Core Insights - Longpan Technology (603906.SH) reported a total operating revenue of 3.622 billion yuan for the first half of 2025, with a net profit attributable to shareholders of -85.1534 million yuan [1] - The company experienced a significant decline in cash flow from operating activities, with a net inflow of 6.0681 million yuan, down 90.32% compared to the same period last year [1] - The latest debt-to-asset ratio stands at 78.41%, an increase of 0.62 percentage points from the previous quarter and 1.70 percentage points from the same period last year [3] Financial Performance - The gross profit margin is reported at 13.84%, a decrease of 2.88 percentage points from the previous quarter [3] - The return on equity (ROE) is -2.75% [3] - The diluted earnings per share is -0.13 yuan [4] Operational Metrics - The total asset turnover ratio is 0.21 times, while the inventory turnover ratio is 2.29 times [5] - The number of shareholders is approximately 101,300, with the top ten shareholders holding 378 million shares, accounting for 55.12% of the total share capital [5] Shareholding Structure - The largest shareholder, Shi Junfeng, holds 31.04% of the shares, followed by HKSCC Nominees Limited with 17.52% [5]

Core Viewpoint - Longpan Technology plans to raise up to 2 billion yuan through a private placement to fund the production line for high-performance phosphate-based cathode materials and to supplement working capital [1] Group 1: Company Overview - Longpan Technology's main business includes the research, production, and sales of lithium iron phosphate cathode materials and environmentally friendly fine chemicals for vehicles [1] - In the first half of 2025, the company achieved operating revenue of 3.622 billion yuan, representing a year-on-year increase of 1.49% [1] - The net profit attributable to shareholders was -85.1534 million yuan, indicating a reduced loss compared to the same period last year [1] Group 2: Market Demand and Future Plans - The fundraising project aims to establish a production line primarily to meet the growing demand for high-performance cathode materials in the electric vehicle and energy storage markets [1]

Group 1: Financial Performance Highlights - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [1] - Suotong Development achieved a revenue of approximately 8.31 billion yuan, a 28.28% increase year-on-year, with a net profit of approximately 523 million yuan, reflecting a growth of 1568.52% [1] - Hanma Technology reported a revenue of approximately 2.85 billion yuan, a 50.03% increase year-on-year, and a net profit of approximately 27.73 million yuan, turning from loss to profit [5] - Weicai Technology's revenue reached approximately 634 million yuan, up 47.53% year-on-year, with a net profit of approximately 101 million yuan, an increase of 831.03% [5] - Baiyun Airport reported a revenue of approximately 3.73 billion yuan, a 7.68% increase year-on-year, and a net profit of approximately 750 million yuan, up 71.32% [6] Group 2: Corporate Actions - Heng Rui Pharmaceutical plans to repurchase shares with a total investment of between 1 billion to 2 billion yuan, with a maximum repurchase price of 90.85 yuan per share [2] - Tianwei Foods is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure [3] - Juran Smart Home elected Wang Ning as the chairman of the board and appointed him as CEO, effective immediately [11]

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, aiming to capitalize on the growing demand in the new energy vehicle and energy storage markets [4][5]. Group 1: Financial Performance - In the first half of 2025, Longpan Technology achieved operating revenue of 3.622 billion yuan, a year-on-year increase of 1.49% [3]. - The company reported a net profit attributable to shareholders of -85.15 million yuan, significantly reducing losses compared to -222.31 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses was -131.75 million yuan, also a substantial reduction from -297.76 million yuan year-on-year [3]. Group 2: Investment Projects - The total investment for the high-performance phosphate cathode material projects is 239 million yuan, with 200 million yuan planned for fundraising [1]. - The projects include an 110,000-ton high-performance phosphate cathode material project and an 85,000-ton project, along with funds for working capital [1][4]. Group 3: Market Demand and Positioning - The demand for cathode materials is rapidly increasing, with China's lithium battery shipments reaching 776 GWh in the first half of 2025, a 68% year-on-year growth [5]. - Phosphate iron lithium material shipments reached 161,000 tons, also up 68% year-on-year, accounting for nearly 77% of total cathode material shipments [5]. - Longpan Technology aims to enhance its production capacity for high-performance phosphate cathode materials to meet the growing needs of the new energy vehicle and energy storage sectors [5][6]. Group 4: R&D and Competitive Advantage - Longpan Technology has invested 1.9 billion yuan in R&D in the first half of 2025, with cumulative R&D expenses from 2022 to 2024 reaching 15.85 billion yuan [7]. - The company holds 474 valid patents, including 138 invention patents, which supports its project implementation and competitive positioning in the market [7].

Core Viewpoint - Longpan Technology (603906) reported a decline in average sales prices for its main products in the first half of 2025 compared to the same period last year, indicating potential challenges in pricing power and market conditions [1] Price Changes - The average sales price of lubricating oil decreased by 7.20% year-on-year - The average sales price of diesel engine exhaust treatment fluid decreased by 8.45% year-on-year - The average sales price of coolant decreased by 0.19% year-on-year - The average sales price of lithium iron phosphate cathode materials decreased by 16.70% year-on-year [1] Raw Material Price Changes - The average procurement price of base oil decreased by 616.46 yuan/ton, a decline of 7.14% year-on-year - The average procurement price of ethylene glycol increased by 148.27 yuan/ton, an increase of 3.79% year-on-year - The average procurement price of urea decreased by 419.19 yuan/ton, a decline of 19.81% year-on-year - The average procurement price of phosphoric acid decreased by 173.73 yuan/ton, a decline of 1.98% year-on-year - The average procurement price of lithium carbonate decreased by 22,674.64 yuan/ton, a decline of 26.08% year-on-year [1]

Group 1 - The company reported a revenue of 3,621,880,146.21 yuan for the first half of 2025, representing a year-on-year growth of 1.49% [2] - The net profit attributable to shareholders of the listed company was -85,153,407.09 yuan [2]

Group 1 - The company, Longpan Technology, plans to issue up to approximately 205.5 million A-shares to no more than 35 specific investors, raising no more than 2 billion yuan (including the principal) [1] - The raised funds will be allocated to two high-performance phosphate-based cathode material projects, one with a capacity of 110,000 tons and another with 85,000 tons, as well as to supplement working capital [1] - The fundraising projects will closely align with the company's lithium iron phosphate cathode material business, further meeting market demand and expanding production capacity, which is in line with the company's development strategy [1] Group 2 - The company's main business profitability is expected to improve further, and its scale will expand, enhancing its market competitiveness [1] - After the completion of this issuance, the company's main business scope will remain unchanged, and there will be no business or asset integration plans resulting from this issuance [1]

本次发行募集资金不超过20亿元，将用于 11 万吨高性能磷酸盐型正极材料项目、8.5 万吨高性能磷酸盐 型正极材料项目及补充流动资金。本次募投项目将紧密围绕公司的磷酸铁锂正极材料业务实施，进一步 迎合市场需求，扩大产能规模，符合公司发展战略。通过本次募投项目，公司主营业务的盈利能力将进 一步提升，规模将进一步扩大，市场竞争力将进一步显现。本次发行完成后，公司的主营业务范围保持 不变，不存在因本次发行而导致的业务与资产整合计划。 智通财经APP讯，龙蟠科技(02465)公布，公司拟向不超过 35 名特定投资者发行不超过约2.055亿股A 股，募资不超过20亿元(含本数)。 ...

Core Viewpoint - Longpan Technology announced the approval of multiple proposals, including the 2025 semi-annual report and performance announcement, during the 41st meeting of its fourth board of directors [2] Group 1 - The company held its 41st meeting of the fourth board of directors on August 20 [2] - The meeting resulted in the approval of the 2025 semi-annual report and summary [2] - The announcement indicates ongoing corporate governance and transparency efforts [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Jiangsu Lopal Tech. Group Co., Ltd. 江蘇龍蟠科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2465） 截至2025年6月30日止六個月之 未經審核中期業績公告 江蘇龍蟠科技集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公 司及其子公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期間」）之未經審核合 併業績，連同截至2024年6月30日止六個月之比較數字（經重列）如下： 財務摘要 於報告期間： – 1 – • 截至2025年6月30日止六個月，毛利約為人民幣501.2百萬元，較2024年同期增加約 45.7%；及 • 截至2025年6月30日止六個月，虧損約為人民幣109.1百萬元，較2024年同期減少約 58.3%。 中期簡明合併損益及其他全面收益表 截至6月30日止六個月 | | | 2025 ...