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Chinese lithium-battery cathode-materials maker specializing in high-nickel NCM/NCA cathode materials for EVs.
Chinese lithium-battery cathode-materials maker specializing in high-nickel NCM/NCA cathode materials for EVs.
Prices cathode material typically as the cost of its nickel, cobalt and lithium inputs plus a processing fee, so metal price swings pass through to customers and the fee is what it earns. A handful of large battery makers account for much of its sales.
In one line: A Chinese high-nickel cathode specialist akin to Umicore's battery-materials business.
Moat: narrow (customer qualification, process know-how). High-nickel cathode qualification with global battery makers takes years, creating switching costs.
Headquarters: Ningbo, China · Employees: 3,962
Size Ningbo Ronbay New Energy Technology (688005.SS) is a China Materials company (Chemicals: Specialty) with a market value of $2.05B, the 1228th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.27 on 6 Nov 2026.
Performance Over six months the shares fell 44.7%, against -17.3% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 40.6% over the last twelve months (peer median +14.7%); the operating margin is 1.2% (peer median 9.2%).
Valuation It trades at 37.8× forward earnings against a peer median of 16.3× (5th most expensive of 17).
Capital Return on invested capital runs 4.0 points below its cost of capital (7.5% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥17.9B | CN¥12.3B | CN¥15.0B | CN¥22.6B | CN¥30.1B |
| Revenue growth | — | -18% | -33% | -25% | — |
| Gross profit | CN¥1.94B | CN¥781M | CN¥1.33B | CN¥1.77B | CN¥2.64B |
| EBITDA | n/a | CN¥730M | CN¥1.18B | CN¥1.39B | CN¥2.03B |
| Net income | CN¥443,626 | -CN¥187M | CN¥296M | CN¥581M | CN¥1.35B |
| Free cash flow | -CN¥1.52B | CN¥594M | -CN¥1.23B | CN¥164M | -CN¥3.33B |
| Capital expenditure | CN¥900M | CN¥570M | CN¥1.78B | CN¥1.64B | CN¥3.09B |
| Total debt | CN¥13.3B | CN¥11.3B | CN¥11.6B | CN¥10.8B | CN¥13.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 37.8× | n/a |
| Beijing Easpring Material Technology 300073.SZ | $2.86B | -45% | +116% | 5% | 18.8× | n/a |
| XTC New Energy Materials (Xiamen) 688778.SS | $3.01B | -52% | +78% | 4% | 19.2× | 16.0% |
| Ecopro BM 247540.KS | $6.53B | -60% | -4% | 6% | 965.8× | n/a |
| Posco Future M 003670.KS | $10.6B | -36% | -9% | 2% | 282.1× | n/a |
| L&F 066970.KS | $2.15B | -62% | +81% | 8% | n/a | n/a |
| Minmetals New Energy Materials (Hunan) 688779.SS | $2.00B | -36% | +146% | 5% | 23.8× | n/a |
| Sumitomo Metal Mining 5713.T | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688005.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.0% | -8.6% | 4th lowest of 21 |
| 6-month return | -44.7% | -17.3% | 3rd lowest of 20 |
| Distance from 52-week high | -52.8% | -38.2% | 8th lowest of 21 |
| Revenue growth (TTM) | +40.6% | +14.7% | 2nd highest of 20 |
| Operating margin | 1.2% | 9.2% | 5th lowest of 21 |
| Forward P/E | 37.8× | 16.3× | 5th most expensive of 17 |
| ROIC minus cost of capital | -4.0 pp | -1.6 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Ronbay New Energy Technology 688005.SS | China | $2.05B | -45% | +41% | 1% | 37.8× | n/a | n/a |
| Dongyue 0189.HK | Hong Kong | $2.04B | -28% | +8% | 19% | 5.6× | -12.4% | +6.6% |
| Shaanxi Beiyuan Chemical Industry 601568.SS | China | $2.11B | -9% | -8% | -4% | 11.8× | 11.8% | -1.8% |
| SKC 011790.KS | South Korea | $2.14B | -46% | +24% | -9% | n/a | n/a | n/a |
| Zhejiang Yonghe Refrigerant 605020.SS | China | $2.17B | +5% | +25% | 18% | 13.3× | n/a | n/a |
| Rogers ROG | United States | $2.17B | -13% | +7% | 10% | 26.2× | 10.3% | +0.2% |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Epoxy Base Electronic Material 603002.SS | China | $2.19B | -7% | +73% | 7% | 71.6× | n/a | n/a |
| Chemours CC | United States | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% | +3.2% |
| Guangdong Huate Gas 688268.SS | China | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% | +7.2% |
| Minerals Technologies MTX | United States | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% | +5.4% |
| Lily 603823.SS | China | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% | +1.4% |
| Standard Nuclear STDN | United States | $1.90B | n/a | n/a | -288% | n/a | n/a | n/a |
| Deepak Nitrite DEEPAKNTR.NS | India | $2.22B | -17% | +25% | 14% | 16.5× | n/a | n/a |
| Lianhe Chemical Technology 002250.SZ | China | $1.90B | -16% | +28% | 13% | 19.7× | -3.4% | +6.1% |
| Tinergy Chemical 002145.SZ | China | $2.23B | -15% | +17% | 9% | n/a | n/a | n/a |
| Garware Hi-Tech Films GRWRHITECH.NS | India | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% | +16.6% |
| Verbio VBK.DE | Germany | $1.88B | -37% | +19% | 5% | 13.2× | 1.1% | +12.8% |
| Inner Mongolia Shuangxin Environment-Friendly Material 001369.SZ | China | $1.87B | -28% | +3% | 15% | n/a | n/a | n/a |
| Zibo Qixiang Tengda Chemical 002408.SZ | China | $1.87B | -33% | +18% | -1% | 220.0× | 3.7% | -0.8% |
| Transfar Zhilian 002010.SZ | China | $1.87B | -21% | -30% | 5% | 16.1× | n/a | n/a |