[Cangzhou Mingzhu Completes All Battery Separator Projects]

On June 26, Xiamen Tungsten New Energy announced that the Company plans to establish a new wholly‑owned subsidiary in Hong Kong, namely Xiamen Tungsten New Energy (Hong Kong) Co., Ltd., and through this subsidiary, together with EMI, to set up a holding subsidiary in Malaysia via a joint venture. The project involves an investment of approximately USD 64.58 million (equivalent to about RMB 450 million) for the construction of a 10,000‑ton‑per‑year lithium‑ion cathode material project. The funding for the project will come from the Company’s own funds and self‑raised funds, with the construction period scheduled from September 2026 to June 2027. This investment is intended to improve the overseas production capacity layout and meet overseas market demand. It does not constitute a related‑party transaction or a major asset reorganization.

On June 26, Sichuan Development Lomon announced that its wholly-owned subsidiary, Deyang Sichuan Development Lomon, had previously planned to establish a wholly-owned subsidiary in the Xinshi Chemical Industrial Park in Mianzhu City, Sichuan Province, to invest in and construct a 100,000-ton-per-year lithium iron phosphate (LFP) project. However, in view of changes in market conditions and in order to optimize resource allocation, and after comprehensive consideration of the actual implementation conditions and other relevant factors, the Board of Directors, following prudent deliberation, approved the termination of the establishment of the wholly-owned subsidiary by Deyang Sichuan Development Lomon. As of the date of this disclosure, the above investment had not been substantively initiated or implemented. The termination of this investment will not have an adverse impact on the Company, and there is no harm to the interests of the Company or its shareholders as a whole.

Recently, the annual 30,000-ton retired power battery comprehensive utilization project invested by the company commenced construction in the Changjiang (Changjiang) Clean Energy High-tech Industrial Park Circular Economy Demonstration Zone. According to public information, the total investment of the project is RMB 135 million, covering an area of about 30 mu, located in the above-mentioned industrial park, and constructed in two phases. Upon completion, it will achieve an annual processing capacity of 30,000 tons of waste LIB cells, stably producing high value-added recycled products such as comprehensive utilization batteries, copper granules, aluminum granules, battery casings, and LIB black mass.