江苏龙蟠科技集团股份有限公司 关于同一控制下企业合并追溯调整财务数据的公告 证券代码：603906 证券简称：龙蟠科技 公告编号：2025-135 二、追溯调整后对前期财务状况和经营成果的影响 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。 江苏龙蟠科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日 召开第四届董事会第四十四次会议，审议通过了《关于同一控制下企业合并追溯 调整财务数据的议案》，本议案无需提交公司股东会审议。现将有关事项公告如 下： 一、本次追溯调整原因 2024 年 3 月 6 日，公司召开第四届董事会第十七次会议，审议通过了《关 于收购山东美多科技有限公司暨关联交易并对其增资的议案》，关联董事回避表 决，同意拟以现金人民币 10,053.92 万元收购龙蟠国际控股有限公司（以下简称 "龙蟠国际"）持有的山东美多科技有限公司（以下简称"山东美多"）100%股 权，并在收购完成后对其增资人民币 5,000 万元。具体内容详见公司于 2024 年 3 月 7 日在上海证券交易所网站（www ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-133 江苏龙蟠科技集团股份有限公司 关于 2025 年三季度主要经营数据的公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号——行业 信息披露》之《第十三号——化工》及相关规定要求，现将公司2025年前三季度 主要经营数据情况披露如下： 注：碳酸锂加工产量仅为对外销售的部分。 二、主要产品和原材料的价格变动情况 （二）主要原材料价格变动情况 公司2025年前三季度主要原材料价格均有不同幅度的变化，其中基础油采购 均价较上年同期减少110.13元/吨，下降1.39%；乙二醇采购均价较上年同期增加 61.30元/吨，增长1.55%；尿素采购均价较上年同期减少435.51元/吨，下降20.79%； 磷酸铁采购均价较上年同期减少317.01元/吨，下降3.62%；碳酸锂采购均价较上 年同期减少18,916.29元/吨，下降22.88%。 主要产品 产量（吨） 销量（吨） 营业收入（万元） 车用环保精细化学品 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-134 江苏龙蟠科技集团股份有限公司 关于 2025 年三季度计提减值准备的公告 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个别及连带责任。 江苏龙蟠科技集团股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开了第四届董事会第四十四次会议，审议通过了《关于 2025 年第三季度计 提减值准备的议案》，现将有关情况公告如下： 一、本次计提减值准备概述 根据《企业会计准则》、中国证监会《会计监管风险提示第 8 号—商誉减值》、 财政部《企业会计准则第 8 号—资产减值》及公司有关会计政策的规定，基于谨 慎性原则，为了更加真实、准确地反映公司截至 2025 年 9 月 30 日的资产状况和 财务状况，公司及下属公司对各项资产负债表日可能发生减值迹象的商誉、应收 票据、应收账款、其他应收款、存货等进行了全面检查和减值测试，2025 年前 三季度公司计提各项减值准备合计 10,894.84 万元，导致公司 2025 年前三季度合 并报表利润总额减少 10,89 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-136 二、董事会会议审议情况 江苏龙蟠科技集团股份有限公司 第四届董事会第四十四次会议决议公告 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、董事会会议召开情况 江苏龙蟠科技集团股份有限公司（以下简称"公司"）第四届董事会第四十四 次会议（以下简称"本次董事会会议"）通知于 2025 年 10 月 16 日以书面或电话 方式通知公司全体董事和高级管理人员。公司本次董事会会议于 2025 年 10 月 30 日以现场结合通讯表决方式召开。公司本次董事会会议应到董事 10 人，实到 董事 10 人；公司的全体高级管理人员列席了本次董事会会议。 公司本次董事会会议由公司董事长石俊峰先生召集和主持。公司本次董事会 会议的召集程序、召开程序以及表决的董事人数符合《中华人民共和国公司法》 （以下简称"《公司法》"）、《江苏龙蟠科技集团股份有限公司章程》（以下简称"《公 司章程》"）、《江苏龙蟠科技集团股份有限公司董事会议事规则》等相关规定。 公司董事就提交董事会审议的 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [8]. Core Views - The company is leading in overseas expansion, having signed a contract with CATL to sell 157,500 tons of lithium iron phosphate (LFP) cathode materials, with a total sales amount exceeding 6 billion RMB [1]. - The LFP industry may experience a supply-demand reversal, with significant production increases noted among major LFP manufacturers [7]. Summary by Sections Company Overview - The company has established long-term supply agreements with LGES, Blue Oval, and Eve Energy, securing overseas LFP supply from 2026 to 2030 [7]. - The first phase of the 30,000-ton LFP project in Indonesia began production in 2025, with a second phase of 90,000 tons under construction [7]. - The company raised approximately 1.17 billion HKD through a new H-share placement and secured investments totaling 200 million USD from strategic investors [7]. Industry Insights - In October 2025, domestic battery manufacturers planned to produce 142 GWh, a month-on-month increase of 9.6%, while cathode material production rose by 2.46% [7]. - Among 31 major LFP manufacturers, 7 have utilization rates exceeding 100%, indicating strong demand and potential for price increases [7]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 81.4 billion, 145.2 billion, and 176.5 billion RMB, respectively, with year-on-year growth rates of 6.1%, 78.3%, and 21.6% [8]. - The company is expected to achieve a net profit of 1.6 billion RMB in 2025, with significant growth in subsequent years [8]. - Earnings per share (EPS) are projected to be -0.37, 0.24, and 0.63 RMB for 2025, 2026, and 2027, respectively [8].

Financial Performance - The company's operating revenue for Q3 2025 was CNY 2,203,501,935.31, representing a 5.33% increase compared to the same period last year[4] - The total profit for the period was a loss of CNY 16,470,598.59, an improvement from a loss of CNY 97,455,868.17 in the previous year[4] - The net profit attributable to shareholders was a loss of CNY 25,317,203.98, compared to a loss of CNY 81,892,084.68 in the same period last year[4] - The net loss for the first three quarters of 2025 was reported at ¥486,316,393.39, compared to a net loss of ¥375,845,782.32 in the same period of 2024[20] - The net profit for the first three quarters of 2025 was -131,275,324.70 RMB, compared to -372,677,188.87 RMB in the same period of 2024, showing an improvement of approximately 64.8%[23] - The total comprehensive income attributable to the parent company for the first three quarters of 2025 was -109,914,822.07 RMB, compared to -300,145,958.70 RMB in 2024, reflecting a notable improvement[24] Cash Flow - The net cash flow from operating activities for the year-to-date was a negative CNY 66,358,752.44, a significant decline from a positive CNY 107,413,349.19 in the previous year[4] - The company reported a net cash flow from operating activities of -169.61 million RMB, primarily due to a decrease in cash received from sales[12] - The net cash flow from operating activities for the first three quarters of 2025 was -66,358,752.44 RMB, compared to 95,332,629.75 RMB in 2024, indicating a significant decline[24] - The company reported a net cash flow from financing activities of 2,025,305,809.13 RMB in 2025, a substantial increase compared to -117,629,942.23 RMB in 2024[25] - The company achieved a total cash inflow from financing activities of 7,037,570,079.56 RMB in 2025, compared to 5,909,665,923.57 RMB in 2024, indicating a growth in financing efforts[25] Assets and Liabilities - The total assets at the end of the reporting period were CNY 18,438,397,670.16, an increase of 11.89% from the end of the previous year[6] - The company's total assets reached ¥18,438,397,670.16 as of September 30, 2025, compared to ¥16,055,186,971.37 at the end of 2024, reflecting an increase of approximately 14.8%[20] - Total current assets as of September 30, 2025, were ¥9,718,579,720.62, up from ¥7,198,288,021.17 at the end of 2024, representing an increase of approximately 35%[19] - Total liabilities increased to ¥14,610,813,995.03 as of September 30, 2025, compared to ¥12,032,213,339.09 at the end of 2024, indicating a rise of about 21.5%[20] - The company's long-term borrowings increased to ¥2,620,592,209.87 as of September 30, 2025, from ¥2,204,014,652.93 at the end of 2024, representing an increase of approximately 18.8%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 85,759[14] - The largest shareholder, Shi Junfeng, holds 31.04% of the shares, totaling 212,662,195 shares[14] - The top 10 shareholders collectively hold 34.77% of the company's total shares[15] - The report indicates no changes in the participation of the top 10 shareholders in margin trading and securities lending[16] Acquisitions and Partnerships - The company completed the acquisition of Shandong Meiduo Technology Co., Ltd., which is now a wholly-owned subsidiary, enhancing its market position[7] - The company has adjusted its financial statements due to the acquisition, reflecting the integration of Shandong Meiduo's financials into its consolidated reports[8] - The company has signed a procurement cooperation agreement with CATL to sell 157,500 tons of lithium iron phosphate cathode materials from Q2 2026 to 2031, with an estimated total sales amount exceeding 6 billion RMB[17] - The company's subsidiary, LBM NEW ENERGY (AP) PTE. LTD., is involved in the agreement with CATL, indicating a strategic partnership in the lithium battery supply chain[16] Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥5,965,892,986.07, slightly down from ¥5,975,477,267.16 in 2024, indicating a decrease of about 0.2%[22] - Research and development expenses for the first three quarters of 2025 amounted to ¥310,762,323.09, a decrease from ¥370,484,288.95 in 2024, reflecting a reduction of approximately 16.1%[22] - The company experienced a decrease in operating expenses, with total cash outflows from operating activities amounting to 3,735,411,943.22 RMB in 2025, down from 4,101,489,787.04 RMB in 2024[24] Other Financial Metrics - The basic earnings per share and diluted earnings per share for the current reporting period are not applicable[12] - Basic and diluted earnings per share for the first three quarters of 2025 were both -0.16 RMB, an improvement from -0.54 RMB in 2024[24] - The company reported a total of CNY 14,875,185.24 in non-recurring gains for the period, indicating some financial relief despite overall losses[10] - The company has experienced a reduction in losses related to lithium iron phosphate cathode materials, contributing to improved financial performance[12] - The company did not report any net profit from subsidiaries prior to consolidation, with the previous year's net profit from the merged entity being -138,895.95 RMB[24]

Core Viewpoint - Longpan Technology reported a revenue of 2.204 billion yuan in the third quarter, representing a year-on-year growth of 5.33%, but incurred a net loss of 25.3172 million yuan [1] - For the first three quarters, the company achieved a revenue of 5.825 billion yuan, with a year-on-year increase of 2.91%, while the net loss amounted to 110 million yuan [1] Financial Performance - Q3 revenue: 2.204 billion yuan, up 5.33% year-on-year [1] - Q3 net loss: 25.3172 million yuan [1] - Year-to-date revenue: 5.825 billion yuan, up 2.91% year-on-year [1] - Year-to-date net loss: 110 million yuan [1]

Core Insights - The lithium iron phosphate (LFP) industry is experiencing a new round of capacity expansion driven by strong downstream demand and a shift towards high-end products and overseas markets [1][2][10] - Leading battery manufacturers are actively securing long-term supply agreements and making strategic investments in LFP producers to ensure stable supply [2][3][12] Industry Dynamics - Major LFP manufacturers are currently operating at full capacity, with second and third-tier manufacturers also increasing their utilization rates [2][8] - The market demand for LFP is robust, leading to price increases for smaller customers with less favorable payment terms [2][12] - In September, CATL signed a prepayment agreement worth 1.5 billion yuan with Jiangxi Shenghua to secure LFP supply, committing to purchase at least 80% of the promised capacity from 2025 to 2029 [2][3] Capacity Expansion - The LFP industry is entering a phase of strategic capacity expansion, with several companies announcing significant investment plans [9][11] - Jiangxi Shenghua plans to invest 4 billion yuan in a new project with an annual capacity of 350,000 tons of high-pressure density LFP [9] - Dragon Power Technology and other companies are also expanding their production capabilities, with projects in various locations [9][11] Market Trends - The LFP battery installation volume in China reached 402.6 GWh in the first three quarters of this year, a year-on-year increase of 62.7%, accounting for 81.5% of total installations [5] - The global energy storage market is also growing, with a projected 106.1% year-on-year increase in shipments of energy storage cells in the first half of 2025 [5][6] Competitive Landscape - The LFP industry is witnessing a bifurcation where leading companies are expanding while smaller firms face challenges, leading to potential exits or upgrades [12] - The competition is shifting from price and scale to technology and quality, with a focus on high-performance products [12][14] - Companies are increasingly adopting integrated business models to enhance competitiveness, with a focus on resource self-sufficiency and supply chain integration [14]

Group 1 - The core viewpoint is that the lithium iron phosphate (LFP) material sector has entered a new phase of development in 2025, characterized by deep homogenization competition, where mere cost competition is no longer sustainable. Breakthroughs in core indicators like density are essential for regaining market pricing power [2] - The global electrification wave presents historical opportunities for Chinese companies to expand internationally, but establishing localized production capacity in key markets and securing large-scale orders are critical challenges for achieving global growth [2] Group 2 - Longpan Technology, a leading company in the LFP material field, is at the forefront of technological innovation and global expansion [3] - In 2025, Longpan Technology has established itself as a benchmark for Chinese companies going abroad, driven by a dual strategy of "technology + international expansion" [5] - The company has achieved a significant innovation in technology, realizing a high-density LFP material with a density of 2.62g/cm³ through a single sintering process [6] - Longpan Technology's global lithium battery business is flourishing, with its Indonesian factory recently securing a large order worth 6 billion, indicating that overseas production capacity is entering a phase of scale-up [7]

Core Viewpoint - Longpan Technology (603906) plans to utilize idle funds from a non-public stock issuance, not exceeding 600 million yuan, for cash management to maximize shareholder value [1] Group 1: Fund Utilization - The company intends to use temporarily idle funds from fundraising projects for cash management, ensuring it does not affect the construction of investment projects [1] - The total amount for entrusted financial management is 86 million yuan [1]