Core Viewpoint - The nickel industry is facing increasing challenges related to waste management, highlighted by a major Chinese-controlled smelter in Indonesia reducing production due to its tailings storage nearing capacity [1] Industry Summary - The Indonesian nickel industry is under pressure as nickel ore supply struggles to keep pace with the rapid expansion of smelting capacity, leading several smelters to warn of potential production halts [1] - The chairman of the Indonesian Nickel Smelting Association (FINI), Arif Perdanakusumah, indicated that the industry is experiencing significant stress due to these supply-demand imbalances [1] Company Summary - Company has established a comprehensive nickel product service system covering nickel ore trading, smelting production, equipment manufacturing, and sales [1] - The company has signed long-term trade and supply agreements with mining enterprises in the Philippines and Indonesia, securing its position in the upstream market [1] - The company’s smelting capacity on OBI Island in Indonesia totals 400,000 metric tons of nickel, with potential for future expansion in the Indonesian nickel industry chain, which could drive performance and valuation increases [1]

Group 1 - The stock of Liqin Resources (02245.HK) has increased by nearly 5%, currently up 4.85% at HKD 18.36 [1] - The trading volume reached HKD 30.67 million [1]

Core Viewpoint - The nickel industry is facing significant challenges related to waste management, highlighted by a major Chinese-controlled smelter in Indonesia reducing production due to its tailings storage nearing capacity [1] Industry Summary - The Indonesian nickel industry is under increasing pressure as nickel ore supply struggles to keep pace with the rapid expansion of smelting capacity, leading several smelters to warn of potential production halts [1] - The chairman of the Indonesian Nickel Smelting Association (FINI), Arif Perdanakusumah, has indicated that the industry is confronting mounting difficulties [1] Company Summary - Company has established a comprehensive industrial chain covering nickel ore trading, smelting production, equipment manufacturing, and sales [1] - The company has signed long-term trade and supply agreements with mining enterprises in the Philippines and Indonesia, and has developed a total nickel production capacity of 400,000 metal tons on OBI Island, Indonesia [1] - The company is expected to benefit from its hydrometallurgical capacity in Indonesia and has potential for future expansion in the nickel industry chain, which could drive performance and valuation increases [1]

Core Viewpoint - Lygend Resources & Technology is initiated with an OUTPERFORM rating and a target price (TP) of HK$27.56, reflecting a 10x 2026 estimated P/E ratio, due to its leadership in the global nickel industry and integrated operations across the nickel supply chain [1] Company Overview - Lygend Resources & Technology has transitioned from nickel ore trading to industrial operations, establishing a comprehensive presence in the nickel industry chain, including trading, smelting, production, and equipment manufacturing [1] - The company has secured long-term trade and supply agreements with upstream mining companies in the Philippines, Indonesia, and other regions, enhancing its resource stability [1] Competitive Advantages - The construction of a nickel business ecosystem covering the entire industry chain provides Lygend with distinctive competitive advantages, including stable resource supply through equity stakes granted to Indonesian partners [2] - The establishment of independent overseas industrial parks equipped with necessary infrastructure allows for operational autonomy and reduced transaction costs [2] - Collaborations with high-quality resource suppliers and long-term agreements with top-tier LiB material suppliers strengthen the company's position across the industry chain [2] Market Dynamics - The Democratic Republic of the Congo (DRC) has announced a cobalt export quota system, which is expected to lead to a systematic increase in average cobalt prices, as the quotas for 2026-2027 will only account for 44% of its 2024 production [3][4] - The tightening regulations on cobalt export quotas are anticipated to benefit Lygend's hydrometallurgy project in Indonesia, potentially boosting earnings and valuation [4] Financial Projections - The estimated earnings per share (EPS) for Lygend is projected at Rmb1.74 in 2025 and Rmb2.49 in 2026, indicating a compound annual growth rate (CAGR) of 48% from 2024 to 2026 [4] - The stock is currently trading at 10.2x 2025 estimated P/E and 7.0x 2026 estimated P/E, with a target price suggesting a 43% upside [4]

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) | | ...