Financial Performance - For the year ended December 31, 2025, revenue was HKD 6,368.8 million, a decrease of 51.8% compared to HKD 13,210.5 million in 2024[2] - Gross profit for 2025 was HKD 1,066.4 million, an increase of 162.4% from HKD 406.4 million in 2024, resulting in a gross margin of 16.7%, up 13.6 percentage points from 3.1% in 2024[2] - Operating profit for 2025 was HKD 305.2 million, a turnaround from a loss of HKD 375.7 million in 2024[2] - Profit attributable to owners of the company was HKD 167.1 million in 2025, compared to a loss of HKD 725.1 million in 2024[2] - Total comprehensive income for the year was HKD 200.2 million, recovering from a loss of HKD 851.2 million in 2024[3] - The group reported a net profit of HKD 143,537 for the year, a significant recovery from a net loss of HKD 801,966 in 2024[18] - The group's profit before tax for 2025 was impacted by a cost of sales amounting to HKD 5,031,134,000, a decrease from HKD 11,685,627,000 in 2024[30] - The total income tax expense for the year was HKD 91,851,000, significantly higher than HKD 44,893,000 in the previous year[33] - The effective tax rate in 2025 was 39.0%, significantly higher than -5.9% in 2024, due to unrecognized deferred tax assets from losses in certain subsidiaries[73] Assets and Liabilities - Current assets totaled HKD 4,030.6 million in 2025, an increase from HKD 3,723.0 million in 2024[5] - Current liabilities amounted to HKD 5,470.5 million in 2025, slightly up from HKD 5,382.4 million in 2024[6] - The net asset value increased to HKD 2,499.0 million in 2025 from HKD 1,977.2 million in 2024[6] - The total assets of the group reached HKD 9,096,240, with segment assets contributing HKD 6,947,543[18] - The total liabilities of the group were HKD 6,597,236, with segment liabilities amounting to HKD 2,603,480[18] - As of December 31, 2025, cash and bank balances totaled HKD 1,701.6 million, up from HKD 712.6 million in 2024, while total borrowings decreased to HKD 3,645.6 million from HKD 3,945.6 million[77] - Net current liabilities decreased to HKD 1,439.9 million in 2025 from HKD 1,659.4 million in 2024, primarily due to improved operating performance[80] - Total borrowings decreased to HKD 3,645.6 million in 2025 from HKD 3,945.6 million in 2024, with the company exploring various methods to improve borrowing structure[82] - The net debt ratio decreased significantly to 66.6% in 2025 from 136.9% in 2024, reflecting improved operational performance and liquidity after the completion of the first and second placements[86] Revenue and Sales - For the year ending December 31, 2025, total external customer sales amounted to HKD 6,368,752, a decrease from HKD 13,210,519 in 2024[18] - Revenue from mainland China accounted for HKD 5,742,998 in 2025, down from HKD 12,523,377 in 2024[20] - The mainland China market accounted for HKD 5,742,998,000, representing approximately 90% of total sales[24] - The average selling price of electrolytic manganese products increased by 6.5% to HKD 13,092 per ton in 2025, compared to HKD 12,289 per ton in 2024[47] - The average selling price of electrolytic manganese dioxide remained stable at HKD 14,974 per ton in 2025, compared to HKD 15,272 per ton in 2024[47] - The sales volume of battery materials, including electrolytic manganese dioxide, showed satisfactory results, with stable average prices[47] - The trading business turned from a loss to a profit with a gross margin of 6.6% in 2025, contributing HKD 83.1 million to gross profit, compared to a loss of HKD 465.3 million in 2024[51] Cost Management - The company is enhancing cost control measures to improve operational cash flow, including close monitoring of daily operating expenses[8] - Selling and distribution expenses decreased by 46.0% to HKD 71.9 million in 2025, aligning with the revenue decline[66] - Total sales costs decreased by 58.6% to HKD 5,302.3 million in 2025, consistent with the revenue decline[63] - Administrative expenses remained stable at HKD 545.5 million in 2025, compared to HKD 523.9 million in 2024[67] Financing and Investments - The company successfully renewed existing borrowings and obtained new bank loans totaling HKD 521,000,000, with HKD 311,095,000 maturing in over a year[10] - The company is actively seeking other financing options, including equity issuance, to strengthen its financial position and reduce reliance on short-term borrowing[10] - The group has pledged assets totaling HKD 1,055.7 million for bank loans and other borrowings, an increase from HKD 824.2 million in 2024[83] - The group has made significant investments in technology improvements and innovations amounting to HKD 40 million, fully allocated at 100%[87] Market Strategy - The company is restructuring its manganese product portfolio to increase the proportion of higher-margin products, aiming for profitability and positive cash flow[8] - The company plans to continue focusing on expanding its operations in mainland China, which remains its largest market[24] - The company is adjusting its trading business sales strategy for 2025 in response to trends in manganese ore and non-manganese metal prices[8] - The company aims to enhance its research and development efforts in new manganese technologies and products[114] Risk Management - The group faces interest rate risk due to floating rate debt, which may increase financial costs if market rates rise[96] - The group operates primarily in Hong Kong, China, and Gabon, exposing it to foreign exchange risks[97] - The primary revenue from the group's operations in China is denominated in RMB, while a small portion is sold to overseas customers in USD, with major local expenditures also in RMB[99] - The company has minimal foreign exchange risk in its Hong Kong trading operations as sales and purchases are conducted in USD, with the HKD pegged to the USD[99] Corporate Governance - The annual general meeting is scheduled for June 5, 2026, with notifications to be issued to shareholders in due course[102] - The audit committee has reviewed the accounting policies and discussed matters related to auditing, risk management, and financial reporting[104] - The financial data presented does not constitute audited accounts for the year ending December 31, 2025, but has been reviewed by the audit committee and approved by the board[105] - The company is committed to maintaining compliance with the Hong Kong Stock Exchange listing rules[114] - The company’s board of directors includes a diverse group of experienced professionals to guide its strategic direction[117] - The company emphasizes the importance of accurate financial reporting and transparency in its operations[116]

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。 South Manganese Investment Limited 南方錳業投資有限公司 1. 管理層切實優化貿易產品結構，使本集團貿易業務由2024年年度的毛虧轉變為 2025年年度的毛利； 2. 管理層在生產、採購、物資管理、招標、營運等關鍵環節全面控製成本的成效顯 著；及 3. 金融資產減值虧損減少。於2024年年度，因本集團就聯營公司獨山金孟錳業有限 公司獲授銀行融資所提供之企業擔保清償擔保負債而產生了應收聯營公司款項減 值撥備。 謹慎聲明 截至本公告日期，本公司仍在編製及完成本集團 2025 年年度業績。本公告所載資料是 僅基於董事會對未經審核綜合管理帳目及向董事會提供的現有資料，且未經本公司之 獨立核數師或董事會審核委員會審核或審閱所作出之初步評估。本公司股東及潛在投 資者應參閱本公司 2025 年年度業績公告詳情，而相關公告預計於 2026 年 3 月 13 日公 佈。 本公司股東及潛在 ...

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。 South Manganese Investment Limited 董事會會議日期 南方錳業投資有限公司（「本公司」）董事會（「董事會」）欣然宣布，本公司將於 2026年3月13日（星期五）假座香港金鐘金鐘道89號力寶中心一座36樓3603室舉行董事 會會議，以批准（其中包括）本公司及其附屬公司截至2025年12月31日止年度之全年 業績，以及考慮派發末期股息（如有）。 承董事會命 南方錳業投資有限公司 主席 於本公告日期，執行董事為張賀先生、徐翔先生、劉陽先生、潘聲海先生、崔凌女士、 安慰先生、詹海青先生、明憲權先生及萬維華先生；非執行董事為黃創新先生；獨立 非執行董事為袁明亮先生、盧思鴻先生、周杰先生、羅貴華先生及吳琦先生。 南方錳業投資有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 香港，2026年3月2日 1 張賀 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01091 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 ...

Core Viewpoint - Southern Manganese (01091) has announced a significant loss due to the suspension of part of its operations at the Tiandeng subsidiary, which is currently awaiting the approval of mining rights [1] Group 1: Financial Impact - The Tiandeng subsidiary is projected to incur an annual loss of approximately HKD 68 million to HKD 72 million for the fiscal year ending December 31, 2025, based on preliminary unaudited management accounts [1]

Core Viewpoint - Southern Manganese (01091) has announced a significant loss due to the suspension of part of its operations at the Tiandeng subsidiary, which is currently awaiting valid mining rights [1] Group 1: Financial Impact - The Tiandeng subsidiary is projected to incur an annual loss of approximately HKD 68 million to HKD 72 million for the fiscal year ending December 31, 2025, based on preliminary unaudited management accounts [1]

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。 1 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 補充公告 茲提述南方錳業投資有限公司（「本公司」）日期為二零二六年一月二十七日之自願 公告（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所界定者俱有相 同涵義。 誠如該公告所披露，由於尚未取得有效的採礦權證（目前仍在申請辦理中），天等分 公司錳礦的部份業務現時暫停生產，導致其出現較大虧損。董事會謹此進一步呈報本 公司股東及潛在投資者，根據天等分公司截至二零二五年十二月三十一日止年度 （「2025財年」）未經審計的管理帳目的初步評估，天等分公司預計錄得約6,800萬港 元至7,200萬港元之年內虧損。 上述財務資料僅限於天等分公司，並不能全面反映本公司及其附屬公司（「本集團」） 的整體營運或財務狀況。截至本公告之日期，本公司仍在編製本集團2025財年的合併 管理帳目。因此，上述天等分公司之財務資料對本集團2025財年整體財務表現 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 南方錳業投資有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01091 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 第 1 ...

Core Viewpoint - Southern Manganese (01091.HK) announced that major shareholder Zhang Ming sold a total of 534,691,800 shares, representing approximately 10.83% of the company's issued share capital, at an average price of HKD 0.24 per share, and after the sale, Zhang no longer holds any shares and is no longer a major shareholder [1]. Group 1 - Major shareholder Zhang Ming sold 534,691,800 shares of Southern Manganese [1] - The shares sold represent about 10.83% of the total issued share capital of the company [1] - The average selling price was HKD 0.24 per share [1] Group 2 - Following the sale, Zhang Ming no longer holds any shares in the company [1] - Zhang Ming is no longer considered a major shareholder of Southern Manganese [1]

Core Viewpoint - Southern Manganese (01091) announced that its major shareholder, Mr. Zhang Ming, sold a total of 535 million shares, representing approximately 10.83% of the company's issued share capital, at an average price of HKD 0.24 per share on January 28, 2026. Following this transaction, Mr. Zhang no longer holds any shares and is no longer a major shareholder of the company [1]. Group 1 - Major shareholder Mr. Zhang Ming sold 535 million shares of Southern Manganese [1] - The shares sold represent about 10.83% of the total issued share capital of the company [1] - The average selling price was HKD 0.24 per share [1] Group 2 - After the sale, Mr. Zhang no longer holds any shares in the company [1] - Mr. Zhang is no longer considered a major shareholder of Southern Manganese [1]