In June 2026, SMM secondary refined lead production rose slightly by 2.23% MoM, but dropped sharply by 31.2% from the 2026 peak of 282,000 mt in January. The industry’s production center shifted lower continuously in Q2. SMM’s weekly operating rate for secondary lead across four provinces hovered in the range of 28.4%–29.7% throughout the month, staying well below the normal reasonable range for a prolonged period.

[SMM Market Update] Lead-acid battery end-use consumption is sluggish, with weak purchasing demand for lead ingots and lead alloys. Some refined lead and alloy smelters have cut or halted production; meanwhile, domestic secondary crude lead smelters are under sales pressure. Going forward, attention should be paid to the opening of the import window; if imported crude lead flows in significantly, the sales pressure on domestic secondary crude lead smelters will intensify.

SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition 2027 June 2-4 China · National Exhibition and Convention Center (Shanghai) No. 333 , Songze Avenue, Qingpu District, Shanghai Integrate the Ecosystem, Empower the Future of the Energy Chain Pre face: Co-organized by 25 international institutions and organizations including the Asian Photovoltaic Industry Association (APVIA), the Chinese Renewable Energy Society (CRES), the Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA), the Shanghai Federation of Economic Organizations (SFEO), the Shanghai Science and Technology Exchange Center (SSTEC), and the Shanghai New Energy Industry Association (SNEIA), the “SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition” will be grandly held in Shanghai, China, from June 2 to 4, 2027. From 15,000 m² at its first edition in 2007, the “SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition” grew to 360,000+ m² in 2026, attracting more than 2,800 enterprises from 95 countries and regions worldwide, with international exhibitors accounting for 30%, and has become the most influential international, professional, and large-scale energy storage event in China, Asia, and the world. SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition is the world’s most professional energy storage exhibition. Its exhibits include: international energy storage technologies and smart grids, energy storage technologies, equipment and materials, ESS power stations and EPC projects, grid connection of new energy power generation and intelligent transmission and distribution, power grid dispatching and automated control, smart metering and power consumption management, smart grid information and communications, international NEVs and charging piles, NEVs, power drive systems, key parts for NEVs, automotive design, charging facilities, etc., covering every link of the energy storage industry chain. The SNEC Energy Storage Forum also features a particularly rich variety of formats, covering analysis of future market trends in the energy storage industry, cooperative development strategies, policy orientations of various countries, cutting-edge industry technologies, energy storage finance, etc., and is the best opportunity to showcase achievements to the industry. We look forward to global stakeholders gathering in Shanghai, China, taking an industry-wide perspective and a problem-oriented approach, to jointly assess the energy storage markets in China, Asia, and the world, and to lead the path of innovative industry development together. May we meet in Shanghai in June 2026! Schedule: Move-in: May 30, 2027 13:30-18:00 May 31, 2027 & June 1 9:00-20:00 Exhibition: June 2-3, 2027 09:00-17:00 June 4 09:00-14:00 Move-out: June 4, 2027 14:00-24:00 Organizing Institutions: Approving Authority Shanghai Municipal Commission of Commerce Lead Organizers Asian Photovoltaic Industry Association (APVIA) Chinese Renewable Energy Society (CRES) Renewable Energy Professional Committee of the China Energy Research Society Shanghai Federation of Industrial Economics (SFIE) Shanghai Science and Technology Exchange Center (SSTEC) Shanghai New Energy Industry Association (SNEIA) Co-organizers Global Green Energy Industry Council (GGEIC) New Energy Industry Association Asia Pacific (NEIAAP) China Electric Power Construction Enterprise Association (CEPCA) Photovoltaic Professional Committee of the Chinese Renewable Energy Society (CPVS) Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA) Supporter Solar Photovoltaic Products Sub-Council of China Chamber of Commerce for Import & Export of Machinery & Electronic Products (CCCME) Exhibition Contractors Shanghai Follow Me Technology Co., Ltd. Shanghai Solar Cloud Exhibition Services Co., Ltd. Follow Me Int'l Exhibition USA Inc. Follow me International Exhibition Co., Ltd. Exhibit Scope (Categories): International Energy Storage Technologies and Smart Grids A. Energy storage technologies, equipment and materials: Compressed air energy storage, pumped storage, superconducting electromagnetic energy storage, flywheel energy storage, thermal/cold energy storage, hydrogen storage and other energy storage technologies, equipment and materials applicable to plug-in EVs; various batteries (nickel–metal hydride battery, lithium-ion battery, lithium polymer battery, lead-acid battery, smart battery, sodium-sulfur battery), energy storage power supply, supercapacitors, renewable fuel cell, flow battery and other technologies, equipment and materials B. ESS power stations and EPC projects: BMS battery management system, PCS energy storage inverter, microgrid, EV battery swapping/charging stations and related supporting facilities C. Grid connection of new energy power generation and intelligent transmission and distribution: Grid-tie inverter, light-duty DC equipment, operation monitoring devices, grid connection control systems, flexible transmission equipment, UHV transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, smart switching equipment, transformers, instrument transformers, smart components, digital substations, integrated substation automation, distribution network automation devices, online monitoring for transmission and distribution, fault diagnosis and self-healing devices, power quality monitoring, harmonic mitigation and reactive power compensation, superconducting electrical engineering technology, various new-type wires and cables, composite materials, safety protection D. Power grid dispatching and automated control: Smart power grid dispatching systems, dispatching integrated data platform systems, power grid security and control, intelligent inspection systems, integrated measurement/control/protection and arc suppression and line selection systems, safety and stability control system solutions, power monitoring systems and microcomputer-based relay protection, wide-area dynamic monitoring systems, online monitoring systems for power grid stability, distribution network intelligent reactive power compensation devices, control software, remote control and telemetry devices, large-screen display systems, power system simulation E. Smart metering and power consumption management: Smart meters and chips, remote/centralized meter reading systems, power consumption information acquisition systems, power consumption management information systems, load management terminals, monitoring systems, inspection devices, metering cabinets and components, measuring instruments, sensors, semiconductors F. Smart grid information and communications: Internet of Things technologies, cloud computing technologies, multi-network convergence technologies, transmission technologies and equipment, access equipment, optical fiber and optical cables, industrial Ethernet, data communications and network technologies and related products, in-plant communications equipment, power line carrier equipment, supporting equipment and meters, digital microwave communications equipment, test equipment and instruments, online network monitoring equipment G. Others International NEVs and Charging Piles A. NEVs (passenger vehicles / commercial vehicles): Electric buses and trucks, electric sedans, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses and sedans, solar EVs, light-duty EVs, hybrid vehicles (micro hybrid, mild hybrid, medium hybrid, full hybrid, and plug-in hybrid), battery EVs, fuel cell vehicles, hydrogen energy, natural gas and other new energy clean fuels, hybrid vehicles and various low-emission, environmentally friendly, energy-saving vehicles; B. Power drive systems: Power battery, battery management system, fuel cell, hybrid systems, drive motors, electric control systems, engines, detection and repair equipment, related testing, monitoring and protection instruments, related technologies; C. Key parts for NEVs: Power capacitors, supercapacitors, flywheels, inverter, electric heat pumps, electric power steering, electric air conditioning, tires, wire connections, electromagnetic technologies, related materials; coatings, transmissions, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; accessories for auto body; motors and electrical appliances, electronic components, electrical systems, circuits, wheel hub, tires, etc.; D. Automotive design: Complete vehicle design, system control design, etc. E. Charging facilities: Charging stations, charging piles; planning and achievements display of intelligent network projects for charging stations, expansion of gas stations into charging (battery swapping) stations, display of integrated refueling and charging service stations, technology products for solar- and wind-complementary NEV charging stations, power distribution equipment for charging stations, chargers, power monitoring systems, active filter devices, transformers, power distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging and swapping batteries and battery management systems, parking lot charging facilities, intelligent monitoring, power supply solutions for charging stations F. Others Exhibition Fees: Standard booth (deluxe standard, 3m x 3m ): China enterprises: RMB 23,800/booth Foreign-funded enterprises: US$4,900/booth Basic configuration: one consultation table, two folding chairs, one wastebasket, one 220V/500W power socket, two spotlights, Chinese and English header board, and carpet in the booth. Indoor bare space (minimum rental: 36 m²): China enterprises: RMB 2,380 /m 2 Foreign-funded enterprises: US$490 /m 2 Exhibitor Notes: 1. After confirming participation, the enterprise shall complete the exhibition application form, affix the official seal, and fax or mail it to the Organizing Committee; 2. Upon receipt of the booth reservation fee, the Organizing Committee will allocate booths to exhibitors in accordance with the principle of “first application, first payment, first arrangement”; 3. Payment details for exhibition fees: (1) The above exhibition fees do not include “construction deposit,” “construction management fee,” “facility rental fee,” and other fees; (2) Exhibitors that sign contract are requested to remit the deposit to the Organizing Committee’s account within ten working days from the date of contract signing, and fax the remittance voucher to the Organizing Committee for verification; (3) The remaining exhibition fees shall be remitted to the account designated by the Organizing Committee by December 31, 2026; 4. The placement order of advertisements in the conference booklet shall be based on the order in which advertising fees are received; the deadline for inclusion is March 31, 2027; 5. The Organizing Committee will send the Exhibitor Manual to participating enterprises in April 2027. For inquiries, please contact: Shanghai Follow Me Technology Co., Ltd. SNEC ES+ The 13th (2027) International Energy Storage and Battery (Shanghai) Conference and Exhibition Contact: Manager Wei Tel: +86-13817218765 (WeChat same number) E-mail: weiwei@snec.org.cn

SNEC 20th (2027) International Solar PV and Smart Energy & Energy Storage and Battery (Shanghai) Conference and Exhibition SNEC 20th (2027) International Photovoltaic Power Generation and Smart Energy Conference & Exhibition 2027 6 2-4 National Exhibition and Convention Center (Shanghai), China Songze Avenue, Qingpu District, Shanghai 333 Multi-Energy Complementarity and Integrated Development of PV, Energy Storage, and Hydrogen Pre- face: Co-organized by 25 international institutions and organizations including the Asian Photovoltaic Industry Association (APVIA), the Chinese Renewable Energy Society (CRES), the Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA), the Shanghai Federation of Economic Organizations (SFEO), the Shanghai Science and Technology Exchange Center (SSTEC), and the Shanghai New Energy Industry Association (SNEIA), the “SNEC 20th (2027) International Solar PV and Smart Energy & Energy Storage and Battery (Shanghai) Conference and Exhibition” (hereinafter referred to as the “SNEC PV Conference and (Shanghai) Exhibition”) is scheduled to be grandly held in Shanghai, China, from June 2-4, 2027. The “SNEC PV Conference and (Shanghai) Exhibition” has grown from 15,000 m² at its first edition in 2007 to 360,000+ m² in 2026, attracting more than 2,800 enterprises from 95 countries and regions worldwide, with international exhibitors accounting for 30%, and has become the most influential international, professional, and large-scale PV event in China, Asia, and the world. The SNEC PV Exhibition is the world’s most professional PV exhibition, featuring exhibits including PV production equipment, materials, solar cells, PV application products and modules, as well as PV projects and systems, energy storage, mobile energy, and more, covering every segment of the PV industry chain. The SNEC PV Forum also offers an exceptionally rich and diverse range of formats, covering analysis of future market trends in the PV industry, strategies for cooperative development, policy directions of various countries, the industry’s most cutting-edge technologies, PV finance, and more, making it the best opportunity to showcase achievements to the industry. We look forward to gathering with relevant industry players from around the world in Shanghai, China, to take an industry-wide, problem-oriented perspective, jointly assess the solar PV power generation markets in China, Asia, and the world, and together lead the path of innovative development for the industry. May we meet in Shanghai in June 2026! Schedule: Move-in: May 30, 2027 13:30-18:00 May 31, 2027 & June 1, 2027 9:00-20:00 Exhibition: June 2-3, 2027 09:00-17:00 June 4 09:00-14:00 Move-out: June 4, 2027 14:00-24:00 Organizing Institutions: Approving Authority Shanghai Municipal Commission of Commerce Lead Organizers Asian Photovoltaic Industry Association (APVIA) Chinese Renewable Energy Society (CRES) Renewable Energy Professional Committee of the China Energy Research Society Shanghai Federation of Industrial Economics (SFIE) Shanghai Science and Technology Exchange Center (SSTEC) Shanghai New Energy Industry Association (SNEIA) Co-organizers Global Green Energy Industry Council (GGEIC) Asia-Pacific New Energy Industry Association (NEIAAP) China Electric Power Construction Enterprise Association (CEPCA) Photovoltaic Professional Committee of the Chinese Renewable Energy Society (CPVS) Renewable Energy Professional Committee of the China Association of Circular Economy (CREIA) Supporter Solar PV Products Sub-Council of China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) Exhibition Organizers Shanghai Follow Me Technology Co., Ltd. Shanghai Solarun Exhibition Service Co., Ltd. Follow Me Int'l Exhibition USA Inc. Follow me International Exhibition Co., Ltd. Exhibit Scope (Exhibit Categories): Solar PV A. PV Production Equipment: Silicon rod, silicon lumps, and silicon ingot production equipment: complete production lines, casting ingot furnaces, crucibles, growth furnaces, and other related equipment Silicon wafer and wafer production equipment: complete production lines, cutting equipment, cleaning equipment, detection equipment, and other related equipment Battery production equipment: Complete production lines, etching equipment, cleaning equipment, diffusion furnaces, coating equipment/deposition furnaces, screen printing machines, other furnace equipment, testers and sorters, other related equipment Panel/Module production equipment: Complete production lines, testing equipment, glass cleaning equipment, tabbing/welding equipment, lamination equipment, etc. Thin-film panel production equipment: Amorphous silicon cells, CIS/CIGS cells, CdTe thin-film cells, DSSC dye-sensitized cells production technology and research equipment B. Solar Cells: Solar cell producers, module producers, module installers, agents, dealers and distributors, concentrator cells, etc. C. PV-Related Parts: Batteries, chargers, controllers, converters, recorders, inverters, monitors, mounting systems, tracking systems, solar cables, etc. D. PV Raw Materials: Polysilicon, silicon ingots/silicon lumps, silicon wafers, encapsulation glass, encapsulation film, other raw materials E. PV Application Products: Lighting products, power supply systems, portable chargers, water pumps, solar household products and other solar products F. PV Engineering and Systems: PV system integration, solar air conditioning systems, rural PV power generation systems, solar detection and control systems, solar heating system engineering, PV engineering process control, engineering management and software development systems G. System Construction Equipment and Safety Protection: Electrical construction equipment, construction vehicles, engineering machinery, maintenance tools, aerial work platforms/vehicles, scaffolding, electrical safety tools, personal protective equipment H. Others Solar Energy and Green Building: A. Solar Thermal Utilization: Solar central hot water systems, household solar water heaters, solar heat pump water heaters, solar thermal collection systems, solar heating systems, integrated solar thermal and PV products, solar water heater manufacturing equipment, solar water heater raw materials and accessories B. Solar PV and Solar Thermal Power Generation: Grid-connected PV power generation systems, off-grid PV power generation systems, PV-wind hybrid power generation systems, PV transmission and distribution equipment, PV modules and components and equipment, parabolic trough systems, tower systems, dish systems, heat collection tubes, thermal storage equipment and materials, heat exchange technology and products, high-temperature heat transfer technology and products, system control C. Solar Cooling Systems and Equipment: Solar cooling products and systems, air-source products, solar central air conditioning, ground-source heat pump air conditioning D. Solar Lighting and Building Materials: Solar lawn lights, garden lights, solar street lights and other photovoltaic lighting products, solar PV glass, solar roof modules, integrated building-integrated PV (BIPV) solutions, etc. E. LED Technology and Products: LED lighting, LED application products, display products/digital signage, parts, modules, kits, etc. F. Solar Accessories: Solar complementary automatic control devices and instruments, solar pipes and fittings, solar control systems, solar heat pipes, evacuated tube collectors, flat plate collectors, manifold headers, insulation materials, hot and cold water pumps, mounting structures, PV equipment accessories, batteries, and related production equipment and accessory materials International Energy Storage Technology and Smart Grid A. Energy Storage Technology, Equipment and Materials: Compressed air energy storage, pumped hydro storage, superconducting magnetic energy storage, flywheel energy storage, thermal/cold storage, hydrogen storage and other energy storage technologies, equipment and materials applicable to plug-in electric vehicles; various types of batteries (nickel–metal hydride batteries, lithium-ion batteries, lithium polymer batteries, lead-acid batteries, smart batteries, sodium-sulfur batteries), energy storage power supplies, supercapacitors, regenerative fuel cells, flow batteries and other technologies, equipment and materials B. Energy Storage Power Stations and EPC Projects: BMS battery management systems, PCS energy storage inverters, microgrids, EV charging and battery swapping stations and related supporting facilities C. New Energy Generation Grid Connection and Smart Transmission and Distribution: Grid-tie inverters, lightweight DC equipment, operation monitoring devices, grid-connection control systems, flexible transmission equipment, ultra-high voltage transmission equipment, high-temperature superconducting equipment, high-temperature superconducting cables, distribution automation systems and protection devices, intelligent switchgear, transformers, instrument transformers, smart components, digital substations, substation integrated automation, distribution network automation devices, online monitoring of transmission and distribution, fault diagnosis and self-healing devices, power quality monitoring, harmonic control and reactive power compensation, superconducting electrical technology, various new types of wires and cables, composite materials, safety protection D. Grid Dispatching and Automation Control: Smart grid dispatching system, integrated dispatching data platform system, grid security and control, intelligent inspection system, integrated measurement, control, protection and arc suppression line selection system, security and stability control system solutions, electric energy monitoring system and microcomputer-based relay protection, wide-area dynamic monitoring system, online grid stability monitoring system, intelligent reactive power compensation devices for distribution networks, control software, remote control and telemetry devices, large-screen display systems, power system simulation E. Smart Metering and Electricity Consumption Management: Smart meters and chips, remote/centralized meter reading systems, electricity consumption information collection systems, electricity consumption management information systems, load management terminals, monitoring systems, testing devices, metering cabinets and components, measuring instruments, sensors, semiconductors F. Smart Grid Information and Communication: IoT technology, cloud computing technology, multi-network convergence technology, transmission technology and equipment, access equipment, optical fiber cables, industrial Ethernet, data communication and network technology and related products, in-plant communication equipment, power line carrier devices, supporting equipment and instruments, digital microwave communication equipment, testing equipment and instruments, online network monitoring equipment G. Others International New Energy Vehicles and Charging Piles A. New Energy Vehicles (Passenger Vehicles / Commercial Vehicles): Electric buses and trucks, electric cars, electric sightseeing vehicles, electric golf carts, electric cleaning vehicles, hybrid buses and cars, solar EVs, light-duty EVs, hybrid vehicles (micro hybrid, mild hybrid, full hybrid, plug-in hybrid), pure electric vehicles, fuel cell vehicles, hydrogen, natural gas and other new energy clean fuels, hybrid vehicles and various low-emission, environmentally friendly and energy-saving vehicles; B. Powertrain and Drive Systems: Power batteries, battery management systems, fuel cells, hybrid systems, drive motors, electric control systems, engines, testing and repair equipment, relevant testing, monitoring and protection instruments, related technologies; C. Key Parts for New Energy Vehicles: Power capacitors, supercapacitors, flywheels, inverters, electric heat pumps, electric power steering, electric air conditioning, tires, wiring connections, electromagnetic technology, related materials; coatings, gearboxes, filters, carburetors, exhaust systems; axles, steering, braking, suspension systems; auto body accessories; motors and electrical appliances, electronic devices, electrical systems, circuits, wheel hubs, tires, etc.; D. Automotive Design: Complete vehicle design, system control design, etc. E. Charging Facilities: Charging stations, charging piles; smart network project planning and achievement display for charging stations, expansion of gas stations into charging (battery swapping) stations, display of integrated fueling and charging service stations, solar and wind energy complementary new energy vehicle charging station technology and products, charging station power distribution equipment, chargers, power monitoring systems, active power filters, transformers, distribution cabinets, cables, direct charging equipment, management auxiliary equipment, charging and swapping batteries and battery management systems, parking lot charging facilities, intelligent monitoring, charging station power supply solutions F. Others Exhibition Fees: Standard Booth (Premium, 3m x 3m ): Domestic enterprises: RMB 23,800/unit; Foreign-invested enterprises: US$4,900/unit Basic configuration: one information desk, two folding chairs, one wastepaper basket, one 220V/500W power socket, two spotlights, bilingual (Chinese and English) header board, and carpet within the booth. Indoor Bare Space (minimum 36 m²): Domestic enterprises: RMB 2,380/m 2 Foreign-invested enterprises: US$490/m 2 Notes for Exhibitors: 1. After confirming participation, exhibitors should complete the exhibition application form, affix their official seal, and fax or mail it to the organizing committee; 2. Upon receiving booth reservation fees, the organizing committee will allocate booths according to the principle of "first application, first payment, first allocation"; 3. Payment terms for exhibition fees: (1) The above exhibition fees do not include "construction deposit", "construction management fee", "facility rental fee", etc.; (2) Exhibitors who have signed contracts shall remit the deposit to the organizing committee's account within ten working days from the date of signing the contract, and fax the remittance voucher to the committee for verification; (3) The remaining exhibition fees must be remitted to the account designated by the organizing committee before December 31, 2026; 4. The order of advertisements in the conference booklet is based on the sequence of receiving advertising fees, with a deadline for inclusion of March 31, 2027; 5. The organizing committee will send the Exhibitor Manual to exhibitors in April 2027. Welcome to Inquire: Shanghai Fulimi Technology Co., Ltd. SNEC 20th (2027) International Solar PV & Smart Energy & Energy Storage & Battery (Shanghai) Conference & Exhibition Contact: Manager Wei Tel: +86-13817218765 (same as WeChat) E-mail: weiwei@snec.org.cn

June 26, at the 2026 SMM (14th) Minor Metal Industry Conference—Antimony Industry Forum, hosted by SMM Information & Technology Co., Ltd. (SMM) and with title sponsorship from Guangxi Yusheng Germanium High-tech Co., Ltd., , Luo Chengcai, General Manager of Hunan Hsikwangshan Twinkling Star Antimony Import & Export Co., Ltd., shared with participants the “Path of Transformation and Development for the Antimony Industry Amid Century-Long Changes.” I. Reshaping the Antimony Industry Landscape Amid Century-Long Changes Policy-driven: Export Controls Trigger Profound Market Fragmentation ►Markets outside China: Rapid Capacity Expansion Driven by High Prices Mine supply growing rapidly: The Santar mine in Myanmar has become a key variable, with monthly production reaching 1,000 mt of metal content and strong supply resilience. Smelting capacity deployment accelerates: Southeast Asian countries such as Thailand, Myanmar, and Vietnam are rapidly boosting smelting capacity, with total ex-China capacity already reaching about 40,000 mt/year. Policy-driven: Supply-demand imbalance in the Chinese market Supply side extremely loose: In 2026, imports in the first four months alone have already matched the total for the full year 2025, creating unprecedented supply pressure on the market. Demand side highly competitive: Prices have fallen sharply. Geopolitical shocks: The Middle East war has caused irreversible damage ►Flame retardant industry: Short-term pain Bromine prices surged from 30,000 to 130,000/mt, petrochemical raw material prices jumped over 50%, and poor cost pass-through led to widespread industry losses, with production cuts of around 30%. ►Polyester industry: Under pressure from both costs and production Affected by wild swings in upstream petrochemical raw material prices, the industry's production costs have climbed sharply; with weak end-use demand, it was forced to cut production by about 30%, sharply increasing operating pressure. ►PV glass: Short-term cooling but long-term positive outlook Affected by the cancellation of module export tax rebates and uncertainties in the Indian market, short-term demand has weakened; however, the broader trend of global energy transition remains unchanged, and long-term growth potential persists. II. Opportunities Amid Crisis: New Opportunities for Transformation and Development Solid fundamentals: Consolidation and optimization in traditional sectors ►High-performance flame retardant materials Irreplaceability: Still cannot be effectively replaced in engineering plastics such as ABS and XPS. Market growth: China's annual demand for flame retardants reaches 1.5 million mt, with bromine-antimony flame retardants accounting for 35%, and demand is steadily increasing. ►Polyester industry Core catalyst: Over 90% of polyester units use antimony-based catalysts, securing a solid position. New growth areas: Industrial textiles are growing rapidly in sectors such as medical and new energy, with an average annual growth rate exceeding 10%. ►PV Glass Core Refining Agent: Holding over 80% market share, it delivers high efficiency with controllable costs. Strong Momentum Outside China: Driven by the global energy transition, demand in markets outside China remains robust, with countries such as India and Indonesia building plants on a large scale. Summary: The steady demand structure across the three traditional pillar sectors—flame retardants, polyester, and PV—combined with the continued expansion of emerging markets outside China, forms a solid and reliable foundation for the antimony industry. New Growth Driver: Condensed Matter Batteries, the biggest growth engine going forward ►Technical Pathway: Enterprises such as CATL are planning antimony-based sodium-ion batteries, in which the passenger vehicle segment will use a calcium-antimony composite material as the negative electrode. ►Demand Estimate: CATL has planned 60 GWh of capacity, with 24 GWh allocated to passenger vehicles. Calculated at 1,200 mt of antimony per GWh, annual demand could reach as much as 30,000 mt at full production. This represents a massive potential market. New Growth Driver: Rapid Growth in High-Value Applications ►AI Computing Power: The explosive growth of AI servers and data centers has driven antimony consumption in the semiconductor sector to over 2,000 mt. ►Military Sector: High-purity antimony is a critical material for infrared detection and missile guidance, commanding a price premium of 3 to 5 times. Against a backdrop of geopolitical conflicts, military-related orders surged 80% YoY. ►Lead-Acid Batteries: Used as a lead-antimony alloy in positive electrode grids, antimony significantly enhances battery performance. China's antimony consumption in this segment stands at approximately 13,000–15,000 mt, with global consumption at around 22,000 mt, providing a stable foundation. III. Value Normalization: Future Trends and Strategic Outlook Supply Side: Resource Constraints and Policy Regulation Become the New Normal ►Non-renewable resources and a tight supply are long-term trends China's domestic reserves are depleting and grades are declining, with production falling year by year. Incremental supply from outside China is limited and unstable. ►Domestic production restrictions and resource consolidation are the overriding trends The global static reserve-to-production ratio for antimony is less than 10 years, highlighting its strategic value. Strengthening environmental protection, implementing production restrictions, and promoting resource consolidation are the inevitable path for the nation. Market Mechanisms: Moving Toward Stability and Harmonious Coexistence Conclusions and Outlook • The antimony industry stands at a new historical starting point. Short-term market fluctuations and price pains are the necessary "drastic remedies" during the process of industrial restructuring. • We firmly believe that with the tightening of the supply side, the explosion of emerging demand, and the strategic emphasis at the national level, antimony's strategic value will be fully realized and will eventually return to its intrinsic worth in the tug-of-war between sellers and buyers. • Let us join hands and work together to propel the antimony industry toward a new era of stable, balanced, and high-quality development. The antimony industry is bound to have a bright future!

According to SMM, the weekly combined operating rate of lead-acid battery enterprises across five provinces stood at 56.86% during June 19–25, 2026, down 9.96 percentage points WoW. The week coincided with the Dragon Boat Festival holiday. Starting from the previous Friday (June 12), some lead-acid battery enterprises began their holiday, with breaks ranging from 1–2 days to 3 days, and a few even extended the leave to 5 days, dragging down the weekly operating rate for that week. Next week, as the holiday factor fades and July is about to begin, those enterprises that had been on holiday will resume normal production, driving the weekly operating rate to rebound. It is also worth noting that the off-season trend in the lead-acid battery market has not improved significantly so far. Producers’ orders remain weak, and most enterprises plan to maintain production cuts, staying cautious about lead-acid battery demand in July.