香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 Jiangsu Lopal Tech. Group Co., Ltd. 江蘇龍蟠科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2465） 2025年三季度主要經營數據的公告 本公告乃由江蘇龍蟠科技集團股份有限公司（「本公司」）根據香港法例第571章證券 及期貨條例第XIVA部及香港聯合交易所有限公司證券上市規則第13.09條及第 13.10B條而作出。 | | 產量 | 銷量 | 營業收入 | | --- | --- | --- | --- | | 主要產品 | （噸） | （噸） | （萬元） | | 車用環保精細化學品 | 357,247.54 | 367,554.81 | 142,506.66 | | 磷酸鐵鋰正極材料 | 134,212.83 | 131,679.36 | 387,943.42 | | 碳酸鋰加工 | 10,470.04 | 10,470.04 | ...

Core Viewpoint - Jiangsu Lopal Tech. Co., Ltd. has entered into a capital increase agreement with Changzhou Lithium Source, a non-wholly owned subsidiary, and the valuation report indicates that the valuation is based on the income approach, which constitutes a profit forecast under the listing rules [1][2]. Valuation Report Summary - The valuation report outlines that the assessment of the total equity value of shareholders is based on three fundamental methods: income approach, market approach, and asset-based approach [3][5]. - The income approach focuses on the future earning capacity of the assessed unit, converting expected future earnings into present value using an appropriate discount rate [6][18]. - The market approach involves analyzing comparable companies and transaction prices to determine the enterprise value, utilizing market multiples such as price-to-earnings and price-to-book ratios [8][19]. Financial Performance and Forecast - Changzhou Lithium Source was profitable in 2022, but due to significant fluctuations in lithium carbonate prices, it is expected to incur losses in 2023 and 2024. However, management anticipates a return to positive gross margins starting in 2025 as high-cost inventory is depleted [5][21]. - The projected compound annual growth rate (CAGR) for operating revenue from 2024 to 2029 is estimated at 9.3%, with a stable sales price expected due to the stabilization of lithium carbonate prices [21][22]. - The total equity value of Changzhou Lithium Source is assessed at approximately RMB 4.84 billion (approximately USD 0.66 billion) based on the income approach, while the market approach yields a value of approximately RMB 4.58 billion (approximately USD 0.64 billion) [19][20]. Industry Context - The lithium iron phosphate (LFP) cathode material is crucial for lithium batteries, with a projected increase in demand as the market for new energy and energy storage continues to expand. In 2024, China's lithium battery shipments are expected to reach 1,175 GWh, a year-on-year increase of 32.6% [20][21]. - The industry is currently facing price adjustments, but the long-term outlook remains positive due to the growing market for renewable energy and energy storage solutions [20][21].