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Lygend Resource (001246.SZ) has released its prospectus for an initial public offering of A-shares on the main board, detailing plans to issue 172.89 million shares, which will represent 10.00% of the total share capital after the offering. The preliminary inquiry is scheduled for September 15, 2026, with the subscription date set for September 18, 2026.

Lygend Resource operates as a globally prominent enterprise in the nickel supply chain, with its core business spanning upstream nickel resource procurement, nickel product trading, and the production and sale of nickel products. The company has built deep expertise in the nickel sector, starting from nickel trade and expanding downstream to establish a presence across multiple stages of the industrial chain. Its manufacturing bases are primarily located on Obi Island in Indonesia and in Suqian, Jiangsu Province.

At the Obi Island facility, the company's controlled hydrometallurgical refining project has commenced operations, with an annual capacity of 120,000 metric tons of nickel-cobalt compounds in metal terms. Additionally, the company's controlled pyrometallurgical smelting project, which began phased commissioning between December 2024 and May 2026, has reached full production with an annual capacity of 185,000 metric tons of nickel pig iron. Furthermore, a pyrometallurgical smelting project in which the company holds a stake is operational, contributing an additional 95,000 metric tons of nickel pig iron annually. At the Suqian base, the pyrometallurgical project under Huiran Industrial boasts a capacity of 18,000 metric tons of nickel pig iron per year.

During the reporting period, the company's nickel-cobalt compound products have primarily served leading domestic manufacturers of ternary battery materials for new energy vehicles. Meanwhile, its laterite nickel ore and nickel pig iron products are mainly supplied to stainless steel producers, as well as large-scale commodity trading firms with strong credit profiles. With the continuous ramp-up of nickel production lines and robust downstream demand, the company has achieved steady growth in both sales and profitability.

Financial results show that for 2023, 2024, and 2025, the company generated revenues of RMB 21.286 billion, RMB 29.846 billion, and RMB 40.255 billion, respectively. Net profit attributable to parent shareholders, excluding non-recurring gains and losses, reached RMB 1.001 billion, RMB 1.842 billion, and RMB 2.827 billion over the same periods. As of year-end 2023, 2024, and 2025, total assets stood at RMB 30.172 billion, RMB 37.951 billion, and RMB 48.260 billion, respectively, while net assets attributable to parent shareholders amounted to RMB 9.181 billion, RMB 10.753 billion, and RMB 12.729 billion, reflecting the company's substantial scale.

Proceeds from the offering, after deducting issuance expenses, will be allocated on a priority basis to the following projects: RMB 2.062 billion for the wet-method residue resource utilization demonstration project, and RMB 1.985 billion for the MHP refining production project.