On February 6th, NKY stated during an institutional research that from 2022 to 2023, affected by the European energy crisis and the Russia-Ukraine conflict, the rise in raw material prices has pushed up the prices and gross margins of PVP series related products, and this high gross margin state is not sustainable; the industry has currently returned to normal. It is expected that by 2026, PVP series products will gradually enter an upward range depending on the overall market layout, supply and demand, and other factors. PVP is mainly used as a dispersant for carbon nanotubes in the new energy battery field, and 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 is expected to sell about 4,000 tons in the new energy industry, with an estimated increase of about 20% in 2026 based on future orders. At the same time, the company has already shipped about 200 tons in the photovoltaic industry in 2025, with an expected increase in 2026