Huahong Technology’s semi-annual results forecast disclosed on the evening of July 13 shows that attributable net profit in H1 2026 is expected to be 320 million yuan to 360 million yuan, up 301.84%–352.08% YoY. As for the reasons for the performance change, Huahong Technology said: In H1 2026, driven by industry policies and improved downstream demand, prices of major rare earth products in China climbed steadily. The company’s rare earth comprehensive utilization segment seized market opportunities, fully leveraged its comprehensive advantages in capacity scale, cost control and process technology, and continuously optimized its supply, production and sales coordination and inventory management strategies, effectively driving the full release of the segment’s profitability. The company continued to deepen its rare earth industry chain layout, steadily expanding its downstream rare earth permanent magnet materials business. Driven by steady demand from end-use sectors such as NEVs, wind power and industrial automation, the segment’s business scale kept expanding, its revenue and product mix continued to improve and it became an important supplement to performance growth. A review of SMM’s Pr-Nd oxide price trend in H1 shows that the Pr-Nd oxide price stood at 609,000 yuan/mt at the start of the year, hit its H1 high of 890,000 yuan/mt by late February, a cumulative gain of up to 46.7% from the start of the year. The key driver was the supply side: spot Pr-Nd oxide supply remained tight, futures surged sharply, suppliers held back from selling amid strong bullish sentiment, and pre-holiday stockpiling purchases by metal companies pushed prices up rapidly. At the same time, supply disruptions from Myanmar ore, domestic separation plants’ production resumptions falling short of expectations and market sentiment created a combined effect of “undersupply + bullish hold-back.” From March to April, however, bearish supply-side news combined with weak demand from traditional end-use sectors pulled Pr-Nd oxide prices back quickly to around 700,000 yuan/mt. Yet the rise in China Northern Rare Earth’s concentrate prices in April, supply support from production suspensions at separation plants and export orders released under the export control extension window together drove prices to rebound slightly. From May, downstream sectors gradually entered the off-season and purchases became more cautious. From late June, the formal implementation of the Mineral Resources Law Implementation Regulations, which list rare earths as strategic minerals, and production cuts by scrap recycling enterprises due to tax invoice issues boosted Pr-Nd oxide prices again, which rebounded to 742,500 yuan/mt on June 30. Huahong Technology announced on June 30 that its controlling shareholder Jiangsu Huahong Industrial Group Co., Ltd., which holds a 32.01% stake, plans to reduce its holdings by no more than 15.0102 million shares (1.99% of total equity) through centralized bidding and block trading within three months after 15 trading days; Director and senior executive Zhu Dayong, who holds a 0.19% stake, plans to reduce his holdings by no more than 365,000 shares (0.05% of total equity) through centralized bidding or block trading within three months after 15 trading days; Director and senior executive Liu Weihua, who holds a 1.52% stake, plans to reduce his holdings by no more than 2.8 million shares (0.37% of total equity) through centralized bidding or block trading within three months after 15 trading days. Huahong Technology previously released its 2025 annual performance report, showing that in 2025, the company achieved operating revenue of RMB7.835 billion, up 40.51% YoY, reaching a three-year high. After posting losses for two consecutive years, the company successfully returned to profitability, with net profit attributable to shareholders of the parent company reaching RMB204 million, up 157.46% YoY. 1. The rare earth segment seized the industry opportunity, acting as the "ballast stone" and "engine" for the turnaround. In 2025, the global rare earth market experienced a major shift in the supply-demand pattern. Driven by surging downstream demand from sectors such as new energy and robotics, combined with rigid supply-side constraints, rare earth product prices continued to rise, with the cumulative annual price increase for core products like Pr-Nd oxide exceeding 35%. The company's Rare Earth Resource Comprehensive Utilization Division keenly captured this industry opportunity, made accurate assessments, and acted accordingly: the company kept pace with the market, optimized procurement and sales strategies, and maximized product value during the price upcycle. Technological transformation yielded results and capacity was released: the previously completed technological transformation and capacity expansion projects at Xintai Technology and Jiangxi Wanhong reached full production, with annual capacity for rare earth oxides stabilizing at 12,000 mt, significantly releasing economies of scale. The company tapped internal potential to reduce costs and enhance efficiency: by optimizing process flows, production costs were strictly controlled and recovery rates were improved. During the reporting period, the company's rare earth resource comprehensive utilization business recorded strong production and sales performance with rising volumes and prices, contributing core profits to the company. 2. All business segments collaborated to build a diversified support structure. While the rare earth resource comprehensive utilization segment led the way, other segments also achieved strong operating results, creating a favorable situation of "blossoming in multiple areas and developing in synergy": Rare Earth Magnetic Materials Segment achieved "dual improvement in volume and quality," with production capacity steadily released across various production sites, providing strong support for market expansion and order fulfillment. High-performance magnetic material products were successfully introduced into the supply chain systems of multiple first-tier NEV automakers, with order scale continuing to expand and client quality and business mix continuously optimized. Construction of the key Baotou production site is progressing in an orderly manner and is planned to enter trial production in Q2 2026, laying a critical foundation for doubling magnetic material capacity. Elevator Parts Segment: The traditional business seized the policy dividends from the "program of large-scale equipment upgrades and consumer goods trade-ins," rapidly responding to domestic demand for elevator installation and retrofitting. Through refined production scheduling and efficiency gains, total annual production grew by over 20% YoY. The segment steadily expanded its second growth curve, with customer acquisition and product development activities for emerging businesses such as automotive electronics and energy storage progressing on schedule. At the same time, the division's "going global" process accelerated, closely following market trends and customer needs. Renewable Resource Equipment Segment: In the face of profound industry changes and intense market competition, the business division continued to increase investment in new product R&D and accelerated its deployment in markets outside China, striving to secure survival and development amid fierce competition. Internally, it focused tightly on cost reduction across supply, production, and sales to enhance operational quality. In the renewable resource operations segment, the end-of-life vehicle dismantling and steel scrap processing businesses constantly explored more diverse and flexible business models, and introduced specialized teams to improve operational quality and efficiency. In 2025, the company's total volume of end-of-life vehicle recycling and dismantling reached a record high. The business models continued to mature, internal management was consistently optimized, and industry synergies were accelerated, laying a foundation for future business development. In 2025, the company also achieved notable results in cross-segment industry synergies. The industrial linkages between the Magnetic Materials Business Division and the Rare Earth Business Division, the industry sharing between the Elevator Business Division and the Magnetic Materials Business Division, and the upstream-downstream resonance between the operations segment and the Rare Earth Business Division demonstrated the wisdom and commitment of the company's entire management team. Regarding the company's main business operations, HuaHong Technology's 2025 Annual Report disclosed: The company has consistently upheld its corporate mission of "Serving the Circular Economy, Creating a Green Life" and steadfastly adhered to its corporate spirit of "Striving, Fact-Based, Innovation, and Dedication," committing to becoming a renewable resource processing equipment manufacturer and a comprehensive resource recycling and utilization operator serving global markets. The company actively deployed renewable resource operation businesses, building a circular economy industry chain centered on end-of-life vehicle recycling and dismantling, extending downstream to the comprehensive utilization of steel scrap, rare earth recycling materials, and other metallic and non-metallic resources, while continuously exploring possibilities for expansion into related industries such as high-end manufacturing and smart manufacturing. During the reporting period, the company's main business was divided into four major segments: "Renewable Resource Equipment and Operations," "High-End Manufacturing of Elevator Parts," "Comprehensive Utilization of Rare Earth Resources," and "Rare Earth Magnetic Materials." HuaHong Technology's corporate development strategy and business plan announced in its 2025 Annual Report indicate: The company's overall development approach is as follows: strengthen product upgrades and technological innovation in renewable resource processing equipment to further consolidate its leading position in the renewable resource processing equipment industry; actively deploy renewable resource operation businesses, vigorously develop the end-of-life vehicle recycling and dismantling business, and use this as a main line to expand the comprehensive recycling and utilization of downstream steel scrap, rare earth scrap, and other metallic and non-metallic resources, building the company into a well-known enterprise in the circular economy sector. It will continue to advance the company's dual-wheel drive strategy, increase R&D, production, and sales of precision elevator parts, thereby building Weilman into a global industry leader in elevator signal systems and safety components; through fund operations, equity investments, mergers and acquisitions, and other capital operation models, accelerate the enhancement of the company's capital operation capabilities, achieve resource optimization and integration, continuously monitor extension opportunities in the upstream and downstream industry chain, and actively explore possibilities for the company's expansion into environmental protection, smart manufacturing, and IoT-related industries, forming new driving forces for company development and further enhancing its core competitiveness and profitability. According to the latest SMM price report: On July 17, the average price of Pr-Nd oxide was 766,000 yuan/mt, down 0.33% from the previous trading day. On July 17, Pr-Nd oxide futures prices declined, while inquiries in the spot market were sluggish. As a result, offers from Pr-Nd oxide suppliers edged lower. Nevertheless, most market participants remain confident about the outlook and showed a strong willingness to hold prices firm, which limited the actual decline in oxide prices, and low-cost supply remained scarce and hard to find. In the metals market, prices also fell. Magnetic material enterprises saw poor new orders, limiting their ability to accept high metal prices; purchases mainly served rigid restocking demand, leading to sluggish inquiries in the metal market. Upstream and downstream sectors remained locked in a stalemate, with the metals segment continuing to face pressure. In the short term, due to the stagnant trading, Pr-Nd product prices are expected to move sideways in a narrow range. Recommended Reading:

[Plate/HRC]HRC export deals at 488-494 USD, flat d/d; overseas fears further downside and delays buying HRC and other flat-product export prices were flat day on day, with HRC export deals in the 488-494 USD/tonne range. Overseas buyers reckon prices may still have room to fall and prefer to delay purchasing and watch the market even when holding orders, so little actual volume was released. [Billet]Export billet FOB steady at 458-460 USD ex-Jiangyin; mills hold firm, deals face resistance Export billet FOB held steady, quoted at 458-460 USD/tonne ex-Jiangyin. Domestic mills held offers firm, while importers' essential demand was soft and buyers' bids sat below sellers' floor, leaving spot deals hard to close and actual trade limited. [Rebar]Rebar export flat at 480-485 USD; buyers press price and wait, trade thin Rebar export prices were flat day on day, with deals at 480-485 USD/tonne. Some buyers pressed hard on price and stayed cautious, while domestic sellers, mindful of margins, were unwilling to sell low, so trade saw no meaningful release. [India]India Mumbai HRC down ~3 USD w/w to 602 USD, monsoon curbs demand Mumbai HRC fell about 3 USD/tonne week on week to 602 USD/tonne EXW, with transacted prices around 571-611 USD/tonne. Monsoon weather curbed construction and infrastructure demand, keeping spot buying and restocking weak while low-priced cargoes intensified competition; a soft, sideways tone is expected near term. [Black Sea/CIS]Black Sea billet quiet and steady; Russian mills front-load for Q4 EU tariff-free quota Black Sea billet trade was quiet with FOB offers steadying and to-Turkey quotes around 495-500 USD/tonne CFR; holidays plus soft demand slowed buyers' pace. Russian mills, racing to secure Q4 EU tariff-free quota, have brought some production forward. [Indonesia]Indonesia SAE1008 wire rod at 485 USD, below China; SE-Asia off-season keeps trade thin Indonesia's SAE1008 wire rod export offers held at 485 USD/tonne FOB, clearly below China's comparable ~509 USD/tonne FOB. With Southeast Asia in its seasonal lull, buyers' restocking appetite was limited and, despite the competitive price, actual deals stayed thin. [Brazil/Vietnam]Brazil HRC import quotes down to 600-610 USD; Vietnam cuts prices, ~20kt booked Brazil HRC import quotes slipped to 600-610 USD/tonne CFR, with about 20,000 tonnes of flat-product imports booked recently. Vietnam, the core supplier, was forced to cut offers to win orders against low-priced Indonesian and Indian material, while Brazil's strict import quotas and domestic credit tightening capped restocking.

China Steel Market: [Sheets & Plates] HRC export deals at $488-494, stable DoD; buyers outside China anticipate further declines, leaning towards delayed procurement HRC and other sheet & plate export prices were stable DoD today, with HRC export deal prices at $488-494/mt. Markets outside China believed there was still potential for price declines, and even with orders in hand, they tended to delay procurement and adopt a wait-and-see sentiment, limiting the actual release of deals. [Steel Billet] Billet export FOB remained stable; Jiangyin Port at $458-460; mills held prices firm, deal resistance was significant Steel billet export FOB prices remained stable today, with quotations at Jiangyin Port at $458-460/mt. China steel mills showed a strong intention to hold prices firm, while rigid demand in importing countries outside China was insufficient, and buyer bids were generally below the psychological price levels of mills. Spot cargo deals faced significant resistance, and actual transactions were limited. [Rebar] Rebar exports remained stable temporarily; deals at $480-485; buyers pushed for lower prices and stayed on the sidelines, trading was sluggish Rebar export prices were stable MoM today, with deals at $480-485/mt. Some buyers had a strong desire to bargain down prices and a heavy wait-and-see sentiment; domestic sellers were unwilling to sell cheaply due to profitability considerations, resulting in no significant release of deals. International Steel Market: [India] Mumbai HRC price dropped ~$3 WoW to $602; monsoon dampens demand Mumbai HRC prices dropped approximately $3/mt WoW to $602/mt EXW, with market deals around $571-611/mt. Monsoon weather suppressed construction and infrastructure demand, resulting in weak spot procurement and restocking willingness. Competition among low-priced resources intensified, and prices are expected to consolidate on a subdued note in the near term. [Black Sea/CIS] Black Sea billet trading was sluggish with stable quotes; Russian mills advanced Q4 production schedules to capture EU duty-free quotas Trading in the Black Sea billet market was sluggish, with FOB quotations holding firm, and offers to Turkey at approximately $495-500/mt CFR. The procurement pace of buyers slowed down due to holidays and weak demand. Some Russian steel mills advanced their production schedules to capture Q4 duty-free quotas for the EU. [Indonesia] Indonesian SAE1008 wire rod exports at $485, below China; off-season in Southeast Asia kept deals sluggish Indonesian SAE1008 wire rod export offers held at $485/mt FOB, notably lower than the similar grade from China at approximately $509/mt FOB. Southeast Asia was in its seasonal off-season, limiting buyers' restocking willingness; although the low prices were competitive, actual deals remained sluggish. [Brazil/Vietnam] Brazil HRC import offers fell to $600-610; Vietnam cut prices to secure orders, transactions recorded at about 20,000 mt Brazilian HRC import offers fell to $600-610/mt CFR, with combined sheet & plate import deals of about 20,000 mt recorded recently. Vietnam, as a core supplier, is forced to proactively lower its quotations to stimulate order intake in the face of low-price impacts from Indonesia and India; Brazil's strict import quotas and domestic credit tightening, meanwhile, are curbing restocking activity.

On July 17, the SMM Imported Copper Concentrate Index (weekly) came in at -$146.15/dmt, down $13.31/dmt from the previous reading of -$132.84/dmt. The payable indicator for 20% grade domestic trade ore was reported at 98%-99%. The copper concentrates spot market saw slightly more activity this week compared to the previous week. In spot transactions, a trader sold 10,000 mt of Las Bambas to a smelter at a deduction of $15-16/dmt from the average of the SMM and FM indices, for September loading; meanwhile, a trader sold 10,000 mt of Calcine at a premium of $5/dmt to the average of the SMM and FM indices; a trader sold 10,000 mt of clean ore and 10,000 mt of Bisha at a fixed price of -$140/mt to a smelter, for August-September loading; a trader sold 20,000 mt of clean ore at a fixed price of -$155/mt, for Q4 loading; additionally, a trader sold 20,000-30,000 mt of bundled ore at a deduction of $20/dmt from the index, for loading from Q4 2026 to Q1 2027; a mine sold 10,000 mt of South American clean ore at a fixed price of -$160/dmt, for September loading, QP: M+3. On the tender front, the previous Jabal tender result was out, with a deal concluded on the trader side at a fixed price of -$250/dmt for 40,000-50,000 mt, for H2 shipment; the result of the Newmonet tender for 20,000-30,000 mt of Red Christ is still pending; in addition, SMM learned that a large mine previously tendered 100,000 mt in physical content of copper concentrates, with bids from traders coming in at over -$200/dmt for 2026 shipment, -$200/dmt for 2027 shipment, and over -$100/dmt for 2028 shipment. Overall, the copper concentrates spot market continued its trend of probing lower this week, with spot TCs declining further from the prior period. Smelters still had rigid restocking demand, but as TCs continued to drop, copper smelting profits were further squeezed, making smelters more cautious about accepting low-priced cargoes and tilting purchases more toward rigid restocking. Meanwhile, mine tenders and trader offers kept edging lower, and the low-priced spot deals further shook smelters' psychological price levels, widening the divergence between buyers and sellers. In the short term, spot copper concentrate TCs still face downward pressure, with the market closely watching smelters' acceptance of deeply negative cargoes. According to the latest data from the General Administration of Customs, China's copper concentrate imports in June 2026 were 2.335 million mt, down 1.10% MoM and edged up 0.03% YoY. From January to June 2026, cumulative imports of copper concentrates reached 14.609 million mt, edging down 0.9% YoY. Chile is currently being affected by a strong winter frontal system, with the main impact expected to be concentrated from July 16 to 17 and likely to persist through July 20–21. This weather event shows notable regional differences: moderate to heavy snowfall and strong winds are forecast for the high-altitude and mountainous areas of northern mining regions such as Antofagasta and Atacama, while central to southern Chile faces persistent heavy rainfall, raising the risk of localized flooding, landslides, and mudslides. The Chilean government has activated a preventive emergency response, and mining authorities have been communicating contingency plans with major mining enterprises. According to SMM’s communications with local industry participants, heavy snowfall and rainfall could cause short-term disruptions to road transport and port loading at some mine sites, with a risk of delays in the shipment pace of copper concentrates and copper cathode. The actual impact will depend on the duration of the weather and operating conditions at the major mines. On July 16, BHP released its production report, showing that group copper production in the fourth fiscal quarter ended June 30 was 491,900 mt, down 5% YoY and below the 516,200 mt recorded a year earlier, driven by lower output at the Escondida and Pampa Norte mines. For fiscal 2026, total group copper production was 1.95 million mt, down 3% YoY, a pullback from the 2.02 million mt in fiscal 2025 but the second consecutive year close to 2 million mt. Among them, Escondida—the world’s largest copper ore mine—produced 1.2612 million mt of copper on a 100% basis for the full year, down 3% YoY, mainly due to a decline in head grade at the beneficiation plant from 1.02% a year earlier to 0.90%. On July 17, SMM data on copper concentrates inventory at eleven ports showed 648,200 mt in physical content, down 42,000 mt from July 10. The main declines came from Fangchenggang Port and Qinzhou Port, down 30,000 mt and 21,000 mt WoW, respectively.

1. Procurement Conditions This procurement project for Cross-linked Cables and others (AGAGZCHGXHD260714304000) is requisitioned by Angang Steel Co., Ltd. The project funds are from self-raised sources. The project has met the procurement conditions and is now open for public inquiry. 2. Project Overview and Procurement Scope 2.1 Project Name: Cross-linked Cables and Others 2.2 If the procurement fails, it will switch to direct procurement or negotiated procurement. 2.3 For details of the procurement content, scope and scale, please refer to the attached Material List Attachment.pdf. 3. Bidder Qualification Requirements 3.1 Consortium bidding is not allowed for this procurement. 3.2 Bidders must meet the following qualification requirements: See attachments (if any) 3.3 Bidders must meet the following registered capital requirements: Production type registered capital: 100,000,000 yuan and above 3.4 Bidders must meet the following performance requirements: See attachments 3.5 Bidders must meet the following ability requirements, financial requirements and other requirements: Financial requirements: See attachments Ability requirements: See attachments Other requirements: See attachments 3.6 For projects that must be tendered according to law, bids from dishonest persons subject to enforcement are invalid. 4. Obtaining the Procurement Documents 4.1 Bidders who wish to participate should log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic procurement documents from 17:00 on July 15, 2026 to 08:00 on July 23, 2026 (Beijing time, the same hereinafter). Click to view tender details:

1. Procurement Conditions This procurement project, Bensteel Mechanism Company (Hengtai) Cable (BGBGJCHGXHD260715304222), is procured by Benxi Steel (Group) Machinery Manufacturing Co., Ltd. The procurement project funds are self-raised, and the project has met the procurement conditions, thus a public inquiry comparison is now conducted. 2. Project Overview and Procurement Scope 2.1 Project Name: Bensteel Mechanism Company (Hengtai) Cable 2.2 If procurement fails, switch to another procurement method: switch to negotiation procurement 2.3 For the procurement content, scope, and scale of this project, please refer to the attached “Material List Attachment.pdf”. 3. Bidder Qualification Requirements 3.1 Joint bidding is not permitted for this procurement. 3.2 This procurement requires bidders to possess the following qualification requirements: (1) Production-type business license (2) Distribution-type business license 3.3 This procurement requires bidders to meet the following registered capital requirements: Production-type registered capital: 5 million yuan and above Distribution-type registered capital: 500,000 yuan and above 3.4 This procurement requires bidders to possess the following performance requirements: See attachment for details 3.5 This procurement requires bidders to possess the following capability requirements, financial requirements, and other requirements: Financial requirements: See attachment for details (if necessary) Capability requirements: See attachment for details (if necessary) Other requirements: See attachment for details 3.6 For projects that must be tendered according to law, bids from dishonest persons subject to enforcement are invalid. 4. Obtaining Procurement Documents 4.1 All those intending to participate in the bid, please log in to the Ansteel Intelligent Bidding Platform at http://bid.ansteel.cn to download the electronic procurement documents from 13:00 on July 16, 2026 to 13:00 on July 23, 2026 (Beijing time, the same hereinafter). Click to view bidding details: