Core Points - The controlling shareholder of Fulin Precision Engineering Co., Ltd., Sichuan Fulin Industrial Group Co., Ltd., has released part of its pledged shares [1] - As of the announcement date, there is no risk of forced liquidation or substantial impact on the company's operations or governance due to the pledged shares [3] Summary of Share Pledge Situation - The controlling shareholder, Fulin Group, holds 519,741,617 shares of the company, with 35,600,000 shares stored in a margin trading account, which does not involve a transfer of ownership [1] - The total pledged shares by the controlling shareholder and its concerted actors are detailed, with no current risks of forced liquidation [3] Other Information - The company will continue to monitor the share pledge situation and fulfill its disclosure obligations as required [3] - A document from China Securities Depository and Clearing Corporation Limited regarding the details of share pledges and judicial freezes is available for reference [4]

Core Insights - Fulin Precision Industry announced a significant investment of 4 billion yuan to establish a new high-pressure dense lithium iron phosphate project with an annual capacity of 350,000 tons, further deepening its presence in the high-end lithium iron phosphate market [1] Group 1: Capacity Expansion and Market Position - Jiangxi Shenghua currently has a production capacity of 300,000 tons of high-pressure dense lithium iron phosphate, and the new project will increase this capacity to 650,000 tons, solidifying its leading position in the high-end market [2] - The high-pressure dense lithium iron phosphate is an upgraded product with advantages such as high capacity and long cycle life, which can enhance battery energy density and fast charging performance, aligning with the growing demand in the electric vehicle market [2] Group 2: Strategic Partnerships and Order Security - Fulin Precision has established a deep partnership with CATL, ensuring strong order support for the new project, with CATL committing to purchase no less than 80% of the promised capacity from Jiangxi Shenghua from 2025 to 2029 [3] - In addition to CATL, Jiangxi Shenghua also supplies major battery companies like BYD and Honeycomb Energy, enhancing its brand influence and market competitiveness [3] Group 3: Technological Advantages and Cost Optimization - Jiangxi Shenghua is a pioneer in the oxalic acid iron technology route for lithium iron phosphate production, utilizing a solid-phase method that results in lower energy consumption and simpler processes [4] - The first phase of the new project will be co-built with Chuanfa Longmang, which has nearly 40 years of experience in the phosphorous chemical industry, further optimizing production costs through strategic partnerships [4] Group 4: Industry Dynamics and Future Outlook - The lithium iron phosphate industry is transitioning from a "price war" to a "value war," with leading companies increasing high-end capacity, which may lead to a restructuring of profit distribution in the industry [5] - Fulin Precision, with its technological advantages, strong customer ties, and cost optimization capabilities, is well-positioned to emerge as a leader in the high-end lithium iron phosphate market amidst structural capacity shortages [5]

证券代码：300432 证券简称：富临精工 公告编号：2025-074 富临精工股份有限公司 关于控股股东部分股权解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 富临精工股份有限公司（以下简称"公司"）于2025年10月31日收到公司控 股股东四川富临实业集团有限公司（以下简称"富临集团"）函告，富临集团将 其持有的公司部分股份解除了质押，现将具体情况公告如下： 注：1、富临集团持有富临精工 519,741,617 股股份，其中 35,600,000 股股份存放于招 商证券客户信用交易担保证券账户中，该部分股份的所有权未发生转移。 2、一致行动人聂丹系富临精工董事，所持限售股股份性质为高管锁定股，其未质押股 份不涉及股份被冻结情况。 3、上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比结果四舍 五入所致。 二、其他情况说明 一、股东股份解除质押基本情况 1、本次股东股份解除质押基本情况 | 股东名称 | 是否为控股 股东及其一 致行动人 | 本次解除质押 股份数量（股） | 占其所 持股份 比例 | 占公司 总股本 比例 | | ...

Core Viewpoint - The lithium iron phosphate (LFP) cathode material industry is experiencing a significant turnaround, with leading manufacturers initiating new rounds of capacity expansion driven by increased demand and a shift towards high-quality development focused on technology [1][2]. Industry Demand and Capacity Expansion - The demand for LFP batteries has surged, with cumulative shipments reaching 402.6 GWh by September 2025, representing a year-on-year growth of 62.7% [3]. - The overall operating rate of the LFP cathode material industry has rebounded to 76.6%, an increase of approximately 11 percentage points since early July [3]. - Major companies like Jiangxi Shenghua, Hunan Youneng, and others are actively disclosing expansion plans to meet the growing demand [1][5]. Specific Expansion Plans - Fujian Fulin Precision Technology Co., Ltd. announced plans for a new project in Deyang, aiming for an annual production capacity of 350,000 tons of high-density LFP, with a total investment of 4 billion yuan [4]. - Jiangsu Longpan Technology Group plans to raise up to 2 billion yuan for high-performance phosphate cathode projects in Shandong and Hubei, alongside a 90,000-ton LFP project in Indonesia [4]. Technological Advancements and Market Positioning - High-performance phosphate cathode materials are seen as upgraded products with higher energy density, enhancing competitiveness in the power battery sector [5]. - The industry is transitioning towards a "value war," focusing on advanced production capabilities and product upgrades, with only a few leading companies capable of mass production of high-density LFP materials [5][6]. Future Outlook - The industry is expected to shift from price competition to value competition, fostering a positive cycle of supply-demand balance, continuous technological innovation, and improved product quality [7].

Core Viewpoint - The article highlights the growing demand for high-density lithium iron phosphate (LFP) batteries, driven by advancements in energy storage and electric vehicle technologies, and discusses the investment plans of Fujilin Precision Engineering in this sector [2][3][4]. Investment and Production Plans - Fujilin Precision Engineering's subsidiary, Jiangxi Shenghua, plans to invest in a new project in Deyang-Abazhou Ecological Economic Industrial Park, aiming for an annual production capacity of 350,000 tons of new high-pressure dense LFP [2][3]. - The project will be constructed in two phases, with the first phase targeting an annual output of 175,000 tons and the second phase also aiming for 175,000 tons [2]. Market Demand - There is a significant market demand for high-pressure dense LFP materials, with a reported monthly shipment exceeding 40,000 tons in the first half of 2025 [3]. - The demand is driven by the need for larger capacity, higher energy density, and fast-charging capabilities in energy storage and power batteries [4]. Technological Advancements - The industry is witnessing a shift towards fast-charging batteries, with many manufacturers announcing 800V high-voltage platform fast-charging models [5]. - Leading companies like CATL are expected to achieve mass production of 587Ah batteries next year, indicating a trend towards higher capacity batteries [6]. Production Techniques - The mainstream production methods for high-pressure dense LFP include the phosphoric acid method and the oxalic acid iron method, with the latter being favored for its efficiency and lower energy consumption [7][8]. - The oxalic acid iron method requires only one sintering process, making it more efficient, although it comes with higher costs [8]. Competitive Landscape - Major companies are rapidly expanding their production capacities for high-pressure dense LFP, with a critical period expected in the fourth quarter of this year and the first half of next year [9]. - Companies such as Fujilin Precision Engineering, Hunan Youneng, Longpan Technology, Defang Nano, and Bangpu are all accelerating their capacity expansion efforts [9].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The lithium carbonate market shows a pattern of increasing supply and demand with inventory reduction. The main contract is oscillating strongly, with increasing positions, spot discounts, and strengthening basis. The option market sentiment is bullish, and the implied volatility is slightly rising. The technical indicator shows that the 60 - minute MACD has double - lines above the 0 - axis with the initial appearance of green columns. The operation suggestion is to conduct light - position oscillating trading and control risks [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the main contract is 83,400 yuan/ton, up 500 yuan; the net position of the top 20 is - 195,625 hands, up 8,348 hands; the position of the main contract is 532,871 hands, up 25,989 hands; the spread between near and far - month contracts is - 1,160 yuan/ton, down 500 yuan; the Guangzhou Futures Exchange warehouse receipt is 27,641 hands/ton, up 116 hands [2] 现货市场 - The average price of battery - grade lithium carbonate is 80,000 yuan/ton, up 850 yuan; the average price of industrial - grade lithium carbonate is 77,800 yuan/ton, up 850 yuan; the basis of the Li₂CO₃ main contract is - 3,400 yuan/ton, up 350 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 983 US dollars/ton, unchanged; the average price of amblygonite is 9,075 yuan/ton, up 250 yuan; the price of lithium mica (2 - 2.5%) is 3,060 yuan/ton, up 125 yuan [2] Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons; the monthly import volume is 19,596.9 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the monthly operating rate of lithium carbonate enterprises is 47%, up 1%; the monthly output of power batteries is 151,200 MWh, up 11,600 MWh; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 105,000 yuan/ton, up 25,000 yuan; the price of lithium cobalt oxide is 343,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 163,500 yuan/ton, up 500 yuan; the price of ternary material (622 power type) in China is 143,500 yuan/ton, up 1,000 yuan [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 155,000 yuan/ton, up 1,000 yuan; the monthly operating rate of ternary cathode materials is 53%, down 2%; the price of lithium iron phosphate is 34,800 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 59%, up 2%; the monthly output of new energy vehicles is 1,617,000, up 226,000; the monthly sales volume is 1,604,000, up 209,000; the cumulative sales penetration rate of new energy vehicles is 46.09%, up 0.55%; the cumulative sales volume of new energy vehicles is 11,228,000, up 2,908,000; the monthly export volume of new energy vehicles is 222,000, down 2,000; the cumulative export volume of new energy vehicles is 1,758,000, up 830,000; the 20 - day average volatility of the underlying is 22.82%, down 0.82%; the 40 - day average volatility of the underlying is 25.92%, up 0.01% [2] Option Situation - The total subscription position is 166,407, up 7,024; the total put position is 95,396, up 9,624; the total position put - call ratio is 57.33%, up 3.5119%; the at - the - money IV implied volatility is 0.34%, up 0.0008% [2] Industry News - China has built a complete lithium product supply system, with the output of basic lithium salts, metal lithium and its alloys, lithium - ion battery cathode materials, electrolytes and other products ranking first in the world for many years. Leading battery manufacturers are placing large orders for lithium iron phosphate, and lithium iron phosphate manufacturers are starting a new round of capacity expansion. The Federal Reserve cut interest rates by 25 basis points, ending the balance - sheet reduction from December 1st. The inventory coefficient of automobile dealers in September was 1.35, up 3.1% month - on - month and 4.7% year - on - year [2]

Core Insights - Sichuan Development Longmang Co., Ltd. announced a collaboration with Fulin Precision Co., Ltd. to establish a joint venture for a 175,000 tons/year high-pressure dense lithium iron phosphate project [1] - The total investment for the project is estimated at 1.961 billion RMB, with funding sourced from the joint venture's own and self-raised funds [1] Group 1: Joint Venture Details - The joint venture, named Fulin Longmang New Materials Co., Ltd., will have a registered capital of 66 million RMB [2] - Jiangxi Shenghua will contribute 33.66 million RMB, holding a 51% stake, while Deyang Chuanfa Longmang will invest 32.34 million RMB for a 49% stake [2] Group 2: Project Investment - Sichuan Development Longmang plans to invest 366 million RMB in a 100,000 tons/year lithium dihydrogen phosphate project to supply raw materials for the high-pressure dense lithium iron phosphate [1] - The project is located in the Deyang-Abaz ecological economic industrial park in Mianzhu City, Sichuan Province [1]

Core Viewpoint - Fulin Precision's stock has shown significant growth this year, with a year-to-date increase of 78.94%, driven by strong performance in its main business segments [1][2]. Financial Performance - For the period from January to September 2025, Fulin Precision achieved a revenue of 9.085 billion yuan, representing a year-on-year growth of 54.43%. The net profit attributable to shareholders was 325 million yuan, reflecting a year-on-year increase of 4.63% [2]. - The company has distributed a total of 736 million yuan in dividends since its A-share listing, with 366 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 30, Fulin Precision's stock price reached 19.53 yuan per share, with a market capitalization of 33.392 billion yuan. The stock experienced a trading volume of 6.87 billion yuan and a turnover rate of 2.10% [1]. - The stock has been actively traded, with a net inflow of 931,800 yuan from main funds and significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, Fulin Precision had 121,300 shareholders, an increase of 33.02% from the previous period. The average number of circulating shares per shareholder decreased by 24.82% to 13,939 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited and E Fund National Robot Industry ETF, with changes in their holdings observed [3].

Core Viewpoint - Leading battery manufacturers are intensifying their investments in lithium iron phosphate (LFP) production, with CATL making a significant investment in a subsidiary of Fulin Precision, aiming to secure high-density LFP capacity in response to strong market demand [1] Industry Summary - Major LFP manufacturers are initiating a new round of capacity expansion driven by robust downstream market demand [1] - The current expansion trend is characterized by a shift from competing on price and scale to focusing on value and technology, reflecting a more rational approach in the industry [1] - Capacity planning is becoming increasingly globalized, indicating a strategic shift in the industry's operational focus [1]

Core Insights - The lithium iron phosphate (LFP) industry is experiencing a new round of capacity expansion driven by strong downstream demand and a shift towards high-end products and overseas markets [1][2][10] - Leading battery manufacturers are actively securing long-term supply agreements and making strategic investments in LFP producers to ensure stable supply [2][3][12] Industry Dynamics - Major LFP manufacturers are currently operating at full capacity, with second and third-tier manufacturers also increasing their utilization rates [2][8] - The market demand for LFP is robust, leading to price increases for smaller customers with less favorable payment terms [2][12] - In September, CATL signed a prepayment agreement worth 1.5 billion yuan with Jiangxi Shenghua to secure LFP supply, committing to purchase at least 80% of the promised capacity from 2025 to 2029 [2][3] Capacity Expansion - The LFP industry is entering a phase of strategic capacity expansion, with several companies announcing significant investment plans [9][11] - Jiangxi Shenghua plans to invest 4 billion yuan in a new project with an annual capacity of 350,000 tons of high-pressure density LFP [9] - Dragon Power Technology and other companies are also expanding their production capabilities, with projects in various locations [9][11] Market Trends - The LFP battery installation volume in China reached 402.6 GWh in the first three quarters of this year, a year-on-year increase of 62.7%, accounting for 81.5% of total installations [5] - The global energy storage market is also growing, with a projected 106.1% year-on-year increase in shipments of energy storage cells in the first half of 2025 [5][6] Competitive Landscape - The LFP industry is witnessing a bifurcation where leading companies are expanding while smaller firms face challenges, leading to potential exits or upgrades [12] - The competition is shifting from price and scale to technology and quality, with a focus on high-performance products [12][14] - Companies are increasingly adopting integrated business models to enhance competitiveness, with a focus on resource self-sufficiency and supply chain integration [14]