Longpan Technology (603906) Limit-Up Analysis: Driven by Over 45 Billion Yuan Orders and Market Impact

This analysis is based on reports from Securities Times Online [2]. Longpan Technology (603906) hit the daily limit on A-shares on November 25, 2025, with H-shares rising more than 20% simultaneously. The core driving factor is the company’s acquisition of over 45 billion yuan of lithium iron phosphate orders from Chueneng New Energy. This event reflects the market’s positive expectations for the company’s new energy business expansion, and is also related to the current upsurge of A-share companies listing in Hong Kong [0].

Longpan Technology’s main business covers the R&D and production of lubricating oil, grease, and lithium iron phosphate cathode materials [0]. The 1.3 million tons of lithium iron phosphate orders (total amount over 45 billion yuan) obtained in November 2025 will significantly enhance the company’s long-term revenue capacity and promote capacity expansion (planning to add a 195,000-ton high-performance phosphate cathode material project) [0]. At the market level, the A-share limit-up and H-share surge of 20% indicate cross-border investors’ recognition of the company’s transformation [1]. In terms of policy, the CSRC supports leading industrial enterprises to list in Hong Kong. In 2025, 16 companies have achieved “A+H” listings, and more than 140 plan to go public in Hong Kong, providing possibilities for the company’s future international financing [0].

1. Order-driven transformation
   : The over 45 billion yuan order is several times the company’s past revenue scale, accelerating the in-depth transformation to the new energy materials field [0].
2. Cross-border market linkage
   : The simultaneous rise of A-shares and H-shares reflects the synergy effect of “A+H” shares and cross-border investors’ confidence in the company’s new business [1].
3. Policy dividend window
   : The CSRC’s five Hong Kong cooperation measures support leading enterprises to go to Hong Kong, opening up space for the company’s future capital operations [0].

• New business expansion
  : Lithium iron phosphate orders will consolidate the company’s position in the new energy materials field and accelerate capacity layout [0].
• Valuation improvement potential
  : Cross-border market recognition is expected to drive the company’s valuation to align with the new energy sector [1].

• No significant risk signals have been found currently (need to pay attention to order execution progress and raw material price fluctuations, but no specific risk data is mentioned) [0].

Longpan Technology (603906) limit-up is mainly driven by over 45 billion yuan of lithium iron phosphate orders, reflecting the market’s positive expectations for its new energy business. The company’s “A+H” stock price linkage and the Hong Kong IPO upsurge provide investors with multi-dimensional observation perspectives [0][2].