CATL(SZ:300750) Zhong Guo Ji Jin Bao·2025-11-16 11:01Core Viewpoint - CATL has established a strategic partnership with Rongbai Technology, becoming the primary supplier of sodium-ion battery cathode materials, which is expected to drive the large-scale application of sodium-ion batteries in the market [2][6]. Group 1: Partnership Details - Rongbai Technology will supply no less than 60% of its total procurement volume to CATL annually as part of the agreement [6][8]. - The partnership aims to enhance collaboration in market strategy, technology, product development, and supply chain management [8]. - If CATL's annual procurement reaches 500,000 tons or more, Rongbai Technology will offer more favorable pricing through cost reductions [8]. Group 2: Market Potential and Product Development - CATL predicts that sodium-ion batteries could meet over 40% of the domestic passenger vehicle market demand, indicating significant market potential [2][15]. - The sodium-ion battery, branded as "Sodium New," has been recognized as the first to pass the new national standard certification [2][15]. - The sodium-ion battery features an energy density of 175Wh/kg and a range of over 500 kilometers, addressing low-temperature performance and safety concerns [17]. Group 3: Financial Performance - Rongbai Technology reported a revenue of 8.99 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.64%, with a net profit attributable to shareholders of -204 million yuan, down 274.96% [9][12]. - The partnership is expected to positively impact Rongbai Technology's future operating performance if the agreement is fully executed [9].