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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 公司名稱: 寧波力勤資源科技股份有限公司 呈交日期: 2025年10月6日 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 ...

Group 1 - The cobalt market in China experienced a significant surge on September 29, with the average price of 1 cobalt reported at 337,000 yuan per ton, an increase of 29,000 yuan from the previous trading day, marking the largest single-day increase of the year [2] - Huachuang Securities suggests that the Congolese government's ban and quota policy are exacerbating the tight supply of cobalt raw materials, leading to a strong upward trend in cobalt prices [2] - Minsheng Securities indicates that the domestic raw material shortage is intensifying, and the Congolese government's firm pricing stance suggests a high probability of implementing a quota system, which could lead to a supply contraction and a clear upward shift in cobalt price levels [2] Group 2 - The company’s wet nickel production capacity is located in Indonesia, which is not affected by the Congolese export restrictions, allowing it to fully benefit from the rising cobalt prices [2] - The company is expected to see significant growth due to the release of new production capacity and cost advantages [2] - The stock of the company, Likin Resources, rose over 5%, reaching a new high of 26.46 HKD, with a trading volume of 95.9946 million HKD [3]

Core Viewpoint - The stock of Liqin Resources (02245) has surged over 5%, reaching a new high of 26.46 HKD, driven by a significant increase in cobalt prices due to supply constraints from the Democratic Republic of Congo (DRC) [1] Industry Summary - On September 29, the domestic cobalt market experienced a dramatic surge, with the average price of 1 cobalt reported at 337,000 RMB/ton, marking a substantial increase of 29,000 RMB from the previous trading day, the largest single-day rise this year [1] - Huachuang Securities suggests that the DRC government's ban and quota policies are exacerbating the tight supply of cobalt, leading to a strong upward trend in cobalt prices [1] - The DRC is expected to implement a quota of 18,000 tons starting in 2025, and considering transportation time, there will be a supply gap within the year, compounded by seasonal demand and smelter restocking, which will further tighten raw material availability and increase cobalt prices [1] - Minsheng Securities' recent report indicates that the domestic raw material shortage is intensifying, and the DRC government's firm stance on price support suggests that a quota system is likely to be implemented, leading to a probable contraction in supply and a clear upward shift in cobalt price levels [1] Company Summary - The company’s wet nickel production capacity is located in Indonesia, which is not affected by the DRC's export restrictions, allowing it to fully benefit from the rising cobalt prices [1] - The combination of new production capacity and cost advantages significantly enhances the company's growth potential [1]

Core Viewpoint - The stock price of Liqin Resources (02245) has surged over 13%, reaching a historical high of 25.6 HKD, with an 80% increase in the past month, driven by changes in cobalt export policies in the Democratic Republic of Congo [2]. Group 1: Company Performance - Liqin Resources' stock price increased by 13.45%, trading at 25.48 HKD with a transaction volume of 201 million HKD [2]. - The company's wet-process nickel production capacity is located in Indonesia, which is not affected by the cobalt export restrictions from the Democratic Republic of Congo, allowing it to fully benefit from rising cobalt prices [2]. Group 2: Industry Context - The government of the Democratic Republic of Congo updated its cobalt export policy on September 20, extending the cobalt export ban to October 15, 2025, and limiting export quotas for 2026-2027 to only 44% of annual production [2]. - Huachuang Securities believes that the Congolese government's ban and quota policy will exacerbate the shortage of cobalt raw materials, potentially accelerating the rise in cobalt prices [2]. - Minsheng Securities indicates that the Congolese government's firm stance on supporting cobalt prices suggests a high likelihood of implementing quota systems, leading to a contraction in supply and a clear upward shift in cobalt price levels [2].

Core Viewpoint - The stock price of Liqin Resources (02245) has surged over 13%, reaching a historical high of 25.6 HKD, with an 80% increase in the past month, driven by changes in cobalt export policies in the Democratic Republic of Congo (DRC) [1] Group 1: Cobalt Export Policy Changes - The DRC government updated its cobalt export policy on September 20, extending the cobalt export ban to October 15, 2025, and limiting export quotas for 2026-2027 to only 44% of annual production [1] - Huachuang Securities believes that the DRC's ban and quota policy will exacerbate the tight supply of cobalt raw materials, potentially accelerating the rise in cobalt prices [1] - Minsheng Securities indicates that the DRC government is firmly supporting higher cobalt prices, with a high likelihood of implementing quota systems, leading to a contraction in supply and a clear upward shift in cobalt price levels [1] Group 2: Company Impact - The company's wet-process nickel production capacity is located in Indonesia, which is not affected by the DRC's export restrictions, allowing it to fully benefit from the rising cobalt prices [1]

Group 1 - The Democratic Republic of Congo (DRC) has extended its cobalt export suspension until October 15, 2025, which may impact market expectations and inventory depletion rates in the short term [2] - The uncertainty surrounding the allocation of future cobalt quotas in the DRC and the limited incremental supply from Indonesia's MHP in 2024 is highlighted, indicating that even significant increases in production may not compensate for the shortfall caused by the DRC's quota policy [2] - According to customs data, China's cobalt intermediate imports from June to August were 19,000 tons, 13,800 tons, and 5,200 tons, reflecting significant month-over-month declines of -61.62%, -27.26%, and -62.05% respectively [2] Group 2 - It is projected that global effective cobalt supply will decrease by 34% from 282,000 tons to 185,000 tons in 2025 due to the DRC's export suspension lasting seven months, with further extensions potentially exacerbating raw material shortages [2] - The tightening supply situation is expected to lead to a continued rise in cobalt prices in the short term, with strong support for long-term price stability due to the DRC government's clear stance on cobalt supply management [2] - The stock price of Liqin Resources (02245) has increased by over 50% in the month, with a current price of 22.14 HKD, reflecting a rise of 4.43% and a trading volume of 338 million HKD [3]

Group 1 - The core viewpoint is that the recent extension of cobalt export restrictions in the Democratic Republic of Congo (DRC) is expected to impact market expectations and inventory depletion, leading to a potential increase in cobalt prices in the medium to long term [1][2] - Liqin Resources (02245) has seen its stock price rise over 50% this month, with a current price of 22.14 HKD and a trading volume of 338 million HKD [1] - The DRC's new cobalt export policy includes an extension of the export suspension until October 15, 2025, along with a subsequent quota system, which may create uncertainty in the allocation of future indicators [1] Group 2 - According to customs data, China's cobalt intermediate imports from June to August were 19,000 tons, 13,800 tons, and 5,200 tons, showing significant declines of 61.62%, 27.26%, and 62.05% respectively [2] - If the DRC's export suspension lasts for seven months, global effective cobalt supply is projected to decrease by 34% from 282,000 tons to 185,000 tons in 2025, with further extensions of the ban potentially exacerbating raw material shortages [2] - In a tightening supply scenario, short-term cobalt prices are expected to continue rising, with strong support for long-term price stability due to the DRC government's clear stance on cobalt supply management [2]

宁 波 力 勤 资 源 科 技 股 份 有 限 公 司 LYGEND RESOURCES & TECHNOLOGY CO., LTD. (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code: 2245 （於中華人民共和國註冊成立的股份有限公司） 股份代號：2245 2025 中期報告 INTERIM REPORT 2025 目錄 | 公司簡介 | 2 | | --- | --- | | 公司資料 | 4 | | 董事長報告書 | 6 | | 管理層討論與分析 | 8 | | 企業管治及其他資料 | 24 | | 未經審核中期簡明綜合損益及其他全面收益表 | 34 | | 未經審核中期簡明綜合財務狀況表 | 35 | | 未經審核中期簡明綜合權益變動表 | 37 | | 未經審核中期簡明綜合現金流量表 | 39 | | 未經審核中期簡明綜合財務資料附註 | 41 | 寧波力勤資源科技股份有限公司 二零二五年中期報告 2 公司簡介 我們是一家鎳全產業鏈公司，公 ...

Core Viewpoint - The recent updates on cobalt export policies in the Democratic Republic of Congo (DRC) are expected to significantly impact global cobalt supply and prices, benefiting companies involved in cobalt mining and refining, particularly those with operations in Indonesia and the DRC [1]. Group 1: Cobalt Export Policy Changes - The DRC government updated its cobalt export policy on September 20, extending the cobalt export ban to October 15, 2025, and limiting export quotas for 2026-2027 to only 44% of annual production [1]. - This policy is anticipated to lead to a substantial reduction in global cobalt supply from 2025 to 2027, resulting in a strong potential increase in cobalt prices [1]. Group 2: Company Implications - Companies with cobalt refining operations in Indonesia and those owning mines in the DRC are expected to benefit significantly from the anticipated rise in cobalt prices [1]. - The firm Minsheng Securities believes that the DRC government's firm stance on supporting cobalt prices indicates a high likelihood of implementing a quota system, leading to a contraction in supply and a clear upward shift in cobalt prices [1].

Core Viewpoint - The recent updates on cobalt export policies in the Democratic Republic of Congo (DRC) are expected to significantly impact global cobalt supply and prices, benefiting companies involved in cobalt mining and refining, particularly those with operations in Indonesia and the DRC [1] Group 1: Cobalt Export Policy Changes - The DRC government has postponed the cobalt export ban to October 15, 2025, and set the export quota for 2026-2027 at only 44% of annual production [1] - This export quota is anticipated to lead to a global cobalt supply that is substantially below normal levels from 2025 to 2027, which is likely to drive cobalt prices higher [1] Group 2: Market Reactions and Company Implications - Liqin Resources (02245) has seen its stock price increase by over 4%, with a cumulative rise of approximately 35% this week, reflecting positive market sentiment regarding cobalt price increases [1] - Citic Securities predicts that companies with cobalt refining operations in Indonesia and those owning mines in the DRC will benefit significantly from the anticipated rise in cobalt prices [1] - Minsheng Securities emphasizes the DRC government's strong stance on supporting cobalt prices, indicating a high probability of quota implementation and a clear upward shift in cobalt price levels [1]