Core Viewpoint - The lithium iron phosphate (LFP) cathode material industry is experiencing a collective price increase in processing fees due to rising raw material costs, particularly lithium carbonate, and strong downstream demand, marking a necessary response to restore profitability after a prolonged price downturn [4][6][12]. Industry Response - Multiple leading LFP manufacturers, including Longpan Technology and Wanrun New Energy, are planning to raise processing fees starting January 1, 2026, as a reaction to the significant increase in lithium carbonate prices and structural demand in the market [4][11]. - The decision to raise processing fees rather than the total price reflects the industry's pricing practices, where raw material costs fluctuate while processing fees can be adjusted more flexibly to convey cost pressures to clients [4][12]. Raw Material Price Surge - As of December 31, 2025, the benchmark price for battery-grade lithium carbonate reached 120,400 yuan per ton, having surged over 20% in just one month, significantly exceeding the cost tolerance of downstream material sectors [5][11]. - The increase in lithium carbonate prices has directly impacted the cost structure of LFP production, with each 10,000 yuan increase in lithium carbonate raising material costs by approximately 2,500 yuan per ton [7][13]. Market Demand Dynamics - There is a robust demand for high-performance LFP products, particularly in energy storage and high-density battery applications, which supports the rationale for price increases [8][15]. - The market is not experiencing a general recovery but rather a concentration of demand towards leading companies and high-end products, enhancing their pricing power [15][16]. Historical Context and Industry Reflection - The industry has faced significant price declines, with LFP material prices dropping from 173,000 yuan per ton at the end of 2022 to 34,000 yuan per ton by mid-2025, leading to over 36 months of continuous losses [12][16]. - The recent price increases are seen as a collective response to the detrimental effects of prolonged price wars, with industry stakeholders recognizing the need for sustainable profit margins to invest in research and development [16][19]. Future Outlook - Analysts predict that the price increase trend starting in January 2026 will likely continue, driven by persistent cost pressures and a tight supply of high-end products [18][19]. - The ability of LFP manufacturers to successfully pass on these cost increases to downstream battery manufacturers remains a critical factor for the sustainability of this price recovery [19][20].

光伏：国家发改委召开价格无序竞争座谈会，制定成本认定标准。11 月24 日，国家发展改革委会同有 关部门及相关行业协会召开会议，研究制定价格无序竞争成本认定标准等相关工作。会议指出，目前部 分行业价格无序竞争问题仍然突出，一些企业对规范价格竞争行为的要求落实不到位，甚至依然存在扰 乱市场价格秩序的行为。国家发展改革委将会同有关部门持续推进相关工作，治理企业价格无序竞争， 维护良好市场价格秩序，助力高质量发展。这有助于光伏产业链各环节价格回归理性，行业实现可持续 发展。核心关注三大方向：1）供给侧改革下的产业链涨价机会，核心关注通威股份、隆基绿能、晶澳 科技、晶科能源、天合光能等；2）新技术背景下带来的中长期成长性机会，核心关注迈为股份、爱旭 股份、聚和材料等；3）钙钛矿GW 级布局带来的产业化机会，核心关注金晶科技、万润股份、捷佳伟 创、帝尔激光、京山轻机、德龙激光、曼恩斯特等。 新能源车：龙蟠科技与楚能新能源签订130 万吨铁锂订单，对应近600GWh 的电池需求。11 月24 日， 龙蟠科技控股子/孙公司与楚能新能源全资子公司签署《生产材料采购合同协议之补充协议二》，将原 于2025 年5 月9 日签署的 ...

江苏龙蟠科技集团股份有限公司 2025年第六次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：603906 证券简称：龙蟠科技 公告编号：2026-001 (一)股东会召开的时间：2025 年 12 月 31 日 (二)股东会召开的地点：南京经济技术开发区恒通大道 6 号江苏龙蟠科技集团股 份有限公司二楼大会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 626 | | --- | --- | | 股股东人数 其中：A | 625 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 275,315,786 | | 其中：A 股股东持有股份总数 | 249,306,972 | | 股） 境外上市外资股股东持有股份总数（H | 26,008,814 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 ...

国浩律师（上海）事务所 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 1670 网址/Website:http://www.grandall.com.cn 关于江苏龙蟠科技集团股份有限公司 2025年第六次临时股东会的法律意见书 致：江苏龙蟠科技集团股份有限公司 国浩律师（上海）事务所（简称"本所"）接受江苏龙蟠科技集团股份有限 公司（简称"公司"）委托，指派本所律师出席公司 2025 年第六次临时股东会 （简称"本次股东会"），并根据《中华人民共和国证券法》（简称"《证券法》"）、 《中华人民共和国公司法》（简称"《公司法》"）、《上市公司股东会规则》 （简称"《股东会规则》"）以及《江苏龙蟠科技集团股份有限公司章程》（简 称"《公司章程》"）的规定出具本法律意见书。 本所律师依据本法律意见书出具日之前已 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2026-002 江苏龙蟠科技集团股份有限公司 关于公司 2025 年股票期权激励计划内幕信息知情人 及激励对象买卖公司股票情况的自查报告 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。 认，并由中国结算出具了查询证明。 二、核查对象买卖公司股票的情况说明 根据中国结算出具的《信息披露义务人持股及股份变更查询证明》及《股东 股份变更明细清单》，在本激励计划自查期间，有 67 名核查对象（非公司董事、 高级管理人员）存在买卖公司股票的行为，其余核查对象均不存在买卖公司股票 的行为。 经公司核查并根据上述人员出具的书面说明，上述 67 名核查对象在自查期 间买卖公司股票时并未参与本激励计划方案的制定，是基于对股票二级市场行情 及个人判断做出的独立投资决策，不存在利用本激励计划内幕信息进行股票交易 的情形。 江苏龙蟠科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日 召开了第四届董事会第四十三次会议、第四届董事会薪酬与考核委员会第七次会 议，审议通 ...

Core Viewpoint - Jiangsu Longpan Technology Group Co., Ltd. announced a planned production reduction for its subsidiary Changzhou Liyuan New Energy Technology Co., Ltd. to ensure the stable operation of its lithium iron phosphate production line, with a reduction of approximately 5,000 tons expected during a one-month maintenance period starting January 1, 2026 [1] Group 1 - The production line of Changzhou Liyuan has been operating at full capacity since Q4 2025, and the maintenance is scheduled for January due to the later timing of the Spring Festival this year [2] - Other lithium iron phosphate companies, including Hunan Youneng New Energy Battery Materials Co., Ltd. and Guizhou Anda Technology Energy Co., Ltd., have also announced production reductions ranging from 3,000 tons to 35,000 tons, with maintenance concentrated in January 2026 [1][2] - Longpan Technology is simultaneously advancing its capacity expansion for lithium iron phosphate, planning to increase the production capacity of its project from 62,500 tons per year to 100,000 tons per year, with the total planned capacity rising to 187,500 tons per year [2] Group 2 - Longpan Technology plans to raise up to 2 billion yuan through a specific stock issuance to fund high-performance phosphate-based cathode material projects and to supplement working capital [3] - The company emphasizes that developing high-performance products and having a well-structured capacity will provide a competitive edge in a phase of intensified industry competition [3] - The strategy of simultaneous maintenance and expansion is seen as a key move to navigate the industry's cyclical turning point, aiming to stabilize prices in the short term while expanding capacity to meet future demand [3]

2025年锂电行业增长明显，尤其是磷酸铁锂电池出货量持续攀升，市场份额加速上提，在此趋势下，电池企业多传业绩捷报。但作为主要角 色的磷酸铁锂材料厂家，出现截然相反的情况，出货量上升的同时，业绩表现不如人意。 以上述5家企业为例，2025年前三季度，仅湖南裕能一家实现盈利，另外4家企业均处于亏损状态。好的一面是这些企业均大幅减亏，但要实 现真正的盈利可能还需要时间。 反内卷趋势下，上游企业挺价意愿强烈，减产检修企业持续增加！截至目前，磷酸铁锂行业TOP10， 已有半数企业官宣 减产检修计划， 检 修时间预计维持一个月。 具体来看，12月25日，湖南裕能与万润新能先后发布公告，宣布将对部分产线进行为期约一个月的减产检修，预计减少产量分别为1.5-3.5 万吨、0.5-2万吨。 市场认为，业绩表现与市场景气"脱轨"有多个原因。一是2020年开始的扩产潮，启动了铁锂产能过剩的情绪，导致磷酸铁锂材料提不起价； 二是市场竞争升级的情况下，部分企业低价抢市场，议价权移位，电池厂成为主导。 12月26日，德方纳米和安达科技再发年度检修计划，德方纳米未公布具体减产数量，安达科技预计减产0.3-0.5万吨。 三是原材料价格回升的 ...

碳酸锂半年翻倍，价格再度脱离 "共识区间" 进入 12月后，碳酸锂市场再次进入快速拉升阶段。 有口径数据显示， 12月30日电池级碳酸锂基准价超12万元/吨，较月初上涨超过30%，与年内低 点不到6万元/吨相比已翻倍。 摘要 定价重构、减产检修、钠电前移。 年末最后一周，锂电产业链几乎所有敏感环节都出现了动作： 碳酸锂期货在短时间内从 12万元/吨上方急跌，价格指数继续攀新高；锂盐龙头天齐锂业宣布 2026年起更换定价基准；磷酸铁锂头部企业集中安排1月检修，减产规模覆盖行业近半市场；电解 液与六氟磷酸锂募投项目再度延后，宁德时代则一边签下跨国电解液长约，一边把钠电池的大规模 应用时间节点前移到2026年。 表面上看，这是又一轮 "涨价和挺价"的攻防。但在价格之外，定价方式、产能节奏和技术路线，正 在被同时改写。 另一口径报价同日给出的电池级碳酸锂价格区间为 11.4万—12.2万元/吨，均价11.8万元/吨，反 映的是头部企业与核心客户之间的现货成交区间。 期货端波动更为剧烈。 12月29日，广期所碳酸锂主力合约盘中触及跌停，报11.74万元/吨，日内振幅接近一万元；30日 早盘该合约跌幅一度超过7%，随后在 ...

Group 1 - The core viewpoint of the article highlights a convergence of supply-side adjustments and demand-side support in the lithium battery and new energy vehicle industry as it enters 2026, with a notable reduction in production and an extension of government subsidies for vehicle trade-ins [1][7][9] Group 2 - In January 2026, the production of lithium batteries in China is estimated to be around 210 GWh, reflecting a month-on-month decline of over 4%, while global production is expected to be approximately 220 GWh, down more than 6% [2] - Major battery manufacturers in mainland China are planning a production decrease of about 7% in January 2026, with some companies reducing output by nearly 10%, which is worse than previous optimistic expectations of a low single-digit adjustment [2][3] - The decline in production is attributed to seasonal factors and negotiations with upstream suppliers rather than a systemic deterioration in end-demand [3] Group 3 - Leading companies in the cathode material sector, such as Hunan Youneng and Wanrun New Energy, have announced production cuts or maintenance starting January 1, 2026, with reductions in phosphate cathode products expected to range from 3,000 to 35,000 tons [4][5] - The companies involved in these maintenance announcements hold a significant market share, and the rationale provided focuses on the need for safety and quality assurance, although market interpretations lean towards price factors [5][6] Group 4 - The government has confirmed the continuation of subsidies for vehicle trade-ins in 2026, emphasizing a more precise and structured approach to support [7][9] - Data from the Ministry of Commerce indicates that trade-in programs led to over 2.5 trillion yuan in sales from January to November 2025, with over 11.2 million vehicles traded in, significantly boosting the automotive market [8] Group 5 - The expected changes in subsidy structures may lead to a redistribution of support, favoring high-end electric vehicles while potentially reducing subsidies for lower-priced models, accelerating structural differentiation in the automotive market [10][12] - The adjustments in subsidy mechanisms are anticipated to impact the competitiveness of different vehicle types, pushing manufacturers to invest more in technology and efficiency [13] Group 6 - The interplay between reduced production in January and the continuation of government subsidies is not merely a simple balancing act but reflects a complex reallocation of risks and rewards across the industry under high costs and low profits [14]

Group 1 - The company announced that its subsidiary, Changzhou Liyuan New Energy Technology Co., Ltd., will reduce production on certain lines for maintenance starting January 1, 2026, to ensure safe and stable operation of lithium iron phosphate production lines [1] - The maintenance is expected to last for one month and will result in a reduction of approximately 5,000 tons of lithium iron phosphate output [1] - The company anticipates that this maintenance will not have a significant impact on its operating performance for 2026 [1] Group 2 - The company plans to use up to RMB 600 million of idle funds raised from a private placement for cash management, as approved in a board meeting held on March 28, 2025 [4] - The company has previously redeemed financial products, and details of these transactions can be found in earlier announcements [7]