Ronbay Technology(SH:688005) 光大证券研究·2025-08-09 00:04Core Viewpoint - The article discusses the financial performance and strategic developments of Rongbai Technology, highlighting a decline in revenue and profit, while also emphasizing potential growth areas in new business segments and international expansion. Financial Performance - In H1 2025, the company's operating revenue was 6.248 billion, a year-on-year decrease of 9.28%, with a net profit attributable to shareholders of -68 million, indicating a shift to loss [4] - In Q2 2025, revenue reached 3.285 billion, showing a year-on-year and quarter-on-quarter increase of 3% and 11% respectively, but the net profit was -53 million, reflecting an expanded loss compared to the previous quarter [4] Business Segments and Challenges - After excluding investments in new industries such as sodium batteries and precursors, the actual profit from the ternary business was approximately 77 million. However, overall net profit declined due to temporary impairment issues, which may partially reverse in the second half of the year [5] - Ternary material sales reached 50,000 tons in H1 2025, with demand affected by U.S. subsidies and tariffs, leading to some orders being advanced. Sales are expected to improve in the second half as tariff policies clarify and new overseas production facilities come online [6] International Expansion - The first phase of the Korean factory, with a capacity of 20,000 tons/year for high-nickel cathodes, has passed international customer certification, and the second phase of 40,000 tons/year is completed with certification processes initiated [7] - The company plans to establish the first lithium iron phosphate production line in Poland to meet local supply chain demands in Europe [7] New Business Developments - In the sodium battery sector, the company is positioning its sodium battery cathode products in key customer segments, with production and sales expected to increase in H2 2025 to 2026, and a new 6,000-ton production line for polyacrylate cathodes has been initiated [8] - In the manganese iron lithium sector, sales in the commercial vehicle market have surpassed 1,000 tons, and the second-generation products are expected to meet stability tests for passenger vehicle applications by the end of the year [9] Advanced Technology Initiatives - The company is advancing solid-state battery technology with high-nickel and ultra-high-nickel cathodes, achieving ton-level shipments that meet the development needs for 400Wh/kg battery cells. The sulfide electrolyte materials are at industry-leading performance levels, with pilot line construction expected to complete by Q4 2025 [10] - The company has already achieved kilogram-level shipments in the lithium-rich manganese-based cathode sector and has received bulk orders, while the spinel nickel-manganese cathode has seen ton-level shipments in H1 2025, with mass production expected by 2026 [10]