Core Viewpoint - Longpan Technology (龙蟠科技) has signed a procurement cooperation agreement with CATL (宁德时代) for the supply of lithium iron phosphate cathode materials, which is expected to significantly boost the company's sales and establish long-term relationships with downstream partners [1] Group 1: Agreement Details - Longpan Technology's subsidiary, Lithium Source (亚太), will sell a total of 157,500 tons of lithium iron phosphate cathode materials to CATL's overseas factories from Q2 2026 to 2031 [1] - The total sales amount from this contract is estimated to exceed 6 billion RMB based on expected quantities and market prices [1] Group 2: Strategic Implications - The agreement is part of the company's strategy to establish stable long-term relationships with partners and to capture overseas market opportunities [1] - Successful execution of this contract is anticipated to have a positive impact on the company's future performance [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Zhuhai New Materials, indicating a slight decline in stock price and significant trading activity on September 15 [1] - On September 15, Zhuhai New Materials experienced a stock price drop of 0.61%, with a trading volume of 285 million yuan, and a net financing purchase of 1.98 million yuan [1] - As of September 15, the total margin balance for Zhuhai New Materials reached 329 million yuan, with financing balance accounting for 3.96% of the circulating market value, indicating a high level of financing activity [1] Group 2 - As of June 30, the number of shareholders for Zhuhai New Materials increased by 26.50% to 17,900, while the average circulating shares per person decreased by 20.95% to 28,494 shares [2] - For the first half of 2025, Zhuhai New Materials reported a revenue of 713 million yuan, a year-on-year decrease of 26.69%, and a net profit attributable to shareholders of -217 million yuan, a decline of 7.10% [2] - Since its A-share listing, Zhuhai New Materials has distributed a total of 446 million yuan in dividends, with 335 million yuan distributed over the past three years [2]

Summary of Fangyuan Co., Ltd. Conference Call Company Overview - **Company**: Fangyuan Co., Ltd. - **Industry**: Battery materials, specifically focusing on nickel-cobalt-aluminum (NCA) and nickel-cobalt-manganese (NCM) precursor materials Key Points and Arguments Impact of IRA Legislation - The IRA legislation has severely impacted Fangyuan's collaboration with Tesla, leading to a drop in NCA material supply from nearly 20,000 tons to zero by the end of 2024 [2][3][6] Business Transformation - Fangyuan is diversifying its product line beyond NCA precursors to include NCM precursors, high-nickel binary materials, lithium carbonate, nickel sulfate, and cobalt sulfate to mitigate operational risks [2][3][6] - The company has implemented efficient nickel-lithium separation technology, achieving a recovery rate of 96%-98% for nickel-cobalt salt products, significantly above the industry average [2][8] Production and Capacity - Current production capacity includes 10,000 tons of lithium hydroxide and approximately 96,000 tons of precursors, with over 30,000 tons of precursor capacity currently operational [9] - Average capacity utilization in the first half of 2025 was around 50%, with expectations to exceed 60% in Q3 2025, indicating potential profitability improvements [9][6] Product Development and Market Demand - Monthly production of NC high-durability binary materials has increased from tens of tons to 700-800 tons, with significant orders from major clients [2][3] - Sulfuric cobalt production exceeds 1,000 tons per month, with rising orders from clients such as Bamo and Danshan [2][3] Financial Performance - Fangyuan reported a loss of approximately 148-149 million yuan in the first half of 2025, primarily due to challenges from the IRA legislation and fluctuating metal prices [3][6] - Despite anticipated growth in lithium hydroxide and high-nickel binary precursor sales, overall revenue is expected to see only slight increases due to last year's high-value orders serving as a baseline [12][10] Market Trends and Challenges - Downstream battery manufacturers prefer to synthesize NCA in-house to maintain control over technical details and processes, which affects direct procurement from suppliers like Fangyuan [4][17] - The company is exploring partnerships with mining companies to stabilize raw material supply and enhance its lithium carbonate business [26][30] Future Outlook - Fangyuan aims to expand its three-element precursor and related intermediate product lines while enhancing technical capabilities to meet market demands [6] - The company anticipates that Q3 2025 will mark a turning point, moving towards profitability as order volumes increase [6][12] Recovery and Recycling - Fangyuan's recovery technology for ternary materials is leading in the industry, with plans to increase the use of recycled materials to lower production costs [7][34] - The company expects to produce around 2,000 tons of sulfuric cobalt monthly using recycled materials, which will significantly enhance profitability [34] Financial Management - The company is facing financial pressures from depreciation and financial expenses, with total depreciation expected to reach 110-120 million yuan in 2025 [40][41] - Fangyuan is considering adjusting the conversion price of its convertible bonds to alleviate financial burdens [25] Conclusion - Fangyuan Co., Ltd. is navigating significant challenges due to regulatory impacts and market fluctuations but is actively transforming its business model and product offerings to enhance competitiveness and profitability in the evolving battery materials industry [2][6][12]

智通财经APP讯，龙蟠科技(02465)公布，公司控股孙公司锂源(亚太)与宁德时代签署了《磷酸铁锂正极 材料采购合作协议》。协议约定，预计将由锂源(亚太)及其独资或合资子公司自2026年第二季度至2031 年间合计向宁德时代海外工厂销售15.75万吨符合双方约定规格的磷酸铁锂正极材料(以上需求量将随宁 德时代海外项目进度与预测需求量的调整更新，最终采购量通过双方后续签订框架性、年度性的或者单 笔采购合同落实)，具体单价由双方协商确定。 如按照预计数量及市场价格估算，合同总销售金额超人民币60亿元(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。 ...

龙蟠科技（603906）(603906.SH)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)")与宁德时代（300750）新能源科技股份有限公司(以下简称"宁德时代")签署了《磷酸铁 锂正极材料采购合作协议》。协议约定，预计将由锂源(亚太)及其独资或合资子公司自2026年第二季度 至2031年间合计向宁德时代海外工厂销售15.75万吨符合双方约定规格的磷酸铁锂正极材料(以上需求量 将随宁德时代海外项目进度与预测需求量的调整更新，最终采购量通过双方后续签订框架性、年度性的 或者单笔采购合同落实)，具体单价由双方协商确定。如按照预计数量及市场价格估算，合同总销售金 额超人民币60亿元。 ...

每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 （记者 曾健辉） 每经AI快讯，龙蟠科技（SH 603906，收盘价：15.52元）9月15日晚间发布公告称，公司第四届第四十 二次董事会会议于2025年9月15日以现场结合通讯表决方式召开。会议审议了《关于与宁德时代新能源 科技股份有限公司签署持续关连交易协议的议案》等文件。 2024年1至12月份，龙蟠科技的营业收入构成为：磷酸铁锂正极材料占比75.13%，车用环保精细化学品 占比24.17%，其他业务占比0.7%。 截至发稿，龙蟠科技市值为106亿元。 ...

Group 1 - The core point of the article is that Longpan Technology announced a procurement cooperation agreement with CATL for lithium iron phosphate cathode materials, with a total sales amount exceeding 6 billion RMB [1] - The agreement involves the sale of 157,500 tons of cathode materials from Q2 2026 to 2031, intended for CATL's overseas factories [1] - The signed agreement is non-binding and subject to adjustments based on the progress of CATL's overseas projects [1]

◆ 电池 ◆ 17 家车企表态 积极落实账款支付倡议 9月15 日，中国汽车工业协会发布《汽车整车企业供应商账款支付规范倡议》，呼吁车企落实 《保障中小企业款项支付条例》要求，不利用大企业优势地位侵害供应商利益，致力于构建"整车 —零部件"协作共赢发展生态，推动汽车产业高质量发展。 截至当日 17 时，一汽、东风、长安、上汽、广汽、北汽、奇瑞、江汽、比亚迪、吉利、长城、赛 力斯、蔚来、理想、小鹏、零跑、小米等 17 家作出账期承诺的车企均已发布声明，表态将积极落 实账款支付倡议。 此前，这些车企已陆续作出"供应商支付账期不超过 60 天"的公开承诺，此次进一步响应协会倡 议，在订单确认、交付与验收、支付与结算、合同期限等关键环节落实相关要求。部分车企还明确 提出不采用商业承兑汇票等增加供应商资金压力的结算方式，如上汽集团、吉利汽车等。 ◆ 材料 ◆ 01 恩捷股份 下游客户需求和订单呈现稳定增长态势 年产 2 万吨碳酸锂项目投产 据紫金矿业消息，阿根廷当地时间 9 月 12 日，紫金矿业旗下锂业科思 3Q 锂盐湖年产 2 万吨碳 酸锂项目投产仪式在卡塔马卡省菲安巴拉市举行。 当前，二期项目许可审批等前期工作正 ...

Core Viewpoint - TianNai Technology is nearing the completion of the TianNai Jincheng project, which is expected to commence production next year, focusing on advanced carbon nanotube preparation technology and cathode materials to enhance battery conductivity and achieve high-rate charging and discharging [2] Summary by Relevant Sections Project Development - The TianNai Jincheng project aims to produce new cathode materials with a planned annual output of 100,000 tons, with an initial target of 20,000 tons [2] Production Capacity - For Q3 of this year, the company anticipates a shipment volume of 1,500 to 2,000 tons for single-walled related slurry products, with single-walled powder production capacity expected to reach 130 to 140 tons in the first half of next year, and an estimated shipment volume of 80 to 100 tons for single-walled powder [2] - The company is actively constructing a project with an annual production capacity of 450 tons for single-walled carbon nanotubes [2] Market Supply - From January to August, the company supplied nearly 1,500 tons to solid-state and semi-solid-state related customers, with single-walled products accounting for approximately 70% of the total supply [2] - Emerging fields such as robotics, electronic devices, and composite materials are expected to become significant growth areas for the company in the future [2]

Group 1 - The event "2025 Hebei Listed Companies Investor Online Collective Reception Day" was held on September 15, focusing on the collective performance explanation of the 2025 semi-annual reports [1] - Cangzhou Mingzhu (002108) announced during the investor interaction that its lithium-ion battery separator products are now applied in semi-solid batteries, with small batch orders already being supplied [1] - The company's products cover multiple fields including new energy vehicle lithium batteries, 3C batteries, electric two-wheeler batteries, energy storage, and household appliances [1] Group 2 - The company is expected to benefit continuously from the separator business due to the promotion of new energy storage policies and the growth in downstream demand [1]