Core Viewpoint - UBS increased its stake in Longpan Technology (02465) by purchasing 87,500 shares at a price of HKD 11.5954 per share, totaling approximately HKD 1.0146 million, raising its total holdings to 8.4695 million shares, which represents a 7.06% ownership [1] Summary by Category - **Share Purchase Details** - UBS acquired 87,500 shares of Longpan Technology at HKD 11.5954 each [1] - The total investment amounted to approximately HKD 1.0146 million [1] - **Ownership Status** - Following the purchase, UBS's total shareholding in Longpan Technology reached 8.4695 million shares [1] - The new ownership percentage stands at 7.06% [1]

江苏龙蟠科技集团股份有限公司 关于使用闲置募集资金购买理财产品的进展公告 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： 证券代码：603906 证券简称：龙蟠科技 公告编号：2025-137 基本情况 | 投资金额 | 万元 7,800 | | --- | --- | | 投资种类 | 银行理财 | | 资金来源 | 募集资金 | 已履行的审议程序 江苏龙蟠科技集团股份有限公司（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。 序号 受托方 产品类型 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-138 江苏龙蟠科技集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 12 日（星期三）13:00-14:00 （二） 会议召开地点：上证路演中心 重要内容提示： 会议召开时间：2025 年 11 月 12 日（星期三）13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 05 日（星期三）至 11 月 11 日（星期二）16:0 ...

Core Insights - The lithium battery materials industry has shown significant improvement in the third quarter of 2025, with many companies turning losses into profits and a clear trend of recovery in the sector [1][3] Group 1: Performance of Positive Electrode Material Companies - Tianqi Lithium's revenue for the first three quarters was 7.397 billion yuan, down 26.5%, but it achieved a net profit of 180 million yuan, marking a turnaround [2] - Ganfeng Lithium reported a revenue of 14.625 billion yuan, a growth of 5.02%, with a net profit of 2.552 billion yuan, also a turnaround [2] - Huaneng Technology and other companies have seen significant profit increases, with Huaneng's revenue reaching 23.226 billion yuan, up 46.27%, and a net profit of 645 million yuan, up 31.51% [2][3] Group 2: Trends in Positive Electrode Materials - High-pressure compact lithium iron phosphate has become a focal point for companies, driven by strong demand in the energy storage sector and advancements in technology [3][4] - The price of battery-grade lithium carbonate has rebounded, maintaining a range of 80,300 to 81,700 yuan per ton, contributing to the positive performance of many positive electrode material companies [4] - Major companies like Longpan Technology have secured large orders from leading firms, enhancing their market position [4] Group 3: Performance of Negative Electrode Material Companies - The negative electrode materials sector has also seen a recovery, with a total shipment of 201.1 million tons in the first nine months of 2025, a year-on-year increase of 35.1% [7] - Shanshan Co. achieved a net profit of 33.14 million yuan in Q1, marking a successful turnaround, and its stock price has rebounded significantly [7][8] - Companies like BTR and Putailai are expanding their overseas business and solid-state battery technology, contributing to their recovery and growth [8]

Core Insights - Longpan Technology (603906.SH) reported its Q3 2025 results, revealing that as of October 30, 2025, institutional investors held a total of 141 million shares, accounting for 20.60% of the company's total equity, a slight decrease of 0.15 percentage points from the previous quarter [1] Institutional Holdings - Eight institutional investors disclosed their holdings in Longpan Technology, including HKSCC NOMINEES LIMITED and several private equity funds, contributing to a total institutional holding of 20.60% [1] - The number of public funds that disclosed holdings decreased, with only one new disclosure, Tianzhi Research Driven Mixed A, while 14 public funds were no longer disclosed, including notable funds like Dongfang New Energy Theme Mixed and Huaxia Dingpei Bond A [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.25% compared to the previous quarter, while HKSCC NOMINEES LIMITED saw a slight decrease in its holdings [2] - UBS AG was noted as a foreign institution that did not disclose its holdings in the current period [2]

Core Viewpoint - Longpan Technology (02465.HK) experienced a post-earnings surge of over 6%, reaching a price of 12.66 HKD with a trading volume of 91.83 million HKD [1] Summary by Category - **Stock Performance** - The stock price increased by 6.2% following the earnings report [1] - Current trading price stands at 12.66 HKD [1] - Total trading volume recorded at 91.83 million HKD [1]

Core Viewpoint - Longpan Technology (02465) experienced a stock price increase of over 6% following the announcement of its Q3 2025 performance, indicating positive market reaction to the financial results [1] Financial Performance - For the first three quarters of 2025, Longpan Technology reported revenue of approximately 5.825 billion yuan, reflecting a year-on-year growth of 2.91% [1] - The net loss attributable to shareholders narrowed to approximately 110 million yuan, a decrease of 63.53% compared to the previous year [1] - The basic loss per share was reported at 0.16 yuan [1] Stock Option Incentive Plan - Longpan Technology announced a stock option incentive plan for 2025, proposing to grant 6.85 million stock options to incentive targets, which represents 1.00% of the company's total share capital at the time of the announcement [1] - This grant is a one-time allocation with no reserved rights [1]

Group 1 - The Chinese government will suspend the implementation of export control measures announced on October 9 for one year, indicating the competitive strength of China's lithium battery industry chain [1] - The previous export control measures included restrictions on high-performance battery cells, lithium battery equipment, and advanced materials, aimed at limiting competitive technology exports [1] - The demand for batteries is expected to grow significantly due to the surge in data center needs driven by global AI development, benefiting the entire industry chain [1] Group 2 - The lithium battery industry has experienced prolonged losses in 2023, but recent price increases have created significant profit elasticity [2] - The core product, 6F, has seen a price increase of over 50% since September, reaching above 87,000 [2] - The demand for energy storage is accelerating, with monthly demand exceeding 120,000 tons, indicating a strong market recovery [2] Group 3 - Relevant Hong Kong stocks in the lithium battery industry include CATL, BYD, Longpan Technology, Zhongchuang Innovation, Ruipu Lanjun, and Shuangdeng [3] - Lithium mining companies mentioned are Ganfeng Lithium and Tianqi Lithium [3]

Core Viewpoint - Longpan Technology (SH 603906) announced its fourth board meeting on October 30, 2025, to review the proposal for the company's Q3 2025 report [1] Company Summary - 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]

Core Viewpoint - The lithium iron phosphate (LFP) cathode material industry is experiencing a significant turnaround, with leading manufacturers initiating new rounds of capacity expansion driven by increased demand and a shift towards high-quality development focused on technology [1][2]. Industry Demand and Capacity Expansion - The demand for LFP batteries has surged, with cumulative shipments reaching 402.6 GWh by September 2025, representing a year-on-year growth of 62.7% [3]. - The overall operating rate of the LFP cathode material industry has rebounded to 76.6%, an increase of approximately 11 percentage points since early July [3]. - Major companies like Jiangxi Shenghua, Hunan Youneng, and others are actively disclosing expansion plans to meet the growing demand [1][5]. Specific Expansion Plans - Fujian Fulin Precision Technology Co., Ltd. announced plans for a new project in Deyang, aiming for an annual production capacity of 350,000 tons of high-density LFP, with a total investment of 4 billion yuan [4]. - Jiangsu Longpan Technology Group plans to raise up to 2 billion yuan for high-performance phosphate cathode projects in Shandong and Hubei, alongside a 90,000-ton LFP project in Indonesia [4]. Technological Advancements and Market Positioning - High-performance phosphate cathode materials are seen as upgraded products with higher energy density, enhancing competitiveness in the power battery sector [5]. - The industry is transitioning towards a "value war," focusing on advanced production capabilities and product upgrades, with only a few leading companies capable of mass production of high-density LFP materials [5][6]. Future Outlook - The industry is expected to shift from price competition to value competition, fostering a positive cycle of supply-demand balance, continuous technological innovation, and improved product quality [7].