SMM February 28 News: According to SMM statistics, overseas aluminum production totaled in February 2026 increased 2.5% YoY; new aluminum projects in Indonesia and Angola continued ramping up, with the overseas daily average production up 0.9% MoM. On February 17, 2026, Alba released its Q4 and annual report for 2025. The report showed that Alba's production hit a record high of 1,623,139 mt in 2025, exceeding targets despite a fire accident at year-end 2025. The production line affected by the fire is currently in the recovery phase. On February 19, 2026, Century Aluminum announced its Q4 results. The report indicated that primary aluminum shipments in Q4 2025 fell 14% QoQ, mainly due to production declines caused by equipment failure at the Iceland aluminum plant. In 2026, the 50,000 mt idle capacity at the Mt. Holly plant is expected to resume production in April, reaching full capacity by the end of Q2; the Iceland plant is expected to restart earlier than originally planned, now scheduled to begin production resumptions by the end of April 2026 and recover to near full capacity by the end of July. South 32's performance report showed that the Mozal aluminum plant in Mozambique maintained its FY2026 guidance production of 240,000 mt, meaning the Mozal plant is expected to transition into maintenance shutdown from March 15. However, foreign media reported that the government is taking necessary measures to keep the Mozal plant operating. SMM will continue monitoring. Looking ahead to March 2026, operating capacity at new aluminum projects in Indonesia and Angola is expected to continue climbing, but the Mozal plant faces risks of output reduction or shutdown. Affected by this, daily average aluminum production may turn to negative growth. Nevertheless, high aluminum prices continue to stimulate global aluminum supply acceleration; the Iceland plant's production resumption is expected earlier than planned; other plants also slightly increased operating rates. Overall, aluminum supply is expected to maintain growth, and global aluminum inventory trends need ongoing attention. [Data Source Statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice.] Data Source: SMM (Guo Mingxin 021-20707919)

Novelis' fiscal year 2025 performance report shows that in fiscal year 2025, Novelis' net sales increased by 6% YoY to USD 17.1 billion, primarily driven by the rise in average aluminum prices and a 2% increase in total shipments of rolled products to 3.757 million mt. The growth in shipments was mainly attributed to record-high shipments of beverage packaging and an increase in shipments of aerospace products, although this growth was partially offset by a decline in shipments of specialty products and automotive products. In fiscal year 2025, Novelis' net income attributable to common shareholders increased by 14% YoY to USD 683 million, while adjusted EBITDA decreased by 4% to USD 1.8 billion. This was mainly due to the YoY increase in aluminum scrap prices, an unfavorable product mix, and rising operating costs, which were partially offset by an increase in total shipments and product price increases.

Novelis' fiscal year 2025 performance report shows that in fiscal year 2025, Novelis' net sales increased by 6% YoY to USD 17.1 billion, primarily driven by the rise in average aluminum prices and a 2% increase in total shipments of rolled products to 3.757 million mt. The growth in shipments was mainly attributed to record-high shipments of beverage packaging and an increase in shipments of aerospace products, although this growth was partially offset by a decline in shipments of specialty products and automotive products. In fiscal year 2025, Novelis' net income attributable to common shareholders increased by 14% YoY to USD 683 million, while adjusted EBITDA decreased by 4% to USD 1.8 billion, primarily due to the YoY increase in aluminum scrap prices, an unfavorable product mix, and rising operating costs, which were partially offset by an increase in total shipments and product price increases.

SMM News on May 15: In the mid-to-late April, many PV industry chain enterprises successively released their performance reports for the full year of 2024 and Q1 2025. Among them, three PV inverter enterprises, including Sungrow, Deye Technology, and Sineng Electric, all achieved remarkable performance. SMM has compiled the performance of these three PV inverter enterprises, as detailed below: Sungrow's Net Profit Surpasses 10 Billion Yuan for the First Time, Achieving a Strong Start in Q1 According to Sungrow's annual report data, in 2024, Sungrow achieved a total revenue of 77.857 billion yuan, up 7.76% YoY. The net profit attributable to shareholders of the publicly listed firm reached 11.036 billion yuan, up 16.92% YoY. It is worth mentioning that although the growth rate of its annual performance slowed down, from the perspective of net profit, achieving a net profit surpassing 10 billion yuan for the first time is truly remarkable in the current PV industry chain, which is in a downturn cycle. During an investor activity survey, Sungrow also mentioned that amidst slowing industry growth, intensified competition, and widespread losses, it was not easy for the company to still achieve growth in revenue and profit. This was mainly due to the continuous prominence of the company's core competitiveness, the continuous expansion of its brand influence, its consistent focus on the main track, its adherence to in-depth development, the implementation of a full-coverage strategy for core businesses, and the full play of its advantages in the global marketing and service network, leading to continuous improvements in brand power, marketing power, product power, and service power. In terms of business segments, Sungrow's profits mainly come from three major businesses: PV inverters, ESS, and new energy investment and development. Specifically, in terms of PV inverters, the company's PV inverter business achieved stable growth in 2024, with shipments of 147GW in 2024, up 13% YoY, maintaining a leading position in the industry. In terms of ESS, the company's ESS shipments in 2024 reached 28GWh, up 167% YoY, with a slight improvement in profitability. This was mainly due to the strong global market demand and the company's deep cultivation of the ESS market, which has formed a good reputation and brand image. In terms of new energy investment and development, although revenue slightly decreased in 2024, profitability maintained positive growth. This was mainly due to the company's further strengthening of its refined management capabilities throughout the entire project development process, its adherence to low-cost, high-quality, and systematic development in domestic projects, its focus on producing based on sales in household PV, its continuous optimization of refined channel management, and the shortening of grid connection cycles. In terms of gross profit margins, the ESS business ranked first among Sungrow's three major businesses with a gross profit margin of 36.69%. The gross profit margin for power electronic conversion equipment such as PV inverters was 30.9%, and the gross profit margin for new energy investment and development was 19.4%. In Q1 2025, amid a complex and ever-changing external environment, Sungrow continued to achieve a strong start to the year. The company's revenue in Q1 was 19 billion yuan, up 50% YoY, and its net profit attributable to shareholders of publicly listed firms was 3.83 billion yuan, up 82% YoY. Sungrow stated that, in terms of revenue structure, inverters maintained healthy growth YoY, energy storage systems (ESS) achieved rapid growth, and revenue from new energy investment and development business declined, primarily due to an increase in the proportion of low-margin residential PV business revenue. Previously, the US's reciprocal tariff continued to impact the market. Some investors inquired about the company's shipment pace and price changes. Sungrow indicated that PV inverters were being shipped normally. For the ESS business in the US market, shipments had recently been suspended, but the market remained intact, merely postponed; in other markets, the shipment pace was generally in line with expectations. Overall prices remained stable with a slight decline. Regarding the shipment target for the ESS market in 2025, Sungrow stated that the company's global ESS shipment target for 2025, set at the beginning of the year, was 40-50 GWh. Given the current uncertainties surrounding US tariffs, it is difficult to predict the volume in the US. If the US's high tariff policy persists, it could impact annual shipments by 4-5 GWh compared to the initial target under extreme circumstances, but the overall impact on shipments would be limited. When discussing its outlook for the future development of the industry, Sungrow stated that it believes the main drivers of industry development remain unchanged. Firstly, the goal of carbon neutrality remains unchanged. Under this goal, clean energy is expected to continue its steady and sustainable development in the long term. Secondly, in terms of development space, the global share of primary energy consumption from wind and solar power is still low, with renewable energy accounting for only about 14% of global primary energy consumption, of which PV and wind power account for about 5%, indicating significant room for future growth. Thirdly, with the future large-scale development of new energy and technological progress, the levelized cost of electricity (LCOE) will continue to decline, and economic viability will continue to improve, making new energy a cost-effective power source that is expected to maintain rapid growth in the future. Driven by rapid growth in overseas PV ESS business, Sineng Electric's 2024 net profit increased by over 46% YoY Sineng Electric, which also operates in the PV inverter industry, delivered notable net profit performance in both 2024 and Q1 2025. According to its annual report data, in 2024, Sineng Electric achieved operating revenue of approximately 4.773 billion yuan, a decrease of 3.23% YoY, primarily due to the company's reduction in domestic ESS integration business; the corresponding net profit attributable to shareholders of publicly listed firms was approximately 419 million yuan, up 46.49% YoY, mainly driven by the rapid growth of the company's overseas PV ESS business. According to the "2023 Global PV Inverter Shipment Ranking" released by S&P Global, the company ranked fourth globally in PV inverter shipments in 2023, maintaining its position among the top ten in the industry for many years. In Q1 2025, the company achieved revenue of 831 million yuan, up 16.8% YoY; net profit attributable to shareholders of the publicly listed firm was 87.65 million yuan, up 71.6% YoY. Deye Co., Ltd. Achieves Record High Performance in 2024, with Inverter Business Showing Sustained Significant Growth in Recent Years Deye Co., Ltd.'s performance for the full year of 2024 and Q1 2025 was also remarkable. Against the backdrop of most companies in the PV industry struggling with performance, Deye Co., Ltd. achieved a record high in 2024, with total revenue of 11.206 billion yuan, up 49.82% YoY; net profit attributable to shareholders of the publicly listed firm was 2.96 billion yuan, up 65.29% YoY. In terms of Q1 2025 performance, the company continued its positive trend, achieving operating revenue of 2.566 billion yuan, up 36.24% YoY; net profit attributable to shareholders of the publicly listed firm was 706 million yuan, up 62.98% YoY. Deye Co., Ltd. stated that over the past three years, the company's inverter business has shown sustained significant growth, while ESS inverters have driven a substantial increase in ESS battery pack business. The company's multi-market layout overseas has shown clear results, and cost reduction and efficiency improvement have maintained high profit margins, leading to overall improvement in major accounting data and financial indicators. Public information shows that PV inverters are core components of PV systems, and their growth is mainly driven by global new PV installation demand and replacement demand for inverters in existing PV power plants. The growth in global new PV installations will drive rapid growth in the PV inverter market demand. When asked about the company's outlook for the PV industry, Sungrow stated that long-term demand for PV will continue to grow, but the compound annual growth rate from 2024 to 2030 is expected to be over 10%. This is due to the large base and the impact of US tariffs and China's Document No. 136, which may delay the market. The company expects that due to the large base, domestic PV growth this year will face significant pressure, but the following years should be more optimistic. National leaders have recently reaffirmed their commitment to the "dual carbon" goals and their firm confidence in green development. The European PV market remains relatively stable, while the US market may face growth pressure this year. PV markets in other regions such as Southeast Asia, the Middle East, and South America are still growing. Overall, this year may be relatively challenging, but after this year, adjustments and corrections are expected, and the long-term outlook remains confident.

In mid-May, Mingtai Al. released a record of investor relations activities, mentioning that the company's production and sales of aluminum plate/sheet, strip and foil in Q1 reached a new historical high, with sales volume approaching 380,000 mt, up 11% YoY. The company is unwavering in its commitment to driving product structure improvement through technological innovation, emphasizing "quality improvement and efficiency enhancement," focusing on "high-end intelligent manufacturing," and strategically positioning itself to seize future opportunities. The development and stable supply of products in emerging fields such as new energy, automotive transportation, and robotics are contributing to the company's steady growth in production and sales. Mingtai Al.'s previously released Q1 performance report showed that the company achieved a total revenue of 8.124 billion yuan in Q1, up 13.07% YoY; net profit attributable to shareholders of the publicly listed firm reached 440 million yuan, up 21.46% YoY. According to public information, the company primarily engages in the comprehensive application of aluminum plate/sheet, strip and foil, aluminum extrusion, and secondary aluminum resources. It possesses four hot continuous rolling production lines, internationally advanced aluminum dross treatment production lines, and secondary aluminum process technology and equipment. Its products cover 47 alloy grades from the 1-series to the 8-series, with over 200 specifications and models available. The company serves more than 4,000 customers, with its products being popular in over 50 countries and regions both domestically and overseas. They are widely used in numerous fields such as new energy, electronics and home appliances, 5G communications, pharmaceutical packaging, food packaging, transportation, ultra-high voltage power transmission, railcar bodies, new infrastructure, and military industries. Regarding current orders on hand, Mingtai Al. stated that historically, March marks the peak consumption season for aluminum. The company's current orders on hand have increased, sufficient to meet one and a half months of production scheduling. Moreover, the company's product processing fees have remained stable with an upward trend. In Q1, the company and the industry raised processing fees for products such as CTP/PS plates, can stock, and easy-open end stock. Additionally, the company was asked about the impact of the US's "reciprocal tariff" policy on its foreign trade. Mingtai Al. responded that during the 2018 Sino-US trade war, the US imposed anti-dumping and countervailing duties on Chinese aluminum products, after which Mingtai Al.'s direct exports to the US decreased significantly. Recently, steel and aluminum products were not included in the US's "reciprocal tariff" policy. Foreign trade sales volume has increased QoQ this year, with foreign trade orders showing signs of recovery. Regarding the company's development plan for 2025, Mingtai Al. stated that it is dedicated to its core business, focusing on "high-end intelligent manufacturing" and "low-carbon circular economy." This year, the company will prioritize the construction of high-end heat treatment lines to promote product upgrading, paying close attention to aluminum demand in fields such as new energy, automotive materials, semiconductors, industrial robots, and low-altitude flight. It will actively develop products in these related fields and continuously improve its product structure. This year, the production capacity of the subsidiary Yirui New Materials and overseas bases continued to be released, ensuring a significant increase in the company's production and sales scale in 2025. Mingtai AL. was also asked whether the company's scale of secondary aluminum conservation application would continue to expand in 2025. The company stated that in the second half of 2024, the EU began requiring the submission of product carbon emission data. After preliminary calculations by the company, secondary aluminum products demonstrated significant advantages in carbon emission reduction, and the company is unwavering in its commitment to continuously promoting the development of the secondary aluminum business. At the end of 2024, China Customs relaxed restrictions on the import of deformed aluminum scrap, supporting the development of enterprises engaged in the conservation application of secondary aluminum. The company established an International Procurement Department for Secondary Aluminum to further expand the sources of aluminum scrap procurement, actively promote the application of secondary aluminum products, and continue to lead the industry in low-carbon development. Previously, the company also released its 2024 annual report data, showing a total revenue of 32.321 billion yuan, up 22.23% YoY; the net profit attributable to shareholders of the publicly listed firm was 1.748 billion yuan, up 29.76% YoY. According to the annual report data, the company currently has an annual processing capacity of over 1 million mt of aluminum scrap and a comprehensive utilization capacity of 120,000 mt of aluminum dross, reaching internationally advanced levels. In terms of the aluminum plate/sheet, strip and foil business, the existing production capacity is over 1.6 million mt. The company produces a variety of products, including battery aluminum foil for pouch batteries, electronic foil, checkered plate, lightweight materials for commercial vehicles, and food and pharmaceutical packaging foil, which consistently rank among the top in the domestic market share. The proportion of high value-added products, such as aluminum for new energy and new materials, aluminum for transportation, and aluminum for automotive lightweight applications, is gradually increasing. In the aluminum extrusion business, Mingtai Traffic New Material operates steadily, achieving self-sufficiency in railcar extrusions, supplying aluminum alloy railcar bodies in bulk, and externally selling products such as new energy battery trays, automotive extrusions, extruded aluminum pipes for GIL used in ultra-high-voltage power transmission equipment, and interior fittings for rail vehicles, continuously expanding its business scope. In terms of procurement mode, the company's main raw materials are aluminum ingots and secondary aluminum, adopting a "produce based on sales, purchase based on production" approach. It procures from suppliers in a continuous and batch-by-batch manner according to customer orders and production and operation plans. The procurement price is determined based on the average spot aluminum price on the Shanghai Nonferrous Metals Market , adjusted in consideration of payment terms, freight responsibility, and the type of secondary aluminum. The company has signed long-term procurement agreements with some aluminum ingot suppliers of a certain scale and economic strength, establishing long-term and stable cooperative relationships to ensure convenient and timely raw material supply. Moreover, to cope with potential losses from volatile raw material prices, Mingtai AL. issued an announcement on April 23 regarding the implementation of aluminum ingot hedging. It mentioned that engaging in aluminum ingot futures trading can fully utilize the hedging mechanism in the futures market to mitigate the risk of raw material price fluctuations, avoid potential losses from volatile raw material prices, ensure the relative stability of product costs, and reduce the impact on the company's normal operations. When mentioning the impact of aluminum ingot hedging on the company, Mingtai Aluminum stated that the company specializes in the production and sales of aluminum plate/sheet, strip and foil, with aluminum ingot as its main raw material. To avoid the impact of fluctuations in raw material prices, the company will actively hedge relevant risks through the hedging function of futures, adhering to the principles of legality, prudence, safety, and effectiveness, without the purpose of arbitrage or speculation. The company has formulated relevant risk control measures to strictly control investment risks. The company's engagement in futures hedging business will not harm the interests of the company and all its shareholders.

SMM, April 8: The rare earth permanent magnets index strengthened in the afternoon of April 8, with China Northern Rare Earth's share price also showing a significant increase. By the close of trading on April 8, China Northern Rare Earth's shares had risen 5.14% to RMB 23.94 per share. In terms of news, China Northern Rare Earth announced on April 8 that its net profit for the first quarter of 2025 is expected to increase significantly by 716.49%-735.70%. Additionally, the company's 2024 annual performance report showed that it achieved operating income of approximately RMB 32.966 billion, a decrease of 1.58% year-on-year, and net profit attributable to shareholders of the listed company of approximately RMB 1.004 billion, a decrease of 57.64% year-on-year. The performance report of China Northern Rare Earth revealed that in 2024, due to factors such as weak global economic growth and lower-than-expected growth in downstream demand, the prices of major rare earth products, represented by Pr-Nd oxide, generally showed a fluctuating downward trend. The average price declined year-on-year, and the overall performance of the rare earth market was weak. Faced with the unfavorable market situation of declining rare earth product prices, the company focused on its annual production and operation targets, thoroughly implemented new development concepts, built a new development paradigm, and took on the important task of being the main force in the construction of the "two rare earth bases." The company made overall plans and implemented comprehensive measures at all levels of production and operation, anchored its goals, overcame difficulties, and strived to reduce the impact of unfavorable factors on the company. Its high-quality development achieved new results, with production and sales volumes of major products reaching new highs. Although revenue and profits declined year-on-year, its operating performance remained at the forefront of the rare earth industry. Capacity utilisation rate and market share further increased, with the processing cost per ton of rare earth decreasing by 5.1% year-on-year and the comprehensive financing cost of interest-bearing liabilities further reducing. Key construction projects and industry chain mergers and acquisitions were promoted in an orderly manner, and the company's invested green mining, beneficiation, and smelting upgrading project for a new generation of rare earths has been completed and put into operation in its first phase. The company accelerated its transformation and upgrading towards high-end, digital intelligence, and green development, deepened reform and innovation, promoted ESG and other management improvements, increased R&D investment, optimized scientific research systems and mechanisms, strengthened performance appraisal and risk prevention and control, and accelerated the construction of the "two rare earth bases." Through overall planning and comprehensive measures, the company continuously improved the quality and efficiency of its high-quality development, laying a solid foundation for being the main force in the construction of the "two rare earth bases," completing the "14th Five-Year Plan," and becoming a world-class leader in the rare earth industry. This contributed to the stable and high-quality development of China's rare earth industry. China Northern Rare Earth's first-quarter performance forecast, disclosed on the same day, showed that after initial calculations by the financial department, the company expects to achieve a net profit attributable to shareholders of the parent company of RMB 425 million to RMB 435 million in the first quarter of 2025. This represents an increase of RMB 375 million to RMB 385 million compared to the same period last year, or an increase of 716.49% to 735.70% year-on-year. The company also expects to achieve a non-recurring profit and loss net profit attributable to shareholders of the parent company of RMB 429 million to RMB 439 million, representing an increase of RMB 425.3 million to RMB 435.3 million compared to the same period last year, or an increase of 11468.78% to 11738.45% year-on-year. Regarding the main reasons for the expected increase in first-quarter performance, China Northern Rare Earth stated that in the first quarter of 2025, due to factors such as tightened upstream raw material supply and downstream consumption stimulus policies, the overall activity of the rare earth market was better than the same period last year. The prices of major rare earth products, represented by Pr-Nd oxide, showed an upward trend with good transaction volumes. The company seized the favorable opportunity of market stabilization and improvement, focused on its annual production and operation targets, thoroughly implemented new development concepts, built a new development paradigm, and took on the important task of being the main force in the construction of the "two rare earth bases." The company comprehensively improved production line efficiency, continuously optimized raw material and product structures, deepened marketing model innovation with market demand as the guidance, strengthened marketing operations, and achieved year-on-year growth in production and sales volumes of major products. The company achieved significant results in cost reduction and efficiency improvement, with quality and efficiency improvements in rare earth products. Joint ventures, cooperation, and infrastructure technological transformation projects were promoted in an orderly manner, with continuous enhancement of scientific and technological innovation contributions. Management innovation drove the consolidation and enhancement of high-quality development quality and efficiency, with orderly advancement of ESG, compliance, and market value management. The coordinated advancement and efficient implementation of various work in the company's production and operation management laid a solid foundation for the significant year-on-year growth in the company's first-quarter performance. From China Northern Rare Earth's performance in the past year and the first quarter of this year, it is evident that fluctuations in the prices of rare earth products such as Pr-Nd are closely related to the production and operation of rare earth companies. Click here to view SMM rare earth spot prices. Subscribe to view SMM metal spot price historical trends. Reviewing the historical price trend of SMM Pr-Nd oxide in 2024, it can be seen that the average price on December 31, 2024 was RMB 398,000/mt, which was a decrease of RMB 44,500/mt or 10.06% compared to the average price of RMB 442,500/mt on December 29, 2023. The annual average daily price of Pr-Nd oxide in 2024 was RMB 391,871.9/mt, which was a decrease of RMB 137,402.89/mt or 25.96% compared to the annual average daily price of RMB 529,274.79/mt in 2023. From these data, it can be seen that the annual average daily price of Pr-Nd oxide decreased more significantly year-on-year, putting pressure on the company's production and operation in 2024. Entering 2025, compared to the end of 2024, the overall price of Pr-Nd oxide has shown an increase. Reviewing the price trend of SMM Pr-Nd oxide in the first quarter, it can be seen that the average price of Pr-Nd oxide on March 31 this year was RMB 444,500/mt, which was an increase of RMB 46,500/mt or 11.68% compared to the average price of RMB 398,000/mt on December 31, 2024. Comparing the average daily price of Pr-Nd oxide in the first quarter of 2025, which was RMB 429,605.26/mt, with the average daily price of RMB 381,646.55/mt in the first quarter of 2024, it can be seen that the average daily price in the first quarter of this year increased by 12.57% year-on-year. The year-on-year increase in the average price of Pr-Nd oxide in the first quarter is expected to significantly boost the profits of rare earth companies in the first quarter. The significant expected increase in China Northern Rare Earth's first-quarter net profit is mainly due to the rise in rare earth prices.