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，概不對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。 CHIHO ENVIRONMENTAL GROUP LIMITED 齊合環保集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：976） 季度更新復牌情況 根據上市規則第13.24A條，董事會謹此向本公司股東及潛在投資者提供最新資料， 於本公告日期，有關本公司最近期發展以及履行復牌指引之進度如下： 業務營運 本集團是全球最大的金屬回收上市公司之一，業務遍及亞洲與歐洲。截至本公告日 期，本集團業務在所有重要方面均如常運作。據董事所深知並依據初步評估，本集 團的營運未受到違規事項及暫停買賣負面影響。本公司將持續評估違規事項及暫停 買賣對本集團營運的影響，並將適時刊發進一步公告。 履行復牌指引的進度 本公司已採取措施以解決違規事項並符合復牌指引。 (I)季度更新復牌情況； (II)延遲刊發二零二五年年度業績及寄發二零二五年年度報告； (III)董事會會議延期； 及 (IV)繼續暫停買賣 本公告乃由齊 ...

Financial Data and Key Metrics Changes - In 2025, Comstock doubled its asset base and strengthened its balance sheet by eliminating legacy debt and obligations, positioning the company for growth [3][4] - Cash and cash equivalents were approximately $56 million as of March 20, 2026, with common shares outstanding at 74 million [4] - Revenues for Comstock Metals in 2025 were approximately $1.4 million, down from $4.4 million in 2024, with additional billings of about $2.2 million [7][8] Business Line Data and Key Metrics Changes - The company reported a significant transformation in its capital structure, which is now clean and strong, allowing for the monetization of non-core assets [3][4] - The first industry-scale metals recycling facility is set to be operational in Q2 2026, with plans for a second facility in Clark County, Nevada [6][28] Market Data and Key Metrics Changes - The U.S. has over 1.3 billion solar panels deployed, with a significant portion reaching end-of-life rapidly, creating a substantial market opportunity for recycling [12][29] - The company aims to capture a large share of the end-of-life solar panel market, particularly in the Southwest region, which represents half of the U.S. market [22][28] Company Strategy and Development Direction - Comstock's strategy focuses on monetizing non-core legacy mining assets and expanding its metals recycling operations to establish a dominant position in the market [17][19] - The company is enhancing its governance structure by adding new independent directors with extensive experience in finance and the solar industry [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for growth, citing strong institutional investor support and a robust pipeline of customer agreements [10][11] - The outlook for 2026 includes expectations of increasing revenues from $100,000 to $2 million per month as operations ramp up [28][59] Other Important Information - The company has engaged with serious mining counterparties for monetizing its mining assets, with potential values estimated between $50 million and $60 million [38][39] - Comstock is also focused on monetizing its non-core real estate assets, with significant interest from third parties [20][21] Q&A Session Summary Question: How do you allocate your time, versus Judd's time, versus the rest of the team's time? - Management allocates approximately 40%-50% of their time to monetizing non-core assets, while the metals team dedicates 110% of their time to metals operations [54] Question: What is the pipeline of solar panels that will be available to recycle through the Silver Springs facility once it is open? - The company is signing master service agreements with major utilities and e-recyclers, aiming for a revenue run rate of $24 million-$25 million once fully operational [56][59] Question: Where do we stand with the delivery of the first recycling facility in terms of timing and cost? - All equipment has been received, and installation is underway, with the facility expected to be operational in Q2 2026 [63][64] Question: Please review the timetable for the second recycling project. - The second facility is planned for Clark County, with permits submitted and equipment orders anticipated to be placed soon [66][68]

Financial Performance - The estimated net profit for 2025 is projected to be between ¥142,856.81 million and ¥173,468.99 million, representing a year-on-year growth of 40% to 70% [2][7] - Nickel resource shipments exceeded 110,000 tons in 2025, marking a year-on-year increase of over 110% [3][6] - Cobalt metal production reached nearly 10,000 tons, while cobalt recovery amounted to approximately 15,000 tons [3][6] - Tungsten resource recovery exceeded 10,000 tons, contributing to significant growth in the key metal resource recycling business [3][8] Business Segmentation - Key metal resource recycling accounted for 36.83% of total revenue in the first half of 2025 [4] - Lithium battery recycling contributed 4.93% to total revenue [4] - New energy battery materials represented 58.24% of total revenue [4] Strategic Partnerships - A strategic cooperation agreement was signed with China ENFI to enhance the development of key mineral resources [5] - The partnership aims to leverage complementary strengths and promote green, low-carbon, and efficient utilization of resources [5] Market Position and Operations - The company maintains a leading position in nickel resource profitability, utilizing high-pressure acid leaching (HPAL) technology for cost-effective production [6] - The nickel resource project is expected to maintain full production capacity of 150,000 tons per year in 2026 [6] - The company has implemented a market value management system to enhance shareholder value through performance growth, share buybacks, and cash dividends [7] Future Developments - The company is actively developing solid-state battery precursor materials, with products already available in ton-scale [8] - Ongoing maintenance and inspections are scheduled to ensure efficient production capacity release [7]

Summary of the Conference Call Record Company and Industry Involved - The conference call discusses updates related to **Sains** and its operations in the **molybdenum and rhenium** industry. Core Points and Arguments - **Performance Update**: The company has a **share-based incentive expense of 26 million** that can be adjusted back [1] - **Giant Dragon Rhenium Project**: The second phase of the Giant Dragon project is expected to commence production in early **2026**, with an anticipated output of **30,000 tons of molybdenum concentrate**, which corresponds to approximately **6 tons of metallic rhenium** [2] - **Molybdenum Concentrate Procurement**: The procurement of molybdenum concentrate does not account for rhenium in pricing, and profits are not shared. However, Sains must bear the risk of molybdenum concentrate price declines for a certain period [3] - **Market Conditions**: The demand for molybdenum, tungsten, and rhenium remains strong, and molybdenum prices have been steadily increasing, which is favorable for the company [4] - **Luo Molybdenum Rhenium Project**: The Luo Molybdenum public account announced that its rhenium recovery has entered trial operation, with an annual capacity of **400 kg** [5] - **EPC Contracting**: Sains is undertaking EPC (Engineering, Procurement, and Construction) contracts, and will subsequently have priority procurement rights [6] Other Important but Possibly Overlooked Content - The company is exposed to certain risks related to the pricing of molybdenum concentrate, which could impact profitability if prices decline [3] - The strong demand in the molybdenum and rhenium market may provide a buffer against potential price volatility [4]

Group 1 - The core point of the article is that China Environmental Resources (01130) reported a decrease in revenue for the six months ending December 31, 2025, amounting to HKD 27.251 million, which is an 8.55% year-on-year decline [1] - The company reported a profit attributable to owners of HKD 8.948 million, indicating a turnaround from a loss in the previous period [1] - Earnings per share were reported at HKD 0.02 [1] Group 2 - The decrease in revenue is primarily attributed to a decline in the metal recycling business [1]

Core Viewpoint - China Environmental Resources (01130.HK) reported a decrease in revenue but an increase in profit for the six months ending December 31, 2025, primarily due to a decline in metal recycling business revenue [1] Financial Performance - Revenue decreased by 8.6% to approximately HKD 27,251,000 compared to HKD 29,799,000 in 2024 [1] - Profit for the period increased to approximately HKD 14,269,000, a significant turnaround from a loss of approximately HKD 16,554,000 in 2024 [1] - Basic and diluted earnings per share for the period were HKD 0.02, compared to a loss of HKD 0.03 per share in 2024 [1]

Market Overview - The trading volume of the Shanghai and Shenzhen stock markets fell below 2 trillion yuan, decreasing by 121.3 billion yuan compared to the previous trading day [1] - Sectors such as glass fiber, small metals, phosphorus chemicals, and fertilizers saw gains, while cultural media, AI corpus, tourism concepts, and cultivated diamonds experienced declines [1] Stock Performance - Notable gainers included: - Zhi Chuan Co., Ltd. (+10.01%, 14.83 yuan, 19.44% turnover) due to TMP price increase and lithium battery developments [2] - ST Zhongdi (+4.96%, 9.52 yuan, 0.13% turnover) driven by semiconductor interest and real estate [2] - ST Xuefa (+4.99%, 5.05 yuan, 0.12% turnover) linked to recovery in cultural tourism [2] - Jinfu Technology (+10.00%, 23.54 yuan, 32.82% turnover) due to acquisitions and performance expectations [2] - Jihua Group (+9.96%, 8.72 yuan, 22.98% turnover) related to control changes and dye price increases [2] Trading Dynamics - The top three net purchases on the daily leaderboard were International Composite Materials (425 million yuan), Green Beauty (411 million yuan), and Ju Jie Microfiber (157 million yuan) [5] - The top three net sales were Chinese Online (501 million yuan), China Film (286 million yuan), and Yue Media (229 million yuan) [6] Sector Insights - International Composite Materials is benefiting from rising glass fiber prices and increased demand for AI chips, with a projected price increase of 25% or more [8] - Green Beauty anticipates significant growth in nickel resource shipments and overall net profit increase of 40-70% [12] - China Film is facing a pullback after a strong performance, with a 16.71% increase over the past five trading days [15] Institutional Activity - Institutions showed significant net buying in stocks like Jie Cheng Co. (+4.73%, 8.85 yuan) and Green Beauty (+9.95%, 9.50 yuan) [7] - Conversely, institutions net sold stocks such as Xie Xin Integration and Giant Power Tools, indicating a shift in investment sentiment [8]

Group 1 - The company, Greeenmei, has achieved an annual nickel metal production capacity of 150,000 tons (including equity interests) and is operating at full capacity [1] - By 2025, the company expects to ship over 110,000 tons of nickel resources in MHP (including equity interests) [1] - The company's annual recycled tungsten resources account for 10% of China's total tungsten mining output, with a projected total recycled tungsten resource exceeding 10,000 tons by 2025 [1] Group 2 - The company's recovery and processing capacity for gold and other precious metals has reached over a ton [1]

Core Viewpoint - Greeenmei (002340.SZ) has achieved an annual nickel production capacity of 150,000 tons and maintains full production operations, with expected MHP nickel resource shipments exceeding 110,000 tons by 2025 [1] Group 1: Nickel Production - The company's annual nickel production capacity has reached 150,000 tons, including joint ventures, and is operating at full capacity [1] - By 2025, the company anticipates MHP nickel resource shipments to exceed 110,000 tons, including joint ventures [1] Group 2: Tungsten Recycling - The company recycles tungsten resources that account for 10% of China's total tungsten mining output [1] - By 2025, the total amount of recycled tungsten resources is expected to surpass 10,000 tons [1] Group 3: Precious Metals Recovery - The company's recovery and processing capacity for gold and other precious metals has reached over a ton [1]

Core Viewpoint - The company, Feinan Resources, has shown a positive stock performance with a closing price of 20.16 yuan, up 3.12%, indicating strong market interest and trading activity [1]. Group 1: Financial Performance - The company's revenue from cathode copper constitutes 80% of its main revenue, benefiting from a significant increase in international futures prices from 73,000 to 100,000 since early 2025, suggesting a strong profit outlook for 2025 [2]. - The company is focused on high-quality development and aims to enhance shareholder value through better performance, with potential discussions on dividend plans [2]. Group 2: Risk Management - The company maintains normal production operations and employs futures contracts for price risk management of certain metal inventories, indicating a strategic approach to mitigate market volatility [2]. - The company does not hedge all metal inventories but adjusts its hedging scale based on various factors, including market conditions and inventory levels, emphasizing a non-speculative approach to futures trading [2]. Group 3: Market Activity - On February 3, the main funds experienced a net outflow of 69.05 thousand yuan, while retail investors saw a net inflow of 959.27 thousand yuan, reflecting differing investor sentiments [2].