Core Viewpoint - Liken Resources (02245) reported significant growth in both revenue and profit for the first half of 2025, driven by increased production and operational efficiency [1] Financial Performance - Revenue reached approximately 18.1466 billion HKD, representing a year-on-year increase of 66.8% [1] - Profit attributable to the parent company was around 1.426 billion HKD, up 143.0% compared to the previous year [1] - Earnings per share stood at 0.92 HKD [1] Production and Operational Highlights - The growth in revenue and profit was primarily due to a substantial increase in the production of hydrometallurgical products such as nickel-cobalt hydroxide and pyrometallurgical products like nickel iron [1] - The increase in production was attributed to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company optimized its product structure and implemented refined cost control management, along with technological improvements to enhance production processes and profitability [1]

Core Viewpoint - Liken Resources (02245) reported significant growth in both revenue and profit for the first half of 2025, driven by increased production and operational efficiency [1] Financial Performance - Revenue for the period reached approximately 18.1466 billion HKD, representing a year-on-year increase of 66.8% [1] - Profit attributable to the parent company was around 1.426 billion HKD, showing a substantial increase of 143.0% compared to the previous year [1] - Earnings per share stood at 0.92 HKD [1] Production and Operational Highlights - The growth in revenue and profit was primarily due to a significant increase in the production of hydrometallurgical products such as nickel hydroxide and pyrometallurgical products like nickel iron [1] - The increase in production was attributed to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company optimized its product structure and implemented refined cost control management, along with technological improvements to enhance production processes and profitability [1]

Core Insights - The long-term demand for nickel is widely recognized, but the efficient development of low-grade nickel laterite ores remains a bottleneck for the industry [1] - Companies that can overcome technical challenges and align with Indonesia's transformation from a resource exporter to an industrial hub will gain a competitive edge in the nickel industry [1] - Liqin Resources has seen its stock price increase by over 130% in the past year, significantly outperforming the market, due to its integration of Chinese technology and Indonesian resources [1] Industry Dynamics - The global nickel industry is undergoing a dual transformation characterized by "supply-demand dynamics" and "technological iteration" [2] - Nickel prices fell to a near-term low of 115,000 RMB/ton in April due to U.S. tariffs, but have since stabilized between 120,000 and 130,000 RMB/ton [2] - Major companies like Norilsk Nickel and Glencore announced production cuts, with Norilsk's nickel output down 4% and Glencore's down 7% year-on-year [2] - The stainless steel sector is recovering, with China's crude steel production up 5.17% year-on-year, while the demand for battery-grade nickel remains strong due to the high nickel content trend in batteries [2] Technological Innovation - Liqin Resources has adopted the third-generation HPAL hydrometallurgical process, which is one of the most advanced technologies for processing low-grade nickel laterite ores [3] - This technology has achieved a rapid production ramp-up record within two months and significantly improved nickel-cobalt recovery rates, positioning it among the lowest-cost nickel-cobalt production projects globally [3] - During the industry downturn, Liqin's low-cost advantage allowed it to gain market share as high-cost capacities were forced out [3] Strategic Positioning in Indonesia - Liqin Resources exemplifies the integration of Chinese technology with global resources, aligning with Indonesia's shift from resource exportation to deep processing [4] - Indonesia's nickel-related product exports are projected to reach $33.9 billion in 2024, marking a historic high and validating the country's industrial upgrade strategy [4] - The company operates HPAL and RKEF projects in collaboration with Indonesian partners, ensuring a "mine-to-metal" integration [5] Environmental and Social Responsibility - Liqin Resources emphasizes green development, with the first wet tailings demonstration facility in Indonesia set to enhance resource utilization and address environmental concerns [6] - This initiative aligns with Indonesia's industrial upgrade requirements and supports the "Belt and Road" green development initiative [6] Competitive Advantages - Liqin Resources has built a dual-base supply network in Indonesia and the Philippines, ensuring stable supply and mitigating regional supply fluctuations [7] - The company employs a "wet and dry" technology synergy, producing battery-grade nickel sulfate and nickel iron to cater to both the new energy and traditional industrial markets [7] - The integration of ESG principles into operations enhances long-term customer loyalty and positions the company favorably in a market with increasing ESG scrutiny [8] Conclusion - Liqin Resources' strong performance in the Hong Kong stock market is attributed to its established ecological moat and strategic positioning in the nickel industry [9] - The company's global procurement network, dual technology approach, and long-term customer contracts have transformed it into an ecological platform connecting global nickel resources with end-user demand [9] - The current nickel price fluctuations serve as a test of the company's competitive strength, with its cost advantages and technological innovations poised to capture market share and drive growth [10]

Core Viewpoint - The company reported significant growth in both revenue and profit for the first half of 2025, driven by increased production from key projects and improved operational efficiency [1] Financial Performance - Revenue for the first half of 2025 reached approximately 18.1466 billion, representing a year-on-year increase of 66.8% [1] - Profit attributable to the parent company was approximately 1.426 billion, showing a substantial year-on-year increase of 143.0% [1] - Earnings per share stood at 0.92 yuan [1] Operational Highlights - The growth in revenue and profit was primarily due to a significant increase in the production of hydrometallurgical products such as nickel-cobalt hydroxide and pyrometallurgical products like nickel iron [1] - The ONC project achieved full production capacity, and the KPS project contributed to the release of production capacity [1] - The company optimized its product structure and implemented refined cost control management, along with technological improvements to enhance production processes, further boosting profitability [1]

Group 1 - The core viewpoint of the article is that Likin Resources (02245) reported significant growth in both revenue and profit for the first half of 2025, driven by increased production and operational efficiency [1] - The company's revenue reached approximately 18.1466 billion yuan, representing a year-on-year increase of 66.8% [1] - The profit attributable to the parent company was approximately 1.426 billion yuan, showing a substantial year-on-year increase of 143.0% [1] - Earnings per share were reported at 0.92 yuan [1] Group 2 - The growth in revenue and profit is primarily attributed to a significant increase in the production of hydrometallurgical products such as nickel-cobalt hydroxide and pyrometallurgical products like nickel iron during the reporting period [1] - The increase in production is mainly due to the full operational capacity of the ONC project and the production release from the KPS project [1] - The company has optimized its product structure, implemented refined cost control management, and made technological improvements to enhance production processes, further boosting profitability [1]

Financial Performance - Revenue increased from RMB 10,878.0 million for the six months ended June 30, 2024, to RMB 18,146.6 million for the six months ended June 30, 2025, representing a growth of 66.8%[4] - Gross profit rose from RMB 1,827.4 million to RMB 3,580.0 million, a growth of 95.9%, with a gross margin of 19.7%, up 2.9 percentage points from 16.8%[4] - Profit for the period increased by 131.7% from RMB 970.4 million to RMB 2,248.7 million[4] - Profit attributable to owners of the parent increased by 143.0% from RMB 586.9 million to RMB 1,426.3 million[4] - Basic and diluted earnings per share attributable to ordinary equity holders of the parent increased from RMB 0.38 to RMB 0.92[6] - Revenue for the six months ended June 30, 2025, reached RMB 18,146,555, a significant increase of 67.1% compared to RMB 10,877,988 for the same period in 2024[13] - Nickel product sales accounted for RMB 17,286,951, representing a 64.9% increase from RMB 10,473,140 in the previous year[13] - The company's gross profit before tax for the six months ended June 30, 2025, was RMB 2,396,356, up from RMB 1,379,117 in 2024, indicating a growth of 74.0%[14] - The company reported a net profit before tax of RMB 2,396,356 for the six months ended June 30, 2025, compared to RMB 1,379,117 for the same period in 2024, reflecting a growth of 74.0%[14] - Net profit surged by 131.7% from RMB 970.4 million to RMB 2,248.7 million, with net profit margin rising from 8.9% to 12.4%[73] Dividends and Shareholder Returns - The company has decided not to declare an interim dividend for the six months ended June 30, 2025[4] - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2025, but declared a final dividend of RMB 0.35 per share for the year ended December 31, 2024, totaling approximately RMB 544,576,000[20] - The board has decided not to recommend an interim dividend for the six months ending June 30, 2025[91] Assets and Liabilities - Non-current assets totaled RMB 27,964.4 million as of June 30, 2025, compared to RMB 25,357.7 million as of December 31, 2024[7] - Current assets increased to RMB 15,580.4 million from RMB 12,599.3 million[7] - Total liabilities increased from RMB 13,798.4 million to RMB 17,898.0 million, with interest-bearing bank and other borrowings rising from RMB 7,882.3 million to RMB 10,719.4 million[7] - Net assets amounted to RMB 19,303.8 million as of June 30, 2025, compared to RMB 17,682.6 million as of December 31, 2024[8] - Trade receivables as of June 30, 2025, amounted to RMB 1,650.6 million, up from RMB 1,410.7 million as of December 31, 2024[23] - The company's trade payables reached RMB 1,989.5 million as of June 30, 2025, compared to RMB 1,495.3 million at the end of 2024[27] - Current assets increased by 23.7% from RMB 12,599.3 million to RMB 15,580.4 million as of June 30, 2025[74] Production and Operations - The company continues to enhance its production efficiency at the Obi Island project in Indonesia, maintaining stable operations in its HPAL project[28] - The company’s wet smelting products, including nickel-cobalt hydroxide, saw significant production increases due to the full operation of the ONC project and the release of production from the KPS project[35] - The company has a total designed annual production capacity of 400,000 tons of nickel metal from its projects in Indonesia, with 120,000 tons from wet smelting and 280,000 tons from pyrometallurgical processes[34] - The company’s wet smelting project in Indonesia is fully operational, producing battery-grade nickel sulfate, cobalt sulfate, and electrolytic cobalt to meet market demand for high-performance battery materials[38] - The company is advancing the Obi project, which is crucial for future profit growth, with four production lines already operational and plans to release capacity for eight more lines[55] - The MHP refining project aims to process nickel-cobalt products into nickel sulfate and cobalt sulfate, enhancing product performance for electric vehicles and energy storage[56] - The company is implementing a wet method slag resource utilization demonstration project, converting waste into valuable products like rebar, benefiting from infrastructure development in Southeast Asia[57] - The company is enhancing its R&D capabilities and optimizing production processes to improve resource utilization efficiency and environmental performance[58] Market and Strategic Focus - The company is focusing on expanding high-value-added products through wet smelting and solidifying its foundation through pyrometallurgy[30] - The company plans to expand overseas markets and deepen cost-reduction measures to strengthen its core competitiveness in a complex macroeconomic environment[30] - The global nickel market is experiencing structural adjustments, with Indonesia holding 42% of the world's nickel reserves, which supports the company's strategic focus on nickel production[37] - The company is actively optimizing production processes and cost management to enhance profitability amid fluctuating nickel prices and trade uncertainties[41] - The company is implementing a strategy to dynamically adjust sales tactics in response to global nickel market supply and demand changes[41] - The company continues to expand its influence in the new energy vehicle sector, deepening strategic cooperation with leading global precursor and cathode material companies[52] - The company has established long-term supply relationships with top stainless steel manufacturers, reinforcing its market position in nickel product trading in China[53] Corporate Governance and Compliance - The company is committed to maintaining strict corporate governance and has adhered to applicable codes throughout the reporting period[93] - The company has maintained a minimum public shareholding of approximately 15.31% since its listing date, as confirmed by the board of directors[97] - The audit committee has reviewed the unaudited interim results and financial statements for the six months ending June 30, 2025[98] - The board of directors is composed of four executive directors, one non-executive director, and three independent non-executive directors, ensuring a strong element of independence[94] - The company has adopted the standard code of conduct for directors' securities transactions and confirmed compliance during the reporting period[95] - The company has not established any off-balance-sheet arrangements as of June 30, 2025[90] Employee and Resource Management - The company has a total of 13,731 full-time employees as of June 30, 2025, with a focus on recruitment through job websites and campus hiring[89] - The company has utilized approximately 90.4% of the net proceeds from its global offering, amounting to about HKD 3,254.8 million, with remaining unutilized proceeds of HKD 345.6 million[92] - The company has no plans for significant investments or capital assets as of June 30, 2025[86] Financial Management - Financing costs rose by 23.2% from RMB 263.9 million to RMB 325.1 million, attributed to increased bank borrowings[69] - A financing agreement was established for up to $250 million in transitional financing, followed by a project financing agreement for up to $741 million and an operating capital financing agreement for up to $150 million[87] - Other income increased from RMB 404.8 million to RMB 859.6 million, mainly due to higher coal sales during the period[62] - Other income and gains rose by 65.6% from RMB 105.9 million to RMB 175.4 million, primarily due to an increase in interest income and government grants[65] - Selling and distribution expenses decreased by 12.3% from RMB 63.4 million to RMB 55.6 million, mainly due to optimized personnel structure[66] - Administrative expenses increased by 19.5% from RMB 490.2 million to RMB 585.9 million, driven by business expansion and increased employee costs[67]

格隆汇8月28日丨力勤资源(02245.HK)发布公告，陈婉梅辞任联席公司秘书、授权代表及法律程序代理 人，自2025年8月28日起生效。此外，邹醒龙已获委任为联席公司秘书、授权代表及法律程序代理人， 自同日起生效。 ...

Core Viewpoint - The company announced the resignation of Ms. Chan Wan Mei as the co-secretary and authorized representative, effective from August 28, 2025 [1] - Mr. Zou Xinglong has been appointed as the new co-secretary, authorized representative, and legal process agent, also effective from August 28, 2025 [1] - Mr. Cao Zheng will continue to serve as another co-secretary [1] Summary by Relevant Sections - **Resignation Announcement** - Ms. Chan Wan Mei has submitted her resignation as co-secretary and authorized representative, effective from August 28, 2025 [1] - **New Appointment** - Mr. Zou Xinglong has been appointed as co-secretary, authorized representative, and legal process agent, effective from August 28, 2025 [1] - **Continued Role** - Mr. Cao Zheng will remain in his position as another co-secretary [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。 Lygend Resources & Technology Co., Ltd. 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代理人；及 豁免嚴格遵守《上市規則》第3.28條及第8.17條 董事會進一步宣佈，陳女士辭任後，鄒醒龍先生（「鄒先生」）已獲委任為聯席公司秘書、 授權代表及法律程序代理人，自二零二五年八月二十八日起生效。曹錚先生（「曹先生」） 將繼續擔任另一名聯席公司秘書。 1 鄒先生及曹先生的履歷詳情如下： 鄒先生 鄒先生在公司秘書及法律領域擁有逾十四年工作經驗，現時擔任香港中央證券登記有限 公司（「中央證券」）企業實體解決方案副總監。在加入中央證券登記之前，彼為一家大型 科技集團香港辦事處的法律顧問。 鄒先生以優異成績取得英國曼徹斯特都會大學英國及香港法律學士程度文憑（專業共同 試），並於香港理工大學取 ...

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. 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） 股東特別大會通告 茲通告寧波力勤資源科技股份有限公司（「本公司」）謹訂於二零二五年九月十一 日上午十時正假座中國浙江省寧波市鄞州區光華路299弄研發園C10幢10樓舉行股東特 別大會（「股東特別大會」）（或其任何續會），以審議及酌情批准下述決議案。除另有界 定外，本通告所用詞彙與本公司日期為二零二五年八月二十五的通函所界定者具有相 同涵義。 普通決議案 – 1 – 1. 審議、批准及追認（如適用）HPL擔保契據及其項下擬進行的交易；及授權 本公司任何一名董事代表本公司簽署或簽立有關其他文件，並作出及採取 其認為必要或合適的一切事情及行動，以使HPL擔保契據生效及完成其項 下擬進行的交易，並作出其可能認為必要、合適或合宜的更改。 ...