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Core Viewpoint - The strategic partnership between Fulin Precision and CATL aims to enhance the capital strength and competitiveness of Jiangxi Shenghua New Materials, focusing on the development and production of high-quality lithium iron phosphate products, international expansion, supply chain upgrades, and energy storage market growth [4][10]. Group 1: Investment and Shareholding Changes - Fulin Precision plans to invest 1 billion RMB, while CATL will invest 2.56 billion RMB in Jiangxi Shenghua, resulting in CATL holding a 51% stake and making Jiangxi Shenghua a subsidiary [2][5]. - Prior to this transaction, Fulin Precision held 79.57% of Jiangxi Shenghua, and CATL's stake was 18.74% [2][5]. - This investment marks a significant increase in CATL's involvement, as it had previously divested its shares in August 2024 [6][10]. Group 2: Historical Context of Collaboration - Fulin Precision and CATL have established a close partnership since 2021, with CATL previously investing 20 million RMB and 144 million RMB in Jiangxi Shenghua for capacity expansion projects [6][7]. - CATL's strategic investments have been aimed at securing a stable supply of lithium iron phosphate materials, which are critical for its battery production [9][10]. Group 3: Market Dynamics and Demand - The demand for high-density lithium iron phosphate batteries is expected to surge, with Jiangxi Shenghua being a key player due to its advanced technology and production capabilities [12][13]. - In the first half of 2025, lithium iron phosphate battery installations reached 81.4%, indicating a significant market growth [13]. - Jiangxi Shenghua's production capacity is set to expand, supported by CATL's investment, which will help the company overcome production bottlenecks [14][16]. Group 4: Financial Performance and Competitive Position - Jiangxi Shenghua reported losses of 1.053 billion RMB in 2023 and 28.36 million RMB in 2024, but its gross margin of 12.39% in 2024 was higher than competitors [16][17]. - The partnership with CATL is expected to enhance Jiangxi Shenghua's product pricing power and help it recover from losses [17]. - Jiangxi Shenghua ranked sixth in China's lithium iron phosphate battery shipments in the first half of 2025, with a total shipment of 1.606 million tons, reflecting a year-on-year growth of 68.5% [15][14].