Exhibit 99.1

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GRAPHEX GROUP LIMITED

烯 石 電 動 汽 車 新 材 料 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 6128)

INSIDE INFORMATION

IN RELATION TO

THE COOPERATION AGREEMENT WITH

NANSHU TOWN GOVERNMENT

The announcement is made by the Company pursuant to Rule 13.09(2) of the Listing Rules and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the SFO.

BUSINESS UPDATE ON THE PROJECT

The Board is pleased to announce that on 19 July 2023 (after trading hours of the Stock Exchange), the Company entered into the Cooperation Agreement with the Nanshu Town Government pursuant to which the Company and the Nanshu Town Government intended to have a cooperation in the “Graphite Anode Material Project” (the “Project”) in Laixi City Nanshu Town New Material Industrial Park (the “Park”) which is situated in Nanshu Town, Laixi City, the PRC. Subject to obtaining all approval from the PRC government, the Company will set up the factory plants for the manufacturing of lithium-ion battery anode materials in the Park. The Company can apply for the relevant policy subsidies of “Several Preferential Measures for Investment Promotion in Laixi City (Trial)” (Xifa [2023] No. 1) after meeting the relevant requirements. The first phase of the Project, if materialized, is expected to be completed and put into operation in September 2024.

THE COOPERATION AGREEMENT

The principal terms of the Cooperation Agreement are set out below:

To the best of the knowledge, information and belief of the Directors, having made all reasonable enquiries, the Nanshu Town Government is an Independent Third Party.

Scope of the cooperation in the Project

Modification and termination of the agreement

REASONS FOR AND THE BENEFIT OF THE PROJECT

The principal activities of the Group are the business of processing and sale of graphite and graphene related products in Mainland China and the United States of America (“Graphene Products Business”), and landscape architecture business mainly in Hong Kong and Mainland China.

The Group has been focusing on the development of renewable energy technologies and products. In recent years, the Group has seized every development opportunities in the field of graphite materials, producing spherical graphite, lithium-ion battery anode materials, graphene, etc., and developing lithium-ion battery technology.

Currently, 90% of graphite anode materials are supplied from the PRC. Nanshu Town is affiliated to Laixi City, Qingdao City, Shandong Province of the PRC. Since 2010, Nanshu Graphite New Material Industry Cluster has been built which is one of the

26 strategic emerging industry characteristic parks that will be cultivated and constructed in Qingdao’s “13th Five-Year” strategic emerging industry development plan. Nanshu Town gathers high-tech enterprises that use graphite as raw materials, and focuses on cultivating industrial clusters and demonstration bases for the application of new graphite materials. Nanshu Town has become a major distribution center for graphite products in the country and playing a pivotal role in the country’s graphite industry.

As the Group is proactive in seeking opportunities for expanding and enhancing its Graphene Products Business in PRC, the Board believes that the model of cooperation under the Cooperation Agreement whereby Nanshu Town Government will be responsible for providing suitable site and policy support in setting up of the Project Company and the factories will improve the Group’s efficiency in carrying out and implementing the Project which will benefit the Group to further expand its production capacity of lithium-ion battery anode material. As such, the Board is of the view that the entering into the Cooperation Agreement is in line with the strategy of the Group to expedite the sharing in the global supply chain for lithium-ion battery industry and believe the cooperation will benefit both the Nanshu Town and the Group.

The Directors, including the independent non-executive Directors, consider that the Cooperation Agreement is entered into upon normal commercial terms between the parties and that the terms of the Cooperation Agreement are fair and reasonable and are in line with the business of the Group and in the interests of the Company and the shareholders of the Company as a whole.

WARNING

As the Project will be subject to, amongst other things, the approval by the PRC Government which approval may or may not be granted, shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares.

DEFINITIONS

In this announcement, unless the context otherwise requires the following terms and expressions shall have the following meanings when used herein.

Hong Kong, 19 July 2023

As at the date of this announcement, the executive Directors are Mr. Lau Hing Tat Patrick, Mr. Chan Yick Yan Andross and Mr. Qiu Bin; the non-executive Director is Mr. Ma Lida; and the independent non-executive Directors are Ms. Tam Ip Fong Sin, Mr. Wang Yuncai, Mr. Liu Kwong Sang, Mr. Tang Zhaodong and Mr. Chan Anthony Kaikwong.