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]. Summary by Categories - **Shareholder Activity** - 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] - **Post-Transaction Status** - 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]

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。 茲提述本公司主要股東張明先生（「張先生」）就 2026 年 1 月 28 日涉及其持有的股 份的好倉發生之相關事件所提交之權益披露通知。張先生於當日出售合共534,691,800 股本公司股份（「股份」），相當於本公司已發行股份總數約 10.83%，平均售價為每 股 0.24 港元（「出售事項」）。緊隨出售事項完成後，張先生不再持有任何股份且不 再為本公司之主要股東。 本公司認為，出售事項不會對本集團的業務營運及財務狀況產生重大影響。 承董事會命 南方錳業投資有限公司 South Manganese Investment Limited 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) 自願公告 主要股東出售股份 本公告乃由南方錳業投資有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 自願作出。 主席 張賀 香港，二零二六年一月三十日 於本公告日期，執行董事為張 ...

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。 誠如該公告所披露，由於遵義地區錳礦石需求持續偏弱，且人員成本較重，遵義公司 之經營表現出現嚴重虧損。董事會謹此進一步呈報本公司股東及潛在投資者，根據遵 義公司截至二零二五年十二月三十一日止年度（「2025財年」）未經審計的合併管理 帳目的初步評估，遵義公司預計將錄得：(i)約1.05億港元至1.10億港元之年內虧損 （未計入集團公司間抵銷調整）；及(ii)約5,000萬港元至5,500萬港元之歸屬於母公 司所有者的虧損（計入集團公司間抵銷調整後）。 上述財務資料僅限於遵義公司，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，上述遵義公司之財務資料對本集團2025財年整體財務表現的影響仍 取決於本集團2025財年合併管理帳目的編製與完成情況。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 South ...

Core Viewpoint - Southern Manganese (01091) has experienced a significant decline of over 12%, currently trading at 0.46 HKD with a transaction volume of 16.58 million HKD, attributed to concerns regarding its operational status and rising costs of raw materials [1] Group 1: Operational Challenges - The company has noted an increase in the costs of its core products, electrolytic manganese metal and electrolytic manganese dioxide, due to rising prices of raw materials such as manganese ore, sulfuric acid, and anodes over the past year [1] - A subsidiary, Tiandeng, has seen its mining license expire on December 2, 2024, leading to a suspension of part of its manganese mining operations and resulting in significant losses [1] - The company is actively pursuing the renewal of the mining license while assessing feasible solutions to improve the operational performance of its subsidiary in Zunyi, which is currently facing severe losses due to weak demand for manganese ore and high labor costs [1]

Core Viewpoint - Southern Manganese (01091) has seen a significant decline in stock price, dropping over 12% to 0.46 HKD, with a trading volume of 16.58 million HKD [1] Group 1: Company Operations - The company has acknowledged recent online discussions regarding its operational status, particularly concerning its core products, electrolytic manganese metal and electrolytic manganese dioxide, whose raw material costs have increased over the past year [1] - Southern Manganese is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production - The mining rights for the company's wholly-owned subsidiary, Tiandeng, will expire on December 2, 2024, and the application for renewal is currently in process [1] - Due to the lack of valid mining rights, part of Tiandeng's manganese mining operations has been suspended, leading to significant losses [1] - The company is closely following up on the application for mining rights [1] Group 3: Regional Market Conditions - The demand for manganese ore in the Zunyi region remains weak, and high personnel costs have resulted in severe losses for the non-wholly-owned subsidiary in Zunyi [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

Core Viewpoint - The company is facing challenges due to rising raw material costs and operational issues related to mining rights, which have led to significant losses in certain subsidiaries [1] Group 1: Cost Structure and Raw Material Prices - The main raw materials for the company's core products, electrolytic manganese metal and electrolytic manganese dioxide, have seen a rise in costs over the past year [1] - The company is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production Issues - The mining rights for the company's wholly-owned subsidiary, Tian Deng Manganese Mine, will expire on December 2, 2024, and the application for renewal is still in process [1] - Due to the lack of valid mining rights, part of the Tian Deng subsidiary's manganese mining operations has been suspended, resulting in significant losses [1] - The company is actively following up on the application for the mining rights [1] Group 3: Performance of Subsidiaries - The subsidiary, Guizhou Zunyi Huixing Ferroalloy Co., Ltd., is experiencing severe losses due to weak demand for manganese ore in the Zunyi region and high personnel costs [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [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。 South Manganese Investment Limited 南方錳業投資有限公司（「本公司」）董事會（「董事會」）注意到，近日網上出現 若干有關本公司的資料，當中涉及本公司之經營狀況。董事會經作出一切合理查詢後 所深知，相關情況如下： 1 1. 本公司之核心產品電解金屬錳及電解二氧化錳的主要原材料包括錳礦石、硫酸、 陽極板等，其成本於過去一年有所上升。就此，本公司已不時檢視及調整其成本 結構，並採取適當措施以控制及降低生產成本。 2. 本公司之全資附屬公司南方錳業集團有限責任公司天等錳礦分公司（「天等分公 司」）的採礦權證已於2024年12月2日屆滿。截至本公告日期，相關採礦權證仍在 申請辦理中。鑒於目前尚未取得有效採礦權證，天等分公司的錳礦的部份業務現 時暫停生產，出現較大虧損。本公司正積極跟進有關申請事宜。 3. 由於遵義地區錳礦石需求持續偏弱，且人員成本較重，本公司之非全資附屬公司 貴州 ...

Investment Rating - The report indicates a positive outlook for the metal manganese industry, projecting a compound annual growth rate (CAGR) of 7.30% from 2025 to 2029, with market size expected to grow from 2,491.23 billion to 3,302.17 billion RMB [4][47]. Core Insights - The metal manganese industry is characterized by strong resource dependence, clear production process differentiation, increasing environmental constraints, and a high correlation of downstream demand with the steel and new energy industries [4][10]. - The market size fluctuated from 1,688.74 billion RMB in 2019 to 1,722.36 billion RMB in 2024, with a CAGR of 0.40% during this period, influenced by factors such as the pandemic, supply-demand dynamics, and costs [4][47]. - The demand for manganese is driven by both traditional steel production and the emerging new energy sector, particularly in battery materials, creating a dual-driven growth pattern [10][53]. Industry Definition - Metal manganese is a transition metal with the symbol Mn and atomic number 25, primarily found in nature in the form of oxides and carbonates, requiring specific smelting processes for extraction [5]. Industry Classification - Metal manganese is categorized into industrial-grade manganese, electrolytic manganese, and manganese alloys, each with distinct purity levels and applications [6][7][8]. Industry Characteristics - The industry is heavily reliant on manganese ore resources, with significant concentration in countries like South Africa, Australia, and Brazil, leading to high bargaining power for large mining enterprises over downstream smelting companies [8][9]. - Environmental regulations are tightening, particularly affecting the electrolytic manganese sector, which has high water and energy consumption [9][10]. Development History - The industry has evolved through several phases, from its nascent stage (1890-1949) to a high-speed development phase post-2000, where environmental concerns became central to structural optimization [11][12][14][16]. Industry Chain Analysis - The manganese industry chain includes upstream mining and ore selection, midstream smelting, and downstream applications in steel, batteries, and chemicals [17][39]. - The upstream segment faces challenges due to high dependence on low-grade ores, with 93.6% of China's manganese reserves classified as low-grade [18][28]. Midstream Analysis - The midstream manganese alloy sector is currently experiencing significant losses, prompting calls for production cuts and industry-wide self-rescue actions [20][22][35]. - The production capacity in the silicon-manganese sector remains oversupplied, with ongoing pressure on profit margins [22][35]. Downstream Analysis - Manganese is a critical additive in steelmaking, with approximately 85%-90% of manganese resources directed towards the steel industry, while only 5%-10% is utilized in battery and chemical sectors [42][43]. - The demand for electrolytic manganese is expected to rise significantly, driven by stable steel demand and the expansion of green manufacturing sectors [44][46]. Market Size and Forecast - The market size for the metal manganese industry is projected to increase significantly, driven by energy transition and technological advancements, with a forecasted growth from 2,491.23 billion RMB in 2025 to 3,302.17 billion RMB by 2029 [4][47][53]. - The report highlights that the global demand for manganese from lithium-ion batteries is expected to rise, indicating a shift in market dynamics [53][54].

致：香港交易及結算所有限公司 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: 2025年12月31日 狀態: 新提交 公司名稱: 南方錳業投資有限公司 呈交日期: 2026年1月5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 ...

Group 1 - The Hang Seng Index rose by 0.65%, gaining 165 points to close at 25,663 points, while the Hang Seng Tech Index increased by 1.14%. The morning trading volume reached 97.5 billion HKD [1] - New listings in the Hong Kong stock market included Zhihui Mining (02546), which surged over 110% upon debut, and Xidi Zhijia (03881), which fell over 8% after its listing [1] - The U.S. Senate passed a revised version of the Biodefense Act as part of the National Defense Authorization Act for fiscal year 2026, leading to a significant rebound in pharmaceutical stocks, with WuXi Biologics (02269) rising over 6% and 3SBio (01530) increasing by 3.7% [1] Group 2 - HAP Pharmaceuticals-B (02142) saw a nearly 7% increase after signing a business development deal worth over 1 billion USD with Bristol-Myers Squibb [2] - China Duty Free Group (601888) (01880) rebounded nearly 7% after winning bids for two major duty-free projects at Shanghai airports, with market attention on the results of the Capital Airport tender [2] - Youjia Innovation (02431) surged over 12% as L3 large-scale deployment approaches, with the company having made forward-looking arrangements for L2+ and L4 [2] - Nine Dragons Paper (02689) rose over 3% as the industry leader announced a series of shutdown plans to support price and inventory levels before the Spring Festival [2] Group 3 - South Manganese (01091) increased by over 9% due to multiple factors driving the continuous rise in electrolytic manganese prices [3] Group 4 - Yangtze Optical Fibre (601869) (06869) rose over 10%, with a cumulative increase of over 30% in the past three days, driven by sustained demand for optical fibers and cables from AI [4] Group 5 - Ganwan (09890) increased by over 5% after issuing zero-coupon convertible bonds at a premium, raising 450 million HKD to enhance its "AI + gaming" strategy [5] Group 6 - Liqin Resources (02245) rose over 9% as Indonesia plans to significantly reduce its nickel ore production targets by 2026 [6] Group 7 - Shenzhou International (02313) fell over 3% as its major client Nike reported a 32% year-on-year decline in net profit for the second fiscal quarter [7]