于2026年1月28日(交易时段后)，公司与目标公司、目标公司的核心团队股东及目标公司的其他股东订 立股东协议，藉以订明各方与目标公司有关的权利及责任。 公告称，目标公司所提供的第四代高压实磷酸铁锂与市场上第三代高压实磷酸铁锂成本持平且性能更 优，该产品已于公司商用车产品中体现较高的成本和质量优势，且在供应期间始终保持紧密协作。随着 公司于商用车领域市场扩张战略的持续推进，供应链的稳定保障愈显关键。公司通过股权投资与其绑 定，不仅加强了对上游的控制力，亦为下游客户与市场注入信心。目前，高压实磷酸铁锂面临产能紧缺 局面，公司此举亦属行业常态的战略应对。 目标公司不仅拥有行业领先的镍铁制备磷酸铁锂正极材料全套技术，更能与公司控股股东青山集团全球 领先的镍铁行业进行产业协同，实现资源保障和高效利用，长期而言具备进一步降低成本的潜力。目标 公司开发了"一步联合烧结法"减少了烧结次数，降低了碳排放;少量用硷，废水大幅减少，环境更加友 好。目标公司第四代高压实磷酸铁锂正极材料已量产一年，截至2025年11月，已量产15000吨。第五代 高压实磷酸铁锂正极材料产品已在用户测试中。 在储能或动力产品中，高能量密度与高动力学的 ...

公告称，目标公司所提供的第四代高压实磷酸铁锂与市场上第三代高压实磷酸铁锂成本持平且性能更 优，该产品已于公司商用车产品中体现较高的成本和质量优势，且在供应期间始终保持紧密协作。随着 公司于商用车领域市场扩张战略的持续推进，供应链的稳定保障愈显关键。公司通过股权投资与其绑 定，不仅加强了对上游的控制力，亦为下游客户与市场注入信心。目前，高压实磷酸铁锂面临产能紧缺 局面，公司此举亦属行业常态的战略应对。 目标公司不仅拥有行业领先的镍铁制备磷酸铁锂正极材料全套技术，更能与公司控股股东青山集团全球 领先的镍铁行业进行产业协同，实现资源保障和高效利用，长期而言具备进一步降低成本的潜力。目标 公司开发了"一步联合烧结法"减少了烧结次数，降低了碳排放;少量用硷，废水大幅减少，环境更加友 好。目标公司第四代高压实磷酸铁锂正极材料已量产一年，截至2025年11月，已量产15000吨。第五代 高压实磷酸铁锂正极材料产品已在用户测试中。 在储能或动力产品中，高能量密度与高动力学的磷酸铁锂均为核心材料。公司产品开发也需与具备持续 技术开发能力的企业紧密合作，以维持技术领先并确保保密性，股权合作为保护研发领先优势及促进深 度协同的有效 ...

Core Viewpoint - Longpan Technology plans to invest up to 2 billion yuan to build a 240,000-ton high-pressure lithium iron phosphate production base, with construction starting in Q1 2026 and production expected by Q3 2026 [1] Company Summary - Longpan Technology's subsidiary, Changzhou Liyuan, commits to a production capacity of no less than 120,000 tons per year after the first phase, while also planning to increase its existing capacity from 62,500 tons to 100,000 tons per year [1] - The company reported interest-bearing liabilities of 9.576 billion yuan as of mid-2025, a year-on-year increase of 6.90%, with an asset-liability ratio of 52.89% [1] - By the end of Q3 2025, the asset-liability ratio rose to 79.24%, up from 78.41% in mid-2025 [1] - Despite raising 1.846 billion yuan through financing activities, the company's cash balance can cover over 70% of short-term borrowings as of mid-2025 [1] Industry Summary - The lithium iron phosphate industry is facing unprecedented challenges, with average market prices at 14,704.8 yuan per ton in November 2025, while production costs range from 16,798.2 yuan to 17,216.3 yuan per ton, leading to losses of approximately 2,000 to 2,500 yuan per ton produced [2][3] - Major companies, including Longpan Technology, have announced production cuts scheduled for January 2026 due to these market pressures [2] - The industry has seen a significant increase in production, with a total output of 3.48 million tons from January to November 2025, a year-on-year increase of 57.9% [4] - Market forecasts suggest that global shipments of lithium iron phosphate cathode materials could reach 5.25 million tons in 2026, a 36% increase year-on-year [5]

Core Viewpoint - The demand for high-pressure lithium iron phosphate (LFP) is increasing due to the performance improvements in energy storage and power batteries, while the supply is constrained by the complexity of production processes and the limited number of companies capable of mass production [1][2][4]. Group 1: Market Demand and Supply Dynamics - High-pressure LFP is in high demand due to the scaling of large-capacity, high-energy, and fast-charging batteries [1]. - The production of high-pressure LFP requires strict raw material purity and particle size distribution, with only a few companies mastering mass production technology [1][2]. - The pricing mechanism for LFP has shifted to a model based on "raw material market price + processing fee," with high-pressure LFP commanding an additional processing fee of 2000-5000 yuan per ton compared to standard products [1]. Group 2: Competitive Landscape - The production capacity for fourth-generation high-pressure LFP (≥2.6g/cm³) is concentrated among leading companies such as Fulin Precision, Hunan Youneng, Longpan Technology, and Defang Nano, which limits the survival space for smaller firms [2]. - Despite the capacity of leading firms, actual production and future capacity ramp-up will take time, leading to a significant demand gap in the short term [2][4]. - The market for fourth-generation LFP is expected to see concentrated supply once leading companies complete their capacity expansions, potentially altering the competitive landscape [2]. Group 3: Industry Trends and Innovations - The performance of energy storage batteries is improving, with average capacity utilization rates for leading battery companies reaching 70%-80%, and some even exceeding 80% [5][6]. - The domestic energy storage market saw a cumulative installed capacity of 23.03 GW/56.12 GWh in the first half of 2025, a year-on-year increase of 68% [6]. - The mainstream density for LFP materials is currently between 2.5-2.55 g/cm³, with ongoing technological iterations pushing for larger capacities and longer cycle lives [6]. Group 4: Strategic Moves by Companies - Leading LFP companies are accelerating their fourth-generation product layouts, with Fulin Precision's subsidiary signing a prepayment agreement with CATL to enhance high-pressure LFP supply [10][11]. - Hunan Youneng has introduced its fourth-generation LFP products, achieving batch supply after important customer certifications [11]. - Smaller firms are also making moves, with companies like Pengbo New Materials and Wanhua Chemical planning to invest in high-pressure LFP production projects [13].