During intraday trading on 7 November, the stock price of CNGR (300919.SZ) surged rapidly, attracting significant investor attention. At the time of publication, the stock price had risen over 5%, reflecting robust market participation.

Achieving Several Breakthroughs with Profound R&D and Innovation Capabilities

As a key player in the global new energy materials sector, CNGR has built a comprehensive and diversified product matrix through its vertically integrated business model. Core products encompass nickel-based, cobalt-based, phosphorus-based, sodium-based and other innovative new energy battery materials, along with new energy metal products, fully meeting the diverse needs of downstream industries.

CNGR has always regarded technical R&D as the core driving force of its development. Through years of accumulation, the Company has accumulated extensive technological expertise and industry experience, and established an integrated R&D platform that spans the entire production process and product life cycle from “mineral metallurgy to new energy materials research and mass-production process development, to manufacturing equipment design and optimization, product testing and assessment, and to recycling”, ensuring product quality consistently meets customers' high standards while effectively controlling costs in the operations, so as to achieve the dual competitive advantages of “high quality” and “high cost-effectiveness”.

Leveraging strong R&D capabilities, CNGR has achieved several industry breakthroughs: pioneered the industry-first ultra-high-nickel pCAM with energy density reaching 230 mAh/g, surpassing traditional ternary batteries by 27.8% to 12.7%, respectively; launched the industry-first 4.55V high voltage cobalt-based pCAM, significantly boosting charging efficiency for LCO batteries in consumer electronics; developed the industry-first low-cost NFPP pCAM for sodium-ion batteries, which serves as a premium alternative to lithium-ion batteries and has been in mass production since 2024, opening a new growth trajectory for the Company.

CNGR’s three industry-first R&D achievements precisely align with the performance upgrade demands of the lithium battery industry while proactively positioning the Company in the sodium-ion battery alternative track. These breakthroughs have not only secured stable core clients and sustained revenue growth but also solidified the Company's technological influence and industry standing in the global new energy materials sector. With increased R&D investment following its dual A+H share listing, the Company is poised to achieve breakthroughs across multiple frontier sectors, continuously driving industry-wide technological evolution, and unlocking vast market opportunities and growth potential for the Company.

Maintaining Rapid Growth in Performance with Steady Profitability Quality Enhancement

Driven by industry growth momentum and intrinsic competitive advantages, CNGR has achieved rapid performance growth. In terms of revenue, from 2022 to 2024, the Company's revenue increased from RMB30.344 billion to RMB40.223 billion, achieving a CAGR of 15.13% and maintaining a steady growth trend; in the first half of 2025, the revenue reached RMB21.323 billion, nearly 70% of the full-year 2022 revenue, representing a year-on-year increase of 12.42% as compared to RMB18.967 billion in the first half of 2024, demonstrating a steady acceleration in growth momentum and highlighting the continuity and explosive potential of business expansion. This growth is not a short-term pulse but sustainable expansion driven by capacity release, customer acquisition and industry demand, exhibiting strong certainty.

In terms of profitability, the Company's net profits for 2022-2024 and the first half of 2025 amounted to RMB1.539 billion, RMB2.101 billion, RMB1.788 billion, and RMB0.706 billion respectively, maintaining a relatively high profitability level within the industry. Notably, the net profit recorded a decline in 2024 as compared to 2023, which was primarily due to temporary price competition in the industry and short-term fluctuations in raw material prices, but still exceeded that in 2022, demonstrating strong counter-cyclical resilience.

In terms of profit quality, the Company's EBITDA margin (non-IFRS measures) for 2022-2024 and the first half of 2025 stood at 8.8%, 11.4%, 10.6% and 10.7%, respectively, maintaining an overall range of 8%-11%, outperforming industry averages and underscoring the Company’s strengths in cost control and product pricing.

In general, as a global leader in new energy materials sector, CNGR possesses a clear growth logic and vast development potential by leveraging its technological R&D strengths, full industrial chain coverage and premium customer resources. This listing in Hong Kong will inject new momentum into its future R&D investments, capacity expansion and global footprint, enabling it to seize more opportunities amid the rapid development of the new energy industry, thereby achieving higher-quality growth with promising future growth potential.