江苏龙蟠科技股份有限公司 审计报告 苏公 W[2025]A172 号 公证天业会计师事务所 (特殊普通合伙) Gongzheng Tianye Certified Public Accountants,SGP 6-1-1 公证天业会计师事务所 | 25 | | --- | | 1、审计报告 . | | --- | | 2、 合并资产负债表 . | | 3、 母公司资产负债表 | | 4、 合并利润表 | | 5、 母公司利润表. | | 6、合并现金流量表 | | 7、 母公司现金流量表 ………………………………………………………………………14 | | 8、 合并所有者权益变动表 | | 9、 母公司所有者权益变动表 . | | 10、财务报表附注 | | 11、事务所营业执照复印件 | | 12、事务所执业证书复印件 | | 13、签字注册会计师资质证明复印件 | 6-1-2 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国 江苏 无锡 总机:86(510) 68798988 专真:86(510) 685677 ...

龙蟠科技公告，公司于2025年12月19日收到上海证券交易所出具的《关于受理江苏龙蟠科技集团股份有 限公司沪市主板上市公司发行证券申请的通知》。上交所对公司报送的沪市主板上市公司发行证券的募 集说明书及相关申请文件进行了核对，决定予以受理并依法进行审核。本次向特定对象发行A股股票事 项尚需经上交所审核通过，并获得中国证监会同意注册的批复后方可实施，最终能否通过审核尚存在不 确定性。 ...

Core Viewpoint - Longpan Technology has shown significant stock performance with an 84.46% increase year-to-date, despite a slight decline in the last five trading days, indicating potential volatility in investor sentiment [1]. Company Overview - Longpan Technology, established on March 11, 2003, and listed on April 10, 2017, is based in Nanjing, Jiangsu Province, China. The company specializes 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]. Financial Performance - For the period from January to September 2025, Longpan Technology reported a revenue of 5.825 billion yuan, reflecting a year-on-year growth of 2.91%. However, the net profit attributable to shareholders was -110 million yuan, showing a significant increase of 63.52% compared to the previous 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, Longpan Technology had 85,800 shareholders, a decrease of 15.35% from the previous period. The average number of circulating shares per shareholder 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 from the previous period [4].

Group 1 - UBS Group AG reduced its stake in Longpan Technology (02465) by 641,000 shares at an average price of HKD 14.5881 per share, totaling approximately HKD 9.351 million [1] - After the reduction, UBS's latest holding is 8.35 million shares, representing a holding percentage of 6.96% [1]

Core Viewpoint - The lithium iron phosphate (LFP) industry is focusing on profit recovery through demand growth and high-end premium pricing [2] Expansion Plans - The LFP industry has announced significant new capacity plans, exceeding one million tons by the fourth quarter of this year [3] - Major companies are leading the expansion with large-scale projects, such as Wanhu Chemical's 650,000 tons, Bangpu Times' 450,000 tons, and Fulin Precision's 350,000 tons [4][6] - The expansion is characterized by a focus on high-performance products like "high-pressure dense" and "lithium manganese iron phosphate (LMFP)" [6] Pricing Actions - A collective price increase is being pursued by the industry, with major companies negotiating price adjustments of 2,000 to 3,000 yuan per ton starting from late November 2025 [8] - Hunan Youneng has officially announced a processing fee increase of 3,000 yuan per ton effective January 1, 2026 [8] - The price increase is driven by a surge in downstream orders, with companies like Longpan Technology securing long-term contracts for 157,500 tons of LFP materials over five years [8] Market Demand - The anticipated demand for LFP materials is expected to exceed 1.1 million tons due to projected battery production capacity of over 700 GWh in 2026 [8] - The industry is recovering from prolonged losses, with many companies facing thin or negative profits due to rising raw material costs [9]

Core Viewpoint - The price of lithium iron phosphate (LFP), a key material in the new energy industry, has risen significantly, indicating a shift in the market dynamics and prompting widespread attention [2] Supply and Demand Dynamics - The LFP industry is currently experiencing tight supply and demand, with many companies operating at full capacity, which supports their pricing actions [3] - LFP materials account for nearly 74% of the cathode material shipments in lithium-ion batteries and 99.9% in energy storage batteries, making them crucial for the entire industry chain [3] - Despite a projected production capacity of nearly 4.7 million tons in 2024, the actual output is only around 2.3 million tons, resulting in a utilization rate of less than 50% [3] - From the end of 2022 to August 2025, LFP prices have fluctuated dramatically, dropping from 173,000 yuan/ton to 34,000 yuan/ton, a decline of 80%, leading to over 36 months of continuous losses for the industry [3] Recent Price Trends - As of December 16, the mainstream market price for power-type LFP has increased from 31,800 yuan/ton at the end of June to 41,200 yuan/ton, with a recent monthly increase of 2,600 yuan/ton [4] - Companies are actively communicating with downstream customers about price increases, with some reporting price hikes of 1,500 to 2,000 yuan per ton since early November [4] Cost Pressures - The primary driver of the recent price surge in the LFP industry is the rapid increase in raw material costs, with the average price of phosphoric acid rising by 0.9% in November compared to October [5] - The costs of key raw materials such as phosphoric acid, monoammonium phosphate, and ferrous sulfate have increased by 6.9%, 8.5%, and 3.1%, respectively, contributing to higher production costs for LFP [5][6] Market Outlook - LFP is becoming a mainstream technology in global power and energy storage batteries due to its safety, long cycle life, and cost advantages, indicating significant growth potential [7] - The demand for lithium-ion batteries is expected to push the industry value towards 3 trillion yuan this year, driven by a surge in the new energy vehicle market and a 60% year-on-year increase in energy storage installations [7] - The industry may face a temporary supply shortage if production expansion does not keep pace with demand growth, as external financing for expansion has largely dried up [7] Industry Challenges and Opportunities - Despite the price recovery, LFP remains below production costs, indicating ongoing financial difficulties for the industry [8] - Continuous research and development investments are necessary for technological upgrades, as the industry transitions from second and third-generation products to fourth-generation high-density products [8][9] - Positive signals include a potential narrowing of losses for companies and significant procurement agreements, such as a long-term supply contract between a subsidiary of Longpan Technology and Sunwoda [8][9]

Core Viewpoint - Longpan Technology (603906) possesses advanced core technologies such as high-power spherical LFP preparation and fourth-generation high-pressure products, which enhance its market competitiveness [1] Group 1: Technology and Product Advantages - The company's products feature high density, high capacity, and long cycle life, making them competitive in the market [1] - Continuous investment in R&D allows the company to adapt to market demand changes and drive product iteration and upgrades [1] Group 2: Market Position and Capacity - Longpan Technology is the only company with an overseas mass production base for lithium iron phosphate cathode materials, positioning it as a leader in the industry [1] - The overseas capacity will support the development of both overseas battery manufacturers and domestic battery manufacturers expanding internationally [1]

Group 1 - The company has released high-nickel ternary precursor products that address high-temperature decomposition and interface failure issues in solid-state battery cathode materials [1] - The high-nickel ternary precursor has been certified by leading battery manufacturers, and its performance has received high recognition [1] - The company's subsidiary, Sanjin Lithium Battery, has also received certification for low-altitude solid-state battery materials at the Suzhou Low Altitude Conference, supporting low-altitude flight [1]

证券日报网讯 12月17日，龙蟠科技在互动平台回答投资者提问时表示，公司全资子公司三金锂电专注 于固态电池前驱体的研发生产，目前已建成5000吨产能，高镍前驱体及富锂锰基前驱体已通过客户小试 认证，并与固态电池厂商及高校开展合作研发。公司将持续推动固态电池材料的技术升级，助力商业化 进程。 （编辑 姚尧） ...

Group 1 - The core viewpoint of the article is that Longpan Technology (603906) has disclosed its total number of ordinary shareholders as of September 30, 2025, which stands at 85,759 households [1] Group 2 - The company responded to investor inquiries on its interactive platform regarding its shareholder information [1] - The data is derived from the company's already disclosed "Q3 2025 Report" [1]