Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Company Code: 688005 Company Abbreviation: Ronbay Technology

Ningbo Ronbay New Energy Technology Co. Ltd.2025 Annual Report SummaryNingbo Ronbay New Energy Technology Co. Ltd. 2025 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 directors 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 LLP 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

The Company does not propose any cash dividend distribution bonus share issuance or capitalization of

capital reserve into share capital for 2025.Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Section II Definitions

In this report unless the context indicates otherwise the definitions of following terms apply:

Definitions of Common Terms

Company The Company refers

Ningbo Ronbay New Energy Technology Co. Ltd.and Ronbay Technology to

Ningbo Ronbay Lithium Battery Material Co. Ltd. the

refers

Ronbay Lithium Battery predecessor of Ronbay Technology originally named Ningbo

to

Jinhe Lithium Battery Material Co. Ltd.refers Ningbo Jinhe Lithium Battery Material Co. Ltd. later renamed

Jinhe Lithium Battery

to Ningbo Ronbay Lithium Battery Material Co. Ltd.refers Hubei Ronbay Lithium Battery Material Co. Ltd. a wholly-

Hubei Ronbay

to owned subsidiary of the Company

refers Beijing Ronbay New Energy Technology Co. Ltd. a wholly-

Beijing Ronbay

to owned subsidiary of the Company

refers Tianjin Ronbay Skyland Technology Co. Ltd. a subsidiary

Tianjin Ronbay

to controlled by the Company

refers Shenzhen Pengguan New Materials Technology Co. Ltd. a

Shenzhen Pengguan

to subsidiary controlled by the Company

refers Energy Material Technology Co. Ltd. a subsidiary controlled by

EMT Corporation/EMT

to the Company

refers Shanghai Ronbay New Energy Investment Partnership (Limited

Shanghai Ronbay

to Partnership) the controlling shareholder of the Company

Contemporary Amperex Technology Co. Limited and its

Contemporary Amperex subsidiaries: Jiangsu Contemporary Amperex Technology

refers

Technology Limited Fuding Contemporary Amperex Technology Limited

to

Limited/CATL Sichuan Contemporary Amperex Technology Limited and SAIC-

CATL Power Battery Co. Ltd.refers

Samsung SDI Samsung SDI Co. Ltd. a subsidiary of Samsung Group

to

A research and consulting firm focused on strategic emerging

GGII/Gaogong Industrial refers

industries in China with institutes for lithium batteries electric

Institute to

vehicles LED robotics new materials and intelligent vehicles.A type of battery using lithium metal or lithium alloy as cathode

material and using non-aqueous electrolyte solution. Lithium

refers

Lithium Battery batteries can be divided into lithium metal batteries and lithium-

to

ion batteries. All references to "lithium batteries" in this report are

lithium-ion batteries.A secondary battery (rechargeable battery) that operates primarily

by moving lithium ions between the cathode and anode. In the

refers

Lithium-Ion Battery process of charging and discharging Li+ is embedded and de-

to

embedded between the two electrodes. During charging Li+ is de-

embedded from the cathode and embedded into the anode throughNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

the electrolyte and the anode is in a lithium-rich state. The

opposite is true for discharging.A secondary battery (rechargeable battery) that operates primarily

by moving sodium ions between the cathode and anode. In the

process of charging and discharging Na+ is embedded and de-

refers

Sodium-Ion Battery embedded between the two electrodes. During charging Na+ is

to

de-embedded from the cathode and embedded into the anode

through the electrolyte and the anode is in a sodium-rich state.The opposite is true for discharging.One of the main components of lithium batteries the performance

refers

Cathode Materials of the cathode material directly affects various performance

to

indicators of lithium batteries.An intermediate product with highly uniform distribution of

multiple elements prepared through a solution process. This

refers

Precursor product can be converted into a finished product through chemical

to

reactions and has a decisive impact on the performance indicators

of the finished product.Ternary Cathode Ternary composite cathode materials made from nickel salts

refers

Materials/Ternary cobalt salts and manganese/aluminum salts in cathode materials

to

Materials of lithium batteries.A ternary material with the chemical formula LiNixCoyMnzO2

NCM (Lithium Nickel refers where x+y+z=1. It is the most widely used ternary material in

Manganese Cobalt Oxide) to China. The higher the nickel content the higher the specific

capacity.NCA (Lithium Nickel refers A ternary material with the chemical formula LiNixCoyAlzO2

Cobalt Aluminum Oxide) to where x+y+z=1.NCMA (Lithium Nickel

refers A ternary material with the chemical formula

Cobalt Manganese

to LiNixCoyMnzAlnO2 where x+y+z+n=1.Aluminum Oxide)

A phosphate (chemical formula: LiFePO4) with an olivine

Lithium Iron Phosphate refers structure used as the cathode material for lithium-ion batteries

(LFP) to primarily for lithium-ion power batteries and lithium-ion energy

storage.Lithium manganese iron phosphate (LiMnxFe1-xPO4) is a new

Lithium Manganese Iron refers type of phosphate solid solution lithium-ion battery cathode

Phosphate (LMFP) to material formed by replacing part of the iron (Fe) with manganese

(Mn) in lithium iron phosphate (LiFePO4).Vehicles that adopt advanced technical principles new

refers technologies and new structures (or use conventional vehicle

New energy vehicles

to fuels but with new on-board power devices) integrating advanced

technologies in vehicle power control and drive.The energy possessed by a battery per unit volume or unit mass

refers

Energy density categorized into volumetric energy density (Wh/L) and

to

gravimetric energy density (Wh/kg).Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Section III Basic Information and Key Financial Data of the Company

1、 Company Profile

1.1 Summary of Company Stock

"√ Applicable" "□ Not applicable"

Summary of company stock

Type of stock Stock exchange and sector Stock Stock code Previous stock

where the stock is listed abbreviation abbreviation

A-shares Shanghai Stock Exchange Ronbay 688005 /

Science and Technology Technology

Innovation Board

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 and Financial Indicators for the Past Three Years

Unit: Yuan Currency: RMB

This year vs. last

2025 2024 year 2023

Change (%)

Total assets 22967962917.01 24622978521.33 -6.72 24639096566.49

Net assets

attributable to

shareholders of 7994815939.71 8440667718.62 -5.28 8698065813.64

listed companies

Operating

revenue 12267435004.35 15087554666.76 -18.69 22657274651.38

Operating

revenue after 11839813704.60 14463604954.93 -18.14 21112661748.54Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

excluding

income unrelated

to the main

business and

income lacking

commercial

substance

Total profit -121725747.51 429798018.91 -128.32 773262260.92

Net profit

attributable to

shareholders of -187442870.48 295910777.62 -163.34 580908514.51

listed companies

Net profit

attributable to

shareholders of

listed companies -217123737.27 244072202.29 -188.96 515391565.36

after deducting

non-recurring

gains and losses

Net cash flow

from operating 1135208772.74 523401116.89 116.89 1795379751.91

activities

Weighted

average return on -2.29 3.46 Decrease of 5.75

net assets (%) percentage points

7.73

Basic earnings

per share -0.27 0.42 -164.29 0.85

(Yuan/share)

Diluted earnings

per share -0.27 0.42 -164.29 0.85

(Yuan/share)

Proportion of

R&D investment 3.44 2.81 Increase of 0.63to operating percentage points 1.56

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 2963855549.84 3284565490.86 2737432569.97 3281581393.68

Net profit

attributable to

shareholders of -15429523.56 -52965099.81 -135246611.47 16198364.36

listed companies

Net profit

attributable to

shareholders of

listed companies -24985126.72 -54320141.51 -141499369.10 3680900.06

after deducting

non-recurring

gains and losses

Net cash flow -605132504.28 1496716067.58 479750022.16 -236124812.72Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

from operating

activities

Section IV Management Discussion and Analysis

1. Discussion and Analysis of Business Conditions

At present the world is undergoing an energy transition with the cost of new energy beginning to

fall below that of fossil fuels. Coupled with the promotion of intelligent distributed power grids driven by

AI the energy sector is approaching a “singularity” era. Meanwhile against the backdrop of intensifying

geopolitical conflicts and rising traditional energy prices the global energy transition is gaining further

momentum.Industry development has led to differentiated demand across various material systems in different

application scenarios. Among them ternary materials will continue to develop in high-end power batteries

solid-state batteries low-altitude economy and humanoid robotics. Lithium iron phosphate (LFP) lithium

manganese iron phosphate (LMFP) and sodium-ion cathode materials are expanding their application

scope in both energy storage and power battery markets. The Company expects that by 2035 the annual

demand for LFP and sodium-ion cathode materials will each reach the scale of tens of millions of tons

evolving into mega-scale industries.The Company has successfully seized the opportunity arising from the transition of the power battery

market toward energy storage batteries and has achieved strategic positioning within the industry. It has

transformed from a single-material enterprise into a platform-based materials industrial group. During the

reporting period the Company successfully completed the development of new high-voltage high-nickel

materials while mid-nickel products passed certification and production line retrofitting was completed.Through a combination of in-house R&D and M&A the Company entered the LFP sector with innovative

processes fostering new productive forces in the industry. Leveraging internal industrial incubation the

Company advanced the industrialization of sodium-ion cathode materials. Meanwhile its LMFP business

maintained industry leadership achieving doubled growth and entering a phase of rapid expansion.Through investments in overseas recycling projects the Company has mastered advanced recycling

technologies and evolved into an operator within the industry ecosystem. In addition R&D of frontierNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

materials such as lithium-rich manganese-based materials nickel-manganese binary materials and solid-

state electrolytes has continued to progress with positive outcomes.During the reporting period the Company recorded operating revenue of RMB 12.268 billion and

net profit attributable to shareholders of the parent of RMB -187 million. The change in performance was

primarily due to the impact of changes in overseas market environment which led to a decline in sales

volume in the first three quarters and exerted phased pressure on performance. However with the gradual

optimization of product structure and ramp-up of new businesses profitability improved quarter by quarter

and the Company achieved a turnaround to profitability in the fourth quarter on a standalone basis. Details

of operations are as follows:

(I) Completion of new high-nickel material development and mid-nickel production line upgrade

During the reporting period affected by changes in overseas market conditions the Company’s

shipments of ternary cathode materials were approximately 100000 tons representing a year-on-year

decline. Nevertheless shipments of high-nickel cathode materials maintained a leading position in the

industry. Against this backdrop the Company proactively advanced product structure optimization and

upgrading in line with market trends. The core 8-series high-nickel products completed a new-generation

technological upgrade adapting to the emerging market of extended-range electric vehicles featuring large

battery capacity and small fuel tanks and have entered the certification stage of mainstream end-vehicle

model supply chains. These products are expected to partially replace mid-nickel materials starting in 2026

and gradually ramp up in volume. For mid-nickel materials the Company completed product development

and large-scale production line retrofitting and passed customer audit laying a solid foundation for

subsequent large-scale commercialization. Leveraging technological advantages ultra-high-nickel

products have been promoted to the supply chains of more 4680 large cylindrical battery manufacturers

and automakers. High-capacity and high-rate products are progressing smoothly in emerging application

areas such as the low-altitude economy and humanoid robotics. The Company has established new product

development collaborations with several leading cell manufacturers with material finalization expected

to commence in 2026 and mass production anticipated after 2027. In terms of global expansion as terminal

customers in Europe and the United States accelerate the establishment of localized supply chains the

Company has deployed supporting overseas production capacity. The Phase II project of a new production

line in South Korea with an annual capacity of 40000 tons completed product commissioning andNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

customer certification in 2025. Meanwhile the Phase I project in Poland with an annual capacity of 25000

tons of ternary cathode materials is under active construction.(II) Entry into the LFP sector through in-house R&D and M&A with a novel process

During the reporting period the Company entered the LFP sector through a combination of

consecutive acquisitions and in-house R&D leveraging an innovative “one-step” process. Compared with

the traditional iron phosphate process this new process reduces the number of production steps from 15

to 6 lowering capital expenditure per ton by approximately 40% and reducing energy consumption by

approximately 30%. The process is highly adaptable to automation and digitalization environmentally

friendly and offers advantages in recyclability and technological confidentiality thereby demonstrating

strong competitiveness in high-end energy storage and power battery markets. Through the acquisition of

Guizhou Xinren the Company has secured an annual production capacity of 60000 tons. Existing plant

facilities and public auxiliary utilities are capable of supporting a rapid expansion to 300000 tons per year.In addition the Company signed a long-term procurement agreement with CATL in January 2026 and is

currently advancing capacity construction and supply chain investment and deployment in line with

customer demand.(III) Industry-leading sodium-ion cathode technology and long-term cooperation agreement with

CATL

During the reporting period the Company’s self-developed sodium-ion cathode materials achieved

rapid commercialization with significant progress in R&D customer development and capacity

deployment.In terms of product development the Company’s polyanion sodium-ion cathode materials have

achieved stable mass production and maintain industry-leading performance in key metrics such as cycle

life electrode compaction density and energy density. These products are widely applicable in power

energy storage start-stop system and small power markets. In terms of customer development the

Company entered into a long-term cooperation agreement with CATL in November 2025. Pursuant to the

agreement subject to the Company meeting the customer’s requirements in technology quality cost

delivery and service CATL will procure no less than 60% of its total annual procurement volume for

sodium-ion cathode materials from the Company. In terms of capacity expansion the Company has

completed the construction of its Phase I project in Xiantao Hubei with an annual capacity of 6000 tonsNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

and is actively advancing the feasibility study and evaluation for the planning and deployment of

additional domestic and overseas production bases.(IV) Full production and sales of LMFP with breakthroughs across multiple application fields

During the reporting period the Company’s LMFP products operated at full capacity with full sales

with sales volume doubling compared to 2024 and achieving three consecutive years of doubled growth.The Company ranked first in market share in the EV segment. Profitability continued to improve and

turned positive in the fourth quarter of 2025. Benefiting from favorable industry policies and

breakthroughs in product performance the Company’s LMFP products have achieved comprehensive

coverage across BEVs PHEVs commercial vehicles power tools 3C electronics and high-end electric

motorcycles. In 2025 the Company achieved successful mass production breakthroughs in the commercial

vehicle market while its pure EV solutions for passenger vehicles gained customer recognition.(V) Industry-leading frontier products including solid-state cathodes and electrolytes

In the solid-state battery field the Company has pursued parallel development of cathode materials

and solid-state electrolytes ranking as the leading supplier to several top-tier solid-state battery

manufacturers. In terms of solid-state cathode materials high-nickel and ultra-high-nickel all-solid-state

cathode materials have achieved shipments at the scale of tens of tons. The products have been supplied

to leading domestic battery manufacturers and complete vehicle manufacturers as well as internationally

renowned battery companies. Customer validation indicates that the materials can meet the requirements

for developing battery cells with an energy density of 400 Wh/kg and achieve a cycle life exceeding 1000

cycles. The Company is also among the earliest in the industry to develop high-energy-density lithium-

rich manganese-based materials for all-solid-state batteries and has achieved continuous shipments at the

ton-per-batch level.In terms of solid-state electrolytes the Company’s sulfide-based electrolyte materials demonstrate

industry-leading particle size control and ionic conductivity. The Company is currently advancing pilot-

scale production line construction with certain mass-production equipment already validated under loaded

conditions. The pilot line is expected to be completed by mid-2026 with production commencing in the

second half of 2026. Through multi-site doping modulation the air stability of sulfide electrolytes has

been significantly improved eliminating the need for glovebox environments. The materials can now be

handled in both dry-room and glovebox environments with comparable performance in testing evaluations.Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

(VI) Establishment of a green circular system and transition to an operator within the industry

ecosystem

During the reporting period the Company continued to advance its ecological supply chain strategy

by deploying green circular industry chains in North America and Europe. Through equity investment in

a U.S.-based recycling company the Company has acquired competitive recycling technologies for NCM

and LFP materials thereby establishing core resource recovery capabilities. To address the technical

challenges associated with LFP recycling the Company has integrated purification technologies from its

U.S. recycling partner with its proprietary “one-step” LFP cathode process. This has enabled the

transformation of traditional long-process high-cost LFP recycling methods into a green economically

efficient and integrated circular regeneration technology for LFP materials. Through the deployment of

its circular industry chain the Company has evolved into an operator within the industry ecosystem.(VII) Continuous enhancement of organizational capabilities and development of a world-class talent

team

In 2025 in alignment with its business development and strategic planning the Company adjusted

its organizational structure to better match its operational scale and management requirements. The

organizational transformation toward a platform-based materials enterprise has been largely completed.The Company has integrated precursor materials recycling businesses and cathode materials into a

unified platform forming four major materials business segments: ternary materials sodium-ion materials

LFP and LMFP. These segments operate as primary business units responsible for day-to-day operations

functioning as solution centers product centers and operation centers with full operational authority and

accountability for business performance. At the same time the Company has established sub-groups such

as Ronbay Trading and Frontier Technology which act as value chain coordinators for integrated material

solutions as well as super technology platforms for technological leadership industrial upgrading and

incubation of future growth drivers. The Company’s investment and operational capabilities have evolved

into institutionalized competencies. Through strategic research organizational structuring process

optimization mechanism enhancement financial budgeting and risk control function development the

Company is promoting the formulation and execution of its future industrial development plans.Looking ahead to 2026 the Company will focus on strengthening organizational capabilities aiming

to build a globally adaptable and efficient organization while continuously enhancing organizationalNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

effectiveness. The Company will establish cross-functional and cross-regional collaboration platforms to

facilitate knowledge sharing promote process optimization foster an innovation-driven culture and

improve organizational agility thereby laying a solid organizational foundation for the development of a

global materials platform. In addition the Company will advance the establishment of a global partnership

mechanism implement competitive incentive policies and build a world-class talent team. By fostering a

corporate culture that encourages innovation and unleashes creativity the Company aims to provide strong

talent support for its competitiveness in global markets.

2. Overview of the Company's Main Business During the Reporting Period

2.1 Main Business Key Products or Services

The Company is committed to becoming a comprehensive solution provider for lithium battery

cathode materials. At present it is primarily engaged in the research and development production and

sales of lithium battery cathode materials including ternary materials LFP LMFP and sodium-ion

cathode materials. The Company’s products are mainly used in the manufacturing of lithium-ion and

sodium-ion batteries and are primarily applied in new energy vehicles energy storage batteries electric

two-wheelers and consumer electronics. Its core products include: NCM811 series NCA series ultra-

high-nickel series (Ni90 and above) mid-nickel high-voltage series LFP cathode materials LMFP

cathode materials (including pure-use and blended series) and sodium-ion cathode materials (including

layered oxide and polyanion series).

2.2 Main Business Model

The Company has established independent systems for R&D procurement production and sales. It

primarily generates revenue by developing manufacturing and selling lithium battery cathode materials

while providing integrated material solutions to downstream customers.

(1) R&D ModelThe Company adheres to an R&D strategy of “frontier technology research product development inprogress and continuous optimization of products in production” and has established a customer-centric

R&D system. Its frontier and basic technology R&D activities cover the entire industry chain from

upstream mining resources and urban mining to key battery materials battery packs battery applicationsNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

and recycling. In the R&D process on the one hand the Company actively advances the implementation

of the IPD process incorporates artificial intelligence applications and develops internal AI large models;

on the other hand it strengthens collaboration with external innovation ecosystems to promote the

globalization of R&D. The Company has facilitated deep integration between its Central Research Institute

and Engineering & Manufacturing Division transforming them into a technology incubation platform to

accelerate the industrialization of frontier technologies. In industrial incubation the Company provides

material samples and application guidance to customers assisting in the validation and finalization of

battery systems. In terms of new materials the Company focuses on the development of solid-state battery

materials and new cathode materials. It has achieved mass supply capability for cathode materials used in

all-solid-state batteries. The pilot production line for sulfide-based electrolytes is progressing rapidly

while lithium-rich manganese-based materials and spinel nickel-manganese cathode materials are under

continuous development in collaboration with leading customers. In 2025 the Company successfully

industrialized its self-developed sodium-ion materials and entered into a cooperation agreement with

CATL.In terms of intellectual property the Company has established a global full-industry-chain layout

and built a comprehensive global IP protection system. In talent development the Company attracts core

talent through a well-established R&D system and a four-tier partnership mechanism while enhancing

technical leadership through internal training programs to support business expansion.

(2) Procurement Model

The Company has established a platform-based organization Ronbay Trading to build a globaloperational platform integrating “resource development and investment trading marketing and a full-cycle supply chain”. By integrating global resources and capital to operate globally the Company aims to

achieve full-chain connectivity and coordination from upstream resources to end markets. Under this

platform Ronbay Commerce coordinates the development of global bulk raw material and equipment

supply chains strategic procurement and processing operations thereby building an integrated supply

chain system. In terms of procurement models for key bulk raw materials such as nickel cobalt

manganese lithium and phosphorus the Company maintains long-term strategic partnerships with

multiple core domestic and international suppliers to ensure stable supply and cost competitiveness. At

the same time the Company actively advances investment and development of resource projects toNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

enhance the long-term competitiveness of its diversified cathode material supply chain while

strengthening strategic procurement and refined operations to mitigate significant raw material price

fluctuations. In terms of supplier management the Company ensures compliance in procurement

processes and stability in raw material quality by standardizing bidding procedures and systematizing

supplier evaluation mechanisms. In addition the Company plans to establish a comprehensive energy

services company to provide integrated energy solutions for its global industrial parks and supply chain

while exploring global energy supply chain management and related investment development and

operational opportunities.

(3) Production Model

The Company adopts a sales-driven production model formulating production plans based on

customer orders and demand forecasts. It optimizes production line layout and dynamically adjusts

production schedules to control inventory and reduce costs while ensuring product quality and timely

delivery.Positioned as a comprehensive solution provider for cathode materials the Company promotes the

industrialization of new technologies and processes across the entire industry chain and strengthens

industry chain collaboration through the output of technology and intellectual property. The Company is

advancing the development of “lights-out factories” with a focus on process optimization equipment

scaling and digital and intelligent manufacturing while building a zero-carbon operational system and

emphasizing the use of clean energy. It is transitioning from “extreme manufacturing” to “extremeoperations”. At the same time the Company actively promotes localized manufacturing by integrating into

local communities through joint ventures. Its overseas factories adopt localized operations establish

strong relationships with local communities and align with local political economic legal and cultural

environments.The Company has established five major production bases in Ezhou (Hubei) Xiantao (Hubei) Zunyi

(Guizhou) Ningbo (Zhejiang) and Chungju (South Korea) along with multiple offices. Its European base

is expected to be completed and put into operation in 2026. The Company is capable of rapid response in

product development manufacturing and logistics and provides customized production for strategic

customers to ensure stable supply and high product performance.

(4) Sales ModelNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

The Company adopts a direct sales model with core customers covering mainstream battery factories

and complete vehicle manufacturers both domestically and internationally. In response to the complexity

of battery material systems and diversified customer requirements the Company has established a cross-

functional “iron triangle” collaboration mechanism. Sales R&D procurement and engineering teams

jointly respond to customer needs providing end-to-end technical solutions and fostering deep customer

integration.The Company has built a normalized market research system to continuously track global new energy

policies and industry trends thereby guiding customer development and sales strategies. In terms of

customer expansion the Company focuses on strategic customers and establishes stable long-term

partnerships through long-term supply agreements priority capacity allocation and joint R&D initiatives.

2.3 Industry Overview

2.3.1 Development Stage Basic Characteristics and Main Technical Barriers of the Industry

(1) Industry Development Stage

At present the world is undergoing an energy transition. With the advancement of photovoltaic and

energy storage technologies the cost of new energy has begun to fall below that of fossil fuels. Coupled

with the promotion of intelligent distributed power grids driven by AI the energy sector is approaching a

“singularity” era. This has driven the energy storage battery market into a phase of explosive growth.Under the drivers of carbon peaking and carbon neutrality targets together with the continued

implementation of supportive policies for new energy across multiple countries the coordinated

development of power and energy storage markets has created substantial growth potential for the new

energy industry.In terms of the global new energy vehicle market according to EVTank data global new energy

vehicle sales reached 23.542 million units in 2025 representing a significant year-on-year increase of

29.1% with overall penetration steadily rising to 24.3%. Industry prosperity continues to improve and

the long-term growth trajectory remains clear and robust. From a regional perspective China remains the

standout market leading globally with sales of 16.49 million units and accounting for more than 70% of

the global market share. The penetration rate of new energy vehicles in China successfully exceeded the

50% mark making it the core engine and backbone force driving global electrification. The EuropeanNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

market has achieved a strong recovery under stringent emissions regulations with annual sales rebounding

by 30.5% accelerating its electrification transition. Although the U.S. market has experienced short-term

growth moderation due to policy adjustments its long-term electrification potential remains substantial.In other regions worldwide passenger vehicle penetration remains relatively low while emerging markets

such as India and Indonesia have recorded growth rates exceeding 50% indicating considerable future

growth potential.In the power battery market according to SNE Research data global installed capacity reached 1187

GWh in 2025 representing a year-on-year increase of 31.7% with a slight rebound in growth rate

compared to the previous year. This growth is not driven by rapid expansion in market size alone but

rather by structural optimization and demand upgrading. On the one hand the increasing proportion of

high-end electric vehicle models has driven continuous growth in battery capacity per vehicle; on the other

hand the acceleration of commercial vehicle electrification and the rapid expansion of emerging markets

such as India and Southeast Asia have become key drivers of installed capacity growth. In terms of market

structure the scale advantages of leading enterprises have become more prominent. Chinese companiesaccount for 70.4% of the global market share reflecting a competitive landscape characterized by “strongleaders and rapid growth among second-tier players.” Technological iteration and globalization have

become core competitive advantages.The energy storage market has emerged as a new growth engine for the industry achieving a critical

transition from policy-driven development to demand-driven growth. According to EVTank statistics

global energy storage battery shipments exceeded 650 GWh in 2025 representing year-on-year growth of

over 70% significantly outpacing the power battery market. The scaled development of independent

energy storage and grid-side energy storage coupled with the continuous release of overseas demand is

driving the transition of energy storage batteries from supporting infrastructure for new energy to a core

component of energy systems. From a technological perspective LFP batteries dominate the current

energy storage market due to their low cost long cycle life and high safety. In the medium to long term

sodium-ion batteries with advantages such as abundant raw material resources and superior low-

temperature performance demonstrate significant cost-reduction potential. They are expected to form a

complementary relationship with LFP batteries and gradually achieve industrial-scale application in

specific scenarios such as long-duration energy storage and remote-area energy storage.Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report SummaryOverall the lithium battery cathode materials industry is at a critical stage characterized by “structuraloptimization technological upgrading and diversified growth”. The differentiation of downstream

markets and the emergence of new demand will drive the industry’s transition from scale expansion to

high-quality development.

(2) Fundamental Characteristics

In 2025 the global power battery sector continued to be dominated by LFP and ternary cathode

materials with the market structure further differentiating. According to EVTank data China’s shipments

of LFP cathode materials reached 3.944 million tons in 2025 representing a year-on-year increase of

62.5% and accounting for 79.1% of total cathode material shipments. From the perspective of battery

installations in the power battery segment LFP batteries accounted for 81.2% establishing a dominant

position in the domestic market. The energy storage sector has become a key growth driver for LFP with

energy storage battery shipments increasing by more than 70% year-on-year.The LFP industry exhibited clear polarization in 2025. Driven by both power and energy storage

demand the demand side remained robust and leading companies maintained high capacity utilization

rates. However the industry as a whole faced margin pressure. This divergence has driven the industry to

shift from “scale competition” to comprehensive competition encompassing product technology process

and ecosystem collaboration. In the energy storage sector LFP has become the mainstream technological

route due to its advantages in cost cycle life and safety further consolidating its dominant position in the

lithium battery materials market. In the medium to long term sodium-ion batteries with advantages such

as abundant raw material resources and superior low-temperature performance demonstrate significant

cost-reduction potential. They are expected to form a complementary relationship with LFP batteries and

gradually achieve industrial-scale application in specific scenarios such as long-duration energy storage

and remote-area energy storage. In addition LMFP as an upgraded technology route of LFP has already

been adopted in certain vehicle models. With its higher voltage platform and resulting energy density

advantages LMFP is expected to develop differentiated competitiveness in commercial vehicles and mid-

range passenger vehicle markets.In the ternary materials segment following the enactment of the “One Big Beautiful Bill Act” the

early termination of the federal tax credit for new energy vehicles under Section 30D of the U.S. Internal

Revenue Code has led to near stagnation in the growth of the U.S. New energy vehicle market. CombinedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

with a slowdown in China’s new energy vehicle market growth and further penetration of LFP batteries in

mid- to low-end vehicle segments the growth rate of the global ternary materials market declined in 2025.Despite this Chinese enterprises continued to increase their share in the global ternary supply chain

supported by advantages in technology R&D and cost control. According to ICCSINO global ternary

material production reached 1.033 million tons in 2025 representing a year-on-year increase of 7.4% of

which China accounted for 769000 tons. The global market share of Chinese enterprises increased from

63.8% in 2024 to 74.4% in 2025. From a market structure perspective European and American markets

continue to follow the high-nickel technology route while demand for mid-nickel products remains strong

in China. Although the share of high-nickel ternary materials declined slightly in 2025 it remained at a

high level exceeding 50%. Looking ahead with the large-scale adoption of 4680 cylindrical batteries the

acceleration of solid-state battery industrialization and the gradual emergence of demand for high-energy-

density batteries in emerging fields such as humanoid robotics and the low-altitude economy high-nickel

ternary materials are expected to maintain clear growth potential.Mid-nickel high-voltage products have demonstrated strong performance driven by cost-

effectiveness. In 2025 the market share of 6-series ternary materials increased significantly primarily

benefiting from low lithium salt prices which narrowed the cost gap between ternary and LFP materials.Leveraging a balanced combination of performance and cost mid-nickel high-voltage products achieved

rapid penetration in China’s mainstream best-selling vehicle models further consolidating the position of

ternary materials in the mid- to high-end passenger vehicle market.In summary in 2025 LFP is evolving toward differentiated competition in technology and process

innovation; high-nickel ternary materials remain an irreplaceable technological route for high energy

density applications with long-term growth potential in high-end power batteries eVTOL and solid-state

batteries; and mid-nickel high-voltage materials are rapidly penetrating the mid- to high-end market due

to their cost-performance advantages. Leveraging its platform-based multi-technology strategy the

Company has not only established strong technological barriers in high-nickel ternary materials but also

simultaneously advanced in mid-nickel high-voltage ternary materials LFP LMFP and sodium-ion

materials. Its product portfolio demonstrates comprehensive competitiveness supported by technological

depth and mass production capabilities to meet diversified market demands thereby completing its

transformation into a platform-based enterprise.Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

(3) Major Technical Barriers

The development and manufacturing of high-nickel cathode materials involve significant technical

barriers requiring companies to have deep technical expertise. These barriers are mainly reflected in three

aspects: product development production technology and quality certification. From a development

perspective companies must achieve a multi-dimensional performance balance tailored to customer

requirements including high capacity long cycle life excellent rate performance wide temperature

adaptability low gas generation and high thermal safety. This places high demands on production line

design customized development capabilities and technical service capabilities. From a production

perspective stringent environmental control equipment corrosion resistance and high levels of

automation pose challenges to achieving stable large-scale and cost-effective mass production. From a

quality certification perspective automakers and battery manufacturers typically require more than 1.5

years of long-term testing and comprehensive evaluation covering raw material management mass

production process control delivery management and system operation. As a result market entry cycles

are lengthy. Building on this foundation the industrialization of solid-state batteries imposes even higher

requirements on high-nickel ternary cathode materials. The two are closely linked in technological

evolution: high-nickel ternary cathodes are a key option for achieving high energy density in solid-state

batteries. However challenges remain in ensuring interfacial stability between the cathode and electrolyte

maintaining structural integrity during cycling and ensuring the safety of composite cathodes when

combined with electrolytes. In addition compatibility between solid-state cathode processes and existing

production lines must be maintained further increasing the barriers to development and manufacturing.In the LFP materials segment significant technical barriers also exist. High compaction density has

become a core competitive factor with fourth- and fifth-generation products imposing higher requirements

on production processes and raw material control. In terms of production processes among current

mainstream routes the iron phosphate method accounts for approximately 83% of the market share. While

technologically mature it features long precursor production cycles wastewater generation and high

energy consumption. The ferrous oxalate method accounts for approximately 7% of the market share;

although it involves a longer process flow it delivers superior performance. The Company’s “one-step”

process differs from these traditional routes by significantly shortening the production process

substantially reducing capital expenditure per ton and energy consumption while offering strongerNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

automation potential and eliminating the generation of solid liquid and gaseous waste. This provides a

new direction for technological development in the industry. In addition for energy storage applications

LFP materials face increasingly stringent requirements in technical indicators such as cycle life iron

phosphide content iron dissolution levels and magnetic impurities further raising the industry’s

technological entry barriers.LMFP as an upgraded product of LFP offers higher voltage and energy density (approximately 15%-

20% higher than LFP) while maintaining advantages in low-temperature performance and safety.

However it still faces relatively high technical barriers in material modification blending with ternary

materials optimization for standalone applications and mass production processes. Furthermore

developing LMFP products tailored to emerging application scenarios such as energy storage humanoid

robotics and the low-altitude economy also presents substantial technical challenges.For sodium-ion battery cathode materials technical barriers are primarily associated with three

technical routes: layered oxides are prone to structural degradation and interfacial side reactions under

high voltage; polyanion compounds have inherently low electrical conductivity requiring complex

modification processes; prussian blue analogs are susceptible to the introduction of crystal water and

vacancy defects during synthesis affecting performance and safety. To address these challenges the

Company has implemented a comprehensive technology roadmap and sustained R&D investment. Its

polyanion materials have achieved a cycle life exceeding 15000 cycles and a compaction density greater

than 2.40 g/cm3. In addition the Company has moved away from the industry’s conventional production

line compatibility approach and developed a fully integrated process tailored to sodium-ion battery

characteristics. This enables the Company to achieve leading product performance while reducing

processing costs.

2.3.2 Analysis of the Company’s Industry Position and Its Changes

In 2025 the competitive landscape of the global cathode materials industry continued to evolve. The

Company has achieved full coverage across all major technology routes including ternary materials

LMFP sodium-ion materials and LFP. It has successfully transformed from a leading ternary materials

manufacturer into a platform-based provider of integrated cathode material solutions with distinctive

advantages in multi-technology coordination full-market coverage and the ability to deliver customizedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

solutions to customers.During the reporting period the Company’s ternary materials business was in a phase of product

upgrading and iteration with accelerated development of next-generation mid-nickel high-voltage and

high-nickel products. Its overseas expansion progressed steadily. At the Chungju South Korea base theCompany adjusted its qualified supply entity in response to the requirements of the “One Big BeautifulBill Act”. Upon completion this adjustment is expected to revitalize production capacity in South Korea

improve capital recovery and enable the Company to benefit from the long-term growth of the North

American market. With respect to the European market the project for ternary cathode materials with an

annual capacity of 25000 tons at the Polish factory is expected to complete construction in the second

half of 2026 and enter the stages of product commissioning and customer certification thereby enhancing

localized supply capabilities in Europe.The Company has also achieved breakthrough progress in its strategically emerging businesses with

LFP and sodium-ion materials becoming new growth drivers. In the LFP segment the Company has

entered the market with brand-new production process featuring low cost and high performance and has

made significant progress in key customer onboarding and capacity expansion through acquisitions. At

the same time the Company has taken the lead in expanding into overseas markets. Leveraging its existing

footprint in Poland it is advancing production line construction to provide localized supply solutions for

European automakers and battery manufacturers further consolidating its first-mover advantage in

globalization. In the sodium-ion segment the Company entered into a strategic cooperation agreement

with CATL in November 2025 under which CATL has designated the Company as its primary supplier of

sodium-ion cathode powder. The LMFP business has maintained full production and full sales achieving

quarterly profitability since the third quarter. Customer development across multiple application fields has

exceeded expectations and shipment volume in the power battery segment continues to rank first in the

industry.

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 performance requirements for power and energy storage batteries

continued to increase. The industrialization of solid-state batteries accelerated sodium-ion batteries

entered their first year of commercialization and significant changes occurred in both technologicalNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

evolution and competitive dynamics of LFP. The following is the development status and future trends of

new technologies and new business patterns during the reporting period:

(1) Solid-state Batteries: Semi-solid-state Entering Large-scale Application Clearer Timeline

for All-solid-state Mass Production

In 2025 the solid-state battery industry transitioned from “proof of concept” to a critical stage of

“industrial implementation”.For semi-solid-state batteries technological maturity has improved significantly. These batteries are

no longer limited to high-end vehicle applications but are gradually penetrating the mainstream market.During the year large-scale vehicle deployment was achieved with multiple automakers launching mass-

produced models equipped with semi-solid-state batteries across mid- to high-end and premium segments.Semi-solid-state batteries have achieved a balanced trade-off among energy density safety and cost

making them an ideal transitional solution from liquid batteries to all-solid-state batteries. Currently the

energy density of semi-solid-state cells generally reaches 300-350Wh/kg meeting the range requirements

of mid- to high-end vehicles.For all-solid-state batteries leading global battery manufacturers and complete vehicle manufacturers

have largely reached a consensus with mass production generally targeted for 2027-2028. The sulfide

electrolyte route due to its high ionic conductivity has become a commonly chosen technical direction

by mainstream manufacturers. Several companies have completed pilot production lines and successfully

produced Ah-level all-solid-state pouch cells demonstrating excellent energy density performance. High-

nickel ternary and lithium-rich manganese-based cathodes are the primary development directions for

cathode materials while silicon-carbon anodes are the mainstream choice for anode materials.According to the analysis of industry research institution EVTank the acceleration of solid-state

battery industrialization will drive upstream cathode materials toward higher energy density. As a

comprehensive supplier of cathode materials covering all major technology routes the Company

maintains industry-leading R&D capabilities in high-nickel and ultra-high-nickel product series which

are adaptable to solid-state battery systems and provide a first-mover advantage in the solid-state cathode

materials segment.

(2) LFP: Technological Iteration Driving Competitive Upgrading

In 2025 LFP materials further consolidated their dominant position in China’s power battery marketNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

while maintaining a monopolistic share in the energy storage sector. According to EVTank data in 2025

China’s LFP cathode material shipments increased by more than 60% year-on-year accounting for nearly

80% of total cathode material shipments. In the lithium-ion battery market for energy storage LFP

accounted for over 99%.In terms of technological iteration performance indicators such as high compaction density high rate

capability and long cycle life have become core competitive factors in the LFP material segment. As

market demand for volumetric energy density of LFP cells continues to increase the upper limit of

compaction density is being continuously pushed higher. Meanwhile fast-charging requirements are

driving improvements in rate performance while energy storage applications demand longer cycle life.The future trend toward integrated power and energy storage applications further requires LFP materials

to simultaneously achieve high compaction density high rate capability and long cycle life. This

necessitates technological upgrades across precursor preparation sintering processes element doping

carbon coating and particle size distribution on the basis of existing processes creating substantial

technical barriers.From a competitive landscape perspective the industry is shifting from “scale expansion” to

“structural optimization”. Integrated deployment across the value chain has become a consensus amongleading players to reduce costs with full-chain layouts encompassing “resources-precursors-cathodematerials-recycling” gradually taking shape.Globally the LFP supply chain remains highly concentrated in China with more than 90% of

shipments originating from Chinese companies. As domestic battery manufacturers' LFP cell factories in

Europe Southeast Asia and other regions are successively put into operation the localization of overseas

LFP supply chains is expected to accelerate. LFP is evolving toward a “high-performance all-round”

solution characterized by higher specific energy higher power density higher efficiency and lower cost

with system-level innovation becoming an inevitable path for industry evolution.

(3) Sodium-ion Batteries: Entering the First Year of Commercialization

In 2025 the sodium-ion battery industry achieved a critical transition from technology validation to

large-scale delivery. Technological maturity has improved significantly the supporting industry chain has

gradually developed and application scenarios have continued to expand.In terms of technological breakthroughs leading companies have achieved mass-produced productsNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

with energy density exceeding 170 Wh/kg. The low-temperature performance advantage has been further

strengthened maintaining high usable capacity even under extreme conditions of -30°C to -40°C

effectively addressing key application challenges in northern regions.From a cost perspective as core materials have entered mass production at the scale of tens of

thousands of tons some companies have reduced cell costs to below RMB 0.45/Wh making sodium-ion

batteries economically competitive with lithium-ion batteries in certain application scenarios.In terms of application scenarios sodium-ion batteries are no longer limited to substituting lithium

batteries. They are rapidly penetrating markets such as low-speed electric vehicles electric two-wheelers

residential energy storage and backup power for communication base stations. In large-scale energy

storage “hybrid lithium-sodium” systems are beginning to be explored leveraging the high-power

characteristics of sodium-ion batteries to manage transient power fluctuations.According to EVTank data global sodium-ion battery shipments doubled year-on-year in 2025. The

industry widely expects that with continued technological advancement and further cost reductions

sodium-ion batteries will achieve large-scale applications in energy storage two-wheelers and low-speed

EVs and may reach a hundred-GWh-level industry scale by 2030.

3. Core Technology and R&D Progress

3.1 Core Technologies Their Advancement and 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 forefront

of lithium/sodium battery materials. The main core technologies cover lithium/sodium-ion cathode

materials precursors resource recycling and solid-state battery-related materials including ultra-high-

nickel (Ni mol% ≥ 90) cathode material production technology sodium-ion layered oxide cathode material

production technology sodium-ion polyanion cathode material production technology LMFP cathode

material production technology atmosphere-controlled sintering technology for cathode materials high-

voltage single-crystal material production technology precursor co-precipitation technology Ni-Co-MnNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

metal recycling technology battery-grade lithium dihydrogen phosphate preparation technology and

integrated LFP recycling technology. The Company continues to improve preparation technologies for

various types of solid-state electrolytes high-voltage nickel-manganese materials lithium-rich

manganese-based materials lithium replenishment additives and high-compaction-density LFP. The

Company is committed to the development transformation and industrialization of its core technologies.Ultra-high-capacity high-nickel products sodium-ion layered oxide and polyanion cathode materials and

second-generation LMFP have achieved stable large-scale production. These products have been supplied

in small batches to domestic and international customers across applications including power batteries

energy storage batteries high-power batteries semi-solid-state batteries 3C electronics and low-altitude

aerial vehicles.Source of

Name of Core

Technolog Application in Main Business and Products

Technology

y

This technology achieves uniform co-precipitation of various elements in

precursors and directional crystal growth enhancing the cycle life and

Precursor Co-

Independe safety performance of corresponding cathode materials. During the

Precipitation

nt R&D reporting period this technology has been widely applied in the

Technology

production of the Company's high-nickel NCM811 series NCA series

and ultra-high-nickel series precursor products.This technology enhances the structural stability of ternary cathode

Cathode materials effectively reduces structural degradation during cycling and

Material Independe significantly improves the high-temperature cycle life of ternary

Doping nt R&D materials. During the reporting period this technology has been widely

Technology applied in the production of the Company’ mid-nickel high-voltage

products 8-series 9-series and ultra-high-nickel cathode materials.This technology reduces Li/Ni cation mixing in crystal structures of

Cathode

ternary cathode materials and improves particle uniformity thereby

Material

Independe enhancing structural stability and cycle life. During the reporting period

Atmosphere

nt R&D this technology has been widely applied in the production of the

Sintering

Company's mid-nickel series NCM811 series NCA high-nickel series

Technology

and Ni90 and above ultra-high-nickel series cathode products.Cathode This technology optimizes particle surface conditions improving high-

Independe

Material temperature performance and safety. During the reporting period this

nt R&D

Surface technology has been widely applied in the production of the Company’Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Treatment mid-nickel 8-series 9-series and ultra-high-nickel cathode products.Technology

This technology by controlling the particle growth of materials

High-Voltage

optimizing morphology and crystal structure has enhanced the

Single-Crystal

Independe performance of ternary cathode materials under high-voltage systems

Material

nt R&D significantly improving capacity cycle life and storage characteristics.Production

During the reporting period this technology has been applied to the

Technology

Company's mid-nickel high-voltage product production.This technology uses an inorganic acid dissolution-purification co-

precipitation method to recover nickel cobalt and manganese elements

NiCoMn Metal

Independe from cathode materials eliminating the need for extraction processes

Recycling

nt R&D resulting in a short process flow minimal environmental pollution and

Technology

low production costs. During the reporting period this technology has

been applied in production at the Company’s South Korea factory.One-step

This technology enables lithium carbonate recovery via a one-step

Lithium Investmen

process significantly shortening process flow reducing equipment and

Carbonate t and

labor input and lowering processing costs. During the reporting period

Recycling M&A

this technology was applied in newly added recycling production lines.Technology

Battery-grade This technology utilizes various crude lithium salts as raw materials

Lithium enhancing raw material flexibility. It streamlines purification processes

Dihydrogen Independe reducing processing costs. During the reporting period ton-scale pilot

Phosphate nt R&D expansion and multi-batch stability validation were completed and the

Preparation technology has been applied in LMFP material production at Skyland

Technology Company.High-value This technology is applicable to the recycling and utilization of various

Recycling phosphate-based cathode materials achieving technological

Technology for Independe breakthroughs from waste materials to battery-grade lithium and iron

Diversified nt R&D salts. During the reporting period ton-scale lithium salt production and

Phosphate Raw validation were completed and the technology has been applied within

Materials the cathode materials division.This technology combines integrated recycling processes with the “one-Integrated LFP Investmen step” LFP cathode material production technology to deliver an efficient

Recycling t and and integrated overall solution for the recycling of LFP that is both

Technology M&A economically viable and technologically advanced. During the reporting

period the technology has been incorporated into new LFP productionNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

line expansion projects.This technology enhances the thermal stability cycle life and safety

Ultra-high-

performance of Ni90 and above ultra-high-nickel ternary cathode

nickel Cathode

Independe materials offering excellent compaction density high volumetric energy

Material

nt R&D density and cost advantages. During the reporting period this technology

Production

has been widely applied in the production of the Company's Ni90 and

Technology

above ultra-high-nickel products.This technology optimizes production and preparation processes and

equipment solutions adopts a new type of single-crystal product

technology controls the alkalinity of the cathode material surface and

High-Nickel

Independe eliminates the washing process for high-nickel single crystals thereby

Non-Washing

nt R&D improving the comprehensive performance of the product and reducing

Technology

production costs. During the reporting period this technology has been

widely applied in the production of the Company's 8-series and Ni90 and

above ultra-high-nickel products.Sodium-Ion This technology enhances the capacity cycle and air stability of sodium-

Layered Oxide ion layered oxide cathode materials suppresses gas generation behavior

Cathode Independe within the battery and further improves battery energy density by

Material nt R&D optimizing morphology and increasing compaction density. During the

Production reporting period this technology has been applied to the production of the

Technology Company's sodium-ion layered oxide cathode materials.This technology enhances the compaction capacity rate cycle and air

Sodium-Ion stability of sodium-ion polyanionic cathode materials. By optimizing

Polyanionic morphology increasing compaction density and finely controlling

Cathode Independe particle size it improves battery energy density while optimizing

Material nt R&D processing performance enhancing low-temperature and cycle

Production performance. During the reporting period this technology has been

Technology applied to the production of the Company's sodium-ion polyanionic

cathode materials.This technology improves the electronic conductivity of LMFPmaterials

LMFP Cathode and enhances the diffusion rate of lithium ions in the material. Through

Material Independe ion doping carbon coating and nanotechnology it achieves

Production nt R&D improvements in the capacity cycle rate and low-temperature

Technology performance of LMFP materials enabling power cathode materials to

open up a third route between LFP and nickel-cobalt-manganese ternaryNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

materials. During the reporting period this technology has been applied

in the mass production of LMFP materials by Skyland Company.This technology utilizes an advanced “one-step” process with precise

control over precursor synthesis and high-temperature sintering enabling

efficient and low-cost LFP production. This process significantly shortens

LFP Cathode the traditional multi-stage production flow reducing equipment

Investmen

Material investment and energy consumption in intermediate steps. At the same

t and

Production time it enables a more environmentally friendly production process.M&A

Technology While ensuring that the material maintains good specific capacity

excellent cycling stability and safety performance it also substantially

lowers production costs. Industrialization has been completed during the

reporting period.

3.2 R&DAchievements Obtained During the Reporting Period

During the reporting period the Company filed 412 patent applications and obtained 175 patent

authorizations. The Company's total cumulative patent applications have reached 1618 with a total of

755 patents granted both domestically and internationally. The Company has established patent protection

for core product technologies including high-nickel ternary materials LMFP and sodium-ion cathode

materials. In addition it has proactively deployed intellectual property in frontier technology fields such

as solid-state batteries lithium-rich manganese-based materials spinel nickel-manganese materials anode

materials and lithium replenishment additives. The Company’s patent portfolio covers the entire industrial

chain including engineering equipment testing recycling electrode sheets and batteries both upstream

and downstream thus building a multi-dimensional technical barrier. The Company continues to expand

its overseas patent portfolio. As of 2025 it has filed 100 PCT international applications with 30 patent

families having entered the national phase. Its patent coverage spans major global markets including

China the United States Europe Japan and South Korea. In 2025 the Company maintained its Level 3

certification under ISO 56005 Innovation and Intellectual Property Management Capability as well as

certification under the Enterprise Intellectual Property Compliance Management System (GB/T 29490)demonstrating a high level of maturity in its management systems. Following its recognition as a “NationalIntellectual Property Demonstration Enterprise” in 2023 the Company by virtue of its outstanding

performance in IP strategy implementation high-value patent cultivation and risk prevention and controlsystems was granted the qualification for inclusion in the “2025–2027 National Intellectual PropertyNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report SummaryDemonstration Enterprise” program. Its external recognition and industry influence have been further

enhanced. The Company will align with its global development strategy by implementing comprehensive

protection for intellectual property generated during the innovation process mitigating and resolving

intellectual property risks safeguarding its own intellectual property respecting others' intellectual

property and becoming a global enterprise that meets international standards.During the reporting period the Company obtained 175 newly granted patents including 89 domestic

and international invention patents and 86 domestic utility model patents. Details are as follows::

Publication

Serial (Announcement) Patent Legal

Title

Number Number/Applicati Type Status

on Number

A Hollow Porous Concentration-gradient

1 202210331422.1 Cathode Material and a Preparation Invention Granted

Method Thereof

2 202210514086.4 A Reactor and a Vertical Feeding Pipe Invention Granted

A High-thermal-safety High-nickel

3 202210841386.3 Ternary Cathode Material a Preparation Invention Granted

Method Thereof and Applications Thereof

AWater-free High-nickel Ternary Cathode

4 202210869751.1 Invention Granted

Material and a Preparation Method Thereof

A Composite Coating Agent for Cathode

5 202210866765.8 Materials a High-nickel Single-crystal Invention Granted

Cathode Material and a Battery

A Prussian Blue-type Cathode Slurry a

6 202210980095.2 Preparation Method Thereof and a Invention Granted

Cathode Electrode Sheet

A Preparation Method for a Ternary

7 202210990766.3 Cathode Material a Lithium Battery and Invention Granted

an Electric Vehicle

A Cathode Material with High Thermal

8 202211020580.1 Invention Granted

Safety

A Preparation Method for a Coated

9 202211015889.1 Cathode Material a Lithium Battery and Invention Granted

an Electric Vehicle

A Sodium-ion Cathode Material and a

10 202211094443.2 Invention Granted

Preparation Method ThereofNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

A Coated Cathode Material a Preparation

11 202211128488.7 Invention Granted

Method Thereof and a Sodium-ion Battery

AMethod for Determining Thermal Safety

12 202211155838.9 Invention Granted

of a High-nickel Ternary Cathode Material

13 202211222436.6 A Cathode Material Invention Granted

A Cathode Material a Preparation Method

14 202211224312.1 Invention Granted

Thereof and a Lithium-ion Battery

A Cathode Active Material a Preparation

15 202211232845.4 Invention Granted

Method Thereof and Applications Thereof

A Cathode Material a Preparation Method

16 202211248702.2 Invention Granted

Thereof and a Lithium-ion Battery

A High-capacity High-nickel Multi-

17 202211303490.3 component Cathode Material and a Invention Granted

Preparation Method Thereof

A Solid-state Electrolyte a Preparation

18 202211426591.X Invention Granted

Method Thereof and Applications Thereof

A High-voltage Nickel-manganese

19 202211558141.6 Cathode Material and a Preparation Invention Granted

Method Thereof

A Sodium-based Cathode Active Material

20 202310099481.5 a Preparation Method Thereof and Invention Granted

Applications Thereof

A Precursor of a Ternary Cathode Material

21 202310114530.8 Invention Granted

and a Preparation Method Thereof

A Precursor of a Ternary Cathode Material

22 202310105746.8 Invention Granted

and a Preparation Method Thereof

A Nickel-iron-manganese Oxyhydroxide

23 202310317362.2 Cathode Precursor a Preparation Method Invention Granted

Thereof and Applications Thereof

A Lithium-rich Manganese-based Cathode

24 202310321011.9 Invention Granted

Active Material and a Battery

A Preparation Method of Lithium Sulfide

25 202310333110.9 Invention Granted

and Lithium Sulfide

A Cathode Material a Preparation Method

26 202310362567.2 Invention Granted

Thereof and Applications ThereofNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

A Cathode Electrode Sheet and a Sodium-

27 202310420119.3 Invention Granted

ion Battery

A Solid-state Battery Cell a Preparation

28 202310454026.2 Method Thereof and a Solid-state Invention Granted

Lithium-ion Battery

A Recycling Method for Spent LFP

29 202310601837.0 Invention Granted

Cathode Materials

A Precursor of a Cathode Material a

Preparation Method Thereof a Preparation

30 202310629453.X Invention Granted

Method of the Cathode Material and a

Lithium-ion Battery

A Composite Cathode Material a

31 202310793176.6 Preparation Method Thereof and Invention Granted

Applications Thereof

An Intermediate Mixture for Preparing a

Cathode Material a Preparation Method

32 202311015822.2 Invention Granted

Thereof and a Method for Preparing the

Cathode Material

A Method for Testing Solid Content of a

33 202311014292.X Invention Granted

Ternary Precursor Slurry

A Preparation Method of Lithium Sulfide

34 202311205623.8 a Sulfide Solid-state Electrolyte and a Invention Granted

Battery

A Quasi-single-crystal Lithium-rich

Manganese-based Cathode Precursor a

35 202311256511.5 Invention Granted

Preparation Method Thereof and

Applications Thereof

A Cathode Active Material Precursor a

36 202311267821.7 Preparation Method Thereof and Invention Granted

Applications Thereof

A Cathode Active Material Precursor a

37 202311269417.3 Preparation Method Thereof and Invention Granted

Applications Thereof

A Single-crystal Cathode Material a

38 202311408941.4 Preparation Method Thereof and a Invention Granted

Lithium-ion Battery

A Prussian Blue-type Cathode Material a

39 202311785188.0 Invention Granted

Preparation Method Thereof and a Battery

ATernary Single-crystal Cathode Material

40 202311806312.7 a Preparation Method Thereof and Invention Granted

Applications ThereofNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

A High-nickel Cathode Material a

41 202311870331.6 Preparation Method Thereof and Invention Granted

Applications Thereof

A Cathode Material a Preparation Method

42 202410225790.7 Invention Granted

Thereof and Applications Thereof

A High-nickel Cathode Active Material a

43 202410264547.6 Preparation Method Thereof and Invention Granted

Applications Thereof

A Cathode Material a Preparation Method

44 202410843447.9 Invention Granted

Thereof and Applications Thereof

A Sodium-ion Cathode Material a

45 202410901929.5 Preparation Method Thereof and a Invention Granted

Secondary Battery

A Cathode Electrode Sheet a Preparation

46 202411123813.X Invention Granted

Method Thereof and Applications Thereof

A Lithium Replenishment Additive a

47 202411216012.8 Preparation Method Thereof and Invention Granted

Applications Thereof

A Lithium Replenishment Additive a

48 202411216028.9 Preparation Method Thereof and a Invention Granted

Lithium-ion Battery

A Cathode Active Material a Preparation

49 202411253406.0 Invention Granted

Method Thereof and Applications Thereof

A Polyanion Cathode Material a

50 202411305051.5 Preparation Method Thereof and Invention Granted

Applications Thereof

A Cathode Active Material a Preparation

51 202411370716.0 Invention Granted

Method Thereof and Applications Thereof

A Sodium Iron Sulfate Composite Cathode

52 202411390338.2 Material a Preparation Method Thereof Invention Granted

and Applications Thereof

A Phosphate Cathode Material a

53 202411404234.2 Preparation Method Thereof and a Invention Granted

Lithium-ion Battery

A Cathode Material a Preparation Method

54 202411427923.5 Thereof a Cathode Electrode Sheet a Invention Granted

Battery and an Electrical Device

An Anode Active Material for a Lithium

Secondary Battery a Preparation Method

55 10-2024-0199792 Invention Granted

Thereof and a Lithium Secondary Battery

Comprising the SameNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

A Cathode Active Material a Preparation

56 202411931767.6 Method Thereof a Sodium-ion Battery Invention Granted

and an Electrical Device

A Cathode Active Material a Preparation

57 202411996765.5 Invention Granted

Method Thereof and Applications Thereof

A Sodium-ion Cathode Material a

58 202411985570.0 Preparation Method Thereof and Invention Granted

Applications Thereof

A Cathode Lithium Replenishment

Additive a Preparation Method Thereof a

59 202410884016.7 Invention Granted

Cathode Electrode Sheet and a Lithium-

ion Battery

A Cathode Material a Preparation Method

60 202411311186.2 Invention Granted

Thereof and a Secondary Battery

A Lithium Replenishment Additive a

61 202411433921.7 Preparation Method Thereof and a Invention Granted

Lithium-ion Battery

A Cathode Lithium Replenishment

62 202480003006.6 Material a Preparation Method Thereof Invention Granted

and Applications Thereof

A Composite Cathode Material a Cathode

63 202510013073.2 Invention Granted

Electrode Sheet and a Battery

A Prussian White Material a Preparation

64 202510019349.8 Method Thereof a Cathode Electrode Invention Granted

Sheet a Battery and an Electrical Device

A Starch-based Hard Carbon Anode

65 202510019748.4 Material a Preparation Method Thereof Invention Granted

and a Sodium-ion Battery

A Cathode Active Material for a Lithium

Rechargeable Battery a Preparation

66 10-2025-0002511 Method Thereof and a Lithium Invention Granted

Rechargeable Battery Comprising the

Same

A Hard Carbon Material a Preparation

67 202510138334.3 Invention Granted

Method Thereof and Applications Thereof

An Anode Active Material for a Lithium

Secondary Battery a Preparation Method

68 10-2025-0043771 Invention Granted

Thereof and a Lithium Secondary Battery

Comprising the Same

An Electrode Sheet a Preparation Method

69 202510913805.3 Invention Granted

Thereof and a BatteryNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

A Cathode Active Material Precursor a

70 202510949006.1 Preparation Method Thereof and Invention Granted

Applications Thereof

A Heat Recovery Device for a Sealed

71 2024113704783 Invention Granted

Furnace

An Assembly Method for Improving

72 202211239655.5 Invention Granted

Stability of Coin Cell Testing

A Nickel Pellet Dissolution Process and a

73 202211740962.1 Invention Granted

Reaction Device Therefor

74 202010682606.3 AVacuum Rotary Nitriding Furnace Invention Granted

A Ceramic Rotary Kiln with Built-in

75 KR1020230128459 Invention Granted

Heating

A Lithium Iron Phosphate Material a

76 202510246287.4 Preparation Method Thereof and Invention Granted

Applications Thereof

A Lithium Manganese Iron Phosphate

77 202410847014.0 Cathode Material a Preparation Method Invention Granted

Thereof and Applications Thereof

A Method for Recovering Precursor

78 KR1020140022335 Materials from Waste Lithium-ion Invention Granted

Batteries

A Method for Recovering Lithium from

Waste Cathode Materials of Lithium-ion

79 KR1020160141871 Invention Granted

Secondary Batteries to Produce Lithium

Carbonate

A Method for Regenerating Low-calcium

Nickel-Cobalt-Manganese Composite

80 KR1020170137137 Invention Granted

Sulfate Solution from Waste Cathode

Materials of Lithium Secondary Batteries

AMethod for Regenerating Waste Cathode

Materials of Lithium Secondary Batteries

81 KR1020170165995 Using Solvent Extraction with Nickel- Invention Granted

Cobalt-Manganese Complex Sulfate

Solution

A Method for Recovering Precursor

82 KR1020170182137 Materials fromWaste Cathode Materials of Invention Granted

Lithium-ion Secondary Batteries

A Method for Simultaneously Removing

Calcium and Silicon Ions during

83 KR1020180134849 Invention Granted

Regeneration of Waste Cathode Materials

to Prepare Nickel-Cobalt-ManganeseNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Complex Sulfate Solution

A Method for Producing a Nickel Sulfate

Solution for Use as a Raw Material for

84 KR1020190003909 Invention Granted

Cathode Active Material Precursors of

Lithium Secondary Batteries

A Method for Regenerating Nickel (Ni)-

Cobalt (Co)-Manganese (Mn) Complex

85 KR1020190088997 Invention Granted

Sulfate Solution from Waste Electrode

Materials

A Method for Recovering Lithium from

Waste Electrode Materials of Lithium

86 KR1020200056983 Invention Granted

Secondary Batteries to Produce Lithium

Carbonate

A Method for Producing Composite

Sulfate Solution from Battery Scrap a

87 KR1020200064966 Invention Granted

Precursor Prepared Therefrom and a

Secondary Battery Using the Same

A Method for Producing Nickel (Ni)-

88 KR1020220019903 Cobalt (Co)-Manganese (Mn) Composite Invention Granted

Sulfate Solution by Centrifugation

A Method for Producing Composite

Sulfate Solution from Waste Electrode

89 KR1020220032927 Invention Granted

Materials of Lithium-ion Secondary

Batteries

List of intellectual property rights obtained during the reporting period

Newly added this year Cumulative quantity

Number of Number of

Number of grants Number of

applications applications

(patents) grants (patents)

(patents) (patents)

Invention patent 329 89 959 251

Utility model

8386659504

patent

Total 412 175 1618 755

Note: During the reporting period 17 utility model patents lapsed.

3.3 Status of Ongoing Projects

Se Estimated Current Cumulati Prog Specific

Project

ri Total Period ve ress Target to Be Achieved Technical Level Application

Name

al Investme Investm Investme or ProspectsNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

N nt Scale ent nt Inter

u Amount Amount im

m Resu

be lts

r

The mass production

High-

process development

compactio

Develop high-compaction has been completed

n LFP Mass It is mainly

high-capacity LFP cathode and batch-to-batch

Mass produ applied in

1 991.37 698.25 698.25 materials to meet the stability has been

Productio ction new energy

demands of power battery verified; compaction

n Process stage vehicles.customers. density and capacity

Developm

have met the design

ent Project

target requirements.Through process

innovation optimize Have achieved

material performance and advantages including

9-Series

enhance electrochemical high energy density

Polycrysta Mass It is mainly

performance including and good cycling

lline produ applied in

2 3000.00 1903.75 2502.58 energy density and capacity stability; the mass

Product ction new energy

retention thereby obtaining production process

Developm stage vehicles.ultra-high-nickel ternary has been finalized

ent Project

cathode materials with high and batch stability

capacity and excellent has been verified.cycling performance.Ultra- Through integrated process Capacity has reached It is mainly

high- Pilot and technological customer target applied in

33532.34462.322269.88

capacity stage innovation develop ultra- requirements and emerging

Ultra- high-nickel ternary cathode overall performance fields such asNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

high- materials with higher is at a leading level. new energy

nickel capacity and improved vehicles and

Product cycling performance. low-altitude

Developm aerial

ent Project vehicles.The first batching focuses

on mixing time the first

sintering focuses on

temperature and duration

the second batching focuses

on doping amount the third

batching focuses on mixing

Ni94

intensity and the third

Ultra-

sintering focuses on

high-

Prod temperature. Through The products have

nickel

uctio multi-dimensional gradient achieved advantages It is mainly

Dry-

n line verification the optimal including high applied in

4 process 300.00 130.13 130.13

debu parameters of each process energy density and new energy

Single-

gging are precisely determined. good cycling vehicles.crystal

stage By integrating multiple stability.Product

processes including core-

Developm

shell gradient structure

ent Project

design three-stage

sintering low-temperature

plasma modification and

dry mechanical mixing

coating a fully dry-process

integrated modification

solution is developedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

thereby simultaneously

addressing the three core

technical bottlenecks of

high-nickel materials.Sodium-ion

polyanion cathode

materials are at an

industry-leading

level in terms of It is mainly

capacity rate applied in

Sodium-

Develop low-cost sodium- capability and energy

ion Mass

ion battery polyanion cycling storage

Polyanion produ

5 3016.74 694.47 1772.02 cathode materials with performance and are power start-

Cathode ction

excellent electrochemical expected to meet stop system

Developm stage

performance. application and low-

ent Project

requirements in speed vehicle

energy storage markets.power start-stop

system and low-

speed vehicle

markets.Address the stability and The scaled-up It is mainly

Sodium safety issues of NFS samples are applied in

Iron materials under high- generally start-stop

Sulfate Pilot voltage conditions and comparable to system and

61902.00157.84157.84

Product stage expand application laboratory samples; low-speed

Developm scenarios at extremely low key processes have vehicle

ent Project cost and high cost- been achieved and markets

performance. process control has where priceNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

been optimized with sensitivity is

performance at an high.industry-leading

level in capacity rate

capability and

compaction.The products have

Develop single-crystal passed validation by

cathode materials with high major customers

It is mainly

capacity good cycling meeting

applied in

6-Series performance high safety requirements for

Prod new energy

High- and good compaction high voltage high

uctio vehicles with

voltage performance with capacity long cycle

7 12786.00 3029.55 5560.72 n line coverage of

Product relatively low life and low cost

debu digital

Developm manufacturing cost and are able to match

gging products/dron

ent Project meeting market the needs of different

es and other

expectations for energy customers; mass

fields.density safety and low production supply to

cost. key customers is

imminent.After two rounds of

It is mainly

6-Series Pilot pilot-scale

applied in

High- stage validation a

Compaction density of 2.45 new energy

compactio (Phas compaction density

8 213.22 142.06 142.06 g/cm3 and capacity of 150 passenger

n Product e I of 2.35 g/cm3 and a

mAh/g. vehicles and

Developm comp capacity of 150

commercial

ent Project leted) mAh/g can be stably

vehicles.reproduced.

9 Low-cost 1370.00 743.77 1327.50 Small Through process Stability testing has It is mainlyNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Solid- -scale innovation upgrade been completed and applied in

liquid trial existing products to develop the products new energy

Integrated produ materials with high capacity basically meet EV passenger

Cathode ction and high compaction while customer vehicles and

Material ensuring improved cost requirements for commercial

Developm competitiveness. direct application; vehicles.ent Project mass production is

expected in the

second half of the

year.Kilogram-scale

Halide It is applied in

Develop halide electrolytes preparation of halide

Solid-state Labo the fields of

with small particle size and electrolytes has been

Electrolyt rator all-solid-state

10 428.00 158.13 308.97 high ionic conductivity for achieved. particle

e y batteries and

use with high-nickel size meets target

Developm stage new energy

cathodes. requirements and air

ent Project vehicles.stability is excellent.Sulfide

Develop high-purity ultra-

Electrolyt

Labo fine lithium sulfide

e The process It is applied in

rator materials to meet the

11 Preparatio 843.21 385.06 673.74 technology has been power

y requirements of high ionic

n Process finalized. applications.stage conductivity sulfide

Developm

electrolytes.ent Project

High- Develop high-compaction High-compaction

Labo It is mainly

compactio LMFP materials with high products have

rator applied in

12 n LMFP 568.97 263.63 539.29 volumetric energy density basically achieved

y new energy

Cathode reaching an industry- project targets and

stage vehicles.Material leading level. are at an industry-Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Developm leading level.ent Project

The precursor

materials exhibit

good sphericity no

Develop ultra-high-nickel

particle cracking It is mainly

Ni96 precursors (Ni ≥ 92%) with

and a narrow applied in

Batch- Pilot high capacity and excellent

distribution (0.60- new energy

process produ cycling performance

13 2415.00 477.27 1847.47 0.65); the vehicles and

Precursor ction improving gas generation

corresponding 3C small

Developm stage internal resistance and

cathode products power

ent Project high-temperature cycling

demonstrate high applications.performance.capacity and good

cycling

performance.The precursor

materials show high

consistency in

whisker morphology

Ni83

Develop high-nickel small- and high specific

Small- Mass It is mainly

particle precursor products surface area (BET:

particle produ applied in

14 2955.21 1331.26 2672.40 with high capacity long 15.00 ± 2.00 m2/g);

Precursor ction new energy

cycle life and low the corresponding

Developm stage vehicles.impedance. cathode products

ent Project

demonstrate high

capacity and good

cycling

performance.

15 9-Series 4200.00 791.55 2947.55 Mass Develop high-nickel The precursor It is mainlyNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Polycrysta produ precursors with high materials exhibit applied in

lline ction capacity and excellent good sphericity no new energy

Precursor stage cycling performance particle cracking; the vehicles.Developm improving gas generation corresponding

ent Project internal resistance and cathode products

high-temperature cycling demonstrate high

performance. capacity and good

cycling

performance.The precursor

materials have high

Develop mid- and low-

BET (20 ± 4 m2/g)

Mid- to nickel precursors with high

good sphericity and It is mainly

Low- Prod capacity excellent cycling

high particle applied in

nickel uctio performance and high rate

uniformity; the new energy

Single- n line performance improving

16 3000.00 589.86 1800.58 corresponding vehicles and

crystal debu capacity storage

cathode products 3C small

Precursor gging performance and high-

demonstrate high power

Developm stage temperature cycling

capacity high rate applications.ent Project performance under high-

performance and

voltage conditions.good cycling

performance.T

11958.9

ot / 41522.06 25350.98 / / / /

0

al

4. Discussion and Analysis on the Company's Future Development

4.1 Industry Landscape and Trends

According to data from authoritative institutions such as EVTank GGII and SNE Research China’sNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

total lithium battery shipments reached 1888.6 GWh in 2025 representing a year-on-year increase of

55.5%. Among these energy storage batteries recorded the fastest growth rate of 76.2% becoming the

primary growth driver of the industry while power batteries maintained steady growth of 51.2%. Thedemand structure of the industry has thus exhibited a differentiated pattern characterized by “energystorage leading and power batteries providing support”. From a global perspective the penetration rate of

new energy passenger vehicles in China has exceeded 53% indicating entry into a mature stage of

development. In contrast Europe (22.7%) and the United States (10%) remain in earlier stages. As

geopolitical impacts gradually ease and carbon emission policies are implemented overseas markets

present substantial incremental growth potential. In 2025 overseas installations of Chinese power battery

enterprises reached 218 GWh with a market share of 47.2%. This milestone signifies a transition of

Chinese lithium battery companies from simple product exports to a deep cooperation model involving

overseas manufacturing localization of customer support and integration into local supply chains.In the cathode materials sector ternary materials have formed a parallel development pattern of mid-

to-high nickel and high-nickel technologies. High-voltage products in the 6-series mid-nickel segment

continue to grow driven by strong demand from best-selling vehicle models while the market share of 5-

series materials has declined due to the impact of elevated cobalt prices. The high-nickel route

demonstrates broad application prospects as it aligns closely with emerging scenarios such as solid-state

batteries the low-altitude economy and humanoid robotics. LFP materials recorded shipments of 3.944

million tonnes representing a year-on-year increase of 62.5% and accounting for 79.1% of total cathode

material shipments. High compaction density has become a core competitive factor. Industry competition

is shifting from “scale expansion” to “structural optimization and technological advancement”. With the

gradual commissioning of LFP plants established by Chinese battery companies in Europe localization of

overseas supply chains is expected to accelerate. In addition sodium-ion batteries benefiting from

advantages in resource availability and cost are accelerating commercialization in both power and energy

storage applications with 2025 marking a critical milestone. LMFP offering an energy density

improvement of approximately 15%–20% over LFP is expanding across both standalone and blended

application scenarios and is expected to become a next-generation upgrade product.Changes in the new energy industry landscape are closely linked to cathode materials. The arrival of an

“energy singularity” is being brought forward: when the combined cost of photovoltaic power generationNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

and energy storage falls below that of thermal power coupled with AI-enabled smart grids it is driving

explosive growth in the energy storage market. This trend is directly reshaping demand for cathode

materials with energy storage emerging as the core growth engine and significantly boosting demand for

LFP and sodium-ion cathode materials. The industry is transitioning from a single-driver model centered

on power batteries to a dual-engine model of “power batteries + energy storage”. Technology pathways

are becoming increasingly diversified and competition has evolved from capacity scale to a

comprehensive contest of technology cost efficiency and globalization capabilities. The Company’s

transformation from a leading ternary materials manufacturer to a platform-based materials industrial

group covering ternary materials LFP sodium-ion and LMFP products represents a precise response to

these industry trends.

4.2 The Company's Development StrategyThe Company adheres to the development mission of “developing the new energy industryimproving the human living environment creating a bright future for the Company and its employees andgiving back to society” with the vision of “establishing a new energy industry cluster with first-classinnovation capabilities and a high degree of commercial civilization”. In 2021 the Company introduced

its “New Integration” strategy guided by the principle of “being the strongest cooperating with thestrongest and mutual growth”. This strategy encompasses seven key dimensions: specialization

integration platformization ecosystem development digital and intelligent transformation globalization

and organizational enhancement. Building on this foundation the Company proposed a full-coverage

cathode materials market strategy in 2022 aiming to become a platform-based integrated supplier

covering multiple product categories including high-nickel LMFP sodium-ion batteries and LFP. In

2023 the Company identified “globalization” as its phased strategic focus and accelerated its expansion

in South Korea Europe and the United States. In 2024 substantial progress was achieved in globalization

with the first phase of the South Korea base (20000 tonnes) reaching full production capacity and the

second phase nearing commissioning alongside the completion of the acquisition of a Polish factory and

the registration of a North American subsidiary.In 2025 the Company accelerated its transformation into a platform-based materials industrial group.In the ternary materials segment the mid-nickel high-voltage production line at the Zunyi base completed

technical upgrades and has passed validation by core customers. In the LMFP segment sales volumeNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

doubled through mergers and acquisitions integration achieving application in power battery installations.In the sodium-ion business the Company entered into a strategic cooperation agreement with CATL

establishing itself as the “primary supplier of sodium-ion cathode powders”. In the LFP business segment

leveraging continuous mergers and acquisitions the Company entered the market with a new low-cost

high-performance production process and made significant progress in customer onboarding and capacity

acquisitions. In the field of solid-state batteries and new materials ton-level shipments of all-solid-state

cathode materials have been achieved and a pilot production line for sulfide electrolytes has commenced

construction.In 2026 the Company will continue to deepen its “New Integration” strategy advancing initiatives

across three core directions: globalization platformization and ecosystem development. Globalization:

Accelerate the construction and commissioning of the Polish base in Europe advance the implementation

of the North American base further improve the recycling industry chain layout of the South Korea base

and continuously increase overseas market share. Platformization: Promote large-scale application of

LMFP accelerate mass production and delivery of sodium-ion materials achieve stable operations in the

LFP business consolidate the technological leadership of high-nickel ternary materials and enhance a

full-coverage cathode materials product portfolio. Ecosystem Development: Upgrade from a single

cathode materials manufacturer to a comprehensive solutions provider for battery materials building afull-industry-chain ecosystem characterized by “diversified technologies circular recycling greenmanufacturing and global collaboration”.Through the effective implementation of the above development strategies the Company aims to

continuously enhance its global competitiveness and steadily advance toward its strategic objective of

becoming the global leader in the cathode materials industry.

4.3 Business Plan

In light of the sustained rapid development of the global new energy industry and the increasing

diversification of battery materials technologies in 2026 the Company will maintain its leading position

in high-nickel ternary materials while leveraging its significant competitive advantages in LFP and

sodium-ion cathode materials to achieve technological breakthroughs and capacity expansion in its core

businesses.(I) Optimizing Ternary Cathode Product Structure with a Focus on High-end Precision andAdvancedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Products

In 2026 the Company will continue to consolidate its technological advantages in high-nickel and

ultra-high-nickel products while simultaneously developing and upgrading mid-nickel high-voltage

products. Among these new-generation high-nickel products are expected to enter the mass production

stage with shipments projected to reach kilotonne scale in the second half of 2026. Meanwhile high-

nickel and ultra-high-nickel products will continue to support key customers in pilot-scale mass production

of solid-state batteries while expanding applications in emerging fields such as the low-altitude economy

and humanoid robotics. For mid-nickel high-voltage products the Company will accelerate the production

line retrofitting and stabilize mass production. Shipments are expected to commence gradually in the

second quarter of 2026. Subsequent efforts will focus on further upgrading mid-nickel production lines

and expanding capacity to support rapid volume growth of mid-nickel high-voltage products. In terms of

overseas deployment the first phase of the Polish base with an annual capacity of 25000 tonnes of high-

nickel production lines is expected to complete construction in the second half of the year and enter

product commissioning and customer certification stages providing localized supply support for theEuropean market. At the same time in response to requirements under the U.S. “One Big Beautiful BillAct” the Company will restructure its South Korea operations. Upon completion of the adjustment the

Company will hold a 24.9% equity interest in its South Korea business enabling it to continue benefiting

from operations in the North American market.(II) Accelerating Capacity Expansion and Product Development by Leveraging LFP Technical

Advantages and Policy Support

In 2026 the Company will fully leverage its technological strengths in LFP cathode materials and

benefit from supportive government industrial policies to accelerate capacity expansion in order to meet

the growing demand from both domestic and international power and energy storage customers. In January

the Company entered into a long-term procurement agreement with CATL establishing a solid foundation

of long-term orders. The Company plans to rapidly construct at low cost production capacity with an

annual output of 300000 tonnes in Guizhou by leveraging local policy support and the advantages of the

“one-step” process ensuring alignment between capacity and customer demand. Meanwhile the

Company will continue to advance product iteration by developing next-generation products with higher

compaction density thereby enhancing performance and market competitiveness. Through its combinedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

advantages in product competitiveness and the ability of rapid capacity expansion the Company is well-

positioned to achieve a leading position in the LFP sector.(III) Accelerating Industrialization of Sodium-ion Materials to Build a Strategic Growth Engine

In 2026 the Company will comprehensively advance the industrialization of sodium-ion cathode

materials focusing on core application scenarios such as energy storage start-stop systems and low-speed

mobility. The Company’s polyanionic sodium-ion products already demonstrate industry-leading

performance and will continue to iterate across key performance indicators including cycle life rate

capability and compaction density ensuring sustained competitiveness across multiple end-use

applications. As downstream customer validation progresses shipments are expected to ramp up in the

second half of 2026 with annual shipments reaching the ten-thousand-tonne level. The Company also

plans to complete construction of sodium-ion cathode capacity with an annual output of 50000 tonnes in

the second half of 2026. In parallel the Company will advance R&D of supporting materials including

hard carbon anodes and electrolytes while optimizing production line compatibility to build a fully

integrated industry chain advantage.Amid rising pressures from raw material and energy costs sodium-ion batteries demonstrate clear

cost advantages. The Company will continue to enhance the alignment between product performance and

cost efficiency thereby reinforcing its core competitiveness in end markets.(IV) Formal Mass Production and Profitability of LMFP in the Commercial Vehicle Segment

In 2026 the Company will continue to adhere to innovation-driven R&D align with market demand

and enhance profitability. In terms of end-use applications the Company will ensure the formal mass

production of LMFP products in commercial vehicle projects and promote the adoption of standalone

LMFP solutions in passenger vehicle applications. In terms of product performance the Company will

ensure that key technical indicators including capacity and compaction density meet expected targets

while also exploring product applications in the energy storage sector. In terms of capacity the Company

expects to commission additional dedicated production lines for power battery applications to meet

delivery requirements of power battery customers.(V) Advancing the “New Integration” Strategy to Build Global Circular and Supply Chain

Advantages

In 2026 the Company will continue to advance its “New Integration” strategy and establish a globalNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

industrial chain covering raw material procurement manufacturing and end-product delivery. The

Company will further deepen strategic cooperation with global resource suppliers and actively promote

capital cooperation and project development for resources such as lithium phosphorus nickel and cobalt

thereby ensuring the security of global raw material supply and maintaining cost advantages while

building an internationally competitive supply chain system.To promote the implementation of a circular and ecosystem-oriented supply chain the Company

plans to establish dedicated centers for recycling technology development advanced recycling research

and recycling business development across its cathode materials sub-groups technology sub-groups and

Ronbay Trading. These initiatives will focus on developing recycling technologies and circular supply

chains for all cathode materials enabling full lifecycle management of battery materials and fostering a

green fully circular industrial chain to strategically support the Company’s global operations and

sustainable development.(VI) Building a Global Efficient Organization and Attracting Top Talent Worldwide

Looking ahead to 2026 the Company will focus on strengthening organizational capabilities aiming

to build a globally adaptable and efficient organization while continuously enhancing organizational

effectiveness. The Company will establish cross-functional and cross-regional collaboration platforms to

facilitate knowledge sharing promote process optimization foster an innovation-driven culture and

improve organizational agility thereby laying a solid organizational foundation for the development of a

global materials platform.At the same time the Company will implement a global talent recruitment strategy by expanding

diversified recruitment channels and attracting outstanding talent worldwide.Work locations will span key

regions in China as well as overseas markets including South Korea Poland and North America enabling

the Company to attract young and high-potential talent globally.In terms of talent development system construction the Company will deepen cooperation with

leading domestic and international universities and research institutions to attract high-end core talent.Internally comprehensive training programs and mentorship systems will be implemented to cultivate

professional talent across various fields and enhance overall team expertise and innovation capabilities.To create an environment conducive to talent development the Company will further optimize its

incentive mechanisms and offer competitive compensation and benefits packages including specialNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

project awards and medium- to long-term incentives ensuring that talent value is fully recognized. In

addition the Company will foster a corporate culture that encourages innovation unlocking the creative

potential of its teams and providing strong talent support for its competitiveness in global markets.(VII) Strengthening Group Risk Management and System Development

In 2026 the Company will adopt a professional approach to establish a comprehensive risk

management system embedding risk management and internal control compliance frameworks

throughout the entire business process to ensure effective prevention and control before during and after

operations. Key risks will be proactively identified and mitigated including geopolitical risks regulatory

compliance risks operational risks financial risks and integrity risks to prevent significant operational

and compliance incidents. Each business division and sub-group will establish dedicated risk management

teams that will work in close coordination with the Group headquarters to ensure that risk and internal

compliance management are integrated into core processes such as strategy investment production and

supply chain management. At the same time the Company will enhance its brand communication and

public opinion risk management mechanisms optimize strategic procurement and tendering processes

and implement internal supervision and compliance systems to effectively prevent and eliminate

corruption. Furthermore the Company will continue to improve and standardize its institutional

frameworks and process management thereby comprehensively enhancing the Group’s risk prevention

and control capabilities.Section V Corporate Governance

1. Description of Corporate Governance

During the reporting period the Company strictly complied with the requirements of applicable laws

and regulations including the Company Law of the People’s Republic of China the Securities Law of the

People’s Republic of China the Code of Corporate Governance for Listed Companies in China and the

Shanghai Stock Exchange Science and Technology Innovation Board Stock Listing Rules as well as the

provisions of the Articles of Association. The Company continuously improved its corporate governance

structure and internal control systems to ensure standardized and effective operations. During the reporting

period in accordance with the latest requirements of applicable laws and regulations the Company revisedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

its Articles of Association and a series of governance policies including the Rules of Procedure for

Shareholders’ Meetings Rules of Procedure for the Board of Directors Rules of Procedure for the Audit

Committee Nomination Committee Remuneration and Appraisal Committee and Strategy Committee

as well as the Management System for Raised Funds. The Supervisory Board was abolished and its

functions were assumed by the Audit Committee of the Board of Directors with the Rules of Procedure

for the Supervisory Board being repealed. The specific corporate governance practices are as follows:

(1) Shareholders and Shareholders’ Meetings: during the reporting period the Company convened

and held shareholders’ meetings in strict compliance with the Company Law the Articles of Association

and the Rules of Procedure for Shareholders’ Meetings. Shareholders fully exercised their decision-

making rights in accordance with the law and their legitimate rights and interests were fully protected.

(2) Relationship between the Controlling Shareholder and the Listed Company: the Company and its

controlling shareholder maintain independent systems in terms of personnel assets finance organization

and business operations and conduct independent accounting. The controlling shareholder does not

interfere with the Company’s day-to-day operations and there has been no misappropriation of the

Company’s funds.

(3) Directors and the Board of Directors: The Board of Directors operates effectively and exercises

the powers conferred by shareholders in strict accordance with the Company Law the Code of Corporate

Governance for Listed Companies the Articles of Association and the Rules of Procedure for the Board

of Directors. Independent directors and the Board’s specialized committees play an important role in

decision-making and actively participate in the Company’s management and governance. Currently the

Board of Directors comprises nine members including three independent directors. The Board has

established four specialized committees namely the Audit Committee the Remuneration and Appraisal

Committee the Nomination Committee and the Strategy Committee. The composition of the Board and

its committees complies with the requirements of the Administrative Measures for Independent Directors

of Listed Companies and the Self-Regulatory Guidelines for Listed Companies on the Science and

Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation.

(4) Supervisors and the Board of Supervisors: During the reporting period the former Supervisory

Board duly performed its duties in accordance with the Company Law the Articles of Association and

the Rules of Procedure for the Supervisory Board. It reviewed the Company’s financial position and theNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

preparation of periodic reports and provided its review opinions while supervising the performance of

duties by directors and senior management in compliance with applicable laws and regulations. During

the reporting period in accordance with regulatory requirements the Company abolished the Supervisory

Board and the Audit Committee of the Board of Directors now exercises the powers and functions of the

Supervisory Board under the Company Law. It is responsible for reviewing the Company’s financial

information and disclosures as well as overseeing and evaluating internal and external audit work and

internal controls.

(5) Performance Evaluation and Incentive and Constraint Mechanisms: The Company has established

fair and transparent performance evaluation standards and procedures for directors and senior management

as well as an appraisal mechanism linking remuneration with Company performance and individual

performance. Senior management and core employees have maintained relative stability ensuring the

Company’s sustainable development.

(6) Stakeholders: The Company fully respects the legal rights of stakeholders including shareholders

employees customers suppliers and investors. It has established diversified communication channels

based on the categories of stakeholders ensuring the effectiveness and regularity of communication.Meanwhile it actively responds to the expectations and demands of various stakeholders. The Company

enhances communication with shareholders and investors through channels such as shareholders’meetings

performance briefings and investor hotlines listening to their demands and suggestions; strengthens the

protection of employee rights supports the Workers’Congress and trade union organizations in exercising

their powers according to law jointly promoting the Company’s sustainable and healthy development;

conducts on-site assessments and technical training for suppliers to maintain close ties aiding in the

quality improvement of supplied products and fostering a win-win business atmosphere; actively holds

customer communication meetings and conducts customer satisfaction surveys to protect customer rights.

(7) Information Disclosure and Transparency: The Company designates the China Securities Journal

Shanghai Securities News Securities Daily Securities Times and the Shanghai Stock Exchange website

as the media for information disclosure. The Company strictly complies with the provisions of relevant

laws regulations and rules and fully fulfills its information disclosure obligations as a listed company. The

Company’s directors and senior management guarantee that the information disclosed by the Company is

true accurate complete timely and fair and actively safeguard the legitimate rights and interests of theNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Company and investors.

2. Directors and Senior Management

2.1 Current and Former Directors Senior Management and Core Technical Personnel During the

Reporting Period

Term Start

Name Position Gender Age Term End Date

Date

Chairman General Manager and

Bai Houshan Male 62 3/9/2018 8/2/2027

core technical personnel

Vice Chairman and core technical

You Sangyul Male 66 3/9/2018 8/2/2027

personnel

Director and Deputy General

Zhang Huiqing Male 59 3/9/2018 8/2/2027

Manager

Song Wenlei Director Male 60 6/29/2021 8/2/2027

Feng Tao Director Female 38 4/18/2023 8/2/2027

Fu Linjun Director Male 52 8/3/2024 8/2/2027

Nie Xin Independent Director Male 54 8/3/2024 8/2/2027

Li Yunjiao Independent Director Female 63 8/3/2024 8/2/2027

Mei Yuexin Independent Director Female 62 8/3/2024 8/2/2027

Deputy General Manager

Sun Hui Male 45 8/3/2024 2/9/2026

(Resigned)

Liu Dexian Deputy General Manager Male 52 8/3/2024 8/2/2027

Yang Yang Chief Financial Officer (Resigned) Female 43 8/3/2024 2/26/2026

Yu Jiyun Secretary of the Board of Directors Male 41 8/3/2024 8/2/2027

Deputy General Manager and core

Lee Jonghee Male 51 8/3/2024 8/2/2027

technical personnel

Yuan Xujun Core technical personnel Male 42 3/12/2018 To date

Mo Jiguo Core technical personnel Male 58 8/3/2024 To date

Wang Zunzhi Core technical personnel Male 35 8/3/2024 To date

Yuan Yong Core technical personnel Male 46 8/3/2024 To date

Note:

1. On February 9 2026 Mr. Sun Hui resigned from his position as Deputy General Manager due to

personal reasons and no longer holds any position within the Company following his resignation.

2. Ms. Yang Yang resigned from her position as Chief Financial Officer due to personal reasons and no

longer holds any position within the Company following her resignation. For further details please refer

to the announcement disclosed by the Company on February 28 2026 on the website of the ShanghaiStock Exchange (www.sse.com.cn) titled “Announcement on the Resignation of the Chief FinancialOfficer and the Designation of a Director and Deputy General Manager to Perform the Duties of ChiefNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report SummaryFinancial Officer” (Announcement No. 2026-009).

3. The shareholding numbers in the above table represent direct holdings.

2.2 Resumes of Current and Former Directors Senior Management Personnel 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 South University with a major in Non-Ferrous Metallurgy

Northeastern University with a major in Heavy Metal Pyrometallurgy and obtained an MBA from

Tsinghua University. From September 1984 to July 1987 Mr. Bai Houshan worked as a technician in the

Metallurgy Department at Shenyang Institute of Mining and Metallurgy; from September 1987 to March

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

Bai Houshan Senior Engineer and Project Team Leader of Metallurgy Department Beijing General Research Institute

of Mining & Metallurgy (BGRIMM)y; Factory Manager of Electronic Powder Material Factory; Manager

of the Electronic Center of BGRIMM; and Deputy Director of the Metallurgy Department at BGRIMM;

from December 2001 to March 2012 he served as Director and General Manager of Beijing Easpring

Material Technology Co. Ltd.; from 2013 to the present he has been Chairman and General Manager of

Ronbay Holdings; from October 2015 to the present he has been Chairman of the Company; and from

August 2024 to the present he has been serving as General Manager of the Company. From May 2022 to

June 2024 he served as director of Zowee Technology.You Sangyul male born in 1960 South Korean nationality. Mr. You Sangyul graduated from the Graduate

School of Physics at Hanyang University South Korea. From August 1984 to November 2002 Mr. You

Sangyul successively held positions including Researcher at Samsung SDI Comprehensive Research

Institute and Head of Samsung SDI Material and Drug Manufacturing Department; from January 2003 to

You Sangyul

April 2005 he served as Technical Advisor and General Manager at JAMR (a Sino-Canadian joint

venture); from May 2005 to December 2009 he served as General Manager of the Lithium-Ion Cathode

Material Division at South Korea's L&F; in 2010 he founded EMT Co. Ltd. and served as Chairman and

General Manager; from October 2014 to the present he has been serving as the Company's Vice Chairman.Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Zhang Huiqing male born in 1967 Chinese nationality without overseas permanent residency. Mr. Zhang

Huiqing graduated from Beijing University of Chemical Technology and obtained an MBA from

University of Science and Technology Beijing. From 1989 to 1998 Mr. Zhang Huiqing held positions at

Jinan San'ai Fufu Chemical Co. Ltd. including Production Scheduler Deputy Director and Director of

Production Planning Department Manager of Production Department and Manager of General

Management Department; from January 1999 to February 2000 he served as Production Manager at

Zhang

Vicome Greenland Group of Shandong Shengli Co. Ltd.; from March 2000 to December 2001 he served

Huiqing

as Production Manager at Beijing Furunda Chemical Co. Ltd.; from 2002 to July 2012 he held various

roles at Beijing Easpring Material Technology Co. Ltd. including Factory Production Manager Assistant

to the General Manager Production Director Operations Director Deputy General Manager and

Production Director; from 2013 to 2014 he served as Deputy General Manager of Ronbay Holdings; from

2014 to the present he has been serving as Director and Deputy General Manager of the Company. Since

February 2026 he has been performing the duties of Chief Financial Officer on an acting basis.Song Wenlei male born in 1966 Chinese nationality without overseas permanent residency. Mr. Song

Wenlei graduated from School of Economics andManagement Tsinghua University with a master's degree

in Finance. From November 1997 to December 2009 he served as General Manager of the Research

Department General Manager of Venture Capital Department and General Manager of Mergers and

Acquisitions at CITIC Securities Co. Ltd.; from January 2010 to July 2013 he served as Managing

Song Wenlei Director of Goldstone Investment Limited; fromAugust 2013 toApril 2018 he served as Chief Investment

Officer and Managing Director of China Capital Management Co. Ltd. and General Manager of China

Securities Funds Management Limited; from May 2018 to the end of 2023 he served as General Manager

of the Strategic Investment Development Division and Chief Investment Officer of Strategic Equity

Investment at Sunshine Insurance. From June 2021 to the present he has been serving as Director of

Ronbay Technology.Feng Tao female Chinese nationality without overseas permanent residency. Ms. Feng graduated from

the School of Economics and Management of Tsinghua University with a Master of Business

Feng Tao Administration degree. She previously served as Securities Affairs Representative and Head of the

Securities Department at BGRIMMMagnetic Materials & Technology Co. Ltd. and as Securities Affairs

Representative and Deputy General Manager at Beijing Sumavision Technologies Co. Ltd. Since AprilNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

2023 she has served as director at Ronbay Technology. SinceApril 2024 she has served as Deputy General

Manager of Beijing Ronbay Investment Holdings Co. Ltd.Fu Linjun male Han ethnicity. Mr. Fu Linjun graduated from China Pharmaceutical University with a

major in Pharmaceutical Analysis holds a master's degree from China Pharmaceutical University and an

EMBA from Cheung Kong Graduate School of Business. From July 1998 to September 2000 he taught at

Guangxi Medical University; from June 2003 to March 2004 he served as Investment Manager at

Guangzhou Technology Venture Capital Co. Ltd.; from March 2004 to September 2006 he served as

Senior Investment Manager at Shenzhen Leaguer Venture Capital Co. Ltd.; from October 2006 to June

Fu Linjun

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.; fromApril 2020 to December 2023 he served as Partner at Hongtai Aplus.He previously served as supervisor at Beijing Easpring Material Technology Co. Ltd. director at Honz

Pharmaceutical Co. Ltd. and director at Jiangsu Asia-Pacific Light Alloy Technology Co. Ltd.Nie Xin male Han ethnicity born in 1972. Mr. Nie Xin graduated from the Department of Statistics at

Renmin University of China obtaining a Bachelor's degree in Economics. From July 1996 to May 1998

he worked at Statistical Research Magazine; from June 1998 to July 2001 he worked at Beijing Huanxin

Consulting Co. Ltd. engaged in soft research projects; from August 2001 to March 2004 he engaged in

new material industry consulting services; from April 2004 to March 2009 he worked at Beijing New

Nie Xin Material Development Center (one of the member units under the Beijing Organizing Committee for the

Olympic Games) participated in the 2008 Beijing Olympic Electric Bus Project responsible for relevant

research on the Chinese lithium battery industry. From April 2009 to the present he has been providing

consulting and market research services to lithium battery companies; in September 2010 he registered

and established Beijing Huaqing Zhengxing Technology Development Co. Ltd. creating the brand RealLi

Research focusing on lithium battery industry research market research and consulting services.Li Yunjiao female Han ethnicity born in 1963. Ms. Li Yunjiao graduated from the Department of

Nonferrous Metallurgy at Central South University of Technology obtaining a Master's degree in

Li Yunjiao

Engineering and later stayed at the university as a faculty member. In 2002 she obtained a Doctorate in

Engineering in Nonferrous Metallurgy from Central South University. From September 1987 to SeptemberNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

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 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 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 PublicAccountants; fromAugust 2002 toAugust 2012 she served as Senior Manager and Deputy

Chief Accountant at Shenzhen Pengcheng Certified Public Accountants; from August 2012 to December

Mei Yuexin

2019 she served as Partner Deputy 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. Since May 2024 she has served as an independent director of ShenZhen AsiaTek Technology

Co. Ltd.; since August 2024 she has served as an independent director of the Company; and since

September 2025 she has served as an independent director of Shenzhen Cereals Holdings Co. Ltd.Lee Jonghee male born in 1975 South Korean nationality. Mr. Lee Jonghee graduated from Kyushu

Lee Jonghee University in Japan with a major inApplied Chemistry and obtained a Doctor of Engineering degree. From

2002 to 2004 Mr. Lee Jonghee served as Research Engineer at Korea Institute of Energy Research; fromNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

2004 to 2007 he served as Research Assistant at Japan Institute of Applied Chemistry; from 2007 to 2012

he worked as Senior Engineer at Samsung SDI Battery Development Center; from 2012 to 2016 he served

as Chief Engineer at Battery Materials Research Center of GS Energy Corporation; from 2017 to the

present he has successively held positions as Deputy Dean of Central Research Institute and President of

the R&D System of the Company.Liu Dexian male born in 1974 Chinese nationality without overseas permanent residency. Mr. Liu

Dexian graduated from Beijing Institute of Technology with a Master's degree in Materials Science and

Engineering. From January 1999 to May 2004 Mr. Liu Dexian held various positions at Beijing Easpring

Material Technology Co. Ltd. including Marketing Engineer Marketing Department Manager and

Liu Dexian

Assistant to the General Manager; from June 2004 to July 2017 he served as Sales Manager and Regional

Sales Director for VALE Base Metals Business Unit in China; from July 2017 to the present he has

successively held positions as General Manager Assistant President and Deputy General Manager of the

International Trade Division of the Company.Yu Jiyun male born in 1985 Chinese nationality graduated with a Bachelor's degree in Powder Materials

Science and Engineering from Central South University and holds qualifications as Board Secretary for

Shanghai Stock Exchange Science and Technology Innovation Board and Fund Industry Qualification

Certificate. From July 2007 to June 2013 he served as the marketing manager and investment manager at

Beijing Easpring Material Technology Co. Ltd.; from June 2013 to July 2014 he was the investment

Yu Jiyun

director at Beijing Ronbay Investment Holdings Co. Ltd.; from March 2020 to July 2023 he served as

general manager of investment at Beijing Ronbay New Energy Investment Management Co. Ltd. From

July 2022 to the present he has been serving as Supervisor at the Company's holding subsidiary Tianjin

Skyland Technology Co. Ltd.; from August 2023 to the present he has been the Board Secretary of the

Company; from January 2024 to August 2024 he served as Financial Director of the Company.Yuan Xujun male born in 1984 Chinese nationality without overseas permanent residency. Mr. Yuan

Xujun graduated from Ningbo University with a Bachelor of Science degree in Chemistry. From July 2007

to June 2008 Mr. Yuan Xujun served as ResearchAssistant in the Fuel Cell Division of the Ningbo Institute

Yuan Xujun

of Materials Technology and Engineering Chinese Academy of Sciences; from July 2008 to September

2014 he successively held 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 atNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

the Company serving successively as Deputy General Manager of the Cathode Division General Manager

of the Ternary Cathode Division and Assistant to the President.Mo Jiguo male Han ethnicity born in 1968 Chinese nationality. Mr. Mo Jiguo graduated from Sichuan

University (formerly Chengdu University of Science and Technology) with a Bachelor of Engineering in

Chemical Engineering; from July 1992 to October 2002 he served as Senior Engineer and Project Manager

at China Carbon Black Institute; from October 2002 to March 2004 he served as Project Manager in the

Engineering Department of Beijing Easpring Technology; from April 2004 to June 2017 he served as

Mo Jiguo Senior Process Engineer and Project Manager at Worley China (Beijing Worleyparsons Engineering

Technology Co. Ltd.); from July 2017 to the present he has successively held positions as General

Manager of the Company's Engineering Research and Design Institute Deputy Dean of the Engineering

Academy and General Manager of the Engineering Institute Deputy Dean of the Central Research Institute

and General Manager of the Engineering Institute and Executive Deputy General Manager of the

Engineering Business Division.Wang Zunzhi male Han ethnicity born in 1991 Chinese nationality. Mr. Wang Zunzhi graduated from

the School of Science Tianjin University with a major in Chemistry; he obtained a Ph.D. in Chemistry in

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

Wang Zunzhi lithium-ion battery cathode material lithium nickel oxide. Since joining Ronbay Technology in July 2018

he has successively served as development engineer at the Central Research Institute head of the Multi-

Product Development Department assistant to director of the Cathode Research Institute general manager

of the Product Development Center of the Cathode Division and general manager of the Sodium Battery

Division.Yuan Yong male Han ethnicity born in 1980 Chinese nationality. Mr. Yuan Yong graduated from Henan

University of Science and Technology majoring in Chemical Engineering and Technology; from July 2003

to December 2006 he was lithium-ion battery R&D engineer and project supervisor at Henan Huanyu

Yuan Yong Group’s R&D Center; from January 2007 to April 2009 he served as chief engineer and deputy general

manager at Jiaozuo Yixing Lithium Battery Technology Co. Ltd.; from May 2009 to October 2019 he

was the R&D Department manager and chief engineer at Tianjin STL Energy Technology Co. Ltd.; since

January 2020 he has been the chief engineer and deputy general manager at Tianjin Ronbay SkylandNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Technology Co. Ltd.Sun Hui male Han ethnicity born in 1981 Chinese nationality without overseas permanent residency.Mr. Sun Hui graduated from Fudan University with a major in Applied Chemistry and obtained a Master's

degree in Chemical Engineering and Technology from Zhejiang University. From September 2007 toApril

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 successively as General Manager of the Quality

Sun Hui

Environment and Safety Center Deputy General Manager of the Precursor Division and concurrently as

(Resigned)

President of Korean EMT and Assistant President and concurrently as Executive Deputy Dean of the

Central Research Institute; from November 2022 to June 2024 he successively held positions as General

Manager of the Precursor Division Co-President of the Market System Co-President of the R&D System

concurrently as General Manager of the Precursor Division and President of the Precursor Business and

concurrently as President of the Market System; from June 2024 to February 2026 he served as Executive

Vice President of the Company.Yang Yang female Han ethnicity born in 1983 Chinese nationality. Ms. Yang Yang graduated with a

Bachelor's degree in Management from the Guanghua School of Management Peking University. From

July 2006 to May 2011 she served as Financial Assistant Manager at Daimler Greater China Ltd. (Fortune

Global 500); from May 2011 to June 2015 she served as Financial Manager at Volvo (China) Investment

Yang Yang Co. Ltd.; from June 2015 to March 2021 she served as Financial Director at Dongfeng Infiniti Motor Co.(Resigned) Ltd.; from March 2021 to January 2023 she served as Chief Financial Officer at Zhejiang Soterea

Technology Group Co. Ltd. (Pre-IPO); from February 2023 to July 2023 she served as Financial Director

at Zhi Xing (Beijing) Information Technology Co. Ltd. (NIO Investment); from November 2023 to the

present she has been serving as General Manager of the Company's Financial Operations Center; from

August 2024 to February 2026 she served as Chief Financial Officer of the Company.Section VI Share Changes and Shareholders

1. Changes in shareholding

Before this change Increase/Decrease in this change (+ -) After this changeNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Ne Bo

w nu Capital

Ratio sha s reserve Miscellaneou Ratio

Quantity Subtotal Quantity

(%) res sh capitalizati s (%)

issu ar on

ed es

I.Restricted 167576827 34.69 35095 -167505204 -167470109 106718 0.01

shares

1. State-

owned -

shares

2. State-

owned legal

-

person

shares

3. Other

domestic 167576827 34.69 35095 -167505204 -167470109 106718 0.01

shares

Including:

Domestic

non-state-

16747540034.67-167475400-167475400

owned legal

person

shares

Domestic

natural

1014270.0235095-2980452911067180.01

person

shares

4. Foreign

-

shares

Including:

Overseas

-

legal person

shares

Over

seas natural

-

person

shares

II.Unrestricte

d 315452832 65.31 231690520 167475400 399165920 714618752 99.99

circulating

sharesNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

1. RMB

Common 315452832 65.31 231690520 167475400 399165920 714618752 99.99

Shares

2. Domestic

Listed

-

Foreign

Shares

3. Overseas

Listed

-

Foreign

Shares

4.

Miscellaneo -

us

III. Total

Number of 483029659 100 231725615 -29804 231695811 714725470 100

Shares

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

37677

reporting period

Total number of ordinary shareholders (accounts) as of the end of the

36847

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

restored as of the end of the previous month before the annual report 0

disclosure date

Total number of shareholders (accounts) holding special voting rights

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 reportNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

disclosure date

Shareholding status of the top 10 shareholders (excluding shares lent out through the securities lending and borrowing

(SLB) mechanism)

Number of Number of Pledged Tagged or

Name of Increase/Decrease Shares Held Shares Frozen Status

Ratio Shareholder

Shareholder During the at the End with

(%) Shares Nature

(Full Name) Reporting Period of the Restrictive Quantity

Status

Period Conditions

Shanghai Ronbay

New Energy

Investment 63210000 192210000 26.89 0 None 0 Miscellaneous

Enterprise (Limited

Partnership)

Beijing Ronbay New

Domestic Non-

Energy Investment

6839322 20797122 2.91 0 None 0 State-Owned

Development Co.Legal Person

Ltd.Beijing Ronbay New

Domestic Non-

Energy Investment

4312000 13112000 1.83 0 None 0 State-Owned

Management Co.Legal Person

Ltd.Beijing Ronbay New

Energy Technology Domestic Non-

Investment 4037747 12278047 1.72 0 Pledged 2747324 State-Owned

Management Co. Legal Person

Ltd.Hong Kong

Overseas Legal

Securities Clearing -17392984 12154668 1.70 0 None 0

Person

Company LimitedNingbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Zunyi Ronbay New

Energy Investment

3663877 11141177 1.56 0 None 0 Miscellaneous

Center (Limited

Partnership)

Gongqingcheng

Rongcheng

Investment

128198 8273178 1.16 0 None 0 Miscellaneous

Management

Partnership (Limited

Partnership)

Dongfang Growth

Small- and Mid-Cap

Hybrid Open-ended 2729216 4843969 0.68 0 None 0 Miscellaneous

Securities

Investment Fund

Southern CSI 1000

Exchange Traded

Open-End Index 4602118 4602118 0.64 0 None 0 Miscellaneous

Securities

Investment Fund

Tianjin Century

Jinshajiang Equity

Investment Fund

1478566 4496047 0.63 0 None 0 Miscellaneous

Partnership

Enterprise (Limited

Partnership)Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Statement on the Above Shareholders' Related Party Shanghai Ronbay New Energy Investment Partnership (Limited

Relationships or Concerted Actions Partnership) Beijing Ronbay New Energy Investment

Development Co. Ltd. Beijing Ronbay New Energy Investment

Management Co. Ltd. Beijing Ronbay New Energy Technology

Investment Management Co. Ltd. and Zunyi Ronbay New

Energy Investment Center are all controlled by Bai Houshan the

actual controller of the Company. Bai Houshan is one of the

limited partners of Gongqingcheng Rongcheng Investment

Management Partnership (Limited Partnership) the employee

stock ownership platform of the Company.Explanation of preferred shareholders with voting rights

None

restored and their shareholding quantity

3、 Diagram of Property Rights and Control Structure between the Company and Its Controlling

Shareholder

Shanghai Ronbay New Energy Investment

Enterprise (Limited Partnership)

26.89%

Ningbo Ronbay New Energy Technology Co.Ltd.

4. Diagram of the property and control relationship between the Company and its actual controllers

"√ Applicable" "□ Not applicable"Ningbo Ronbay New Energy Technology Co. Ltd. 2025 Annual Report Summary

Bai Houshan

90.00%43.14%

Gongqingcheng Gongqingcheng

Rongxin Investment Ronghui Investment

Partnership (Limited Partnership (Limited

Partnership) Partnership)

(Rongxin Partnership) (Ronghui Partnership)

93.18%6.82%

Beijing Ronbay Investment

Holdings Co. Ltd.(Ronbay Holdings) 90.00% 100.00% 58.00%

41.09%

Beijing Ronbay New Zunyi Ronbay New Energy

Beijing Ronbay New

Energy Technology Beijing Ronbay New

37.62% Shanghai Ronbay New Energy Energy Investment Investment Center Investment Energy Investment

Investment Enterprise (Limited Management Co. Ltd. (Limited Partnership)

Partnership) (Ronbay Management) (Zunyi Ronbay

Management Co. Ltd. Development Co. Ltd.Partnership) (Ronbay Technology (Ronbay Development)Investment)

26.89%1.83%1.56%1.72%2.91%

0.22%

Ningbo Ronbay New Energy Technology Co. Ltd.Board of Directors of Ningbo Ronbay New Energy Technology Co. Ltd.April 2026