Longpan Technology: Signed a purchase agreement of 7 billion yuan with Ningde Times to change the use of raised funds and increase the number of lithium-ion cathode materials

On the evening of January 15

, 2026, Jiangsu Longpan Science and Technology Group Co., Ltd. issued two important announcements concerning the continuous related transactions with Ningde Times and the change of the use of funds raised by the global offering. In terms of

business cooperation, in view of the fact that the previous procurement framework agreement with Ningde Times expired on December 31, 2025, Longpan Technology entered into the New Ningde Times Procurement Framework Agreement with Ningde Times on the same day, with the term of the agreement from January 1, 2026 to December 31, 2026.

According to the agreement, Ningde Times Group will purchase products manufactured or processed by Longpan Technology, including lithium iron phosphate cathode materials, and the maximum transaction amount for 2026 will be set at RMB7 billion. Historical data show that in 2022, 2023, 2024 and the first 11 months of 2025, the purchase amount of Ningde Times Affiliated Persons Group from Longpan Science and Technology is about RMB 7.799 billion, RMB 3.501 billion, RMB 3.111 billion and RMB 2.593 billion, respectively. In terms of

fund allocation, Longpan Science and Technology announced that it would adjust the use of funds raised by the global sale, and change the HK $198 million originally intended for the construction of a new production line of lithium manganese phosphate in Xiangyang Factory, Hubei Province, to the project of cathode materials for high-performance lithium batteries in Jintan, Jiangsu Province, which would be used for the procurement and installation of project equipment and for the construction of the project. It is expected to be fully utilized by the end of 2026.