文｜华夏能源网

zailijiadongdangde2023nian，lidianchannengneijuanyanzhong。“juan”zaizhengjicailiaolingyudeyiweiagushangshigongsilaobanshijunfeng，yudaolehedaduoshutongxingyiyangdenanti：xingyechuyuxiaxingzhouqishi，shinishikuozhang，haishishunshijianchan？

shijunfengshilongpankeji（sh：603906）deshikongren，gongsifazhanchuqiyicheyonghuanbaojingxihuaxuepinyewuweizhuye，bingzhujianchengzhangweigaixingyedetoubuwanjia，yejiecengjiangqichengweirunhuayouxifensaidaode“yinxingguanjun”。

2018nianshi，shijunfengjuedingjinjunxinnengyuanjilinsuantielizhengjicailiaoxingye，chengweituotuodekuajiezhe。zheiyijuedingcengweizheijiagongsidailailefenghoudehuibao：2022nian，longpankejiyingyeliruntupo11yiyuandaguan，erzaishangyinianqilirunhaibudao3yiyuan。

danlidianxingye2023nianyilaiderizibingbuhaoguo。zi2023nianqi，xingyechannengguoshengjiashangtansuanlijiagexiadie，tielizhengjicailiaojiageyesuizhidafuxiajiang，longpankejiquanniankuisungaoda15yiyuan。jiezhi2023nianmo，longpankejizichanfuzhailvyijingdadaole75.72%，duanqiyinxingjiqitajiekuanyueda64.06yiyuan。

xingyexiaxingdiejiayejichengya，gairuhejueze？longpankejixuanzelejixujiama。

5yue14ri，longpankejifabugonggaocheng，niyinrugongshangyinxing、jiansheyinxingzibenruguqixiagongsichangzhouliyuan，jixujiamalinsuantieliyewu。youyeneirenshipanduan，longpankejihuoyouyifenchaichangzhouliyuandulishangshi。

jinnian4yuemo，longpankejicengxianggangjiaosuodibiaomouqiuercishangshi。benyouyigeipojihua，weihehaiyaolingqiluzao？gaofuzhaiyalixia，longpankejidekuochanjihuanengfouruyuan？

扩产目的何在？

congxingyelaikan，linsuantielizhengjicailiaoyijingxianruchannengguosheng。anzhaozhengjicailiaolongtouhunanyuneng（sz：301358）zaigonggaozhongpiludeqingkuang，linsuantieliguoshengdechannengjiangdao2025nianzhi2026niancainengchuqing。

zaichannengguoshengdebeijingxia，xuduozhengjicailiaoshengchanshangkaishixuanzejianchan。jinqiyilai，huiyuntaiye（sz：300891）、yuntianhua（sh：600096）、wanrunxinneng（sh：688275）、baihehua（sh：603823）xianhougongbuletingjianhuoyanchilexiangguanxiangmudejihua。

duiyuchangzhouliyuancicizengzikuogudemude，longpankejibiaoshi，bencijiaoyiyouliyuzengqiangchangzhouliyuanzailinsuantielizhengjicailiaochanyelianshangdexiangmuyanfa、shichangtuozhan、chanpinliangchandengfangmiandezongheshili。erlongpankejimouqiuzaigangjiaosuoshangshi，qimujidezijinyibufenyejiangyongyuchangzhouliyuanhubeixiangyanggongchangdexinlinsuanmengtielishengchanxiandetouru。

changzhouliyuanshilongpankejizai2021nianbinggoulebeiterui（lidiancailiaofujilongtou）qixialinsuantielizhengjicailiaoyewuhou，shuangfanghezizujianercheng。ziqunianqi，changzhouliyuandezhongyaoyewujiushituiguangqilinsuanmengtielichanpin“mengli1hao”。

weiyingduilidianchirongliangmidubuduanzengzhangdexuqiu，zhengjicailiaoshichangyepoqiexuyaojishudiedai，erlinsuanmenglibeichengwei“tielidianchizhengjicailiaodexiayidaijishu”。changzhouliyuanyitujiang“mengli1hao”dazaochengquantouchanpin，zaishichangshangxingchengchayihuajingzhengdeyoushi。

zhideyitideshi，longpankejizaigangjiaosuoshangshisuomuzidelingyimude，shiduiyindunixiyagongchangerqijinxingtouru。qimudebuyaneryu，ji“juan”xianghaiwaishichang。

shishishang，shijunfengzaoqianjiubujulehaiwaishichang。zaozai2021nian11yue，changzhouliyuanjiujihuazaiyindunixiyatouzishelihezigongsi，touzikaifajianshenianchan10wandunlinsuantielizhengjicailiaoxiangmu，rujingaixiangmuyijingtouchan。longpankejijixiwangyugangjiaosuoshangshi，qimuzideyibufenjijihuaweigaigongchangdeerqixiangmumujizijin。

zhengjicailiaochangshangmenfenfenbujuhaiwai，yifangmianshikandaolehaiwaidelinsuantielizhengjicailiaoshichangdexiaoliangzengsukongjian，lingyifangmian，longpankejidezhuyaokehuningdeshidai（sz：300750）dengyejunzaiyinnitoujianlegongchang，keyishuoshijingenkehudebufa。

资本“操盘”引发投资者质疑

shijunfeng“ruyisuanpan”debeihou，daodiyoumeiyouzugouguimodezijinzhichi？

fenxiqicaibaoshujulaikan，2023nian，longpankejiquanniankuisungaoda15.14yiyuan，erzaijinnianyijidu，youkuisun7804.5wanyuan。tongshi，youyujinnianlaidedaguimokuochan、shougou，daozhigongsizichanfuzhailvchixushangsheng。cong2020niandao2023nian，longpankejizichanfuzhailvcong28.44%biaoshengzhi75.73 %，duanqijiekuanyecong4.07yiyuanbaozengzhi64.06yiyuan。rucidadebiandong，yiduyinfazhengjianhuidedeguanzhujiwenxun。

danlongpankejizhendehenqueqianma？jinjiujinnianeryan，gongsicengduociyongxianzhizijinlicai。

jinnian1yue，longpankejigonggaocheng，yishiyongxianzhimujizijin6000wanyuangoumaixingyeyinxingqiyejinrongrenminbijiegouxingcunkuanchanpin；3yue，chengshiyongzanshixianzhidemujizijingoumailicaichanpin，xianjinguanlitouzijineweirenminbi 1.3yiyuan。5yue，youchengniyongxianzhimujizijinbuchaoguorenminbi11yiyuan、xianzhiziyouzijinbuchaoguorenminbi29yiyuanshishijinxingxianjinguanli。

youyeneirenshicheng，shishishang，duoshushangshiqiyepinfangoumailicaichanpin，yizaixiangtongguolicaishouyilaihuoqulirun，zhengshichuyuduizijinjinzhangdeyizhongjiaolv。

shishishang，jinjinian，longpankejizhaoqian、chouqiandejiaobuyizhiweiting，danchengxiaoshenwei。

yilinsuantielizhengjicailiaoxiangmuweili，zaozai2022nian8yue，longpankejijiupaochuyige21yiyuandekezhuanzhaifaxingfangan，qizhong13.5yiyuannitourugaixiangmu。ranerbansuizheshichangdebaoheyijibeiguantaiduzaixingyemanyan，gaibikezhuanzhaidefaxingmeinengruqiwanchengerbeizhongzhi。suihou，longpankejiyoujianggaikezhuanzhaifanganrongdaolegangjiaosuoshangshidemuzijihuazhong。

buguo，longpankejidegangjiaosuoshangshihaichongmanbianshu，shangshuxiangmudemuziqianjingyebudeerzhi。

huaxianengyuanwangzhuyidao，longpankejizaicicimujidezijinzhong，haiyouyibufenyonglaichanghaiciqianxiangguanshougouanchanshengdeyinxingjiekuan，kejianqicaiwufudanzhizhong。

tuidongchangzhouliyuanshangshi，zheiyizibencaozuofangfoyaozuowei“b”jihua，yibaozhengmuzichenggong。

zhideyitideshi，zaizijinyinyunlongzhaogongsizhishi，shijunfengyoulaileyicilingren“dadieyanjing”decaozuo。

jinnian3yue，longpankejinihuafei1yizijinshougouleshandongmeiduo，yibujulidianhuishouyewu。danjinggongkaiziliaobunanfaxian，“shandongmeiduo”zheijiagongsideshikongrenjingweishijunfengbenren，qiegaigongsichengliyu2022nian，jiezhishougoujihuagongbushi，qihaiweitouchan、yingshouwei“0”，erqiegaigongsiyebuzaigongxinbudonglidianchihuishou“baimingdan”zhinei。

zheibi1yishougou，yinfaledaliangguminduiqi“yiyuanmaikongqiao”“bianxiangjianchitaoqian”dezhiyi。

zheijiacengbeimeiyuweizhengjicailiaoxifensaidao“yinxingguanjun”dewanjia，rujinbujincaiwuchengya，gujiayejiao2021niandezuigaodian（71.04yuan/gu）diequlechaoguo85%。

jiezhijinrishoupan，longpankejigujiabaoshou9.95yuan/gu，xiaofuzhang1.02%，zongshizhiwei56.23yi。