Stock Code: 688005 Company Abbreviation: Ronbay Technology
Ningbo Ronbay New Energy Technology Co., Ltd.
Annual Report 2023 (Abridged English Version)
Contents
Section I Important Notes .......................................................................................................3
Section II Definitions ..............................................................................................................4
Section III Basic Information and Main Financial Data of the Company ..............................6
Section IV Management Discussion and Analysis .................................................................7
Section V Corporate Governance .........................................................................................31
Section VI Changes in Shares and Shareholders ..................................................................40
Section I Important Notes
1 The summary of this annual report is derived from the full text of the annual report. To fully
understand the Company's operational results, financial condition, and future development
plans, investors should carefully read the full text of the annual report available at
www.sse.com.cn.
2 The Board of Directors, the Board of Supervisors, the directors, supervisors and senior
management of the Company guarantee the truthfulness, accuracy and completeness of the
contents of the Annual Report which is free of any false records, misleading statements or major
omissions, and shall bear joint and several liability.
3 All directors of the Company have attended the Board of Directors meetings.
4 Pan-China Certified Public Accountants (Special General Partnership) has issued a standard
unqualified audit report for the Company.
5 The Board of Directors has approved the profit distribution plan or the plan for converting
fund to increase capital stock during the reporting period.
As audited by Pan-China Certified Public Accountants (Special General Partnership), as of December
31, 2023, the profit available for distribution of the parent company at the end of the period had reached
RMB 362,149,625.26. As decided by the Board of Directors, for the fiscal year 2023, based on the existing
total share capital of 484,223,588 shares, excluding the repurchased shares in the repurchase specific
securities account totaling 5,788,628 shares, leaving a base of 478,434,960 shares for profit distribution,
it is proposed to distribute a cash dividend of RMB 3.03 per 10 shares (including tax) to all shareholders,
totaling RMB 144,965,792.88 (including tax), representing 24.96% of the net profit attributable to
shareholders of the listed company for the consolidated statement of the fiscal year 2023. The Company
will not issue bonus shares nor will it convert capital reserve into share capital.
If there are changes in the total share capital from the date of this announcement until the equity
distribution record date due to events such as convertible bonds conversion/share repurchase/share
incentive grant share repurchase cancellation/major asset reorganization share repurchase cancellation, the
Company plans to maintain the same per share distribution ratio and adjust the total distribution amount
accordingly. Should there be subsequent changes in the total share capital, specific adjustments will be
announced separately.
The profit distribution plan for the fiscal year 2023 has been deliberated and approved by the thirty-
second meeting of the second Board of Directors and is subject to the review of the shareholders' meeting.
Section II Definitions
Unless the context otherwise requires, the following words shall have the following meanings in this
Report:
Definition of common words
Company, The Company shall Ningbo Ronbay New Energy Technology Co., Ltd.
and Ronbay Technology mean
CATL shall Contemporary Amperex Technology Co., Limited and its
mean controlled companies Jiangsu Contemporary Amperex
Technology Limited, Fuding Contemporary Amperex
Technology, Sichuan Contemporary Amperex Technology and
CATL-SAIC Power Battery Co., Ltd.
EVE shall EVE Energy Co., Ltd. and its subsidiaries EVE Battery Co.,
mean Ltd., EVE Jineng Co., Ltd. and EVE Power Co., Ltd.
GEM shall GEM Co., Ltd., Jingmen GEM New Materials Co., Ltd., and
mean GEM (Wuxi) Energy Materials Co., Ltd.
Lygend shall Lygend Resource Technology Co., Ltd.
mean
Tianqi Lithium shall Chengdu Tianqi Lithium Co., Ltd.
mean
Albemarle shall Albemarle Management (Shanghai) Co., Ltd.
mean
GGII shall An industry research consultancy focused on China’s strategic
mean emerging industries, consisting of lithium, electric vehicles,
LED, robotics, new materials and intelligent vehicle institutes.
Lithium battery shall A class of batteries consisting of lithium metal or lithium alloy
mean as cathode materials and using a non-aqueous electrolyte
solution. Lithium batteries can be divided into lithium-metal
batteries and lithium-ion batteries. All references to “lithium
batteries” in this Report are lithium-ion batteries
Lithium-ion battery shall A secondary battery (rechargeable battery) that operates
mean primarily by moving lithium ions between the cathode and
anode. In the process of charging and discharging, Li+ is
embedded and deembedded between the two electrodes. During
charging, Li+ is deembedded from the cathode and embedded
into the anode through the electrolyte, and the anode is in a
lithium-rich state. The opposite is true for electrical discharge.
Sodium-ion battery shall A secondary battery (rechargeable battery) that operates
mean primarily by moving sodium ions between the cathode and
anode. In the process of charging and discharging, Na+ is
embedded and deembedded between the two electrodes. During
charging, Na+ is deembedded 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 electrical discharge.
Cathode material shall One of the main components of lithium battery, the
mean performance of which directly affects the performance index of
lithium battery.
Precursor shall The intermediate product of highly uniform distribution of
mean various elements prepared by solution process, which can be
converted into the finished product by chemical reaction, and
plays a decisive role in the performance index of finished
product.
Ternary cathode shall Ternary composite cathode materials made of such raw
materials/ternary materials mean materials as nickel salt, cobalt salt and manganese salt or nickel
salt, cobalt salt and aluminum salt in lithium battery cathode
materials.
NCM (Lithium nickel- shall A ternary material with the chemical formula of
cobalt-manganate) mean LiNixCoyMnzO2, x+y+z=1, the most widely used ternary
material in China now; the higher the nickel content, the higher
the specific capacity.
NCA (Lithium nickel- shall A ternary material with the chemical formula of
cobalt aluminate) mean LiNixCoyAlzO2, x+y+z=1
NCMA (Lithium nickel- shall A ternary material with the chemical formula of
cobalt-manganese- mean LiNixCoyMnzAlnO2, x+y+z+n=1
aluminate)
Lithium iron phosphate shall An olivine-structured phosphate, used as a cathode material for
(LFP) mean lithium-ion batteries, mainly used in lithium-ion power
batteries and lithium-ion energy storage, with the chemical
formula of LiFePO4.
Lithium ferromanganese shall A new phosphate solid solution lithium ion battery cathode
phosphate (LMFP) mean material formed by replacing part of iron (Fe) with manganese
(Mn) on the basis of lithium iron phosphate (LiFePO4), with the
chemical formula of LiMnxFe1-xPO4.
New energy vehicles shall Vehicles that adopt unconventional vehicle fuel as a power
mean source (or use conventional vehicle fuel and adopt new on-
board power devices), integrate advanced technology in power
control and drive of vehicles, and form advanced technical
principles, new technologies and a new structure.
Energy density shall Energy per unit volume or unit mass of a battery, divided into
mean volumetric energy density (Wh/L) and mass energy density
(Wh/kg).
Section III Basic Information and Main Financial Data of the Company
3.1 Company profile
3.1.1 Company stock profile
√Applicable □Not applicable
Company Stock Profile
Stock Stock Exchange and Board Stock Abbreviation Stock Code Stock Abbreviation
Class before Change
Shanghai Stock Exchange, Science
A share Ronbay Technology 688005 /
and Technology Innovation Board
3.1.2 Contact person and contact information
Secretary of the Board of Directors
Contact Person and
(Domestic representative of information
Contact Information
disclosure)
Name Yu Jiyun
Office Address 39 Tanjialing East Road, Yuyao,
Zhejiang Province
Tel 0574-62730998
Email ir@ronbaymat.com
3.2 Main accounting data and financial indicators in the past three years
Unit: RMB Currency: RMB
Increase or Decrease
2023 2022 of this Year over 2021
Last Year (%)
Total assets 24,639,096,566.49 25,660,046,343.51 -3.98 14,701,416,639.02
Net assets
attributable to
shareholders 8,698,065,813.64 6,964,671,593.28 24.89 5,428,982,869.88
of listed
companies
Operating
22,657,274,651.38 30,122,995,138.19 -24.78 10,259,004,445.19
revenue
Net profit
attributable to
shareholders 580,908,514.51 1,353,229,887.56 -57.07 911,041,341.99
of listed
companies
Net profit
attributable to
shareholders
of listed
companies
515,391,565.36 1,316,756,769.65 -60.86 808,246,609.29
after
deducting
non-recurring
gains and
losses
Net cash flow
from
1,795,379,751.91 -240,981,050.07 N/A -191,850,584.26
operating
activities
Weighted
average return 7.73 21.94 Down by 14.21% 18.41
on equity (%)
Basic earnings
per share 1.27 3.00 -57.67 2.06
(RMB/share)
Diluted
earnings per
1.27 2.97 -57.24 2.01
share
(RMB/share)
R&D
investment to
1.56 1.62 Down by 0.06% 3.50
operating
revenue (%)
3.3 Main quarterly accounting data during the reporting period
Unit: RMB Currency: RMB
Quarter 1 Quarter 3 Quarter 4
Quarter 2
(January to (July to (October to
(April to June)
March) September) December)
Operating revenue 8,368,049,013.90 4,526,084,002.33 5,680,098,449.69 4,083,043,185.46
Net profit attributable
to shareholders of listed 310,929,969.23 68,360,427.94 236,615,295.23 -34,997,177.89
companies
Net profit attributable
to shareholders of listed
companies after
297,280,857.61 27,492,574.83 234,736,752.61 -44,118,619.69
deducting non-
recurring gains and
losses
Net cash flow from
-300,795,709.87 1,253,839,907.27 -62,769,078.75 905,104,633.26
operating activities
Section IV Management Discussion and Analysis
4.1 Introduction to the Company's main businesses during the reporting period
4.1.1 Main business, main products or services
The Company is mainly engaged in the R&D, production and marketing of multi-materials, lithium
ferromanganese phosphate (LMFP) materials, sodium battery materials and multi-precursors. The
products are mainly used in the manufacturing of lithium/sodium batteries, and are mainly applied in the
fields such as electric vehicles, electric two-wheelers, energy storage equipment and electronic products.
The leading products are NCM811 series, NCA series, NCA series, NCMA series, Ni90 series and above
ultra-high-nickel cathode materials, pure series and doped series of LMFP cathode materials, and layered
oxide series of sodium battery cathode materials and ternary precursors.
As the first cathode material manufacturer in China to realize the mass production of NCM811 series
products and apply them to the international mainstream terminal automakers, the Company is a world
leader in technology and production scale for high-nickel and ultra-high-nickel series products In recent
years, with the mass production of large cylindrical batteries, the shipments of our ultra-high-nickel series
9 products have continuously increased. Guided by a global strategy, the Company has accelerated its
entry into the European and American new energy vehicle markets, optimizing our customer structure.
Additionally, as a comprehensive supplier of cathode materials covering the entire market, the Company
continues to expand its competitive advantages and market presence in high-nickel materials while
innovating around its core business. We have developed multiple types of LMFP materials for applications
in four-wheelers, two-wheelers, energy storage, and consumer sectors. Among them, products with a
manganese to iron ratio of 6:4 and our exclusive M6P product, a blend with ternary materials, have
achieved batch shipments. We have also made breakthroughs in the next-generation integrated solid-liquid
process, enhancing the performance and reducing the cost of LMFP materials. In the area of sodium
cathodes, while maintaining stable mass production of layered materials, we have developed industry-
leading polyanionic sodium cathodes and have received orders from core customers in various market
segments.
4.1.2 Main business models
The Company has put in place an independent R&D, procurement, production and marketing system,
mainly through the R&D, manufacturing and marketing of ternary cathode materials and their precursors,
LMFP materials and sodium cathode materials to achieve profitability.
1. R&D model
The Company has developed a customer-centered, market-oriented R&D system and continued to
optimize it. It has established a R&D model centered on customer requirements by the business units and
combining the R&D of forward-looking new industries and high-end products by the research institute.
Through the form of integrated product development (IPD), the Company has established a cross-
departmental product development team and built a "horizontal + vertical" all-round R&D system. The
Central Research Institute of the Company has integrated the R&D resources of China, Japan and South
Korea to undertake core functions such as cutting-edge technology research, product and technological
innovation, and incubation of new businesses, supporting the R&D capacity building from original
innovation to mass production transformation and process improvement. In terms of product development
and industrialization, while providing material samples to customers, the Company offers usage condition
recommendations based on the development status of the customers' battery products. This helps
customers finalize their battery systems and jointly explore the product application market. In the
development of R&D personnel, the Company continuously empowers its R&D staff through R&D system
training and knowledge sharing, providing a constant supply of R&D talent for the Company's business
expansion.
2. Procurement model
To achieve coordinated management of supply chain development, centralized procurement, and
processing trade, the Company has established the Ronbay Trading Company and continuously promoted
the integration of commerce and trade, and industrial and trade platforms. In terms of procurement strategy,
for major raw materials such as nickel, cobalt, manganese and lithium, the Company has established long-
term partnerships with Ganfeng Lithium, Albemarle, GEM, Tianqi Lithium, Huayou Cobalt, Lygend and
other domestically and internationally well-known raw material suppliers. A list of relatively stable
qualified suppliers has been formed to ensure the continuous and stable supply of raw materials and
establish a competitive advantage in raw material costs for the Company. In terms of supplier management,
the Company has kept procurement under strict control by promoting standardized bidding process,
systematic supplier evaluation and other ways to guarantee the reliability of raw materials quality.
3. Production model
The Company mainly adopts the production model based on sales, establishes and implements a
production plan oriented towards customer orders and medium- and long-term requirements. In terms of
production organization, the Company has developed comprehensive process control procedures and
efficient customer order handling processes. The Production Department creates production plans based
on sales plans provided by the Sales Department, actual finished goods stock, safety stock levels, and
workshop production capacity, and adjusts production pace according to specific orders to ensure timely
delivery and stable quality while reducing stock levels to control production costs and improve capital
efficiency. Moreover, to meet the production of certain new materials, the Engineering Department will
optimize the production line layout and equipment structure according to the special needs of new products.
Additionally, to address the wide distribution of customers, fast development pace, and significant size
differences, the Company has established four major production bases in Hubei, Guizhou, Zhejiang, and
Korea, with offices in Ningde, Shenzhen, and Korea, maximizing market resources for rapid response in
product development, manufacturing, and logistics. For strategic customers, the Company also offers
customized production to meet their specific technical requirements for products, ensuring stable supply
and high performance.
4. Marketing model
The Company mainly adopts the direct sales model, with core customers including mainstream
battery manufacturers and automakers both domestically and internationally. Due to the complex material
system of batteries, the power battery has a long research and development cycle, and requires high
precision control in the manufacturing process. Therefore, the Company, as a cathode material enterprise,
needs to provide customers with supporting technical solutions to meet different battery systems, for which
the Company will organize and collaborate with Sales, R&D, Procurement, Engineering and other
departments to form a project team in order to quickly respond to the specific needs of different customers.
4.2 Industry conditions
4.2.1 Development stage, basic characteristics and main technical thresholds of the industry
(1) Development stage of the industry
The Company operates in the lithium-ion battery cathode material industry, which is a key material
industry critically developed in the fields of new energy, new materials, new energy vehicles, and energy
storage. Based on China's goals for "Peak Carbon and Carbon Neutrality" and catalyzed by regulations
such as the EU's "2035 Ban on the Sale of Fuel Vehicles" and the U.S.'s "Inflation Reduction Act", the
lithium battery industry follows the sustained positive long-term development trend of global new energy
vehicle industry, demonstrating a robust growth momentum.
During the reporting period, the new energy vehicle industry maintained a high growth trend and
experienced structural adjustment. The growth rate slowed down domestically, while the markets in
Europe and America performed exceptionally well. In Europe, the new energy vehicle market exceeded
the 3 million unit mark, and the U.S. market growth rate far surpassed the global average. According to
ICCSINO statistics, in 2023, global new energy vehicle sales reached 13.394 million units, up 32% year-
on-year; sales in China reached 9.495 million units, up 37.9% year-on-year; sales in Europe were 2.95
million units, up 13.4% year-on-year; and sales in the U.S. reached 1.402 million units, up 52.4% year-
on-year, making it the region with the highest growth rate globally.
Given the vast development potential of the overseas new energy vehicle market and to address the
intensifying internal competition in China, the lithium battery industry has started expanding overseas.
Moreover, due to the successive introduction of restrictive trade policy bills in Europe and North America
(such as the U.S.'s "Inflation Reduction Act" and the EU's "New Battery Act"), international automakers
are increasingly demanding localization of the overseas supply chain, further accelerating the overseas
production layout of Chinese lithium battery companies. According to incomplete statistics from GGII,
during the reporting period, 13 domestic lithium battery companies went overseas to set up factories, with
a year-on-year increase of 160% and a total investment exceeding RMB 134 billion; over 20 lithium
battery material companies went abroad to establish factories, mostly those producing ternary precursors
and cathode materials, with a total investment exceeding RMB 74 billion.
(2) Basic characteristics
In 2023, the mainstream cathode materials used in the power battery field remained ternary and
lithium iron phosphate (LFP), showing a strong demand for technological upgrades, among which, the
share of high-nickel in ternary cathode has improved, and the industrialization process of lithium
ferromanganese phosphate in phosphate has accelerated.
In terms of ternary cathode materials, driven by the domestic and international markets' demand for
high energy density, the penetration rate of high-nickel products further increased. According to ICCSINO
statistics, in 2023, the global penetration rate of high-nickel ternary cathode materials exceeded 50%; the
domestic production of high-nickel ternary cathode materials was 289,000 tons, up 7.0% year-on-year,
accounting for 49% of the domestic ternary cathode material market share.
In terms of phosphate cathode materials, the production of lithium ferromanganese phosphate
continued to grow, but the growth rate significantly slowed. The lack of energy density has always been a
pain point in the application of lithium ferromanganese phosphate, with a clear market demand for lithium
ferromanganese phosphate-doped upgrades. With the launch of Chery Luxeed S7 equipped with lithium
ferromanganese phosphate and CATL's M3P confirmed to be installed in Tesla vehicles, coupled with the
premium of new technologies, the profitability is considerable, and both supply and demand sides are
accelerating the industrialization process of lithium ferromanganese phosphate.
(3) Main technical thresholds
The high-nickel ternary cathode material industry has a high technical threshold, primarily in the
areas of development technology, production technology, and quality certification. The high R&D
technical threshold is reflected in the fact that the R&D of high-nickel ternary cathode materials not only
requires technical modifications such as doping and capping, but also needs to be calcined under the
oxygen atmosphere, which has high requirements for the production line design capability, personalized
product development capability and technical service capability of enterprises, and also has harsh
requirements for the humidity control of the production environment, corrosion resistance of the
equipment and automation level. Furthermore, high-nickel ternary cathode materials are among the most
critical raw materials in power batteries and significantly impact the core and safety performances of these
batteries. Considering the stability and safety of the products, the certification testing procedures for
products like NCM811 and NCA by automotive and power battery companies are more complex. These
procedures not only require long-term performance testing but also detailed assessments of the
comprehensive supply capabilities, automated production management level, cost-effectiveness, quality
stability and consistency of scale mass production of manufacturers. The overall certification period can
extend beyond two years.
The development of LMFP cathode materials has seen several manufacturers achieve mass deliveries
in small power applications such as two-wheelers. However, as an upgraded product of LFP, this material
has a broader demand in the EV market, which holds high expectations for it. Currently, continuous
breakthroughs are being made in both technology and application in this field. The EV industry
consistently benchmarks the core performance and watt-hour cost of LMFP materials against mature
LMFP materials. Thus, in addition to rapidly enhancing performance aspects like fast charging, high
temperature, and direct current resistance (DCR), it is also necessary to achieve more stable mass
deliveries and cost control. Given the high market demands, the choice of manufacturing processes for
LMFP, precise control of core production parameters, and the balanced application of modification
technologies such as carbon coating, nanotechnology, and ion doping result in significant technical barriers
to the stable mass production of this material for EV use.
4.2.2 Analysis of the Company's position in the industry and its changes
In 2023, Ronbay's shipment of ternary cathode materials continued to grow by approximately
100,000 tons, a year-on-year increase of 11%, with a global market share exceeding 10%, firmly
establishing its industry leadership position. According to ICCSINO statistics, the global penetration rate
of high-nickel materials exceeded 50% in 2023; the domestic production of high-nickel materials was
289,000 tons, up 7.0% year-on-year, accounting for 49% of the domestic ternary materials market and
becoming the main driver of market scale growth in ternary materials. The Company continues to hold the
leading position in the domestic ternary market.
As a leading enterprise in high-nickel ternary materials, with the gradual application of high-energy
density batteries such as large cylindrical batteries and solid-state batteries in vehicles, the shipment
proportion of the Company's high-nickel and ultra-high-nickel products has significantly increased.
Among them, shipments of the series 9 ultra-high-nickel products approached 10,000 tons, further
strengthening the Company's barrier advantages and profitability in the high-nickel sector. Additionally,
shipments of the Company's LMFP products increased by 85% year-on-year in 2023, further consolidating
its market leadership position, with a breakthrough expected in the automotive market in 2024. In the
sodium cathode material sector, the Company maintains a leading advantage in technology R&D and
product performance. Its layered materials have achieved stable mass production, and its polyanionic
materials have received orders from core customers in different market segments.
During the reporting period, while deepening its position as a "comprehensive supplier of cathode
materials covering the entire market", the Company continuously iterated its development strategy and
officially released its globalization strategy in August 2023. With the introduction of international trade
policies such as the U.S.'s "Inflation Reduction Act" and the EU "New Battery Regulation", globalization
development opportunities are unprecedented. The Company has made significant breakthroughs in
overseas customer development, and through strategic, technological, and supply collaborations, it has
partnered with many of the world's top battery manufacturers and automakers. In 2023, Ronbay signed a
strategic cooperation agreement with the globally renowned battery company Eve Energy and also signed
framework cooperation and technical cooperation agreements with top lithium battery customers in Japan
and South Korea. In the fourth quarter of 2023, the Company achieved monthly shipments of over 1,000
tons to a certain Western customer, and is accelerating the integration into the lithium battery supply
systems in Europe, America, Japan, and South Korea.
At the end of the reporting period, the Company had built a cathode production capacity of over
200,000 tons (including high-nickel, LMFP, and sodium cathode), ranking first globally in ternary cathode
production scale. Additionally, the U.S. office has been established, and the European investment project
has entered a critical phase. The first phase of the Korean base was completed in 2023, and the second
phase, including a 40,000 tons/year ternary material project and a 20,000 tons/year LMFP project,
officially commenced in August of the same year. Concurrently, the Company was approved for 250 acres
of land in Saemangeum, Korea, planning to build an annual production base of 80,000 tons of ternary
precursor and associated sulfate production.
In 2024, with the industrialization of ternary high-nickel materials and LMFP, along with the
accelerated volume increase from customers in Europe, America, Japan, and South Korea, the Company's
sales are expected to further break through, and the domestic and foreign customer structure is expected
to further improve. While becoming a comprehensive supplier of cathode materials covering the entire
market, the Company will fully leverage its early-mover advantage in the global new energy industry
chain, advancing capacity building, customer development, and technological cooperation in Asia, Europe,
and America, to fully implement its globalization strategy and strengthen its global leadership as a leading
supplier of cathode materials.
4.2.3 The developments and future trends of new technologies, new industries, new business forms
and new models during the reporting period
During the reporting period, the requirements for performance of power and energy storage batteries
continued to escalate. Meanwhile, as the new energy vehicle market kept growing, the recycling industry
also gained increased attention. The following are the developments and future trends of new technologies
during the reporting period:
(1) Semi/solid-state battery technology route
Solid-state batteries, which use a solid electrolyte as opposed to traditional lithium batteries, offer
higher safety, better temperature adaptability, and greater energy density. Currently, there are three
mainstream technology routes: polymer solid-state batteries, oxide solid-state batteries, and sulfide solid-
state batteries. Internationally, the focus is on sulfide systems, while domestically, the focus is on oxide
systems. The American solid-state battery company QuantumScape has claimed that its solid-state
batteries have passed Volkswagen Group's durability tests, achieving "over 1,000 charging cycles with a
capacity still above 95%", far exceeding industry standards.
While solid-state batteries continue to be developed and piloted, semi-solid batteries have become a
transitional technology solution chosen by the market. Semi-solid batteries use a mixed solid-liquid
electrolyte, with an electrolyte content of 5-10%, and include a coating of solid electrolyte. Compared to
traditional liquid lithium batteries, semi-solid batteries offer better safety, higher energy density, longer
cycle life, and wider operating temperature range. According to data from GGII, in 2023, the installed
capacity of domestic semi-solid batteries exceeded the GWh level, marking the start of industrialization,
with an acceleration in mass production expected in 2024.
According to the China Inorganic Salts Industry Association, given the needs to reduce costs and
increase energy density, LMFP, high-nickel ternary, and lithium-rich manganese-based cathode materials
are set to be the main research directions for future solid-state battery cathode materials. As a
comprehensive supplier of cathode materials covering the entire market, the Company leads the industry
in the development of high-nickel and ultra-high-nickel product series, which can be applied to solid-state
battery systems, with performance indicators at the forefront of the industry. Low cobalt, long-cycle,
lithium-rich manganese-based, and solid-state battery cathode materials have also received wide
recognition from customers.
(2) Mass production and application of large cylindrical batteries
Large cylindrical battery has the advantages of high energy density, low cost, high safety, and long
life, entering a capacity expansion phase in 2023. In addition to foreign automakers, numerous mainstream
domestic and international automakers/battery manufacturers have begun to adopt large cylindrical
batteries, such as BMW, NIO, Panasonic, Samsung SDI, CATL, and EVE Energy, with clear demand from
leading OEMs driving the core market for large cylindrical batteries.
Large cylindrical batteries paired with high-nickel ternary materials can fully leverage the advantages
of high energy density and good thermal stability. Currently, large cylindrical batteries primarily use
NCM811 cathode materials, and future cost reduction and efficiency improvement could be achieved by
replacing NCM811 with ultra-high-nickel Ni90. In 2024, with the increase of domestic and foreign
mainstream enterprises that lay out large cylindrical batteries, the mass production of large cylindrical
batteries and the expansion of production lines, as the first cathode material manufacturer in China to
realize the mass production of NCM811 series products and apply them to the international mainstream
terminal automakers, the Company's high-nickel and ultra-high-nickel products will gain extensive market
opportunities.
(3) Application of LMFP batteries in vehicles
LMFP is a new type of phosphate-based lithium-ion battery cathode material formed by doping
manganese into lithium iron phosphate, representing an upgraded generation of products with higher
energy density, lower cost, and better low-temperature performance. According to GGII, theoretically,
LMFP can achieve 10%-20% higher energy density than LFP, and at -20°C, it can perform up to 95% of
its capacity at room temperature. In 2023, LMFP mixed with ternary materials saw its application in end-
terminal vehicle models, as evidenced by the Ministry of Industry and Information Technology's 374th
batch of new energy vehicle product catalog, which includes two Max models of Chery Luxeed S7 and
Chery EXEED developed in cooperation with Huawei, both featuring a "ternary + LMFP" battery
combination.
According to GGII forecasts, by 2025, shipments of LMFP cathode materials are expected to exceed
200,000 tons, with a market size potentially surpassing RMB 10 billion. The Company has achieved large-
scale mass production of LMFP since 2022 through the acquisition of Tianjin Ronbay, maintaining a
leading position in industry shipments. Additionally, the Company has developed high-capacity products
with a manganese-iron ratio of 7:3 and M6P products mixed with ternary materials, achieving batch
shipments, and is expected to make significant breakthroughs in the automotive market in 2024.
4.3 Business situation analysis and discussion
During the reporting period, the global new energy industry continued to grow rapidly. According to
statistics from SNE Research, in 2023, the global power battery usage for new energy vehicles reached
705.5 GWh, a year-on-year increase of 38.6%; the global shipment volume of energy storage batteries
reached 185 GWh, a year-on-year increase of 53%. Data from the China Association of Automobile
Manufacturers shows that the penetration rate of new energy vehicles in China reached 31.6% in 2023,
setting a new record, up 5.9% over the same period of last year. In comparison, penetration rates in Europe
and North America are far lower than in China, indicating significant growth potential in overseas markets.
Benefiting from the growth in downstream market demand, the Company shipped approximately 100,000
tons of ternary cathode materials in 2023, an increase of 11% year-on-year, with a global market share of
over 10%, maintaining the industry lead for three consecutive years.
In 2023, the Company launched a global strategy in Shanghai, Seoul, and Shenzhen, actively
promoting the implementation of its global layout. At the end of 2023, the U.S. Department of Energy,
based on the "Inflation Reduction Act", further proposed the "Foreign Entity of Concern (FEOC)"
regulations. According to the original text and interpretations on the U.S. Department of Energy's official
website, the Company's subsidiaries established in overseas Free Trade Agreement (FTA) regions, such as
South Korea, meet the tax credit requirements of the "Inflation Reduction Act", providing the Company
with greater development opportunities in the high-value and high-growth North American market. The
Company will continue to firmly advance its global strategy, entering a new phase of development.
The Company's wholly-owned subsidiary in Korea, JS Corporation, was one of the earliest large-
scale cathode material manufacturers built by a domestic enterprise overseas. The first phase of the project
has been completed, with production capacity steadily increasing. In August of the same year, the Korean
base officially started the construction of the second phase for 40,000 tons/year of ternary materials and
20,000 tons/year of LMFP, with an accompanying 80,000 tons of precursor capacity also planned. The
Company has taken the lead in completing an integrated layout of cathode materials, precursors, and
recycling in Korea. During the same period, to better serve customers, the Company established a North
American office, initially forming an operational team and starting site selection for a North American
factory. Site selection and construction for a European factory also made positive progress.
During the reporting period, the Company achieved operating revenue of RMB 22.657 billion, with
net profit attributable to the parent company shareholders of RMB 581 million, down 24.78% and 57.07%
year-on-year, respectively. The main reasons are: (1) a significant drop in the price of key raw materials
of lithium salt in 2023, adversely affecting the Company's revenues and profits; (2) increased strategic
investment in global layout (Korea, Europe, and America), LMFP, and sodium battery product
development, impacting current profits; (3) the adoption of an aggressive market competition strategy,
ensuring an increase in market share and affecting the current gross profit.
(1) Ranked first globally in shipping volume of ternary materials for three consecutive years,
with significant breakthroughs in developing overseas customers
During the reporting period, the Company shipped approximately 100,000 tons of ternary materials,
an increase of 11% year-on-year, with the global market share maintaining the industry lead for three
consecutive years. The continuous growth in sales volume stems from years of layout and exploration in
overseas markets. In 2023, the Company signed cooperation framework agreements with Japanese and
Korean customers and achieved large-scale shipments to mainstream automakers in Europe and America,
with monthly shipments reaching a thousand tons in the fourth quarter. The proportion of the Company's
products used in overseas terminal vehicle models has significantly increased, further enhancing the brand
influence in overseas markets.
(2) Achieved large-scale shipments of series 9 ultra-high-nickel products, leading the industry
in LMFP and sodium cathode materials
In 2023, the Company's series 9 and above products were widely applied in large cylindrical batteries,
with nearly ten thousand tons shipped throughout the year, further solidifying the Company's technological
lead in the high-nickel sector. LMFP has received significant attention from domestic and international
customers. In 2023, while maintaining the lead in shipments, the Company also developed triple-
component mixed M6P products, high-capacity products with a manganese to iron ratio of 7:3, and next-
generation solid-liquid integrated process products. These products have completed pilot test in vehicle
power batteries, with breakthroughs expected in the automotive market in 2024. While maintaining stable
mass production of sodium cathode layered materials, the Company has developed industry-leading
polyanionic products and has received orders from core customers in various market segments. In terms
of precursors, the sales volume increased by nearly 30% year-on-year, and the production line certification
of overseas customers was completed during the same period.
(3) Led the industry in the R&D of solid-state batteries and lithium-rich manganese-based
technologies, making significant achievements in patent development
The Company has successfully developed several high-nickel and ultra-high-nickel ternary cathode
materials suitable for semi/solid-state batteries, among which, the battery products matched with semi-
solid state battery cathode materials have been applied to terminal customer models with over 1000
kilometers of extended range. The ternary cathode materials for solid-state batteries feature high capacity,
stable interface, and long cycle life, gaining full recognition from leading industry customers. The
Company has completed the development of various solid-state electrolyte materials, including sulfide,
oxide, and halide solid electrolytes, achieving industry-leading level in terms of ionic conductivity and air
stability. Additionally, the Company has successfully developed wet and dry electrode preparation
technology for solid electrolyte membranes. These solid electrolyte materials and films have initiated
cooperation with domestic and international customers and received positive feedback. The Company's
high-voltage nickel manganese binary materials and lithium-rich manganese-based cathode materials also
lead the industry.
During the reporting period, the Company filed for 357 patents, successfully obtained 110 patent
grants, reaching a total of 450 authorized patents, and has built a comprehensive intellectual property
protection system. In 2023, the Company won all patent litigations with UMICORE in China and Korea,
not only proving the independence and effectiveness of its intellectual property, but also demonstrating its
comprehensive capability to compete in global intellectual property.
(4) Deepened the "New Integration" strategy, strengthening upstream and downstream
cooperation and optimizing the supply chain management system
Under the guidance of the "New Integration" strategy and adhering to the philosophy of "becoming
the strongest and cooperating with the strongest for mutual benefit", the Company has continuously
deepened strategic cooperation with upstream partners. By signing long-term strategic agreements and
making equity investments, the Company extended its supply chain upstream, creating a management
system integrating full-link resources, trading and processing from ore to cathode materials, and
synergizing with the existing cathode and precursor industries to share industry growth. The specialized
trading platform, Ronbay Trading Company, has effectively engaged in trading, processing, and
investment activities with upstream suppliers after three to four years of development, continuously
perfecting and enhancing the competitiveness of the Company's supply chain system.
(5) Deepened organizational structure reforms, enhancing operational efficiency
In 2023, based on the divisional system, the Company completed the transformation of three systems,
transitioning from a pyramid structure to a flat, organized, matrixed, and procedural structure, creating
vertical management systems for markets, R&D, and delivery. Through the implementation of product
lines and the IPD process, various systems were interconnected horizontally, forming a procedural and
customer-oriented organization, continuously improving the Company's operational capabilities and
efficiency.
4.4 R&D description
4.4.1 R&D achievements obtained during the reporting period
During the reporting period, Ronbay achieved a record high in the number of granted patents, completing 357 patent applications and obtaining 110 patent grants.
The total number of patent applications accumulated by the Company reached 961, with a cumulative total of 450 patents granted both domestically and internationally.
The Company's patents include cutting-edge products such as spinel nickel manganese, lithium-rich manganese-based, and solid-state battery materials, as well as key
products like high-nickel series 8 and 9 ternary precursors and cathode materials. These products cover various sectors of the industry chain including engineering
equipment, monitoring, recycling, as well as electrodes and batteries. Through a comprehensive and effective global patent layout strategy, the Company has
constructed an "innovation moat" for enterprise innovation.
During the reporting period, Ronbay obtained 110 new patent grants, including 34 domestic invention patents and 76 domestic utility model patents. The specific
details of the domestic invention patents are as follows:
Disclosure (Announcement)
SN Title Patent Type Legal Status
Number/Application Number
1. 202110423732.1 A lithium-ion battery cathode material, its preparation method, and application Invention Awarded
A pre-oxidation preparation process for surface-modified lithium nickel-cobalt-
2. 202111527999.1 Invention Awarded
manganese ternary cathode material
3. 202111529475.6 A device for cleaning metallic foreign objects inside pipelines Invention Awarded
Graphene carbon surface-modified lithium nickel-cobalt-manganese ternary
4. 202111528000.5 Invention Awarded
cathode material and its preparation method
A grain size stabilized nickel-cobalt-manganese ternary precursor and its
5. 202010074834.2 Invention Awarded
preparation method and preparation device
6. 201810757022.0 A preparation method for lithium iron borate Invention Awarded
An in-situ carbon-coated high-rate large-size Prussian blue-like sodium ion
7. 202010074561.1 Invention Awarded
cathode material and its preparation method
8. 202110744446.5 A tungsten-doped high-nickel cobalt-free precursor and its preparation method Invention Awarded
High-nickel ternary precursor material and its preparation method, and high-
9. 202110949247.8 Invention Awarded
nickel ternary cathode material
10. 202111158931.0 A highly spherical ternary precursor and its preparation method Invention Awarded
11. 202111160463.0 A cyclic pore ternary cathode precursor and its preparation method Invention Awarded
12. 202111271890.6 A high-compaction density ternary cathode material Invention Awarded
13. 202210305396.5 An ultra-high-nickel ternary precursor and its preparation method Invention Awarded
A high-nickel low-cobalt fine whisker nickel-cobalt-manganese hydroxide and
14. 202210323182.0 Invention Awarded
its preparation method
15. 202210566948.8 A cobalt-free cathode material, its preparation method and application Invention Awarded
A comprehensive recycling method for used lithium manganate cathode
16. 202210606493.8 Invention Awarded
materials
A fine whisker small-particle size nickel-cobalt-manganese hydroxide and its
17. 202210606501.9 Invention Awarded
preparation method
Boron element-doped high-nickel ternary precursor material and its preparation
18. 202210651790.4 Invention Awarded
method, and high-nickel ternary cathode material
19. 202210726493.1 A control method for the whisker morphology of ternary precursor Invention Awarded
A manganese-based carbonate precursor, lithium-rich manganese-based
20. 202210759671.0 Invention Awarded
cathode material, and lithium-ion secondary battery
A preparation method and device for precursor of ternary cathode material,
21. 202210855847.2 Invention Awarded
precursor and cathode material
A novel preparation method for molybdenum-doped high-nickel ternary
22. 202210956495.X Invention Awarded
precursor
A cobalt gradient high-nickel ternary cathode material and its preparation
23. 202211057150.7 Invention Awarded
method
A high-compaction low-cost ternary cathode material and its preparation
24. 202211144586.X Invention Awarded
method
25. 202310705475.X A cathode material and its preparation method, and lithium-ion battery Invention Awarded
A layered oxide and its preparation method, and sodium-ion battery cathode
26. 202310759926.8 Invention Awarded
electrode
A cathode material and its preparation method, cathode electrode, and sodium-
27. 202310781322.3 Invention Awarded
ion battery
A cathode active material and its preparation method, cathode plate, and
28. 202310809840.1 Invention Awarded
secondary battery
29. 202310840410.6 A cathode material and its preparation method, and lithium-ion battery Invention Awarded
30. 202311020334.0 A cathode material and its preparation method, and lithium-ion battery Invention Awarded
31. 202010960586.1 A lithium-ion battery cathode material, cathode plate, and lithium-ion battery Invention Awarded
A dry powder coating method for battery electrode based on phosphate cathode
32. 202110331975.2 Invention Awarded
material
33. 202110328688.6 A post-treatment method for phosphate system cathode material Invention Awarded
A preparation method for high-compaction density LMFP/carbon composite
34. 202110325292.6 Invention Awarded
cathode material
4.4.2 List of intellectual property acquired during the reporting period
New Increase this Year Cumulative Number
Patents Applied Patents Awarded Patents Applied Patents Awarded
Patents for Invention 231 34 492 104
Utility Model Patents 126 76 469 346
Total 357 110 961 450
4.4.3 Ongoing projects
Estimated Current Cumulative Progress or
Application
SN Project Name Total Investment Investment Periodic Intended Goal Technical Level
Prospects
Investment Amount Amount Results
To develop an ultra-high-
nickel monocrystal
Ultra-high- The product's high capacity,
product with a capacity
nickel cycle life, and DCR growth meet Mainly applied
exceeding 20mAh/g
1 Monocrystal 2,950.00 744.89 1,887.36 Pilot run stage customer needs, and it has passed in new energy
compared to the series 8
Cathode large cell testing at the client's vehicles.
monocrystals, featuring
Development end.
high capacity and long
cycle life.
To develop an ultra-high-
nickel polycrystal
Ultra-high- The product's high capacity,
product with a capacity
nickel Production line cycle life, and DCR growth meet Mainly applied
exceeding 20mAh/g
2 Polycrystal 3,700.00 1,337.12 2,819.23 commissioning customer's safety needs, and it in new energy
compared to the series 8
Cathode stage has passed large cell testing at vehicles.
polycrystals, featuring
Development the client's end.
high capacity and long
cycle life.
To develop high-nickel
Mainly applied
Series 9 series 9 monocrystal Product full battery test reveals
in new energy
Monocrystal Mass material with high energy 1/3C capacity ≥205mAh/g;
vehicles and
3 Cathode 2,087.00 625.92 1,181.06 production density and excellent comprehensive performance has
secondarily
Material stage cycle performance to met customer requirements for
applied in digital
Development meet the product tonnage supply.
products
performance
requirements of
customers.
The monocrystal has good
To develop a cobalt-free Mainly applied
dispersion performance,
Cobalt-free HV monocrystal material that in new energy
Production line achieving capacities over
Monocrystal exhibits high capacity vehicles and
4 2,197.00 391.41 625.87 commissioning 190mAh/g, and production line
Cathode and excellent cycling secondarily
stage samples have realized ton-level
Development performance under high applied in digital
shipments to international
voltage. products
customers.
Next-generation To develop the next-
The product features high
Series 8 Low- generation low-cost Mainly applied
capacity, improved gas
5 cost Cathode 4,563.80 70.12 70.12 Pilot test stage series 8 material with in new energy
production, and superior cycle
Product enhanced capacity but vehicles.
performance.
Development reduced costs.
To develop a high-nickel
precursor with excellent The precursor material has good
Series 9
Production line cycling performance, sphericity with no cracked Mainly applied
Polycrystal
6 4,205.00 128.17 1,673.56 commissioning improved gas production, spheres, corresponding to in new energy
Precursor
stage internal resistance, and cathode products with high vehicles.
Development
high-temperature cycle capacity and good cycling.
performance.
The product has no cracked
Mainly applied
To develop a series 8 spheres, well-designed porosity,
Next-generation in new energy
NCM precursor product and good sphericity, assisting the
Series 8 vehicles and
7 2,724.00 128.17 1,673.56 Pilot test stage with low cost, high next generation of high-nickel
Precursor secondarily
capacity, high safety, and cathode materials in solving
Development applied in digital
long cycle life. product capacity and cycle
products
problems.
To develop an ultra-high-
nickel precursor with The product exhibits good Mainly applied
excellent cycling crystallinity and dispersion, with in new energy
Ultra-high-
performance, improved no cracked spheres, and the final vehicles and
8 nickel Precursor 5,270.00 1,155.66 2,646.30 Pilot test stage
gas production, internal cathode material features high secondarily
Development
resistance, and high- capacity and excellent cycling applied in digital
temperature cycle performance. products
performance.
Mainly applied
To develop a series 7 low- The product features high
Series 7 in new energy
Co cathode material with capacity and excellent long-term
Cathode vehicles and
9 2,855.00 299.00 1,391.32 Pilot run stage high energy density and cycling performance, has passed
Product secondarily
excellent long cycling customer certification and is
Development applied in digital
performance. delivered in small batches.
products
To develop series 6 high
Mainly applied
voltage monocrystal
Series 6 Under high voltage, the series 6 in new energy
Production line materials up to the
Cathode product reveals high capacity, vehicles and
10 1,047.00 377.15 880.42 commissioning performance
Product excellent cycle life, and safety secondarily
stage requirements of low cost,
Development performance. applied in digital
long cycle and high
products
safety.
The product features high Mainly applied
Multi-element To make NCMA cathode capacity, significantly improved in new energy
Production line
High-energy material with high thermal stability, optimized vehicles and
11 2,970.00 392.75 2,432.33 commissioning
Density NCMA capacity and stable cycling and storage secondarily
stage
Development structure. performance, and a rich product applied in power
array. tools/drones.
12 Ternary and 160.00 84.50 84.50 Pilot test stage This project involves a Through the blending of LMFP The blend offers
LFP Battery blend of LMFP and with ternary materials, a full high cost-
Blended ternary materials. coverage of 180-250Wh/kg effectiveness
Cathode Through the blending of energy density is achieved, and safety
Development different types and balancing cost and safety, and across markets
proportions of ternary providing solutions for new including new
and LMFP, a series of energy vehicles, electric two- energy vehicles,
blending application wheelers, residential and outdoor electric two-
solutions are obtained, energy storage, and 3C digital wheelers,
providing customers with fields. residential and
recommendations for outdoor energy
application solutions in storage, and 3C
different scenarios and digital fields.
needs.
Applied in
The average voltage of full digital
To develop a high
battery tests is ≥3.7V, electronics, new
manganese proportion
Mass demonstrating excellent energy energy vehicles,
LMFP 73 LMFP material, meeting
13 400.00 391.12 391.12 production density. Comprehensive power batteries,
Project high voltage platform and
stage performance meets customer performance
high energy density
requirements, achieving vehicle
requirements.
hundred-ton shipments. batteries, and
other fields.
To develop a mass The product has high capacity
Ni92
production process with and excellent cycling
Polycrystal Cost Mass Mainly applied
high equipment characteristics, with production
14 Reduction 800.00 164.61 164.61 production in new energy
utilization rate, low process costs reaching leading
Process stage vehicles.
processing cost and levels in the industry, meeting
Development
improved income. At the customers' demands for low-cost
same time, the material raw materials.
performance is
comparable to
conventional processes,
featuring high capacity
and excellent cycling
performance.
The manufactured low-cobalt
materials have a discharge
capacity of ≥225mAh/g at 0.33C
current density at room
temperature; they are suitable for
Low-cobalt, To develop low-cost, Mainly applied
liquid and solid-state batteries
Long-cycle, long-cycle, medium-to- in electric
due to their low cost and high
Lithium-rich high voltage lithium-rich vehicles and
capacity. Currently, we are
15 Manganese- 875.00 258.05 635.07 Pilot test stage cathodes to replace secondarily
closely cooperating with several
based Cathode medium-nickel high- applied in
cell and whole machine
Material voltage cathodes and LFP drones/electric
manufacturers at home and
Development cathode materials. two-wheelers.
abroad, and the sample
performance maintains a leading
position in client tests,
demonstrating a strong
competitive advantage.
High-voltage To develop a high- The prepared monocrystal Mainly applied
Nickel- energy-density, low-cost, cathode material features a soft in new energy
16 manganese 918.00 242.96 495.43 Pilot test stage fast-charging high- pack energy density of vehicles and
Cathode voltage lithium nickel ≥250Wh/kg with excellent fast- secondarily
Material manganese cathode to charging and low-temperature applied in power
Development replace medium-low performance, and good safety tools and digital
nickel and lithium iron and stability. It can be used in products
phosphate materials. liquid or semi-solid systems and
is developed in cooperation with
several domestic and
international cell manufacturers,
currently at a leading level in the
industry.
By optimizing the sintering
process and altering the
morphology of the cathode
materials, a high proportion in
the composite cathode is
achieved; through in-situ coating Mainly applied
To develop all-solid-state processes, in-situ fast ionic in electric
All-solid-state battery cathode material conductor coating of ternary vehicles with
Small
Battery Cathode suitable for sulfide cathode materials is achieved, high energy
17 827.00 259.91 349.83 experiment
Material systems, meeting high ensuring compatibility between density and
stage
Development energy density and safety the cathode and the electrolyte secondarily
requirements. interface. We have developed applied in
several modified high-nickel drones.
ternary materials in collaboration
with various domestic and
international cell companies,
maintaining a leading position in
the industry.
Sodium-ion To develop a low-cost The developed layered sodium- Applied in new
18 2,888.00 1,468.55 2,232.00 Pilot run stage
Layered Oxide sodium-ion battery ion cathode material has reached energy vehicles
Cathode layered oxide cathode an industry-leading level in full- and small power
Material material with excellent cell tests in terms of capacity, field, with broad
Development electrochemical cycling, and gas generation, market; and
performance. meeting the needs of low-speed applied in the
new energy vehicles, electric energy storage
two-wheelers, and residential field by way of
energy storage. Mass production mixing.
process innovations have
achieved significant
breakthroughs in product
stability control and cost
reduction.
To develop a sodium-ion The sodium-ion polyanionic
Sodium-ion
battery polyanionic cathode material excels in
Polyanionic Mainly applied
Production line cathode material with capacity, rate, and cycling
19 Cathode 3,016.74 105.75 105.75 in energy
commissioning low cost and excellent performance, expected to meet
Material storage field.
electrochemical the needs of energy storage and
Development
performance. low-speed vehicle applications.
Total / 44,453.54 8,625.81 21,739.44 / / / /
4.5 Discussion and analysis of the Company's future development
4.5.1 Industry pattern and trend
Based on China's goals for "Peak Carbon and Carbon Neutrality", and catalyzed by the EU's
regulation of "2035 Ban on the Sale of Fuel Vehicles" and the subsidy policies of the U.S.'s "Inflation
Reduction Act", the lithium battery industry continues to exhibit a solid long-term growth trend. With the
rapid development of new energy vehicles and energy storage fields, according to GGII data, it is expected
that China's lithium battery shipments will reach 1089 GWh in 2024, a year-on-year increase of 23%,
marking the official entry of China's lithium battery industry into the TWh era.
Favorable policies explicitly support the export of the new energy vehicle industry, boosting lithium
battery enterprises to accelerate their overseas layouts. Currently, the penetration rate of overseas new
energy vehicles remains low, offering substantial room for growth. According to ICCSINO statistics, the
penetration rate in Europe approached 25% in 2023, and reached 9% in the U.S., with a high growth rate
of 52.4%. In February 2024, the Ministry of Commerce and other nine units jointly issued the "Opinions
on Supporting the Healthy Development of New Energy Vehicle Trade Cooperation", proposing 18 policy
measures from six aspects to encourage new energy vehicles and their supply chain enterprises to
efficiently utilize global innovation resources and optimize the export processes of new energy vehicles
and power batteries. This policy initiative, which clearly promotes new energy vehicles to the international
market for the first time in recent periods, greatly facilitates the rapid overseas expansion of the entire new
energy vehicle industry chain. According to incomplete statistics from GGII, since 2023, dozens of lithium
battery enterprises, including battery companies such as CATL and EVE Energy, as well as lithium battery
material manufacturers such as Huayou Cobalt and Easpring Technology, have announced plans to
establish factories overseas. The Company has a first-mover advantage in the global layout, with the first
phase of its South Korean base completed in 2023, and a 40,000-ton/year ternary material and 20,000-
ton/year LMFP project officially starting in August of the same year. Its capacity in South Korea is scarce
in global competition, with both existing and under-construction capacities already matching the needs of
several major overseas customers. The Company will accelerate its entry into domestic and overseas
markets, including Europe, America, Japan, and South Korea, through various modes of cooperation such
as strategic, technical, and supply agreements with the world's top battery companies like CATL and EVE
Energy.
The trend towards high-end new energy vehicles is becoming increasingly clear, which will further
expand the market share of high-nickel and ultra-high-nickel cathode materials in end-use applications.
Tesla's Cybertruck was officially delivered in December 2023, with current orders exceeding 2 million
units; according to GGII statistics, from January to October 2023, the proportion of new energy passenger
vehicles of Class B and above increased to 46.4%, and the new vehicles launched in the past two years
have gradually shifted to the high-end market, with the number of pure electric vehicles of Class B and
above growing to 31 models. It is expected that the sales proportion of Class B and above models in China
will reach 50% in 2024. High-nickel and ultra-high-nickel cathode materials are the mainstream choice
for high-end vehicle models and long-range models at domestic and foreign OEMs, with penetration rates
gradually increasing. According to ICCSINO statistics, the high-nickel penetration rate of global ternary
materials exceeded 50% in 2023, with the domestic high-nickel material proportion reaching 49%. As the
first domestic enterprise to achieve mass production of the NCM811 series products and maintain a leading
position in high-nickel ternary materials, the trend towards high-end new energy vehicles will bring
broader market demand for the Company's high-nickel and ultra-high-nickel products.
4.5.2 Corporate development strategy
The Company adheres to the mission of "developing the new energy industry, improving human
living conditions, creating a bright future for the company and its employees, and giving back to society",
with a vision to "establish a new energy industrial cluster with first-class innovation capabilities and a
high degree of commercial civilization".
In 2021, the Company launched the "New Integration" strategy of "becoming the strongest and
cooperating with the strongest for mutual benefit". This strategy includes specialization, integration,
platformization, ecologization, digitalization, globalization, and organizational development. Guided by
this strategy, the Company strengthened its cooperative relationships with upstream and downstream
enterprises through strategic cooperation and equity participation, ensuring stable development and a long-
term competitive edge in the fiercely competitive new energy materials sector.
In 2022, the Company proposed a comprehensive coverage strategy for the cathode market, aiming
to transform into a platform-based and group-oriented comprehensive supplier of cathode materials. The
products include high-nickel materials, LMFP, and sodium-ion materials, covering applications in high,
medium, and low-end power, small power, energy storage, and digital markets.
In 2023, amidst the vigorous development of the overseas new energy vehicle industry and the
intensification of domestic industry competition, the Company held a global strategic release conference.
It was clarified that the "globalization" strategy is a phase focus of the "New Integration" strategy. The
details of the U.S.'s "Inflation Reduction Act" provided a larger market for the Company's overseas
expansion, and the strategic advantage of the Company's layout in overseas regions such as South Korea
became increasingly apparent.
Looking ahead to 2024, globalization is the trend, and the Company will continue to accelerate its
globalization strategy. The Company has the advantages of globalization. Firstly, it has the leading strategy,
Ronbay proposed globalization in its "new integration" strategy; secondly, as a leading enterprise in the
industry, the Company has the ability of comprehensive innovation and strong comprehensive strength to
build the strongest competitiveness in the fierce domestic "inward roll" market; finally, the Company has
the genes and innate advantages of going global. When it was founded, it was a Sino-Korean teamwork
enterprise, with eight or nine years' experience of operating in China and South Korea, and it has the
natural ability of transnational operation, cross-culture and cross-region operation.
Globalization entails mastering two markets: serving the Company's strategic major customers well
in the domestic market to hone the strongest operational capabilities, and leveraging these capabilities to
develop the global market. The overseas market is customer-oriented, rapidly developing corresponding
products and engineering manufacturing technologies, and establishing efficient supply chains to better
serve overseas strategic partners.
Globalization is a process of exploration, expansion, and research innovation. Ronbay is committed
to building a truly global company, exploring worldwide, integrating the Company's culture with the most
advanced global cultures, and accommodating various cultures globally. Simultaneously, the Company is
establishing and refining global regional management schemes, global office system planning, and global
capital operation schemes.
Through organizational transformations such as the divisional system, three systems, and business
line management, the Company has significantly enhanced its organizational management capabilities. To
support the implementation of the globalization strategy, the Company will further refine incentive
mechanisms (such as the four-tier partnership system) to build an international talent team.
With the effective implementation of these development strategies, Ronbay is confident in achieving
its strategic goal of becoming the global leader in the cathode material industry in the future.
4.5.3 Business plan
In 2024, as the landscape and trends in the new energy industry become increasingly clear, companies
with global production capacity, teams, and expansion capabilities will be prioritized to capture significant
market opportunities. The Company has a clear globalization strategy in place, with a foundational
customer base and production capacity. Following internal organizational reforms and the successful
formation of a skilled team, coupled with adequate financial reserves, the Company is well-prepared to
embrace the opportunities presented by globalization and aims to further increase its global market share.
1. Aligning with global customer needs and rapidly expanding production capacity to increase
market share
In 2024, the Company will accelerate the expansion of its overseas production capacities. In addition
to stabilizing and enhancing the production of 20,000 tons of high-nickel ternary materials in the first
phase in South Korea, the second phase will expedite the development of 40,000 tons of high-nickel
ternary materials and 20,000 tons of phosphate materials. Furthermore, the Company will continue to
advance the establishment of production capacities in Europe and North America to better meet the product
demands of global automakers and battery cell manufacturers, thereby further increasing sales volume and
market share.
2. Realizing comprehensive coverage of ternary materials, and making breakthroughs in LMFP
and sodium batteries
In 2024, the Company will further consolidate its leadership in the high-nickel segment. The shipment
scale of series 9 ultra-high-nickel materials will be accompanied by the development of large cylindrical
batteries and the further expansion of the demand of international customers. It is expected that the
proportion of series 9 shipments will increase significantly. Medium-nickel products are anticipated to be
shipped on a large scale, further enhancing domestic production capacity utilization.
The Company's LMFP products will advance in both solid and solid-liquid integrated processes.
While maintaining sales in the 3C, small power, and energy storage markets, we aim to achieve
breakthroughs in the automotive power market. Additionally, to meet downstream customer demands, our
layered oxide and polyanionic products in sodium battery cathodes have achieved technological
positioning, matching the increased demand from downstream customers.
3. Increasing market share in all/semi-solid state batteries, accelerating the mass production of
cutting-edge products
In 2024, the Company will leverage its leading position in the high-nickel area to consolidate and
enhance its market share in the semi-solid state battery sector, collaborating with top customers on
upgrades and iterations. We will also introduce ternary cathode materials suitable for high-energy density
all-solid-state batteries and start pilot production scaling; in solid electrolytes, we plan to conduct pilot
plant test of electrolyte materials and develop low-cost production of key raw materials to enhance product
competitiveness. The Company plans to complete pilot production of lithium-rich manganese-based and
spinel nickel manganese cathode materials in 2024.
4. Continuously implementing the "New Integration" strategy to build a competitive global
supply chain
In the current competitive landscape of the new energy lithium battery industry, the Company will
continue to advance its 'New Integration' strategy. By streamlining the resource-to-product end industry
chain, we aim to build a global supply chain that meets the requirements of the U.S.'s "Inflation Reduction
Act" and the EU's "New Battery Act". We will gradually establish a trade network across Southeast Asia,
Europe, North America, South America, and Africa, deepening cooperation with global regional resources
and processing enterprises, leveraging industry strengths, and ensuring raw material security and cost
advantages to create a competitive global supply chain system.
5. Seizing global development opportunities to build a world-class talent team
Through organizational transformations such as the divisional system, three systems, and business
line management, the Company has significantly enhanced its organizational management capabilities. In
2024, to support the implementation of our globalization strategy, the Company will attract top talents
worldwide through effective incentive mechanisms, such as the 3P (Position, Pay, Performance), salary
incentive system, and a four-tier partnership model, to seize global opportunities.
Section V Corporate Governance
5.1 Notes on corporate governance
During the reporting period, the Company continuously improved its corporate governance structure
and standardized its operations in accordance with the requirements of the "Company Law", "Securities
Law", "Governance Guidelines for Listed Companies", and "Rules for Stock Listing on the Science and
Innovation Board of Shanghai Stock Exchange" and other laws, regulations, rules and normative
documents. The actual situation of corporate governance conforms to the requirements of the "Code of
Governance for Listed Companies" and other normative documents issued by the China Securities
Regulatory Commission.
1. Regarding shareholders and shareholders' meetings: The Company has formulated the rules of
procedure for the shareholders' meetings, thus able to convene and hold the shareholders' meetings in strict
accordance with the requirements of the standard opinions of the shareholders' meetings. In terms of venue
selection, more shareholders should be invited to attend the shareholders' meetings and exercise their
voting rights. The Company can treat all shareholders equally and ensure that shareholders exercise their
rights.
2. Regarding the relationship between controlling shareholders and listed companies: The code of
conduct of controlling shareholders guarantees that the controlling shareholders do not directly or
indirectly interfere with the decision-making and business activities of the Company beyond the
shareholders' meeting; the Company and the controlling shareholders are "independent" in terms of
personnel, assets, finance, organization and business. The Board of Directors, the Board of Supervisors
and the internal organization of the Company operate independently. The Company's connected
transaction follow legal procedures, adopt a rational price and fulfill the obligation of information
disclosure.
3. Regarding directors and the Board of Directors: The Company elects the directors in strict
accordance with the appointment procedures for directors stipulated in the "Articles of Association".
During the reporting period, the Company added two non-independent directors, improving the staffing
of the corporate governance body. The director number and composition of the Board of Directors shall
meet the requirements of laws and regulations; the Board of Directors of the Company has formulated the
rules of procedure for the Board of Directors, so that the directors of the Company can attend the Board
of Directors and the shareholders' meetings with a serious and responsible attitude, familiarize themselves
with relevant laws and regulations, understand the rights, obligations and responsibilities of directors, and
diligently exercise their voting rights. The Board of Directors has established committees such as the
Strategy Committee, Audit Committee, Nominating Committee, and Remuneration and Evaluation
Committee, all composed of directors, which utilize their expertise to offer scientifically sound and
reasonable suggestions on significant matters.
4. Regarding the supervisors and the Board of Supervisors: The Board of Supervisors shall strictly
implement the relevant provisions of the "Company Law" and the "Articles of Association", and the
supervisor number and composition of the Board of Supervisors shall meet the requirements of laws and
regulations; The Board of Supervisors of the Company has formulated the rules of procedure for the Board
of Supervisors. The supervisors of the Company can conscientiously perform their duties and supervise
the Company’s finance and the lawful compliance of the directors and senior management in the execution
of duty in the spirit of being responsible to shareholders.
5. Regarding performance evaluation and incentive and constraint mechanism: The Company has
established fair and transparent performance and performance evaluation standards and procedures for
directors, supervisors and senior management, and put in place an evaluation mechanism that links
compensation with corporate performance and individual performance, thus maintaining certain stability
of senior management and core employees, and ensuring sustainable corporate development.
6. Regarding stakeholders: The Company fully respects the legitimate rights of stakeholders such as
shareholders, employees, customers, suppliers, and investors, has established diverse communication
channels based on stakeholder categories, ensures the effectiveness and normalization of communication,
and actively responds to the expectations and demands of various stakeholders. It strengthens
communication with shareholders and investors through general meetings of shareholders, performance
briefings, and investor hotlines, listens to their concerns and suggestions; enhances employee rights
protection, supports the exercise of powers by employee representative assemblies and trade union
organizations in accordance with the law, jointly promoting the Company's continuous healthy
development; conducts on-site reviews and technical training for suppliers to maintain close contact,
helping improve the quality of supplied products and creating a win-win business atmosphere; actively
holds customer communication meetings and conducts customer satisfaction surveys to protect customer
rights.
7. Regarding information disclosure and transparency: The information disclosure media designated
by the Company are China Securities Journal, Shanghai Securities News, Securities Daily, Securities
Times and the website of Shanghai Stock Exchange. The Company fully fulfills the information disclosure
obligations of listed companies in strict accordance with relevant laws, regulations and rules. The directors,
supervisors and senior management of the Company ensure that the information disclosed by the Company
is true, accurate, complete, prompt and fair, actively safeguarding the legal rights of the Company and
investors. The information disclosure work for the years 2022-2023 was evaluated as Grade A.
5.2 Current and resigned directors, supervisors, senior management and core technicians during
the reporting period
Start Date of End Date of
Name Position Held Gender Age
Tenure Tenure
Bai Houshan Chairman Male 60 2018/3/9 2024/6/28
Vice Chairman and
You Sangyul Male 64 2018/3/9 2024/6/28
General Manager
Director and
Zhang
Deputy General Male 57 2018/3/9 2024/6/28
Huiqing
Manager
Song Wenlei Director Male 58 2021/6/29 2024/6/28
Zhao Xinyan Director Male 62 2023/4/18 2024/6/28
Feng Tao Director Female 36 2023/4/18 2024/6/28
Independent
Yu Qingjiao Male 54 2018/3/9 2024/6/28
Director
Independent
Jiang Hui Female 47 2018/3/9 2024/6/28
Director
Independent
Zhao Yiqing Female 42 2018/3/9 2024/6/28
Director
Chairman of the
Zhu Yan Board of Male 49 2018/3/9 2024/6/28
Supervisors
Shen Zheng Supervisor Female 41 2021/6/29 2024/6/28
Employee
Chen
Representative Male 61 2018/3/9 2024/6/28
Ruitang
Supervisor
Secretary of the
Board of Directors
Yu Jiyun Male 39 2023/8/5 2024/6/28
and Financial
Officer
Deputy General
Liu Dexian Male 50 2018/3/24 2024/6/28
Manager
Financial Officer
Tian Qianli Male 44 2021/12/4 2023/12/29
(resigned)
Secretary of the
Ge Xin Board of Directors Female 41 2021/6/29 2023/8/4
(resigned)
Lee Jonghee Key Technician Male 49 2018/3/12 To date
Chen
Key Technician Male 39 2018/12/31 To date
Mingfeng
Yuan Xujun Key Technician Male 40 2018/3/12 To date
Total / / / / /
Notes:
1. Vice Chairman You Sangyul concurrently works as the General Manager of the Company and
Director Zhang Huiqing concurrently works as the Deputy General Manager of the Company
with the term of office from March 24, 2018 to June 28, 2024 as senior managers; Yu Jiyun,
Secretary of the Board of Directors, concurrently works as the Financial Officer of the Company
with the term of office from January 2, 2024 to June 28, 2024.
2. The number of shares held in the above table is the number of direct holdings.
5.3 Resumes of current and resigned directors, supervisors, senior management and core technicians
during the reporting period
Name Main Work Experience
Bai Houshan, male, born in 1964, has Chinese nationality and permanent resident status
in the U.S. He graduated from the Central South University as a major in nonferrous
metallurgy, and Northeastern University as a major in heavy metal smelting by fire
process, and obtained a Master's Degree in Business Administration from Tsinghua
University. From September 1984 to July 1987, Mr. Bai worked as a technician in the
Bai
Metallurgy Office of Shenyang Institute of Mining and Metallurgy. From September
Houshan
1987 to March 1990, he studied heavy metal smelting by fire process at the Northeastern
University; from March 1990 to December 2001, he successively served as assistant
engineer, engineer, senior engineer, professor-level senior engineer, team leader, director
of Electronic Powder Material Factory, manager of North Mine Electronic Center, deputy
director of Metallurgy Office of Shenyang Institute of Mining and Metallurgy; from
December 2001 to March 2012, he served as the Director and General Manager of
Beijing Dangsheng Material Technology Co., Ltd. Since 2013, he has been working as
the Chairman and General Manager of Ronbay Holdings. From October 2015 to the
present, he has served as Chairman of the Board of Directors of the Company. He has
been a Director of ZOWEE Technology since May 2022.
You Sangyul, male, born in 1960, has South Korean nationality. After graduation from
the Graduate School of Physics, Hanyang University, he successively worked as a
researcher of Samsung SDI Research Institute and Director of Samsung SDI Material
and Pharmaceutical Manufacturing Department from August 1984 to November 2002;
You from January 2003 to April 2005, he served as Technical Consultant and General
Sangyul Manager of JAMR (a Sino-Canadian joint-venture). From May 2005 to December 2009,
he worked as General Manager of L&F Lithium Cathode Material Business Unit. In
2010, he founded EMT Corporation and served as Chairman and General Manager. He
has been serving as the Vice Chairman and General Manager of the Company from
October 2014 to now.
Zhang Huiqing, male, born in 1967, has Chinese nationality and no permanent resident
status overseas. After graduation from the Beijing University of Chemical Technology,
he further obtained an on-the-job MBA degree from the University of Science and
Technology Beijing. From 1989 to 1998, Mr. Zhang successively served as Production
Dispatching Specialist, Deputy Director and Director of Production Planning Office,
Manager of Production Department and Manager of General Management Department
of Jinan Sanai Fluoro Chemical Co., Ltd.; from January 1999 to February 2000, he
Zhang
worked as Production Manager of Shengbang Lvye Group Business Unit of VICOME
Huiqing
Co., Ltd.; after that, he worked as Production Manager of Beijing Friend Chemicals Co.,
Ltd. from March 2000 to December 2001, and successively served as Factory Director,
Assistant General Manager, Production Director, Operations Director, Deputy General
Manager/Production Director of Beijing Dangsheng Material Technology Co., Ltd. from
2002 to July 2012. Then he served as Deputy General Manager of Ronbay Holdings from
2013 to 2014 and Director and Deputy General Manager of the Company from 2014 to
date.
Song Wenlei, male, born in 1966, has Chinese nationality and no permanent resident
status overseas. He graduated from the School of Economics and Management of
Tsinghua University with a Master’s Degree in Finance. From November 1997 to
December 2009, he successively served as General Manager of Research Department,
Venture Capital Department and Acquisition and Merger Business of CITIC Securities
Co., Ltd.; after that, he worked as Managing Director of Goldstone Investment Co., Ltd.
Song
from January 2010 to July 2013; from August 2013 to April 2018, he served as Chief
Wenlei
Investment Officer and Managing Director of CITIC Construction Investment
Management Co., Ltd., and General Manager of CITIC Construction Investment M&A
Fund. Since May 2018, he has been working as the General Manager of Strategic
Investment and Development Business Unit and the Chief Investment Officer of
Strategic Equity Investment of Sunshine Insurance. He has been a Director of Ronbay
Technology since June 2021.
Zhao Zhao Xinyan, male, has Chinese nationality and no permanent resident status overseas.
Xinyan He has a postgraduate education in Material Engineering and Business Administration.
Previously, he served as an engineer at China National Corporation for Overseas
Economic Cooperation, Department Manager and Deputy General Manager at China
Power International Limited, Director of Capital Operations at State Nuclear Power
Technology Corporation, a member of the Expert Committee and a full-time director at
State Power Investment Corporation Limited, Executive Director at China Power New
Energy Development Co., Ltd., Vice Chairman at Shanxi Zhangze Electric Power Co.,
Ltd., Supervisor at Inner Mongolia Diantou Energy Co., Ltd., Director at China Power
Investment Finance Co., Ltd., and Director at SPIC Yuanda Environmental Protection
Co., Ltd. Currently, he serves as an Independent Director at Watchdata Technologies, and
as an Independent Director at Shenzhen Agricultural Power Group Co., Ltd. He has been
a Director of Ronbay Technology since April 2023.
Feng Tao, female, has Chinese nationality and no permanent resident status overseas.
She holds a Bachelor's degree in Economics majoring in Finance. She has previously
worked as a Securities Affairs Representative and Head at the Securities Department at
Feng Tao
Bgrimm Magnetic Materials & Technology Co., Ltd., and as a Securities Affairs
Representative and Deputy General Manager at Beijing Sumavision Technologies Co.,
Ltd. He has been a Director of Ronbay Technology since April 2023.
Yu Qingjiao, male, born in 1970, has Chinese nationality and no permanent resident
status overseas. Graduating from the Party School of the CPC Central Committee with a
Bachelor's degree in Economic Management, he is a member and senior planner of the
China Association for the Promotion of Democracy. From September 1995 to July 2003,
served as the Assistant Director of the Policy, Law and Regulation Research Office of
Shandong Huangdao Power Plant; then he worked as the Market Director of the Air
Conditioning Business Unit of AUCMA Holding Co., Ltd. from August 2003 to July
2006; he has been serving as the Chairman of Qingdao Haineng Enterprise Management
Planning Co., Ltd. since April 2006, the Chairman of Beijing Haineng Times Cultural
Development Co., Ltd. since November 2009; he worked as the Assistant to the
Yu
Chairman and Spokesperson of the China Battery Industry Association from December
Qingjiao
2010 to April 2012, and an Independent Director of RLG Australia from January 2016 to
December 2016; and he has been serving as the Chairman of Beijing Xiwang Investment
Management Co., Ltd. since January 2017, the Secretary General of the Zhongguancun
New Battery Technology Innovation Alliance since August 2018, an Independent
Director of Henan Huiqiang New Energy Material Technology Co., Ltd. since July 2019,
the Chairman of Beijing Hairong Huida Network Technology Co., Ltd. since June 2020,
an Independent Director of Sichuan Changhong New Energy Technology Co., Ltd. since
August 2020, the Chairman of Hairong Huida (Qingdao) Network Technology Co., Ltd.
since March 2021, and an Independent Director of Ronbay Technology since March
2018.
Jiang Hui, female, born in 1977, has Chinese nationality and no permanent resident status
overseas. With a Master's Degree in Finance from the University of Sydney, she served
Jiang Hui as the Director of the Management Department of Ishizuka Electronics Co., Ltd. from
2004 to 2010, and the Human Resource Director of Beijing Dangsheng Material
Technology Co., Ltd. from 2010 to 2014; then she has been working as the Deputy
General Manager of Shanghai Dingyi Intelligent Technology Co., Ltd. since 2015 and an
Independent Director of the Company since March 2018.
Zhao Yiqing, female, born in 1982, has Chinese nationality and no permanent resident
status overseas. She received her Doctorate Degree in Management from Renmin
University of China, and has been teaching at the School of Accounting, Capital
University of Economics and Business since 2011. From January 2017 to December
Zhao
2017, she served as an Independent Director of Easy Exchange (Hong Kong) Currency
Yiqing
Services Co., Limited. Then she served as an Independent Director of Shenzhen Tongye
Technology Co., Ltd. from March 2017 to September 2021; and she served as an
Independent Director of Wuxi Lutong Viscom Network Co., Ltd. from August 2022 to
December 2022; and an Independent Director of the Company since March 2018.
Zhu Yan, male, born in 1975, has American nationality. After graduation from Stanford
University with an MBA degree, he served as Managing Partner, Head of Investment
Department and member of Investment Committee of Tsing Capital from October 2007
Zhu Yan to September 2016. Working as the Legal Representative, Executive Director, General
Manager and Managing Partner of Hubei Changjiang NIO New Energy Investment
Management Co., Ltd. since October 2016, he has also serving as the Chairman of the
Board of Supervisors of the Company since March 2018.
Shen Zheng, female, born in 1983, has Chinese nationality and no permanent resident
status overseas. She received her Bachelor's Degree in Finance from Durham University,
Shen UK. From May 2008 to May 2014, she was a representative of the Shanghai
Zheng Representative Office of the City of London Government. She has been working as the
Executive Director of Shanghai Ouqing Xinjin Venture Capital Co., Ltd. since July 2014.
She has been a Supervisor of Ronbay Technology since June 2021.
Chen Ruitang, male, born in 1963, has Chinese nationality and no permanent resident
status overseas. He graduated from the Central South University with a Bachelor's
Degree in Nonferrous Metallurgy. From July 1984 to March 1989, he worked as an
engineer at Aluminum Corporation of China Guiyang Aluminum Magnesium Design &
Chen Research Institute. From March 1989 to March 2013, he served as the Chief Engineer of
Ruitang Zhengzhou Research Institute of Chalco; then he worked as the Deputy Chief Engineer
of Hunan Zhongda Metallurgical Design Institute Co., Ltd. from April 2013 to October
2015. He has been serving as the Chief Engineer of Engineering Design Institute of the
Company since October 2015 and the Employee Representative Supervisor of the
Company since July 2017.
Liu Dexian, male, born in 1974, has Chinese nationality and no permanent resident status
overseas. He graduated from Beijing Institute of Technology with a Master's Degree in
Materials Science and Engineering. From January 1999 to May 2004, he successively
served as the Marketing Engineer, Marketing Manager and Assistant to General Manager
Liu Dexian of Beijing Dangsheng Material Technology Co., Ltd. Then he worked as the Sales
Manager and Regional Sales Director of Base Metals Business Unit of Vale in China
from June 2004 to July 2017. He has successfully served as the General Manager,
Assistant President and Deputy General Manager of the International Trade Business
Unit of the Company since July 2017.
Yu Jiyun Yu Jiyun, male, born in 1985, has Chinese nationality and graduated from Central South
University majoring in Powder Material Science and Engineering. He holds
qualifications to serve as a Secretary of the Board of directors on the Science and
Technology Innovation Board of the Shanghai Stock Exchange and has a professional
qualification certificate in fund management. From July 2007 to June 2013, he served as
the Manager of Marketing Department and Investment Department at Beijing Dangsheng
Material Technology Co., Ltd.; from June 2013 to July 2014, he served as the Investment
Director at Beijing Ronbay Investment Holdings Co., Ltd.; from March 2020 to July
2023, he served as the Investment General Manager at Beijing Ronbay New Energy
Investment Management Co., Ltd. Since July 2022, he has been a Supervisor at the
Company's subsidiary, Tianjin Skyland Technology Co., Ltd.; since August 2023, he has
been the Secretary of the Company's Board of Directors; and since January 2024, he has
been the Company's Financial Officer.
Lee Jonghee, male, born in 1975, has South Korean nationality. He graduated from
Kyushu University in Japan with a Doctorate Degree in Applied Chemistry. From 2002
to 2004, he worked as a research engineer at the Korea Institute of Energy Research; he
then served as a research assistant at the Japan Institute of Applied Chemistry from 2004
Lee
to 2007 and a senior engineer at Samsung SDI Battery Development Center from 2007
Jonghee
to 2012; during the period from 2012 to 2016, he served as the Chief Engineer of Battery
Materials Research Center of GS Energy Co., Ltd. He has successfully served as the Vice
President of the Central Research Institute and the President of the R&D System of the
Company since 2017.
Chen Mingfeng, male, born in 1985, has Chinese nationality and no permanent resident
status overseas. He graduated from Qingdao University of Science and Technology with
a Bachelor's Degree in Inorganic Non-metallic Materials Engineering. From July 2007
to January 2014, he served as a R&D Engineer, the Manager of R&D Technology
Department, R&D Director, Manufacturing Director and Assistant to General Manager
of Jinhe New Materials; from February 2014 to February 2015, he served as the Director
of Jinhe New Materials Research Institute; from March 2015 to April 2016, he served as
Chen
the General Manager and Chief Technical Expert of the Company's Precursor Plant. After
Mingfeng
that, he worked as the Deputy General Manager of Zhejiang Meidu Haichuang Lithium
Technology Co., Ltd. from May 2016 to April 2018, and the Deputy General Manager of
Zhejiang Desheng New Energy Technology Co., Ltd. from May 2018 to December 2018.
From December 2018 to date, he successively served as the General Manager of the
Precursor and Renewable Resource Research Center, the General Manager of Strategic
Operations Center & the General Manager of Linshan Branch, and the Senior Expert of
Central Research Institute.
Yuan Xujun, male, born in 1984, has Chinese nationality and no permanent resident
status overseas. He received his Bachelor of Science Degree in Chemistry from Ningbo
University. From July 2007 to June 2008, he worked as a Research Assistant of the Fuel
Yuan Cell Business Unit of Ningbo Institute of Materials Technology and Engineering,
Xujun Chinese Academy of Sciences; from July 2008 to September 2014, he successively
served as a R&D Engineer and the R&D Manager of Jinhe New Materials; engaged in
the research and development of cathode materials for lithium-ion batteries since October
2014, and successively served as the Deputy General Manager of Cathode Business Unit
and the General Manager of the Ternary Cathode Business Unit.
Ge Xin, female, born in 1983, has Chinese nationality and no permanent resident status
overseas. With a Master of Science Degree in Organic Chemistry from Changchun
University of Technology, she holds the Qualification Certificates of Securities
Practitioner and Fund Practitioner, and Board Secretary of Shanghai Stock Exchange and
Shenzhen Stock Exchange. She served as the General Manager of Beijing Dangsheng
Material Technology Co., Ltd. from July 2009 to May 2013, and the Operations Director
of Beijing Ronbay Investment Holding Co., Ltd. from May 2013 to September 2017;
Ge Xin
then she worked as the Director of Fund Management Department of Hanhua Financial
Holding Co., Ltd. Capital Group from October 2017 to November 2018; from November
2018 to June 2021, she served as the Director of the Office of the President, Director of
Investor Relations, Director of the Office of the Board of Directors and Chairman of the
Board of Supervisors of Woaiwojia Holding Group Co., Ltd.; and she has been working
as the Secretary of the Board of Directors and Assistant to the President of the Company
From June 2021 to August 2023.
Tian Qianli, male, born in 1980, has Chinese nationality and no permanent resident status
overseas. After graduation from the International Business School of the University of
International Business and Economics with a Master's Degree in Business
Administration, he served as a Senior Auditor at Pricewaterhousecoopers Zhongtian
Certified Public Accountants, a special general partnership, from August 2006 to June
2010; then he served as the Financial Manager and Senior Manager of Investment and
Financing of UPC Wind Asia (Hong Kong) Co., Ltd. from June 2010 to April 2013; from
Tian Qianli April 2013 to April 2018, he served as the Director of Investment Department of Xinjiang
Goldwind Technology Co., Ltd.; from April 2018 to September 2019, he served as the
Deputy General Manager and Chief Financial Officer of Jiawo Agricultural
Development Co., Ltd.; after that, he worked as the Executive Vice President and Chief
Financial Officer of China Oil HBP Technology Co., Ltd. from September 2019 to April
2021; from April to December 2021, he successively served as the General Manager and
Chief Financial Officer of the Company's Financial Management Center; and he served
as the Financial Officer of the Company from December 2021 to December 2023.
Other information
1. On March 28, 2023, the Company convened the twenty-first meeting of the second Board of
Directors and held the 2022 Annual General Meeting of shareholders on April 18, 2023. During these
meetings, the "Proposal for Addition of Non-Independent Director to the Second Session of the Board of
Directors of the Company" was deliberated and approved. Following nominations by shareholders and
approval by the Nominating Committee of the second Board of Directors, with consent from the nominees
and approval by the Board of Directors and the General Meeting of Shareholders, Mr. Zhao Xinyan and
Ms. Feng Tao were appointed as candidates for non-independent directors of the second Board of Directors
for the term from the date of approval by the General Meeting of Shareholders until the end of the current
board term.
2. In August 2023, Ms. Ge Xin resigned as the Secretary of the Board of Directors due to personal
reasons. Following a nomination by the Chairman of the Board, and review by the Nominating Committee,
the Company convened the twenty-fifth meeting of the second Board of Directors on August 4, 2023,
where the "Proposal on the Appointment of the Secretary of the Board of Directors of the Company" was
deliberated and approved. The Board of Directors of the Company agreed to appoint Mr. Yu Jiyun as the
Secretary of the Board of Directors of the Company for a term commencing from the date of
announcement of the resolution of the Board of Directors to the date of expiry of the term of office of the
second Board of Directors.
3. In December 2023, Mr. Tian Qianli resigned as the Company's Finance Officer due to personal reasons.
Following a nomination by the General Manager and review by the Nominating Committee and Audit
Committee, the Company convened the thirtieth meeting of the second Board of Directors on January 2,
2024, where the "Proposal on the Change of Financial Officer of the Company" was deliberated and
approved. The Board of Directors agreed to appoint Mr. Yu Jiyun as the Company's Finance Officer.
Section VI Changes in Shares and Shareholders
6.1 Statement of changes in shares
Unit: Shares
Before This Increment and Decrement of This Change (+, After This
Change -) Change
Shares Converted from
Provident Fund
Shares Allotted
New Rati
Ratio
Quantity Shares Others Sub-total Quantity o
(%)
Issued (%)
I. Shares with Sales -
170,464,182 31,681,10 30,021,39 200,485,57 41.4
Restriction 37.80 1,659,706.0
.00 2.00 6.00 8.00 0
Conditions 0
1. Shares held by
the state
2. Shares held by
4,678,223. 4,678,223. 4,678,223.
state-owned legal 0.97
00 00 00
persons
3. Shares held by -
170,464,182 20,137,72 18,478,02 188,942,20 39.0
other domestic 37.80 1,659,706.0
.00 9.00 3.00 5.00 2
capital 0
incl: shares held by
non-state-owned 167,475,400 20,137,72 20,137,72 187,613,12 38.7
37.14
legal persons in .00 9.00 9.00 9.00 5
Mainland China
shares held 2,988,782.0 - - 1,329,076.
0.66 0.27
by natural persons 0 1,659,706.0 1,659,706. 00
in Mainland China 0 00
4. Shares held by 6,865,150. 6,865,150. 6,865,150.
1.42
foreign capital 00 00 00
incl: shares held by
legal persons 6,865,150. 6,865,150. 6,865,150.
1.42
outside of 00 00 00
Mainland China
shares held
by natural persons
outside of
Mainland China
II. Negotiable
Shares without 280,419,083 3,318,927. 3,318,927. 283,738,01 58.6
62.20
Sales Restriction .00 00 00 0.00 0
Conditions
1. RMB ordinary 280,419,083 3,318,927. 3,318,927. 283,738,01 58.6
62.20
shares .00 00 00 0.00 0
2. Foreign shares
offered in Mainland
China
3. Foreign shares
offered outside of
Mainland China
4. Others
III. Total Number -
450,883,265 100.0 35,000,02 33,340,32 484,223,58 100.
of Shares 1,659,706.0
.00 0 9.00 3.00 8.00 00
0
6.2 The total number of common shareholders, the total number of preferred shareholders whose
voting rights have been restored, the total number of shareholders holding special voting shares and
the top 10 shareholders
Unit: Shares
The total number of common shareholders as 25,547
of the end of the reporting period
(Shareholders)
The total number of common shareholders as 27,423
of the end of last month prior to the disclosure
date of the Annual Report (Shareholders)
The total number of preferred shareholders 0
whose voting rights have been restored as of
the end of the reporting period (Shareholders)
The total number of preferred shareholders 0
whose voting rights have been restored as of
the end of last month prior to the disclosure
date of the Annual Report (Shareholders)
The total number of shareholders holding 0
special voting shares as of the end of the
reporting period (Shareholders)
The total number of shareholders holding 0
special voting shares as of the end of last
month prior to the disclosure date of the
Annual Report (Shareholders)
Shareholding of the top 10 shareholders
Number Number Pledge,
Incremen
of Shares of Mark or
t and Number
with Restricted Freezing
Shareholder Decreme of Shares
Ratio Sales Shares Nature of
Name nt within Held at
(%) Restrictio Including Sharehold
Quantity
(Full Name) the the End of
Status
Share
n Refinanci er
Reportin the Period
Conditio ng Shares
g Period
ns Held on Loan
Shanghai
Ronbay New
Energy
129,000,0 129,000, 129,000,0
Investment 0 26.64 None 0 Others
00 000 00
Partnership
(Limited
Partnership)
China
Merchants
Bank
Company
Limited—
Huaxia SSE
6,150,02 17,816,35
Science and 3.68 0 0 None 0 Others
6 5
Technology
Innovation
Board 50
Index
Exchange-
traded Fund
Non-
Beijing
state-
Ronbay New
owned
Energy 13,957,80 13,957,8 13,957,80
0 2.88 None 0 Legal
Investment 0 00 0
Person in
Development
Mainland
Co., Ltd.
China
Huzhou
Haiyu Equity
Investment 10,094,83
0 2.08 0 0 None 0 Others
Partnership 5
(Limited
Partnership)
Gongqingche
ng
Rongcheng
-
Investment
1,033,18 8,907,303 1.84 0 0 None 0 Others
Management
7
Partnership
(Limited
Partnership)
Non-
Beijing
state-
Ronbay New
owned
Energy 8,800,00
0 8,800,000 1.82 8,800,000 None 0 Legal
Investment 0
Person in
Management
Mainland
Co., Ltd.
China
Hong Kong Legal
Securities - Person
Clearing 4,763,34 8,437,642 1.74 0 0 None 0 outside of
Company 8 Mainland
Limited China
Beijing Non-
Ronbay New state-
Energy owned
8,240,30
Technology 0 8,240,300 1.70 8,240,300 None 0 Legal
0
Investment Person in
Management Mainland
Co., Ltd. China
Zunyi
Ronbay New
Energy
7,477,30
Investment 0 7,477,300 1.54 7,477,300 None 0 Others
0
Center
(Limited
Partnership)
Hubei
Changjiang
NIO New
Energy
Industry
0 6,978,961 1.44 0 0 None 0 Others
Development
Fund
Partnership
(Limited
Partnership)
Notes on the association or concerted action Shanghai Ronbay New Energy Investment Partnership
of the above shareholders (Limited 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 (Limited Partnership) are under the
same control of Bai Houshan, the actual controller of the
Company, and Bai Houshan is one of the limited partners
of the Company’s employee shareholding platform
Gongqingcheng Rongcheng Investment Management
Partnership (Limited Partnership).
Notes on preferred shareholders whose None
voting rights have been restored and
number of shares held
6.3 Block diagram of the property rights and control relationship between the Company and the
controlling shareholder
Shanghai Ronbay New Energy Investment Partnership (Limited
Partnership)
26.64%
Ningbo Ronbay New Energy Technology Co., Ltd.
6.4 Block diagram of the property rights and control relationship between the Company and the
actual controller
BAI HOUSHAN
Gongqingcheng Rongxin Gongqingcheng Ronghui Investment
Investment Partnership (Limited
Partnership) (Ronghui
Partnership (Limited Partnership)
Partnership) (Ronghui Partnership)
Beijing Ronbay Investment
Holding Co., Ltd. (Ronbay
Holding)
Beijing Ronbay New Zunyi Ronbay New Beijing Ronbay New Energy
Shanghai Ronbay New Beijing Ronbay New
Energy Investment Energy Investment Technology Investment
Energy Investment Energy Investment
Management Co., Center (Limited Management Co.,
Partnership (Limited Ltd(Ronbay Technology Development Co., Ltd
Ltd. (Ronbay Partnership) (Zunyi
Partnership) Investment) (Ronbay Development)
Management) Ronbay Partnership)
Ningbo Ronbay New Energy Technology Co., Ltd.
6.5 Specific implementation of share repurchase during the reporting period
Based on confidence in the Company's future development prospects, recognition of the Company's
value, and the actual fulfillment of social responsibilities, the Company disclosed the Share Repurchase
Report on October 26, 2023. It plans to use no less than RMB 75 million and no more than RMB 125
million of its own funds to repurchase some of its shares through centralized bidding transactions. As of
December 31, 2023, the Company has cumulatively repurchased 3,147,658 shares through centralized
bidding transactions during the first phase, accounting for 0.65% of the total issued capital and using a
total of RMB 125 million, representing 99.99% of the upper limit of the funds for the first repurchase plan.
Unit: RMB Currency: RMB
Name of the share repurchase plan Share repurchase plan through centralized
bidding transaction
Disclosure date of the share repurchase plan October 26, 2023
Number of shares to be repurchased and the percentage 0.23—0.39
of total issued capital (%)
Amount to be repurchased 75,000,000—125,000,000
Repurchase period October 26, 2023 to January 26, 2024
Purpose of repurchase Implement employee stock ownership plan
or equity incentives
Number of shares repurchased (shares) 3,147,658
Percentage of the repurchased shares in relation to the /
shares involved in the stock incentive plan (%) (if
applicable)
Progress of reducing the repurchased shares through /
centralized bidding transactions
Ningbo Ronbay New Energy Technology Co., Ltd.
Board of Directors 2024
