Core Viewpoint - Long-term sales agreements have been established between Longpan Technology's subsidiaries and Chuaneng New Energy, which are expected to significantly impact future performance positively [1][2] Group 1: Agreement Details - Longpan Technology's subsidiaries, Changzhou Lithium Source and Nanjing Lithium Source, signed a supplementary agreement with Chuaneng New Energy's subsidiaries, which modifies previous procurement agreements [1] - The total estimated sales amount from the supplementary agreement and the original agreement exceeds RMB 45 billion, based on expected quantities and market prices [1] Group 2: Strategic Implications - The signing of these agreements is aimed at establishing long-term stable relationships with downstream partners, which aligns with the company's strategic development plan [2] - Successful execution of these agreements is anticipated to have a positive impact on the company's future performance [2]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-143 江苏龙蟠科技集团股份有限公司 关于签署日常经营重大合同的进展公告 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个别及连带责任。 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"）控股子公司常州锂 源新能源科技有限公司（以下简称"常州锂源"）及控股孙公司南京锂源纳米科 技有限公司（以下简称"南京锂源"，与"常州锂源"合称为"卖方"）与楚能新 能源股份有限公司（以下简称"楚能新能源"）全资子公司武汉楚能新能源有限 公司（以下简称"武汉楚能"）、孝感楚能新能源创新科技有限公司（以下简称"孝 感楚能"）及宜昌楚能新能源创新科技有限公司（以下简称"宜昌楚能"，与"武 汉楚能"、"孝感楚能"合称为"买方"）共同签署了《<生产材料采购合作协议> 之补充协议二》（以下简称"《补充协议二》"），对原常州锂源、南京锂源与武汉 楚能、孝感楚能、宜昌楚能签订的《生产材料采购合作协议》及《补充协议》（以 下合称"《原协议》"）相关条款进行补充与修订。 如按照预计数量及市场价格 ...

Buyback - Naxin Micro plans to repurchase company shares for an amount between 200 million to 400 million RMB [1] Mergers and Acquisitions - Shangwei Co. intends to invest 520 million RMB to acquire a controlling stake of 51% in Sichuan Zhongfu Taihua New Material Technology Co., which is currently in the process of building its production lines and has not yet officially commenced operations, except for a small hydrogen peroxide business [2] Investment Cooperation and Operational Status - Industrial Fulian refutes rumors regarding a downward adjustment of its fourth-quarter profit target, stating that overall operations, including the shipment of products like GB200 and GB300, are proceeding as planned with strong customer demand [3] - Longpan Technology has signed a significant contract for the sale of 150,000 tons of lithium iron phosphate cathode materials from 2025 to 2030, with a supplementary agreement for an additional 1.3 million tons, estimating total sales exceeding 45 billion RMB [3] - Haichuang Pharmaceutical has received clinical trial approval for its oral PROTAC drug HP518 for the treatment of advanced prostate cancer, with no similar products approved for market in China or abroad [3] - Panjiang Co. is increasing capital by 1.334 billion RMB to fund the construction of the Guizhou Energy Puding Power Plant project [4] - Zhongding Co.'s subsidiary has become a supplier for liquid cooling dummy loads, with an expected project total of 15 million RMB [5] - Dongfang Zirconium's wholly-owned subsidiary is investing in a project to produce 60,000 tons of battery-grade chlorinated zirconia and 12,000 tons of high-purity zirconium-hafnium separation oxides, with a budget of 737 million RMB [5] - Tianfu Cultural Tourism has signed a cooperation framework agreement for the integration of film and tourism development with the Deyang Bureau of Culture, Radio, Television and Tourism, and Aba Dajiu Zhai Tourism Group [6] - Zai Jing Pharmaceutical's injectable ZG006 for the treatment of advanced neuroendocrine cancer has been included in the list of breakthrough therapy designations [7] - Jinbei Automotive has signed a strategic framework agreement with JD.com to become a supplier for JD's automotive business [8] - Jingyan Technology plans to use up to 1.6 billion RMB of idle funds for entrusted wealth management [9]

Group 1 - The core point of the article is that Longpan Technology (603906.SH) has signed a supplementary agreement with its subsidiaries and Chuaneng New Energy, which is expected to generate over RMB 45 billion in total sales based on estimated quantities and market prices [1][2] - The supplementary agreement, effective from November 24, 2025, revises terms of the original procurement agreement, enhancing the stability of sales and fostering long-term relationships with downstream partners [1][2] - The successful execution of these agreements is anticipated to have a positive impact on the company's future performance [2]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-143 江苏龙蟠科技集团股份有限公司 关于签署日常经营重大合同的进展公告 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个别及连带责任。 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"）控股子公司常州锂 源新能源科技有限公司（以下简称"常州锂源"）及控股孙公司南京锂源纳米科 技有限公司（以下简称"南京锂源"，与"常州锂源"合称为"卖方"）与楚能新 能源股份有限公司（以下简称"楚能新能源"）全资子公司武汉楚能新能源有限 公司（以下简称"武汉楚能"）、孝感楚能新能源创新科技有限公司（以下简称"孝 感楚能"）及宜昌楚能新能源创新科技有限公司（以下简称"宜昌楚能"，与"武 汉楚能"、"孝感楚能"合称为"买方"）共同签署了《<生产材料采购合作协议> 之补充协议二》（以下简称"《补充协议二》"），对原常州锂源、南京锂源与武汉 楚能、孝感楚能、宜昌楚能签订的《生产材料采购合作协议》及《补充协议》（以 下合称"《原协议》"）相关条款进行补充与修订。 如按照预计数量及市场价格 ...

Core Insights - Lithium iron phosphate (LFP) cathode materials have significant advantages in safety, cycle life, and cost due to their olivine structure and cobalt-nickel-free formulation, despite limitations in energy density and low-temperature performance [1][5][8] - The demand for LFP materials is driven by the electric vehicle (EV) and energy storage markets, with LFP battery installation in the power battery sector reaching an absolute dominance and over 90% in the energy storage sector [1][6][8] - The industry is transitioning towards high-end technology-driven competition, focusing on technological upgrades and vertical integration of the supply chain, leading to increased market concentration and further segmentation of application scenarios [1][6][10][12] Industry Overview - LFP materials (chemical formula: LiFePO₄) are a key component of lithium-ion batteries, characterized by a stable olivine crystal structure [2][3] - The LFP industry is supported by stable upstream supply of lithium, iron, and phosphorus, with leading companies enhancing product performance through diverse manufacturing processes [1][6] Market Dynamics - In the power battery sector, LFP battery installation reached 402.6 GWh in the first nine months of 2025, accounting for 81.5% of total installations, a year-on-year increase of 62.7% [6][7] - The energy storage market has seen rapid growth, with LFP batteries dominating new installations, achieving 20.58 GW/48.52 GWh in the first half of 2025, representing 94.21% and 87.95% of the market in power and capacity, respectively [7][8] Competitive Landscape - Major companies in the LFP sector include Hunan Youneng, Dofang Nano, and Fulian Precision, with varying production capacities and technological advantages [2][9] - The industry is witnessing a shift towards high-performance products, with companies like Hunan Youneng and Dofang Nano focusing on high-density and long-cycle life products to meet the demands of leading battery manufacturers [9][12] Future Trends - The LFP industry is expected to focus on high-end technological upgrades, improving energy density, fast charging, and low-temperature adaptability [10][11] - Vertical integration of the supply chain will become a mainstream trend, with companies enhancing control over upstream resources and establishing recycling systems to support sustainable development [11][12] - Market competition is shifting from price-based to value-based, with high-performance differentiated products becoming the core competitive advantage [12]

Group 1 - The lithium battery sector experienced a significant decline, with Longpan Technology (02465) dropping over 9% and nearly 20% in the last four days, trading at 12.36 HKD with a transaction volume of 91.88 million HKD [1] - The Chinese phosphate iron lithium industry is facing continuous overall losses due to chaotic competition and low-price undercutting, threatening the survival and sustainable development of the entire industry [1] - The China Chemical and Physical Power Industry Association plans to issue a notification recommending that companies use the industry average cost range to guide pricing and avoid engaging in low-price dumping [1] Group 2 - A recent clarification letter from an analyst, dated November 11, has circulated in the investment community, acknowledging that the research team mistakenly communicated unverified information regarding the price increase of phosphate iron lithium products by CATL [1]

消息面上，据中证金牛座，从业内获悉，由于我国磷酸铁锂行业陷入连续多年整体性亏损的窘境，产业 无序竞争、低价内卷现象威胁全行业生存根基与持续发展大局，中国化学（601117）与物理电源行业协 会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。该《通知》建议，企业应将协会11月 18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开展低价倾销。 值得关注的是，据报道，近期一份来自电新分析师的澄清函在投资圈疯传。在这份落款时间为11月11日 的澄清函中，分析师承认，其研究团队在未经核实的情况下，对外交流中误传了有关"宁德时代 （300750）采购磷酸铁锂产品涨价"的不实信息。 锂电概念今日全线下挫，龙蟠科技（603906）(02465)跌超9%，近四日股价累跌近20%。截至发稿，跌 9.12%，报12.36港元，成交额9188.03万港元。 ...

Core Viewpoint - Longpan Technology's stock has experienced a decline of 5.02% on November 21, with a cumulative drop of 8.18% over three consecutive days, indicating potential concerns among investors regarding the company's performance and market conditions [1] Company Overview - Longpan Technology, established on March 11, 2003, and listed on April 10, 2017, is based in Nanjing, Jiangsu Province, China. The company specializes in the sales of automotive fine chemicals and lithium iron phosphate (LFP) cathode materials [1] - The company's revenue composition includes 65.14% from LFP cathode materials, 26.40% from automotive fine chemicals, 7.81% from lithium carbonate and raw material processing, and 0.66% from other businesses [1] Fund Holdings - Tianzhi Fund has a significant holding in Longpan Technology, with its Tianzhi Research-Driven Mixed A Fund (350009) holding 27,000 shares, representing 1.96% of the fund's net value, making it the fourth-largest holding [2] - The fund has incurred a floating loss of approximately 25,400 yuan today, with a total floating loss of 45,100 yuan during the three-day decline [2] Fund Manager Performance - The fund manager of Tianzhi Research-Driven Mixed A Fund, Liang Li, has been in the position for 4 years and 222 days, with the fund's total asset size at 64.314 million yuan. The best return during her tenure is 30.51%, while the worst return is -64.85% [3]

此前龙蟠科技公布2025年前三季度业绩，营业收入约58.25亿元，同比增长2.91%；归属于上市公司股东 的净亏损约1.1亿元，同比收窄63.53%；基本每股亏损0.16元。 智通财经APP获悉，香港联交所最新资料显示，11月20日，龙蟠科技(02465)股东将股票由花旗银行转入 UBS Securities Hong Kong Limited，转仓市值1.01亿港元，占比6.01%。 于11月19日，龙蟠科技股东采取转仓操作，将股票由UBS Securities Hong Kong Limited转入花旗银行， 转仓市值1.08亿港元，占比6.26%。 ...