认购的投资者提供财务资助或补偿事宜的公告 | 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2026年1月13日召开了第五 | 届董事会第三十次会议，审议通过了公司向特定对象发行股票（以下简称"本次 发行"）相关议案。 证券代码：300432 证券简称：富临精工 公告编号：2026-009 富临精工股份有限公司 关于本次向特定对象发行股票不存在直接或通过利益相关方向参与 根据相关要求，现就本次发行过程中公司不存在直接或通过利益相关方向参 与认购的投资者提供财务资助或补偿事宜承诺如下： 公司不存在向参与认购的投资者作出保底保收益或变相保底保收益的承诺 的情形，也不存在直接或通过利益相关方向参与认购的投资者提供财务资助或补 偿的情形。 特此公告。 富临精工股份有限公司 董事会 2026 年 1 月 13 日 ...

富临精工股份有限公司 截至 2025 年9月 30 日止 前次募集资金使用情况报告 及鉴证报告 您可使用手机"扫一扫"或进入"注册会计师行业练一些管卖互电具有执业许可的会计师事务所出具 = (ht 报告编码:沪26RD6RVL8F AMP ټﯾﻨﻪ | | 目 录 | | | --- | --- | --- | | | | 页 次 | | - | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | ﺍ ۱ ﻤﺴ | 前次募集资金使用情况报告 | 1-4 | 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 关于富临精工股份有限公司 截至2025年9月30日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2026]第ZA10020号 富临精工股份有限公司全体股东: 我们接受委托,对后附的富临精工股份有限公司(以下简称"富 临精工"或"公司")截至2025年9月30日止前次募集资金使用情况报 告(以下简称"前次募集资金使用情况报告")执行了合理保证的鉴 证业务。 一、管理层的责任 富临精工管理层的责任是按照中国证 ...

Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

证券日报网讯1月12日，富临精工（300432）在互动平台回答投资者提问时表示，公司的网站可以正常 访问。 ...

Investment Rating - The industry rating is "Overweight" [6] Core Viewpoints - The adjustment of the battery export tax rebate is expected to boost exports in 2026 and optimize the industry structure, benefiting companies with overseas production capacity [1][2] - The reduction in export tax rates aims to curb low-price competition in the export market and promote the exit of outdated production capacity [2][3] - The battery export tax rebate will lead to two rounds of export rush before the end of 2026, tightening supply and demand across the lithium battery supply chain [3][4] Summary by Sections Export Tax Rebate Adjustment - The export tax rebate for battery products will be reduced from 9% to 6% starting April 1, 2026, and will be eliminated entirely from January 1, 2027 [1] - This policy is expected to drive a surge in battery exports in 2026, intensifying supply-demand tensions in lithium mining and lithium hexafluorophosphate [1][2] Supply Chain Impact - The reduction in export tax is anticipated to tighten the supply-demand balance in the lithium battery industry, with major lithium material utilization rates projected at 92% for lithium hexafluorophosphate and 81% for copper foil in 2026 [3] - The ongoing demand for energy storage and the increasing sales of new energy vehicles in Europe are expected to further support this tightening [3] Recommendations - Companies with established overseas production capacity, such as CATL and Yiwei Lithium Energy, are recommended for investment [1][4] - Other companies in the supply chain, including Tianqi Lithium, New Chemical Materials, and Shangtai Technology, are also highlighted as potential beneficiaries of the tightening supply-demand dynamics [4]

Core Viewpoint - The company Fulin Precision announced a significant investment of 6 billion yuan for a new lithium iron phosphate project, aiming to meet the growing demand in the energy storage market, while the industry faces a collective production cut from leading firms [1][2]. Group 1: Company Expansion Plans - Fulin Precision's subsidiary, Jiangxi Shenghua, is set to construct a 500,000-ton high-end lithium iron phosphate project with a total investment of 6 billion yuan, divided into two phases of 250,000 tons each, expected to be completed within 12 months [2]. - The company has previously announced another project in Deyang-Aba with an annual capacity of 350,000 tons of high-pressure dense lithium iron phosphate [1]. Group 2: Industry Context - Major players in the lithium iron phosphate sector, including Wanrun New Energy and Hunan Youneng, are implementing maintenance plans that could reduce production by up to 50% by early 2026, despite holding a significant market share [1]. - The average market price for lithium iron phosphate is reported at 14,704.8 yuan per ton, while production costs range from 16,798.2 yuan to 17,216.3 yuan per ton, indicating a price-cost mismatch [3]. Group 3: Financial Performance - For the first three quarters of 2025, Fulin Precision reported total revenue of 9.085 billion yuan, a year-on-year increase of 54.43%, but net profit attributable to shareholders was only 325 million yuan, with a modest growth of 4.63% [2]. - The company's net profit in the third quarter saw a decline of 15.83%, and its gross margin decreased from 12.91% to 11.23% compared to the previous year [2]. Group 4: Financing Challenges - Fulin Precision's financing channels appear constrained, with a planned convertible bond issuance of 1.25 billion yuan still pending approval after more than a year [3]. - The company plans to fund the 6 billion yuan lithium iron phosphate project through self-owned and self-raised funds, which may increase its financial leverage given its current debt ratio of 63.65% [3]. Group 5: Strategic Partnerships - Fulin Precision has a deep partnership with CATL, extending their supply agreement until 2029, with a commitment to supply at least 80% of the promised capacity [5]. - While this partnership provides stable orders, it also poses risks related to high customer concentration and potential delays in price adjustments [5].

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Core Viewpoint - The lithium battery industry is experiencing a significant investment boom, driven by increasing demand for energy storage and stable growth in power battery installations, leading to a tight supply-demand balance in 2026 [4][6]. Group 1: Company Expansion Plans - Longpan Technology plans to invest up to 2 billion yuan to build a new production base for 240,000 tons of high-pressure lithium iron phosphate annually, as existing capacity cannot meet customer demand [1][2]. - In addition to Longpan Technology, several companies, including Fulin Precision, Dongfang Zirconium, and Xinzhou Bang, have announced investment plans for lithium battery projects, continuing the expansion trend from 2025 [1][2]. - Longpan Technology has previously raised funds to build projects with capacities of 110,000 tons and 85,000 tons of high-performance phosphate-based cathode materials, with ongoing capacity expansion efforts [2]. Group 2: Industry Investment Trends - Since 2025, over 282 investment projects in the lithium battery industry chain have been announced in China, with a total investment exceeding 820 billion yuan, marking a year-on-year increase of over 74% [2]. - The investment trend is not only domestic but also expanding internationally, with companies like Xinzhou Bang planning to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia [3]. Group 3: Market Dynamics - The surge in lithium battery investments is attributed to multiple factors, including the explosive growth in energy storage demand, steady increases in power battery installations, and rapid technological advancements [4][5]. - The industry has transitioned from a state of oversupply to a tight balance since mid-2025, with expectations of continued investment momentum into 2026 due to strong demand growth [6][7]. - Companies are increasingly adopting a rational approach to expansion, focusing on "order capacity" to avoid blind investments and ensure sustainable growth [6][7].

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a new wave of expansion with significant investments announced despite recent challenging years [1] Group 1: Project Announcements - Bangpu Times is set to launch a new generation lithium iron phosphate project with an annual capacity of 450,000 tons by December 29, 2025, involving a total investment of 5.6 billion yuan and an expected annual output value of 14.5 billion yuan [2] - Fulin Precision plans to establish a high-end energy storage lithium iron phosphate project with an annual capacity of 500,000 tons in Inner Mongolia, with a total investment of 6 billion yuan, aimed at meeting the growing demand for high-performance lithium iron phosphate batteries [3] - Longpan Technology intends to build a production base for high-density lithium iron phosphate with an annual capacity of 240,000 tons in Jiangsu, with a planned investment of no more than 2 billion yuan [4] Group 2: Strategic Importance - The projects announced by Bangpu Times and Fulin Precision are strategically aligned with the increasing demand for high-performance lithium iron phosphate batteries in the energy storage market, which is expected to enhance their market position and production capacity [2][3] - Longpan Technology's investment in high-density lithium iron phosphate production is also aimed at optimizing its product offerings and expanding its market reach [4]

华鑫证券研报指出，富临精工铁锂产能加速扩张，出货规模有望大幅提升。公司深度绑定宁德时代， 2025年连续签订重大合同。布局机器人关节模组，打造新增长曲线。公司聚焦于人形机器人、机器狗的 电关节模组产品，关节产线已投产并开始交付，同时公司还与智元通过合资公司展开合作，未来机器人 零部件业务有望成为公司新增长曲线。公司磷酸铁锂业务有望实现量利齐升，并布局机器人关节打造新 增长曲线，给予"买入"投资评级。 ...