The Company’s core operating entities for carbon materials and anode materials comprise Grifen and its subsidiaries. In carbon materials, the Company centers its strategy on carbon nanotubes (CNTs), prioritizing the development of CNT powder and conductive slurry systems to deliver high-performance conductive network solutions. Building on the commercial success of multi-walled CNTs (MWCNTs), the Company has independently developed oligo-walled and single-walled CNTs (SWCNTs), establishing a diversified portfolio of high-performance conductive additives. Leveraging its forward-looking industrial chain布局, the Company continues to enhance self-sufficiency in critical process steps. Its CNT business has achieved a vertically integrated layout spanning from catalysts and powders to slurries, with near-complete in-house supply of CNT powder (approximately 100% self-sufficiency). This integration effectively controls costs and strengthens core competitiveness.

In anode materials, capitalizing on its carbon materials platform, the Company has expanded into the anode sector, scaling up synthetic graphite processing while accelerating the industrialization of silicon-carbon anodes. Adhering to a technology-driven approach, the Company has built a comprehensive technical matrix encompassing fundamental R&D, key process breakthroughs, and product performance optimization. It has mastered critical processes including proprietary fabrication of porous carbon substrates, direct coating of SWCNTs, vapor-phase synthesis of silicon-carbon anodes, and surface modification of graphite anodes. Furthermore, the Company has secured numerous core technologies such as activation-free porous carbon preparation, synthesis of narrow-size-distribution spherical carbon precursors, and development of high-first-cycle-efficiency silicon-carbon products, thereby establishing distinct technological leadership in the anode materials field.