Core Viewpoint - The article suggests that 2026 is expected to mark the beginning of a new healthy and orderly development cycle for China's lithium battery new energy industry [3][19]. Investment Overview - In 2025, over 282 public investment projects related to the lithium battery industry chain in China are anticipated, with a total investment exceeding 820 billion yuan, representing a year-on-year growth of over 74% [4]. - The investment projects are primarily concentrated in East and Central China, with regions like Fujian, Shandong, and Jiangsu leading in lithium battery and material manufacturing due to their rich chemical resources and strategic enterprise layouts [6]. Regional Distribution - The Southwest region, particularly Sichuan, is expected to dominate the investment in lithium battery positive materials, accounting for 59% of the projects, with a significant production capacity of over 350 GWh [11]. - Negative materials investment is more evenly distributed, with North and Northwest China favored due to lower electricity costs [11]. - The electrolyte projects are mainly concentrated in East China, benefiting from a robust industrial chain and proximity to downstream markets [11]. Overseas Expansion - Chinese lithium battery companies are increasingly focusing on overseas markets, with significant investments in Thailand, Spain, and Portugal, driven by favorable geopolitical conditions and local demand [7]. - Notable projects include the establishment of a zero-carbon AI super factory in Portugal and a joint venture factory in Spain by CATL and Stellantis [7]. Solid-State and Sodium Battery Development - In 2025, solid-state battery projects are expected to be concentrated in East China, with planned capacities of 74 GWh and total investments of 28 billion yuan [15]. - The sodium battery sector is projected to see significant growth, with planned capacities of 81 GWh and total investments of 32.2 billion yuan, primarily in the Southwest region [15]. Market Outlook - The lithium new energy industry is emerging from a challenging period characterized by supply-demand imbalances and declining prices, with positive signals indicating a recovery starting in 2025 [18]. - The demand for solid-state batteries and sodium batteries is expected to accelerate, with the latter projected to achieve a 100% increase in shipments by 2026 [19].

Core Viewpoint - Longpan Technology's stock price has shown fluctuations, with a recent decline of 2.01% and a total market capitalization of 14.058 billion yuan as of January 7 [1] Company Overview - Longpan Technology, established on March 11, 2003, and listed on April 10, 2017, is based in Nanjing, Jiangsu Province, and primarily engages in the sales of automotive fine chemicals and lithium iron phosphate (LFP) cathode materials [2] - The company's revenue composition includes 65.14% from LFP cathode materials, 26.40% from automotive fine chemicals, 7.81% from lithium carbonate and raw material processing, and 0.66% from other businesses [2] - Longpan Technology operates in the electric equipment industry, specifically in battery and battery chemicals, and is associated with concepts such as lithium iron phosphate, solid-state batteries, battery recycling, and energy storage [2] Financial Performance - As of September 30, 2025, Longpan Technology reported a revenue of 5.825 billion yuan, reflecting a year-on-year growth of 2.91%, while the net profit attributable to shareholders was -110 million yuan, showing a significant increase of 63.52% year-on-year [3] - The company has distributed a total of 256 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [4] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 15.35% to 85,800, while the average circulating shares per person increased by 18.14% to 6,589 shares [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.3494 million shares, an increase of 1.7157 million shares compared to the previous period [4]

Core Viewpoint - Longpan Technology announced a collaboration with the Jiangsu Jintan Hua Luogeng High-tech Industrial Development Zone Management Committee to invest in a high-performance lithium battery cathode material project with a total investment cap of 2 billion yuan [1] Group 1: Project Details - The project will be implemented by Changzhou Liyuan's wholly-owned subsidiary, Liyuan (Jiangsu) Technology Co., Ltd. [1] - The project will be carried out in two phases, with the first phase planning to establish a production capacity of 120,000 tons of lithium iron phosphate [1] Group 2: Investment and Risks - The total investment cap for the project is set at 2 billion yuan [1] - The company has indicated potential risks during the project implementation, including project approval, construction progress, and changes in actual investment amounts [1]

Group 1 - The core business of Longpan Technology includes the sales of automotive fine chemicals and lithium iron phosphate cathode materials, with the revenue composition being 65.14% from LFP cathode materials, 26.40% from automotive fine chemicals, 7.81% from lithium carbonate and raw material processing, and 0.66% from other businesses [2] - As of September 30, 2025, Longpan Technology achieved a revenue of 5.825 billion yuan, representing a year-on-year growth of 2.91%, while the net profit attributable to shareholders was -110 million yuan, showing a significant year-on-year increase of 63.52% [2] - The company has a total of 85,800 shareholders as of September 30, 2025, which is a decrease of 15.35% compared to the previous period, with an average of 6,589 circulating shares per person, an increase of 18.14% [2] Group 2 - On January 6, Longpan Technology's stock rose by 2.70%, with a trading volume of 886 million yuan. The financing buy-in amount for the day was 93.499 million yuan, while the financing repayment was 103 million yuan, resulting in a net financing buy-in of -9.6566 million yuan [1] - The total balance of margin trading for Longpan Technology as of January 6 is 421 million yuan, accounting for 3.56% of the circulating market value, which is above the 90th percentile level over the past year [1] - In terms of securities lending, on January 6, the company repaid 600 shares and sold 1,600 shares, with a selling amount of 33,500 yuan based on the closing price of the day. The remaining securities lending volume is 14,300 shares, with a balance of 299,400 yuan, also exceeding the 90th percentile level over the past year [1][2]

Core Insights - The lithium iron phosphate (LFP) industry is experiencing simultaneous "production cuts" and "capacity expansions" as companies respond to structural contradictions in the market [1][3] - Recent negotiations for the new year's pricing have made substantial progress, with major producers discussing processing fee increases of 1,000 yuan per ton [1][4] - The industry is transitioning from a competition model focused on scale to one centered on technology and performance, indicating a shift towards "value competition" [1][3] Production Cuts and Price Stabilization - A wave of production cuts began in late December 2025, with five leading companies announcing maintenance plans that will reduce output for about a month starting January 2026 [2] - By the end of 2025, China's usable LFP capacity reached 6.399 million tons per year, an increase of 1.53 million tons compared to 2024 [2] - The concentrated maintenance actions are a response to rising raw material costs, particularly lithium carbonate, which have led to significant cost pressures and operational losses in the industry [3][6] Pricing Negotiations and Raw Material Supply - In addition to processing fee negotiations, discussions are ongoing regarding the settlement of core raw material prices, with proposals for customers to supply lithium carbonate independently to mitigate price volatility [4] - For customers unable to self-supply, pricing will be linked to futures markets for greater transparency [4] Capacity Expansion and High-End Market Focus - Despite production cuts, leading companies are actively expanding high-end production capacities to capture market share in the growing demand for electric vehicles and energy storage [6][7] - For instance, Fujian Precision Engineering plans to invest 6 billion yuan in a new high-end LFP project with an annual capacity of 500,000 tons [6] - Longpan Technology is also advancing multiple expansion plans, including a 2 billion yuan investment in high-performance lithium battery materials [7][8] Strategic Management and Market Positioning - Companies are focusing on upgrading production processes and increasing capacity to meet the demands of top-tier clients while managing inventory and production cycles effectively [8] - The dual strategy of reducing production to stabilize prices while simultaneously investing in high-end capacity is seen as a proactive approach to navigate the current market challenges [8]

Group 1 - The core viewpoint of the article highlights the recent price increase of lithium iron phosphate (LFP) and the underlying uncertainties in the supply chain, particularly regarding the transmission of lithium carbonate prices to battery manufacturers [2][3] - Two LFP companies confirmed price hikes for downstream customers, with one company indicating an increase of approximately 1500 to 2000 yuan/ton for major clients, while most other customers accepted a processing fee increase of 1000 yuan/ton [2] - The article discusses the significant fluctuations in lithium carbonate futures, with the main contract closing at 137,940 yuan/ton on January 6, indicating a need for better alignment between upstream procurement and downstream pricing mechanisms [3][4] Group 2 - The term "point pricing" has become prevalent in negotiations, where a pricing window is established for both parties to agree on a specific point in time to set the price based on futures contracts [4][5] - Material companies are pushing for a higher proportion of customer-supplied lithium carbonate and shifting the pricing anchor from spot prices to futures-linked pricing to mitigate risks associated with price fluctuations [5] - Recent announcements from major companies indicate a simultaneous trend of production cuts and expansions, with several LFP manufacturers announcing reductions in production while also planning significant capacity expansions [9][10] Group 3 - Tianqi Lithium announced a reduction in its planned production of electrolyte and battery recycling projects due to changes in market conditions, adjusting its total investment to not exceed 600 million yuan [6][7] - The article notes that while short-term supply constraints and maintenance are occurring, there are also long-term capacity expansion plans in the pipeline, indicating a complex market dynamic [8] - The simultaneous occurrence of production cuts and expansion plans raises questions about whether price increases can translate into profit recovery, emphasizing the importance of navigating price risks and ensuring that processing fees are elevated before new capacities come online [11][12]

1、上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比结果四舍 五入所致； 2、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票均累 计未超过公司股本总额的 1%。公司全部在有效期内股权激励计划所涉及的标的股票总数累 计未超过公司股本总额的 10%； 3、本激励计划涉及的授予激励对象不包括公司独立董事、单独或合计持有公司 5%以上 股份的股东或实际控制人及其配偶、父母、子女。 二、中层管理人员、核心技术（业务）人员名单及董事会认为应当激励的 骨干员工名单 江苏龙蟠科技集团股份有限公司 2025 年股票期权激励计划激励对象名单（授予日） 序 号 姓名 职务 获授的股票期权 数量（万份） 占授予股票期 权总数的比例 约占目前总股 本的比例 1 张羿 董事、董事会秘书 13 1.90% 0.0190% 2 吕振亚 董事 12 1.75% 0.0175% 3 秦建 董事、副总经理 9 1.31% 0.0131% 中层管理人员及核心技术（业务） 骨干人员（282 人） 651 95.04% 0.9503% 合计（285 人） 685 100.00% 0.9999% 注： 一、激励对象名 ...

江苏龙蟠科技集团股份有限公司 董事会薪酬与考核委员会关于公司 2025 年股票期权激励计划 授予激励对象名单（授予日）的核查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）等法律、法规及规范性文件和《江苏龙蟠科技集团股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，江苏龙蟠科技集团股份有限公司（以 下简称"公司"）董事会薪酬与考核委员会对 2025 年股票期权激励计划（以下简 称"激励计划"）授予激励对象名单（授予日）进行核查后，发表核查意见如下： 1、公司本次激励计划所确定的激励对象不存在《管理办法》第八条所述不 得成为激励对象的下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （5）法律法规规定不得参与上市公司股权激励的； （6）证监会认定的其他情形。 2、本次激励计划激励对象不包括公司独 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2026-006 江苏龙蟠科技集团股份有限公司 关于调整 2025 年股票期权激励计划相关事项 并向激励对象授予股票期权的公告 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个别及连带责任。 重要内容提示： 江苏龙蟠科技集团股份有限公司 2025 年股票期权激励计划（以下简称"激 励计划"）规定的股票期权授予条件已经成就，根据江苏龙蟠科技集团股份有限 公司（以下简称"公司"）2025 年第六次临时股东会的授权，公司于 2026 年 1 月 5 日召开第四届董事会第四十八次会议和第四届董事会薪酬与考核委员会第 八次会议，审议通过了《关于调整 2025 年股票期权激励计划相关事项的议案》 《关于向 2025 年股票期权激励计划激励对象授予股票期权的议案》，同意确定股 票期权的授予日为 2026 年 1 月 5 日，向符合条件的 285 名激励对象授予股票期 权 685 万份，授予价格为 15.35 元/股。现将有关事项说明如下： 一、本次股票期权激励计划权益授予情况 （一）本次权益授予已 ...

国浩律师（上海）事务所 关于 江苏龙蟠科技集团股份有限公司 2025 年股票期权激励计划授予事项 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 167 网址/Website: http://www.grandall.com.cn 二〇二六年一月 1 | 第一节 | 引言 3 | | --- | --- | | 一、 | 释义 3 | | 二、 | 律师声明事项 4 | | 第二节 | 正文 6 | | 一、 | 本次激励计划授予事项的批准和授权 6 | | 二、 | 本次激励计划授予事项的具体情况 7 | | 三、 | 结论意见 9 | | 第三节 | 签署页 10 | 2025 年股票期权激励计划授予事项 之 法律意见书 致：江苏龙蟠科技集团股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受 ...