On the evening of August 28, Wanrun New Energy (Hubei Wanrun New Energy Technology Co., Ltd., 688275.SH) disclosed its 2026 semi-annual report. According to the report and Securities Times coverage, the company achieved H1 revenue of CNY 12.426 billion, up 180.13% year-on-year, mainly due to rising prices of major raw materials such as lithium carbonate, coupled with increased downstream demand and a 63.22% increase in lithium iron phosphate (LFP) sales; net profit attributable to shareholders was CNY 602 million, versus a loss of CNY 266 million in the same period last year; LFP cumulative shipments reached 242,100 tonnes, up 63.22%. In new materials, the company's sodium-ion cathode materials have reached hundreds of tonnes in shipments; the new-generation sodium iron sulfate cathode material, featuring high specific capacity, high compaction density and good processability, has been adopted by some leading customers with hundred-tonne-level shipments.
Wanrun's main business is R&D, production and sales of lithium-ion battery cathode materials, mainly LFP and iron phosphate. In sodium materials, the company has laid out multiple technical routes including polyanionic compounds, layered oxides and Prussian blue/white: this semi-annual report explicitly discloses that sodium iron sulfate (a polyanionic route) has achieved hundred-tonne shipments and that sodium-ion cathode materials overall have reached hundreds of tonnes; it also researched lithium-supplementing materials (lithium-rich lithium ferrite), which have entered customer validation. In July 2026, the company's jointly declared project 'Key Technologies and Industrialization for Design and Preparation of High-Safety Long-Life Energy Storage Materials' with Wuhan University of Technology and Zhengzhou University won the First Prize of the 2026 Hubei Provincial Technical Invention Award.
'hundreds of tonnes' and 'hundred-tonne level' are company disclosures without specific tonnage or customer names, and shipment scale remains at an early stage relative to industry capacity; sodium iron sulfate (NFSO) and NFPP are different polyanionic systems and should not be confused; the main business is highly dependent on LFP (98% of revenue), and the revenue contribution of the sodium business has not been separately disclosed.