Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing significant challenges due to declining prices and profit margins, yet large-scale orders indicate strong underlying demand and a shift towards high-value products [3][7][10] Group 1: Industry Events and Conferences - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [2] - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, at the same venue [2] Group 2: Market Demand and Orders - The LFP industry continues to secure large long-term contracts despite price pressures, indicating robust market demand [3][7] - CATL has partnered with Wanrun New Energy to supply approximately 1.3231 million tons of LFP products from May 2025 to 2030, with a total transaction value exceeding 40 billion RMB [4] - Longpan Technology has secured significant international contracts, including a deal with EVE Energy in Malaysia for 152,000 tons of LFP from 2026 to 2030, valued at over 5 billion RMB [5] Group 3: Price and Profit Challenges - The LFP industry is facing severe price and profit challenges, with the gross margin expected to drop to around 3% in 2024 due to falling lithium salt prices [7][10] - Lithium salt prices have plummeted from approximately 600,000 RMB per ton at the end of 2022 to 100,000 RMB by the end of 2023, and further down to 77,000 RMB by the end of 2024 [7] - As of May, the average market price for LFP was around 32,000 RMB per ton for power-type and 31,000 RMB for energy storage-type, reflecting a decline of 1,000 to 1,500 RMB per ton since the beginning of the year [7] Group 4: Industry Transformation and Opportunities - The industry is urged to undergo structural transformation, with high-density LFP products being a key area for enhancing product value [8] - High-density LFP products with a density above 2.6 g/cm³ can achieve a premium of approximately 2,000 RMB per ton, although current production capacity for such products is limited [8] - The overseas market is showing increasing demand for LFP, with major battery manufacturers like LG Energy and Samsung SDI planning to introduce LFP battery production lines in collaboration with General Motors [9][10]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-075 江苏龙蟠科技股份有限公司 股票交易异常波动公告 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： ● 江苏龙蟠科技股份有限公司（以下简称"公司"）股票于2025年6月3日、 交易所交易规则》有关规定，属于股票交易异常波动情形。 ● 经公司自查，并书面问询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 ● 重大风险提示：公司提醒广大投资者以公司指定的信息披露媒体《中国证 券报》及上海证券交易所网站刊登的公告信息为准，公司将按照有关法律法规的 规定和要求做好信息披露工作，敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司于2025年5月28日召开2024年年度股东会，审议通过了《关于提请股东 会授权董事会以简易程序向特定对象发行股票的议案》及《关于公司行使一般性 授权在香港联合交易所有限公司主板配售股份的议案》，公司董事会将择机分别 发行不超过年度股东会当天已发行A股股份总数和H股股份总数的20%的 ...

| | | | イ・ガブ アメ | 自屈服 | 权力領別 | H | 広自危險文則工山 (註 1) | | ਸਿ | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603906 | 説明 | Ａ股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底结存 | | | 565,078,903 RMB | | 1 RMB | | 565,078,903 | | 增加 / 減少 (-) | | | | | IRMB | | | | 本月底結存 | | | 565,078,903 RMB | | 1 RMB | | 565,078,903 | FF301 FF301 FF301 | 100,000,000 | | --- | | 565,078,903 | | 1. 股份分類 | 普通股 | | 股份類別 | A | | | 於香港聯交所上市(註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-075 江苏龙蟠科技股份有限公司 股票交易异常波动公告 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： ● 江苏龙蟠科技股份有限公司（以下简称"公司"）股票于2025年6月3日、 6月4日连续2个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券 交易所交易规则》有关规定，属于股票交易异常波动情形。 ● 经公司自查，并书面问询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 ● 重大风险提示：公司提醒广大投资者以公司指定的信息披露媒体《中国证 券报》及上海证券交易所网站刊登的公告信息为准，公司将按照有关法律法规的 规定和要求做好信息披露工作，敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 截至2025年6月4日上海证券交易所收盘，公司股票于6月3日、6月4日连续2 个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规 则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核 ...

Core Viewpoint - Longpan Technology (603906.SH) has secured a significant overseas order for lithium iron phosphate (LFP) cathode materials, indicating a growing demand for LFP in the international market [1][2]. Group 1: Company Developments - Longpan Technology's subsidiary, LBM NEW ENERGY (AP) PTE. LTD., signed a pricing agreement with Eve Energy Malaysia Sdn. Bhd. to sell a total of 152,000 tons of LFP from 2026 to 2030, with an estimated total sales value exceeding RMB 5 billion [1]. - This marks the third overseas LFP order disclosed by Longpan Technology since last year, following agreements with LG Energy and Blue Oval Battery Park [2]. - Longpan Technology is the first company to establish overseas LFP production capacity and achieve normal shipments, giving it a competitive advantage in securing international orders [4]. Group 2: Industry Trends - The global demand for LFP is on the rise, with many international automakers, including Tesla and General Motors, beginning to adopt LFP batteries due to their cost and safety advantages [3]. - In Q1 2023, LFP batteries accounted for 51.5% of the global power battery installation volume, highlighting their growing market share [3]. - The overseas LFP supply chain is struggling to keep pace with demand, leading to increased orders directed towards established Chinese LFP manufacturers like Longpan Technology [3]. Group 3: Production Capacity and Technology - Longpan Technology's overseas production capacity is primarily located in Indonesia, with a planned annual capacity of 120,000 tons, and the first phase is expected to achieve mass production by January 2025 [5]. - The company is also developing advanced fourth-generation high-density LFP products, which are expected to attract more customers due to their enhanced performance [5][7]. - Longpan Technology's latest product, S526, utilizes a single-sintering process to improve efficiency and reduce energy consumption, with mass production expected to begin in the second half of the year [7].

Core Viewpoint - Longpan Technology has signed a production pricing agreement with Eve Energy, expecting to sell 152,000 tons of lithium iron phosphate cathode materials from 2026 to 2030, with total sales expected to exceed 5 billion yuan [1]. Group 1: Company Developments - Longpan Technology's subsidiary, LBMNEWENERGY(AP)PTE.LTD., will supply Eve Energy and its affiliates with lithium iron phosphate materials [1]. - Longpan Technology is the first domestic company to establish overseas production of lithium iron phosphate, with its factory construction primarily focused in Indonesia [4]. - The first phase of the Indonesian lithium source project, with a capacity of 30,000 tons, is expected to commence production in early 2025, maintaining a high capacity utilization rate [5]. Group 2: Investment and Financing - Longpan Technology plans to increase its stake in its subsidiary, Changzhou Lithium Source New Energy Technology Co., Ltd., from approximately 64.03% to 66.42% through an H-share stock issuance, raising 370 million yuan [6]. - The funds raised will also be used to further invest in the subsidiary LBMNEWENERGY(AP)PTE.LTD., with an additional investment of 14 million USD planned [6]. - Recent investments in the Indonesian factory have included agreements with investors, with INA and Aisis committing 150 million USD and 50 million USD respectively for equity stakes [5].

Market Overview - The three major A-share indices rose collectively in the morning session, with the Shanghai Composite Index up 0.43%, the Shenzhen Component Index up 0.91%, the ChiNext Index up 1.22%, and the North Star 50 Index up 1.16% [1] - The total market turnover for the half-day was 742.5 billion yuan, a decrease of 21.4 billion yuan compared to the previous day, with nearly 4,000 stocks rising [1] Sector Performance - Leading sectors included copper cable high-speed connections, solid-state batteries, consumer goods, and delisting stocks, while airport shipping and logistics sectors saw declines [2] - The consumer goods sector was notably active, with stocks such as Jinling Sports, Lehui International, and others hitting the daily limit [2] - Solid-state battery stocks also performed well, with companies like Keheng Co. and Longpan Technology reaching the daily limit [2] - AI hardware concepts rebounded, with stocks like Huamai Technology and Derun Electronics hitting the daily limit [2] - The logistics sector experienced declines, with companies like Baoshui Technology and Xinning Logistics among the biggest losers [2] Hot Stocks and Trends - The strongest sectors included new energy vehicles, e-commerce, and the Guangdong-Hong Kong-Macao Greater Bay Area, with multiple stocks hitting the daily limit [4] - In the new energy vehicle sector, nine stocks reached the daily limit, with three stocks achieving consecutive limit-ups [4] - The e-commerce sector also saw nine stocks hitting the daily limit, with two stocks achieving consecutive limit-ups [4] - The Greater Bay Area sector had eight stocks hitting the daily limit, with two stocks achieving consecutive limit-ups [4] Specific Stock Movements - Stocks with significant movements included Hainan Haiyao, Zhongheng Design, and Yongyue Technology, which achieved three consecutive limit-ups [3] - Other notable stocks with two consecutive limit-ups included Jiu Zhi Tang, Cuihua Jewelry, and Jinling Sports [3] News Impacting Specific Sectors - The drone sector is gaining attention following the UK's commitment to provide 100,000 drones to Ukraine by April 2026, significantly increasing the scale of support [5] - The football concept is also gaining traction, with the "Super League" matches attracting significant viewership and attendance [5] - Nvidia regained its position as the world's most valuable publicly traded company, with its stock rising approximately 3% on Tuesday and a cumulative increase of nearly 24% over the past month [7]

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Core Viewpoint - Longpan Technology has secured significant contracts for lithium iron phosphate cathode materials, indicating a positive outlook for future performance and stock price appreciation [1][2][5]. Group 1: Contract Details - Longpan Technology's subsidiary, LBM NEW ENERGY, signed a production pricing agreement with Eve Energy, with a total sales amount exceeding 5 billion yuan, covering the sale of 15,200 tons of lithium iron phosphate cathode materials from 2026 to 2030 [2]. - The company has signed multiple long-term contracts since 2025, with total contract amounts potentially reaching 17 billion yuan [4]. - In early 2025, Longpan Technology signed a procurement agreement with CATL, with a maximum procurement limit set at 7 billion yuan for the same material [3]. Group 2: Financial Performance - Longpan Technology's revenue has shown significant growth since its listing, with revenue increasing from 1.297 billion yuan in 2017 to 14.072 billion yuan in 2022, marking a 247.15% year-on-year increase [6]. - However, in 2023, the company faced a downturn, with revenue dropping to 8.729 billion yuan, a decrease of 37.96%, and a net loss of 1.233 billion yuan [7]. - The company has shown signs of recovery in 2024, with revenue of 7.673 billion yuan, a decline of 12.10%, and a reduced net loss of 636 million yuan, down 48.46% year-on-year [8]. Group 3: Product Development - Longpan Technology has introduced a new generation of lithium iron phosphate cathode materials, which utilize a unique one-step sintering process, offering high cost-performance and competitive advantages [8].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].