2 1 Shi Ji Jing Ji Bao Dao·2025-11-17 13:17Core Viewpoint - Rongbai Technology (688005.SH) has signed a significant cooperation agreement with CATL (300750.SZ), designating Rongbai as the primary supplier of sodium battery cathode materials, with a commitment for CATL to procure at least 60% of its total purchasing volume from Rongbai annually [1][8]. Group 1: Company Developments - On November 17, Rongbai Technology's stock opened high and reached a 20% limit up, closing at 35.40 CNY per share, with a market capitalization of 25.3 billion CNY [1]. - The cooperation agreement with CATL is effective until December 31, 2029, with an automatic renewal clause if both parties agree three months prior to expiration [8]. - Rongbai's strategy includes a "dual-route layout" in sodium battery technology, focusing on both layered oxide and polycations for cathode materials [8][9]. Group 2: Market Impact - The announcement positively impacted the sodium-ion battery sector, with companies like Zhenhua New Materials (688707.SH) rising over 10%, and others like Dofluor (002407.SZ) and Penghui Energy (300438.SZ) seeing gains of over 5% [3]. - The agreement is expected to stabilize cash flow for Rongbai, which reported negative net profits in the first three quarters of 2023, by providing a steady demand despite potential pressure on margins [9]. Group 3: Industry Trends - CATL's sodium battery has passed the new national standard certification and is set to debut in 2026, indicating a strategic push towards sodium battery applications in electric vehicles [11]. - The sodium battery industry is currently in a phase of cautious development, with a focus on technological breakthroughs and cost reductions to remain competitive against lithium batteries [12]. - The long-term agreements in the lithium battery sector, including those by other companies with CATL, highlight a trend of securing stable supply chains and cost advantages through volume commitments [15][17].