On the evening of April 28, Guangzhou Great Power Energy and Technology Co., Ltd. (hereinafter short as Great Power) released its 2025 annual report and Q1 2026 quarterly report. The company's revenue and profit rose significantly, with its energy storage business delivering outstanding performance. Impressive Results: Revenues sustained high growth, up nearly 200% YoY in 2026 Q1 Its financial report showed that in full-year 2025, the company achieved total revenue of 11.943 billion yuan, up 50.04% YoY; net profit attributable to shareholders of the publicly listed firm reached 206 million yuan, up 181.61% YoY. Entering 2026, Great Power's performance continued its high growth trajectory. According to its Q1 financial data, the company achieved total revenue of 4.768 billion yuan, up 182.14% YoY. The company's energy storage business shipments and revenue both grew QoQ, demonstrating strong growth resilience, with Q1 profit alone already surpassing the full-year figure of last year. Great Power's 2025 performance growth momentum stemmed from the synergistic contribution of three major businesses — energy storage, consumer, and power battery : The energy storage business, leveraging its leading product competitiveness and global expansion advantages, became the core growth engine; The consumer battery business consolidated its fundamental position, maintaining steady operations; The power battery business focused on differentiated niche segments, continuously broadening incremental space, forming a well-balanced development pattern. Meanwhile, based on its three-year capacity plan and R&D progress of downstream popular products, the company expects its capacity utilization rate to stay high over the next three years, with performance expected to maintain strong growth momentum. Impressive Household ESS Performance: Battery Cell Shipments Ranked Second Globally, User-Side ESS Ranked Top Two in China As one of the earliest industry leaders in China to enter the ESS sector, Great Power has achieved remarkable results in the household ESS field. In 2025, the company's household ESS battery cell shipments ranked second globally , and its user-side ESS shipments ranked top two in China and top five worldwide ; in the commercial and industrial segment, ESS shipments ranked top two in China; its full-scenario energy storage deployment yielded significant results. In addition, the company's large-scale overseas energy storage orders achieved breakthrough growth, with full-year 2025 revenue reaching 1.793 billion yuan, up 72.98% YoY, demonstrating clear results from its globalization strategy. ESS Battery Cell QoQ Growth Tops the List, Consolidating Its Position in the Global Tier 1 With undeniable strength, Great Power was shortlisted in the 2026 SMM Global Tier 1 ESS battery cell list, ranking first in terms of QoQ growth in ESS battery cell shipments. The company's ESS battery shipments have remained in the global top eight for multiple consecutive years, with a solid industry position. Production and Sales Boom: Orders Booked Through Q2 2026, Core Energy Storage Lines Operating at Full Capacity As early as the end of 2025, an executive of Great Power stated that the company's overall production and operations were showing positive trend, with all energy storage product lines maintaining full production and sales, and orders booked through Q2 2026. On the core energy storage product manufacturing side, the 314Ah large-scale ESS battery cell line as well as the 100Ah and 50Ah small-scale ESS battery cell lines all operated at full capacity. The company is steadily expanding capacity in line with market demand. Currently, the Phase II plant at the Quzhou base has been completed, with mass production of 587Ah large-capacity battery cells expected in 2026. Orders from domestic clients have already been secured, and ex-China demand is expected to be gradually released in 2027.

SMM News, May 21: Metals market: As of the midday close, most base metals on the domestic market rose. SHFE copper gained 1.33%, SHFE aluminum rose 0.33%, SHFE lead climbed 1.55%, SHFE zinc advanced 1.47%, and SHFE tin surged 3.21%. SHFE nickel fell 0.57%. In addition, the most-traded casting aluminum futures rose 0.39%, the most-traded alumina contract gained 0.37%, the most-traded lithium carbonate contract rose 1.18%, the most-traded silicon metal contract climbed 0.35%, and the most-traded polysilicon futures rose 0.37%. Ferrous metals mostly rose. Iron ore fell 0.5%, rebar edged up, hot-rolled coil gained 0.23%, and stainless steel rose 0.41%. Coking coal and coke: the most-traded coking coal contract rose 0.33%, and the most-traded coke contract was flat at 1,774.5 yuan/mt. Overseas base metals: as of 11:32, LME metals generally fell. LME copper dropped 0.15%, LME aluminum was flat at 3,629 yuan/mt, LME lead rose 0.71%, LME zinc fell 0.1%, LME tin declined 0.53%, and LME nickel dropped 0.92%. Precious metals: as of 11:32, COMEX gold rose 0.12% and COMEX silver fell 0.26%. Domestic precious metals: the most-traded SHFE gold contract gained 0.89% and the most-traded SHFE silver contract rose 1.85%. In addition, as of the midday close, the most-traded platinum futures rose 0.74% and the most-traded palladium futures gained 0.47%. As of the midday close, the most-traded Europe containerized freight index contract rose 7.66% to 2,957.5 points. As of 11:32 on May 21, midday futures quotes for selected contracts: Spot cargo and fundamentals Nickel: On May 21, SMM #1 refined nickel prices rose 1,550 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, down 250 yuan/mt from the previous trading day. Domestic mainstream brand electrodeposited nickel premiums ranged from -600 to 500 yuan/mt. Macro front China: [NDRC: To improve policy measures on fair competition, investment and financing, promotion of sci-tech innovation, and business regulation] Li Hui, Director of the Private Economy Development Bureau of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will better leverage its coordination function in promoting private economy development, organize and carry out specific measures outlined in the action plan for safeguarding the private economy through the rule of law, and strengthen the implementation of the Private Economy Promotion Law. The NDRC will improve supporting systems and refine policy measures on fair competition, investment and financing, promotion of sci-tech innovation, and business regulation. It will continue to work with relevant departments to publish typical cases to illustrate the law through cases, conduct assessments of policy implementation effectiveness, promote direct and swift access to enterprise-friendly policies, and guide enterprises in enhancing their governance capabilities. [China's Enterprise Credit Index Reached 162.41 in April This Year, Maintaining a Positive Trend] According to the State Administration for Market Regulation, China's Enterprise Credit Index stood at 162.41 in April this year, up 0.15 points from March, with enterprise credit levels maintaining a positive trend. In April, the top 5 industries by credit index ranking were finance, electricity/heat/gas and water production and supply, education, manufacturing, and water conservancy/environment and public facilities management. Compared with the previous month, the indices for information transmission/software and information technology services, finance, and health and social work showed relatively notable increases, achieving positive growth for three consecutive months, with credit development trends continuing to improve. (CCTV News) [Qiushi Commentary Article: How to Thoroughly Address "Involution-Style" Competition in Manufacturing] The article pointed out that thoroughly addressing "involution-style" competition requires institutional innovation to drive competition toward quality upgrading. Only when government behavior is regulated and market mechanisms are streamlined can enterprises shift from low-price disorderly competition to value-based competition. A unified national market should be built to break down market segmentation, policies hindering fair competition should be resolutely eliminated, outdated capacity should be phased out in an orderly manner in accordance with laws and regulations to prevent "bad money driving out good," and competitive enterprises should be allocated resources commensurate with their competitiveness. Performance assessment reform should be used to correct government behavior, shifting assessment focus toward "quality" indicators such as development quality, technological innovation, and industrial coordination, aligning local government incentives with high-quality development, and curbing the impulse for homogeneous investment attraction at the source. Evaluation mechanism reform should be used to rectify competitive behavior, reversing the "price-only" tendency, establishing comprehensive evaluation mechanisms centered on technology, quality, and service, making premium quality at premium prices a market consensus, and guiding resources toward enterprises with strong innovation capabilities and high product value-added. The PBOC conducted 100 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. Today, 500 million yuan of reverse repos matured. US Dollar: As of 11:32, the US dollar index rose 0.05% to 99.19. The US Fed meeting minutes showed that participants anticipated elevated energy prices would continue to exert upward pressure on headline inflation in the near term. Participants generally expected that the impact of tariffs on core goods inflation would gradually diminish over the course of this year. However, some participants noted that tariff rates could rise further above current levels, resulting in greater upward pressure on inflation. Several participants emphasized that, after inflation had remained above 2% for several consecutive years, elevated inflation could have a greater influence on wage- and price-setting decisions. Almost all participants noted that the conflict in the Middle East could persist for an extended period, or even if the conflict ended, oil and other commodity prices could remain elevated for longer than expectations. In such a scenario, participants anticipated that factors such as supply chain disruptions, elevated energy prices, or the pass-through of higher input costs to other prices would continue to push inflation higher. The vast majority of participants noted that the time required for inflation to return to the Committee's 2% target could be longer than they had previously expected, and that risks had increased. The US Fed meeting minutes showed that regarding the monetary policy outlook, participants generally believed that persistently elevated inflation and uncertainty about the duration and economic impact of the Middle East conflict could necessitate maintaining the current policy stance for longer than expectations. Some participants emphasized that it might be appropriate to lower the target range for the federal funds rate once clear signs emerged that the pullback trend in inflation had steadily resumed, or signs of greater softness in the labour market appeared. However, most participants noted that if inflation remained persistently above 2%, some tightening measures might be necessary. To address this scenario, many participants indicated that they would prefer to remove language from the post-meeting statement that implied the Committee's future rate decisions might lean toward easing. Participants noted that monetary policy was not predetermined and that future policy decisions would be made on a meeting-by-meeting basis. According to the CME "FedWatch" tool: the probability of the US Fed maintaining rates unchanged through June was 97.3%, with a cumulative probability of a 25-basis-point interest rate cut at 2.7%. The probability of the US Fed maintaining rates unchanged through July was 87.2%, with a cumulative probability of a 25-basis-point interest rate cut at 2.4%, and a cumulative probability of a 25-basis-point rate hike at 10.4%. (Jin Shi Data) On the data front: Data to be released today include US initial jobless claims for the week ending May 16, US April annualized housing starts, US April building permits, US May Philadelphia Fed Manufacturing Index, US May S&P Global Manufacturing PMI preliminary reading, US May S&P Global Services PMI preliminary reading, Eurozone May Manufacturing PMI preliminary reading, Eurozone March seasonally adjusted current account, Eurozone May Consumer Confidence Index preliminary reading, France May Manufacturing PMI preliminary reading, Germany May Manufacturing PMI preliminary reading, UK May Manufacturing PMI preliminary reading, UK May Services PMI preliminary reading, UK May CBI Industrial Orders balance, and Australia April seasonally adjusted unemployment rate. In addition, attention should also be paid to the following: Bank of England Governor Bailey delivered a speech, and China's refined oil products were set to enter a new round of price adjustment window. Crude oil: As of 11:32, oil prices in both markets rose, with WTI up 0.94% and Brent up 0.83%. Supply concerns driven by market worries over the uncertain prospects of a US-Iran peace deal continued to support oil prices. In addition, declining US crude oil inventory also lent support to oil prices. EIA report: Commercial crude oil inventory, excluding the Strategic Petroleum Reserve, fell by 7.863 million barrels to 445 million barrels, a decline of 1.74%. The weekly EIA crude oil inventory drawdown for the week ending May 15 was the largest since the week of February 13, 2026. A research report from CITIC Securities noted that global oil inventory was declining sharply, intensifying the risk of energy shortages. The US-Israel-Iran conflict disrupted passage through the Strait of Hormuz, causing global oil inventory to plummet at a record pace and heightening the risk of summer energy shortages. The market temporarily cushioned the pressure by relying on previously surplus inventory, exemptions from Russian oil sanctions, and strategic petroleum reserve releases by multiple countries, while high oil prices also triggered a contraction in global oil demand. International oil prices are currently fluctuating at elevated levels, US refined product prices have hit multi-year highs, oil supplies in multiple energy-importing regions in Asia are on the verge of shortages, dragging down regional economic growth. Oil prices may still have significant upside room, and accelerating the development of renewable energy has become a long-term measure for countries to guard against energy risks. Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC) of the UAE, said on the 20th that the UAE was building an east-west oil pipeline bypassing the Strait of Hormuz. The project was nearly 50% complete and is expected to be completed and operational by 2027. According to the UAE's Gulf News, Al Jaber said at an online event hosted by the US think tank Atlantic Council that a large volume of global energy transportation still relied on a few critical maritime chokepoints, and the UAE hoped to reduce its dependence on the Strait of Hormuz and enhance the security of energy exports through this project. (Xinhua) Goldman Sachs stated that as the Middle East war continued and supply remained constrained, global crude oil and refined product inventory was being depleted at a record pace this month. Goldman Sachs analysts noted in a report dated May 20 that since the beginning of May, visible inventory had been declining at a record rate of 8.7 million barrels per day, nearly double the average pace since the outbreak of the conflict. They stated, "The physical market continues to tighten, and oil exports through the Strait of Hormuz are estimated to remain at only 5% of normal levels." Goldman Sachs analysts noted that two-thirds of the inventory decline in May was driven by a reduction in so-called "oil on water," with exports falling more than imports. The import slump is now "spreading from Asia to Europe," they noted, with European jet fuel imports 60% below the 2025 average. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

According to the latest customs data, galvanized sheet exports in April 2026 totaled 1.1761 million mt, up 1.65% MoM and down 8.84% YoY. Cumulative galvanized sheet exports from January to April reached 4.4273 million mt, down 5.35% YoY cumulatively.

【SMM Analysis: Enterprises Actively Expanding Outside China Combined with Demand Boost Led to Significant MoM Increase in Copper Wire Rod Exports in April】Total exports of copper wire rod (HS codes 74081100 and 74081900) increased MoM in April, showing growth both YoY and MoM. The specific data are as follows: ...

[SMM Analysis] Regional price gaps stay high. Why have the high-price and low-price regions of sulfuric acid shifted?

【SMM Copper Cathode Rod News Flash】In April 2026, China's copper wire rod exports rose MoM, with the trade structure still dominated by processing trade with imported materials. The export market was highly concentrated in Southeast Asia and South Asia's India region, with Malaysia's exports firmly ranking first, surging 39.57% MoM. As geopolitical tensions gradually eased, demand from Saudi Arabia recovered rapidly, with exports rebounding 367.13% MoM, ranking second.