[SMM Cobalt-Lithium Morning Meeting Summary] Raw Material Divergence Intensifies; Peak Season Demand Uneven, Prices Consolidate

Lithium ore:

This week, lithium ore prices followed lithium carbonate lower, with ore and lithium chemical prices re-entering a convergence phase. Earlier, ore prices had significantly outperformed lithium chemicals, but as lithium carbonate prices weakened, margins at lithium chemical plants using externally purchased ore were squeezed again, reducing their acceptance of high-priced ore and prompting ore-side quotes to ease. However, the current decline in ore prices is more of a price correction driven by lithium chemical plant margin constraints rather than a clear loosening of resource-side supply and demand. Australian lithium ore shipments have increased recently, but mines overall still maintain strong price demands; meanwhile, overseas supply disruptions such as production halts at some enterprises persist, leaving uncertainty over whether actual resource growth will materialize. In the short term, lithium chemical prices will continue to set the direction for ore prices, but with mines holding prices firm and lithium chemical plant margins under pressure, ore prices are expected to retain some resilience. Going forward, market focus will gradually shift from supply disruptions alone to two questions: whether overseas growth can be sustained, and whether current ore price levels can be effectively absorbed by lithium chemical smelting margins.

Lithium carbonate:

This week, SMM spot lithium carbonate prices drifted lower. The futures market was weak, with the most-traded 2701 contract drifting lower from 140,100-144,700 yuan/mt at the start of the week to 139,500-144,400 yuan/mt, hitting a mid-week low of 139,500 yuan/mt. Open interest increased overall, with intense long-short battles around the 140,000 yuan/mt level. Market trading showed a pattern of "active downstream dip-buying stockpiling and firm upstream price-holding with limited selling." Upstream lithium chemical plants, as prices drifted lower, showed increasingly strong sentiment to hold spot order prices firm and limit selling, with limited low-priced cargo released. Some spot order quotes remained at 155,000-160,000 yuan/mt, while long-term contracts and additional long-term volumes were shipped gradually, and inventory destocked slightly. Downstream material plants, in the September-October pre-stockpiling period, adopted a dip-buying stockpiling strategy, showing strong willingness to purchase and stockpile near the 140,000 yuan/mt level, with relatively active buying. However, some enterprises pushed their intended purchase prices below 140,000 yuan/mt, reflecting a cautious stance. Overall, market inquiries and actual transactions were relatively active, though price disagreements between sellers and buyers persisted. Supply-side production gradually ramped up, with import data providing marginal guidance. This week, China's lithium carbonate production gradually increased as lithium chemical plants using spodumene resumed production after maintenance and raw materials arrived at ports, while production from other raw material sources remained relatively stable. On imports, according to Chilean customs data, Chile's total lithium carbonate exports in August were 24,100 mt, up 3.07% MoM and up 42.48% YoY; of which exports to China were 14,261 mt, down 5.25% MoM but up 9.85% YoY. In August, Chile's lithium sulfate exports to China reached 16,300 mt, up 111.83% MoM and up 136.24% YoY. The sharp increase in lithium sulfate imports reflects heightened processing trade activity. From the perspective of inventory changes: upstream lithium chemical plants held spot order prices firm and held back from selling, long-term contracts were shipped gradually, and inventory destocked slightly; downstream players were at a stockpiling period, actively buying the dip, and inventory accumulated slightly; traders, as upstream spot order shipments slowed and downstream dip-buying stockpiling continued, saw inventory destock significantly. Looking ahead, lithium carbonate prices may continue to consolidate in the short term. On the supply side, spodumene maintenance-driven production resumptions and raw material arrivals at ports brought growth, with supply gradually ramping up. On the demand side, downstream players are at the September-October stockpiling period, with strong purchase willingness near 140,000 yuan/mt, providing clear support to prices. Going forward, close attention should still be paid to the sustainability of downstream stockpiling pace, the progress of lithium chemical plants' production resumptions and ramp-ups, and the pace of raw material import arrivals.

Lithium hydroxide:

The lithium hydroxide market was overall sluggish this week, with spot quotes continuing to weaken slightly. Prices ground lower during the week, and market sentiment was subdued: upstream lithium chemical plants held prices firm, showed limited willingness to sell spot orders, and maintained quotes at 135,000-150,000 yuan/mt; traders quoted a discount of about 13,000-18,000 yuan/mt against the most-traded lithium carbonate contract to stimulate downstream procurement, but actual stockpiling enthusiasm did not improve noticeably.

Demand side performance was weak. Among ternary cathode material manufacturers, some enterprises already saw orders pull back this month, and this week was more pronounced; affected by order cuts from downstream battery cell manufacturers, some plants reduced pickup volume under long-term contracts, and spot order procurement saw no new additions. Some manufacturers began small-scale stockpiling for the upcoming holidays, while others maintained a relatively slow overall procurement pace.

On supply and inventory, weekly production was relatively weak MoM. In terms of inventory, battery cell manufacturers and other segments saw overall inventory rise somewhat due to greater difficulty in trader shipments, compounded by some cargo arrivals at ports.

Overall, demand release fell short of expectations, and with recent volatility intensifying, the lithium hydroxide market saw weak trading sentiment, and short-term prices and transactions may remain under pressure.

Refined cobalt:

The refined cobalt market broke down this week, with electronic trading prices pulling back rapidly from mid-week, falling from around 300,000 yuan/mt to below 280,000 yuan/mt, showing clear market weakness. No clear bearish news emerged this week, and the rapid price decline was mainly driven by capital flows: in the early stage of the decline, futures briefly showed a decline with rising open interest, then overall shifted to a decline with falling open interest. At the spot level, mainstream smelters lowered EXW prices to 295,000 yuan/mt; trader quotes saw little change in spot-futures price spread, remaining at a premium of 1,000-13,000 yuan/mt, with sales profits mainly reliant on hedging price spreads between futures contracts and spot-futures price spreads. Demand side, the overall market performance was weak, confidence was clearly insufficient, and downstream enterprises mainly made restocking purchases based on rigid demand, with a cautious purchasing attitude and difficulty in achieving volume transactions. In the short term, the decline led by capital has not yet shown a clear signal of stabilization, and with weak demand-side support, refined cobalt prices may continue to trend weaker.

Intermediate products:

This week, cobalt intermediate product market prices fell rapidly, and signs of loosening appeared in the stalemate. Supply side, leading miners continued to hold prices firm, but downstream purchase intentions remained low, and the divergence between the two sides could not be bridged, making miner tenders difficult to conclude. Notably, two suspected transactions emerged in the market during the week: first, at the beginning of the week, an overseas trader sold a small volume at around $15/lb, and there were still doubts in the market about whether the final buyer was a domestic enterprise or an overseas enterprise; second, mid-week market rumors said a domestic trader sold intermediate products in bulk at around $17/lb. Against the backdrop of a prolonged absence of transactions, the emergence of the above low-priced supply further pressured market sentiment. In the short term, the tug-of-war between miners holding prices firm and low-priced market transactions continues. If low-priced transactions are gradually confirmed, the price center of intermediate products may shift further downward, with attention on whether miners' stance on holding prices firm will loosen.

Cobalt salts (cobalt sulphate and cobalt chloride):

This week, cobalt sulphate prices broke below previous support, and market weakness deepened further. Cost side, for primary materials, MHP cobalt payables remained low, with spot production costs hovering around 60,000 yuan/mt; for recycled materials, the current ternary battery cobalt payables were 70-72, LCO battery cobalt payables were 69-71, ternary electrode cobalt payables were 74.5-76, and LCO electrode cobalt payables were 72-74. Considering only the spot cost of cobalt, it was just 56,000-58,000 yuan/mt. Overall cost support continued to weaken, and the cost advantages of the recycling side also left room for low-priced selling. Supply side, a few recycling enterprises sold at low prices due to capital pressure, with the lowest quotes already falling to around 60,000 yuan/mt; affected by their low-price competition, mainstream smelters' quotes moved lower in tandem. Enterprises currently willing to sell quoted 62,000-63,000 yuan/mt, while a few with weaker willingness to sell maintained quotes at 65,000-70,000 yuan/mt or suspended quoting. Demand side, since September, downstream demand has shown no signs of improvement. On the ternary side, there were even rumors that leading battery cell manufacturers would significantly reduce volume in September, further weakening demand expectations; against the backdrop of some smelters cutting prices to sell, downstream purchase intentions had been lowered to around 60,000 yuan/mt. In the short term, bearish factors on both supply and demand sides are still fermenting, and the price center may continue to move lower, with attention on the sustainability of low-priced selling and changes in battery cell manufacturers' production schedules.

This week, cobalt chloride prices continued to decline, with market trading remaining sluggish and transactions dominated by offers. Actual trading volume was extremely limited, and sporadic spot orders were also very scarce, presenting an overall pattern of quoted prices with little actual business. On the cost side, although there is still some profit margin in the current production process, against the backdrop of absent demand, profits have not translated into effective selling momentum. On the supply side, producers' finished product inventories remain at high levels. With downstream purchasing weak, the destocking process has been slow, making it difficult to substantially ease shipment pressure. The demand side is even weaker. Recently, production cuts and maintenance in the Co3O4 segment have further expanded, driven both by sluggish digestion of its own finished products and by the widespread expectation that September consumption will be weaker than August. The proactive contraction in downstream operating rates has further squeezed the actual purchasing space for cobalt chloride. Overall, with demand continuing to weaken and inventory digestion still requiring time, cobalt chloride prices are expected to maintain a slow decline in the short term.

Cobalt salts (Co3O4):

This week, Co3O4 prices fell significantly, mainly due to weak demand from downstream LCO cathode plants, coupled with high finished product inventories of their own, leaving the market in an overall destocking phase. On the supply side, the scope of maintenance and production halts in the industry continued to expand, with producers proactively lowering operating loads to control output pace amid insufficient orders. On the demand side, although there are expectations for new phone launches and "Double 11" shopping festival stockpiling, current downstream feedback suggests limited boost to actual purchasing, and the market generally believes that a substantive improvement in demand may have to wait until October. In the short term, Co3O4 prices are expected to remain flat or move sideways.

Nickel sulphate:

Demand expectations point to reduction; nickel salt prices edged down this week.

As of this Thursday, the SMM average price of battery-grade nickel sulphate declined.

From the demand side, affected by the pullback in downstream stockpiling sentiment, operating rates at some downstream enterprises moved lower this month, with long-term contract cargo pick-up as the main activity and weak sentiment for spot order stockpiling, resulting in low acceptance of nickel salt prices. From the supply side, some upstream enterprises hold high inventory levels and have plans to lower operating rates and seek shipments to destock. Looking ahead, the market is expected to maintain a supply-demand both weak pattern in the short term, with destocking as the main theme and prices expected to remain under pressure overall.

On the inventory front, this week the upstream nickel salt smelter inventory index held at 8 days, the downstream precursor plant inventory index rose from 12.9 days to 12.2 days, and the integrated enterprise inventory index held at 9.8 days. In terms of buying and selling strength, this week the upstream nickel salt smelter Willingness to Sell Sentiment Factor rose from 2.0 to 2.1, the downstream precursor plant purchasing sentiment factor slipped from 2.2 to 2.1, and the integrated enterprise sentiment factor held at 2.3. (Historical data can be accessed via the database)

Ternary cathode precursor:

This week, ternary cathode precursor prices weakened, with cobalt sulphate and nickel sulphate prices declining during the week, while manganese sulphate prices held steady.

On discounts, for September and Q4 orders, some producers still intend to hold prices firm due to the higher cost of sulphate raw materials in the earlier period. For long-term contracts, some producers' annual agreements were settled at the start of the year, and most producers have not yet raised their coefficients. For quarterly contracts, downstream buyers also showed weak acceptance of coefficient increases. Except for some top-tier producers with certain bargaining power, most producers are expected to remain broadly stable with Q2 overall. For spot orders, given the relatively weak performance of nickel and cobalt salt prices recently, coupled with sluggish downstream demand for some producers, September order coefficients remain under pressure.

On production, top-tier producers' export orders continued to perform well this month, with production schedules at relatively high levels. However, some domestic top-tier producers, due to end-use demand falling short of expectations, showed reduced willingness to stockpile, and operating rates edged down. Overall, this month's production schedule showed a downward trend.

Looking ahead, sulphate prices have yet to show a clear rebound, and new order prices will need to track actual downstream demand in Q4.

Ternary cathode material:

This week, ternary cathode material prices extended their decline. From the raw material side, nickel sulphate prices weakened slightly, cobalt sulphate prices fell notably again, and lithium carbonate and lithium hydroxide prices pulled back rapidly at the start of the week before their declines gradually narrowed, with signs of stabilization at low levels emerging, dragging ternary cathode material prices further down. On transactions, as lithium chemical prices have reached a phased low, some battery cell manufacturers with restocking needs made a certain volume of purchases this week, and spot order sentiment is expected to recover. On demand, leading ternary battery cell manufacturers recently made significant downward adjustments to September and Q4 orders, with mid- and high-nickel material orders hit hardest, mainly because sales of some high-end domestic car models fell short of expectations. With ample raw material inventories, battery cell manufacturers proactively slowed their cargo pick-up pace. Combined with the accumulation of finished product inventories at cathode plants in the earlier period, cathode plants are likely to focus on drawing down inventories recently and hold off on new production, driving September domestic ternary cathode production schedules lower. On overseas demand, affected by expectations that lithium battery export controls are about to resume, high-nickel material orders remained high recently.

LFP:

This week, China's LFP market remained broadly stable overall. On prices, LFP prices pulled back WoW, mainly dragged down by lower lithium carbonate prices, with the price center shifting down in tandem with raw material costs. Market side, judging from orders and production, downstream demand remains robust, with no clear signs of weakening yet. The current price adjustment is not driven by weakening demand. On the supply side, production enthusiasm stays high, enterprise operating rates have not declined notably, and production continues to increase. Affected by tight capacity at some cathode material producers, industry inventory keeps destocking, and the market is expected to maintain strong production and sales in the short term.

Iron phosphate:

This week, the SMM iron phosphate market saw little overall change, with prices remaining relatively stable. Upstream and downstream enterprises have largely concluded negotiations, and newly signed orders still show a further upward trend compared with last month. Upstream enterprises maintain their intention to raise prices based on the current tight supply-demand market pattern, but the overall increase is smaller than in the previous period, and the pace of price hikes has slowed. At present, prices of upstream raw materials such as phosphoric acid and industrial ammonium continue to fall, and downstream enterprises do not want prices to keep rising, so the two sides still hold some differences. However, downstream enterprises currently have relatively weak bargaining power, so iron phosphate prices continued to edge up this month.

LCO:

This week, China's LCO market prices pulled back and weakened overall. The traditional "September peak season" boost failed to materialise, and overall fundamentals remained under pressure. The cost side was the core drag. Upstream Co3O4 prices moved lower, directly compressing cost support for LCO and driving product prices down. On the supply side, domestic cathode enterprises continued to adopt a cautious strategy of producing based on sales, with overall industry output fluctuating little and market supply relatively stable, without obvious supply-demand mismatch pressure. On the demand side, weakness was fully evident. The peak season boost fell well short of market expectations, downstream end-use market stockpiling willingness was low, and procurement was maintained at just-in-time levels throughout. End-use demand lacked effective upward momentum. The pace of inventory digestion across the industry chain remained slow overall, and the supply-demand pattern stayed weak without substantive improvement. Although downstream buyers did not actively push for lower prices for now, this could not offset the dual negative impact of falling costs and sluggish demand. Overall, the short-term weakness in the LCO market is largely set, with prices clearly drifting lower. Going forward, the key focus will be on end-use stockpiling progress in mid-to-late September. If end-use demand remains sluggish and peak season activity stays absent, LCO market prices still face the risk of further weakening.

Anode:

This week, artificial graphite anode prices remained stable. Cost support stayed firm. The supply-demand balance remained tight, destocking continued to advance, and with the arrival of the "September-October peak season", anode production schedules rose steadily. However, battery makers continued to push for lower prices through a "volume for price" strategy, which to some extent capped the upside room for artificial graphite prices. Natural graphite remained weak. End-use demand still showed no clear growth, while prices hovered near the cost line at lows for an extended period, leaving buyers and sellers in a stalemate.

Looking ahead, artificial graphite still has upward momentum: end-use peak season production schedules continue to rise, supply is tightening, and rising costs for coke and graphitisation are forming a resonance of support. Prices still have upside room, but the extent of increases will depend on how cost pass-through to battery makers is implemented. Natural graphite is unlikely to reverse in the short term and is expected to consolidate at lows.

Separator:

This week, separator prices continued to consolidate, with quotation ranges for all specifications basically unchanged from last week. Looking at specific quotations, prices for high-end wet-process separator products remained firm: 5μm (5μ+2μ) was quoted at 1.57-1.87 yuan/m², 7μm (7μ+2μ) mainstream quotations were 1.14-1.337 yuan/m², and 9μm (9μ+3μ) was quoted at 1.135-1.29 yuan/m². Prices are expected to rise somewhat next week, mainly for 5μm+2μm coated and 7μm+2μm+3μm coated products. The upward momentum still comes from supply and demand. According to data, separator production growth has been consistently lower than end-use production schedule growth, and the gap has not narrowed. There is also a structural change on the demand side: as large battery cell capacity comes online, battery cell manufacturers are accelerating the shift from 7μm to 5μm. 5μm requires higher production line yield and equipment standards, so actual effective supply is tighter than nominal capacity, and these products have the strongest bargaining power. In our assessment, next week's price increases will most likely be implemented first for 5μm+2μm, followed by 7μm+2μm+3μm. The trend of switching to 5μm will not reverse in the short term, and the supply-demand tightness for high-end coated products will remain greater than for base film, leaving further room for price increases.

Electrolyte

This week, electrolyte market prices remained stable. On the cost side, LiPF6 prices were stable this week. The market is currently in the delivery period, with few new orders signed, but the overall supply-demand pattern remains tight and price support is solid. Therefore, although upstream lithium carbonate prices have pulled back recently, this is not enough to drag down LiPF6. The solvent market this week showed a clear growth trend due to geopolitical conflicts in the Middle East. Rising crude oil prices drove up prices of related derivatives, which also increased export demand for industrial-grade DMC. Domestic supply tightened and prices rose, with higher costs pushing up related solvent prices. However, since most orders were already signed at the end of last month and are still being executed at contract prices, high-priced transactions were limited, and the actual cost impact on electrolyte enterprises was limited. As a result, electrolyte prices remained stable in the short term. Looking ahead, driven by the traditional "September-October peak season", overall demand is expected to retain some growth momentum, which will boost electrolyte production and support demand and prices for electrolyte raw materials. Moreover, as earlier orders are gradually delivered and new orders are signed at adjusted prices, raw material price fluctuations are expected to gradually pass through to electrolyte prices, prompting corresponding adjustments. The electrolyte market still has some upside potential.

Sodium-ion battery:

On the supply side, the core contradiction this week remained in the cathode and anode segments. Leading cathode enterprises have been running at full capacity for several consecutive months, with their own capacity clearly insufficient and only able to guarantee supply to core clients. Sample delivery times have lengthened from same-day dispatch to several days. The anode segment is equally tight, with start-stop demand relatively tight and the ESS sector constrained by anode supply, making enterprises generally reluctant to accept orders at the 100-megawatt-hour scale. In terms of new capacity, multiple large cylindrical cell projects will come online in Q4, but they will still require several months of commissioning after start-up, and effective supply release is expected only by year-end. Some enterprises have also switched production lines from sodium-ion to lithium batteries, so actual effective supply growth is limited. Inactive suppliers remain at the sampling stage and have not formed mass production capability, making it difficult to ease supply tightness in the short term. On prices, cathode batch transaction prices have already moved lower, with some low-priced orders falling below the cost line. Anode quotations still average above 30,000 yuan/mt, while low-quality orders have been pushed down to 20,000 yuan/mt, resulting in losses and insufficient willingness to supply. Upstream material producers are generally loss-making, and supply chain bottlenecks are hard to ease in the short term. Attention on sodium-ion batteries may increase, but this will not directly boost demand. Two-wheelers are unlikely to see volume growth within the year, and large-scale penetration is expected only next year after costs decline. On the capital side, financing is concentrating in leading players, and cash flow is the survival bottom line for emerging enterprises, so tail risks need to be watched.

Recycling:

On the raw material side, lithium carbonate prices consolidated at lows this week, with the low point repeatedly supported near 140,000 yuan/mt and the high point moving down day by day from 155,000 yuan/mt at the start of the week. Nickel sulphate prices consolidated in a narrow range, while cobalt sulphate prices broke last week's stabilisation and resumed their decline, with the drop widening. Today, by ternary, LCO and LFP material types, on the LFP hydrometallurgy side: taking LFP electrode black mass as an example, current LFP electrode black mass prices are 6,350-6,700 yuan per % lithium, down another 75 yuan per % lithium from Monday, continuing to grind lower in line with lithium carbonate. Downstream purchases remain mainly just-in-time procurement. At present, LFP battery black mass prices are 5,500-6,050 yuan per % lithium, with the price spread against electrode black mass maintained at a high level of around 800 yuan per % lithium. On the ternary and LCO side, nickel and cobalt payables for ternary electrode black mass are around 74-76.5%, stable this week, with some high-nickel series such as 8-series and 9-series ternary electrode black mass still transacting at around 77%. Cobalt and lithium payables for LCO electrode black mass are 72-74.5%. At present, secondary cobalt sulphate prices have fallen by about 4,000 yuan/mt cumulatively this week, with the decline intensifying again. Downstream LCO hydrometallurgy enterprises are becoming increasingly cautious in purchasing, market transactions are sluggish, and wait-and-see sentiment is rising.

Downstream and end-use:

This week, domestic battery cabin prices edged up, but the increase was limited. Integrators are still actively negotiating price increases with downstream clients. More overseas project quotations are now concentrated on projects to be delivered next year. The penetration rate of large systems in Europe continues to rise, and prices are significantly lower than for 5MWh systems. On 9 September, the EPC general contracting construction and installation section of the 50MW/100MWh load-side energy storage project in the Zhongwei Industrial Park announced its bid winner. The bid winner was Shanxi Zhuozheng Construction Engineering Co., Ltd., with a bid amount of 7.9335 million yuan. The project will build a 50MW/100MWh ESS, with supporting 35KV lines and related facilities and equipment, including a total converter and step-up integrated unit capacity of 50MW and total ESS battery capacity of 100MWh.

News:    

[BYD: Flash-charging model market orders are full, and monthly capacity of the second-generation blade battery will gradually ramp up] BYD said in an investor relations event that the second-generation blade battery is the core foundation of its flash-charging models. Entering H2 2026, monthly capacity of the second-generation blade battery will gradually ramp up to meet end-use demand. At present, market orders for flash-charging models are full, and the company is steadily advancing production line expansion to match end-use order demand. (Jinshi Data APP)

[China's August NEV production and sales rose 18.9% and 17.8% YoY respectively] CAAM released August auto production and sales data today. The dominant position of China's NEVs continued to consolidate, making them a key growth driver for stabilising the industry. The latest data shows that the monthly sales share of NEVs hit another record high. In August, NEV production and sales reached 1.653 million and 1.643 million units respectively, up 18.9% and 17.8% YoY respectively. NEV new vehicle sales reached 60.6% of total new vehicle sales. In terms of exports, China exported 1.01 million vehicles in August, up 65.3% YoY, with monthly exports exceeding 1 million units for three consecutive months. Among them, NEV exports were 526,000 units, up 1.3x YoY. In terms of export structure, NEV exports have accounted for more than 50% of total vehicle exports for three consecutive months. (CCTV News) (Jinshi Data APP)

[Chinese Academy of Sciences: Breakthrough in low-temperature lithium-ion capacitor electrolyte, energy density reaches 8.9 times that of conventional electrolyte] Lithium-ion capacitors have important application potential in low-temperature, high-power energy storage scenarios. Recently, a team led by researcher Ma Yanwei at the Institute of Electrical Engineering, Chinese Academy of Sciences, proposed a "solvation shielding-breaking electrolyte" design strategy. Research shows that all-carbon lithium-ion capacitors prepared with this solvation shielding-breaking electrolyte still maintain excellent energy output performance at -40°C, with energy density based on electrode material mass reaching 106.8Wh/kg, 8.9 times that of conventional carbonate-based electrolyte. This research breaks through the bottleneck of sluggish interfacial reaction kinetics in low-temperature lithium-ion capacitors caused by strong solvation shielding, providing a new solution for developing low-temperature, high-energy, high-stability lithium-ion capacitors. (Wall Street CN)

Data source statement: Except for public information, all other data are processed by SMM based on public information, market communication and SMM's internal database models, and are for reference only and do not constitute decision-making advice.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Lin Ziya 86-2151666902

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Wang Zihan 021-51666914

Wang Jie 021-51595902

Zhang Haohan 021-51666752

Chen Bolin 021-51666836

Xu Mengqi 021-20707868