1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The strategic importance of manganese ore resources is increasingly prominent, but the silicon - manganese industry is in a supply - demand dilemma. The supply disturbances of major manganese ore exporters, fluctuations in shipping costs, and geopolitical risks may drive up ore prices, providing rigid support for silicon - manganese from the cost side. However, the silicon - manganese industry has over - capacity and weak downstream demand, eroding industry profits. The resolution of the industrial chain contradictions requires proactive adjustments on the supply side and industry self - discipline [2][15]. - Manganese ore resources are highly concentrated, with low - grade ores in China. In 2025, the global manganese metal equivalent reserves are about 1.8 billion tons, mainly concentrated in South Africa, Australia, Brazil, and China. China's manganese ore has low overall quality and low grade [3][16][75]. - China has a high degree of dependence on manganese ore imports, and some countries are tightening export controls. In 2025, China's manganese ore imports reached 32.84 million tons, a 9.7% increase from 2024. South Africa, Australia, Gabon, and Ghana are the main suppliers, but these countries are expected to introduce export restrictions [4][29][76]. - The production of major manganese mines shows differentiation, with a slight overall increase. From the fourth quarter of 2025 to early 2026, South32's Australian mine resumed production smoothly, Comilog was restricted by transportation bottlenecks, and Tshipi maintained stable operations [5][54][77]. - The manganese ore inventory at ports has increased, but the supply - demand contradiction of alloy enterprises still exists. In 2025, China's manganese ore imports increased significantly, leading to an increase in port inventory. However, alloy enterprises still face great pressure, with low silicon - manganese operating rates and low weekly output [6][62][78]. 3. Summary According to the Directory 3.1 Manganese Resource Concentration and Low - Grade Ores in China - In 2025, the global manganese metal equivalent reserves are about 1.8 billion tons, with 92% concentrated in South Africa (30%), Australia (32%), Brazil (16%), and China (14%). In terms of production, South Africa, Gabon, and Australia are the main producers, accounting for 68% of the global total in 2025. China's manganese ore has small - scale deposits, low overall quality, and an average manganese grade of only 14%, much lower than that of major exporting countries [16][27][75]. - Since 2016, the global manganese metal equivalent production has been rising steadily, stabilizing at around 20 million tons per year since 2019. In 2025, South Africa produced 7.6 million tons, Gabon 5 million tons, and Australia 1.6 million tons. China's manganese metal equivalent production has been declining since reaching a peak of 3 million tons in 2014, mainly due to low ore prices, low domestic ore grades, and strict environmental policies [21][27]. 3.2 High Dependence on Manganese Ore Imports and Tightening Export Controls in Some Countries - China's dependence on manganese ore imports exceeds 90%. In 2025, imports reached 32.84 million tons, a 9.7% increase from 2024. South Africa, Australia, Gabon, and Ghana are the main suppliers, accounting for 91.7% of the total imports [29][33]. - South Africa, Gabon, and Ghana are expected to introduce manganese ore export restrictions. South Africa plans to levy export tariffs, Gabon will ban raw ore exports from 2029, and Ghana plans to stop raw ore exports before 2030. These policies will intensify the supply - tightening expectation [50]. - Some manganese mines are facing resource depletion, such as the OMM manganese mine and the Groote Eylandt mine of South32 [51]. 3.3 Differentiated Production of Major Manganese Mines with a Slight Overall Increase - From the fourth quarter of 2025 to early 2026, South32's Australian mine resumed production smoothly, with a production of 1.363 million tons in the fourth quarter of 2025, a 21.26% year - on - year increase. The 2026 production target is 3.2 million tons. The South African mine's production in the first half of the 2026 fiscal year was 1.06 million tons, with an annual production guidance of 2 million tons [54]. - Jupiter - Tshipi produced about 830,000 tons of manganese ore in the first quarter of the 2026 fiscal year, with a total output of 1.7 million tons in the first half of the year. The FOB production cost has dropped to $2.25 - 2.27 per dry ton degree [56]. - Comilog produced 1.68 million tons of manganese ore in the fourth quarter of 2025, with an annual cumulative output of 7.103 million tons (a 4.4% year - on - year increase). However, transportation problems in Gabon restrict the shipping volume, and the 2026 transportation target is 6.4 - 6.8 million tons [60]. 3.4 Increased Manganese Ore Inventory at Ports and Persistent Supply - Demand Contradiction of Alloy Enterprises - In 2025, China's manganese ore imports increased significantly, leading to an increase in port inventory. As of late March, the total manganese ore inventory at ports was 4.745 million tons, 1 million tons higher than the same period in 2025, but still at a relatively low level in the same period of the past five years [62][65]. - The manganese ore inventory days of alloy plants have decreased, but the inventory is still relatively healthy. After the price increase in early March, the processing profit of alloy plants has improved, and the production willingness is increasing [66]. - The silicon - manganese industry has over - capacity and weak downstream demand. The supply - demand imbalance has led to high social inventory, price pressure, and squeezed industry profits. The silicon - manganese operating rate has been low, and the weekly output is at a five - year low [72]. 3.5 Conclusion - The conclusion reiterates the above - mentioned points, including high resource concentration, high import dependence, differentiated mine production, increased port inventory, and persistent supply - demand contradictions in the alloy industry [75][76][77][78]. - The strategy suggests continuously monitoring manganese ore shipments and inventory changes and being cautious about price fluctuations of manganese ore and silicon - manganese [7][79].

Core Insights - The discovery of a massive manganese mine in Guizhou, valued at 1 trillion yuan, has garnered significant attention both domestically and internationally, highlighting China's rich mineral resources and strategic importance in the global market [1][6][9]. Group 1: Mineral Resources Overview - China is one of the richest countries in terms of natural resources, with a vast land area of 9.6 million square kilometers and a marine area of 4.7 million square kilometers, making it a recognized resource treasure [1]. - The country has a diverse range of mineral resources, with 171 types identified, of which 157 have proven reserves, indicating a low percentage of unexplored reserves at 8.2% compared to other nations [4]. - Key minerals such as tungsten, antimony, rare earths, molybdenum, vanadium, and titanium have the largest reserves globally, while coal, iron, lead-zinc, copper, silver, mercury, tin, and nickel also rank high in global reserves [3]. Group 2: Manganese Mine Discovery - The newly discovered manganese mine in Guizhou has a reserve of 70 million tons and is valued at 1 trillion yuan, positioning China among the top countries in manganese resource reserves [6][9]. - Manganese has a long history of use, particularly in steelmaking, where it improves steel quality by reducing sulfur's harmful effects and enhancing strength and hardness [8]. Group 3: Strategic Implications and International Relations - The Chinese government has rejected international collaboration requests for the development of the manganese mine, prioritizing sustainable development and resource protection over short-term economic gains from low-price exports [9]. - This decision aligns with China's commitment to green development, as emphasized by President Xi Jinping, reflecting a strategic choice to ensure long-term economic health rather than immediate profits [9][11].

Core Viewpoint - Southern Manganese (01091) has announced a significant loss due to the suspension of part of its operations at the Tiandeng subsidiary, which is currently awaiting the approval of mining rights [1] Group 1: Financial Impact - The Tiandeng subsidiary is projected to incur an annual loss of approximately HKD 68 million to HKD 72 million for the fiscal year ending December 31, 2025, based on preliminary unaudited management accounts [1]

Core Viewpoint - Southern Manganese (01091) has announced a significant loss due to the suspension of part of its operations at the Tiandeng subsidiary, which is currently awaiting valid mining rights [1] Group 1: Financial Impact - The Tiandeng subsidiary is projected to incur an annual loss of approximately HKD 68 million to HKD 72 million for the fiscal year ending December 31, 2025, based on preliminary unaudited management accounts [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之內容概不負責，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分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 1 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 補充公告 茲提述南方錳業投資有限公司（「本公司」）日期為二零二六年一月二十七日之自願 公告（「該公告」）。除文義另有所指外，本公告所用詞彙與該公告所界定者俱有相 同涵義。 誠如該公告所披露，由於尚未取得有效的採礦權證（目前仍在申請辦理中），天等分 公司錳礦的部份業務現時暫停生產，導致其出現較大虧損。董事會謹此進一步呈報本 公司股東及潛在投資者，根據天等分公司截至二零二五年十二月三十一日止年度 （「2025財年」）未經審計的管理帳目的初步評估，天等分公司預計錄得約6,800萬港 元至7,200萬港元之年內虧損。 上述財務資料僅限於天等分公司，並不能全面反映本公司及其附屬公司（「本集團」） 的整體營運或財務狀況。截至本公告之日期，本公司仍在編製本集團2025財年的合併 管理帳目。因此，上述天等分公司之財務資料對本集團2025財年整體財務表現 ...

Group 1 - The core issue faced by the manganese mining company is the rising raw material prices, which have led to financial constraints and difficulties in stockpiling necessary resources [1] - The company initially had a credit limit of 2 million yuan, which was insufficient to cope with the rapid increase in manganese prices, resulting in a shrinking profit margin [1] - Postal Savings Bank's Huaihua branch identified the company's financing needs and increased its credit limit to 3.26 million yuan through a "credit + guarantee" model, enabling the company to purchase manganese at lower prices [1] Group 2 - The bank's proactive approach in addressing the financing challenges faced by small and micro enterprises has allowed them to stabilize production costs and enhance profit margins [1] - The bank has been focusing on the challenges posed by commodity price fluctuations, particularly in terms of inventory procurement and financing difficulties for businesses [1] - By utilizing a dual-channel approach of "online approval + guarantee enhancement," the bank has effectively expanded its credit coverage and supported the sustainable development of regional specialty industries [1]

Core Viewpoint - The documentary series "Emerging Talents from the Mountains," co-produced by Xinhua News and Moutai Group, highlights the resilience and contributions of individuals in Guizhou, showcasing their dedication to knowledge, agriculture, craftsmanship, and healthcare in challenging environments [1]. Group 1 - The fourth episode, titled "The Pursuit of Manganese in the Mountains," focuses on Zhou Qi, the chief scientist of the Guizhou Geological and Mineral Bureau, and his 40-year commitment to manganese exploration [1]. - Zhou Qi and his team have developed a new theory on manganese ore sedimentation and a key technology system for predicting hidden manganese ore types, overcoming previous models proposed by foreign experts [1]. - The team has discovered four world-class hidden super-large manganese ore deposits and several medium to large manganese deposits in the eastern part of Guizhou, marking the largest breakthrough in manganese geological exploration in China's history [1].

Core Viewpoint - The company has two major manganese mines and is actively seeking additional quality manganese resources [2]. Group 1 - The company currently operates the Jingxi Aitun manganese mine and the Xiangtan Nanmuchong manganese mine [2]. - The company is committed to finding other high-quality manganese mining resources [2].

Core Viewpoint - The article highlights the successful ecological transformation of Xiushan County in Chongqing, transitioning from a manganese-dominated economy to a focus on ecological agriculture and sustainable practices, resulting in improved environmental conditions and economic diversification [3][9][12]. Group 1: Agricultural Development - The Hongguang community in Xiushan has developed over 250 acres of chili pepper cultivation and 150 acres of morel mushroom farming, generating an annual comprehensive output value of over 3.4 million yuan [1]. - The local government is also investing in ecological farming, with a quail farm project underway that aims to raise 1 million quails and an additional 300 acres dedicated to ecological tea oil cultivation [5][9]. Group 2: Industrial Transition - Xiushan County previously relied heavily on manganese mining, which caused significant ecological damage. In 2021, a three-step plan was implemented to phase out manganese mining, leading to the closure of 29 manganese mining companies and 19 electrolytic manganese enterprises [3][5]. - The local government has adopted tailored strategies for the remediation of 23 manganese slag sites, with 18 undergoing in-situ treatment and 5 undergoing relocation treatment, alongside comprehensive ecological restoration of all manganese mines [5][12]. Group 3: Environmental Restoration - The ecological restoration efforts in Xiushan are part of a broader initiative in Chongqing, which has successfully rehabilitated 7,025 hectares of historical and closed mining sites, demonstrating significant progress in ecological protection and restoration [12]. - The transformation from a "black economy" to green industries in Xiushan serves as a model for other regions, showcasing the potential for ecological restoration to enhance productivity and economic development [9][12].

Group 1 - The company, Southern Manganese (01091), announced the appointment of Mr. Zhan Haiqing as the Executive Director and Chief Executive Officer [1] - Mr. Ming Xianquan and Mr. Wan Weihua have also been appointed as Executive Directors, effective from October 13, 2025 [1]