Ronbay Technology

Business

Ronbay (宁波容百新能源科技股份有限公司) makes cathode materials for lithium batteries: ternary (NMC, nickel-cobalt-manganese) cathode and precursor, plus manganese-rich phosphate (LMFP) and sodium-battery cathodes (2026 interim report, p. 8).

Results

In the first half of 2026 revenue rose 39.6% to ¥8.72bn and net profit attributable to shareholders was ¥109.4m, against a loss of ¥68.4m a year earlier. The company says revenue rose on both volume and price because raw material prices went up and selling prices follow them (p. 7).

It sold about 52,000 tonnes of ternary cathode, more than a year earlier, with June a record month. Nickel-rich and ultra-high-nickel products rose to about 35% of shipments. Its LMFP cathode was sold out and grew about 50%, and sodium-battery cathode sales grew sharply (pp. 8, 10). Its second and third largest customers are overseas companies, together over 30% of sales (p. 10).

Market

Using industry data (XinLuo), it reports that global ternary material output in the half was 572,300 tonnes, up 23.9%, with China at 475,300 tonnes, up 45.1%, while iron phosphate cathode output was 2.72 million tonnes, up 61% (p. 9). Ternary output is therefore growing more slowly than iron phosphate.

Where it stands

Ronbay sells far fewer tonnes than Hunan Yuneng, though the two make different chemistries, and its profit of ¥109m on ¥8.72bn of revenue is small. It is positioned in nickel-rich chemistries and overseas customers rather than in the LFP that dominates China.