消息面上，龙蟠科技公告，控股孙公司与Sunwoda签署磷酸铁锂正极材料长期采购协议，预计销售金额约45-55亿元。公告显示，此次约定采购量为卖方自 2026年至2030年间合计向买方销售10.68万吨符合双方约定规格的磷酸铁锂正极材料。销售价格受原材料波动影响，双方将依据协议条款逐月确认。 高开逾7%，截至发稿，涨10.72%，报16.32港元，成交额1557.95万港元。 值得注意的是，11月24日，公司方面与楚能新能源全资子公司签署《补充协议二》，销售数量从原定的15万吨磷酸铁锂正极材料产品增至130万吨，协议有 效期从原定的2030年4月30日延长至2030年12月31日。如按照预计数量及市场价格估算，总销售金额超过450亿元。 编辑/Rocky ...

Core Viewpoint - Leading lithium iron phosphate (LFP) companies are seeking price increases due to rising costs and supply-demand imbalances in the industry [2][3][4] Price Adjustments - A leading LFP company announced a price increase of 3000 yuan/ton (excluding tax) for all its LFP products starting January 1, 2026 [2][3] - Another company implemented a price increase of 3000 yuan/ton (excluding tax) for its LFP products effective November 1, 2025, with existing contracts honored at previous prices [3] - The fluctuation in lithium carbonate prices, a key raw material for LFP, is directly impacting the sales prices of LFP products [3] Supply and Demand Dynamics - The LFP market is experiencing a supply shortage, with effective production capacity utilization exceeding 95% [4] - Some leading companies reported operating rates above 100% in the first three quarters, but supply has been insufficient since September [4] - The average debt ratio in the industry is around 67%, indicating significant financial pressure for expansion and supply maintenance [4] Industry Initiatives - The China Chemical and Physical Power Industry Association is advocating for a reconstruction of market pricing logic to curb "involution" and unhealthy competition [4][5] - The association's recent seminar revealed that the average cost of LFP materials ranges from 15,714.8 yuan/ton to 16,439.3 yuan/ton (excluding tax) [4] Shift in Competitive Strategy - Industry experts suggest a transition from "scale competition" to "quality competition" as a necessary step for sustainable development [5] - Companies are responding to market conditions by negotiating prices with clients, aiming to improve profitability and product competitiveness [5][6] Market Trends - The demand for LFP products is surging, particularly in the energy storage and electric vehicle sectors, with LFP batteries accounting for 81.5% of the power battery market in the first three quarters of the year [6][7] - The market share of Chinese companies in the global LFP supply chain is approximately 95% [7] Future Outlook - The LFP industry is expected to face structural challenges, with high-end capacity being scarce while low-end, outdated capacities may be phased out [8]

本协议为日常经营相关的销售合同，公司签订本协议有助于与下游合作伙伴建立长期稳定的关系，有助 于公司产品的稳定销售，符合公司发展战略规划。若该合同能顺利履行，将对公司未来业绩产生积极影 响。对公司各年度业绩产生的影响请以公司披露的定期报告为准。 智通财经APP讯，龙蟠科技(02465)发布公告，公司控股孙公司LBM New Energy (AP) Pte. Ltd.(以下简 称"锂源(亚太)")与 Sunwoda Automotive Energy Technology (Thailand) Co., Ltd.(以下简称"Sunwoda")签署 了《长期采购协议》(以下简称"协议")。协议约定，预计将由锂源(亚太)(以下简称"卖方")自2026年至 2030年间合计向Sunwoda(以下简称"买方")销售10.68万吨符合双方约定规格的磷酸铁锂正极材料，并约 定最低采购量与最大供应量，双方约定每两年校准一次需求量纲，校准后的需求量不低于协议已约定的 年度最低采购量。具体单价由双方根据协议条款逐月确定，如按照预计数量及市场价格估算，合同总销 售金额约人民币45-55亿元(最终根据销售订单据实结算)，达到《上海证券 ...

智通财经APP讯，龙蟠科技(02465)发布公告，公司控股孙公司LBM New Energy (AP) Pte. Ltd.(以下简 称"锂源(亚太)")与 Sunwoda Automotive Energy Technology (Thailand) Co., Ltd.(以下简称"Sunwoda")签署 了《长期采购协议》(以下简称"协议")。协议约定，预计将由锂源(亚太)(以下简称"卖方")自2026年至 2030年间合计向Sunwoda(以下简称"买方")销售10.68万吨符合双方约定规格的磷酸铁锂正极材料，并约 定最低采购量与最大供应量，双方约定每两年校准一次需求量纲，校准后的需求量不低于协议已约定的 年度最低采购量。具体单价由双方根据协议条款逐月确定，如按照预计数量及市场价格估算，合同总销 售金额约人民币45-55亿元(最终根据销售订单据实结算)，达到《上海证券交易所股票上市规则》规定的 披露标准。 本协议为日常经营相关的销售合同，公司签订本协议有助于与下游合作伙伴建立长期稳定的关系，有助 于公司产品的稳定销售，符合公司发展战略规划。若该合同能顺利履行，将对公司未来业绩产生积极影 响。对公司各年度业绩 ...

Core Viewpoint - The price increase of lithium iron phosphate (LFP) cathodes is driven by strong demand in the energy storage sector and the need for manufacturers to alleviate financial pressures, with major producers planning to raise processing fees by 3,000 yuan per ton starting in 2026 [1][2][10]. Group 1: Price Increase and Market Dynamics - Major LFP manufacturers are set to increase processing fees due to a combination of high demand and the need to address financial losses, with LFP cathodes accounting for over 40% of battery costs [1][10]. - Since November, LFP prices have been rising, primarily due to increased material costs, but the current price hike is more about manufacturers' financial recovery [1][2]. - The overall capacity utilization in the LFP industry is high, with leading manufacturers operating at 110% capacity, indicating a strong demand environment [3][4]. Group 2: Industry Challenges and Financial Health - The LFP industry has faced three years of poor performance, with many top manufacturers experiencing high debt levels and losses, making the current price increase necessary for sustainability [2][6]. - For instance, De Fang Nano reported significant losses in 2023 and 2024, highlighting the financial struggles within the industry [2]. - The industry association has called for a halt to irrational low-price competition, emphasizing the need for sustainable and high-quality development [5][10]. Group 3: Competitive Landscape and Future Outlook - The LFP market is increasingly competitive, with foreign manufacturers like LG Energy, Samsung SDI, and SK On ramping up investments in LFP technology, posing a potential threat to Chinese dominance [5][6]. - The association's cost research indicates that the average cost of LFP materials ranges from 15,714.8 yuan to 16,439.3 yuan per ton, which will serve as a reference for pricing strategies [4][5]. - The limited expansion of LFP production capacity, coupled with rising raw material costs, suggests that the upward price trend may continue, impacting downstream sectors like electric vehicles and energy storage systems [7][9][10].

龙蟠科技公告，控股孙公司LBM New Energy (AP) Pte. Ltd.与Sunwoda Automotive Energy Technology (Thailand) Co., Ltd.签署了《长期采购协议》。协议约定，预计将由锂源（亚太）自2026年至2030年间 合计向Sunwoda销售10.68万吨符合双方约定规格的磷酸铁锂正极材料，并约定最低采购量与最大供应 量，双方约定每两年校准一次需求量纲，校准后的需求量不低于协议已约定的年度最低采购量。具体单 价由双方根据协议条款逐月确定，如按照预计数量及市场价格估算，合同总销售金额约人民币45-55亿 元（最终根据销售订单据实结算）。 ...

消息面上，华泰证券研报称，预计12月锂电排产环比增加，景气度持续向好，多环节出现涨价。该行指 出，需求向好叠加供给显著放缓，储能电池及多数锂电材料供需已偏紧，电池、六氟磷酸锂（简称 6F）、湿法隔膜、磷酸铁锂、负极逐步迎来涨价拐点，看好锂电产业链材料各环节盈利改善，实现量 利齐升。 智通财经获悉，龙蟠科技(02465)涨超5%，截至发稿，涨4.8%，报14.84港元，成交额2.38亿港元。 本文源自：智通财经网 此前，龙蟠科技公告，公司对楚能新能源的总销售金额，预计从此前超50亿元调整为超450亿元。今年5 月9日，龙蟠科技方面与楚能新能源方面签署15万吨磷酸铁锂正极材料销售协议，协议有效期自2025年4 月30日起至2030年4月30日止。如今，双方签署了补充协议，合同有效期延长至2030年底，标的产品磷 酸铁锂正极材料销售量增加至130万吨。 ...

万润新能首次公开发行股票的发行费用为24,295.94万元，其中，保荐及承销费用21,200.00万元。 万润新能于2023年5月24日披露的2022年年度权益分派实施公告显示，本次利润分配及转增股本 以方案实施前的公司总股本85,215,178股为基数，每股派发现金红利3.52元（含税），以资本公积金向 全体股东每股转增0.48股，共计派发现金红利299,957,426.56元，转增40,903,285股，本次分配后总股 本为126,118,463股。本次权益分派股权登记日为2023年5月30日，除权除息日为2023年5月31日。 （责任编辑：徐自立） 万润新能于2022年9月29日在上交所科创板上市，公开发行2130.3795万股，发行价格299.88元/ 股，保荐机构为东海证券股份有限公司，保荐代表人为盛玉照、江成祺。 上市首日，万润新能盘中创下最高价259.99元，为该股上市以来最高价。 万润新能首次公开发行股票募集资金总额638,858.20万元，扣除发行费用后，募集资金净额为 614,562.26万元。该公司最终募集资金净额比原计划多48.84亿元。万润新能于2022年9月23日披露的 招股说明书 ...

Core Viewpoint - Fangyuan Co., Ltd. (688148.SH) has announced a share reduction plan by its shareholder, Jiangmen Square Yili Investment Consulting Partnership, intending to sell up to 5,100,000 shares, representing no more than 1% of the company's total share capital, within three months after the announcement [1][2]. Group 1: Share Reduction Plan - The shareholder Square Yili plans to reduce its holdings through centralized bidding based on market prices [1]. - The total cash expected from the share reduction is approximately 51,459,000 yuan, calculated at the previous trading day's closing price of 10.09 yuan per share [2]. - As of the announcement date, Square Yili holds 9,502,700 shares, accounting for 1.86% of the total share capital, and is considered a concerted actor with the company's actual controllers [2]. Group 2: Company Background and Financials - Fangyuan Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 6, 2021, with an initial public offering of 80 million shares at a price of 4.58 yuan per share, raising a total of 366 million yuan [3]. - The company has raised a total of 1.008 billion yuan through two fundraising events since its listing [5]. - In 2024, the company reported a revenue of 2.161 billion yuan, a year-on-year increase of 2.81%, but a net loss of 427 million yuan, slightly improved from a loss of 455 million yuan in the previous year [5].

Core Viewpoint - The stock of Guosheng Technology (603778) surged by 155.85% in November, making it the top performer in the A-share market, driven by a significant rise in the photovoltaic sector and a proposed acquisition of 100% equity in Fuyue Technology for 241 million yuan, despite ongoing financial losses [1][3][5]. Group 1: Stock Performance - Guosheng Technology achieved a monthly increase of 155.85%, leading the top ten stocks in the A-share market for November [3]. - The stock price rose significantly from a low of 3.33 yuan per share on October 13, with a total increase of 231.14% over 34 trading days [3]. - Other notable stocks with over 100% increase include HeFu China and Huasheng Lithium Battery [3]. Group 2: Acquisition Details - The company announced plans to acquire 100% of Fuyue Technology for 241 million yuan, with the valuation based on both market and income approaches, ultimately favoring the income approach [3][4]. - The acquisition is expected to create approximately 220 million yuan in goodwill on the consolidated balance sheet post-transaction [3]. - Fuyue Technology specializes in high-precision new lithium battery shell materials, with major clients in the new energy battery sector [4]. Group 3: Financial Performance - Guosheng Technology has faced continuous losses since 2020, with net profits remaining negative in the first three quarters of this year [5][6]. - Revenue for the first three quarters of this year was approximately 450 million yuan, a significant decline of 57.79% year-on-year [6]. - The company’s financial struggles are attributed to policy impacts in the photovoltaic industry, reduced market demand, and declining sales [6]. Group 4: Shareholder and Management Issues - The controlling shareholder, Guosheng Energy, has pledged 46.5 million shares, representing 42.94% of its holdings, to support the company's operations [7]. - Concerns regarding the high percentage of pledged shares raise risks for the company, particularly if the stock price declines [8]. - Guosheng Energy holds approximately 16.49% of Guosheng Technology's total shares, with significant pledges impacting financial stability [8]. Group 5: Regulatory Scrutiny - The company received an inquiry from the Shanghai Stock Exchange regarding the fairness of the acquisition transaction, including the assessment parameters and the rationale behind the valuation [9][10]. - The inquiry also addressed potential conflicts of interest and the management of Fuyue Technology post-acquisition [10][11]. - Guosheng Technology is required to respond to the inquiry within five trading days, detailing the acquisition process and any insider information management [11].