Group 1: Sodium-ion Battery Development - The typical cycle from sample delivery to mass supply for sodium-ion batteries varies significantly across applications, with two-wheeled vehicles and backup power sources having shorter testing periods compared to energy storage, which requires longer development due to consistency issues [2][3] - Current sodium-ion battery pricing is approximately 0.6 CNY/Wh, down from 0.8 CNY/Wh last year, which still poses a cost barrier for customer replacement of lithium-ion batteries [3] - The company has developed two types of sodium-ion products this year, including a positive electrode material (NFPP) and a sodium supplement, with initial testing showing positive feedback on cycle performance [4][5] Group 2: Competitive Advantages and Market Position - Sodium-ion batteries exhibit superior low-temperature performance, maintaining nearly 90% capacity at -40°C, and have a theoretical long-term cost advantage of 0.19 CNY/Wh, although they have lower energy density compared to lithium-ion batteries [3][4] - The company has established connections with several second-tier leading enterprises, focusing on material consistency and processing performance as key evaluation criteria for entry tests [4] - The global CCUS market is expected to grow rapidly, with a projected compound annual growth rate of 49% from 2025 to 2030, and the company’s TX-1 series carbon capture agents have demonstrated significant advantages in regeneration energy consumption and oxidation resistance [4] Group 3: Order Status and Market Expansion - As of the end of September, the company has approximately 387 million CNY in hand orders, with engineering orders around 326 million CNY and catalyst orders about 60 million CNY [3] - The postponement of the IMO's "Net Zero Framework" to 2026 introduces short-term uncertainty but allows the company more time for market expansion and technology optimization in the CCUS sector [4] - The company is actively expanding its CCUS business in both domestic and international markets, receiving significant interest and recognition at recent global energy exhibitions [4] Group 4: Future Prospects and Challenges - The sodium-ion battery market is primarily focused on start-stop power sources and two-wheeled electric vehicles, with increasing recognition and demand in the overseas market, particularly for high-power discharge batteries [4] - The company is considering relocating its planned battery material factory to areas with lower electricity costs, as the original site in East China faces high energy prices [5] - Current challenges in the sodium-ion industry include high electrolyte costs and the need for improved consistency in cell manufacturing processes, which must be addressed to enhance cost-effectiveness [5]

Core Viewpoint - The company is making significant progress in the sodium battery materials sector, having engaged in technical exchanges and initiated sample testing with multiple cell and terminal enterprises [1] Group 1: Sodium Battery Materials Development - The company has successfully trial-produced a 50Ah short blade cell and established a two-way data feedback mechanism [1] - The sodium supplement product has undergone a new round of iteration and sampling, with positive performance feedback from several downstream customers, leading to preliminary long-term cooperation intentions [1] Group 2: Project Development - The company's subsidiary, Ma'anshan Haosheng New Energy Technology Co., Ltd., is planning to construct a sodium-ion battery cathode material project in the Hanshan Economic Development Zone, Ma'anshan City [1] - The project has successfully acquired construction land through bidding and completed land confirmation, with initial planning finalized and proceeding as scheduled [1]

Core Viewpoint - The company is making significant progress in the sodium battery materials sector, with successful collaborations and project developments underway [2] Group 1: Sodium Battery Materials Progress - The company has successfully engaged in technical exchanges and initiated sample testing with multiple cell and end-user enterprises [2] - A 50Ah short blade cell has been successfully trial-produced, and a two-way data feedback mechanism has been established [2] - The sodium supplement product has undergone a new round of iteration and sampling, with positive performance feedback from several downstream clients, leading to preliminary long-term cooperation intentions [2] Group 2: Project Development in Ma'anshan - The company's subsidiary, Ma'anshan Haosheng New Energy Technology Co., Ltd., is planning to construct a sodium-ion battery cathode material project in the Ma'anshan City Hanshan Economic Development Zone [2] - The project has successfully acquired construction land through bidding and completed land confirmation [2] - Initial planning for the project has been completed, and it is progressing as scheduled [2]