【Domestic Dynamics: Sunwoda 50,000-Ton Battery Recycling Phase I Begins Production】

Russia has officially extended its temporary sulphur export ban until December 31, 2026, according to Government Decree No. 785 signed on June 25, 2026. The ban was originally set to expire on June 30. The restriction continues to cover liquid, granular and lump sulphur. The Russian government stated that the move aims to prioritise domestic fertiliser production and safeguard national food security. Exemptions apply to exports destined for Eurasian Economic Union (EAEU) member states (including Belarus, Kazakhstan, etc.), as well as Abkhazia and South Ossetia. Sulphur shipments for humanitarian aid and international transit are also permitted under special licenses. The impact of the ban and broader market conditions has weighed on domestic output: Russia's industrial gaseous sulphur production fell 19% year-on-year to 1.75 million tonnes in January-May 2026.

On June 24, Cangzhou Mingzhu announced that certain of the Company's investment projects have been put into operation. Specifically, among the "200 million square meters per year wet‑process lithium‑ion battery separator project" undertaken by the Company's second‑tier subsidiary, Wuhu Separator, the remaining production line (with an annual designed capacity of 100 million square meters) has commenced production; and among the "500 million square meters per year dry‑process lithium‑ion battery separator project" undertaken by another second‑tier subsidiary, Mingzhu Lithium Battery, the remaining three production lines (with an aggregate annual designed capacity of 300 million square meters) have also commenced production. As a result, both of the above projects have now been fully completed, which will increase the Company's overall production capacity for lithium‑ion battery separator products and enhance its market share and competitiveness.

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.