Core Viewpoint - The demand for high-pressure lithium iron phosphate (LFP) is increasing due to advancements in energy storage and power batteries, while the production capacity is still limited among manufacturers [2][3][4]. Group 1: Market Demand and Supply - The demand for high-pressure LFP is driven by the performance improvements in energy storage and power batteries, which require larger capacity, higher energy density, and fast charging capabilities [2]. - As of the first half of 2025, the monthly shipment of high-pressure LFP materials has exceeded 40,000 tons, indicating a significant demand gap in the short term [3]. - The domestic energy storage market saw a cumulative installed capacity of 23.03 GW/56.12 GWh in the first half of 2025, a year-on-year increase of 68% [9]. Group 2: Industry Dynamics - The pricing mechanism for LFP has shifted, with processing fees becoming a major profit source for manufacturers, leading to a competitive landscape where top companies dominate the market [3][4]. - The fourth generation of high-pressure LFP (≥2.6 g/cm³) is primarily produced by leading companies such as Fulin Precision, Hunan Youneng, and Longpan Technology, which limits the survival space for smaller firms [3][4]. - The industry is experiencing a structural oversupply and price competition, with many companies operating at a loss, although some are beginning to narrow their losses as they expand into fourth-generation products [5][6]. Group 3: Technological Advancements - The mainstream density of LFP materials is currently between 2.5-2.55 g/cm³, with ongoing developments aimed at achieving higher densities and longer cycle lives [11][12]. - Major battery manufacturers are enhancing their products' performance, which directly increases the demand for high-pressure LFP [13][14]. - Companies like Fulin Precision and Hunan Youneng are advancing their production capabilities for fourth-generation LFP, with significant investments and partnerships to secure stable material supplies [16][18]. Group 4: Future Outlook - The upcoming 2025 High-Performance Lithium Battery Conference will gather industry leaders to discuss the latest trends and challenges in the lithium battery supply chain [7][20]. - The demand for high-pressure LFP is expected to grow significantly, particularly in the energy storage sector, as companies explore larger capacity batteries [20].

记者丨 费心懿 编辑丨巫燕玲 富临精工（300432.SZ）与宁德时代（300750.SZ；3750.HK）的战略合作，正式迈入关键转折阶段。 9月29日晚， 富临精工公告与宁德时代拟共同对前者子公司江西升华增资扩股。 其中，宁德时代将出资25.63亿元，持股比例提升至51%，实现对江西升华的控股。次日，富临精工股价应声走强， 盘中触及20%涨停维持至 收盘，报收22.22元/股，最新市值380亿元。 同日，宁德时代A股涨1.17%，H股涨幅4.48%，总市值再度超越贵州茅台， 也标志着新能源产业对传统消费产业的历史性超越。 多次合作到深度绑定 从财务指标上来看，截至2025年上半年，江西升华资产总额为70.02亿元，净资产从去年末的7.25亿元提高到11.89亿元。 2024年，江西升华收入为48.29亿元，但净亏损2836.12万元。到2025年上半年，江西升华的出货量持续提升，营业收入为39.58亿元，净利 润6378.14万元，刚刚实现扭亏为盈。 事实上，江西升华此前的财务压力较大。 富临精工的核心业务涵盖锂电正极材料、汽车发动机和变速箱精密零部件。此外，富临精工还加码了机器人智能电关节模组及零部件等 ...

富临精工的核心业务涵盖锂电正极材料、汽车发动机和变速箱精密零部件。此外，富临精工还加码了机 器人智能电关节模组及零部件等业务，横跨多条硬科技赛道。 2024年，富临精工营收84.70亿元，其中控股子公司江西升华营收48.29亿元、控股子公司绵阳富临精工 新能源营收16.84亿元；2024年净利4.02亿元。 宁德时代与富临精工的合作最早可追溯至2021年，彼时宁德时代开始战略性布局磷酸铁锂上游产业链， 对江西升华增资了2000万；随后于2022年2月追加增资1.44亿元，将持股比例增至20%。 2024年8月12日，双方签署《业务合作协议》，宁德时代承诺2025年至2027年每年至少采购14万吨磷酸 铁锂。在2025年3月10日，江西升华增资扩股中，宁德时代出资4亿元，将持股比例提升至18.74%。同 时，双方在今年的6月5日签订的《业务合作协议》补充协议，将合作期限从2025-2027年延长至2025- 2029年。双方协商，宁德时代的采购量将不低于江西升华产能的80%。 21世纪经济报道记者费心懿 富临精工（300432.SZ）与宁德时代（300750.SZ；3750.HK）的战略合作，正式迈入关键转折阶 ...

每经记者｜胥帅 每经编辑｜段炼 文多 9月29日晚间有新能源电池产业的大新闻，行业龙头宁德时代（300750.SZ）罕见地以增资入股方式，拟对另一家上市公司的子公司实现控股。 4亿元后是25.6亿元 宁德时代一年内拟再度投资标的公司 9月29日晚间，富临精工披露，其与宁德时代拟共同对江西升华增资扩股，富临精工拟增资10亿元，认购江西升华新增注册资本8.13亿元，宁德时代拟增 资25.6亿元，认购江西升华新增注册资本20.8亿元。本次交易完成后，宁德时代持有江西升华的股权比例为51%，富临精工持有江西升华的股权比例为 47.4096%。 这意味着宁德时代计划代替富临精工成为江西升华的控股股东。 此事预计将构成重大资产重组。富临精工副董事长李鹏程向记者表示，涉及这类型的重大资产重组时只需要走简易程序，不需要停牌。 富临精工（300432.SZ）公告称，富临精工与宁德时代拟向江西升华新材料有限公司（以下简称"江西升华"）增资35.6亿元，其中宁德时代拟增资25.63亿 元，增资后的持股比例为51%。 《每日经济新闻》记者测算发现，宁德时代3月就已入股江西升华。江西升华为何让宁德时代一再青睐？答案或在磷酸铁锂材料里的 ...

Core Viewpoint - The demand for high-pressure lithium iron phosphate (LFP) is increasing due to the performance improvements in energy storage and power batteries, while the supply is constrained by the complexity of production processes and the limited number of companies capable of mass production [1][2][4]. Group 1: Market Demand and Supply Dynamics - High-pressure LFP is in high demand due to the scaling of large-capacity, high-energy, and fast-charging batteries [1]. - The production of high-pressure LFP requires strict raw material purity and particle size distribution, with only a few companies mastering mass production technology [1][2]. - The pricing mechanism for LFP has shifted to a model based on "raw material market price + processing fee," with high-pressure LFP commanding an additional processing fee of 2000-5000 yuan per ton compared to standard products [1]. Group 2: Competitive Landscape - The production capacity for fourth-generation high-pressure LFP (≥2.6g/cm³) is concentrated among leading companies such as Fulin Precision, Hunan Youneng, Longpan Technology, and Defang Nano, which limits the survival space for smaller firms [2]. - Despite the capacity of leading firms, actual production and future capacity ramp-up will take time, leading to a significant demand gap in the short term [2][4]. - The market for fourth-generation LFP is expected to see concentrated supply once leading companies complete their capacity expansions, potentially altering the competitive landscape [2]. Group 3: Industry Trends and Innovations - The performance of energy storage batteries is improving, with average capacity utilization rates for leading battery companies reaching 70%-80%, and some even exceeding 80% [5][6]. - The domestic energy storage market saw a cumulative installed capacity of 23.03 GW/56.12 GWh in the first half of 2025, a year-on-year increase of 68% [6]. - The mainstream density for LFP materials is currently between 2.5-2.55 g/cm³, with ongoing technological iterations pushing for larger capacities and longer cycle lives [6]. Group 4: Strategic Moves by Companies - Leading LFP companies are accelerating their fourth-generation product layouts, with Fulin Precision's subsidiary signing a prepayment agreement with CATL to enhance high-pressure LFP supply [10][11]. - Hunan Youneng has introduced its fourth-generation LFP products, achieving batch supply after important customer certifications [11]. - Smaller firms are also making moves, with companies like Pengbo New Materials and Wanhua Chemical planning to invest in high-pressure LFP production projects [13].