Analysis of Rongbai Technology (688005) Strong Performance: Driven by CATL Long-term Contract and Sodium-ion Battery Strategy

As one of the first listed companies on the Science and Technology Innovation Board, Rongbai Technology (688005) mainly engages in lithium battery cathode materials, including ternary materials, lithium iron phosphate, and sodium-ion battery materials. It is transforming from a ternary cathode leader to a platform-based cathode material solution provider [0]. In November 2025, the company signed a long-term cooperation agreement on sodium-ion battery cathode materials with CATL, becoming its primary supplier. The agreement is valid until the end of 2029, with an annual procurement ratio of no less than 60%, and more favorable prices are available when the procurement volume reaches 500,000 tons [2][3]. In addition, the company released its sodium-ion battery strategic plan, targeting to build a million-ton-level production capacity by 2030 [1]. As of November 17, 2025, the company’s stock price rose by the daily limit to 35.40 yuan per share, with a cumulative increase of nearly 70% this year and a market value of 25.3 billion yuan [0][5].

1. Two-Route Sodium-ion Battery Layout
   : The company adopts a two-route layout strategy in the sodium-ion battery field and has obtained orders from downstream strategic customers, laying the foundation for future growth [0].
2. Institutional Capital Inflow
   : On November 17, institutional capital had a single-day net inflow of 361 million yuan, indicating market confidence in the company’s sodium-ion battery business prospects [4].
3. Long-term Revenue Certainty
   : The long-term agreement with CATL ensures revenue stability in the coming years, helping to ease short-term performance pressure [2].

• Risks
  : The net profit in the first three quarters of 2025 was a loss of 204 million yuan, putting pressure on performance [0]; intensified competition in the sodium-ion battery industry may affect market share [3].
• Opportunities
  : The sodium battery sector has received policy support and market attention, becoming a hot spot in the new energy industry in 2025 [3]; if the million-ton production capacity target is achieved, it will consolidate the company’s leading position in the sodium-ion battery field [1].

Rongbai Technology (688005)'s recent strong performance is mainly driven by breakthroughs in its sodium-ion battery business and long-term cooperation with CATL. Although there is a short-term performance loss, the long-term agreement and strategic plan provide support for the company’s future development. Investors should pay attention to the progress of the sodium-ion battery industry and the company’s production capacity implementation [0][2][3].