Financial Performance - Revenue increased from RMB 29,233.0 million for the year ending December 31, 2024, to RMB 40,239.8 million for the year ending December 31, 2025, representing a growth of 37.7%[4] - Gross profit rose from RMB 5,352.5 million for the year ending December 31, 2024, to RMB 7,715.1 million for the year ending December 31, 2025, with a gross margin of 19.2%, up 0.9 percentage points from 18.3%[4] - Profit for the year increased by 47.9% to RMB 4,745.5 million for the year ending December 31, 2025, compared to RMB 3,208.8 million for the previous year[4] - Profit attributable to owners of the company surged by 61.1% to RMB 2,857.4 million for the year ending December 31, 2025, from RMB 1,773.2 million for the year ending December 31, 2024[4] - Basic and diluted earnings per share for the year ending December 31, 2025, were RMB 1.84, compared to RMB 1.14 for the previous year[6] - Total revenue for the year 2025 reached RMB 40,239,786 thousand, a significant increase of 37.7% compared to RMB 29,232,958 thousand in 2024[16] - The net profit attributable to the parent company was RMB 2,857.4 million, reflecting a year-on-year increase of 61.1%[51] - The net profit rose by 47.9% from RMB 3,208.8 million to RMB 4,745.5 million, with a net profit margin increase from 11.0% to 11.8%[104] Revenue Sources - Revenue from nickel product sales amounted to RMB 37,721,505 thousand in 2025, up from RMB 28,255,139 thousand in 2024, reflecting a growth of 33.5%[19] - Revenue from mainland China was RMB 34,217,642 thousand in 2025, representing a 33.8% increase from RMB 25,585,753 thousand in 2024[16] - Revenue from nickel product trading rose by 0.3% to RMB 15,901.5 million, driven by increased sales of nickel ore and higher market prices, while nickel iron trading revenue decreased by RMB 2,202.4 million[93] - Production business revenue surged by 75.9% to RMB 21,820.1 million, primarily due to increased sales of nickel-cobalt compounds and nickel iron[93] Assets and Liabilities - Total assets less current liabilities increased to RMB 31,633.7 million for the year ending December 31, 2025, from RMB 24,158.7 million for the previous year[8] - Non-current assets totaled RMB 29,301.3 million as of December 31, 2025, compared to RMB 25,357.7 million as of December 31, 2024[7] - Current assets increased to RMB 18,958.3 million as of December 31, 2025, from RMB 12,599.3 million as of December 31, 2024[8] - The total debt as of December 31, 2025, was RMB 18,615.7 million, an increase from RMB 13,852.3 million as of December 31, 2024[110] - The debt-to-equity ratio increased to 0.9 as of December 31, 2025, compared to 0.8 as of December 31, 2024[112] Dividends - The board proposed a final dividend of RMB 0.6 per share (tax included) for the year ending December 31, 2025, compared to RMB 0.35 per share for the previous year, subject to approval at the annual general meeting[4] - The company plans to distribute a final dividend of RMB 0.60 per share for the year ending December 31, 2025, pending shareholder approval[32] - The company has recognized a total of RMB 300,000,000 in dividends distributed in July 2025, of which RMB 120,000,000 was allocated to non-controlling shareholders[32] Operational Efficiency - The group’s cost of goods sold for 2025 was RMB 30,882,867,000, up 39.3% from RMB 22,194,161,000 in 2024[24] - Depreciation of property, plant, and equipment increased to RMB 1,358,164,000 in 2025, a rise of 49.2% from RMB 909,869,000 in 2024[24] - Employee benefits expenses totaled RMB 1,765,942,000 in 2025, an increase of 73.5% from RMB 1,017,968,000 in 2024[25] - Administrative expenses rose by 21.5% to RMB 1,255.7 million, mainly due to increased employee costs and other operational expenses[98] - Other operating expenses increased by 74.7% to RMB 597.9 million, significantly impacted by foreign exchange losses of RMB 450.7 million[99] Market and Industry Trends - The nickel market is showing signs of tightening, with policy changes in Indonesia affecting nickel mining quotas[52] - The demand for nickel in the stainless steel industry is expected to rise due to the increasing production of high-nickel stainless steel[56] - The global energy transition is driving a continuous increase in the penetration rate of new energy vehicles, with production and sales expected to reach 16.63 million and 16.49 million units respectively in 2025, a year-on-year growth of approximately 29.0% and 28.2%[55] - The demand structure for stainless steel is shifting from low-nickel 200 series to high-nickel 300/400 series, with the 300 series and 400 series accounting for 51.73% and 18.54% respectively in 2025[56] Strategic Initiatives - The company has established a total design capacity of 120,000 tons of nickel metal and 14,250 tons of cobalt metal in its wet smelting project in Indonesia, with all production lines operating at full capacity during the reporting period[61] - The company is actively pursuing technological upgrades and resource integration to strengthen cost control and expand high-value products and overseas layouts[54] - The company has signed long-term supply agreements with leading new energy material producers, positioning itself strategically in the supply chain for nickel-cobalt compounds essential for electric vehicle batteries[78] - The company is committed to sustainable development by investing in innovative technologies and enhancing the resilience of its operations during industry adjustments[64] Risk Management - The company has implemented a systematic risk management framework to address nickel price volatility, focusing on production optimization and cost advantages[64] - The company is actively managing the risks associated with fluctuations in raw material and energy prices, enhancing its supply chain and optimizing inventory[66] - The company has implemented a systematic risk identification and assessment mechanism to manage foreign exchange risks, regularly monitoring and evaluating foreign exchange exposure[68] Corporate Governance - The audit committee, consisting of three members, reviewed the annual performance and consolidated financial statements for the year ending December 31, 2025[131] - The financial information provided does not constitute audited accounts but is extracted from the consolidated financial statements audited by Ernst & Young[132] - The annual general meeting is expected to be held on May 22, 2026[133]

EF001 免責聲明 | 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的內容概不負責，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 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 宁波力勤资源科技股份有限公司 | | 股份代號 | 02245 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 建議截至二零二五年十二月三十一日止年度之末期股息 | | 公告日期 | 2026年3月31日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.6 RMB | | 股東批准日期 | 2026年5月22日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 | ...

Lygend Resources & Technology Co., Ltd. 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 寧波力勤資源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2245） 變更聯席公司秘書、 授權代表及法律程序文件代理人； 及 豁免嚴格遵守上市規則第3.28條及第8.17條 寧波力勤資源科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，鄒 醒龍先生（「鄒先生」）已提出辭任(i)本公司聯席公司秘書（「聯席公司秘書」）；(ii)香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第3.05條項下規定之本公司 授權代表（「授權代表」）；及(iii)香港法例第622章《公司條例》第16部代表本公司於香港 接收法律程序文件及通知之代表（「法律程序文件代理人」），自二零二六年三月三十一日 起生效。 鄒先生已確認彼與董事會並無意見分歧，亦無有關彼辭任之事宜須提請本公司股東或聯 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices are expected to find support due to supply uncertainties from Indonesia, particularly with the slow approval process for nickel mining quotas [1] - Cobalt prices are anticipated to continue rising due to tight supply expectations stemming from export approval delays in the Democratic Republic of Congo [2] - The report indicates that antimony prices are expected to remain strong due to supply constraints [6] - Lithium prices are projected to maintain a strong performance supported by demand amid high oil prices [7] - The rare earth sector is facing tightening supply expectations, with stable demand from downstream industries [9] - Tin prices are supported by uncertainties in overseas supply chains [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness and geopolitical factors [15] Summary by Sections Nickel and Cobalt - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The Indonesian nickel mining association has set the 2026 production quota at 260-270 million tons, significantly reduced from the previous year's quota [16] - Cobalt prices are expected to rise due to ongoing supply tightness, with the Democratic Republic of Congo's export processes still facing delays [2][17] Antimony - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 RMB per ton as of March 19 [6] - Supply constraints are expected to provide a bottom support for antimony prices [19] Lithium - Domestic lithium carbonate futures closed at 143,900 RMB per ton as of March 20, down 5.41% from March 13 [7] - The report notes that the Zimbabwean government has suspended all raw material and lithium concentrate exports, impacting supply [20] - Demand for lithium is expected to be supported by adjustments in export tax policies for battery products [20] Rare Earths - The average price of praseodymium oxide was 785 RMB per kilogram as of March 20, down 9.77% from March 13 [9] - Supply constraints are expected to persist due to regulatory measures and stable demand from the magnetic materials sector [21] Tin - The LME tin spot price was $43,700 per ton as of March 20, down 8.86% from March 13 [11] - Supply uncertainties from Myanmar and the Democratic Republic of Congo are expected to support tin prices [12][22] Tungsten - Domestic tungsten prices are under pressure due to tightening supply, with white tungsten concentrate prices at 1,021,000 RMB per ton as of March 20 [13] - The report anticipates further price increases due to ongoing supply constraints [23] Uranium - Global uranium prices remain high, with the market price at $69.71 per pound as of January [15] - Supply tightness is expected to continue due to geopolitical factors and production delays [24]

蔡建勇 中國，二零二六年三月十九日 於本公告日期，執行董事為蔡建勇先生、費鳳女士、蔡建威先生及王凌先生；非執行董事為 Lawrence LUA Gek Pong 先生；獨立非執行董事為何萬篷博士、張爭萍女士及王緝憲博士；職工代 表董事為余衛軍先生。 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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不會就因本通告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 董事會會議召開日期 宁波力勤资源科技股份有限公司（「本公司」）之董事會（「董事會」）謹此宣布本公司將於二零 二六年三月三十一日（星期二）舉行董事會會議，藉以（其中包括）審議並考慮有關批准本公司及 其附屬公司截至二零二五年十二月三十一日止經審核的年度業績數據及其公布，並考慮派付末期股 息的建議（如有）。 承董事會命 宁波力勤资源科技股份有限公司 董事長兼執行董事 Lygend Resources & Technology Co., Ltd. 宁 波 力 勤 资 源 科 技 股 份 有 限 公 司 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 2 ...

Group 1: Precious Metals - The financial attributes of precious metals, particularly gold, are expected to continue to shine, driven by ongoing central bank purchases and a shift in global credit dynamics, with gold prices projected to rise significantly [4][13][36] - Central banks' gold purchases are anticipated to increase from 5% to 21% of global gold demand from 2020 to 2024, with a peak of 23% in 2022, indicating a strong demand for gold as a safe asset [13][19] - Gold prices are projected to exceed $6,000 per ounce by 2026, supported by central bank buying and a decline in real interest rates [33][36][46] Group 2: Industrial Metals - The demand for industrial metals, particularly aluminum and copper, is expected to remain robust, with aluminum nearing production capacity limits domestically and limited supply growth internationally [4][54] - The copper market is facing significant supply disruptions, with major mines experiencing production cuts due to various operational challenges, leading to a tight supply outlook [53][54] - The overall copper production is projected to grow modestly, with a year-on-year increase of 2.5% in 2024 and 1.2% in 2025, but supply constraints may limit growth potential [54][72] Group 3: Minor Metals - Strategic minor metals such as lithium, cobalt, and tungsten are experiencing a revaluation due to increasing demand from energy storage and electric vehicle sectors [5][48] - The lithium industry is expected to see a reversal in its cycle earlier than anticipated, driven by high demand for energy storage solutions [5] - Cobalt supply is tightening significantly, leading to a notable price increase, while nickel prices are supported by clear cost structures and increasing supply disruptions [5][48]

Investment Rating - Maintain "Buy" rating for the sector [5] Core Views - The geopolitical situation in the Middle East continues to disrupt bullish sentiment, but there is sustained optimism for precious metals during the stagflation cycle [1] - Copper demand remains resilient despite short-term geopolitical disturbances, with a positive long-term outlook [2] - Aluminum prices are experiencing significant volatility due to ongoing overseas conflicts, while domestic demand is gradually transitioning towards a consumption peak [3] - Nickel prices are under pressure from geopolitical disturbances, but supply constraints provide some support [4] - Tin prices are fluctuating due to a tug-of-war between supply and demand factors, with a lack of strong driving forces [8] - The lithium market is seeing increases in both supply and demand, maintaining a trend of inventory reduction [9] - Cobalt prices are experiencing fluctuations due to weak downstream purchasing [10] Summary by Sections Precious Metals - The ongoing geopolitical crisis in the Middle East has led to sustained high oil prices, impacting investor sentiment towards precious metals. However, concerns are seen as short-term, with a bullish outlook for the medium term [1][41] Industrial Metals - **Copper**: Demand remains strong with a recovery in market transactions as production resumes. Recent expectations for downstream production have improved, indicating a healthy demand base [2] - **Aluminum**: Supply has slightly increased, but high prices are suppressing some demand. The market is transitioning towards a consumption peak, with ongoing geopolitical factors influencing prices [3] - **Nickel**: Prices have decreased due to geopolitical tensions, but supply constraints from Indonesia are providing support [4] - **Tin**: Supply is stable, but demand is weak, leading to a lack of strong price movements [8] Energy Metals - **Lithium**: Both supply and demand are increasing, with a focus on inventory reduction. The market is expected to remain active due to rising demand from the electric vehicle sector [9] - **Cobalt**: Prices are fluctuating with weak demand from downstream sectors, leading to a cautious purchasing environment [10]

Investment Rating - The report maintains a "Buy" rating for the industry [7] Core Views - The geopolitical situation has intensified, leading to opportunities in precious metals during a stagflation cycle. The report emphasizes the importance of positioning in precious metals due to supply disruption risks and low employment data indicating potential economic stagnation [1] - For copper, demand remains resilient despite short-term geopolitical disturbances, with expectations of improved production in downstream markets. The report suggests a cautious outlook on inventory levels and pricing trends [2] - Aluminum prices have reached historical highs amid political unrest, with stable supply and increasing demand as production resumes post-holiday [3] - Nickel prices have declined due to geopolitical disturbances, but supply constraints provide some support. The report notes a sluggish demand recovery in stainless steel and a cautious outlook for battery-grade nickel [4] - Tin prices are expected to experience strong fluctuations due to supply tightness and cautious purchasing behavior from downstream enterprises [5] - Lithium prices have seen a downward trend due to geopolitical and import disturbances, but demand is expected to improve as production resumes in the battery sector [6] Summary by Sections Precious Metals - The report highlights the potential for precious metals as a hedge against geopolitical risks and economic stagnation, recommending companies such as Xinyi Silver and Zijin Mining [1] Industrial Metals - **Copper**: Demand is expected to recover as production ramps up, with a focus on companies like Zijin Mining and Western Mining [2] - **Aluminum**: The report notes stable supply and increasing demand, recommending companies such as China Hongqiao and Nanshan Aluminum [3] - **Nickel**: Supply constraints are noted, with a focus on companies like Huayou Cobalt and Greenmech [4] - **Tin**: The report suggests monitoring supply and demand dynamics, recommending companies like Yunnan Tin and Xinyi Silver [5] Energy Metals - **Lithium**: The report indicates a downward price trend but anticipates a recovery in demand, recommending companies such as Ganfeng Lithium and Tianqi Lithium [6] - **Cobalt**: The report notes stable supply and demand, with a focus on companies like Huayou Cobalt and Tianqi Lithium [10]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that tungsten prices continue to reach historical highs, with expectations for a strong overall market for key metals [1][23] - Nickel prices are supported by tightening supply expectations due to Indonesia's reduced production quotas for 2026, which are set between 260 million to 270 million tons, significantly lower than the previous year's quota of 42 million wet tons [1][29] - Cobalt supply is expected to tighten further due to slow export progress from the Democratic Republic of Congo, with a forecasted increase in cobalt prices [2][5] - Antimony prices are anticipated to remain strong due to supply constraints, with a significant drop in production reported [6][18] - Lithium supply disruptions are expected to continue, with potential for lithium prices to reach new highs amid increasing demand [8][19] - The rare earth sector is facing supply shortages, particularly for praseodymium and neodymium, which may support prices [9][20] - Tin prices are supported by ongoing supply concerns from Myanmar and the Democratic Republic of Congo, with a notable decrease in tin imports [11][21] - Uranium supply is expected to remain tight, supporting high prices due to geopolitical factors and production delays [14][24] Summary by Sections Nickel and Cobalt Industry Insights - Indonesia's nickel production quota for 2026 is set to significantly reduce, impacting supply and supporting prices [1][29] - Cobalt exports from the Democratic Republic of Congo are hindered by complex local processes and logistical challenges, leading to tighter supply [2][5] Antimony Industry Insights - Antimony production has seen a sharp decline, which is expected to support prices in the near term [6][18] Lithium Industry Insights - Lithium prices are under pressure due to supply disruptions, but demand remains strong, potentially leading to price increases [8][19] Rare Earth Industry Insights - Supply shortages for praseodymium and neodymium are anticipated, which may bolster prices in the market [9][20] Tin Industry Insights - Ongoing supply issues from Myanmar and the Democratic Republic of Congo are expected to support tin prices [11][21] Uranium Industry Insights - The uranium market is facing supply constraints, which are likely to keep prices elevated due to geopolitical tensions and production delays [14][24]