[Graphitisation Profits Hit Bottom, Leading to Price Rigidity] This week, graphitisation prices remained stable. From the perspective of the supply-demand pattern, as anode material enterprises accelerate the implementation of their integrated development strategies, the momentum for growth in graphitisation tolling orders has been significantly insufficient, and the market still faces a severe situation of supply surplus. However, as graphitisation tolling profits have already fallen below the cost line, producers are facing profitability challenges, and buyers and sellers are locked in a pricing stalemate. Looking ahead, there are no signs of recovery in demand in the short term, and the situation of overcapacity is difficult to reverse. Meanwhile, the easing of cost-side pressures may provide room for price reductions to secure market orders. Based on a comprehensive assessment, it is expected that graphitisation tolling prices will come under pressure and decline in the future.