证券代码：603906 证券简称：龙蟠科技 公告编号：2025-148 江苏龙蟠科技集团股份有限公司 第四届董事会第四十五次会议决议公告 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。 一、董事会会议召开情况 江苏龙蟠科技集团股份有限公司（以下简称"公司"）第四届董事会第四十 五次会议（以下简称"本次董事会会议"）通知于 2025 年 12 月 4 日以电子邮件和 口头方式通知公司全体董事和高级管理人员。公司本次董事会会议于 2025 年 12 月 8 日以现场结合通讯表决方式召开。公司本次董事会会议应到董事 10 人，实 到董事 10 人；公司的全体高级管理人员列席了本次董事会会议。 公司本次董事会会议由公司董事长石俊峰先生召集和主持。公司本次董事会 会议的召集程序、召开程序以及表决的董事人数符合《中华人民共和国公司法》 （以下简称"《公司法》"）、《公司章程》《公司董事会议事规则》等相关规定。 二、董事会会议审议情况 审计委员会意见：根据中国证监会规定，公司编制了截至 2025 年 9 月 30 日止的前次募集资金使用情况 ...

Group 1 - The core point of the article is that Longpan Technology (SH 603906) announced a board meeting to discuss a proposal for a new general authorization for share issuance on December 8, 2025 [1] - For the year 2024, Longpan Technology's revenue composition is as follows: lithium iron phosphate cathode materials account for 75.13%, automotive environmental fine chemicals account for 24.17%, and other businesses account for 0.7% [1] - As of the report, Longpan Technology has a market capitalization of 14.4 billion yuan [1]

龙蟠科技公告称，拟向控股子公司常州锂源提供不超40亿元借款，期限不超3年，利率按实际发放日一 年期LPR上浮不超150BP，额度内可循环借款。该事项已通过董事会审议，尚需股东会批准。常州锂源 2025年1 - 9月营收41.99亿元、净亏损2.26亿元。公司2024年已对其累计资助9.76亿元且无逾期。此次资 助是为满足其资金需求，风险可控，公司累计资助余额18.52亿元，无逾期及对合并报表外单位资助。 ...

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle starting in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Outlook - Global lithium battery production is projected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, and the energy storage sector expected to grow at an impressive rate of 48.3% [5]. - The demand surge will create substantial pressure on the supply of battery cells and upstream materials, highlighting the need for a stable and efficient supply chain to capitalize on this growth opportunity [5]. Group 2: Conference Details - The 2026 Lithium Battery Key Materials and Applications Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Participants - The main forum will cover topics such as lithium carbonate fundamentals and supply-demand outlook, advancements in solid-state battery key electrolyte materials, and high-performance in-situ polymerized electrolytes [9]. - Notable participants include Tianqi Lithium Corporation, Liyang Zhongke Solid Energy New Technology Co., and various leading battery manufacturers and material suppliers [9][10]. Group 4: Participation and Sponsorship - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [16]. - Sponsorship opportunities are available for companies interested in promoting their brand at the event [16].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles are expected to continue growing, with a projected 20% year-on-year increase in domestic sales by 2025, driving demand for batteries and materials [1]. - The Ministry of Industry and Information Technology is promoting a "de-involution" strategy in the battery industry, which is anticipated to restore profitability across the supply chain [1]. - Solid-state battery industrialization is progressing, with a focus on related materials and equipment companies [1]. - In the photovoltaic sector, the "de-involution" strategy is seen as a key investment theme, although terminal demand is currently weak, leading to price fluctuations in the supply chain [1]. - The wind power sector is expected to see sustained growth, with government support for new projects [1]. - The energy storage market remains robust, with rising prices in upstream materials affecting downstream integration [1]. - Hydrogen energy is anticipated to open up demand for green hydrogen, with a focus on downstream applications [1]. - Nuclear fusion is viewed as a long-term energy development direction, with recommendations to focus on core suppliers in this area [1]. Summary by Sections New Energy Vehicles - The fourth quarter is a peak sales season, with a forecast of 1.72 million new energy vehicles sold in November 2025, a 20% year-on-year increase [2]. - Cumulative wholesale figures for the year show a 29% increase, totaling 13.78 million vehicles [2]. Battery Industry - The planned production for December 2025 is 148.84 GWh, reflecting a 2.27% month-on-month increase [2]. Photovoltaic and Wind Power - The utilization rates for wind and photovoltaic power are projected at 96.4% and 94.8% respectively for October 2025 [2]. - The announcement of new brands for polysilicon futures is expected to have limited impact on the supply landscape [1]. Energy Storage - By November 2025, 10 GW/29.7 GWh of energy storage systems have been tendered, with independent storage projects making up 90% of this [2]. - The demand for energy storage remains high, with upstream material price increases pushing up costs in downstream integration [1]. Hydrogen Energy - The National Energy Administration has announced pilot projects for hydrogen energy, indicating a growing focus on this sector [2]. Market Trends - The electric equipment and new energy sector saw a slight increase of 0.22% this week, with wind power leading the gains at 3.48% [10]. - The lithium battery index experienced a decline of 3.53%, indicating market volatility [13]. Price Observations - The price of lithium carbonate remains high, with battery-grade prices around 91,000 RMB per ton, reflecting a 2.6% increase [25]. - Energy storage cell prices are stable, with square lithium iron phosphate cells priced between 0.270-0.420 RMB per watt-hour [26].

有业内人士指出，当前，磷酸铁锂行业整体复苏势头强劲，景气度走高。在此趋势下，相关企业积极推进产能结构优化与技术升级， 不断强化核心技术壁垒与成本控制能力，有望进一步改善盈利并在新一轮竞争中占据主动。 受下游需求快速增长强力拉动，磷酸铁锂行业三季度迎来显著回暖，多家头部厂商订单充盈，纷纷瞄准高端产能释放扩产信号。与此同 时，高压实密度磷酸铁锂等创新技术的快速发展也为产业发展持续注入活力。有业内人士指出，当前，磷酸铁锂行业整体复苏势头强 劲，景气度走高。在此趋势下，相关企业积极推进产能结构优化与技术升级，不断强化核心技术壁垒与成本控制能力，有望进一步改善 盈利并在新一轮竞争中占据主动。 企业纷纷签单、扩产 三季度以来，磷酸铁锂行业进入"签单、扩产"活跃期。具体来看，8月，龙蟠科技发布2025年度向特定对象发行A股股票预案。龙蟠科 技本次向特定对象发行股票募集资金总额不超过20亿元（含本数），扣除相关发行费用后的募集资金净额拟用于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，以及补充流动资金。公告中，龙蟠科技明确，计划通过本次募投项目，建设 优先满足第四代超高能量密度磷酸铁锂正极材料 ...

香港联交所最新资料显示，12月1日，瑞银减持龙蟠科技（603906）(02465)97.85万股，每股作价 15.0207港元，总金额约为1469.78万港元。减持后最新持股数目为1054.1万股，最新持股比例为8.78%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月1日，瑞银减持龙蟠科技(02465)97.85万股，每股作 价15.0207港元，总金额约为1469.78万港元。减持后最新持股数目为1054.1万股，最新持股比例为 8.78%。 ...

Core Insights - The news highlights significant contracts and collaborations in the renewable energy and battery materials sectors, indicating strong growth and strategic partnerships among companies in these industries. Group 1: Major Contracts and Collaborations - Daikin Heavy Industries signed a contract for a European offshore wind farm project worth approximately 1.339 billion RMB, representing about 35.41% of its audited revenue for 2024, with delivery scheduled for 2027 [2][3]. - Longpan Technology entered a supplementary agreement with Chuaneng New Energy, with total sales exceeding 45 billion RMB for 130,000 tons of lithium iron phosphate cathode materials from 2025 to 2030 [5]. - Rongbai Technology became the primary supplier of sodium battery cathode powder for CATL, with a commitment to supply at least 60% of CATL's total procurement volume annually [7]. Group 2: Innovations and Intellectual Property - Tianli Lithium Energy obtained a patent for lithium-ion battery cathode sheets and their preparation methods, enhancing its intellectual property portfolio in the battery materials sector [9]. - Haike New Source signed a strategic cooperation agreement with Xianghe Kunlun New Energy Materials, involving the purchase of 596,200 tons of electrolyte solvent, valued at over 3 billion RMB [11]. Group 3: Strategic Partnerships - Haibo Sichuang established a strategic cooperation agreement with CATL, ensuring a cumulative procurement of at least 200 GWh of electricity from 2026 to 2028, fostering a long-term partnership [12].

Core Viewpoint - The lithium iron phosphate (LFP) market is experiencing a price rebound driven by supply-demand imbalances, rising raw material costs, and increased demand for energy storage and power batteries. Companies are collectively raising prices to improve profitability and address cost pressures [4][10][11]. Price Trends and Market Dynamics - In the second half of 2025, LFP prices are expected to rebound due to a resurgence in lithium carbonate prices and seasonal demand for energy storage and power batteries. As of November, the price for power-type LFP reached 39,230 yuan per ton, and storage-type LFP reached 39,780 yuan per ton, marking a cumulative increase of approximately 20% since the beginning of the year [4]. - Several LFP companies, including Hunan Youneng and Longpan Technology, have announced price increases due to strong demand and rising raw material costs. Hunan Youneng plans to raise processing fees by 3,000 yuan per ton starting January 1, 2026 [5][6]. Industry Response and Future Outlook - The price increase is seen as a rational response to the long-standing losses in the LFP sector, where companies have historically had weak bargaining power due to market structure and competition. The current supply-demand imbalance and rising raw material prices have made price hikes inevitable [9][10]. - The cost of LFP production is significantly affected by lithium carbonate prices, with each 10,000 yuan per ton increase in lithium carbonate raising LFP production costs by approximately 2,300 to 2,500 yuan per ton. The prices of upstream materials like sulfur and phosphoric acid have also risen, further increasing production costs [10]. - The LFP battery segment has maintained a dominant position in the market, with a 81.5% share in the power battery sector and over 90% in the energy storage battery sector as of the first three quarters of the year [10][11]. Supply Chain and Production Capacity - The supply of LFP has become tight, with leading manufacturers operating at full capacity and some orders extending into 2026. The average debt ratio in the industry is high at 67%, indicating significant pressure on expansion and profitability [11]. - A recent seminar on LFP material costs emphasized the need for rational pricing and collaboration across the supply chain to transition from "scale competition" to "quality competition" [11][12].