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].

正极材料只是一方面，用于制造电池还将引发一系列其他材料出现连锁反应，例如周边印尼的镍矿或也将受到影响， 国际贸易壁垒 也会进一 步减弱。 两家国内头部企业在海外做生意，也反映出当前国内出海企业对供应链的把控较强 ，将中国成熟的 机制 复制到了海外市场 ， 。 锂电产业的转移绝不仅仅是电芯厂的出海，更是整条产业链的出海，亿纬与龙蟠的合作仅仅作为缩影，就能从中管中窥豹瞥见当前出海的强劲 势头。 01 亿纬锂能：押注储能与两轮车 50 亿大单重磅落地马来西亚。 起点锂电获悉， 6 月 2 日龙蟠科技公告称 旗下公司 锂源与 亿纬锂能马来西亚公司 签署协议， 预计自 2026 至 2030 年间向 亿纬马来西 亚公司发货 15.2 万吨磷酸铁锂正极材料，金额预计超 50 亿元。 亿纬马来西亚工厂 主要生产制造圆柱电池 ，用于两轮车和电动工具领域， 投资约 30 亿人民币，今年 2 月开始投产运营 ，并且刚建好就迎 来大单： 与美洲某集团签署协议达成长期购销关系。 此单侧面反映出 中国 电池厂正全力发展海外业务，并在马来西亚等国家形成了完善产业链，出海实现本土制造以指日可待。 出海方面，亿纬锂能在东南亚和南亚市场表现强 ...

Group 1 - Longpan Technology announced a production pricing agreement with Eve Energy Malaysia to supply a total of 152,000 tons of lithium iron phosphate cathode materials from 2026 to 2030, with an estimated total sales amount exceeding 5 billion RMB based on current market prices [2] - Eve Energy has the option to adjust demand within a certain range, with specific prices to be negotiated quarterly between the parties [2] - Longpan Technology's lithium iron phosphate phase one project in Indonesia has an annual production capacity of 30,000 tons and is expected to achieve bulk shipments by early 2025, while the phase two project with a capacity of 90,000 tons is under construction and expected to be completed by the end of 2025 [2] Group 2 - Eve Energy, a wholly-owned subsidiary of Yiwei Lithium Energy, is registered in Penang, Malaysia, and specializes in the production of cylindrical lithium-ion batteries for electric tools, two-wheelers, and cleaning tools [3] - In 2024, Eve Energy reported a net loss of 58.44 million RMB and a net asset value of 674 million RMB [3] - Longpan Technology emphasized that there are no related party relationships between the two companies in terms of ownership, business, or personnel [3]

Core Viewpoint - The article highlights the rapid expansion and significant demand for lithium iron phosphate (LFP) battery production, particularly focusing on the overseas projects of Chinese companies and their strategic partnerships with global players in the electric vehicle (EV) market. Group 1: Dragon Power Technology's Overseas Expansion - Dragon Power Technology's Indonesian project is the first overseas production base for China's lithium iron phosphate industry, with a total construction area of approximately 50,000 square meters. The first phase, with a capacity of 30,000 tons, is set to start production in 2024, with mass shipments beginning in January 2025. The second phase aims for a capacity of 90,000 tons per year, expected to be completed by the end of this year, bringing total capacity to 120,000 tons per year, marking a new phase in China's new energy industry chain overseas [2][3][4]. - The project has attracted significant customer interest, leading to a surge in orders from battery manufacturers seeking to avoid trade policy disruptions by sourcing materials outside of China [2]. Group 2: Strategic Supply Agreements - In February 2024, Changzhou Lithium Source signed a long-term supply agreement with LGES to sell a total of 260,000 tons of lithium iron phosphate products from 2024 to 2028, significantly increasing the original sales volume [3]. - In January 2025, Dragon Power Technology's subsidiary signed a supply agreement with Blue Oval Battery Park in Michigan for a five-year term to supply lithium iron phosphate materials [3]. - In June 2025, another agreement was signed with Eve Energy Malaysia for the sale of 152,000 tons of lithium iron phosphate materials from 2026 to 2030, with an estimated total sales value exceeding 5 billion yuan [4]. Group 3: Battery Orders and Market Trends - In July 2024, CATL and LG Energy Solution announced a collaboration to supply LFP batteries to Renault's Ampere, with a total of 39 GWh of battery packs planned for delivery over five years, sufficient for 590,000 electric vehicles [6]. - In September 2024, EVE Energy announced a new agreement to deliver approximately 19.5 GWh of square LFP batteries to AESI, indicating a strong demand for LFP batteries in the market [7]. - By May 2025, Chinese energy storage companies had signed overseas orders exceeding 100 GWh, with significant projects in the Middle East, including a 24 GWh storage tender in Saudi Arabia [8]. Group 4: Chinese Battery Manufacturers' Global Expansion - CATL is accelerating its overseas capacity expansion, planning to build a LFP battery factory in North America with a capacity exceeding 35 GWh, and another factory in Spain with a planned capacity of 50 GWh [10]. - EVE Energy's joint venture in Mississippi is set to produce approximately 21 GWh of square LFP batteries, expected to start shipments in 2026 [10]. - Other companies, such as Gotion Power and Envision, are also establishing LFP battery production facilities in Spain and Morocco, respectively, with significant planned capacities [11]. Group 5: Shift of Korean Battery Giants - Samsung SDI and LGES are shifting their production focus to include LFP batteries, with plans to introduce LFP production lines in their joint ventures with General Motors in Indiana and Tennessee [13].

6月3日，国内锂电正极材料龙头——龙蟠科技（02465.HK）股价大幅拉升，截至发稿前，该股涨幅为 13.52%，报6.55港元/股。 与此同时，在A股上市的龙蟠科技（603906.SH）同样展现出强劲势头，成功封上涨停板。 消息面，龙蟠科技又拿下一单大合同，市场反应热烈。 财报显示，今年一季度，龙蟠科技收入15.92亿元（单位人民币，下同），同比增长7.99%；归母净利润 亏损2594.88万元，虽同比减亏但尚未扭转亏损局面。 对于亏损的原因，主要是近两年锂电行业供需阶段性错配，原材料价格大幅波动，使得业内企业业绩整 体承压。 2024年12月，龙蟠科技与LGES签署补充协议，约定在2024年至2028年期间，合计向后者供应磷酸铁锂 产品的数量由16万吨上调至26万。 今年1月，龙蟠科技孙公司锂源（亚太）获Blue Oval锁单;，2026至2030年向后者销售磷酸铁锂正极材 料。同月，龙蟠科技与宁德时代签新协议，将在2025年内向后者供应磷酸铁锂正极材料，预计销售上限 为70亿元。 今年5月，龙蟠科技与楚能新能源的全资子公司签署了协议，自2025至2029年间合计向其销售15万吨的 磷酸铁锂正极材料，合同 ...

Market Overview - The A-share market showed overall strength with major indices rising moderately, with the Shanghai Composite Index up by 0.48% and the Shenzhen Component Index up by 0.35% [3][4]. Banking Sector - Bank stocks collectively surged, with Shanghai Rural Commercial Bank hitting the daily limit, and Chongqing Rural Commercial Bank rising over 7%. Several banks, including CITIC Bank and Hangzhou Bank, reached historical highs in their adjusted prices [5][6]. Gold Sector - The gold concept stocks experienced significant gains, driven by rising international gold prices. Notable performers included Mankalon and Western Gold, both hitting the daily limit, with Mankalon up nearly 20% [7][8]. Individual Stock Highlights - Longpan Technology saw its Hong Kong stock rise over 20%, while its A-share counterpart also hit the daily limit. The company announced a production pricing agreement expected to generate over 5 billion RMB in sales from 2026 to 2030 [12][14]. Sector Performance - The beauty and personal care sector led the gains, with a rise exceeding 3%. Notable stocks included Betaini, which surged over 14% [4][7]. Other sectors that performed well included textiles, comprehensive, non-ferrous metals, and agriculture [7].

智通财经6月3日电，截至发稿，龙蟠科技(02465.HK)涨17.50%。消息方面，孙公司与亿纬锂能关联公司 签长期协议，预计销售15.2万吨磷酸铁锂，合同金额超50亿元。 龙蟠科技涨超17% 孙公司与亿纬锂能关联公司签长期协议 ...

Core Viewpoint - Longpan Technology has signed a production pricing agreement with Eve Energy Malaysia, expecting to sell 152,000 tons of lithium iron phosphate cathode materials from 2026 to 2030, with a total sales amount exceeding 5 billion yuan [1][2]. Group 1: Agreement Details - The agreement allows Eve Energy to adjust the expected demand within a certain range, with specific pricing determined quarterly [2]. - Longpan Technology's subsidiary, LBM NEW ENERGY, has already established an annual production capacity of 30,000 tons of lithium iron phosphate cathode materials and has begun large-scale shipments since January [1][2]. Group 2: Future Projects - Longpan Technology is constructing a second phase project with a capacity of 90,000 tons per year, expected to complete building and equipment debugging by the end of this year [1][5]. - The company is also investing approximately 2.9 billion USD (around 21 billion yuan) in a large-scale production project for new energy vehicle power and energy storage battery cathode materials in Indonesia [4]. Group 3: Strategic Partnerships - Longpan Technology has signed a five-year supply agreement with LG Energy Solution for 260,000 tons of materials and a long-term supply agreement with Blue Oval Battery Park, Michigan [5][6]. - The partnership with Eve Energy is seen as a way to establish long-term stable relationships with downstream partners, contributing positively to the company's future performance [2].

当日关注点 关于新增外汇套期保值业务的公告 公司及下属公司拟开展外汇套期保值业务，以控制汇率风险，降低汇率波动对公司经营业绩的不利影 响。交易品种包括但不限于美元、欧元、印度尼西亚盾、港币等币种，交易工具包括即期外汇现货、远 期结售汇等。交易金额不超过5,000万美元或等值外币，前述额度在授权有效期内可循环滚动使用。该 议案尚需提交股东会审议。 截至2025年5月30日收盘，龙蟠科技(603906)报收于11.51元，下跌0.78%，换手率3.06%，成交量17.29万 手，成交额2.0亿元。 交易信息汇总 5月30日，龙蟠科技的资金流向显示，主力资金净流出517.24万元；游资资金净流出522.43万元；散户资 金净流入1039.67万元。 公司公告汇总第四届董事会第三十七次会议决议公告 江苏龙蟠科技股份有限公司第四届董事会第三十七次会议于2025年5月29日召开，会议审议通过以下议 案：- 审议通过《关于对下属公司增资暨关联（连）交易暨累计对外投资的议案》。公司拟向控股子公 司常州锂源新能源科技有限公司增资36,970.56万元，其中5,551.2923万元计入注册资本，剩余 31,419.2677万元计 ...

6月2日晚，龙蟠科技发布公告称，公司旗下控股公司LBM NEW ENERGY（AP）PTE.LTD.（以下简 称"锂源亚太"）与EveEnergy Malaysia Sdn.Bhd.（以下简称"Eve Energy"）签署了《生产定价协议》，双 方约定预计将由锂源亚太及其关联企业自2026至2030年间合计向Eve Energy及其关联企业销售15.2万吨 符合双方约定规格的磷酸铁锂正极材料，合同总销售金额超50亿元。 公告显示，该协议为公司日常经营相关的销售合同，公司签订该协议有助于与下游合作伙伴建立长期稳 定的关系，有助于公司产品的稳定销售，符合公司发展战略规划。若该合同能顺利履行，将对公司未来 业绩产生积极影响。 2024年，龙蟠科技实现营业总收入76.73亿元。其中，磷酸铁锂正极材料产品实现营业收入57.64亿元。 今年以来，龙蟠科技磷酸铁锂正极材料业务多点开花。2025年1月份，公司控股孙公司与Blue Oval（福 特电池工厂）成功签订供应协议，约定由公司控股孙公司自2026年至2030年期间提供磷酸铁锂正极材 料。当月，公司还与宁德时代签订磷酸铁锂正极材料年度采购协议，2025年度采购上限设为7 ...