龙江交通（601188）12月25日召开2025年第六次临时股东会，包括《关于控股子公司龙创公司投资建设 黑龙江省萝北县工农村年处理200万吨石墨矿采选联合项目的议案》《关于向控股子公司黑龙江省龙创 新材料技术有限责任公司增资暨关联交易的议案》等共计5项议案均获通过。 龙江交通在2023年确定将石墨产业作为公司产业翼重点培育产业，并制定了从矿源端、研发端到绿电配 套端的石墨产业链布局。目前，公司已完成了黑龙江省龙创新材料技术有限责任公司(以下简称"龙创公 司")60%股权、黑龙江省石墨新材料科技有限公司(原名为"黑龙江诺康石墨新材料科技有限公司")90%股 权、黑龙江水运建设发展有限公司100%股权的收购，初步完成了石墨产业矿源端、研发端与绿能端的 搭建。 龙江交通2025年12月9日晚公告，为进一步推动公司石墨产业落地见效，培育公司第二主业，公司控股 子公司龙创公司拟投资建设黑龙江省萝北县工农村年处理200万吨石墨矿采选联合项目，总投资金额 26.79亿元，其中项目资本金7.94亿元，银行借款18.85亿元。 萝北县石墨资源丰富、品位高，是我国重要的石墨原料基地，萝北县经过近些年的发展，在石墨资源开 发方面 ...

Financial Data and Key Metrics Changes - The company raised approximately $55 million through an ATM program and a convertible note offering since June 30, with a cash balance of about $53 million as of November 5, providing a solid runway for operations [11][12][32] - The company has invested approximately $125 million in developing the Kellyton Phase One facility [5] Business Line Data and Key Metrics Changes - The qualification line has successfully delivered large sample quantities of battery-grade natural graphite, completing full production runs of over one metric ton of CSPG for customers [8][9] - Improvements to the qualification line have resulted in faster cycle times, higher yields, and better flow rates, enhancing production capabilities [8] Market Data and Key Metrics Changes - The company has not observed any deterioration in anode pricing and believes prices are holding with potential for increases due to tariffs and export restrictions [22] - Graphite is recognized as a critical mineral, making up about 50% of the weight of a lithium-ion battery, and is a focus area for government funding initiatives [14] Company Strategy and Development Direction - The company aims to optimize the ramp-up of Kellyton to align capacity with existing off-take commitments, which may reduce capital requirements for full commercial production [5][9] - The Coosa Graphite Deposit is a key part of the company's strategic growth plans, allowing for vertical integration by mining graphite at Coosa and processing it at Kellyton [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the U.S. battery materials market but expresses confidence in the company's ability to adapt and continue moving forward [16] - The company is committed to building a sustainable, profitable business and is focused on long-term growth and value creation for shareholders [16] Other Important Information - The unexpected termination of the off-take agreement with Fiat Chrysler Automotive has paused the debt syndication process, which was reliant on that agreement [4] - The company is exploring various government funding opportunities, including the Department of Energy's critical materials innovation initiative and the FAST-41 program for expedited permitting [12][14] Q&A Session Summary Question: What is the status of permitting at Coosa and any bottlenecks due to the government shutdown? - Management indicated that they are working to advance permitting and are in a good position to enter the FAST-41 program, although the government shutdown has caused some delays [20][21] Question: What is the outlook on pricing and long-term graphite demand? - Management noted that there has been no deterioration in pricing and that prices are holding steady with potential for increases [22] Question: Are there any interests from companies using graphite in SMR reactors? - Management stated they are not currently aware of any interest from these companies but will look into the potential market [25][28] Question: Clarification on the recent $75 million offering reported? - Management clarified that the $75 million was an ATM refresh and not a one-time offering, with the majority of the $55 million raised occurring before this refresh [32]