[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Opened Slightly Lower in the Night Session and Then Maintained a Fluctuating Trend, with the Spot Market Showing a Certain Degree of Stalemate]

Zhong Ke San Huan released its 2025 annual report. During the reporting period, in the face of a complex and ever-changing external environment and increasingly intense industry competition, the company proactively adopted effective measures such as cost reduction and efficiency improvement, achieving leapfrog growth in operating performance. Full-year operating revenue was 6.641 billion yuan, and net profit attributable to shareholders of the parent company was 91.3186 million yuan, up 660.50% YoY

Concluding our series, we shift focus to 2026's emerging NdFeB growth drivers: robotics, low-altitude economy, and electric two-wheelers. While viewed as the "second growth curve," we analyze their actual demand support amidst current macro and industry cycles to determine if they can offset traditional sector slowdowns.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Slightly Higher in the Night Session and Hovered at Highs, While Downstream Enterprises Showed Relatively Strong Purchase Willingness]

[Lead-Acid Battery Enterprise Dynamics] Recently, Camel Group stated on the interactive platform in response to investor inquiries that the company focuses on a dual-cycle strategy for lead-acid and lithium batteries, continuously improving its green and sustainable circular economy industry. Due to intensified industry competition and rising procurement costs for raw materials from scrap batteries, the company enhanced its overall efficiency by adjusting the production and sales pace, optimizing processes, and focusing on high-value-added products. In H1 2025, the company achieved a production of 245,000 mt of lead and lead products; it procured 3,262 mt of scrap lithium batteries and sold 1,424 mt of recycled materials.

The China Photovoltaic Industry Association (CPIA) predicts that China's new PV installations are expected to pull back in 2026, ranging between 180 GW and 240 GW. During the 15th Five-Year Plan period, the average annual new PV installations are projected to reach 238 GW to 287 GW. Wang Shijiang, Deputy Director of the Electronic Information Department at the Ministry of Industry and Information Technology (MIIT), emphasized that the core task this year is to address the cut-throat competition in the PV industry.