监事会认为：公司本次向江西升华及其子公司提供财务资助，有利于促进江西 升华及其子公司的业务发展，整体风险可控。本次财务资助事项的决策程序符合相 关法律、法规和《公司章程》的规定，借款利率符合公平合理原则，具有公允性， 不存在损害公司及股东特别是中小股东利益的情形，不会对公司的日常经营产生 重大不利影响。因此，监事会同意公司本次财务资助事项。具体内容详见公司在巨 - 1 - 证券代码：300432 证券简称：富临精工 公告编号：2025-044 富临精工股份有限公司 第五届监事会第二十次会议决议公告 本公司及监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"）第五届监事会第二十次会议通知 于2025年7月3日以电话及专人送达方式向各位监事发出，并于2025年7月7日在公 司会议室以现场方式召开。应出席会议的监事3人，实际出席会议的监事3人。会议 由监事会主席胡国英女士主持。会议的召集、召开符合《公司法》及《公司章程》 规定。 一、审议通过了《关于向子公司提供财务资助的议案》 为支持公司控股子公司江西升华新材料有限公司（以下简称"江西升 ...

重要内容提示： 1、投资种类：安全性高、流动性好、低风险的短期理财产品。 2、投资金额：使用暂时闲置自有资金不超过人民币 20,000 万元（含本数）进 行现金管理，在前述额度内可循环滚动使用。 证券代码：300432 证券简称：富临精工 公告编号：2025-046 富临精工股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 3、投资期限：自公司第五届董事会第二十四次会议审议通过之日起 12 个月 内。 4、特别风险提示：投资收益具有不确定性，敬请广大投资者注意投资风险。 富临精工股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日召开第五届 董事会第二十四次会议、第五届监事会第二十次会议，审议通过了《关于使用部分 闲置自有资金进行现金管理的议案》，同意公司及子公司在不影响正常经营及确保 资金安全的情况下，使用不超过人民币 20,000 万元（含本数）暂时闲置自有资金 进行现金管理，用于购买安全性高、流动性好的短期低风险理财产品。 根据《深圳证券交易所创业板股票上市规则》《公司章程》等相关规定， ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic supply-side reform is ongoing, with a focus on improving product quality and eliminating low-price competition [1][2]. - In June, the wholesale sales of new energy passenger vehicles in China reached 1.26 million units, a year-on-year increase of 29% [1][2]. - The demand for batteries and materials is expected to grow as new models of electric vehicles are launched in the second half of the year, with projections indicating high growth in domestic sales of new energy vehicles by 2025 [1]. - The solid-state battery industrialization trend is clear, with attention on related materials and equipment companies [1]. - In May, China's photovoltaic installed capacity reached 92.92 GW, a year-on-year increase of 388%, which may suppress demand for photovoltaic installations in the near term [1]. - The hydrogen energy sector is being driven by policies promoting industrialization, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.99% this week, outperforming the Shanghai Composite Index, which increased by 1.4% [10]. - The photovoltaic sector saw a significant increase of 6.80%, while the lithium battery index rose by 3.84% [2][13]. New Energy Vehicles - Major players in the new energy vehicle market reported varying delivery figures for June, with BYD delivering 383,600 units (up 11.98% year-on-year) and Li Auto experiencing a decline of 24% [2][27]. - The report highlights the expected growth in new energy vehicle sales, driven by the introduction of new models [1][2]. Photovoltaic Sector - The central economic work conference emphasized the need to regulate low-price competition and improve product quality in the photovoltaic industry [1][2]. - The report notes the significant increase in installed capacity and the potential impact on future demand [1]. Hydrogen Energy - The approval of a large-scale green hydrogen pipeline project indicates ongoing support for the hydrogen energy sector [1][27]. Company Developments - Companies like EVE Energy and Xinwanda are planning to issue H-shares for overseas listings, indicating growth strategies in the electric equipment sector [2][28].

证券研究报告 电力设备与新能源 周观点：工信部召开座谈会，治理低 价无序竞争 华泰研究 2025 年 7 月 06 日│中国内地 行业周报（第二十七周） 周观点：工信部部长召开座谈会，治理低价无序竞争 7 月 3 日，工业和信息化部党组书记、部长李乐成主持召开光伏行业制造业 企业座谈会，聚焦加快推动光伏产业高质量发展，听取光伏行业企业及行业 协会情况介绍和意见建议。14 家光伏行业头部企业及光伏行业协会负责人 作交流发言，介绍企业基本情况、面临的困难和问题，提出政策建议。会议 强调，要依法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品 质，推动落后产能有序退出，实现健康、可持续发展。我们认为本次会议工 信部部长主持，头部企业负责人参会，为历次光伏企业座谈会的最高规格， 明确了政府与行业协同推动供给侧改革的大方向，看好后续供给侧改革细则 陆续落地，推动行业供需格局重塑。 子行业观点 1）新能源车：6 月国内新能源车销量走势较好；2）储能：SPE 提出欧洲储 能十倍扩容目标，我们看好欧洲大储起量；3）光伏：工信部部长召开座谈 会，治理低价无序竞争；4）风电：国内海风招中标稳步推进。 重点公司及动态 1）宁 ...

Group 1: Phosphate Iron Lithium Market Overview - In the first half of 2025, phosphate iron lithium production reached 1.632 million tons, a year-on-year increase of 66.6% [3] - Hunan Youneng holds approximately 30% market share, leading the first tier of companies, while other companies like Wanrun New Energy and Defang Nano have market shares between 5%-10% [3] - Top 10 companies such as Anda Technology and Dangsheng Technology saw production growth exceeding 200%, while others like Youshan Technology and Fulin Shenghua surpassed 100% [3] Group 2: Battery Factory Developments - CATL and an Indonesian battery company have officially commenced construction of a joint battery factory in West Java, Indonesia, with an initial capacity of 6.9 GWh expected to be operational by the end of 2026 [4] - The project, known as the "Dragon Project," aims to support the production of batteries for 300,000 electric vehicles, with potential expansion to 40 GWh if additional production lines are approved [4] Group 3: Lithium Market Pricing Trends - Domestic lithium carbonate prices have shown fluctuations, with current prices ranging from 61,400 to 64,000 yuan per ton, influenced by market sentiment and supply conditions [8][9] - The price of phosphate iron lithium has slightly rebounded, currently priced between 29,900 and 31,000 yuan per ton, amid concerns of potential price reductions due to increased competition [10][11] Group 4: Strategic Agreements and Collaborations - Hainan Mining signed a lithium spodumene off-take agreement with LMLB, ensuring the sale of lithium spodumene from the Bukuni lithium mine project starting January 1, 2026 [5] - Fulin Precision and Sichuan Development Longmang have entered a cooperation framework agreement to establish a joint venture for high-pressure dense phosphate iron lithium projects [6] Group 5: Battery and Electric Vehicle Market Insights - In the latest week, domestic electric vehicle sales reached 296,000 units, with a penetration rate of 51.9% for new energy vehicles [17] - The domestic battery market remains stable, with expectations for demand to pick up in August, particularly in the energy storage sector [18]

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].

Group 1 - Shengde Xintai won a bid for a thermal power steel pipe project worth approximately 217 million yuan, accounting for 8.15% of its audited revenue for 2024 [1] - High-speed Electric's subsidiary won a project for the Shanghai-Nanjing-Hefei high-speed railway, with a bid amount of 71.76 million yuan [1] - Cangge Mining's subsidiary received a construction permit for a lithium-boron mining project, with a construction area of 106,900 square meters [2] Group 2 - China Electric Power Construction signed a mining transportation project contract in Guinea worth approximately 5.063 billion yuan, with a total duration of about 72 months [3] - Guobang Pharmaceutical's subsidiary completed the registration of an equity investment fund focusing on strategic emerging industries [4] - Deshi Co. obtained two invention patents related to oil and gas field development [5][26] Group 3 - Xue Tian Salt Industry expects a significant decrease in net profit for the first half of 2025, projecting a decline of 76.34% to 80.29% [6] - Rundu Co. received a drug registration certificate for moxifloxacin hydrochloride tablets, used for treating various bacterial infections [7] - China Nuclear Power reported a 15.65% increase in power generation in the first half of the year, with nuclear power generation up by 12.01% [8] Group 4 - Suqian Liansheng obtained two invention patents related to wastewater treatment methods [9] - Boshi Co. signed a 109 million yuan operation and maintenance service contract for solid product packaging [11] - *ST Sailong's subsidiary received a drug registration certificate for torasemide injection, used for various medical conditions [13] Group 5 - North Bay Port reported a 10.95% increase in cargo throughput for the first half of 2025, with container throughput also showing growth [14] - Kaiwei Te expects a revenue increase of 56.17% to 90.87% for the first half of 2025 [15] - Wankai New Materials plans to reduce production and conduct maintenance on 60,000 tons of PET capacity, affecting overall performance [16] Group 6 - Haiwang Bio's HW130 injection successfully completed Phase I clinical trials, showing good safety and tolerability [19] - Zhenai Meijia received a total of 22.8 million yuan in compensation for land acquisition, which will significantly impact its 2025 performance [20] - Changyuan Electric reported a 23.58% decrease in power generation in June, with a notable decline in thermal power generation [21] Group 7 - Shouxiangu's subsidiary completed the registration of two health food products [22] - Kailun Co. announced the resignation of its deputy general manager and board secretary [23] - Xibu Muye reported a 2.15% year-on-year increase in fresh milk production in June [24] Group 8 - Deshi Co. obtained two invention patents related to oil and gas field development [26] - Jingwei Huikai plans to acquire a 12.44% stake in Nuo Si Micro for 149 million yuan [27] - Electric Alloy completed the registration of its subsidiary in Mexico [29] Group 9 - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of 2025 [30] - Guizhou Moutai repurchased approximately 3.38 million shares, accounting for 0.2692% of its total share capital [31][32] - Warner Pharmaceutical received approval for the listing application of a raw material drug for treating respiratory diseases [34] Group 10 - Yuan Dong Bio's independent director is under investigation for serious violations [35] - Dash Intelligent signed a contract for a smart project worth 11.88 million yuan [36] - Dayou Energy plans to transfer 586,500 tons of coal production capacity replacement indicators [37] Group 11 - Foton Motor reported a 150.96% increase in new energy vehicle sales in the first half of 2025 [39] - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [40] - Zongshen Power expects a net profit increase of 70% to 100% for the first half of 2025 [42] Group 12 - Yingboer plans to sell its wholly-owned subsidiary for 239 million yuan [44] - Changan Automobile reported a 1.59% increase in total vehicle sales in the first half of 2025 [46] - Fulian Precision signed a cooperation framework agreement with Sichuan Development Longmang [48] Group 13 - Nengte Technology plans to repurchase shares worth 300 million to 500 million yuan [50] - Longsoft Technology's controlling shareholder donated 3.43% of the company's shares [51] - Data Port's shareholders plan to reduce their holdings by up to 2% [52]

Core Viewpoint - The article highlights the rapid growth and strategic partnerships of Fulin Precision Engineering in the lithium iron phosphate (LFP) material market, emphasizing the importance of cost management and resource acquisition for future success [2][4][6]. Group 1: Company Developments - Since Q2 2024, Fulin Precision Engineering has successfully transitioned from losses to profits, improving its market ranking from 10th to 5th, and attracting major clients [2]. - In March 2025, Fulin's subsidiary, Jiangxi Shenghua, secured a strategic investment from CATL, with CATL investing RMB 400 million for an 18.7387% stake in Jiangxi Shenghua [3]. - A supplementary agreement in June 2025 between Jiangxi Shenghua and CATL includes a RMB 500 million prepayment to support the construction of production facilities, with commitments for future material supply [3]. Group 2: Industry Trends - The article notes that the performance of LFP materials has reached its peak, and future competition will rely heavily on cost management rather than product differentiation [3][4]. - The article emphasizes that companies with better access to upstream resources will have a competitive advantage, as highlighted by criticisms of established players who lack resource planning [4]. Group 3: Strategic Partnerships - In October 2024, Fulin Precision Engineering and Ganfeng Lithium signed a project investment cooperation agreement to establish a joint venture for lithium sulfate production [4]. - In May 2025, Fulin announced plans for a 200,000-ton annual production capacity of LFP precursors, with environmental impact assessments underway [5]. - A partnership with Chuanfa Longmang was established in June 2025 to create a joint venture for lithium dihydrogen phosphate precursor production, further enhancing Fulin's resource integration capabilities [5][6]. Group 4: Future Outlook - With the completion of upcoming projects, Fulin Precision Engineering aims to achieve a total production capacity of 600,000 tons of high-pressure LFP, positioning itself as a leading player in the LFP market [6].

Group 1 - Ganfeng Lithium has completed the acquisition of 100% equity in Mali Lithium, marking a significant step in its lithium resource layout in Africa [1] - The Goulamina lithium spodumene project, with an annual production capacity of 506,000 tons of lithium concentrate, has officially commenced production, indicating a transition to substantial output [1] - This acquisition strengthens Ganfeng Lithium's position in the global lithium market and lays a solid foundation for future growth, contributing to the stability of its global lithium supply chain [1] Group 2 - Tianci Materials' subsidiary has filed a lawsuit for trade secret infringement against several companies, with an expected economic loss of 887 million yuan and legal fees of 1.15 million yuan [2] - The lawsuit is anticipated to have no direct negative impact on the company's current profits, but the case's outcome will be determined by the court [2] - The significant amount involved in the lawsuit may affect investor sentiment, and the market will closely monitor the case's progress and its long-term implications for the company [2] Group 3 - Fulian Precision has signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [3] - The joint venture aims to build a 100,000 tons/year high-pressure lithium iron phosphate project and a 100,000 tons/year lithium dihydrogen phosphate precursor project, enhancing Fulian Precision's capacity in the lithium battery materials sector [3] - This collaboration reinforces Fulian Precision's position in the core supply chain of new energy vehicle components and is expected to contribute to regional economic development [3]