● 本报记者 任明杰 孟培嘉 "去年四季度起，公司各生产线便满负荷运转，产能利用率突破100%。"龙蟠科技相关负责人告诉中国 证券报记者，随着2025年多笔长协大单落地，公司现有产能已难以满足客户需求，新一轮扩产计划正加 速推进。1月4日，龙蟠科技宣布投建年产24万吨高压实磷酸铁锂生产基地，总投资不超过20亿元。 不只龙蟠科技。2026年开年以来，富临精工、东方锆业、中矿资源、新宙邦等多家上市公司密集宣布锂 电项目投资计划，延续了2025年以来的扩产火热势头。业内人士表示，在供需关系持续改善背景下， 2026年锂电行业投资热潮有望延续；同时，需强化市场监管、优化产能管理、支持行业自律、加强区域 协同，防范盲目建设与"内卷式"竞争，推动产业健康有序发展。 扩产潮起：内外布局齐头并进 走进龙蟠科技旗下的湖北锂源新能源科技有限公司，映入眼帘的是热火朝天的忙碌景象：生产线全速运 转，工人们铆足干劲赶进度、保交付，每天数百吨磷酸铁锂正极材料从这里源源不断发向全国各地的客 户。"即便满负荷生产，交付压力依然很大，扩产需求十分迫切。"龙蟠科技相关负责人表示。 热潮背后： 多因素驱动供需紧平衡 "锂电投资持续火热，是储能需求 ...

2026年1月4日晚间，龙蟠科技（603906）发布公告称，控股子公司常州锂源新能源科技有限公司(以下 简称"常州锂源")拟在江苏省金坛华罗庚高新技术产业开发区内投建研发中心及年产24万吨高压实磷酸 铁锂生产基地，项目计划总投资不超过20亿元。 为缓解交付压力，龙蟠科技近期扩产动作频频，且新增产能集中在高性能磷酸铁锂产品领域。 2025年8月，龙蟠科技发布定增计划，拟募资不超过20亿元，用于山东菏泽11万吨高性能磷酸盐型正极 材料项目、湖北襄阳8.5万吨高性能磷酸盐型正极材料项目及补充流动资金；2025年12月，公司宣布变 更此前年度非公开发行的募集资金投资项目，拟将"新能源汽车动力与储能电池正极材料规模化生产项 目"中的三期项目产能规模由原计划的6.25万吨/年提升至10万吨/年。 据悉，龙蟠科技拥有高功率球形LFP制备技术、一次烧结四代高压密产品等核心技术，产品具有高压 实、高容量、长循环等优点。目前，公司四代高压密产品已通过头部客户认证并稳定供货，2026年将持 续提高出货占比。 除此之外，龙蟠科技较早布局海外产能，公司印尼工厂是目前唯一一个海外量产磷酸铁锂正极材料生产 基地，目前保持满负荷生产状态。据 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 龙蟠科技（02465）午前涨超6%，截至发稿，股价上涨5.42%，现报14.58港元，成交额1.50亿港元。 龙蟠科技（02465）午前涨超6%，截至发稿，股价上涨5.42%，现报14.58港元，成交额1.50亿港元。 龙蟠科技近日发布公告称，公司2025年度向特定对象发行A股股票申请已获上海证券交易所受理。此次 募集资金总额不超过人民币20亿元，扣除相关发行费用后的募集资金净额拟用于11万吨高性能磷酸盐型 正极材料项目、8.5万吨高性能磷酸盐型正极材料项目，以及补充流动资金。 值得注意的是，龙蟠科技本月初公告，公司控股孙公司锂源亚太签订长期采购协议。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，合同总销售 金额为45亿至55亿元。据统计，今年以来，龙蟠科技已拿下逾675亿元订单。 龙蟠科技近日发布公告称，公司2025年度向特定对象发行A股股票申请已获上海证券交易所受理。此次 募集资金总额不超过人民币20亿元，扣除相关发行费用后的募集资金净额拟用于11万吨高性能磷酸盐型 正 ...

消息面上，龙蟠科技近日发布公告称，公司2025年度向特定对象发行A股股票申请已获上海证券交易所 受理。此次募集资金总额不超过人民币20亿元，扣除相关发行费用后的募集资金净额拟用于11万吨高性 能磷酸盐型正极材料项目、8.5万吨高性能磷酸盐型正极材料项目，以及补充流动资金。 龙蟠科技（603906）(02465)午前涨超6%，截至发稿，涨5.86%，报14.64港元，成交额1.36亿港元。 值得注意的是，龙蟠科技本月初公告，公司控股孙公司锂源亚太签订长期采购协议。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，合同总销售 金额为45亿至55亿元。据统计，今年以来，龙蟠科技已拿下逾675亿元订单。 ...

龙蟠科技 （603906.SH、02465.HK）募资扩产计划迎来新进展。 近日，龙蟠科技发布公告称，公司2025年度向特定对象发行A股股票申请已获上海证券交易所受理。此 次发行计划募集资金总额不超过20亿元，核心投向高性能磷酸盐型正极材料产能建设及流动资金补充。 募资20亿扩产正极材料 根据龙蟠科技披露的募集资金使用可行性分析报告，公司本次募资总额不超过20亿元，扣除发行费用后 的净额将按项目轻重缓急投入三大方向。其中，8亿元将用于11万吨高性能磷酸盐型正极材料项目，6亿 元投向8.5万吨高性能磷酸盐型正极材料项目，剩余6亿元用于补充流动资金。 据长江商报记者统计，以上两个产能建设项目总投资规模达17.9亿元，拟投入募集资金占比70%，凸显 公司聚焦核心业务的战略定力。 龙蟠科技表示，两个项目合计将新增19.5万吨高性能磷酸盐型正极材料产能，使公司总产能实现跨越式 增长。 值得一提的是，此次募资的战略意义远超简单的产能增加，而是龙蟠科技应对行业竞争、把握市场机遇 的关键布局，将从多维度提升核心竞争力。其一，将有效提升高性能产品供应能力，应对市场差异化需 求。龙蟠科技通过募投项目建设，进一步提升公司市场占有率 ...

Core Viewpoint - Longpan Technology (603906) is actively pursuing a capital increase plan to fund high-performance phosphate-based cathode material projects, indicating a strategic focus on expanding production capacity and enhancing competitiveness in a challenging market environment [1] Group 1: Capital Increase and Project Plans - The company announced a plan on August 21 to issue A-shares to specific investors, with the aim of raising funds for two major projects: an 110,000-ton high-performance phosphate-based cathode material project in Shandong and an 85,000-ton project in Hubei [1] Group 2: Cost Control and Supply Chain Strategy - To manage costs, the company is implementing a vertical integration strategy, including a 40,000-ton lithium carbonate smelting project in Yichun, Jiangxi, to secure raw material supply [1] - The company is also adopting a demand-driven procurement strategy to minimize inventory impairment risks [1] Group 3: Market Position and Strategy - The industry is currently at the bottom of the cycle, and the company plans to enhance its competitiveness through internationalization strategies and product differentiation [1]

Core Insights - The lithium iron phosphate (LFP) sector experienced a significant surge on November 7, with companies like Andar Technology seeing stock increases of over 24% during trading [1] - The LFP industry showed a clear recovery in Q3, with its share in power battery installations remaining above 80%, driven by strong demand in both power and energy storage sectors [1][3] - Major companies in the industry reported improved profitability in Q3, with Hunan Youneng's revenue reaching 8.868 billion yuan, a year-on-year increase of 73.97% [2][4] Industry Performance - The LFP industry is witnessing a robust demand recovery, with Q3 characterized by strong production and sales, leading to a significant improvement in operational rates [1][2] - The average price for power-type LFP reached approximately 37,000 to 38,000 yuan per ton, with processing fees improving since September [1][2] - October saw LFP production statistics showing a total output of 399,700 tons, marking an 11.5% month-on-month increase, with a capacity utilization rate of 75.9% [2][4] Demand Dynamics - Both power and energy storage sectors are driving demand, with LFP batteries now dominating the market, accounting for 81.5% of total power battery installations in the first three quarters of the year [4][5] - The demand for energy storage batteries is increasing, but the primary growth driver remains the power battery sector [3][5] Future Outlook - Industry insiders are optimistic about the continuation of high demand for LFP products into next year, particularly for high-end products [2][5] - Companies are increasingly adopting proactive inventory and procurement strategies, with expectations of further increases in production rates [5][6] - The competitive landscape is shifting towards product quality and technological capabilities, with a focus on high-performance LFP materials [6][7] Expansion and Investment - Several leading LFP manufacturers are initiating new production capacity expansions, with companies like Fulin Precision announcing a 4 billion yuan investment for a new high-density LFP project [6] - Companies are also exploring international expansion, with Hunan Youneng planning production bases in Spain and Malaysia [6] Market Trends - The industry is experiencing a consolidation trend, with the market share of the top five companies increasing to 65%, indicating a rise in industry concentration [7] - The focus is shifting from quantity to product performance and global capabilities, with companies needing to excel in high-pressure, long-life, and high-safety products to succeed in the high-end market [7]

Core Viewpoint - The lithium iron phosphate (LFP) cathode material industry is experiencing a significant turnaround, with leading manufacturers initiating new rounds of capacity expansion driven by increased demand and a shift towards high-quality development focused on technology [1][2]. Industry Demand and Capacity Expansion - The demand for LFP batteries has surged, with cumulative shipments reaching 402.6 GWh by September 2025, representing a year-on-year growth of 62.7% [3]. - The overall operating rate of the LFP cathode material industry has rebounded to 76.6%, an increase of approximately 11 percentage points since early July [3]. - Major companies like Jiangxi Shenghua, Hunan Youneng, and others are actively disclosing expansion plans to meet the growing demand [1][5]. Specific Expansion Plans - Fujian Fulin Precision Technology Co., Ltd. announced plans for a new project in Deyang, aiming for an annual production capacity of 350,000 tons of high-density LFP, with a total investment of 4 billion yuan [4]. - Jiangsu Longpan Technology Group plans to raise up to 2 billion yuan for high-performance phosphate cathode projects in Shandong and Hubei, alongside a 90,000-ton LFP project in Indonesia [4]. Technological Advancements and Market Positioning - High-performance phosphate cathode materials are seen as upgraded products with higher energy density, enhancing competitiveness in the power battery sector [5]. - The industry is transitioning towards a "value war," focusing on advanced production capabilities and product upgrades, with only a few leading companies capable of mass production of high-density LFP materials [5][6]. Future Outlook - The industry is expected to shift from price competition to value competition, fostering a positive cycle of supply-demand balance, continuous technological innovation, and improved product quality [7].

Core Viewpoint - Longpan Technology announced a plan to raise 2 billion yuan through a private placement to fund high-performance phosphate cathode material projects and supplement working capital, despite facing rapid increases in debt levels compared to peers [1][2][8]. Financing Activities - Longpan Technology has raised over 3 billion yuan through various financing methods since its A-share listing in 2017, including convertible bonds, private placements, and Hong Kong IPOs [7]. - The company plans to raise 2.06 million shares, totaling 2 billion yuan, for projects involving 11,000 tons and 8,500 tons of high-performance phosphate cathode materials [2][8]. - Previous financing activities include 400 million yuan from convertible bonds in April 2020 and 2.2 billion yuan from a private placement in June 2022 [3][4]. Debt Levels - Longpan Technology's debt ratio has increased significantly, reaching 78.41% by June 2025, with interest-bearing liabilities totaling 11.6 billion yuan, a 50-fold increase from 245 million yuan at the end of 2017 [10]. - The company's debt growth rate is notably faster than that of comparable companies such as Hunan Youneng and Defang Nano [8]. Capital Expenditure and Utilization - The company has consistently engaged in large capital expenditures, yet its overall capacity utilization remains below 80%, with additional capacity under construction [14]. - Longpan Technology's research and development expenditure has been increasing, significantly outpacing that of comparable companies, but this has not translated into improved profitability [12][15]. Market Performance - Despite the ongoing financing and investment efforts, Longpan Technology's stock price has halved compared to the price during its previous private placement in 2021, raising concerns about the effectiveness of its financing and investment strategies [15].

Core Viewpoint - Longpan Technology (02465) has seen a stock price increase of over 5%, currently at HKD 9.49, with a trading volume of HKD 76.914 million, following the announcement of a plan to issue A-shares to specific targets to raise up to RMB 2 billion [1] Group 1: Fundraising and Projects - Longpan Technology plans to raise a total of up to RMB 2 billion through a specific share issuance, with the net proceeds intended for two high-performance phosphate cathode material projects of 110,000 tons and 85,000 tons, as well as to supplement working capital [1] - The 110,000 tons high-performance phosphate cathode material project will be operated by Longpan Technology's subsidiary, Shandong Liyuan, with the funds to be used for capital increase in its subsidiary, Changzhou Liyuan, which will then increase capital or lend to Shandong Liyuan [1] - The project will be located in Juancheng County, Heze City, Shandong Province, and aims to establish a new production line with an annual capacity of 110,000 tons of high-performance phosphate cathode materials [1] Group 2: Market Context and Strategic Importance - Longpan Technology emphasizes the growing capacity expansions by battery manufacturers such as CATL, BYD, and Chuangneng New Energy, indicating a strategic move to align with these companies' increased production capabilities [1] - The fundraising project is expected to enhance Longpan Technology's supply capacity for high-performance phosphate cathode materials and further increase its market share in this segment [1]