The 2026 SMM Tier1 List was officially unveiled at the banquet of the CLNB 2026 (the 11th New Energy Industry Chain Expo) , organized by Shanghai Metals Market (SMM). This conference, held at Suzhou International Expo Center, China from April 8-10, 2026, served as the premier platform for advancing the global clean energy ecosystem. SMM Global Tier 1 Supplier Rankings In 2022, China's new energy industry chain accelerated its expansion, while overseas automakers and energy storage enterprises saw surging demand for Chinese supply chains. Coupled with information barriers caused by the pandemic, the international market urgently needed an objective and fair benchmark to bridge the two-way needs between Chinese enterprises going global and overseas clients optimizing their supply chains. Leveraging long-term data accumulation and professional research on the entire new energy industry chain, the SMM TIER 1 list emerged to meet this demand and was officially launched for the first time in 2023 . SMM Global Tier 1 Supplier Rankings , launched by SMM , serves as a global benchmark for the new energy industry. Centered on "transparent methodology + independent auditing," it incorporates third-party verification from institutions like Dun & Bradstreet and SGS to establish globally comparable industry standards. After years of refinement, the list now covers 10+ sub-sectors , including energy storage, lithium battery, and PV, etc., gaining widespread recognition from global industry chain clients. It has become a core reference for international market collaboration, serving as both a "golden benchmark" for industrial strength and a vital bridge for global resource alignment. 2026 SMM Global Tier 1 Supplier Rankings (The following enterprises are listed in no particular order) Analyst Views on Energy Storage Battery Cells Utility Storage Flourishes, Chinese Players Dominate BTM (Behind-the-Meter) Storage Storage Unlocks a Second Growth Curve for the Energy Storage Market Fast-Growing Enterprises Make Breakthrough, New and Established Players Jointly Form a Positive Market Landscape Representative Enterprises of Utility Energy Storage Battery Cell Contemporary Amperex Technology Co., Limited BYD Company Limited EVE Energy Co., Ltd. REPT Battero Energy Co., Ltd. Gotion High-tech Co., Ltd. Xiamen Hithium Energy Storage Technology Co., Ltd. CORNEX New Energy Co., Ltd. Zhejiang Narada Power Source Co., Ltd. CALB Technology Group Co., Ltd. Guangzhou Great Power Energy Technology Co., Ltd. SEVB Guangzhou Rongjie Energy Technology Co., Ltd. Jiangxi Ganfeng LiEnergy Technology Co., Ltd. Shenzhen Pengcheng Unlimited New Energy Co., Ltd. Envision Dynamics Technology(Jiangsu) Co., Ltd. SVOLT Energy Technology Co., Ltd. China Automotive New Energy Battery Technology Co., Ltd. Representative Companies for BTM (Behind-the-Meter) Storage Cells REPT Battero Energy Co., Ltd. Guangzhou Great Power Energy Technology Co., Ltd. EVE Energy Co., Ltd. Pylon Technologies Co., Ltd Xiamen Ampace Technology Co., Ltd. Gotion High-tech Co., Ltd. Representatives of Fast-Growing Battery Cell Enterprises Guangzhou Great Power Energy Technology Co., Ltd. Guoke Energy (Chuzhou) Co., Ltd. CORNEX New Energy Co., Ltd. China Automotive New Energy Battery Technology Co., Ltd. Analyst Views on Energy Storage Integration Grid-Forming Technology Consolidates the Foundation of New-Type Power Systems Power Generation and Grid Side Forge the Global Benchmark Echelon for Utility-Scale Energy Storage Integration Expansion of Behind-the-Meter (BTM) Scenarios Pioneer New Growth Space for Distributed Energy Storage Representative Enterprises of Grid-Forming ESS Technology Nanjing NR Electric Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Sungrow Power Supply Co., Ltd. Xiamen Kehua Digital Energy Technology Co., Ltd. Power Generation and Grid-Side ESS Integrators Canadian Solar Inc. Xyz Storage Technology Corp. Ltd. RCT POWER Sungrow Power Supply Co., Ltd. Beijing HyperStrong Technology Co., Ltd. CRRC ZHUZHOU ELECTRIC LOCOMOTIVE RESEARCH INSTITUTE CO.,LTD. Envision Energy Co., Ltd. Risen Energy Co., Ltd. China Electric Equipment Group Energy Storage Technology Co., Ltd Guangzhou Zhiguang Electric Co., Ltd. BYD Energy Storage Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Jinko Solar Co., Ltd. Sieyuan Electric Co., Ltd. Shanghai Robestec Energy Co., Ltd. Contemporary Amperex Technology Co., Limited Nanjing NR Protection Electric Co., Ltd. TrinaSolar Co., Ltd. Behind-the-Meter (BTM) ESS Integrators Weiheng Intelligent Technology Co., Ltd. Shanghai Hoenergy Power Technology Co. Ltd. Xi'an JD Energy Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Fox Ess Co.,Ltd Sungrow Power Supply Co., Ltd. Shanghai Robestec Energy Co., Ltd. Sigenergy Technology Co., Ltd. Xiamen Ampace Technology Co., Ltd. Pylon Technologies Co., Ltd. Suzhou PotisEdge Co., Ltd. Wanbang Digital Energy Co., Ltd. Ningbo Deye Technology Co., Ltd. Shenzhen ATESS Power Technology Co., Ltd. Analyst Viws on PV Industry Technology Leadership, Global Benchmark Full-Chain Layout, Scale-Driven Leadership Inverter Suppliers Sungrow Power Supply Co., Ltd. Huawei Digital Power Technologies Co., Ltd. Zhuzhou CRRC Times Electric Co., Ltd. TBEA Co., Ltd. Shanghai Chint Power Systems Co., Ltd. Ginlong Technologies Co., Ltd. GoodWe Technologies Co., Ltd. Xiamen Kehua Digital Energy Technology Co., Ltd. Shenzhen Kstar Science & Technology Co., Ltd. Shandong Huadian Energy Saving Technology Co., Ltd. Beijing SOJO Electric Co., Ltd. SolaX Power Network Technology (Zhejiang) Co., Ltd. Sigenergy Technology Co., Ltd. PV Module Suppliers LONGi Green Energy Technology Co., Ltd. Jinko Solar Co., Ltd. TrinaSolar Co., Ltd. JA Solar Technology Co., Ltd. Tongwei Co., Ltd. Chint New Energy Technology Co., Ltd. GCL SI Technology Co., Ltd. Hengdian Group DMEGC Magnetics Co., Ltd. Canadian Solar Inc. TCL Zhonghuan Energy Technology (Jiangsu) Co., Ltd. Yingli Solar Energy Development Co., Ltd. Risen Energy Co., Ltd. Shanghai AIKO New Energy Co., Ltd. Suzhou Jolywood Solar Technology Co., Ltd. DAS Solar Energy Technology Co., Ltd. SolarSpace Ningbo Ulica Solar Co., Ltd. ZNShine PV-Tech Co., Ltd. AE Solar Solar Tracker Suppliers Jiangsu Guoqiang Xingsheng Energy Technology Co., Ltd. Arctech Solar Antai New Energy ESET Solar Trina Tracker VG Solar Array Technologies Antai New Energy Versol Solar Hangzhou Huading New Energy Co., Ltd. Analyst Views on Advanced Equipment Battery manufacturing equipment enterprises forge core process for lithium battery mass production Material manufacturing equipment manufacturers build a solid foundation for efficient production across the industry chain Battery Manufacturing Equipment Enterprises Wuxi Lead Intelligent Equipment Co., Ltd. Suzhou Maxwell Technologies Co., Ltd. Shenzhen Yinghe Technology Co., Ltd. Shenzhen S.C New Energy Technology Co., Ltd. Zhejiang Hangke Technology Co., Ltd. Wuxi Autowell Technology Co., Ltd. Guangdong Lyric Robot Automation Co., Ltd. Yingkou Jinchen Machinery Co., Ltd. Shenzhen Colibri Technologies Co., Ltd. Shenzhen Kstar Science & Technology Co., Ltd. Fujian Nebula Electronics Co., Ltd. Mikrouna (Shanghai) Intelligent Technology Ltd. Shenzhen Manst Technology Co., Ltd. Ningde Sike Qi Intelligent Equipment Technology Co., Ltd. Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Shenzhen Geesun Intelligent Technology Co., Ltd. Material Manufacturing Equipment Enterprises Jiangsu Myande Energy-saving Evaporation Equipment Co., Ltd. Jiangsu Huahong Environmental Protection Equipment Co., Ltd. Hengli Eletek Co.,Ltd Enerpat (Jiangsu) Environmental Co., Ltd. Energy Digital Manufacturing (Xi'an) Technology Co., Ltd EFALI Pump Industry(Guangdong) Co.,Ltd Guangdong Yifu Intelligent Equipment Co., Ltd. Ningbo Kio Flow Instruments Co., Ltd. Shijiazhuang Dingwei Chemical Equipment Engineering Co., Ltd. Gaodao Sealing Technology (Suzhou) Co., Ltd. RIGHTLEDER (Shanghai) Technology Co., Ltd. Guizhou micro-chemical Technology Co., Ltd. Zhongyu (Tianjin) New Energy Technology Co., Ltd. Changzhou Primary Equipment Co., Ltd. Jiangxi RONT Environmental Protection Equipment Co., Ltd. Ningbo Souwest Magnetech Development Co., Ltd. Hebei Yanming Chemical Equipment Co., Ltd. Analyst Views on Iron Phosphate LFP Core Precursor, Cornerstone of the Lithium Battery Industry Chain Ammonium Process for Market Stability, Iron Process for Cost Reduction, Multiple Processes in Parallel Technology Iteration Drives Cost Reduction, Consolidating a Stable Supply Chain Foundation Representative Enterprises of the Ammonium Process Route Guangzhou Tinci Materials Technology Co., Ltd. Guizhou Hention New Energy Materials Co., Ltd. Guizhou Yayou New Materials Co., Ltd. Hubei Xingyou New Energy Technology Co., Ltd. CNGR Advanced Material Co., Ltd. Guizhou Phosphate Chemical New Energy Technology Co., Ltd. Hunan Yacheng New Energy Co., Ltd. Representative Enterprises of the Iron Process Route Shandong Tsaker New Material Co., Ltd. Yuntu New Energy Materials (Jingzhou) Co., Ltd. Tangshan Hengkun New Energy Materials Co., Ltd. Representative Enterprises of the Sodium Process Route Henan Baili New Energy Materials Co., Ltd. Tongling Nayuan Materials Technology Co., Ltd. Analyst Views on LFP The Dominant Material in Both Energy Storage and NEV Markets Leading Across Multiple Technology Routes, Chinese Enterprises Setting Global Benchmarks Supporting the Scaling and High-Quality Development of the New Energy Industry Representative Enterprises of the Iron Phosphate Process Hunan Yuneng New Energy Battery Materials Co., Ltd. Hubei Wanrun New Energy Technology Co., Ltd. Zhejiang Youshan New Material Technology Co., Ltd. Shandong Fengyuan Lithium Energy Technology Co., Ltd. Changzhou Liyuan New Energy Technology (LBM) Co., Ltd. Guizhou Anda Technology Energy Co., Ltd. Hubei Rongtong High-tech Advanced Materials Group Co., Ltd. Gotion High-tech Co., Ltd. Representative Enterprises of Ferrous Oxalate Method Fulin Precision Machining Co., Ltd. Hunan Pengbo New Material Co., Ltd. Representative Enterprises of Liquid-Phase Method Shenzhen Dynanonic Co., Ltd. Representative Enterprises of Iron Oxide Red Method Sichuan GCL Lithium Battery Technology Co., Ltd. Analyst Views in Ternary Cathode Core Material for High-End Power, Accelerating High-Nickel Technology Iteration Deepening Integrated Resource Layout, Leading Global Industry Direction Enabling Long Driving Range and High-End Upgrades for NEVs Representative Enterprises of Ternary Cathode Material Gansu Jinchuan Reshine New Material Co., Ltd. Tianjin B&M Science and Technology Co., Ltd. Ningbo Ronbay New Energy Technology Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Minmetals New Energy Materials (Hunan) Co., Ltd. Tianjin Guoan Mengguli New Materials Science&Technology Co., Ltd. Yibin Libao New Materials Co., Ltd. Analyst Views on Anode Materials Industry Leaders Drive Iteration More New Players Emerge Industry Upgrades Accelerate Anode Material Enterprises Tianmulake Excellent Anode Materials Co., Ltd. Lanxi Zed New Energy Materials Co., Ltd. Anhui Iametal New Energy Technology Co., Ltd. BTR New Material Group Co., Ltd. Shanghai Shanshan Technology Co., Ltd. Shijiazhuang Shangtai Technology Co., Ltd. Guangdong Kaijin New Energy Technology Co., Ltd. Hunan Zhongke Shinzoom Co., Ltd. Jiangxi Zichen Technology Co., Ltd. Shinghwa Advanced Material Technology (Meishan) Co., Ltd. Analyst Views on Solid-State Battery Industry Next-Generation Battery Technology, Semi-Solid-State Mass Production Accelerates Full Supply Chain Matrix Takes Initial Shape, Ushering in a New Era of Diversified Application Scenarios Representative Enterprises of Solid-State Battery Technology Contemporary Amperex Technology Co., Limited Qingtao (Kunshan) Energy Development Group Co., Ltd. Beijing WELION New Energy Technology Co., Ltd. China Automotive New Energy Battery Technology Co., Ltd. Zhejiang FunLithium New Energy Technology Co., Ltd. Hytzer New Energy (Changzhou) Co., Ltd. Representative Enterprises of Solid-State Electrolyte Shanghai Emperor of Cleaning Hi-Tech Co., Ltd. Liyang CASOL Energy Technology Co., Ltd Zhejiang FunLithium New Energy Technology Co., Ltd. LionGo (Changzhou) New Energy Co., Ltd. Guangzhou Tinci Materials Technology Co., Ltd. Analyst Views on Sodium-Ion Battery Industry An Emerging Force in Energy Storage and Low-Speed Mobility, with Prominent Cost Advantages Self-Controlled Entire Industry Chain, Scaled Capacity Release Forging a Globally Leading Sodium-Ion Battery Industry Landscape Representative Enterprises of Sodium-Ion Battery Cells Shanxi Huana Xinneng Technology Co., Ltd. Highstar Sodium Battery (Guangdong) Co., Ltd. Veken Technology.,Ltd. Jiangsu Pylon Battery Co., Ltd. Jiangsu Yingong Technology Co., Ltd. Shuangdeng Group Co., Ltd. Beijing Zhongke Hai Na Technology Co., Ltd. Chaowei Power Group Co., Ltd Representative Enterprises of Sodium-Ion Battery Anode Chengdu Best Technology Co., Ltd. Guangdong Rongna New Energy Technology Co., Ltd. Wuhan Tianna Technology Co., Ltd. Zhuhai Nagan New Energy Technology Co., Ltd. Hunan Nake New Materials Co., Ltd. Representative Enterprises of Sodium-Ion Battery Cathode Materials Ningbo Ronbay New Energy Technology Co., Ltd. Jiangsu Zoolnasm Energy Technology Co., Ltd. Shenzhen Jiana Energy Technology Co., Ltd. Xiamen Xingrong New Energy Technology Development Co., Ltd. Huzhou Yingna New Energy Materials Co., Ltd. Yibin Tianyuan Lithium Battery New Materials Co., Ltd. Anhui Xinna New Materials Technology Co., Ltd. Zhejiang NaTRIUM Energy Co., Ltd. Representative Enterprises of Sodium-Ion Battery Electrolyte Zhuhai Smoothway Electronic Materials Co., Ltd. LionGo (Changzhou) New Energy Co., Ltd. Huzhou Kunlun Power Battery Materials Co., Ltd. Analyst Views on Recycling Industry Core Carrier of Lithium Battery Green Recycling, Key Support for Dual-Carbon Strategy Full Value Chain Taking Shape, Integrated Leaders Driving Closed-Loop Development Facilitating Sustainable Development Across the Full Life Cycle of the Lithium Battery Industry Representative Enterprises in Lithium Battery Recycling Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Recycling Technology Co., Ltd. GEM Co., Ltd. Shenzhen Sunwoda Recycled Materials Co., Ltd. Anhui Nandu Huabo New Materials Technology Co., Ltd. Anhui Xunying New Energy Group Co., Ltd. Wuhan Power Battery Regeneration Technology Co., Ltd. Shenzhen Jiecheng New Energy Technology Co., Ltd. Anhui Hengchuangruineng Environmental Protection Technology Group Co., Ltd. Jiujiang Tinci Resource Recycling Technology Co., Ltd. Jiangxi Ganfeng Circular Technology Co., Ltd. Ganzhou Longkai Technology Co., Ltd. Shangrao Huanli Circular Technology Co., Ltd. Ganzhou Tengyuan Cobalt New Materials Co., Ltd. Zhejiang Tianneng New Materials Co., Ltd. Guangdong Fangyuan New Material Group Co., Ltd. Guizhou CNGR New Energy Technology Co., Ltd. Hunan Keyking Recycling Technology Co., Ltd. Shandong Meiduo Technology Co., Ltd. Anhui Nandu Huabo New Materials Technology Co., Ltd. Shanxi Yaxin Green Qingyuan Circular Technology Co., Ltd. Henan Zhongxin New Materials Co., Ltd. At the banquet on the first day of the CLNB 2026 (The 11th New Energy Industry Chain Expo), Zhengyong Huang, Deputy General Manager of the Iron Phosphate Division of Guangzhou Tinci Materials Technology Co., Ltd., and Liang Liu, Deputy General Manager of the Energy Storage Division of REPT Battero Energy Co., Ltd., took the stage to receive the awards on behalf of the award winning enterprises. Shirley Wang, Vice President of SMM, presented awards to the winners! SMM congratulates the above award-winning enterprises and thanks all industry peers for their support!

Samsung SDI has made an equity investment in FINO, the Korean subsidiary of CNGR. The investment was carried out through participation in a third-party allotment capital increase. FINO announced on the 27th that it will issue new shares worth KRW 70 billion via a third-party allocation, totaling 14,294,467 common shares at an issue price of KRW 4,897 per share.

CNGR has deployed two salt lake lithium mines in Argentina, with estimated lithium resources exceeding 10 million metric tons of lithium carbonate equivalent (LCE). This resource volume is expected to increase as exploration progresses. The company will further confirm the reserves of the two salt lake lithium mines and proceed with extraction based on exploration and construction progress, as well as its own and market demand. CNGR will disclose relevant developments regarding the Argentine lithium mines in accordance with relevant regulations.

On April 29, 2025, SMM Senior Director Jin Yu, Secondary Aluminum Head Weiquan Ding, International Recycling Head Xiaoyao Zhang, and Senior Aluminum Analyst Shihao Yang visited Hunan Tonghe New Material Co., Ltd. . They were warmly welcomed by Chairman Jingwei Qiu, Deputy General Manager Shuai Kang Qiu, and their team. Subsequently, both parties engaged in discussions and exchanges on the secondary aluminum market and the development of the non-ferrous metals landscape. Through this discussion, both sides enhanced their mutual understanding and recognition, laying a solid foundation for deepening cooperation and achieving mutual benefits in the future. Company Introduction Sustainable Development of Tonghe There is no such thing as waste in the world, only resources misplaced. Aluminum possesses excellent recyclability, allowing it to be reused multiple times without affecting its performance. The recycling of aluminum does not cause environmental pollution, with energy consumption being less than 5% of that required for primary aluminum production. The industrial process is short, with minimal emissions of harmful gases and dust. From the perspectives of resources, environment, market, as well as social and economic benefits, aluminum recycling is a cause that benefits the present and contributes to future generations. Driven by our pursuit of this noble cause, in 2018, eight companies—Hunan Hengxinrui Nonferrous Metals Co., Ltd., Miluo Ruishen Nonferrous Metals Co., Ltd., Miluo Guixin Nonferrous Metals Co., Ltd., Hunan Boji Nonferrous Metals Co., Ltd., Hunan Xinlong Yunyun Metal Products Co., Ltd., Miluo Xiongjun Nonferrous Metals Co., Ltd., Miluo CNGR Nonferrous Metals Co., Ltd., and Miluo Xiangheng Nonferrous Metals Co., Ltd.—were restructured to form the new Hunan Tonghe New Material Co., Ltd. We invested 200 million yuan in the Miluo Circular Economy Industrial Park in Hunan Province to build a new production facility with an annual capacity of 200,000 mt of die-cast aluminum alloy ingots and secondary aluminum billets. Based on the concept of industrial ecology, we adopted internationally advanced scientific technologies to improve the quality of secondary aluminum while minimizing or even eliminating the adverse environmental impacts of aluminum recycling. A garden-style secondary aluminum plant, surpassing international advanced standards, was established in the Miluo Circular Economy Industrial Park in Hunan. No matter how times change, Tonghe will always adhere to the development philosophy of integrity, conservation, environmental protection, and sustainable operation. We will continue to forge ahead, innovate boldly, and prioritize people, thereby fulfilling our social responsibility of united and harmonious development as Tonghe Company. SMM Contact Person Weiquan Ding 18029344837

The first meeting of the National Task Force on the Recycling of Power Batteries from New Energy Vehicles (NEVs) emphasized the need to improve the regulatory and standards system, accelerate the formulation of relevant laws and regulations, and develop and revise mandatory standards such as safety technical specifications for various types of lithium batteries, in order to regulate recycling practices through legal means and lead the high-quality development of the industry with standards.

On May 16, at the 2025 SMM (6th) Silver Industry Chain Innovation Conference , hosted by SMM Information & Technology Co., Ltd. (SMM), co-organized by Ningbo Haoshun Precious Metals Co., Ltd. and Quanda New Materials (Ningbo) Co., Ltd., and strongly supported by sponsor organizations including Fujian Zijin Precious Metals Materials Co., Ltd., Huizhou Yian Precious Metals Co., Ltd., Jiangsu Jiangshan Pharmaceutical Co., Ltd., Zhengzhou Jinquan Mining and Metallurgy Equipment Co., Ltd., Hunan Shengyin New Materials Co., Ltd., Zhejiang Weida Precious Metals Powder Materials Co., Ltd., Guangxi Zhongma Zhonglianjin Cross-border E-commerce Co., Ltd., Suzhou Xinghan New Materials Technology Co., Ltd., Yongxing Zhongsheng Environmental Protection Technology Co., Ltd., IKOI S.p.A, Hunan Zhengming Environmental Protection Co., Ltd., Kunshan Hongfutai Environmental Protection Technology Co., Ltd., and Shandong Humon Smelting Co., Ltd., Ding Gangqiang, Deputy Chief Engineer and Researcher at CSSC Huanggang Precious Metals Co., Ltd., discussed the topic of "Current Status and Prospects of Silver Applications in the Photovoltaic Industry." 1. Background Overview ► Photovoltaic Industry Chain: ► Applications of Silver in the Photovoltaic Industry: ► Structural Diagram of Solar Cells: In addition, he shared the technology roadmap for crystalline silicon solar cells. 2. Analysis of the Current Status of Silver Applications in the Photovoltaic Industry ► Current Status Analysis • Silver Nitrate: Silver nitrate is an important product of deep processing of silver and serves as a raw material for many other deep-processed products. It is mainly used in fields such as photovoltaics, electronics, petrochemicals, mirror manufacturing, pharmaceuticals, and photography. • PV Silver Powder: The requirements for PV silver powder include high sphericity, high dispersibility, narrow particle size distribution, high tap density, and surface roughness, which enable the paste products to achieve good photoelectric conversion efficiency and stable electrical performance. • PV Silver Paste: PV Silver Powder: The size of silver powder particles affects the contact resistance and open-circuit voltage, as well as the resistivity of the silver grid lines. Glass Frit: Glass frit serves to etch the silicon nitride layer. The type of glass frit affects the performance of the front-side silver paste, thereby influencing the photoelectric conversion efficiency of solar cells. Organic Vehicle: The organic vehicle acts as a carrier for the ultrafine silver powder and glass frit, providing a dispersing effect, which in turn affects the processability of screen printing. • Silver Paste Consumption in Crystalline Silicon Solar Cells: With advancements in various electrode and printing manufacturing technologies, the silver consumption per unit for mainstream cell types such as PERC, TOPCon, and HJT has been decreasing year by year. • Laser-Enhanced Contact Optimization (LECO) decouples passivation damage and ohmic contact, enhancing cell metallization. The core principle of laser-assisted sintering technology lies in leveraging the high energy concentration and controllability of lasers to separate the two steps of passivation layer erosion and ohmic contact formation during the high-temperature sintering process, thereby achieving efficient and precise control over the sintering process. • Silver-coated copper paste: PV companies are actively exploring electrode technologies that utilize base metals such as copper to replace silver, primarily divided into silver-coated copper paste combined with screen-printing technology and copper electroplating technology. The silver-coated copper powder technology reduces silver usage by coating silver onto the surface of copper powder. By adjusting the ratio of silver to copper, it ensures conversion efficiency while lowering the cost of silver paste. Silver-coated copper powder: Contains 15% silver. • Silver recovery from PV modules: According to forecasts by the Zero Carbon Research Institute, by 2030, the cumulative amount of discarded PV modules in China is expected to reach around 18GW, approximately 1.5 million mt, with an output value of about 6.1 billion yuan. By 2050, the cumulative amount of discarded PV modules is projected to reach 253GW, approximately 20 million mt, with an output value of 90 billion yuan. • Circular economy of PV modules 3. Analysis of the current market situation and development prospects of silver in the PV industry ► Market Analysis • Global and Chinese new PV installations The global market demand for PV power generation is expected to improve, with major countries such as the US, Europe, and India experiencing stable growth in demand for PV power generation. Emerging countries in the Middle East, Africa, and Latin America are anticipated to see steady growth in demand for PV modules due to declining levelized costs of electricity (LCOE) from PV, urgent power shortages, and strong government support for renewable energy transitions, driving global demand growth. • Demand for PV silver paste and PV silver powder: The market size for PV silver paste is expected to continue growing in the coming years. In 2024, the demand for PV silver powder is estimated to be around 7,217 mt, with a corresponding market size exceeding 40 billion yuan. • Production statistics of silver nitrate in China Statistics show that the production of silver nitrate in China has been increasing year by year, with an annual growth rate exceeding 20%. Major domestic silver nitrate producers: CSSC Huanggang Precious Metals Co., Ltd., Tongbai Hongxin New Materials Co., Ltd., Lanzhou Jinchuan Science and Technology Industrial Park Co., Ltd., Xilong Scientific Co., Ltd., Zhejiang Hongda New Materials Development Co., Ltd., etc. • Production statistics of silver nitrate in China from 2022 to 2024 It introduces the monthly production statistics of SMM silver nitrate in China from 2022 to 2024. • Proportion of silver demand in China by sector It elaborates on the breakdown of silver applications in the industrial sector and the distribution of China's silver consumption structure in 2024. • Production of major silver nitrate producers in China It introduces the production proportion of major silver nitrate producers in China. It also elaborated on other major domestic silver nitrate enterprises, including Quanda New Materials (Ningbo) Co., Ltd., Guangdong Vital New Materials Co., Ltd., Fujian Fuxuan Technology Co., Ltd., Hunan CNGR New Silver Materials Technology Co., Ltd., and Changzhou Guoyu Environmental Protection Technology Co., Ltd. Finally, it introduced the development history and main industries of CSSC Huanggang Precious Metals Co., Ltd. 》Click to view the special report on the 2025 SMM (6th) Silver Industry Chain Innovation Conference