Haitian Co., Ltd.: Signs Strategic Cooperation Framework Agreement with Tongwei Solar; Fuxiang Pharmaceutical: Q1 Net Profit Expected to Increase Over 22 Times Year-on-Year | New Energy Morning Brief

丨 March 24, 2026, Tuesday丨

NO.1 Haitian Co., Ltd.: Signs Strategic Cooperation Framework Agreement with Tongwei Solar to Deepen Collaboration in Photovoltaic Cell Slurry Field

On March 23, Haitian Co., Ltd. announced that the company signed a strategic cooperation framework agreement with Tongwei Solar Co., Ltd. (hereinafter Tongwei Solar). Both parties will conduct in-depth cooperation in the field of photovoltaic cell slurry, including the research and application of new slurry materials such as HJT (heterojunction cells), TOPCon (tunneling oxide passivated contact), and perovskite, and establish a joint R&D and intellectual property sharing mechanism. The agreement is valid until December 31, 2030. This cooperation aligns with the company’s green and low-carbon transformation strategy and is expected to have a positive impact on the company’s future annual performance. Tongwei Solar is a leading global crystalline silicon solar cell manufacturer. Tongwei Co., Ltd. holds 100% of Tongwei Solar.

Comment: Haitian Co., Ltd. teams up with photovoltaic leader Tongwei Solar to enter the cell slurry market. The cooperation covers cutting-edge technologies like HJT and TOPCon, leveraging Tongwei’s industrial advantages, which may accelerate the company’s green and low-carbon transformation. Long-term collaboration not only establishes a technical cooperation mechanism but also opens up potential for a second growth curve. However, since the agreement is still at the framework stage, the subsequent R&D implementation and performance realization remain to be observed.

NO.2 Rongjie Co., Ltd.: Wholly Owned Subsidiary Plans to Invest 1.1 Billion Yuan to Build an Annual 50,000 Ton Lithium Battery Anode Material Project

On March 23, Rongjie Co., Ltd. announced that its wholly owned subsidiary Lanzhou Rongjie Materials Technology Co., Ltd. plans to invest approximately 1.1 billion yuan in Lanzhou New Area to construct an annual production capacity of 50,000 tons of high-performance lithium-ion battery anode materials.

Comment: Rongjie Co., Ltd. is heavily investing in lithium battery anode materials, aiming to extend the industrial chain and capture market share. However, the anode material industry currently faces fierce competition and potential overcapacity concerns. While the company’s large-scale expansion demonstrates long-term confidence, it also faces challenges from high capital expenditure and market absorption, requiring caution regarding industry cycle downturn risks.

NO.3 Fuxiang Pharmaceutical: First Quarter Net Profit Expected to Increase by 2223%–3250% Year-over-Year, Core Products VC, FEC, etc., See Price and Volume Growth

On March 23, Fuxiang Pharmaceutical announced that it expects the net profit attributable to shareholders of the listed company for the first quarter of 2026 to be between 52 million and 75 million yuan, compared to 2.24 million yuan in the same period last year, representing a year-over-year increase of 2222.67%–3250.01%. During the reporting period, benefiting from the sustained improvement in the new energy industry, steady growth in the demand for power batteries, and rapid explosion in the demand for energy storage batteries, upstream lithium battery materials saw continuous growth. The company’s lithium battery electrolyte additive business performed well, with core products such as VC (ethylene carbonate) and FEC (fluorinated ethylene carbonate) experiencing both volume and price increases, driving significant year-over-year performance growth.

Comment: Fuxiang Pharmaceutical’s first-quarter results are “spectacular,” with net profit expected to increase over 22 times, marking a “glorious transformation.” This is attributed to the high prosperity of the new energy sector, with the company’s lithium battery additive business achieving both volume and price growth, becoming a strong growth engine. The performance surge not only validates its strategic shift to new materials but also signals that the company is entering a fast lane of development, with a potential reshaping of valuation on the horizon.

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