3 6 Ke·2026-01-19 12:47Core Viewpoint - Recently, a "cooperation cake" worth over 120 billion yuan has attracted widespread attention due to a sudden announcement by Rongbai Technology regarding a contract with CATL for the supply of lithium iron phosphate cathode materials, raising questions about the legitimacy and implications of the deal [1][3]. Group 1: Announcement Details - On January 13, Rongbai Technology announced a procurement cooperation agreement with CATL, stating it would supply approximately 3.05 million tons of lithium iron phosphate cathode materials from Q1 2026 to 2031, with a total sales amount exceeding 120 billion yuan [3][5]. - The Shanghai Stock Exchange issued an inquiry questioning the absence of a specific monetary clause in the agreement and the feasibility of Rongbai Technology's current production capacity to meet such a large order [5][6]. Group 2: Financial Implications - Rongbai Technology later clarified that the 120 billion yuan figure was merely an estimated value based on projected sales, influenced by various uncertain factors such as raw material prices and order schedules, indicating no legal binding [5][6]. - The company currently has a significantly lower production capacity compared to the promised supply volume, requiring nearly a tenfold increase in production capacity to meet the 305 million tons over six years, which would necessitate an investment of over 8 billion yuan [6][7]. Group 3: Company Performance - Rongbai Technology has faced challenges, with a reported revenue of 8.996 billion yuan for the first three quarters of 2025, a year-on-year decline of 20.64%, and a net loss of 204 million yuan [10][11]. - The third quarter alone saw a revenue drop of 38.29%, further highlighting the company's financial struggles [10][11]. Group 4: Industry Context - CATL's response to the announcement was ambiguous, stating that inquiries about the agreement should be directed to Rongbai Technology, which raised further doubts about the nature of the collaboration [13][15]. - The agreement is characterized as a non-binding framework agreement, lacking specific terms regarding quantity, price, and delivery, which allows both parties flexibility in future dealings [15][18]. - Such agreements are common in the industry, with CATL reportedly signing at least 19 similar documents in the latter half of 2025, indicating a trend of vague commitments rather than concrete contracts [16][18].