Tianji Co., Ltd.: Risks of underperformance in industrialization and commercialization of lithium sulfide material preparation patents.

On September 9, Jin10 Data reported that Tianji Co., Ltd. issued an announcement regarding unusual fluctuations. The company's stock has seen a cumulative deviation of over 20% in the rise of its closing price over two consecutive trading days, which falls under the category of abnormal stock trading fluctuations. The company is promoting the industrialization of lithium sulfide material preparation patents, with a project team consisting of 7 R&D personnel, including 3 core R&D staff, and has invested approximately 5 million yuan in R&D costs. The project has basically passed small-scale tests, and the company still needs to conduct scaling tests to analyze the cost and industrial feasibility of the candidate processes to determine the seed process, followed by entering the pilot test phase to further scale the seed process, fully verifying the stability of the production process and the adaptability of the equipment, as well as completing customer samples. Currently, the company's technology development process is still in the early stages, and commercializing a product from patents to stable, mass production requires a long process of optimization and validation. If a superior and lower-cost solid electrolyte technology route emerges in the future, it may weaken the competitive advantage of lithium sulfide technology. Additionally, during the industrialization process, successful formulas and processes from the laboratory often encounter issues related to product consistency and stability during pilot tests. Therefore, this project carries the risk of industrialization and commercialization falling short of expectations.