According to the investor relations activity record announced by Jintian Holdings on March 19 (March 10-12, 2026): 1. The Company’s 2025 earnings guidance and the reasons for the projected increase. Jintian Holdings replied: In 2025, the company implemented its “dual upgrade in products and clients” strategy, with product applications continuing to deepen in high-end fields; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operational and management efficiency, and the gross margin and profitability of its products improved YoY. The company expected net profit attributable to owners of the parent for 2025 to reach 700 million yuan to 800 million yuan, up 51.50%-73.14% YoY from the same period last year. 2. Progress of the company’s share repurchase. Jintian Holdings replied: From February 3, 2026 to February 28, 2026, the company had cumulatively repurchased 4,942,200 shares through centralized bidding, accounting for 0.29% of its current total share capital, with total funds paid of 56,676,944 yuan (excluding transaction costs). 3. The company’s industry position and competitive advantages. Jintian Holdings replied: The company had focused on the copper processing industry for 39 years and was one of the largest enterprises in China by scale and with the most complete industry chain. In 2024, the company achieved total production of 1.9162 million mt of copper and copper alloy materials, and its total production of copper semis ranked first globally. The company offered a wide range of copper products and could meet clients’ one-stop procurement needs for multiple categories of copper semis, including rods, tubes, plates and strips, and wires. Its copper products had been widely used in NEV, clean energy, communications technology, electrical power and equipment, chips and semiconductors, and other fields. At present, the company had developed a profound cultural heritage and outstanding organizational capability, with a significant market scale position and a global industrial footprint; it possessed leading manufacturing and R&D capabilities; it had built a specialized product matrix and formed a stable base of top-tier industry clients; and it had also established forward-looking green recycling technology barriers, laying a solid foundation for becoming a world-class base for copper products and advanced materials. 4. The capacity and business performance of the company’s rare earth permanent magnet products. Jintian Holdings replied: The company had entered the magnetic materials business in 2001. After more than 20 years of dedicated development, it had become one of the enterprises in China’s peer industry with relatively advanced technology and a well-developed product system. At present, the company had two magnetic material production sites in Ningbo and Baotou. Phase I of the Baotou site had commenced production, and the company’s annual capacity of rare earth permanent magnet materials had increased to 9,000 mt. The company was actively advancing the Phase II project at the Baotou site to further increase capacity to 13,000 mt. At the same time, through its newly established German subsidiary, the company accelerated its international expansion and increased its share in overseas markets. The company was among the first batch of enterprises to obtain a general export license for rare earth permanent magnet products, and it has continued to strengthen and advance export-related business. The company’s rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robotics, consumer electronics, and medical devices. 5. The Company’s Business Development in the Chip Computing Power Sector. Jintian Co., Ltd. responded: With its outstanding electrical and thermal conductivity, copper has become a core material for advanced AI industry chip interconnects and heat dissipation in computing power facilities, and the transition of copper-based materials toward high value-added products has further accelerated. The company has a solid client base and technical reserves in the chip computing power sector, and it is also among the first companies globally to achieve large-scale supply of copper-based materials to leading enterprises in the above fields. Among them, the company’s high-precision special-shaped oxygen-free copper busbar products have been applied in multiple top-tier GPU cooling solutions of several global first-tier thermal module enterprises. Products independently developed by the company, such as copper heat pipes and liquid-cooling copper pipe & tube, have been supplied in batches for computing power server products of multiple top-tier enterprises. The company will closely monitor and follow market demand in the chip computing power sector, further improve its product portfolio, and enhance the competitive advantages of its products. 6. The Company’s Position Advantages and Business Achievements in the Secondary Copper Sector. Jintian Co., Ltd. responded: The company has continuously innovated new pathways for the green development of copper-based high-tech materials and has become one of the enterprises in China with the largest utilization of secondary copper and the highest comprehensive utilization rate. It is also one of the few companies in the global industry to achieve a closed-loop entire industry chain covering secondary copper recycling, purification, and deep processing. The company’s independently developed low-carbon secondary copper products significantly reduce carbon emissions while ensuring product performance, enabling it to provide downstream clients across the industry chain with high-quality, comprehensive one-stop green solutions for copper semis. In H1 2025, sales of the company’s green, high-end, low-carbon secondary copper products increased 61% YoY. Its product matrix now covers copper strip, copper wire, magnet wire, copper pipe & tube, copper busbar, copper billet, and more, and has been applied in fields such as high-end consumer electronics, the automotive industry, and electrical equipment. Specific applications include laptop cooling modules, mobile phone vibration motors, NEV power battery connections, and AC/DC power supplies. The products have achieved mass production in the products of multiple world-renowned clients, forming a new performance growth driver represented by “green low-carbon secondary copper products.” An investor asked on the investor interaction platform: Have the company’s copper billet products now become core supplies for top-tier enterprises such as DJI Innovation or EHang Intelligent?With the boom in the low-altitude economy’s payload flight market, have the company’s PEEK materials or high-strength copper alloys developed for drone motor bearings and airframe structural components seen explosive growth in orders? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company had a solid client base and technical reserves in the low-altitude economy field. Among its products, high-precision free-cutting copper billet, with excellent properties such as high strength and wear resistance, had already been applied in airborne structural components of low-altitude aircraft. The company’s PEEK material products provide high-voltage drive stability technical solutions for the low-altitude economy’s payload flight market, and it had already carried out R&D cooperation with multiple top-tier enterprises in China. The company will closely monitor and follow market demand in the low-altitude economy field, further improve its product portfolio, and enhance its product competitive advantages. For specific related information, please refer to periodic reports. An investor asked on the investor interaction platform: Hello, Board Secretary. Recently, LME copper prices have risen sharply. Under the company’s strictly implemented hedging strategy, did this generate positive gains from closing positions during the reporting period, or was there a slight loss? Approximately how much was the amount? In addition, as the company’s revenue scale expanded, how well did net operating cash flow match net profit in 2025? Was there any cash flow strain caused by prepayments for raw material procurement? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company’s copper processing products adopted a pricing model of “raw material prices + processing fee” and carried out hedging operations in strict accordance with the Hedging Management System to reduce the impact of raw material price fluctuations on the company’s net profit. At present, fluctuations in copper prices had a relatively small impact on the company’s operating performance. For specific related information, please refer to periodic reports. On March 18, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that the company had continued to expand its technological leadership in high-voltage electromagnetic flat wire and had further advanced cooperation on new energy high-voltage electromagnetic flat wire projects with world-class OEMs and motor suppliers. As of H1 2025, the company had secured 23 new nominations for its 800V high-voltage platform for new energy drive motors, and had already achieved bulk supply for multiple projects, with the shipment share of high-voltage flat wire continuing to increase. For specific related information, please refer to periodic reports. On March 17, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that, with its outstanding electrical and thermal conductivity, copper had become a core material for chip interconnection in the advanced AI industry and heat dissipation in computing power facilities. The company had a solid client base and technical reserves in the AI computing power field. Among its products, the company’s high-precision shaped oxygen-free copper busbar products had already been applied in multiple top-tier GPU cooling solutions of several first-tier thermal module enterprises worldwide. The company will closely monitor and follow market demand in the AI computing power sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company continued to expand its technological leadership in the high-voltage electromagnetic flat wire industry, with both the number of designated projects on high-voltage platforms and shipment volume continuing to grow. Among them, the company's 1,000V flat wire products for drive motors have become an industry benchmark as supporting materials for "megawatt flash charging" technology in the NEV sector, while client-related certification for 1,200V flat wire for drive motors was also progressing in an orderly manner. In addition, the company had a solid client base and sound technical reserves in the chip and semiconductor sector. The company will closely monitor and follow market demand in the chip and semiconductor sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company remained committed to advancing its internationalization strategy, and construction of its newly built Thailand production site was progressing smoothly. The company's copper semis products exported outside China had an overall relatively high gross margin. In H1 2025, revenue from its principal operations outside China was up 21.86% YoY and continued to maintain a solid growth trend. The steady growth of business outside China laid a solid foundation for the company to deepen the upgrading of its global product and client mix. For specific information, please refer to the periodic reports. Jintian Co., Ltd.'s 2025 earnings forecast showed that, based on preliminary estimates by its finance department, the company expected net profit attributable to owners of the parent for 2025 to reach 700 million to 800 million yuan, representing an increase of 237.9574 million to 337.9574 million yuan from the same period last year (statutorily disclosed data), up 51.50% to 73.14% YoY. Net profit attributable to owners of the parent excluding non-recurring gains and losses for 2025 was expected to reach 440 million to 528 million yuan, representing an increase of 101.4004 million to 189.4004 million yuan from the same period last year (statutorily disclosed data), up 29.95% to 55.94% YoY. Regarding the main reasons for the expected increase in results for the period, Jintian Co., Ltd. stated: In 2025, the company implemented its "dual upgrade of products and clients" strategy, with product applications in high-end fields continuing to deepen; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operating and management efficiency, and its product gross margin level and profitability improved YoY. On January 23, Jintian Co., Ltd. said in response to investor questions on an interactive platform that Phase I of its Baotou base had been put into operation, and the annual capacity of rare earth permanent magnets had been increased to 9,000 mt. The company is currently actively advancing Phase II of the Baotou base project, with the aim of further increasing capacity to 13,000 mt. The company has a solid client base and technical reserves in the robotics field, and some rare earth permanent magnets have already been applied in the robotics sector. The company will closely monitor and follow market demand in the robotics field, further improve its product portfolio, and enhance its product competitiveness. A performance preview commentary on Jintian Co., Ltd. for 2025 released by Aijian Securities showed that the share repurchase demonstrated confidence in long-term development, while capital structure optimization was advancing steadily. The company’s high-end copper-based materials were being introduced at an accelerated pace to clients outside China in the computing power cooling sector, with sales rising rapidly and profitability improving significantly. 1) In terms of profitability, processing fees for copper busbar used in computing power are relatively high, and product mix upgrades are expected to continue lifting the company’s gross margin level; 2) In terms of shipment progress, in H1 2025, sales of the company’s copper busbar products in the cooling sector increased 72% YoY, and its high-precision profiled oxygen-free copper busbar has entered GPU cooling solutions of multiple global first-tier cooling module enterprises. The company’s copper heat pipes, liquid-cooling copper pipe & tube, and other products have also achieved bulk supply in computing servers of multiple top-tier enterprises. Copper prices fluctuations had a limited impact on the company’s profitability. 1) The company adopts a “copper prices + processing fee” pricing model, with revenue and profit primarily derived from processing fees rather than copper prices themselves. Processing fees are negotiated between the company and clients based on factors such as product specifications and process complexity, and show a certain degree of historical stickiness; 2) The company effectively hedges copper prices through hedging, while fluctuations in upstream raw material prices are mainly borne by downstream customers, resulting in a relatively small impact on the company’s profit; 3) Rapid copper prices fluctuations may affect downstream ordering willingness in phases and lengthen order cycles, but copper application scenarios are characterized by rigid demand, so the impact on total demand is limited, only changing the pace of copper product orders, and the company’s overall operating stability remains strong. The company is actively expanding into the “aluminum as an substitute for copper” direction, with material substitution optimizing the gross profit structure while enhancing its ability to hedge against copper prices fluctuations. 1) On a per-mt basis, the absolute value of processing fees for aluminum products is usually lower than that of copper-based solutions (at the same performance level, processing fees for high-precision aluminum extrusion are about 10,000 yuan/mt, versus about 20,000 yuan/mt for copper semis); however, since the per-mt price of aluminum semis is significantly lower than that of copper, usually about one-fourth of the latter, the material cost base is lower, increasing the share of processing fees in total product value. The corresponding processing fee rate of aluminum-based solutions is about 13–14 pct higher than that of copper-based solutions, providing positive support to the company’s overall gross margin; 2) In terms of supply progress, the company’s electromagnetic flat aluminum wire and aluminum 3D bent busbars for vehicles have entered the certification and mass supply stage, while inner-grooved aluminum pipe & tube for air conditioners has already begun small-batch supply. Risk Warning: Risks of lower-than-expected downstream demand for new energy or capacity release, rising copper prices, and changes in trade policies outside China.

According to news from Zhongtiaoshan Group: After comprehensive evaluation and scoring by relevant experts organized by the Department of Science and Technology of Shanxi Province, on May 23, 2025, the Shanxi Provincial Key Laboratory of Copper-Based New Materials (hereinafter referred to as the Laboratory) successfully passed the acceptance inspection, marking the authoritative recognition of the Laboratory's innovation capabilities and platform construction level in the field of copper-based new materials. The Laboratory is constructed by North Copper Co., Ltd. as the main entity, relying on Shanxi Beitong New Materials Technology Co., Ltd., and jointly established in collaboration with Central South University and Taiyuan University of Science and Technology. Since its approval for construction in December 2022, the Laboratory has been anchored in the goal of technological breakthroughs in the field of high-end copper-based materials. Taking the deep integration of industry, academia, and research as the path, it has continuously made efforts in key technological breakthroughs, scientific research platform construction, and the application of research achievements, injecting strong scientific and technological momentum into the transformation and upgrading of Shanxi's copper industry. On April 29, 2025, the Department of Science and Technology of Shanxi Province organized the project acceptance inspection. After listening to reports, reviewing materials, conducting field trips, and engaging in discussions and inquiries, the expert panel unanimously agreed that the Laboratory had outstanding performance in terms of the standardization of construction and operation, breakthroughs in scientific research achievements, the effectiveness of talent cultivation, and the driving force in serving the industry, and gave it high praise. Focus on Strategic Needs and Build a Full-Chain Innovation System The Laboratory closely aligns with the "14th Five-Year Plan" for the new materials industry in Shanxi Province, constructing an innovation chain of "basic research - technological breakthroughs - achievement transformation." After the construction plan was approved in June 2023, it collaborated with universities such as Central South University and Taiyuan University of Science and Technology to apply for a total of 7 provincial, ministerial, and municipal-level scientific research projects, promoting the iteration of the enterprise's core technologies. Through the model of "horizontal cooperation + open projects," it signed 2 horizontal projects, established 8 open projects, conducted over 20 technical exchanges with universities, organized 4 academic conferences, and 3 science popularization activities, forming an open ecosystem of "resource sharing and collaborative innovation." Consolidate the Foundation of Scientific Research and Build a Shared Service Platform The Laboratory aims at "equipment sharing and data interoperability," and has launched 11 large-scale instruments, including scanning electron microscopes, onto the Shared Service Platform for Large-Scale Scientific Research Facilities and Instruments in Shanxi Province, opening them up for sharing among enterprises and institutions, and achieving the goal of "instrument sharing, resource sharing, and win-win outcomes." At the same time, it has improved and revised 14 management systems, held 4 management committee meetings and 2 academic committee meetings, forming a scientific and efficient governance mechanism. Achieve Breakthroughs in Key Technologies with Remarkable Results in Achievement Transformation Over the past two years, the Laboratory has published a total of 10 papers, applied for 10 invention patents, been granted 5 utility model patents, and participated in the formulation of 1 industry standard and 2 group standards. Significant breakthroughs have also been achieved in product R&D. The single-roll length of 6μm ultra-thin rolled copper foil has exceeded 20,000 meters, setting a new industry record. The 12μm blackened foil has achieved stable mass production in China for the first time, breaking the foreign technological monopoly. Through industry-university-research cooperation, more than 20 master's and doctoral students have been cultivated, and 18 technical backbones from enterprises have been jointly trained, forming a virtuous cycle of "project-based talent cultivation - talent-driven research". Strengthening Resource Guarantee and Leadership-Driven Promotion Throughout the Process Wei Yinghui, Secretary of the Party Committee and Chairman of Zhongtiaoshan Group and North Copper, attaches great importance to the construction of the laboratory. He concurrently serves as the Director of the Management Committee and the Deputy Director of the Academic Committee, coordinating the precise allocation of scientific research funds, ensuring the timely introduction of advanced equipment, and promoting the continuous upgrading of scientific research conditions. Under resource coordination and strategic planning, the laboratory has overcome challenges such as equipment shortages and technological blockades, laying a solid foundation for scientific research. Acceptance is not the endpoint, but a new starting point towards higher goals. In the next step, the laboratory will focus on tackling the "chokepoint" technologies in high-end copper-based materials, deepening cooperation with top-tier universities and research institutes, improving the full-chain innovation mechanism, and striving to advance towards the goal of becoming a "leading innovation hub for copper-based new materials in China". It will leverage scientific and technological strength to drive the transformation and development of Shanxi Province, demonstrating its commitment in serving national strategies.

Amid increasing global economic downward pressure, the copper billet market faces challenges, caught in a dilemma of dual pressures from raw material supply and downstream demand.

On April 22, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Electric Power Transmission and Distribution Industry Forum, Liang Dong, Chief Representative of the International Copper Association Beijing Office and Project Leader for Low-Carbon Drive / Senior Engineer, delivered a speech with the theme "Development Trends of Copper-Based Winding Materials in the Motor and Transformer Industry."

【Live Broadcast of the Copper Industry Conference: Prospects for New-Type Power Systems, Copper Wire Rods, and Copper Billets, Latest Technology Sharing, and Discussion on Innovation in Copper Industry Production and Finance】 ►Development Trends of Copper-Based Materials for Winding Wires in the Motor and Transformer Industry ►Prospects for the Development of New-Type Power Systems by 2025 ►Reflections on the Development of China's Wire and Cable Industry ►Green Upgrading of the Electromagnetic Wire Industry in the Context of the New Energy Market ►Impact of the Current Status of the PV Industry on the PV Cable Market ►Building a Service Ecosystem for the Copper Industry to Address Industry Pain Points ►Market Analysis and Future Prospects for Copper Wire Rods in 2025 ►Supply-Demand Pattern and Development of Copper Billets in 2025

On Sunday, April 20, if you are attracted to gold and are ready to embrace a different future for gold. Vedanta Chairman Anil Agarwal believes copper is the next gold, a view he expressed on social media, bringing much anticipation to Indian entrepreneurs. Vedanta is a significant player in the global copper market. Under the leadership of Anil Agarwal, it holds a 36% market share in India. The company is preparing to expand internationally, launching a $2 billion copper processing division to meet the growing global demand for copper. The strong shift towards renewable energy and electric vehicles has driven the development of the copper industry. With the acquisition of Zambia's copper mine and smelting company Konkola (KCM), Vedanta has become a comprehensive integrated copper producer. Analysts have mixed views on the outlook for copper prices in 2025. Some analysts expect copper prices to hit record highs due to the shift to renewable energy and strong demand for electric vehicles, while others believe copper prices face downward pressure due to US tariff turmoil and other factors. **The Future of Copper** The Vedanta boss recently emphasized the growing strategic value of copper, calling it the "next gold" in the global shift to electric vehicles and clean, green energy. "Copper is the next gold," Agarwal wrote, mentioning that Barrick Gold, one of the world's largest gold producers, is proposing to remove "gold" from its name and focus on copper mining. Agarwal stated, "Copper is a new super metal, extensively used in all advanced technologies, whether in electric vehicles, renewable energy infrastructure, artificial intelligence, or defense equipment." The renaming of Barrick Gold is a significant development in the recent resurgence of the copper industry. The Canadian company stated in a press release on Friday, "We plan to change the company name from Barrick Gold Corporation to Barrick Mining Corporation to reflect the company's evolving production model." The Canada-based company has mining operations and projects in many countries, such as Argentina, Canada, Chile, Côte d'Ivoire, Congo, the Dominican Republic, Ecuador, Egypt, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania, the US, and Zambia. Agarwal pointed out that globally, copper mines are reviving, and new smelters are being built to meet the growing demand. He noted that in this context, India also has great potential in the field of critical and transition metals. To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Over 3,000 industry elites, representatives from upstream and downstream enterprises of the copper industry chain, government leaders, industry associations, third-party equipment, logistics and warehousing, and university research experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the conference, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference activities are rich and varied: the main forum focuses on global copper market trends, raw material supply, policy impact analysis, and market direction interpretation. Sub-forums delve into industry hotspots in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, there will also be a two-day field trip to 12 representative enterprises in the copper industry, with a cumulative capacity of 1 million mt. Sharing cutting-edge technologies and valuable experiences will help upgrade the copper industry chain and promote high-quality industry development. The CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo will help you grasp the industry pulse, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22-25, to unite in the new era of copper and jointly plan for new development!