On March 28, BYD released its 2025 annual report. According to the report, the company achieved operating revenue of 803.965 billion yuan in 2025, a year-on-year increase of 3.46%; and net profit attributable to shareholders of the listed company of 32.619 billion yuan, a year-on-year decrease of 18.97%. As of the end of the year, its total assets reached 883.730 billion yuan, an increase of 12.81% year-on-year; net assets attributable to shareholders of the listed company stood at 246.274 billion yuan, up 32.94% from the end of the previous year, with its overall asset strength steadily consolidated. In terms of energy storage business, its global energy storage system shipments exceeded 60GWh in 2025, ranking first among global energy storage system manufacturers.

[Latest Data from the General Administration of Customs] In February 2026, China imported 167,900 mt in physical content of copper scrap and shredded copper scrap. Of this, 100,700 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.94%; 17,400 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.34%. (HS code: 74040000)

[Latest Data from the General Administration of Customs] In January 2026, China imported 232,300 mt in physical content of copper scrap and shredded copper scrap. Of this total, 139,300 mt was imported through customs declarations filed with Ningbo Customs, ranking first and accounting for 59.98%; 24,300 mt was imported through customs declarations filed with Guangdong Customs, ranking second and accounting for 10.47%. (HS code: 74040000)

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.

[Dual Momentum in the Magnesium Industry: Coordinated Empowerment of New Development Through Salt Lake Resource Security and Breakthroughs in End-Use Applications] As one of the lightest known structural metallic materials, magnesium combines outstanding properties such as light weight, high strength, and high thermal conductivity, making it a core strategic material supporting industrial upgrading in sectors such as automotive lightweighting and new energy materials. China’s magnesium industry is advancing on two fronts, simultaneously promoting breakthroughs in end-use application technologies and securing raw material supply, overcoming bottlenecks in industrial development and supporting the high-quality development of the magnesium industry.

According to the latest customs data, in January 2026, China’s imports of copper-zinc alloy (brass) bars and rods were 2,050.01 mt in physical content, down 8.37% MoM and up 24.53% YoY. In February, China’s imports of copper-zinc alloy (brass) bars and rods were 1,344.87 mt in physical content, down 34.4% MoM and down 36.67% YoY, showing an overall sharp decline. Cumulative imports in January-February 2026 were 3,394.87, down 9.94% YoY cumulatively. (HS codes 74072111, 74072119, 74072190).