[CCL Customs Data] According to data from the General Administration of Customs, China's copper clad laminate (CCL) (HS code: 74102110) imports in March 2026 were 4,158.10 mt, up 10.97% YoY and up 47.41% MoM. From January to March 2026, China's cumulative CCL imports were 10,571.28 mt, up 7.86% YoY. China's CCL exports in March 2026 were 7,902.45 mt, down 5.92% YoY and up 17.43% MoM. From January to March 2026, China's cumulative CCL exports were 23,371.86 mt, up 10.94% YoY.

Driven by robust demand for AI, the price hikes in the PCB circuit board industry chain continue. According to reports, Japanese semiconductor material giant Resonac has raised the prices of CCL copper clad laminate and adhesive films by 30% starting from March 1. The industry expects that Resonac's price increase will be passed on to high-end manufacturing processes such as MLCC, HDI boards, IC substrates, and high-frequency high-speed PCBs. Moreover, the PCB sector may see a super catalyst – Nvidia's LPU inference chip. The market believes that with the implementation and rapid growth of AI applications, the market for specialized AI inference chips will expand rapidly, bringing about a significant impact on the PCB industry including increased volume and prices, process upgrades, material innovations, and higher concentration. This will enhance the value and importance of PCBs in AI chips, opening up new market size opportunities for the PCB industry.

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.

On May 21, North Copper stated on the investor interaction platform that the company has gold-related businesses. In 2024, the company sold 6,319 kg of gold, generating sales of 3.56 billion yuan, accounting for 14.77% of the total revenue. A small amount of gold is associated with the company's self-produced ore. The performance briefing announced by North Copper on May 20 revealed the following: 1. In the 2024 annual report, what is the progress of the company's major non-equity investment projects underway during the reporting period as of 2025? In particular, has there been an improvement in the returns from the high-performance rolled copper strip project with an annual production capacity of 50,000 mt and the 2 million m² rolled copper clad laminate (CCL) project for copper rolling and processing? North Copper responded: The company's comprehensive recovery project with an annual processing capacity of 1.5 million mt (optimized and changed from 800,000 mt) of copper concentrates has reached full production standards, except for the precious metals workshop. The Yuanzigou Tailings Pond Project at Tongkuangyu Mine has been completed and put into use. The high-performance rolled copper strip foil and CCL project is currently in the trial production stage. Product production is influenced by market development, and the capacity has not been fully released, with only partial production lines in operation. With improvements in production processes and the expansion of product market development, it will have a positive impact on the company's financial indicators. 2. Apart from gold, copper, and silver, does the company have products that deeply extract rare metals from other mineral contents, such as palladium, cobalt, and molybdenum? North Copper responded: The company's smelting comprehensive recovery products include valuable metals such as gold, silver, selenium, tellurium, platinum, palladium, and rhenium. 3. The 2024 profit distribution plan has been approved by the shareholders' meeting. When is the equity registration date? North Copper responded: The company's profit distribution plan will be implemented within two months after approval by the shareholders' meeting. The equity registration date for cash dividends has not yet been determined. Please stay tuned for company announcements. 4. Has the deep mining license for Tongkuangyu Mine been obtained? If not, what stage is it currently in? Has the mining license for the peripheral area of Hujiayu Mine been obtained? Will Zhongtiaoshan Group inject assets into the publicly listed firm in the future? North Copper responded: The on-site exploration work for deep prospecting below the 80-meter elevation at Tongkuangyu Mine has been completed, and the review of the resource reserve report is currently underway. The mining license for the peripheral area of Hujiayu Mine is in the process of being obtained. According to the relevant commitments made by Zhongtiaoshan Group, the controlling shareholder of the company, during the 2021 asset restructuring, within 24 months after Zhongtiaoshan Group obtains the mining license for the peripheral area of Hujiayu Copper Mine, it will transfer part or all of the equity of Hujiayu Mining Company and the corresponding mining license for the peripheral area of Hujiayu Copper Mine to the company through a non-public agreement transfer or a public listing transfer on a property rights trading institution. 5. Given the company's low valuation, does it have any share repurchase plans? North Copper responded: As a publicly listed firm controlled by local state-owned assets, the company attaches great importance to market value management. It will comprehensively utilize legal and compliant methods to continuously improve and strengthen market value management, carry out scientific, effective, and compliant market value management practices, further enhance its value creation and realization capabilities, continuously strengthen its market value management practices, and promote the company's high-quality development in accordance with the requirements of the "Regulatory Guidelines for Publicly Listed Firms No. 10 – Market Value Management." 6. The gold and copper smelting industries are currently facing intense competition, while environmental protection requirements are becoming increasingly stringent, leaving little room for profit. Does the company have plans to expand overseas or acquire new ore sources to increase its ore reserves and capacity? Additionally, apart from introducing new electronic copper foil products, does the company have any development and construction projects aimed at extending into more technologically advanced and higher value-added fields? North Copper responded: The company is strengthening the exploration, development, and reserve augmentation of copper ore resources, accelerating the exploration of deep-seated replacement resources at Tongkuangyu Mine. It is closely aligning with the national "New Round of Strategic Action for Mineral Exploration Breakthroughs," continuously promoting in-depth cooperation with scientific research institutions and exploration units, striving for policy support for domestic mine exploration and development, and achieving new breakthroughs in the exploration of copper ore resources surrounding its captive mines and within China. The company's copper deep-processing sector will expedite the trial production process, establish mid-to-high-end differentiated independent brands, seize market share with "specialized, refined, and unique" products, form core competitiveness with independent intellectual property rights, and embark on the path of becoming a customized supplier of personalized and differentiated copper foil and strip materials. North Copper disclosed its Q1 2025 report on April 30th. The company achieved a total operating revenue of 6.838 billion yuan, up 23.56% YoY; net profit attributable to shareholders of the publicly listed firm was 371 million yuan, up 57.29% YoY; net profit excluding non-recurring gains and losses was 365 million yuan, up 63.06% YoY; net cash flow generated from operating activities was 397 million yuan, down 8.57% YoY. During the reporting period, North Copper's basic earnings per share were 0.195 yuan, and the weighted average return on net assets was 5.77%. North Copper's 2024 annual report, previously released, showed that in 2024, the company achieved an operating revenue of 24.107 billion yuan, up 156.60% YoY; net profit attributable to shareholders of the publicly listed firm was 613 million yuan, down 1.37% YoY. In its 2024 annual report, North Copper introduced its main businesses: The company is primarily engaged in the mining, beneficiation, smelting, and rolling processing of copper metals. It owns one mine, Tongkuangyu Mine, with an annual ore processing capacity of 9 million mt, and two smelters with an annual copper concentrate processing capacity of 1.3 million mt. The company's business covers the main industry chain of copper operations, making it a non-ferrous metal enterprise with profound industry experience. The company's main products include copper cathode, gold ingots, silver ingots, copper alloy strips, and rolled copper foil, with by-products such as sulphuric acid, sponge gold, and sponge palladium. Among these, the annual production capacity is 320,000 mt for copper cathode, 1.22 million mt for sulphuric acid, 25,000 mt for copper alloy strips, and 5,000 mt for rolled copper foil. North Copper introduced the production volumes of its main products in 2024: 43,600 mt of copper in copper concentrates, 313,200 mt of copper cathode, 1.0308 million mt of sulphuric acid, 6.3 mt of gold ingots, and 57.96 mt of silver ingots. Regarding the production and operation plan for 2025, North Copper outlined the production targets for its main products in its 2024 annual report: The mine will process 9 million mt of ore, produce 42,000 mt of copper in copper concentrates, 300,000 mt of copper cathode, 880,000 mt of sulphuric acid, 6 mt of gold ingots, and 60 mt of silver ingots.

[SMM Analysis: April's Operating Rate of Copper Plate/Sheet and Strip Enterprises Falls Short of Expectations, Operating Rate to Pull Back in May] According to SMM, the operating rate of SMM copper plate/sheet and strip enterprises in April 2025 was 73.81%, up 4.67 percentage points MoM and 3.3 percentage points YoY, which was 0.66 percentage points lower than the expected operating rate. Among them, the operating rate of large enterprises was 74.8%, that of medium-sized enterprises was 75.52%, and that of small enterprises was 66.52%...

On April 24, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Copper-Based New Materials High-Quality Development Forum, hosted by SMM Information & Technology Co., Ltd., SMM Metal Trading Center, and Shandong Aisi Information Technology Co., Ltd., Yu Shaoxue, Senior Manager of SMM Industry Research, discussed the theme of "Global Copper Foil Industry Landscape and Market Outlook for 2025."

【SMM Copper Industry Conference | SMM: Global Lithium Battery Copper Foil Production Growth Rate to Slow Down, Surplus of Electronic Circuit Copper Foil to Narrow After 2027】SMM Senior Research Manager Yu Shaoxue analyzed: As the demand for driving range in new energy vehicles increases, the trend towards lightweighting is becoming more prominent, but the amount of copper foil per GWh will also significantly decrease. SMM predicts that after 2027, the global surplus of electronic circuit copper foil will noticeably slow down. The Chinese market is maintaining a stable recovery with strong policy support, while emerging markets such as Southeast Asia have significant growth potential.

On April 24, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo – Secondary Copper Industry Green Development Forum, Xie Houyuan, the procurement director of Shenzhen Londian Wason Technology Co., Ltd., shared her views on the topic of "Application of Secondary Copper by Copper Foil Enterprises."

[SMM Analysis: December 2024 Copper Foil Customs Details, Imports Increased Significantly While Exports Pulled Back Sharply] According to data from the General Administration of Customs, China's copper foil imports in December 2024 were approximately 8,294.30 mt, up 4.03% YoY and up 18.37% MoM; from January to December 2024, China's cumulative copper foil imports were approximately 91,128.77 mt, down 0.87% YoY...

Industry "chill and harsh", it is expected that the operating rate of the copper foil industry will hit a new low in February [SMM Analysis]. [SMM Analysis: Industry "chill and harsh", it is expected that the operating rate of the copper foil industry will hit a new low in February] According to SMM research, in January 2024, the operating rate of copper foil enterprises was 58.50%, a decrease of 10.48 percentage points compared with the previous month, and a sharp drop of 22.15 percentage points year-on-year. The operating rate of large enterprises was 60.43%, that of medium-sized enterprises was 50.81%, and that of small enterprises was 62.54%. Among them, the operating rate of electronic circuit copper foil was 65.96%, a decrease of 10.38 percentage points compared with the previous month; the operating rate of lithium battery copper foil was 54.33%, a decrease of 10.3 percentage points compared with the previous month.