Mei Ri Jing Ji Xin Wen·2026-01-18 16:05Core Viewpoint - The announcement of a 120 billion yuan contract by Rongbai Technology has raised significant market attention and regulatory scrutiny due to its size and the uncertainties surrounding it [1][2]. Group 1: Contract Details - Rongbai Technology forecasts supplying approximately 3.05 million tons of lithium iron phosphate to CATL from Q1 2026 to 2031, with a total sales amount exceeding 120 billion yuan [1]. - The revenue from this contract is equivalent to creating 1.7 times the current revenue of Rongbai Technology, which reported 8.986 billion yuan in revenue for the first three quarters of 2025 [1]. - The contract's sales price is not fixed and is based on a formula involving lithium carbonate costs plus processing fees, leading to uncertainty in the actual procurement volume by CATL [2]. Group 2: Corporate Governance and Procedures - The contract was primarily analyzed and predicted by the marketing department, with no requirement for board or shareholder approval, raising questions about the governance process [3][4]. - The announcement was issued in the name of the board, but it was noted that the chairman did not sign off on it, indicating potential procedural lapses within the company [4]. - The lack of involvement from top management in such a significant contract is unusual and raises concerns about the company's announcement protocols and the effectiveness of its governance [4]. Group 3: Regulatory Response - Following the announcement, Rongbai Technology received an inquiry from the exchange and was subsequently suspended for two days, indicating regulatory concern over the contract's implications [1]. - The company also received a notice from the securities regulatory commission regarding potential misleading statements in the contract announcement [2].