Core Viewpoint - Fulin Precision (300432.SZ) has signed an agreement with Sichuan Development Longmang (002312.SZ) to establish a joint venture for the development of high-pressure dense lithium iron phosphate cathode materials and precursor projects, indicating a strategic move to enhance their supply chain and production capabilities in the lithium battery materials sector [1][2][3]. Group 1: Joint Venture and Project Details - The joint venture will focus on a new high-pressure dense lithium iron phosphate project with an annual capacity of 100,000 tons, located in the Mianzhu City ecological economic industrial park [2][3]. - Fulin Precision will hold a 51% stake in the joint venture, while Sichuan Development Longmang will also establish a precursor project with the same capacity, using lithium concentrate or lithium sulfate as raw materials [2][3]. - The collaboration aims to optimize both companies' production capacity in the lithium battery materials industry and enhance their resource advantages [2][3]. Group 2: Market Context and Demand - The demand for high-pressure dense lithium iron phosphate is increasing, particularly for fast-charging batteries used by companies like CATL [4][5]. - In 2024, Fulin Precision's revenue from lithium battery cathode materials is projected to reach 4.829 billion yuan, a year-on-year increase of 71.99%, with high-pressure dense lithium iron phosphate accounting for 100% of this revenue [3][4]. - The production capacity for high-pressure dense lithium iron phosphate is expected to be 144,200 tons in 2024, with an output of 128,200 tons and a capacity utilization rate of 88.95% [3]. Group 3: Technological and Competitive Advantages - High-pressure dense lithium iron phosphate is recognized as a fourth-generation lithium iron phosphate with superior performance and higher premium capabilities [5][6]. - The production process requires advanced techniques, including secondary sintering, which raises the technical barriers for production [5][6]. - The collaboration emphasizes the integration of upstream supply chains, particularly focusing on the production of ferrous oxalate, which is crucial for enhancing the performance of lithium iron phosphate [6].

Group 1 - The core viewpoint of the news is the collaboration between Chuanfa Longmang and Fulim Precision Engineering to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [1][2] - The joint venture will invest in a new project with an annual capacity of 100,000 tons for high-pressure lithium iron phosphate and 100,000 tons for lithium dihydrogen phosphate precursor, as well as a 100,000 tons per year ferrous oxalate project [1] - Both companies are leaders in the domestic phosphate chemical sector and have expanded into lithium iron phosphate and other new energy materials [1][2] Group 2 - Fulim Precision Engineering reported a revenue of 2.697 billion yuan in Q1, a year-on-year increase of 80.30%, and a net profit of 124 million yuan, up 211.85% [1] - Chuanfa Longmang achieved total revenue of 2.084 billion yuan in Q1, with a year-on-year growth of 24.70%, while its net profit was 103 million yuan, a slight decline of 0.24% [1] - The collaboration aims to leverage Fulim's market demand and technical advantages along with Chuanfa's resource advantages to optimize product performance and cost [1][2] Group 3 - The partnership will enhance the core competitiveness and sustainable development capabilities of Fulim's lithium iron phosphate business [2] - Chuanfa Longmang believes the collaboration will strengthen its new energy materials business layout and improve its core competitiveness through a multi-resource green circular economy industry chain [2] - Both companies plan to establish a special working group to ensure high-quality completion of the collaboration projects through regular meetings and technical exchanges [2]

证券代码：002312 证券简称：川发龙蟒 公告编号：2025-041 四川发展龙蟒股份有限公司 关于与富临精工股份有限公司签署《合作框架协议》的公 告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1.本次签署的《富临精工股份有限公司与四川发展龙蟒股份有限公司之合作 框架协议》（以下简称"合作框架协议"或"本协议"）为双方合作意愿和基本 原则的框架性约定，协议相关的实施内容和进度存在不确定性；合作具体事宜需 双方另行协商签订项目投资合作协议，并以有权机构审批为准，合作事项尚存在 不确定性。敬请广大投资者谨慎决策，注意投资风险。 2.本次合作框架协议的签署不会对公司业务独立性构成不利影响，不会因此 对协议对手方形成重大依赖，预计不会对公司 2025 年度经营成果产生重大影响， 对公司未来财务状况和经营成果的影响将视具体合作事项的推进和实施情况而 定。 3.合作框架协议涉及的项目在未来实际经营过程中可能面临宏观经济、行业 政策、市场变化等方面的不确定因素，如因国家或地方有关政策调整、项目审批 等实施条件发生变化及不可抗力因素影响，项目的实施可能存在延 ...

Core Viewpoint - The company Fulin Precision signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for lithium battery material projects, enhancing its capacity in the lithium material industry [1] Group 1: Partnership and Collaboration - Fulin Precision and Sichuan Development Longmang will engage in equity and capital cooperation [1] - The collaboration aims to jointly invest in a new joint venture company [1] Group 2: Project Details - The joint venture plans to establish a 100,000 tons/year high-pressure dense lithium iron phosphate project [1] - Additionally, a 100,000 tons/year lithium dihydrogen phosphate precursor project will be developed [1] - The projects will be located in the Mianzhu City Deyang-Abazhou Ecological Economic Industrial Park [1]

Investment Rating - Investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the price of phosphate rock remains high, and the supply-demand dynamics are expected to continue to support this trend. The performance of listed companies in the phosphate chemical sector, such as Yuntianhua and Chuanheng Co., has been strong, with significant dividends expected [4][14] - The report maintains the view that barriers to phosphate mining and selection are increasing, which may lead to lower-than-expected supply growth, keeping price levels elevated. The optimization of the product structure in the phosphate chemical sector is expected to help companies maintain stable operations and enhance cash dividend capabilities [4][14] Resource Side - In 2024, China's phosphate rock reserves are approximately 3.7 billion tons, a decrease of 1 million tons year-on-year, representing a decline of 2.6%. The domestic phosphate rock production in 2024 is projected to be 113.52 million tons, an increase of 8.2% year-on-year [5][16] - The report forecasts limited new supply of phosphate rock from 2025 to 2026, with domestic production expected to reach 120.38 million tons in 2025, 136.33 million tons in 2026, and 151.73 million tons in 2027 [5][32] Product Side - The supply of phosphate ammonium and feed-grade calcium phosphate is optimizing, with wet-process phosphoric acid production continuing to increase. The demand for wet-process phosphoric acid is expected to rise steadily, reaching a 17.3% share of phosphate rock demand in 2024, up from previous years [5][36] - The report highlights that the domestic phosphate ammonium market is experiencing limited new capacity, with the CR5 capacity shares for various types of phosphate ammonium being 71%, 30%, and 44% respectively [5][35] Supply-Demand Matching - The report anticipates that the supply-demand balance for phosphate rock will remain tight in 2025, with consumption expected to be 98.3% of production. The supply-demand situation is expected to ease slightly in 2026 and 2027 [6][32] Profit Forecast and Investment Recommendations - The report recommends companies with integrated mining and processing capabilities, such as Xingfa Group and Yuntianhua, as potential investment targets due to their strong operational performance and dividend potential [4][14]

Core Viewpoint - Sichuan Development Longmang Co., Ltd. announced a share reduction plan by four executives due to personal financial needs, involving a total of up to 159,375 shares, which is approximately 0.0084% of the company's total share capital [1][2]. Group 1: Shareholders' Information - The executives involved in the share reduction plan include Vice President Lv Xian, Safety Director Duan Feng, Vice President Luo Xianming, and Chief Engineer He Feng, collectively holding 1,087,500 shares, which is 0.0576% of the total share capital [1][2]. - The individual shareholdings of the executives are as follows: Lv Xian holds 175,000 shares (0.0093%), Duan Feng holds 87,500 shares (0.0046%), Luo Xianming holds 175,000 shares (0.0093%), and He Feng holds 650,000 shares (0.0344%) [2]. Group 2: Reduction Plan Details - The planned reduction period is from July 17, 2025, to October 16, 2025, during which the executives will not reduce their holdings within a specified window [1][2]. - The reduction will be executed through centralized bidding, with the selling price determined by market conditions [2].

证券代码：002312 证券简称：川发龙蟒 公告编号：2025-040 四川发展龙蟒股份有限公司 关于部分高级管理人员减持预披露的公告 吕娴女士、段峰先生、罗显明先生、何丰先生保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 截至本公告披露日，四川发展龙蟒股份有限公司（以下简称"公司"）副总 裁吕娴女士、安全总监段峰先生、副总裁罗显明先生、总工程师何丰先生合计持 有公司 1,087,500 股股份，占公司总股本的 0.0576%，拟自本公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 7 月 17 日-2025 年 10 月 16 日，窗口期不得 减持）通过集中竞价方式减持公司股份合计不超过 159,375 股，不超过公司总股 本的 0.0084%。 公司于近日收到副总裁吕娴女士、安全总监段峰先生、副总裁罗显明先生、 总工程师何丰先生出具的《关于股份减持计划的告知函》，因个人资金需求，拟 减持部分公司股票，现将有关情况公告如下： 注：上述减持人员无一致行动人。 二、本次减持计划的主 ...

川发龙蟒（002312）公告，公司副总裁吕娴、安全总监段峰、副总裁罗显明、总工程师何丰因个人资金 需求，计划自公告披露之日起15个交易日后的3个月内，通过集中竞价方式减持公司股份合计不超过 15.94万股，不超过公司总股本的0.0084%。具体减持数量分别为吕娴不超过43750股、段峰不超过21875 股、罗显明不超过43750股、何丰不超过50000股。减持价格将按市场价格确定，股份来源为股权激励取 得。 ...

证券代码：002312 证券简称：川发龙蟒 公告编号：2025-038 四川发展龙蟒股份有限公司 关于部分董事、高级管理人员减持计划期限届满 暨实施结果的公告 王利伟先生、陈俊先生、朱光辉先生、何丰先生、宋华梅女士保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 四川发展龙蟒股份有限公司（以下简称"公司"）于 2025 年 2 月 20 日披露了 《关于部分董事、高级管理人员减持预披露的公告》（公告编号 2025-015），公 司董事兼总裁王利伟先生、常务副总裁陈俊先生、财务总监朱光辉先生、总工程 师何丰先生、董事兼董事会秘书宋华梅女士计划自该公告披露之日起 15 个交易 日后的 3 个月内（即 2025 年 3 月 14 日-2025 年 6 月 12 日，窗口期不得减持） 以集中竞价方式减持公司股份合计不超过 1,242,057 股（占公司当时总股本的 近日，公司收到王利伟先生、陈俊先生、朱光辉先生、何丰先生、宋华梅女 士出具的《关于股份减持计划期限届满暨实施结果的告知函》，其通过深圳证券 交易所以集中竞 ...

证券代码：002312 证券简称：川发龙蟒 公告编号：2025-038 四川发展龙蟒股份有限公司 近日，公司收到王利伟先生、陈俊先生、朱光辉先生、何丰先生、宋华梅女 士出具的《关于股份减持计划期限届满暨实施结果的告知函》，其通过深圳证券 交易所以集中竞价交易方式已分别减持公司股份 512,500 股、96,488 股、81,000 股、150,000 股、285,100 股，分别占公司目前总股本的 0.0271%、0.0051%、0.0043%、 0.0079%、0.0151%。 根据《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、高 级管理人员减持股份》等相关规定，截至本公告披露日，上述人员的股份减持计 划期限已届满，现将相关情况公告如下： 一、股东减持情况 | 股东名称 | 减持方式 | | 减持期间 | | | 减持均价（元/ | 减持数量（股） | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 股） | | | | 王利伟 | 集中竞价 | 2025 | 年 3 | 月 | 14 ...