Core Viewpoint - Sichuan Development Longmang Co., Ltd. held an online earnings briefing on September 12, 2025, addressing investor inquiries regarding company operations and future plans [1] Group 1: Shareholding and Assets - The company holds a 49% stake in Chongqing Steel Group Mining Co., Ltd., indirectly acquiring part of the rights to Chongqing Steel Xichang Mining Co., Ltd. [1] - Recent acquisitions include 100% of Tianrui Mining, 51% of Guotuo Mining, 49% of Chongqing Steel Mining, 10% of Tiansheng Mining, and 60% of Tianbao Company [1] - The company has not disclosed information regarding the potential injection of the Lijiagou North Lithium Mine into the listed company [1] - The controlling shareholder, Sichuan Advanced Materials, holds the Tiger Cave Phosphate Mine (3.7 billion tons) and the Xiaogou Phosphate Mine (4 billion tons), with future asset injection plans subject to disclosure obligations [1] Group 2: Business Layout - The company currently does not produce lithium batteries but manufactures industrial-grade monoammonium phosphate, which can be used as a precursor for new energy battery cathode materials [1] - The De'a project with a capacity of 60,000 tons/year for lithium iron phosphate has been fully completed and put into production, while the 100,000 tons/year phosphate project is nearing completion [1] - The company primarily engages in the production and sales of industrial-grade monoammonium phosphate and fertilizer-grade monoammonium phosphate, with Tianbao Company producing feed-grade dicalcium phosphate for livestock nutrition [1] - The jointly held Sichuan Ganmei New Energy Resources Co., Ltd. is in the process of deregistration [1] - The implementation of the cooperation framework agreement with Fulim Precision Engineering has uncertainties, and the company will disclose progress in a timely manner [1] Group 3: Market and Customers - In the first half of 2025, revenue from industrial-grade monoammonium phosphate reached 1.063 billion yuan, a year-on-year increase of 13.55% [1] - The company is cautiously advancing the construction of the De'a and Panzhihua projects, with some projects in production and others still under construction, continuously optimizing the supply chain and customer structure [1] Group 4: Market Capitalization and Stock Price - The company's stock price is influenced by macroeconomic and industry factors [1] - A market value management system has been established, clarifying responsibilities and ongoing efforts, with no temporary hiring of market value management personnel [1] - Plans regarding chairman shareholding increases, company buybacks, and stock incentive optimization will be disclosed as required [1] Group 5: On-site Inspection - Individual investors can contact the company's investor hotline to verify shareholder identity for potential on-site inspections at the Deyang New Materials Base and Panzhihua New Materials Base [1]

Group 1: Company Investments and Acquisitions - The company holds a 49% stake in Chongqing Iron and Steel Group Mining Co., which indirectly provides access to its core assets, including the Taihe Iron Mine [2] - The company has completed acquisitions including 100% of Tianrui Mining, 51% of Guotuo Mining, 49% of Chongqing Iron and Steel Mining, 10% of Tiensheng Mining, and 60% of Tianbao Company [4] - The last phosphate mine, Laohudong, has a reserve of 370 million tons, and the company is focused on acquiring quality resources to enhance its integrated advantages [22] Group 2: Financial Performance and Market Strategy - In the first half of 2025, the company achieved revenue of 1.063 billion yuan from industrial-grade monoammonium phosphate, a year-on-year increase of 13.55% [21] - The company aims to achieve a revenue target of 8.38 billion yuan in 2025 [20] - The company is committed to a development strategy based on "scarce resources + core technology + industrial integration + advanced mechanisms" to drive both internal growth and external mergers [4][9] Group 3: Production Capacity and Projects - The De'a project has a production capacity of 60,000 tons/year for lithium iron phosphate, which is fully operational, while the 100,000 tons/year phosphate project is nearing completion [8][19] - The company is actively advancing the construction of new energy material projects, including the De'a and Panzhihua projects, to meet market demands [21] - The company is focused on optimizing its supply chain and customer structure as part of its project development strategy [17] Group 4: Market Challenges and Management - The company's stock price has been affected by macroeconomic and industry factors, leading to concerns about market performance [4][11] - The company has established a value management system to enhance operational efficiency and shareholder returns [5][11] - There are no current plans for stock buybacks, but the company will disclose any future plans as required [11][10]

Core Viewpoint - The report indicates that Chuanfa Longmang's performance in the first half of 2025 met expectations, with ongoing integration in the industrial chain, leading to an "Accumulate" rating for the company [1] Financial Performance - In the first half of 2025, Chuanfa Longmang achieved operating revenue of 4.7 billion yuan, a year-on-year increase of 16.77%, while operating costs were 4.08 billion yuan, up 19.17%. The net profit attributable to shareholders was 239 million yuan, down 18.69% year-on-year [1] - For Q2 2025, the company reported revenue of 2.616 billion yuan, a year-on-year increase of 11.15% and a quarter-on-quarter increase of 25.49%. Operating costs were 2.247 billion yuan, up 13.35% year-on-year and 22.54% quarter-on-quarter. The net profit attributable to shareholders was 135 million yuan, down 28.73% year-on-year but up 31.20% quarter-on-quarter [2] Product Pricing and Production - The price of industrial-grade monoammonium phosphate rose due to high raw material costs and strong market demand, with an average market price of 6,437.75 yuan/ton in Q2 2025, a 6.67% increase quarter-on-quarter. The production volume for industrial-grade monoammonium phosphate was 216,600 tons, a year-on-year increase of 0.51% [3] - The average market price for fertilizer-grade monoammonium phosphate in Q2 2025 was 3,297.74 yuan/ton, up 5.48% quarter-on-quarter, while production volume decreased by 1.68% year-on-year to 5.04 million tons [3] Industry Dynamics - The phosphoric acid and ammonium industry is experiencing a favorable shift due to policy-driven changes, with Chuanfa Longmang completing acquisitions that enhance its competitive position. The company acquired 60% of Tianbao Company and 10% of Tiansheng Mining, which will improve its market standing [4] - Recent policies aimed at energy conservation and emissions reduction are leading to the exit of inefficient production capacities, which is expected to enhance industry concentration and competitiveness [4] Strategic Development - Chuanfa Longmang is focused on building a green circular economy industrial chain, leveraging scarce resources and core technologies. The company produced 1.1741 million tons of various phosphochemical products in the first half of 2025 [5] - The company is advancing its lithium battery materials projects and has completed the construction of a 6,000-ton/year lithium iron phosphate facility, with ongoing projects to enhance its resource reserves [5][6] Investment Outlook - The projected net profits for Chuanfa Longmang for 2025, 2026, and 2027 are 653 million yuan, 810 million yuan, and 945 million yuan respectively, with corresponding price-to-earnings ratios of 34, 27, and 23 times [7]

Investment Rating - Investment Rating: "Accumulate" (Maintain) [1] Core Views - The company reported a revenue of 4.7 billion yuan in the first half of 2025, representing a year-on-year increase of 16.77%. However, the net profit attributable to shareholders decreased by 18.69% to 239 million yuan [3][4] - The main products' prices have slightly increased, but a decline in phosphate ore production has negatively impacted overall profitability [4][6] - The company has completed acquisitions to enhance its market position, including a 60% stake in Tianbao Company and a 10% stake in Tiensheng Mining [6][7] - The company is focusing on building a green circular economy industrial chain and maintaining its leading position in the phosphate chemical industry [8] Financial Performance - In Q2 2025, the company achieved a revenue of 2.616 billion yuan, up 11.15% year-on-year, but the net profit decreased by 28.73% to 135 million yuan [4] - The company expects net profits for 2025-2027 to be 653 million, 810 million, and 945 million yuan respectively, with corresponding P/E ratios of 34, 27, and 23 times [9][10] - The gross profit margin is projected to improve from 14.3% in 2024 to 16.7% in 2027 [10] Industry Outlook - The phosphate industry is expected to benefit from policy-driven improvements in competition and efficiency, with strict controls on new capacity [6] - The company is actively pursuing technological innovations and expanding its resource base, including lithium and calcium mining projects [8]

Core Viewpoint - The stock of Chuanfa Longmang (002312.SZ) has been stagnant around 11 yuan, contrasting with the broader recovery in the phosphorus chemical index and the recent speculative trading in the market, raising questions about its valuation and the sustainability of its growth prospects [2][10]. Group 1: Stock Performance and Market Sentiment - Following the "tariff incident" on April 7, the phosphorus chemical index has rebounded, but Chuanfa Longmang's stock has not followed suit, remaining flat [2]. - Recent speculative trading in stocks associated with the "Ma" character has seen increases of over 60%, reminiscent of last year's hype around Chuanfa Longmang [2]. - The stock experienced significant volatility last year, with a peak of 22.88 yuan per share before a rapid decline, indicating a pattern of speculative trading driven by retail investors [6][10]. Group 2: Company Developments and Financials - Chuanfa Longmang has undergone multiple business transformations since its listing in 2009, currently focusing on phosphorus chemicals under the control of the Sichuan State-owned Assets Supervision and Administration Commission [3][12]. - The company reported a revenue of 1.56 million yuan from its new energy materials segment in the first half of 2024, which accounted for only 0.39% of total revenue, indicating limited contribution to overall performance [15]. - The company’s operating costs for new energy materials reached 1.19 billion yuan, representing 1.70% of total costs, highlighting the financial strain of this segment [16]. Group 3: Industry Context and Future Prospects - The phosphorus chemical industry is currently facing an oversupply situation, which poses challenges for Chuanfa Longmang's growth trajectory and its second growth curve in new energy materials [11][18]. - The company is actively pursuing acquisitions to enhance its resource base, including a recent announcement to acquire a 51% stake in Guotuo Mining, which will fill a gap in lithium resources [8][21]. - Despite the strategic moves to expand its resource capabilities, the company faces significant debt pressures, with short-term borrowings reaching 1.31 billion yuan and long-term borrowings at 4.35 billion yuan as of Q1 2025 [23][24].

据公告，此次收购的主要目的是为了提升公司在磷酸钙盐饲料添加剂行业的市场竞争力。 据悉，这笔交易涉及的股权包括了周荣超、周吕差等多方股东持有的股份，交易完成后，南漳龙蟒将间接持有天宝公司60%的股份，从而将其纳入 公司的合并报表范围。 星标 ★ IPO日报 精彩文章第一时间推送 随着化工行业整合的加速，未来的市场竞争将愈发激烈，这家公司能否成功转型，抢占更多市场份额？ 近期，磷化工行业的领军企业川发龙蟒宣布，其全资子公司南漳龙蟒磷制品有限责任公司（下称"南漳龙蟒"）拟以4.32亿元收购天宝动物营养科技 股份有限公司（下称"天宝公司"）60%的股份。 制图：佘诗婕 01 大转弯 川发龙蟒创立于1997年，于2009年在深交所挂牌上市。公司注册资本雄厚，达到18.91亿元，其控股股东为四川发展（控股）有限责任公司全资子公 司——四川省先进材料产业投资集团有限公司，实际控制人是四川省政府国有资产监督管理委员会。 据悉，目前，公司的主营业务集中在磷化工领域，产品线丰富，包括工业级磷酸一铵、肥料级磷酸一铵、饲料级磷酸氢钙、肥料级磷酸氢钙、高浓 度复合肥以及中低溶度复合肥等。 其中，"蟒牌"作为公司的核心品牌，已成功跻身中 ...