Group 1 - Longpan Technology (603906) shares rose over 7%, reaching 9.69 HKD with a trading volume of 1.26 billion HKD [1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry 2025-2026," aiming for high-quality development in the photovoltaic sector and regulating low-price competition [1] - The Action Plan emphasizes enhancing collaborative efficiency and supporting foundational research in cutting-edge technologies such as artificial intelligence, advanced storage, 3D heterogeneous integrated chips, and all-solid-state batteries [1] Group 2 - CITIC Construction Investment indicated that a significant meeting is approaching, which may present allocation opportunities in the battery sector [2] - The China Society of Automotive Engineers will hold a review meeting for solid-state battery standards on September 10-11, with multiple standards projects being initiated [2] - In the first half of the year, Longpan Technology achieved revenue of 36.22 billion RMB, a year-on-year increase of 1.5%, while the loss attributable to shareholders narrowed by 61.6% to 84.194 million RMB [2] - Changcheng Securities reported that the company's overseas capacity construction is leading, with deep binding to top clients enhancing capacity digestion certainty, and industry concentration and improved prosperity are expected to bring considerable performance elasticity [2]

Group 1 - Longpan Technology (02465) saw a stock increase of over 7%, reaching 9.69 HKD with a trading volume of 1.26 billion HKD [1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry 2025-2026," which aims to promote high-quality development in the photovoltaic sector and regulate low-price competition [1] - The Action Plan emphasizes enhancing collaborative efficiency in foundational research for cutting-edge technologies such as artificial intelligence, advanced storage, three-dimensional heterogeneous integrated chips, and all-solid-state batteries [1] Group 2 - CITIC Construction pointed out that an important conference is approaching, which may present configuration opportunities for the battery sector [1] - The China Society of Automotive Engineers will hold a review meeting for solid-state battery standards from September 10 to 11, which includes the assembly methods for solid-state battery molds and the evaluation methods for hydrogen production in sulfide all-solid-state batteries [1] - In the first half of the year, Longpan Technology achieved a revenue of 3.622 billion RMB, a year-on-year increase of 1.5%, while the loss attributable to shareholders narrowed by 61.6% to 84.194 million RMB [1] Group 3 - Longpan Technology's overseas production capacity construction is leading, and its deep binding with top clients enhances the certainty of capacity digestion [1] - The improvement in industry concentration and market conditions is expected to bring considerable performance elasticity [1]

Core Viewpoint - Longpan Technology announced a guarantee of 150 million RMB for its subsidiaries Changzhou Lithium Source and Jiangsu Lithium Source, indicating strong control over their operations and financial management [2] Summary by Relevant Sections Company Guarantees - The company provided a joint liability guarantee of 150 million RMB for its subsidiaries, which are both controlled by the company [2] - The total approved guarantee amount for the company and its subsidiaries is 14.17 billion RMB, representing 447.04% of the company's audited net assets attributable to shareholders for the year 2024 [2] Current Guarantee Status - The actual guarantee balance that has been utilized is 5.58 billion RMB, which accounts for 176.05% of the company's audited net assets attributable to shareholders for the year 2024 [2] - The guarantees are within the approved limit set by the company [2]

Summary of Key Points Core Viewpoint - The company, Jiangsu Longpan Technology Group Co., Ltd., has announced the provision of guarantees for its subsidiaries, Changzhou Liyuan New Energy Technology Co., Ltd. and Liyuan (Jiangsu) Technology Co., Ltd., to support their bank credit applications, indicating a controlled risk environment for the company [1]. Group 1: Guarantee Overview - The company has provided a total guarantee of RMB 150 million for its subsidiaries, with RMB 50 million for Changzhou Liyuan and RMB 100 million for Jiangsu Liyuan [1]. - The company has full control over the production and financial management of the subsidiaries, ensuring that the guarantee risks are manageable [1][6]. - The total amount of guarantees provided by the company and its subsidiaries has exceeded 100% of the audited net assets attributable to the parent company for the fiscal year 2024 [1][7]. Group 2: Financial Data of Subsidiaries - Changzhou Liyuan has a registered capital of RMB 83,412.7585 million and operates in the electronic materials sector [2][3]. - Jiangsu Liyuan, a wholly-owned subsidiary of Changzhou Liyuan, has total assets of RMB 248,780.63 million and reported a net profit of RMB -890.57 million [5]. Group 3: Risk Management - The company has established a comprehensive risk management system for its guarantee business, including dynamic tracking of the guarantee ledger and feasibility assessments of the projects [6]. - The company has no overdue guarantees and does not provide guarantees for shareholders or related parties [7].

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-121 江苏龙蟠科技集团股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人：常州锂源新能源科技有限公司（以下简称"常州锂源"）和 锂源（江苏）科技有限公司（以下简称"江苏锂源"）均为江苏龙蟠科技集团股 份有限公司（以下简称"公司"或"龙蟠科技"）并表范围内的下属公司。 本次担保情况：由公司为上述下属公司合计向银行申请综合授信提供 15,000.00万元人民币的连带责任担保，常州锂源和江苏锂源均为公司控股公司， 其余股东未同比例提供担保，公司对其生产经营、财务管理等方面具有充分控制 权，担保风险处于公司可控范围内。 本次担保无反担保。 截至目前，公司及其下属公司（含本次担保）已实际发生的担保余额为 55.80亿元。无逾期担保。 特别风险提示：公司及其下属公司（不含本次担保）对外担保总额已超 过上市公司2024年度经审计归属于母公司净资产100%，被担保对象江苏锂源最 近一期资产负债率超过70%，敬请投资者关 ...

FF301 第１頁 共 11 頁 備註: | | | --- | | 香 港交 易 所 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 致：香港交易及結算所有限公司 公司名稱: 江蘇龍蟠科技集團股份有限公司 2025年9月3日 呈交日期: l. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 02465 | 説明 | HH股 | | | | | | | | 法定/註冊股份數目 | | 面値 | | 法定/註冊股本 | | | 上月底結存 | | | 120,000,000 RMB | | 1 RMB | | 120,000,000 | | 增加 / 減少 (-) | | | | | RMB | | O | | 本月底結存 | | | 120,000,000 RMB | | 1 RMB | | 120,000,000 | | 2. 股份分類 | 普通股 | 股 ...

Core Viewpoint - The turbine oil market in China is experiencing stable growth, driven by the expansion of power generation capacity, particularly in thermal and nuclear power sectors, as well as the demand for high-quality lubricants in the petrochemical industry and the transformation of shipbuilding and metallurgy sectors [1][12]. Industry Overview - Turbine oil, also known as turbine oil, is essential for the lubrication of key components in turbine units, including bearings and governors, playing an irreplaceable role in industrial modernization [1][12]. - The market size of China's turbine oil industry has grown from 1.694 billion yuan in 2015 to an estimated 3.961 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.9% [1][12]. Industry Development History - The turbine oil industry dates back to the early 20th century, gaining importance with the rise of electricity demand and the widespread use of turbines [6][7]. - The industry has evolved to focus on environmental performance and energy efficiency, leading to the development of ashless, biodegradable, and long-life turbine oils [7][12]. Industry Chain - The upstream of the turbine oil industry consists of base oils and various additives, with base oils being the primary component [9][10]. - The midstream involves the production and manufacturing of turbine oils, while the downstream includes applications in aviation, shipping, and power generation sectors [9][10]. Current Industry Status - The turbine oil industry is currently in a phase of steady development, with increasing demand driven by the expansion of thermal power capacity and the construction of nuclear power plants [12][13]. - The production of turbine oil in China is projected to rise from 116,300 tons in 2015 to 231,300 tons in 2024, with a CAGR of 7.94% [12][13]. Competitive Landscape - The Chinese turbine oil industry features a diverse competitive landscape, with international brands dominating the high-end market and domestic companies competing in the mid-range market [13][14]. - Leading domestic companies like Sinopec and PetroChina are narrowing the gap with international brands through continuous technological development [13][14]. Future Development Trends - The industry is expected to accelerate towards high-performance and long-life products, with a shift from traditional mineral-based oils to synthetic and semi-synthetic oils [17]. - There will be a diversification of application scenarios, extending beyond traditional power generation to include emerging fields like thermal energy and energy storage [18]. - Environmental sustainability will become a key focus, with the development of low-toxicity and low-volatility formulations, as well as the commercialization of "green" turbine oils [19].

Core Viewpoint - The company plans to use idle raised funds amounting to 168 million yuan for cash management through financial products, aiming to enhance fund utilization efficiency and shareholder returns while ensuring that the main investment projects remain unaffected [1][2][3]. Investment Overview - **Investment Amount**: The total amount for the financial products is 168 million yuan [1][3]. - **Source of Funds**: The funds are sourced from temporarily idle raised funds from a non-public stock issuance, totaling approximately 2.2 billion yuan after deducting issuance costs [3][4]. - **Investment Purpose**: The cash management aims to maximize shareholder interests by improving the efficiency and returns of idle funds without impacting the main investment projects [2][8]. Investment Details - **Investment Types**: The company is investing in bank wealth management products, which are characterized as principal-protected and floating return products [5][6]. - **Investment Duration**: The investment periods for the financial products range from 47 to 60 days, with specific start and end dates for each product [6][8]. - **Expected Returns**: The expected annualized returns for the products vary, with some products offering rates around 0.6% to 2.4% [5][6]. Financial Impact - **Recent Financial Metrics**: As of June 30, 2025, the company's total assets were approximately 17.84 billion yuan, with a net asset value of about 3.1 billion yuan [8][9]. - **Debt Ratio**: The company's debt ratio stood at 78.41%, and the investment in financial products represents 5.25% of the company's cash holdings [9]. - **Effect on Operations**: The cash management initiative is not expected to adversely affect the company's main business operations or financial health, as it is designed to enhance fund efficiency while maintaining operational liquidity [8][9].

基本情况 江苏龙蟠科技集团股份有限公司 关于使用闲置募集资金购买理财产品的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：603906 证券简称：龙蟠科技 公告编号：2025-120 | 投资金额 | 万元 16,800 | | --- | --- | | 投资种类 | 银行理财 | | 资金来源 | 募集资金 | 已履行及拟履行的审议程序 江苏龙蟠科技集团股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日 召开第四届董事会第三十四次会议与第四届监事会第二十六次会议，审议通过了 《关于公司使用部分闲置募集资金进行现金管理的议案》，公司（含下属公司） 拟使用闲置非公开发行股票募集资金不超过人民币 6 亿元进行现金管理。 特别风险提示 尽管公司投资安全性高、流动性好的现金管理产品，总体风险可控，但金融 市场受宏观经济的影响较大，不排除该项投资受到市场波动的影响，存在一定的 系统性风险。公司将根据经济形势以及金融市场的变化适时适量地介入，降低市 场波动引起的投资风险。 序号 受托方 ...

Core Viewpoint - The article discusses how Jiangsu Longpan Technology Group Co., Ltd. (Longpan Technology) utilizes futures derivatives to manage the volatility of raw material prices, particularly ethylene glycol, which is crucial for its automotive chemical products [1][2]. Group 1: Company Overview - Longpan Technology was founded in 2003 in Nanjing, Jiangsu Province, starting with automotive lubricants and has evolved into an international enterprise focusing on green energy core materials [2]. - The company went public on the Shanghai Stock Exchange in 2017 and plans to list on the Hong Kong Stock Exchange in 2024, becoming a dual-listed A+H share new energy technology company [2]. Group 2: Raw Material Procurement Strategy - Ethylene glycol is a key raw material for Longpan Technology, used in products like antifreeze and coolant, and its procurement is critical to the company's operations [2]. - The company employs a flexible pricing mechanism based on basis point pricing for ethylene glycol, allowing it to adapt to market changes [3]. Group 3: Risk Management through Derivatives - To mitigate the risk of price increases during the procurement period, Longpan Technology engages in derivative operations, such as buying call options and selling put options to create a synthetic futures long position [3]. - This strategy allows the company to hedge against rising costs, with the gains from options trading offsetting increased procurement expenses [3]. Group 4: Inventory Management and Cost Control - Longpan Technology uses a hedging strategy to manage its ethylene glycol inventory, ensuring that price fluctuations do not significantly impact overall production costs [3][4]. - The company has implemented a bear spread structure using put options to protect against potential price declines while minimizing premium costs [4]. Group 5: Team Structure and Operational Efficiency - Longpan Technology has a specialized futures team that collaborates across departments to execute hedging strategies effectively, likened to a "special forces" unit [5][6]. - The team includes roles focused on research, trading, and risk control, ensuring a comprehensive approach to market volatility [6]. Group 6: Accounting and Risk Management Practices - The company employs sophisticated hedge accounting practices to simplify market fluctuations into clear financial terms, focusing on cash flow hedging and fair value hedging [6]. - Longpan Technology emphasizes the importance of risk management in its operational framework, advocating for robust hedging systems and team development [6]. Group 7: Industry Trends and Future Outlook - The adoption of basis trading models is becoming prevalent among chemical companies in East China, fostering a collaborative environment among industry participants [7]. - Longpan Technology's approach to futures derivatives is seen as a model for other entities in the sector, promoting shared risk and benefits within the supply chain [7].