调研速递|川发龙蟒接受投资者调研，透露多项业务布局要点

Core Viewpoint - Sichuan Development Longmang Co., Ltd. held an online earnings briefing on September 12, 2025, addressing investor inquiries regarding company operations and future plans [1] Group 1: Shareholding and Assets - The company holds a 49% stake in Chongqing Steel Group Mining Co., Ltd., indirectly acquiring part of the rights to Chongqing Steel Xichang Mining Co., Ltd. [1] - Recent acquisitions include 100% of Tianrui Mining, 51% of Guotuo Mining, 49% of Chongqing Steel Mining, 10% of Tiansheng Mining, and 60% of Tianbao Company [1] - The company has not disclosed information regarding the potential injection of the Lijiagou North Lithium Mine into the listed company [1] - The controlling shareholder, Sichuan Advanced Materials, holds the Tiger Cave Phosphate Mine (3.7 billion tons) and the Xiaogou Phosphate Mine (4 billion tons), with future asset injection plans subject to disclosure obligations [1] Group 2: Business Layout - The company currently does not produce lithium batteries but manufactures industrial-grade monoammonium phosphate, which can be used as a precursor for new energy battery cathode materials [1] - The De'a project with a capacity of 60,000 tons/year for lithium iron phosphate has been fully completed and put into production, while the 100,000 tons/year phosphate project is nearing completion [1] - The company primarily engages in the production and sales of industrial-grade monoammonium phosphate and fertilizer-grade monoammonium phosphate, with Tianbao Company producing feed-grade dicalcium phosphate for livestock nutrition [1] - The jointly held Sichuan Ganmei New Energy Resources Co., Ltd. is in the process of deregistration [1] - The implementation of the cooperation framework agreement with Fulim Precision Engineering has uncertainties, and the company will disclose progress in a timely manner [1] Group 3: Market and Customers - In the first half of 2025, revenue from industrial-grade monoammonium phosphate reached 1.063 billion yuan, a year-on-year increase of 13.55% [1] - The company is cautiously advancing the construction of the De'a and Panzhihua projects, with some projects in production and others still under construction, continuously optimizing the supply chain and customer structure [1] Group 4: Market Capitalization and Stock Price - The company's stock price is influenced by macroeconomic and industry factors [1] - A market value management system has been established, clarifying responsibilities and ongoing efforts, with no temporary hiring of market value management personnel [1] - Plans regarding chairman shareholding increases, company buybacks, and stock incentive optimization will be disclosed as required [1] Group 5: On-site Inspection - Individual investors can contact the company's investor hotline to verify shareholder identity for potential on-site inspections at the Deyang New Materials Base and Panzhihua New Materials Base [1]