Core Viewpoint - The article discusses the financial performance and strategic moves of Longpan Technology, highlighting its ongoing losses and expansion plans in the context of the lithium battery industry [4][6][10]. Financial Performance - In the first half of 2025, Longpan Technology reported revenue of approximately 3.6 billion RMB, a year-on-year increase of about 1.5%, but incurred a net loss of approximately 851.5 million RMB, significantly reducing its losses compared to previous years [5][10]. - The company has faced substantial losses over the past three years, with losses of approximately 1.2 billion RMB in 2023 and 630 million RMB in 2024, marking its third consecutive year of losses [8][10]. Expansion Plans - Longpan Technology plans to raise up to 2 billion RMB through a private placement of A-shares to fund the construction of two high-performance phosphate-based cathode material projects, with capacities of 110,000 tons and 85,000 tons, located in Shandong and Hubei respectively [5][10]. - The expansion is seen as necessary due to the pressure of fulfilling large orders despite ongoing losses [6]. Customer Relationships - Longpan Technology has secured significant long-term contracts with major players in the lithium battery sector, including a record-breaking order worth 10 billion RMB for 260,000 tons of phosphate iron lithium cathode materials from LG Energy [12][14]. - The company has also established agreements with Ford's Blue Oval and CATL, indicating strong demand for its products and potential for future revenue growth [12][14]. Technological Developments - The company has been active in technological advancements, launching new products and recycling technologies for cathode materials, which may enhance its competitive position in the market [11][14].

Core Viewpoint - Longpan Technology plans to raise up to 2 billion yuan through a private placement to fund high-performance phosphate cathode material projects and supplement working capital [1][2]. Group 1: Fundraising and Project Details - The company intends to invest 1 billion yuan in an 11,000-ton high-performance phosphate cathode material project and 790 million yuan in an 8,500-ton project, with a total investment of 2.39 billion yuan [2]. - The total amount to be raised from the private placement is 2 billion yuan, which will be allocated to the aforementioned projects and working capital [1][2]. Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 3.622 billion yuan, a year-on-year increase of 1.49% [2]. - The net profit attributable to shareholders was -85.15 million yuan, significantly reducing losses compared to -222 million yuan in the same period last year [2]. - The adjusted net profit after excluding non-recurring items was -132 million yuan, also showing a substantial reduction in losses from -298 million yuan year-on-year [2]. Group 3: Market Outlook and Strategic Positioning - The current market for new energy vehicles and energy storage presents significant growth opportunities, and the company aims to leverage this through the private placement to expand advanced production capacity and enhance product supply capabilities [3].

Group 1 - The core point of the article highlights that Longpan Technology (02465) has transferred shares worth HKD 59.6784 million from Futu Securities International Hong Kong to Morgan Stanley Hong Kong Securities, representing 5.18% of the total shares [1][1][1] - On August 20, Longpan Technology announced plans to issue up to approximately 205.5 million A-shares to no more than 35 specific investors, aiming to raise no more than HKD 2 billion, including the principal [1][1][1] - The raised funds will be allocated to projects including an 110,000-ton high-performance phosphate-based cathode material project, an 85,000-ton high-performance phosphate-based cathode material project, and to supplement working capital [1][1][1]

Group 1 - The core point of the news is that Longpan Technology (02465) is undergoing a significant shareholder transfer and is planning a fundraising initiative through the issuance of A-shares [1] - On August 21, shareholders transferred shares from Futu Securities International Hong Kong to Morgan Stanley Hong Kong Securities, with a transfer value of HKD 59.6784 million, accounting for 5.18% of the total shares [1] - On August 20, Longpan Technology announced its intention to issue up to approximately 205.5 million A-shares to no more than 35 specific investors, aiming to raise no more than HKD 2 billion, which will be used for high-performance phosphate-based cathode material projects and to supplement working capital [1]

Core Viewpoint - Longpan Technology is making significant investments to expand its production capacity in the lithium iron phosphate cathode material market, aiming to solidify its leading position [1][4]. Group 1: Investment and Expansion - Longpan Technology plans to raise up to 2 billion yuan through a private placement, with the net proceeds allocated entirely to projects for high-performance phosphate cathode materials and working capital [1]. - The company currently operates six digital production bases with a total capacity of approximately 270,000 tons [1][2]. - The first phase of a 30,000-ton lithium iron phosphate production line in Indonesia is set to commence production in 2024, with the second phase expected to be completed by the end of the year [2]. Group 2: Order Acquisition and Market Position - Longpan Technology has secured significant orders, including a contract with Eve Energy Malaysia to supply 152,000 tons of lithium iron phosphate from 2026 to 2030, valued at over 5 billion yuan [2]. - The company also signed a supplemental agreement with LGES to increase the supply of lithium iron phosphate from 160,000 tons to 260,000 tons between 2024 and 2028, with a market value close to 10 billion yuan [3]. - In January 2025, Longpan's subsidiary Lithium Source (Asia Pacific) received a five-year order from BlueOval, along with a framework agreement with CATL, with a sales cap expected to reach 7 billion yuan within the year [3]. Group 3: Financial Performance - Longpan Technology's revenue has shown a general upward trend since its listing in 2017, with revenue increasing from 1.297 billion yuan in 2017 to 14.072 billion yuan in 2022 [5]. - In 2023, the company faced a significant decline in revenue to 8.729 billion yuan, a decrease of 37.96% year-on-year, resulting in a net loss of 1.233 billion yuan [5]. - The company has shown signs of recovery in 2024, with revenue of 7.673 billion yuan, a decrease of 12.10%, and a reduced net loss of 636 million yuan, down 48.46% year-on-year [6]. Group 4: Operational Efficiency - The improvement in revenue is attributed to the rapid growth of the new energy sector, particularly the increasing demand for lithium iron phosphate cathode materials [7]. - The reduction in net losses is linked to enhanced cost control and optimized financial structure, along with diversified financing channels to alleviate financial pressure [7].

Core Viewpoint - Longpan Technology (603906) reported a slight increase in total revenue for the first half of 2025, but continued to face net losses, although the loss amount decreased significantly compared to the previous year [1]. Financial Performance - Total revenue for the first half of 2025 reached 3.622 billion yuan, a year-on-year increase of 1.49% [1]. - The net profit attributable to shareholders was -85.1534 million yuan, showing a year-on-year improvement of 61.7% [1]. - In Q2 2025, total revenue was 2.03 billion yuan, down 3.08% year-on-year, while the net profit attributable to shareholders was -59.2046 million yuan, an increase of 58.81% year-on-year [1]. - Gross margin improved to 13.84%, up 36.23% year-on-year, while net margin improved to -3.04%, up 59.09% year-on-year [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 376 million yuan, accounting for 10.37% of revenue, a decrease of 2.99% year-on-year [1]. - Selling expenses decreased by 13.71% due to lower business promotion costs [10]. - Management expenses slightly increased by 0.09% due to higher employee compensation [10]. - Financial expenses increased by 4.25% due to higher bill discounting costs [10]. Cash Flow and Assets - Cash flow from operating activities showed a significant decline of 90.32%, attributed to reduced cash received from sales of goods and services [15]. - Cash and cash equivalents increased by 34.94% to 3.203 billion yuan [1]. - The company’s net asset per share decreased by 15.81% to 4.53 yuan [1]. Liabilities and Debt - Interest-bearing liabilities rose by 6.90% to 9.576 billion yuan [1]. - The company’s debt-to-asset ratio reached 52.89%, indicating a high level of leverage [21]. Investment and Returns - The company’s return on invested capital (ROIC) has been historically low, with a median ROIC of 11.26% since its listing, and a particularly poor ROIC of -10.32% in 2023 [18]. - Investment income surged by 712.35% due to increased returns from financial products [12]. Business Model and Strategy - The company’s performance is primarily driven by research and development, necessitating a thorough examination of the underlying drivers of this strategy [20]. - The business model has shown signs of weakness, with two years of losses since its listing [18].

Core Viewpoint - The company is issuing A-shares to specific investors, which will dilute immediate returns, and it has proposed measures to compensate for this dilution [2][5][9] Financial Impact Analysis - The company anticipates a net profit attributable to shareholders of -68,793.53 million yuan for 2024, with various scenarios predicting a reduction in losses for 2025 [3][4] - The total share capital will increase from 68,507.89 million shares to 70,632.37 million shares post-issuance [3] - Basic earnings per share (EPS) are projected to improve from -1.10 yuan to -0.92 yuan under different profit scenarios for 2025 [3][4] Fundraising Necessity and Reasonableness - The fundraising is aimed at optimizing the business structure, enhancing industry position, and improving core competitiveness and profitability [5] - The projects funded by this issuance align with national industrial policies and the company's strategic development, promising good market prospects and economic benefits [5][6] Relationship with Existing Business - The funds will be used for high-performance phosphate-based cathode materials projects and to supplement working capital, closely related to the company's core business in green energy materials [5][6] Measures to Mitigate Dilution - The company plans to strengthen fundraising management, enhance operational efficiency, and improve profit distribution policies to protect shareholder interests [7][8] - Specific commitments have been made by the company's board and major stakeholders to ensure the effectiveness of the compensation measures [8][9] Approval Process - The measures related to the dilution of immediate returns and the associated commitments have been approved by the company's board and will be submitted for shareholder approval [9]

Core Viewpoint - The company plans to raise up to RMB 2 billion through a private placement of A-shares to enhance its competitiveness in the rapidly growing electric vehicle and energy storage markets [1][13]. Fundraising Plan - The total amount to be raised is not more than RMB 2 billion, with a net amount after expenses allocated to various projects totaling RMB 2.39 billion [1]. - The company will initially use self-raised funds for projects until the raised funds are available, and will adjust project investments based on the actual amount raised [1]. Investment Projects Overview - The company intends to invest in two major projects: an 110,000-ton high-performance phosphate-based cathode material project in Shandong and an 85,000-ton project in Hubei [2][4]. - The total investment for the Shandong project is estimated at RMB 1 billion, while the Hubei project is estimated at RMB 790 million [3][5]. Economic Benefits - Both projects are expected to yield good economic benefits, with a focus on enhancing supply capabilities for high-performance products [3][5]. Market Demand and Industry Context - The global demand for electric vehicles is projected to reach 16.68 million units in 2024, a 21% increase year-on-year, driving battery installation to 841 GWh, up 19% [6]. - The energy storage market in China is expected to see a 64% increase in lithium-ion battery shipments, reaching 335 GWh in 2024, accounting for over 90% of the global market [6][10]. Strategic Importance - The projects align with national energy transition goals and are crucial for the company to meet the growing demand for high-performance cathode materials [6][9]. - The company has established strong relationships with major battery manufacturers, which is essential for securing orders and expanding market share [10][12]. Financial Impact - The fundraising will enhance the company's capital strength, improve cash flow, and optimize asset structure, although there may be short-term dilution of earnings per share [13]. - The company plans to allocate RMB 600 million of the raised funds to supplement working capital, which will help reduce debt ratios and improve financial stability [12][13].

Core Viewpoint - Jiangsu Longpan Technology Group Co., Ltd. plans to issue A-shares to specific investors in 2025 to raise funds for expanding production capacity and optimizing product structure in response to the growing demand for high-performance phosphate lithium battery materials [11][14][16]. Company Overview - Jiangsu Longpan Technology Group Co., Ltd. is located at No. 6, Hengtong Avenue, Nanjing Economic Development Zone, with a registered capital of 685.078903 million yuan [11]. - The company was established on March 11, 2003, and is involved in the production and sale of lubricants, specialized chemical products, and automotive parts [11]. Industry Context - The transition to new energy in the transportation sector is accelerating, creating significant opportunities for the electric vehicle and energy storage industries [11]. - Since 2020, the penetration rate of new energy vehicles in China has rapidly increased, with battery shipments expected to grow significantly in the coming years [11][12]. - The phosphate lithium battery market is expanding, with phosphate-based cathode materials becoming mainstream due to their cost advantages and safety [12]. Fundraising Plan - The company aims to raise up to 2 billion yuan through this issuance, with net proceeds allocated to projects totaling 2.39 billion yuan [23][27]. - The funds will primarily be used for a new production line capable of producing 110,000 tons of high-performance phosphate cathode materials annually [27]. Issuance Details - The issuance will target up to 35 specific investors, including qualified institutional investors and natural persons [18]. - The final issuance price will be determined based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [19][20]. - The maximum number of shares to be issued will not exceed 30% of the company's total share capital before the issuance, amounting to 205,523,670 shares [20]. Market Position and Strategy - The company has established strong business relationships with major battery manufacturers, including CATL and LG Energy [16]. - To meet the increasing demand for high-performance materials, the company is focusing on enhancing its production capabilities and product differentiation [16][17]. - The company plans to optimize its capital structure and reduce its debt ratio through this issuance, thereby enhancing financial stability [17].

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-113 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。 江苏龙蟠科技集团股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日 召开了第四届董事会第四十一次会议，会议审议通过了关于公司 2025 年度向特 定对象发行 A 股股票事项的相关议案。公司已于 2025 年 8 月 21 日在上海证券 交易所网站（www.sse.com.cn）和指定信息披露媒体上披露了《江苏龙蟠科技集 团股份有限公司 2025 年度向特定对象发行 A 股股票预案》及相关文件，敬请投 资者注意查阅。 预案披露事项不代表审批机关对于公司 2025 年度向特定对象发行 A 股股票 相关事项的实质性判断、确认或批准，预案所述公司 2025 年度向特定对象发行 A 股股票相关事项尚需公司股东会审议通过、上海证券交易所审核通过，并经中 国证券监督管理委员会同意注册后方可实施，敬请广大投资者注意投资风险。 特此公告。 江苏龙蟠科技集团股份有限公司董事会 江苏龙蟠科技集团股份有限公司 关于 ...