一边是控股股东积极参与定增认购，一边是重要股东纷纷减持，盟固利的资本运作背后究竟隐藏着什么 信号？ 近期，盟固利发布《关于持股5%以上股东减持股份计划期限届满及实施情况暨减持股份触及1%整数倍 的公告》，多名股东大幅减持取得进展。 2025年9月10日，公司发布定增预案，拟向包括控股股东亨通新能源在内的不超过35名特定投资者募集 资金不超过9.8亿元。 然而，细察盟固利自2023年8月上市以来的表现，这家锂电正极材料企业在业绩持 续下滑的背景下，却频频进行资本运作，其主要股东减持与公司定增同步进行，疑点重重。 要理解盟固利的资本运作，需先审视其主营业务状况。盟固利主营锂离子电池正极材料，主要产品包括 钴酸锂和三元材料。 从历史业绩看，盟固利上市后表现持续不佳。上市首年（2023年），公司净利润同比下滑35.01%。 2024年，公司就亏损7166.57万元。2025年上半年，尽管营业收入同比增长23.19%至10.18亿元，但归母 净利润仅为303.84万元，同比下滑60.87%。 上市当年净利润即下滑35.01%，2024年转为大幅亏损7166.57万元。这种上市后业绩"变脸"的现象，让 人质疑公司是否在上 ...

Core Viewpoint - The strategic partnership between Fulin Precision and CATL is deepening through the capital increase in their subsidiary, Jiangxi Shenghua, which will enhance its competitiveness in the lithium iron phosphate market [1][2][3] Group 1: Investment and Ownership Changes - Fulin Precision and CATL will invest 10 billion and 25.63 billion respectively in Jiangxi Shenghua, totaling 35.63 billion, resulting in CATL holding a 51% stake in the subsidiary [1][2] - Jiangxi Shenghua specializes in the R&D, production, and sales of high-density lithium iron phosphate cathode materials and is a pioneer in the domestic oxalic acid iron technology route [1][2] Group 2: Financial Performance - In the first half of 2025, Fulin Precision achieved a revenue of 58.13 billion, a year-on-year increase of 61.7%, marking a historical mid-year high [4] - The net profit attributable to shareholders for the same period was 1.74 billion, up 32.41% year-on-year [4] - The revenue from lithium iron phosphate cathode materials reached 38.37 billion, accounting for 66% of total revenue, with a significant year-on-year growth of 96.83% [3][4] Group 3: Strategic Collaborations and Future Prospects - The partnership with CATL is not new; previous collaborations include a 15 billion prepayment agreement for securing lithium iron phosphate supply [1][2] - The ongoing collaboration aims to enhance Jiangxi Shenghua's product development, international expansion, supply chain upgrades, and energy storage market growth [2][3] - Fulin Precision's R&D investment has been increasing, with 2025's R&D expenses growing by 22.75% to 1.23 billion, supporting its innovation and market competitiveness [4]

Core Viewpoint - CATL is making significant moves to strengthen its position in the upstream materials industry by increasing its stake in Jiangxi Shenghua New Materials Co., Ltd. through a capital increase and share expansion, which is expected to enhance strategic cooperation and accelerate the development of high-quality lithium iron phosphate products [1][2][4]. Group 1: Investment and Shareholding Structure - Fulin Precision plans to invest 1 billion RMB in Jiangxi Shenghua, acquiring an additional registered capital of 813 million RMB, while CATL intends to invest 2.563 billion RMB for a new registered capital of 2.084 billion RMB [2]. - Before the capital increase, Fulin Precision held a controlling stake of 79.57% in Jiangxi Shenghua, while CATL owned 18.74%. Post-investment, CATL will become the controlling shareholder with a 51% stake, and Fulin Precision's stake will reduce to 47.41% [4][5]. Group 2: Financial Performance and Market Position - Jiangxi Shenghua's revenue for 2022, 2023, and 2024 is projected to be 4.879 billion RMB, 2.808 billion RMB, and 4.829 billion RMB, respectively, with net profits of 288 million RMB, -1.053 billion RMB, and -283.6 million RMB [8]. - In the first half of 2025, Jiangxi Shenghua reported a revenue of 3.958 billion RMB and a net profit of 63.78 million RMB, indicating a significant increase in sales volume and revenue from lithium iron phosphate [8][10]. - Jiangxi Shenghua has a production capacity of 300,000 tons for high-pressure dense lithium iron phosphate, which is recognized for its performance advantages in fast charging and energy density [10]. Group 3: Industry Outlook - The lithium iron phosphate industry is expected to enter a new growth phase after experiencing a period of losses due to rapid capacity expansion and declining raw material prices [8]. - The market for high-pressure dense lithium iron phosphate is becoming increasingly competitive, with only a few leading companies achieving mass production, suggesting a trend towards consolidation among top and low-cost enterprises by 2025 [11].

Core Viewpoint - Fulin Precision and CATL plan to increase capital and expand shares in Jiangxi Shenghua, which is expected to constitute a major asset restructuring, signaling CATL's strategic move into the upstream materials industry [1][3]. Company Summary - Fulin Precision announced a capital increase of 1 billion yuan in Jiangxi Shenghua, acquiring an additional registered capital of 813 million yuan, while CATL plans to invest 2.563 billion yuan for a new registered capital of 2.084 billion yuan [3]. - Before the capital increase, Fulin Precision held a controlling stake of 79.57% in Jiangxi Shenghua, while CATL owned 18.74%. Post-expansion, CATL will become the controlling shareholder with a 51% stake, and Fulin Precision will hold 47.41% [5]. - The board of directors of Jiangxi Shenghua will consist of 7 members, with CATL appointing 4 and Fulin Precision appointing 3. The chairman will be appointed by CATL [8]. Industry Summary - The lithium iron phosphate (LFP) industry is expected to enter a new growth phase. Jiangxi Shenghua's capital increase will enhance its operational capabilities and competitive advantages [9]. - 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 [9]. - As of June 30, 2025, Jiangxi Shenghua's revenue reached 3.958 billion yuan, with a net profit of 63.78 million yuan, driven by increased sales of lithium iron phosphate [10]. - 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].

9月29日，富临精工涨5.13%，截至发稿，报18.25元/股，成交13.23亿元，换手率4.39%，总市值312.03 亿元。 资料显示，富临精工股份有限公司位于四川省绵阳高端制造产业园凤凰中路37号，成立日期1997年11月 10日，上市日期2015年3月19日，公司主营业务涉及汽车零部件和锂电正极材料的研发、生产和销售。 主营业务收入构成为：锂电正极材料68.09%，汽车发动机零部件31.91%。 从基金十大重仓股角度 数据显示，长信基金旗下1只基金重仓富临精工。长信中证1000指数增强A（018013）二季度持有股数 8.54万股，占基金净值比例为0.89%，位居第五大重仓股。根据测算，今日浮盈赚取约7.6万元。 长信中证1000指数增强A（018013）基金经理为左金保。 截至发稿，左金保累计任职时间10年204天，现任基金资产总规模17.67亿元，任职期间最佳基金回报 146.71%， 任职期间最差基金回报-52.72%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投 ...

汇安量化优选A（005599）基金经理为吴乐玉。 截至发稿，吴乐玉累计任职时间1年41天，现任基金资产总规模92.67亿元，任职期间最佳基金回报 2.46%， 任职期间最差基金回报0.44%。 9月25日，富临精工涨5.77%，截至发稿，报16.86元/股，成交13.58亿元，换手率4.95%，总市值288.27 亿元。 资料显示，富临精工股份有限公司位于四川省绵阳高端制造产业园凤凰中路37号，成立日期1997年11月 10日，上市日期2015年3月19日，公司主营业务涉及汽车零部件和锂电正极材料的研发、生产和销售。 主营业务收入构成为：锂电正极材料68.09%，汽车发动机零部件31.91%。 从基金十大重仓股角度 数据显示，汇安基金旗下1只基金重仓富临精工。汇安量化优选A（005599）二季度持有股数5600股， 占基金净值比例为2.77%，位居第十大重仓股。根据测算，今日浮盈赚取约5152元。 汇安量化优选A（005599）成立日期2018年7月26日，最新规模35.99万。今年以来收益6.96%，同类排 名6358/8173；近一年收益11.06%，同类排名6640/8003；成立以来亏损0.26%。 ...

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 443,249.77 million yuan in the first half of 2025, representing a year-on-year growth of 25.17% [15] - The net profit attributable to shareholders was 31,115.43 million yuan, with a year-on-year increase of 8.47% [15] Group 2: Solid-State Lithium Battery Materials - The company has developed solid-state lithium battery cathode materials with high energy density and safety, achieving batch shipments of 10 tons [3] - The solid electrolyte has been successfully developed with high ionic conductivity and stability, with production capacity established for both oxide and sulfide electrolytes [5][6] Group 3: Lithium Manganese-Based Materials - Lithium manganese-based materials are positioned as a key development direction, with industry-leading performance in density, capacity, and cycle life [4] - The company has established a comprehensive layout for lithium manganese-based materials, covering both liquid and solid-state battery applications [4] Group 4: Three-Dimensional Materials Business - The company has established deep cooperation with international giants like LGES and SK on, securing orders exceeding 100 billion yuan for the next three years [9] - The products are integrated into high-end electric vehicle supply chains, including partnerships with major brands like Volkswagen and BMW [9] Group 5: Lithium Cobalt Oxide and Lithium Iron Phosphate - High-rate lithium cobalt oxide products dominate markets in electronic cigarettes and drones, while high-capacity variants have shown significant performance improvements [10] - Lithium iron phosphate products have seen a substantial increase in sales, with monthly shipments nearing 10,000 tons [12] Group 6: International Market Development - The company has expanded its international customer base, with a growing proportion of international clients contributing to revenue growth [14] - The Finnish base construction is underway to enhance local supply capabilities for international clients [15]

Group 1 - The core point of the news is that Fujilin Precision (富临精工) signed a prepayment agreement with CATL (宁德时代) for a total of 1.5 billion yuan to secure lithium iron phosphate supply and support the construction of raw material facilities until December 31, 2026 [1] - The agreement reflects CATL's high recognition of Fujilin's lithium iron phosphate product development, technical performance, and supply capacity, which will deepen the long-term strategic partnership between the two companies [1] - Fujilin's subsidiary, Jiangxi Shenghua New Materials (江西升华), has a production capacity of 300,000 tons of lithium iron phosphate and is focusing on high-density lithium iron phosphate products to accelerate the fast-charging market [3] Group 2 - In 2024, CATL agreed to pay prepayments to Jiangxi Shenghua to support the construction of a 75,000 tons/year production capacity at its Jiangxi base, with a commitment to purchase at least 140,000 tons of lithium iron phosphate annually from 2025 to 2027 [2] - The partnership has been strengthened through equity investment, with CATL acquiring an 18.74% stake in Jiangxi Shenghua in March 2025 [2] - Fujilin's lithium battery cathode material business revenue reached 3.837 billion yuan in the first half of the year, a year-on-year increase of 96.83%, accounting for 66% of total revenue, with a gross margin of 5.24% [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [5][12]. Core Insights - The company reported strong growth in the first half of 2025, with revenue reaching 7.534 billion yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 307 million yuan, up 27.76% year-on-year [3][4]. - The demand for lithium cobalt oxide is favorable, with a significant increase in sales volume of lithium battery cathode materials, which reached 60,700 tons, a year-on-year growth of 35.50% [3]. - The company has a strong position in the solid-state battery sector, focusing on cathode materials and electrolytes, with successful supply of cathode materials for oxide-based solid-state batteries [4]. Financial Performance - The company's gross margin for the first half of 2025 was 9.99%, an increase of 0.48 percentage points year-on-year, while the net profit margin was 4.06%, up 0.28 percentage points year-on-year [4]. - Revenue projections for 2025-2027 are 17.185 billion, 21.442 billion, and 24.917 billion yuan, with expected year-on-year growth rates of 29.24%, 24.77%, and 16.21% respectively [5][10]. - The forecasted net profit attributable to shareholders for the same period is 746 million, 1.071 billion, and 1.119 billion yuan, with growth rates of 51.04%, 43.58%, and 4.48% respectively [5][10].

Investment Rating - The investment rating for Hunan YN is "Buy" and is maintained [6] Core Views - Hunan YN reported a revenue of 14.358 billion yuan for the first half of 2025, representing a year-on-year increase of 33.17%. However, the net profit attributable to shareholders decreased by 21.59% to 305 million yuan, and the non-recurring net profit fell by 18.45% to 310 million yuan [2][4] - In Q2 2025, the company achieved a revenue of 7.596 billion yuan, a year-on-year growth of 21.31%, while the net profit attributable to shareholders declined by 8.54% to 211 million yuan, and the non-recurring net profit decreased by 1.39% to 225 million yuan [2][4] - The company experienced a significant increase in iron lithium shipments, reaching 480,800 tons in the first half of the year, a growth of 55.38%, with a capacity utilization rate of 116.82% [10] - The company is expected to continue improving its core operating trends, with new product sales increasing and a positive contribution from lithium prices anticipated in Q3 2025. The projected net profit attributable to shareholders for 2025 is 1.5 billion yuan [10] Summary by Sections Financial Performance - For the first half of 2025, Hunan YN's total revenue was 14.358 billion yuan, with a year-on-year growth of 33.17%. The net profit attributable to shareholders was 305 million yuan, down 21.59%, and the non-recurring net profit was 310 million yuan, down 18.45% [2][4] - In Q2 2025, the company reported revenue of 7.596 billion yuan, a 21.31% increase year-on-year, while the net profit attributable to shareholders was 211 million yuan, down 8.54% [2][4] Production and Sales - The company achieved iron lithium shipments of 480,800 tons in the first half of 2025, marking a 55.38% increase, with a high capacity utilization rate of 116.82% [10] - The sales of new products, including the CN-5 and YN-9 series, contributed approximately 40% to the total sales volume, indicating a positive shift in product mix [10] Future Outlook - The company is expected to benefit from improved operational trends, with anticipated positive contributions from lithium prices in Q3 2025. The projected net profit for 2025 is estimated at 1.5 billion yuan [10]