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Reply: In addition to meeting the needs of OEM customers, the company also manufactures and sells "Changhong" brand batteries. The company has launched Changhong U10 series alkaline batteries with comprehensive performance improvement and adaptability to consumption scenarios in the Internet of Things era through product innovation, actively expanding various channel markets; Through cross-border marketing cooperation with the leading brand of children's self media, "Xiaoling Toys," and the launch of the Constellation series battery, introducing fashionable and trendy elements, the industry has taken the lead in proposing the new concept of "trendy play battery", creating a brand mentality of Changhong Battery's new three good (good-looking, fun, and user-friendly); The company will further strengthen its own brand construction in the future.

Question 2: In terms of company strategy, will the simultaneous expansion of alkaline and lithium battery businesses result in a heavier demand for capital expenditure? Will there be pressure to expand downstream customers? How to sort the two major businesses if there is sorting?

Reply: In order to increase market share, the company actively expands customers and adds investment to expand production based on market order demand. In 2021, the company will build 4 new lithium battery production lines and 1 alkali battery high-speed production line in Mianyang, with significant capital expenditures. The alkaline battery business of the company has maintained a stable increase, and the lithium battery business is in a high-speed development stage. In the future, the weight of the lithium battery business will be higher than that of the alkaline battery business in the company's performance increment.

Question 3: What are the supply relationships, price fluctuations, and transmission issues with upstream positive and negative electrodes, electrolytes, and other raw materials of the company?

Reply: Material cost is an important operating cost for the company. As of now, the prices of copper foil and ternary materials in lithium battery materials have increased by over 100% year-on-year, and the price of electrolyte is about 300% of the same period last year. Zinc powder and manganese powder in alkaline battery materials have also significantly increased, and the increase in raw material prices has put significant pressure on the company's profitability. The company actively responds to market changes by raising prices for some products, strengthening internal control, tapping potential and increasing efficiency, and reducing costs. Among them, product price increases cannot fully cover the increase in raw material prices, and some price increase orders have an effective period of 2022. Investors are kindly advised to pay attention to investment risks.

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