New development: By 2025, PVP products are expected to be sold about 4,000 tons in the new energy industry, with an estimated increase of about 20% in 2026.

Xinkaiyuan stated during institutional research on February 6 that in 2022-2023, due to the European energy crisis and the Russia-Ukraine conflict, the rise in raw material prices has led to an increase in the prices and gross profit margins of PVP series related products. However, this high gross profit state is not sustainable; the industry has now returned to normal. It is expected that by 2026, PVP series products will gradually enter an upward trend based on the overall market layout, supply and demand. PVP is mainly used in the field of new energy batteries as a dispersant for carbon nanotubes, while its application in solid-state batteries is mainly related to its unique functions in material dispersion, interface optimization, and structural stabilization. In 2025, the company sold around 4000 tons in the new energy industry, and it is estimated to have a further increase of about 20% in 2026 based on future orders. At the same time, the company shipped around 200 tons in the photovoltaic industry in 2025, and it is expected to continue to increase in 2026.