{"slug":"ronbay","name":"룽바이커지(容百科技)","name_en":"Ronbay Technology","ticker":"688005.SS","updated_at":"2026-07-12T08:25:22.56643+00:00","canonical":"https://valuechain.wiki/ronbay","same_as":["https://finance.yahoo.com/quote/688005.SS"],"citable":"밸류체인 그래프 기준 룽바이커지(容百科技)의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 9곳에 닿는다. 링크의 근거 출처는 11건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Ronbay Technology is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 11 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"하이니켈 NCM 양극재 세계 1위","kicker_en":"World's #1 high-nickel NCM cathode maker","lead":"룽바이커지(容百科技)는 삼원계(NCM) 양극재 글로벌 출하 1위의 중국 소재기업으로, 2024년 삼원계 시장점유율 12%를 넘겨 4년 연속 세계 1위를 지켰다. 2024년 매출은 원자재 가격 하락과 경쟁 심화로 150.9억 위안(-33.4%), 귀속순이익 2.96억 위안(-49.1%)이었다. 최대 고객(매체 교차검증상 CATL)이 매출의 54.5%를 차지할 만큼 집중도가 높고, 한국 충주 자회사 재세능원의 연 7만톤 생산체계로 한국 셀 메이커와 서방향 우회 공급을 노린다.","lead_en":"Ronbay Technology is the world's largest ternary (NCM) cathode maker by shipments, holding over 12% of the global ternary market in 2024, its fourth straight year at #1. FY2024 revenue fell 33.4% to RMB 15.09 billion on lower raw-material prices and intensifying competition, with net profit down 49.1% to RMB 296 million. Its largest customer (identified as CATL via media cross-checks) accounts for 54.5% of revenue, and its Korean subsidiary JAESE in Chungju runs 70,000 tons of annual capacity to serve Korean cell makers and tariff-sensitive Western demand.","segments":{"fy":2025,"parts":[{"name":"하이니켈·초고니켈 NCM 삼원계 양극재"},{"name":"LMFP·LFP 양극재"},{"name":"나트륨이온 양극재"},{"name":"전구체·리사이클링"}],"total":"매출 RMB 122.68억 (FY2025, -18.7%; 3분기 누적 순손실 -1.75억)","source":"容百科技 FY2025 실적","concentration":"제1대 고객(CATL) 54.5%, 상위5 고객 79.1% (FY2024)"},"segments_en":{"fy":2025,"parts":[{"name":"High- and ultra-high-nickel NCM ternary cathodes"},{"name":"LMFP and LFP cathodes"},{"name":"Sodium-ion cathodes"},{"name":"Precursors and recycling"}],"total":"RMB 12.268bn (FY2025, -18.7%; 9M net loss RMB 175M)","concentration":"Largest customer (CATL) 54.5%, top-5 79.1% (FY2024)"},"returns_yearly":{"2021":96.6,"2022":-39.1,"2023":-63.6,"2024":12.3,"2025":47.7,"2026":-12.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":3,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"geely-auto","name":"지리자동차","name_en":"Geely Auto","tier":2,"returns_yearly":{"2021":-40.8,"2022":-22.9,"2023":-40.3,"2024":98.5,"2025":14.5,"2026":18.9}},{"slug":"hyundai-motor-company","name":"현대차","name_en":"Hyundai Motor Company","tier":2,"returns_yearly":{"2021":-16.7,"2022":-4.7,"2023":16.2,"2024":12.3,"2025":158.8,"2026":-7.8}},{"slug":"tesla","name":"Tesla","name_en":"Tesla","tier":2,"returns_yearly":{"2021":49.8,"2022":-65,"2023":101.7,"2024":62.5,"2025":11.4,"2026":-9.3}},{"slug":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","tier":2,"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7}},{"slug":"xiaomi","name":"샤오미","name_en":"Xiaomi","tier":2,"returns_yearly":{"2021":-43.9,"2022":-21.1,"2023":-4.6,"2024":209.7,"2025":-6.9,"2026":-27.2}},{"slug":"saic-motor","name":"상하이자동차(SAIC)","name_en":"SAIC Motor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-16.2,"2023":-6.8,"2024":29.1,"2025":-17.2,"2026":-28.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":2,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"catl","name":"CATL","name_en":"CATL","tier":1,"returns_yearly":{"2021":67.4,"2022":-21.4,"2023":-40.6,"2024":74.5,"2025":39.4,"2026":1.2}},{"slug":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","tier":1,"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1}}],"benefiting":[],"analysis":"룽바이커지의 논지는 세계 1위 삼원계 양극재라는 규모와, CATL 단일 고객 54.5%라는 극단적 집중의 양면이다. 삼원계(NCM) 양극재 글로벌 출하 4년 연속 1위(2024년 점유 12%+)로, CATL의 삼원계·나트륨이온 양극분 제1공급사다 — CATL이 나트륨 양극분의 60%+를 2029년까지 룽바이에서 사기로 약정할 만큼 밀착돼 있지만, 그 집중(상위5 고객 79.1%)이 곧 실적의 핵심 리스크다. 2024년 매출 -33.4%·순이익 -49.1%는 원자재가 하락과 중국 양극재 과잉경쟁을 반영한다. 원가단은 화유코발트·GEM에서 삼원 전구체를 대규모 장기계약으로 조달(GEM 리사이클 지분 18%)해 수직계열화한다. 한국 충주 자회사 재세능원(연 7만톤)으로 한국 셀 메이커·서방 관세 우회 공급을 노리고 SK온과 MOU를 맺었다. 재평가 트리거는 삼원계 가격·마진 회복, CATL 의존 완화(SK온 등 서방 다변화), 그리고 나트륨·LMFP 신제품 램프다.","analysis_en":"Ronbay Technology's thesis is two-sided: the scale of the world's No.1 ternary cathode maker and the extreme concentration of 54.5% revenue from a single customer, CATL. First in global ternary (NCM) cathode shipments for four straight years (12%+ share in 2024), it is CATL's No.1 supplier of both ternary and sodium-ion cathode powder — CATL committed to buy 60%+ of its sodium cathode powder from Ronbay through 2029 — but that concentration (top-5 customers 79.1%) is the central risk. FY2024 revenue -33.4% and net profit -49.1% reflect lower raw-material prices and cut-throat Chinese cathode competition. On the cost side it vertically integrates ternary precursor via large long-term contracts with Huayou Cobalt and GEM (an 18% stake in GEM's recycling unit). Its Korean Chungju subsidiary JAESE (70kt/yr) targets Korean cell makers and tariff-bypassing Western supply, and it signed an MOU with SK On. Re-rating triggers are ternary price/margin recovery, reduced CATL dependence (Western diversification via SK On), and the ramp of sodium and LMFP products.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"GEM (格林美)","counterparty_slug":null,"confidence":"high","metric":{"type":"purchase_commitment_volume","unit":"t (전구체 최소 예상 구매량, 2022-2026)","as_of":"2022-02-25","basis":"전략협력 협정상 GEM 전구체 예상 최소 구매량","value":300000,"period":"2022~2026","basis_en":"Expected minimum precursor purchase from GEM under strategic cooperation agreement"},"note":"룽바이는 '니켈코발트 자원, 폐배터리 회수, 삼원 전구체, 삼원 소재' 산업사슬을 격린메이(GEM)와 구축하는 전략협력을 2022년 체결, GEM을 전구체 전략 핵심 공급사로 육성한다. 2022~2026년 GEM으로부터 전구체 최소 30만t 구매 예상, GEM 계열 리사이클 자회사(动力再生) 지분 18% 투자·해당 소재 산출량의 26% 우선공급권을 확보했다. GEM 원료·전구체는 룽바이 비용처의 축이다.","note_en":"Ronbay signed a 2022 strategic pact with GEM to build a 'nickel-cobalt resources, battery recycling, ternary precursor, ternary material' chain, grooming GEM as a strategic core precursor supplier. Ronbay expects to buy ≥300,000 t of precursor from GEM over 2022-2026, took an 18% stake in GEM's recycling unit (Dynamic Regeneration) and secured priority supply of 26% of that unit's material output. GEM raw materials/precursor are a pillar of Ronbay's cost base.","sources":[{"stance":"confirms","publisher":"深圳证券交易所(via 新浪财经)","publisher_en":"Shenzhen Stock Exchange (hosted via Sina Finance)","kind":"filing","lang":"zh","published_at":"2022-02-28","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESZ_STOCK/2022/2022-2/2022-02-28/7854444.PDF","title":"格林美股份有限公司关于与容百科技签署\"回收—镍资源—材料制造\"战略合作协议的公告 (公告编号：2022-018)","title_en":"GEM announcement on 'recycling-nickel resource-material manufacturing' strategic cooperation agreement with Ronbay (No. 2022-018)","excerpt":"2022年至2026年，容百科技预计向格林美采购前驱体不低于30万吨。容百科技拟投资动力再生18%股权，动力再生将其材料产品的不低于26%以公允价格供应给容百科技。","excerpt_en":"From 2022 to 2026 Ronbay expects to purchase no less than 300,000 t of precursor from GEM; Ronbay plans to take an 18% stake in Dynamic Regeneration, which will supply at least 26% of its material output to Ronbay at fair prices."},{"stance":"confirms","publisher":"界面新闻","publisher_en":"Jiemian News","kind":"news","lang":"zh","published_at":"2022-02-28","url":"https://m.jiemian.com/article/7149662.html","title":"容百科技：与格林美签订战略合作协议","title_en":"Ronbay signs strategic cooperation agreement with GEM","excerpt":"容百科技与格林美签订战略合作协议，双方将在动力电池回收、印尼镍资源冶炼及前驱体业务等领域开展战略合作，容百科技协助格林美成为其前驱体战略核心供应商。","excerpt_en":"Ronbay and GEM signed a strategic cooperation agreement to cooperate in battery recycling, Indonesian nickel smelting and precursor business, with Ronbay helping GEM become its strategic core precursor supplier."}]},{"direction":"cost","counterparty":"화유코발트 (Huayou Cobalt)","counterparty_slug":null,"confidence":"high","metric":{"type":"purchase_commitment_volume","unit":"t (전구체 최소구매량, 2022-2025; 예상 총 415,000t)","as_of":"2022-01-01","basis":"전략협력 협정상 전구체 최소 구매 약정량","value":180000,"period":"2022-01-01~2025-12-31","basis_en":"Minimum precursor purchase commitment under strategic cooperation agreement"},"note":"룽바이는 하이니켈 삼원계의 핵심 원료인 삼원 전구체(前驱体)를 华友钴业에서 대규모 조달한다. 전략협력 협정상 2022.1.1~2025.12.31 전구체 구매량 최소 18만t, 양측 예상 총구매 41.5만t에 달하며 협정 유효기간은 2030년까지다. 전구체는 니켈·코발트·망간 황산염 기반으로 룽바이 원가의 최대 항목이다.","note_en":"Ronbay sources large volumes of ternary precursor, the key upstream input for high-nickel NCM, from Huayou Cobalt. Under their strategic agreement, precursor purchases over 2022-01-01 to 2025-12-31 are a minimum 180,000 t, with both sides projecting ~415,000 t total; the pact runs through 2030. Precursor (nickel/cobalt/manganese sulfate based) is Ronbay's largest cost item.","sources":[{"stance":"confirms","publisher":"界面新闻","publisher_en":"Jiemian News","kind":"news","lang":"zh","published_at":"2022-01-24","url":"https://www.jiemian.com/article/6832892.html","title":"容百科技：与华友钴业签订战略合作协议","title_en":"Ronbay signs strategic cooperation agreement with Huayou Cobalt","excerpt":"2022年1月1日至2025年12月31日，容百科技在华友钴业的前驱体采购量不低于18万吨……双方预计前驱体采购量将达到41.5万吨……协议有效期自其生效之日起至2030年12月31日。","excerpt_en":"From Jan 1 2022 to Dec 31 2025, Ronbay's precursor purchases from Huayou will be no less than 180,000 t; both sides expect total precursor purchases to reach 415,000 t; the agreement runs to Dec 31 2030."},{"stance":"confirms","publisher":"上海证券交易所(via 新浪财经)","publisher_en":"Shanghai Stock Exchange (hosted via Sina Finance)","kind":"filing","lang":"zh","published_at":"2021-11-20","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2021/2021-11/2021-11-20/7670255.PDF","title":"华友钴业关于与容百科技签署战略合作协议的公告 (公告编号：2021-140)","title_en":"Huayou Cobalt announcement on strategic cooperation agreement with Ronbay Technology (No. 2021-140)","excerpt":"2022年1月1日至2025年12月31日，容百科技在华友钴业的前驱体采购量不低于18万吨；双方预计前驱体采购量将达到41.5万吨。协议有效期自其生效之日起至2030年12月31日。","excerpt_en":"From Jan 1 2022 to Dec 31 2025 Ronbay will purchase no less than 180,000 t of precursor from Huayou, with both sides expecting ~415,000 t in total; the agreement runs to Dec 31 2030."}]},{"direction":"revenue","counterparty":"CATL","counterparty_slug":"catl","confidence":"high","metric":{"type":"customer_concentration","unit":"%","as_of":"2024-12-31","basis":"제1대 고객(=CATL) 매출이 연간 총매출에서 차지하는 비중; 연차보고서 익명, 매체 교차 식별","value":54.54,"period":"FY2024","basis_en":"Largest single customer (=CATL) share of annual revenue; anonymized in filing, identified via media"},"note":"CATL은 룽바이의 최대 고객으로, 2024년 연차보고서상 익명의 '제1대 고객'(매출 82.3억元·54.54%)이 매체 교차검증상 CATL로 식별된다. 룽바이는 CATL의 삼원계 양극분(2022~2025) 제1공급사이자 나트륨이온 양극분 제1공급사로, CATL이 연간 나트륨 양극분 조달량의 60% 이상을 룽바이에서 구매하기로 약정(2029년까지)했다. 극도의 전방 고객 집중이 룽바이 실적의 핵심 리스크다.","note_en":"CATL is Ronbay's largest customer. The FY2024 report's anonymized 'largest customer' (RMB 8.23bn, 54.54% of sales) is identified as CATL via media cross-referencing. Ronbay is CATL's #1 ternary cathode-powder supplier (2022-2025) and #1 sodium-ion cathode-powder supplier, with CATL committing to source ≥60% of its sodium cathode powder from Ronbay through 2029. This concentration is Ronbay's central risk.","sources":[{"stance":"mentions","publisher":"증권가(BigGo 인용)","publisher_en":"Analyst (via BigGo)","kind":"research","lang":"en","published_at":"2026-07-01","url":"https://finance.biggo.com/news/35c20ff1-f922-41a4-baff-51e41b8314dc","title":"룽바이 2Q26 순익 QoQ +662~834%; 소듐이온·LMFP 본격화로 턴어라운드 신호","title_en":"Ronbay Q2 2026 net profit +662-834% QoQ; sodium-ion and LMFP ramp signal turnaround","excerpt":"룽바이 FY2025 매출 RMB 122.68억(-18.7%); 소듐이온·LMFP·2Q26 순익 급증으로 턴어라운드 기대","excerpt_en":"Ronbay FY2025 revenue RMB 12.268bn (-18.7%); sodium-ion/LMFP and Q2 2026 profit surge signal turnaround"},{"stance":"mentions","publisher":"上海证券交易所科创板","publisher_en":"Shanghai Stock Exchange STAR Market","kind":"filing","lang":"zh","published_at":"2025-04-30","url":"https://star.sse.com.cn/disclosure/listedinfo/announcement/c/new/2025-04-30/688005_20250430_CSLQ.pdf","title":"宁波容百新能源科技股份有限公司2024年年度报告摘要","title_en":"Ningbo Ronbay New Energy Technology 2024 Annual Report Summary","excerpt":"主要客户包括CATL-SAIC等全球头部动力电池企业；2024年三元正极材料全球市占率超12%。","excerpt_en":"Major customers include CATL-SAIC and other global top power-battery makers; 2024 ternary cathode global market share exceeded 12%."},{"stance":"confirms","publisher":"上海证券交易所(via 新浪财经)","publisher_en":"Shanghai Stock Exchange (hosted via Sina Finance)","kind":"filing","lang":"zh","published_at":"2025-04-10","url":"http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2025/2025-4/2025-04-10/10858685.PDF","title":"宁波容百新能源科技股份有限公司2024年年度报告","title_en":"Ningbo Ronbay New Energy Technology 2024 Annual Report","excerpt":"前五名客户销售额为119.4亿元，占年度销售总额的79.10%；第一大客户销售额为82.3亿元，占年度销售总额的54.54%。","excerpt_en":"Top-5 customer sales were RMB 11.94bn, 79.10% of total annual sales; the largest customer's sales were RMB 8.23bn, 54.54% of total."},{"stance":"confirms","publisher":"NE时代","publisher_en":"NE Time","kind":"news","lang":"zh","published_at":"2024-11-01","url":"https://ne-time.cn/web/article/37116","title":"容百科技获宁德时代钠电正极材料长期订单 锁定第一供应商地位","title_en":"Ronbay wins CATL long-term sodium cathode order, locks in #1 supplier status","excerpt":"容百科技被正式确立为宁德时代钠电正极粉料第一供应商……宁德时代承诺每年从容百科技采购不低于其钠电正极粉料总采购量的60%……有效期至2029年12月31日，并设有自动续约条款。","excerpt_en":"Ronbay was formally established as CATL's #1 sodium-ion cathode-powder supplier; CATL commits to purchase no less than 60% of its annual sodium cathode-powder demand from Ronbay; valid to Dec 31 2029 with auto-renewal."}]},{"direction":"revenue","counterparty":"SK이노베이션(SK온)","counterparty_slug":"sk-innovation","confidence":"mid","metric":{"type":"amount","unit":"CNY","value":12268000000,"period":"Ronbay FY2025 매출(-18.7%)","qualifier":"company_scale"},"note":"룽바이는 2024년 3월 SK On과 삼원계·인산망간철리튬(LMFP) 양극재 분야의 전면적 협력 MOU를 체결, 기술협력·제품개발·판매를 포괄하며 룽바이 소재를 SK On 및 그 전방 완성차 고객에 도입키로 했다. 나아가 한국 충주에 자회사 재세능원(연 7만t 하이니켈 양극재)을 두고 한국 배터리 대기업 수요 대응 및 대미·대유럽 관세 우회를 노린다. 아직 대량 상업공급 확정 전 단계라 mid.","note_en":"In March 2024 Ronbay signed an MOU with SK On for comprehensive cooperation in ternary and LMFP cathodes, technical cooperation, product development and sales, to introduce Ronbay materials into SK On and its downstream automakers. Ronbay also runs Chungju subsidiary JAESE (JS Energy, 70kt/yr high-nickel cathode) to serve Korean battery giants and bypass US/EU tariffs. Marked mid as large-scale commercial supply is not yet confirmed.","sources":[{"stance":"confirms","publisher":"디일렉(THE ELEC)","publisher_en":"THE ELEC","kind":"news","lang":"ko","published_at":"2025-04-01","url":"https://www.thelec.kr/news/articleView.html?idxno=54237","title":"재세능원, 충주에 양극재 3공장 가동","title_en":"JAESE (Jaese Energy) starts up 3rd cathode plant in Chungju","excerpt":"충주 외국인산업단지에서 3공장 가동식을 열고 신규 생산시설 운영을 시작했다……연간 7만톤(t) 규모 양극재 생산체계를 구축했다……배터리와 완성차 업체를 대상으로 소재 공급 역량을 강화한다.","excerpt_en":"Held a 3rd-plant startup ceremony in Chungju's foreign industrial complex, building a 70,000-t/yr cathode production system to strengthen material supply to battery and automaker customers."},{"stance":"confirms","publisher":"中国证券报·中证网","publisher_en":"China Securities Journal (cs.com.cn)","kind":"news","lang":"zh","published_at":"2024-03-26","url":"https://www.cs.com.cn/ssgs/gsxw/202403/t20240326_6397164.html","title":"容百科技：与SK On签署合作备忘录 围绕三元和磷酸锰铁锂正极领域开展合作","title_en":"Ronbay signs MOU with SK On on ternary and LMFP cathode cooperation","excerpt":"公司近日与SK On Co., Ltd.签署《合作备忘录》，双方将围绕三元和磷酸锰铁锂正极领域，开展全面深度的合作，包括但不限于技术合作、产品开发和产品销售等……公司产品材料将导入SK On及其终端客户。","excerpt_en":"The company signed an MOU with SK On Co., Ltd. for full, deep cooperation in ternary and LMFP cathodes—including technical cooperation, product development and sales; Ronbay materials will be introduced into SK On and its end customers."},{"stance":"confirms","publisher":"Yicai Global","publisher_en":"Yicai Global","kind":"news","lang":"en","published_at":"2024-01-01","url":"https://www.yicaiglobal.com/news/chinas-ronbay-to-invest-usd362-million-to-build-two-battery-materials-plants-in-south-korea","title":"China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea","title_en":"China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea","excerpt":"Ningbo Ronbay New Energy Technology will spend CNY2.6 billion (USD362 million) to construct two battery materials factories in Chungju, South Korea… to better meet demand from South Korean battery giants and to expand its footprint overseas.","excerpt_en":"Ningbo Ronbay New Energy Technology will spend CNY2.6 billion (USD362 million) to construct two battery materials factories in Chungju, South Korea, to better meet demand from South Korean battery giants."}]}]}