[Lead-Zinc Ore Market Dynamics] It was reported that in April 2025, Western Mining Co., Ltd. obtained the mining permit for the Youre lead-zinc mine in Baiyu County, Sichuan Province. The mine holds lead-zinc ore resources of 6.792 million mt, including lead metal content of 297,100 mt and zinc metal content of 431,200 mt. Associated resources include silver metal content of 405 mt and copper metal content of 21,900 mt. The mine has a designed processing capacity of 600,000 mt/year, and upon completion, the project will boost the production of ore-derived lead and ore-derived zinc.

On March 26, Western Mining Co., Ltd. released its 2025 annual report. According to the report, the company produced 128,795 mt in metal content of ore-derived zinc in 2025, up 20.28% YoY; 62,997 mt in metal content of ore-derived lead, up 16.73% YoY; 154,130 mt of smelted lead, up 330% YoY; and 152,059 mt of smelted zinc, up 33% YoY. For 2026, the company plans to produce 63,400 mt of ore-derived lead, 127,600 mt of ore-derived zinc, 139,700 mt of smelted lead, and 180,600 mt of smelted zinc.

Western Mining Group Technology Development Co., Ltd., with high-efficiency flotation reagents at its core, developed new-type lead-gold-silver collectors and zinc depressants, establishing an efficient mineral processing technology system. This technology effectively reduced zinc impurity content in lead concentrates and significantly improved the recovery efficiency of precious metals. After the research results were industrially applied at Western Mining Co., Ltd. Xitieshan Branch, mineral processing capacity increased from the designed 1.32 million mt/year to 1.5 million mt/year; lead and zinc recovery rates reached 92.76% and 95.66%, respectively, while gold and silver recovery rates increased by 4.65 and 2.73 percentage points, respectively.

Western Mining Co., Ltd. (601168) released its annual report on March 25,with operating revenue of 61.687 billion yuan in 2025, up 23% YoY; net profit attributable to shareholders of the publicly listed firm of 3.643 billion yuan, up 24% YoY; and basic earnings per share of 1.53 yuan.The company proposed to distribute a cash dividend of 0.6 yuan per 10 shares to all shareholders (tax inclusive).

In 2025, the zinc industry embraced a new phase of comprehensive development. Domestically, resource security continued to strengthen, smelting technology achieved breakthroughs and upgrades, and policies precisely supported green transformation and stable growth. Overseas, ore supply steadily increased, supply chain structures underwent profound adjustments, and global market inventory and trade systems were simultaneously optimized. The domestic and overseas industry chains worked in synergy, driving mutual progress. The industry as a whole demonstrated a new development pattern characterized by quality improvement in the resource sector, upgrades in the smelting sector, policy support, and revitalization in the market sector.

[2025 Zinc Industry Chronicle: Strengthening Foundations at Home and Abroad, Zinc Ushers in a New Phase] In 2025, the zinc industry embraced a new trend of comprehensive development. Domestically, resource security continued to be strengthened, smelting technology achieved breakthroughs and upgrades, and policies precisely enabled green transformation and stable growth. Overseas, mineral energy was steadily released, and the supply chain landscape underwent deep adjustments. Global market inventory and trade systems were simultaneously optimized. The domestic and overseas industry chains exerted efforts in both directions and advanced collaboratively, presenting an entirely new development pattern for the industry as a whole—characterized by quality improvement on the resource side, upgrades on the smelting side, policy support, and revitalization on the market side.