World's #1 high-nickel NCM cathode maker
Ronbay Technology
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.
688005.SS Updated Jul 12, 2026 4 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · RMB 12.268bn (FY2025, -18.7%; 9M net loss RMB 175M)
- Customer concentration · Largest customer (CATL) 54.5%, top-5 79.1% (FY2024)
- Segments · High- and ultra-high-nickel NCM ternary cathodes · LMFP and LFP cathodes · Sodium-ion cathodes · Precursors and recycling
Revenue from
- CATL High confidence· customer concentration 54.54% · FY2024 · Largest single customer (=CATL) share of annual revenue; anonymized in filing, identified via media
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.Mentions EN Analyst (via BigGo) Published Jul 1, 2026: Ronbay Q2 2026 net profit +662-834% QoQ; sodium-ion and LMFP ramp signal turnaroundMentions ZH Shanghai Stock Exchange STAR Market Published Apr 30, 2025: Ningbo Ronbay New Energy Technology 2024 Annual Report SummaryConfirms ZH Shanghai Stock Exchange (hosted via Sina Finance) Published Apr 10, 2025: Ningbo Ronbay New Energy Technology 2024 Annual ReportConfirms ZH NE Time Published Nov 1, 2024: Ronbay wins CATL long-term sodium cathode order, locks in #1 supplier status - SK Innovation (SK On) Medium confidence· Amount ¥12.3B · Ronbay FY2025 매출(-18.7%)
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.Confirms KO THE ELEC Published Apr 1, 2025: JAESE (Jaese Energy) starts up 3rd cathode plant in ChungjuConfirms ZH China Securities Journal (cs.com.cn) Published Mar 26, 2024: Ronbay signs MOU with SK On on ternary and LMFP cathode cooperationConfirms EN Yicai Global Published Jan 1, 2024: China's Ronbay to Invest USD362 Million to Build Two Battery Materials Plants in South Korea
Pays to
- GEM (格林美) High confidence· purchase commitment volume 300,000 t (전구체 최소 예상 구매량, 2022-2026) · 2022~2026 · Expected minimum precursor purchase from GEM under strategic cooperation agreement
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.Confirms ZH Shenzhen Stock Exchange (hosted via Sina Finance) Published Feb 28, 2022: GEM announcement on 'recycling-nickel resource-material manufacturing' strategic cooperation agreement with Ronbay (No. 2022-018)Confirms ZH Jiemian News Published Feb 28, 2022: Ronbay signs strategic cooperation agreement with GEM - Huayou Cobalt High confidence· purchase commitment volume 180,000 t (전구체 최소구매량, 2022-2025; 예상 총 415,000t) · 2022-01-01~2025-12-31 · Minimum precursor purchase commitment under strategic cooperation agreement
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.Confirms ZH Jiemian News Published Jan 24, 2022: Ronbay signs strategic cooperation agreement with Huayou CobaltConfirms ZH Shanghai Stock Exchange (hosted via Sina Finance) Published Nov 20, 2021: Huayou Cobalt announcement on strategic cooperation agreement with Ronbay Technology (No. 2021-140)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +18.9 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -7.8 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Nissan Motor | lead2 | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| SAIC Motor | lead2 | -12.1 | -16.2 | -6.8 | +29.1 | -17.2 | -28.4 |
| UBTech Robotics | lead2 | · | · | · | -21.6 | +95.4 | -39.2 |
| CATL | lead1 | +67.4 | -21.4 | -40.6 | +74.5 | +39.4 | +1.2 |
| SK Innovation (SK On) | lead1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| Ronbay Technology | node | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Soochow Securities · Zeng Duohong (曾朵红) | 买入 | — | Jan 14, 2026 | Report ↗ |
| Soochow Securities · Zeng Duohong (曾朵红) | 买入 | — | Oct 20, 2025 | Report ↗ |
| Huaan Securities · Zhang Zhibang (张志邦) | 买入 | — | Sep 2, 2025 | Report ↗ |
Chinese brokers including Soochow and Huaan maintain Buy ratings on the back of the Q4 2025 return to profit and upcoming ramp of sodium-ion cathode and new ternary products.