Aiming at the bright prospect of new energy material industry, Yonfer established its wholly-owned subsidiary, Yangfeng Chuyuan New Energy Technology Co., Ltd., in 2021, and formally entered the new energy industry. At present, Yonfer has built two iron phosphate production bases in Zhongxiang city and Yidu city, Hubei province, with 300,000 tons per year iron phosphate and 150,000 tons per year lithium iron phosphate production lines, and related auxiliary projects. By the end of May 2022, Yonfer's first new energy project with an annual production capacity of 50,000 tons of iron phosphate put into production.