Group 1: Industry Overview - The Chinese lubricating oil industry is divided into three competitive tiers: the first tier includes international leaders like Shell and Mobil, the second tier consists of domestic giants China National Petroleum Corporation (CNPC) and China Petroleum & Chemical Corporation (Sinopec), and the third tier includes companies like Compton and Longpan Technology [1][3]. - The market is characterized by a "tripod" competition structure, with international brands holding nearly 25% market share, while CNPC and Sinopec's brands occupy close to 50% of the market [3][8]. - The industry shows a high concentration level, with a significant portion of the market dominated by a few key players [3][8]. Group 2: Brand Development - Domestic brands are enhancing their market presence through superior R&D capabilities and innovative marketing strategies, aiming to reshape consumer perceptions of traditional lubricating oil brands [4]. - The LubTop2023 awards recognized the top ten lubricating oil brands, which include Mobil, Shell, Castrol, and others, highlighting the competitive landscape and brand recognition in the industry [4][6]. Group 3: Company Performance - CNPC's Kunlun lubricating oil and Sinopec's Changcheng lubricating oil are the leading domestic brands, with CNPC's lubricating oil-related revenue reaching 3.5 trillion yuan and Sinopec's at 1.48 trillion yuan [7]. - Longpan Technology reported lubricating oil revenue of 5.32 billion yuan, while Compton's revenue was 7.55 billion yuan, indicating a diverse product range across these companies [7]. - The product offerings from CNPC and Sinopec cover a wide range of lubricating oils, including automotive, industrial, and marine lubricants, contributing to their extensive market reach [6][7]. Group 4: Competitive Dynamics - The competitive landscape is stable, with a high market concentration and strong brand loyalty among consumers, which limits the threat of new entrants [8]. - The bargaining power of downstream customers is relatively weak due to high demand for lubricating oils, while upstream suppliers face challenges from fluctuating crude oil prices [8].

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-077 江苏龙蟠科技股份有限公司 关于对外担保的进展公告 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： 被担保人：龙蟠润滑新材料（天津）有限公司（以下简称"天津龙蟠"）、 锂源（江苏）科技有限公司（以下简称"江苏锂源"）均为江苏龙蟠科技股份有 限公司（以下简称"公司"或"龙蟠科技"）并表范围内的下属公司。 本次担保情况：由公司为上述下属公司合计向银行申请综合授信提供 23,000.00万元人民币的连带责任担保，江苏锂源为公司的控股孙公司，其余股东 未同比例提供担保，公司对其生产经营、财务管理等方面具有充分控制权，担保 风险处于公司可控范围内。 本次担保无反担保。 截至目前，公司及其下属公司（含本次担保）已实际发生的担保余额为 55.90亿元。无逾期担保。 特别风险提示：公司及其下属公司（不含本次担保）对外担保总额已超 过上市公司2024年度经审计归属于母公司净资产100%，被担保对象江苏锂源最 近一期资产负债率超过70%，敬请投资者关注担保风险。 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant downturn, with many companies halting or terminating projects due to oversupply, while leading firms are securing large orders, indicating a bifurcation in the market dynamics [2][3][4]. Group 1: Industry Dynamics - The LFP industry is currently in a down cycle, with companies like Zhongke Titanium White announcing the termination of their LFP projects due to severe oversupply conditions [2][3]. - The price of lithium iron phosphate has plummeted from 166,000 yuan/ton at the beginning of the year to 46,000 yuan/ton by year-end, reflecting a drastic decline in market conditions [3]. - Despite many companies pausing expansion, some capacity is still being released, leading to continued price declines, with current market prices for power-type LFP ranging from 31,750 to 34,750 yuan/ton [4]. Group 2: Major Contracts and Market Trends - Leading companies like Longpan Technology and Wanrun New Energy have recently signed significant contracts, with Longpan securing agreements worth over 5 billion yuan for LFP sales to major battery manufacturers [6][8]. - The demand for LFP is increasing, with a projected shipment of 2.46 million tons in 2024, representing a 49% year-on-year growth, capturing nearly 74% of the total cathode material shipments [9]. - The utilization rate of LFP production capacity is currently around 55%-60%, with improvements expected due to strong demand in energy storage and favorable policies [9]. Group 3: Technological Advancements - The industry is shifting towards high-pressure dense LFP products, which are becoming the mainstream due to their superior performance and efficiency [12][13]. - Only a few companies, such as Hunan Youneng and Fulin Precision, have mastered the technology for fourth-generation high-pressure dense LFP, indicating a significant technological barrier in the market [12]. - The market is expected to see a further concentration of production capacity among leading and low-cost firms, as traditional LFP competition remains intense [13]. Group 4: Supply and Demand Outlook - The overall capacity in the LFP market has reached 5.2985 million tons, with a projected demand of 3.1867 million tons by 2025, indicating a significant oversupply situation [14]. - Analysts predict that supply and demand will reach a balance by 2027, with a gradual recovery in capacity utilization rates expected thereafter [14]. - The price of LFP is anticipated to remain under pressure in the short term, primarily influenced by the declining prices of lithium carbonate [15].

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing significant challenges due to declining prices and profit margins, yet large-scale orders indicate strong underlying demand and a shift towards high-value products [3][7][10] Group 1: Industry Events and Conferences - The 2025 High-Performance Sodium Battery Industry Summit is scheduled for June 9, 2025, at the Shangri-La Hotel in Suzhou [2] - The 2025 High-Performance Solid-State Battery Technology and Application Summit will take place on June 10, 2025, at the same venue [2] Group 2: Market Demand and Orders - The LFP industry continues to secure large long-term contracts despite price pressures, indicating robust market demand [3][7] - CATL has partnered with Wanrun New Energy to supply approximately 1.3231 million tons of LFP products from May 2025 to 2030, with a total transaction value exceeding 40 billion RMB [4] - Longpan Technology has secured significant international contracts, including a deal with EVE Energy in Malaysia for 152,000 tons of LFP from 2026 to 2030, valued at over 5 billion RMB [5] Group 3: Price and Profit Challenges - The LFP industry is facing severe price and profit challenges, with the gross margin expected to drop to around 3% in 2024 due to falling lithium salt prices [7][10] - Lithium salt prices have plummeted from approximately 600,000 RMB per ton at the end of 2022 to 100,000 RMB by the end of 2023, and further down to 77,000 RMB by the end of 2024 [7] - As of May, the average market price for LFP was around 32,000 RMB per ton for power-type and 31,000 RMB for energy storage-type, reflecting a decline of 1,000 to 1,500 RMB per ton since the beginning of the year [7] Group 4: Industry Transformation and Opportunities - The industry is urged to undergo structural transformation, with high-density LFP products being a key area for enhancing product value [8] - High-density LFP products with a density above 2.6 g/cm³ can achieve a premium of approximately 2,000 RMB per ton, although current production capacity for such products is limited [8] - The overseas market is showing increasing demand for LFP, with major battery manufacturers like LG Energy and Samsung SDI planning to introduce LFP battery production lines in collaboration with General Motors [9][10]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-075 江苏龙蟠科技股份有限公司 股票交易异常波动公告 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： ● 江苏龙蟠科技股份有限公司（以下简称"公司"）股票于2025年6月3日、 交易所交易规则》有关规定，属于股票交易异常波动情形。 ● 经公司自查，并书面问询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 ● 重大风险提示：公司提醒广大投资者以公司指定的信息披露媒体《中国证 券报》及上海证券交易所网站刊登的公告信息为准，公司将按照有关法律法规的 规定和要求做好信息披露工作，敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 公司于2025年5月28日召开2024年年度股东会，审议通过了《关于提请股东 会授权董事会以简易程序向特定对象发行股票的议案》及《关于公司行使一般性 授权在香港联合交易所有限公司主板配售股份的议案》，公司董事会将择机分别 发行不超过年度股东会当天已发行A股股份总数和H股股份总数的20%的 ...

| | | | イ・ガブ アメ | 自屈服 | 权力領別 | H | 広自危險文則工山 (註 1) | | ਸਿ | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603906 | 説明 | Ａ股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底结存 | | | 565,078,903 RMB | | 1 RMB | | 565,078,903 | | 增加 / 減少 (-) | | | | | IRMB | | | | 本月底結存 | | | 565,078,903 RMB | | 1 RMB | | 565,078,903 | FF301 FF301 FF301 | 100,000,000 | | --- | | 565,078,903 | | 1. 股份分類 | 普通股 | | 股份類別 | A | | | 於香港聯交所上市(註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-075 江苏龙蟠科技股份有限公司 股票交易异常波动公告 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： ● 江苏龙蟠科技股份有限公司（以下简称"公司"）股票于2025年6月3日、 6月4日连续2个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券 交易所交易规则》有关规定，属于股票交易异常波动情形。 ● 经公司自查，并书面问询控股股东及实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重大信息。 ● 重大风险提示：公司提醒广大投资者以公司指定的信息披露媒体《中国证 券报》及上海证券交易所网站刊登的公告信息为准，公司将按照有关法律法规的 规定和要求做好信息披露工作，敬请广大投资者注意投资风险。 一、股票交易异常波动的具体情况 截至2025年6月4日上海证券交易所收盘，公司股票于6月3日、6月4日连续2 个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规 则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核 ...

Core Viewpoint - Longpan Technology (603906.SH) has secured a significant overseas order for lithium iron phosphate (LFP) cathode materials, indicating a growing demand for LFP in the international market [1][2]. Group 1: Company Developments - Longpan Technology's subsidiary, LBM NEW ENERGY (AP) PTE. LTD., signed a pricing agreement with Eve Energy Malaysia Sdn. Bhd. to sell a total of 152,000 tons of LFP from 2026 to 2030, with an estimated total sales value exceeding RMB 5 billion [1]. - This marks the third overseas LFP order disclosed by Longpan Technology since last year, following agreements with LG Energy and Blue Oval Battery Park [2]. - Longpan Technology is the first company to establish overseas LFP production capacity and achieve normal shipments, giving it a competitive advantage in securing international orders [4]. Group 2: Industry Trends - The global demand for LFP is on the rise, with many international automakers, including Tesla and General Motors, beginning to adopt LFP batteries due to their cost and safety advantages [3]. - In Q1 2023, LFP batteries accounted for 51.5% of the global power battery installation volume, highlighting their growing market share [3]. - The overseas LFP supply chain is struggling to keep pace with demand, leading to increased orders directed towards established Chinese LFP manufacturers like Longpan Technology [3]. Group 3: Production Capacity and Technology - Longpan Technology's overseas production capacity is primarily located in Indonesia, with a planned annual capacity of 120,000 tons, and the first phase is expected to achieve mass production by January 2025 [5]. - The company is also developing advanced fourth-generation high-density LFP products, which are expected to attract more customers due to their enhanced performance [5][7]. - Longpan Technology's latest product, S526, utilizes a single-sintering process to improve efficiency and reduce energy consumption, with mass production expected to begin in the second half of the year [7].

Core Viewpoint - Longpan Technology has signed a production pricing agreement with Eve Energy, expecting to sell 152,000 tons of lithium iron phosphate cathode materials from 2026 to 2030, with total sales expected to exceed 5 billion yuan [1]. Group 1: Company Developments - Longpan Technology's subsidiary, LBMNEWENERGY(AP)PTE.LTD., will supply Eve Energy and its affiliates with lithium iron phosphate materials [1]. - Longpan Technology is the first domestic company to establish overseas production of lithium iron phosphate, with its factory construction primarily focused in Indonesia [4]. - The first phase of the Indonesian lithium source project, with a capacity of 30,000 tons, is expected to commence production in early 2025, maintaining a high capacity utilization rate [5]. Group 2: Investment and Financing - Longpan Technology plans to increase its stake in its subsidiary, Changzhou Lithium Source New Energy Technology Co., Ltd., from approximately 64.03% to 66.42% through an H-share stock issuance, raising 370 million yuan [6]. - The funds raised will also be used to further invest in the subsidiary LBMNEWENERGY(AP)PTE.LTD., with an additional investment of 14 million USD planned [6]. - Recent investments in the Indonesian factory have included agreements with investors, with INA and Aisis committing 150 million USD and 50 million USD respectively for equity stakes [5].