Forward Technology disclosed its preliminary financial results for 2025, reporting revenue of RMB 112 million, a year-on-year decrease of 18.27%; and net profit attributable to shareholders of the parent company of RMB 19.4612 million, a year-on-year decrease of 15.88%. During the reporting period, the company faced multiple adverse factors, including an unstable global economic situation, continued international tensions, the energy crisis and weak market demand and investment, which weakened the momentum of European economic growth. The company's revenue in 2025 decreased by 18.27% year-on-year, while net profit attributable to shareholders of the listed company decreased by 15.88% year-on-year due to factors such as rising aluminum prices and declining production.

According to media reports, the US Department of Commerce has made a preliminary ruling that there are subsidies for key battery components in China, believing that Chinese producers of active anode materials have received substantial government subsidies, paving the way for the subsequent imposition of countervailing duties.

Zou Lan, Deputy Governor of the People's Bank of China (PBOC), stated at a press conference held by the State Council Information Office on April 28 that the PBOC would implement RRR cuts and interest rate cuts in a timely manner based on the domestic and overseas economic situation and the operation of financial markets, to maintain ample liquidity, leverage the dual functions of the monetary policy toolkit in terms of both aggregate and structural aspects, create new structural monetary policy tools, and provide targeted financial support in key areas focused on stabilizing employment and promoting growth. The PBOC is also exploring ways to enrich its policy toolkit and will introduce incremental policies in due course to help stabilize employment, enterprises, markets, and expectations.

SMM Nickel April 21 News: Spot Market: Today, the price of SMM 1# refined nickel was 125,450-128,350 yuan/mt, with an average price of 126,900 yuan/mt, down 400 yuan/mt from the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,300-2,600 yuan/mt, with an average premium of 2,450 yuan/mt, up 100 yuan/mt from the previous trading day. The premium and discount quotation range for Russian nickel was 0-300 yuan/mt, with an average premium of 150 yuan/mt, unchanged from the previous trading day. Futures Market: Today, SHFE nickel futures showed a sideways movement, with the most-traded contract 2505 closing at 125,930 yuan/mt, up 0.25%, and the intraday fluctuation range was 124,660-126,450 yuan/mt. Nickel prices may maintain a sideways movement in the range of 120,000-128,000 yuan/mt in the short term, as the cost game from the implementation of Indonesian policies and the pressure from high inventory create a tug-of-war between bulls and bears. In addition, macro factors also had a certain impact on nickel prices, with uncertainties in the US dollar trend, international trade situation, and global economic situation making market investors cautious.

On the evening of April 11, Pylontech disclosed its 2024 annual report. During the reporting period, Pylontech achieved revenue of 2.005 billion yuan, a YoY decrease of 39.24%, and net profit of 41.11 million yuan, a YoY decrease of 92.03%. The company plans to distribute a cash dividend of 4.5 yuan per 10 shares (tax included) to all shareholders. Regarding the above performance, Pylontech explained that, firstly, the global economic situation is complex and volatile, with industry growth slowing down and downstream companies continuing destocking, which corresponds to the current situation in its household ESS market. Secondly, the intensifying industry competition has put pressure on the selling prices of the company's ESS products, leading to a decline in revenue. Additionally, Pylontech stated that due to fluctuations in the international foreign exchange market, the company's exchange gains and losses have significantly decreased compared to the same period last year. The reporter from the "Science and Technology Innovation Board Daily" noted that in 2024, Pylontech's net cash flow from operating activities decreased by 34.26% YoY, mainly due to a decline in sales scale leading to reduced sales collections and a decrease in received export tax refunds. During the reporting period, Pylontech's gross profit margin for its main business was 28.94%, a 2 percentage point decrease from 30.94% in 2023. As an ESS battery system provider, Pylontech focuses on the R&D, production, and sales of LFP battery cells, modules, and ESS battery systems. Its products can be applied to all aspects of the power system, including generation, transmission, distribution, and consumption, with specific application scenarios such as household ESS, industrial and commercial ESS, power generation-side ESS, communication base station ESS, vehicle-mounted ESS, and mobile ESS. In terms of revenue composition, Pylontech's overseas sales accounted for 92.86% of its main business revenue, with its products mainly exported to overseas markets. During the reporting period, the company's overseas revenue was 1.862 billion yuan, a decrease of 39.69% compared to the previous year. Regarding the future trend of the European ESS market, Pylontech stated that globally, Europe remains one of the important markets for ESS growth, and with Europe's push for energy independence transformation, the demand for ESS will be steadily supported by the volume of large-scale storage projects. "In the future, the company will continue to steadily advance its globalization strategy, consolidating its existing international market advantages while actively expanding into other regions and market segments," Pylontech said. The reporter from the "Science and Technology Innovation Board Daily" noted that to address the decline in overseas performance, Pylontech is strengthening its existing advantages in Europe, increasing investment in high-potential markets in Asia, Africa, Latin America, and Southeast Asia, accelerating the localization of overseas subsidiaries, and extending from household and industrial ESS to other new ESS scenarios. On March 18, Pylontech's first overseas factory opened in Italy, jointly invested by Pylontech's European wholly-owned subsidiary and the Italian company Energy S.p.A. Additionally, the company has established subsidiaries in European countries such as the Netherlands, the UK, and Germany, building a localized overseas sales and service system, gradually forming an "R&D-production-service" entire industry chain in the European market. Pylontech is also exploring new growth points beyond household ESS. The company's sodium-ion battery technology has achieved multi-scenario applications. Among them, in the start-stop battery field, it has developed wide-temperature-range, high C-rate pouch batteries and delivered them in batches. In terms of the progress of fundraising projects, Pylontech has experienced delays in some of its fundraising projects. The company stated that during the reporting period, due to the impact of recent global macro environment changes and industry development changes, the company has adjusted the expected usable date of one of its 2022 private placement fundraising projects, the "Pylontech 10GWh Lithium Battery R&D and Manufacturing Base Project," from April 2025 to April 2026, with the overall construction progress being delayed compared to expectations.

From a comprehensive perspective of the aluminum market, the supply side is constrained in terms of growth due to factors such as resources, capacity, and policies. On the demand side, driven by peak consumption seasons in industries like construction and automotive, there is a noticeable recovery, and inventory continues to deplete. Such fundamentals provide strong support for aluminum prices. However, the current global economic situation is complex. Overseas geopolitical conflicts have heightened risk aversion sentiment, and volatile trade policies, along with increased uncertainties such as tariffs and trade barriers, have disrupted market expectations, leading to more cautious market operations. Considering the supply side, demand side, and external risk factors, aluminum prices are expected to maintain a fluctuating downward trend in the short term, seeking a new balance in the tug-of-war between longs and shorts.