国浩律师（上海）事务所 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website:http://www.grandall.com.cn 关于江苏龙蟠科技股份有限公司 2024年年度股东会的法律意见书 致：江苏龙蟠科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受江苏龙蟠科技股份有限 公司（以下简称"公司"）委托，指派本所律师出席公司 2024 年年度股东会（以 下简称"本次股东会"），并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《上市 公司股东会规则》（以下简称"《股东会规则》"）以及《江苏龙蟠科技股份有 限公司章程》（以下简称"《公司章程》"）的规定出具本法律意见书。 本所律师依据本法律意见书出具日之前已 ...

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。 证券代码：603906 证券简称：龙蟠科技 公告编号：2025-068 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 1、资金来源的一般情况 本次现金管理的资金来源系公司非公开发行股票的暂时闲置募集资金。 重要内容提示： 履行的审议程序：江苏龙蟠科技股份有限公司（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。 一、本次委托理财概况 （一）委托理财的目的 公司募集资金投资项目（以下简称"募投项目" ...

Industry Overview - The lubricating oil industry in China consists of an upstream segment focused on oil extraction, refining base oils, and additive supply, a midstream segment for the production of lubricating oils, and a downstream segment serving various sectors such as engineering machinery, automotive, shipping, and rail transportation [1][3]. Key Companies - Major companies in the upstream segment include China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec), while companies like Longpan Technology and Compton are significant players in the midstream segment [3][9]. - The downstream sector includes automotive manufacturers and engineering machinery companies such as GAC Group and Weichai Power [3]. Regional Distribution - The majority of representative lubricating oil companies are located in eastern coastal regions such as Jiangsu, Zhejiang, and Guangdong, with Beijing housing the highest concentration of these companies [5][6]. Production Capacity - China National Petroleum and Sinopec have the largest production capacities in the lubricating oil sector, each exceeding 1 million tons per year [9][10]. Investment Trends - Recent investment trends in the lubricating oil industry focus on the production of high-end lubricating oils and project upgrades. Sinopec plans to invest RMB 293 billion in 2024 for various upgrading projects, while CNPC has allocated RMB 334.89 billion for similar initiatives [11][13].

Core Insights - The automotive fine chemicals industry is experiencing explosive growth driven by the expansion of the automotive sector, increasing environmental regulations, and the rapid adoption of electric vehicles. The market size for automotive fine chemicals in China was 46.255 billion yuan in 2023 and is expected to exceed 100 billion yuan by 2030 [1][17]. Industry Overview - Automotive fine chemicals are specialized chemical products used throughout the lifecycle of vehicles, including production, use, and recycling. They are crucial for various automotive systems, including lubrication, cleaning, protection, coatings, and adhesives [3][9]. - The main categories of automotive fine chemicals include lubricants, cleaning agents, protective products, coatings, and adhesives [4]. Market Dynamics - The demand for automotive fine chemicals has surged due to the increasing number of vehicles in China, which provides a stable market for maintenance-related chemicals. The automotive ownership in China is steadily rising, contributing to this demand [1][17]. - The global automotive fine chemicals market is projected to grow from 100 billion USD in 2023 to 180 billion USD by 2030, with a compound annual growth rate (CAGR) of 8.76% [14]. Policy Environment - Recent policies encourage the production of environmentally friendly products and the development of new materials in the fine chemicals sector. For instance, the "14th Five-Year Plan" aims to enhance the quality and efficiency of the petrochemical industry, promoting high-end fine chemicals [5][6]. Industry Chain - The automotive fine chemicals industry chain consists of upstream raw material suppliers, midstream manufacturers of fine chemicals, and downstream markets including vehicle manufacturing and maintenance services [7]. Key Companies - Notable companies in the automotive fine chemicals sector include Delian Group, Zhongsheng Gaoke, Longpan Technology, and others, which are involved in the production of various automotive chemicals such as coolants, lubricants, and cleaning agents [21][23][25]. Development Trends - The industry is shifting towards environmentally friendly products, with a focus on high-purity urea and water-based coatings. The demand for personalized and diversified products is also increasing, driven by consumer preferences [28][29]. - The trend towards smart and digital solutions in automotive fine chemicals is growing, with innovations aimed at enhancing product performance and user experience [30].

Core Viewpoint - The domestic power battery installation capacity reached 56.6 GWh in March this year, with a year-on-year and month-on-month growth of over 61%, where lithium iron phosphate batteries accounted for over 82% of the total, marking a significant increase in demand and technological upgrades in the industry [1][2][3]. Group 1: Development of High-Pressure Lithium Iron Phosphate - High-pressure lithium iron phosphate is becoming the mainstream product, with powder compact density reaching approximately 2.60 g/cm³ and electrode compact density around 2.75 g/cm³ [4][5]. - The evolution of lithium iron phosphate has progressed to the fourth generation, with earlier generations (first to third) having lower compact densities [3][5]. - The market is shifting towards higher density products due to increasing performance requirements, with some leading companies already investing in fourth and fifth generation products [5][6]. Group 2: Market Demand and Technological Advancements - By 2025, the demand for high-pressure lithium iron phosphate products is expected to rise due to enhanced requirements for battery cycle life and the maturity of ultra-fast charging technologies [7][8]. - Major companies like CATL and others are actively developing fast-charging batteries, indicating a strong market push for high-pressure lithium iron phosphate [9][10]. - The competition is intensifying as companies strive to improve battery performance while maintaining high energy density, leading to a technological arms race in the industry [11][12]. Group 3: Financial Performance of Key Players - Companies like Fulin Precision have reported significant revenue growth attributed to high-pressure lithium iron phosphate materials, with a revenue increase of 47.02% year-on-year and a net profit growth of 173.11% [13][14]. - Hunan Youneng and Longpan Technology are also focusing on high-pressure lithium iron phosphate, with varying degrees of success in production and sales [15][16][17]. - The financial performance of these companies indicates a trend where those with advanced high-pressure lithium iron phosphate technologies are gaining a competitive edge in the market [22]. Group 4: Price Trends and Market Dynamics - Since the fourth quarter of 2024, there has been a noticeable increase in the prices of lithium iron phosphate products, particularly high-pressure variants, with price increases expected to continue into 2025 [24][27]. - The price of high-pressure lithium iron phosphate is projected to rise by 500-1500 RMB per ton, with a premium of 2000-3000 RMB over standard third-generation products [27][28]. - The supply-demand balance for high-pressure lithium iron phosphate is expected to remain tight in the short term, indicating potential for sustained price premiums [28]. Group 5: Future Outlook and Strategic Considerations - The transition towards high-pressure lithium iron phosphate is expected to catalyze a reshaping of the industry, with increased production capacity anticipated post-2026 [28]. - Companies that have mastered the technology for high-pressure lithium iron phosphate will need to optimize production efficiency and secure customer relationships to maintain their market position [30][32]. - The competitive landscape may lead to price reductions as companies vie for market share, potentially eroding the premium pricing advantage of high-pressure lithium iron phosphate [32].

Group 1 - The solid-state battery concept sector rose by 1.86%, ranking fifth among concept sectors, with 132 stocks increasing in value [1] - Notable gainers included Ningxin New Materials with a 30% limit up, and Haichen Pharmaceutical, Lingpai Technology, and Honggong Technology each with a 20% limit up [1] - The top gainers in the sector also included Lingge Technology, Del Technology, and Wuhan Blue Electric, which rose by 16.48%, 11.01%, and 10.87% respectively [1] Group 2 - The solid-state battery sector saw a net inflow of 4.206 billion yuan, with 122 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows [2] - Guoxuan High-Tech led the net inflow with 795 million yuan, followed by Silvers and Shengyang Shares with 586 million yuan and 264 million yuan respectively [2] - The top three stocks by net inflow ratio were Binhai Energy, Longpan Technology, and Shengyang Shares, with net inflow ratios of 80.70%, 35.01%, and 31.24% respectively [3] Group 3 - The solid-state battery sector's top stocks included Guoxuan High-Tech, Silvers, Shengyang Shares, and Longpan Technology, with daily price increases of 9.99%, 2.30%, 10.02%, and 9.98% respectively [3][4] - The trading volume and turnover rates for these stocks were significant, with Guoxuan High-Tech having a turnover rate of 7.41% and Silvers at 2.20% [3][4] - Other notable stocks included Yiwai Lithium with a 1.80% increase and Jinlongyu with a 9.99% increase, indicating strong market interest [3][4]

Group 1 - Sodium-ion battery concept stocks rose by 1.56%, ranking 6th among concept sectors, with 73 stocks increasing in value [1] - Notable gainers include Ningxin New Materials with a 30% limit up, and companies like Lingpai Technology and Honggong Technology both achieving 20% limit up [1] - The top gainers in the sodium-ion battery sector include Guoxuan High-Tech with a net inflow of 7.95 billion yuan, followed by Shengyang Co. and Longpan Technology with net inflows of 2.64 billion yuan and 1.99 billion yuan respectively [2][3] Group 2 - The sodium-ion battery sector saw a net inflow of 26.35 billion yuan, with 76 stocks receiving net inflows, and 8 stocks exceeding 1 billion yuan in net inflow [2] - The leading stocks by net inflow ratio include Longpan Technology at 35.01%, Shengyang Co. at 31.24%, and Guoxuan High-Tech at 23.86% [3] - The trading volume and turnover rates for key stocks in the sodium-ion battery sector indicate strong investor interest, with Guoxuan High-Tech showing a turnover rate of 7.41% [3][4]

Group 1 - The core viewpoint of the article highlights the structure of lubricant oil consumption in China, which is divided into transportation and industrial oils, with transportation oil accounting for approximately 55% and industrial oil for about 30% of total consumption [1] - In the transportation lubricant oil segment, gasoline and diesel engine oils dominate, with their consumption proportions projected to be 36% and 39% respectively in 2024, while gear oil accounts for 9% [2] - The internal combustion engine oil, which includes gasoline and diesel engine oils, plays a crucial role in lubricating engine components and is expected to maintain a high consumption share [5] Group 2 - The strategic position analysis of the transportation lubricant oil market indicates that the automotive sector has a high market attractiveness and competitive position, while the engineering machinery sector shows a relatively lower strategic position due to slower growth [10] - The total consumption of turbine oil is expected to account for 16% and diesel engine oil for 24% in 2024, indicating a significant share of internal combustion engine oil in the lubricant market [8] - Major brands in the lubricant oil industry include Kunlun, Great Wall, Compton, and Longpan, offering a variety of products such as synthetic high-performance gasoline engine oils and specialized diesel engine oils [6]

每经记者｜刘明涛 每经编辑｜彭水萍 A股三大指数集体上涨，创业板指涨近1%，北证50指数续创历史新高。截至上午收盘，沪指上涨0.38%，报3393.49点；深成指上涨0.53%，报10303.99点； 创业板指上涨0.99%，报2068.65点；科创50指数上涨0.11%，报998.79点；北证50指数上涨1.30%，报1493.14点。 | 1493.14 +19.15 +1.30% | | | | 北证50 ਸਿ 899050 | | | --- | --- | --- | --- | --- | --- | | BSE 11:30:11 交易中 | | | | | 1 . . + | | 全额 | 278.83亿 关键比率 | | | | | | 成交量 | 12.85 7 | | 2023 | 2024 2025Q | | | 开鲁 | 1470.40 | 毛利率 | 20.42 | 23.78 | 22.78 | | 量高 | 1497.21 | 净利率 | 5.90 | 5.79 | 6.19 | | 最低 | 1464.30 | | | | | | 市智率 TM 78.5 市净率 | 5.09 ...

Market Overview - The Shanghai Composite Index closed at 3393.49 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 778.89 billion yuan [1] Stocks Performance - A total of 365 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Shengyang Co., Ltd. (002580) with a deviation rate of 7.74% and a daily increase of 10.02% [1] - Longpan Technology (603906) with a deviation rate of 7.07% and a daily increase of 9.98% [1] - Chongqing Port (600279) with a deviation rate of 6.65% and a daily increase of 9.97% [1] Additional Notable Stocks - Other notable stocks with positive performance include: - Runyang Technology (300920) with a deviation rate of 6.42% and a daily increase of 9.99% [1] - Nandu Power (300068) with a deviation rate of 5.74% and a daily increase of 6.67% [1] - Ruikeda (688800) with a deviation rate of 5.27% and a daily increase of 6.17% [1]