Hunan Yuneng: Significant Progress in LFMP and Solid-State Battery R&D. Hunan Yuneng has raised prices for both its standard and high-end products. In 2024, the proportion of lithium-ion battery exports to the US is small, and changes in US tariff policies will have a limited impact on the phosphate cathode material sector. It is estimated that high-end products will account for approximately 22% of sales in 2024. The company's project in Spain has garnered significant attention from customers and will be accelerated. The Huangjiapo phosphate ore mine is expected to start production in H2 this year, which will have a positive impact on profits. Meanwhile, the company has made significant progress in the R&D of LFMP and solid-state batteries, gaining recognition from customers.