Core Points - The company, Chuanfa Longmang (002312), has received a registration notice from the trading association for its medium-term notes, with a registered amount of 2.5 billion yuan [1] - The registration is valid for two years from the date of the notice and will be underwritten by Industrial Bank Co., Ltd. [1] - The company can issue medium-term notes in installments during the registration period and must comply with relevant management requirements for issuance [1]

Group 1 - The core viewpoint of the article is that Chuanfa Longmang is accelerating its layout in lithium battery materials projects through a partnership with Fulim Precision, aiming to establish a joint venture for the production of lithium iron phosphate and lithium dihydrogen phosphate precursor projects [1][2][3] - The joint venture will invest in a new 100,000 tons/year high-pressure lithium iron phosphate project and a 100,000 tons/year lithium dihydrogen phosphate precursor project, enhancing the integration of upstream resources to the cathode material supply chain [1][2] - Chuanfa Longmang has a strong foothold in the phosphate chemical industry, with phosphate ore reserves of approximately 130 million tons and an annual production capacity of 4.1 million tons, achieving a 16.01% year-on-year increase in actual phosphate production in 2024 [2][4] Group 2 - The company reported a revenue of 8.178 billion yuan in 2024, a year-on-year increase of 6.10%, and a net profit of 533 million yuan, a significant year-on-year growth of 28.62% [4][5] - Total assets of Chuanfa Longmang increased from 7.784 billion yuan at the end of 2019 to 19.37 billion yuan by the end of 2024, marking a growth of approximately 148.84% over five years [5] - The company has committed to innovation, with a total R&D investment of 795 million yuan from 2020 to 2024, supporting its dual-driven strategy in phosphate chemicals and new energy materials [5]

Core Viewpoint - The collaboration between Sichuan Development Longmang Co., Ltd. and Fulian Precision Co., Ltd. is seen as a strong alliance between two leading companies in their respective fields, aiming for complementary advantages and mutual benefits [2][3]. Group 1: Partnership Details - Both companies signed a Cooperation Framework Agreement to collaborate in equity and capital, as well as in lithium iron phosphate projects and precursor projects [2]. - They plan to establish a joint venture where Fulian Precision or its designated party will hold 51% and Sichuan Development Longmang or its designated party will hold 49%, to invest in a new 100,000 tons/year high-pressure dense lithium iron phosphate project [2]. - Another joint venture will be formed with Fulian Precision or its designated party holding 49% and Sichuan Development Longmang or its designated party holding 51%, to build a 100,000 tons/year lithium dihydrogen phosphate precursor project [2]. Group 2: Strategic Advantages - Sichuan Development Longmang is recognized as a leading company in the domestic phosphate chemical sector, with a focus on lithium iron phosphate and other new energy materials, creating a dual-driven industrial pattern [3]. - Fulian Precision is a core supplier of intelligent electric control and incremental components for new energy vehicles, known for its advanced high-pressure dense lithium iron phosphate materials with significant technical and performance advantages [3]. - The partnership is expected to enhance both companies' core competitiveness in the new energy materials sector and optimize their resource integration capabilities within a green circular economy industry chain [3].

Core Viewpoint - The article discusses the collaboration between Fulian Precision and Chuanfa Longmang in the lithium iron phosphate (LFP) sector, focusing on high-pressure dense LFP technology and its market implications [4][5][6]. Group 1: Event Overview - The 2025 Fifth Start Point Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit will be held on July 11, 2025, in Shenzhen [2]. - The event is sponsored by various industry leaders, including Yadi Technology Group, Tailin Group, and others [2]. Group 2: Collaboration Details - Fulian Precision and Chuanfa Longmang signed a cooperation framework agreement to collaborate on equity and capital, LFP projects, and precursor projects [4]. - They plan to establish a joint venture for a 100,000 tons/year high-pressure dense LFP project and another for a 100,000 tons/year lithium dihydrogen phosphate precursor project [4][5]. Group 3: Market Position and Performance - Fulian Precision has seen significant growth, with a revenue of 8.47 billion yuan in 2024, a 47.02% increase year-on-year, and a net profit of 397 million yuan, marking a turnaround from losses [9][10]. - The company’s high-pressure dense LFP production capacity is expected to increase from 215,000 tons to 300,000 tons within the year [11]. Group 4: Industry Dynamics - The high-pressure dense LFP market is characterized by a few key players, including Fulian Precision and Hunan Youneng, with increasing production capabilities and product offerings [14][19]. - Companies like Defang Nano and Longpan Technology are also advancing their high-pressure dense LFP products, indicating a competitive landscape with diverse technological approaches [15][18].

Key Points - Jiangnan Water received a stake increase from Lianan Life Insurance, reaching 5.03% of total shares [3] - Yingboer plans to transfer 100% equity of Zhuhai Dingyuan for 239 million yuan to optimize asset structure [4] - Chengbang Co. warns that its stock price fluctuations are not aligned with its fundamentals, as it has seen five consecutive trading days of price increases [6] - Weimais intends to invest 190 million yuan into its subsidiary for a new electric drive assembly project [7] - Fosun Pharma's subsidiary received EU GMP certification for its production facilities, indicating compliance with EU standards [8] - Jingwei Huikai plans to acquire an additional 12.44% stake in Nosi Micro, increasing its control in the semiconductor sector [9] - ST Tongmai will remove its delisting risk warning starting July 4, while continuing other risk warnings [10] - ST Modern seeks to apply for the removal of other risk warnings but will maintain delisting risk warnings [11] - Luxshare Precision is planning to issue H-shares for listing on the Hong Kong Stock Exchange [12] - Hainan Highway intends to purchase a 51% stake in Hainan Jiaokong Petrochemical, which will become a subsidiary [13] - Jucheng Co. plans to transfer 1.25% of its shares through a price inquiry [14] Performance Highlights - Foton Motor reported a 150.96% year-on-year increase in new energy vehicle sales for the first half of the year [15] - Jiangling Motors achieved a total vehicle sales of 172,700 units in the first half, up 8.15% year-on-year [16] - Changan Automobile's sales reached 1.3553 million units in the first half, with new energy vehicle sales growing by 49.05% [17] - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of the year [18] - Jihong Co. anticipates a net profit increase of 55% to 65% for the first half of the year [19] - Nanjing Business Travel expects a net profit decrease of 67.4% to 78.27% for the first half of the year [20] - Madi Technology forecasts a net profit of 25 million to 27 million yuan, marking a turnaround from losses in the previous year [21] Major Contracts - Dash Intelligent signed a contract for an intelligent project worth 11.88 million yuan [22] - Jinyi Industrial won a bid for a 335 million yuan intercity railway materials procurement project [23] - Sichuan Road and Bridge signed a construction contract worth approximately 11.596 billion yuan [24] - Fulian Precision signed a cooperation framework agreement with Chuanfa Longmang for lithium battery material projects [26] Share Buybacks - Kweichow Moutai repurchased 72,000 shares in June, totaling 1.02 billion yuan [27] - Feiwo Technology plans to repurchase shares worth 25 million to 50 million yuan [28] - Nengte Technology intends to repurchase shares worth 300 million to 500 million yuan for capital reduction [29] - CATL has repurchased 6.641 million A-shares for a total of 1.551 billion yuan [30] Shareholding Changes - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [31] - Sanwei Xinan's shareholder intends to reduce its stake by up to 2% [33] - Data Port's shareholders plan to reduce their stakes by up to 2% [34] - Zhuzhou Design's controlling shareholders plan to reduce their stakes by up to 3% [35] - Tianji Co.'s controlling shareholders plan to reduce their stakes by up to 3% [36] - Anjisi's shareholders plan to reduce their stakes by up to 4% [37] Financing Activities - CITIC Securities received approval to issue up to 20 billion yuan in perpetual subordinated bonds [39]

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]