Core Viewpoint - Dongjiang Environmental is focusing on the strategic transformation towards building a recycling resource circular economy, with battery recycling as a key segment of this industry chain [1] Group 1: Business Strategy - The company is committed to developing its battery recycling business, which is an important part of its recycling resource circular economy strategy [1] - Dongjiang Environmental has established a joint venture to enter the automotive parts remanufacturing sector, which is currently in its initial stages [1] - The company plans to intensify efforts to promote the development of its recycling resource circular economy layout [1] Group 2: Research and Development - Dongjiang Environmental possesses a certain level of research and development foundation and technical reserves in the field of battery recycling [1] - The company is continuously monitoring developments in the battery recycling sector to enhance its capabilities [1]

Core Viewpoint - The announcement by the General Administration of Customs aims to regulate the supervision of imported recycled paper pulp, ensuring that only properly classified and processed materials are allowed, thereby promoting the recycling of resources and maintaining ecological safety [1][2]. Group 1: Regulatory Framework - The announcement was jointly issued by six government departments, including the General Administration of Customs and the National Development and Reform Commission, and will take effect on October 18, 2025 [1]. - Imported recycled paper pulp must originate from classified recycled paper, cardboard, and paper products, and must meet the GB/T 43393 national standard [1][4]. - Enterprises involved in the production and operation of recycled paper pulp are required to implement strict quality control and adhere to legal and ethical business practices [1][4]. Group 2: Quality Control and Inspection - Customs will conduct sensory inspections of imported recycled paper pulp and may delegate attribute identification to professional institutions if the pulp is suspected to be solid waste [2]. - If identified as solid waste, the pulp will be returned or destroyed, and legal responsibilities will be pursued for violations of relevant laws and regulations [2][4]. - Specific contamination limits are set, such as a maximum of 0.50% for metals, plastics, and glass; exceeding this limit may result in return or destruction of the pulp [4]. Group 3: Import Declaration Requirements - The customs commodity code for imported recycled paper pulp is 4706200000, and importers must specify the production method (dry or wet) in the declaration [5]. - It is emphasized that different production methods should not be mixed during the import process to facilitate customs checks [5].

Core Insights - The first batch of imported recycled black powder for lithium-ion batteries has successfully passed customs inspection in Ningbo, marking a significant step in promoting the recycling of resources in China [1][2] Group 1: Import Regulations and Procedures - The import of recycled black powder is part of the implementation of the announcement issued by six Chinese government departments, which clarifies that compliant recycled black powder does not fall under solid waste and can be imported freely [1] - The announcement took effect on August 1, following its release on June 9, indicating a streamlined process for importing recycled materials [1] Group 2: Industry Context and Benefits - Recycled black powder is derived from waste lithium-ion batteries through processes such as discharging, dismantling, pyrolysis, crushing, and sorting, containing valuable metals like lithium, nickel, and cobalt [2] - The richness of these metals in recycled black powder is significantly higher than that of raw ores, which helps to expand supply channels and reduce reliance on raw mineral extraction, contributing to carbon reduction and ecological protection [2] Group 3: Company Initiatives - The company has established a comprehensive and efficient resource recovery and recycling system by connecting domestic and international upstream and downstream enterprises, logistics, and customs [1] - The company has conducted pre-inspections on key indicators of the recycled black powder, such as nickel, cobalt, lithium, phosphorus, and water-soluble fluorine, to ensure compliance with safety and environmental standards [2]

Core Viewpoint - The announcement by the Ministry of Ecology and Environment aims to regulate the import management of recycled black powder and recycled steel raw materials used in lithium-ion batteries, promoting the recycling of resources and ensuring compliance with specific guidelines [1] Summary by Relevant Categories Import Regulations - Recycled black powder for lithium-ion batteries is not classified as solid waste and can be imported freely, provided it is not mixed with other types of recycled materials [1] - Recycled black powder must not be imported in bulk and should be categorized separately during customs declaration [1] - Recycled steel raw materials are also not classified as solid waste and can be imported freely, with similar restrictions on mixing with other recycled materials [1] Customs Declaration - Different types of recycled black powder cannot be declared under the same customs declaration form [1] - For recycled steel, different categories can be declared under the same customs declaration form if they are independently packaged or physically separated [1] - Mixed loading of different categories of recycled steel is allowed if they can be distinguished during unloading [1]

Trading Information Summary - On May 30, 2025, Huahong Technology reported a closing price of 8.11 yuan, down 1.46%, with a turnover rate of 1.26% and a trading volume of 64,800 shares, amounting to a transaction value of 52.6985 million yuan [1] - The fund flow on the same day indicated a net inflow of 4.2265 million yuan from institutional investors, a net inflow of 1.1759 million yuan from retail investors, while individual investors experienced a net outflow of 5.4024 million yuan [1][3] Company Announcements Summary - Huahong Technology's subsidiary, Beijing Huahong Resource Recycling Co., Ltd., has completed the industrial and commercial change registration, increasing its registered capital from 80 million yuan to 100 million yuan. The new business license indicates that the company’s operations include the acquisition, processing, and dismantling of waste metal and non-metal materials, as well as the sale of metal materials, chemical products, and machinery [1][3] - The company has approved a guarantee amount not exceeding 2 billion yuan for its subsidiaries for the year 2025. Recently, a guarantee contract was signed with Ganzhou Bank for a credit application of 50 million yuan for its wholly-owned subsidiary, Ji'an Xintai Technology Co., Ltd. As of the announcement date, the total guarantee amount provided for subsidiaries within the consolidated financial statements is 1.365 billion yuan, accounting for 41.01% of the audited net assets for 2024 [1][3]