Group 1 - The core viewpoint of the report is that global lithium battery demand is expected to grow at a rate of 26% year-on-year by 2026, driven by both power storage and electric vehicle sectors [1][4] - In the electric vehicle sector, the registration of global electric vehicles reached 17.1 million units from January to October 2025, representing a year-on-year increase of 25.5%, primarily due to the resumption of subsidies in Europe and vehicle replacement policies in China [1][4] - The global energy storage battery shipments reached 428 GWh from January to September 2025, showing a significant year-on-year increase of 90.7%, supported by the scaling of independent storage projects in China and market demand in the U.S. [1][4] Group 2 - The lithium battery materials supply side is undergoing optimization due to previous overcapacity leading to low-price competition, resulting in many companies facing continuous losses and high debt levels [2][3] - Companies are focusing on improving existing production efficiency and cost optimization rather than blind expansion, leading to a significant weakening of expansion capabilities and intentions among lithium battery material companies [2][3] - The tightening of environmental policies and energy consumption controls is raising industry entry barriers, causing smaller companies to exit the market, thus enhancing the rigidity of supply constraints [2][3] Group 3 - Technological upgrades are driving supply-side optimization, with advancements in high-pressure lithium iron phosphate and high-strength separators, which require higher production precision and R&D investment [3][4] - Leading companies are leveraging continuous R&D investment to scale up high-end product capacity, while smaller firms struggle to upgrade their products and processes, leading to market elimination [3][4] - The supply structure is evolving towards a "few but excellent" model, with resources concentrating on leading enterprises, which is expected to restore market share and profitability for these companies [3][4] Group 4 - The report indicates a strong certainty of profit recovery in lithium battery materials, driven by supply-side constraints, high demand growth, and industry restructuring [4] - The consensus among companies to scientifically release capacity has led to a continued limitation of supply over the next 1-2 years, while demand is experiencing rapid growth from both power storage and electric vehicle sectors [4] - Core material prices, such as lithium hexafluorophosphate, have started to rebound, and the overall capacity utilization rate in the industry is expected to continue its upward trend in 2026 [4] Group 5 - Investment recommendations suggest prioritizing attention on lithium hexafluorophosphate and lithium iron phosphate sectors, with specific companies like Tianqi Materials and Hunan Youneng being highlighted [5] - Other companies to watch include Duofu Technology, Fulian Precision, Longpan Technology, Defang Nano, Tianji Co., Shida Shenghua, and Wanrun New Energy, particularly in the context of price recovery [5] - For long-cycle, heavy-asset sectors like copper foil and separators, companies such as Enjie, Xingyuan Materials, Fusheng Technology, Defu Technology, Jiayuan Technology, and Nord are recommended for attention [5]

Core Viewpoint - Longpan Technology (603906) announced the use of idle funds from its non-public stock issuance for cash management, with a maximum amount of RMB 600 million [1] Group 1 - The company will hold the 34th meeting of the fourth board of directors and the 26th meeting of the fourth supervisory board on March 28, 2025 [1] - The proposal to use idle funds for cash management has been approved [1]

Core Viewpoint - Longpan Technology (02465) announced the use of idle funds from its non-public stock issuance for cash management, with a maximum amount of RMB 600 million planned for this purpose [1] Group 1 - The company will hold its 34th meeting of the 4th Board of Directors and the 26th meeting of the 4th Supervisory Board on March 28, 2025 [1] - The proposal to use idle funds for cash management was approved during the meetings [1]

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 证券代码：603906 证券简称：龙蟠科技 公告编号：2026-009 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： 基本情况 | 投资金额 | 万元 20,000 | | --- | --- | | 投资种类 | 银行理财 | | 资金来源 | 募集资金 | 已履行的审议程序 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。 一、投资情况概述 （ ...

Core Viewpoint - The company announced the investment of 200 million yuan of idle funds raised from a private placement into bank wealth management products, indicating a strategic move to manage cash effectively and generate returns [1] Group 1: Investment Details - The company allocated 98 million yuan to a product with a term of 61 days, expected annualized yield of 0.6000% or 2.2882% [1] - An additional 1.02 billion yuan was invested in a product with a term of 62 days, with an expected annualized yield of 0.5900% or 2.2967% [1] - The total investment represents 5.59% of the company's cash holdings as of September 30, 2025 [1] Group 2: Regulatory Approval - The company received approval in March 2025 to utilize up to 600 million yuan of idle raised funds for cash management within a 12-month period [1] - This approval allows the company to optimize its financial resources while maintaining overall risk at a controllable level [1]

Core Viewpoint - The lithium battery industry is experiencing a significant investment boom, driven by increasing demand for energy storage and stable growth in power battery installations, leading to a tight supply-demand balance in 2026 [4][6]. Group 1: Company Expansion Plans - Longpan Technology plans to invest up to 2 billion yuan to build a new production base for 240,000 tons of high-pressure lithium iron phosphate annually, as existing capacity cannot meet customer demand [1][2]. - In addition to Longpan Technology, several companies, including Fulin Precision, Dongfang Zirconium, and Xinzhou Bang, have announced investment plans for lithium battery projects, continuing the expansion trend from 2025 [1][2]. - Longpan Technology has previously raised funds to build projects with capacities of 110,000 tons and 85,000 tons of high-performance phosphate-based cathode materials, with ongoing capacity expansion efforts [2]. Group 2: Industry Investment Trends - Since 2025, over 282 investment projects in the lithium battery industry chain have been announced in China, with a total investment exceeding 820 billion yuan, marking a year-on-year increase of over 74% [2]. - The investment trend is not only domestic but also expanding internationally, with companies like Xinzhou Bang planning to invest approximately 260 million USD in a lithium-ion battery materials project in Saudi Arabia [3]. Group 3: Market Dynamics - The surge in lithium battery investments is attributed to multiple factors, including the explosive growth in energy storage demand, steady increases in power battery installations, and rapid technological advancements [4][5]. - The industry has transitioned from a state of oversupply to a tight balance since mid-2025, with expectations of continued investment momentum into 2026 due to strong demand growth [6][7]. - Companies are increasingly adopting a rational approach to expansion, focusing on "order capacity" to avoid blind investments and ensure sustainable growth [6][7].

Core Viewpoint - The lithium battery industry is experiencing a significant investment boom, driven by increasing demand for energy storage and stable growth in power battery installations, leading to a tight supply-demand balance in 2026 [3][4][6]. Group 1: Company Expansion Plans - Longpan Technology has announced plans to build a new production base for high-pressure lithium iron phosphate with an annual capacity of 240,000 tons, with a total investment not exceeding 2 billion yuan [1]. - In addition to the new project, Longpan Technology has previously raised funds to establish projects with annual capacities of 110,000 tons and 85,000 tons of high-performance phosphate-based cathode materials [2]. - The company is also increasing the planned capacity of its Sichuan Suining Phase III project from 62,500 tons per year to 100,000 tons per year, indicating a rapid pace of expansion [2]. Group 2: Industry Investment Trends - Since 2025, the domestic lithium battery industry has seen over 282 publicly announced investment projects, with a total investment exceeding 820 billion yuan, marking a year-on-year increase of over 74% [2]. - The investment trend is not limited to domestic projects; companies like New Zobang are also expanding overseas, with a planned investment of approximately 260 million USD in Saudi Arabia for lithium-ion battery materials [3]. - Major players in the industry, such as Ningde Times and Yiwei Lithium Energy, are establishing operations in countries like Thailand, Spain, and Portugal, further localizing the supply chain [3]. Group 3: Market Dynamics and Future Outlook - The investment surge in the lithium battery sector is attributed to multiple factors, including the explosive growth in energy storage demand, steady increases in power battery installations, and a shift towards a balanced supply-demand relationship [4][6]. - The industry has transitioned from a period of oversupply and price declines to a phase of high capacity utilization and recovery in material prices since the second half of 2025 [4]. - Analysts predict that the supply-demand balance will remain tight in 2026, with potential shortages expected by 2027, as new capacity takes time to come online [6][7].

证券代码：603906 证券简称：龙蟠科技 公告编号：2026-008 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：江苏龙蟠新材料科技有限公司（以下简称"龙蟠新材料"）、 锂源（江苏）科技有限公司（以下简称"江苏锂源"）、山东锂源科技有限公司 （以下简称"山东锂源"）、湖北锂源新能源科技有限公司（以下简称"湖北锂 源"）、南京锂源纳米科技有限公司（以下简称"南京锂源"）和江苏可兰素环 保科技有限公司（以下简称"江苏可兰素"）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"或"保证人"）并表范围内的下属公司。 本次担保情况：由公司为上述公司合计向银行申请综合授信提供 84,970.52万元人民币的连带责任担保，江苏锂源、山东锂源、湖北锂源和南京锂 源为公司控股孙公司，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 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a new wave of expansion with significant investments announced despite recent challenging years [1] Group 1: Project Announcements - Bangpu Times is set to launch a new generation lithium iron phosphate project with an annual capacity of 450,000 tons by December 29, 2025, involving a total investment of 5.6 billion yuan and an expected annual output value of 14.5 billion yuan [2] - Fulin Precision plans to establish a high-end energy storage lithium iron phosphate project with an annual capacity of 500,000 tons in Inner Mongolia, with a total investment of 6 billion yuan, aimed at meeting the growing demand for high-performance lithium iron phosphate batteries [3] - Longpan Technology intends to build a production base for high-density lithium iron phosphate with an annual capacity of 240,000 tons in Jiangsu, with a planned investment of no more than 2 billion yuan [4] Group 2: Strategic Importance - The projects announced by Bangpu Times and Fulin Precision are strategically aligned with the increasing demand for high-performance lithium iron phosphate batteries in the energy storage market, which is expected to enhance their market position and production capacity [2][3] - Longpan Technology's investment in high-density lithium iron phosphate production is also aimed at optimizing its product offerings and expanding its market reach [4]

| | | FF301 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12月31日 狀態: 新提交 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 呈交日期: 2026年1月6日 I. 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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02465 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 120,000,000 | RMB | | 1 | RMB | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 120,000,000 | RMB | | 1 | RMB | | 120,000,00 ...