21世纪经济报道·2025-10-04 00:40Core Viewpoint - The strategic partnership between Fulin Precision (富临精工) and CATL (宁德时代) has entered a critical phase, with CATL set to increase its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan, marking a significant shift in control and collaboration [2][6]. Group 1: Financial and Operational Highlights - Fulin Precision's core business includes lithium battery cathode materials, automotive engine and transmission precision components, and has expanded into robotic intelligent electric joint modules and components [5]. - In 2024, Fulin Precision is projected to achieve revenue of 8.47 billion yuan, with Jiangxi Shenghua contributing 4.83 billion yuan and Mianyang Fulin Precision New Energy contributing 1.68 billion yuan, alongside a net profit of 402 million yuan [5]. - As of mid-2025, Jiangxi Shenghua's total assets are estimated at 7 billion yuan, with net assets increasing from 725 million yuan at the end of last year to 1.189 billion yuan [8]. Group 2: Historical Context and Strategic Developments - The collaboration between Fulin Precision and CATL dates back to 2021, with CATL initially investing 20 million yuan in Jiangxi Shenghua, followed by additional investments that increased its stake to 20% by early 2022 [6]. - In August 2024, a business cooperation agreement was signed, committing CATL to purchase at least 140,000 tons of lithium iron phosphate annually from Jiangxi Shenghua from 2025 to 2027, later extended to 2029 [6]. - A recent announcement indicated that Jiangxi Shenghua received a 1.5 billion yuan advance payment from CATL to secure lithium iron phosphate supply and support raw material construction [6]. Group 3: Product and Market Dynamics - Jiangxi Shenghua specializes in high-pressure dense lithium iron phosphate materials, which are critical in the lithium battery industry, particularly for fast-charging applications [10][11]. - The demand for high-pressure dense lithium iron phosphate is expected to surge, with the market anticipated to grow significantly in 2025, termed the "supercharging year" [10]. - Fulin Precision has established a production capacity of 300,000 tons of high-pressure dense lithium iron phosphate, positioning itself as a key player in the competitive landscape [11]. Group 4: Future Outlook - With CATL's controlling stake, Jiangxi Shenghua is expected to enhance its product structure and profitability, with projections indicating that the proportion of fifth-generation products will exceed 70% by 2026, leading to improved profit margins [12].