瑞财经 钟鸣辰龙蟠科技(SH603906)近日发布2025年半年报，上半年净亏损同比收窄。 龙蟠科技上半年公司期间费用为5.66亿元，较上年同期减少1805.58万元；期间费用率为15.62%，较上 年同期下降0.74个百分点。其中，销售费用同比减少13.71%，管理费用同比增长0.84%，研发费用同比 减少6.63%，财务费用同比增长4.21%。 据东方财富网数据，龙蟠科技董事长石俊峰2024年所获薪酬为96.81万元，相较上年薪酬78.73万元涨薪 22.96%。 据瑞财经查阅，石俊峰与龙蟠科技董事朱香兰系夫妻关系。 石俊峰，男，汉族，1965年出生于江苏扬州，毕业于湖南大学有机合成材料专业，湖南大学兼职教授。 现任江苏龙蟠科技股份有限公司董事长兼总裁、南京市工商业联合会商会执行会长，常州锂源新能源科 技有限公司董事长、湖南法恩莱特新能源科技有限公司董事长。 朱香兰，女，1966年出生，中国国籍，无境外永久居留权。1986年至2006年，就职于南京康爱医院； 2013年至今，任南京美多投资管理有限公司执行董事兼总经理；2013年至今，任南京贝利投资中心（有 限合伙）执行事务合伙人代表；2014年至今，任江 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-118 江苏龙蟠科技集团股份有限公司 关于控股股东部分股份质押延期购回的公告 2、本次质押延期购回不存在被用作重大资产重组业绩补偿等事项的担保或 其他保障用途。 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： ●江苏龙蟠科技集团股份有限公司（以下简称"公司"）控股股东、实际控 制人石俊峰先生持有公司股份总数为 212,662,195 股，占公司当前总股本的比例 为 31.04%。本次股份质押延期购回后，石俊峰先生累计质押的股份数为 30,000,000 股，占其所持有公司股份总数的 14.11%，占公司总股本的 4.38%。 ●公司控股股东和实际控制人石俊峰先生及其一致行动人朱香兰女士、南京 贝利创业投资中心（有限合伙）（以下简称"南京贝利"）合计持有公司股份总数 为 238,182,052 股，占公司当前总股本的比例为 34.77%。本次股份质押延期购回 后，合计处于质押状态的股份数为 30,000,000 股，占其持有公司股份总数的 12.60 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry is facing severe overcapacity and price declines, despite strong demand for LFP batteries, leading to significant losses for many companies in the sector [1][2][6]. Industry Overview - The first meeting of the Lithium Iron Phosphate Materials Subcommittee of the China Chemical and Physical Power Industry Association was held in Shenzhen, focusing on industry overcapacity and the elimination of outdated production capacity [1][2]. - Nine major LFP companies attended the meeting, indicating a high-level discussion on the industry's current challenges and future arrangements [1][3]. Market Dynamics - The price of LFP has plummeted from 166,000 yuan per ton at the beginning of 2023 to 36,000 yuan per ton in 2024, causing significant financial strain on leading companies [6][11]. - Despite the overall market growth, the LFP sector has become the most loss-ridden part of the battery supply chain, with only Hunan Youneng managing to maintain profitability [6][7]. Production Capacity - The LFP production capacity has expanded dramatically, from 2.12 million tons at the end of 2022 to 4.27 million tons by the end of 2023, with nominal capacity exceeding 5 million tons, which is double the previous year's shipment volume [5][6]. - The average operating rate in the industry was as low as 50.41% in June of the previous year, with only Hunan Youneng maintaining a utilization rate of 93.15% [6][11]. Financial Performance - Hunan Youneng reported a revenue of 14.358 billion yuan in the first half of 2025, a 33.17% increase, driven by a 55.38% rise in sales volume of phosphate-based cathode materials [10]. - Other companies like Dongsheng Technology and Anda Technology also reported revenue growth, although they still faced challenges with profitability [10][11]. - Anda Technology recorded a loss of 168 million yuan, but this was a 52.83% reduction compared to the previous year, indicating some improvement in financial health [11]. Future Outlook - The industry is expected to undergo a transformation towards high-end products, with increasing demand for high-density LFP materials, which could improve profitability for leading companies [8][9]. - The overall market dynamics suggest that while the LFP sector is currently struggling, there is potential for recovery as the industry addresses overcapacity and shifts towards higher-quality products [8][10].

Core Viewpoint - Longpan Technology announced a plan to raise 2 billion yuan through a private placement to fund high-performance phosphate cathode material projects and supplement working capital, despite facing rapid increases in debt levels compared to peers [1][2][8]. Financing Activities - Longpan Technology has raised over 3 billion yuan through various financing methods since its A-share listing in 2017, including convertible bonds, private placements, and Hong Kong IPOs [7]. - The company plans to raise 2.06 million shares, totaling 2 billion yuan, for projects involving 11,000 tons and 8,500 tons of high-performance phosphate cathode materials [2][8]. - Previous financing activities include 400 million yuan from convertible bonds in April 2020 and 2.2 billion yuan from a private placement in June 2022 [3][4]. Debt Levels - Longpan Technology's debt ratio has increased significantly, reaching 78.41% by June 2025, with interest-bearing liabilities totaling 11.6 billion yuan, a 50-fold increase from 245 million yuan at the end of 2017 [10]. - The company's debt growth rate is notably faster than that of comparable companies such as Hunan Youneng and Defang Nano [8]. Capital Expenditure and Utilization - The company has consistently engaged in large capital expenditures, yet its overall capacity utilization remains below 80%, with additional capacity under construction [14]. - Longpan Technology's research and development expenditure has been increasing, significantly outpacing that of comparable companies, but this has not translated into improved profitability [12][15]. Market Performance - Despite the ongoing financing and investment efforts, Longpan Technology's stock price has halved compared to the price during its previous private placement in 2021, raising concerns about the effectiveness of its financing and investment strategies [15].

证券研究报告 | 公司动态点评 2025 年 08 月 26 日 龙蟠科技（603906.SH） 铁锂出海迎收获，碳酸锂步入正轨 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,729 | 7,673 | 8,686 | 10,447 | 12,386 | | 增长率 yoy（%） | -38.0 | -12.1 | 13.2 | 20.3 | 18.6 | | 归母净利润（百万元） | -1,233 | -636 | 88 | 284 | 640 | | 增长率 yoy（%） | -263.8 | 48.5 | 113.8 | 224.4 | 125.2 | | ROE（%） | -36.2 | -19.9 | 2.6 | 7.9 | 15.1 | | EPS 最新摊薄（元） | -1.80 | -0.93 | 0.13 | 0.42 | 0.93 | | P/E（倍） | -8.2 | -15.8 | 114.8 | 35.4 | 15.7 | | ...

Group 1 - Longpan Technology (龙蟠科技) shares rose over 9%, reaching a new high of 10.65 HKD, with a current price of 10.48 HKD and a trading volume of 2.11 billion HKD [1] - A notification regarding a meeting of the Lithium Iron Phosphate Materials Sub-Committee has circulated widely in the industry, drawing significant market attention [1] - The meeting took place at the Crowne Plaza Hotel in Shenzhen, where industry association leaders and representatives from the supply chain discussed solutions to address industry overcapacity [1] Group 2 - LG Energy recently signed a contract worth 5.94 trillion KRW for energy storage lithium iron phosphate batteries [1] - In December 2024, Longpan Technology's subsidiary, Asia Pacific Lithium Source, will sell 260,000 tons of lithium iron phosphate cathode materials to LG Energy, with the agreement spanning from 2024 to 2028 [1] - The signing of the LG agreement is expected to positively impact Longpan Technology's performance [1]

Group 1 - Longpan Technology (02465) saw its stock price rise over 9%, reaching a new high of 10.65 HKD, with a trading volume of 2.11 billion HKD [1] - A notification regarding the meeting of the Lithium Iron Phosphate Materials Sub-Committee has circulated widely in the industry, prompting significant market interest [1] - The meeting took place at the Crowne Plaza Hotel in Shenzhen, where industry association leaders and representatives from the supply chain discussed solutions to address industry overcapacity [1] Group 2 - LG Energy recently signed a contract worth 5.94 trillion KRW for energy storage lithium iron phosphate batteries [1] - In December 2024, Longpan Technology's subsidiary, Asia Pacific Lithium Source, will sell 260,000 tons of lithium iron phosphate cathode materials to LG Energy, with the agreement spanning from 2024 to 2028 [1] - The signing of the LG agreement is expected to positively impact Longpan Technology's performance [1]

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-117 江苏龙蟠科技集团股份有限公司 关于使用闲置募集资金购买理财产品的进展公告 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： 履行的审议程序：江苏龙蟠科技集团股份有限公司（以下简称"公司"） 于 2025 年 3 月 28 日召开第四届董事会第三十四次会议与第四届监事会第二十六 次会议，审议通过了《关于公司使用部分闲置募集资金进行现金管理的议案》， 公司（含下属公司）拟使用闲置非公开发行股票募集资金不超过人民币 6 亿元进 行现金管理。 特别风险提示：尽管公司投资安全性高、流动性好的现金管理产品，总 体风险可控，但金融市场受宏观经济的影响较大，不排除该项投资受到市场波动 的影响，存在一定的系统性风险。公司将根据经济形势以及金融市场的变化适时 适量地介入，降低市场波动引起的投资风险。 注：上述理财详细内容见公司于 2025 年 6 月 18 日在上海证券交易所网站上披露的 《江苏龙蟠科技股份有限公司关于使用闲置募集资金购买理财产品的进展公告》（公 ...

Core Viewpoint - Longpan Technology (02465) has seen a stock price increase of over 5%, currently at HKD 9.49, with a trading volume of HKD 76.914 million, following the announcement of a plan to issue A-shares to specific targets to raise up to RMB 2 billion [1] Group 1: Fundraising and Projects - Longpan Technology plans to raise a total of up to RMB 2 billion through a specific share issuance, with the net proceeds intended for two high-performance phosphate cathode material projects of 110,000 tons and 85,000 tons, as well as to supplement working capital [1] - The 110,000 tons high-performance phosphate cathode material project will be operated by Longpan Technology's subsidiary, Shandong Liyuan, with the funds to be used for capital increase in its subsidiary, Changzhou Liyuan, which will then increase capital or lend to Shandong Liyuan [1] - The project will be located in Juancheng County, Heze City, Shandong Province, and aims to establish a new production line with an annual capacity of 110,000 tons of high-performance phosphate cathode materials [1] Group 2: Market Context and Strategic Importance - Longpan Technology emphasizes the growing capacity expansions by battery manufacturers such as CATL, BYD, and Chuangneng New Energy, indicating a strategic move to align with these companies' increased production capabilities [1] - The fundraising project is expected to enhance Longpan Technology's supply capacity for high-performance phosphate cathode materials and further increase its market share in this segment [1]