川发龙蟒（002312.SZ）12月29日在投资者互动平台表示，公司外购硫磺主要用于生产硫酸，并用作湿 法磷酸的生产的原料。公司德阿项目配套50万吨/年硫酸装置，攀枝花项目配套30万吨/年硫酸装置，加 之存量的90万吨/年硫酸装置，天宝公司50万吨/年硫酸装置（硫铁矿制酸），公司合计拥有220万吨/年 硫酸装置。目前公司无黄磷产能，亦暂未开展五硫化二磷相关业务。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司投产和规划了多个硫磺制酸项目，能稳定获取硫 磺；另一方面，其拥有可升级为超纯黄磷的产能，而超纯黄磷与硫磺可合成固态电池电解质的关键原料 五硫化二磷，这是一种重要的硫化物。请问是否属实？ ...

Group 1 - The company is focusing on two types of solid-state electrolytes: oxide and sulfide [1] - Both types of solid-state electrolytes are developed using solid-phase reaction technology [1]

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [11]. Core Views - The company's performance is under short-term pressure, with a revenue of 1.898 billion yuan in the first half of 2025, reflecting a year-on-year growth of 14.78%. However, operating profit and net profit have significantly declined by 64.33% and 58.53%, respectively, due to intensified industry competition [7][10]. - The demand for lithium battery separators is expected to continue growing, driven by the increasing sales of new energy vehicles and energy storage batteries in China. The report highlights that the sales of new energy vehicles in China reached 6.935 million units in the first half of 2025, a year-on-year increase of 40.30% [7][9]. - The company is actively expanding into the solid-state battery electrolyte market, having established strategic partnerships to develop high-performance solid electrolyte membranes and related products [10][11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.898 billion yuan, with a net profit of 100 million yuan, down 58.53% year-on-year. The operating cash flow increased by 132.41% to 536 million yuan [7][10]. - The gross margin for the first half of 2025 was 25.09%, a decrease of 6.43 percentage points compared to the previous year, indicating pressure on profitability due to increased competition [9][10]. Market Demand - The report notes that the demand for lithium battery separators is expected to grow, with a projected output of 223 billion square meters in 2024, a year-on-year increase of 30.41% [9]. - The company is well-positioned in the market, with major clients including CATL and BYD, and has a significant share in the global market for lithium battery separators [10]. Strategic Initiatives - The company has signed several strategic cooperation agreements to enhance its market position and product offerings, particularly in the solid-state battery sector [10][11]. - The report emphasizes the company's commitment to innovation, with a strong patent portfolio and ongoing development of advanced separator technologies [10].