In 1983, Goodenough and Thackeray developed lithium manganate (LiMn₂O₄, LMO) on the basis of the lithium cobalt oxide system. With a unique spinel structure and three-dimensional lithium-ion diffusion channels, LMO delivers excellent rate capability, along with simple production procedures and high safety performance. Its core advantage lies in abundant manganese resources and extremely low costs, which are far superior to cobalt-based precious materials, making LMO a key material for the cost reduction of lithium-ion batteries. After four decades of industrial iteration, LMO has been phased out of high-end passenger vehicle power batteries by ternary materials. However, relying on outstanding cost performance, it has firmly occupied segmented markets such as electric two-wheelers, power tools and low-speed electrical equipment. The industry currently presents a structural divergence, with tight supply of high-end modified LMO products and intense homogenized competition among low-end products. 1. Technical Origin: Distinct Performance Advantages and Incurable High-Temperature Defects LMO has a theoretical specific capacity of 148mAh/g and a practical mass-production capacity of around 120mAh/g, with a working voltage of approximately 4.0V. Japanese enterprises took the lead in commercializing LMO in the 1990s. Early manufacturers including Sanyo and Panasonic widely applied LMO to power tools and household devices that prioritize safety. In 2010, the Nissan Leaf adopted a modified LMO cathode system, becoming one of the early large-scale mass-produced pure electric vehicles. It entered the entry-level new energy vehicle market with its cobalt-free, high-safety and low-cost characteristics. Nevertheless, LMO has inherent technical bottlenecks, primarily weak high-temperature cycling stability. When the ambient temperature exceeds 55℃, manganese dissolution and disproportionation reactions easily occur, leading to rapid capacity decay. The dissolved manganese ions also damage the solid electrolyte interphase (SEI) film on the negative electrode, continuously impairing battery service life. The industry has adopted modification methods such as element doping and surface coating to optimize performance, which can only alleviate capacity attenuation rather than completely solve the problem. With the rapid popularization of high-energy-density ternary materials, LMO has gradually withdrawn from the mainstream passenger vehicle power battery track, and shifted to low-speed lithium batteries and consumer electronics fields that prioritize cost and safety over extreme energy density. 2. 2026 Market Status: Cost-Driven Pricing and Sustained Structural Differentiation Currently, LMO prices are highly correlated with lithium carbonate quotations, which account for 60% to 70% of the total production cost of LMO. Fluctuations in lithium carbonate prices directly drive synchronous adjustments in the LMO market. The overall operating rate of the industry remains stable, while internal differentiation is prominent. High-end modified LMO products with long-cycle and high-voltage performance enjoy stable demand and tight supply. By contrast, ordinary low-end LMO products face severe homogenization and fierce market competition, squeezing profit margins of small and medium-sized manufacturers, most of whom maintain slim profits or break-even operations. The demand structure is clear and stable. Electric two-wheelers serve as the largest downstream application scenario, accounting for over 60% of total demand and forming the fundamental support of the LMO industry. Demand for power tools remains rigid and steady. Benefiting from high safety and low cost, LMO demand in small and medium-sized energy storage sectors is expanding steadily, becoming a major growth driver for the industry. Overall downstream demand maintains stable operation without significant fluctuations. 3. Market Outlook: Consolidate Segmented Market Foundation and Expand Manganese-Based Material Layout In the short term, LMO prices will continue to fluctuate in line with lithium carbonate trends and downstream restocking rhythms. High-end modified products are expected to maintain structural premiums due to high production and technical barriers. In the medium term, the industry pattern will continue to optimize. Leading enterprises will dominate the market relying on advantages in technology, production capacity and cost, while backward low-end capacity will be gradually eliminated, further increasing industrial concentration. In the long run, conventional LMO is unlikely to re-enter the high-end passenger vehicle power battery track, but its rigid demand in four core segmented fields including electric two-wheelers, low-speed vehicles, power tools and small-to-medium energy storage will remain solid. Meanwhile, the manganese-based industry keeps iterating. Manganese elements continue to penetrate the mainstream new energy market through lithium manganese iron phosphate and ternary materials. The overall importance of manganese-based materials in the lithium battery industrial chain continues to rise.

In 1983, Goodenough and Thackeray developed LMO (LiMn₂O₄) based on the LCO system. With its unique spinel structure and three-dimensional lithium-ion diffusion channels, LMO delivers excellent C-rate performance, along with a simple manufacturing process and high safety. Its most critical advantage lies in the abundant reserves and extremely low cost of manganese resources, far superior to the precious metal cobalt, making it an important material for the cost reduction of lithium batteries. After four decades of industry iteration, although LMO has been replaced by ternary cathode materials in the high-end passenger vehicle power battery segment, it has long been firmly rooted in niche markets such as electric two-wheelers, power tools, and low-speed equipment thanks to its cost-effectiveness advantage. The industry as a whole exhibits a structural pattern of tight supply for high-end modified products and involution-driven competition among low-end products.

[SMM Analysis: Silicon Carbon Track Undergoes Massive Expansion, Industry Competition on the Verge of Breaking Out] As global demand continued to climb, anode material, as one of the core materials of lithium batteries, saw multiple projects launched in May, with the silicon-based route becoming a key focus of strategic deployment.

According to the MIIT, two mandatory national standards, "Safety Requirements for PV Modules" and "Nameplate Marking Requirements for PV Modules," were officially released on May 25, 2026, and will be implemented on June 1, 2027. These standards will play a crucial role in regulating market competition, enhancing product safety compliance, and driving the upgrade of the solar industry.

"Tin" Leads the Future: Industrial Transformation and Value Reshaping in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely disrupted and strategic value has become fully prominent. The tin market in 2026 presents an unprecedented complex pattern and profound transformation: I. Deep Restructuring of the Supply-Demand Pattern with Unprecedented Enhancement of Strategic Attributes The global tin resource static reserve-to-production ratio is only 14 years, with scarcity becoming increasingly prominent. The supply side faces "triple pressures": repeated setbacks in Myanmar's production resumptions, continued tightening of Indonesian policies, and elevated geopolitical risks in the DRC. Resource constraints have become the new normal. Meanwhile, the demand structure has undergone fundamental changes, and tin has become a strategic resource connecting traditional manufacturing with the digital future. II. Price System Breaking Historical Records with Industrial Ecosystem Facing Reshaping SHFE tin prices broke through 470,000 yuan/mt in early 2026, hitting a record high. This price breakthrough is not only a reflection of supply-demand imbalance but also a sign of value reassessment for the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transformation Catalyzing a New Symbiotic Ecosystem Digitalization and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade toward low-carbonisation and circular economy. Recycled tin recovery and green smelting processes have become an inevitable path. All segments of the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, August 19-21, 2026 the Changsha, Hunan -hosted 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for joint discussions. Ganzhou Yunsheng Tin Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly driving the tin industry to new heights. Click the to register immediately, witness and participate in this extraordinary and far-reaching industry event, and co-create a brilliant new chapter! Ganzhou Yunsheng Tin Co., Ltd. was registered and established in December 2017, with its registered address at the West Zone of the Industrial Management Area, Longling Town, Nankang District, Ganzhou City. The company's main businesses include tin metal processing and sales; non-ferrous metal powder and tin by-product production and sales; metal materials, timber construction and decoration, mineral products, and machinery equipment sales; and import and export business of goods and technologies. Since its official registration and establishment in 2017, the company currently focuses on tin ingot and mineral product sales, vigorously expanding upstream and downstream related industries. Its downstream coverage is extensive, including quality enterprise clients in solar PV, storage battery, electronic solder, tin chemicals, tinplate, tin plated copper wire, tin alloy, and other sectors. Business partners are primarily distributed across Shanghai, Jiangsu, Zhejiang, Jiangxi, Guangdong, Fujian, and other regions. Committed to achieving rapid, stable, and healthy development of the enterprise. Ganzhou Yunsheng Tin Industry Co., Ltd. has been engaged in the production and trade of tin and tungsten since 2005 and started tin ingot trade in 2016. Currently, its main business covers the tin raw material industry chain, including tin ore, tin ingots, crude tin, and secondary tin materials. Relying on the business of tin and tungsten production and trade, the company focuses on the trade projects of tin raw material industry chain including tin ore, tin ingots, crude tin, and secondary tin materials, and actively expands other new fields and projects. It has established strategic cooperative relationships with domestic mining companies, smelters, logistics and trade agents, service providers, and financial institutions in China. In the future development, the company will innovate trade models, optimize the structure of trade products, and improve the efficiency of the trade process to achieve mutual benefit and win-win results. With decades of deep engagement in the tin industry, the company has always adhered to the business principles of people-oriented management and integrity-based operations since its establishment, maintaining competitiveness in the fierce market competition and achieving rapid and stable development of the enterprise. Ganzhou Yunsheng Tin Industry Co., Ltd. was registered and established in December 2017, with its registered address at the West District of Longling Industrial Management Zone, Nankang District, Ganzhou City. The company's main business includes tin metal processing and sales; production and sales of non-ferrous metal powder and tin by-products; sales of metal materials, wood for building decoration, mineral products, and mechanical equipment; and import and export of goods and technologies. After its official registration in 2017, the company currently focuses on the sales of tin ingots and mineral products, and is vigorously expanding related upstream and downstream industries. Its downstream coverage is extensive, including high-quality enterprise customers such as solar photovoltaic, storage batteries, electronic soldering, tin chemicals, tinplate, tin-coated copper wire, and tin alloys. The business partners are mainly located in Shanghai, Jiangsu, Zhejiang, Jiangxi, Guangdong, and Fujian. The company is committed to achieving rapid, stable, and healthy development. Ganzhou Yunsheng Tin Industry Co., Ltd. has been engaged in the production and trade of tin and tungsten since 2005 and started tin ingot trade in 2016. Currently, its main business covers the tin raw material industry chain, including tin ore, tin ingots, crude tin, and secondary tin materials. Relying on the business of tin and tungsten production and trade, the company focuses on the trade projects of tin ore, tin ingots, crude tin, and secondary tin materials, and actively expands other new fields and projects. It has established strategic cooperative relationships with domestic mining companies, smelting enterprises, logistics and trade agents, service providers, and financial institutions. In the future development, the company will innovate trade models, optimize the structure of trade products, and improve the efficiency of the trade process to achieve mutual benefit and win-win results. The company has been deeply involved in the tin industry for decades. Since its establishment, it has always adhered to the business principle of "people-oriented and integrity-based", enabling the company to maintain its competitiveness in the fierce market competition and achieve rapid and stable development. Contact Information Liao Xiaoyun 13766335535 Long Press to Scan the QR Code to Register Now 2026 SMM (16th) Tin Industry Chain Conference

[Zinc Oxide Operating Rates Relatively Stable but Enterprise Profit Margins Narrow] Currently, the overall demand in the zinc oxide industry was relatively stable, but market price involution was prominent. Meanwhile, some enterprises saw rising production costs due to production processes and increased raw material costs, while product selling prices were suppressed by market competition, leaving limited upside room...