234202561318 3536384365 94100102105108111270272273 200620073800.HK100MSCIMSCI (FBR) 2025 1320242024· 2024· 2024 1152024 121202428.1710 224(ADEME)14.4412024824.91342% 2025 320202448164020241630202520231.8890% 321202514 326SAISA8000SA8000 3292024 2025 462025EBITDA5.051227.1427.07 41612081 429(ADEME)18.050 5920252025 530202510 2025 611(2025)&(BIPV) 613(2025)&SNEC 618IR(IR)IR 7192025351440% 730OFweekOFweek2025· OFweek 2025 821202530 829202557.357EBITDA3.8325.8% 9812011FBR 916(InfiniCapital)47.3654.467 916GCL-PHY 2025 1010‘’ 101620259.618.1 1024 102735·6 2025 1182025· 124(BSI)14.2756kg CO2e/kg 12820.142.469%100% 12912122025 12272025 AI 20252026 2025570-630GW317GW1 5≤0.5ppbw95%N(BSI)14.2756kgCO2e/kg 20256202510500MW2.7627%3IEC 20262027-2028 2025EBITDA202570 2026+ 2026+ 2026 Al AIDCS95%10DeepSeek24540%Qwen2.570%80%AIAI 2025 2026 2025 2025123114,4251,3362024123115,0982,5102024 20252,86820244,750 EBITDA 20251231EBITDA282024LBITDA14 20241218II1.01,560,000,0002025II1,560,000,000156,000,000202412181.212025131.01,560,000,000II1,530202412192025162025I I 2025I1,530 1.20261231 2025916InfiniGlobal Master Fund4,735,651,0001.152025II473,565,1000.120259151.26202511192025II5,39220259162025925202510102025117202511192025II II 2025II5,392 1.202612312.202612313.20254.202812315.20261231 —— 20251231 480,000 35.4 202525.12202433.5225.1% 20251231 1035 22,33411,474202432,24311,70030.7% 23,93312,018202433,52512,26828.6% 2025123114,341202414,9574.1% 2025 20255.955.933.322.632.36 2025 2025 5≤0.5ppbw18≤1ppbw 2025 100NTU≤70NTU2024Q42024925%20251296.9% 20252537117940 20251231181509.7% 202512315133 2025123124,711168,449202425,004162,419 20251231842024140 2025123114,425202415,0984.5% 202512319.3%2024123116.6%202512311,336202412312,510 202512319.4%2024123116.9% 2024123116.9%2025123122.5% 2024123129020251231363 202512311,61320241,85513.0% 20251231467202461824.4% 202512311,7612024989 2025123127620241401,4852024850 20251231231202412311,417 (i)7902024185 (ii)2602024401 (iii)262202437 (iv)2520241,952 (v)20202423 (vi)6202419 (vii)3820248 2025123122720241231545 202512312,86820244,750 EBITDALBITDA EBITDALBITDAEBITDALBITDA EBITDALBITDA 202520241231EBITDALBITDA a 2025123120241231b c 2024123134,7612025123131,015 20241231445202512312,9174.76% 20251231 2,479422 Lithium Argentina AGLithium America Corp.16 202412312,771202512312,661 20251231 63748133287148 1,075 202412315,578202512313,247 20251231 42.11%1,7416.42%62949.88%27336525%965.6%67 2024123111,5562025123112,690 2024123110,9672025123110,947 2024123179120251231679 2024123131220251231252 2025123175992.946 20251231 20251231 20251231 74202412318032024123133202412313512024123139462024123147 20251231112024123111 202512311,08520241,8893552024568 20251231510202451029720247 202520241231 1.24.55%14.72790 2.4.76% 3.202512842.469%20.1042.469%20251282026122 20251231 20251231 20251231 202512318,120202412319,305 2025+9856524,9953681,090202533 202515202558 202518 IRM ESG 2025InfinityESGESG FBR14.2756kgCO2e/kg 2040205071,317375.372025 ESGESGESGISO20400 68200672025200250600201500451SNEC7025 44200992022920060025060020150045120172017202120232023-2024GeorgeBrownCollege 562015120222200420062008200920132013 542016920061120077200710201512025200451002506200530 45202222007720 5820149201442017320144ESGCEP®3000451GEM08395 (SBS)MBE(S.B.St.J.)(JP)87200796050101970198030198219930099701496 5720157199920002007199519961999920414002634002865H02865603759 692024111982201120112017202120171982 5520093300820601622008590988920253212025321 20252025 C12 2025219C.2.1 ESGInfinityESG 2025 3842 3.133.10(1)3.10(2)3.10A 4202543314143 2025531 371 2009920252202292025220222 C.2.1 9499 201614 9 9/98/99/9 i.ii.iii.20251231iv.v.2025vi.202412312025630vii.viii.C1ix.x. 20251231 D.3 201211 6 6/66/66/6 i.ii.iii.iv.v.vi. 3 20256252025625 (i)3.13(ii)(iii)(iv)(v) 201911 1. 2. 123 2025ESG (i)(ii) ••••• 2 (i)(ii)(iii)(iv)(v) ESG ESG 1 1/11/11/11/11/11/1 (i)(ii)(iii) (a)(b)(c)(d)(e)(f)(g) (i)202412312025123120261231(ii)202431520241213(i)(ii) C320251231 202572820257Asia Pacific Energy Fund Limited5,295,695,156558,466,552 571 20257XV20259142025914 (a) (c) (d) 2025530 1.58 2. 3.1171703B-1706 4. 5. (21) (14) 1171703B-1706 1.1171703B-1706 2.13.51(2) 3.(7)14(i)(ii)(14) 1171703B-1706 1171703B-1706愨1617 20251231 2025 212252 6 202513343233505342 3637 20251231100101202512312024 2 17 38 2025123136,303202435,052 33 20251231220242.3 48202512312025 87(1)(2) 3.13 20251231 20251231XV(a)XV78(b)352(c) (1)5,279,395,156AsiaPacific Energy Holdings LimitedAsiaPacific Energy Holdings LimitedAsiaPacificEnergy Fund LimitedAsia Pacific Energy Fund LimitedCredit Suisse Trust Limited (2)20071022201631520263281.1601.324(3)(4)2017116(5)2025123133,216,469,973 2007 20071022200720071113200720072007102210200710200720072017200700.0% 2007 2007200710%1%