长江商报消息 三元材料龙头容百科技（688005.SH）借并购抄底磷酸铁锂行业低效资产。 日前，容百科技披露对外投资计划，拟以股权收购及增资的方式，合计作价4.82亿元取得贵州新仁新能 源科技有限公司（以下简称"贵州新仁"）93.2034%股权。交易完成后，贵州新仁成为容百科技控股子公 司，纳入上市公司合并报表范围。 长江商报记者注意到，贵州新仁目前处于亏损状态。本次交易中，贵州新仁经审计净资产为5.73亿元， 整体估值为3.99亿元，折价约30.4%。这意味着，容百科技将以低价并购行业过剩产能的方式，快速获 得贵州新仁年产6万吨磷酸铁锂产线，完善产业布局。 在当前自身业绩承压，以及贵州新仁持续亏损的背景下，容百科技面临严峻的资产整合与盈利挑战。 数据显示，受销量下降、产能闲置导致成本上升，以及在磷酸铁锂等新产业持续投入等因素影响，2025 年前三季度，容百科技实现营业收入89.86亿元，同比下降20.64%；归属于上市公司股东的净利润（以 下简称"归母净利润"）亏损2.04亿元，同比由盈转亏。其中，三季度，容百科技归母净利润亏损1.35亿 元，公司单季度首次亏损过亿元。 拟4.82亿控股贵州新仁 根据交易方 ...

Investment Rating - The industry investment rating is "Outperform the Market" [2][30]. Core Insights - The demand for power and energy storage lithium batteries is increasing, while lithium material prices are showing differentiation [5]. - In November 2025, domestic battery production reached 176.3 GWh, a year-on-year increase of 49.66% and a month-on-month increase of 3.34% [2]. - The production of lithium iron phosphate (LFP) cathode materials in November 2025 was 268,900 tons, up 29.43% year-on-year and 0.75% month-on-month, with a capacity utilization rate of 62.53% [2]. - The average price of industrial-grade lithium carbonate rose to 94,000 CNY/ton, with a weekly decrease of 3.40% [2]. - The average price of LFP (power type) remained stable at 39,100 CNY/ton as of December 5, 2025 [2]. - The monthly installation of LFP batteries in November 2025 was 75.3 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 11.56% [2]. - The export volume of Chinese power batteries in November 2025 was 21.2 GWh, a year-on-year increase of 69.60% and a month-on-month increase of 9.28% [2]. Summary by Sections Production - In November 2025, the production of positive materials for batteries showed significant growth compared to the same period in 2024 [2][3]. Prices - The prices of key raw materials for lithium batteries have stabilized, with various components showing different price trends [2][3]. Domestic Demand - The domestic demand for lithium batteries is on the rise, with significant increases in monthly installation and new bidding capacities for energy storage projects [2][3]. Overseas Demand - The export of power batteries from China has increased significantly compared to the previous year, indicating strong overseas demand [2][3].

Core Viewpoint - The article discusses the rapid growth and strategic developments in the lithium iron phosphate (LFP) battery market, highlighting the increasing demand and the competitive landscape, particularly focusing on the actions of Rongbai Technology in acquiring Guizhou Xinren to enhance its LFP production capacity. Group 1: Market Trends and Developments - The LFP battery market is entering a new cycle, with LFP power battery installation maintaining over 80% market share and replacing ternary batteries in various segments [4] - In October 2025, China's LFP exports reached a record high of approximately 5,746.87 tons, a 77% increase month-on-month and a 1,759% increase year-on-year [5] - The average export price of LFP in October was $5,192.37 per ton, showing a slight increase of about $60.77 from September [5] Group 2: Rongbai Technology's Strategic Moves - Rongbai Technology announced plans to acquire a 54.9688% stake in Guizhou Xinren for 342 million yuan and invest an additional 140 million yuan for capital increase [7] - Post-acquisition, Rongbai will hold 93.2034% of Guizhou Xinren, which will become a subsidiary and included in the consolidated financial statements [8] - Guizhou Xinren has a current production capacity of 60,000 tons/year for LFP and possesses rapid expansion potential, which aligns with Rongbai's strategy to enhance its LFP technology and production capacity [13] Group 3: Financial Performance and Market Position - Guizhou Xinren reported a revenue of 82.15 million yuan in 2024, with a net loss of 46.81 million yuan, and for the first eight months of 2025, revenue was 14.22 million yuan with a net loss of 48.09 million yuan [11][12] - Despite the overall increase in LFP demand, many leading companies in the sector are facing financial pressure, with Rongbai's acquisition seen as a strategic move to quickly scale up LFP production [13] - The global demand for LFP is expected to grow significantly, with projections indicating that by 2035, global new energy battery shipments will reach 13,090 GWh, a 419% increase from 2025 [17] Group 4: Competitive Landscape and Future Outlook - Rongbai Technology is diversifying its product offerings, covering a range of materials from ternary materials to sodium-ion and solid-state battery materials, establishing a comprehensive portfolio [20] - The company is also expanding its international presence, with plans to establish a LFP production line in Poland, complementing its existing projects [17] - The competitive landscape in the LFP market is intensifying, with numerous players entering the field, but Rongbai's strategic acquisitions and technological advancements position it favorably for future growth [18][21]

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：整合整理、封面：图虫创意 容百科技12月12日晚间公告称， 公司拟使用自有资金3.42亿元收购贵州新仁新能源科技有限公司（下称"贵州新仁"）54.9688% 股份，并使用自有资金1.4亿元对其进行增资。 交易完成后，公司将持有贵州新仁93.2034%股权，贵州新仁成为公司控股子公 司，纳入公司合并报表范围内。 公告显示，根据审计机构对标的公司的审计结果，截至2025年8月31日，贵州新仁审定净资产为近5.73亿元，经交易双方协商一 致确定股权整体估值近3.99元（即投前估值）。 财务数据方面，根据 审计机构对标的公 司的审计结果，截至2025年8月31日，贵州新仁审定净资产为近5.73亿元，经交易双方 协商一致确定股权整体估值近3.99元）。2025年1月-8月，贵州新仁营收为1421.7万元，净利润为-4808.9万元。截至2025年8 月31日，其净资产为5.72亿元，负债总额为8.17亿元。 贵州新仁成立于2021年8月27日，注册资本11.16亿元，法人代表李园园，由上市公司天山铝业创始人曾小山先生发 ...

Group 1 - China Baoan announced participation in the substantive merger and restructuring of Shanshan Group and its wholly-owned subsidiary, with a focus on enhancing global competitiveness in negative materials through capacity synergy and technological complementarity [1] - The company has submitted application materials and paid a due diligence deposit of 50 million yuan, indicating a commitment to the restructuring process [1] - Successful restructuring could reshape the industry landscape, although uncertainties remain regarding the outcome, integration challenges, and antitrust approvals [1] Group 2 - Enjie Co. plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. through a share issuance, aiming to strengthen its position in the lithium battery separator market [2] - The acquisition represents a vertical integration strategy, enhancing technical barriers and cost control while improving production efficiency [2] - The stock will resume trading on December 15, and the deal is expected to accelerate domestic high-end separator replacement and global expansion [2] Group 3 - Rongbai Technology intends to acquire a stake in Guizhou Xinren and increase its capital, aiming to hold a 93.2% stake post-transaction [3] - The acquisition will enable rapid scaling of innovative lithium iron phosphate production capabilities, leveraging Guizhou Xinren's existing production line and expansion potential [3] - This transaction is part of Rongbai's dual-drive strategy of "ternary + lithium iron phosphate," expected to enhance market share and overall competitiveness in the lithium iron phosphate sector [3]

Core Viewpoint - The lithium iron phosphate (LFP) industry has experienced a strong recovery since 2025, characterized by robust production and sales, with leading companies seeing a surge in orders and operating at full capacity [1] Market Performance - Since the third quarter, the LFP business has shown strong production and sales across the industry, with companies like Beijing Easpring Material Technology Co., Ltd. reporting profitability and becoming mainstream suppliers in the domestic LFP battery market, primarily focusing on overseas applications [2] - From January to November, China's cumulative installation of LFP batteries reached 545.5 GWh, accounting for 81.2% of total installations, with a year-on-year growth of 56.7% [2] - Several LFP companies are planning price increases due to supply-demand imbalances and rising raw material costs, with some already adjusting product prices [2] Price Adjustments and Profitability - A major manufacturer has announced a uniform increase in processing fees for all LFP products starting in 2026, which is expected to improve profitability for lithium battery manufacturers previously operating at low margins [3] - The rise in LFP prices is anticipated to help some companies turn losses into profits [3] Industry Trends and Competition - The rapid iteration of LFP materials towards high-pressure density is gaining market traction, with significant demand for high-pressure LFP as a means to enhance battery energy density [3] - The competitive landscape is shifting, with leading companies leveraging technological and scale advantages, while smaller firms face greater challenges due to high technical barriers and cost pressures, potentially leading to increased industry concentration [3] Expansion and Contracts - The LFP industry is witnessing a wave of long-term contracts and capacity expansions, with companies like Jiangsu Longpan Technology signing a long-term procurement agreement to supply 106,800 tons of LFP materials from 2026 to 2030 [4] - Hunan Youneng has received approval for a stock issuance aimed at raising up to 4.788 billion yuan for capacity construction of LFP and manganese iron phosphate materials [5] - Ningbo Ronbay New Energy Technology plans to acquire a 54.97% stake in Guizhou Xinren and invest 140 million yuan to enhance its production capabilities [5] Capacity Development - Shandong Fengyuan Chemical has established a total LFP capacity of 225,000 tons, with an additional 75,000 tons under construction, and plans to adjust capacity based on industry trends and customer demand [6] - Zhongwei New Materials has developed an integrated layout from upstream resources to downstream production, achieving a total LFP capacity of 50,000 tons [6] - The current expansion in the LFP industry is characterized by high-end, integrated, and international features, with competitive advantages in technology, supply chain, cost, and overseas layout being crucial for success [6]

12月12日晚间，"三元龙头"容百科技(688005)发布公告称，公司拟使用自有资金约3.42亿元收购贵州新仁约54.97%股份，并使用 自有资金1.4亿元对贵州新仁进行增资。 本次股转后，贵州新仁股权结构变更为容百科技持股54.9688%；本次增资完毕后，贵州新仁的股权结构变更为容百科技持股 93.2034%。贵州新仁将成为公司控股子公司，纳入公司合并报表范围内。 据证券时报报道，在2025年胡润百富榜上，曾小山家族以280亿元的财富值排在第231位。曾小山出生于1945年，今年已经80 岁。 公告显示，贵州新仁是一家专注于磷酸铁锂材料、磷酸铁及相关材料的研发、生产和销售的高科技企业。由上市公司天山铝业 （002532）创始人曾小山先生发起创办，于2021年8月在贵州省六盘水市六枝特区注册成立，注册资本为11.16亿元。 然而，其经营状况堪忧，2024年及2025年1月~8月，公司净利润分别亏损4681.44元、4808.98万元。 从交易本身看，容百科技此次出手堪称"精打细算"。根据审计报告，截至2025年8月31日，贵州新仁的审定净资产约为5.73亿 元，经双方协商确定的股权整体投前估值仅为3.99亿元 ...

Group 1: Company Announcements - Yongding Co., Ltd. does not directly manufacture controllable nuclear fusion devices but provides materials for the winding magnets of such devices [1] - Aerospace Power's main business does not involve commercial aerospace, nor does it have any commercial aerospace-related assets for external investment [1] - Zhibang Home intends to repurchase company shares worth between 80 million to 110 million yuan [3] Group 2: Investment Projects - Jiangsu Longsheng Weirui plans to invest approximately 350 million yuan to establish an intelligent robot innovation center [1] - Hainan Development's Zhuhai Sanxin plans to invest in the second phase of its production base project in Zhuhai [2] - New Fengming intends to invest 280 million USD to build a 360,000 tons/year functional fiber project in Egypt [2] Group 3: Contracts and Bids - Dayu Irrigation has pre-won the construction project for high-standard farmland in Inner Mongolia's Chifeng City for 2025 [1] - Dayu Irrigation has also pre-won the construction project for high-standard farmland in Inner Mongolia's Tongliao City for 2025 [2] - *ST Zhisheng has won the bid for the smart city governance (Phase IV) project [1] Group 4: Equity Transactions - Rongzi Technology plans to acquire 54.9688% of Guizhou Xinren's shares for 342 million yuan and will also increase its capital [3] - Tiankang Biological intends to purchase 51% equity of Qiangdu Livestock [2] - Binhai Energy plans to acquire 51% equity of Xingtai New Energy [3] Group 5: Share Buybacks and Holdings - Maide Medical plans to spend between 20 million to 40 million yuan to repurchase shares [3] - Tianli Technology's Qian Yongyao intends to reduce his holdings by no more than 3% [3] - Haichuan Intelligent's Wu Guifang and Zheng Xuefen plan to collectively reduce their holdings by no more than 5.98% [3] Group 6: Fundraising Activities - Tianshun Wind Power plans to raise no more than 1.95 billion yuan through a private placement [3] - Leisai Intelligent plans to raise no more than 1.144 billion yuan through a private placement [3]

Mergers and Acquisitions - *ST Bosen has terminated the plan to sell 35% equity of Shaanxi Bosen due to failure to reach agreement on key terms [1] - Chongqing Water intends to acquire wastewater treatment project assets for 382 million yuan [2] - Rongbai Technology plans to use 342 million yuan to acquire 54.9688% of Guizhou Xinren and will increase its capital by 140 million yuan [3] - Greeenmei intends to acquire 16.38% equity of Henan Recycling Group for 400 million yuan [4] Shareholding Changes - Xilong Science's major shareholder plans to reduce holdings by up to 1% [5] - Dream Lily's major shareholder intends to reduce holdings by up to 1% [6] - Jincheng Co., Ltd. plans to reduce holdings by up to 0.97% [7] Risk Matters - Bestme's actual controller has been released on bail [8] - Chaoxun Communication received a warning letter from Guangdong Securities Regulatory Commission for various issues [9] - *ST Huke has been filed for suspected violations of information disclosure [10]

《科创板日报》12月12日讯（记者 黄修眉） 容百科技今日（12月12日）晚间公告称，公司拟使用自有资金3.42亿元收购贵州新仁新能源科技有限公司（下 称"贵州新仁"）54.9688%股份，并使用自有资金1.4亿元对其进行增资。交易完成后，公司将持有贵州新仁93.2034%股权，贵州新仁成为公司控股子公司， 纳入公司合并报表范围内。 公告显示，根据审计机构对标的公司的审计结果，截至2025年8月31日，贵州新仁审定净资产为近5.73亿元，经交易双方协商一致确定股权整体估值近3.99元 （即投前估值）。 贵州新仁成立于2021年8月27日，注册资本11.16亿元，法人代表李园园，由上市公司天山铝业创始人曾小山先生发起创办，是一家专注于磷酸铁锂材料、磷 酸铁及相关材料的研发、生产和销售的高科技企业。 当前，容百科技正押注磷酸锰铁锂、钠电、固态电池等细分领域。 2025年前三季度，容百科技营收同比减少20.64%，归母净利润亏损2.04亿元。 | 项目 | 2024年度 | | --- | --- | | 营业收入 | 82,149,059.74 | | 净利润 | -46,814,382.70 | | 扣除非经常 ...