寧波力勤資源科技股份有限公司 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。 Lygend Resources & Technology Co., Ltd. 1 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2245） 建議公司首次公開發行A股股票並在深圳證券交易所主板上市－ 關於確認公司截至二零二二年、二零二三年及 二零二四年十二月三十一日止年度 以及截至二零二五年六月三十日止六個月的關聯交易事項 除另有界定者外，本公告所用詞彙與寧波力勤資源科技股份有限公司（「本公司」）所刊 發日期為二零二五年六月五日的通函所界定者具有相同涵義。 茲提述本公司所刊發日期為二零二五年五月三十日的公告及日期為二零二五年六月五日 的通函，內容涉及建議發行A股股票。為滿足適用的中國監管要求，本公司董事會（董 事會）已確認截至二零二二年、二零二三年、二零二四年十二月三十一日止年度及二零 二五年六月三十日止六個月的關聯交易，及本公司與關聯方之間的關聯交易符合有關中 ...

Core Viewpoint - The recent announcement from the Democratic Republic of Congo (DRC) regarding cobalt export quotas is expected to positively impact cobalt prices and benefit companies like Liqin Resources, which has significant operations in Indonesia [1] Group 1: Cobalt Export Quota Policy - The DRC will implement a cobalt export quota system starting from October 16, 2025, with a remaining export limit of 18,100 tons for the rest of 2025 [1] - The annual quota for 2026-2027 is set at 96,600 tons, allocated based on companies' historical export volumes, with unused quotas transferable to strategic quotas [1] - The government retains the right to make dynamic adjustments to the quotas [1] Group 2: Market Implications - Tianfeng Securities suggests that the new quota policy indicates a long-term balance or even a shortage in supply and demand, leading to an expected increase in cobalt prices [1] - CICC notes that the total cobalt export quota for 2026/2027 will only account for 44% of the DRC's cobalt production in 2024, indicating a tightening supply [1] - The tightening of export quotas is anticipated to drive cobalt prices higher, benefiting Liqin Resources' wet processing capacity in Indonesia and potentially leading to an expansion in the nickel industry chain [1]

Core Viewpoint - The implementation of cobalt export quotas by the Democratic Republic of Congo (DRC) is expected to impact cobalt prices positively, benefiting companies like Liqin Resources [1] Group 1: Company Performance - Liqin Resources (02245) saw a stock price increase of 5.3%, reaching HKD 19.2, with a trading volume of HKD 28.05 million [1] Group 2: Industry Dynamics - The DRC will implement a cobalt export quota system starting October 16, 2025, with a remaining export limit of 18,100 tons for 2025 and annual quotas of 96,600 tons for 2026-2027 [1] - The quotas will be allocated based on companies' historical export volumes, with unused quotas transferable to strategic quotas, allowing the government to adjust dynamically [1] - Tianfeng Securities noted that the new quota policy could lead to a supply-demand balance or even a shortage, which may elevate cobalt prices in the long term [1] - CICC highlighted that the total cobalt export quota for 2026/2027 will only account for 44% of DRC's cobalt production in 2024, indicating tightening supply [1] - The tightening of export quotas is expected to drive cobalt prices higher, benefiting Liqin Resources' wet-process capacity in Indonesia and potential expansion in the nickel industry [1]

Group 1: Company Overview - Company is a leading player in the global nickel industry, covering the entire nickel supply chain from trading to production and sales [1] - The company has established long-term trade and supply agreements with mining companies in the Philippines and Indonesia, ensuring stable resource supply [1] - The company has developed a comprehensive nickel product service system, including nickel sulfate and cobalt, enhancing its market position [1] Group 2: Competitive Advantages - The company has created a unique competitive advantage by granting equity to Indonesian partners, ensuring resource stability and sustainable development [1] - It has built an independent overseas industrial park with essential infrastructure, allowing for operational autonomy and reduced transaction costs [1] - The company collaborates with high-quality suppliers to create a win-win cooperation platform, strengthening its supply chain [1] Group 3: Market Outlook - The Democratic Republic of Congo's new cobalt export quota system is expected to systematically raise cobalt prices, benefiting the company [2] - The tightening of export quotas in Congo is anticipated to drive further increases in cobalt prices, positively impacting the company's performance [2] - The company is projected to achieve significant earnings growth, with estimated EPS of 1.74 and 2.49 for 2025 and 2026, respectively, indicating a 48% CAGR from 2024 to 2026 [2]

Group 1 - On November 10, shareholders of Liken Resources (02245) transferred shares from HSBC to CITIC Lyon Securities, with a market value of HKD 370 million, accounting for 3% of the total [1] - On October 14, JPMorgan increased its stake in Liken Resources by 3.280264 million shares at a price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - After the increase, JPMorgan's total shareholding in Liken Resources reached 33.0848 million shares, representing a 6% ownership stake [1]

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10月31日 狀態: 新提交 公司名稱: 寧波力勤資源科技股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02245 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 550,694,291 | RMB | | 1 | RMB | | 550,694,291 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 550,694,291 | RMB | | 1 | RMB | | 550,694,291 | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | ...

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Core Viewpoint - Liken Resources (2245.HK) experienced a significant intraday increase of 7.62%, reaching HKD 23.72, following news of a share acquisition by JPMorgan Chase & Co. and the establishment of a framework agreement with its controlling shareholder, Likun Investment [1] Group 1: Share Acquisition - JPMorgan Chase & Co. increased its stake in Liken Resources by acquiring 3,280,264 shares at an average price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - Following this acquisition, JPMorgan's ownership in Liken Resources rose from 5.41% to 6.00% [1] Group 2: Framework Agreement - Liken Resources announced a framework agreement for engineering construction services with its controlling shareholder, Likun Investment [1] - The board believes that establishing a framework agreement, rather than a one-time contract, is commercially advantageous, ensuring competitive terms for stable and high-quality supply of services and materials [1] - This agreement is expected to significantly enhance the flexibility of business arrangements in line with the company's overall strategic development and growth plans [1]

Core Insights - JPMorgan Chase & Co. increased its stake in Liqin Resources (02245.HK) by acquiring 3,280,264 shares at an average price of HKD 26.2808 per share, totaling approximately HKD 86.208 million [1] - Following this acquisition, JPMorgan's total holdings in Liqin Resources rose to 33,084,800 shares, increasing its ownership percentage from 5.41% to 6.00% [1] Summary by Category - **Company Activity** - JPMorgan Chase & Co. has made a significant investment in Liqin Resources by purchasing additional shares [1] - The transaction reflects JPMorgan's confidence in the company's future prospects [1] - **Shareholding Changes** - The increase in shareholding percentage indicates a strategic move by JPMorgan to strengthen its position in Liqin Resources [1] - The new total of 33,084,800 shares held by JPMorgan represents a notable increase in their investment [1]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]