Jun Yan and CFO Chun Kit Wong.
Yes.
Please have a seat. Nice to meet you. Yes. How are you?
Nice to meet you.
Please have a seat, and we'll jump right in. Hey. Thank you so much. We'll jump right in. Are you going to do a presentation first? We'll do a presentation, then we'll jump right into some Q&A. Okay.
Thanks.
Yeah.
How long?
Yeah.
Okay. For the presentation, the PowerPoint. Do you have the PowerPoint? Sorry, do you have the PowerPoint?
Yeah.
Good afternoon, everyone. My name is Chun Kit Wong, and I'm the CFO of One and One Green Technologies. We trade on the NASDAQ under the ticker YDDL. Thank you for having me at this year's symposium. I'm excited to share our story with you today. What we are building at YDDL is uniquely positioned at the intersection of powerful global trends. Based in the Philippines, we believe YDDL represents one of the most compelling opportunities in the Asia-Pacific recycling space. Our thesis rests on a few key pillars. We are a pure-play Asia-Pacific recycler with a unique regulatory moat. We are currently processing about 25,000 tons of material a year. Our infrastructure supports a design capacity of roughly 300,000 tons, giving us a vast runway for growth.
We are also benefiting from a structural global copper deficit and booming local demand, all while delivering high financial performance and maintaining a clean balance sheet. At our core, we transform most people's considered waste into valuable industrial commodities. We hold a government-issued, Basel Convention compliant, hazardous waste import license, allowing us to bring in electronic waste and scrap as raw material. We process this into final products like copper alloy ingot, aluminum, and recycled plastics. Our operations are systematic and highly efficient. We start by manually classifying collected waste. Material goes through crushing and magnetic separation to pull out iron. In our advanced stages, we use floating separation and color sorting to isolate specific metals. The core of our production is the smelting furnace, where copper is melted and cast into ingots. On the non-metal side, we use a water separation system to produce plastic and rubber beads.
To drive our next phase of value creation, we have clear strategic priorities. We are expanding into overseas markets like South Korea and Japan. We are also adopting advanced processing techniques to isolate precious metals like gold and silver from our copper, creating high-margin revenue streams. Crucially, we intend to save our transportation costs by acquiring a bulk carrier terminal. Switching from containers to bulk carriers is projected to save us about $5 million annually for every 100,000 tons we ship. What protects our business? First, our eco-friendly technology distinguishes us and prevents pollution in our final processing stages. Second, we have secured supply contracts at competitive prices. Our most important differentiator is our regulatory compliance moat. We are currently the only company actively operating with a Philippine government-issued license to process hazardous electronic waste. This is an operational barrier to entry that is very difficult to replicate.
The macro environment is shifting heavily in our favor. The International Copper Study Group recently revised its outlook, projecting a structural deficit of 150,000 tons of refined copper by 2026. As primary mining output slows, recycled copper production is expected to grow at 6% next year. YDDL is located in the Asia-Pacific region, which accounts for about 56% of global copper consumption, putting us right at the epicenter of this demand. Locally, the Philippines is undergoing an infrastructure super cycle. The local construction market is valued at over $43 billion and is growing at nearly 6.7% annually. Furthermore, the country's aggressive transition to renewable energy is incredibly copper intensive. This creates massive local demand for the exact material we produce. The local recycling market is fragmented, and strict environmental oversight is pressuring non-compliance operators, which helps consolidate market share for fully licensed companies like us.
When you compare us to global recycling peers, the scale differential is obvious. However, we are the only NASDAQ-listed recycler with a Philippine hazardous waste import license, and we are growing rapidly. This scale gap represents adjustable growth opportunities for our shareholders. Sustainability is not just a slogan for us, it's our entire business model. Recycling copper saves 85% of the energy required for primary production and reduces CO2 emission by 65%. We are directly contributing to circular economy and the global green energy transition. As CFO, the financial profile is where I see the true strength of our business. In the H1 of 2025, we saw accelerating momentum. Revenue hit $28.1 million, a 51% increase year-over-year. Net income reached $3.8 million, up 60%. Most importantly, our margin expanding faster than our revenue. Gross margin expanded by over 340 basis points to approximately 35.3%.
On the balance sheet, we are incredibly resilient. We hold roughly $50 million in total assets, $23 million in shareholders' equity, and we carry zero interest-bearing debt. This gives us immense financial flexibility for future expansion. Our company is led by our CEO, Ms. Tina Yan, and COO, Mr. Yan, and a management team with decades of industry experience and deep regional relationships. We are also supported by a board of independent directors, bringing virtually public company and corporate governance expertise. In closing, YDDL is a highly profitable, debt-free, pure-play recycler. We hold a unique regulatory monopoly in our region. We have massive spare capacity, and we are riding the tailwinds of global copper deficits. Thanks.
Thank you for that overview. That was very helpful to understand. Please feel free to take a seat if you'd like, or whatever you feel comfortable with.
Okay.
Yeah.
Thanks.
Yeah. You guys IPO'd on the NASDAQ this past fall.
Yeah.
You're an $800 million market cap.
Mm-hmm.
You're net cash, so you're in a pretty good spot. You're in this huge secular tailwind you're playing in. One and One is the only Philippines-based recycler licensed by the government to import and process hazardous materials and waste streams. You mentioned this in your comments, but walk us through what it takes to obtain that kind of license and build this capacity. Talk to me about this barrier to entry.
Okay. Thanks. We are very proud of that first and only title, but it didn't happen overnight. It took us five years of intense and focused work. We were just building a plant. We are also writing an industry standard for the Philippines. To get the license, we formed a specialized team, including legal, environmental, and technical expertise. We went through countless rounds of reviews for our impact studies and risk model to make sure we are setting the standard, not just meeting it. Operationally, our port demands absolute compliance. We built our infrastructure to meet local rules and the strict standard of Basel Convention. It's a true end-to-end system. From the moment waste arrives to its final disposal, it's fully traceable. The physical plant is only half the story. Our real engine is our safety culture. We constantly invest in team training and emergency readiness.
Looking ahead, the license is not the finish line, it's our baseline. We keep operating at peak levels to drive sustainable waste management across the countries.
Yeah. Maybe we could talk about the Greater Manila market entry. You announced your entry last month into the Greater Manila e-waste resource recovery market, sourcing electronic sludge, copper mud, and nickel mud from local manufacturers. It looks like an obvious geographic adjacency given your facility's location in that part of the country.
Mm-hmm.
How significant could that domestic supply stream be, and become relative to your international procurement channels?
It's massive for us, and a real game changer for the regional environment. Just a few years ago, local industrial waste like electronic sludge and copper mud was quietly shipped to countries like Thailand and Malaysia. The global landscape changed. Neighboring countries cracked down on waste smuggling, which killed those old supply chains overnight. This left a huge vacuum for the Philippines. Industrial waste started piling up, creating a real headache for the local factories. Because we have spent years building fully permitted, large-scale processing facilities right here in Bulacan, we are ready to step up. We give this material a safe, legal, and green home. This domestic stream is quickly becoming a core pillar of our business. Sourcing locally speeds up our raw material turnover. As CFO, I love this stability. It protects us from global shipping delays, trade disputes, and foreign currency exposure.
It guarantees a steady, secure fit of materials right here in our backyard.
Very good. Maybe we could talk about. I like the term that you used, the mapping the HALO framework. Earlier this year, Goldman Sachs published this HALO framework, heavy assets, low obsolescence, in February 2026, and noted that its capital-intensive basket has outperformed capital light equities by 35% since 2025. When you look at One and One's physical asset base, which is high, its license capacity, and its regulatory position, how naturally does your business map onto the exact characteristics and institutional capital that it's now rotating towards?
When our executive read the HALO report in February, there were a lot of nodding heads. It perfectly described the competitive moat we built over the last decade. Look at the heavy assets side. The barrier to entry in our space is incredibly high. We operate large-scale waste treatment facilities and complex smelting plant. You can't replicate what we do with an asset light software app. It takes massive physical infrastructure and years of permitting. That intangible high barrier in the space is exactly what institutional capital wants right now. For the other side, the low obsolescence. Treating hazardous waste and recovering metal is not a passing trend, it's a permanent demand by strict government policy. Our assets has decade-long life cycle and resist sudden tech disruption. Since we hold the only license in the country for this work, our regulatory risk is basically zero.
We offer exactly what smart money looks for. A massive physical base as a space, extreme regulatory certainty, and highly visible cash flows.
Very good. We talked about, you sort of mentioned that, the obsolescence piece of it. The manifestation of AI infrastructure demand, the emerging AI infrastructure build-out, data centers, power grids, copper-intensive electrical systems, all the things you've mentioned, is creating structural demand for non-ferrous metals.
Mm-hmm.
You supply industrial manufacturers, you sit directly in those supply chains. How are you seeing that demand manifest at the customer level in real time, what are you seeing on the ground right now?
Okay. People talking about AI like it's just a software. The reality is the core is built on copper and aluminum. It's a massive physical build-out. We sit right at the start of the supply chain. We feel this demand right now in our book orders . For our high conductivity copper alloys, we are seeing a surge in orders. AI data centers need dense power grids, liquid cooling, and high voltage power lines. Because of this, our customers are demanding faster deliveries and locking in long-term contracts. At the same time, aluminum is seeing steady growth for power grids and energy storage, adding a great hedge against rising copper prices. What sets us apart in the AI boom is how we source this metal. Traditional copper mining is facing serious global shortage. Major tech companies have strict ESG targets. They don't just want copper.
They want responsible copper. By providing recycled, low carbon alloys, we help our partner earn green premiums and avoid tariff tied to new mined metals. The urgency from our client is absolute proof that AI infrastructure is creating real, lasting industrial demand.
Maybe I'll open it up to the audience if anyone has a question. We can continue on. Maybe talking about the operating history advantage. One and One has invested significant time and resources since 2014 in regulatory engagement capacity permitting and operational infrastructure. How does that operating history give One and One an advantage when approaching new industrial customers or supply partners who need the trust that their counterparty can actually handle hazardous material supply chains at scale that you guys can?
In this industry, trust isn't built on a pitch book. It's built on a flawless track record. Our operating history since 2014 is our most valuable asset when we meet new partners. Think about today's environment. Environmental rules and supply chain orders have never been stricter. If a manufacturer mismanages their hazardous waste, it's not just a slap on the wrist. It means business disruption, legal trouble, and brand damage. This, they simply can't afford to gamble on an unproven partner. When we meet a prospect, we don't ask for a leap of faith. We bring over a decade of steady investment, a clean regulatory record, full cross-border permits, and strict compliance with international standards. We show them a battle-tested risk control system. That instantly changes the conversation. We stop being a vendor and become a strategic ally.
Our partners know that by working with us, they instantly upgrade their safety, legality, and green standing of their entire supply chain. That kind of proven reliability is a mode nobody can replicate overnight.
Oh, we got a question here.
Thank you. Philippines has been under development for the last 15 years. Massive constructions everywhere. Why you are the only company is doing this business in the recycling copper in particular? My other question is, who do you sell to? Who's your major customers?
As mentioned before, we invest a lot, and we built our plan with a specialized team, which take over a decade to get this license. That's why most of the other operators try to obtain this license, but they fail because they can't spend too much time to invest in setting the standard or meeting the standard. Some of them have forgone those opportunities to try to obtain that license. We have a systematic team with specialized expertise, including legal, environmental, and technical team expert to try to obtain this license. We spend countless rounds of reviewing those studies and try to communicate with the governments continuously. Our major customer is most of our large corporate consumers. Those are large-scale companies. Yeah.
Well, that was a wonderful overview. I know you have a busy schedule today. Thank you for taking the time. It's a really interesting opportunity and a great story and a lot to learn. I'm sure more to learn, but well done on your IPO and your recent success. Thanks for.