Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1] Core Insights - The report highlights the acceleration of solid-state battery commercialization, driven by new model releases and the upcoming sales peak for new energy vehicles, with expectations for domestic sales to maintain high growth through 2025, boosting demand for batteries and materials [1] - In the photovoltaic sector, the report emphasizes a "anti-involution" strategy as the main investment theme, with rising prices for upstream materials such as silicon, wafers, and batteries, and a focus on the economic viability of photovoltaic power stations [1] - The report notes a high demand for energy storage, with a target of 180 million kilowatts of new energy storage capacity by 2027, suggesting a focus on large-scale integrated storage manufacturers [1] - In the hydrogen energy sector, the report mentions ongoing projects for green liquid fuel technology and the establishment of integrated hydrogen and ammonia projects, indicating potential premium pricing for green fuels in the early stages of development [1] Summary by Sections New Energy Vehicles - The report anticipates continued high growth in domestic new energy vehicle sales, driven by new model releases and seasonal sales peaks, which will increase demand for batteries and materials [1] Photovoltaic Industry - The report maintains that the photovoltaic investment theme is centered around "anti-involution," with rising prices for upstream materials and a focus on the economic aspects of photovoltaic power generation [1] - The report discusses the impact of new national standards on silicon and germanium energy consumption, which may lead to a contraction in upstream capacity [1] Energy Storage - The report outlines a clear target for new energy storage capacity to reach 180 million kilowatts by 2027, indicating sustained high demand in the sector [1] - It suggests focusing on large-scale integrated storage manufacturers due to the expected growth in storage needs [1] Hydrogen Energy - The report highlights the development of green liquid fuel technology and integrated hydrogen projects, indicating a potential for premium pricing in the early stages of the green fuel market [1]

Group 1 - Hong Kong Stock Exchange data shows that on September 19, Longpan Technology (603906)(02465) shareholders transferred stocks from Hong Kong Stock Connect (Shanghai) to Hong Kong Stock Connect (Shenzhen), with a transfer market value of 81.912 million HKD, accounting for 5.69% [1] - Longpan Technology announced that the average sales prices of its main products for the first half of 2025 decreased compared to the same period last year: lubricating oil by 7.20%, diesel engine exhaust treatment fluid by 8.45%, coolant by 0.19%, and lithium iron phosphate cathode materials by 16.70% [1]

江蘇龍蟠科技集團股份有限公司 JIANGSU LOPAL TECH. GROUP CO., LTD （於中華人民共和國註冊成立的股份有限公司） 股份代號: 2465 中期報告 | 目錄 | 公司資料 | 2 | | --- | --- | --- | | | 定義 | 4 | | | 財務概要 | 8 | | | 管理層討論與分析 | 9 | | | 其他資料 | 24 | | | 中期簡明合併損益及其他全面收益表 | 32 | | | 中期簡明合併財務狀況表 | 33 | | | 中期簡明合併權益變動表 | 35 | | | 中期簡明合併現金流量表 | 37 | | | 中期簡明合併財務報表附註 | 39 | 戰略委員會 石俊峰先生 （主席） 張羿先生 李慶文先生 公司資料 | 中國註冊辦事處及總部 | 中國 | | --- | --- | | | 南京經濟技術開發區 | | | 恆通大道6號 | | 香港主要營業地點 | 香港 | | | 灣仔 | | | 皇后大道東183號 | | | 合和中心46樓 | | 公司網站 | www.lopal.com.cn | | 董事會 | | | 執行董事 | 石俊 ...

Group 1 - The core viewpoint of the article highlights the recent stock transfer of Longpan Technology (02465) to the Hong Kong Stock Connect, with a market value of HKD 141 million, accounting for 9.64% of the total shares [1] - In the first half of the year, Longpan Technology achieved revenue of RMB 3.622 billion, representing a year-on-year growth of 1.5% [1] - The company's attributable loss narrowed to RMB 84.194 million, a decrease of 61.6% compared to the previous year [1] Group 2 - Longcheng Securities' research report indicates that the company's overseas production capacity construction is leading, and its deep binding with top clients enhances capacity digestion certainty [1] - The report suggests that the improvement in industry concentration and market conditions is expected to bring considerable performance elasticity [1]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of Longpan Technology, indicating a significant market movement with a value of HKD 141 million, representing 9.64% of the total shares [1] - In the first half of the year, Longpan Technology reported revenue of RMB 3.622 billion, reflecting a year-on-year growth of 1.5% [1] - The company's net loss attributable to shareholders was RMB 84.194 million, which shows a substantial reduction of 61.6% compared to the previous year [1] Group 2 - Longpan Technology is noted for its leading capacity construction in overseas markets, which is expected to enhance its performance due to strong ties with major clients [1] - The report from Great Wall Securities suggests that the improvement in industry concentration and market conditions may lead to significant performance elasticity for the company [1]

Group 1 - The core point of the article is that Longpan Technology has secured a significant overseas order worth over 6 billion yuan from CATL for the supply of lithium iron phosphate cathode materials, accelerating its global expansion strategy [1][3][4] - Longpan Technology's subsidiary, Lithium Source (Asia Pacific), will supply a total of 157,500 tons of lithium iron phosphate cathode materials to CATL's overseas factories from Q2 2026 to 2031, with the contract amount exceeding 6 billion yuan based on current market prices [1][3] - The agreement is expected to strengthen Longpan Technology's long-term order stability and enhance its competitive position in the overseas lithium iron phosphate market [3][4] Group 2 - In the first half of 2025, Longpan Technology reported revenue of 3.622 billion yuan, a year-on-year increase of 1.49%, while net losses narrowed by 61.70% to 85 million yuan, despite challenges in the lithium carbonate market [2][6] - The company has been actively expanding its production capacity and has established multiple production bases for lithium iron phosphate cathode materials in China, with ongoing projects in Indonesia [5][6] - Longpan Technology plans to raise up to 2 billion yuan through a stock issuance to fund the construction of high-performance cathode material projects, aiming to enhance its production capabilities and meet market demand [5][6]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-124 | 1、出席会议的股东和代理人人数 | 705 | | --- | --- | | 股股东人数 其中：A | 704 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 273,737,988 | | 股股东持有股份总数 其中：A | 244,787,488 | | 境外上市外资股股东持有股份总数（H 股） | 28,950,500 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 40.0790 | 江苏龙蟠科技集团股份有限公司 2025年第五次临时股东会决议公告 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) 股东会召开的时间：2025 年 9 月 17 日 (二) 股东会召开的地点：南京经济技术开发区恒通大道 6 号江苏龙蟠科技集 团股份有限公司二楼大会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 份总数的比例（%） | | | -- ...

国浩律师（上海）事务所 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website:http://www.grandall.com.cn 关于江苏龙蟠科技集团股份有限公司 2025年第五次临时股东会的法律意见书 性发表意见。本所律师假定公司提供的与本次股东会有关的文件、资料（包括但 不限于有关人员的身份证明、股票账户卡、授权委托书、营业执照等）是真实、 完整的，该等文件、资料上的签字和/或印章均为真实的，并据此出具法律意见。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 本次股东会的相关法律问题发表如下意见： 致：江苏龙蟠科技集团股份有限公司 国浩律师（上海）事务所（简称"本所"）接受江苏龙蟠科技集团股份有限 公司（简称"公司"）委托，指派本所律师出席公司 2025 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-125 江苏龙蟠科技集团股份有限公司 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 09 月 24 日（星期三）至 09 月 30 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 lpkj@lopal.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 江苏龙蟠科技集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年 半年度经营成果、财务状况，公司计划于 2025 年 10 月 09 日（星期四）10:00-11:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 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 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流 ...

| | | 9月15日重要公告精选 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | 热点 | 上海建工 | 黄金业务收入占公司营业收入比例较低,历年均不超过营业收入0.5% | | 项目投资 | 斯莱克 | 拟2.3亿元投建新能源电池壳生产线、极柱生产线等 | | 合同中标 | 宏润建设 | 中标1.26亿元工程施工项目 | | 股权收购 | 晶晨股份 | 拟3.16亿元收购芯迈微100%股权 | | 回购 | 灿瑞科技 | 拟斥资2000万元至4000万元回购股份 | | 经营数据 | 华侨城A | 8月合同销售金额9.9亿元 同比减少57% | | | 南方航空 | 8月客运运力投入同比上升6.37% | | 增减持 | 爱仕达 | 控股股东一致行动人拟减持不超过3%股份 | | | 五洲交通 | 控股股东交投集团拟增持0.85亿元至1.7亿元股份 | | | 中源家居 | 董事长、总经理曹勇拟合计减持不超3%股份 | | 其他 | 英联股份 | 拟定增募资不超过15亿元用于复合集流体项目等 | | | 商络电子 | 拟发行可转债募资不超过10亿元用于收购立功科技股权 ...