Pricing and Capacity - Current spot price for hexafluoride is 69,700 yuan/ton, expected to exceed 70,000 yuan in October and reach 80,000 yuan in November; long-term contracts are being negotiated with clients for November, with price adjustments based on spot prices [1] - The industry capacity for hexafluoride is projected to be approximately 310,000 tons in 2025 and increase to 350,000 tons in 2026, indicating a low level of industry surplus with only slight increases from leading companies [1] Long-term Contracts - Electrolyte long-term contracts are adjusted monthly, locking in quantity and price; hexafluoride does not have separate long-term contracts as it primarily supplies its own electrolyte [2][3] Pricing Mechanism - The procurement mechanism for hexafluoride is mainly "customer-specified resale," with prices determined by clients; external sales are primarily spot-based, reflecting real-time market pricing, with no long-term contracts due to low external sales proportion [3] Supply and Demand Balance - The expected battery installation capacity for 2026 is 2 TWh, which corresponds to a demand of 300,000 tons of hexafluoride; with an industry capacity of 350,000 tons, the supply and demand are expected to be nearly balanced, indicating low risk of surplus [4]