智通财经APP获悉，香港联交所最新资料显示，9月30日，瑞银增持龙蟠科技(02465)25.1万股，每股均 价12.2999港元，总金额约为308.73万港元。增持后最新持股数目为741.95万股，最新持股比例为 6.18%。 ...

本月底法定/註冊股本總額： RMB 685,078,903 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇龍蟠科技集團股份有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02465 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 120,000,000 | RMB | | 1 | RMB | | 120,000,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 120,000,000 | RMB | ...

Core Viewpoint - The demand for high-pressure lithium iron phosphate (LFP) is increasing due to advancements in energy storage and power batteries, while the production capacity is still limited among manufacturers [2][3][4]. Group 1: Market Demand and Supply - The demand for high-pressure LFP is driven by the performance improvements in energy storage and power batteries, which require larger capacity, higher energy density, and fast charging capabilities [2]. - As of the first half of 2025, the monthly shipment of high-pressure LFP materials has exceeded 40,000 tons, indicating a significant demand gap in the short term [3]. - The domestic energy storage market saw a cumulative installed capacity of 23.03 GW/56.12 GWh in the first half of 2025, a year-on-year increase of 68% [9]. Group 2: Industry Dynamics - The pricing mechanism for LFP has shifted, with processing fees becoming a major profit source for manufacturers, leading to a competitive landscape where top companies dominate the market [3][4]. - The fourth generation of high-pressure LFP (≥2.6 g/cm³) is primarily produced by leading companies such as Fulin Precision, Hunan Youneng, and Longpan Technology, which limits the survival space for smaller firms [3][4]. - The industry is experiencing a structural oversupply and price competition, with many companies operating at a loss, although some are beginning to narrow their losses as they expand into fourth-generation products [5][6]. Group 3: Technological Advancements - The mainstream density of LFP materials is currently between 2.5-2.55 g/cm³, with ongoing developments aimed at achieving higher densities and longer cycle lives [11][12]. - Major battery manufacturers are enhancing their products' performance, which directly increases the demand for high-pressure LFP [13][14]. - Companies like Fulin Precision and Hunan Youneng are advancing their production capabilities for fourth-generation LFP, with significant investments and partnerships to secure stable material supplies [16][18]. Group 4: Future Outlook - The upcoming 2025 High-Performance Lithium Battery Conference will gather industry leaders to discuss the latest trends and challenges in the lithium battery supply chain [7][20]. - The demand for high-pressure LFP is expected to grow significantly, particularly in the energy storage sector, as companies explore larger capacity batteries [20].

Group 1 - The research team from the Chinese Academy of Sciences has made a breakthrough in solid-state lithium batteries, addressing key issues such as high interfacial resistance and low ionic conductivity [1] - Solid-state batteries are considered a significant development direction for next-generation energy storage technology due to their high safety and energy density [1] - The new material developed by the research team integrates ionic conductive ethoxy groups and electrochemically active short sulfur chains, achieving interfacial integration at the molecular level [1] Group 2 - The integrated flexible battery based on the new material exhibits excellent bending resistance, capable of withstanding 20,000 cycles of bending [1] - When used as a polymer electrolyte in composite cathodes, the energy density of the composite cathode increases by 86% [1] - The research provides new material design ideas and research paradigms for the development of high-performance and high-safety solid-state batteries [1] Group 3 - CICC reports that solid-state batteries are expected to become the next generation of lithium battery technology, with accelerated industrialization driven by material innovation and process iteration [2] - The solid-state battery supply chain is anticipated to open up mainline investment opportunities, particularly for battery, material, and equipment manufacturers [2] - GF Securities highlights that in 2024, profits in the new energy vehicle supply chain will remain highly concentrated in the battery segment, with leading companies maintaining stable profitability even in downturns [2] Group 4 - Related Hong Kong stocks in the solid-state battery supply chain include CATL, Ganfeng Lithium, Tianqi Lithium, Longpan Technology, Ruipu Lanjun, Zhongchuang Xinhang, BYD, GAC Group, and Shuangdeng Co [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In the short term, the increase in demand leads to a supply - demand mismatch, which supports the futures price. However, in the long - term, the pattern of supply surplus remains unchanged. The approaching traditional peak season of new energy vehicles creates downstream stocking demand, and with the increase in capacity electricity price and the expansion of the spot price difference, the economy of independent energy storage becomes apparent, resulting in strong installation demand. The continuous reduction of social inventory due to substantial terminal digestion and the active downstream stocking support the futures price. On the supply side, the overall increase in production is the main factor suppressing the futures price [3] 3. Summary According to Relevant Catalogs 3.1 Lithium Compounds - The average price of SMM battery - grade lithium carbonate is 73,550 yuan, down 50 yuan; the average price of SMM industrial - grade lithium carbonate is 71,300 yuan, down 50 yuan [1] - The closing prices and price increases of lithium carbonate futures contracts: the price of lithium carbonate 2510 is 73,760 yuan, up 1.15%; lithium carbonate 2511 is 73,920 yuan, up 0.93%; lithium carbonate 2512 is 73,960 yuan, up 0.85%; lithium carbonate 2601 is 73,900 yuan, up 0.98%; lithium carbonate 2602 is 73,400 yuan, up 0.77% [1] 3.2 Lithium Ore - The price of lithium spodumene concentrate (CIF China) is 858 yuan, and the prices of different grades of lithium mica and phospho - lithium - aluminum stone are also given, such as lithium mica (Li20:1.5% - 2.0%) at 1140 yuan, lithium mica (Li20:2.0% - 2.5%) at 1875 yuan, phospho - lithium - aluminum stone (Li20:6% - 7%) at 6150 yuan, and phospho - lithium - aluminum stone (Li20:7% - 8%) at 7285 yuan [1][2] 3.3 Cathode Materials - The average price of lithium iron phosphate (power type) is 33,640 yuan, down 10 yuan; the average price of ternary material 811 (polycrystalline/power type) is 149,350 yuan, up 550 yuan; the average price of ternary material 523 (single - crystal/power type) is 121,750 yuan, up 400 yuan; the average price of ternary material 613 (single - crystal/power type) is 126,650 yuan, up 450 yuan [2] 3.4 Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 2250 yuan, with no change; the difference between battery - grade lithium carbonate and the main contract is - 370 yuan, down 1090 yuan; the difference between the near - month and the first - continuous contract is - 160 yuan, up 40 yuan; the difference between the near - month and the second - continuous contract is - 200 yuan, up 60 yuan [2] 3.5 Inventory - The total inventory (weekly, tons) is 136,825 tons, down 706 tons; the inventory of smelters (weekly, tons) is 33,492 tons, down 964 tons; the inventory of downstream (weekly, tons) is 60,893 tons, up 1398 tons; the inventory of others (weekly, tons) is 42,440 tons, down 1140 tons; the registered warehouse receipts (daily, tons) is 41,119 tons, up 790 tons [2] 3.6 Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 75,433 yuan, and the profit is - 2953 yuan; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 8238 yuan [3] 3.7 Company News - Longpan Times, a joint - venture company of CATL and Longpan Technology, stopped production on September 25th, most employees are on holiday, and it may resume production in November due to the stop of raw material supply from CATL's Yichun Shixiawo lithium mine [3]

Core Viewpoint - Longpan Technology has shown significant stock performance with a year-to-date increase of 64.58%, indicating strong market interest and potential growth in the automotive chemical and lithium iron phosphate material sectors [1][2]. Company Overview - Longpan Technology, established on March 11, 2003, and listed on April 10, 2017, is based in Nanjing, Jiangsu Province, China. The company primarily engages in the sales of automotive fine chemicals and lithium iron phosphate (LFP) cathode materials [2]. - 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 [2]. Financial Performance - For the first half of 2025, Longpan Technology reported a revenue of 3.622 billion yuan, reflecting a year-on-year growth of 1.49%. However, the net profit attributable to shareholders was a loss of 85.1534 million yuan, despite a significant year-on-year improvement of 61.45% [3]. - The company has distributed a total of 256 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [4]. Shareholder Information - As of June 30, 2025, Longpan Technology had 101,300 shareholders, an increase of 57.93% from the previous period. The average number of circulating shares per shareholder decreased by 36.68% to 5,577 shares [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 3.6338 million shares, a decrease of 821,900 shares compared to the previous period [4].

Core Viewpoint - The lithium battery industry is experiencing a positive trend, driven by strong demand for energy storage and solid-state batteries, with significant investments and advancements in technology [2][5][10]. Industry Events - The CINE2025 Solid-State Battery Exhibition and Annual Conference will be held from November 6-8, 2025, in Guangzhou, with over 200 exhibitors and 20,000 professional attendees expected [1]. - The "New Energy Storage Scale Construction Special Action Plan" was released, aiming for a new energy storage installed capacity of over 180 million kilowatts by 2027, which has positively impacted the stock prices of several storage companies [7][8]. Market Performance - A-shares and Hong Kong stocks related to lithium batteries are showing strong performance, with notable increases in stock prices for companies like Zhongchuang and Tianneng, with Zhongchuang reaching a peak increase of 10.67% [2][5]. - The demand for lithium batteries is expected to rise as the year-end approaches, with significant orders for energy storage and long-term contracts for lithium iron phosphate [5][6]. Technological Advancements - Recent advancements in solid-state battery technology include the development of a new fluorinated polymer electrolyte by Tsinghua University, which addresses conductivity and interface stability issues [11][12]. - Companies like Kunlun New Energy and Yiwei Lithium Energy are making strides in large-capacity energy storage batteries, with projects like the 80GWh battery project and the world's first 628Ah energy storage battery [9][12]. Material Market Trends - The demand for battery materials is recovering, with positive developments in cathode materials, electrolyte solutions, and anode materials, as companies like Longpan Technology secure significant contracts and expand production [14][15][16]. - The negative electrode material sector is also seeing growth, with many companies reporting positive revenue growth compared to the previous year, indicating a robust recovery in the lithium battery supply chain [16].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - In the short - term, the increase in demand leads to a supply - demand mismatch, which supports the futures price. However, in the medium - to - long - term, the pattern of supply surplus remains unchanged. The approaching traditional peak season of new energy vehicles has led to downstream inventory - building demand, and the increase in capacity electricity price and the expansion of the spot price difference have made the economy of independent energy storage more prominent, with strong installation demand. Meanwhile, the overall increase in production is the main factor suppressing the futures price [3]. 3. Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 73,600, a decrease of 150; SMM industrial - grade lithium carbonate has an average price of 71,350, a decrease of 150. The price difference between battery - grade and industrial - grade lithium carbonate is 2,250 [1][2]. - Futures contracts: Lithium carbonate 2510 has a closing price of 72,680 with a decline of 0.57%; lithium carbonate 2511 has a closing price of 72,880 with a decline of 0.95%; lithium carbonate 2512 has a closing price of 72,940 with a decline of 0.98%; lithium carbonate 2601 has a closing price of 72,820 with a decline of 1.09%; lithium carbonate 2602 has a closing price of 72,600 with a decline of 1.04% [1]. Lithium Ore - Lithium spodumene concentrate (CIF China) has an average price of 857, an increase of 44. Lithium mica with Li20: 1.5% - 2.0% has a price of 1140; with Li20: 2.0% - 2.5% has a price of 1875; phosphate - lithium - aluminum ore with Li20: 6% - 7% has a price of 6150; with Li20: 7% - 8% has a price of 7285 [1][2]. Cathode Materials - The average price of lithium iron phosphate (power type) is 33,650, a decrease of 40; the average price of ternary material 811 (polycrystalline/power type) is 148,800, an increase of 750; the average price of ternary material 523 (single - crystal/power type) is 121,350, an increase of 600; the average price of ternary material 613 (single - crystal/power type) is 126,200, an increase of 600 [2]. Price Differences - The price difference between battery - grade and industrial - grade lithium carbonate is 2,250; the price difference between battery - grade lithium carbonate and the main contract is 720, with a change of 1010; the price difference between the near - month and the first - continuous contract is - 200, with a change of 100; the price difference between the near - month and the second - continuous contract is - 260, with a change of 60 [2]. Inventory - The total inventory (weekly, tons) is 136,825, a decrease of 706; the inventory of smelters (weekly, tons) is 33,492, a decrease of 964; the inventory of downstream (weekly, tons) is 60,893, an increase of 1398; the inventory of others (weekly, tons) is 42,440, a decrease of 1140; the registered warehouse receipts (daily, tons) is 40,329, an increase of 20 [2]. Profit Estimation - The cash cost of purchased lithium spodumene concentrate is 75,418, and the profit is - 2,888; the cash cost of purchased lithium mica concentrate and the profit are not clearly presented, but the profit is - 8,189 [3]. Company News - Longpan Times, a joint - venture company of CATL and Longpan Technology, stopped production on September 25th, and most employees are on holiday. It may resume production in November due to the suspension of raw material supply from CATL [3].

Core Viewpoint - The joint venture between CATL and Longpan Technology, Longpan Times, will halt production due to the suspension of raw material supply from CATL's Yichun lithium mine [2] Company Summary - Longpan Times was established in March 2022 and is one of the smelting plants associated with CATL's Yichun lithium mine, with Longpan Technology holding a 70% stake and CATL holding 30% [2] - The company primarily engages in the processing, production, and sales of battery-grade lithium carbonate products [2] - As of September 25, Longpan Times has ceased production, and most employees have been sent on leave, with a potential resumption of operations not expected until November [2] Industry Summary - The suspension of operations at Longpan Times is linked to the anticipated resumption of operations at CATL's Yichun Jiangxiawo lithium mine in November, as per market rumors [2] - Longpan Technology representatives indicated that production in September was normal, but future production will depend on raw material procurement [2] - The company is actively seeking to expand its procurement sources, including mines outside of Jiangxi Province, to expedite the resumption of production lines [2]

Core Viewpoint - The suspension of operations at CATL's Yichun lithium mine has triggered a chain reaction affecting its joint venture with Longpan Technology, leading to production halts at Longpan Times due to raw material shortages [2][3]. Group 1: Company Operations - CATL's Yichun lithium mine ceased operations on August 9, 2023, after the expiration of its mining license, and is currently in the process of applying for a renewal [3]. - Longpan Times, a joint venture between Longpan Technology (70% ownership) and CATL (30% ownership), has stopped production as of September 25, 2023, with expectations to resume by November 2023 [2][3]. - Longpan Times primarily sourced its raw materials from CATL's Yichun mine, which accounted for a significant portion of its production capacity [2][3]. Group 2: Market Impact - The Yichun region has eight large-scale mines with a total production capacity of 43.9 million tons per year, with CATL's Yichun mine contributing 30 million tons per year, representing over 68% of the region's output [3]. - Longpan Times is actively seeking alternative raw material sources, including mines outside Jiangxi province, to mitigate the impact of the supply disruption [3][4].