容百科技海外产能价值稀缺性提升，新技术打开成长空间

Core Viewpoint - Rongbai Technology demonstrates strong risk resistance and strategic foresight in the face of recent export control policies, reinforcing its leading position in the global lithium battery supply chain [1] Group 1: Impact of Export Control Policies - The export control primarily targets battery cell technologies with energy densities above 300Wh/kg, while Rongbai's main products remain unaffected in both domestic and international markets [2] - The company has established a 60,000 tons/year ternary cathode material capacity and a 6,000 tons/year precursor production line in South Korea, which are currently ramping up to meet core customer demands [2] - The Polish project, with a capacity of 25,000 tons/year for ternary cathodes, is expected to commence production in the first half of 2026, enhancing local supply capabilities in Europe [2] Group 2: New Product Development - Rongbai Technology has entered the lithium iron phosphate sector since July 2025, focusing on high-end energy storage applications, with expectations for differentiated breakthroughs in the storage market [3] - The company is actively applying for export licenses to expand its international market presence within the allowed policy framework [3] - The company’s lithium-rich manganese-based material technology is industry-leading, positioning it among the first to achieve commercialization for next-generation high-energy density batteries [3] Group 3: Customer Structure and Global Cooperation - Rongbai has developed a diverse customer base, including leading domestic clients like CATL and overseas clients such as Panasonic, ensuring robust support for global capacity release [4] - The company views the export control policy as a regulation rather than a prohibition, anticipating a shift towards high-value-added products in the export landscape [4] - With the upcoming Polish project and advancements in lithium iron phosphate and lithium-rich manganese technologies, Rongbai is poised for a new phase of high-quality development, contributing to global green energy transitions [4]