogram-scale
Halide It is applied in
Develop halide electrolytes preparation of halide
Solid-state Labo the fields of
with small particle size and electrolytes has been
Electrolyt rator all-solid-state
e y batteries and
use with high-nickel size meets target
Developm stage new energy
cathodes. requirements, and air
ent Project vehicles.
stability is excellent.
Sulfide
Develop high-purity, ultra-
Electrolyt
Labo fine lithium sulfide
e The process It is applied in
rator materials to meet the
y requirements of high ionic
n Process finalized. applications.
stage conductivity sulfide
Developm
electrolytes.
ent Project
High- Develop high-compaction High-compaction
Labo It is mainly
compactio LMFP materials with high products have
rator applied in
y new energy
Cathode reaching an industry- project targets and
stage vehicles.
Material leading level. are at an industry-
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Developm leading level.
ent Project
The precursor
materials exhibit
good sphericity, no
Develop ultra-high-nickel
particle cracking, It is mainly
Ni96 precursors (Ni ≥ 92%) with
and a narrow applied in
Batch- Pilot high capacity and excellent
distribution (0.60- new energy
process produ cycling performance,
Precursor ction improving gas generation,
corresponding 3C small
Developm stage internal resistance, and
cathode products power
ent Project high-temperature cycling
demonstrate high applications.
performance.
capacity and good
cycling
performance.
The precursor
materials show high
consistency in
whisker morphology
Ni83
Develop high-nickel small- and high specific
Small- Mass It is mainly
particle precursor products surface area (BET:
particle produ applied in
Precursor ction new energy
cycle life, and low the corresponding
Developm stage vehicles.
impedance. cathode products
ent Project
demonstrate high
capacity and good
cycling
performance.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Polycrysta produ precursors with high materials exhibit applied in
lline ction capacity and excellent good sphericity, no new energy
Precursor stage cycling performance, particle cracking; the vehicles.
Developm improving gas generation, corresponding
ent Project internal resistance, and cathode products
high-temperature cycling demonstrate high
performance. capacity and good
cycling
performance.
The precursor
materials have high
Develop mid- and low-
BET (20 ± 4 m?/g),
Mid- to nickel precursors with high
good sphericity, and It is mainly
Low- Prod capacity, excellent cycling
high particle applied in
nickel uctio performance, and high rate
uniformity; the new energy
Single- n line performance, improving
crystal debu capacity, storage
cathode products 3C small
Precursor gging performance, and high-
demonstrate high power
Developm stage temperature cycling
capacity, high rate applications.
ent Project performance under high-
performance, and
voltage conditions.
good cycling
performance.
T
ot / 41,522.06 25,350.98 / / / /
al
According to data from authoritative institutions such as EVTank, GGII, and SNE Research, China’s
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
total lithium battery shipments reached 1,888.6 GWh in 2025, representing a year-on-year increase of
primary growth driver of the industry, while power batteries maintained steady growth of 51.2%. The
demand structure of the industry has thus exhibited a differentiated pattern characterized by “energy
storage leading and power batteries providing support”. From a global perspective, the penetration rate of
new energy passenger vehicles in China has exceeded 53%, indicating entry into a mature stage of
development. In contrast, Europe (22.7%) and the United States (10%) remain in earlier stages. As
geopolitical impacts gradually ease and carbon emission policies are implemented, overseas markets
present substantial incremental growth potential. In 2025, overseas installations of Chinese power battery
enterprises reached 218 GWh, with a market share of 47.2%. This milestone signifies a transition of
Chinese lithium battery companies from simple product exports to a deep cooperation model involving
overseas manufacturing, localization of customer support, and integration into local supply chains.
In the cathode materials sector, ternary materials have formed a parallel development pattern of mid-
to-high nickel and high-nickel technologies. High-voltage products in the 6-series mid-nickel segment
continue to grow, driven by strong demand from best-selling vehicle models, while the market share of 5-
series materials has declined due to the impact of elevated cobalt prices. The high-nickel route
demonstrates broad application prospects as it aligns closely with emerging scenarios such as solid-state
batteries, the low-altitude economy, and humanoid robotics. LFP materials recorded shipments of 3.944
million tonnes, representing a year-on-year increase of 62.5% and accounting for 79.1% of total cathode
material shipments. High compaction density has become a core competitive factor. Industry competition
is shifting from “scale expansion” to “structural optimization and technological advancement”. With the
gradual commissioning of LFP plants established by Chinese battery companies in Europe, localization of
overseas supply chains is expected to accelerate. In addition, sodium-ion batteries, benefiting from
advantages in resource availability and cost, are accelerating commercialization in both power and energy
storage applications, with 2025 marking a critical milestone. LMFP, offering an energy density
improvement of approximately 15%–20% over LFP, is expanding across both standalone and blended
application scenarios and is expected to become a next-generation upgrade product.
Changes in the new energy industry landscape are closely linked to cathode materials. The arrival of an
“energy singularity” is being brought forward: when the combined cost of photovoltaic power generation
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
and energy storage falls below that of thermal power, coupled with AI-enabled smart grids, it is driving
explosive growth in the energy storage market. This trend is directly reshaping demand for cathode
materials, with energy storage emerging as the core growth engine and significantly boosting demand for
LFP and sodium-ion cathode materials. The industry is transitioning from a single-driver model centered
on power batteries to a dual-engine model of “power batteries + energy storage”. Technology pathways
are becoming increasingly diversified, and competition has evolved from capacity scale to a
comprehensive contest of technology, cost efficiency, and globalization capabilities. The Company’s
transformation from a leading ternary materials manufacturer to a platform-based materials industrial
group, covering ternary materials, LFP, sodium-ion, and LMFP products, represents a precise response to
these industry trends.
The Company adheres to the development mission of “developing the new energy industry,
improving the human living environment, creating a bright future for the Company and its employees, and
giving back to society”, with the vision of “establishing a new energy industry cluster with first-class
innovation capabilities and a high degree of commercial civilization”. In 2021, the Company introduced
its “New Integration” strategy, guided by the principle of “being the strongest, cooperating with the
strongest, and mutual growth”. This strategy encompasses seven key dimensions: specialization,
integration, platformization, ecosystem development, digital and intelligent transformation, globalization,
and organizational enhancement. Building on this foundation, the Company proposed a full-coverage
cathode materials market strategy in 2022, aiming to become a platform-based integrated supplier
covering multiple product categories, including high-nickel, LMFP, sodium-ion batteries, and LFP. In
in South Korea, Europe, and the United States. In 2024, substantial progress was achieved in globalization,
with the first phase of the South Korea base (20,000 tonnes) reaching full production capacity and the
second phase nearing commissioning, alongside the completion of the acquisition of a Polish factory and
the registration of a North American subsidiary.
In 2025, the Company accelerated its transformation into a platform-based materials industrial group.
In the ternary materials segment, the mid-nickel high-voltage production line at the Zunyi base completed
technical upgrades and has passed validation by core customers. In the LMFP segment, sales volume
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
doubled through mergers and acquisitions integration, achieving application in power battery installations.
In the sodium-ion business, the Company entered into a strategic cooperation agreement with CATL,
establishing itself as the “primary supplier of sodium-ion cathode powders”. In the LFP business segment,
leveraging continuous mergers and acquisitions, the Company entered the market with a new low-cost,
high-performance production process and made significant progress in customer onboarding and capacity
acquisitions. In the field of solid-state batteries and new materials, ton-level shipments of all-solid-state
cathode materials have been achieved, and a pilot production line for sulfide electrolytes has commenced
construction.
In 2026, the Company will continue to deepen its “New Integration” strategy, advancing initiatives
across three core directions: globalization, platformization, and ecosystem development. Globalization:
Accelerate the construction and commissioning of the Polish base in Europe, advance the implementation
of the North American base, further improve the recycling industry chain layout of the South Korea base,
and continuously increase overseas market share. Platformization: Promote large-scale application of
LMFP, accelerate mass production and delivery of sodium-ion materials, achieve stable operations in the
LFP business, consolidate the technological leadership of high-nickel ternary materials, and enhance a
full-coverage cathode materials product portfolio. Ecosystem Development: Upgrade from a single
cathode materials manufacturer to a comprehensive solutions provider for battery materials, building a
full-industry-chain ecosystem characterized by “diversified technologies, circular recycling, green
manufacturing, and global collaboration”.
Through the effective implementation of the above development strategies, the Company aims to
continuously enhance its global competitiveness and steadily advance toward its strategic objective of
becoming the global leader in the cathode materials industry.
In light of the sustained rapid development of the global new energy industry and the increasing
diversification of battery materials technologies, in 2026, the Company will maintain its leading position
in high-nickel ternary materials while leveraging its significant competitive advantages in LFP and
sodium-ion cathode materials to achieve technological breakthroughs and capacity expansion in its core
businesses.
(I) Optimizing Ternary Cathode Product Structure with a Focus on High-end, Precision and Advanced
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Products
In 2026, the Company will continue to consolidate its technological advantages in high-nickel and
ultra-high-nickel products, while simultaneously developing and upgrading mid-nickel high-voltage
products. Among these, new-generation high-nickel products are expected to enter the mass production
stage, with shipments projected to reach kilotonne scale in the second half of 2026. Meanwhile, high-
nickel and ultra-high-nickel products will continue to support key customers in pilot-scale mass production
of solid-state batteries, while expanding applications in emerging fields such as the low-altitude economy
and humanoid robotics. For mid-nickel high-voltage products, the Company will accelerate the production
line retrofitting and stabilize mass production. Shipments are expected to commence gradually in the
second quarter of 2026. Subsequent efforts will focus on further upgrading mid-nickel production lines
and expanding capacity to support rapid volume growth of mid-nickel high-voltage products. In terms of
overseas deployment, the first phase of the Polish base, with an annual capacity of 25,000 tonnes of high-
nickel production lines, is expected to complete construction in the second half of the year and enter
product commissioning and customer certification stages, providing localized supply support for the
European market. At the same time, in response to requirements under the U.S. “One Big Beautiful Bill
Act”, the Company will restructure its South Korea operations. Upon completion of the adjustment, the
Company will hold a 24.9% equity interest in its South Korea business, enabling it to continue benefiting
from operations in the North American market.
(II) Accelerating Capacity Expansion and Product Development by Leveraging LFP Technical
Advantages and Policy Support
In 2026, the Company will fully leverage its technological strengths in LFP cathode materials and
benefit from supportive government industrial policies to accelerate capacity expansion in order to meet
the growing demand from both domestic and international power and energy storage customers. In January,
the Company entered into a long-term procurement agreement with CATL, establishing a solid foundation
of long-term orders. The Company plans to rapidly construct, at low cost, production capacity with an
annual output of 300,000 tonnes in Guizhou by leveraging local policy support and the advantages of the
“one-step” process, ensuring alignment between capacity and customer demand. Meanwhile, the
Company will continue to advance product iteration by developing next-generation products with higher
compaction density, thereby enhancing performance and market competitiveness. Through its combined
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
advantages in product competitiveness and the ability of rapid capacity expansion, the Company is well-
positioned to achieve a leading position in the LFP sector.
(III) Accelerating Industrialization of Sodium-ion Materials to Build a Strategic Growth Engine
In 2026, the Company will comprehensively advance the industrialization of sodium-ion cathode
materials, focusing on core application scenarios such as energy storage, start-stop systems, and low-speed
mobility. The Company’s polyanionic sodium-ion products already demonstrate industry-leading
performance and will continue to iterate across key performance indicators, including cycle life, rate
capability, and compaction density, ensuring sustained competitiveness across multiple end-use
applications. As downstream customer validation progresses, shipments are expected to ramp up in the
second half of 2026, with annual shipments reaching the ten-thousand-tonne level. The Company also
plans to complete construction of sodium-ion cathode capacity with an annual output of 50,000 tonnes in
the second half of 2026. In parallel, the Company will advance R&D of supporting materials, including
hard carbon anodes and electrolytes, while optimizing production line compatibility to build a fully
integrated industry chain advantage.
Amid rising pressures from raw material and energy costs, sodium-ion batteries demonstrate clear
cost advantages. The Company will continue to enhance the alignment between product performance and
cost efficiency, thereby reinforcing its core competitiveness in end markets.
(IV) Formal Mass Production and Profitability of LMFP in the Commercial Vehicle Segment
In 2026, the Company will continue to adhere to innovation-driven R&D, align with market demand,
and enhance profitability. In terms of end-use applications, the Company will ensure the formal mass
production of LMFP products in commercial vehicle projects and promote the adoption of standalone
LMFP solutions in passenger vehicle applications. In terms of product performance, the Company will
ensure that key technical indicators, including capacity and compaction density, meet expected targets,
while also exploring product applications in the energy storage sector. In terms of capacity, the Company
expects to commission additional dedicated production lines for power battery applications to meet
delivery requirements of power battery customers.
(V) Advancing the “New Integration” Strategy to Build Global Circular and Supply Chain
Advantages
In 2026, the Company will continue to advance its “New Integration” strategy and establish a global
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
industrial chain covering raw material procurement, manufacturing, and end-product delivery. The
Company will further deepen strategic cooperation with global resource suppliers and actively promote
capital cooperation and project development for resources such as lithium, phosphorus, nickel, and cobalt,
thereby ensuring the security of global raw material supply and maintaining cost advantages, while
building an internationally competitive supply chain system.
To promote the implementation of a circular and ecosystem-oriented supply chain, the Company
plans to establish dedicated centers for recycling technology development, advanced recycling research,
and recycling business development across its cathode materials sub-groups, technology sub-groups, and
Ronbay Trading. These initiatives will focus on developing recycling technologies and circular supply
chains for all cathode materials, enabling full lifecycle management of battery materials and fostering a
green, fully circular industrial chain to strategically support the Company’s global operations and
sustainable development.
(VI) Building a Global, Efficient Organization and Attracting Top Talent Worldwide
Looking ahead to 2026, the Company will focus on strengthening organizational capabilities, aiming
to build a globally adaptable and efficient organization while continuously enhancing organizational
effectiveness. The Company will establish cross-functional and cross-regional collaboration platforms to
facilitate knowledge sharing, promote process optimization, foster an innovation-driven culture, and
improve organizational agility, thereby laying a solid organizational foundation for the development of a
global materials platform.
At the same time, the Company will implement a global talent recruitment strategy by expanding
diversified recruitment channels and attracting outstanding talent worldwide. Work locations will span key
regions in China as well as overseas markets including South Korea, Poland, and North America, enabling
the Company to attract young and high-potential talent globally.
In terms of talent development system construction, the Company will deepen cooperation with
leading domestic and international universities and research institutions to attract high-end core talent.
Internally, comprehensive training programs and mentorship systems will be implemented to cultivate
professional talent across various fields and enhance overall team expertise and innovation capabilities.
To create an environment conducive to talent development, the Company will further optimize its
incentive mechanisms and offer competitive compensation and benefits packages, including special
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
project awards and medium- to long-term incentives, ensuring that talent value is fully recognized. In
addition, the Company will foster a corporate culture that encourages innovation, unlocking the creative
potential of its teams and providing strong talent support for its competitiveness in global markets.
(VII) Strengthening Group Risk Management and System Development
In 2026, the Company will adopt a professional approach to establish a comprehensive risk
management system, embedding risk management and internal control compliance frameworks
throughout the entire business process to ensure effective prevention and control before, during, and after
operations. Key risks will be proactively identified and mitigated, including geopolitical risks, regulatory
compliance risks, operational risks, financial risks, and integrity risks, to prevent significant operational
and compliance incidents. Each business division and sub-group will establish dedicated risk management
teams that will work in close coordination with the Group headquarters to ensure that risk and internal
compliance management are integrated into core processes such as strategy, investment, production, and
supply chain management. At the same time, the Company will enhance its brand communication and
public opinion risk management mechanisms, optimize strategic procurement and tendering processes,
and implement internal supervision and compliance systems to effectively prevent and eliminate
corruption. Furthermore, the Company will continue to improve and standardize its institutional
frameworks and process management, thereby comprehensively enhancing the Group’s risk prevention
and control capabilities.
Section V Corporate Governance
During the reporting period, the Company strictly complied with the requirements of applicable laws
and regulations, including the Company Law of the People’s Republic of China, the Securities Law of the
People’s Republic of China, the Code of Corporate Governance for Listed Companies in China, and the
Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules, as well as the
provisions of the Articles of Association. The Company continuously improved its corporate governance
structure and internal control systems to ensure standardized and effective operations. During the reporting
period, in accordance with the latest requirements of applicable laws and regulations, the Company revised
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
its Articles of Association and a series of governance policies, including the Rules of Procedure for
Shareholders’ Meetings, Rules of Procedure for the Board of Directors, Rules of Procedure for the Audit
Committee, Nomination Committee, Remuneration and Appraisal Committee, and Strategy Committee,
as well as the Management System for Raised Funds. The Supervisory Board was abolished, and its
functions were assumed by the Audit Committee of the Board of Directors, with the Rules of Procedure
for the Supervisory Board being repealed. The specific corporate governance practices are as follows:
(1) Shareholders and Shareholders’ Meetings: during the reporting period, the Company convened
and held shareholders’ meetings in strict compliance with the Company Law, the Articles of Association,
and the Rules of Procedure for Shareholders’ Meetings. Shareholders fully exercised their decision-
making rights in accordance with the law, and their legitimate rights and interests were fully protected.
(2) Relationship between the Controlling Shareholder and the Listed Company: the Company and its
controlling shareholder maintain independent systems in terms of personnel, assets, finance, organization,
and business operations, and conduct independent accounting. The controlling shareholder does not
interfere with the Company’s day-to-day operations, and there has been no misappropriation of the
Company’s funds.
(3) Directors and the Board of Directors: The Board of Directors operates effectively and exercises
the powers conferred by shareholders in strict accordance with the Company Law, the Code of Corporate
Governance for Listed Companies, the Articles of Association, and the Rules of Procedure for the Board
of Directors. Independent directors and the Board’s specialized committees play an important role in
decision-making and actively participate in the Company’s management and governance. Currently, the
Board of Directors comprises nine members, including three independent directors. The Board has
established four specialized committees, namely the Audit Committee, the Remuneration and Appraisal
Committee, the Nomination Committee, and the Strategy Committee. The composition of the Board and
its committees complies with the requirements of the Administrative Measures for Independent Directors
of Listed Companies and the Self-Regulatory Guidelines for Listed Companies on the Science and
Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation.
(4) Supervisors and the Board of Supervisors: During the reporting period, the former Supervisory
Board duly performed its duties in accordance with the Company Law, the Articles of Association, and
the Rules of Procedure for the Supervisory Board. It reviewed the Company’s financial position and the
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
preparation of periodic reports and provided its review opinions, while supervising the performance of
duties by directors and senior management in compliance with applicable laws and regulations. During
the reporting period, in accordance with regulatory requirements, the Company abolished the Supervisory
Board, and the Audit Committee of the Board of Directors now exercises the powers and functions of the
Supervisory Board under the Company Law. It is responsible for reviewing the Company’s financial
information and disclosures, as well as overseeing and evaluating internal and external audit work and
internal controls.
(5) Performance Evaluation and Incentive and Constraint Mechanisms: The Company has established
fair and transparent performance evaluation standards and procedures for directors and senior management,
as well as an appraisal mechanism linking remuneration with Company performance and individual
performance. Senior management and core employees have maintained relative stability, ensuring the
Company’s sustainable development.
(6) Stakeholders: The Company fully respects the legal rights of stakeholders including shareholders,
employees, customers, suppliers, and investors. It has established diversified communication channels
based on the categories of stakeholders, ensuring the effectiveness and regularity of communication.
Meanwhile, it actively responds to the expectations and demands of various stakeholders. The Company
enhances communication with shareholders and investors through channels such as shareholders’ meetings,
performance briefings, and investor hotlines, listening to their demands and suggestions; strengthens the
protection of employee rights, supports the Workers’ Congress and trade union organizations in exercising
their powers according to law, jointly promoting the Company’s sustainable and healthy development;
conducts on-site assessments and technical training for suppliers to maintain close ties, aiding in the
quality improvement of supplied products, and fostering a win-win business atmosphere; actively holds
customer communication meetings and conducts customer satisfaction surveys to protect customer rights.
(7) Information Disclosure and Transparency: The Company designates the China Securities Journal,
Shanghai Securities News, Securities Daily, Securities Times and the Shanghai Stock Exchange website
as the media for information disclosure. The Company strictly complies with the provisions of relevant
laws, regulations and rules and fully fulfills its information disclosure obligations as a listed company. The
Company’s directors and senior management guarantee that the information disclosed by the Company is
true, accurate, complete, timely and fair, and actively safeguard the legitimate rights and interests of the
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Company and investors.
Reporting Period
Term Start
Name Position Gender Age Term End Date
Date
Chairman, General Manager, and
Bai Houshan Male 62 3/9/2018 8/2/2027
core technical personnel
Vice Chairman and core technical
You Sangyul Male 66 3/9/2018 8/2/2027
personnel
Director and Deputy General
Zhang Huiqing Male 59 3/9/2018 8/2/2027
Manager
Song Wenlei Director Male 60 6/29/2021 8/2/2027
Feng Tao Director Female 38 4/18/2023 8/2/2027
Fu Linjun Director Male 52 8/3/2024 8/2/2027
Nie Xin Independent Director Male 54 8/3/2024 8/2/2027
Li Yunjiao Independent Director Female 63 8/3/2024 8/2/2027
Mei Yuexin Independent Director Female 62 8/3/2024 8/2/2027
Deputy General Manager
Sun Hui Male 45 8/3/2024 2/9/2026
(Resigned)
Liu Dexian Deputy General Manager Male 52 8/3/2024 8/2/2027
Yang Yang Chief Financial Officer (Resigned) Female 43 8/3/2024 2/26/2026
Yu Jiyun Secretary of the Board of Directors Male 41 8/3/2024 8/2/2027
Deputy General Manager and core
Lee Jonghee Male 51 8/3/2024 8/2/2027
technical personnel
Yuan Xujun Core technical personnel Male 42 3/12/2018 To date
Mo Jiguo Core technical personnel Male 58 8/3/2024 To date
Wang Zunzhi Core technical personnel Male 35 8/3/2024 To date
Yuan Yong Core technical personnel Male 46 8/3/2024 To date
Note:
personal reasons and no longer holds any position within the Company following his resignation.
longer holds any position within the Company following her resignation. For further details, please refer
to the announcement disclosed by the Company on February 28, 2026, on the website of the Shanghai
Stock Exchange (www.sse.com.cn), titled “Announcement on the Resignation of the Chief Financial
Officer and the Designation of a Director and Deputy General Manager to Perform the Duties of Chief
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Financial Officer” (Announcement No. 2026-009).
Personnel During the Reporting Period
Name Main work experience
Bai Houshan, male, born in 1964, Chinese nationality, with permanent residency in the United States. Mr.
Bai Houshan graduated from Central South University with a major in Non-Ferrous Metallurgy,
Northeastern University with a major in Heavy Metal Pyrometallurgy, and obtained an MBA from
Tsinghua University. From September 1984 to July 1987, Mr. Bai Houshan worked as a technician in the
Metallurgy Department at Shenyang Institute of Mining and Metallurgy; from September 1987 to March
Bai Houshan Senior Engineer, and Project Team Leader of Metallurgy Department, Beijing General Research Institute
of Mining & Metallurgy (BGRIMM)y; Factory Manager of Electronic Powder Material Factory; Manager
of the Electronic Center of BGRIMM; and Deputy Director of the Metallurgy Department at BGRIMM;
from December 2001 to March 2012, he served as Director and General Manager of Beijing Easpring
Material Technology Co., Ltd.; from 2013 to the present, he has been Chairman and General Manager of
Ronbay Holdings; from October 2015 to the present, he has been Chairman of the Company; and from
August 2024 to the present, he has been serving as General Manager of the Company. From May 2022 to
June 2024, he served as director of Zowee Technology.
You Sangyul, male, born in 1960, South Korean nationality. Mr. You Sangyul graduated from the Graduate
School of Physics at Hanyang University, South Korea. From August 1984 to November 2002, Mr. You
Sangyul successively held positions including Researcher at Samsung SDI Comprehensive Research
Institute and Head of Samsung SDI Material and Drug Manufacturing Department; from January 2003 to
You Sangyul
April 2005, he served as Technical Advisor and General Manager at JAMR (a Sino-Canadian joint
venture); from May 2005 to December 2009, he served as General Manager of the Lithium-Ion Cathode
Material Division at South Korea's L&F; in 2010, he founded EMT Co., Ltd. and served as Chairman and
General Manager; from October 2014 to the present, he has been serving as the Company's Vice Chairman.
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Zhang Huiqing, male, born in 1967, Chinese nationality, without overseas permanent residency. Mr. Zhang
Huiqing graduated from Beijing University of Chemical Technology and obtained an MBA from
University of Science and Technology Beijing. From 1989 to 1998, Mr. Zhang Huiqing held positions at
Jinan San'ai Fufu Chemical Co., Ltd., including Production Scheduler, Deputy Director and Director of
Production Planning Department, Manager of Production Department, and Manager of General
Management Department; from January 1999 to February 2000, he served as Production Manager at
Zhang
Vicome Greenland Group of Shandong Shengli Co., Ltd.; from March 2000 to December 2001, he served
Huiqing
as Production Manager at Beijing Furunda Chemical Co., Ltd.; from 2002 to July 2012, he held various
roles at Beijing Easpring Material Technology Co., Ltd., including Factory Production Manager, Assistant
to the General Manager, Production Director, Operations Director, Deputy General Manager and
Production Director; from 2013 to 2014, he served as Deputy General Manager of Ronbay Holdings; from
February 2026, he has been performing the duties of Chief Financial Officer on an acting basis.
Song Wenlei, male, born in 1966, Chinese nationality, without overseas permanent residency. Mr. Song
Wenlei graduated from School of Economics and Management, Tsinghua University with a master's degree
in Finance. From November 1997 to December 2009, he served as General Manager of the Research
Department, General Manager of Venture Capital Department, and General Manager of Mergers and
Acquisitions at CITIC Securities Co., Ltd.; from January 2010 to July 2013, he served as Managing
Song Wenlei Director of Goldstone Investment Limited; from August 2013 to April 2018, he served as Chief Investment
Officer and Managing Director of China Capital Management Co., Ltd., and General Manager of China
Securities Funds Management Limited; from May 2018 to the end of 2023, he served as General Manager
of the Strategic Investment Development Division and Chief Investment Officer of Strategic Equity
Investment at Sunshine Insurance. From June 2021 to the present, he has been serving as Director of
Ronbay Technology.
Feng Tao, female, Chinese nationality, without overseas permanent residency. Ms. Feng graduated from
the School of Economics and Management of Tsinghua University with a Master of Business
Feng Tao Administration degree. She previously served as Securities Affairs Representative and Head of the
Securities Department at BGRIMM Magnetic Materials & Technology Co., Ltd., and as Securities Affairs
Representative and Deputy General Manager at Beijing Sumavision Technologies Co., Ltd. Since April
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Manager of Beijing Ronbay Investment Holdings Co., Ltd.
Fu Linjun, male, Han ethnicity. Mr. Fu Linjun graduated from China Pharmaceutical University with a
major in Pharmaceutical Analysis, holds a master's degree from China Pharmaceutical University, and an
EMBA from Cheung Kong Graduate School of Business. From July 1998 to September 2000, he taught at
Guangxi Medical University; from June 2003 to March 2004, he served as Investment Manager at
Guangzhou Technology Venture Capital Co., Ltd.; from March 2004 to September 2006, he served as
Senior Investment Manager at Shenzhen Leaguer Venture Capital Co., Ltd.; from October 2006 to June
Fu Linjun
June 2010 to March 2011, he served as Partner at Kunwu Jiuding Investment Holding Co., Ltd.; from
March 2011 to the present, he has been serving as Chairman and General Manager of Shenzhen Wuyue
Capital Management Co., Ltd.; from April 2020 to December 2023, he served as Partner at Hongtai Aplus.
He previously served as supervisor at Beijing Easpring Material Technology Co., Ltd., director at Honz
Pharmaceutical Co., Ltd., and director at Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.
Nie Xin, male, Han ethnicity, born in 1972. Mr. Nie Xin graduated from the Department of Statistics at
Renmin University of China, obtaining a Bachelor's degree in Economics. From July 1996 to May 1998,
he worked at Statistical Research Magazine; from June 1998 to July 2001, he worked at Beijing Huanxin
Consulting Co., Ltd., engaged in soft research projects; from August 2001 to March 2004, he engaged in
new material industry consulting services; from April 2004 to March 2009, he worked at Beijing New
Nie Xin Material Development Center (one of the member units under the Beijing Organizing Committee for the
Olympic Games), participated in the 2008 Beijing Olympic Electric Bus Project, responsible for relevant
research on the Chinese lithium battery industry. From April 2009 to the present, he has been providing
consulting and market research services to lithium battery companies; in September 2010, he registered
and established Beijing Huaqing Zhengxing Technology Development Co., Ltd., creating the brand RealLi
Research, focusing on lithium battery industry research, market research, and consulting services.
Li Yunjiao, female, Han ethnicity, born in 1963. Ms. Li Yunjiao graduated from the Department of
Nonferrous Metallurgy at Central South University of Technology, obtaining a Master's degree in
Li Yunjiao
Engineering, and later stayed at the university as a faculty member. In 2002, she obtained a Doctorate in
Engineering in Nonferrous Metallurgy from Central South University. From September 1987 to September
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Supervisor at Central South University of Technology; from October 2004 to October 2009, she served as
Visiting Professor at McGill University in Canada, Postdoctoral Fellow and Associate Researcher at the
University of Toronto, and Senior Metallurgist at the Bio-Industrial Process Research Centre; from
October 2009 to the present, she serves as Professor (Level 2) and Doctoral Supervisor at the School of
Metallurgy and Environment, Central South University. Ms. Li Yunjiao has long been engaged in scientific
research related to new energy materials and non-ferrous metal hydrometallurgy, dedicating herself to the
preparation of new energy materials such as lithium-ion battery cathode materials, as well as the
development of new technologies and processes in the field of tungsten and molybdenum hydrometallurgy,
achieving significant results.
Mei Yuexin, female, Han ethnicity, born in 1964. Ms. Mei Yuexin graduated from Hangzhou Electronic
Industry College with a major in Financial Accounting, holding a Bachelor's degree in Economics and an
EMBA from Peking University. Ms. Mei Yuexin is a Senior Accountant and a Certified Public Accountant.
From July 1986 to July 1995, she served as Lecturer at Hangzhou Electronic Industry College; from July
Accountants; from January 1999 to August 2002, she served as Senior Manager at Shenzhen Tongren
Certified Public Accountants; from August 2002 to August 2012, she served as Senior Manager and Deputy
Chief Accountant at Shenzhen Pengcheng Certified Public Accountants; from August 2012 to December
Mei Yuexin
Member of the Internal Control Committee at Ruihua Certified Public Accountants. Ms. Mei Yuexin has
previously served as Independent Director for multiple listed companies, including Shenzhen Agricultural
Power Group Co., Ltd., Shenzhen Tongchan Lixing Technology Group Co., Ltd., Shenzhen ZQGame Co.,
Ltd., Shenzhen Batian Ecotypic Engineering Co., Ltd., and Shenzhen New Trend International Logis-Tech
Co., Ltd. Since May 2024, she has served as an independent director of ShenZhen AsiaTek Technology
Co., Ltd.; since August 2024, she has served as an independent director of the Company; and since
September 2025, she has served as an independent director of Shenzhen Cereals Holdings Co., Ltd.
Lee Jonghee, male, born in 1975, South Korean nationality. Mr. Lee Jonghee graduated from Kyushu
Lee Jonghee University in Japan with a major in Applied Chemistry and obtained a Doctor of Engineering degree. From
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
he worked as Senior Engineer at Samsung SDI Battery Development Center; from 2012 to 2016, he served
as Chief Engineer at Battery Materials Research Center of GS Energy Corporation; from 2017 to the
present, he has successively held positions as Deputy Dean of Central Research Institute and President of
the R&D System of the Company.
Liu Dexian, male, born in 1974, Chinese nationality, without overseas permanent residency. Mr. Liu
Dexian graduated from Beijing Institute of Technology with a Master's degree in Materials Science and
Engineering. From January 1999 to May 2004, Mr. Liu Dexian held various positions at Beijing Easpring
Material Technology Co., Ltd., including Marketing Engineer, Marketing Department Manager, and
Liu Dexian
Assistant to the General Manager; from June 2004 to July 2017, he served as Sales Manager and Regional
Sales Director for VALE Base Metals Business Unit in China; from July 2017 to the present, he has
successively held positions as General Manager, Assistant President, and Deputy General Manager of the
International Trade Division of the Company.
Yu Jiyun, male, born in 1985, Chinese nationality, graduated with a Bachelor's degree in Powder Materials
Science and Engineering from Central South University, and holds qualifications as Board Secretary for
Shanghai Stock Exchange Science and Technology Innovation Board and Fund Industry Qualification
Certificate. From July 2007 to June 2013, he served as the marketing manager and investment manager at
Beijing Easpring Material Technology Co., Ltd.; from June 2013 to July 2014, he was the investment
Yu Jiyun
director at Beijing Ronbay Investment Holdings Co., Ltd.; from March 2020 to July 2023, he served as
general manager of investment at Beijing Ronbay New Energy Investment Management Co., Ltd. From
July 2022 to the present, he has been serving as Supervisor at the Company's holding subsidiary, Tianjin
Skyland Technology Co., Ltd.; from August 2023 to the present, he has been the Board Secretary of the
Company; from January 2024 to August 2024, he served as Financial Director of the Company.
Yuan Xujun, male, born in 1984, Chinese nationality, without overseas permanent residency. Mr. Yuan
Xujun graduated from Ningbo University with a Bachelor of Science degree in Chemistry. From July 2007
to June 2008, Mr. Yuan Xujun served as Research Assistant in the Fuel Cell Division of the Ningbo Institute
Yuan Xujun
of Materials Technology and Engineering, Chinese Academy of Sciences; from July 2008 to September
October 2014 to the present, he has been engaged in the R&D of lithium-ion battery cathode materials at
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
the Company, serving successively as Deputy General Manager of the Cathode Division, General Manager
of the Ternary Cathode Division, and Assistant to the President.
Mo Jiguo, male, Han ethnicity, born in 1968, Chinese nationality. Mr. Mo Jiguo graduated from Sichuan
University (formerly Chengdu University of Science and Technology) with a Bachelor of Engineering in
Chemical Engineering; from July 1992 to October 2002, he served as Senior Engineer and Project Manager
at China Carbon Black Institute; from October 2002 to March 2004, he served as Project Manager in the
Engineering Department of Beijing Easpring Technology; from April 2004 to June 2017, he served as
Mo Jiguo Senior Process Engineer and Project Manager at Worley China (Beijing Worleyparsons Engineering
Technology Co. Ltd.); from July 2017 to the present, he has successively held positions as General
Manager of the Company's Engineering Research and Design Institute, Deputy Dean of the Engineering
Academy and General Manager of the Engineering Institute, Deputy Dean of the Central Research Institute
and General Manager of the Engineering Institute, and Executive Deputy General Manager of the
Engineering Business Division.
Wang Zunzhi, male, Han ethnicity, born in 1991, Chinese nationality. Mr. Wang Zunzhi graduated from
the School of Science, Tianjin University with a major in Chemistry; he obtained a Ph.D. in Chemistry in
Engineering, Zhejiang University, focusing on the development and application of high-energy-density
Wang Zunzhi lithium-ion battery cathode material lithium nickel oxide. Since joining Ronbay Technology in July 2018,
he has successively served as development engineer at the Central Research Institute, head of the Multi-
Product Development Department, assistant to director of the Cathode Research Institute, general manager
of the Product Development Center of the Cathode Division, and general manager of the Sodium Battery
Division.
Yuan Yong, male, Han ethnicity, born in 1980, Chinese nationality. Mr. Yuan Yong graduated from Henan
University of Science and Technology, majoring in Chemical Engineering and Technology; from July 2003
to December 2006, he was lithium-ion battery R&D engineer and project supervisor at Henan Huanyu
Yuan Yong Group’s R&D Center; from January 2007 to April 2009, he served as chief engineer and deputy general
manager at Jiaozuo Yixing Lithium Battery Technology Co., Ltd.; from May 2009 to October 2019, he
was the R&D Department manager and chief engineer at Tianjin STL Energy Technology Co., Ltd.; since
January 2020, he has been the chief engineer and deputy general manager at Tianjin Ronbay Skyland
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Technology Co., Ltd.
Sun Hui, male, Han ethnicity, born in 1981, Chinese nationality, without overseas permanent residency.
Mr. Sun Hui graduated from Fudan University with a major in Applied Chemistry and obtained a Master's
degree in Chemical Engineering and Technology from Zhejiang University. From September 2007 to April
Manager, Process Optimization Center Manager, Quality Manager, and Quality and Supply Chain
Manager; from April 2019 to May 2022, he served successively as General Manager of the Quality,
Sun Hui
Environment, and Safety Center, Deputy General Manager of the Precursor Division and concurrently as
(Resigned)
President of Korean EMT, and Assistant President and concurrently as Executive Deputy Dean of the
Central Research Institute; from November 2022 to June 2024, he successively held positions as General
Manager of the Precursor Division, Co-President of the Market System, Co-President of the R&D System,
concurrently as General Manager of the Precursor Division, and President of the Precursor Business and
concurrently as President of the Market System; from June 2024 to February 2026, he served as Executive
Vice President of the Company.
Yang Yang, female, Han ethnicity, born in 1983, Chinese nationality. Ms. Yang Yang graduated with a
Bachelor's degree in Management from the Guanghua School of Management, Peking University. From
July 2006 to May 2011, she served as Financial Assistant Manager at Daimler Greater China Ltd. (Fortune
Global 500); from May 2011 to June 2015, she served as Financial Manager at Volvo (China) Investment
Yang Yang Co., Ltd.; from June 2015 to March 2021, she served as Financial Director at Dongfeng Infiniti Motor Co.,
(Resigned) Ltd.; from March 2021 to January 2023, she served as Chief Financial Officer at Zhejiang Soterea
Technology Group Co., Ltd. (Pre-IPO); from February 2023 to July 2023, she served as Financial Director
at Zhi Xing (Beijing) Information Technology Co., Ltd. (NIO Investment); from November 2023 to the
present, she has been serving as General Manager of the Company's Financial Operations Center; from
August 2024 to February 2026, she served as Chief Financial Officer of the Company.
Section VI Share Changes and Shareholders
Before this change Increase/Decrease in this change (+, -) After this change
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Ne Bo
w nu Capital
Ratio sha s reserve Miscellaneou Ratio
Quantity Subtotal Quantity
(%) res sh capitalizati s (%)
issu ar on
ed es
I.
Restricted 167,576,827 34.69 35,095 -167,505,204 -167,470,109 106,718 0.01
shares
owned -
shares
owned legal
person
shares
domestic 167,576,827 34.69 35,095 -167,505,204 -167,470,109 106,718 0.01
shares
Including:
Domestic
non-state-
owned legal
person
shares
Domestic
natural
person
shares
shares
Including:
Overseas
legal person
shares
Over
seas natural
person
shares
II.
Unrestricte
d 315,452,832 65.31 231,690,520 167,475,400 399,165,920 714,618,752 99.99
circulating
shares
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Common 315,452,832 65.31 231,690,520 167,475,400 399,165,920 714,618,752 99.99
Shares
Listed
Foreign
Shares
Listed
Foreign
Shares
Miscellaneo -
us
III. Total
Number of 483,029,659 100 231,725,615 -29,804 231,695,811 714,725,470 100
Shares
restored, total number of shareholders holding special voting rights shares, and details of the top 10
shareholders
Unit: Shares
Total number of ordinary shareholders (accounts) as of the end of the
reporting period
Total number of ordinary shareholders (accounts) as of the end of the
previous month before the annual report disclosure date
Total number of preferred shareholders (accounts) with voting rights
restored as of the end of the reporting period
Total number of preferred shareholders (accounts) with voting rights
restored as of the end of the previous month before the annual report 0
disclosure date
Total number of shareholders (accounts) holding special voting rights
shares as of the end of the reporting period
Total number of shareholders (accounts) holding special voting rights
shares as of the end of the previous month before the annual report
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
disclosure date
Shareholding status of the top 10 shareholders (excluding shares lent out through the securities lending and borrowing
(SLB) mechanism)
Number of Number of Pledged, Tagged, or
Name of Increase/Decrease Shares Held Shares Frozen Status
Ratio Shareholder
Shareholder During the at the End with
(%) Shares Nature
(Full Name) Reporting Period of the Restrictive Quantity
Status
Period Conditions
Shanghai Ronbay
New Energy
Investment 63,210,000 192,210,000 26.89 0 None 0 Miscellaneous
Enterprise (Limited
Partnership)
Beijing Ronbay New
Domestic Non-
Energy Investment
Development Co.,
Legal Person
Ltd.
Beijing Ronbay New
Domestic Non-
Energy Investment
Management Co.,
Legal Person
Ltd.
Beijing Ronbay New
Energy Technology Domestic Non-
Investment 4,037,747 12,278,047 1.72 0 Pledged 2,747,324 State-Owned
Management Co., Legal Person
Ltd.
Hong Kong
Overseas Legal
Securities Clearing -17,392,984 12,154,668 1.70 0 None 0
Person
Company Limited
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Zunyi Ronbay New
Energy Investment
Center (Limited
Partnership)
Gongqingcheng
Rongcheng
Investment
Management
Partnership (Limited
Partnership)
Dongfang Growth
Small- and Mid-Cap
Hybrid Open-ended 2,729,216 4,843,969 0.68 0 None 0 Miscellaneous
Securities
Investment Fund
Southern CSI 1000
Exchange Traded
Open-End Index 4,602,118 4,602,118 0.64 0 None 0 Miscellaneous
Securities
Investment Fund
Tianjin Century
Jinshajiang Equity
Investment Fund
Partnership
Enterprise (Limited
Partnership)
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Statement on the Above Shareholders' Related Party Shanghai Ronbay New Energy Investment Partnership (Limited
Relationships or Concerted Actions Partnership), Beijing Ronbay New Energy Investment
Development Co., Ltd., Beijing Ronbay New Energy Investment
Management Co., Ltd., Beijing Ronbay New Energy Technology
Investment Management Co., Ltd. and Zunyi Ronbay New
Energy Investment Center are all controlled by Bai Houshan, the
actual controller of the Company. Bai Houshan is one of the
limited partners of Gongqingcheng Rongcheng Investment
Management Partnership (Limited Partnership), the employee
stock ownership platform of the Company.
Explanation of preferred shareholders with voting rights
None
restored and their shareholding quantity
Shareholder
Shanghai Ronbay New Energy Investment
Enterprise (Limited Partnership)
Ningbo Ronbay New Energy Technology Co.,
Ltd.
"√ Applicable" "□ Not applicable"
Ningbo Ronbay New Energy Technology Co., Ltd. 2025 Annual Report Summary
Bai Houshan
Gongqingcheng Gongqingcheng
Rongxin Investment Ronghui Investment
Partnership (Limited Partnership (Limited
Partnership) Partnership)
(Rongxin Partnership) (Ronghui Partnership)
Beijing Ronbay Investment
Holdings Co., Ltd.
(Ronbay Holdings) 90.00% 100.00% 58.00%
Beijing Ronbay New
Beijing Ronbay New Zunyi Ronbay New Energy Energy Technology Beijing Ronbay New
Investment Energy Investment
Investment Enterprise (Limited Management Co., Ltd. (Limited Partnership)
Management Co., Ltd. Development Co., Ltd.
Partnership) (Ronbay Management) (Zunyi Ronbay (Ronbay Technology (Ronbay Development)
Partnership)
Investment)
Ningbo Ronbay New Energy Technology Co., Ltd.
Board of Directors of Ningbo Ronbay New Energy Technology Co., Ltd.
April 2026
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