[SMM Brass Bar Bulletin] According to SMM, affected by price fluctuations, copper billet enterprises mostly adopted a strategy of restocking when prices were low on the raw material side to control procurement costs; downstream enterprises maintained a procurement pace of purchasing as needed, with relatively cautious sentiment toward picking up goods. As a major brass billet production hub in China, Ningbo saw enterprise production and shipment pace remain stable, with a moderate overall market trading atmosphere, though wait-and-see sentiment increased.

According to SMM data, the composite operating rate of copper bar enterprises in February was 22.78%, down 22.08 percentage points MoM and down 17.64 percentage points YoY.

Since the global consensus on green and low-carbon development was reached, the strategic position of the secondary metal industry has become increasingly prominent. With the accelerated advancement of industrialization, the demand for metal resources has continued to grow. As a green, environmentally friendly, and economically viable alternative resource, secondary metals have become a global focus. In recent years, Southeast Asia has emerged as a significant global hub for the collection, distribution, and processing of secondary resources. Meanwhile, with the deepening internationalization of industries such as new energy vehicles (NEVs), processing enterprises in the secondary copper, secondary aluminum, and battery industries, which are part of the material supply chain, have chosen to establish factories in Southeast Asian countries like Thailand to expand overseas resources and enhance global competitiveness. Thailand, as a key economy in Southeast Asia, boasts a relatively mature resource recycling system and a favorable geographical location, providing convenient conditions for regional collaboration and international trade in the secondary metal industry. It has now developed into a global industrial base for the recycling, sorting, and reprocessing of secondary metals such as secondary aluminum and secondary copper, annually exporting substantial amounts of secondary metal resources to China and other countries. Additionally, Thailand's manufacturing sector is thriving, with annual expansions in areas such as automotive manufacturing and electronics and electrical appliances, providing strong demand support for the secondary metal resource industry. From June 24-25, 2024, the 1st SMM Global Secondary Metal Industry Forum was held in Malaysia. The event brought together recycling associations, government officials, and renowned enterprises from various regions to discuss the current state and future development of the secondary metal industry. From 2024 to 2025, with the continuous updating of secondary metal policies and the rapid development of the industry, SMM Information & Technology Co., Ltd. plans to hold the 2025 SMM 2nd Global Secondary Metal Industry Chain Summit Forum in Thailand from June 12-13, 2025, to assist enterprises in navigating the changes in the secondary metal industry, comply with industry standardization requirements, and provide a platform for business exchanges. The summit aims to gather associations, leading enterprises, research institutions, industry experts, and policymakers from the global secondary metal sector to jointly explore new trends, technologies, and policies in the development of the secondary metal industry. It will establish an international platform for exchange, cooperation, resource sharing, and collaborative innovation, contributing to the construction and improvement of the global resource recycling system and the realization of a global green economic transition. At this year's conference, Shandong Xinze Copper Industry Co., Ltd. will make a grand appearance. Along with upstream and downstream colleagues in the secondary metal industry, they will engage in in-depth discussions on the pain points and challenges facing the industry, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality development in the industry. Click on the registration form to register for the conference immediately. The voice of low-carbon development resonates globally. See you in Bangkok! Founded in April 2010, it is located in the northern part of the Coal Chemical Industry Park in Shanxian Economic and Technological Development Zone, with a registered capital of 280 million yuan. In July 2024, Shandong Yuantong Industrial Development Group successfully acquired all the equity of Shandong Xinze Copper Industry Co., Ltd. through the Shandong Provincial Property Rights Exchange Center. Xinze Copper Industry's main business is the R&D, production, and sales of copper semis, the dismantling of used home appliances, electronic products, wires, and cables, and it has a self-operated export business. Its existing projects include a 200,000 mt/year recycled copper recycling project and an 110,000 mt/year low-oxygen copper rod (anode plate, copper busbar) project. Its main products include copper cathode, anode plates, oxygen-free copper rods, low-oxygen copper rods, copper busbars, etc. {{This part is a repetition of the previous English text, which should be omitted in the actual translation. However, for the sake of format consistency, it is presented here as follows:}} Established in April 2010, it is located in the northern part of the Coal Chemical Industry Park in Shanxian Economic and Technological Development Zone, with a registered capital of 280 million yuan. In July 2024, Shandong Yuantong Industrial Development Group successfully acquired all the equity of Shandong Xinze Copper Industry Co., Ltd. through the Shandong Provincial Property Rights Exchange Center. {{This part is a repetition of the previous English text, which should be omitted in the actual translation. However, for the sake of format consistency, it is presented here as follows:}} Xinze Copper Industry's main business is the R&D, production, and sales of copper products, the dismantling of used household appliances and electronic products as well as wires and cables, and it has self-operated import and export business. The current projects include a 200,000-ton annual production capacity of recycled copper recycling project and a 110,000-ton annual production capacity of low-oxygen copper rods (anode plates, copper bars) project. The main products include electrolytic copper, anode plates, oxygen-free copper rods, low-oxygen copper rods, copper bars, etc. Contact Information 0530-7036689 xinzetongye@126.com Northern Part of the Coal Chemical Industry Park, Shanxian Economic and Technological Development Zone Long press to scan the QR code and register immediately 2025 SMM (2nd) Global Recycled Metals Industry Summit

An investor asked on the investor interaction platform: As a leader in the domestic copper processing industry, what applications or products does the company currently have in the high-speed copper cable connection field? What are the future plans? Jintian Co., Ltd. responded on the investor interaction platform on May 20, The company has a solid customer base and technical reserves in the high-speed copper cable connection field. The company's high-conductivity precision copper busbar products have entered the supply chain system of industry leaders in high-speed cable adapter components, IGBT, and other fields. Meanwhile, the company is actively laying out high-speed connection copper cables, developing new-type high-conductivity, low-impedance copper wires to meet the demand for connection cables with next-generation 800G transmission rates. The company will closely monitor and follow the market demand in the high-speed copper cable connection field. For other specific related information, please continue to follow the periodic reports. When asked "Are the company's products used in drones and low-altitude aircraft?" Jintian Co., Ltd. responded on the investor interaction platform on May 20, The company's products are gradually achieving deeper application in scenarios such as the low-altitude economy, rail transit, and marine engineering equipment. Among them, the high-precision easy-to-cut copper billet developed by the company, with good cutting performance and smooth processing surfaces, has been applied to the bearing components of drones. The company will closely monitor and follow the market demand in the low-altitude flight field, further improve the product series, and enhance the competitive advantage of the products. For other specific related information, please continue to follow the periodic reports. Jintian Co., Ltd. announced on the evening of May 6 that in April 2025, the company repurchased a total of 5,932,400 shares through centralized bidding transactions, accounting for 0.40% of the company's current total share capital. Jintian Co., Ltd. stated on the investor interaction platform on April 22, The company's main products are copper and copper alloy materials, rare earth permanent magnet materials, The company always attaches importance to R&D innovation, focusing on the material needs of emerging cutting-edge technology fields, and has successfully developed a batch of high-end copper-based advanced materials with independent intellectual property rights, actively promoting and completing the technical reserves of graphene-copper composite materials, ceramic copper clad laminates (CCL), and other cutting-edge technologies. Meanwhile, the company has started the R&D and project reserve work of some alternative materials. For specific information, please continue to follow the periodic reports. Jintian Co., Ltd. previously disclosed the Q1 2025 report, showing that in Q1 this year, the company achieved a total operating revenue of 27.285 billion yuan, up 9.89% YoY; net profit attributable to the parent company was 151 million yuan, up 38.55% YoY. Regarding the reasons for the increase in net profit, Jintian Co., Ltd. stated: It is mainly due to the upgrade of the company's product customers and the continuous optimization of technical management. Jintian Co., Ltd. disclosed its 2024 annual report on April 15, showing that in 2024, the company achieved a total operating revenue of RMB 124.161 billion, up 12.36% YoY; net profit attributable to shareholders of the listed company was RMB 462 million, down 12.29% YoY; and net profit excluding non-recurring gains and losses was RMB 339 million, down 10.14% YoY. In its 2024 annual report, Jintian Co., Ltd. introduced that in 2024, the company maintained its strategic focus, fully promoted the construction of new capacity projects, actively explored domestic and overseas markets, continuously deepened customer cooperation and product applications in high-end industries and emerging fields, and solidly and effectively advanced various operational management tasks. During the reporting period, the company achieved a main business income of RMB 112.990 billion, up 11.75% YoY. In 2024, the total production of copper and copper alloy materials was 1.9162 million mt, and the total sales volume was 1.8144 million mt, with the leading scale advantage continuously consolidated. Jintian Co., Ltd. also announced its 2025 business plan in its 2024 annual report: In 2025, the company will focus on the requirements of high-quality development, guided by the strategic goal of becoming a "world-class copper products and advanced materials base," and formulate targeted segmented strategic goals based on changes in market demand and the company's actual situation. From an international perspective and with international concepts, the company will introduce advanced technologies, enhance organizational capabilities, comprehensively improve management levels in procurement, production, sales, etc., strive to build a modern industrial system, and steadily advance towards the company's strategic goals. Meanwhile, the company has long adhered to an international strategic layout, serving global customers, leveraging high-quality global resources, and promoting leadership in products, talents, management, and services to provide customers with professional solutions and services. The company will continue to adhere to scientific and technological innovation as the leading force, accelerate the realization of high-level self-reliance and self-improvement in science and technology, accelerate the development of new quality productive forces, open up new areas and tracks for development, cultivate new growth drivers, enhance new competitive advantages, continuously deepen its presence in the NEV and chip semiconductor industries, and consolidate its industry influence; rapidly expand into the AI heat dissipation industry, achieve large-scale mass production, and create growth engines; focus on the R&D of robot products to form future competitiveness; and continuously promote the innovation of the company's low-carbon recycled products to build a low-carbon core competitiveness. Guosen Securities' research report commenting on Jintian Co., Ltd. showed that the unit gross profit of copper products increased. In 2024, with the rebound of the copper processing industry from the bottom and the company's proactive adjustments to its product and customer structures, the gross profit of copper products improved. In 2024, the gross profit of copper busbars was RMB 551/mt, up RMB 80/mt YoY; the gross profit of other copper products was RMB 2,273/mt, up RMB 287/mt YoY. Since hitting bottom in 2022, the company's gross profit of copper products has rebounded for two consecutive years. Affected by market factors, the company's profitability from rare earth permanent magnet products declined. In 2,024, the unit gross profit of rare earth permanent magnet products was 21,000 yuan/mt, down 20,000 yuan/mt YoY, and significantly lower than the average of 70,000 yuan/mt since 2017. The company gradually reduced the proportion of low-margin products: in 2,024, the company's copper product sales reached 1.814 million mt, down 41,000 mt YoY. Among them, sales of low-margin copper bars and strips decreased by 60,000 mt, while sales of other copper products increased by 20,000 mt. In terms of rare earth permanent magnet business, with the commissioning of the 4,000-ton project in Baotou, the company's sales of rare earth permanent magnet materials reached 5,134 mt in 2,024, up 49% YoY. The profitability of magnetic wire products grew rapidly. In recent years, the company's flat magnetic wire business has grown rapidly, with a capacity of 60,000 mt for new energy flat magnetic wires. The subsidiary Jintian Electromagnetic Technology achieved a net profit of 22.18 million yuan in 2024H1 and 54.69 million yuan in 2024H2. Another magnetic wire producer, Jintian New Materials, achieved a net profit of 15.64 million yuan in 2024H1 and 37.01 million yuan in 2024H2. Investment suggestion: The company has rapidly expanded in the past few years, establishing a scale advantage. In the future, it will further improve its product and customer mix, and further deploy capacity in Southeast Asia, fully benefiting from the incremental demand for copper semis and rare earth permanent magnet materials in the new energy market. We maintain an "Outperform" rating. Risk warnings: Risks of volatile copper prices and intensified market competition.

Procurement Preview: 11,000KW Core Extraction Repair Project for the Main Motor of the Hot Rolling Finishing Mill at the Stainless Steel Branch of JISCO Group The Stainless Steel Branch of JISCO Group is issuing a procurement preview for the 11,000KW core extraction repair project for the main motor of the hot rolling finishing mill. Qualified suppliers are invited to participate in the registration. Details are as follows: I. Project Overview Project Name: Procurement Preview: 11,000KW Core Extraction Repair Project for the Main Motor of the Hot Rolling Finishing Mill at the Stainless Steel Branch of JISCO Group Procuring Entity: Stainless Steel Branch Delivery Location: Main Motor Room of the Hot Rolling Finishing Mill Area, Stainless Steel Branch Estimated Start Date of Supply/Construction: June 30, 2025 Estimated Completion Date of Supply/Construction: December 31, 2025 Procurement Content: Click to view the content II. Registration Qualification Requirements 1. The applicant must be an independent legal entity within the territory of the People's Republic of China. 2. The applicant must not be listed as a dishonest person subject to enforcement by the Supreme People's Court on the "Credit China" website or any credit information sharing platform at any level. 3. The applicant must provide proof of at least one project involving the repair of a motor with a capacity exceeding 8,000kW through core extraction, as well as proof of at least one project involving the welding of damping copper bars for the rotor of a cylindrical synchronous motor with a capacity exceeding 5,000kW. 4. This procurement is open to producers. III. Registration Method Suppliers must respond to this preview within the specified time frame by logging into the electronic tender and bid system ( https://eps.jiugangbid.com/ ). Unregistered suppliers must complete the registration process first, then click "I Want to Register" for the corresponding procurement preview and fill in the relevant information. IV. Registration Deadline 08:37 AM, May 14, 2025 V. Communication and Feedback 1. If applicants have any questions about this preview, they may inquire with the procurement contact person. Contact Person: Yu Suozai, Contact Number: 18219798751. 2. This project requires applicants to engage in technical exchanges with the procurer and sign a technical agreement. VI. Inquiries and Complaints For any inquiries or complaints regarding the procurement activities, please send the information to the email address of the Transaction Supervision Office of the JISCO Group Trading Center (jyjds@jiugang.com), or contact at 0937-6713939. Relevant Attachments 1. Tender Preview: Core Extraction Repair for the Main Motor of the Hot Rolling Finishing Mill (11,000kW).docx Download Stainless Steel Branch May 9, 2025 Click to view tender details: 》Procurement Preview: 11,000KW Core Extraction Repair Project for the Main Motor of the Hot Rolling Finishing Mill at the Stainless Steel Branch of JISCO Group

On April 23, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Main Forum, hosted by SMM Information & Technology Co., Ltd., Tong Qingping, Chief Scientist and PhD of China Nonferrous Metal Mining (Group) Co., Ltd., analyzed the current development status and high-quality development trends of China's copper processing industry.

【Live Broadcast of the Copper Industry Conference: Prospects for New-Type Power Systems, Copper Wire Rods, and Copper Billets, Latest Technology Sharing, and Discussion on Innovation in Copper Industry Production and Finance】 ►Development Trends of Copper-Based Materials for Winding Wires in the Motor and Transformer Industry ►Prospects for the Development of New-Type Power Systems by 2025 ►Reflections on the Development of China's Wire and Cable Industry ►Green Upgrading of the Electromagnetic Wire Industry in the Context of the New Energy Market ►Impact of the Current Status of the PV Industry on the PV Cable Market ►Building a Service Ecosystem for the Copper Industry to Address Industry Pain Points ►Market Analysis and Future Prospects for Copper Wire Rods in 2025 ►Supply-Demand Pattern and Development of Copper Billets in 2025

Due to frequent fluctuations in non-ferrous metal prices, the company has consistently adopted a strategy of matching purchases with sales, fully hedging, and avoiding open positions. The business operation model primarily leverages the advantages of our diverse business models and sensitive industry information to actively expand the customer base, seek supply and demand parties with price spreads, and earn price differences. The trading convention in the non-ferrous metal trade industry is cash on delivery, with payment methods including spot exchange, bank acceptance drafts, and letters of credit. For locked-in forward transactions, corresponding margin deposits are required. Due to cash transactions, bad debts are minimal, and with relatively transparent prices, the entire industry adopts a strategy of small profits but quick turnover, winning by volume. Changsha Weierbao New Materials Co., Ltd. (Booth C07) Changsha Weierbao New Materials Co., Ltd. is a leading manufacturer of cast, forged, and assembled wear parts. We have over 16 years of experience in researching and producing wear parts for clients in global mining and mineral processing, oil sands, steel, cement, power, aggregates, recycling, dredging, and sugar industries. The Weibo factory covers an area of 30,000 m² and has a complete 2,000 mt bimetal wear parts production line. Jiangxi Lianrong Copper Industry Co., Ltd. (Booth C08) Jiangxi Lianrong Copper Industry Co., Ltd. is a company engaged in the production and sales of non-ferrous metal materials and is a member of the Shanghai Non-Ferrous Metals Industry Association. Established in 2018, the company specializes in tin phosphor bronze, tin bronze, silicon bronze, tin brass, manganese white copper, tellurium bronze, copper-clad copper, copper-clad steel, etc., and customizes copper alloy products according to customer needs. Products can be gold-plated, silver-plated, or tin-plated (wires, flat wires, rods, pipes, busbars, plates, sleeves, profiles, castings, and continuous castings). The annual sales of copper alloys reach 500 million yuan, with stable customers. The company has developed both domestic and international markets, offers custom specifications, ensures timely delivery, guarantees quality, and provides sincere customer service! Jiangxi Xinyan Copper Industry Co., Ltd. (Booth C13) Jiangxi Xinyan Copper Industry Co., Ltd. is a manufacturing enterprise focused on non-ferrous metal rolling processing, metal material manufacturing, metal scrap and waste processing, and other copper precision processing. The company mainly engages in copper processing, copper products, non-ferrous metal material production, processing, and sales; renewable resource recycling; and self-operated and agency import and export of various goods and technologies. The company has independently developed and produced dozens of products such as various types of copper rods, copper wires, copper busbars, and copper bars, which are sold nationwide. Currently, the company's total annual capacity has reached 120,000 mt, with annual revenue exceeding 5 billion yuan. It has been awarded as one of China's top 20 high-quality copper wire suppliers; ranked 77th in the 2023 Jiangxi Top 100 Private Enterprises, 56th in the 2023 Jiangxi Top 100 Manufacturing Private Enterprises, and 14th in the 2023 Shangrao Top 100 Private Enterprises. The company possesses advanced domestic machinery and equipment, adopts advanced technologies, and uses processes such as open-hearth furnace, continuous casting and rolling, up-casting, and down-casting. The main raw material is scrap wires and cables, producing standardized copper rods, copper wires, copper busbars, and copper bars. This process significantly reduces product costs and improves metal resource utilization. The entire production line is fully automated, requiring fewer operators, greatly saving labor and raw material costs, making the company's products highly competitive in the market. The products are widely used in wires, cables, electrical appliances, switchgear, vacuum switches, new energy vehicles, various circuit breakers, and electronic components, with extensive applications and significant market demand. With the development of the company, we will continuously update and upgrade our products, further expand our development space, and add new products such as copper pipes, copper plates, and copper foils based on the existing product line. We aim to establish China's top copper brand and realize the dream of standing at the height of the global economy. The company has been successively recognized as a National High-Tech Enterprise, a Green Design Product Enterprise by the MIIT, a Specialized and Sophisticated SME in Jiangsu Province, a Green Factory in Jiangsu Province, a Five-Star Cloud Enterprise in Jiangsu Province, a Demonstration Intelligent Workshop in Jiangsu Province, a Demonstration Intelligent Workshop in Suzhou City, a Corporate Technology Center in Suzhou City, an Engineering Technology Research Center in Suzhou City, an Industrial Design Center in Suzhou City, and a Quality Award in Suzhou City. Anhui Tuomeiwei Copper Industry Group Co., Ltd. (Booth C33) was established in March 2022 with a registered capital of 200 million yuan, located in the Circular Economy Industrial Park, Liufu Town, Fengyang County, Chuzhou City, Anhui Province. It is a key investment attraction enterprise in Fengyang County and a key enterprise in the secondary non-ferrous metals industry in Chuzhou City. The main products include secondary copper, non-ferrous metal rolling, copper busbars, copper plate/sheet and strip, copper foil, copper rod, copper billet, copper wire, PV wire, NEV components, communication components, welding and cutting components, wires, and cables. According to the industry chain layout, the group has established five subsidiaries: Anhui Tuomeiwei Cable Technology Co., Ltd., Anhui Tuomeiwei Welding and Cutting Technology Co., Ltd., Anhui Tuomeiwei Aluminum Alloy New Materials Co., Ltd., Anhui Shengyuan Xinxiang New Materials Co., Ltd., and Anhui Longtai New Materials Co., Ltd. The group currently has the first and second phases of the secondary copper, welding and cutting equipment, and copper products production projects, which have all been put into production. Based on the completion of the first and second phases, the group plans to expand and extend the related industry chain and construct the third phase of the "Secondary Copper and Aluminum and Precision Processing Entire Industry Chain" project. The first and second phases cover an area of 155 mu with a total investment of 1 billion yuan, of which the first phase covers 90 mu and utilizes 52,000 m² of standardized factory buildings, and the second phase covers 65 mu and utilizes approximately 30,000 m² of standardized factory buildings. The main construction includes 18 secondary copper product production lines, 8 welding gun assembly production lines, and the purchase of more than 600 sets of equipment such as CNC turning and milling composite machines, Swiss-type lathes, machining centers, cold heading machines, injection molding machines, hydraulic drawing machines, and continuous extrusion machines. The project has reached full production and can produce 200,000 mt of copper products and 15 million welding and cutting components and precision parts annually. The third phase of the "Secondary Copper and Aluminum and Precision Processing Entire Industry Chain" project covers an area of 342 mu with a total construction area of 153,500 m², including 6 standardized factory buildings, auxiliary research buildings, office buildings, duty rooms, and supporting facilities. It will construct copper and aluminum process workshops, open-hearth furnace workshops, copper foil stamping and precision processing product workshops, continuous casting and rolling production lines, environmental protection dust removal, and detection equipment. The project started construction in March 2024 and is expected to achieve initial production in Q1 2025. Shanghai Ronghang Information Technology Co., Ltd. (Booth C34) was established in 2010 and is a professional information technology enterprise providing financial derivative software R&D for financial institutions and individual investors. Currently, the company has obtained the nationally recognized "High-Tech Enterprise" and "Double Soft Enterprise" qualification certificates and is a member of the China Futures Association and the Shanghai Futures Industry Association. The company was listed on the New Third Board in 2015 with the stock code: 834361. As a high-quality information technology provider in the era of big asset management, Ronghang Information, with its rich industry experience and technical reserves, has long provided efficient information solutions and system services to exchanges, funds, securities, futures, industries, and private investment companies, and has created convenient and high-quality wealth management tools for individual investors.Langduo Technology has more than 30 professional engineers certified by the original equipment manufacturers, providing services such as remote technical support, professional skill training, and on-site debugging and calibration. Langduo Technology consistently adheres to the core corporate values of "Achieving Customer Success, People-Oriented, Professional Efficiency, and Innovative Win-Win." While continuously driving industry development and pursuing technological innovation, the company has also established strong cooperative relationships with leading clients across various industries. It has deeply engaged in numerous sectors and fields, including mechanical manufacturing, metal processing, non-ferrous metallurgy, petroleum and chemical, energy and power, resource recycling, geology and mining, and cultural heritage and archaeology. Leveraging a team of professional technical engineers, Langduo Technology combines high-grade products, innovative technologies, and high-quality services to provide systematic solutions for tens of thousands of domestic and overseas users, creating value for national industrial development. (Conference Contact: Mr. Bao 13159338158 / Ms. Zhao 15610174932)

[Why has the operating rate of refined copper bars declined as expected, and why has market wait-and-see sentiment risen?] This week, SMM surveyed the production and sales of major domestic large and medium-sized copper bar enterprises. On the whole, the operating rate of enterprises was 79.32%, down 2.40 percentage points from the previous month, and 1.54 percentage points lower than expected. (Surveyed enterprises: 21, production capacity: 7.83 million tons). The details are as follows...

According to copper bar enterprises and traders, customs inspections have been stricter recently, and the quality of recycled brass raw materials in Europe is lower than that in the Americas, resulting in a large number of goods being returned from Europe. Since the recycled brass raw materials in the Americas are already in short supply, and the supply in Europe has declined, the prices of recycled brass raw materials in the Americas remain firm.