Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Company Code: 688005 Company Abbreviation: Ronbay Technology
Ningbo Ronbay New Energy Technology Co. Ltd.2024 Annual Report SummaryNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Section I Important Notes
1、 This annual report summary is derived from the full annual report. For a comprehensive
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.
2、 The Company's Board of Directors Board of Supervisors directors supervisors and senior
management personnel guarantee the 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.
3、 All directors of the Company attended the Board of Directors meeting.
4、 Pan-China Certified Public Accountants (Special General Partnership) issued a standard
unqualified audit report for the Company.
5、 Profit distribution plan or capital reserve capitalization plan for the reporting period
approved by the Board of Directors
According to the audit by Pan-China Certified Public Accountants (Special General Partnership) as
of December 31 2024 the parent company's distributable profits at the end of the period amount to
RMB 268284854.38. Upon review by the Company's Board of Directors the Company plans for the
2024 fiscal year to distribute profits based on the total share capital of 714725470 shares registered on
the equity distribution record date excluding 10090435 treasury shares in the special repurchase
securities account resulting in a base of 704635035 shares. It is proposed to distribute a cash dividend
of 3.70 yuan (tax inclusive) per 10 shares to all shareholders totaling a planned cash dividend of
260714962.95 yuan (tax inclusive) which accounts for 88.11% of the net profit attributable to
shareholders of listed companies as per the 2024 consolidated financial statements. The Company will
not issue bonus shares and will not capitalize the capital reserve. If there are changes in the Company's
total share capital due to convertible bond conversions share repurchases share repurchases and
cancellation for equity incentive grants or share repurchases and cancellation for major asset
restructurings between the announcement disclosure date and the equity distribution record date the
Company plans to maintain the per-share distribution ratio unchanged and adjust the total distribution
amount accordingly. If there are subsequent changes in the total share capital a separate announcementNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
will be made detailing the specific adjustments.The Company's 2024 profit distribution plan has been reviewed and approved by the Fourth
Session of the Third Board of Directors and the Fourth Session of the Third Board of Supervisors and
still needs to be submitted for review by the shareholders' general meeting.The Company held the third session of the third Board of Directors on December 27 2024 and
reviewed and approved the Proposal on the Capital Reserve Capitalization Plan for the Third Quarter of
2024 which was subsequently reviewed and approved by the temporary shareholders' general meeting
on January 15 2025 agreeing to capitalize the capital reserves to shareholders at a rate of 4.9 shares for
every 10 shares. The Company completed the equity distribution in March 2025 with a total of
231725615 shares converted increasing the total share capital to 714725470 shares. Details are
provided in the Third Quarter 2024 Equity Distribution Announcement (2025-005) disclosed on the
Shanghai Stock Exchange website (www.sse.com.cn) on February 28 2025.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
Hubei Ronbay
to wholly-owned subsidiary of the Company
refers Beijing Ronbay New Energy Technology Co. Ltd. a
Beijing Ronbay
to wholly-owned subsidiary of the Company
refers Tianjin Ronbay Skyland Technology Co. Ltd. a subsidiary
Tianjin Ronbay
to 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
refers
Ronbay Management Beijing Ronbay New Energy Investment Management Co. Ltd.to
refers
Ronbay Development Beijing Ronbay New Energy Investment Development Co. Ltd.to
Ronbay Technology refers Beijing Ronbay New Energy Technology Investment Management
Investment to Co. Ltd.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Zunyi Ronbay refers Zunyi Ronbay New Energy Investment Center (Limited
Partnership to Partnership)
refers Huzhou Haiyu Equity Investment Partnership (Limited
Haiyu Investment
to Partnership)
refers Shenzhen BAK Power Battery Co. Ltd. and its subsidiary
BAK Power
to Zhengzhou BAK Battery Co. Ltd.Contemporary Amperex Technology Co. Limited and its
Contemporary Amperex subsidiaries: Jiangsu Contemporary Amperex Technology Limited
refers
Technology Fuding Contemporary Amperex Technology Limited Sichuan
to
Limited/CATL Contemporary Amperex Technology Limited and SAIC-CATL
Power Battery Co. Ltd.Huizhou EVE Energy Co. Ltd. and its subsidiaries Huizhou EVE
refers
EVE Energy Chuangneng Battery Co. Ltd. Huizhou EVE Jineng Co. Ltd. and
to
Hubei EVE Power Co. Ltd.refers GEM Co. Ltd. Jingmen GEM New Materials Co. Ltd. GEM
GEM
to (Wuxi) Energy Materials Co. Ltd.refers
Lygend Resources Lygend Resources & Technology Co. Ltd.to
refers
WeLion New Energy Beijing WeLion New Energy Technology Co. Ltd.to
refers
Samsung SDI Samsung SDI Co. Ltd. a subsidiary of Samsung Group
to
refers
Tianqi Lithium Chengdu Tianqi Lithium Co. Ltd.to
refers
Albemarle Albemarle Management (Shanghai) Co. Ltd.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
to
lithium-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
process of charging and discharging Li+ is embedded and
refers
Lithium-Ion Battery de-embedded between the two electrodes. During charging Li+ is
to
de-embedded from the cathode and embedded into the anode
through the electrolyte and the anode is in a lithium-rich state.The opposite is true for discharging.refers A secondary battery (rechargeable battery) that operates primarily
Sodium-Ion Battery
to by moving sodium ions between the cathode and anode. In theNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
process of charging and discharging Na+ is embedded and
de-embedded between the two electrodes. During charging Na+ is
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
to China. The higher the nickel content the higher the specific
Oxide)
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) a new
Lithium Manganese Iron refers phosphate solid solution lithium-ion battery cathode material
Phosphate (LMFP) to formed by partially replacing the iron (Fe) in lithium iron
phosphate (LiFePO4) with manganese (Mn).Vehicles that adopt advanced technical principles new
refers technologies and new structures (or use conventional vehicle fuels
New energy vehicles
to 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. 2024 Annual Report Summary
Section III Basic Information and Key Financial Data of the Company
1、 Company profile
1.1 Summary of company stock
"√ Applicable" "□ Not applicable"
Summary of company stock
Stock exchange and
Type of stock sector where the stock is Stock abbreviation Stock code Previous stock
listed abbreviation
Shanghai Stock Exchange
A-shares Science and Technology Ronbay Technology 688005 /
Innovation Board
1.2 Summary of the Company's depositary receipts
"□ Applicable" "√ Not applicable"
1.3 Contact person and contact information
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
2、 Key accounting data and financial indicators for the past three years
2.1 Key accounting data
Unit: Yuan Currency: RMB
This year vs. last
2024 2023 year 2022
Change (%)
Total assets 24622978521.33 24639096566.49 -0.07 25660046343.51
Net assets
attributable to
shareholders of 8440667718.62 8698065813.64 -2.96 6964671593.28
listed companies
Operating revenue 15087554666.76 22657274651.38 -33.41 30122995138.19
Net profit
attributable to
shareholders of 295910777.62 580908514.51 -49.06 1353229887.56
listed companies
Net profit
attributable to
shareholders of 244072202.29 515391565.36 -52.64 1316756769.65
listed companies
after deductingNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
non-recurring
gains and losses
Net cash flow
from operating 523401116.89 1795379751.91 -70.85 -240981050.07
activities
Weighted average
return on net 3.46 7.73 Decrease of 4.27
assets (%) percentage points
21.94
Basic earnings per
share (Yuan/share) 0.42 0.85 -50.59 2.01
Diluted earnings
per share 0.42 0.85 -50.59 1.99
(Yuan/share)
Proportion of
R&D investment 2.81 1.56 Increase of 1.25to operating percentage points 1.62
revenue (%)
2.2 Key accounting data by quarter during the reporting period
Unit: Yuan Currency: RMB
First quarter Second quarter Third quarter Fourth quarter
(January-March) (April-June) (July-September) (October-December)
Operating revenue 3691640761.48 3195976159.83 4435657808.45 3764279937.00
Net profit
attributable to
-37241586.3447519467.83106116910.41179515985.72
shareholders of
listed companies
Net profit
attributable to
shareholders of
listed companies -38330259.94 34521303.84 92524080.68 155357077.71
after deducting
non-recurring gains
and losses
Net cash flow from
-1001462119.71161730427.11355018323.751008114485.74
operating activities
Section IV Management Discussion and Analysis
1. Discussion and analysis of business conditions
The company remains strategically optimistic about the overall market competitiveness of
high-nickel/ultra-high-nickel ternary materials. Globally the market share of
high-nickel/ultra-high-nickel ternary materials is bound to steadily increase in the future. Currently
there is a clear demand for high-energy density and long-range batteries in high-end vehicle models in
the European and American markets with high-nickel/ultra-high-nickel ternary materials being theNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
optimal choice. Especially with the gradual industrialization of solid-state batteries the requirements for
energy density are increasingly higher making high-nickel/ultra-high-nickel ternary materials the
optimal choice for solid-state batteries. In high-latitude regions like Europe where extreme cold
environments demand better low-temperature performance high-nickel/ultra-high-nickel ternary
materials can leverage their superior low-temperature performance advantages. Globally the valuable
metals in high-nickel/ultra-high-nickel ternary materials can be fully recycled. Particularly in European
and American countries where stringent sustainability requirements prevail as a large number of
batteries reach end-of-life in the future the industrial chain for efficient ternary materials recycling will
demonstrate greater low-cost advantages. Since 2024 the mass adoption of the 4680 large cylindrical
batteries in vehicles has begun accelerating the industrialization of solid-state batteries. Emerging
markets such as humanoid robots and low-altitude economy will inevitably favor
high-nickel/ultra-high-nickel ternary materials with higher energy density and power performance.During the reporting period the global new energy industry continued its rapid growth trend.According to EVTank data global new energy vehicle sales reached 18.236 million units in 2024 a
year-on-year increase of 24.4%. Driven by the new energy vehicle market global power battery
shipments continued to grow. According to SNER data the total global installed capacity of power
batteries reached 894.4 GWh in 2024 a year-on-year increase of 27.2%.According to the data from ICCSINO Lithium Battery global ternary material production reached
953000 tons in 2024 with China's ternary material production at 614000 tons. As a global leader in
ternary cathode materials the Company shipped 120000 tons in 2024 a year-on-year increase of over
20% with a global market share exceeding 12% leading the world for four consecutive years.
Additionally the Company made positive progress in product and customer structure optimization new
business areas such as lithium manganese iron and sodium batteries R&D global layout and
organizational development.During the reporting period the Company's operating performance improved quarter by quarter
with total profits and profit per ton continuously improving. With the full monthly production capacity
of the Korean factory in the fourth quarter the further increase in overseas customer sales and the sales
ratio of ultra-high-nickel products the Company ultimately achieved an annual operating revenue of
15.088 billion yuan and a net profit of 329 million yuan.
1.1 Daily Operating Business
1.1.1 Key Business Progress
1) Ternary cathode businessNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
During the reporting period the Company's sales of ternary cathode materials reached 120000
tons achieving a counter-trend growth of 20% with a global market share exceeding 12% a further
increase of 2 percentage points from 2023 maintaining the global first position for four consecutive
years.On the basis of continuous improvement in business scale both the Company's customer and
product structures have seen significant improvements. In 2024 the cumulative sales to overseas
customers exceeded 20000 tons for the first time with shipments of ultra-high-nickel products above
the 9-series reaching 27000 tons increasing the ratio to 23%.Since 2024 the widespread installation of 4680 large cylindrical batteries in vehicles has
accelerated the industrialization of solid-state batteries. Emerging markets such as humanoid robots and
the low-altitude economy have achieved significant development. These market segments have clearly
demanded higher energy density and higher power performance for high-nickel ternary materials. As a
leader in high-nickel ternary materials the Company has taken the lead in securing positions in these
emerging markets providing new support for the continuous growth of the Company's future business.Additionally during the reporting period the Company's mid-nickel high-voltage series products
were also recognized by leading customers which will provide a new growth point for the continuous
and stable increase in the sales of ternary materials.In 2024 the Company invested approximately 175 million yuan in strategic businesses such as
precursors lithium manganese iron and sodium batteries. The Company's continuous and steadfast
investment in strategic businesses helps achieve strategic layout and customer positioning. Excluding
strategic business investments the ternary cathode business achieved a full-year profit of 504 million
yuan. With the continuous increase in overseas production capacity and the release of overseas customer
demand in 2025 the Company's profitability will be further enhanced.
2) Lithium manganese iron phosphate business
During the reporting period with the development of commercial vehicle markets such as
electric trucks the sales of manganese-iron-lithium products in the high-power sector significantly
increased. The Company's shipment of lithium manganese iron phosphate products saw a
year-on-year increase of over 100% maintaining the industry's leading market share for two
consecutive years.The Company holds the primary supplier position with multiple customers. The
first-generation product secured nearly 10000 vehicle orders from leading power battery companies
achieving a breakthrough in mass production in the EV sector. The EV client's pure application
solution leads the industry and has secured cooperation intentions from top international customers
showing promise to further expand the market space for lithium manganese iron phosphate.The second-generation lithium manganese iron phosphate product has completed validation
and first-stage specification with per-ton watt-hour cost 10% lower than lithium iron phosphate
having gained full customer recognition. After completing batch stability verification productionNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
line modification is expected to be completed by 2025 enabling mass production and delivery.
3) Sodium battery business
During the reporting period the Company made significant breakthroughs in the development of
sodium-ion cathode products with substantial improvements in various performance parameters process
stability and cost control. The Company's sodium-ion cathode products have maintained close
cooperation with mainstream customers both domestically and internationally. In fields such as power
energy storage and start-stop power supplies the Company has secured leading positions among top
battery manufacturers boasting an industry-leading annual shipment volume. It is expected that the
shipment volume will continue to experience rapid growth by 2025.In early 2025 the Company successively secured orders for 3000 tons of layered oxide cathode
materials and hundreds of tons of polyanionic cathode materials promptly initiating mass production
and delivery processes. Additionally the Company has begun constructing a new production line with an
annual production capacity of 6000 tons of sodium-ion cathode materials in Xiantao Hubei to meet the
demands of strategic top-tier market customers.
4) Precursor business
The precursor segment as a crucial part of the Company's supply chain has synergistically
developed with the cathode business over the years enhancing the Company's overall competitiveness.During the reporting period the Company's domestic and international precursor production lines both
passed certification audits by top-tier international customers marking the Company's precursor
products as having reached global first-class standards in technology and quality.The Company's high-nickel/ultra-high-nickel batch process technology is at the industry's leading
level. During the reporting period the precursor business successfully facilitated the development
cooperation of high-nickel/ultra-high-nickel cathodes with renowned domestic and international
customers with the precursor products also entering the introduction phase. The Company has
simultaneously developed a series of products including lithium manganese iron phosphate sodium-ion
precursors and mid-nickel ternary precursors among which the lithium manganese iron liquid-phase
precursor has achieved mass supply.By 2025 leveraging its global layout the Company's Korean precursor production line will achieve
mass supply to international customers and accelerate the establishment of new overseas precursor
capacities strengthening international customer development and continuously enhancing core
competitiveness.
5) Equipment business
The Company's equipment business adheres to independent development driving continuous
improvements in product technical performance and cost advantages. The Company's independently
developed large rotary kiln has achieved breakthroughs in the mass production applications of ternary
cathodes phosphate cathodes and precursors successfully completing mass production verification of
high-nickel cathode materials. It is set for large-scale application in the next generation of productionNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
lines. The pioneering innovative sodium battery integrated process equipment has completed pilot
certification with the unique technology significantly reducing sodium battery manufacturing costs
opening up new growth points in the new energy field. Full-industry-chain equipment research and
development (R&D) focuses on "high performance + low cost" driven by both technological iteration
and large-scale application continuously enhancing the Company's comprehensive competitiveness.
1.1.2 R&D Progress
The Company has always emphasized technological innovation strengthening R&D capabilities
and expanding R&D scope. R&D direction extends from cathode material recycling industry chain
downstream to material electrochemical systems including battery cell design manufacturing and
dismantling processes promoting used battery recycling. The Company's scientific research cooperation
reaches metal mines and urban mines. While driving industry progress the Company's relationship with
the industry becomes closer supply chain more optimized and processes further stabilized. Through
R&D and scientific research services the Company is committed to forming an efficient
low-energy-consumption zero-emission production model achieving an efficient and stable supply
chain meeting sustainable development goals and ultimately enhancing the market competitiveness of
cathode materials.During the reporting period the Company continuously increased its R&D investment with R&D
expenditures totaling 424 million yuan representing a year-on-year increase of approximately 20%. In
terms of patents the Company has completed applications for 245 domestic patents and 29 international
patents and has been granted 150 patents. The Company's total cumulative patent applications have
reached 1206 with a total of 597 patents granted both domestically and internationally. The Company's
patents cover not only low-nickel/mid-nickel/high-nickel/ultra-high-nickel ternary materials lithium
manganese iron phosphate sodium-ion cathode materials and precursor materials but also include
cutting-edge products such as solid-state battery materials spinel nickel-manganese oxide cathodes and
lithium-rich manganese-based cathodes. Additionally it includes upstream and downstream areas of the
industry chain such as engineering equipment testing recycling electrode sheets and battery
applications.In the field of cutting-edge technology ultra-high-nickel ternary cathode materials and sulfide
electrolyte materials for solid-state batteries have been recognized by multiple domestic and
international customers. The capacity and cycle performance of all-solid-state battery cathode materials
remain leading and the pilot production line for sulfide electrolytes is expected to be completed by 2025.Spinel nickel-manganese oxide and lithium-rich manganese-based cathode materials continue to be
validated in collaboration with multiple customers demonstrating excellent performance and receiving
recognition from several customers. Spinel nickel-manganese oxide has achieved mass shipment and it
is expected to realize large-scale production and vehicle installation by 2026.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
1.1.3 Supply Chain Progress
During the reporting period the Company established a three-in-one supply chain system
integrating technology output material supply and green manufacturing providing not only cathode
materials but also covering research services (process design performance optimization etc.) and
technology transfer (patent licensing technology transfer etc.). As a global leader in cathode materials
the Company collaborates openly with partners at all levels of the industry chain achieving optimal
resource allocation and maximum efficiency forming an efficient low-consumption zero-emission and
irreproducible supply chain barrier.The Company continues to deepen its global supply layout. Based on its cathode material base in
South Korea the Company has established a supply chain system for key metals (such as lithium nickel
and cobalt) that meets the requirements of the EU Battery Regulation and the U.S. Inflation Reduction
Act. It has set up a raw material traceability system and requires upstream suppliers to complete
responsible mining assurance initiative certifications meeting the requirements of European and
American customers. The Company has increased its efforts to extend involvement with upstream
resources by renewing long-term supply agreements with leading lithium salt companies and reaching
long-term cooperation with mining enterprises in Australia and Africa. For nickel and cobalt resources
the Company deepens cooperation with nickel smelting enterprises such as GEM and Lygend and has
established connections with local nickel mining enterprises in Indonesia significantly enhancing its
control over upstream resources and significantly improving supply chain security and cost advantages.
1.1.4 Engineering Technology Progress
The Company's independently designed kiloton-level large production line has been installed in
South Korea and is expected to start pilot production in the first half of 2025 achieving a significant
increase in energy efficiency compared to the phase-I production line in the country. Additionally the
next-generation 3000-ton ultra-large production line is under development with further upgrades in
equipment automation and production line digitization resulting in a reduction of core indicators such as
one-time investment and operating costs by over 20% on average compared to the previous generation
of kiloton production lines.The production line for the Poland project has been upgraded and iterated based on the South
Korean kiloton production line with an automation level superior to that of the South Korean line. The
project has commenced design and procurement work and is expected to be commissioned by 2026. The
launch of the new production line in Europe marks a second upgrade in the Company's overseas
engineering technology development and comprehensive project management capabilities. It also
exports a batch of international engineering and technical talents laying the foundation for the smooth
implementation of future projects in other global regions.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
1.1.5 Progress in Industrialization of Manufacturing Management
During the reporting period a global system was actively established on the manufacturing
management platform. The Chungju cathode factory in South Korea carried out process innovation and
TPM management with the phase-I project completing the introduction of international customer
certification and achieving full production in the fourth quarter. The phase-II project in South Korea has
been completed and is planned for pilot production in the first half of 2025. The South Korean precursor
factory has completed technical modifications of production lines and passed international customer
certification preparing for overseas order stockpiling.In terms of smart production and information system introduction the manufacturing management
operating system has been successfully piloted domestically and will be promoted to overseas bases. By
integrating capabilities from engineering manufacturing and digital promotion platforms the phase-II
production line in South Korea will become a globally leading cathode material production line upon
completion. The engineering management team for the Poland project is being fully established. The
Company will formulate multi-dimensional smart enhancement strategies based on the European project.In terms of talent cultivation and reserves the Company has set up owner groups for European and
South Korean projects matching domestic human resources from different professions throughout the
process from project planning design construction delivery to debugging and mass production
providing full-process technical and management empowerment. Meanwhile the Company promotes
overseas talent cultivation and development completing the supplementation of senior management
positions and localized operational talents at the Chungju cathode factory in South Korea and the Poland
cathode factory driving the talent structure towards internationalization and conducting cultural
integration and promotion activities between domestic and overseas teams to enhance cross-cultural
collaboration.
1.2 Globalization Progress
The Company's globalization has always been at the industry's forefront. With the current changes
in the world's political and market environment this advantage will be further amplified by 2025.During the reporting period with the deepening of the globalization strategy the Company achieved
fruitful results in overseas development with a layout formed as follows:
Client-side: 57 new international clients were developed in Japan South Korea Europe and North
America; multiple international client development agreements and strategic cooperation agreements
were signed; the South Korean factory received certification from Japanese clients and began mass
production while also being officially integrated into the supply chain of well-known Japanese and
South Korean battery companies.Manufacturing-side: In the South Korean region the Company has established an annual
production capacity of 20000 tons of high-nickel ternary materials and 6000 tons of precursors with an
additional 40000 tons of high-nickel capacity completed and expected to start pilot production in theNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
first half of 2025; in the European region the Company completed the layout of the Poland base through
investment and acquisition. The base's factory buildings laboratory buildings and auxiliary facilities are
complete with all necessary environmental assessment procedures in place. The phase-I project of the
20000-ton mid-nickel/high-nickel ternary materials is progressing steadily and is expected to complete
the main structure within 2025; in the North American region the Company has completed the
registration of its North American subsidiary; after more than a year of site selection and preparation the
North American project has entered the initiation stage.Supply Chain: The Company has signed 3-year long-term contracts with international lithium salt
suppliers to secure long-term resources and prices; established deep cooperation with high-quality
lithium miners in Australia Africa and South America; optimized MHP supply and cost channels to
stabilize raw material sources for nickel material trading business laying the foundation for optimizing
global material costs.Talent Management: The Company has recruited and built a team of talents with international
vision and professional skills increasing the proportion of localized employees and local management
talents in overseas bases.Social Responsibility and Sustainable Development: The Company actively adopted
environmental protection measures participated in local public welfare activities and improved
employee benefits enhancing its engagement in corporate social responsibility and social governance
integrating into the local society.With the globalization and advancement of the Company's overseas business Ronbay is
continuously learning and improving in development gradually becoming a company that adapts to
different national systems cultures and management environments worldwide.
1.3 Progress in Organization and Management
During the reporting period the Company comprehensively optimized the group's organizational
management system constructed a minimalist three-layer organizational structure established a future
strategy office strengthened the group's strategic control and innovation business investment capabilities
and fully authorized business units for daily operations. Based on the functional empowerment hierarchy
and business value chain positioning the Company modularized each department forming a
cross-functional matrix collaboration mechanism helping to build an industrial investment and operation
group.To support the continuous implementation of the global strategy the Company will further
improve the diversified incentive mechanism to ensure that all regions at home and abroad can attract
talents and build excellent talent echelons to meet the growing needs of the Company's international
business. In the future the Company will increase its efforts in training and cultivating employees and
cadres accelerate digital and intelligent transformation and artificial intelligence applications in various
fields and build an efficient global management platform.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
2. Overview of the Company's Main Business During the Reporting Period
2.1 Main Business Products or Services
The Company is mainly engaged in the research development production and sales of
multi-materials lithium manganese iron phosphate materials sodium-ion materials and multi-precursor
materials. The products are mainly used in the manufacture of lithium/sodium batteries and are primarily
applied in fields such as electric vehicles electric two-wheelers energy storage equipment and
electronic products. Core products include NCM811 series NCA series NCMA series Ni90 and above
ultra-high-nickel series cathode materials pure and blended lithium manganese iron phosphate cathode
materials layered oxide and polyanion series sodium-ion cathode materials and ternary precursors.As the first domestic company to achieve mass production of NCM811 series products and apply
them to global mainstream terminal automakers the Company's high-nickel and ultra-high-nickel series
products are at the global leading level in terms of technology and production scale. In recent years with
the mass production and installation on vehicles of high-energy density batteries such as Qilin batteries
and large cylindrical batteries the Company's ultra-high-nickel 9-series product shipments have
continued to increase; in the field of solid-state batteries it has established cooperation with more than
40 domestic and international battery and complete vehicle manufacturers including CATL and WeLion
New Energy. Particularly the battery products matched with the cathode materials for semi-solid-state
batteries have been applied to terminal customers' 1000-kilometer ultra-long-range models. The ternary
cathode materials for solid-state batteries feature high capacity stable interface and long cycle life
gaining full recognition from leading industry customers with stable growth in shipments during the
reporting period. Simultaneously guided by a global strategy the Company accelerated its entry into the
European and American new energy vehicle markets continuously optimizing its customer structure. In
2024 the proportion of overseas customers further increased. Additionally the Company has established
cooperative relationships with five of the world's top six most valuable battery and electric vehicle
customers with cumulative overseas customer sales exceeding 20000 tons. With positive progress in
international customer development the Company's 9-series ultra-high-nickel products have achieved
cumulative sales of 27000 tons marking a new breakthrough.After years of accumulation the strategic advantages of the Company's precursor segment have
become increasingly significant and the synergistic effects with the cathode segment are also becoming
more prominent. In 2024 the Company's precursor production line successfully passed the certification
audit of top international customers indicating that the product quality level has reached global
first-class standards. The high-nickel/ultra-high-nickel batch process technology has reached an
industry-leading level and significant breakthroughs have also been achieved in lithium manganese iron
liquid-phase precursors. The overall competitiveness improvement of the precursor business in 2024 has
also brought more project collaboration opportunities for the Company's cathode business forming new
growth. Currently related projects are progressing steadily and are expected to achieve breakthroughs inNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
2025 further enhancing the Company's influence and market share in the industry.
As a comprehensive supplier of cathode materials covering the entire market the Company
continues to expand its competitive advantage and market territory in high-nickel materials while
innovating around its main business. The performance of the mid-nickel high-voltage series materials
has been certified by customers and multiple lithium manganese iron phosphate cathode materials have
been applied in four-wheeled vehicles two-wheeled vehicles energy storage and consumer fields. The
development of the new generation of low-cost products has also made phased progress and has been
recognized by end customers. In 2024 the Company's lithium manganese iron material achieved
doubled sales volume with the mixed system completing Ministry of Industry and Information
Technology (MIIT) filing for two domestic vehicle models while the pure system also obtained
designated certification from overseas battery cell customers. Based on the original small power market
with the development of commercial vehicle markets such as electric trucks lithium manganese iron
products have also seen a significant increase in sales in the large power sector. In the sodium-ion field
the Company's layered oxide and polyanionic products are at the industry-leading level in terms of
comprehensive indicators such as performance process stability and cost control securing key positions
with top customers at home and abroad. The production line has passed customer audits and
certifications and is expected to achieve large-scale mass production and delivery in 2025.
2.2 Main Business Models
The Company possesses an independent R&D procurement production and sales system
primarily achieving profitability through the R&D manufacturing and sales of diverse cathode
materials and their precursors lithium manganese iron phosphate materials and sodium-ion cathode
materials.
(1) R&D Model
The Company has formed a customer-centric market-oriented R&D system. It operates through
business divisions that focus on customer needs and a research institute dedicated to forward-looking
industries and high-end products. Additionally by adopting the Integrated Product Development (IPD)
approach cross-departmental product development teams have been formed enhancing "horizontal +
vertical" R&D capabilities. The Company's Central Research Institute integrates R&D resources from
China Japan and South Korea undertaking core functions such as cutting-edge technology research
product process innovation and incubation of new ventures supporting the Company's transformation
from original innovation to mass production and enhancing its R&D capabilities in process improvement.In terms of industrializing R&D products the Company provides material samples to customers while
also offering suggestions on usage conditions based on the development status of downstream
customers' battery products assisting customers in finalizing their battery systems and jointly exploring
product application markets. Regarding R&D personnel training the Company continuously empowersNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
R&D staff through R&D system training and knowledge sharing providing a steady stream of R&D
talents for the Company's business expansion.
(2) Procurement Model
To achieve integrated management of supply chain development centralized procurement and
processing trade the Company established Ronbay Commerce and continues to develop an integrated
commercial and industrial trading platform on basis of the establishment. Regarding procurement
strategy for major raw materials such as nickel cobalt manganese and lithium the Company has
established long-term partnerships with renowned domestic and international upstream suppliers
including Ganfeng Lithium Albemarle GEM Tianqi Lithium Huayou Cobalt and Lygend Resources
forming a relatively stable qualified supplier list ensuring continuous stable raw material supply while
establishing cost competitive advantages. In terms of supplier management the Company strictly
controls the procurement process by promoting standardized bidding procedures and systematic supplier
evaluation ensuring the reliability of raw material quality.
(3) Production Model
The Company primarily adopts a production model based on sales guided by customer orders and
medium-c to long-term demand plans to formulate and implement production plans. In terms of
production organization the Company has established comprehensive production process control
procedures and fast effective customer order processing workflows. The production department
formulates production plans based on sales plans provided by the sales department as well as actual
inventory safety stock levels and production capacity of the workshop. In actual operations the
production pace is reasonably adjusted according to specific orders ensuring timely delivery and stable
quality while reducing inventory levels to control production costs and improve capital efficiency.Additionally to meet the production needs of some new materials the engineering department optimizes
the production line layout and equipment structure according to the special requirements of new
products. Furthermore to address the issues of widely distributed customers rapid development speed
and significant scale differences the Company has established four major production bases in Hubei
Guizhou Zhejiang and South Korea and set up offices in Ningde Shenzhen and South Korea. This
maximizes the utilization of market resources enabling rapid response in product development
manufacturing and logistics. For strategic customers the Company also implements customized
production based on their specific technical parameter requirements to ensure stable supply and high
performance of products.
(4) Sales Model
The Company primarily adopts a direct sales model with core customers covering mainstream
battery factories and automakers both domestically and internationally. Given the complexity of the
battery material systems the long R&D cycle of power batteries and the high precision controlNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
requirements in the manufacturing process the Company as a cathode material enterprise needs to
provide customers with supporting technical solutions for different battery systems. To this end the
Company organizes and coordinates sales R&D procurement and engineering departments to form
project teams to quickly respond to specific needs of different customers.
2.3 Industry Overview
2.3.1 Development stage basic characteristics and main technical barriers of the industry
(1) Industry Development Stage
The Company primarily focuses on the field of cathode materials for lithium-ion batteries which is
a crucial component of strategic emerging industries and serves as a key foundational material for the
development of new energy new materials new energy vehicles and energy storage sectors. Based on
China's "carbon peaking and carbon neutrality" goals and catalyzed by regulations such as the EU's ban
on the sale of fuel vehicles by 2035 and the U.S. Inflation Reduction Act the lithium battery industry
continues to follow the long-term positive development trend of the global new energy vehicle industry.In 2024 the global new energy vehicle market continues to show an overall growth trend.According to EVTank data global new energy vehicle sales reached 18.236 million units in 2024 a
year-on-year increase of 24.4%. Among these the Chinese market performed particularly well with new
energy vehicle sales reaching 12.866 million units in 2024 a year-on-year increase of 35.5% raising its
share of global sales from 64.8% in 2023 to 70.5%. This significant growth is mainly due to the
far-exceeding expectations of China's vehicle trade-in program coupled with continuous upgrades and
new model introductions as well as reduced vehicle prices driving the annual EV penetration rate to
exceed 40%. In contrast Europe and the United States saw new energy vehicle sales of 2.89 million and
1.573 million units respectively in 2024 with year-on-year growth rates of -2.0% and 7.2%.
Driven by the robust development of the new energy vehicle market the power battery market also
exhibits a stable growth trend. In 2024 driven by the strong performance of the Chinese market global
power battery installations also increased. According to SNER data forecasts the total global installation
capacity of power batteries was expected to reach 894.4 GWh in 2024 a year-on-year increase of 27.2%.When the time frame is extended from 2017 to 2024 the power battery installation capacity has surged
significantly with the global total in 2017 being just 59GWh and the compound annual growth rate
during this period reaching as high as 47.99%. Overall as a key foundational material industry for the
development of new energy vehicles and other sectors the lithium battery industry is showing strong
and long-term growth trends against the backdrop of the continuous positive development of the global
new energy vehicle industry and relevant policy catalysts. This is closely linked to the development
prospects of the lithium-ion battery cathode material field that the Company focuses on which as an
important part of strategic emerging industries plays an indispensable role in the development of newNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
energy new materials new energy vehicles and energy storage sectors.
(2) Fundamental Characteristics
In 2024 the mainstream cathode materials in the global power battery sector are ternary and lithium
iron phosphate. According to the statistics from ICCSINO global ternary material production reached
953000 tons down 1.6% year-on-year. The total production of lithium iron phosphate reached 2.38
million tons up 50.2% year-on-year.Despite the slowdown in new energy vehicle sales growth in European and American markets
affecting the ternary material market's performance in 2024 the global market share of Chinese
companies increased from 61.3% in 2023 to 64.4% in 2024 with a sharp decline in shipments from
mainstream Japanese and Korean cathode material manufacturers. In overseas markets outside of China
ternary materials still occupy about 90% of the market share. Globally the trend towards
high-nickelization continues to advance synchronously. In 2024 global production of high-nickel
ternary materials reached 530000 tons a year-on-year increase of 3.3%. This is strongly correlated with
the mainstream automakers' positioning of ternary products towards the mid-to-high-end segment. With
the large-scale installation on vehicles of 4680 large cylindrical batteries the accelerated
industrialization of solid-state batteries and the rapid development of emerging markets such as
humanoid robots and low-altitude economy new support points will be provided for the future market
demand of high-nickel ternary materials.Additionally previously high lithium salt prices were a significant factor affecting the cost and
pricing of ternary materials. However as lithium salt prices fall to 70000-80000 yuan/ton in 2024 the
cost gap between ternary batteries and lithium iron phosphate batteries is further narrowing which is
favorable for ternary batteries to further expand their market space.
(3) Major technical barriers
The high-nickel ternary cathode material industry faces significant technical barriers mainly in
three aspects: development technology barriers production technology barriers and quality certification
barriers. The high R&D technological barriers are reflected in the fact that developing high-nickel
ternary cathode materials requires technical modifications such as doping and coating but also
calcination in an oxygen atmosphere. This places high demands on a company's production line design
personalized product development and technical service capabilities. It also imposes strict requirements
for humidity control in the production environment as well as corrosion resistance and automation
levels of equipment. Moreover high-nickel ternary cathode materials are one of the most crucial raw
materials in power batteries significantly impacting various core performance and safety aspects of
power batteries. From the perspective of ensuring product stability and safety automakers and power
battery companies have more complex certification testing procedures for products. These not only
require long-term product performance testing but also involve detailed assessments of the
comprehensive supply capabilities automated production management levels low-cost and quality
stability and consistency under mass production of manufacturers. The overall certification cycle canNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
exceed 1.5 years.Lithium manganese iron phosphate cathode material is an upgraded product of lithium iron
phosphate. In terms of product performance by adjusting the proportion of manganese lithium
manganese iron phosphate offers higher voltage and energy density compared to lithium iron phosphate
batteries. As lithium iron phosphate progresses to the fourth generation the capacity and compaction
issues of lithium manganese iron phosphate urgently need improvement to fully leverage its capacity
advantages. From the perspective of blending effects there are significant technical barriers in ensuring
that different ternary materials can maximize the role of lithium manganese iron phosphate. According to
analysis of Gaogong Industrial Institute (GGII) the balanced improvement in cost and performance of
lithium manganese iron phosphate is more about providing more differentiated products for lithium
battery end-use scenarios. In recent years in addition to the EV market sectors such as energy storage
humanoid robots aviation and commercial vehicles have become new growth points also demanding
more compatible lithium battery products. Lithium manganese iron phosphate products will benefit from
this development process.The Company's EV products are being validated in multiple high-end vehicle models with volume
expected to gradually increase from 2025; simultaneously low-cost high-performance
second-generation products have broken through technical bottlenecks achieving long cycle life while
further reducing costs meeting power battery pure application requirements. They have already secured
commercial vehicle designation from market leaders potentially becoming the lowest watt-hour cost
material in the cathode field after scaling up.
2.3.2 Analysis of the Company's industry position and its changes
In 2024 in the ternary material segment the Company's annual sales volume reached 120000 tons
achieving a counter-trend growth of over 20%. The Company's global market share in ternary materials
exceeded 12% a further increase of 2 percentage points from 2023 maintaining its global leadership for
four consecutive years. With the large-scale installation on vehicles of 4680 large cylindrical batteries
the accelerated industrialization of solid-state batteries and the rapid development of emerging markets
such as humanoid robots and low-altitude economy new support points will be provided for the future
market demand of high-nickel ternary materials.As a leader in high-nickel ternary materials the Company has seen a significant increase in
shipment proportion of high-nickel and ultra-high-nickel products due to the gradual vehicle installation
of high-energy density batteries such as large cylindrical batteries and solid-state batteries. Cumulative
sales of 27000 tons of 9-series ultra-high-nickel products have achieved a new breakthrough
significantly strengthening the Company's competitive advantages and profitability in the high-nickel
field. Additionally in 2024 the Company's lithium manganese iron material sales doubled. Based on theNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
original small power market with the development of commercial vehicle markets such as electric
trucks lithium manganese iron products have also seen a significant increase in sales in the large power
sector. In the sodium-ion field the Company's layered oxide and polyanionic products are at the
industry-leading level in terms of comprehensive indicators such as performance process stability and
cost control securing key positions with top customers at home and abroad. The production line has
passed customer audits and certifications and is expected to achieve large-scale mass production and
delivery in 2025.During the reporting period the Company accelerated the advancement of its globalization strategy
and achieved significant results. The Company has established cooperative relationships with five of the
world's top six most valuable battery and electric vehicle customers with cumulative overseas customer
sales exceeding 20000 tons. Meanwhile as overseas customers favor high-nickel and ultra-high-nickel
materials in their product structures with the Company's international customer development making
positive progress the Company's 9-series ultra-high-nickel products have also achieved a breakthrough.Given the Company's mid-nickel high-voltage series products gaining recognition from top customers in
the market this will further optimize the Company's product structure providing a new growth driver
for the stable increase in ternary material sales.In 2024 the Company's overseas layout yielded fruitful results. The Company's phase-I base with a
20000-ton annual production capacity at the Korean factory passed the international customer
certification audit. With continuously increasing capacity it achieved full production in a single month
during the fourth quarter and turned profitable for the first time. To meet international customer needs
the phase-II 40000-ton/year production line will further improve line efficiency and manufacturing
levels and it is expected to start pilot production in the first half of 2025. After commissioning this
production line together with the phase-I project will create a scale effect further helping the Company
enhance its profitability. During the reporting period the Company completed the acquisition of the
Poland project at low cost and began feasibility studies for the phase-I 20000-ton project gaining a
first-mover advantage in the European cathode capacity layout. During the same period the Company
completed the registration of its North American subsidiary made steady progress in factory site
selection and capital operations in the North American region and established stable cooperative
relationships with international customers. On this basis the Company actively promotes inspections
and site selection in other global regions further solidifying its leading advantage in globalization.In 2025 with the high-nickelization of ternary materials the industrialization of lithium manganese
iron phosphate the mass production of mid-nickel high-voltage series and the accelerated volume
growth of European American Japanese and South Korean customers the Company expects its sales to
continue growing. The product and customer structure is expected to continue optimizing. While
becoming a comprehensive supplier of cathode materials covering the entire market the Company is
committed to becoming a provider of overall solutions in the cathode material industry fully leveraging
its first-mover advantage in the global new energy industry chain optimizing product sales strategiesNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
strengthening joint research and development with customers deepening existing international markets
and exploring emerging markets. The Company continuously innovates technology refines its industrial
chain layout collaborates with upstream and downstream partners and strives towards the goal of
becoming a global leader in the new energy industry.
2.3.3 Development status and future trends of new technologies new industries new business
patterns and new models during the reporting period
During the reporting period the performance requirements for power batteries and energy storage
batteries continued to increase. Meanwhile with the continuous growth of the new energy vehicle
market more attention was directed to the recycling industry. The following is the development status
and future trends of new technologies and new business patterns during the reporting period:
(1) Semi-/All-solid-state battery technology routes
Due to the use of solid electrolytes all-solid-state lithium batteries when compared to conventional
lithium batteries offer higher safety increased energy density and improved temperature adaptability.There are three mainstream technology routes: polymer solid-state batteries oxide solid-state batteries
and sulfide solid-state batteries. Most global leading battery manufacturers and automakers consider the
sulfide route as the ultimate mass production route for all-solid-state batteries. This is because sulfide
electrolyte materials possess extremely high intrinsic ionic conductivity demonstrating a broader range
of application scenarios in the field of all-solid-state batteries. Ouyang Minggao Academician of the
Chinese Academy of Sciences and Professor at Tsinghua University stated that the current technical
route for all-solid-state batteries should focus on using sulfides as the main electrolytes matched with
high-nickel ternary cathodes and silicon-carbon anodes. The performance targets are to achieve a
specific energy of 400 watt-hours per kilogram and a cycle life of over 1000 cycles ensuring
small-scale installation on cars by 2027 and mass production by 2030.While continuous R&D trials are conducted on all-solid-state batteries semi-solid-state batteries
have become a transitional technology solution chosen by the market. Semi-solid-state batteries use a
solid-liquid hybrid electrolyte with the electrolyte content accounting for 5%-10%. By optimizing the
proportion of liquid electrolyte and increasing the content of solid electrolyte they achieve a balance
between safety energy density and cost-effectiveness making them an ideal transitional solution from
liquid to all-solid-state batteries.According to the China Inorganic Salts Industry Association due to the needs for cost reduction
and energy density improvement high-nickel ternary and lithium-rich manganese-based cathode
materials will become the main research directions for future solid-state battery cathode materials. As a
comprehensive supplier of cathode materials covering the entire market the Company's R&D
technology for high-nickel and ultra-high-nickel multi-product sequences is industry-leading and can be
applied to solid-state battery systems. Its performance indicators are at the leading level in the industryNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
gaining widespread customer recognition.The Company consistently invests in the field of solid-state batteries achieving positive progress in
the development of new products. While maintaining stable shipments of ultra-high-nickel ternary
cathodes for semi-solid-state batteries the Company is collaborating with downstream customers on
projects to continuously develop next-generation cathode materials and oxide solid electrolyte materials
for higher energy density semi-solid-state batteries. In addition to the semi-solid-state direction the
Company's investment in the all-solid-state direction is even greater including the simultaneous
development of cathode materials and electrolyte materials for all-solid-state batteries and key raw
materials for electrolytes. Among these ultra-high-nickel ternary cathode materials and sulfide
electrolyte materials for all-solid-state batteries have been certified by multiple domestic and
international customers. The capacity and cycle performance of the all-solid-state battery cathode
materials remain leading and the sulfide electrolyte exhibits excellent ionic conductivity and air stability.The Company has begun preparing all-solid-state soft-pack batteries with Ah-level capacity density
demonstrating outstanding energy density performance.
(2) Mass production and installation of large cylindrical batteries in vehicles
Large cylindrical batteries which offer advantages such as high energy density low cost increased
safety and long life have entered the capacity expansion phase. The combination of large cylindrical
cells with high-nickel ternary materials can fully leverage the synergistic advantages of both high energy
density and good thermal stability. Currently large cylindrical batteries mainly use NCM811 and
ultra-high-nickel Ni90 cathode materials. In the future replacing NCM811 with ultra-high-nickel Ni90
can further achieve cost reduction and efficiency improvement.According to the GGII's 2024 China Large Cylindrical Lithium Battery Industry Development Blue
Book large cylindrical batteries are in high demand in the energy storage field especially in scenarios
like portable energy storage and household energy storage where higher battery rate requirements are
needed. The shipment growth rate in these two areas is expected to exceed 100% in 2024 and it is
projected that by 2030 the shipment volume will reach 100 GWh. Facing the differentiated requirements
of power large cylindrical batteries the industry still needs time to further address issues such as the
high-nickel cathode + silicon-doped anode material system dry electrode process and steel shell
cylindrical welding. Looking ahead to 2025 international automakers like Tesla and BMW are
accelerating the launch of models equipped with large cylindrical batteries driving leading battery
companies to release their 46-series large cylindrical reserve capacity. Considering the large cylindrical
capacity plans of companies like CATL EVE Energy LG Energy Solution Samsung SDI Gotion
High-Tech and BAK Power each battery company is expected to achieve 10 GWh-level mass
production of large cylindrical batteries in 2025. The first half of 2025 is anticipated to be a key
milestone for the global release of power large cylindrical battery capacity plans with further expansion
expected in 2026. As a leading producer of cathode materials that has first achieved mass production of
high-nickel and ultra-high-nickel series products and applied them in major international terminalNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
automakers the Company will gain extensive market opportunities.
(3) Application of lithium manganese iron phosphate (LMFP) in vehicles
Lithium manganese iron phosphate is a new type of phosphate lithium-ion battery cathode material
formed by doping a certain proportion of manganese into lithium iron phosphate. It is the
next-generation upgrade product of lithium iron phosphate offering higher energy density lower cost
and better low-temperature performance. According to GGII data under -20°C conditions the energy
density of lithium manganese iron phosphate can theoretically be 10%-20% higher than that of lithium
iron phosphate and under -20°C conditions it is about 25% better than lithium iron phosphate.In 2023 the blended application of lithium manganese iron phosphate and ternary materials has
been implemented in terminal models. In 2024 the market demand for lithium manganese iron
phosphate is gradually becoming clear. In terms of pure application lithium manganese iron phosphate
with its volume energy density advantage of 450 Wh/L (a 12.5% increase over lithium iron phosphate)
has achieved phased progress in terminal automakers and has begun mass production. Regarding
blending lithium manganese iron phosphate first obtained designation certification in commercial light
truck models. Leveraging its significant watt-hour cost advantage it has been successfully applied in
100~130kWh high-capacity battery packs achieving delivery for multiple vehicle models within the
year. Although the current market size of lithium manganese iron phosphate is small industry attention
continues to rise. According to the statistics from ICCSINO by the end of 2024 the domestically
constructed capacity of lithium manganese iron phosphate has exceeded 1 million tons.In 2022 the Company achieved mass production of lithium manganese iron phosphate through the
acquisition of Tianjin Skyland Technology Co. Ltd. (now renamed Tianjin Ronbay Skyland Technology
Co. Ltd.) maintaining the industry’s number one position in shipments. In 2024 the Company's lithium
manganese iron phosphate product shipments grew by more than 100% year-on-year and it is expected
to continue to maintain the highest market share in the industry. Based on the original small power
market with the development of commercial vehicle markets such as electric trucks lithium manganese
iron products have also seen a significant increase in sales in the large power sector. The Company's
lithium manganese iron products hold the primary supplier status among multiple customers and have
secured orders for nearly ten thousand vehicles from leading power battery enterprises.
3. Core Technology and R&D Progress
3.1 Core technology and its advancement as well as changes during the reporting period
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 forefrontNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
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 cathode
material atmosphere sintering technology precursor co-precipitation technology NiCoMn metal
recycling technology and production technologies for ultra-high-nickel (Nimol%≥90) cathode materials
sodium-ion layered oxide cathode materials sodium polyanionic cathode materials lithium manganese
iron phosphate cathode materials and high-voltage single-crystal materials. The Company is
continuously improving preparation technologies for different types of solid-state electrolytes
high-voltage nickel-manganese lithium-rich manganese and lithium supplementation agents. The
Company is committed to the cultivation development transformation and industrialization of core
technologies. The next-generation ultra-high-nickel products sodium-ion layered oxide and polyanionic
cathode materials and second-generation lithium manganese iron phosphate have all achieved
large-scale stable preparation with small-batch supplies to domestic and international customers in
fields including power batteries energy storage batteries high-power batteries semi-solid-state batteries
and 3C.Name of Core Source of
Application in Main Business and Products
Technology Technology
This technology achieves uniform co-precipitation of various
elements in precursors and directional crystal growth enhancing the
Precursor
Independent cycle life and safety performance of corresponding cathode materials.Co-Precipitation
R&D During the reporting period this technology has been widely applied
Technology
in the production of the Company's high-nickel NCM811 series NCA
series and ultra-high-nickel series precursor products.This technology has improved the structural stability of ternary
cathode materials effectively reducing structural degradation during
the recycling process and significantly enhancing the
Cathode
Independent high-temperature cycle life of ternary materials. During the reporting
Material Doping
R&D period this technology has been widely applied in the production of
Technology
the Company's mid-nickel high-voltage products as well as NCM811
series NCA series and Ni90 and above ultra-high-nickel series
cathode products.This technology has reduced the Li/Ni mixing degree in the crystal
Cathode
structure of ternary cathode materials thereby enhancing the
Material
Independent material's structural stability and cycle life. During the reporting
Atmosphere
R&D period this technology has been widely applied in the production of
Sintering
the Company's mid-nickel series NCM811 series NCA high-nickel
Technology
series and Ni90 and above ultra-high-nickel series cathode products.Cathode This technology has reduced the residual lithium in ternary cathode
Material Surface Independent materials enhancing the material's surface stability electrode
Treatment R&D processing performance and cycle life. During the reporting period
Technology this technology has been widely applied in the production of theNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Company's mid-nickel series NCM811 series NCA high-nickel
series and Ni90 and above ultra-high-nickel series cathode products.This technology by controlling the particle growth of materials
High-Voltage optimizing morphology and crystal structure has enhanced the
Single-Crystal performance of ternary cathode materials under high-voltage systems
Independent
Material significantly improving capacity cycle life and storage
R&D
Production characteristics. During the reporting period this technology has been
Technology applied to the 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 from cathode materials eliminating the need for extraction
processes resulting in a short process flow minimal environmental
NiCoMn Metal
Independent pollution and low production costs. During the reporting period this
Recycling
R&D technology has been put into production at the Company's Korean
Technology
factory; meanwhile the Company has successfully applied for the
Ningbo 2025 Major Project "Lithium Battery Cascade Utilization and
Recycling Technology" and is fully optimizing this recycling
technology.During the reporting period this technology has been applied in mass
production in the South Korean factory. It has successfully been
declared as a major project under "Ningbo 2025" – Lithium Battery
Li2CO3 recycling Independent Cascade Utilization and Recycling Technology. The Company is fully
technology R&D committed to building a new generation of resource recycling pilot
production lines and strives to realize the commissioning of
new-generation resource recycling lines in domestic production bases
as soon as possible.This technology enhances the thermal stability cycle life and safety
Ultra-high-nickel
performance of Ni90 and above ultra-high-nickel ternary cathode
Cathode
Independent materials. By increasing the compaction density it further improves
Material
R&D the battery energy density and reduces costs. During the reporting
Production
period this technology has been widely applied in the production of
Technology
the Company's Ni90 and above ultra-high-nickel products.This technology optimizes production and preparation processes and
equipment solutions adopts a new type of single-crystal product
High-Nickel
Independent technology controls the alkalinity of the cathode material surface
Non-Washing
R&D and eliminates the washing process for high-nickel single crystals
Technology
thereby improving the comprehensive performance of the product and
reducing production costs.Sodium-Ion This technology enhances the capacity cycle and air stability of
Independent
Layered Oxide sodium-ion layered oxide cathode materials suppresses gas
R&D
Cathode generation behavior within the battery and further improves batteryNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Material energy density by optimizing morphology and increasing compaction
Production density. During the reporting period this technology has been applied
Technology to the production of the Company's sodium-ion layered oxide cathode
materials.This technology enhances the compaction capacity rate cycle and
Sodium-Ion air stability of sodium-ion polyanionic cathode materials. By
Polyanionic optimizing morphology increasing compaction density and finely
Cathode Independent controlling particle size it improves battery energy density while
Material R&D optimizing processing performance enhancing low-temperature and
Production cycle performance. During the reporting period this technology has
Technology been applied to the production of the Company's sodium-ion
polyanionic cathode materials.This technology improves the electronic conductivity of lithium
manganese iron phosphate materials and enhances the diffusion rate
Lithium
of lithium ions in the material. Through ion doping carbon coating
Manganese Iron
and nanotechnology it achieves improvements in capacity cycle rate
Phosphate
Independent and low-temperature performance of lithium manganese iron
Cathode
R&D phosphate materials enabling power cathode materials to open up a
Material
third route between lithium iron phosphate and
Production
nickel-cobalt-manganese ternary materials. During the reporting
Technology
period this technology has been applied in the mass production of
lithium manganese iron phosphate materials by Skyland Company.
3.2 R&DAchievements Obtained During the Reporting Period
During the reporting period the Company filed 245 patent applications and obtained 150 patent
authorizations. The Company's total cumulative patent applications have reached 1206 with a total of
597 patents granted both domestically and internationally. The Company's patent portfolio includes
low-nickel mid-nickel high-nickel and ultra-high-nickel ternary cathode materials as well as lithium
manganese iron phosphate and sodium-ion cathode materials precursors and other key products. It also
encompasses cutting-edge products such as solid-state battery materials spinel nickel-manganese oxide
cathodes and lithium-rich manganese-based cathodes spanning the entire industry chain from upstream
engineering equipment testing recycling to downstream electrode sheets and batteries. In March 2024
the Company obtained Level 3 certification of the ISO 56005 intellectual property system becoming the
first enterprise in the industry to receive this certification. 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 added 150 authorized patents. Among them 59 are
domestic invention patents and 91 are domestic utility model patents with details as follows:Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Publication
Serial (Announcement) Legal
Title Patent Type
Number Number/Application Status
Number
A method for preparing
1 202011644054.3 nano-solid electrolyte powder Invention Granted
materials
NCMA precursor material
2 202110949205.4 preparation method and Invention Granted
NCMA cathode material
A polyhedral composite phase
precursor and its preparation
3 202111175981.X Invention Granted
method and lithium-rich
cathode material
A surface-modified high-nickel
4 202111612180.5 ternary cathode material and its Invention Granted
dry preparation process
Synthesis method device
electronic equipment and
5 202111645270.4 Invention Granted
storage medium for cathode
material precursor
Soft-pack cell housing and
6 202210009295.3 Invention Granted
soft-pack cell
A high-nickel lithium-ion
battery cathode material with
7 202210191368.5 Invention Granted
thermal safety and its
preparation method
A high-voltage
nickel-manganese material with
8 202210216759.8 high single-crystal dispersion Invention Granted
and its preparation method and
application
A ternary composite material
for all-solid-state batteries its
9 202210246513.5 Invention Granted
preparation method and
application
A high-nickel multi-element
cathode material its
10 202210262675.8 Invention Granted
preparation method and
application
A high-nickel ternary cathode
11 202210277545.1 material its preparation Invention Granted
method and applicationNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Nickel-cobalt-manganese
ternary precursor and its
preparation method
12 202210359720.1 nickel-cobalt-manganese Invention Granted
cathode material and its
preparation method and
lithium-ion battery
Coated modified high-nickel
ternary cathode material its
13 202210459908.3 Invention Granted
preparation method and
lithium-ion battery
A lithium nickel manganese
oxide cathode material and its
14 202210512168.5 Invention Granted
preparation method and
application
A ternary cathode material and
15 202210673589.6 Invention Granted
its preparation method
A long-life cathode material its
16 202210723077.6 preparation method and Invention Granted
lithium-ion battery
A nickel-cobalt-aluminum
17 202210779706.7 cathode material precursor and Invention Granted
its preparation method
A cathode active material
18 202210871328.5 cathode slurry cathode sheet Invention Granted
and secondary battery
A low-cost high-nickel ternary
19 202210912244.1 cathode material and its Invention Granted
preparation method
A lithium circulation system
20 202211051947.6 and preparation method for Invention Granted
cathode material precursor
A small-particle
nickel-cobalt-manganese
21 202211144581.7 ternary precursor with narrow Invention Granted
particle size distribution and its
preparation method
A lithium metal oxide precursor
22 202211234588.8 and its preparation method and Invention Granted
application
A cathode precursor material
23 202211268050.9 and its preparation method and Invention Granted
applicationNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
A composite precursor and its
preparation method cathode
24 202211318671.3 Invention Granted
material and its preparation
method
A lithium metal oxide
precursor its preparation
25 202211438449.7 Invention Granted
method and lithium battery
cathode material
A cathode material precursor
26 202310345963.4 and its preparation method and Invention Granted
application
Broad distribution cobalt-free
lithium-rich manganese-based
27 202310353801.5 Invention Granted
precursor and its preparation
method
Cathode active material and its
28 202310825219.4 preparation method cathode Invention Granted
sheet and sodium-ion battery
A cathode material and its
29 202310942864.4 preparation method and Invention Granted
application
A cathode material and its
30 202310948628.3 preparation method and Invention Granted
application
A method for cyclic organic
reduction solvent subcritical
31 202310995711.6 Invention Granted
lithium replenishment repair of
phosphate cathode materials
Ammonium manganese iron
phosphate lithium manganese
32 202311199268.8 iron phosphate and their Invention Granted
preparation methods and
applications
Cathode active material and its
preparation method cathode
33 202311296382.2 Invention Granted
electrode battery and electrical
device
A cathode material and its
34 202311329049.7 preparation method and Invention Granted
lithium-ion battery
A ternary precursor and its
35 202311329052.9 preparation method and Invention Granted
cathode materialNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
A cathode material and its
36 202311329054.8 preparation method and Invention Granted
lithium-ion battery
A ternary cathode material and
37 202311329051.4 its preparation method and Invention Granted
lithium-ion battery
Sodium-ion battery cathode
38 202311390637.1 material and its preparation Invention Granted
method and application
High-nickel cathode material
39 202311574096.8 and its preparation method and Invention Granted
application
Oxide precursor and its
40 202311756250.3 preparation method and Invention Granted
application
Cathode active material and its
41 202311775694.1 preparation method and Invention Granted
application
A cathode material and its
42 202311785186.1 preparation method and Invention Granted
sodium-ion battery
A polycrystalline cathode
43 202311785185.7 material and its preparation Invention Granted
method and lithium-ion battery
Sodium-ion layered cathode
44 202311849186.3 material and its preparation Invention Granted
method and application
High-nickel cathode material
45 202410023036.5 and its preparation method and Invention Granted
application
Copper-based carbonate
precursor and its preparation
46 202410419648.6 Invention Granted
method cathode material and
application
Self-supporting electrode and
47 202410420040.5 its preparation method and Invention Granted
sodium-ion battery
Cathode material and its
48 202410645192.5 preparation method and Invention Granted
application
Dry electrode film and method
49 202410728882.7 for detecting the degree of Invention Granted
binder fibrillation thereinNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Sodium-ion battery cathode
50 202410854158.9 material and its preparation Invention Granted
method and application
High-nickel cathode material
51 202410880091.6 and its preparation method and Invention Granted
application
Cathode material precursor and
52 202410894673.X its preparation method and Invention Granted
application
Modified lithium-rich
manganese-based material its
53 202410880061.5 preparation method cathode Invention Granted
material cathode sheet and
battery
A solid-state electrolyte film
54 202410417501.3 its preparation method and Invention Granted
lithium-ion battery
A single-crystal cathode
55 202410939416.3 material and its preparation Invention Granted
method and lithium-ion battery
An efficient and energy-saving
56 202410600177.9 internal heating type airflow Invention Granted
sintering combined kiln
A lithium manganese iron
57 202311294059.1 phosphate material and its Invention Granted
preparation method
A cathode material and its
58 202311648461.5 preparation method cathode Invention Granted
sheet and battery
A cathode sheet and its
59 202311734179.9 Invention Granted
application
List of intellectual property rights obtained during the reporting period
Newly added this year Cumulative quantity
Number of Number of grants Number of Number of grants
applications (patents) applications (patents)
(patents) (patents)
Invention patent 137 59 629 162
Utility model 108 91 577 435
patent
Total 245 150 1206 597
Note: Two utility model patents and one invention patent will expire in 2024Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
3.3 Status of ongoing projects
Estimated Current
Cumulative Progress
Serial total period Specific application
Project name investment or interim Target to be achieved Technical level
No. investment investment prospects
amount results
scale amount
Product's full-cell testing
To develop a high-nickel
at 1/3C capacity
9-series single-crystal
≥220mAh/g rapid
Ultra-high-nickel material with high energy Mainly used in new
Mass product iteration
single-crystal density and excellent energy vehicles
1 2950.00 33.51 1920.86 production matching different
cathode cycle performance to supplemented by
stage customer needs with
development meet customer digital products.mass production supply
requirements for product
achieved for some
performance.customers.To develop 9-series High product capacity;
high-nickel full-cell testing at 1/3C
Ultra-high-nickel polycrystalline materials capacity ≥215 mAh/g; Mainly used in new
Mass
polycrystalline with high-energy density demands met in cycle energy vehicles
2 6409.00 948.17 3767.40 production
cathode excellent cycle storage and DCR growth; supplemented by
stage
development performance to meet mass production supply electric tools/drones.customers’ requirements achieved for multiple
on product performance. customers.Multi-element Production To develop a cathode Product's full-cell testing Mainly used in new
high energy line material with high energy at 1/3C capacity energy vehicles
32970.00210.582642.91
density NCMA debugging density excellent cycle ≥208mAh/g significantly supplemented by
cathode stage performance and improved product thermal electric tools/drones.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
development significantly improved stability passing key
safety compared to the customer evaluations.NCM system meeting
customer requirements
for energy density and
safety.To develop a
single-crystal cathode Under high-voltage
material with high systems product 0.33C
capacity good cycle full capacity can reach
performance increased 200 mAh/g passing major Mainly used in new
Production
6-series cathode safety and favorable customer tests meeting energy vehicles with
line
4 new product 9259.00 1650.75 2531.17 compaction performance requirements for high coverage of digital
debugging
development at relatively low voltage high capacity products/drones and
stage
manufacturing cost in long cycle and low cost other fields.line with market with key customers
expectations for energy entering the production
density safety and low line certification stage.cost.Product's full-cell testing
To develop
at 1/3C capacity
high-capacity
≥210mAh/g; the product
high-safety Mainly used in new
9-series Mass features high capacity
low-internal-resistance energy vehicles
5 polycrystalline 2125.00 749.37 810.45 production increased thermal safety
NCM cathode materials supplemented by
development stage and low initial internal
meeting customer electric tools/drones.resistance. Mass
requirements for product
production supply
performance.achieved.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Product's full-cell testing
at 1/3C capacity
To prepare new
≥160mAh/g further
phosphate cathode Mainly used in new
Development of balancing material-end
products with increased energy vehicles
6 new phosphate 1158.00 177.17 191.63 Pilot stage safety cost and cycling
safety low cost and electric
system products characteristics. With
comprehensive energy two-wheelers etc.improved energy density
density advantages.compared to conventional
phosphate materials.Product's full-cell testing
at 0.5C gram capacity
Production ≥154mAh/g; low cost
To develop cost-effective
Low-cost 5-series line excellent rate Mainly used in 3C
7 1422.00 725.93 747.87 5-series cathode
development debugging performance digital products.products.stage comprehensive
performance meeting
customer requirements.The developed
sodium-ion layered Applied in new
cathode materials have energy vehicles
To develop low-cost
reached industry-leading small power fields
Development of sodium-ion battery
Pilot levels in full-cell testing with broad market
sodium-ion layered oxide cathode
8 2888.00 9.29 2241.29 production for capacity cycling and prospects; with a
layered oxide materials with excellent
stage gas generation certain blending
cathode materials electrochemical
performance meeting the application market in
performance.needs of low-speed new the energy storage
energy vehicles electric field.two-wheelers andNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
household energy storage.Innovations in mass
production process
significant breakthroughs
in product stability
control and cost
reduction.Sodium-ion polyanionic
cathode materials are at
To develop polyanionic
industry-leading levels in
Development of cathode materials for
Pilot capacity rate and
sodium-ion sodium-ion batteries with Mainly used in the
9 3016.74 971.80 1077.55 production cycling. It is expected to
polyanionic low cost and excellent energy storage field.stage meet the requirements for
cathode materials electrochemical
energy storage and
performance.low-speed vehicle
applications.To develop lithium-rich
Development of
cathodes with significant Various technical
low-cobalt Production Mainly used in new
cost advantages and indicators such as
long-cycle line energy vehicles
10 875.00 205.48 840.55 energy density and capacity cycling and
lithium-rich debugging supplemented by
lifespan comparable to power performance are at
manganese-based stage digital products.mid-nickel high-voltage industry-leading levels.cathode materials
Ni5-6 series.To develop high-energy The prepared spinel Mainly used in new
Development of
Pilot density low-cost nickel-manganese lithium energy vehicles
high-voltage
11 918.00 97.99 593.43 production high-voltage spinel single-crystal materials supplemented by
nickel-manganese
stage nickel-manganese have energy density close electric
cathode materials
lithium cathode materials to low-nickel/mid-nickel two-wheelersNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
to replace ternary materials with electric tools special
low-nickel/mid-nickel watt-hour cost equipment and
ternary and lithium iron comparable to lithium digital products.phosphate cathode iron materials. It features
materials. low cost high capacity
high stability excellent
low-temperature/rate
performance suitable for
liquid and solid-state
systems. To closely
cooperate with multiple
mainstream domestic and
international cell and
complete vehicle
manufacturers with
sample performance
consistently leading in
multiple client
applications possessing
strong competitive
advantages.The developed
To develop all-solid-state It is primarily
all-solid-state cathode
Development of Production battery cathode materials applied in
exhibits excellent
all-solid-state line suitable for sulfide high-energy-density
12 827.00 74.58 424.41 compatibility with
battery cathode debugging systems meeting high electric vehicles
solid-state electrolytes in
materials stage energy density and high drones and other
terms of interface contact
safety requirements. fields.and stability achievingNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
outstanding capacity
initial efficiency rate
performance and cycle
performance under high
load and high cathode
ratio conditions. It is
collaboratively developed
with multiple domestic
and international cell and
complete vehicle
manufacturers reaching
industry-leading levels in
performance and
production scale.To develop high-capacity
The precursor materials
and excellent cycle
have good sphericity no
Development of performance high-nickel
Pilot cracked spheres
9-series precursors improving It is mainly used in
13 4205.00 482.43 2156.00 production corresponding to high
polycrystalline gas generation internal new energy vehicles.stage capacity and good cycling
precursors resistance and
performance of the
high-temperature cycling
cathode products.performance.To develop The product has good
ultra-high-nickel crystallinity dispersion Mainly used in new
Development of
precursors with high wide particle size energy vehicles
14 ultra-high-nickel 5270.00 897.13 3543.43 Pilot stage
capacity and excellent distribution no cracked supplemented by
precursors
cycle performance spheres. The final cathode digital products.improving gas material features highNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
generation internal capacity and excellent
resistance and cycling performance
high-temperature cycling suitable for use in
performance. soft-pack cells.The product has
reasonable primary
To develop low-cost particle and pore design
Mainly used in new
Development of high-capacity good sphericity and no
energy vehicles
15 next-generation 2724.00 223.92 2375.03 Pilot stage high-safety and cracked spheres solving
supplemented by
8-series precursors long-cycle-life 8-series capacity and cycle issues
digital products.NCM precursor products. of the next-generation
high-nickel cathode
materials.The rate performance is
To develop materials
optimized by improving Mainly used in
High-rate product with high-rate
material conductivity and two-wheeled
16 development 555.00 120.40 506.54 Pilot stage performance while
element doping and the vehicles and new
project ensuring leading cost
most cost-effective energy vehicles.competitiveness.solution is verified.To enhance the cycling
stability of the product Process improvements
Power-type develop high-capacity and raw material
product and high-compaction optimizations are carried It is mainly used in
17 812.00 477.57 477.57 Pilot stage
development materials and improve out based on existing new energy vehicles.project electrical performance products to meet EV
levels. Maintain customer requirements.industry-leading levels.Total / 48383.74 8056.07 26848.09 / / / /Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
4. Discussion and Analysis on the Company's Future Development
4.1 Industry Landscape and Trends
According to GGII's data China's lithium battery shipments reached 1175 GWh in 2024 a
year-on-year increase of 32.6% with power energy storage and digital battery shipments being over
780 GWh 335 GWh and 55 GWh respectively a year-on-year increase of 23% 64% and 14%
respectively. It is expected that China's lithium battery shipments will exceed 1400 GWh in 2025.Compared to China's current nearly 50% penetration rate of new energy passenger vehicles
European and American markets are still in the early stages of development with a new energy
penetration rate in 2024 at 22.7% in Europe and at only 9.6% in the US. With the gradual reduction of
geopolitical factors such as the Russia-Ukraine war and the accelerated implementation of carbon
emission assessment policies it is expected that the overseas new energy market represented by Europe
will enter a recovery phase offering significant potential for future growth based on its low penetration
rate. To seize overseas market opportunities leading companies in the new energy industry chain are
integrating into local supply chains through technology and capacity exports strengthening global
industry chain and supply chain services. Lithium battery enterprises have gone through overall
exploration trial implementation and comprehensive overseas expansion with their international
operations becoming increasingly mature.In the ternary material sector the high-nickel route continues to advance globally while the
development of new technologies and businesses brings new incremental opportunities for high-nickel
ternary materials. Solid-state batteries as one of the important development directions for future battery
technology align well with the technical characteristics of high-nickel ternary materials and are
expected to further drive market growth. The rise of low-altitude economies such as drones and
low-altitude flying vehicles places higher demands on battery performance. High-nickel ternary
materials can meet these devices' needs in terms of energy density and endurance showcasing broad
application prospects. The development of humanoid robots similarly imposes high requirements on
battery performance and safety. The excellent energy density performance of high-nickel ternary
materials makes them one of the ideal choices for humanoid robot batteries.With the growth of the new energy market application scenarios are becoming increasingly diverse
bringing new opportunities for new materials such as sodium batteries and lithium manganese iron
phosphate. Sodium batteries with their advantages of abundant resources low cost and strong
low-temperature resistance are expected to be widely used in the power and energy storage sectors.Lithium manganese iron phosphate can offer customers various solutions including pure use and
blending with ternary materials. In pure use scenarios its energy density is 15%-20% higher than that of
lithium iron phosphate making it a potential upgraded iteration product of lithium iron phosphate. In
applications of blending with ternary materials lithium manganese iron phosphate can effectivelyNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
enhance battery safety and reduce costs. With continuous technological advancements and cost
reductions the application scenarios for lithium manganese iron phosphate will continue to expand.
4.2 The Company's Development Strategy
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 launched the "New Integration" strategy of "being the strongest cooperating
with the strongest and mutual growth" which encompasses specialization integration platformization
ecologicalization intelligent digitalization globalization and organization. Guided by the "New
Integration" strategy the Company has strengthened its cooperative relationships with upstream and
downstream enterprises through strategic partnerships and equity participation ensuring stable
development and long-term competitive advantages in the fiercely competitive new energy materials
sector.In 2022 the Company proposed a full-coverage strategy for the cathode market aiming to
transform into a platformized group-oriented comprehensive supplier of cathode materials with
products covering high-nickel materials lithium manganese iron phosphate and sodium-ion materials
and application areas spanning high medium and low-end power small power energy storage and
digital markets.In 2023 amid the booming development of the overseas new energy vehicle industry and
intensifying domestic industry competition the Company held a global strategy launch event clarifying
that the "globalization" strategy is the focal point of the "New Integration" strategy at this stage. The
details of the U.S. Inflation Reduction Act have been further clarified providing a larger market for the
Company's overseas expansion. The Company's strategic advantages in overseas regions like South
Korea is becoming increasingly apparent.In 2024 the Company has made significant progress in its globalization strategy with the phase-I
20000 tons/year ternary material capacity in South Korea fully operational and the phase-II 40000
tons/year ternary material capacity nearing commissioning further enhancing the energy efficiency and
manufacturing level of the production lines. The Company successfully completed the acquisition of a
factory in Poland and commenced the construction of a phase-I project with a capacity of 20000 tons
gaining a first-mover advantage in the European cathode material capacity layout. The Company has
completed the registration of its North American subsidiary and established long-term stable
partnerships with international clients planning to build a relatively complete industry chain from
precursor to cathode materials in North America.Looking ahead to 2025 the Company will continue to accelerate its globalization strategy focusing
on cathode materials as its main business extending R&D forward to smelting urban and natural mines
and backward to material electrochemical systems cell design and battery dismantling; relying onNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
global capital operation capabilities it will possess the ability to develop manage and operate the entire
industrial chain. The Company will transition from "digitalization" to "intelligent digitalization"
comprehensively accelerating its development through the extensive application of AI technologies in
R&D engineering manufacturing supply chain management and organizational culture building. It
will construct its own vertical AI model and create an intelligent collaboration platform across the globe
to accelerate cross-regional cultural integration and innovative collaboration. All these measures aim to
build a data intelligence ecosystem that enhances operational efficiency and core competitiveness of the
enterprise.Additionally the Company will further improve the diversified incentive mechanism to ensure that
all regions at home and abroad can attract talents and build excellent talent echelons to meet the growing
needs of the Company's international business. In the future the Company will increase its efforts in
training and cultivating employees and cadres accelerate digital and intelligent transformation and
artificial intelligence applications in various fields and build an efficient global management platform.Through the effective implementation of the above development strategies the Company is
confident in achieving its strategic goal of becoming the first in the global cathode material industry in
the future.
4.3 Business Plan
In 2025 the Company will continue to strengthen cooperation with key customers focus on core
technology breakthroughs and product iteration upgrades enhance industrial chain collaboration and
resource integration solidify the achievements of its global layout and transform strategic advantages
into strategic victories.
(1) Consolidate the leading position in ternary materials and achieve large-scale applications
of lithium manganese iron phosphate and sodium batteries
In 2025 the Company will continue to consolidate its barrier advantages in the high-nickel and
ultra-high-nickel fields deepen cooperation with international customers and further increase the
proportion of overseas customers. It will deepen collaborative innovation with major strategic customers
complete large-scale production of mid-nickel high-voltage series products enrich the Company's
product matrix and further enhance profitability.The Company's lithium manganese iron phosphate products will further explore the automotive
power battery market achieve large-scale sales and further solidify its industry-leading advantage. In
terms of sodium-ion cathodes the Company's layered oxide products and polyanionic products will
consolidate key positioning advantages with top domestic and international customers and will
gradually increase production to meet customer demands in 2025 achieving large-scale production and
delivery.
(2) Increase R&D investment continuously enhance basic technology and gradually expand
cutting-edge technology
In 2025 the Company will continuously increase R&D investment enhance product andNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
technology competitiveness further strengthen the global intellectual property protection system and
quickly respond to market and customer needs. The R&D scope of products and technologies will
gradually extend from cathode material research upstream to precursor preparation smelting and
recycling and downstream to material electrochemical systems cell design battery pack design battery
application and battery dismantling and recycling.
(3) Increase the market share of the Company's materials in the all/semi-solid battery field
and explore the low-altitude economy and robotics markets
In 2025 the Company will further leverage its leading advantages in the high-nickel field
consolidate and increase the market share of its high-nickel/ultra-high-nickel products in the solid-state
battery field achieve batch pilot production of ultra-high-nickel cathode materials for solid-state
batteries with key customers and also push forward small-batch shipments of sulfide electrolytes. At the
same time the Company will utilize its leading advantages in high-nickel/ultra-high-nickel products to
actively explore the low-altitude and robotics markets seizing market share in emerging sectors.
(4) Continuously implement the "New Integration" strategy to build a competitive supply
chain globally
In the current competitive environment of the new energy lithium battery industry the Company
will continue to advance its "New Integration" strategy establishing a global supply chain that meets
international battery act requirements based on an interconnected entire industry chain from resources to
products. It will gradually build trading networks in Southeast Asia Europe North America South
America and Africa deepen cooperation with resource and processing enterprises in various global
regions and leverage respective industrial advantages ensuring raw material security and cost
advantages and creating a competitive supply chain system globally.
(5) Seize market development opportunities to build a global top-tier talent team
In 2025 the Company will comprehensively optimize the group's organizational management
system construct a minimalist structure and implement effective incentive mechanisms such as 3P
(position pay and performance) pay incentive systems and a four-tier partnership mechanism to attract
top global talents and seize industry development opportunities.
(6) From "digitalization" to "intelligent digitalization" comprehensively accelerate corporate
development
In recent years the rapid development of artificial intelligence technology has brought profound
changes to all aspects of human society. By 2025 the Company will prioritize intelligent digitalization
as its top strategy deeply integrating informatization digitalization and intelligence. Through the
extensive application of AI technologies in R&D engineering administrative transformation supply
chain and organizational culture building it will construct its own vertical AI model and create a
intelligent collaboration platform across the globe to accelerate cross-regional cultural integration and
innovative collaboration. All these measures aim to build a data intelligence ecosystem that enhances
operational efficiency and core competitiveness of the enterprise.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Section V Corporate Governance
1. Explanation of company governance-related matters
During the reporting period the Company continuously improved its corporate governance
structure and standardized its operations in accordance with the requirements of laws regulations rules
and normative documents such as the Company Law Securities Law and Shanghai Stock Exchange
Science and Technology Innovation Board Stock Listing Rules. The actual situation of corporate
governance complies with the requirements of normative documents such as the Code of Corporate
Governance for Listed Companies issued by China Securities Regulatory Commission.
(1) Regarding shareholders and shareholders' general meetings: The Company has formulated rules
of procedure for shareholders' general meetings and strictly convenes and holds meetings in accordance
with the requirements of the shareholders' general meeting norms. The choice of venue and meeting
format is designed to allow as many shareholders as possible to attend the shareholders' general meeting
and exercise their voting rights; the Company treats all shareholders equally ensuring they can exercise
their rights.
(2) Regarding the relationship between the controlling shareholders and listed companies: The
controlling shareholders' behaviors are standardized without directly or indirectly intervening in the
Company's decision-making and business operations beyond the shareholders' general meeting; the
Company and the controlling shareholders achieve "five independences" in terms of personnel assets
finance institutions and business with the Company's Board of Directors Board of Supervisors and
internal bodies operating independently. The Company's related-party transactions are legal prices are
fair and all have fulfilled information disclosure obligations.
(3) Regarding directors and the Board of Directors: The Company strictly follows the director
recruiting procedure stipulated in the Articles of Association to elect directors. During the reporting
period the Company completed the election of a new board of directors improving the staffing of the
corporate governance body. The number and composition of the Company's board of directors meet the
requirements of laws and regulations; the Company's board of directors has formulated rules of
procedure for board meetings and all directors are able to earnestly attend board and shareholders'
general meetings; familiarize themselves with relevant laws and regulations; understand the rights
obligations and responsibilities of directors; and exercise their voting rights seriously. The Board of
Directors has established a Strategic Committee Audit Committee Nomination Committee
Compensation and Evaluation Committee with all committee members being directors. Each committee
fully leverages its professional strengths utilizing their expertise to propose scientifically sound and
reasonable suggestions on major matters.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
(4) Regarding supervisors and the Board of Supervisors: The Company's Board of Supervisors
strictly adheres to the provisions of the Company Law and the Articles of Association. During the
reporting period the Company completed the election of a new board of supervisors with the number
and composition of the Board of Supervisors meeting the requirements of laws and regulations. The
Board of Supervisors has formulated rules of procedure. The supervisors are able to earnestly fulfill their
duties acting with a commitment to accountability to shareholders by overseeing the company’s
finances and ensuring the legality and compliance of directors and senior management in the execution
of their duties.
(5) Regarding performance evaluation and incentive and constraint mechanisms: The Company has
established fair and transparent standards and procedures for evaluating the performance and fulfillment
of duties of directors supervisors and senior management. It has set up a performance assessment
mechanism linking compensation with company performance and individual achievements ensuring a
certain degree of stability among senior management and core employees thereby safeguarding the
Company's sustainable development.
(6) Regarding 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' general 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) Regarding 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 its information disclosure media. The Company strictly adheres to relevant laws
regulations and rules fully fulfilling its obligations of information disclosure as a listed company. The
directors supervisors and senior management ensure that the information disclosed by the Company is
true accurate complete timely and fair actively safeguarding the legitimate rights and interests of the
Company and its investors.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
2. Directors supervisors and senior management
2.1 Current and retired directors supervisors senior management and core technical personnel
Name Position Gender Age Term Start Date Term End Date
Bai Houshan Chairman General Manager and core technical personnel Male 61 3/9/2018 8/2/2027
You Sangyul Vice Chairman and core technical personnel Male 65 3/9/2018 8/2/2027
Zhang Huiqing Director and Deputy General Manager Male 58 3/9/2018 8/2/2027
Song Wenlei Director Male 59 6/29/2021 8/2/2027
Zhao Xinyan Director (Retired) Male 63 4/18/2023 8/2/2024
Feng Tao Director Female 37 4/18/2023 8/2/2027
Fu Linjun Director Male 51 8/3/2024 8/2/2027
Yu Qingjiao Independent Director (Retired) Male 55 3/9/2018 8/2/2024
Jiang Hui Independent Director (Retired) Female 48 3/9/2018 8/2/2024
Zhao Yiqing Independent Director (Retired) Female 43 3/9/2018 8/2/2024
Li Yunjiao Independent Director Female 62 8/3/2024 8/2/2027
Mei Yuexin Independent Director Female 61 8/3/2024 8/2/2027
Nie Xin Independent Director Male 53 8/3/2024 8/2/2027
Zhu Yan Chairman of the Board of Supervisors (Retired) Male 50 3/9/2018 8/2/2024
Shen Cheng Supervisor (Retired) Female 42 6/29/2021 8/2/2024
Chen Ruitang Employee Representative Supervisor (Retired) Male 62 3/9/2018 8/2/2024
Jiang Hui Chairman of Board of Supervisors Female 48 8/3/2024 8/2/2027
Zhang Mingxiang Employee Representative Supervisor Male 49 8/3/2024 8/2/2027
Chen Ruitang Supervisor Male 62 8/3/2024 8/2/2027
Yu Jiyun Secretary of the Board of Directors Male 40 8/5/2023 8/2/2027
Yang Yang Chief Financial Officer Female 42 8/3/2024 8/2/2027Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Liu Dexian Deputy General Manager Male 51 3/24/2018 8/2/2027
Sun Hui Deputy General Manager Male 44 8/3/2024 8/2/2027
Lee Jonghee Deputy General Manager Male 50 8/3/2024 8/2/2027
Lee Jonghee Core technical personnel Male 50 3/12/2018 To date
Chen Mingfeng Core technical personnel (Retired) Male 40 12/31/2018 8/2/2024
Yuan Xujun Core technical personnel Male 41 3/12/2018 To date
Mo Jiguo Core technical personnel Male 57 8/3/2024 To date
Wang Zunzhi Core technical personnel Male 34 8/3/2024 To date
Yuan Yong Core technical personnel Male 45 8/3/2024 To date
Note:
1. Chairman Bai Houshan also serves as the Company's General Manager; his term as General Manager is from August 3 2024 to August 2 2027.
2. Former core technical personnel Mr. Chen Mingfeng is no longer recognized as core technical personnel of the Company due to adjustment of work
responsibilities and currently serves as an expert at the Sodium Battery Technology Research Institute of the Central Research Institute. For details please
refer to the Announcement on the Adjustment of Core Technical Personnel and the Additional Recognition of Core Technical Personnel (2024-061) disclosed
on the Shanghai Stock Exchange website (www.sse.com.cn) on August 3 2024.
3. The shareholding numbers in the above table represent direct holdings.
4. The Company has completed the re-election of its new Board of Directors and Board of Supervisors. For details please refer to the Announcement on the
Completion of Board of Directors and Supervisors Re-election and Appointment of Senior Management (2024-060) disclosed on the Shanghai Stock
Exchange website (www.sse.com.cn) on August 3 2024.
2.2 Resumes of current and retired directors supervisors senior management and core technical 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
Bai Houshan
South University with a major in Non-Ferrous Metallurgy Northeastern University with a major in Heavy Metal Pyrometallurgy and obtained anNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
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 1990 he studied Heavy Metal Pyrometallurgy at Northeastern
University; from March 1990 to December 2001 he served in various roles including Assistant Engineer Engineer Senior Engineer
Professor-Level 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 he held positions including Researcher at Samsung SDI Comprehensive Research
Institute and Head of Samsung SDI Material Drug Manufacturing Department; from January 2003 to April 2005 he served as Technical Advisor and
You Sangyul
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.
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
Zhang Planning Department Manager of Production Department and Manager of General Management Department; from January 1999 to February 2000
Huiqing he served as Production Manager at Vicome Greenland Group of Shandong Shengli Co. Ltd.; from March 2000 to December 2001 he served 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 2014 to the present he hasNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
been serving as Director and Deputy General Manager of the Company.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 Director of Goldstone Investment Limited; from August 2013 to April
Song Wenlei
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. She holds a Bachelor's Degree in Finance and Bachelor of Economics.She previously served as Securities Affairs Representative and Head of the Securities Department at BGRIMM Magnetic Materials & Technology
Feng Tao
Co. Ltd. and as Securities Affairs Representative and Deputy General Manager at Beijing Sumavision Technologies Co. Ltd. Since April 2023 she
has served as director at Ronbay Technology.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
Fu Linjun Capital Co. Ltd.; from October 2006 to June 2010 he served as Executive Director at Shenzhen Cowin Venture Capital Investments Co. Ltd.; from
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 Nie Xin male Han ethnicity born in 1972. Mr. Nie Xin graduated from the Department of Statistics at Renmin University of China obtaining aNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
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 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 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 2004 she served
successively as Assistant Teacher Lecturer Associate Professor Professor and Doctoral 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
Li Yunjiao
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 1995 to
Mei Yuexin
January 1999 she served as Senior Project Manager at Shenzhen Zhonghua Certified Public 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 2019 she served as Partner DeputyNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Chief Accountant Member of the Risk Control Committee and 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.Jiang Hui female born in 1977 Chinese nationality without overseas permanent residency. Ms. Jiang Hui holds a Master's degree in Finance from
the University of Sydney. From 2004 to 2010 she served as Management Department Director at SEMITEC Corporation in Japan; from 2010 to
Jiang Hui 2014 she served as Human Resources Director at Beijing Easpring Material Technology Co. Ltd.; from 2015 to the present she has been serving as
Deputy General Manager at Shanghai Dingyi Intelligent Technology Co. Ltd.; from March 2018 to August 2024 she serves as Independent
Director of the Company.Chen Ruitang male born in 1963 Chinese nationality without overseas permanent residency. Mr. Chen Ruitang graduated from Central South
University with a major in Non-Ferrous Metallurgy obtaining a Bachelor of Engineering. From July 1984 to March 1989 he served as Engineer at
Chen Guiyang Aluminium Magnesium Design & Research Institute Aluminum Corporation of China; from March 1989 to March 2013 he served as
Ruitang Chief Engineer at Zhengzhou Non-Ferrous Metals Research Institute Aluminum Corporation of China; from April 2013 to October 2015 he served
as Deputy Chief Engineer at Hunan Zhongda Metallurgical Design Institute Co. Ltd.; from October 2015 to the present he serves as Chief Engineer
of the Engineering Design Research Institute of the Company; from July 2017 to the present he has been serving as Supervisor of the Company.Zhang Mingxiang male Han ethnicity born in 1976. Mr. Zhang Mingxiang graduated from Wuhan Automotive Polytechnic University with a
major in Fine Chemical Engineering. From 2010 to 2015 he served in various positions at Beijing Easpring Material Technology Co. Ltd.Zhang including Deputy Manager of Quality Department Director of the Tongzhou Factory and Manager of the Yanjiao Branch. Since 2016 he has held
Mingxiang various positions including Production Director Factory Manager and Deputy General Manager of Hubei Ronbay Lithium Battery Material Co.Ltd.; Deputy General Manager and General Manager of Xiaocao'e branch of Ningbo Ronbay New Energy Technology Co. Ltd.; General Manager
of Linshan branch and Deputy General Manager of Manufacturing Division of the branch.Liu Dexian male born in 1974 Chinese nationality without overseas permanent residency. Mr. Liu Dexian graduated from Beijing Institute of
Liu Dexian
Technology with a Master's Degree in Materials Science and Engineering. From January 1999 to May 2004 he held various positions at BeijingNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Easpring Material Technology Co. Ltd. including Marketing Engineer Marketing Department Manager and 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.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 2019 he held various positions at Wanhua Chemical Group Co. Ltd. including R&D Engineer Project Manager
Process Optimization Center Manager Quality Manager and Quality and Supply Chain Manager; from April 2019 to May 2022 he served as
Sun Hui General Manager of the Quality Environment and Safety Center Deputy General Manager of the Precursor Division and concurrently as President
of Korean EMT Assistant President and concurrently as Executive Deputy Dean of 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 President of the Precursor Business and concurrently as President of the Market System;
since June 2024 he has been serving as Executive Vice President of the Company.Lee Jonghee male born in 1975 South Korean nationality. Mr. Lee Jonghee graduated from Kyushu University in Japan with a major in Applied
Chemistry and obtained a Doctor of Engineering degree. From 2002 to 2004 he served as Research Engineer at Korea Institute of Energy Research;
from 2004 to 2007 he served as Research Assistant at Japan Institute of Applied Chemistry; from 2007 to 2012 he worked as Senior Engineer at
Lee Jonghee
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.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
Yu Jiyun
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 director at Beijing Ronbay Investment Holdings Co. Ltd.; fromNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
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.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 Co. Ltd.; from June
2015 to March 2021 she served as Financial Director at Dongfeng Infiniti Motor Co. Ltd.; from March 2021 to January 2023 she served as Chief
Yang Yang
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 the present she has been serving as the Company's Chief Financial
Officer.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 he served as Research Assistant in the Fuel Cell Division of the
Ningbo Institute of Materials Technology and Engineering Chinese Academy of Sciences; from July 2008 to September 2014 he successively held
Yuan Xujun
positions as R&D Engineer and R&D Manager at Jinhe New Materials; from October 2014 to the present he has been engaged in the R&D of
lithium-ion battery cathode materials at the Company serving as Deputy General Manager of Cathode Division and General Manager of Ternary
Cathode Division.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
Mo Jiguo 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 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 GeneralNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
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 2018; from 2019 to 2021 he conducted postdoctoral research at the School of
Materials Science and Engineering Zhejiang University focusing on the development and application of high-energy-density lithium-ion battery
Wang Zunzhi
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 Group’s R&D Center; from January 2007 to April 2009 he served as chief engineer and deputy general manager at
Yuan Yong
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 Technology Co. Ltd.Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Section VI Share Changes and Shareholders
1. Changes in shareholding
Unit: Shares
Before this change Increase/Decrease in this change (+ -) After this change
Ratio New shares Bonus Capital reserve Ratio
Quantity Miscellaneous Subtotal Quantity
(%) issued shares capitalization (%)
I. Restricted shares 200485578 41.4 -32908751 -32908751 167576827 34.69
1. State-owned shares
2. State-owned legal person shares 4678223 0.97 -4678223 -4678223
3. Other domestic shares 188942205 39.02 -21365378 -21365378 167576827 34.69
Including: Domestic non-state-owned
18761312938.75-20137729-2013772916747540034.67
legal person shares
Domestic natural person shares 1329076 0.27 -1227649 -1227649 101427 0.02
4. Foreign shares 6865150 1.42 -6865150 -6865150
Including: Overseas legal person
68651501.42-6865150-6865150
shares
Overseas natural person shares
II. Unrestricted circulating shares 283738010 58.60 31714822 31714822 315452832 65.31
1. RMB Common Shares 283738010 58.60 31714822 31714822 315452832 65.31
2. Domestic Listed Foreign Shares
3. Overseas Listed Foreign Shares
4. Miscellaneous
III. Total Number of Shares 484223588 100.00 -1193929 -1193929 483029659 100.00Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
2. Total number of ordinary shareholders total number of preferred shareholders with voting rights 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 25788
reporting period
Total number of ordinary shareholders (accounts) as of the end of the 27221
previous month before the annual report disclosure date
Total number of preferred shareholders (accounts) with voting rights 0
restored as of the end of the reporting period
Total number of preferred shareholders (accounts) with voting rights 0
restored as of the end of the previous month before the annual report
disclosure date
Total number of shareholders (accounts) holding special voting rights 0
shares as of the end of the reporting period
Total number of shareholders (accounts) holding special voting rights 0
shares as of the end of the previous month before the annual report
disclosure date
Shareholding status of the top 10 shareholders (excluding shares lent out through the securities lending and borrowing (SLB) mechanism)
Pledged Tagged or
Number of Frozen Status
Increase/Decrease
Name of Shareholder Shares Held at Ratio Number of Shares with Shareholder
During the
(Full Name) the End of the (%) Restrictive Conditions Nature
Reporting Period Shares
Period QuantityStatusNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Shanghai Ronbay New
Energy Investment
0 129000000 26.71 129000000 None 0 Miscellaneous
Enterprise (Limited
Partnership)
Hong Kong Securities
Clearing Company 21110010 29547652 6.12 0 None 0 Overseas Legal Person
Limited
Beijing Ronbay New Domestic
Energy Investment 0 13957800 2.89 13957800 None 0 Non-State-Owned Legal
Development Co. Ltd. Person
Huzhou Haiyu Equity
Investment Partnership 0 10094835 2.09 0 None 0 Miscellaneous
(Limited Partnership)
Beijing Ronbay New Domestic
Energy Investment 0 8800000 1.82 8800000 None 0 Non-State-Owned Legal
Management Co. Ltd. Person
Beijing Ronbay New
Domestic
Energy Technology
0 8240300 1.71 8240300 Frozen 1843842 Non-State-Owned Legal
Investment Management
Person
Co. Ltd.Gongqingcheng
Rongcheng Investment
-762323 8144980 1.69 0 None 0 Miscellaneous
Management Partnership
(Limited Partnership)
Zunyi Ronbay New
Energy Investment
0 7477300 1.55 7477300 None 0 Miscellaneous
Center (Limited
Partnership)Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Hubei Yangtze River
NIO New Energy
Industry Development 0 6978961 1.44 0 None 0 Miscellaneous
Fund Partnership
(Limited Partnership)
Agricultural Bank of
China Limited - CSI 500
Exchange Traded
2916273 4652827 0.96 0 None 0 Miscellaneous
Open-End Index
Securities Investment
Fund
Statement on the Above Shareholders' Related Party Relationships Shanghai Ronbay New Energy Investment Partnership (Limited Partnership) Beijing Ronbay
or Concerted Actions 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 restored
None
and their shareholding quantityNingbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
3. Diagram of the property and control relationship between the Company and its controlling
shareholders
4. Diagram of the property and control relationship between the Company and its actual
controllers
4. Details on the implementation of share repurchase during the reporting period
Unit: Yuan Currency: RMB
Name of Share Repurchase Plan Share Repurchase Plan via Centralized Auction
Trading
Disclosure Date of Share Repurchase Plan October 26 2023
Planned Number of Shares to be Repurchased and 0.23—0.39
Percentage of Total Share Capital (%)
Planned Repurchase Amount 75000000—125000000
Planned Repurchase Period October 26 2023 – January 26 2024Ningbo Ronbay New Energy Technology Co. Ltd. 2024 Annual Report Summary
Purpose of Repurchase Implementation of Employee Shareholding
Plan or Equity Incentive
Number of Shares Repurchased (Shares) 3147658
Percentage of Repurchased Shares Relative to the /
Total Shares in the Equity Incentive Plan (%) (if
applicable)
Progress of the Company's reduction of repurchased /
shares through centralized auction trading
Name of Share Repurchase Plan Share Repurchase Plan via Centralized Auction
Trading
Disclosure Date of Share Repurchase Plan February 06 2024
Planned Number of Shares to be Repurchased and 0.30—0.59
Percentage of Total Share Capital (%)
Planned Repurchase Amount 75000000—150000000
Planned Repurchase Period February 06 2024 – May 06 2024
Purpose of Repurchase To maintain the Company's value and
shareholders' interests
Number of Shares Repurchased (Shares) 2640970
Percentage of Repurchased Shares Relative to the /
Total Shares in the Equity Incentive Plan (%) (if
applicable)
Progress of the Company's reduction of repurchased /
shares through centralized auction trading
Name of Share Repurchase Plan Share Repurchase Plan via Centralized Auction
Trading
Disclosure Date of Share Repurchase Plan June 24 2024
Planned Number of Shares to be Repurchased and 0.25—0.49
Percentage of Total Share Capital (%)
Planned Repurchase Amount 50000000—100000000
Planned Repurchase Period June 22 2024 – September 22 2024
Purpose of Repurchase For employee shareholding plan or equity
incentive
Number of Shares Repurchased (Shares) 4301807
Percentage of Repurchased Shares Relative to the /
Total Shares in the Equity Incentive Plan (%) (if
applicable)
Progress of the Company's reduction of repurchased /
shares through centralized auction trading
Ningbo Ronbay New Energy Technology Co. Ltd.Board of Directors April 2025
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