RongBao Technology's net profit in 2023 is expected to be 500 million yuan, down 57% year-on-year

RongBa Technology achieved revenue of 22.657 billion yuan in 2023, a year-on-year decrease of 24.78%; net profit attributable to the parent company was 581 million yuan, a year-on-year decrease of 57.07%. The main reason for the decline in performance was the sharp drop in raw material prices and the impact of market competition strategies. RongBa Technology stated that it will continue to improve its advantages in the high-nickel field and launch ternary cathode materials suitable for high-energy-density all-solid-state batteries.