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。 誠如該公告所披露，由於遵義地區錳礦石需求持續偏弱，且人員成本較重，遵義公司 之經營表現出現嚴重虧損。董事會謹此進一步呈報本公司股東及潛在投資者，根據遵 義公司截至二零二五年十二月三十一日止年度（「2025財年」）未經審計的合併管理 帳目的初步評估，遵義公司預計將錄得：(i)約1.05億港元至1.10億港元之年內虧損 （未計入集團公司間抵銷調整）；及(ii)約5,000萬港元至5,500萬港元之歸屬於母公 司所有者的虧損（計入集團公司間抵銷調整後）。 上述財務資料僅限於遵義公司，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，上述遵義公司之財務資料對本集團2025財年整體財務表現的影響仍 取決於本集團2025財年合併管理帳目的編製與完成情況。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 South ...

另外，公司的全资附属公司天等分公司的采矿权证已于2024年12月2日届满。目前相关采矿权证仍在申 请办理中。鉴于目前尚未取得有效采矿权证，天等分公司的锰矿的部份业务现时暂停生产，出现较大亏 损。公司正积极跟进有关申请事宜。由于遵义地区锰矿石需求持续偏弱，且人员成本较重，非全资附属 公司遵义公司的经营表现出现严重亏损。公司已持续评估改善遵义公司经营状况的可行方案。 消息面上，1月27日晚，南方锰业公布，董事会注意到近日网上出现若干有关公司的资料，当中涉及公 司的经营状况。公司指，其核心产品电解金属锰及电解二氧化锰的主要原材料包括锰矿石、硫酸、阳极 板等，其成本于过去一年有所上升。就此，公司已不时检视及调整其成本结构，并采取适当措施以控制 及降低生产成本。 南方锰业(01091)跌超12%，截至发稿，跌11.54%，报0.46港元，成交额1658.29万港元。 ...

Core Viewpoint - Southern Manganese (01091) has seen a significant decline in stock price, dropping over 12% to 0.46 HKD, with a trading volume of 16.58 million HKD [1] Group 1: Company Operations - The company has acknowledged recent online discussions regarding its operational status, particularly concerning its core products, electrolytic manganese metal and electrolytic manganese dioxide, whose raw material costs have increased over the past year [1] - Southern Manganese is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production - The mining rights for the company's wholly-owned subsidiary, Tiandeng, will expire on December 2, 2024, and the application for renewal is currently in process [1] - Due to the lack of valid mining rights, part of Tiandeng's manganese mining operations has been suspended, leading to significant losses [1] - The company is closely following up on the application for mining rights [1] Group 3: Regional Market Conditions - The demand for manganese ore in the Zunyi region remains weak, and high personnel costs have resulted in severe losses for the non-wholly-owned subsidiary in Zunyi [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

Core Viewpoint - The company is facing challenges due to rising raw material costs and operational issues related to mining rights, which have led to significant losses in certain subsidiaries [1] Group 1: Cost Structure and Raw Material Prices - The main raw materials for the company's core products, electrolytic manganese metal and electrolytic manganese dioxide, have seen a rise in costs over the past year [1] - The company is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production Issues - The mining rights for the company's wholly-owned subsidiary, Tian Deng Manganese Mine, will expire on December 2, 2024, and the application for renewal is still in process [1] - Due to the lack of valid mining rights, part of the Tian Deng subsidiary's manganese mining operations has been suspended, resulting in significant losses [1] - The company is actively following up on the application for the mining rights [1] Group 3: Performance of Subsidiaries - The subsidiary, Guizhou Zunyi Huixing Ferroalloy Co., Ltd., is experiencing severe losses due to weak demand for manganese ore in the Zunyi region and high personnel costs [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

Group 1 - The price of electrolytic manganese has been rising significantly, reaching a three-year high with an average price of 17,820 yuan/ton as of December 18, reflecting a month-to-date increase of nearly 15% [1] - The increase in electrolytic manganese prices is attributed to a balance between supply and demand, with supply constraints due to environmental regulations and reduced production capacity, while demand is driven by the steel industry's year-end inventory needs and the growth in the new energy sector [1][3] - Red Star Development's manganese products, including electrolytic manganese dioxide and high-purity manganese sulfate, are becoming key growth drivers for the company, with a projected production capacity of 30,000 tons/year by mid-2025 [1] Group 2 - Xiangtan Electric Chemical, a leading company in the electrolytic manganese industry, has established a vertically integrated supply chain from manganese resources to electrolytic manganese dioxide and lithium manganese oxide [2] - The company is actively seeking additional high-quality manganese resources to enhance its production capabilities [2] - Three Gorges Water Conservancy's Li Jiawan manganese mine serves as a source of raw materials for its electrolytic manganese production [3]

Core Viewpoint - The stock price of Southern Manganese (01091) has increased by over 7%, reaching 0.5 HKD with a trading volume of 5.118 million HKD, driven by a significant rise in electrolytic manganese prices [1] Group 1: Price Movement - In December, the price of electrolytic manganese has surged by over 2300 RMB per ton, reaching a three-year high [1] - As of December 18, the average price of electrolytic manganese was 17820 RMB per ton, reflecting a month-on-month increase of 200 RMB per ton [1] - The price has risen for 13 consecutive days in December, with a cumulative increase of nearly 15%, marking the highest level since May 2022 [1] Group 2: Market Analysis - The recent price increase of electrolytic manganese is attributed to multiple factors, including supply contraction, cost support, and improved demand [1] - Southern Manganese is a large enterprise group engaged in the production and research of manganese products, headquartered in Nanning, Guangxi [1] - The company is a significant supplier of manganese products globally and plays a key role in drafting and approving national and industry quality standards for electrolytic metal manganese and other manganese products [1]

Core Viewpoint - The price of electrolytic manganese has risen continuously for 13 days since December, reaching a new high of 17,820 yuan/ton, with a cumulative increase of over 2,300 yuan/ton, marking a nearly 15% rise since the beginning of the month [1][3]. Price Drivers - The recent price increase of electrolytic manganese is driven by multiple factors including supply contraction, cost support, and improved demand [3]. - Environmental regulations in major production areas like Guangxi and Guizhou have led to reduced production from smaller facilities, contributing to supply tightness [3]. - Rising water and electricity costs due to the dry season have increased production costs, prompting some small smelting enterprises to cut back on output [3]. - The ongoing construction of a 600,000-ton electrolytic manganese project by Ningxia Tianyuan Manganese Industry is expected to further tighten supply until its completion in the second half of 2026 [3]. Demand Analysis - The steel industry shows stable demand, with many steel mills maintaining production rates and year-end inventory replenishment needs becoming apparent [4]. - Specific downstream sectors, such as the 200 series stainless steel, exhibit strong demand resilience for electrolytic manganese [4]. - Recent bidding prices for spherical electrolytic manganese have surged to 16,600 yuan/ton, reflecting a significant increase of 2,102 to 2,420 yuan/ton from the previous round, boosting market sentiment [4]. Growth in New Energy Sector - The manganese industry is transitioning from being primarily associated with steel to becoming a critical component in the new energy sector, particularly in battery production [5]. - The commercial application of new battery technologies, such as lithium iron phosphate manganese, is driving explosive growth in demand for high-purity electrolytic manganese [5]. - Projects like Yunnan Youneng's second phase, expected to be fully operational by the end of 2025, will add significant production capacity for lithium iron phosphate manganese [5]. Manganese Industry Stocks - Key manganese industry stocks include Sanxia Water, Hongxing Development, Xiangtan Electric, Western Gold, and Zhonggang Tianyuan, among others [6]. - Hongxing Development holds manganese mining assets with a total capacity of approximately 250,000 tons/year [6]. - Xiangtan Electric has a total capacity of 122,000 tons for electrolytic manganese dioxide and plans to expand its lithium manganese oxide capacity [7]. - Zhonggang Tianyuan is the largest producer of battery-grade manganese tetroxide, with a production capacity of 85,000 tons [7]. - Western Gold's subsidiary, Kebang Manganese, is the only electrolytic manganese producer in Xinjiang, benefiting from a complete industry chain [8].

Group 1 - The company has a complete industrial chain for manganese mining, electrolytic manganese production, processing, and sales [1] - The electrolytic manganese products are primarily sold to customers in the steel (stainless steel) industry [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。 公告 債務削減建議 債務削減建議 South Manganese Investment Limited 南方錳業投資有限公司 ( 於百慕達註冊成立之有限公司 ) (股份代號 : 1091) 董事會欣然宣布，於2025年6月4日舉行的董事會會議上，董事會已批准本公司的債務削減 建議，並將於即將召開的股東特別大會上提請股東批准。 根據2024年年報，本集團錄得（其中包括）（i）於2024年12月31日的借款總額約3,945.6 百萬港元（2023年：5,120.6百萬港元）；（ii）於2024年12月31日的淨流動負債約1,659.4 百萬港元（2023年：891.3百萬港元）；（iii）於2024年12月31日的負債比率約167.07% （2023年：162.96%）；及（iv）截至2024年12月31日止年度的財務費用約為144.8百萬港 元（2023年：243.2百萬港元）。鑑於本集團目前債務水平較高 ...