[Lead Smelter Updates] Recently, Yuguang Gold and Lead Group stated on an investor platform that the company is actively advancing its pan-semiconductor high-purity metal materials project. It has successfully produced 7N-grade high-purity indium, tellurium, and other products, and has been conducting trial use and business negotiations with multiple downstream clients. The company's development strategy focuses on technological innovation and industry chain extension in the new materials sector, enhancing core competitiveness through independent R&D.

[Lead Smelter Updates] It was reported that Yuguang Gold and Lead Group stated on an interactive platform that Zhuye Group holds the mining rights to the Shuikoushan lead-zinc mine and the Baifang copper mine, with 3 mines (the Kangjiawan mine and the lead-zinc mine both fall under the Shuikoushan lead-zinc mine mining rights) and 1 beneficiation plant, possessing an annual mining and beneficiation capacity of 860,000 mt of raw ore. Its captive mines produce lead concentrates, copper concentrates, gold concentrates, and other mineral products, providing raw material support for its operations.

Yuguang Gold and Lead Group (600531) disclosed its Q1 report on April 28. The company achieved revenue of 16.354 billion yuan in Q1 2026, up 57.32% YoY, and net profit attributable to the parent company was 275 million yuan, up 20.14% YoY. Prices of the company's main products, including gold, silver, and copper, rose compared with the previous period.

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.

To conduct a thorough analysis and judgment of the operational performance of the non-ferrous metals industry in Q3 and throughout the entire year of 2025, examine the issues and prominent contradictions faced by enterprises in their production and operational activities, and gather relevant policy recommendations, on October 23, a symposium on the operational performance analysis of key enterprises in the non-ferrous metals industry for Q3 was held at the headquarters of the China Nonferrous Metals Industry Association (CNIA). The symposium is a regular meeting of some key enterprises in the non-ferrous metals industry organized in accordance with the normalized working mechanism established between the Raw Materials Industry Department of the Ministry of Industry and Information Technology and the CNIA. Chen Xuesen, Member of the Standing Committee of the Party Leadership Group and Vice President of the CNIA, attended the symposium and delivered a concluding speech. Relevant leaders from the Operations Monitoring and Coordination Bureau and the Raw Materials Industry Department of the Ministry of Industry and Information Technology also attended the symposium. Chen Xuesen chaired the symposium. Relevant personnel from China Aluminum Group Co., Ltd., China Minmetals Corporation, China Nonferrous Metal Mining (Group) Co., Ltd., China National Gold Group Co., Ltd., Shandong Weiqiao Pioneering Group Co., Ltd., Tongling Nonferrous Metals Group Holdings Co., Ltd., China Northern Rare Earth (Group) High-Tech Co., Ltd., Henan Jinli Gold and Lead Group Co., Ltd., China Molybdenum Co., Ltd., Anhui Truchum Advanced Materials & Technology Co., Ltd., Henan Mingtai Al. Industrial Co., Ltd., Shanghai Futures Exchange, China Nonferrous Metals Fabrication Industry Association, as well as the Recycled Metals Branch, Antimony Industry Branch, Silicon Industry Branch, and Lithium Industry Branch of the CNIA participated in the symposium. Participants, based on the specific circumstances of their respective enterprises or industries, engaged in discussions and delivered speeches focusing on the overall operational trends in Q3 and the latest developments in October. They emphasized the analysis of emerging, tendential, and trending issues currently affecting the stable development of enterprises, as well as prominent problems encountered in production and operations. From the perspective of enterprises, they analyzed the domestic and overseas environments faced by the industry, forecasted industry trends for the entire year and the coming year, and provided suggestions for the industry's "15th Five-Year Plan". In his concluding speech, Chen Xuesen stated that in the face of complex domestic and overseas environments, China's non-ferrous metals industry has overcome difficulties and achieved generally sound performance in the first three quarters, with major economic indicators performing impressively, laying a solid foundation for advancing towards a new stage of high-quality development. He emphasized that industry enterprises should deeply recognize the significance of formulating the "15th Five-Year Plan", earnestly study and implement the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, focus on building a modernized non-ferrous metals industrial system, and concentrate on improving resource security and pursuing high-end, intelligent, and green development directions, guiding enterprises and the industry towards higher-quality, more efficient, and more sustainable development on the new journey. He urged them to maintain firm confidence in development, uphold a favorable industry ecosystem, strengthen industry self-discipline, prevent "involutionary" cut-throat competition, and ensure the security of industry and supply chains. Meanwhile, the association will fully leverage its role in serving the government, industry, and enterprises, summarize and organize relevant opinions, and submit them to relevant departments to facilitate the industry's high-quality development. Personnel from relevant departments of the China Nonferrous Metals Industry Association (CNIA) attended the symposium.