1200亿元超级大单遭问询背后，锂电正极材料龙头深度绑定宁王

21世纪经济报道01-14

登录新浪财经APP 搜索【信披】查看更多考评等级 21世纪经济报道记者费心懿1月13日晚，锂电正极材料龙头容百科技（688005.SH）抛出重磅公告，与全球锂电霸主宁德时代（300750.SZ）签署了为期6年的磷酸铁锂正极材料采购协议，约定2026年一季度至2031年合计供应305万吨产品，总金额超1200亿元，相当于公司2023-2025年前三季度营收总和的三倍。作为行业史上规模最大的单笔采购...

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搜索【信披】查看更多考评等级\n21世纪经济报道记者费心懿1月13日晚，锂电正极材料龙头容百科技（688005.SH）抛出重磅公告，与全球锂电霸主宁德时代（300750.SZ）签署了为期6年的磷酸铁锂正极材料采购协议，约定2026年一季度至2031年合计供应305万吨产品，总金额超1200亿元，相当于公司2023-2025年前三季度营收总和的三倍。作为行业史上规模最大的单笔采购协议，这份覆盖储能与动力电池核心材料的长协，在公司路演是直接被冠以“黑科技带来锂电正极材料历史最大订单”的标题。然而资本市场尚未点燃便哑火，上交所当晚便下发问询函，直指协议合规性、履约能力等核心问题。问询函直指，公司是否存在夸大表述、广告用语或借大额合同炒作股价的动机。公司股票于1月14日紧急停牌。路演称“不方便细说”这份原本有望点燃资本市场的“超级大单”为何引发监管连夜问询？表面矛盾集中在容百科技的合同履约能力，而背后是容百科技寄希望于绑定锂电超级“链主”的勃勃野心与战略转型下的一场豪赌。上交所问询函首先指向产能匹配度。据此前公告披露，容百科技通过收购贵州新仁仅拥有6万吨/年磷酸铁锂建成产能，而协议期内年均需供应约50.8万吨，现有产能与订单需求差距超10倍。21世纪经济报道记者获得的当晚路演的一份录音材料显示，公司称，已拥有28万方厂房，具备快速扩产基础、为明年Q3产能达到37万吨提供重要保障。同时，公司在西南地区的三大基地将联合组成一个“磷酸铁锂超级工厂”，到2028年目标达到百万吨以上产能规模。此外，长单对应的价格也引发争议。按1200亿元总金额和305万吨供应量推算，该订单的磷酸铁锂平均单价仅3.93万元/吨，据上海有色网（SMM），1月14日国内磷酸铁锂市场报价约5.5万元/吨，该公告的订单股价与较市场价相比低30%以上，显著低于同类协议价格，且与当前碳酸锂价格不断上涨的态势倒挂。对此，在当晚的路演中，董事长白厚善表示，金额是一年一次的协商，2026年的价格已经协商确定了，2027年的价格要到年底确定。此外，容百科技还试图以“黑科技”自证底气。公告提及了其近期落地的一项科技，可实现磷酸铁锂产品在铁溶出率、首效及压实密度等关键指标上行业领先，已实现五代品开发并进入应用阶段。公司还透露，“该革命性工艺将生产流程由15道缩短至6道，投资成本降低约40%，能耗降低约30%，实现零排放，具备强保密性与可回收协同性。”而有关这份订单的约束性问题，公司态度略显暧昧。公告中明确提及，“协议对双方均具有约束性”。但针对订单约束性的提问，白厚善却回答称，“有一定的约束性，但不是很强，这个具体的不便在这里透露了。”对于订单量的细节，公司更是以“涉及客户保密协议”为由委婉拒绝进一步解释。深度绑定链主这场争议的背后，是容百科技从三元正极材料向磷酸铁锂赛道的战略转型。而这份“千亿长协”，或正是其快速跻身锂电链主核心供应商阵营的关键布局。作为三元正极领域的头部企业，容百科技2025年上半年才宣布切入铁锂赛道。按照公司在路演中披露的扩产规划实属惊人，将在2026年实现60万吨的磷酸铁锂产能，2030年将在中国、欧洲地区、北美地区、韩国实现合计300万吨的磷酸铁锂规划。值得注意的是，此次签订协议，并非容百科技与宁德时代的首次牵手。早在2022年1月，容百科技便与宁德时代签署战略合作暨长期供货协议，成为宁德时代高镍三元正极粉料的核心供应商。协议约定，2022年宁德时代向容百科技采购高镍三元材料约10万吨；2023年至2025年底，容百科技被明确为宁德时代该品类的“第一供应商”。2025年11月，双方合作进一步延伸至新兴赛道，容百科技与宁德时代签署钠电正极粉料供应协议，约定在技术、质量等达标前提下，宁德时代每年采购量不低于其总采购量的60%，若年采购量达50万吨及以上，容百科技将给予价格优惠，协议有效期至2029年且可自动续约。不难看出，容百科技正步步推进与宁德时代的深度绑定。这并非个例，当前锂电行业长协绑定逐渐成为趋势。2025年9月，龙蟠科技与宁德时代签署海外供应协议，约定前者将在2026年二季度至2031年为宁德时代供应15.75万吨磷酸铁锂；同年5月，万润新能与宁德时代达成协议，2025-2030年预计供货132.31万吨，未披露具体金额但明确了逐年供货递增机制；更早前的2025年6月，富临精工与宁德时代签订补充协议，宁德时代承诺年度采购量不低于前者子公司产能的80%，并支付15亿元预付款支持其原材料布局与扩产。长协热潮背后也暗藏乱象。近期储能新秀鹏程无限宣称与海希通讯签署60GWh战略合作协议，却被海希通讯公告证伪——实际仅签署400MWh电芯采购合同，规模相差150倍。此类“夸大宣传”事件的出现，也让监管层对大额订单的信息披露规范性更为警惕，而容百科技的案例，正是在这一背景下成为监管核查的焦点。值得一提的是，业内人士向记者分析指出，锁定上游供应商未来6年的新增产能优先配置权，其实是锂电链主正以这种方式重塑供应链。超级霸主将技术指标、成本控制、交付节奏列为前置条件，而非“建多少买多少”的兜底承诺，实质上正将扩产风险、技术迭代风险转嫁给上游供应商。截至1月13日收盘，容百科技股价37.35元/股，市值267亿元。\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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