力勤资源2026年中期报告正式刊发，核心上半年业绩已在8月27日业绩公告披露

宁波力勤资源科技股 份有限公司
LYGEND
&
CO.,
宁 波 力RESOURCES
勤资源科
技股 份有限
公LTD.
司
LYGEND
RESOURCES
& TECHNOLOGY
TECHNOLOGY
CO.,
LTD.

LYGEND
RESOURCES
CO.,
LTD.
(A joint stock company
incorporated in &
theTECHNOLOGY
People’s Republic of China
with limited
liability)

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

Stock
（於中華人民共和國註冊成立的股份有限公司）
Stock Code:
Code: 2
2 24
24 5
5

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

Stock Code: 股份代號：2245
2 24 5

Fe

Co

2026
INTERIM REPORT
中
期
報
告

Ca0
RKEF

Ni

HPAL

Contents

目錄

COMPANY PROFILE

公司簡介

2

CORPORATE INFORMATION

公司資料

5

CHAIRMAN’S STATEMENT

董事長報告書

9

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論與分析

14

CORPORATE GOVERNANCE AND
OTHER INFORMATION

企業管治及其他資料

59

Unaudited Interim Condensed Consolidated
Statement of Profit or Loss and Other
Comprehensive Income

未經審核中期簡明綜合損益
及其他全面收益表

67

Unaudited Interim Condensed Consolidated
Statement of Financial Position

未經審核中期簡明綜合
財務狀況表

69

Unaudited Interim Condensed Consolidated
Statement of Changes in Equity

未經審核中期簡明綜合
權益變動表

72

Unaudited Interim Condensed Consolidated
Statement of Cash Flows

未經審核中期簡明綜合
現金流量表

74

Notes to Unaudited Interim Condensed
Consolidated Financial Information

未經審核中期簡明綜合
財務資料附註

77

COMPANY PROFILE
公司簡介

2

We are a company with a full nickel industry chain and
businesses across the entire nickel industry value chain,
covering nickel resource procurement, nickel product
trading, nickel product production and sales, and other
aspects. In terms of nickel product trading, we are the
largest nickel ore trader in China. In the field of smelting
and production, we actively respond to the “Belt and
Road” initiative, implement the development strategy
of national new energy and other strategic industries,
focus on the key nickel resources and the layout of major
resource producing areas in the world, jointly invest in
the construction of an independent industrial park on
Obi Island, Indonesia, with our Indonesian Partner, and
have completed the production layout of hydrometallurgy
projects and pyrometallurgy projects for nickel products,
as well as the supporting production auxiliary facilities in
the park. This ensured our autonomy in aspects such as
smelting and production, raw materials, and public ancillary
facilities, and has helped us achieve various breakthroughs
and significant progress in the field of smelting of nickel
products.

我們是一家擁有完整鎳產業鏈且業務涵蓋
整個鎳產業價值鏈的公司，我們的業務覆
蓋鎳資源採購、鎳產品貿易、鎳產品生產
與銷售等環節。在鎳產品貿易方面，我們
是中國最大的鎳礦貿易商。在冶煉生產領
域，我們積極響應「一帶一路」倡議，落
實國家新能源等戰略性產業的發展戰略，
圍繞關鍵鎳資源，重點佈局全球主要資源
產區，在印度尼西亞奧比島與印尼合作夥
伴共同投資建設獨立產業園區並完成了鎳
產品濕法冶煉項目和火法冶煉項目的生產
佈局，園區內配套的生產輔助設施，確保
了我們在冶煉生產、原料及公共輔助設施
等多方面的自主性，助力我們在鎳產品冶
煉領域取得了多項突破和長足進步。

Adhering to the concept of integrating Chinese technology
with global resources, the Company has devoted itself
to the nickel industry and has fully taken advantage of its
strengths to strive for the development and construction
of the entire nickel industry chain. Headquartered in
Ningbo, the Company initially completed its business
layout with manufacturing and smelting in Indonesia
and has established market presence globally, thereby
establishing an industrial pattern of “upstream nickel
resource integration and trading, midstream smelting
and production and sales, and expansion of downstream
application scenarios”.

公司深耕鎳行業，始終秉承以中國技術嫁
接全球資源的理念，充分發揮自身所長，
致力於鎳全產業鏈發展和建設。初步完成
了總部在寧波、製造冶煉在印尼、市場在
全球的佈局，形成了「上游鎳資源整合與
貿易 － 中游冶煉生產與銷售 － 下游應用
場景的延伸」的產業格局。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

COMPANY PROFILE
公司簡介

NICKEL RESOURCES SOURCING AND
TRADING

鎳資源採購與貿易

Since venturing into the laterite nickel ore trading business
in 2009, we have established stable business relationships
with upstream nickel mining companies. We primarily
source laterite nickel ore from countries and regions with
the most abundant laterite nickel resources in the world,
including the Philippines and Indonesia. Among these
countries and regions, the Philippines is currently the
world’s largest exporter of laterite nickel ore. We have
established long-term and stable business relationships
with leading Filipino nickel mining companies including
Nickel Asia Corporation and CTP Construction and Mining
Corp., enabling us to secure a stable and long-term supply
of laterite nickel ore. We are also engaged in the trading of
ferronickel and primarily source ferronickel for our trading
business from Indonesia.

自二零零九年開始從事鎳礦貿易以來，我
們與上游鎳礦開採商建立了穩定的合作關
係。我們主要向菲律賓、印度尼西亞等
全球紅土鎳礦資源最豐富的國家和地區採
購紅土鎳礦。其中，菲律賓為當前全球
紅土鎳礦出口量最高的國家。我們與亞
洲鎳業(Nickel Asia Corporation)及CTP
Construction and Mining Corp.等菲律賓
領先的鎳礦開採商均建立了長期且穩定的
合作關係，使我們的紅土鎳礦資源始終得
到長期穩定的供應。我們亦從事鎳鐵貿
易，並主要從印度尼西亞採購貿易業務的
鎳鐵。

We have a deep understanding of, and forward-looking
insights into the global distribution, supply and
demand, industry trends and pricing dynamics of nickel
resources. These strong capabilities have enabled us
to form long-term cooperation with many reputable and
established downstream enterprise customers.

我們對鎳資源的全球分佈、市場供求、行
業趨勢和價格變動等方面有深刻的了解和
前瞻的洞察。基於前述出色的能力，我們
與眾多下游聲譽卓著而實力雄厚的企業客
戶達成了長期合作。

SMELTING AND PRODUCTION

冶煉生產

To expand the breadth and depth of our products
and service offerings, we have expanded our product
and service portfolio to areas including nickel product
production.

為加深我們產品及服務的深度與廣度，我
們將產品服務體系延伸至鎳產品生產等環
節。

二零二六年中期報告 Interim Report 2026

3

COMPANY PROFILE
公司簡介

4

Since expanding our business to cover nickel product
production in 2017, we have mastered the complete
pyrometallurgy and hydrometallurgy processes for nickel
product production. Starting from Jiangsu Province, China,
we have gradually built up our production capacity for
nickel products worldwide. Our manufacturing facilities in
Suqian, Jiangsu Province, China (the “Jiangsu Facilities”)
have three ferronickel production lines using the Rotary
Kiln-Electric Furnace process (the “RKEF process”). The
aggregate designed production capacity of our Jiangsu
Facilities is 18,000 metal tons of ferronickel per annum.
On the Obi Island, Indonesia, we have jointly invested in
two nickel product production projects with our Indonesian
Partner, including (i) the HPAL project, a hydrometallurgy
project with an aggregate designed production capacity
of 120,000 metal tons of nickel-cobalt compound per
annum (including 14,250 metal tons of cobalt), and (ii) the
RKEF project, a pyrometallurgy project using the RKEF
process (the “RKEF project,” together with the HPAL
project, the “Obi project”), with an aggregate designed
production capacity of 280,000 metal tons of ferronickel
per annum (among which, the pyrometallurgy production
capacity of HJF, in which the Company holds equity
interests, is 95,000 metal tons of ferronickel). As at the
date of this report, all production lines of the Company’s
Obi project have reached their designed production
capacity, possessing a large-scale annual production
capacity of 400,000 metal tons of nickel. Our nickel-cobalt
compounds and ferronickel products are widely used in
the rapidly growing new energy vehicle (NEV) and stainless
steel markets.

我們自二零一七年起佈局鎳產品生產板
塊，掌握了包括火法及濕法冶煉在內的
完整鎳產品生產工藝。從中國江蘇省起
步，我們正逐漸在全球範圍內建立我們的
鎳產品產能。我們位於中國江蘇省宿遷
的生產工廠（「江蘇工廠」）擁有三條使用
回轉窯電爐工藝（「RKEF工藝」）的鎳鐵生
產線，總年設計產能為18,000 金屬噸鎳
鐵。我們在印度尼西亞奧比島與印尼合作
夥伴共同投資了兩個鎳產品生產項目，包
括(i)HPAL項目，一個總計年設計產能為
120,000金屬噸鎳鈷化合物（包括14,250
金屬噸鈷）的濕法冶煉項目，及(ii)RKEF
項目，一個總計年設計產能為280,000金
屬噸鎳鐵並使用RKEF工藝的火法冶煉項
目（「RKEF項目」，與HPAL項目合稱「Obi
項目」）
（其中參股公司HJF火法冶煉產能
為 9.5 萬金屬噸鎳鐵）。截至本報告發出
日，公司Obi項目全部產線均已達產，
具備年產 40 萬噸金屬鎳的規模化生產能
力。我們的鎳鈷化合物及鎳鐵產品廣泛應
用於快速增長的新能源汽車市場及不銹鋼
市場。

Our Obi project was selected for the List of Achievements
in Promoting the ‘Belt and Road’ Construction in Zhejiang
Province led by the Zhejiang Provincial Government, and
won honorary awards such as China Standard Overseas
Demonstration Project issued by China Non-Ferrous
Metals Industry Association.

我們的Obi項目入選了由浙江省政府牽頭
評選的《浙江省推進「一帶一路」建設成果
清單》，並獲得了中國國家有色金屬協會
頒發的《中國標準海外示範工程》等榮譽
獎項。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE INFORMATION
公司資料

BOARD OF DIRECTORS

董事會

Chairman and executive Director

董事長兼執行董事

Mr. CAI Jianyong

蔡建勇先生

Executive Directors

執行董事

Ms. FEI Feng
Mr. CAI Jianwei
Mr. WANG Ling

費鳳女士
蔡建威先生
王凌先生

Non-executive Director

非執行董事

Mr. Lawrence LUA Gek Pong

Lawrence LUA Gek Pong先生

Employee representative Director

職工代表董事

Mr. YU Weijun

余衛軍先生

Independent non-executive Directors

獨立非執行董事

Dr. HE Wanpeng
Ms. ZHANG Zhengping
Dr. WANG James Jixian

何萬篷博士
張爭萍女士
王緝憲博士

BOARD COMMITTEES

董事委員會

Audit committee

審核委員會

Ms. ZHANG Zhengping (Chairperson)
Dr. HE Wanpeng
Dr. WANG James Jixian

張爭萍女士（主席）
何萬篷博士
王緝憲博士

二零二六年中期報告 Interim Report 2026

5

CORPORATE INFORMATION
公司資料

6

Remuneration committee

薪酬委員會

Dr. HE Wanpeng (Chairperson)
Ms. ZHANG Zhengping
Mr. YU Weijun

何萬篷博士（主席）
張爭萍女士
余衛軍先生

Nomination committee

提名委員會

Ms. ZHANG Zhengping (Chairperson)
Dr. HE Wanpeng
Mr. CAI Jianyong

張爭萍女士（主席）
何萬篷博士
蔡建勇先生

ESG committee

環境、社會和管治委員會

Mr. CAI Jianyong (Chairperson)
Mr. QIAN Feng (Non-director)
Mr. YU Hai (Non-director)
Mr. LIAO Zhengquan (Non-director)
Mr. LIU Xuanliang (Non-director)
Mr. QI Hui (Non-director)
Mr. WANG Duodong (Non-director)
Mr. SHI Wentang (Non-director)
Mr. CAI Jiansong (Non-director)
Ms. CAI Xiaoou (Non-director)
Ms. WANG Chongfeng (Non-director)

蔡建勇先生（主席）
錢峰先生（非董事）
禹海先生（非董事）
廖正權先生（非董事）
劉煊亮先生（非董事）
齊輝先生（非董事）
王多冬先生（非董事）
石文堂先生（非董事）
蔡建松先生（非董事）
蔡曉鷗女士（非董事）
王崇鋒女士（非董事）

JOINT COMPANY SECRETARIES

聯席公司秘書

Mr. CAO Zheng
(appointed as the sole company
secretary on 31 May 2026)
Ms. LEE Hoi Ki
(appointed on 31 March 2026
and resigned on 31 May 2026)
Mr. CHOW Shing Lung
(resigned on 31 March 2026)

曹錚先生
（於二零二六年五月三十一日
獲委任為唯一公司秘書）
李凱琪女士
（於二零二六年三月三十一日獲委任及
於二零二六年五月三十一日辭任）
鄒醒龍先生
（於二零二六年三月三十一日辭任）

COMPANY SECRETARY

公司秘書

Mr. CAO Zheng
(appointed on 31 May 2026)

曹錚先生
（於二零二六年五月三十一日獲委任）

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE INFORMATION
公司資料

AUTHORIZED REPRESENTATIVES
(UNDER THE LISTING RULES)

授權代表（根據上市規則）

Ms. FEI Feng
Mr. CAO Zheng
(appointed on 31 May 2026)
Ms. LEE Hoi Ki
(appointed on 31 March 2026 and
resigned on 31 May 2026)
Mr. CHOW Shing Lung
(resigned on 31 March 2026)

費鳳女士
曹錚先生
（於二零二六年五月三十一日獲委任）
李凱琪女士
（於二零二六年三月三十一日獲委任及
於二零二六年五月三十一日辭任）
鄒醒龍先生
（於二零二六年三月三十一日辭任）

REGISTERED OFFICE

註冊辦事處

2/F, Mingchuang Building
No. 707 Tiantong South Road
Yinzhou District
Ningbo City, Zhejiang Province
PRC

中國
浙江省寧波市
鄞州區
天童南路707號
明創大樓2樓

HEAD OFFICE

總部

10-11/F, Building C10, R&D Park, Lane 299
Guanghua Road
Yinzhou District
Ningbo City, Zhejiang Province
PRC

中國
浙江省寧波市
鄞州區
光華路
299弄研發園C10幢10-11樓

PRINCIPAL PLACE OF BUSINESS IN HONG
KONG REGISTERED UNDER PART 16 OF
THE COMPANIES ORDINANCE

根據公司條例第 16 部註冊的香港
主要營業地點

46/F, Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong

香港
灣仔
皇后大道東183號
合和中心46樓

H SHARE REGISTRAR

H股證券登記處

Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong

香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心
17樓1712-1716號舖

二零二六年中期報告 Interim Report 2026

7

CORPORATE INFORMATION
公司資料

8

PRINCIPAL BANKS

主要往來銀行

Agricultural Bank of China, Ningbo Branch
Bank of China, Fenghua Branch
China CITIC Bank, Ningbo Jiangdong Branch

中國農業銀行寧波分行
中國銀行奉化分行
中信銀行寧波江東分行

LEGAL ADVISORS

法律顧問

As to Hong Kong laws:
Cleary Gottlieb Steen & Hamilton (Hong Kong)

有關香港法律：
佳利（香港）律師事務所

As to PRC laws:
Zhejiang T&C Law Firm

有關中國法律：
浙江天冊律師事務所

AUDITOR

核數師

Ernst & Young
Certified Public Accountants
Registered Public Interest Entity Auditor

安永會計師事務所
執業會計師
註冊公眾利益實體核數師

27/F, One Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong

香港
鰂魚涌
英皇道979號
太古坊一座27樓

STOCK CODE

股份代號

2245

2245

COMPANY’S WEBSITE

公司網站

www.lygend.com

www.lygend.com

DATE OF LISTING

上市日期

1 December 2022

二零二二年十二月一日

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CHAIRMAN’S STATEMENT
董事長報告書

To Shareholders,

尊敬的各位股東：

On behalf of the board of directors (the “Board”) of Lygend
Resources & Technology Co., Ltd. (the “Company”) and its
subsidiaries (collectively referred to as the “Group”), I am
pleased to present to you the interim report of the Group
for the six months ended 30 June 2026 (the “Reporting
Period”).

我謹代表寧波力勤資源科技股份有限公
司（「本公司」）及其附屬公司（合稱「本集
團」）董事會（「董事會」）向 閣下提呈本
集團截至二零二六年六月三十日止六個月
（「報告期」）的中期報告。

In the first half of 2026, the global nickel industry
continued its structural adjustment, with intensified
dynamics between supply and demand, presenting
both opportunities and challenges. On the supply side,
Indonesia, as the country with the largest nickel reserves
in the world (accounting for approximately 44% of the
world’s total nickel reserves), continued to tighten its
nickel industry control policies, with nickel ore export
quotas assessed annually as a regular practice and
expectations for a tightening supply of upstream primary
nickel resources continued to rise. Meanwhile, affected by
disruptions in the global geopolitical situation, the supply of
core raw and auxiliary materials for hydrometallurgy, such
as sulfur, remained tight, with prices rising significantly,
further exacerbating supply-side constraints in the industry.

二零二六年上半年，全球鎳行業延續結構
性調整態勢，供需兩端博弈加劇，機遇與
挑戰並存。供給層面，印度尼西亞作為全
球鎳儲量最豐富的國家（佔世界總儲量約
44%），持續收緊鎳產業管控政策，鎳礦
出口配額常態化按年度核定，鎳上游原生
資源供給收緊預期持續升溫。同時，受全
球地緣局勢擾動，硫磺等濕法冶煉核心原
輔料供給偏緊、價格大幅上行，進一步加
劇行業供給端約束。

On the demand side, the two major downstream sectors
operated smoothly: In respect of the new energy sector,
the domestic new energy vehicle industry steadily improved
in quality and expanded in capacity. In the first half of
2026, domestic new energy vehicle production and sales
reached 7.438 million and 7.446 million units, respectively,
representing year-on-year increases of 6.7% and 7.3%,
respectively; new energy vehicle exports reached 2.355
million units, representing a significant year-on-year
increase of 122.3%, showing strong growth momentum
in overseas expansion. During the Reporting Period, the
domestic installed volume of power batteries was 335.6
GWh, representing a year-on-year increase of 12%. With

需求端兩大下游板塊平穩運行：新能源
賽道方面，國內新能源汽車產業穩步提
質擴容，二零二六年上半年，國內新能
源汽車產銷分別達743.8 萬輛、744.6 萬
輛，同比增長6.7%、7.3%；新能源車出
口 235.5 萬輛，同比大幅增長 122.3%，
出海增長勢頭強勁。報告期內，國內動力
電池裝車量335.6GWh，同比增長12%。
在《「十五五」碳達峰行動方案》政策加持
下，國內交通電動化持續提速，疊加半固
態、全固態電池逐步落地裝車，低空經
濟、具身機器人商業化提速，高鎳三元材
料長期增量空間廣闊。不銹鋼行業方面，

二零二六年中期報告 Interim Report 2026

9

CHAIRMAN’S STATEMENT
董事長報告書

10

the policy support of the Action Plan for Carbon Peaking
during the ‘15th Five-Year Plan Period’ 《“十五五”碳達峰行
(
動方案》
), domestic transportation electrification continued
to accelerate. Coupled with the gradual deployment and
installation of semi-solid-state and all-solid-state batteries
in vehicles, as well as the accelerated commercialization
of the low-altitude economy and embodied robots, there
is considerable room for long-term growth for high-nickel
ternary materials. In respect of the stainless steel sector,
supported by policies such as equipment upgrades,
trade-ins of consumer goods, and the renovation of
old communities, coupled with the high-end and green
transformation of the metallurgical industry during the
“15th Five-Year Plan” period and the implementation of the
new revised steel capacity replacement policy, inefficient
capacity in the industry was brought under control, and
the supply and demand pattern continued to be optimized.
While traditional demand steadily recovered, the demand
for high-nickel stainless steel in emerging fields such as
wind power, energy storage, hydrogen energy, and new
energy vehicle components rose rapidly, continuing to
drive growth in the consumption of ferronickel.

受益於設備更新、消費品以舊換新、老舊
小區改造等政策托底，疊加「十五五」冶
金產業高端化、綠色化轉型及新版鋼鐵產
能置換政策落地，行業低效產能得到管
控，供需格局持續優化。傳統需求穩步修
復的同時，風電、儲能、氫能、新能源汽
車零部件等新興領域高鎳不銹鋼需求快速
崛起，持續帶動鎳鐵消費增量釋放。

Leveraging its integrated layout across the entire nickel
industry chain and the development philosophy of
“green and low-carbon, innovation-driven”, the Company
coordinates nickel resource procurement and trading,
smelting production and sales, flexibly responding to
multiple external uncertainties such as commodity price
fluctuations and overseas policy changes to hedge
cyclical volatility risks. In the first half of 2026, the overall
operations remained steady, and the comprehensive
resilience of the industry chain and counter-cyclical
competitiveness were continuously strengthened.

公司依託完整鎳全產業鏈一體化佈局，堅
守「綠色低碳、創新驅動」發展理念，統
籌鎳資源採購與貿易、冶煉生產與銷售，
靈活應對大宗商品價格震蕩、海外政策變
動等多重外部不確定性，對沖週期波動風
險，二零二六年上半年整體經營保持穩健
運行，產業鏈綜合韌性與抗週期競爭力持
續夯實。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CHAIRMAN’S STATEMENT
董事長報告書

During the Reporting Period, the various businesses of the
Company progressed in an orderly manner, realizing an
operating revenue of RMB25,364.0 million, representing
a year-on-year growth of 39.8%. Net profit attributable to
owners of the parent was RMB2,737.7 million, representing
a year-on-year growth of 91.9%.

報告期內，公司各項業務有序推進，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
有人淨利潤人民幣2,737.7 百萬元，較上
年同期增長91.9%。

Procurement and trading of nickel resources: During
the Reporting Period, the Company further optimized
its customer structure, focusing on expanding business
with domestic steel mills and core end customers of new
energy materials, implemented refined and differentiated
supply strategies, and improved the efficiency of matching
supply and demand; by upholding a procurement and
sales model combining long-term agreements to secure
volumes with flexible spot allocation, the Company
continuously improved its global supply and sales network,
strictly managed price and inventory risks, steadily
increased the trade volume of nickel products, and further
enhanced the stability of the segment’s profitability.

鎳資源採購與貿易：報告期內，公司持續
迭代客戶體系，深耕國內鋼廠、新能源材
料核心終端客戶，推行精細化、差異化
供貨方案，提升供需匹配效率；堅持長協
鎖量與現貨靈活調配相結合的採購銷售模
式，不斷完善全球化供銷網絡，嚴格做好
價格與庫存風險管理，鎳產品貿易體量穩
步增長，板塊盈利穩定性持續增強。

Hydrometallurgy production: During the Reporting
Period, the Company’s laterite nickel ore hydrometallurgy
project (HPAL project) maintained stable operations at full
capacity, providing a stable supply of high-quality nickelcobalt compounds to global power battery enterprises,
and strengthening the foundation of its supply business
in the new energy sector. The Company carried out
comprehensive lean optimization across the HPAL
production line, accurately achieving cost reduction and
efficiency enhancement through refined management
and control measures such as fine-tuning production
process parameters, optimizing material proportions,
improving process operation and maintenance procedures,
and adopting AI-enabled acid adjustment, thereby
continuously consolidating the operating advantages of the
hydrometallurgy segment.

濕法冶煉生產：報告期內，公司紅土鎳
礦濕法冶煉（HPAL項目）持續滿產穩定運
行，向全球動力電池企業穩定供應優質鎳
鈷化合物，夯實新能源賽道供貨基本盤。
公司聚焦HPAL產線開展全方位精益優化
工作，通過細化生產工藝參數、優化物
料配比、改進工序運維流程、採用AI智能
調酸等精細化管控舉措，精準實現降本增
效，持續鞏固濕法冶煉板塊經營優勢。

二零二六年中期報告 Interim Report 2026

11

CHAIRMAN’S STATEMENT
董事長報告書

12

Pyrometallurgy production: During the Reporting Period,
the Company continued to deepen pyrometallurgical
process and production management, relying on its
accumulated experience in the RKEF process and
the advantages of its professional technical team to
significantly improve production efficiency and product
quality. The HJF project, in which the Company holds
equity interests, operated stably in the first half of 2026.
All production lines of the KPS project were constructed
and were put into operation during the Reporting Period,
and reached full production capacity on 1 August 2026.
In terms of production and operations, a lean production
management system was further enhanced, various key
production and operational indicators continued to be
optimized, and the cost advantage of the pyrometallurgy
segment was further strengthened.

火法冶煉生產：報告期內，公司持續深化
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。參股HJF項目
於二零二六年上半年保持穩定運行狀態。
KPS項目全部產線已於報告期內完成建設
投產，並於二零二六年八月一日實現全
面達產。生產運營端深化精益生產管理體
系，各項生產運營關鍵指標持續優化，火
法板塊成本優勢進一步凸顯。

Looking ahead, the Company will continue to adhere to
its core value of “From Diligence, Toward Excellence (力
致卓越, 勤無止境)”, leveraging its advantages across
the entire industry chain, continuously advancing project
construction, optimizing its product structure, and
consolidating its advantages in technology research and
development and global resource layout. The Company
will continuously deepen its lean operational management,
improve its governance system and talent pipeline,
and comprehensively enhance its operational quality
and efficiency as well as compliance and risk control
capabilities. At the same time, the Company will continue
to step up its efforts in developing its ESG system, firmly
pursue a green and low-carbon development path,
continuously optimize production processes, conserve
energy and reduce carbon emissions, promote the
resource utilization and recycling of solid waste, improve
its environmental, social and governance management
system, and steadily enhance its sustainable development
capabilities. In the future, the Company will continuously
consolidate its core competitiveness, steadily advance
industrial upgrades, strive to become a globally leading
integrated nickel industry chain service provider, and
create long-term and stable returns for all shareholders.

展望未來，公司將繼續秉持「力致卓越，
勤無止境」核心價值觀，立足全產業鏈優
勢，持續推進項目建設，優化產品結構，
鞏固技術研發與全球資源佈局優勢。公司
將持續深化精益運營管理，完善治理體系
與人才梯隊建設，全面提升經營質效與合
規風控能力。與此同時，公司將持續加碼
E S G 體系建設，堅定踐行綠色低碳發展
路徑，持續優化生產工藝、節能降碳、推
進固廢資源化循環利用，健全環境、社會
及治理管理體系，穩步提升可持續發展能
力。未來，公司將持續夯實核心競爭力，
穩健推進產業升級，致力打造全球領先的
鎳產業鏈綜合服務商，為全體股東創造長
期穩健的價值回報。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CHAIRMAN’S STATEMENT
董事長報告書

APPRECIATION

鳴謝

On behalf of the Board, I would like to extend my sincere
appreciation to the Group’s management and staff for their
commitment and dedication to their work. I would also
like to express my heartfelt gratitude to all of our partners,
customers, suppliers and the shareholders of the Company
for their continuous support.

我謹代表董事會，衷心感謝本集團管理層
及員工對工作的承擔及熱誠，同時亦對我
們的全體合作夥伴、客戶、供貨商以及本
公司股東一直以來的支持致以由衷謝意。

LYGEND RESOURCES & TECHNOLOGY CO., LTD.
Cai Jianyong
Chairman and Executive Director

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

People’s Republic of China, 27 August 2026

中華人民共和國，二零二六年八月二十七日

二零二六年中期報告 Interim Report 2026

13

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

14

OVERVIEW

概覽

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 in August 2026. 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,

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，於二零二六年八月已
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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

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

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

二零二六年中期報告 Interim Report 2026

15

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

16

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.

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。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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 yearon-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.

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%。

二零二六年中期報告 Interim Report 2026

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

18

New Energy

新能源

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.

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。

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

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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

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

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335.6GWh，累計同比增長12.0%。其
中三元電池累計裝車量63.4GWh，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

二零二六年中期報告 Interim Report 2026

19

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

20

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.

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。

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.

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
Q Y R e s e a r c h 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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Stainless Steel

不銹鋼

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.

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。

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.

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。

二零二六年中期報告 Interim Report 2026

21

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

22

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.

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。

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 》) f u r t h e r s p e c i f i e s t h e
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

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、

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

(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

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

二零二六年中期報告 Interim Report 2026

23

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

24

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%.

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%。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

BUSINESS REVIEW

業務回顧

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.

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。

二零二六年中期報告 Interim Report 2026

25

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

26

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

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。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Procurement and trading of nickel resources

鎳資源採購與貿易

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.

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。

二零二六年中期報告 Interim Report 2026

27

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

28

Smelting and production of nickel products

鎳產品冶煉生產

Indonesia’s influence and status in the global nickel
industry continue to rise. In terms of nickel ore reserves,
according to the “Mineral Commodity Summaries 2026”
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.

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%。

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.

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。

Hydrometallurgy project/HPAL project

濕法冶煉項目 ╱HPAL項目

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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-onyear 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.

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。

Pyrometallurgy project/RKEF project

火法冶煉項目 ╱RKEF項目

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.

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。

二零二六年中期報告 Interim Report 2026

29

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

30

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 semi-coke 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.

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。

RISK ANALYSIS

風險分析

Fluctuation in nickel metal price

鎳金屬價格波動

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Fluctuations in raw and auxiliary materials and
energy prices

原輔料及能源價格波動

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.

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。

二零二六年中期報告 Interim Report 2026

31

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

32

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.

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。

During the Reporting Period, affected by geopolitical
c on flicts a n d c h an ge s in t he sup ply a nd 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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Risks relating to changes in industrial policies
in Indonesia

印度尼西亞產業政策變動的風險

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.

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。

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

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

二零二六年中期報告 Interim Report 2026

33

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

34

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.

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。

Risk of fluctuations in exchange rates

匯率變動風險

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.

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。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

CORE COMPETITIVENESS OF THE COMPANY

公司的核心競爭力

Iteratively Upgrading a Globally Integrated Green
and Circular Industrial Ecosystem Centered on
Nickel Resources

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

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.

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。

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.

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。

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

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、

二零二六年中期報告 Interim Report 2026

35

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

36

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.

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。

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.

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。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Optimizing Production Processes and Leveraging
Technological Advantages to Lower Production
Costs

優化生產工藝流程，發揮技術優勢以
降低生產成本

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.

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。

Hydrometallurgy

濕法冶煉

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

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

二零二六年中期報告 Interim Report 2026

37

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

38

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 MHP products to reach approximately
92% and the nickel content to reach approximately 42%,
bringing its product quality to an industry-leading level.

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。

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.

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。

Pyrometallurgy

火法冶煉

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Possessing Long-term and Stable Resource
Supply and a High-quality Customer Base

擁有長期穩定的資源供應及優質客戶
群體

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.

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。

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 expands new resource channels and
implements 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

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

二零二六年中期報告 Interim Report 2026

39

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

40

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.

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。

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.

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。

With Thriving Domestic Downstream Industries,
Market Demand for the Company ’ s Nickel
Products is Expected to Further Increase

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

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

二零二六年中期報告 Interim Report 2026

41

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

42

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.

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。

We Adhere to the Concept of ESG Sustainable
Development

我們秉承ESG可持續發展理念

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

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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Building Differentiated Competitive Advantages
in the Industry Through an Independent
Industrial Park Production Layout

獨立園區生產布局，構築行業差異化
優勢

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;

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

二零二六年中期報告 Interim Report 2026

43

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

44

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.

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。

OUTLOOK

前景

Full Completion of Core Production Capacity
Construction of Obi Project Enables Continuous
Realization of Economies of Scale

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

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

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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Empowering the Circular Economy to Promote
Hydrometallurgical Slag Resource Utilization
Demonstration Project

循環經濟賦能，推進濕法渣資源化示
範項目

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 utilization 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.

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
佈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。

二零二六年中期報告 Interim Report 2026

45

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

46

Advancing the MHP Refinement Project and
Continuously Broadening the Development Path
of High Value-Added Products

推進 M H P 精煉項目，持續拓寬高附
加值產品發展路徑

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.

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。

Continuously Improving Production Processes
and Consolidating Operational Advantages
through Technological Innovation

持續改進生產工藝，以技術革新夯實
運營優勢

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.

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 E S G
管理目標。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Expanding Global High-Quality Nickel Resources
to Fortify the Cornerstone of Supply Chain
Security and Competitive Advantage

拓展全球優質鎳資源，築牢供應鏈安
全與競爭優勢基石

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 mediumto 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.

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。

二零二六年中期報告 Interim Report 2026

47

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

48

Empowered by Lean Management, Winning
through Cost Control

精益賦能，成本制勝

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Deepening Corporate Governance and Talent
Development to Lay the Foundation for
Sustainable Corporate Development

深化治理與人才建設，奠定企業可持
續發展根基

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.

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。

二零二六年中期報告 Interim Report 2026

49

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

FINANCIAL REVIEW

財務回顧

Revenue

收入

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:

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：

For the six months ended 30 June
截至六月三十日止六個月
2026
2025
二零二六年
二零二五年
RMB’000
(%)
RMB’000
人民幣千元
(%) 人民幣千元

(%)
(%)

Nickel Products Trading 鎳產品貿易
Laterite nickel ore
紅土鎳礦
Ferronickel
鎳鐵

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
鎳產品生產
Production
Ferronickel
鎳鐵
Nickel-cobalt compounds 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

Subtotal

小計

16,167,995

63.7

9,666,060

53.2

Others

其他

1,542,288

6.1

859,604

4.8

Total

總計

25,363,967

100.0

18,146,555

100.0

小計

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.

50

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

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。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

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.

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。

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.

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。

Gross Profit and Gross Profit Margin

毛利及毛利率

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%.

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%。

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.

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。

二零二六年中期報告 Interim Report 2026

51

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

52

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 nickelcobalt 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.

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%。

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.

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%。

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.

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。

Selling and Distribution Expenses

銷售及分銷開支

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Administrative Expenses

行政開支

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.

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。

Other Operating Expenses

其他經營開支

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.

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。

Finance Costs

融資成本

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.

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。

Share of Profits and Losses of Associates

分佔聯營公司利潤及虧損

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.

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。

Profit before Tax

除稅前利潤

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.

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。

二零二六年中期報告 Interim Report 2026

53

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

54

Income Tax Expenses

所得稅開支

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.

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。

Profit for the Reporting Period and Net Profit
Margin

報告期利潤及淨利率

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.

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%。

Current Assets, Financial Resources and
Current Ratio

流動資產、財務資源及流動比率

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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%。

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.

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。

Capital Expenditures

資本開支

The following table sets forth a breakdown of our capital
expenditures for the periods indicated:

下表載列於所示期間我們的資本開支明
細：

For the six months ended 30 June
截至六月三十日止六個月
2026
2025
二零二六年
二零二五年
RMB’000
(%)
RMB’000
人民幣千元
(%) 人民幣千元

(%)
(%)

Prepayments for property, 物業、廠房及設備預
plant and equipment
付款項

2,133,436

100.0

2,328,004

100.0

Total

2,133,436

100.0

2,328,004

100.0

總計

Commitments

承擔

The following table sets forth a breakdown of our capital
commitments as at the dates indicated:

下表載列我們於所示日期的資本承擔明
細：
As at 30 June
於六月三十日
2026
2025
二零二六年
二零二五年
RMB’000
RMB’000
人民幣千元
人民幣千元

Property, plant and equipment

物業、廠房及設備

3,215,136

8,411,614

二零二六年中期報告 Interim Report 2026

55

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

56

Indebtedness

債項

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).

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）。

Contingent liabilities

或有負債

As at 30 June 2026, we had no material contingent
liabilities.

於二零二六年六月三十日，我們並無重大
或有負債。

Gearing ratio

資本負債比率

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.

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。

Significant Investments Held and Material
Acquisitions and Disposals

所持重大投資及重大收購及出售事項

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.

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。

Financial Risks

財務風險

Foreign Exchange Risk

外匯風險

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Pledge of Assets

資產抵押

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).

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）；( i i i ) 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）。

As at 30 June 2026, the Group had no other assets
pledged to financial institutions other than those disclosed
above.

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。

Future Plans for Material Investments and
Capital Assets

重大投資及資本資產的未來計劃

As at 30 June 2026, the Company did not have any plans
for material investments and capital assets.

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。

二零二六年中期報告 Interim Report 2026

57

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

58

MATERIAL EVENTS AFTER THE REPORTING
PERIOD

報告期後重大事項

The Group had no other material events since the end of
the Reporting Period and up to 8 September 2026, being
the latest practicable date prior to the printing of this
report for the purpose of ascertaining certain information
contained herein.

自報告期末起至本報告所載部分信息的確
定截止日（即本報告付印前的最後實際可
行日期二零二六年九月八日），本集團未
發生其他重大事項。

EMPLOYEES AND REMUNERATION POLICY

僱員及薪酬政策

As at 30 June 2026, the Group had a total of 16,137 fulltime employees.

於二零二六年六月三十日，本集團共有全
職員工16,137人。

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.

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。

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.

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。

OFF-BALANCE SHEET ARRANGEMENTS

資產負債表外安排

As at 30 June 2026, the Company had not entered into
any off-balance sheet arrangements.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

COMPLIANCE WITH THE CORPORATE
GOVERNANCE CODE

遵守企業管治守則

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.

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。

COMPLIANCE WITH THE MODEL
CODE FOR DIRECTORS’ SECURITIES
TRANSACTIONS

遵守董事進行證券交易的標準守
則

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 enquiry of all
Directors, the Directors confirmed that they have strictly
complied with the required standard set out in the Model
Code during the Reporting Period.

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
嚴格遵守標準守則所載的標準規定。

PURCHASE, SALE OR REDEMPTION OF
LISTED SECURITIES OF THE COMPANY

購買、出售或贖回本公司上市證
券

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.

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。

二零二六年中期報告 Interim Report 2026

59

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

60

CHANGES IN INFORMATION OF
DIRECTORS AND SENIOR MANAGEMENT

董事及高級管理層資料變動

There has been no disclosable change in the information
of the Directors and senior management of the Company
pursuant to Rule 13.51B(1) of the Listing Rules since the
publication of the 2025 annual report of the Company.

自本公司二零二五年年報刊發以來，概無
根據上市規則第13.51B (1)條規定須予披
露的本公司董事及高級管理層的資料變
動。

CHANGE OF JOINT COMPANY SECRETARY

變更聯席公司秘書

With effect from 31 March 2026, Mr. CHOW Shing Lung
(“Mr. CHOW”) has resigned, and Ms. LEE Hoi Ki (“Ms.
LEE”) has been appointed as, among other positions, a
joint company secretary of the Company. Furthermore,
with effect from 31 May 2026, Ms. LEE has resigned
as a joint company secretary of the Company. Given
that the waiver from strict compliance with the relevant
requirements under Rules 3.28 and 8.17 of the Listing
Rules granted by the Stock Exchange expired on 30 May
2026, the Company has applied to the Stock Exchange
and the Stock Exchange has confirmed that Mr. CAO
Zheng (“Mr. CAO”) satisfies the qualification requirements
for a company secretary under Rule 3.28 of the Listing
Rules. Following the resignation of Ms. LEE and with
effect from 31 May 2026, Mr. CAO has become the sole
company secretary of the Company and has also been
appointed as one of the authorised representatives of the
Company under Rule 3.05 of the Listing Rules. For details,
please refer to the announcement of the Company dated
29 May 2026.

自二零二六年三月三十一日起，鄒醒龍
先生（「鄒先生」）辭任且李凱琪女士（「李
女士」）獲任為本公司聯席公司秘書等職
務。另自二零二六年五月三十一日起，李
女士辭任本公司聯席公司秘書。鑒於聯交
所授出對嚴格遵守上市規則第 3.28 條及
第 8.17 條有關規定的豁免於二零二六年
五月三十日期限屆滿，本公司已向聯交
所申請且聯交所已確認曹錚先生（「曹先
生」）滿足上市規則第 3.28 條有關公司秘
書任職資格。繼李女士辭任後，自二零二
六年五月三十一日起，曹先生已成為本公
司唯一公司秘書，並已獲委任為本公司根
據上市規則第 3.05 條的授權代表之一。
詳情請參閱本公司於二零二六年五月二十
九日刊發之公告。

INTERESTS AND SHORT POSITIONS OF
THE DIRECTORS AND CHIEF EXECUTIVE IN
THE SHARES, UNDERLYING SHARES AND
DEBENTURES OF THE COMPANY

董事及最高行政人員於本公司股
份、相關股份及債權證中的權益
及淡倉

As at 30 June 2026, the interests and short positions
of the Directors and chief executive of the Company
in the Shares, underlying Shares and debentures
(the “Debentures”) of the Company or its associated
corporations (within the meaning of Part XV of the
Securities and Futures Ordinance (Chapter 571 of the
Laws of Hong Kong) (the “SFO”)) which were required
to be notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO
(including interests and short positions which they were
taken or deemed to have under such provisions of the
SFO), or which were recorded in the register required to
be kept by the Company under Section 352 of the SFO, or
which were required, pursuant to the Model Code, to be
notified to the Company and the Stock Exchange, were as
follows:

於二零二六年六月三十日，本公司董事及
最高行政人員於本公司或其相聯法團（定
義見香港法例第571 章證券及期貨條例
（「證券及期貨條例」）第 XV 部）的股份、
相關股份及債權證（「債權證」）中擁有根
據證券及期貨條例第XV部第7 及第8 分部
須知會本公司及聯交所的權益及淡倉（包
括根據證券及期貨條例該等條文視為或當
作擁有的權益及淡倉）或須記入根據證券
及期貨條例第352條於本公司須存置的登
記冊內的權益及淡倉或根據標準守則須知
會本公司及聯交所的權益及淡倉如下：

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Directors’ and Chief Executive’s Interests in the
Company and its Associated Corporations

Name of Director
or Chief Executive
董事或
最高行政人員姓名
Mr. Cai Jianyong4
蔡建勇先生 4

Mr. Cai Jianwei
蔡建威先生
Ms. Fei Feng5
費鳳女士 5

Class of Shares
股份類別
Domestic Shares
(“Unlisted Shares”)
內資股
（「非上市股份」）
Unlisted Shares
非上市股份
Unlisted Shares
非上市股份

H Shares
H股

Capacity and
Nature of Interest
身份及權益性質

Number of
Shares Held1
所持股份數目 1

Percentage of
Relevant Class
of Shares2
佔有關類別
股份百分比 2

Beneficial owner and interest held by
controlled corporations
實益擁有人及受控制法團
持有的權益
Beneficial owner
實益擁有人
Beneficial owner and interest held by
controlled corporations
實益擁有人及受控制法團
持有的權益
Interest held by controlled corporations
受控制法團持有的權益

799,987,865 (L)

79.58%

51.42%

10,406,000 (L)

1.04%

0.67%

31,419,500 (L)

3.13%

2.02%

2,223,000 (L)

0.40%

0.14%

Notes:
1.
2.

3.

董事及最高行政人員於本公司及本公
司相聯法團的權益

Percentage of
Total Shares3
佔股份總額
百分比 3

附註：

The letter “L” denotes the person’s long position in the Shares.

1.

字母「L」指該人士於股份的好倉。

The calculation is based on 1,005,237,059 Unlisted Shares or

2.

根據本公司截至二零二六年六月三十日已發行

550,694,291 H Shares issued by the Company as at 30 June

1,005,237,059 股非上市股份或550,694,291

2026.

股H股計算。

The calculation is based on the total number of 1,555,931,350
Shares issued by the Company as at 30 June 2026.

3.

根據本公司截至二零二六年六月三十日已發行
1,555,931,350股股份總數計算。

二零二六年中期報告 Interim Report 2026

61

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

4.

As at 30 June 2026, (i) Mr. Cai Jianyong, one of our executive

4.

Directors and the chairman of the Board, directly held

截至二零二六年六月三十日，(i)執行董事
之一兼董事會主席蔡建勇先生直接持有

291,987,865 Unlisted Shares; (ii) Zhejiang Lygend Investment

291,987,865 股非上市股份；(ii)浙江力勤投資

Co., Ltd. (浙江力勤投資有限公司) (“Lygend Investment”), 89.5%

有限公司（「力勤投資」）
（其89.5%的股權由蔡

of the equity interest of which was held by Mr. Cai Jianyong,

建勇先生持有）直接持有507,000,000 股非上

directly held 507,000,000 Unlisted Shares; and (iii) Ningbo Lizhan

市股份；及(iii)寧波勵展貿易有限公司（「寧波

Trade Co., Ltd. (寧波勵展貿易有限公司) (“Ningbo Lizhan”), a

勵展」）
（力勤投資的全資附屬公司）直接持有

wholly-owned subsidiary of Lygend Investment, directly held

1,000,000 股非上市股份。因此，根據證券及

1,000,000 Unlisted Shares. Therefore, by virtue of the SFO,

期貨條例，力勤投資被視為於寧波勵展所持有

Lygend Investment is deemed to be interested in the Shares

的股份中擁有權益，蔡先生則被視為於力勤投

held by Ningbo Lizhan and Mr. Cai is deemed to be interested in

資及寧波勵展所持有的股份總數中擁有權益。

the aggregate number of Shares held by Lygend Investment and
Ningbo Lizhan.
5.

As at 30 June 2026, Ms. Fei Feng directly held 7,804,500

截至二零二六年六月三十日，費鳳女士直接持
有7,804,500 股非上市股份，且為我們各僱員

Employee Incentive Platforms (as defined in the Prospectus).

激勵平台（定義見招股章程）的普通合夥人。

Therefore, by virtue of the SFO, Ms. Fei Feng is deemed to

因此，根據證券及期貨條例，費鳳女士被視為

be interested in the aggregate number of 23,615,000 Unlisted

在我們僱員激勵平台（定義見招股章程）持有

Shares and 2,223,000 H Shares held by our Employee Incentive

的合共23,615,000股非上市股份及2,223,000

Platforms (as defined in the Prospectus).

股H股中擁有權益。

Save as disclosed above, as at 30 June 2026, none of
the Directors and chief executive of the Company or their
associates had any interests or short positions in any
Shares, underlying Shares and Debentures of the Company
or any of its associated corporations (within the meaning
of Part XV of the SFO) which would have to be notified
to the Company and the Stock Exchange pursuant to
Divisions 7 and 8 of Part XV of the SFO (including interests
and short positions which the Directors and chief executive
were deemed or taken to have under the provisions of the
SFO), or which were required to be, and were, recorded in
the register required to be kept by the Company pursuant
to Section 352 of the SFO, or which were required to be
notified to the Company and the Stock Exchange pursuant
to the Model Code.

62

5.

Unlisted Shares, and was the general partner of each of our

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

除上文所披露者外，於二零二六年六月三
十日，本公司董事及最高行政人員或彼等
的聯繫人於本公司或其任何相聯法團（定
羲見證券及期貨條例第 X V 部）的任何股
份、相關股份及債權證中概無擁有根據證
券及期貨條例第XV部第7 及第8 分部須知
會本公司及聯交所的任何權益或淡倉（包
括董事及最高行政人員根據證券及期貨條
例的該等條文被視為或當作擁有的權益及
淡倉）或根據證券及期貨條例第352 條須
登記及已登記於本公司須存置的登記冊內
的權益或淡倉或根據標準守則須知會本公
司及聯交所的權益或淡倉。

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

INTERESTS AND SHORT POSITIONS OF
SUBSTANTIAL SHAREHOLDERS AND
OTHER PERSONS IN THE SHARES AND
UNDERLYING SHARES OF THE COMPANY

主要股東及其他人士於本公司股
份及相關股份中的權益及淡倉

So far as is known to any Director or chief executive of the
Company, as at 30 June 2026, other than the interests
and short positions of the Directors or chief executive of
the Company, interests and short positions in the Shares
and underlying Shares which would fall to be disclosed to
the Company under the provisions of Divisions 2 and 3 of
Part XV of the SFO, or which were recorded in the register
required to be kept by the Company under Section 336 of
the SFO, were as follows:

就本公司任何董事或最高行政人員所知，
於二零二六年六月三十日，除本公司董事
或最高行政人員於股份及相關股份中擁有
的根據證券及期貨條例第XV部第2 及第3
分部的條文須向本公司披露或根據證券及
期貨條例第336條登記於本公司須存置的
登記冊內的權益及淡倉外如下：

Name of Shareholder
股東姓名 ╱ 名稱

Class of Shares
股份類別

Ms. Xie Wen (謝雯)
謝雯女士

Unlisted Shares
非上市股份
H Shares
H股
Unlisted Shares
非上市股份

Lygend Investment4
力勤投資 4

Feng Yi5
Ms. Lim Shu Hua, Cheryl5
Lim Shu Hua, Cheryl女士 5
DBS Trustee Limited5
Oakswood Group Ltd5

H Shares
H股
H Shares
H股
H Shares
H股
H Shares
H股

Capacity and
Nature of Interest
身份及權益性質
Beneficial owner
實益擁有人
Beneficial owner
實益擁有人
Beneficial owner and interest held by
controlled corporations
實益擁有人及受控制法團
持有的權益
Beneficial owner
實益擁有人
Interest held by controlled corporations
受控制法團持有的權益
Trustee
受託人
Interest held by controlled corporations
受控制法團持有的權益

Approximate
Percentage of
Shareholding in
Approximate
the Relevant Percentage of
Class of Shares2 Shareholding in
Number of
佔有關股份 the Company3
1
Shares Held
類別的概約
佔本公司的
持股百分比 2 概約持股百分比 3
所持股份數目 1
108,915,194 (L)

10.83%

7.00%

43,174,141 (L)

7.84%

2.77%

508,000,000 (L)

50.54%

32.65%

253,616,450 (L)

46.05%

16.30%

253,616,450 (L)

46.05%

16.30%

253,616,450 (L)

46.05%

16.30%

253,616,450 (L)

46.05%

16.30%

二零二六年中期報告 Interim Report 2026

63

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

Notes:
1.
2.

3.

附註：

The letter “L” denotes the person’s long position in the Shares.

1.

字母「L」指該人士於股份的好倉。

The calculation is based on 1,005,237,059 Unlisted Shares or

2.

根據本公司截至二零二六年六月三十日已發行

550,694,291 H Shares issued by the Company as of 30 June

1,005,237,059 股非上市股份或550,694,291

2026.

股H股計算。

The calculation is based on the total number of 1,555,931,350

3.

Shares issued by the Company as of 30 June 2026.
4.

As at 30 June 2026, (i) Mr. Cai Jianyong, one of our executive

1,555,931,350股股份總數計算。
4.

Directors and the chairman of the Board, directly held

5.

根據本公司截至二零二六年六月三十日已發行

於二零二六年六月三十日，(i)我們的執行
董事之一兼董事會主席蔡建勇先生直接持

291,987,865 Unlisted Shares; (ii) Lygend Investment, 89.5%

有 291,987,865 股非上市股份；(ii) 力勤投資

of the equity interest of which was held by Mr. Cai Jianyong,

（ 其 8 9 . 5 % 的 股 權 由 蔡 建 勇 先 生 持 有 ）直 接

directly held 507,000,000 Unlisted Shares; and (iii) Ningbo

持有 507,000,000 股非上市股份；及 (iii) 寧波

Lizhan, a wholly-owned subsidiary of Lygend Investment, directly

勵 展（ 力 勤 投 資 的 全 資 附 屬 公 司 ）直 接 持 有

held 1,000,000 Unlisted Shares. Therefore, by virtue of the SFO,

1,000,000 股非上市股份。因此，根據證券及

(i) Lygend Investment is deemed to be interested in the Shares

期貨條例，(i)力勤投資被視為於寧波勵展所持

held by Ningbo Lizhan; and (ii) Mr. Cai Jianyong is deemed to

有的股份中擁有權益；及(ii)蔡建勇先生則被視

be interested in the aggregate number of Shares held by Lygend

為於力勤投資及寧波勵展所持有的股份總數中

Investment and Ningbo Lizhan.

擁有權益。

As at 30 June 2026, Feng Yi was wholly-owned by Oakswood

5.

於二零二六年六月三十日，Feng Yi由

Group Ltd, a corporation held under a discretionary trust with

Oakswood Group Ltd全資擁有，該法團根據

Ms. Lim Shu Hua, Cheryl as settlor of the trust, and DBS Trustee

一項全權信託持有，Lim Shu Hua, Cheryl女士

Limited acting as trustee. Therefore, by virtue of the SFO, each

為該信託的成立人，而DBS Trustee Limited

of Oakswood Group Ltd, DBS Trustee Limited and Ms. Lim Shu

擔任受託人。因此，根據證券及期貨條例，

Hua, Cheryl is deemed to be interested in the Shares held by

Oakswood Group Ltd、DBS Trustee Limited

Feng Yi.

及Lim Shu Hua, Cheryl女士均被視為於Feng
Yi持有的股份中擁有權益。

Save as disclosed above, as at 30 June 2026, the
Company was not aware of any entity/person (other than
the Directors or chief executive of the Company) that had
an interest or short position in the Shares or underlying
shares of the Company which would fall to be disclosed
under the provisions of Divisions 2 and 3 of Part XV of the
SFO, or which were recorded in the register required to be
kept by the Company under Section 336 of the SFO.

64

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

除上文所披露者外，於二零二六年六月三
十日，本公司並無獲悉任何實體 ╱ 人士
（本公司董事或最高行政人員除外）於本
公司股份或相關股份中擁有根據證券及期
貨條例第XV部第2 及第3 分部條文須予披
露的權益或淡倉，或記錄於本公司根據證
券及期貨條例第336條須置存之登記冊內
的權益或淡倉。

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

PRE-IPO SHARE INCENTIVE SCHEME

首次公開發售前股份激勵計劃

On 20 October 2021, the Board adopted a pre-IPO share
incentive scheme (the “Scheme”), to issue 25,915,000
domestic shares (“Restricted Domestic Shares”) to eligible
employees (including Directors and Supervisors) in order
to provide incentives and rewards to participants for the
business development of the Group. The terms of the
Scheme were not subject to the provisions of Chapter
17 of the Listing Rules at the time of its adoption, as the
Scheme does not involve the grant of options or share
awards by the Company after the Listing. Given that the
underlying Restricted Domestic Shares under the Scheme
have already been issued, there will not be any dilution
effect on the issued Shares as a result of the operation of
the Scheme. No further awards will be granted under the
Scheme after the Listing.

於二零二一年十月二十日，董事會採納
首 次 公 開 發 售 前 股 份 激 勵 計 劃（「 該 計
劃」），向合資格僱員（包括董事及監事）
發行25,915,000 股內資股（「受限制內資
股」），以對本集團業務發展的參與者提
供激勵及獎勵。由於該計劃不涉及本公司
於上市後授出購股權或股份獎勵，故採納
該計劃時，該計劃之條款不受上市規則第
十七章條文規限。鑒於該計劃下的相關受
限制內資股已發行，該計劃的運作不會對
已發行股份產生任何攤薄影響。根據該計
劃，上市後將不會再授予獎勵。

Grant of Awards

授出獎勵

The Restricted Domestic Shares were subscribed at the
price of RMB3.02 per share by the four Employee Incentive
Platforms. The general partner of each of the Employee
Incentive Platforms is appointed by the Management
Committee. All selected participants of the Scheme are
not able to exercise any voting rights in the Company as
mere limited partners of the Employee Incentive Platforms.
Upon being granted share awards and becoming a limited
partner of the Employee Incentive Platforms, the grantees
are able to indirectly receive economic interest in the
corresponding number of underlying Shares held by the
Employee Incentive Platforms. The Scheme commenced
on 20 October 2021 and shall continue to be in effect
unless terminated earlier. The grant of awards was made
to employees of the Group on 15 December 2021 with
the purchase price of RMB3.02 per share. The granted
Restricted Domestic Shares will be unlocked and shall
be available for sale over a four-year period from 1
December 2023 to 15 December 2026, with up to 25%
of the awards unlocking on each of the first, second, third
and fourth anniversary of the Listing Date, subject to any
applicable lock-up restrictions that may become effective
upon the Company’s proposed listing of its A shares on
the Shenzhen Stock Exchange. During the Reporting
Period, no award was cancelled or revoked. As at 30 June
2026, there was a total of 6,478,750 granted Restricted
Domestic Shares that remained locked pursuant to the
terms of the Scheme.

受限制內資股由四個僱員激勵平台以每股
人民幣 3.02 元的價格認購。各僱員激勵
平台的普通合夥人均由管理委員會委任。
該計劃所有選定參與者不能僅因作為僱員
激勵平台之有限合夥人而於本公司行使任
何表決權。獲授股份獎勵並成為僱員激勵
平台之有限合夥人後，承授人可間接獲得
僱員激勵平台持有的相應數量相關股份的
經濟利益。該計劃於二零二一年十月二十
日開始，除非提前終止，否則將持續有
效。於二零二一年十二月十五日，已向本
集團僱員授出獎勵，購買價為每股人民
幣 3.02 元。已授出受限制內資股將在二
零二三年十二月一日起至二零二六年十二
月十五日止四年期間內解除禁售及可供出
售，其中最多每 25% 獎勵於上市日期第
一個、第二個、第三個及第四個週年日期
解除禁售，惟須受本公司建議於深圳證
券交易所上市其A股後可能生效的任何適
用禁售限制所規限。於報告期內，並無
任何獎勵被註銷或取消。於二零二六年
六月三十日，根據該計劃條款，仍有共
6,478,750股已授出受限制內資股尚未解
除禁售。

二零二六年中期報告 Interim Report 2026

65

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

66

SUFFICIENCY OF PUBLIC FLOAT

充足公眾持股量

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.

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。

Audit Committee and Review of Financial
Information

審核委員會及財務資料審閱

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.

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。

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.

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。

INTERIM DIVIDEND

中期股息

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

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
未經審核中期簡明綜合損益及其他全面收益表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

2026
二零二六年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

2025
二零二五年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

25,363,967
(18,933,221)

18,146,555
(14,566,559)

6,430,746

3,579,996

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

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

199,326

267,944

5,552,818
(1,168,455)

2,759,781
(511,050)

4,384,363

2,248,731

(83,602)

(8,620)

(741,260)

(77,901)

(824,862)

(86,521)

3,441

–

OTHER COMPREHENSIVE INCOME FOR 期內其他全面收益，
THE PERIOD, NET OF TAX
扣除稅項

(821,421)

(86,521)

TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

3,562,942

2,162,210

Notes
附註
REVENUE
Cost of sales

收入
銷售成本

Gross profit

毛利

4

Other income and gains
其他收入及收益
Selling and distribution expenses
銷售及分銷開支
Administrative expenses
行政開支
Impairment losses on financial assets, net 金融資產減值虧損淨額
Other expenses
其他開支
Finance costs
融資成本
Share of profits and losses of associates 分佔聯營公司利潤
及虧損
PROFIT BEFORE TAX
Income tax expense

除稅前利潤
所得稅開支

PROFIT FOR THE PERIOD

期內利潤

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

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

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

其後期間不可重新
分類至損益的
其他全面收益：
其他

期內全面收益
總額

5
6

二零二六年中期報告 Interim Report 2026

67

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
未經審核中期簡明綜合損益及其他全面收益表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

Notes
附註
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

EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF
THE PARENT
Basic and diluted (RMB)

68

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

母公司普通
權益持有人
應佔每股盈利
基本及攤薄（人民幣）

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

8

2026
二零二六年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

2025
二零二五年
(Unaudited)
（未經審核）
RMB’000
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 Yuan元

0.92 Yuan元

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
未經審核中期簡明綜合財務狀況表
30 June 2026
二零二六年六月三十日

Notes
附註
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

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

Total non-current assets

非流動資產總值

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

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

Total current assets

流動資產總值

9

10

11

15

30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
(Unaudited)
(Audited)
（未經審核）
（經審核）
RMB’000
RMB’000
人民幣千元
人民幣千元

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

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

200,536

164,965

30,018,336

29,301,314

8,629,347
4,123,977

5,311,021
2,384,067

1,206,262
229,800
3,655,301
–
6,836,868

1,074,621
349,486
2,466,784
454
7,371,903

24,681,555

18,958,336

二零二六年中期報告 Interim Report 2026

69

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
未經審核中期簡明綜合財務狀況表
30 June 2026
二零二六年六月三十日

Notes
附註

70

30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
(Unaudited)
(Audited)
（未經審核）
（經審核）
RMB’000
RMB’000
人民幣千元
人民幣千元

流動負債
計息銀行及其他借款

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

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

Total current liabilities

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

流動負債總額

20,780,011

16,625,901

NET CURRENT ASSETS

流動資產淨額

3,901,544

2,332,435

TOTAL ASSETS LESS CURRENT
LIABILITIES

總資產減流動負債
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

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

Total non-current liabilities

非流動負債總額

10,356,175

10,714,528

Net assets

資產淨值

23,563,705

20,919,221

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

12

15

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
未經審核中期簡明綜合財務狀況表
30 June 2026
二零二六年六月三十日

Notes
附註
EQUITY
Equity attributable to owners of
the parent
Share capital
Reserves

權益
母公司擁有人
應佔權益
股本
儲備

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

30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
(Unaudited)
(Audited)
（未經審核）
（經審核）
RMB’000
RMB’000
人民幣千元
人民幣千元

1,555,931
12,444,158

1,555,931
11,173,054

母公司權益持有人
應佔權益
非控股權益

14,000,089
9,563,616

12,728,985
8,190,236

權益總額

23,563,705

20,919,221

13

二零二六年中期報告 Interim Report 2026

71

72

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

At 30 June 2026 (unaudited)

Total comprehensive income for
the period
Capital injection from non-controlling
shareholders
Dividends declared (note 7)
Capital reduction
Safety production reserve

Profit for the period
Exchange differences on translation
of foreign operations
Share of other comprehensive income
of associates

At 31 December 2025 (audited)
and 1 January 2026

於二零二六年六月三十日
（未經審核）

已宣派股息（附註7）
減資
安全生產儲備

來自非控股股東之注資

期內全面收益總額

分佔聯營公司其他全面收益

於二零二五年十二月三十一日
（經審核）及
二零二六年一月一日
期內利潤
換算境外業務之匯兌差額

1,555,931

–
–

–

–

–

–

3,809,341

–
–

–

–

–

3,809,341
–

Share
premium
股份溢價
RMB’000
人民幣千元

1,555,931

Share
capital
股本
RMB’000
人民幣千元

419,794

–
–
–
–

–

–

–

419,794
–

(310,772)

–
–
–
–

(532,862)

(83,329)

(449,533)

222,090
–

27,867

–
–
–
(1,273)

–

–

–

29,140
–

Safety
Statutory Exchange
surplus fluctuation production
reserve
reserve
reserve
法定盈餘儲備 匯兌波動儲備 安全生產儲備
RMB’000
RMB’000
RMB’000
人民幣千元 人民幣千元 人民幣千元

14,275

–
–

–

–

–

14,275
–

Other
reserves
其他儲備
RMB’000
人民幣千元

Attributable to owners of the parent
母公司擁有人應佔

8,483,653

–
(933,559)
–
1,076

2,737,722

–

–

6,678,414
2,737,722

Retained
profits
保留利潤
RMB’000
人民幣千元

14,000,089

–
(933,559)
–
(197)

2,204,860

(83,329)

(449,533)

12,728,985
2,737,722

Total
總計
RMB’000
人民幣千元

23,563,705

20,135
(938,059)
(534)
–

3,562,942

(83,329)

(738,092)

20,919,221
4,384,363

Total
equity
權益總額
RMB’000
人民幣千元

continued 續 ╱…

9,563,616

20,135
(4,500)
(534)
197

1,358,082

–

(288,559)

8,190,236
1,646,641

Noncontrolling
interests
非控股權益
RMB’000
人民幣千元

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY

未經審核中期簡明綜合權益變動表

For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

分佔聯營公司其他全面收益

於二零二四年十二月三十一日
（經審核）及
二零二五年一月一日
期內利潤
換算境外業務之匯兌差額

At 30 June 2025 (unaudited)

於二零二五年六月三十日
（未經審核）

Total comprehensive income
期內全面收益總額
for the period
Capital injection from non-controlling
來自非控股股東之注資
shareholders
Dividends declared (note 7)
已宣派股息（附註7）
Equity-settled share award arrangements 權益結算股份獎勵安排
Disposal of a subsidiary
出售附屬公司
Safety production reserve
安全生產儲備

Profit for the period
Exchange differences on translation
of foreign operations
Share of other comprehensive income
of associates

At 31 December 2024 (audited) and
1 January 2025

3,809,341

–
–
–
–
–

–
–
–
–
–

1,555,931

–

–

–

–

–
–

3,809,341
–

271,277

–
–
–
–
–

–

–

–

271,277
–

513,205

–
–
–
–
–

(55,225)

(8,620)

(46,605)

568,430
–

28,617

–
–
–
–
474

–

–

–

28,143
–

Safety
Exchange
Statutory
fluctuation production
surplus
Share
reserve
reserve
reserve
premium
股份溢價 法定盈餘儲備 匯兌波動儲備 安全生產儲備
RMB’000
RMB’000
RMB’000
RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元

1,555,931
–

Share
capital
股本
RMB’000
人民幣千元
(Note 13)
（附註13）

Attributable to owners of the parent
母公司擁有人應佔

14,275

–
3,576
–
–

–

–

–

10,699
–

Other
reserves
其他儲備
RMB’000
人民幣千元

5,396,303

–
(544,576)
–
–
(474)

1,426,270

–

–

4,515,083
1,426,270

Retained
profits
保留利潤
RMB’000
人民幣千元

11,588,949

–
(544,576)
3,576
–
–

1,371,045

(8,620)

(46,605)

10,758,904
1,426,270

Total
總計
RMB’000
人民幣千元

7,714,837

–
–
–
–
–

791,165

–

(31,296)

6,923,672
822,461

Noncontrolling
interests
非控股權益
RMB’000
人民幣千元

19,303,786

–
(544,576)
3,576
–
–

2,162,210

(8,620)

(77,901)

17,682,576
2,248,731

Total
equity
權益總額
RMB’000
人民幣千元

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY

未經審核中期簡明綜合權益變動表

For the six months ended 30 June 2025
截至二零二五年六月三十日止六個月

二零二六年中期報告 Interim Report 2026

73

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
未經審核中期簡明綜合現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

CASH FLOWS FROM OPERATING
ACTIVITIES
Profit before tax:
Adjustments for:
Finance costs
Share of profits and losses of associates
Bank interest income
Investment gains from derivative financial
instruments, net
Fair value loss on derivative financial
instruments, net
Loss on disposal of items of property,
plant and equipment
Depreciation of property, plant and
equipment
Depreciation of right-of-use assets
Amortisation of intangible assets
Amortisation and impairment of investment
properties
Impairment of financial assets, net
Impairment of investment properties
Equity-settled share award expense
Foreign exchange differences, net

2026
二零二六年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

2025
二零二五年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

5,552,818

2,759,781

412,081

325,119

(204,509)
(88)

(231,082)
(1,730)

5,204

–

(9,058)

10,697

23

14,105

813,193
2,982
25,230

663,898
5,203
28,270

5,466
10,485
–
–
52,614

9,216
2,061
61,360
3,576
58,958

6,666,441

3,709,432

經營活動所得現金流量
除稅前利潤：
就以下各項作出調整：
融資成本
分佔聯營公司利潤
及虧損
銀行利息收入
衍生金融工具投資
收益淨額
衍生金融工具公允價值
虧損淨額
出售物業、廠房及
設備項目之虧損
物業、廠房及設備折舊
使用權資產折舊
無形資產攤銷
投資物業攤銷及減值
金融資產減值淨額
投資物業減值
權益結算股份獎勵費用
匯兌差額淨額

continued 續 ╱…
74

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
未經審核中期簡明綜合現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

2026
二零二六年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

2025
二零二五年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

(3,309,410)

(1,027,965)

(1,883,650)

(61,921)

(201,693)
(1,188,517)

95,709
(452,382)

119,686

(150,282)

1,256,821

505,887

Increase/(decrease) in other payables
and accruals
Increase in amounts due to related parties
Increase in contract liabilities

存貨增加
貿易應收款項及應收
票據增加
預付款項、其他應收款項及
其他資產（增加）╱ 減少
抵押存款增加
應收關聯方款項
減少 ╱（增加）
貿易應付款項及
應付票據增加
其他應付款項及應計
費用增加 ╱（減少）
應付關聯方款項增加
合約負債增加

99,397
562,466
150,844

(15,044)
190,972
194,158

Cash generated from operations
Income tax paid

經營所得現金
已付所得稅

2,272,385
(341,610)

2,988,564
(218,157)

Net cash flows from operating activities

經營活動所得現金流量淨額

1,930,775

2,770,407

CASH FLOWS FROM INVESTING
ACTIVITIES
Proceeds from a finance lease as
a sublease lessor
Purchases of items of property, plant
and equipment
Proceeds from disposal of property, plant
and equipment
Purchases of intangible assets
Interest received

投資活動所得現金流量

1,315

1,266

(2,132,348)

(2,734,183)

出售物業、廠房及設備
之所得款項
購買無形資產
已收利息

240
(1,089)
88

2,362
(1,980)
1,730

Net cash flows used in investing activities

投資活動所用現金流量淨額

(2,131,794)

(2,730,805)

Increase in inventories
Increase in trade and bills receivables
(Increase)/decrease in prepayments, other
receivables and other assets
Increase in pledged deposits
Decrease/(increase) in amounts due from
related parties
Increase in trade and bills payables

作為轉租出租人的融資
租賃所得款項
購買物業、廠房及設備項目

continued 續 ╱…
二零二六年中期報告 Interim Report 2026

75

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
未經審核中期簡明綜合現金流量表
For the six months ended 30 June 2026
截至二零二六年六月三十日止六個月

76

2026
二零二六年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

2025
二零二五年
(Unaudited)
（未經審核）
RMB’000
人民幣千元

–

38,746
–
14,850,242
(12,325,761)
–
(3,535)
(370,350)
(359,420)
(544,576)
(1,895)

融資活動所得現金流量

CASH FLOWS FROM FINANCING
ACTIVITIES
Advanced capital injection from
non-controlling shareholder
Capital injection from non-controlling
shareholders
Proceeds from bank borrowings
Repayment of bank borrowings
Repayment of other borrowings
Principal portion of lease payments
Interest paid
Repayment to the ultimate holding company
Dividend paid
Listing expenses

銀行借款所得款項
償還銀行借款
償還其他借款
租賃付款之本金部分
已付利息
向最終控股公司還款
已付股息
上市開支

46,618
12,284,508
(11,094,596)
(422)
(1,727)
(378,648)
–
(938,059)
(7,405)

Net cash flows (used in)/from financing
activities

融資活動（所用）╱
所得現金流量淨額

(89,731)

1,283,451

NET (DECREASE)/INCREASE IN CASH
AND CASH EQUIVALENTS
Cash and cash equivalents at beginning
of period
Effect of foreign exchange rate changes, net

現金及現金等價物（減少）╱
增加淨額
期初現金及現金等價物

(290,750)

1,323,053

7,371,903
(244,285)

5,032,351
17,346

6,836,868

6,372,750

6,836,868

6,372,750

非控股股東注資之預付款項
來自非控股股東之注資

外匯匯率變動的影響淨額

CASH AND CASH EQUIVALENTS AT
END OF PERIOD

期末現金及現金等價物

ANALYSIS OF BALANCES OF CASH
AND CASH EQUIVALENTS
Cash and cash balances

現金及現金等價物結餘分析
現金及現金結餘

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

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

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

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.

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。

Amendments to HKFRS 9 and HKFRS 7
Amendments to the Classification and
Measurement of Financial Instruments

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

Amendments to HKFRS 9 and HKFRS 7
Contracts Referencing Nature-dependent Electricity

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

Annual Improvements to HKFRS Accounting
Standards – Volume 11
Amendments to HKFRS 1, HKFRS 7,
HKFRS 9, HKFRS 10 and HKAS 7

香港財務報告會計準則
年度改進 － 第11卷
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）

二零二六年中期報告 Interim Report 2026

77

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

2. CHANGES IN ACCOUNTING POLICIES
AND DISCLOSURES (Continued)

78

2. 會計政策及披露變動（續）

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

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)

(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 ended 31 December 2026.

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

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
於本集團截至二零二六年十二
月三十一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。

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

2. CHANGES IN ACCOUNTING POLICIES
AND DISCLOSURES (Continued)

2. 會計政策及披露變動（續）

(b)

Amendments to HKFRS 9 and HKFRS 7
Contracts Referencing Nature-dependent
Electricity clarify the application of the “ownuse” 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.

(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)

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.

(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。

二零二六年中期報告 Interim Report 2026

79

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料

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.

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。

Geographical information

地理資料

(a)

(a) 外部客戶收入

Revenue from external customers

For the six months ended 30 June
截至六月三十日止六個月
2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Chinese mainland
Others

中國內地
其他

21,665,008
3,698,959

16,334,370
1,812,185

Total revenue

收入總額

25,363,967

18,146,555

Most of the revenue information above is based
on the shipment destinations except for the
revenue from shipping services is based on
where the customer is registered.

80

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

上述大部分收入資料均基於發貨
目的地，惟航運服務收入基於客
戶註冊地除外。

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料（續）

(Continued)

Geographical information (Continued)

地理資料（續）

(b)

(b) 非流動資產

Non-current assets

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

Chinese mainland
Indonesia

中國內地
印度尼西亞

25,809,094
3,983,716

4,224,515
24,870,103

Total non-current assets

非流動資產總值

29,792,810

29,094,618

The non-current asset information of continuing
operations above is based on the locations of the
assets and excludes financial instruments and
deferred tax assets.

上述持續經營業務的非流動資
產資料乃基於資產的位置，且
不包括金融工具及遞延稅項資
產。

二零二六年中期報告 Interim Report 2026

81

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

3. OPERATING SEGMENT INFORMATION

3. 經營分部資料（續）

(Continued)

Information about major customers

有關主要客戶的資料

Revenue from a major customer which accounted
for 10% or more of the Group’s revenue during the
periods ended 30 June 2026 and 2025 is set out
below:

截至二零二六年及二零二五年六月
三十日止期間，佔本集團收入 10%
或以上的主要客戶收入載列如下：

For the six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Customer A
Customer B
Customer C

客戶A
客戶B
客戶C

3,012,196
3,003,922
NA 不適用

2,575,047
1,975,540
2,040,652

Total

總計

6,016,118

6,591,239

*

The corresponding revenue of the customer is not
disclosed as the revenue individually did not account for

*

該客戶的相應收入未予披露，因其年內個
別收入並未佔本集團收入的10%或以上。

10% or more of the Group’s revenue during the year.

4. 收入

4. REVENUE
An analysis of revenue is as follows:

收入分析載列如下：
For the six months ended 30 June
截至六月三十日止六個月

Revenue from contracts with
customers

82

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

25,363,967

18,146,555

客戶合約收入

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

4. 收入（續）

4. REVENUE (Continued)
Disaggregated revenue information for
revenue from contracts with customers

客戶合約收入的收入分類資料
For the six months ended 30 June
截至六月三十日止六個月
2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

23,821,679
1,542,288

17,286,951
859,604

25,363,967

18,146,555

21,665,008
3,698,959

16,334,370
1,812,185

25,363,967

18,146,555

Timing of revenue recognition
收入確認的時間
Goods transferred at a point in time 於某個時間點
轉移的貨品
Services transferred over time
隨時間轉移的服務

24,529,567
834,400

17,325,731
820,824

Total revenue from contracts with
customers

25,363,967

18,146,555

Types of goods or services
Sale of nickel products
Others

貨品或服務類型
鎳產品銷售
其他

Total revenue from contracts with
customers

客戶合約收入總額

Geographical markets
Chinese mainland
Others

地域市場
中國內地
其他

Total revenue from contracts with
customers

客戶合約收入總額

客戶合約收入總額

二零二六年中期報告 Interim Report 2026

83

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

5. 除稅前利潤

5. PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after
charging/(crediting):

本 集 團 除 稅 前 利 潤 乃 經 扣 除 ╱（ 計
入）以下各項後達致：
For the six months ended 30 June
截至六月三十日止六個月

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

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

Foreign exchange differences, net
Fair value loss/(gains), net:

匯兌差額淨額
公允價值虧損 ╱（收益）
淨額：
Derivative financial instruments
衍生金融工具
Trade receivables containing provisional 貿易應收款項包含臨時
pricing features
定價特徵
Investment gains from financial assets at 按公允價值計入損益的
fair value through profit or loss, net:
金融資產投資收益淨額：
Derivative financial instruments
衍生金融工具
Trade receivables containing provisional 貿易應收款項包含臨時
pricing features
定價特徵

84

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

15,295,776
846,871

13,750,199
706,587

23

14,105

–
–

(136)
61,360

10,829

(270)

(344)

2,331

10,485

2,061

90,044

200,279

(476)

10,697

5,204

4,172

(8,582)

–

(22,007)

(27,756)

(30,589)

(27,756)

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

6. INCOME TAX EXPENSE

6. 所得稅開支

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.

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。

PRC

中國

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.

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。

Indonesia

印度尼西亞

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%.

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 ╱UndangUndang Harmonisasi Peraturan
Perpajakan（「UU HPP」）。UU HPP
恢復了22%的企業所得稅稅率。

二零二六年中期報告 Interim Report 2026

85

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

6. INCOME TAX EXPENSE (Continued)

86

6. 所得稅開支（續）

Indonesia (Continued)

印度尼西亞（續）

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.

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，並在隨後2 個財政年度額外減
免50%的企業所得稅。

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.

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 N O M O R 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。

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 PT. Karunia Permai Sentosa
(“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 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.

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 NO MO R 4/T H/PMA/2022 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 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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

6. INCOME TAX EXPENSE (Continued)

6. 所得稅開支（續）

Indonesia (Continued)

印度尼西亞（續）

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.

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。

The Group is within the scope of the Global AntiBase 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.

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。

二零二六年中期報告 Interim Report 2026

87

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

6. INCOME TAX EXPENSE (Continued)

6. 所得稅開支（續）

Indonesia (Continued)

印度尼西亞（續）

The income tax expense of the Group during the
period is analysed as follows:

本集團於期內的所得稅開支分析如
下：
For the six months ended 30 June
截至六月三十日止六個月

88

Current tax:
Charge for the period
Pillar Two income taxes
for the period
Deferred

即期稅項：
期內支出
期內支柱二所得稅

Total tax expense for the period

期內稅項開支總額

遞延稅項

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

195,090

126,272

551,882
421,483

206,360
178,418

1,168,455

511,050

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

7. DIVIDENDS

7. 股息

The Board did not recommend the payment of an
interim dividend for the six months ended 30 June
2026.

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。

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.

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。

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.

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. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF
THE PARENT

8. 母公司普通權益持有人應佔每
股盈利

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.

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 , 5 5 5 , 9 3 1 , 3 5 0 股（ 二 零 二 五 年 ：
1,555,931,350股）計算。

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.

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。

二零二六年中期報告 Interim Report 2026

89

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

9. PROPERTY, PLANT AND EQUIPMENT

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

期 ╱ 年初賬面值

Carrying amount at end of period/year

期 ╱ 年末賬面值

添置
期 ╱ 年內折舊撥備
出售
匯兌調整

10. INTERESTS IN ASSOCIATES

Share of net assets

分佔淨資產

The Group’s trade receivables from an associate and
amounts due to an associate are disclosed in note
15.

90

9. 物業、廠房及設備

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

25,447,842
2,210,024

21,639,059
5,650,687

(798,481)
(278)
(818,257)

(1,367,970)
(14,831)
(459,103)

26,040,850

25,447,842

10. 於聯營公司的權益
30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

2,462,164

2,349,902

本集團聯營公司貿易應收款項及應
付聯營公司的款項已於附註 15 中披
露。

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

10. 於聯營公司的權益（續）

10. INTERESTS IN ASSOCIATES (Continued)
Particulars of the Group’s material associate are as
follows:

本集團主要聯營公司的詳情如下：

Company

Place of
incorporation/
registration
and business

Nominal value of
issued/registered
share capital

公司

註冊成立 ╱
註冊及營業地點

已發行 ╱
註冊股本面值

PT Halmahera Jaya
Feronickel (“HJF”)
PT Halmahera Jaya
Feronickel（「HJF」）

Indonesia
印度尼西亞

Rp. 4,000,000,000,000
4,000,000,000,000
印尼盾

Percentage
of ownership
interest
attributable
to the Group Principal activities
本集團應佔
擁有權權益
百分比 主要業務

36.9%

Smelting and processing
sales of nickel compounds

36.9% 鎳化合物的冶煉及加工銷售

The Group’s shareholdings in the associates all
comprise equity shares held by the Company, except
for Contemporary Brunp Lygend Co., Ltd. and
PT Makmur Jaya Maritimindo (“MJM”), which are
immaterial associates of the Group, the shareholdings
in which are held through a wholly-owned subsidiary
of the Company.

除 Contemporary Brunp Lygend
Co., Ltd.及PT Makmur Jaya
Maritimindo（「MJM」）外，本集團在
聯營公司的股權均由本公司持有，
彼等均為本集團的非重要聯營公
司，其股權通過本公司的一家全資
附屬公司持有。

The Company is indirectly interested in 49% of the
shares of MJM through Hong Kong Blue Whale
International Limited (“Hong Kong Bwhale”). The
power of attorney entered into between Hong Kong
Bwhale and PT Teratai Kemakmuran Jayaray (“TKJ”)
on 15 December 2023, whereby TKJ granted Hong
Kong Bwhale the power to act as its attorney of
10% the shares in MJM to exercise its powers at
general meetings, ceased to be effective after TKJ
ceased to be a shareholder of MJM dated since 30
May 2024 when Hong Kong Bwhale entered into the
new shareholders agreement with PT Lima Srikandi
Jaya (“LSJ”) and hold respectively 49% and 51% of
the shares in MJM. Therefore, the MJM became an
associate of Hong Kong Bwhale from 30 May 2024.

本公司透過Hong Kong Blue Whale
International Limited（「Hong Kong
B w h a l e 」）間 接 擁 有 M J M 4 9 % 的
股份權益。Hong Kong Bwhale與
PT Teratai Kemakmuran Jayaray
（「T K J」）於二零二三年十二月十五
日 訂 立 的 授 權 書（ 據 此 ， T K J 授 權
Hong Kong Bwhale作為其所持MJM
10% 股份的受權人，以於股東大會
上行使其權力）已於TKJ自二零二四
年五月三十日起不再為 MJM 股東後
失效，其時Hong Kong Bwhale與
PT Lima Srikandi Jaya（「LSJ」）訂
立新股東協議，雙方分別持有 MJM
的49%及51%股份。因此，MJM自
二零二四年五月三十日起成為Hong
Kong Bwhale的聯營公司。

二零二六年中期報告 Interim Report 2026

91

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

10. INTERESTS IN ASSOCIATES (Continued)

10. 於聯營公司的權益（續）

The following table illustrates the summarised
financial information in respect of HJF adjusted for
any differences in accounting policies and reconciled
to the carrying amount in the interim financial
statements:

92

下表說明就會計政策的任何差異作
出調整並與中期財務報表中的賬面
值對賬的HJF財務資料概要：

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

Current assets
Non-current assets
Current liabilities
Non-current liabilities

流動資產
非流動資產
流動負債
非流動負債

2,711,365
7,083,848
2,556,715
2,543,925

2,467,181
7,466,918
2,445,792
3,167,674

Net assets

資產淨值

4,694,573

4,320,633

Reconciliation to the Group’s
interest in the associate:
Proportion of the Group’s
ownership
Group’s share of net assets of the
associate
Accumulated unrealised gain
Carrying amount of the investment

與本集團於聯營公司之
權益的對賬：
佔本集團所有權百分比
36.90%

36.90%

1,732,297
(70,231)
1,662,066

1,594,313
(75,414)
1,518,899

Revenue
Profit for the period/year
Other comprehensive income
for the period/year

收入
期 ╱ 年內利潤
期 ╱ 年內其他全面收益

3,089,670
495,752

7,468,537
1,134,218

(121,811)

(100,853)

Total comprehensive income
for the period/year

期 ╱ 年內全面收益總額
373,941

1,033,365

本集團分佔聯營公司之
淨資產
累計未變現收益
投資之賬面值

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

10. INTERESTS IN ASSOCIATES (Continued)

10. 於聯營公司的權益（續）

The following table illustrates the financial information
of the Group’s associates that is not individually
material:

(Loss)/profit for the period/year
Other comprehensive (loss)/income
for the period/year
Total comprehensive income
for the period/year

期 ╱ 年內（虧損）╱ 利潤
期 ╱ 年內其他全面
（虧損）╱ 收益
期 ╱ 年內全面收益總額

Aggregate carrying amounts of the
Group’s investment in the
associates

本集團對聯營公司
投資的總賬面值

下表列示本集團個別不重大聯營公
司的財務資料：

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

(12,393)

26,645

(59,583)

(20,760)

(71,976)

5,885

800,098

831,003

二零二六年中期報告 Interim Report 2026

93

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

11. TRADE AND BILLS RECEIVABLES

Financial assets at amortised
cost:
Trade receivables
Bills receivable

Impairment

94

11. 貿易應收款項及應收票據

按攤銷成本計量的
金融資產：
貿易應收款項
應收票據

減值

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

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

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

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

445,778

123,375

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

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

4,123,977

2,384,067

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

11. T R A D E A N D B I L L S R E C E I V A B L E S

11. 貿易應收款項及應收票據（續）

(Continued)

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”.

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。

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.

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。

二零二六年中期報告 Interim Report 2026

95

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

11. T R A D E A N D B I L L S R E C E I V A B L E S

11. 貿易應收款項及應收票據（續）

(Continued)

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

3個月內
3至6個月
6至12個月
超過1年

12. TRADE AND BILLS PAYABLES

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

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

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

2,483,235

1,815,861

12. 貿易應付款項及應付票據
30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

Trade payables
Bills payable

貿易應付款項
應付票據

3,538,471
–

2,343,826
10,026

Total

總計

3,538,471

2,353,852

The trade payables are non-interest-bearing and are
normally settled within 90 days.

96

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：

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

貿易應付款項不計息，通常於 90 日
內結算。

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

12. TRADE AND BILLS PAYABLES (Continued)
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

3個月內
3至6個月
6至12個月
1至2年
超過2年

12. 貿易應付款項及應付票據（續）
於報告期末，貿易應付款項基於發
票日期的賬齡分析如下：

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

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

二零二六年中期報告 Interim Report 2026

97

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

13. 股本

13. SHARE CAPITAL

股份

Shares

Issued and fully paid as at 31
December 2025, 1 January 2026
and 30 June 2026

1,555,931

1,555,931

14. 承擔

The Group had the following capital commitments at
the end of the Reporting Period:

98

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

於二零二五年
十二月三十一日、
二零二六年一月一日
及二零二六年六月
三十日已發行及繳足

14. COMMITMENTS

Contracted, but not provided for:
Property, plant and equipment

30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

已訂約但尚未撥備：
物業、廠房及設備

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

於報告期末，本集團有以下資本承
擔：
30 June
2026
二零二六年
六月三十日
RMB’000
人民幣千元
(Unaudited)
（未經審核）

31 December
2025
二零二五年
十二月三十一日
RMB’000
人民幣千元
(Audited)
（經審核）

3,215,136

4,242,296

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS

15. 關聯方交易

Name
名稱

Relationship
關係

HJF
HJF
MJM
MJM
Zhejiang Lygend Investment Co., Ltd.
(“Lygend Investment”)
浙江力勤投資有限公司（「力勤投資」）
PT. Trimegah Bangun Persada (“TBP”)
PT. Trimegah Bangun Persada 「TBP」
(
)
PT. Megah Surya Pertiwi (“MSP”)
PT. Megah Surya Pertiwi（「MSP」）
PT. Harita Jayaraya (“HJR”)
PT. Harita Jayaraya（「HJR」）
PT. Gane Permai Sentosa (“GPS”)
PT. Gane Permai Sentosa（「GPS」）
PT. Marina Bara Lestari (“MBL”)
PT. Marina Bara Lestari（「MBL」）
PT. Mitra Sinar Maritim (“MSM”)
PT. Mitra Sinar Maritim（「MSM」）
PT. Antar Sarana Rekas (“ASR”)

An associate
聯營公司
An associate
聯營公司
The holding company

PT. Antar Sarana Rekas（「ASR」）
PT Gema Selaras Perkasa (“GSP”)
PT Gema Selaras Perkasa（「GSP」）
PT OBI SINAR TIMUR (“OST”)
PT OBI SINAR TIMUR（「OST」）
LSJ
LSJ
PT. Pesona Khatulistiwa Nusantara
(“PKN”)
PT. Pesona Khatulistiwa Nusantara
（「PKN」）
PT. Mitra Kemakmuran Line (“MKL”)
PT. Mitra Kemakmuran Line（「MKL」）

控股公司
Shareholder of HPL which has significant influence
HPL具重大影響力的股東
Entity under common control of TBP
受TBP共同控制的實體
Parent entity of TBP
TBP的母公司
Entity under common control of HJR
受HJR共同控制的實體
Entity under common control of HJR
受HJR共同控制的實體
Entity under common control of HJR
受HJR共同控制的實體
Entity under common control of HJR’s ultimate beneficial
owner
受HJR最終實益擁有人共同控制的實體
Entity under common control of HJR’s ultimate beneficial
owner
受HJR最終實益擁有人共同控制的實體
Entity under common control of HJR
受HJR共同控制的實體
Entity under common control of HJR
受HJR共同控制的實體
Entity under common control of HJR
受HJR共同控制的實體
Entity under common control of HJR
受HJR共同控制的實體

二零二六年中期報告 Interim Report 2026

99

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
Name
名稱

Relationship
關係

Zhejiang Yongcheng Construction Co.,
Ltd. (“Yongcheng”)
浙江涌城建設有限公司（「涌城」）
Ningbo Lihua Port Machinery Heavy
Industry Co., Ltd. (“Lihua”)
寧波力華港機重工有限公司（「力華」）
PT. Hasta Panca Mandiri Utama
(“HPMU”)
PT. Hasta Panca Mandiri Utama
（「HPMU」）
PT. Bangunan Teknik Group (“BTG”)
PT. Bangunan Teknik Group（「BTG」）
PT. Kalimantan Aluminium Industry
(“KAI”)
PT. Kalimantan Aluminium Industry
（「KAI」）
Lim Liana Sarwono

Subsidiary of the holding company

Lim Liana Sarwono
PT Gane Tambang Sentosa (“GTS”)
PT Gane Tambang Sentosa（「GTS」）

100

15. 關聯方交易（續）

控股公司的附屬公司
Subsidiary of the holding company
控股公司的附屬公司
Entity under common control of HJR
受HJR共同控制的實體
Subsidiary of the holding company
控股公司的附屬公司
Associates of the holding company
控股公司的聯營公司
A close family member of the ultimate controlling party of
HJR
HJR的最終控制方的近親
Entity under common control of HJR
受HJR共同控制的實體

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(a) The Group had the following transactions
with related parties during the period:

15. 關聯方交易（續）
(a) 本集團於期內與關聯方進行
的交易如下：
For the six months ended 30 June
截至六月三十日止六個月

Sale of goods and services to:
Lygend Investment
BTG
HJF
HPMU
OST
KAI
TBP
GPS
MSP

Rental income recognised relating
to finance lease:
HJF
Lygend Investment

Finance income recognised
relating to finance lease:
HJF
Lygend Investment

銷售貨品及服務予：
力勤投資
BTG
HJF
HPMU
OST
KAI
TBP
GPS
MSP

確認有關融資租賃的
租金收益：
HJF
力勤投資

確認有關融資租賃的
融資收益：
HJF
力勤投資

Note
附註

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

66
32
842,078
34
23,199
–
429
63
44,850

96
159
650,400
112
28,382
5,121
529
33
–

910,751

684,832

–
420

983
420

420

1,403

–
29

93
42

29

135

(i)
(i)

(i)
(i)

二零二六年中期報告 Interim Report 2026

101

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(a) The Group had the following transactions
with related parties during the period:

15. 關聯方交易（續）
(a) 本集團於期內與關聯方進行
的交易如下：（續）

(Continued)

For the six months ended 30 June
截至六月三十日止六個月

Note
附註

Purchase of goods and services from: 自以下公司購買貨品
及服務：
TBP
TBP
LSJ
LSJ
MSP
MSP
ASR
ASR
MKL
MKL
GPS
GPS
GSP
GSP
Yongcheng
涌城
BTG
BTG
OST
OST
MSM
MSM
MJM
MJM
HPMU
HPMU
Lim Liana Sarwono
Lim Liana Sarwono
HJF
HJF
MBL
MBL
PKN
PKN
GTS
GTS
Lihua
力華

102

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

1,748,973
–
–
12,439
31,688
601,197
7,732
–
174,485
1,299,977
4,486
10,243
–
–
1,844,358
52,654
221,837
226,498
73,996

877,713
142
210,531
8,927
571
385,870
5,222
5,053
200,190
755,318
2,564
17,508
175
88
3,432,079
44,731
148,660
–
–

6,310,563

6,095,342

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(a) The Group had the following transactions
with related parties during the period:

15. 關聯方交易（續）
(a) 本集團於期內與關聯方進行
的交易如下：（續）

(Continued)

For the six months ended 30 June
截至六月三十日止六個月

Payments made on behalf of the
Group by:
GPS
HJF
MSP
OST
TBP
MBL
GTS

Payment on behalf of:
GPS
HJF
MSP
OST
TBP
MKL
GTS

由以下公司代表本集團
作出付款：
GPS
HJF
MSP
OST
TBP
MBL
GTS

代表以下公司付款：
GPS
HJF
MSP
OST
TBP
MKL
GTS

Note
附註

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

(ii)
(ii)
(ii)
(ii)
(ii)
(ii)
(ii)

380
–
–
919
15,440
–
–

129
233
23
1,798
17,893
43
2

16,739

20,121

–
–
–
–
–
301
–

9
1,409
417
2
538
43
3

301

2,421

(ii)
(ii)
(ii)
(ii)
(ii)
(ii)
(ii)

二零二六年中期報告 Interim Report 2026

103

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(a) The Group had the following transactions
with related parties during the period:

15. 關聯方交易（續）
(a) 本集團於期內與關聯方進行
的交易如下：（續）

(Continued)
Notes:

附註：

(i)

(i)

The purchases from and sales to the related parties

向關聯方作出的採購及銷售乃按照

were made according to the published prices

本集團與其主要客戶及供應商之間

and conditions between the Group and its major

的公開價格及條件進行。

customers and suppliers.
(ii)

The payment on behalf of and on behalf of by
the related parties were reimbursements for

(ii)

代表關聯方作出及由關聯方代表作
出的付款為雜項現場開支的補償。

miscellaneous site expenses.

(b) Other transactions with related parties:

104

(b) 與關聯方的其他交易：

As at 30 June 2026, the Company has guaranteed
certain of the bank borrowings made to its
associate CBL, amounting to RMB216,000,000 (31
December 2025: RMB216,000,000). The above
bank borrowings were also jointly guaranteed
by the other shareholders of the associate,
respectively.

於二零二六年六月三十日，本
公司就向其聯營公司CBL作出
的若干銀行借款提供金額為人
民 幣 2 1 6 , 0 0 0 , 0 0 0 元（ 二 零 二
五年十二月三十一日：人民幣
216,000,000 元）的擔保。上述
銀行借款亦分別由聯營公司的
其他股東共同擔保。

In the opinion of the directors of the Company,
the fair values of these financial guarantee
contracts of the Company are insignificant
at initial recognition and as at 30 June 2026,
accordingly, no value has been recognised at the
inception of the guarantee contracts and on the
consolidated statement of financial position as
at 30 June 2026. The directors of the Company
consider that the loss rate of these guarantees is
low.

本公司董事認為，本公司該等
財務擔保合約於初始確認時及
於二零二六年六月三十日的公
允價值並不重大，因此，於擔
保合約開始時及於二零二六年
六月三十日的綜合財務狀況表
中並無確認任何價值。本公司
董事認為該等擔保的虧損率較
低。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(b) Other transactions with related parties:

15. 關聯方交易（續）
(b) 與關聯方的其他交易：（續）

(Continued)

HPL entered into agreements which are effective
from 12 April 2021 to 31 December 2030 with
GPS and TBP to purchase nickel ore for HPL’s
production. While as at 31 December 2025,
the purchase quantity agreed upon with GPS
and TBP in the agreement has been completed
ahead of schedule.

H P L 與 G P S 及 T B P 訂立有效期
為二零二一年四月十二日至二
零三零年十二月三十一日的協
議，以採購HPL生產所用的鎳
礦。而於二零二五年十二月三
十一日，與 G P S 及 T B P 在協議
中約定的採購數量已提前完成。

HPL entered into an agreement with TBP for
the payment of levy related to the use of certain
land located on the Obi Island, Indonesia, which
includes the license (IPPKH – Izin Pinjam Pakai
Kawasan Hutan) obtained by TBP from the
government to permit TBP to operate in OBI
Island. The payment is calculated with reference
to the area of land used by HPL and the rate of
fees charged by the relevant local government
authority in Indonesia.

HPL與TBP訂立一項協議，以
支付與使用印度尼西亞奧比島
若干土地有關的徵費，其中包
括TBP從政府獲得，以允許TBP
在奧比島運營的許可證 (IPPKH
– Izin Pinjam Pakai Kawasan
Hutan)。該款項乃參考HPL使用
的土地面積及印度尼西亞相關
地方政府機構收取的費率計算。

As at 30 June 2026, advanced capital injections
of RMB26,481,000 from TBP have been paid to
increase the share capital of DCM.

於二零二六年六月三十日，
TBP的提前注資款項人民幣
26,481,000 元已支付用於增加
DCM的股本。

二零二六年中期報告 Interim Report 2026

105

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(c) O u t s t a n d i n g b a l a n c e s w i t h r e l a t e d
parties:

15. 關聯方交易（續）
(c) 與關聯方之未清償結餘：

Notes
附註

Due from an associate:
HJF

106

應收一間聯營
公司款項：
HJF

Impairment

減值

Net carrying amount

賬面淨值

Due from related parties:
TBP
MSP
OST
TBP
BTG
GPS
HPMU
KAI
Lim Liana Sarwono

應收關聯方款項：
TBP
MSP
OST
TBP
BTG
GPS
HPMU
KAI
Lim Liana Sarwono

Impairment

減值

Net carrying amount

賬面淨值

Due to associates:
HJF
MJM

應付聯營公司款項：
HJF
MJM

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

(i)

(ii)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)

30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited)
(Audited)
（未經審核）
（經審核）

225,589

338,540

(620)

(931)

224,969

337,609

–
–
385
144
10
6
5
4,307
10

522
965
5,508
274
18
21
11
4,629
11

(36)

(82)

4,831

11,877

865
2,028

68,165
2,055

2,893

70,220

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)
(c) O u t s t a n d i n g b a l a n c e s w i t h r e l a t e d
parties: (Continued)

15. 關聯方交易（續）
(c) 與關聯方之未清償結餘：（續）
30 June
31 December
2026
2025
二零二六年
二零二五年
六月三十日 十二月三十一日
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited)
(Audited)
（未經審核）
（經審核）

Notes
附註

Due to related parties:
TBP
TBP
GSP
ASR
GPS
MKL
Yongcheng
BTG
MBL
MSM
Lihua
OST
PKN
GTS
Lim Liana Sarwono

應付關聯方款項：
TBP
TBP
GSP
ASR
GPS
MKL
涌城
BTG
MBL
MSM
力華
OST
PKN
GTS
Lim Liana Sarwono

(i)
(iii)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

816,588
26,481
2,288
3,014
262,589
11,212
11,616
241,801
29,017
2,503
38,494
445,409
49,572
50,441
–

232,684
–
2,033
1,479
88,950
2,299
22,133
278,780
14,902
2,944
9,502
577,093
31,462
13,680
166

1,991,025

1,278,107

Notes:

附註：

(i)

The balances with related parties are trade in nature.

(i)

與關聯方的結餘屬貿易性質。

(ii)

The balance represents a capital contribution

(ii)

該結餘指根據印度尼西亞法律應收

receivable for 25% of the authorised capital of a

的本集團一間附屬公司的25%法定

subsidiary of the Group under the laws of Indonesia,

資本出資，其屬非貿易性質。

which is non-trade in nature.
(iii)

The balance represents advanced capital injection
from non-controlling shareholders.

(iii)

該結餘指非控股股東注資之預付款
項。

二零二六年中期報告 Interim Report 2026

107

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

15. RELATED PARTY TRANSACTIONS (Continued)

15. 關聯方交易（續）

(c) O u t s t a n d i n g b a l a n c e s w i t h r e l a t e d
parties: (Continued)

(c) 與 關 聯 方 之 未 清 償 結 餘 ：

At 30 June 2026, included in the Group’s
prepayments and other assets were amounts
due from the Group’s related parties of
RMB67,541,000 (31 December 2025:
RMB19,318,000) and included in the Group’s
contract liabilities and other payables and
accruals were amounts due to the Group’s
related parties of RMB84,438,000 (31 December
2025: RMB7,836,000), which are trade in nature.

於二零二六年六月三十日，計
入本集團預付款項及其他資產
的應收本集團關聯方款項為人
民幣 67,541,000 元（二零二五
年十二月三十一日：人民幣
19,318,000元）及計入本集團合
約負債及其他應付款項及應計
費用的應付本集團關聯方款項
為人民幣84,438,000元（二零二
五年十二月三十一日：人民幣
7,836,000 元），該等款項屬貿
易性質。

(d) C o m p e n s a t i o n o f k e y m a n a g e m e n t
personnel of the Group:

(d) 本 集 團 主 要 管 理 人 員 的 酬
金：

（續）

For the six months ended 30 June
截至六月三十日止六個月

Salaries, allowances and
benefits in kind
Performance related bonuses
Equity-settled share award
expense
Pension scheme contributions

108

2026
二零二六年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

2025
二零二五年
RMB’000
人民幣千元
(Unaudited)
（未經審核）

14,077
21,348

18,757
32,069

–
192

3,576
181

35,617

54,583

薪金、津貼及實物利益
與表現掛鈎的獎金
權益結算股份獎勵費用
退休金計劃供款

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

16. F A I R V A L U E A N D F A I R V A L U E
HIERARCHY OF FINANCIAL
INSTRUMENTS

16. 金融工具的公允價值及公允價
值層級

Management has assessed that the fair values of
cash and cash equivalents, financial assets included
in prepayments, other receivables and other assets,
amounts due from related parties, trade and bills
receivables, the current portion of pledged deposits,
trade and bills payables, the current portion of
interest-bearing bank and other borrowings, financial
liabilities included in other payables and accruals,
and amounts due to related parties approximate to
their carrying amounts largely due to the short-term
maturities of these instruments.

管理層已評估現金及現金等價物、
計入預付款項、其他應收款項及其
他資產的金融資產、應收關聯方款
項、貿易應收款項及應收票據、抵
押存款的流動部分、貿易應付款項
及應付票據、計息銀行及其他借款
的流動部分、計入其他應付款項及
應計費用的金融負債以及應付關
聯方款項的公允價值與其賬面值相
若，主要由於該等工具於短期內到
期。

The Group’s finance department headed by the
chief financial officer is responsible for determining
the policies and procedures for the fair value
measurement of financial instruments. The finance
department reports directly to the chief financial
officer. At each reporting date, the finance department
analyses the movements in the values of financial
instruments and determines the major inputs applied
in the valuation. The valuation is reviewed and
approved by the chief financial officer. The valuation
process and results are discussed with the directors
of the Company periodically for financial reporting.

本集團財務部由財務總監領導，負
責確定金融工具公允價值計量的政
策和程序。財務部直接向財務總監
報告。於各報告日期，財務部分析
金融工具的價值變動，並確定估值
中應用的主要輸入數據。估值由財
務總監審閱及批准。估值程序及結
果會定期與本公司董事討論以作財
務報告。

The fair values of the financial assets and liabilities are
included at the amount at which the instrument could
be exchanged in a current transaction between willing
parties, other than in a forced or liquidation sale. The
following methods and assumptions were used to
estimate the fair values:

金融資產及負債的公允價值按自願
方之間的當前交易（強制或清算出售
除外）可交換工具的金額計入。以下
方法和假設用於估計公允價值：

二零二六年中期報告 Interim Report 2026

109

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

110

16. F A I R V A L U E A N D F A I R V A L U E
HIERARCHY OF FINANCIAL
INSTRUMENTS (Continued)

16. 金融工具的公允價值及公允價
值層級（續）

The fair values of the non-current portion of
prepayments, other receivables and other assets
and interest-bearing bank borrowings have been
calculated by discounting the expected future cash
flows using rates currently available for instruments
with similar terms, credit risk and remaining maturities.
The changes in fair value as a result of the Group’s
own non-performance risk for interest-bearing bank
borrowings as at 30 June 2026 were assessed
to be insignificant. All the carrying amounts of the
Group’s non-current portion of pledged deposits and
interest-bearing bank borrowings approximate to their
fair values.

預付款項、其他應收款項及其他資
產以及計息銀行借款的非流動部分
之公允價值已使用具有類似條款、
信貸風險及餘下到期日之工具現時
可取得之利率貼現預期未來現金流
量而計算。於二零二六年六月三十
日，本集團自身不履約風險而導致
的計息銀行借款公允價值變動被評
估為不重大。本集團所有抵押存款
及計息銀行借款的非流動部分的賬
面值與其公允價值相若。

The Group enters into derivative financial instruments
with various counterparties, principally financial
institutions. Derivative financial instruments, including
forward contracts and interest rate swaps, are
measured using valuation techniques similar to
forward pricing and swap models, using present
value calculations. The models incorporate various
market observable inputs including the credit quality
of counterparties, spot and forward interest rates
curves. The carrying amounts of forward contracts
and interest rate swaps are the same as their fair
values.

本集團與不同對手方（主要是金融機
構）訂立衍生金融工具。衍生金融工
具（包括遠期合約及利率掉期）乃運
用與遠期定價及掉期模型類似的估
值方法計量（採用現值計算）。該等
模型涵蓋多項市場可觀察輸入數據
（包括對手方的信用質素、即期及遠
期利率曲線）。遠期合約及利率掉期
的賬面值與其公允價值相同。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

16. F A I R V A L U E A N D F A I R V A L U E
HIERARCHY OF FINANCIAL
INSTRUMENTS (Continued)

16. 金融工具的公允價值及公允價
值層級（續）

Fair value hierarchy

公允價值層級

The following tables illustrate the fair value
measurement hierarchy of the Group’s financial
instruments:

下表說明本集團金融工具的公允價
值計量層級：

Assets measured at fair value:

按公允價值計量的資產：

As at 30 June 2026

於二零二六年六月三十日
Fair value measurement using
採用以下數據的公允價值計量
Quoted
prices in
active
markets
活躍市場報價
(Level 1)
（第一級）
RMB’000
人民幣千元
(Unaudited)
（未經審核）

Trade receivables containing provisional
pricing features
Bills receivable measured at fair value

貿易應收款項包含
臨時定價特徵
按公允價值計量的應收票據

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察 重大不可觀察
輸入數據
輸入數據
(Level 2)
(Level 3)
（第二級）
（第三級）
RMB’000
RMB’000
人民幣千元
人民幣千元
(Unaudited) (Unaudited)
（未經審核） （未經審核）

Total
總計
RMB’000
人民幣千元
(Unaudited)
（未經審核）

–
–

445,778
1,006,482

–
–

445,778
1,006,482

–

1,452,260

–

1,452,260

二零二六年中期報告 Interim Report 2026

111

NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
未經審核中期簡明綜合財務資料附註
30 June 2026
二零二六年六月三十日

16. F A I R V A L U E A N D F A I R V A L U E
HIERARCHY OF FINANCIAL
INSTRUMENTS (Continued)

16. 金融工具的公允價值及公允價
值層級（續）

Fair value hierarchy (Continued)

公允價值層級（續）

Assets measured at fair value: (Continued)

按公允價值計量的資產：（續）

As at 31 December 2025

於二零二五年十二月三十一日
Fair value measurement using
採用以下數據的公允價值計量
Quoted
prices in
active
markets
活躍市場報價
(Level 1)
（第一級）
RMB’000
人民幣千元

Trade receivables containing provisional
pricing features
Bills receivable measured at fair value
Derivative financial instruments

112

貿易應收款項包含
臨時定價特徵
按公允價值計量的應收票據
衍生金融工具

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

Significant
Significant
observable unobservable
inputs
inputs
重大可觀察
重大不可觀
輸入數據
察輸入數據
(Level 2)
(Level 3)
（第二級）
（第三級）
RMB’000
RMB’000
人民幣千元
人民幣千元

Total
總計
RMB’000
人民幣千元

–
–
–

123,375
321,643
454

–
–
–

123,375
321,643
454

–

445,472

–

445,472

宁波力勤资源科技股 份有限公司

LYGEND RESOURCES & TECHNOLOGY CO., LTD.

宁波力勤资源科技股 份有限公司
LYGEND
&
CO.,
宁 波 力RESOURCES
勤资源科
技股 份有限
公LTD.
司
LYGEND
RESOURCES
& TECHNOLOGY
TECHNOLOGY
CO.,
LTD.

LYGEND
RESOURCES
CO.,
LTD.
(A joint stock company
incorporated in &
theTECHNOLOGY
People’s Republic of China
with limited
liability)

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

Stock
（於中華人民共和國註冊成立的股份有限公司）
Stock Code:
Code: 2
2 24
24 5
5

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

Stock Code: 股份代號：2245
2 24 5

Fe

Co

2026
INTERIM REPORT
中
期
報
告

Ca0
RKEF

Ni

HPAL

Contents

目錄

COMPANY PROFILE

公司簡介

2

CORPORATE INFORMATION

公司資料

5

CHAIRMAN’S STATEMENT

董事長報告書

9

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論與分析

14

CORPORATE GOVERNANCE AND
OTHER INFORMATION

企業管治及其他資料

59

Unaudited Interim Condensed Consolidated
Statement of Profit or Loss and Other
Comprehensive Income

未經審核中期簡明綜合損益
及其他全面收益表

67

Unaudited Interim Condensed Consolidated
Statement of Financial Position

未經審核中期簡明綜合
財務狀況表

69

Unaudited Interim Condensed Consolidated
Statement of Changes in Equity

未經審核中期簡明綜合
權益變動表

72

Unaudited Interim Condensed Consolidated
Statement of Cash Flows

未經審核中期簡明綜合
現金流量表

74

Notes to Unaudited Interim Condensed
Consolidated Financial Information

未經審核中期簡明綜合
財務資料附註

77

COMPANY PROFILE
公司簡介

2

We are a company with a full nickel industry chain and
businesses across the entire nickel industry value chain,
covering nickel resource procurement, nickel product
trading, nickel product production and sales, and other
aspects. In terms of nickel product trading, we are the
largest nickel ore trader in China. In the field of smelting
and production, we actively respond to the “Belt and
Road” initiative, implement the development strategy
of national new energy and other strategic industries,
focus on the key nickel resources and the layout of major
resource producing areas in the world, jointly invest in
the construction of an independent industrial park on
Obi Island, Indonesia, with our Indonesian Partner, and
have completed the production layout of hydrometallurgy
projects and pyrometallurgy projects for nickel products,
as well as the supporting production auxiliary facilities in
the park. This ensured our autonomy in aspects such as
smelting and production, raw materials, and public ancillary
facilities, and has helped us achieve various breakthroughs
and significant progress in the field of smelting of nickel
products.

我們是一家擁有完整鎳產業鏈且業務涵蓋
整個鎳產業價值鏈的公司，我們的業務覆
蓋鎳資源採購、鎳產品貿易、鎳產品生產
與銷售等環節。在鎳產品貿易方面，我們
是中國最大的鎳礦貿易商。在冶煉生產領
域，我們積極響應「一帶一路」倡議，落
實國家新能源等戰略性產業的發展戰略，
圍繞關鍵鎳資源，重點佈局全球主要資源
產區，在印度尼西亞奧比島與印尼合作夥
伴共同投資建設獨立產業園區並完成了鎳
產品濕法冶煉項目和火法冶煉項目的生產
佈局，園區內配套的生產輔助設施，確保
了我們在冶煉生產、原料及公共輔助設施
等多方面的自主性，助力我們在鎳產品冶
煉領域取得了多項突破和長足進步。

Adhering to the concept of integrating Chinese technology
with global resources, the Company has devoted itself
to the nickel industry and has fully taken advantage of its
strengths to strive for the development and construction
of the entire nickel industry chain. Headquartered in
Ningbo, the Company initially completed its business
layout with manufacturing and smelting in Indonesia
and has established market presence globally, thereby
establishing an industrial pattern of “upstream nickel
resource integration and trading, midstream smelting
and production and sales, and expansion of downstream
application scenarios”.

公司深耕鎳行業，始終秉承以中國技術嫁
接全球資源的理念，充分發揮自身所長，
致力於鎳全產業鏈發展和建設。初步完成
了總部在寧波、製造冶煉在印尼、市場在
全球的佈局，形成了「上游鎳資源整合與
貿易 － 中游冶煉生產與銷售 － 下游應用
場景的延伸」的產業格局。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

COMPANY PROFILE
公司簡介

NICKEL RESOURCES SOURCING AND
TRADING

鎳資源採購與貿易

Since venturing into the laterite nickel ore trading business
in 2009, we have established stable business relationships
with upstream nickel mining companies. We primarily
source laterite nickel ore from countries and regions with
the most abundant laterite nickel resources in the world,
including the Philippines and Indonesia. Among these
countries and regions, the Philippines is currently the
world’s largest exporter of laterite nickel ore. We have
established long-term and stable business relationships
with leading Filipino nickel mining companies including
Nickel Asia Corporation and CTP Construction and Mining
Corp., enabling us to secure a stable and long-term supply
of laterite nickel ore. We are also engaged in the trading of
ferronickel and primarily source ferronickel for our trading
business from Indonesia.

自二零零九年開始從事鎳礦貿易以來，我
們與上游鎳礦開採商建立了穩定的合作關
係。我們主要向菲律賓、印度尼西亞等
全球紅土鎳礦資源最豐富的國家和地區採
購紅土鎳礦。其中，菲律賓為當前全球
紅土鎳礦出口量最高的國家。我們與亞
洲鎳業(Nickel Asia Corporation)及CTP
Construction and Mining Corp.等菲律賓
領先的鎳礦開採商均建立了長期且穩定的
合作關係，使我們的紅土鎳礦資源始終得
到長期穩定的供應。我們亦從事鎳鐵貿
易，並主要從印度尼西亞採購貿易業務的
鎳鐵。

We have a deep understanding of, and forward-looking
insights into the global distribution, supply and
demand, industry trends and pricing dynamics of nickel
resources. These strong capabilities have enabled us
to form long-term cooperation with many reputable and
established downstream enterprise customers.

我們對鎳資源的全球分佈、市場供求、行
業趨勢和價格變動等方面有深刻的了解和
前瞻的洞察。基於前述出色的能力，我們
與眾多下游聲譽卓著而實力雄厚的企業客
戶達成了長期合作。

SMELTING AND PRODUCTION

冶煉生產

To expand the breadth and depth of our products
and service offerings, we have expanded our product
and service portfolio to areas including nickel product
production.

為加深我們產品及服務的深度與廣度，我
們將產品服務體系延伸至鎳產品生產等環
節。

二零二六年中期報告 Interim Report 2026

3

COMPANY PROFILE
公司簡介

4

Since expanding our business to cover nickel product
production in 2017, we have mastered the complete
pyrometallurgy and hydrometallurgy processes for nickel
product production. Starting from Jiangsu Province, China,
we have gradually built up our production capacity for
nickel products worldwide. Our manufacturing facilities in
Suqian, Jiangsu Province, China (the “Jiangsu Facilities”)
have three ferronickel production lines using the Rotary
Kiln-Electric Furnace process (the “RKEF process”). The
aggregate designed production capacity of our Jiangsu
Facilities is 18,000 metal tons of ferronickel per annum.
On the Obi Island, Indonesia, we have jointly invested in
two nickel product production projects with our Indonesian
Partner, including (i) the HPAL project, a hydrometallurgy
project with an aggregate designed production capacity
of 120,000 metal tons of nickel-cobalt compound per
annum (including 14,250 metal tons of cobalt), and (ii) the
RKEF project, a pyrometallurgy project using the RKEF
process (the “RKEF project,” together with the HPAL
project, the “Obi project”), with an aggregate designed
production capacity of 280,000 metal tons of ferronickel
per annum (among which, the pyrometallurgy production
capacity of HJF, in which the Company holds equity
interests, is 95,000 metal tons of ferronickel). As at the
date of this report, all production lines of the Company’s
Obi project have reached their designed production
capacity, possessing a large-scale annual production
capacity of 400,000 metal tons of nickel. Our nickel-cobalt
compounds and ferronickel products are widely used in
the rapidly growing new energy vehicle (NEV) and stainless
steel markets.

我們自二零一七年起佈局鎳產品生產板
塊，掌握了包括火法及濕法冶煉在內的
完整鎳產品生產工藝。從中國江蘇省起
步，我們正逐漸在全球範圍內建立我們的
鎳產品產能。我們位於中國江蘇省宿遷
的生產工廠（「江蘇工廠」）擁有三條使用
回轉窯電爐工藝（「RKEF工藝」）的鎳鐵生
產線，總年設計產能為18,000 金屬噸鎳
鐵。我們在印度尼西亞奧比島與印尼合作
夥伴共同投資了兩個鎳產品生產項目，包
括(i)HPAL項目，一個總計年設計產能為
120,000金屬噸鎳鈷化合物（包括14,250
金屬噸鈷）的濕法冶煉項目，及(ii)RKEF
項目，一個總計年設計產能為280,000金
屬噸鎳鐵並使用RKEF工藝的火法冶煉項
目（「RKEF項目」，與HPAL項目合稱「Obi
項目」）
（其中參股公司HJF火法冶煉產能
為 9.5 萬金屬噸鎳鐵）。截至本報告發出
日，公司Obi項目全部產線均已達產，
具備年產 40 萬噸金屬鎳的規模化生產能
力。我們的鎳鈷化合物及鎳鐵產品廣泛應
用於快速增長的新能源汽車市場及不銹鋼
市場。

Our Obi project was selected for the List of Achievements
in Promoting the ‘Belt and Road’ Construction in Zhejiang
Province led by the Zhejiang Provincial Government, and
won honorary awards such as China Standard Overseas
Demonstration Project issued by China Non-Ferrous
Metals Industry Association.

我們的Obi項目入選了由浙江省政府牽頭
評選的《浙江省推進「一帶一路」建設成果
清單》，並獲得了中國國家有色金屬協會
頒發的《中國標準海外示範工程》等榮譽
獎項。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE INFORMATION
公司資料

BOARD OF DIRECTORS

董事會

Chairman and executive Director

董事長兼執行董事

Mr. CAI Jianyong

蔡建勇先生

Executive Directors

執行董事

Ms. FEI Feng
Mr. CAI Jianwei
Mr. WANG Ling

費鳳女士
蔡建威先生
王凌先生

Non-executive Director

非執行董事

Mr. Lawrence LUA Gek Pong

Lawrence LUA Gek Pong先生

Employee representative Director

職工代表董事

Mr. YU Weijun

余衛軍先生

Independent non-executive Directors

獨立非執行董事

Dr. HE Wanpeng
Ms. ZHANG Zhengping
Dr. WANG James Jixian

何萬篷博士
張爭萍女士
王緝憲博士

BOARD COMMITTEES

董事委員會

Audit committee

審核委員會

Ms. ZHANG Zhengping (Chairperson)
Dr. HE Wanpeng
Dr. WANG James Jixian

張爭萍女士（主席）
何萬篷博士
王緝憲博士

二零二六年中期報告 Interim Report 2026

5

CORPORATE INFORMATION
公司資料

6

Remuneration committee

薪酬委員會

Dr. HE Wanpeng (Chairperson)
Ms. ZHANG Zhengping
Mr. YU Weijun

何萬篷博士（主席）
張爭萍女士
余衛軍先生

Nomination committee

提名委員會

Ms. ZHANG Zhengping (Chairperson)
Dr. HE Wanpeng
Mr. CAI Jianyong

張爭萍女士（主席）
何萬篷博士
蔡建勇先生

ESG committee

環境、社會和管治委員會

Mr. CAI Jianyong (Chairperson)
Mr. QIAN Feng (Non-director)
Mr. YU Hai (Non-director)
Mr. LIAO Zhengquan (Non-director)
Mr. LIU Xuanliang (Non-director)
Mr. QI Hui (Non-director)
Mr. WANG Duodong (Non-director)
Mr. SHI Wentang (Non-director)
Mr. CAI Jiansong (Non-director)
Ms. CAI Xiaoou (Non-director)
Ms. WANG Chongfeng (Non-director)

蔡建勇先生（主席）
錢峰先生（非董事）
禹海先生（非董事）
廖正權先生（非董事）
劉煊亮先生（非董事）
齊輝先生（非董事）
王多冬先生（非董事）
石文堂先生（非董事）
蔡建松先生（非董事）
蔡曉鷗女士（非董事）
王崇鋒女士（非董事）

JOINT COMPANY SECRETARIES

聯席公司秘書

Mr. CAO Zheng
(appointed as the sole company
secretary on 31 May 2026)
Ms. LEE Hoi Ki
(appointed on 31 March 2026
and resigned on 31 May 2026)
Mr. CHOW Shing Lung
(resigned on 31 March 2026)

曹錚先生
（於二零二六年五月三十一日
獲委任為唯一公司秘書）
李凱琪女士
（於二零二六年三月三十一日獲委任及
於二零二六年五月三十一日辭任）
鄒醒龍先生
（於二零二六年三月三十一日辭任）

COMPANY SECRETARY

公司秘書

Mr. CAO Zheng
(appointed on 31 May 2026)

曹錚先生
（於二零二六年五月三十一日獲委任）

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE INFORMATION
公司資料

AUTHORIZED REPRESENTATIVES
(UNDER THE LISTING RULES)

授權代表（根據上市規則）

Ms. FEI Feng
Mr. CAO Zheng
(appointed on 31 May 2026)
Ms. LEE Hoi Ki
(appointed on 31 March 2026 and
resigned on 31 May 2026)
Mr. CHOW Shing Lung
(resigned on 31 March 2026)

費鳳女士
曹錚先生
（於二零二六年五月三十一日獲委任）
李凱琪女士
（於二零二六年三月三十一日獲委任及
於二零二六年五月三十一日辭任）
鄒醒龍先生
（於二零二六年三月三十一日辭任）

REGISTERED OFFICE

註冊辦事處

2/F, Mingchuang Building
No. 707 Tiantong South Road
Yinzhou District
Ningbo City, Zhejiang Province
PRC

中國
浙江省寧波市
鄞州區
天童南路707號
明創大樓2樓

HEAD OFFICE

總部

10-11/F, Building C10, R&D Park, Lane 299
Guanghua Road
Yinzhou District
Ningbo City, Zhejiang Province
PRC

中國
浙江省寧波市
鄞州區
光華路
299弄研發園C10幢10-11樓

PRINCIPAL PLACE OF BUSINESS IN HONG
KONG REGISTERED UNDER PART 16 OF
THE COMPANIES ORDINANCE

根據公司條例第 16 部註冊的香港
主要營業地點

46/F, Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong

香港
灣仔
皇后大道東183號
合和中心46樓

H SHARE REGISTRAR

H股證券登記處

Computershare Hong Kong Investor Services Limited
Shops 1712-1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong

香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心
17樓1712-1716號舖

二零二六年中期報告 Interim Report 2026

7

CORPORATE INFORMATION
公司資料

8

PRINCIPAL BANKS

主要往來銀行

Agricultural Bank of China, Ningbo Branch
Bank of China, Fenghua Branch
China CITIC Bank, Ningbo Jiangdong Branch

中國農業銀行寧波分行
中國銀行奉化分行
中信銀行寧波江東分行

LEGAL ADVISORS

法律顧問

As to Hong Kong laws:
Cleary Gottlieb Steen & Hamilton (Hong Kong)

有關香港法律：
佳利（香港）律師事務所

As to PRC laws:
Zhejiang T&C Law Firm

有關中國法律：
浙江天冊律師事務所

AUDITOR

核數師

Ernst & Young
Certified Public Accountants
Registered Public Interest Entity Auditor

安永會計師事務所
執業會計師
註冊公眾利益實體核數師

27/F, One Taikoo Place
979 King’s Road
Quarry Bay
Hong Kong

香港
鰂魚涌
英皇道979號
太古坊一座27樓

STOCK CODE

股份代號

2245

2245

COMPANY’S WEBSITE

公司網站

www.lygend.com

www.lygend.com

DATE OF LISTING

上市日期

1 December 2022

二零二二年十二月一日

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CHAIRMAN’S STATEMENT
董事長報告書

To Shareholders,

尊敬的各位股東：

On behalf of the board of directors (the “Board”) of Lygend
Resources & Technology Co., Ltd. (the “Company”) and its
subsidiaries (collectively referred to as the “Group”), I am
pleased to present to you the interim report of the Group
for the six months ended 30 June 2026 (the “Reporting
Period”).

我謹代表寧波力勤資源科技股份有限公
司（「本公司」）及其附屬公司（合稱「本集
團」）董事會（「董事會」）向 閣下提呈本
集團截至二零二六年六月三十日止六個月
（「報告期」）的中期報告。

In the first half of 2026, the global nickel industry
continued its structural adjustment, with intensified
dynamics between supply and demand, presenting
both opportunities and challenges. On the supply side,
Indonesia, as the country with the largest nickel reserves
in the world (accounting for approximately 44% of the
world’s total nickel reserves), continued to tighten its
nickel industry control policies, with nickel ore export
quotas assessed annually as a regular practice and
expectations for a tightening supply of upstream primary
nickel resources continued to rise. Meanwhile, affected by
disruptions in the global geopolitical situation, the supply of
core raw and auxiliary materials for hydrometallurgy, such
as sulfur, remained tight, with prices rising significantly,
further exacerbating supply-side constraints in the industry.

二零二六年上半年，全球鎳行業延續結構
性調整態勢，供需兩端博弈加劇，機遇與
挑戰並存。供給層面，印度尼西亞作為全
球鎳儲量最豐富的國家（佔世界總儲量約
44%），持續收緊鎳產業管控政策，鎳礦
出口配額常態化按年度核定，鎳上游原生
資源供給收緊預期持續升溫。同時，受全
球地緣局勢擾動，硫磺等濕法冶煉核心原
輔料供給偏緊、價格大幅上行，進一步加
劇行業供給端約束。

On the demand side, the two major downstream sectors
operated smoothly: In respect of the new energy sector,
the domestic new energy vehicle industry steadily improved
in quality and expanded in capacity. In the first half of
2026, domestic new energy vehicle production and sales
reached 7.438 million and 7.446 million units, respectively,
representing year-on-year increases of 6.7% and 7.3%,
respectively; new energy vehicle exports reached 2.355
million units, representing a significant year-on-year
increase of 122.3%, showing strong growth momentum
in overseas expansion. During the Reporting Period, the
domestic installed volume of power batteries was 335.6
GWh, representing a year-on-year increase of 12%. With

需求端兩大下游板塊平穩運行：新能源
賽道方面，國內新能源汽車產業穩步提
質擴容，二零二六年上半年，國內新能
源汽車產銷分別達743.8 萬輛、744.6 萬
輛，同比增長6.7%、7.3%；新能源車出
口 235.5 萬輛，同比大幅增長 122.3%，
出海增長勢頭強勁。報告期內，國內動力
電池裝車量335.6GWh，同比增長12%。
在《「十五五」碳達峰行動方案》政策加持
下，國內交通電動化持續提速，疊加半固
態、全固態電池逐步落地裝車，低空經
濟、具身機器人商業化提速，高鎳三元材
料長期增量空間廣闊。不銹鋼行業方面，

二零二六年中期報告 Interim Report 2026

9

CHAIRMAN’S STATEMENT
董事長報告書

10

the policy support of the Action Plan for Carbon Peaking
during the ‘15th Five-Year Plan Period’ 《“十五五”碳達峰行
(
動方案》
), domestic transportation electrification continued
to accelerate. Coupled with the gradual deployment and
installation of semi-solid-state and all-solid-state batteries
in vehicles, as well as the accelerated commercialization
of the low-altitude economy and embodied robots, there
is considerable room for long-term growth for high-nickel
ternary materials. In respect of the stainless steel sector,
supported by policies such as equipment upgrades,
trade-ins of consumer goods, and the renovation of
old communities, coupled with the high-end and green
transformation of the metallurgical industry during the
“15th Five-Year Plan” period and the implementation of the
new revised steel capacity replacement policy, inefficient
capacity in the industry was brought under control, and
the supply and demand pattern continued to be optimized.
While traditional demand steadily recovered, the demand
for high-nickel stainless steel in emerging fields such as
wind power, energy storage, hydrogen energy, and new
energy vehicle components rose rapidly, continuing to
drive growth in the consumption of ferronickel.

受益於設備更新、消費品以舊換新、老舊
小區改造等政策托底，疊加「十五五」冶
金產業高端化、綠色化轉型及新版鋼鐵產
能置換政策落地，行業低效產能得到管
控，供需格局持續優化。傳統需求穩步修
復的同時，風電、儲能、氫能、新能源汽
車零部件等新興領域高鎳不銹鋼需求快速
崛起，持續帶動鎳鐵消費增量釋放。

Leveraging its integrated layout across the entire nickel
industry chain and the development philosophy of
“green and low-carbon, innovation-driven”, the Company
coordinates nickel resource procurement and trading,
smelting production and sales, flexibly responding to
multiple external uncertainties such as commodity price
fluctuations and overseas policy changes to hedge
cyclical volatility risks. In the first half of 2026, the overall
operations remained steady, and the comprehensive
resilience of the industry chain and counter-cyclical
competitiveness were continuously strengthened.

公司依託完整鎳全產業鏈一體化佈局，堅
守「綠色低碳、創新驅動」發展理念，統
籌鎳資源採購與貿易、冶煉生產與銷售，
靈活應對大宗商品價格震蕩、海外政策變
動等多重外部不確定性，對沖週期波動風
險，二零二六年上半年整體經營保持穩健
運行，產業鏈綜合韌性與抗週期競爭力持
續夯實。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CHAIRMAN’S STATEMENT
董事長報告書

During the Reporting Period, the various businesses of the
Company progressed in an orderly manner, realizing an
operating revenue of RMB25,364.0 million, representing
a year-on-year growth of 39.8%. Net profit attributable to
owners of the parent was RMB2,737.7 million, representing
a year-on-year growth of 91.9%.

報告期內，公司各項業務有序推進，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
有人淨利潤人民幣2,737.7 百萬元，較上
年同期增長91.9%。

Procurement and trading of nickel resources: During
the Reporting Period, the Company further optimized
its customer structure, focusing on expanding business
with domestic steel mills and core end customers of new
energy materials, implemented refined and differentiated
supply strategies, and improved the efficiency of matching
supply and demand; by upholding a procurement and
sales model combining long-term agreements to secure
volumes with flexible spot allocation, the Company
continuously improved its global supply and sales network,
strictly managed price and inventory risks, steadily
increased the trade volume of nickel products, and further
enhanced the stability of the segment’s profitability.

鎳資源採購與貿易：報告期內，公司持續
迭代客戶體系，深耕國內鋼廠、新能源材
料核心終端客戶，推行精細化、差異化
供貨方案，提升供需匹配效率；堅持長協
鎖量與現貨靈活調配相結合的採購銷售模
式，不斷完善全球化供銷網絡，嚴格做好
價格與庫存風險管理，鎳產品貿易體量穩
步增長，板塊盈利穩定性持續增強。

Hydrometallurgy production: During the Reporting
Period, the Company’s laterite nickel ore hydrometallurgy
project (HPAL project) maintained stable operations at full
capacity, providing a stable supply of high-quality nickelcobalt compounds to global power battery enterprises,
and strengthening the foundation of its supply business
in the new energy sector. The Company carried out
comprehensive lean optimization across the HPAL
production line, accurately achieving cost reduction and
efficiency enhancement through refined management
and control measures such as fine-tuning production
process parameters, optimizing material proportions,
improving process operation and maintenance procedures,
and adopting AI-enabled acid adjustment, thereby
continuously consolidating the operating advantages of the
hydrometallurgy segment.

濕法冶煉生產：報告期內，公司紅土鎳
礦濕法冶煉（HPAL項目）持續滿產穩定運
行，向全球動力電池企業穩定供應優質鎳
鈷化合物，夯實新能源賽道供貨基本盤。
公司聚焦HPAL產線開展全方位精益優化
工作，通過細化生產工藝參數、優化物
料配比、改進工序運維流程、採用AI智能
調酸等精細化管控舉措，精準實現降本增
效，持續鞏固濕法冶煉板塊經營優勢。

二零二六年中期報告 Interim Report 2026

11

CHAIRMAN’S STATEMENT
董事長報告書

12

Pyrometallurgy production: During the Reporting Period,
the Company continued to deepen pyrometallurgical
process and production management, relying on its
accumulated experience in the RKEF process and
the advantages of its professional technical team to
significantly improve production efficiency and product
quality. The HJF project, in which the Company holds
equity interests, operated stably in the first half of 2026.
All production lines of the KPS project were constructed
and were put into operation during the Reporting Period,
and reached full production capacity on 1 August 2026.
In terms of production and operations, a lean production
management system was further enhanced, various key
production and operational indicators continued to be
optimized, and the cost advantage of the pyrometallurgy
segment was further strengthened.

火法冶煉生產：報告期內，公司持續深化
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。參股HJF項目
於二零二六年上半年保持穩定運行狀態。
KPS項目全部產線已於報告期內完成建設
投產，並於二零二六年八月一日實現全
面達產。生產運營端深化精益生產管理體
系，各項生產運營關鍵指標持續優化，火
法板塊成本優勢進一步凸顯。

Looking ahead, the Company will continue to adhere to
its core value of “From Diligence, Toward Excellence (力
致卓越, 勤無止境)”, leveraging its advantages across
the entire industry chain, continuously advancing project
construction, optimizing its product structure, and
consolidating its advantages in technology research and
development and global resource layout. The Company
will continuously deepen its lean operational management,
improve its governance system and talent pipeline,
and comprehensively enhance its operational quality
and efficiency as well as compliance and risk control
capabilities. At the same time, the Company will continue
to step up its efforts in developing its ESG system, firmly
pursue a green and low-carbon development path,
continuously optimize production processes, conserve
energy and reduce carbon emissions, promote the
resource utilization and recycling of solid waste, improve
its environmental, social and governance management
system, and steadily enhance its sustainable development
capabilities. In the future, the Company will continuously
consolidate its core competitiveness, steadily advance
industrial upgrades, strive to become a globally leading
integrated nickel industry chain service provider, and
create long-term and stable returns for all shareholders.

展望未來，公司將繼續秉持「力致卓越，
勤無止境」核心價值觀，立足全產業鏈優
勢，持續推進項目建設，優化產品結構，
鞏固技術研發與全球資源佈局優勢。公司
將持續深化精益運營管理，完善治理體系
與人才梯隊建設，全面提升經營質效與合
規風控能力。與此同時，公司將持續加碼
E S G 體系建設，堅定踐行綠色低碳發展
路徑，持續優化生產工藝、節能降碳、推
進固廢資源化循環利用，健全環境、社會
及治理管理體系，穩步提升可持續發展能
力。未來，公司將持續夯實核心競爭力，
穩健推進產業升級，致力打造全球領先的
鎳產業鏈綜合服務商，為全體股東創造長
期穩健的價值回報。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CHAIRMAN’S STATEMENT
董事長報告書

APPRECIATION

鳴謝

On behalf of the Board, I would like to extend my sincere
appreciation to the Group’s management and staff for their
commitment and dedication to their work. I would also
like to express my heartfelt gratitude to all of our partners,
customers, suppliers and the shareholders of the Company
for their continuous support.

我謹代表董事會，衷心感謝本集團管理層
及員工對工作的承擔及熱誠，同時亦對我
們的全體合作夥伴、客戶、供貨商以及本
公司股東一直以來的支持致以由衷謝意。

LYGEND RESOURCES & TECHNOLOGY CO., LTD.
Cai Jianyong
Chairman and Executive Director

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

People’s Republic of China, 27 August 2026

中華人民共和國，二零二六年八月二十七日

二零二六年中期報告 Interim Report 2026

13

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

14

OVERVIEW

概覽

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 in August 2026. 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,

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，於二零二六年八月已
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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

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

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

二零二六年中期報告 Interim Report 2026

15

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

16

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.

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。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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 yearon-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.

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%。

二零二六年中期報告 Interim Report 2026

17

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

18

New Energy

新能源

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.

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。

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

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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

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

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335.6GWh，累計同比增長12.0%。其
中三元電池累計裝車量63.4GWh，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

二零二六年中期報告 Interim Report 2026

19

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

20

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.

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。

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.

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
Q Y R e s e a r c h 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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Stainless Steel

不銹鋼

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.

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。

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.

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。

二零二六年中期報告 Interim Report 2026

21

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

22

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.

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。

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 》) f u r t h e r s p e c i f i e s t h e
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

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、

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

(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

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

二零二六年中期報告 Interim Report 2026

23

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

24

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%.

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%。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

BUSINESS REVIEW

業務回顧

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.

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。

二零二六年中期報告 Interim Report 2026

25

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

26

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

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。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Procurement and trading of nickel resources

鎳資源採購與貿易

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.

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。

二零二六年中期報告 Interim Report 2026

27

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

28

Smelting and production of nickel products

鎳產品冶煉生產

Indonesia’s influence and status in the global nickel
industry continue to rise. In terms of nickel ore reserves,
according to the “Mineral Commodity Summaries 2026”
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.

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%。

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.

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。

Hydrometallurgy project/HPAL project

濕法冶煉項目 ╱HPAL項目

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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-onyear 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.

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。

Pyrometallurgy project/RKEF project

火法冶煉項目 ╱RKEF項目

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.

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。

二零二六年中期報告 Interim Report 2026

29

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

30

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 semi-coke 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.

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。

RISK ANALYSIS

風險分析

Fluctuation in nickel metal price

鎳金屬價格波動

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Fluctuations in raw and auxiliary materials and
energy prices

原輔料及能源價格波動

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.

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。

二零二六年中期報告 Interim Report 2026

31

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

32

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.

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。

During the Reporting Period, affected by geopolitical
c on flicts a n d c h an ge s in t he sup ply a nd 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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Risks relating to changes in industrial policies
in Indonesia

印度尼西亞產業政策變動的風險

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.

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。

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

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

二零二六年中期報告 Interim Report 2026

33

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

34

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.

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。

Risk of fluctuations in exchange rates

匯率變動風險

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.

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。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

CORE COMPETITIVENESS OF THE COMPANY

公司的核心競爭力

Iteratively Upgrading a Globally Integrated Green
and Circular Industrial Ecosystem Centered on
Nickel Resources

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

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.

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。

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.

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。

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

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、

二零二六年中期報告 Interim Report 2026

35

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

36

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.

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。

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.

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。

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Optimizing Production Processes and Leveraging
Technological Advantages to Lower Production
Costs

優化生產工藝流程，發揮技術優勢以
降低生產成本

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.

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。

Hydrometallurgy

濕法冶煉

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

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

二零二六年中期報告 Interim Report 2026

37

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

38

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 MHP products to reach approximately
92% and the nickel content to reach approximately 42%,
bringing its product quality to an industry-leading level.

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。

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.

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。

Pyrometallurgy

火法冶煉

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Possessing Long-term and Stable Resource
Supply and a High-quality Customer Base

擁有長期穩定的資源供應及優質客戶
群體

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.

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。

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 expands new resource channels and
implements 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

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

二零二六年中期報告 Interim Report 2026

39

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

40

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.

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。

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.

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。

With Thriving Domestic Downstream Industries,
Market Demand for the Company ’ s Nickel
Products is Expected to Further Increase

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

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

二零二六年中期報告 Interim Report 2026

41

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

42

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.

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。

We Adhere to the Concept of ESG Sustainable
Development

我們秉承ESG可持續發展理念

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

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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Building Differentiated Competitive Advantages
in the Industry Through an Independent
Industrial Park Production Layout

獨立園區生產布局，構築行業差異化
優勢

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;

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

二零二六年中期報告 Interim Report 2026

43

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

44

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.

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。

OUTLOOK

前景

Full Completion of Core Production Capacity
Construction of Obi Project Enables Continuous
Realization of Economies of Scale

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

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

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

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Empowering the Circular Economy to Promote
Hydrometallurgical Slag Resource Utilization
Demonstration Project

循環經濟賦能，推進濕法渣資源化示
範項目

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 utilization 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.

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
佈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。

二零二六年中期報告 Interim Report 2026

45

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

46

Advancing the MHP Refinement Project and
Continuously Broadening the Development Path
of High Value-Added Products

推進 M H P 精煉項目，持續拓寬高附
加值產品發展路徑

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.

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。

Continuously Improving Production Processes
and Consolidating Operational Advantages
through Technological Innovation

持續改進生產工藝，以技術革新夯實
運營優勢

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.

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 E S G
管理目標。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

Expanding Global High-Quality Nickel Resources
to Fortify the Cornerstone of Supply Chain
Security and Competitive Advantage

拓展全球優質鎳資源，築牢供應鏈安
全與競爭優勢基石

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 mediumto 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.

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。

二零二六年中期報告 Interim Report 2026

47

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

48

Empowered by Lean Management, Winning
through Cost Control

精益賦能，成本制勝

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Deepening Corporate Governance and Talent
Development to Lay the Foundation for
Sustainable Corporate Development

深化治理與人才建設，奠定企業可持
續發展根基

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.

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。

二零二六年中期報告 Interim Report 2026

49

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

FINANCIAL REVIEW

財務回顧

Revenue

收入

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:

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：

For the six months ended 30 June
截至六月三十日止六個月
2026
2025
二零二六年
二零二五年
RMB’000
(%)
RMB’000
人民幣千元
(%) 人民幣千元

(%)
(%)

Nickel Products Trading 鎳產品貿易
Laterite nickel ore
紅土鎳礦
Ferronickel
鎳鐵

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
鎳產品生產
Production
Ferronickel
鎳鐵
Nickel-cobalt compounds 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

Subtotal

小計

16,167,995

63.7

9,666,060

53.2

Others

其他

1,542,288

6.1

859,604

4.8

Total

總計

25,363,967

100.0

18,146,555

100.0

小計

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.

50

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

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。

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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。

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.

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。

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.

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。

Gross Profit and Gross Profit Margin

毛利及毛利率

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%.

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%。

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.

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。

二零二六年中期報告 Interim Report 2026

51

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

52

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 nickelcobalt 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.

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%。

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.

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%。

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.

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。

Selling and Distribution Expenses

銷售及分銷開支

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Administrative Expenses

行政開支

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.

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。

Other Operating Expenses

其他經營開支

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.

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。

Finance Costs

融資成本

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.

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。

Share of Profits and Losses of Associates

分佔聯營公司利潤及虧損

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.

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。

Profit before Tax

除稅前利潤

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.

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。

二零二六年中期報告 Interim Report 2026

53

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

54

Income Tax Expenses

所得稅開支

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.

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。

Profit for the Reporting Period and Net Profit
Margin

報告期利潤及淨利率

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.

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%。

Current Assets, Financial Resources and
Current Ratio

流動資產、財務資源及流動比率

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

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.

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%。

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.

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。

Capital Expenditures

資本開支

The following table sets forth a breakdown of our capital
expenditures for the periods indicated:

下表載列於所示期間我們的資本開支明
細：

For the six months ended 30 June
截至六月三十日止六個月
2026
2025
二零二六年
二零二五年
RMB’000
(%)
RMB’000
人民幣千元
(%) 人民幣千元

(%)
(%)

Prepayments for property, 物業、廠房及設備預
plant and equipment
付款項

2,133,436

100.0

2,328,004

100.0

Total

2,133,436

100.0

2,328,004

100.0

總計

Commitments

承擔

The following table sets forth a breakdown of our capital
commitments as at the dates indicated:

下表載列我們於所示日期的資本承擔明
細：
As at 30 June
於六月三十日
2026
2025
二零二六年
二零二五年
RMB’000
RMB’000
人民幣千元
人民幣千元

Property, plant and equipment

物業、廠房及設備

3,215,136

8,411,614

二零二六年中期報告 Interim Report 2026

55

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

56

Indebtedness

債項

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).

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）。

Contingent liabilities

或有負債

As at 30 June 2026, we had no material contingent
liabilities.

於二零二六年六月三十日，我們並無重大
或有負債。

Gearing ratio

資本負債比率

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.

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。

Significant Investments Held and Material
Acquisitions and Disposals

所持重大投資及重大收購及出售事項

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.

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。

Financial Risks

財務風險

Foreign Exchange Risk

外匯風險

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.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

Pledge of Assets

資產抵押

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).

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）；( i i i ) 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）。

As at 30 June 2026, the Group had no other assets
pledged to financial institutions other than those disclosed
above.

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。

Future Plans for Material Investments and
Capital Assets

重大投資及資本資產的未來計劃

As at 30 June 2026, the Company did not have any plans
for material investments and capital assets.

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。

二零二六年中期報告 Interim Report 2026

57

MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析

58

MATERIAL EVENTS AFTER THE REPORTING
PERIOD

報告期後重大事項

The Group had no other material events since the end of
the Reporting Period and up to 8 September 2026, being
the latest practicable date prior to the printing of this
report for the purpose of ascertaining certain information
contained herein.

自報告期末起至本報告所載部分信息的確
定截止日（即本報告付印前的最後實際可
行日期二零二六年九月八日），本集團未
發生其他重大事項。

EMPLOYEES AND REMUNERATION POLICY

僱員及薪酬政策

As at 30 June 2026, the Group had a total of 16,137 fulltime employees.

於二零二六年六月三十日，本集團共有全
職員工16,137人。

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.

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。

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.

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。

OFF-BALANCE SHEET ARRANGEMENTS

資產負債表外安排

As at 30 June 2026, the Company had not entered into
any off-balance sheet arrangements.

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。

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

COMPLIANCE WITH THE CORPORATE
GOVERNANCE CODE

遵守企業管治守則

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.

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。

COMPLIANCE WITH THE MODEL
CODE FOR DIRECTORS’ SECURITIES
TRANSACTIONS

遵守董事進行證券交易的標準守
則

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 enquiry of all
Directors, the Directors confirmed that they have strictly
complied with the required standard set out in the Model
Code during the Reporting Period.

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
嚴格遵守標準守則所載的標準規定。

PURCHASE, SALE OR REDEMPTION OF
LISTED SECURITIES OF THE COMPANY

購買、出售或贖回本公司上市證
券

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.

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。

二零二六年中期報告 Interim Report 2026

59

CORPORATE GOVERNANCE AND OTHER INFORMATION
企業管治及其他資料

60

CHANGES IN INFORMATION OF
DIRECTORS AND SENIOR MANAGEMENT

董事及高級管理層資料變動

There has been no disclosable change in the information
of the Directors and senior management of the Company
pursuant to Rule 13.51B(1) of the Listing Rules since the
publication of the 2025 annual report of the Company.

自本公司二零二五年年報刊發以來，概無
根據上市規則第13.51B (1)條規定須予披
露的本公司董事及高級管理層的資料變
動。

CHANGE OF JOINT COMPANY SECRETARY

變更聯席公司秘書

With effect from 31 March 2026, Mr. CHOW Shing Lung
(“Mr. CHOW”) has resigned, and Ms. LEE Hoi Ki (“Ms.
LEE”) has been appointed as, among other positions, a
joint company secretary of the Company. Furthermore,
with effect from 31 May 2026, Ms. LEE has resigned
as a joint company secretary of the Company. Given
that the waiver from strict compliance with the relevant
requirements under Rules 3.28 and 8.17 of the Listing
Rules granted by the Stock Exchange expired on 30 May
2026, the Company has applied to the Stock Exchange
and the Stock Exchange has confirmed that Mr. CAO
Zheng (“Mr. CAO”) satisfies the qualification requirements
for a company secretary under Rule 3.28 of the Listing
Rules. Following the resignation of Ms. LEE and with
effect from 31 May 2026, Mr. CAO has become the sole
company secretary of the Company and has also been
appointed as one of the authorised representatives of the
Company under Rule 3.05 of the Listing Rules. For details,
please refer to the announcement of the Company dated
29 May 2026.

自二零二六年三月三十一日起，鄒醒龍
先生（「鄒先生」）辭任且李凱琪女士（「李
女士」）獲任為本公司聯席公司秘書等職
務。另自二零二六年五月三十一日起，李
女士辭任本公司聯席公司秘書。鑒於聯交
所授出對嚴格遵守上市規則第 3.28 條及
第 8.17 條有關規定的豁免於二零二六年
五月三十日期限屆滿，本公司已向聯交
所申請且聯交所已確認曹錚先生（「曹先
生」）滿足上市規則第 3.28 條有關公司秘
書任職資格。繼李女士辭任後，自二零二
六年五月三十一日起，曹先生已成為本公
司唯一公司秘書，並已獲委任為本公司根
據上市規則第 3.05 條的授權代表之一。
詳情請參閱本公司於二零二六年五月二十
九日刊發之公告。

INTERESTS AND SHORT POSITIONS OF
THE DIRECTORS AND CHIEF EXECUTIVE IN
THE SHARES, UNDERLYING SHARES AND
DEBENTURES OF THE COMPANY

董事及最高行政人員於本公司股
份、相關股份及債權證中的權益
及淡倉

As at 30 June 2026, the interests and short positions
of the Directors and chief executive of the Company
in the Shares, underlying Shares and debentures
(the “Debentures”) of the Company or its associated
corporations (within the meaning of Part XV of the
Securities and Futures Ordinance (Chapter 571 of the
Laws of Hong Kong) (the “SFO”)) which were required
to be notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO
(including interests and short positions which they were
taken or deemed to have under such provisions of the
SFO), or which were recorded in the register required to
be kept by the Company under Section 352 of the SFO, or
which were required, pursuant to the Model Code, to be
notified to the Company and the Stock Exchange, were as
follows:

於二零二六年六月三十日，本公司董事及
最高行政人員於本公司或其相聯法團（定
義見香港法例第571 章證券及期貨條例
（「證券及期貨條例」）第 XV 部）的股份、
相關股份及債權證（「債權證」）中擁有根
據證券及期貨條例第XV部第7 及第8 分部
須知會本公司及聯交所的權益及淡倉（包
括根據證券及期貨條例該等條文視為或當
作擁有的權益及淡倉）或須記入根據證券
及期貨條例第352條於本公司須存置的登
記冊內的權益及淡倉或根據標準守則須知
會本公司及聯交所的權益及淡倉如下：

寧波力勤資源科技股份有限公司 LYGEND RESOURCES & TECHNOLOGY CO., LTD.

CORPORATE GOVERNANCE AND OTHER IN