Core Viewpoint - Longpan Technology (02465) experienced a decline of over 4% following the release of its financial results, with a current share price of 9.2 HKD and a trading volume of 76.31 million HKD [1] Financial Performance - For the six months ending June 30, 2025, the company reported a revenue of 3.622 billion RMB, reflecting a year-on-year growth of 1.5% [1] - The loss attributable to the owners of the company was 84.194 million RMB, which represents a year-on-year reduction of 61.6% [1] - The basic loss per share was reported at 0.12 RMB [1] Product Pricing Trends - The average selling price of the company's main products in the first half of 2025 saw the following declines compared to the same period last year: - Lubricants: down 7.20% - Diesel engine exhaust treatment fluid: down 8.45% - Coolants: down 0.19% - Lithium iron phosphate cathode materials: down 16.70% [1] Raw Material Price Changes - The average procurement prices for key raw materials in the first half of 2025 showed varied changes: - Base oil: decreased by 616.46 RMB/ton, down 7.14% - Ethylene glycol: increased by 148.27 RMB/ton, up 3.79% - Urea: decreased by 419.19 RMB/ton, down 19.81% - Phosphate: decreased by 173.73 RMB/ton, down 1.98% - Lithium carbonate: decreased by 22,674.64 RMB/ton, down 26.08% [1]

2025年8月21日，龙蟠科技(603906.SH)发布2025年中报。 公司营业总收入为36.22亿元，较去年同报告期营业总收入增加5326.78万元，同比较去年同期上涨 1.49%。归母净利润为-8515.34万元，较去年同报告期归母净利润增加1.37亿元，实现2年连续上涨。经 营活动现金净流入为606.81万元。 公司最新资产负债率为78.41%。 公司最新毛利率为13.84%，较去年同期毛利率增加3.68个百分点，实现2年连续上涨。最新ROE 为-2.75%，较去年同期ROE增加4.53个百分点。 公司摊薄每股收益为-0.13元，较去年同报告期摊薄每股收益增加0.26元，实现2年连续上涨。 公司最新总资产周转率为0.21次，较去年同期总资产周转率增加0.01次，同比较去年同期上涨3.14%。 最新存货周转率为2.29次，较去年同期存货周转率增加0.33次，实现2年连续上涨，同比较去年同期上涨 16.59%。 公司股东户数为10.13万户，前十大股东持股数量为3.78亿股，占总股本比例为55.12%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- ...

Core Viewpoint - Longpan Technology (龙蟠科技) reported a revenue of 3.622 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 1.5%, but the company experienced a net loss attributable to shareholders of 84.194 million RMB, which is a 61.6% reduction compared to the previous year [1] Financial Performance - Revenue for the first half of 2025 was 3.622 billion RMB, up 1.5% year-on-year [1] - Net loss attributable to shareholders was 84.194 million RMB, a decrease of 61.6% year-on-year [1] - Basic loss per share was 0.12 RMB [1] Product Pricing Changes - Average selling price of lubricants decreased by 7.20% compared to the same period last year [1] - Average selling price of diesel engine exhaust treatment fluid decreased by 8.45% year-on-year [1] - Average selling price of coolants decreased by 0.19% year-on-year [1] - Average selling price of lithium iron phosphate cathode materials decreased by 16.70% year-on-year [1] Raw Material Price Changes - Average procurement price of base oil decreased by 616.46 RMB/ton, down 7.14% year-on-year [1] - Average procurement price of ethylene glycol increased by 148.27 RMB/ton, up 3.79% year-on-year [1] - Average procurement price of urea decreased by 419.19 RMB/ton, down 19.81% year-on-year [1] - Average procurement price of phosphoric acid decreased by 173.73 RMB/ton, down 1.98% year-on-year [1] - Average procurement price of lithium carbonate decreased by 22,674.64 RMB/ton, down 26.08% year-on-year [1]

Core Insights - Longpan Technology (603906.SH) released its semi-annual report for 2025, revealing that as of August 20, 2025, a total of 8 institutional investors disclosed holdings in the company, amounting to 141 million shares, which represents 20.63% of the total share capital [1] - The proportion of institutional holdings increased by 2.20 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include HKSCC NOMINEES LIMITED, Chengdu Silk Road Restructuring Equity Investment Fund Management Co., Ltd., Hong Kong Central Clearing Limited, Shanghai Yingshui Investment Management Co., Ltd., Hunan Qingsalt Venture Capital Management Co., Ltd., UBS AG, and Nanjing Bailey Venture Capital Center [1] - The total institutional holding percentage is now at 20.63% [1] Foreign Investment - One foreign fund, HKSCC NOMINEES LIMITED, increased its holdings by 2.92% compared to the previous period [1] - Another foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.12% [1] - A new foreign institution, UBS AG, disclosed its holdings for the first time in this period [1]

公司最新毛利率为13.84%，较上季度毛利率减少2.88个百分点。最新ROE为-2.75%。 公司摊薄每股收益为-0.13元。 公司最新总资产周转率为0.21次。最新存货周转率为2.29次。 公司股东户数为10.13万户，前十大股东持股数量为3.78亿股，占总股本比例为55.12%，前十大股东持 股情况如下： | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 石俊峰 | 31.04% | | 2 | HKSCC NOMINEES LIMITED | 17.52% | | 3 | 朱香兰 | 3.45% | | 4 | 成都丝路重组股权投资基金管理有限公司-成都振兴嘉业贰号股权投资中心(有限 合伙) | 0.83% | | ર | 香港中央结算有限公司 | 0.53% | | 6 | 上海迎水投资管理有限公司-迎水日新9号私募证券投资基金 | 0.47% | | 7 | 上海迎水投资管理有限公司-迎水日新8号私募证券投资基金 | 0.37% | | 8 | 湖南轻盐创业投资管理有限公司-轻盐智选13号私募证券投资基金 | 0.35% | | 9 | UBS AG | ...

Core Viewpoint - Longpan Technology plans to raise up to 2 billion yuan through a private placement to fund the production line for high-performance phosphate-based cathode materials and to supplement working capital [1] Group 1: Company Overview - Longpan Technology's main business includes the research, production, and sales of lithium iron phosphate cathode materials and environmentally friendly fine chemicals for vehicles [1] - In the first half of 2025, the company achieved operating revenue of 3.622 billion yuan, representing a year-on-year increase of 1.49% [1] - The net profit attributable to shareholders was -85.1534 million yuan, indicating a reduced loss compared to the same period last year [1] Group 2: Market Demand and Future Plans - The fundraising project aims to establish a production line primarily to meet the growing demand for high-performance cathode materials in the electric vehicle and energy storage markets [1]

Group 1: Financial Performance Highlights - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [1] - Suotong Development achieved a revenue of approximately 8.31 billion yuan, a 28.28% increase year-on-year, with a net profit of approximately 523 million yuan, reflecting a growth of 1568.52% [1] - Hanma Technology reported a revenue of approximately 2.85 billion yuan, a 50.03% increase year-on-year, and a net profit of approximately 27.73 million yuan, turning from loss to profit [5] - Weicai Technology's revenue reached approximately 634 million yuan, up 47.53% year-on-year, with a net profit of approximately 101 million yuan, an increase of 831.03% [5] - Baiyun Airport reported a revenue of approximately 3.73 billion yuan, a 7.68% increase year-on-year, and a net profit of approximately 750 million yuan, up 71.32% [6] Group 2: Corporate Actions - Heng Rui Pharmaceutical plans to repurchase shares with a total investment of between 1 billion to 2 billion yuan, with a maximum repurchase price of 90.85 yuan per share [2] - Tianwei Foods is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure [3] - Juran Smart Home elected Wang Ning as the chairman of the board and appointed him as CEO, effective immediately [11]

Core Viewpoint - Longpan Technology plans to raise up to 2 billion yuan through a private placement to fund high-performance phosphate cathode material projects and supplement working capital, aiming to capitalize on the growing demand in the new energy vehicle and energy storage markets [4][5]. Group 1: Financial Performance - In the first half of 2025, Longpan Technology achieved operating revenue of 3.622 billion yuan, a year-on-year increase of 1.49% [3]. - The company reported a net profit attributable to shareholders of -85.15 million yuan, significantly reducing losses compared to -222.31 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses was -131.75 million yuan, also a substantial reduction from -297.76 million yuan year-on-year [3]. Group 2: Investment Projects - The total investment for the high-performance phosphate cathode material projects is 239 million yuan, with 200 million yuan planned for fundraising [1]. - The projects include an 110,000-ton high-performance phosphate cathode material project and an 85,000-ton project, along with funds for working capital [1][4]. Group 3: Market Demand and Positioning - The demand for cathode materials is rapidly increasing, with China's lithium battery shipments reaching 776 GWh in the first half of 2025, a 68% year-on-year growth [5]. - Phosphate iron lithium material shipments reached 161,000 tons, also up 68% year-on-year, accounting for nearly 77% of total cathode material shipments [5]. - Longpan Technology aims to enhance its production capacity for high-performance phosphate cathode materials to meet the growing needs of the new energy vehicle and energy storage sectors [5][6]. Group 4: R&D and Competitive Advantage - Longpan Technology has invested 1.9 billion yuan in R&D in the first half of 2025, with cumulative R&D expenses from 2022 to 2024 reaching 15.85 billion yuan [7]. - The company holds 474 valid patents, including 138 invention patents, which supports its project implementation and competitive positioning in the market [7].

Core Viewpoint - Longpan Technology (603906) reported a decline in average sales prices for its main products in the first half of 2025 compared to the same period last year, indicating potential challenges in pricing power and market conditions [1] Price Changes - The average sales price of lubricating oil decreased by 7.20% year-on-year - The average sales price of diesel engine exhaust treatment fluid decreased by 8.45% year-on-year - The average sales price of coolant decreased by 0.19% year-on-year - The average sales price of lithium iron phosphate cathode materials decreased by 16.70% year-on-year [1] Raw Material Price Changes - The average procurement price of base oil decreased by 616.46 yuan/ton, a decline of 7.14% year-on-year - The average procurement price of ethylene glycol increased by 148.27 yuan/ton, an increase of 3.79% year-on-year - The average procurement price of urea decreased by 419.19 yuan/ton, a decline of 19.81% year-on-year - The average procurement price of phosphoric acid decreased by 173.73 yuan/ton, a decline of 1.98% year-on-year - The average procurement price of lithium carbonate decreased by 22,674.64 yuan/ton, a decline of 26.08% year-on-year [1]

证券日报网讯 8月20日晚间，龙蟠科技发布公告称，2025年半年度公司实现营业收入3，621，880， 146.21元，同比增长1.49%；归属于上市公司股东的净利润为-85，153，407.09元。 （文章来源：证券日报） ...