Xiamen Tungsten recently stated during institutional research that in terms of lithium cobalt oxide, the gradual popularity of AI intelligence and foldable phones will bring new development opportunities. On one hand, the trend of phone upgrades will increase the demand for lithium cobalt oxide, while on the other hand, the growth in power consumption will impose higher requirements on the energy density of lithium cobalt oxide, further raising the technological threshold. As a leading enterprise in lithium cobalt oxide, the company will fully benefit from this. In terms of ternary materials, future growth is expected to come from fields that have higher requirements for energy density and power density. The company has significant advantages in high voltage and high power. By the third quarter of 2024, the company's sales growth of ternary materials is significantly higher than the industry average growth rate. In addition, the company's new NL structural cathode material surpasses traditional cathode products such as lithium cobalt oxide and ternary materials in major performance aspects such as energy density, rate, and cycle life. It is expected to be widely used in the fields of consumer electronics, robotics, low-altitude economy, solid-state batteries, etc. The company plans to gradually expand production according to market conditions in the future.