起点锂电·2025-06-06 11:15Core Viewpoint - The strategic cooperation between CATL and Fulin Precision has deepened following CATL's strategic investment in Fulin's subsidiary, Jiangxi Shenghua, with a revised agreement enhancing procurement commitments and production capacity support [1][2]. Group 1: Supply Chain Binding - CATL has increased its support for Jiangxi Shenghua's production line construction, committing to a one-time prepayment of 500 million yuan to support the construction of 160,000 tons/year capacity at Jiangxi Shenghua's base and 200,000 tons/year in Sichuan [5]. - The revised agreement stipulates that Jiangxi Shenghua will prioritize 100% of its production capacity from 2025 to 2029 for materials that meet CATL's requirements, while CATL commits to purchasing no less than 80% of Jiangxi Shenghua's promised capacity annually during the same period [6]. - CATL's focus remains on high-density lithium iron phosphate (LFP) materials, with expectations that its fast-charging battery products will account for over 70% of shipments by 2025 [6][7]. Group 2: Market Dynamics - The lithium iron phosphate industry is experiencing an unprecedented "order frenzy" in 2025, with major players like CATL, BYD, and others placing significant orders, indicating strong long-term confidence in LFP technology [9][12]. - Fulin Precision's production capacity for high-density LFP is expected to increase to 300,000 tons this year, reflecting the growing demand in the high-end fast-charging market [7][9]. - The ongoing supply-demand imbalance in the LFP industry is leading to a phase of elimination of outdated capacities, with market share increasingly consolidating among leading and low-cost manufacturers [13][14].