证券研究报告 | 公司动态点评 2025 年 08 月 26 日 龙蟠科技（603906.SH） 铁锂出海迎收获，碳酸锂步入正轨 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,729 | 7,673 | 8,686 | 10,447 | 12,386 | | 增长率 yoy（%） | -38.0 | -12.1 | 13.2 | 20.3 | 18.6 | | 归母净利润（百万元） | -1,233 | -636 | 88 | 284 | 640 | | 增长率 yoy（%） | -263.8 | 48.5 | 113.8 | 224.4 | 125.2 | | ROE（%） | -36.2 | -19.9 | 2.6 | 7.9 | 15.1 | | EPS 最新摊薄（元） | -1.80 | -0.93 | 0.13 | 0.42 | 0.93 | | P/E（倍） | -8.2 | -15.8 | 114.8 | 35.4 | 15.7 | | ...

天眼查App显示，近日，昆明瞿龙汽配有限公司成立，法定代表人为李义龙，注册资本10万人民币，经 营范围为一般项目：汽车零配件批发；汽车零配件零售；电池销售；电池零配件销售；润滑油销售；轮 胎销售；信息咨询服务（不含许可类信息咨询服务）；汽车装饰用品销售；互联网销售（除销售需要许 可的商品）；五金产品批发；五金产品零售；风动和电动工具销售；日用化学产品销售；橡胶制品销 售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，湖北省精元化工有限公司成立，法定代表人为聂光华，注册资本100万人民 币，经营范围为一般项目：化工产品销售（不含许可类化工产品），专用化学产品销售（不含危险化学 品），润滑油销售，新材料技术推广服务，技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广，消防器材销售，金属包装容器及材料销售，合成材料销售，日用化学产品销售，制冷、空调设 备销售，货物进出口，技术进出口，进出口代理。（除许可业务外，可自主依法经营法律法规非禁止或 限制的项目）。 ...

天眼查App显示，近日，安徽亚禾汇科技有限公司成立，法定代表人为魏东初，注册资本2000万人民 币，经营范围为一般项目：新材料技术研发；新型催化材料及助剂销售；合成材料销售；润滑油加工、 制造（不含危险化学品）；润滑油销售；专用化学产品销售（不含危险化学品）；石油制品销售（不含 危险化学品）；化工产品销售（不含许可类化工产品）；工程塑料及合成树脂销售；生物基材料销售； 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物进出口；技术进出口（除许可 业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

天眼查App显示，近日，镇江宏远汽车配件有限公司成立，法定代表人为袁琴，注册资本50万人民币， 经营范围为一般项目：汽车零配件零售；汽车零配件批发；五金产品批发；五金产品零售；润滑油销 售；建筑工程用机械销售；机动车修理和维护；新能源汽车电附件销售；新能源汽车换电设施销售（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，上海弗卡新材料有限公司成立，法定代表人为刘栋，注册资本100万人民币， 经营范围为一般项目：新材料技术研发；新材料技术推广服务；技术服务、技术开发、技术咨询、技术 交流、技术转让、技术推广；普通货物仓储服务（不含危险化学品等需许可审批的项目）；润滑油销 售；专用化学产品销售（不含危险化学品）；货物进出口；技术进出口。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）。 ...

据上海中燃官网介绍，公司是大型央企中国远洋海运集团有限公司所属企业，是国内重要的水上燃油供应企业之一，主营业务是为上海港的中外船舶提供质 量合格、计量准确的燃油和润滑油。其称，公司年供销燃油逾百万吨，是上海港主要的水上燃油供应商。 | | | | 9 企业信息信息 经营异常名录 严重强法失信名单 | | | | --- | --- | --- | --- | --- | --- | | | | | 谓输入企业名称、统一社会信用代码或注册号 | | | | 上海中燃船舶燃料有限公司 在续(在當、开业、在册) | | | | 发送报告 | | | 统一社会信用代码： 91310109132214481W | | | | | | | 注册号: | | | | 信息分享 | | | 法定代表人： 刘汉坤 | | | | | | | 登记机关: 虹口区市场监督管理局 | | | | 信息打印 | | | 成立日期: 1988年12月22日 | | | | | | | 草研信息 行政许可信息 行政处罚信息 | | 列入经营异常名录信息 | 列入严重违法失信名单（黑名单）信息 | | 公告信息 | | ■ 营业执照信息 | ...

Core Viewpoint - Longpan Technology (603906) reported a decline in average sales prices for its main products in the first half of 2025 compared to the same period last year, indicating potential challenges in pricing power and market conditions [1] Price Changes - The average sales price of lubricating oil decreased by 7.20% year-on-year - The average sales price of diesel engine exhaust treatment fluid decreased by 8.45% year-on-year - The average sales price of coolant decreased by 0.19% year-on-year - The average sales price of lithium iron phosphate cathode materials decreased by 16.70% year-on-year [1] Raw Material Price Changes - The average procurement price of base oil decreased by 616.46 yuan/ton, a decline of 7.14% year-on-year - The average procurement price of ethylene glycol increased by 148.27 yuan/ton, an increase of 3.79% year-on-year - The average procurement price of urea decreased by 419.19 yuan/ton, a decline of 19.81% year-on-year - The average procurement price of phosphoric acid decreased by 173.73 yuan/ton, a decline of 1.98% year-on-year - The average procurement price of lithium carbonate decreased by 22,674.64 yuan/ton, a decline of 26.08% year-on-year [1]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-108 江苏龙蟠科技集团股份有限公司 关于 2025 年上半年度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十八号——化工》及相 关规定要求，现将公司2025年上半年度主要经营数据情况披露如下： 均价较上年同期减少616.46元/吨，下降7.14%；乙二醇采购均价较上年同期增加 148.27元/吨，增长3.79%；尿素采购均价较上年同期减少419.19元/吨，下降19.81%； 磷酸铁采购均价较上年同期减少173.73元/吨，下降1.98%；碳酸锂采购均价较上 年同期减少22,674.64元/吨，下降26.08%。 三、报告期内其他对公司生产经营具有重大影响的事项 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 公司2025年上半年度主要产品润滑油平均销售价格较上年同期下降7.20%； 柴油发动机尾气处理液平均销售价格较上年同期下降8.45%；防冻液平均销售价 格较上年同期下降0 ...

Investment Rating - The report provides a "Recommended" investment rating for the industry, indicating a positive outlook for the sector [7]. Core Insights - In Q2 2025, SK Innovation reported a revenue of 19.31 trillion KRW (approximately 1042.74 billion RMB), a decrease of 1.84 trillion KRW (99.36 billion RMB) quarter-on-quarter but an increase of 507.5 billion KRW (27.41 billion RMB) year-on-year [2]. - The overall operating loss for the company was 417.6 billion KRW (22.55 billion RMB), which represents a reduction of 373 billion KRW (20.14 billion RMB) from the previous quarter and a decrease of 371.8 billion KRW (20.08 billion RMB) year-on-year [2]. - The decline in revenue is attributed to global economic uncertainties, tariff impacts, and falling oil prices, while the battery division saw significant profit improvements due to increased production efficiency in North America and record-high advanced manufacturing production tax credits (AMPC) [2][8]. Summary by Sections Refining Business - Revenue was 11.12 trillion KRW (600.48 billion RMB) with an operating loss of 466.3 billion KRW (25.18 billion RMB). The business faced market volatility due to U.S. tariff policies and OPEC+ production adjustments [2]. Petrochemical Business - Revenue reached 2.27 trillion KRW (122.58 billion RMB) with an operating loss of 118.6 billion KRW (6.40 billion RMB). The business was impacted by a decline in benzene price spreads and scheduled maintenance of paraxylene plants [3]. Lubricants Business - Sales amounted to 893.8 billion KRW (48.27 billion RMB) with an operating profit of 134.6 billion KRW (7.27 billion RMB), driven by stable sales prices and reduced costs due to falling oil prices [4]. Exploration and Production Business - Revenue was 341.7 billion KRW (18.45 billion RMB) with an operating profit of 109 billion KRW (5.89 billion RMB), although profits decreased due to falling oil and gas prices [5]. Battery Business - Revenue was 2.11 trillion KRW (113.94 billion RMB) with an operating loss of 664 billion KRW (3.59 billion RMB). The business experienced a 31% quarter-on-quarter revenue growth, attributed to increased production efficiency and sales growth in U.S. and European factories [8]. Materials Division - Revenue was 19.5 billion KRW (1.05 billion RMB) with an operating loss of 53.7 billion KRW (2.90 billion RMB), although losses decreased due to expanded sales of electric vehicle (EV) and energy storage system (ESS) products [9]. SK Innovation E&S - Revenue was 2.55 trillion KRW (137.7 billion RMB) with an operating profit of 115 billion KRW (6.21 billion RMB), impacted by seasonal sales declines and maintenance at power plants [10]. Q3 2025 Outlook - SK Innovation anticipates improved refining margins, reduced oil tariff pressures, and increased sales in its European battery business, which are expected to positively impact performance [11]. - The company plans to consolidate SK On and SK Enmove and raise significant capital to enhance its electrification-focused growth strategy, aiming for an EBITDA exceeding 200 trillion KRW (10.80 billion RMB) by 2030 [11].