富临精工与宁德时代拟对江西升华增资扩股，预计构成重大资产重组

Core Viewpoint - Fulin Precision and CATL plan to jointly increase capital in Jiangxi Shenghua New Materials, which is expected to constitute a major asset restructuring [2][4]. Group 1: Investment Details - Fulin Precision intends to invest 1 billion yuan, subscribing to an additional registered capital of 813 million yuan for Jiangxi Shenghua [4]. - CATL plans to invest 2.563 billion yuan, subscribing to an additional registered capital of 2.084 billion yuan for Jiangxi Shenghua [4]. - After the capital increase, CATL will become the controlling shareholder of Jiangxi Shenghua with a 51% stake, while Fulin Precision will hold 47.41% [7]. Group 2: Strategic Implications - The capital increase is expected to enhance the strategic partnership between Fulin Precision and CATL, accelerating the development of high-quality lithium iron phosphate products, international expansion, supply chain upgrades, and energy storage market growth [2][10]. - Jiangxi Shenghua aims to optimize its shareholder structure and introduce strategic shareholder resources through this capital increase [10]. Group 3: Financial Performance - Jiangxi Shenghua's revenue for 2022, 2023, and 2024 is projected to be 4.879 billion yuan, 2.808 billion yuan, and 4.829 billion yuan, respectively, with net profits of 288 million yuan, -1.053 billion yuan, and -283.61 million yuan [12]. - In the first half of 2025, Jiangxi Shenghua reported revenue of 3.958 billion yuan and a net profit of 63.78 million yuan, driven by increased sales volume [12][13]. Group 4: Industry Context - The lithium iron phosphate industry is undergoing a restructuring phase after experiencing significant losses due to rapid capacity expansion and declining raw material prices [12][14]. - Jiangxi Shenghua has a production capacity of 300,000 tons of high-pressure dense lithium iron phosphate, which is expected to enhance battery fast-charging performance and increase market share [12].