力勤资源发布2026年中期业绩，收入同比增39.8%、归母净利同比增91.9%

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility
for the contents of this announcement, make no representation as to its accuracy or completeness and expressly
disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the
contents of this announcement.

Lygend Resources & Technology Co., Ltd.
寧波力勤資源科技股份有限公司

(A joint stock company incorporated in the People ’s Republic of China with limited liability)

(Stock Code: 2245)
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The board (the “ Board ” ) of directors (the “ Directors ” ) of Lygend Resources & Technology
Co., Ltd. (the “Company”) hereby announces the results of the Company and its subsidiaries
(collectively, the “Group”) for the six months ended 30 June 2026 (the “Reporting Period”),
together with the comparative figures for the six months ended 30 June 2025. Unless otherwise
defined, capitalised terms used herein shall have the same meanings as given to them in the
prospectus dated 21 November 2022 issued by the Company (the “Prospectus”).
In this announcement, “we”, “us”, and “our” refer to the Company and where the context otherwise
requires, the Group.
FINANCIAL HIGHLIGHTS
•

Our revenue increased from RMB18,146.6 million for the six months ended 30 June 2025
to RMB25,364.0 million for the six months ended 30 June 2026, representing an increase
of 39.8%.

•

Our gross profit increased from RMB3,580.0 million for the six months ended 30 June
2025 to RMB6,430.7 million for the six months ended 30 June 2026, representing an
increase of 79.6%. Gross profit margin for the six months ended 30 June 2026 was 25.4%,
representing an increase of 5.7 percentage points compared to that of 19.7% for the six
months ended 30 June 2025.

•

Profit for the six months ended 30 June 2026 was RMB4,384.4 million, representing an
increase of 95.0% compared with that of RMB2,248.7 million for the six months ended 30
June 2025.

•

Profit attributable to owners of the parent for the Reporting Period was RMB2,737.7
million, representing an increase of 91.9% as compared to RMB1,426.3 million for the six
months ended 30 June 2025.

•

The Board has resolved not to recommend the distribution of an interim dividend for the
six months ended 30 June 2026 (for the six months ended 30 June 2025: nil).

1

FINANCIAL INFORMATION
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2026

Notes

2026
(Unaudited)
RMB ’000

2025
(Unaudited)
RMB ’000

4

25,363,967

18,146,555

Cost of sales

(18,933,221)

(14,566,559)

Gross profit

6,430,746

3,579,996

Other income and gains
Selling and distribution expenses
Administrative expenses
Impairment losses on financial assets, net
Other expenses
Finance costs
Share of profits and losses of associates

194,370
(71,036)
(678,912)
(10,485)
(99,110)
(412,081)
199,326

175,412
(55,618)
(585,932)
(2,061)
(294,841)
(325,119)
267,944

REVENUE

PROFIT BEFORE TAX

5

5,552,818

2,759,781

Income tax expense

6

(1,168,455)

(511,050)

4,384,363

2,248,731

(83,602)
(741,260)

(8,620)
(77,901)

(824,862)

(86,521)

3,441

–

OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF TAX

(821,421)

(86,521)

TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

3,562,942

2,162,210

PROFIT FOR THE PERIOD
OTHER COMPREHENSIVE INCOME
Other comprehensive income that may be reclassified
to profit or loss in subsequent periods:
Share of other comprehensive income of associates
Exchange differences on translation of foreign operations

Other comprehensive income that may not be reclassified
to profit or loss in subsequent periods:
Others

2

Notes
Profit attributable to:
Owners of the parent
Non-controlling interest

Total comprehensive income for
the period attributable to:
Owners of the parent
Non-controlling interest

2026
(Unaudited)
RMB ’000

2025
(Unaudited)
RMB ’000

2,737,722
1,646,641

1,426,270
822,461

4,384,363

2,248,731

2,204,860
1,358,082

1,371,045
791,165

3,562,942

2,162,210

1.76 Yuan

0.92 Yuan

EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS
OF THE PARENT

8

Basic and diluted (RMB)

3

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
30 June 2026
30 June
2026
(Unaudited)
RMB ’000

31 December
2025
(Audited)
RMB ’000

26,040,850
146,276
213,652
512,516
224,305
2,462,164
218,037
200,536

25,447,842
175,629
218,962
521,866
204,111
2,349,902
218,037
164,965

Total non-current assets

30,018,336

29,301,314

CURRENT ASSETS
Inventories
Trade and bills receivables
Prepayments, other receivables and other assets
Due from related parties
Pledged deposits
Derivative financial instruments
Cash and cash equivalents

8,629,347
4,123,977
1,206,262
229,800
3,655,301
–
6,836,868

5,311,021
2,384,067
1,074,621
349,486
2,466,784
454
7,371,903

Total current assets

24,681,555

18,958,336

CURRENT LIABILITIES
Interest-bearing bank and other borrowings
Trade and bills payables
Lease liabilities
Derivative financial instruments
Other payables and accruals
Contract liabilities
Income tax payable
Due to related parties

10,234,348
3,538,471
7,003
368
3,628,074
287,121
1,090,708
1,993,918

8,632,523
2,353,852
7,029
10,082
3,440,183
136,277
697,628
1,348,327

20,780,011

16,625,901

Notes
NON-CURRENT ASSETS
Property, plant and equipment
Intangible assets
Investment properties
Right-of-use assets
Deferred tax assets
Interests in associates
Goodwill
Prepayments, other receivables and other assets

9

10

11

Total current liabilities

4

30 June
2026
(Unaudited)
RMB ’000

31 December
2025
(Audited)
RMB ’000

NET CURRENT ASSETS

3,901,544

2,332,435

TOTAL ASSETS LESS CURRENT LIABILITIES

33,919,880

31,633,749

NON-CURRENT LIABILITIES
Interest-bearing bank borrowings
Lease liabilities
Other payables and accruals
Employee benefits liability
Deferred tax liabilities

9,173,597
1,539
3,214
63,781
1,114,044

9,972,200
3,240
9,043
59,556
670,489

Total non-current liabilities

10,356,175

10,714,528

Net assets

23,563,705

20,919,221

EQUITY
Equity attributable to owners of the parent
Share capital
Reserves

1,555,931
12,444,158

1,555,931
11,173,054

Equity attributable to equity holders of the parent
Non-controlling interests

14,000,089
9,563,616

12,728,985
8,190,236

Total equity

23,563,705

20,919,221

5

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
30 June 2026
1.

BASIS OF PREPARATION
The interim condensed consolidated financial information for the six months ended 30 June 2026 has been
prepared in accordance with IAS 34 Interim Financial Reporting . The interim condensed consolidated financial
information does not include all the information and disclosures required in the annual financial statements, and
should be read in conjunction with the Group’s annual consolidated financial statements for the year ended 31
December 2025.

2.

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the interim condensed consolidated financial information
are consistent with those applied in the preparation of the Group’s annual consolidated financial statements
for the year ended 31 December 2025, except for the adoption of the following amended HKFRS Accounting
Standards for the first time for the current period’s financial information.

Amendments to HKFRS 9 and HKFRS 7

Amendments to the Classification and Measurement of
Financial Instruments
Contracts Referencing Nature-dependent Electricity

Annual Improvements to HKFRS
Accounting Standards – Volume 11

Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS
10 and HKAS 7

Amendments to HKFRS 9 and HKFRS 7

The nature and impact of the amended HKFRS Accounting Standards are described below:
(a)

Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial
Instruments clarify that a financial asset is derecognised when the entity’s rights to the contractual
cash flows expire or are transferred, while a financial liability is derecognised on the settlement date.
The amendments introduce an accounting policy option to derecognise a financial liability that is
settled through an electronic payment system before the settlement date if specified criteria are met.
The amendments clarify how to assess the contractual cash flow characteristics of financial assets with
environmental, social and governance and other similar contingent features. Moreover, the amendments
clarify the requirements for classifying financial assets with non-recourse features and contractually
linked instruments. The amendments also include additional disclosures for investments in equity
instruments designated at fair value through other comprehensive income and financial instruments
with contingent features. Since the Group’s accounting policy for the derecognition of financial assets
and liabilities in prior years aligned with the amendments and the Group did not have the financial
assets that were addressed by the amendments, the amendments did not have any impact on the interim
condensed consolidated financial information. The Group will provide additional disclosures for its equity
investments designated at fair value through other comprehensive income in the Group’s consolidated
financial statements for the year ending 31 December 2026.

(b)

Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity clarify the
application of the “own-use” requirements for in-scope contracts and amend the designation requirements
for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments also
include additional disclosures that enable users of financial statements to understand the effects these
contracts have on an entity’s financial performance and future cash flows. As the Group did not have
any contracts that are in the scope of the amendments, the amendments did not have any impact on the
interim condensed consolidated financial information.

(c)

Annual Improvements to HKFRS Accounting Standards – Volume 11 set out narrow scope amendments
to HKFRS 1, HKFRS 7 (and the accompanying Guidance on implementing HKFRS 7), HKFRS 9,
HKFRS 10 and HKAS 7. The amendments include clarifications, simplifications, corrections or changes
to improve consistency in the corresponding HKFRS Accounting Standards. The amendments did not
have any impact on the interim condensed consolidated financial information.

6

3.

OPERATING SEGMENT INFORMATION
For management purposes, the Group is not organised into business units based on their products and only has
one reportable operating segment. Management monitors the operating results of the Group’s operating segment
as a whole for the purpose of making decisions about resource allocation and performance assessment.

4.

REVENUE
An analysis of revenue is as follows:
For the six months ended 30 June
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Unaudited)
25,363,967

Revenue from contracts with customers

18,146,555

Disaggregated revenue information for revenue from contracts with customers
For the six months ended 30 June
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Unaudited)
Types of goods or services
Sale of nickel products
Others

23,821,679
1,542,288

17,286,951
859,604

Total revenue from contracts with customers

25,363,967

18,146,555

Chinese mainland
Others

21,665,008
3,698,959

16,334,370
1,812,185

Total revenue from contracts with customers

25,363,967

18,146,555

Goods transferred at a point in time
Services transferred over time

24,529,567
834,400

17,325,731
820,824

Total revenue from contracts with customers

25,363,967

18,146,555

Geographical markets

Timing of revenue recognition

7

5.

PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after charging/(crediting):
For the six months ended 30 June
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Unaudited)
Cost of inventories sold
Depreciation of long-term asset
Loss on disposal of items of property,
plant and equipment
Gains on a finance lease as a sublease lessor
Impairment of investment properties
Impairment of financial assets, net
Impairment/(reversal of impairment) of trade receivables, net
(Reversal of impairment)/impairment of other receivables, net

Foreign exchange differences, net
Fair value loss/(gains), net:
Derivative financial instruments
Trade receivables containing provisional pricing features
Investment gains from financial assets at
fair value through profit or loss, net:
Derivative financial instruments
Trade receivables containing provisional pricing features

8

15,295,776
846,871

13,750,199
706,587

23
–
–

14,105
(136)
61,360

10,829
(344)

(270)
2,331

10,485

2,061

90,044

200,279

(476)
5,204

10,697
4,172

(8,582)
(22,007)

–
(27,756)

(30,589)

(27,756)

6.

INCOME TAX EXPENSE
The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in
which members of the Group are domiciled and operate.
PRC
Pursuant to the Corporate Income Tax Law of the PRC and the respective regulations (the “CIT Law”), the
companies which operate in Chinese mainland are subject to CIT at a rate of 25% (2025: 25%) on the taxable
income of the period. A preferential tax treatment is available to a subsidiary of the Company, since it was
recognised as a High and New Technology Enterprise on 4 November 2022 and passed the review on 19
November 2025, and was entitled to a preferential tax rate of 15% (2025: 15%) during the period.
Indonesia
Pursuant to the Corporate Income Tax Law of Indonesia and the respective regulations (the “CIT Law”), the
companies which operate in Indonesia are subject to CIT at a rate of 25% on the taxable income. On 31 March
2020, the Government issued a Government Regulation in lieu of the Law of the Republic of Indonesia Number
1 Year 2020 which stipulates, among others, a reduction of the tax rates for corporate income tax payers and
entities with permanent establishment from previously 25% to 22% for the fiscal years 2020 and 2021 and
20% starting the fiscal year 2022 and onwards, and a further reduction of 3% for corporate income tax payers
that fulfil certain criteria. Subsequently, on 7 November 2021, the Government ratified the Tax Regulation
Harmonization Law/Undang-Undang Harmonisasi Peraturan Perpajakan (“UU HPP”). The UU HPP reinstated
the corporate income tax rate of 22%.
Based on the Decree of the Minister of Finance of the Republic of Indonesia number 721/KMK.03/2018
concerning Corporate Income Tax Reduction Facility to PT. Halmahera Persada Lygend (“HPL”) dated 1
November 2018, HPL was granted a 100% corporate income tax reduction for 10 fiscal years starting from 2021
and an additional 50% corporate income tax reduction for the following 2 fiscal years.
Based on the Decree of the Minister of Finance of the Republic of Indonesia number NOMOR 33/
THIPMA/2021 and number NOMOR 30/KM.3/2025 concerning Corporate Income Tax Reduction Facility to
PT. OBI Nickel Cobalt (“ONC”) dated 3 December 2021 and dated 10 February 2025, ONC was granted a 100%
corporate income tax reduction for 15 fiscal years starting from 2024 and an additional 50% corporate income
tax reduction for the following 2 fiscal years.
Based on the Decree of the Minister of Finance of the Republic of Indonesia number NOMOR 4/TH/PMA/2022
concerning Corporate Income Tax Reduction Facility to KPS dated 17 January 2022, KPS was granted a 100%
corporate income tax reduction for 15 fiscal years and an additional 50% corporate income tax reduction for
the following 2 fiscal years. Based on the latest NOMOR 168/MK/PJ/2025 concerning Corporate Income Tax
Reduction Facility to PT. Karunia Permai Sentosa (“KPS”) dated 23 July 2025, KPS was granted a 100%
corporate income tax reduction for 10 fiscal years starting from 2025 and an additional 50% corporate income
tax reduction for the following 2 fiscal years.
According to the 31E Facility as stipulated in Taxation Law No. 36 of 2008 issued by the Minister of Finance
of the Republic of Indonesia, the entities with total annual gross income below IDR 50 billion are eligible for a
50% reduction in the corporate income tax rate on the taxable income corresponding to IDR4.8 billion. For the
six months ended 30 June 2026, PT Bhakti Bumi Sentosa (“BBS”) applied for the facility.
The Group is within the scope of the Global Anti-Base Erosion (“GloBE”) Model Rules (the “Pillar Two Model
Rules”). The Group has applied the temporary mandatory exception to recognising and disclosing information
about deferred tax assets and liabilities arising from Pillar Two income taxes. From 1 January 2025, the Group
is liable to Pillar Two income taxes under Hong Kong, Singapore and Indonesia. The Group will account for the
Pillar Two income taxes as current tax when incurred.

9

The income tax expense of the Group during the period is analysed as follows:
For the six months ended 30 June
2026
2025
RMB ’000
RMB ’000
(Unaudited)
(Unaudited)

7.

Current tax:
Charge for the period

195,090

126,272

Pillar Two income taxes for the period
Deferred

551,882
421,483

206,360
178,418

Total tax expense/(credit) for the period

1,168,455

511,050

DIVIDENDS
The Board did not recommend the payment of an interim dividend for the six months ended 30 June 2026.
In June 2026, Xi’an Pengyuan Metallurgical Equipment Co., Ltd. distributed dividends of RMB15,000,000.00 to
all shareholders, among which included RMB4,500,000.00 was distributed to non-controlling shareholders and
was fully paid as at 17 June 2026.
On 22 May 2026, the Board declared a final dividend for the year ended 31 December 2025 of RMB0.60 per
share, amounting to a total of approximately RMB933,559,000, which was fully paid as at 18 June 2026.

8.

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
The calculation of the basic earnings per share amount is based on the profit attributable to ordinary
equity holders of the parent, and the weighted average number of ordinary shares of 1,555,931,350 (2025:
1,555,931,350) in issue during the period.
No adjustment has been made to the basic earnings per share amount presented for the periods ended 30 June
2026 and 2025 in respect of a dilution as the Group had no potentially dilutive ordinary shares in issue during
the periods ended 30 June 2026 and 2025.

9.

PROPERTY, PLANT AND EQUIPMENT
30 June 2026
RMB ’000
(Unaudited)

31 December 2025
RMB ’000
(Audited)

Carrying amount at beginning of period/year
Additions
Depreciation provided during the period/year
Disposals
Exchange realignment

25,447,842
2,210,024
(798,481)
(278)
(818,257)

21,639,059
5,650,687
(1,367,970)
(14,831)
(459,103)

Carrying amount at end of period/year

26,040,850

25,447,842

10

10.

TRADE AND BILLS RECEIVABLES
30 June 2026
RMB ’000
(Unaudited)

31 December 2025
RMB ’000
(Audited)

2,501,829
188,482

1,823,123
123,188

2,690,311

1,946,311

(18,594)

(7,262)

2,671,717

1,939,049

445,778

123,375

Financial assets at fair value through other
comprehensive income:
Bills receivable

1,006,482

321,643

Total

4,123,977

2,384,067

Financial assets at amortised cost:
Trade receivables
Bills receivable

Impairment

Financial assets at fair value through profit or loss:
Trade receivables containing provisional pricing features

Trade receivables containing provisional pricing features are exposed to future movements in market prices,
which have contractual cash flow characteristics that are not solely payments of principal and interest and
are therefore measured at fair value through profit or loss. This requires an assessment of the exposure of the
underlying trade receivable to future movements in market prices at the date of initial recognition of such
receivable. For those receivables that are not exposed to future movements in market prices, a further assessment
of the business model for managing the receivables is required to determine the appropriate classification and
measurement. The business model pertaining to those receivables that do not contain provisional pricing features
is to hold the assets to collect the contractual cash flows and as such, these financial assets are classified as at
“amortised cost”.
The Group usually considers upfront payments or use of letters of credit. The final payment is usually paid
within one month to three months and sometimes extended to one year, when the final commercial invoices
are issued. The Group seeks to maintain strict control over its outstanding receivables. Overdue balances are
reviewed regularly by senior management. The Group does not hold any collateral or other credit enhancements
over its trade receivable balances. Trade receivables are non-interest-bearing.

11

An ageing analysis of the trade receivables of the Group as at the end of the Reporting Period, based on the
invoice date and net of loss allowance, is as follows:

Within 3 months
3 to 6 months
6 to 12 months
Over 1 year

11.

30 June 2026
RMB ’000
(Unaudited)

31 December 2025
RMB ’000
(Audited)

2,335,822
109,180
33,252
4,981

1,593,458
175,985
36,699
9,719

2,483,235

1,815,861

TRADE AND BILLS PAYABLES
An ageing analysis of the trade payables as at the end of the Reporting Period, based on the invoice date, is as
follows:

Within 3 months
3 to 6 months
6 to 12 months
1 to 2 years
Over 2 years

12

30 June 2026
RMB ’000
(Unaudited)

31 December 2025
RMB ’000
(Audited)

3,018,596
105,993
137,227
130,773
145,882

1,270,381
303,968
437,658
154,350
177,469

3,538,471

2,343,826

MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
In the first half of 2026, disrupted by the dual factors of Indonesia’s industrial policy adjustments
and international geopolitics, the global nickel smelting industry underwent a structural reshaping.
Facing multiple external challenges, on the one hand, the Company steadily advanced the
large-scale production of the Obi project in Indonesia to continuously release capacity benefits,
while strengthening the lean operational management system to consolidate its core cost
competitive advantages. On the other hand, the Company proceeded with the proposed initial
public offering and listing of the A shares of the Company on the Main Board of the Shenzhen
Stock Exchange in an orderly manner, having successfully obtained the approval of the Listing
Committee of the Shenzhen Stock Exchange and the approval for registration from the China
Securities Regulatory Commission as of the date of this announcement. During the Reporting
Period, the Company achieved a revenue of RMB25,364.0 million, representing an increase of
39.8% as compared to the corresponding period of last year. Net profit attributable to owners
of the parent amounted to RMB2,737.7 million, representing an increase of 91.9% as compared
to the corresponding period of last year. The laterite nickel ore hydrometallurgy project (HPAL
project) jointly invested and constructed by the Company and its Indonesian partner on Obi
Island, Indonesia, maintained full-capacity operation across all production lines. The HJF project,
which is phase I of the laterite nickel ore pyrometallurgy project (RKEF project), in which the
Company holds equity interests, achieved stable operation. In the meantime, all twelve production
lines of the KPS project under the RKEF project (phase II of the RKEF project) were fully put
into operation as planned in May 2026, and achieved full production capacity on 1 August 2026.
In addition, the Company advanced the construction of the hydrometallurgical slag resource
utilization demonstration project in an orderly manner, extended the industrial chain layout around
its core nickel business, and drove the green upgrading of deep processing in the industry. The
Company has consistently integrated the ESG philosophy into every aspect of its global business
layout and daily operations. During project development and production construction, the Company
systematically promoted the coordinated advancement of environmental management, social
investment and economic responsibility, carried out regular practices across multiple dimensions
such as ecological protection, resource recycling, community co-construction and employee
development, and extended the concept of responsibility to deeper levels including supply chain
management, localized operations and industrial ecosystem construction, striving to achieve a
win-win coexistence between corporate growth and regional sustainable development.

13

In the first half of 2026, the Indonesian government introduced a series of resource control
policies, further tightening nickel ore mining quotas. Concurrently, it implemented a brand-new
benchmark pricing rule for nickel ore, adjusted the nickel correction factor upward, and newly
incorporated the pricing of associated metals such as cobalt, iron, and chromium. On the supply
side of pyrometallurgical ferronickel smelting, affected by Indonesia’s resource control policies,
the utilization cost of nickel ore increased, compressing the profit margins of ferronickel smelting
enterprises. The industry experienced capacity adjustments and the phase-out of inefficient
capacity. Coupled with Indonesia’s long-term control over new pyrometallurgy capacity, effective
supply further contracted. The terminal demand structure for pyrometallurgical ferronickel
smelting diverged. The demand for property-related low-end stainless steel weakened, but
high-end manufacturing sectors such as hydrogen energy, energy storage, offshore wind power,
photovoltaics, and new energy vehicles drove a steady growth in demand for high-nickel stainless
steel, highlighting the outstanding resilience in rigid demand for high-nickel-content ferronickel.
According to statistics from the Stainless Steel Council of China Iron and Steel Association (中
國鋼鐵工業協會不銹鋼分會), the national production of crude stainless steel from January to
June 2026 reached 21.079 million tons, representing a year-on-year increase of 7.19%. On the
supply side of hydrometallurgical intermediate products smelting, it was similarly constrained
by Indonesia’s resource control policies. Compounded by geopolitical conflicts driving up the
cost of sulfur, a key auxiliary material, several hydrometallurgy enterprises voluntarily reduced
operating loads for maintenance, and new capacity had not yet delivered meaningful additional
output, resulting in tight supply of hydrometallurgical intermediate products. Terminal demand for
hydrometallurgical intermediate products was concentrated in the ternary battery sector. According
to statistics from the China Automotive Power Battery Industry Innovation Alliance (中國汽車動
力電池產業創新聯盟), the cumulative installed capacity of domestic power batteries in the first
half of 2026 was 335.6 GWh, representing a year-on-year increase of 12.0%. Furthermore, the
volume ramp-up of overseas high-end long-range new energy vehicle and large cylindrical battery
projects further stimulated the demand for high-nickel ternary battery materials.

14

In the first half of 2026, the futures prices of nickel metal generally showed an initial surge
followed by a downward trend, with significant price fluctuations. In the first quarter, continuing
the tight supply pattern from the end of 2025, the price of the main nickel futures contracts on
the Shanghai Futures Exchange fluctuated in the range of RMB130,000 to RMB148,000 per ton.
Entering the second quarter, driven by the upward effect on cost expectations from Indonesia’s
new regulation raising the benchmark price of nickel ore, nickel futures contracts’ price surged
rapidly, testing around RMB155,000 per ton in early May and hitting a high for the first half of the
year. Thereafter, as expectations of mid-year additional quotas in Indonesia heated up, expectations
of U.S. Federal Reserve rate hikes strengthened, and the continuous accumulation of global visible
refined nickel inventory suppressed market sentiment, which caused the nickel futures contracts’
price to fall under pressure.
In the short term, the supply and demand pattern of the global nickel market has shown a
directional improvement, shifting from a surplus in 2025 to a tightening trend. The International
Nickel Study Group (INSG) predicts that the global nickel market in 2026 is expected to turn from
a supply surplus of 283,000 tons in 2025 to a supply shortage of 32,000 tons, which is the first
annual deficit in the global nickel market since 2021. Affected by the changes in the supply and
demand pattern, the selling prices of the Company’s main products increased year-on-year. The
discount coefficient of hydrometallurgical intermediate products continued to rise, coupled with
the year-on-year upward shift in the nickel price center, prices of hydrometallurgical products
increased year-on-year. Supported by supply contraction, the price of ferronickel was also higher
than the same period last year. In the medium to long term, the demand for nickel in the new
energy and stainless steel sectors continues to maintain steady growth, and the proportion of nickel
demand attributable to the new energy sector will further increase. According to the CIC, global
nickel demand increased from 2.419 million metal tons in 2019 to 3.342 million metal tons in
2024, with a compound annual growth rate of 6.7% during the period. With the development of the
new energy vehicle market and the gradual increase in stainless steel consumption, global nickel
demand is expected to reach 4.936 million metal tons in 2029. Stainless steel is the sector with
the largest nickel demand globally. As of 2024, the stainless steel sector accounted for 64.4% of
the global nickel demand, and lithium battery demand accounted for approximately 16.2%. With
the continuous increase in the market share of new energy vehicles and the development of power
battery technology towards nickel-intensive types, it is expected that by 2029, battery demand for
nickel will account for about 30% of the total global demand.

New Energy
Nickel is one of the crucial raw materials for power batteries. Its principal applications in power
batteries are detailed as follows: (i) nickel is widely used as a cathode material for batteries, which
can effectively enhance the energy density and cycle life of the batteries; (ii) nickel can also serve
as an anode material, contributing to an increase in battery capacity and the extension of its service
life; (iii) in battery electrolytes, nickel acts as an additive that can significantly improve the cycling
stability and lifespan of the batteries; and (iv) nickel can also be utilized in the manufacturing of
battery separators, thereby enhancing the safety and durability of the batteries. As a key material
for enhancing the energy density of batteries, nickel directly affects the operating range of
batteries. It is the core material driving the development of ternary lithium batteries, solid-state
batteries, and downstream high-end strategic emerging industries such as embodied intelligent
robots, electric vertical take-off and landing aircraft (eVTOL), and unmanned aerial vehicles.

15

In the first half of 2026, the domestic new energy vehicle industry maintained a steady expansion
trend, the market penetration rate of new energy vehicles exceeded 49%, and the quality and
efficiency of the industry’s development continued to improve. According to the statistics of the
China Association of Automobile Manufacturers (中國汽車工業協會), from January to June 2026,
the production and sales volumes of new energy vehicles in the PRC reached 7.438 million units
and 7.446 million units, respectively, representing a year-on-year increase of 6.7% and 7.3%,
respectively. Among them, the sales proportion of pure electric vehicles increased to approximately
67%, becoming the core driving force supporting the growth of the industry. The export sector
performed exceptionally well. In the first half of the year, the export volume of new energy
vehicles reached 2.355 million units, representing a significant year-on-year increase of 122.3%. At
present, the market structure of the industry is continuously being optimized, and the development
trend of electrification remains solid. The development logic of the industry has gradually shifted
from the initial rapid scale expansion to a new stage of high-quality development characterized by
the upgrading of product competitiveness and standardized operations. At the policy level, the PRC
continuously consolidated the underlying support for the development of the new energy vehicle
industry. The Action Plan for Carbon Peaking for the 15th Five-Year Plan Period 《
( “ 十五五 ” 碳達
峰行動方案》
) issued by the State Council explicitly set forth the development goals of accelerating
the low-carbon transition in the transportation sector. It emphasizes continuously promoting the
low-carbonization of energy consumption in the transportation sector, steadily increasing the
social ownership volume of new energy vehicles, accelerating the comprehensive electrification
of vehicles in the public sector, and clearly specifies the development targets of striving to
achieve a 30% proportion of national new energy vehicle ownership and a 25% proportion of
new energy commercial transport vehicle ownership by 2030. From a long-term perspective, with
the continuous upgrading of downstream consumer demand and the technological iteration and
innovation of new energy vehicles, the room for industry growth continues to expand. According to
the forecast of CIC, the sales volume of new energy vehicles globally and in the PRC will increase
to 47.21 million units and 28.15 million units in 2029, respectively, indicating ample long-term
development potential for the industry.
In terms of the installed capacity of new energy vehicles, lithium iron phosphate and ternary lithium
are currently the mainstream cathode materials. According to the statistics of the China Automotive
Power Battery Industry Innovation Alliance（中國汽車動力電池產業創新聯盟）, the cumulative
installation volume of power batteries in the PRC during the first half of 2026 was 335.6
GWh, representing a cumulative year-on-year increase of 12.0%, among which, the cumulative
installation volume of ternary batteries was 63.4 GWh, accounting for 18.9% of the total
installation volume, and representing a cumulative year-on-year increase of 14.2%. The cumulative
installation volume of lithium iron phosphate batteries was 272.0 GWh, accounting for 81.0%
of the total installation volume, and representing a cumulative year-on-year increase of 11.5%.
Despite lithium iron phosphate occupying a majority market share, its growth rate has decreased
significantly. In contrast, the ternary batteries, despite accounting for a relatively low proportion,
still maintain steady growth. Along with the iteration of power battery technologies, all-solid-state
batteries may become the ultimate form of development, the primary raw materials for which are
high-nickel ternary cathode materials. At present, mainstream domestic automakers and upstream
battery manufacturers (such as BYD, CATL, and GAC Group) all possess technological reserves
and research and development blueprints for solid-state or semi-solid-state batteries. Such batteries
are expected to be installed in vehicles between 2026 and 2027, which will further push up the
market demand for high-nickel ternary materials.

16

Going forward, high-nickel ternary batteries can be applied to high-end application scenarios
such as embodied intelligent robots, eVTOL, and unmanned aerial vehicles. Such sectors all
entail requirements including lightweighting and long endurance, while demonstrating low price
sensitivity, thereby providing enormous space for the incremental growth of ternary lithium
batteries. According to the research by QYResearch, the global market size of lithium batteries
for embodied robots in 2025 was approximately US$16 million and is expected to reach US$477
million by 2032, representing a compound annual growth rate (CAGR) of 49.7% between 2026 and
2032, demonstrating immense growth potential. With the large-scale commercial implementation
of embodied robots, the demand for lithium batteries is expected to experience explosive growth.
Meanwhile, according to the data from the National Development and Reform Commission (國家
發展和改革委員會), the market size of the low-altitude economy in the PRC is expanding rapidly,
which is anticipated to exceed RMB1 trillion in 2026 and expected to reach RMB3.5 trillion by
2035, becoming a new engine for driving economic growth. The rigid demand for high energy
density batteries in emerging sectors such as eVTOL and unmanned aerial vehicles will continue
to drive an increase in the penetration rate of high-nickel ternary materials. With breakthroughs in
high-nickel technologies, the competitive advantages of ternary batteries in the high-end market
will become further highlighted, driving structural growth in the demand for nickel resources.

Stainless Steel
Nickel possesses excellent corrosion resistance, oxidation resistance, good ductility, and stable
austenitic structural characteristics, and is widely applied in the stainless steel sector. The addition
of nickel to steel materials enables the formation of stable austenite, which significantly improves
the rust resistance, resistance to acid and alkali corrosion, high-temperature resistance, and cold
working and forming performance of stainless steel. Stainless steel is the sector with the largest
demand for nickel globally. According to statistics from CIC, as of 2024, the stainless steel sector
accounted for 64.4% of the global nickel demand, steadily maintaining its position as the primary
application scenario and serving as the cornerstone of nickel demand.
With the development of stainless steel production, the raw materials for stainless steel have
transitioned from pure nickel to ferronickel, and the proportion of ferronickel used as the primary
raw material continues to increase. As the production volume of stainless steel increases, the
demand for ferronickel will also increase. As a basic industrial material, stainless steel boasts a
broad range of application fields, including transportation, industry, construction, home appliances
and consumer goods, as well as equipment manufacturing. In the transportation sector, stainless
steel can be applied in the manufacturing of buses, subways, automobiles, ships, and aircraft. In
the construction industry, stainless steel can be utilized for decorative components such as doors,
windows, handrails, staircases, and columns, as well as for the building structures themselves.
Stainless steel also exhibits excellent corrosion resistance and ease of cleaning; therefore, it is
widely utilized in food processing, medical equipment, and laboratories. In the industrial and
energy sectors, stainless steel can be used to manufacture various types of mechanical equipment
and pipelines, as well as components for nuclear power plants.

17

In recent years, although the stainless steel industry has been affected by fluctuations in real
estate demand, the total demand has continued to rise. Concurrently, the industrial structure has
also undergone significant changes, with the industry gradually shifting from scale expansion
to quality enhancement. The demand in emerging high-end manufacturing sectors has rapidly
expanded, and the resilience of structural demand has continuously consolidated the foundation
of the industry. The continuous growth in demand for high-nickel-content stainless steel from
emerging sectors such as new energy vehicles, hydrogen energy, energy storage, offshore wind
power, and photovoltaics has become a new source of incremental demand for the industry.
Meanwhile, traditional sectors, such as stainless steel pipes for construction, stainless steel
for high-performance food machinery, as well as shipbuilding and marine engineering, are
experiencing a steady recovery.
In the first half of 2026, the domestic stainless steel industry maintained a stable and orderly
overall operation, supported by multiple favorable factors including top-level policy guidance,
sustained baseline support on the demand side, and standardized regulatory control on the
supply side. In terms of top-level industrial design, the “15th Five-Year Plan” clearly proposes
to promote the structural optimization and upgrading of traditional industries such as steel and
petrochemicals, cultivate industrial advantages in high-quality steel products, focus on tackling
key core technologies in the field of advanced materials, and drive the transformation and
upgrading of the metallurgical industry towards high-end, intelligent, and green development. As
a supporting policy, the 15th Five-Year Plan for the Development of Circular Economy 《
( “ 十五
五 ” 循環經濟發展規劃》
) further specifies the acceleration of the high-value resource utilization
of “ urban minerals ” , the improvement of a standardized recycling and renewable high-value
utilization system for scrap steel and scrap non-ferrous metals, and the refinement of relevant
standards and requirements for the recycling and utilization of scrap stainless steel, thereby
building a medium to long-term policy framework for the green, low-carbon, sustainable, and
high-quality development of the stainless steel industry. On the demand side, the Work Plan
for Steady Growth of the Steel Industry (2025-2026) 《鋼鐵行業穩增長工作方案(2025-2026
(
年)》
) clearly focuses on expanding steel consumption in the fields of industrial equipment and
livelihood infrastructure as the core, to continuously boost the downstream market demand for
steel and stainless steel. Meanwhile, the PRC has continued to deepen and implement the action of
large-scale equipment renewals and trade-ins of consumer goods, and put into effect the Notice of
the National Development and Reform Commission and the Ministry of Finance on Implementing
the Policies of Large-Scale Equipment Renewals and Trade-ins of Consumer Goods in 2026 《國
(
家發展改革委財政部關於2026年實施大規模設備更新和消費品以舊換新政策的通知》
) to further
expand the policy coverage. Such policy has newly added support directions such as the renovation
of elevators in old residential communities, the upgrading of commercial supporting facilities,
and the renewal of safety inspection equipment. Among them, the policy of adding elevators in
old residential communities is aligned with the relevant guiding opinions on the renovation of
old urban residential communities, and the green home appliance renewal initiatives conform to
the low-carbon development deployment under the “15th Five-Year Plan” action plan for carbon
peaking. Multiple policies have exerted synergistic efforts to effectively activate the consumption
potential of stainless steel in the two core fields of industrial equipment and green home
appliances, thus continuously releasing downstream market demand. At the regulatory level on the
supply side, the 2026 new version of the Implementation Measures for Capacity Replacement in
the Steel Industry 《鋼鐵行業產能置換實施辦法》
(
) was officially implemented. For the first time,
the stainless steel industry was fully brought under the national unified regulatory system for steel
capacity replacement. Through a unified national capacity reduction replacement ratio of 1.5:1, the
latest measures impose rigid constraints on the disorderly expansion of newly added capacity in
the industry, while standardizing the construction standards for supporting stainless steel induction
furnaces, which effectively optimizes the capacity structure of the industry and balances the market
supply and demand landscape, thereby promoting the standardized and high-quality transformation
of the industry. According to statistics from the Stainless Steel Council of China Iron and Steel
Association, the national production of crude stainless steel from January to June 2026 reached
21.079 million tons, representing a year-on-year increase of 7.19%.
18

Looking ahead, with the continuous deepening of the domestic large-scale equipment renewal
cycle, the replacement demand for steel in the industrial sector will be steadily released. Coupled
with the rapid development of emerging sectors such as the new energy industry and high-end
precision manufacturing, the market application scenarios for high-end special stainless steel
products will continue to expand, highlighting the growth potential of the industry. In terms of
the external environment, the adjustment of policies relating to nickel resources in Indonesia
has exacerbated the risk of price fluctuations for upstream raw materials. Meanwhile, the
implementation of the EU carbon tariffs and the escalation of global trade barriers have further
increased the pressure on the export operations of the domestic stainless steel industry. Against
this backdrop, there is an urgent need for the transformation and upgrading of the industry. It is
imperative to continuously phase out low-end and inefficient production capacities, accelerate
technological breakthroughs and the domestic substitution process for high-end stainless steel
products, and promote the coordinated upgrading of the upstream and downstream of the industrial
chain, so as to achieve a higher-level and higher-quality dynamic balance between supply
and demand. In the long run, empowered by the continuous implementation of steady-growth
policies such as the renovation of old urban residential communities and the construction of new
infrastructure, the market demand for stainless steel will maintain steady growth. According to the
forecast of CIC, the global production volume of stainless steel will increase to 73.44 million tons
in 2029, and the production volume of stainless steel in the PRC will rise to 51.79 million tons,
indicating considerable scope for the long-term development of the industry.
BUSINESS REVIEW
As a leading global service provider across the entire nickel industry chain, the Company has
always focused on the field of nickel metal, which is one of the national strategic mineral
resources. We have established an integrated business system covering nickel resource
procurement, nickel products trading, smelting and production and sales, as well as a global
operational framework that integrates overseas securing of resources and smelting/production with
domestic technology R&D and market development, thereby achieving synergistic coordination
between domestic and overseas operations. As a leading global nickel products trader, leveraging
our high product quality and efficient customer response capabilities, we have established
long-term and stable cooperative relationships with downstream customers in sectors such as power
batteries and stainless steel, and have established a good brand image and a strong reputation
among customers in the nickel products market, providing reliable market assurance for capacity
release. The Company continues to advance the development of its lean operations system, deeply
integrating the lean philosophy into the entire production chain, and its capability in systematic
cost reduction and efficiency enhancement has been steadily enhanced. Under the guidance of
the “Belt and Road” Initiative, the Company and its Indonesian Partner jointly invested in and
constructed an industrial park on Obi Island. Adopting the third-generation HPAL process and the
mature RKEF process, the total designed production capacity has reached 400,000 metal tons of
nickel (including a hydrometallurgy production capacity of 120,000 metal tons of nickel-cobalt
compounds, and a pyrometallurgy production capacity of 280,000 metal tons of ferronickel, which
involves 95,000 metal tons from the investee company HJF), achieving the intensive and integrated
development and utilization of low-grade laterite nickel ore. Adhering to the development strategy
of “internationalisation, specialisation and resource diversification” and actively responding to
the national “Dual Carbon” strategy, we continuously promote the deep integration of China’s
advanced technologies with global resources and consolidate our leading position in the global
nickel industry, committing to becoming a world-class service provider across the entire nickel
industry chain to assist in the green, low-carbon and sustainable development of the nickel
industry.

19

In the first half of 2026, against the backdrop of structural adjustment in the landscape of the
global nickel industry chain, the Company adhered to the concept of “technology-driven and green,
low-carbon development”, gave full play to the scale advantages of the Obi Industrial Park in
Indonesia, and continuously deepened refined operational management and control, systematically
advanced the construction of a lean operation system centering on the three main lines of “a
stream of benefits, a complete system and a professional team”, and drove pyrometallurgy and
hydrometallurgy from single-point improvements to systematic value creation, achieving steady
improvement in production volume and operational quality and further consolidating our core
position in the global nickel industry chain. During the Reporting Period, the Company recorded
operating revenue of RMB25,364.0 million, representing an increase of 39.8% as compared to
the corresponding period of last year; and realised a profit attributable to owners of the parent of
RMB2,737.7 million, representing an increase of 91.9% as compared to the corresponding period of
last year. The dual growth in the Company’s revenue and profit was mainly attributable to: (i) the
achievement of full-line commissioning and production capacity release of phase II of the RKEF
project during the Reporting Period; (ii) the increase in profit of the nickel ore trading segment
driven by the combined effects of the tightening supply side, vigorous demand side and the policy
transmission in Indonesia; and (iii) the deepening of refined cost control and management and
optimisation of production processes by the Company during the Reporting Period, which further
enhanced our profitability.

Procurement and trading of nickel resources
The Company is the largest nickel ore trader in China. Since its establishment, it has been
engaged in the trading business of nickel products such as nickel ore and ferronickel. Nickel ore
resources are scarce. Therefore, it is crucial for participants in the nickel industry chain to have a
stable and sufficient supply of nickel ore. Having been deeply engaged in the nickel ore trading
sector for many years, the Company has built a resource circulation network covering countries
and regions rich in laterite nickel ore resources globally, such as the Philippines and Indonesia.
Relying on its outstanding supply chain integration capabilities and profound understanding of
industry cycles, the Company continuously introduces new suppliers on the basis of consolidating
existing channels, forming a diversified supply guarantee system that possesses both stability
and flexibility. The Company always places customer value at its core, promoting the in-depth
development of strategic cooperative relationships through the continuous iteration of its service
system and continuous improvement in response efficiency. During the Reporting Period, in the
face of policy disruptions such as the tightening supply of Indonesian nickel ore and the upward
adjustment of the benchmark price of nickel ore, the Company fully leveraged its market analysis
capabilities and channel resource advantages accumulated over the years. On the procurement
end, the Company flexibly adjusted its stocking rhythm and inventory structure to strengthen the
coordinated supply guarantee from core suppliers; on the sales end, the Company closely followed
the market rhythm, flexibly utilized diversified trading models, and effectively managed the risk of
price fluctuations, achieving steady growth in the trade volume of nickel products.

Smelting and production of nickel products
Indonesia’s influence and status in the global nickel industry continue to rise. In terms of nickel
ore reserves, according to the “2026 Mineral Commodity Summary” issued by the United States
Geological Survey (USGS), as of the end of 2025, the global nickel ore reserves amounted to over
350 million metal tons, of which 54% were laterite nickel ore. Among the proven nickel resources,
Indonesia is the country with the richest nickel reserves in the world, accounting for approximately
44% of the world’s total nickel reserves. In terms of nickel ore supply, Indonesia’s share of global
nickel ore supply has increased from 62% in 2024 to 67% in 2025.
20

The Company’s smelting and production projects for nickel products are located on Obi Island,
Indonesia and in Jiangsu, China, and it has mastered the complete production processes for nickel
products, including hydrometallurgy and pyrometallurgy. During the Reporting Period, with the
full commencement of production of phase II of the RKEF project, the Company has completed the
construction of and commenced production at all production lines under its existing plans, and the
production scale of the Company’s nickel products has steadily increased.

Hydrometallurgy project/HPAL project
The Company has adopted the third-generation HPAL smelting process, which is one of the most
advanced smelting technologies in the industry for processing low-grade laterite nickel ore. The
Company’s hydrometallurgy project in Indonesia has planned and implemented a total of six
production lines, with a total designed annual capacity of 120,000 metal tons of nickel and 14,250
metal tons of cobalt. The project produces nickel-cobalt hydroxide, nickel sulfate, cobalt sulfate,
and electrodeposited cobalt products based on market demand.
During the Reporting Period, the hydrometallurgy project was operated at full capacity across
all lines, with the HPAL project continuing to run at full load stably. The Company successively
advanced research and development projects such as the research on process optimization of
laterite nickel ore concentrate, and the process and industrialization for high-value extraction
and utilization of valuable resources in the laterite nickel ore hydrometallurgy process. It has
independently mastered core technologies including ore iron removal and acid leaching technology,
selective leaching technology for MHP, and collaborative high-pressure acid leaching technology
for MHP concentrate and laterite nickel ore, enabling the nickel metal recovery rate of the
Company’s hydrometallurgy MHP products to reach approximately 92% and the nickel content
to reach approximately 42%, with product quality achieving an industry-leading position. Facing
a market environment with a significant year-on-year increase in sulfur prices, the Company
systematically implemented acid consumption reduction and efficiency enhancement measures.
Through the coordinated adoption of low-magnesium ore blending, front-loaded rapid testing
and an AI-based acid adjustment model, the Company reduced the unit acid consumption of its
hydrometallurgy projects.

Pyrometallurgy project/RKEF project
The Company has adopted mature RKEF smelting technology and has established business
presence both domestically and abroad. The Company has planned pyrometallurgy projects
in Indonesia with a total of 20 production lines and a total annual capacity of 280,000 metal
tons of ferronickel, of which phase I of the pyrometallurgy project is the HJF project (in which
the Company holds equity interests), with a designed annual capacity of 95,000 metal tons of
ferronickel, and phase II of the pyrometallurgy project is owned by KPS (of which the Company
is the holding company) with a designed annual capacity of 185,000 metal tons of ferronickel. In
addition, the Company has established a ferronickel smelting plant in Jiangsu, also adopting the
RKEF process, with a designed annual capacity of 18,000 metal tons of ferronickel.

21

During the Reporting Period, the Company continued to optimise the pyrometallurgy process and
production management, and significantly improved production efficiency and product quality,
relying on its accumulated experience with the RKEF process and the advantages of its professional
technical team. The HJF project maintained stable operation in the first half of 2026, and all twelve
production lines of the KPS project were fully put into production in May 2026, and achieved
full production capacity on 1 August 2026. The Company has deepened the lean management of
pyrometallurgy, systematically advancing it with a focus on standardized operations, consumption
control, and the equipment assurance system. Through full-chain standardized operations in the
pyrometallurgy project, both the daily production volume of nickel and the overall production
volume have increased. The power consumption of smelting and the consumption of semicoke have both decreased compared to the baseline. Meanwhile, the establishment of a planned
maintenance mechanism for the pyrometallurgy project has resulted in a substantial reduction
in unplanned downtime, and the closed-loop management of potential hazards has achieved
significant results, effectively consolidating the operational advantages of pyrometallurgy.
RISK ANALYSIS

Fluctuation in nickel metal price
The price of nickel metal may experience significant fluctuations in the short term, influenced
by multiple factors such as market supply and demand dynamics, macroeconomic conditions,
and industrial policies. In the purchase and sale agreements signed between the Company and
customers and suppliers, the delivery price of nickel products is usually determined based on
factors such as the average market price over a period of time and expected future prices. If
the selling price of nickel products fluctuates due to changes in market supply and demand, the
purchase and sale trading margin in the Company’s nickel products trading business may narrow,
and the gross profit margin of the business of nickel products production and sales may also face
pressure, which may have an adverse impact on the Company’s operating results. If the price
of nickel products continues to rise, downstream customers may seek alternative technological
routes or increase the utilization proportion of recycled nickel, thereby suppressing the demand for
primary nickel.
To effectively respond to the risk of fluctuation in nickel metal price, the Company continuously
optimizes the pace of procurement and sales as well as inventory management, and flexibly
adjusts its business strategies relying on dynamic tracking and trend analysis of changes in
global nickel market supply and demand, to enhance its adaptability to price fluctuations. On
this basis, the Company fully leverages the synergistic advantages of its integrated full industry
chain layout, and balances the phased differences in upstream and downstream price pass-through
through overall coordination between trading and smelting segments; it deepens strategic synergy
with downstream customers, and flexibly utilizes various models such as locking in volume via
long-term agreements and deferred pricing, to enhance the stability and resilience of supply chain
cooperation. Leveraging its leading hydrometallurgy technology, the locational cost advantages of
the Obi Island Industrial Park in Indonesia, and its excellent operational capabilities, the Company
has demonstrated strong resilience during the industry adjustment period, laying a solid foundation
for long-term sustainable development.

22

Fluctuations in raw and auxiliary materials and energy prices
In addition to laterite nickel ore as the main raw material, the Company also purchases auxiliary
materials such as sulfur, liquid alkali, semi-coke and quicklime, as well as energy sources such
as electricity, diesel, and coal to maintain the production and operation of its smelting projects.
The prices of these materials may be affected by factors such as inflation, global supply chain
disruptions, supplier capacity limitations, demand for the same materials from other industries,
availability of supplementary and alternative materials, and regulatory policies. If the prices
of the aforementioned raw and auxiliary materials and energy sources remain high or fluctuate
significantly again in the future, and the Company cannot effectively pass through the increased
cost pressure to downstream enterprises, its operating results will be adversely affected.
To cope with the risks of fluctuations in raw and auxiliary materials and energy prices, the
Company actively leveraged its advantages as a trader by analyzing market price trends,
proactively planning ahead, optimizing inventory, and combining process optimization and energy
management on the production side to reduce operating costs. On the other hand, the Company
extended its supply chain to upstream resource sources, improved self-sufficiency in auxiliary
materials, and enhanced cost pass-through capabilities through product premiumization and
technological upgrades.
During the Reporting Period, affected by geopolitical conflicts and changes in the supply and
demand landscape, global sulfur supply showed a periodically tight pattern, and prices rose
accordingly. In response to rising sulfur prices, based on continuous tracking and judgment of
the global sulfur supply and demand landscape, the Company moderately increased its sulfur
reserves before supply tightened, providing a certain buffer for the continuous operation of the
hydrometallurgy during the Reporting Period. At the same time, on the one hand, the Company
continued to optimize its production processes, reducing unit sulfur consumption by using raw
materials with low magnesium content and introducing rapid testing technology and AI models to
assist in acid dosing decision-making; on the other hand, it conducted research on the recycling
of sulfur in the hydrometallurgy process, and explored the feasibility and economic viability of
directly producing sulfuric acid from iron-aluminum slag, as well as the recovery and utilization
of sulfur resources and magnesium from wastewater. On this basis, the Company on the one hand
promoted a diversified layout of procurement sources, and has established cooperative relationships
with suppliers in various regions, including North America, Central Asia, and the Middle East,
and on the other hand has obtained the sulfuric acid import quota approved by the Indonesian
government, enabling it to substitute part of the sulfur demand through the import of sulfuric acid,
further enhancing the flexibility of raw material procurement and the resilience of the supply chain.
Through the above combined strategies, the Company has built a relatively robust sulfur supply
security system, effectively enhanced its ability to respond to emergencies, and provided support
for the continuous and stable operation of the hydrometallurgy.

23

Risks relating to changes in industrial policies in Indonesia
The business operations of the Company are closely related to the regional policy environment in
Indonesia. In recent years, the Indonesian government has promulgated a series of control policies
targeting upstream nickel resources, intended to strengthen the management of local resources,
gain control over the pricing of local resources and products, enhance Indonesia’s influence in
the nickel sector, raise the prices of nickel resources, and increase tax revenues. These include
adjusting the calculation formula for the benchmark price of nickel ore (HPM), tightening mining
quotas, modifying the approval frequency of nickel mining quotas, raising the non-tax state
revenue rates for products such as nickel ore, and modifying the price adjustment frequency for
the reference price of metallic minerals (HMA). If Indonesia continues to tighten its control over
nickel resources, update industry regulatory policies, and adjust taxes, fees and pricing rules in the
future, it may further drive up the Company’s procurement costs of raw materials and compress its
profit margins.
In response to the risks of geopolitical and industrial policy changes in Indonesia, the Company
has established a regular policy tracking and analysis mechanism to follow up in real time on local
policy dynamics regarding nickel ore pricing, quotas, taxes and fees, and exports, enabling early
anticipation and flexible adjustments to procurement and production plans to mitigate the impact
of policy changes. The Company will continue to deepen its long-term cooperation with local
resource providers in Indonesia, relying on long-term agreements to lock in volume and stabilize
prices to ensure a stable supply of raw materials, and actively expand diversified procurement
channels to diversify operational risks. At the same time, the Company adheres to localized
compliant operations, deeply integrates into Indonesia’s local industrial layout, and extends the
high-end smelting industry chain. It maintains good government-enterprise relations, strictly
complies with local regulatory requirements on mining, taxation, and environmental protection,
and comprehensively solidifies the compliance foundation for its local operations. Furthermore,
the Company continues to optimize its production processes, improve metal recovery rates, and
reduce the unit consumption of raw and auxiliary materials, leveraging internal cost reductions to
hedge against the pressure of rising raw material prices, thereby effectively mitigating the adverse
impacts of geopolitical and policy fluctuations in Indonesia on the Company’s profitability.

24

Risk of fluctuations in exchange rates
The Company’s main production bases are located overseas, and its procurement mainly involves
overseas nickel ore and various raw and auxiliary materials. The import trade at the sales end also
includes payment and settlement by letter of credit, involving a large amount of foreign currency
settlements such as US dollars. Therefore, the Company’s profitability is affected by exchange rate
fluctuations. With the continuous expansion of the Company’s overseas business, and changes in
import trade at the sales end as well as the political and economic conditions in various overseas
countries, there is a risk that the Company’s operating results may change due to significant
fluctuations in exchange rates.
To effectively manage the financial risks that may arise from exchange rate fluctuations,
the Company implements the principle of “ risk neutrality” , has established a systematic risk
identification and assessment mechanism, and regularly monitors and calculates foreign exchange
risk exposures. By sorting out the allocation of foreign currency assets and liabilities, the Company
can timely assess the potential impact of exchange rate fluctuations on operating results and
financial position, and take targeted measures in response. Adhering to the management philosophy
of “risk neutrality”, the Company is committed to reducing the interference of exchange rate
fluctuations on its main business operations, and enhancing financial stability and performance
sustainability.
CORE COMPETITIVENESS OF THE COMPANY

Iteratively Upgrading a Globally Integrated Green and Circular Industrial Ecosystem
Centered on Nickel Resources
The Company continued to deepen its presence across the full nickel industry chain. Building
on the original complete industry ecosystem that integrates upstream resources, midstream
smelting, and downstream trading and sales, the Company achieved multi-dimensional upgrades
in production capacity, process technology, green and circular development, and customer synergy
in the first half of 2026. This has built an integrated competitive barrier featuring deep linkage
among resources, production, markets, and low-carbon initiatives, continuously strengthening its
operational resilience amidst complex geopolitical environments and commodity cycles.
At the upstream resource end, the Company consolidated its dual-core nickel ore supply network
in Indonesia and the Philippines. Relying on long-term nickel ore supply agreements to lock in raw
material sources, and leveraging its in-house professional nickel ore assay team to continuously
optimize the nickel ore quality inspection and analysis system, the Company is able to accurately
analyze global nickel ore resources in terms of factors such as ore grade, associated metals, and
compatibility with smelting processes. This achieves highly efficient and cost-effective raw
material procurement, and continuously consolidates the core advantage of a stable supply of raw
materials.

25

At the midstream production end, the production capacities of the in-house smelting bases in
the PRC and Obi Island in Indonesia have been fully ramped up. The Company synchronously
deployed production lines of pyrometallurgy and hydrometallurgy processes, enabling scaled
production of diversified products including ferronickel, nickel sulfate, cobalt sulfate, and
electrowon cobalt, which covers the two core downstream sectors of new energy power batteries
and stainless steel. The Company continued to iteratively upgrade its green and circular production
processes, systematically recycling by-products generated during the production process, such as
sulfuric acid, steam, and coal gas, for reuse in the smelting process. Meanwhile, the Company
advanced the implementation of comprehensive resource utilization projects for smelting solid
waste, substantially enhancing the comprehensive utilization rate of resources and building a
low-cost, low-emission green smelting system that aligns with the development requirements of the
global low-carbon supply chain.
At the downstream market end, relying on industry analysis capabilities accumulated through
global operations, the Company connected its smelting production capacity with domestic and
overseas end-markets. It has established long-term volume-locked cooperation mechanisms with
leading enterprises in the new energy cathode material and stainless steel industries, enhancing
customer stickiness through customized raw material supply solutions to smooth out industry
cyclical fluctuations.
During the Reporting Period, the Company continued to advance the construction of key
supporting infrastructure, ecological restoration, and land reclamation at the Obi Island Industrial
Park, further enhancing the park’s logistics efficiency, technological integration, and resource
synergy, continuously building its intensive and scaled operational advantages. Going forward,
the Company will continue to optimize the operating efficiency across the entire industry chain
on Obi Island, continuously optimize operating and production costs, and unceasingly enhance its
core competitiveness and sustainable development capabilities. Constructing a full-chain synergy
system spanning “resource procurement – green smelting – end sales”, and leveraging the multiple
superimposed advantages of mine-and-smelter co-location, dual-line processes, low-carbon
production, and globalised channels, underpins the steady expansion of the Company’s business
scale and long-term sustainable growth.

Optimizing Production Processes and Leveraging Technological Advantages to Lower
Production Costs
Leveraging continuous technological innovation and profound industry experience, the
Company has built a diversified product portfolio that fully covers the two core process paths
of pyrometallurgy and hydrometallurgy, establishing comprehensive coverage from intermediate
to refined products in the nickel industry chain. Relying on its deep mastery and continuous
optimization of the third-generation HPAL technology, the Company has established significant
competitive advantages in cost control for hydrometallurgy projects; meanwhile, in the field of
pyrometallurgy, it has further consolidated its production capacity through large-scale operations
and technological upgrades. In terms of operational efficiency, through refined management and
supply chain synergy, the Company has continuously improved its capacity utilization and cost
control capabilities, achieving profitability superior to the industry average and continuously
consolidating its core competitiveness.

26

Hydrometallurgy
The Company’s hydrometallurgy project adopts the third-generation HPAL process, which has the
advantages of low energy consumption and high comprehensive recovery rate when processing
low-grade laterite nickel ores with high cobalt and iron content. However, due to its high technical
difficulty, complex process, and the need to operate in a high-temperature, high-pressure and
highly acidic environment, it places extremely high requirements on operational management
capabilities. The Company has deeply integrated lean principles into the entire hydrometallurgy
process and systematically optimized around the production process, process details, and key
equipment, and successively advanced research and development projects such as the research on
optimization of the laterite nickel ore refining process, and the process and industrialization of
high-value extraction and utilization of valuable resources during the hydrometallurgy processing
of laterite nickel ore. The Company has independently mastered core technologies including the
gravel residual acid leaching technology, MHP selective leaching technology, and synergistic
development technology of MHP refining and laterite nickel ore HPAL, enabling the nickel metal
recovery rate of the Company’s hydrometallurgy products MHP to reach approximately 92% and
the nickel content to reach approximately 42%, bringing its product quality to an industry-leading
level.
On this basis, the Company has continuously promoted improvement measures such as mineral
processing optimization, residual acid recovery, and steam cascading utilization, and applied AI
models to assist acid dosing decision-making, to further reduce energy consumption and production
costs. Relying on advanced control systems and refined management, it has achieved precise
control over the entire process, ensuring the safety of personnel and equipment while guaranteeing
continuous and stable production. The above measures have significantly enhanced the operational
efficiency and cost-effectiveness of the hydrometallurgy project.

Pyrometallurgy
By making breakthroughs in the key procedures and technology of the RKEF process to achieve
cost reduction and efficiency enhancement, the Company carried out a series of special research
and development in the field of entire process equipment for large-scale ferronickel submerged
arc furnaces, and promoted R&D projects such as covers for large-scale ferronickel submerged
arc furnaces, improved electrostatic precipitators dedicated to ferronickel submerged arc furnaces,
and improved designs of the bottom rings of submerged arc furnaces. It has developed application
technologies for large-scale submerged arc furnace equipment, which effectively improved the
thermal energy utilization rate of the production line and simultaneously reduced the maintenance
costs of machinery and equipment. The Company concurrently deepened lean operations in
pyrometallurgy, systematically advancing along the three major directions of standardised
operations, consumption control, and equipment assurance. Through a series of measures including
standardising operating procedures, maintaining stable control of operating parameters and
conducting scheduled maintenance, the Company achieved significant improvements in production
output, reductions in energy consumption and decreases in downtime.
On this basis, the Company applied the technical experience and refined management model
accumulated in its Jiangsu facilities to the pyrometallurgy project in Indonesia. Taking into
account the characteristics of the local laterite nickel ore in Indonesia, the Company conducted
targeted optimization of the RKEF process and equipment. By taking measures such as improving
heat recovery efficiency, the Company lowered energy consumption and maintenance costs, and
achieved breakthroughs in multiple production indicators.

27

Possessing Long-term and Stable Resource Supply and a High-quality Customer Base
As a key strategic resource in the new energy industry chain, the stable supply of nickel is crucial
to the Company’s business expansion and the consolidation of its industry position. Leveraging
the industry resources and operating experience accumulated through years of deep cultivation in
the nickel industry chain, the Company has established long-term and stable strategic cooperative
relationships with upstream suppliers and downstream customers.
The Company continues to deepen its cooperation with mines in Indonesia and the Philippines.
Relying on the lock-in of long-term agreements and technological innovations, it has built a
solid nickel ore supply system, effectively enhancing the stability and risk-resistance capability
of the supply chain. At the same time, the Company actively expand new resource channels
and implement diversified supply strategies to flexibly respond to global market fluctuations
and potential geopolitical risks, laying a solid foundation for the sustainable development of
the Company. Relying on upstream resource advantages and mature smelting and processing
capabilities, the Company has now formed a diversified nickel products supply system and
possesses long-term and stable capacity assurance capabilities. In the field of hydrometallurgy,
all of the Company’s hydrometallurgy projects are operating at full capacity, with an annual
production capacity of 120,000 metal tons of nickel-cobalt compounds, effectively ensuring a
long-term and stable supply of hydrometallurgy products to the new energy sector. In the field
of pyrometallurgy, the Company’s phase II pyrometallurgy project achieved full production on
1 August 2026; the production capacity of pyrometallurgy products ferronickel has been further
improved, and the supply capability of ferronickel products has been effectively enhanced. The
diversified product portfolio and continuously expanding capacity scale enable the Company to
meet the differentiated needs of downstream customers in various fields through flexible supply
methods.
Relying on stable resource guarantees and diversified product supply capabilities, the Company
has established in-depth cooperative relationships with leading enterprises in the new energy
and stainless steel sectors. In the new energy sector, the Company has currently entered into
long-term supply agreements with leading new energy material producers in the industry, including
subsidiaries of Contemporary Amperex Technology Co., Limited (HKEX: 3750) (Hunan Brunp
Recycling Technology Co., Ltd., Ningde Brunp Recycling Technology Co., Ltd., Ningbo Brunp
Contemporary Amperex Co., Ltd.), Ningbo Ronbay New Energy Technology Co., Ltd. (SSE:
688005), GEM Co., Ltd. (SZSE: 002340), which provide a stable market pipeline guarantee for
the continuous volume expansion of products from the Company’s hydrometallurgy projects. In
the field of stainless steel, the Company continuously supplies laterite nickel ore and ferronickel
products to large iron and steel enterprises such as Tsingshan Holding Group, Baosteel Desheng
Stainless Steel Co., Ltd. and POSCO (Pohang Iron and Steel Co., Ltd.). The long-term and
stable cooperative relationships have laid a solid customer foundation for the sustained and stable
development of the Company’s business.

28

With Thriving Domestic Downstream Industries, Market Demand for the Company ’s Nickel
Products is Expected to Further Increase
The Company’s nickel products are mainly used in downstream industries such as new energy
vehicles and stainless steel. Both end markets show a favorable development trend, and the
Company’s nickel products will fully benefit from the continuous release of downstream demand.
In terms of the new energy vehicle market, many countries around the world have set goals for
vehicle electrification. According to CIC, the penetration rate of new energy vehicles in new
vehicle sales in China was 5.0% in 2019, increasing to 44.4% in 2024, and is expected to further
increase to 82.0% in 2029. At the policy level, in the first half of 2026, the PRC continued to step
up support for new energy vehicle consumption. The policy of halving the new energy vehicle
purchase tax was officially implemented, and trade-in subsidies and campaigns to promote new
energy vehicles in rural areas were advanced simultaneously. Coupled with the forward-looking
deployment of the “15th Five-Year Plan” development plan for the smart connected new energy
vehicle industry, these factors continued to promote the steady increase in the sales volume and
penetration rate of new energy vehicles. The rapid development of the new energy vehicle market
has created a broad market space for the ternary battery industry. Ternary batteries, relying on
their superior energy density and real-world driving range compared to other technological routes,
occupy an important position in the market. With the in-depth advancement of the high-nickel
trend in ternary batteries, the demand for key upstream raw materials such as nickel sulfate
and cobalt sulfate is expected to be further released. The Company has accurately seized the
development opportunities in the new energy industry and proactively laid out the production
capacity for nickel sulfate and cobalt sulfate. The hydrometallurgy project in Indonesia has been
fully put into operation, and has a total designed capacity of 120,000 metal tons of nickel-cobalt
compounds (including 14,250 metal tons of cobalt), laying down a new competitive advantage for
the Company in the field of new energy raw material supply.
The stainless steel industry has been operating steadily amidst policy support and dynamic
adjustments in supply and demand. The “15th Five-Year Plan” and a series of supporting policies,
such as circular economy and capacity replacement, have been intensively implemented, aiming
to “promote consumption, optimize supply, and advance transformation ”. On the consumption
end, policies on equipment renewals and trade-ins have continued to expand, incorporating the
installation of elevators in older residential communities and the renewal of green home appliances
into the scope of support, thereby striving to underpin the two core demands of stainless steel
industrial equipment and civilian consumption. On the supply end, the new version of the capacity
replacement measures has, for the first time, included stainless steel under unified national
supervision, strictly controlling new production capacity and guiding the orderly exit of inefficient
capacity, so as to improve the industry’s supply and demand dynamics from the source. Looking
ahead, driven by policies, growth in stainless steel production and the trend towards high-end
products is expected to continuously boost the consumption demand for nickel raw materials. The
Company’s nickel products, serving as key raw materials for stainless steel smelting, will directly
benefit from the demand support brought by the steady growth and structural optimization of the
industry.

29

We Adhere to the Concept of ESG Sustainable Development
We have always regarded the ESG concept as the core driving force for the long-term value of the
Company. Relying on the overall governance of the ESG Committee of the Board, we continuously
promote the organic integration of environmental responsibility, social benefits, and the Company ’s
strategy. In the first half of 2026, the Company made substantial breakthroughs in green
transformation. We focused on advancing the construction of the hydrometallurgical slag resource
utilization project, which is expected to achieve the effective conversion of smelting by-products
into building materials. Concurrently, the Company increased investment in clean energy and
energy-saving process modifications to continuously reduce the carbon footprint per unit of output.
In project operations, the Company deepened localized integration, and through supply chain
responsibility management and community co-construction, steadily enhanced the synergy and
inclusiveness of regional development. Looking ahead, we will continue to be driven by the twin
drivers of technological innovation and management optimization to improve ESG governance
efficacy and consolidate the capacity for sustainable resource supply for the global new energy
industry. The Company is committed to integrating sustainable development concepts throughout
all stages of trade, production, and sales, thereby promoting the circular, intensive and intelligent
upgrading of industrial parks, and building an environmentally friendly and resource-efficient
modern industrial ecosystem.

Building Differentiated Competitive Advantages in the Industry Through an Independent
Industrial Park Production Layout
Leveraging the large-scale, high-quality laterite nickel ore resources reserved by our Indonesian
partner on Obi Island, the Company formulated forward-looking plans during the planning
and preparation stage of the Obi project by building its own Obi Industrial Park on Obi Island,
thereby establishing a complete integrated mining and smelting industrial system covering the
supply of nickel ore, the preparation of auxiliary materials, and the smelting and processing of
nickel products. The Company’s smelting production lines are centrally located in its self-owned
industrial park on Obi Island. With the plant area closely adjacent to the nickel ore mining area,
the entire process of raw material extraction and smelting processing can be conducted within the
industrial park, thereby eliminating the need for the long-distance transportation of minerals. This
industrial park was exclusively designed as a supporting facility for the Obi project developed by
the Company and its Indonesian partner. By adopting an overall intensive and integrated planning
approach, the production layout of the independent industrial park builds differentiated competitive
advantages in the industry. Through continuous construction and improvement, the industrial park
is now equipped with specialised ports and terminals, standardised warehousing and logistics
yards, as well as stable supporting industrial water supply, power supply, and centralised steam
systems. Concurrently, comprehensive employee accommodation, catering, and living logistics
supporting facilities have been completed; the industrial park is also synchronously equipped with
core auxiliary material production units such as a sulphuric acid plant and a lime processing plant,
ensuring that key auxiliary materials required for smelting can be produced in-house to achieve
self-sufficiency, thereby realising the independence and controllability over core production and
operational segments. Furthermore, the industrial park possesses abundant and independent land
space, which allows for the flexible and comprehensive planning of areas for the layout of smelting
production lines, inventory storage, and smelting waste residue disposal, resulting in a significant
improvement in the efficiency of production management and solid waste treatment. Leveraging
multiple agglomeration advantages, such as proximity to mineral sources, self-production of
auxiliary materials within the industrial park, self-owned logistics infrastructure, and abundant
plant space, the Company fully capitalises on the industry chain synergies within the independent
industrial park. This effectively reduces various expenses, including raw material transportation,
external procurement of auxiliary materials, property management and solid waste treatment, while
continuously optimising the cost structure across the entire production chain and significantly
lowering the unit production cost of nickel products.

30

OUTLOOK

Full Completion of Core Production Capacity Construction of Obi Project Enables
Continuous Realization of Economies of Scale
The industrial cluster on Obi Island, Indonesia is the core carrier for the medium-to-long-term
profit growth of the Company, and the stable commissioning and highly efficient operation of the
projects serve as the key support for the expansion of the Company’s business scale. In the first
half of 2026, the Company advanced the construction and commencement of production of the KPS
project under phase II of the RKEF project. On 1 August 2026, all production lines successfully
reached designed capacity, marking the full implementation and operation of all existing planned
smelting production capacity on Obi Island. Going forward, the Company ’ s focus will shift
to operations and maintenance optimization across all production lines, adjustment of process
parameters and lean management. Leveraging the localized operational experience accumulated
from previously commissioned production lines, the Company will continue to improve the nickel
metal recovery rate and equipment operating efficiency of each production line, thereby reducing
the fixed production cost per unit.

Empowering the Circular Economy to Promote Hydrometallurgical Slag Resource Utilization
Demonstration Project
Strictly adhering to the concept of ESG sustainable development, the Company focuses on the key
challenges of the smelting solid waste disposal industry, and continues to promote the construction
of the hydrometallurgical slag resource demonstration project. The hydrometallurgical slag is
relatively rich in iron. After pretreatment, the iron content of the hydrometallurgical slag can reach
the standard for conventional iron ore, and the pretreated slag can then be processed into pig iron
and further processed into rebar products, which can be widely used in infrastructure projects,
including bridges, roads, high-rise buildings and tunnels. With the acceleration of urbanization
and infrastructure construction in emerging economies in Southeast Asia, the demand for rebar
has room for long-term support. This project can, on the one hand, solve the pressure on land
occupation and environmental governance caused by the long-term storage of hydrometallurgical
slag, and reduce daily environmental operation and maintenance costs. On the other hand, it can
realize the resource utilization of smelting waste, create additional value, and form a circular model
with mutual enhancement in environmental and operational benefits. During the Reporting Period,
the standardized project execution manual for the demonstration project of hydrometallurgical
slag resource utilization was officially issued and implemented. Concurrently, the procurement of
supporting specialized equipment for the project was coordinated and initiated, and the integrated
project management system was completely deployed and launched to comprehensively standardize
the whole-process management and control of the project.

31

Advancing the MHP Refinement Project and Continuously Broadening the Development Path
of High Value-Added Products
Focusing on the diversified high-end market demands downstream, the Company continued to
carry out the R&D of product deep-processing technologies and preliminary preparation work for
project implementation. Relying on the MHP raw materials produced by its own hydrometallurgy
production line, the Company continuously improved the development path of deep-processed
products, under which the intermediate products can be further processed into two types of high
value-added products: First, battery-grade nickel sulfate and cobalt sulfate, which are suitable for
NEV power batteries, energy storage, and 3C electronics helping downstream customers to improve
the energy density of batteries; Second, high-purity electrodeposited nickel and electrodeposited
cobalt, which rely on high strength and corrosion resistance to cover high-end stainless steel,
special alloys, and aerospace manufacturing scenarios.

Continuously Improving Production Processes and Consolidating Operational Advantages
through Technological Innovation
The Company adheres to technology-driven production. Leveraging years of accumulated practical
experience in hydrometallurgy and pyrometallurgy, the Company continuously improves its
existing production processes and upgrades its intelligent smelting equipment. On the premise
of ensuring that the quality of its nickel-cobalt and ferronickel products consistently maintains
high industry standards, the Company steadily enhances the comprehensive metal recovery rate,
reduces unit energy consumption and carbon emissions, and comprehensively implements its ESG
management objectives for green production.
In terms of the expansion of multiple product lines, such as the comprehensive utilization of
hydrometallurgical slag resources, the Company has established mature and complete technological
reserves, laying a solid foundation for industrial implementation. Concurrently, the Company
systematically enhances its research and development capabilities. By leveraging its own
laboratories to conduct routine process testing, deepening strategic cooperation with top-tier
domestic scientific research institutes and institutions, and continuously expanding its professional
R&D team, the Company provides a strong guarantee for project implementation and technological
upgrades.

Expanding Global High-Quality Nickel Resources to Fortify the Cornerstone of Supply Chain
Security and Competitive Advantage
Nickel resources serve as the core foundation for the steady business growth of the Company
and for meeting the core demands of the new energy and stainless steel industries. A stable and
high-quality supply of nickel raw materials holds crucial strategic value for the medium- to
long-term operational planning of the Company. The Company will advance its global resource
layout, tap into high-quality domestic and overseas nickel mine assets through diversified models
such as investments and collaborations, continuously broaden its diversified supply channels, and
expand the scale of its resource reserves. Continuously deepening its layout in the global upstream
nickel resource sector will, on the one hand, strengthen the Company’s influence and bargaining
power in the upstream mineral sector, facilitate its deep participation in resource competition
within the global nickel industry chain, and enhance its comprehensive competitive barriers; on the
other hand, it will help establish a secure, low-carbon, and sustainable global nickel supply chain
to safeguard a stable supply of raw materials for domestic downstream new energy and stainless
steel manufacturing enterprises. By leveraging its advantages in upstream resources to hedge
against the risks of raw material price fluctuations, the Company will support long-term synergistic
development with the domestic nickel industry chain.
32

Empowered by Lean Management, Winning through Cost Control
The Company establishes a full-process lean management system centered on three core areas,
namely equipment operation and maintenance, standardized production, and energy consumption
reduction. It prioritizes the implementation of a benchmark lean demonstration project at its
smelting base in Indonesia to develop a standardized, replicable and scalable refined operational
management model. Relying on the implementation and practice of the demonstration project,
the Company concurrently rolls out specialized skills training for employees as well as the
streamlining and optimization of its internal organizational structure to build a professional
lean management talent pipeline, thereby consolidating the talent and institutional foundation
for the replication and promotion of the lean management system across all plant areas and the
entire industry chain. With the comprehensive implementation of the lean management system,
the Company relies on its digitalized production platform to achieve full-process data-driven
management and control over production procedures, material allocation, and energy consumption.
Driven by data to continuously reduce costs and enhance efficiency, the Company establishes
industry-leading advantages in cost control. A comprehensive cost control system can effectively
withstand the impacts of cyclical operational fluctuations in the industry, enabling the Company
to consolidate its differentiated core advantages amid increasingly fierce competition in the global
nickel products market, thereby achieving high-quality, sustainable and robust operations.

Deepening Corporate Governance and Talent Development to Lay the Foundation for
Sustainable Corporate Development
The Company adheres to a dual-driven development strategy of “enhancing governance quality
and strengthening the enterprise with talent.” At the corporate governance level, the Company
has established a tiered and classified scientific decision-making mechanism, a rapid response
mechanism for overseas markets, and a full-process risk control system for cross-border business,
comprehensively enhancing the Group’s overall governance efficiency and compliance operation
capabilities of its domestic and overseas businesses, thereby building a solid institutional safeguard
for the realization of strategic objectives. At the talent development level, the Company has built
an integrated talent management system, optimized its talent structure in line with the business
needs of multiple tracks, and improved supporting mechanisms for tiered training, job rotation,
and long-term incentives, aiming to build a professional and internationalized team of versatile
talents. This continuously provides long-term talent support for the Company’s resource expansion,
production technology upgrades, market innovation, and global layout.

33

FINANCIAL REVIEW
Revenue
The following table sets out the breakdown of total revenue by business segment in absolute
amounts and as a percentage of total revenue for the six months ended 30 June 2026 and 30 June
2025:
For the six months ended 30 June
2026
2025
RMB ’000
(%)
RMB ’000

(%)

Nickel Products Trading
Laterite nickel ore
Ferronickel

3,556,966
4,096,718

14.0
16.2

2,051,824
5,569,067

11.3
30.7

Subtotal

7,653,684

30.2

7,620,891

42.0

Nickel Products Production
Ferronickel
Nickel-cobalt compounds

7,739,831
8,428,164

30.5
33.2

2,601,406
7,064,654

14.3
38.9

Subtotal

16,167,995

63.7

9,666,060

53.2

Others

1,542,288

6.1

859,604

4.8

Total

25,363,967

100.0

18,146,555

100.0

Our revenue increased by 39.8% from RMB18,146.6 million for the six months ended 30 June
2025 to RMB25,364.0 million for the six months ended 30 June 2026. The increase in revenue was
mainly attributable to the increase in revenue generated from our nickel product smelting business.
Revenue generated from the trading business for the six months ended 30 June 2026 amounted
to RMB7,653.7 million, which remained substantially stable as compared with revenue of
RMB7,620.9 million from the trading business of nickel products for the six months ended 30
June 2025. On the one hand, the increase in procurement and sales of traded nickel ore, together
with the increase in market prices of nickel ore, resulted in an increase in trading revenue of
RMB1,505.1 million. The increase in revenue from the trading business was partially offset by the
decrease in procurement and sales of traded ferronickel, which resulted in a decrease in trading
revenue of RMB1,472.3 million.
Revenue generated from the production business increased by 67.3% from RMB9,666.1 million
for the six months ended 30 June 2025 to RMB16,168.0 million for the six months ended 30
June 2026, mainly due to: (i) the increase in the sales volume of ferronickel following the
commencement of production of KPS, the Phase II RKEF project, resulting in an increase in
ferronickel revenue from the production business of RMB5,138.4 million; and (ii) the increase
in the market prices of nickel and cobalt, resulting in an increase in revenue from nickel-cobalt
compounds of RMB1,363.5 million.

34

Other revenue increased by 79.4% from RMB859.6 million for the six months ended 30 June 2025
to RMB1,542.3 million for the six months ended 30 June 2026, mainly due to the increase in coal
sales volume during the Reporting Period.
Gross Profit and Gross Profit Margin
Gross profit increased by 79.6% from RMB3,580.0 million for the six months ended 30 June 2025
to RMB6,430.7 million for the six months ended 30 June 2026, with an increase in gross profit
margin from 19.7% to 25.4%.
Gross profit from our trading business increased by 26.9% from RMB327.1 million for the six
months ended 30 June 2025 to RMB415.0 million for the six months ended 30 June 2026. Gross
profit margin of the trading business increased from 4.3% to 5.4%, primarily due to: (i) an increase
in market price; and (ii) an increase in the proportion of sales of traded nickel ore with a high
gross profit margin.
Gross profit of the production business increased by 84.9% from RMB3,200.4 million for the six
months ended 30 June 2025 to RMB5,918.2 million for the six months ended 30 June 2026. The
gross profit margin of the nickel products production business increased from 33.1% to 36.6%,
mainly due to (i) the increase in the sales volume of ferronickel following the commencement of
production of KPS, the Phase II RKEF project, and the increase in the market price, resulting in
an increase in the gross profit of ferronickel from RMB393.8 million for the six months ended 30
June 2025 to RMB2,085.3 million for the six months ended 30 June 2026, with the gross profit
margin increasing from 15.1% for the six months ended 30 June 2025 to 26.9% for the six months
ended 30 June 2026; and (ii) the increase in the market prices of nickel and cobalt, resulting in
an increase in the gross profit of nickel-cobalt compounds from RMB2,806.5 million for the six
months ended 30 June 2025 to RMB3,832.8 million for the six months ended 30 June 2026, with
the gross profit margin increasing from 39.7% for the six months ended 30 June 2025 to 45.5% for
the six months ended 30 June 2026.
Gross profit of other businesses increased by 85.7% from RMB52.6 million for the six months
ended 30 June 2025 to RMB97.6 million for the six months ended 30 June 2026, and the gross
profit margin of other businesses increased from 6.1% to 6.3% during the same period.
Other income and gains increased by 10.8% from RMB175.4 million for the six months ended 30
June 2025 to RMB194.4 million for the six months ended 30 June 2026, mainly due to the increase
in interest income of RMB30.1 million; the increase in other income and gains was offset by a
decrease in government grants of RMB16.4 million.
Selling and Distribution Expenses
Selling and distribution expenses increased by 27.7% from RMB55.6 million for the six months
ended 30 June 2025 to RMB71.0 million for the six months ended 30 June 2026, mainly due to the
increase in testing fee expenses corresponding to the increase in sales volume.

35

Administrative Expenses
Administrative expenses increased by 15.9% from RMB585.9 million for the six months ended 30
June 2025 to RMB678.9 million for the six months ended 30 June 2026, mainly due to the increase
in staff costs resulting from business expansion.
Other Operating Expenses
Other operating expenses decreased by 66.4% from RMB294.8 million for the six months ended
30 June 2025 to RMB99.1 million for the six months ended 30 June 2026, mainly due to (i) the
downward trend of USD against RMB for the six months ended 30 June 2026, resulting in a
decrease of RMB110.2 million in net exchange losses; and (ii) in the same period in 2025, we
assessed the recoverable amount of our investment property and recognized an impairment of
RMB61.4 million.
Finance Costs
Finance costs increased by 26.7% from RMB325.1 million for the six months ended 30 June 2025
to RMB412.1 million for the six months ended 30 June 2026, mainly due to an increase in interest
resulting from an increase in bank borrowings.
Share of Profits and Losses of Associates
Share of profits from our associates decreased by 25.6% from RMB267.9 million for the six
months ended 30 June 2025 to RMB199.3 million for the six months ended 30 June 2026, mainly
due to a decrease in the profits of the RKEF Phase I project and CBL, in which the Company holds
equity interests, for the current period.
Profit before Tax
As a result of the foregoing, profit before tax increased by 101.2% from RMB2,759.8 million for
the six months ended 30 June 2025 to RMB5,552.8 million for the six months ended 30 June 2026.
Income Tax Expenses
Income tax expenses increased significantly from RMB511.1 million for the six months ended
30 June 2025 to RMB1,168.5 million for the six months ended 30 June 2026, mainly due to
the withholding income tax based on the profitability of our project companies. We also made
provision for the Pillar Two Top-up Tax pursuant to Pillar Two model rules.
Profit for the Reporting Period and Net Profit Margin
As a result of the increase in gross profit driven by the increase in sales volume of self-produced
ferronickel and nickel-cobalt compounds, as well as the increase in market price, profit for the
half year increased by 95.0% from RMB2,248.7 million for the six months ended 30 June 2025
to RMB4,384.4 million for the six months ended 30 June 2026. Net profit margin increased from
12.4% for the six months ended 30 June 2025 to 17.3% for the six months ended 30 June 2026.

36

Current Assets, Financial Resources and Current Ratio
To safeguard the Group’s ability to continue as a going concern, finance the Group’s operations
and maximise value for the shareholders, the Group adopted various funding and treasury measures
during the six months ended 30 June 2026. These included, but were not limited to, (i) regularly
managing the Company’s capital structure by making relevant adjustments in light of both the
prevailing economic conditions and any risk characteristics of underlying assets; (ii) using a
recurring liquidity planning tool which considers the maturity of its financial instruments and
financial assets, and projected cash flows from operations in order to continuously monitor the
Company’s risk of a potential shortage of funds; (iii) trading only with recognised and creditworthy
third parties, who are subject to the Company’s credit verification procedures; and (iv) using
various financial instruments such as leases and interest-bearing loans as appropriate to maintain a
balance between continuity of funding and flexibility. During the six months ended 30 June 2026,
the Group maintained a stable financial position.
As at 30 June 2026, current assets amounted to RMB24,681.6 million, representing an increase
of 30.2% from RMB18,958.3 million as at 31 December 2025. As at 30 June 2026, cash and cash
equivalents of the Group amounted to RMB6,836.9 million, representing a decrease of 7.3% from
RMB7,371.9 million as at 31 December 2025.
The Group’s current ratio (current assets divided by current liabilities) increased from 1.1 times as
at 31 December 2025 to 1.2 times as at 30 June 2026.
Capital Expenditures
The following table sets forth a breakdown of our capital expenditures for the periods indicated:
For the six months ended 30 June
2026
2025
RMB ’000
(%)
RMB ’000

(%)

Prepayments for property, plant and
equipment

2,133,436

100.0

2,328,004

100.0

Total

2,133,436

100.0

2,328,004

100.0

Commitments
The following table sets forth a breakdown of our capital commitments as at the dates indicated:
As at 30 June
2026
2025
RMB ’000
RMB ’000
3,215,136

Property, plant and equipment

37

8,411,614

Indebtedness
We recognised indebtedness of RMB19,416.5 million as at 30 June 2026 (as at 31 December 2025:
RMB18,615.7 million), which included interest-bearing bank and other borrowings denominated in
RMB and USD that amounted to RMB8,113.3 million with fixed interest rates (as at 31 December
2025: RMB6,077.9 million) and RMB11,294.6 million with floating interest rates (as at 31
December 2025: RMB12,526.8 million) and lease liabilities of RMB8.5 million (as at 31 December
2025: RMB10.3 million) and long-term payables of RMB0.1 million (as at 31 December 2025:
RMB0.7 million).
Contingent liabilities
As at 30 June 2026, we had no material contingent liabilities.
Gearing ratio
The gearing ratio is equal to total interest-bearing bank borrowings divided by total equity. The
gearing ratio as at 30 June 2026 was 0.8, representing a slight decrease as compared with the
gearing ratio of 0.9 as at 31 December 2025.
Significant Investments Held and Material Acquisitions and Disposals
The Group had no significant investments held, material investments, material acquisitions or
disposals of subsidiaries, associates, and joint ventures for the six months ended 30 June 2026.
Financial Risks

Foreign Exchange Risk
Our financial statements are presented in RMB. Fluctuations in exchange rates between other
currencies in which the Group conducts its business may affect the Group’s financial position and
results of operations. We currently do not have a foreign currency hedging policy. However, our
management will manage foreign exchange risk through regular reviews and consider hedging
significant foreign currency risk exposures when necessary.
Pledge of Assets
As at 30 June 2026, a portion of our loans was secured by (i) pledges of buildings located in
the PRC with a carrying value of RMB40.2 million (31 December 2025: RMB19.7 million); (ii)
pledges of land use rights located in the PRC with a carrying value of RMB485.8 million (31
December 2025: RMB492.4 million); (iii) pledges of plant and machinery, electronic and office
equipment, motor vehicles and construction in progress located in Indonesia with a carrying value
of RMB16,870.2 million (31 December 2025: RMB16,636.6 million); (iv) pledges of investment
properties in the PRC with a carrying value of RMB186.4 million (31 December 2025: RMB188.9
million); (v) pledges of inventories located in Indonesia with a carrying value of RMB2,320.2
million (31 December 2025: RMB1,232.4 million); (vi) pledges of trade receivables located in
Indonesia with a carrying value of RMB0.7 million (31 December 2025: RMB271.5 million);
and (vii) pledges of deposits with a carrying value of RMB3,655.3 million (31 December 2025:
RMB2,466.6 million).

38

As at 30 June 2026, the Group had no other assets pledged to financial institutions other than those
disclosed above.
Future Plans for Material Investments and Capital Assets
As at 30 June 2026, the Company did not have any plans for material investments and capital
assets.
MATERIAL EVENTS AFTER THE REPORTING PERIOD
As at the date of this announcement, the Group had no other material events after the Reporting
Period.
EMPLOYEES AND REMUNERATION POLICY
As at 30 June 2026, the Group had a total of 16,137 full-time employees.
We recruit primarily through job search websites, employee referral programs and campus
recruiting for our hiring needs. Our employees typically enter into standard employment
contracts with us. The remuneration packages for our employees include base salary, bonuses and
allowances. We set performance targets for our employees based on their positions and periodically
review their performance. We provide orientation programs for new employees and continuous
training to enhance our employees’ industry, technical and product knowledge, as well as their
familiarity with industry quality standards and work safety standards.
As required by PRC laws and regulations, we participate in social insurance schemes operated
by the relevant local government authorities and maintain mandatory pension contribution plans
and medical and work-related injury and maternity insurance schemes for our employees. We
also contribute to unemployment insurance plans as well as housing accumulation funds for our
employees.
OFF-BALANCE SHEET ARRANGEMENTS
As at 30 June 2026, the Company had not entered into any off-balance sheet arrangements.
INTERIM DIVIDEND
The Board has resolved not to recommend the distribution of an interim dividend for the six
months ended 30 June 2026.

39

OTHER INFORMATION
Compliance with the Corporate Governance Code
The Group is committed to maintaining and promoting stringent corporate governance. The
principle of the Group’s corporate governance is to promote effective internal control measures,
uphold a high standard of ethics, transparency, responsibility and integrity in all aspects of
business, to ensure that its business and operations are conducted in accordance with applicable
laws and regulations, to enhance the transparency of the Board, and to strengthen accountability to
all shareholders. The Group’s corporate governance practices are based on the principles and code
provisions prescribed in the Corporate Governance Code (the “CG Code”) as set out in Appendix
C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
(the “Listing Rules”). The Group has complied with the applicable code provisions contained in
the CG Code during the Reporting Period.
Compliance with the Model Code for Securities Transactions by Directors
The Group has adopted the Model Code for Securities Transactions by Directors of Listed Issuers
(the “Model Code”) as set out in Appendix C3 to the Listing Rules as the Group’s code of conduct
regarding the Directors’ securities transactions. Having made specific enquiries with all of the
Directors, the Directors confirmed that they have strictly complied with the Model Code during the
Reporting Period.
Purchase, Sale or Redemption of the Company’s Listed Securities
During the Reporting Period, neither the Company nor any of its subsidiaries purchased, sold or
redeemed any of the Company’s securities (including sales of treasury shares) listed on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”). As at 30 June 2026, the Company did
not hold any treasury shares.
Sufficiency of Public Float
The Stock Exchange has granted the Company a waiver from strict compliance with Rule 8.08(1)
of the Listing Rules, such that the minimum percentage of the Shares from time to time held by
the public should be approximately 15.31% (rounded up). Based on the information that is publicly
available to the Company and to the best knowledge of the Directors, the Directors confirmed
that the Company has maintained the aforementioned minimum public float required by the Stock
Exchange since the Listing Date.
Audit Committee and Review of Financial Information
The Company has established an audit committee (the “ Audit Committee ” ) in compliance
with Rule 3.21 of the Listing Rules and the CG Code to monitor the implementation of our
risk management policies across our Company on an ongoing basis to ensure that our internal
control system is effective in identifying, managing and mitigating risks involved in our business
operations. The Audit Committee comprises three members, namely Dr. HE Wanpeng, Dr. WANG
James Jixian and Ms. ZHANG Zhengping. Ms. ZHANG, being our independent non-executive
Director with the appropriate professional qualifications, is the chairperson of the Audit
Committee.
The Audit Committee has reviewed the unaudited interim results and the unaudited interim
consolidated financial statements of the Group for the six months ended 30 June 2026 and
discussed matters with respect to the accounting policies and practices adopted by the Company.
40

PUBLICATION OF THE INTERIM RESULTS ANNOUNCEMENT AND INTERIM
REPORT
This interim results announcement is published on the website of the Stock Exchange at
www.hkexnews.hk and the website of the Company at www.lygend.com. The interim report of
the Company for the six months ended 30 June 2026 will be published on the aforesaid websites
of the Stock Exchange and the Company and will be dispatched (if required) to the Company’s
shareholders in due course.
APPRECIATION
The Board would like to express its gratitude to all of our customers, suppliers and partners,
and all shareholders for their understanding, support and trust. All employees of the Group will
continue to work diligently hand in hand with our shareholders as always.
By order of the Board
Lygend Resources & Technology Co., Ltd.
CAI Jianyong
Chairman and Executive Director
The PRC, 27 August 2026

As at the date of this announcement, the executive Directors are Mr. CAI Jianyong, Ms. FEI Feng,
Mr. CAI Jianwei and Mr. WANG Ling; the non-executive Director is Mr. Lawrence LUA Gek
Pong; the independent non-executive Directors are Dr. HE Wanpeng, Ms. ZHANG Zhengping and
Dr. WANG James Jixian; the employee representative Director is Mr. YU Weijun.

41

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，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚
賴該等內容而引致的任何損失承擔任何責任。

Lygend Resources & Technology Co., Ltd.
寧波力勤資源科技股份有限公司
（於中華人民共和國註冊成立的股份有限公司）
（股份代號：2245）

截至二零二六年六月三十日止六個月的中期業績公告
寧波力勤資源科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公
司及其附屬公司（統稱「本集團」）截至二零二六年六月三十日止六個月（「報告期」）之業
績，連同截至二零二五年六月三十日止六個月之比較數字。除另有界定者外，本公告所
用詞彙與本公司所刊發日期為二零二二年十一月二十一日的招股章程（「招股章程」）所界
定者具有相同涵義。
於本公告內，「我們」指本公司，及倘文義另有所指，則為本集團。

財務摘要
•

我們的收入由截至二零二五年六月三十日止六個月的人民幣18,146.6百萬元增加
至截至二零二六年六月三十日止六個月的人民幣25,364.0百萬元，增幅為39.8%。

•

我們的毛利由截至二零二五年六月三十日止六個月的人民幣3,580.0百萬元增加至
截至二零二六年六月三十日止六個月的人民幣6,430.7百萬元，增幅為79.6%。截
至二零二六年六月三十日止六個月的毛利率為25.4%，較截至二零二五年六月三
十日止六個月的毛利率19.7%上升5.7個百分點。

•

截至二零二六年六月三十日止六個月的利潤為人民幣4,384.4百萬元，較截至二零
二五年六月三十日止六個月的利潤人民幣2,248.7百萬元增加95.0%。

•

截至報告期間的母公司擁有人應佔利潤為人民幣2,737.7百萬元，較截至二零二五
年六月三十日止六個月的人民幣1,426.3百萬元增加91.9%。

•

董事會已議決不建議派付截至二零二六年六月三十日止六個月的中期股息（截至
二零二五年六月三十日止六個月：無）。
1

財務資料
未經審核中期簡明綜合損益及其他全面收益表
截至二零二六年六月三十日止六個月

附註

二零二六年
（未經審核）
人民幣千元

二零二五年
（未經審核）
人民幣千元

4

25,363,967

18,146,555

(18,933,221)

(14,566,559)

毛利

6,430,746

3,579,996

其他收入及收益
銷售及分銷開支
行政開支
金融資產減值虧損淨額
其他開支
融資成本
分佔聯營公司利潤及虧損

194,370
(71,036)
(678,912)
(10,485)
(99,110)
(412,081)
199,326

175,412
(55,618)
(585,932)
(2,061)
(294,841)
(325,119)
267,944

收入
銷售成本

除稅前利潤

5

5,552,818

2,759,781

所得稅開支

6

(1,168,455)

(511,050)

4,384,363

2,248,731

(83,602)
(741,260)

(8,620)
(77,901)

(824,862)

(86,521)

3,441

–

期內其他全面收益，扣除稅項

(821,421)

(86,521)

期內全面收益總額

3,562,942

2,162,210

期內利潤
其他全面收益
其後期間可能重新分類至損益的其他全面收益：
分佔聯營公司其他全面收益
換算境外業務之匯兌差額

其後期間不可重新分類至損益的其他全面收益：
其他

2

附註
以下各項應佔利潤：
母公司擁有人
非控股權益

以下各項應佔期內全面收益總額：
母公司擁有人
非控股權益

二零二六年
（未經審核）
人民幣千元

二零二五年
（未經審核）
人民幣千元

2,737,722
1,646,641

1,426,270
822,461

4,384,363

2,248,731

2,204,860
1,358,082

1,371,045
791,165

3,562,942

2,162,210

1.76元

0.92元

母公司普通權益持有人應佔每股盈利
基本及攤薄（人民幣）

8

3

未經審核中期簡明綜合財務狀況表
二零二六年六月三十日

二零二六年
六月三十日
（未經審核）
人民幣千元

二零二五年
十二月三十一日
（經審核）
人民幣千元

26,040,850
146,276
213,652
512,516
224,305
2,462,164
218,037
200,536

25,447,842
175,629
218,962
521,866
204,111
2,349,902
218,037
164,965

非流動資產總值

30,018,336

29,301,314

流動資產
存貨
貿易應收款項及應收票據
預付款項、其他應收款項及其他資產
應收關聯方款項
抵押存款
衍生金融工具
現金及現金等價物

8,629,347
4,123,977
1,206,262
229,800
3,655,301
–
6,836,868

5,311,021
2,384,067
1,074,621
349,486
2,466,784
454
7,371,903

流動資產總值

24,681,555

18,958,336

流動負債
計息銀行及其他借款
貿易應付款項及應付票據
租賃負債
衍生金融工具
其他應付款項及應計費用
合約負債
應付所得稅
應付關聯方款項

10,234,348
3,538,471
7,003
368
3,628,074
287,121
1,090,708
1,993,918

8,632,523
2,353,852
7,029
10,082
3,440,183
136,277
697,628
1,348,327

20,780,011

16,625,901

附註
非流動資產
物業、廠房及設備
無形資產
投資物業
使用權資產
遞延稅項資產
於聯營公司的權益
商譽
預付款項、其他應收款項及其他資產

9

10

11

流動負債總額

4

二零二六年
六月三十日
（未經審核）
人民幣千元

二零二五年
十二月三十一日
（經審核）
人民幣千元

流動資產淨額

3,901,544

2,332,435

總資產減流動負債

33,919,880

31,633,749

非流動負債
計息銀行借款
租賃負債
其他應付款項及應計費用
僱員福利負債
遞延稅項負債

9,173,597
1,539
3,214
63,781
1,114,044

9,972,200
3,240
9,043
59,556
670,489

非流動負債總額

10,356,175

10,714,528

資產淨值

23,563,705

20,919,221

權益
母公司擁有人應佔權益
股本
儲備

1,555,931
12,444,158

1,555,931
11,173,054

14,000,089
9,563,616

12,728,985
8,190,236

23,563,705

20,919,221

母公司權益持有人應佔權益
非控股權益
權益總額

5

未經審核中期簡明綜合財務資料附註
二零二六年六月三十日
1.

編製基準
截至二零二六年六月三十日止六個月的中期簡明綜合財務資料已根據國際會計準則第34
號中期財務報告 編製。中期簡明綜合財務資料不包括年度財務報表所要求的所有資料及披
露，且應與本集團截至二零二五年十二月三十一日止年度的年度綜合財務報表一併閱讀。

2.

會計政策及披露變動
編製中期簡明綜合財務資料所採納的會計政策與在編製本集團截至二零二五年十二月三十
一日止年度的年度綜合財務報表時所採用者一致，惟就本期間的財務資料首次採納以下經
修訂香港財務報告準則會計準則除外。
香港財務報告準則第9號及
香港財務報告準則第7號（修訂本）
香港財務報告準則第9號及
香港財務報告準則第7號（修訂本）
香港財務報告會計準則年度改進
－ 第11卷

金融工具分類及計量的修訂
涉及依賴自然能源生產電力的合約
香港財務報告準則第1號、香港財務報告準則
第7號、香港財務報告準則第9號、香港財務
報告準則第10號及香港會計準則第7號（修訂本）

經修訂香港財務報告準則會計準則的性質及影響載列如下：
(a)

香港財務報告準則第9 號及香港財務報告準則第7 號（修訂本）金融工具分類及計量
的修訂，明確了金融資產於實體對合約現金流量的權利到期或已轉讓時終止確認，
而金融負債則於結算日終止確認。該等修訂本引入了一項會計政策選擇權，即在滿
足特定條件時，可在結算日前通過電子支付系統清償的金融負債予以終止確認。該
等修訂本明確了如何評估具有環境、社會和治理以及其他類似或有特徵的金融資產
的合同現金流特徵。此外，該等修訂本亦明確了對具有無追索權特徵的金融資產和
合同關聯工具的分類要求。該等修訂本亦增加了對指定以其他綜合收益公允價值計
量的權益工具投資和具有或有特徵的金融工具的額外披露要求。由於本集團於過往
年度有關終止確認金融資產及負債的會計政策與該等修訂本一致，且本集團並無該
等修訂本所涉及的金融資產，因此該等修訂本對中期簡明綜合財務資料並無任何影
響。本集團將於本集團截至2026年12月31日止年度的綜合財務報表中，就其指定按
公允價值計入其他全面收益的權益投資作出額外披露。

(b)

香港財務報告準則第9號及香港財務報告準則第7號（修訂本）涉及依賴自然能源生產
電力的合約澄清「自用」要求對範圍內合約的應用，並修訂了範圍內合約現金流量套
期關係中套期項目的指定要求。該等修訂本亦包括補充披露要求，使財務報表使用
者能夠瞭解該等合約對企業的財務表現和未來現金流量的影響。由於本集團並無任
何屬於該等修訂本範圍內的合約，該等修訂本對中期簡明綜合財務資料並無任何影
響。

(c)

香港財務報告會計準則年度改進 － 第11 卷載列了對香港財務報告準則第1 號、香港
財務報告準則第7號（以及隨附的香港財務報告準則第7號實施指南）、香港財務報告
準則第9號、香港財務報告準則第10號及香港會計準則第7號的限定範圍修訂。該等
修訂本包括為提升相應香港財務報告會計準則的一致性而作出的澄清、簡化、更正
或變動。該等修訂本對中期簡明綜合財務資料並無任何影響。

6

3.

經營分部資料
出於管理目的，本集團並未按產品劃分業務單元，僅有一個可呈報經營分部。管理層對本
集團經營分部的整體經營業績進行監控，以作出有關資源分配及績效評估的決策。

4.

收入
收入分析載列如下：
截至六月三十日止六個月
二零二六年
二零二五年
人民幣千元
人民幣千元
（未經審核）
（未經審核）
客戶合約收入

25,363,967

18,146,555

客戶合約收入的收入分類資料
截至六月三十日止六個月
二零二六年
二零二五年
人民幣千元
人民幣千元
（未經審核）
（未經審核）
貨品或服務類型
鎳產品銷售
其他

23,821,679
1,542,288

17,286,951
859,604

客戶合約收入總額

25,363,967

18,146,555

中國內地
其他

21,665,008
3,698,959

16,334,370
1,812,185

客戶合約收入總額

25,363,967

18,146,555

於某個時間點轉移的貨品
隨時間轉移的服務

24,529,567
834,400

17,325,731
820,824

客戶合約收入總額

25,363,967

18,146,555

地域市場

收入確認的時間

7

5.

除稅前利潤
本集團除稅前利潤乃經扣除 ╱（計入）以下各項後達致：
截至六月三十日止六個月
二零二六年
二零二五年
人民幣千元
人民幣千元
（未經審核）
（未經審核）
已售存貨成本
長期資產折舊
出售物業、廠房及設備項目的虧損
作為轉租出租人的融資租賃收益
投資物業減值
金融資產減值淨額
貿易應收款項減值 ╱（減值撥回）淨額
其他應收款項（減值撥回）╱ 減值淨額

匯兌差額淨額
公允價值虧損 ╱（收益）淨額：
衍生金融工具
貿易應收款項包含臨時定價特徵
按公允價值計入損益的金融資產投資收益淨額：
衍生金融工具
貿易應收款項包含臨時定價特徵

8

15,295,776
846,871
23
–
–

13,750,199
706,587
14,105
(136)
61,360

10,829
(344)

(270)
2,331

10,485

2,061

90,044

200,279

(476)
5,204

10,697
4,172

(8,582)
(22,007)

–
(27,756)

(30,589)

(27,756)

6.

所得稅開支
本集團須就在本集團成員公司註冊及經營所在司法轄區產生或取得的利潤按實體基準繳納
所得稅。
中國
根據中國企業所得稅法及相關法規（「企業所得稅法」），在中國內地經營的公司須就期內應
課稅收入按25%（二零二五年：25%）的稅率繳納企業所得稅。本公司的一間附屬公司於二
零二二年十一月四日被認定為高新技術企業，並於二零二五年十一月十九日通過覆核，因
此可享受稅收優惠待遇，並於期內享受15%（二零二五年：15%）的優惠稅率。
印度尼西亞
根據印度尼西亞企業所得稅法及相關法規（「企業所得稅法」），在印度尼西亞經營的公司須
就應課稅收入按25%的稅率繳納企業所得稅。於二零二零年三月三十一日，政府發佈了一
項政府條例，以取代印度尼西亞共和國二零二零年第1號法，其中規定將企業所得稅納稅
人及常設機構實體的稅率從以前的25%調低至二零二零財年及二零二一財年的22%，從二
零二二財年開始及以後為20%，對符合一定條件的企業所得稅納稅人進一步減免3%。隨
後，政府於二零二一年十一月七日批准了稅收監管協調法 ╱Undang-Undang Harmonisasi
Peraturan Perpajakan（「UU HPP」）。UU HPP恢復了22%的企業所得稅稅率。
根據印度尼西亞共和國財政部長於二零一八年十一月一日頒佈的第721/KMK.03/2018號關
於向PT. Halmahera Persada Lygend（「HPL」）提供企業所得稅減免優惠的法令，HPL於二
零二一年起10個財政年度內獲得100%的企業所得稅減免，並於隨後2個財政年度額外減免
50%的企業所得稅。
根據印度尼西亞共和國財政部長於二零二一年十二月三日及二零二五年二月十日頒佈的第
NOMOR 33/THIPMA/2021號及第NOMOR 30/KM.3/2025號關於向PT. OBI Nickel Cobalt
（「ONC」）提供企業所得稅減免優惠的法令，ONC於二零二四年起15 個財政年度內獲得
100%的企業所得稅減免，並於隨後的2個財政年度內獲得額外50%的企業所得稅減免。
根據印度尼西亞共和國財政部長於二零二二年一月十七日頒佈的第NOMOR 4/TH/
PMA/2022 號關於向KPS提供企業所得稅減免優惠的法令，KPS於15 個財政年度內獲得
100%的企業所得稅減免，並於隨後2 個財政年度獲得額外50%的企業所得稅減免。根據
於二零二五年七月二十三日頒佈的最新第NOMOR 168/MK/PJ/2025號關於向PT. Karunia
Permai Sentosa（「KPS」）提供企業所得稅減免優惠的法令，KPS於二零二五年起10個財政
年度內獲得100%的企業所得稅減免，並於隨後2個財政年度獲得額外50%的企業所得稅減
免。
根據印度尼西亞共和國財政部長依二零零八年第36號稅法頒佈的31E稅務優惠規定，年度
總收入低於500億印尼盾的企業，就其對應48億印尼盾部分的應納稅所得額，可享受50%
的企業所得稅稅率減免。截至二零二六年六月三十日止六個月，PT Bhakti Bumi Sentosa
（「BBS」）已申請減免優惠。
本集團屬於全球反基礎侵蝕（「GloBE」）模型規則（「支柱二立法模版規限」）範圍。本集團
已應用有關確認及披露支柱二所得稅所產生的遞延稅項資產及負債的臨時強制性例外。自
二零二五年一月一日起，本集團需繳納香港、新加坡及印度尼西亞的支柱二所得稅。本集
團將在發生時將支柱二所得稅列為即期稅項。

9

本集團於期內的所得稅開支分析如下：
截至六月三十日止六個月
二零二六年
二零二五年
人民幣千元
人民幣千元
（未經審核）
（未經審核）
即期稅項：
期內支出

195,090

126,272

期內支柱二所得稅
遞延稅項

551,882
421,483

206,360
178,418

1,168,455

511,050

期內稅項開支 ╱（抵免）總額

7.

股息
董事會不建議派發截至二零二六年六月三十日止六個月的中期股息。
於二零二六年六月，西安鵬遠冶金設備有限公司向全體股東分派股息人民幣15,000,000.00
元，其中人民幣4,500,000.00元分派予非控股股東，並已於二零二六年六月十七日悉數派
付。
於二零二六年五月二十二日，董事會宣派截至二零二五年十二月三十一日止年度的末期股
息每股人民幣0.60元，總額約人民幣933,559,000元，該股息已於二零二六年六月十八日全
額派發。

8.

母公司普通權益持有人應佔每股盈利
每股基本盈利金額乃基於母公司普通權益持有人應佔利潤以及於本期間已發行普通股的加
權平均數1,555,931,350股（二零二五年：1,555,931,350股）計算。
由於本集團於截至二零二六年及二零二五年六月三十日止期間並無已發行潛在攤薄普通
股，故於截至二零二六年及二零二五年六月三十日止期間並無就攤薄對呈列的每股基本盈
利金額作出調整。

9.

物業、廠房及設備
二零二六年
二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
期 ╱ 年初賬面值
添置
期 ╱ 年內折舊撥備
出售
匯兌調整

25,447,842
2,210,024
(798,481)
(278)
(818,257)

21,639,059
5,650,687
(1,367,970)
(14,831)
(459,103)

期 ╱ 年末賬面值

26,040,850

25,447,842

10

10. 貿易應收款項及應收票據
二零二六年
二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
按攤銷成本計量的金融資產：
貿易應收款項
應收票據

2,501,829
188,482

1,823,123
123,188

2,690,311

1,946,311

(18,594)

(7,262)

2,671,717

1,939,049

445,778

123,375

按公允價值計入其他全面收益的金融資產：
應收票據

1,006,482

321,643

總計

4,123,977

2,384,067

減值

按公允價值計入損益的金融資產：
貿易應收款項包含臨時定價特徵

含有臨時定價特徵的貿易應收款項會受到市場價格未來變動的影響，其合約現金流量特性
不僅僅是本金和利息支付，因此需要按公允價值計入損益計量。此舉要求在最初確認相關
貿易應收款項日期評估此類應收款項面臨未來市場價格變動的風險。對於未受市場價格未
來變動影響的應收款項，需要進一步評估管理應收款項的業務模型以確定適當的分類和計
量方法。對於不包含臨時定價特徵的應收款項，相應的業務模型是持有資產以收取合約現
金流量，因此該等金融資產被歸類為按「攤銷成本」計量。
本集團通常會考慮預付款或使用信用證。最後付款通常於最後商業發票開具後的一至三個
月（及有時延長至一年）內支付。本集團力求嚴格控制其未清償的應收款項。逾期結餘由
高級管理層定期審查。本集團並無就其貿易應收款項結餘持有任何抵押品或其他信用增強
措施。貿易應收款項不計息。

11

本集團於報告期末的貿易應收款項（基於發票日期並扣除虧損撥備）的賬齡分析如下：
二零二六年
二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
3個月內
3至6個月
6至12個月
超過1年

2,335,822
109,180
33,252
4,981

1,593,458
175,985
36,699
9,719

2,483,235

1,815,861

11. 貿易應付款項及應付票據
於報告期末，貿易應付款項基於發票日期的賬齡分析如下：
二零二六年
二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
3個月內
3至6個月
6至12個月
1至2年
超過2年

12

3,018,596
105,993
137,227
130,773
145,882

1,270,381
303,968
437,658
154,350
177,469

3,538,471

2,343,826

管理層討論與分析
概覽
二零二六年上半年，受印度尼西亞產業政策調整與國際地緣政治雙重因素擾動，全球鎳
冶煉行業迎來格局重塑。面對多重外部挑戰，公司一方面穩步推進印度尼西亞Obi項目
規模化生產，持續釋放產能效益，同時深化精益化運營管理體系，鞏固自身核心成本競
爭優勢；另一方面有序推進公司首次公開發行A股股票並於深圳證券交易所主板上市，
截至本公告日期已順利通過深圳證券交易所上市委批准並獲得中國證監會同意註冊的批
覆。報告期內，公司實現營業收入人民幣25,364.0百萬元，同比增長39.8%，實現歸屬
於母公司擁有人淨利潤人民幣2,737.7百萬元，同比增長91.9%。公司與印度尼西亞合作
夥伴共同於印度尼西亞奧比島上投資建設的紅土鎳礦濕法冶煉（HPAL項目）項目保持全
系產線滿產運營。紅土鎳礦火法冶煉項目（RKEF項目）之參股項目一期HJF項目穩產運
營。與此同時，RKEF項目之KPS項目（RKEF項目二期）全系十二條產線已於二零二六
年五月按計劃全部投產，並於二零二六年八月一日實現全面達產。此外，公司有序推進
濕法渣資源化示範項目建設，圍繞鎳核心主業延伸產業鏈布局，驅動產業綠色深加工升
級，始終將ESG理念貫穿於公司全球業務布局與日常運營的每一個環節。在項目開發與
生產建設中，公司系統推進環境管理、社會投入與經濟責任的協同並進，圍繞生態保
護、資源循環、社區共建及員工發展等多個維度開展常態化實踐，並將責任理念延伸至
供應鏈管理、本地化運營與產業生態構建等更深層次，致力於實現企業成長與區域可持
續發展的共生共贏。

13

二零二六年上半年，印度尼西亞政府出台了一系列資源管控政策，進一步收緊鎳礦開採
配額，同時實施全新的鎳礦基準計價規則，上調了鎳修正系數並新增納入了鈷、鐵、鉻
等伴生金屬的計價。火法鎳鐵冶煉供給端受印度尼西亞資源管控政策影響，鎳礦使用成
本上升，壓縮了鎳鐵冶煉企業盈利空間，行業出現產能調整與低效產能出清，疊加印度
尼西亞長期管控新增火法冶煉產能，有效供給進一步收縮。火法鎳鐵冶煉終端需求結構
分化，地產相關低端不銹鋼需求走弱，但氫能、儲能、海上風電、光伏、新能源汽車等
高端製造帶動高鎳不銹鋼需求穩步增長，高鎳含量鎳鐵剛需韌性突出。據中國鋼鐵工業
協會不銹鋼分會統計，二零二六年一至六月全國不銹鋼粗鋼產量達2,107.9萬噸，同比增
長7.19%。濕法中間品冶煉供應端同樣受制於印度尼西亞資源管控政策，疊加地緣衝突
導致關鍵輔料硫磺成本抬升，多家濕法冶煉企業主動降負荷檢修，且新增產能尚未釋放
有效增量，濕法冶煉中間品供應偏緊。濕法中間品冶煉終端需求集中於三元電池領域，
根據中國汽車動力電池產業創新聯盟的統計資料，二零二六年上半年國內動力電池累計
裝車量為335.6GWh，同比增長12.0%。此外，海外高端長續航新能源車及大圓柱電池項
目放量，進一步帶動高鎳三元電池材料需求。

14

二零二六年上半年，鎳金屬期貨價格整體呈現沖高回落行情，價格區間波動顯著。一季
度，延續二零二五年末供應端偏緊的格局，滬鎳主力期貨合約價格在每噸人民幣13.0萬
元至14.8萬元區間震蕩運行。進入二季度，印度尼西亞上調鎳礦基準價新規對成本預期
的抬升效應，鎳期貨合約價格快速拉漲，於五月初上探至每噸人民幣15.5萬元附近，觸
及上半年高位。此後，印度尼西亞年中配額追加預期升溫，美聯儲加息預期強化，同時
全球精煉鎳顯性庫存持續累積壓制市場情緒，導致鎳期貨合約價格承壓回落。
短期來看，全球鎳市場供需格局已出現方向性改善，從二零二五年的過剩轉向趨緊。國
際鎳業研究組織(INSG)預測，二零二六年全球鎳市場有望從二零二五年的28.3萬噸供應
過剩轉為3.2 萬噸供應短缺，這是自二零二一年以來全球鎳市場首次出現年度缺口。受
供需格局變化影響，公司主要產品銷售價格同比增長：濕法冶煉中間品折扣系數持續走
高，疊加鎳價中樞同比上移，濕法產品價格同比上漲；鎳鐵受供給收縮支撐，價格亦高
於去年同期水平。中長期而言，新能源及不銹鋼領域對於鎳需求仍保持穩健增長，同時
新能源領域對於鎳需求佔比將進一步提升。根據灼識諮詢，全球鎳需求量由二零一九年
的241.9萬金屬噸增加至二零二四年的334.2萬金屬噸，期間年均複合增長率為6.7%。隨
着新能源汽車市場發展以及不銹鋼消耗量逐步提升，預計二零二九年全球鎳需求量將達
493.6萬金屬噸。不銹鋼是全球鎳需求量最大的領域，截至二零二四年，不銹鋼領域佔
全球鎳需求量的64.4%，鋰電池需求量佔比約為16.2%。隨着新能源汽車市場佔有率不
斷提升，以及動力電池技術向鎳密集型發展，預計到二零二九年，電池對鎳的需求量將
佔到全球總需求量的約30%。

新能源
鎳元素為動力電池的重要原材料之一，在動力電池中的主要應用具體如下：(i)鎳被廣泛
用作電池正極材料，能有效提升電池的能量密度和循環使用壽命；(ii)鎳同樣可以作為
負極材料，有助於增加電池的容量並延長其使用壽命；(iii)在電池電解液中，鎳作為添
加劑能顯著提高電池的循環穩定性和壽命；及(iv)鎳還可被應用於電池隔膜的製造，從
而增強電池的安全性和耐用性。作為提升電池能量密度的關鍵材料，鎳直接影響電池的
續航能力，是驅動三元鋰電池、固態電池及下游具身智能機器人、電動垂直起降飛行器
(eVTOL)、無人機等高端戰略新興產業發展的核心材料。

15

二零二六年上半年，國內新能源汽車行業保持穩健擴容態勢，新能源汽車市場滲透率
突破49%，產業發展質效持續提升。據中國汽車工業協會數據統計，二零二六年一至六
月，我國新能源汽車產量、銷量分別達到743.8萬輛、744.6萬輛，同比分別增長6.7%、
7.3%，其中純電動汽車銷量佔比提升至約67%，成為支撐行業增長的核心主力。出口
端表現優異，上半年新能源汽車出口量達235.5萬輛，同比大幅增長122.3%。當前行業
市場結構持續優化，電動化發展趨勢穩固，產業發展邏輯已從前期的規模高速擴張，逐
步轉向產品力升級、規範化運營的高質量發展新階段。政策層面，國家持續夯實新能源
汽車產業發展底層支撐，國務院印發的《「十五五」碳達峰行動方案》明確提出加快交通
運輸領域低碳轉型的發展目標，持續推進交通運輸領域用能低碳化，穩步提升新能源汽
車社會保有量，加速公共領域車輛全面電動化，並明確到二零三零年力爭實現全國新能
源汽車保有量佔比30%、新能源營運交通工具保有量佔比25%的發展指標。長期維度來
看，隨着下游消費需求持續升級與新能源汽車技術迭代革新，行業增長空間持續打開，
據灼識諮詢預測，二零二九年全球及中國新能源汽車銷量將分別增長至 4,721 萬輛、
2,815萬輛，產業長期發展潛力充足。
從新能源汽車裝車量來看，磷酸鐵鋰與三元鋰是目前主流正極材料。根據中國汽車
動力電池產業創新聯盟的統計資料，二零二六年上半年，國內動力電池累計裝車量
335.6G W h，累計同比增長 12.0%。其中三元電池累計裝車量 63.4G W h，佔總裝車
量 18.9%，累計同比增長 14.2%；磷酸鐵鋰電池累計裝車量 272.0GWh，佔總裝車量
81.0%，累計同比增長11.5%。儘管磷酸鐵鋰佔據多數份額，但其增速明顯放緩，而三
元電池佔比雖不高，但仍保持穩健增長。隨着動力電池技術迭代，全固態電池或將成為
最終發展形態，其主要原材料為正極高鎳三元材料。目前國內主流車企及上游電池廠商
（如比亞迪、寧德時代、廣汽集團等）均有固態電池或半固態電池技術儲備與研發布局，
該類電池預計二零二六年至二零二七年裝車，這將進一步推升高鎳三元材料的市場需
求。

16

展望未來，三元高鎳電池可適用於具身智能機器人、eVTOL、無人機等高端應用場景。
該等領域均有輕量化、長續航等要求，同時對價格敏感度不高，為三元鋰電池提供了巨
大的增量空間。據QYResearch調研顯示，二零二五年全球具身機器人鋰電池市場規模約
為0.16億美元，預計二零三二年將達4.77億美元，二零二六至二零三二年間年複合增長
率（CAGR）為49.7%，增長潛力巨大。隨著具身機器人大規模商業化落地，鋰電池需求
將迎來爆發式增長。同時，國家發展和改革委員會數據顯示，我國低空經濟市場規模正
快速擴張，預計二零二六年將突破1萬億元，二零三五年有望達3.5萬億元，成為拉動經
濟增長的新引擎。eVTOL、無人機等新興領域對高能量密度電池的剛性需求，將持續拉
動高鎳三元材料的滲透率提升。隨着高鎳化技術突破，三元電池在高端市場的競爭優勢
進一步凸顯，推動鎳資源需求結構性增長。

不銹鋼
鎳具有優異的耐腐蝕性、抗氧化性、良好塑性與穩定奧氏體組織結構特性，被廣泛應用
於不銹鋼領域。在鋼材中添加鎳能夠使其形成穩定奧氏體，大幅提升不銹鋼防銹、抗酸
鹼侵蝕、耐高溫及冷加工成型性能。不銹鋼是全球鎳需求量最大的領域，據灼識諮詢統
計，截至二零二四年，不銹鋼行業佔全球鎳需求的64.4%，穩居第一應用場景，是支撐
鎳需求的基本盤。
隨着不銹鋼生產的發展，不銹鋼的原材料已由純鎳向鎳鐵轉變，且以鎳鐵為主要原材料
的比例還在不斷增加。隨着不銹鋼產量的增加，對鎳鐵的需求也會增加。作為工業基礎
材料，不銹鋼具有廣泛的應用領域，包括交通、工業、建築、家電消費品、裝備製造等
領域。在交通領域，不銹鋼可以用於公交、地鐵、汽車、船舶、飛機等製造。在建築行
業，不銹鋼可以用於門窗扶手、樓梯、立柱等裝飾性部件，及建築結構本身。不銹鋼還
具有良好的耐腐蝕性和易清潔性，因此被廣泛用於食品加工、醫療設備和實驗室中。在
工業和能源領域，不銹鋼可以用於製造各種機械設備和管道，以及核電站的部件。

17

近年來，儘管不銹鋼行業受到了房地產需求波動的影響，但需求總量持續上升，同時產
業結構也發生了顯著變化，行業逐步從規模擴張轉向質量提升，高端製造新興領域需求
快速擴容，結構性需求韌性持續鞏固行業基礎。新能源汽車、氫能、儲能、海上風電、
光伏等新興領域對高鎳含量不銹鋼需求持續增長，成為行業需求新的增量，與此同時，
建築用不銹鋼管、高性能食品機械用不銹鋼、船舶與海洋工程等傳統領域穩步復甦。
二零二六年上半年，國內不銹鋼行業在頂層政策引領、需求端持續托底、供給端規範管
控的多重利好支撐下，整體運行態勢平穩有序。產業頂層設計方面，「十五五」規劃明確
提出推進鋼鐵、石化等傳統產業結構優化升級，培育精品鋼材產業優勢，聚焦先進材料
領域關鍵核心技術攻關，推動冶金產業向高端化、智慧化、綠色化轉型升級；配套出台
的《「十五五」循環經濟發展規劃》，進一步明確加快「城市礦產」高值化資源化利用，健
全廢鋼鐵、廢有色金屬規範化回收及再生高值利用體系，細化廢不銹鋼再生利用相關標
準與要求，為不銹鋼行業綠色低碳、可持續高質量發展構建了中長期政策框架。需求端
層面，《鋼鐵行業穩增長工作方案（2025-2026年）》明確以擴大工業設備、民生基建領域
鋼材消費為核心，持續提振鋼鐵及不銹鋼下游市場需求；同時，國家持續深化落實大規
模設備更新和消費品以舊換新行動，落地實施《國家發展改革委財政部關於2026年實施
大規模設備更新和消費品以舊換新政策的通知》，進一步擴容政策覆蓋範圍，新增老舊
小區電梯改造、商業配套設施升級、安全檢測裝備更新等支持方向，其中老舊小區加裝
電梯政策銜接城鎮老舊小區改造相關指導意見，綠色家電更新舉措契合「十五五」碳達峰
行動方案低碳發展部署，多項政策協同發力，有效激活工業裝備、綠色家電兩大核心領
域不銹鋼消費潛力，持續釋放下游市場需求。供給端監管層面，二零二六年新版《鋼鐵
行業產能置換實施辦法》正式落地實施，不銹鋼產業首次全面納入全國鋼鐵產能置換統
一監管體系，通過1.5:1的全國統一減量置換比例，最新措施剛性約束行業新增產能無序
擴張，同步規範不銹鋼感應爐配套建設標準，有效優化行業產能結構、均衡市場供需格
局，推動行業規範化、高質量轉型。據中國鋼鐵工業協會不銹鋼分會統計，二零二六年
一至六月全國不銹鋼粗鋼產量達2,107.9萬噸，同比增長7.19%。

18

展望未來，隨着國內大規模設備更新周期持續深化推進，工業領域鋼材替換需求將穩步
釋放，疊加新能源產業、高端精密製造等新興賽道高速發展，高端特種不銹鋼產品的市
場應用場景持續拓寬，行業增長潛力凸顯。外部環境方面，印尼鎳資源相關政策調整加
劇了上游原材料價格波動風險，同時歐盟碳關稅落地、全球貿易壁壘升級，進一步抬升
了國內不銹鋼行業的出口經營壓力。在此背景下，行業轉型升級需求迫切，亟需持續出
清低端低效產能，加速高端不銹鋼產品技術攻關與國產化替代進程，推動產業鏈上下游
協同升級，實現更高水平、更高質量的供需動態平衡。長期來看，依託城鎮老舊小區改
造、新型基礎設施建設等穩增長政策持續落地賦能，不銹鋼市場需求將保持穩步增長。
據灼識諮詢預測，二零二九年全球不銹鋼產量將增至7,344萬噸，中國不銹鋼產量將提
升至5,179萬噸，行業長期發展空間較為廣闊。
業務回顧
公司作為全球領先的鎳全產業鏈服務商，始終聚焦於國家戰略性礦產資源之一的鎳金屬
領域。我們已構建起覆蓋鎳資源採購、鎳產品貿易、冶煉生產與銷售的一體化業務體
系，形成境外資源保障與冶煉生產、境內技術研發與市場開拓的全球化布局，實現境內
外業務協同聯動。作為全球領先的鎳產品貿易商，我們憑藉優質的產品質量和高效的客
戶響應能力，與動力電池領域及不銹鋼領域等下游客戶建立了長期穩定的合作關係，在
鎳產品市場建立了良好的品牌形象與客戶口碑，為產能釋放提供了可靠的市場保障。公
司持續推進精益運營體系建設，將精益理念深度融入生產全鏈條，系統性降本增效能力
穩步增強。在「一帶一路」倡議引領下，公司與印度尼西亞合作夥伴在奧比島共同投資建
設產業園區，採用第三代HPAL工藝及成熟RKEF工藝，總設計產能達40萬鎳金屬噸（其
中濕法冶煉產能12 萬金屬噸鎳鈷化合物，火法冶煉產能28 萬金屬噸鎳鐵，含參股公司
HJF的9.5萬金屬噸），實現低品位紅土鎳礦的集約化、一體化開發利用。我們秉承「國際
化、專業化、資源多元化」的發展戰略，積極響應國家「雙碳」戰略，持續推動中國先進
技術與全球資源的深度融合，不斷鞏固在全球鎳行業的領先地位，致力於成為國際一流
的鎳全產業鏈服務商，助力鎳產業綠色低碳與可持續發展。

19

二零二六年上半年，公司在全球鎳產業鏈格局結構性調整的背景下，堅持以「技術驅動
與綠色低碳」理念，充分發揮印度尼西亞奧比產業園區的規模優勢，持續深化精細化運
營管控，並圍繞「一筆效益、一套體系、一支隊伍」三條主線系統性推進精益化運營體
系建設，推動火法及濕法冶煉從單點改善走向系統創效，實現產量與經營質量的穩步提
升，進一步鞏固全球鎳產業鏈核心地位。報告期內，公司實現營業收入人民幣25,364.0
百萬元，較上年同期增長39.8%；實現歸屬於母公司擁有人應佔溢利為人民幣2,737.7百
萬元，較上年同期增長91.9%。公司營收利潤雙增長，主要由於(i)報告期內，RKEF二
期項目實現全線投產產量釋放；(ii)受供應端收緊、需求端旺盛，以及印度尼西亞政策
傳導共同影響，鎳礦貿易板塊利潤有所增加；(iii)報告期內公司深化精細化成本控制管
理，優化生產流程，進一步提升盈利能力。

鎳資源採購與貿易
公司是中國最大的鎳礦貿易商，自成立以來，一直從事鎳礦、鎳鐵等鎳產品的貿易業
務。鎳礦資源具有稀缺性，因此對鎳產業鏈上的參與方而言，擁有穩定且充足的鎳礦供
應非常重要。公司深耕鎳礦貿易領域多年，已構建起覆蓋菲律賓、印度尼西亞等全球紅
土鎳礦資源豐富的國家和地區的資源流通網絡。依託卓越的供應鏈整合能力與對行業周
期的深刻理解，公司在鞏固現有渠道的基礎上持續引入新供貨商，形成了兼具穩定性與
靈活性的多元貨源保障體系。公司始終將客戶價值置於核心，通過服務體系的持續迭代
與回應效率的不斷提升，推動戰略合作關係的縱深發展。報告期內，面對印度尼西亞鎳
礦供應收緊及鎳礦基準價上調的政策擾動，公司充分發揮多年積累的市場分析能力與渠
道資源優勢，在採購端靈活調整備貨節奏與庫存結構，強化核心供貨商的協同保供；在
銷售端緊跟市場節奏，靈活運用多元化交易模式，有效管理價格波動風險，實現了鎳產
品貿易量的穩步增長。

鎳產品冶煉生產
印度尼西亞在全球鎳產業中的影響力和地位不斷提升。根據美國地質調查局(USGS)的
《2026 礦產摘要》，在鎳礦儲量方面，截至二零二五年末，全球鎳礦儲量超3.5 億噸金
屬，其中，54%為紅土鎳礦。在已探明的鎳資源中，印度尼西亞是全球鎳儲量最為豐富
的國家，佔世界鎳總儲量約44%。在鎳礦供應方面，印度尼西亞全球鎳礦供應佔比從二
零二四年的62%提升至二零二五年的67%。

20

公司的鎳產品冶煉生產項目布局印度尼西亞奧比島及中國江蘇，掌握了包括濕法冶煉及
火法冶煉在內的完整的鎳產品生產工藝。報告期內，隨着RKEF項目二期的全線投產，
公司已實現所有既有規劃產線建設及投產，公司鎳產品的生產規模穩步提升。

濕法冶煉項目 ╱HPAL項目
公司採用第三代HPAL冶煉工藝，為當前業內處理低品位紅土鎳礦最為先進的冶煉技
術之一。公司於印度尼西亞的濕法冶煉項目規劃落實共計六條產線，總設計年產能
120,000鎳金屬噸，14,250鈷金屬噸，項目根據市場需求生產氫氧化鎳鈷、硫酸鎳、硫酸
鈷及電積鈷等產品。
報告期內，濕法冶煉項目全線滿產運營。其中HPAL項目持續滿產穩定運行。公司先後
推進紅土鎳礦精礦工藝優化研究、紅土鎳礦濕法冶煉流程中有價資源高值化提取利用
工藝及產業化等研發項目，自主掌握了礦石除鐵酸浸出技術、MHP選擇性浸出技術、
MHP精礦與紅土鎳礦高壓酸浸協同發展技術等核心技術，使得公司濕法MHP產品鎳金
屬回收率達到約92%、鎳含量達到約42%，產品質量達到行業領先地位。面對硫磺價格
同比大幅上漲的市場環境，公司系統性推進降酸增效舉措，通過低鎂配礦、快檢前移及
AI調酸模型協同降酸，降低濕法冶煉項目單位酸耗。

火法冶煉項目 ╱RKEF項目
公司採用成熟的 RKEF冶煉技術，業務布局海內外。公司於印度尼西亞布局火法冶煉
項目共計20 條產線，合計年產能28 萬金屬噸鎳鐵，其中火法項目一期為HJF項目（公
司於其中持有股本權益），年設計產能9.5 萬金屬噸鎳鐵，火法項目二期為公司控股公
司KPS，年設計產能18.5 萬金屬噸鎳鐵。此外，公司於江蘇布局鎳鐵冶煉廠，亦採用
RKEF工藝，年設計產能1.8萬金屬噸鎳鐵。

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報告期內，公司持續優化火法冶煉工藝與生產管理，依託RKEF工藝經驗積澱及專業技
術團隊優勢，顯著提升生產效率和產品質量。HJF項目於二零二六年上半年保持穩定運
行狀態，而KPS項目全部十二條生產線已於二零二六年五月完成全部投產並於二零二六
年八月一日實現全線達產。公司深化火法冶煉精益管理，圍繞標準化作業、消耗管控及
設備保障系統推進。火法冶煉項目通過全鏈條標準化操作，日產鎳量及整體產量均有所
提升，冶煉電耗及蘭炭消耗較基線均有所下降。同時火法冶煉項目建立計劃檢修機制，
非計劃停機時間大幅減少，隱患閉環管理成效顯著，有效鞏固了火法冶煉的運營優勢。
風險分析

鎳金屬價格波動
鎳金屬價格受市場供求關係、宏觀經濟環境及產業政策等多重因素影響，短期內可能會
發生較大幅度的波動。公司與客戶、供貨商簽署的購銷協議通常根據一段時期內的市場
均價及未來預期等因素確定鎳產品的交付價格。若因市場供需變化導致鎳產品銷售價格
波動，公司鎳產品貿易業務的採銷價差可能收窄，鎳產品生產與銷售業務的毛利率亦可
能承壓，進而對公司的經營業績產生不利影響。若鎳產品價格持續上漲，下游客戶可能
尋求替代技術路線或加大再生鎳利用比例，從而抑制原生鎳需求。
為有效應對鎳金屬價格波動風險，公司持續優化採銷節奏與庫存管理，依託對全球鎳市
場供需變化的動態跟蹤與趨勢分析，靈活調整經營策略，提升對價格波動的適應性。在
此基礎上，公司充分發揮全產業鏈一體化布局的協同優勢，通過貿易與冶煉環節的統籌
協調，平衡上下游價格傳導的階段性差異；深化與下游客戶的戰略協同，靈活運用長協
鎖量、延遲定價等多種模式，增強供應鏈合作的穩定性與韌性。公司憑藉領先的濕法冶
煉技術、印度尼西亞奧比島產業園區的區位成本優勢及卓越的運營能力，在行業調整期
展現出較強韌性，為長期可持續發展夯實根基。

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原輔料及能源價格波動
除作為主要原料的紅土鎳礦以外，公司還採購硫磺、液鹼、蘭炭、生石灰等輔料及電
力、柴油、煤炭等能源來維持冶煉項目的生產運營，其價格可能受到通脹、全球供應鏈
中斷、供貨商產能限制、其他行業對相同材料的需求、補充及替代材料的可用性、以及
監管政策等因素的影響。若未來相關原輔料及能源價格持續高企或再度大幅波動，而公
司未能將成本上漲壓力向下游有效傳導，經營業績將面臨不利影響。
為應對原輔料及能源價格波動的風險，公司積極發揮貿易商優勢，通過研判市場價格走
勢，積極提前布局，優化庫存，同時結合生產端的工藝優化與能源管理實現運營降本；
另一方面，公司通過推進供應鏈向上游資源端延伸，提升輔料自給率，並通過產品高端
化與技術升級增強成本傳導能力。
報告期內，受地緣衝突與供需格局變化影響，全球硫磺供應呈現階段性偏緊格局，價格
隨之走高。為應對硫磺價格上漲，公司基於對全球硫磺供需格局的持續跟蹤與判斷，在
供應趨緊前已適度增加硫磺儲備，為報告期內濕法冶煉的連續運行提供了一定的緩衝空
間。同時，公司一方面持續推進生產工藝優化，通過使用低鎂含量的原料，並引入快檢
技術及AI模型輔助加酸決策，降低硫磺單位能耗；另一方面開展濕法工藝中硫的循環
利用研究，探討通過鐵鋁渣直接製備硫酸及廢水中硫資源與鎂回收利用的可行性與經濟
性。在此基礎上，公司一方面推進採購來源多元化布局，已與北美、中亞及中東等多個
地區的供貨商建立合作關係；另一方面，已取得印度尼西亞政府批准的硫酸進口配額，
可通過進口硫酸實現對部分硫磺需求的替代，進一步增強原料獲取的靈活性與供應鏈韌
性。通過上述組合策略，公司構建起較為穩健的硫磺供應保障體系，有效提升了應對突
發事件的能力，為濕法冶煉的連續穩定運行提供了支撐。

23

印度尼西亞產業政策變動的風險
公司業務經營與印度尼西亞地區政策環境密切相關。近年來，印度尼西亞政府出台了一
系列針對上游鎳資源管控政策，意在加強本土資源管理、掌控本土資源和產品的定價
權、提升印度尼西亞在鎳領域的影響力、提升鎳資源價格、增加稅收，包括調整鎳礦基
準價格(HPM)計算公式、收緊採礦配額、修改鎳礦開採配額審批頻率、上調鎳礦等產品
的非稅國家收入費率、修改金屬礦產參考價格(HMA)調價頻率等。若未來印度尼西亞持
續收緊鎳資源管控、更新行業監管政策、調整稅費及定價規則，或將進一步推高公司原
料採購成本、壓縮盈利空間。
針對印度尼西亞地緣政治及產業政策變動風險，公司已建立常態化政策跟蹤分析機制，
實時跟進當地鎳礦定價、配額、稅費、出口等政策動態，提前預判、靈活調整採購及生
產計劃，緩釋政策變動衝擊。公司將繼續深化與印度尼西亞本地資源提供方的長期合
作，依託長協鎖量穩價，保障原料供應穩定，並積極拓展多元化採購渠道，分散經營風
險。同時，公司堅持本地化合規經營，深度融入印度尼西亞本土產業布局，延伸高端冶
煉產業鏈，維持良好政企合作關係，嚴格遵守當地礦業、稅收、環保等監管要求，全面
夯實本地運營合規根基。此外，公司持續優化生產工藝，提升金屬回收率、降低原輔料
單耗，以內生降本對沖原料漲價壓力，有效降低印度尼西亞地緣政策波動對公司盈利的
不利影響。

24

匯率變動風險
公司主要生產基地位於海外，採購亦以境外鎳礦及各類原輔料為主，銷售端進口貿易亦
包含信用證付款結算模式，涉及大量美元等外幣結算。因此，公司利潤水平受匯率變
動的影響。隨着公司海外業務的持續擴大、銷售端進口貿易及境外各國政治經濟形勢變
化，公司存在因匯率大幅波動導致經營業績發生變化的風險。
為有效管理匯率波動可能帶來的財務風險，公司貫徹「風險中性」原則，建立了系統化的
風險識別與評估機制，定期對外匯風險敞口進行監測與測算。通過梳理外幣資產與負債
的配置情況，公司能夠及時評估匯率變動對經營業績與財務狀況的潛在影響，並採取針
對性措施予以應對。秉承「風險中性」的管理理念，公司致力於減少匯率波動對主業經營
的干擾，增強財務穩健性與業績可持續性。
公司的核心競爭力

以鎳資源為核心，迭代升級全球一體化綠色循環產業生態系統
公司持續深耕鎳全產業鏈布局，在原有貫通上游資源、中游冶煉、下游貿易銷售的完整
產業生態基礎上，二零二六年上半年實現產能規模、工藝技術、綠色循環、客戶協同多
維度升級，構建資源、生產、市場、低碳深度聯動的一體化競爭壁壘，持續強化複雜地
緣環境與大宗商品周期下的經營韌性。
上游資源端，公司穩固印度尼西亞、菲律賓雙核心鎳礦供應網絡，依託長期簽訂的長協
鎳礦保供協議鎖定原料來源，疊加自有專業鎳礦化驗團隊持續優化鎳礦品質檢測分析體
系，可從礦石品位、伴生金屬、適配冶煉工藝等維度精準分析全球鎳礦資源，實現高
效、高性價比原料採購，持續夯實原材料穩定供給核心優勢。

25

中游生產端，國內及印度尼西亞奧比島自有冶煉基地產能全面釋放，公司同步布局火法
與濕法產線，可規模化產出鎳鐵、硫酸鎳、硫酸鈷、電積鈷等多元化產品，覆蓋新能源
動力電池與不銹鋼兩大核心下游賽道。公司持續迭代綠色循環生產工藝，系統化回收生
產過程產生的硫酸、蒸汽、煤氣等副產物回用於冶煉工序，同步推進冶煉固廢資源化利
用項目落地，大幅提升資源綜合利用率，構建低成本、低排放的綠色冶煉體系，契合全
球低碳供應鏈發展要求。
下游市場端，公司依託全球化運營積累的行業分析能力，打通冶煉產能與海內外終端市
場，與新能源正極材料、不銹鋼行業頭部企業建立長期鎖量合作機制，通過定制化原料
供應方案深化客戶綁定，平滑行業周期波動。
報告期內，公司持續推進奧比島產業園區關鍵基礎設施配套建設及生態復綠與土地復墾
工作，進一步提升園區物流效率、技術集成度與資源協同效應，持續構建集約化、規模
化運營優勢。未來，公司將繼續優化奧比島全產業鏈運營效率，推動運營成本與生產
成本持續優化，不斷提升核心競爭力與可持續發展能力。構建貫穿「資源採購 － 綠色冶
煉 － 終端銷售」的全鏈條協同體系，依託礦冶同址、雙線工藝、低碳生產、全球化渠道
多重迭加優勢，支撐公司業務規模穩步擴張與長期可持續增長。

優化生產工藝流程，發揮技術優勢以降低生產成本
憑藉持續的技術創新與深厚的行業經驗積澱，公司構建了多元化的產品矩陣，全面覆蓋
火法冶煉與濕法冶煉兩大核心工藝路徑，在鎳產業鏈中形成了從中間品到精煉產品的完
整布局。依託對HPAL三代技術的深度掌握和持續優化，公司在濕法項目成本控制方面
建立了顯著的競爭優勢；同時，火法冶煉領域通過規模化運營和技術升級，進一步夯實
了產能規模。在運營效率方面，公司通過精細化管理和供應鏈協同，持續提升產能利用
率與成本管控能力，實現優於行業平均水平的盈利表現，核心競爭力持續鞏固。

26

濕法冶煉
公司濕法冶煉項目採用第三代HPAL工藝，在處理高鈷、高鐵低品位紅土鎳礦方面具備
能耗低、綜合回收率高等優勢，但技術難度大、流程複雜，且需在高溫、高壓及強酸環
境下運行，對運營管理能力要求極高。公司將精益理念深度融入濕法冶煉全流程，圍繞
生產流程、工藝細節及關鍵設備進行了系統化優化，先後推進紅土鎳礦精煉工藝優化研
究、紅土鎳礦濕法冶煉過程中有價資源高值化提取利用工藝及產業化等研發項目，自主
掌握了礫石餘酸浸出技術、MHP選擇性浸出技術、MHP精煉與紅土鎳礦高壓酸浸協同
發展技術等核心技術，使得公司濕法MHP產品鎳金屬回收率達到約92%、鎳含量達到約
42%，產品質量達到行業領先地位。
在此基礎上，公司持續推進選礦優化、餘酸回收、蒸汽梯級利用等改進措施，並應用AI
模型輔助加酸決策，進一步降低能耗與生產成本。依託先進控制系統與精細化管理，實
現對全流程的精準管控，在保障連續穩定生產的同時，確保人員與設備安全。上述舉措
顯著提升了濕法項目的運營效率與經濟性。

火法冶煉
公司憑藉對RKEF工藝關鍵流程及工藝的突破實現降本增效，在大型鎳鐵礦熱爐全流程
裝備領域開展系列專項研發，推動了大型鎳鐵礦熱爐爐蓋、鎳鐵礦熱爐專用改進型電除
塵器、礦熱爐底部環改進設計等研發項目，形成了大型礦熱爐設備應用技術，有效提升
了產線熱能利用率，同步降低了機器設備維護成本。公司同步深化火法冶煉精益運營，
圍繞標準化作業、消耗管控及設備保障三大方向系統推進，通過規範操作、穩控參數、
計劃檢修等一系列舉措，實現了產量提升、能耗下降、停機減少的顯著成效。
在此基礎上，公司將江蘇工廠積累的技術經驗與精細化管理模式應用於印度尼西亞火法
冶煉項目。考慮到印度尼西亞當地紅土鎳礦特性，公司對RKEF工藝及設備進行針對性
優化，通過提升熱回收效率等措施，降低能耗與維護成本，實現多項生產指標突破。

27

擁有長期穩定的資源供應及優質客戶群體
鎳作為新能源產業鏈的關鍵戰略資源，其穩定供應對公司業務拓展及行業地位鞏固至關
重要。憑藉多年深耕鎳產業鏈所積累的行業資源與運營經驗，公司與上游供貨商、下游
客戶建立了長期穩定的戰略合作關係。
公司持續深化與印度尼西亞、菲律賓兩國礦山的合作，依託長協鎖定與技術創新，構建
了穩固的鎳礦供應體系，有效提升了供應鏈的穩定性與抗風險能力。同時，公司積極拓
展新的資源渠道，推行多元化供應策略，以靈活應對全球市場波動及潛在的地緣政治風
險，為公司的可持續發展奠定了堅實基礎。依託上游資源優勢及成熟的冶煉加工能力，
公司現已形成多元化的鎳產品供給體系，具備長期穩定的產能保障能力。濕法冶煉領
域，公司濕法冶煉項目均已全線滿產運營，具備年產12 萬金屬噸鎳鈷化合物的生產能
力，有力保障濕法冶煉產品向新能源領域的長期穩定供應；火法冶煉領域，公司火法二
期項目已於二零二六年八月一日實現全面達產，火法產品鎳鐵產能進一步提升，鎳鐵產
品供給能力得到有效增強。多元化的產品組合與持續擴大的產能規模，使公司能夠以靈
活的供給方式滿足下游不同領域客戶的差異化需求。
依託穩定的資源保障與多元化的產品供給能力，公司已與新能源及不銹鋼領域頭部企
業建立了深度合作關係。新能源領域，公司目前已與寧德時代新能源科技股份有限公
司（港交所：3750）附屬公司（湖南邦普循環科技有限公司、寧德邦普循環科技有限公
司、寧波邦普時代新能源有限公司）、寧波容百新能源科技股份有限公司（上交所：
688005）、格林美股份有限公司（深交所：002340）等業內領先新能源材料生產商簽訂長
期供應協議，為公司濕法項目產品的持續放量提供了穩定的市場渠道保障。不銹鋼領
域，公司持續為青山控股集團、寶鋼德盛不銹鋼有限公司及POSCO (Pohang Iron And
Steel Co., Ltd.)等大型鋼鐵企業供應紅土鎳礦及鎳鐵產品，長期穩定的合作關係為公司
業務持續穩定發展奠定了堅實的客戶基礎。

28

國內下游行業發展勢頭良好，公司鎳產品市場需求有望進一步提升
公司的鎳產品主要應用於新能源汽車及不銹鋼等下游行業。兩大終端市場均呈現良好發
展態勢，公司的鎳產品將充分獲益於下游需求的持續釋放。
新能源汽車方面，全球諸多國家均已設定汽車電動化目標。根據灼識諮詢，中國新能源
汽車新車銷量滲透率已由二零一九年的5.0%提升至二零二四年的44.4%，預計至二零二
九年將進一步達到82.0%。政策層面，二零二六年上半年，國家持續加碼新能源汽車消
費支持，新能源汽車購置稅減半徵收政策正式落地，以舊換新補貼及新能源汽車下鄉活
動同步推進，疊加「十五五」智慧網聯新能源汽車產業發展規劃的前瞻部署，持續推動
新能源汽車銷量及滲透率穩步提升。新能源汽車市場的蓬勃發展為三元電池產業創造了
廣闊市場空間。三元電池憑藉優於其他技術路線的能量密度和真實續航表現，已在市場
中佔據重要地位。隨着三元電池高鎳化進程的深入推進，上游硫酸鎳及硫酸鈷等關鍵原
材料需求有望進一步釋放。公司精準把握新能源產業發展契機，前瞻性布局硫酸鎳及硫
酸鈷產能，印度尼西亞濕法冶煉項目已實現全面投產，具備12萬金屬噸鎳鈷化合物（含
14,250金屬噸鈷）的設計產能，奠定了公司在新能源原料供應領域的競爭新優勢。
不銹鋼行業在政策托底與供需動態調整中穩步運行。「十五五」規劃及配套循環經濟、產
能置換等系列政策密集落地，旨在「促消費、優供給、推轉型」。消費端，設備更新與以
舊換新政策持續擴容，將老舊小區電梯加裝、綠色家電更新納入支持範圍，着力托底不
銹鋼工業裝備與民用消費兩大核心需求；供給端，新版產能置換辦法首次將不銹鋼納入
全國統一監管，嚴控新增產能，引導低效產能有序退出，從源頭改善行業供需格局。展
望未來，政策驅動下，不銹鋼產量與高端化升級趨勢有望持續拉動鎳原料消費需求，公
司鎳產品作為不銹鋼冶煉關鍵原料，將直接受益於行業穩增長與結構優化帶來的需求支
撐。

29

我們秉承ESG可持續發展理念
我們始終將ESG理念作為企業長期價值的核心驅動力，依託董事會ESG委員會統籌治
理，持續推進環境責任、社會效益與公司戰略的有機融合。二零二六年上半年，公司在
綠色轉型方面取得實質性突破，重點推進濕法渣資源化項目的建設，有望實現冶煉副產
品向建築材料的有效轉化，同步加大清潔能源投入與工藝節能改造，持續降低單位產出
的碳足跡。在項目運營中，公司深化本地化融合，通過供應鏈責任管理與社區共建，穩
步提升區域發展的協同性與包容性。面向未來，我們將繼續以技術創新與管理優化為雙
輪驅動，提升ESG治理效能，夯實全球新能源產業可持續資源保障能力。公司致力於將
可持續發展理念貫穿貿易、生產、銷售各環節，推動產業園區的循環化、集約化、智慧
化升級，構建環境友好、資源高效的現代產業生態。

獨立園區生產布局，構築行業差異化優勢
依託印度尼西亞合作方在奧比島儲備的大規模優質紅土鎳礦資源，公司在Obi項目規劃
籌備階段便前瞻布局，於奧比島自建Obi產業園區，搭建起覆蓋鎳礦原料供給、輔料製
備至鎳產品冶煉加工的完整礦冶一體化產業體系。公司冶煉生產線集中落地奧比島自有
園區，廠區緊臨鎳礦開採區域，原料開採、冶煉加工全流程均可在園區內開展，省去
長距離礦產轉運環節。該產業園區專為公司與印度尼西亞合作方開發的Obi項目配套打
造，整體採用集約化、一體化統籌規劃思路，獨立園區的生產布局構築起行業差異化競
爭優勢。經過持續建設完善，園區現已配備專業化港口碼頭、標準化倉儲物流堆場、穩
定配套的工業用水、供電及集中蒸汽系統，同時建成完備的員工食宿、生活後勤配套設
施；園區內部同步配套硫磺制酸廠、石灰加工廠等核心輔料生產單元，冶煉所需關鍵輔
料能夠自產自給，實現核心生產經營環節自主可控；園區擁有充足獨立的土地空間，可
靈活統籌規劃各冶煉產線排布、存貨堆存、冶煉廢渣處置等區域，生產管理與固廢處理
效率大幅提升。依託礦源就近配套、輔料園內自產、物流基建自有、廠區空間充足等多
重集聚優勢，公司充分發揮獨立園區內產業鏈協同效應，有效削減原料運輸、輔料外
購、物業管理及固廢處理等多項支出，持續優化生產全鏈條成本結構，顯著降低鎳產品
單位生產成本。

30

前景

Obi項目核心產能建設全面收官，規模效益進入持續釋放階段
印度尼西亞奧比島產業集群為公司中長期盈利增長核心載體，項目穩定投產與高效運營
是公司業務規模擴張的關鍵支撐。二零二六年上半年，公司推進RKEF二期KPS工程建
設與投產，全部產線已於二零二六年八月一日實現達產，標誌着奧比島存量規劃冶煉產
能已全部落地達產。未來，公司重心將轉向全產線運維優化、工藝參數調試與精益化管
理，依託前期已投產產線積累的本地化運營經驗，持續提升各產線鎳金屬回收率、設備
運轉效率，攤薄單位固定生產成本。

循環經濟賦能，推進濕法渣資源化示範項目
公司嚴格遵循ESG可持續發展理念，聚焦冶煉固廢處置行業重要挑戰，持續推進濕法渣
資源化示範項目建設。濕法渣中含有較為豐富的鐵元素，經預處理後其鐵含量可達到常
規鐵礦標準，後續可加工為生鐵並進一步製成螺紋鋼產品，可廣泛應用於橋樑、道路、
高層建築、隧道等基建工程。伴隨東南亞新興經濟體城市化與基礎設施建設提速，螺紋
鋼需求具備長期支撐空間。該項目一方面可解決濕法渣長期堆存帶來的佔地、環保治理
壓力，降低日常環保運維成本；另一方面實現冶煉廢棄物資源化利用，開闢全新價值增
量，形成環保效益與經營效益雙向增益的循環模式。報告期內，濕法渣資源化示範項目
正式頒布並落地實施標準化項目執行手冊，同步統籌啟動項目配套專用設備採購工作，
完成部署並上線一體化項目管理系統，全面規範項目全流程管控工作。

31

推進MHP精煉項目，持續拓寬高附加值產品發展路徑
公司圍繞下游多元化高端市場需求持續開展產品深加工技術研發與項目前期落地籌備工
作。依託自有濕法冶煉產線產出的MHP原料，公司持續完善深加工產品發展路徑，可將
中間品進一步加工為兩類高附加值產品：一是電池級硫酸鎳、硫酸鈷，適配新能源汽車
動力電池、儲能、3C電子領域，助力下游提升電池能量密度；二是高純度電積鎳、電積
鈷，憑藉高強度、耐腐蝕特性覆蓋高端不銹鋼、特種合金、航空航天製造場景。

持續改進生產工藝，以技術革新夯實運營優勢
公司堅持技術驅動生產，依託多年濕法、火法冶煉實操積澱，持續改進現有生產工藝、
升級智慧化冶煉設備，在保障鎳鈷、鎳鐵產品質量穩定維持行業高標準的基礎上，穩步
提升金屬綜合回收率、降低單位能耗與碳排放，全面落地綠色生產ESG管理目標。
在濕法礦渣資源綜合利用等多條產品線的拓展上，公司已形成成熟成套技術儲備，為產
業化落地奠定了堅實基礎。同時，公司系統化提升研發實力，依託自有實驗室開展常態
化工藝試驗、深化與國內頂尖科研院所及研究機構的戰略合作、持續擴充專業研發團
隊，為項目實施與技術升級提供保障。

拓展全球優質鎳資源，築牢供應鏈安全與競爭優勢基石
鎳資源是公司業務穩步增長及匹配新能源及不銹鋼產業核心需求的核心根基，穩定、優
質的鎳原料供給對公司中長期經營布局具備關鍵戰略價值。公司將推進全球化資源布
局，依託投資、合作等多元模式挖掘海內外優質鎳礦資產，不斷拓寬多元供貨渠道、擴
充資源儲備規模。持續深耕全球鎳資源端布局，一方面能夠強化公司在上游礦產領域的
話語權與議價主動權，深度參與全球鎳產業鏈資源競爭，提升整體綜合競爭壁壘；另一
方面搭建安全、低碳、可持續的全球化鎳供應鏈，保障國內下游新能源、不銹鋼製造企
業原料穩定供給，依託資源端優勢對沖原料價格波動風險，支撐公司與國內鎳產業鏈長
期協同發展。

32

精益賦能，成本制勝
公司圍繞設備運維、標準化生產、能源降耗三大核心搭建全流程精益管理體系，優先在
印度尼西亞冶煉基地落地精益標桿示範項目，沉澱標準化、可複製、可推廣的精細化運
營管理模式。依託示範項目落地實踐，同步配套員工技能專項培訓、內部組織架構精簡
優化，搭建專業精益管理人才梯隊，為全廠區、全產業鏈條複製推廣精益管理體系夯實
人才與制度底座。隨着精益體系全面落地，公司依託數字化生產平台實現生產工序、物
料調配、能耗消耗全流程數據化管控，以數據驅動持續降本增效，打造行業頭部成本管
控優勢。完善的成本管控體系可有效抵禦行業周期性經營衝擊，讓公司在日趨白熱化的
全球鎳產品市場競爭中鞏固差異化核心優勢，實現高質量、可持續穩健經營。

深化治理與人才建設，奠定企業可持續發展根基
公司堅持「治理提質、人才強企」 雙輪驅動發展戰略。在公司治理層面，公司建立分層
分級科學決策機制、海外市場快速響應機制、跨境業務全流程風控體系，全面提升集團
整體治理效率與海內外業務合規運營能力，為戰略目標實現築牢制度屏障；人才建設層
面，公司構建一體化人才管理體系，結合多賽道業務需求優化人才結構，完善分層培
養、輪崗歷練、長效激勵配套機制，打造專業化、國際化複合型人才隊伍，持續為公司
資源拓展、生產技改、市場創新、全球化布局提供長效人才支撐。

33

財務回顧
收入
下表載列於截至二零二六年六月三十日及二零二五年六月三十日止六個月按業務分部劃
分並以絕對金額及佔總收入百分比列示的總收入明細：
截至六月三十日止六個月
二零二六年
二零二五年
人民幣千元
(%) 人民幣千元

(%)

鎳產品貿易
紅土鎳礦
鎳鐵

3,556,966
4,096,718

14.0
16.2

2,051,824
5,569,067

11.3
30.7

小計

7,653,684

30.2

7,620,891

42.0

鎳產品生產
鎳鐵
鎳鈷化合物

7,739,831
8,428,164

30.5
33.2

2,601,406
7,064,654

14.3
38.9

小計

16,167,995

63.7

9,666,060

53.2

其他

1,542,288

6.1

859,604

4.8

總計

25,363,967

100.0

18,146,555

100.0

收入由截至二零二五年六月三十日止六個月的人民幣18,146.6百萬元增加39.8%至截至
二零二六年六月三十日止六個月的人民幣25,364.0百萬元。收入增加主要歸因於我們的
鎳產品冶煉業務產生的收入增加。
截至二零二六年六月三十日止六個月的貿易業務產生的收入為人民幣7,653.7百萬元，較
截至二零二五年六月三十日止六個月的鎳產品貿易業務收入人民幣7,620.9 百萬元基本
保持持平，一方面貿易鎳礦採銷增加，同時鎳礦市場價上漲，導致貿易收入增加人民幣
1,505.1百萬元；貿易業務收入的上升被以下因素部分抵減：貿易鎳鐵的採銷減少，導致
貿易收入減少人民幣1,472.3百萬元。
生產業務產生的收入由截至二零二五年六月三十日止六個月的人民幣9,666.1百萬元增加
67.3%至截至二零二六年六月三十日止六個月的人民幣16,168.0百萬元，主要由於：(i)
鎳鐵銷量隨RKEF二期項目KPS投產增加，導致生產業務的鎳鐵收入增加人民幣5,138.4
百萬元；(ii)鎳市場價和鈷市場價上漲，導致鎳鈷化合物收入增加人民幣1,363.5百萬元。
34

其他收入由截至二零二五年六月三十日止六個月的人民幣859.6百萬元增加79.4%至截至
二零二六年六月三十日止六個月的人民幣1,542.3百萬元，主要由於報告期煤炭的銷量增
加。
毛利及毛利率
毛利由截至二零二五年六月三十日止六個月的人民幣3,580.0百萬元增加79.6%至截至二
零二六年六月三十日止六個月的人民幣6,430.7百萬元，毛利率由19.7%上漲至25.4%。
貿易業務的毛利由截至二零二五年六月三十日止六個月的人民幣327.1百萬元增加26.9%
至截至二零二六年六月三十日止六個月的人民幣 415.0 百萬元，貿易業務的毛利率由
4.3%上漲至5.4%，主要由於：(i)市場價格上漲；(ii)高毛利的貿易鎳礦銷售佔比增加所
致。
生產業務的毛利由截至二零二五年六月三十日止六個月的人民幣 3,200.4 百萬元增加
84.9%至截至二零二六年六月三十日止六個月的人民幣5,918.2百萬元。鎳產品生產業務
的毛利率由33.1%上漲至36.6%，主要由於(i)隨RKEF二期項目KPS投產增加，鎳鐵銷量
增加，同時市場價格上漲，導致鎳鐵毛利由截至二零二五年六月三十日止六個月的人民
幣393.8百萬元增加至截至二零二六年六月三十日止六個月的人民幣2,085.3百萬元，毛
利率由截至二零二五年六月三十日止六個月的15.1%上漲至截至二零二六年六月三十日
止六個月的26.9%；(ii)鎳市場價和鈷市場價上漲，導致鎳鈷化合物毛利由截至二零二五
年六月三十日止六個月的人民幣2,806.5百萬元增加至截至二零二六年六月三十日止六個
月的人民幣3,832.8百萬元，毛利率由截至二零二五年六月三十日止六個月的39.7%上漲
至截至二零二六年六月三十日止六個月的45.5%。
其他業務的毛利由截至二零二五年六月三十日止六個月的人民幣52.6百萬元增加85.7%
至截至二零二六年六月三十日止六個月的人民幣97.6百萬元，其他業務的毛利率由同期
的6.1%上漲至6.3%。
其他收入及收益由截至二零二五年六月三十日止六個月的人民幣175.4百萬元增長10.8%
至截至二零二六年六月三十日止六個月的人民幣194.4百萬元，主要由於利息收入增加
人民幣30.1百萬元；其他收入及收益的增加被以下因素抵減：政府補助收入減少人民幣
16.4百萬元。
銷售及分銷開支
銷售及分銷開支由截至二零二五年六月三十日止六個月的人民幣55.6百萬元增加27.7%
至截至二零二六年六月三十日止六個月的人民幣71.0百萬元，主要由於銷售量增加對應
的檢測費支出增加。

35

行政開支
行政開支由截至二零二五年六月三十日止六個月的人民幣585.9百萬元增加15.9%至截至
二零二六年六月三十日止六個月的人民幣678.9 百萬元，主要由於業務擴張導致員工成
本增加。
其他經營開支
其他經營開支由截至二零二五年六月三十日止六個月的人民幣294.8百萬元減少66.4%至
截至二零二六年六月三十日止六個月的人民幣99.1百萬元，主要由於(i)截至二零二六年
六月三十日止六個月的美元兌人民幣呈下降趨勢，匯兌虧損淨額減少人民幣110.2 百萬
元；及(ii)二零二五年同期我們對投資性房地產的可回收價值進行評估，確認了減值人
民幣61.4百萬元。
融資成本
融資成本由截至二零二五年六月三十日止六個月的人民幣325.1百萬元增加26.7%至截至
二零二六年六月三十日止六個月的人民幣412.1 百萬元，主要由於銀行借款增加導致利
息上升所致。
分佔聯營公司利潤及虧損
分佔聯營公司利潤由截至二零二五年六月三十日止六個月的人民幣 267.9 百萬元減少
25.6%至截至二零二六年六月三十日止六個月的人民幣199.3百萬元，主要是由於參股項
目RKEF一期、普勤時代本期利潤下降。
除稅前利潤
由於上述原因，除稅前利潤由截至二零二五年六月三十日止六個月的人民幣2,759.8百萬
元增加101.2%至截至二零二六年六月三十日止六個月的人民幣5,552.8百萬元。
所得稅開支
所得稅開支由截至二零二五年六月三十日止六個月的人民幣511.1 百萬元大幅增加至截
至二零二六年六月三十日止六個月的所得稅開支為人民幣1,168.5百萬元，主要是由於我
們針對項目公司盈利狀況預提所得稅，同時我們根據支柱二立法模版計提了支柱二補足
稅。
報告期利潤及淨利率
由於自產鎳鐵和鎳鈷化合物銷量增加以及市場價格上漲帶動毛利增加，半年度利潤由截
至二零二五年六月三十日止六個月的人民幣2,248.7百萬元增加95.0%至截至二零二六年
六月三十日止六個月的人民幣4,384.4百萬元。淨利率由截至二零二五年六月三十日止六
個月的12.4%上漲至截至二零二六年六月三十日止六個月的17.3%。
36

流動資產、財務資源及流動比率
為保障本集團持續營運的能力、為本集團的營運提供資金及盡量提高股東價值，本集團
於截至二零二六年六月三十日止六個月採納多項資金及庫務措施。該等措施包括但不限
於(i)因應當前經濟狀況及相關資產的任何風險特徵作出相關調整，以定期管理本公司的
資本架構；(ii)使用經常性流動資金規劃工具持續監察本公司的潛在資金短缺風險，該
工具會計及其金融工具及金融資產的到期日及來自經營業務的預計現金流量；(iii)僅與
認可及信譽卓著的第三方進行交易，而該等第三方均須接受本公司的信貸審核程序；及
(iv)在適當情況下使用租賃及計息貸款等多種金融工具，以在資金的連續性及靈活性之
間保持平衡。截至二零二六年六月三十日止六個月，本集團的財務狀況維持穩定。
於二零二六年六月三十日，流動資產為人民幣24,681.6百萬元，較二零二五年十二月三
十一日人民幣18,958.3百萬元增加30.2%。於二零二六年六月三十日，本集團的現金及
現金等價物達到人民幣6,836.9百萬元，較二零二五年十二月三十一日人民幣7,371.9百
萬元減少7.3%。
本集團的流動比率（流動資產除以流動負債）由二零二五年十二月三十一日的1.1倍上升
至二零二六年六月三十日的1.2倍。

資本開支
下表載列於所示期間我們的資本開支明細：
截至六月三十日止六個月
二零二六年
二零二五年
人民幣千元
(%) 人民幣千元

(%)

物業、廠房及設備預付款項

2,133,436

100.0

2,328,004

100.0

總計

2,133,436

100.0

2,328,004

100.0

承擔
下表載列我們於所示日期的資本承擔明細：
於六月三十日
二零二六年
二零二五年
人民幣千元
人民幣千元
物業、廠房及設備

3,215,136
37

8,411,614

債項
我們於二零二六年六月三十日確認債項人民幣19,416.5百萬元（於二零二五年十二月三
十一日：人民幣18,615.7百萬元），其中包括以人民幣及美元計值的計息銀行及其他借款
人民幣8,113.3百萬元（按固定利率計息）
（於二零二五年十二月三十一日：人民幣6,077.9
百萬元）和人民幣11,294.6百萬元（按浮動利率計息）
（於二零二五年十二月三十一日：人
民幣12,526.8百萬元）及租賃負債人民幣8.5百萬元（於二零二五年十二月三十一日：人
民幣10.3百萬元）及長期應付款人民幣0.1百萬元（於二零二五年十二月三十一日：人民
幣0.7百萬元）。
或有負債
於二零二六年六月三十日，我們並無重大或有負債。
資本負債比率
資本負債比率等於計息銀行借款總額除以權益總額。於二零二六年六月三十日，資本負
債比率為0.8，與二零二五年十二月三十一日的資本負債比率0.9相比略有下降。
所持重大投資及重大收購及出售事項
截至二零二六年六月三十日止六個月，本集團並無持有的重大投資、附屬公司、聯營公
司及合營公司的重大投資、重大收購或出售事項。

財務風險
外匯風險
我們的財務報表以人民幣列示，本集團開展業務所使用的其他貨幣之間的匯率波動可能
影響本集團的財務狀況和經營業績。我們目前並無外幣對沖政策。但我們的管理層會通
過進行定期檢討管理外匯風險，並將在有需要時考慮對沖重大外幣風險敞口。
資產抵押
於二零二六年六月三十日，我們的部分貸款由(i)以位於中國的樓宇作抵押，其賬面價值
為人民幣40.2 百萬元（二零二五年十二月三十一日：人民幣19.7 百萬元）；(ii)以位於中
國境內的土地使用權作抵押，其賬面價值為人民幣485.8百萬元（二零二五年十二月三十
一日：人民幣492.4百萬元）；(iii)以位於印尼的廠房及機械、電子及辦公設備、汽車及
在建建築的抵押，其賬面價值為人民幣16,870.2百萬元（二零二五年十二月三十一日：
人民幣16,636.6百萬元）；(iv)以位於中國的投資物業作抵押，其賬面價值人民幣186.4百
萬元（二零二五年十二月三十一日：人民幣188.9百萬元）；(v)以位於印尼的存貨抵押，
其賬面價值為人民幣2,320.2 百萬元（二零二五年十二月三十一日：人民幣1,232.4 百萬
元）；(vi)以位於印尼應收賬款抵押，其賬面價值為人民幣0.7百萬元（二零二五年十二月
三十一日：人民幣271.5百萬元）；及(vii)以賬面價值人民幣3,655.3百萬元的存款作質押
（二零二五年十二月三十一日：人民幣2,466.6百萬元）。
38

於二零二六年六月三十日，除上述披露外，本集團並無向金融機構質押其他資產。
重大投資及資本資產的未來計劃
於二零二六年六月三十日，本公司並無重大投資及資本資產的計劃。
報告期後重大事項
於本公告日期，本集團在報告期後並無其他重大事項。
僱員及薪酬政策
於二零二六年六月三十日，本集團共有全職員工16,137人。
我們主要通過求職網站、僱員推薦計劃及校園招聘來滿足我們的招聘需求。我們的僱員
通常與我們訂立標準的僱傭合約。我們僱員的薪酬待遇包括基本工資、獎金及津貼。我
們根據僱員的職位為其設定績效目標，並定期審查其績效。我們為新僱員提供入職培訓
及持續培訓，以提高僱員的行業、技術及產品知識，以及彼等對行業質量標準及工作安
全標準的熟悉程度。
根據中國法律及法規的要求，我們參與由當地地方政府當局運作的社會保險計劃，並為
我們的僱員投購強制性養老金繳款計劃以及醫療、工傷及生育保險計劃。我們亦為僱員
繳納失業保險計劃及住房公積金。
資產負債表外安排
於二零二六年六月三十日，本公司並未訂立任何資產負債表外安排。
中期股息
董事會已議決不建議派付截至二零二六年六月三十日止六個月的中期股息。

39

其他數據
遵守企業管治守則
本集團致力維持及促進嚴格的企業管治。本集團企業管治原則旨在推廣有效的內部控制
措施，強調業務在各方面均能貫徹高標準的道德、透明度、責任及誠信操守，確保其業
務及營運均符合適用法律及法規，增進董事會工作的透明度，及加強對所有股東的責任
承擔。本集團的企業管治常規乃根據香港聯合交易所有限公司證券上市規則（「上市規
則」）附錄C1所載《企業管治守則》
（「企業管治守則」）規定的原則及守則條文而訂立。本
集團於報告期一直遵守企業管治守則所載的適用守則條文。
遵守董事進行證券交易的標準守則
本集團已採納上市規則附錄C3 所載上市發行人董事進行證券交易的標準守則（「標準守
則」）作為本集團有關董事進行證券交易的行為守則。經向全體董事作出特定查詢後，董
事確認，彼等於報告期已嚴格遵守標準守則。

購買、出售或贖回本公司上市證券
於報告期，本公司或其任何附屬公司概無購買、出售或贖回本公司於香港聯合交易所有
限公司（「聯交所」）上市的任何證券（包括出售庫存股）。於二零二六年六月三十日，本
公司並無持有任何庫存股。

充足公眾持股量
聯交所已授予本公司豁免嚴格遵守上市規則第8.08(1)條的規定，致使公眾人士不時持有
股份的最低百分比應為約15.31%（向上取整）。根據本公司公開獲得的資料並據董事所
知，董事確認，本公司自上市日期起均維持聯交所要求的前述最低公眾持股量。

審核委員會及財務資料審閱
本公司已遵照上市規則第3.21 條及企業管治守則成立審核委員會（「審核委員會」），以
持續監督我們的風險管理政策在本公司內部的實施情況，確保內部控制系統能夠有效識
別、管理及減輕我們業務運營所涉及的風險。審核委員會包括三名成員，即何萬篷博
士、王緝憲博士及張爭萍女士。張女士為具備適當專業資格的獨立非執行董事，擔任審
核委員會主席。
審核委員會已審閱本集團截至二零二六年六月三十日止六個月的未經審核中期業績及未
經審核中期綜合財務報表，並就有關本公司採納的會計政策及慣例的事宜進行討論。
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刊發中期業績公告及中報
本中期業績公告將於聯交所網站( www.hkexnews.hk )及本公司網站( www.lygend.com )發
布。本公司於截至二零二六年六月三十日止六個月的中報將於適當時間刊載於上述聯交
所及本公司網站，並寄發予本公司股東（如有需要）。

致謝
董事會謹此對所有客戶、供貨商及合作夥伴及全體股東的理解、支持和信任致以謝意，
本集團全體員工將攜手股東一如既往地勤奮工作。
承董事會命
寧波力勤資源科技股份有限公司
董事長兼執行董事
蔡建勇
中國，二零二六年八月二十七日

於本公告日期，執行董事為蔡建勇先生、費鳳女士、蔡建威先生及王凌先生；非執行
董事為Lawrence LUA Gek Pong先生；獨立非執行董事為何萬篷博士、張爭萍女士及
王緝憲博士；職工代表董事為余衛軍先生。

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