The scrap battery recycling industry has long faced two major price pain points: ▲ High Recycling Costs : The traditional process is cumbersome, leading to high recycling costs and severely compressing the profit margins of enterprises. ▲ Chaotic Pricing Mechanism : Informal channels disrupt the market through low-price competition, making it difficult for legitimate businesses to stand in price wars. How to Eliminate Price Barriers? How Can the Scrap Battery and Secondary Lead Industries Break Through? [This Time, We Will Make a Concession on Price!] GBRC 2025 SMM Battery Recycling and Circular Industry Conference , will be held on August 14-15, 2025 , in Ningbo, Zhejiang . Super Early Bird Price: Register before May 30th and enjoy a super early bird discount, saving 800 yuan! [At Previous Battery Recycling Conferences, These Companies Were All Present (Only Some Listed)!] (Among the previous attendees, 35% were Chairmen and General Managers ; 39% were Sales and Procurement Executives ) ▲Lead Battery Recycling Companies: Zhejiang Tianeng Environmental Technology Co., Ltd. Zhejiang Chilwee Bafang Recycling Industry Co., Ltd. Shanghai Xinyun Guixi Metal Recycling Co., Ltd. Anhui Hongyu Qian Environmental Technology Co., Ltd. Jiangmen Leen Renewable Resources Co., Ltd. Nantong Lishi Environmental Technology Co., Ltd. Chengdu Xupai Environmental Technology Co., Ltd. Suzhou Blue Port Environmental Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiangsu Kuaidian New Energy Technology Co., Ltd. ▲Secondary Lead Smelters: Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianeng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. ▲Power Battery Recycling Companies: GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Ganfeng Lithium Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Hao Peng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Materials Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lv Xun New Energy Technology (Foshan) Co., Ltd. ▲Battery Companies: Tianeng Battery Group Co., Ltd. Chilwee Group Leoch International Technology Co., Ltd. Guangzhou Great Power Energy & Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Ganfeng Lithium Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Company Limited Shenzhen Highpower Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. [Detailed Conference Agenda] [ Supply and Demand & Closed-Door Meetings | August 14] 08:00-10:00 Registration 10:00-12:00 Closed-Door Discussion on Secondary Lead, Closed-Door Seminar on Power Battery Recycling 10:00-12:00 Supply and Demand Exchange for the Battery Recycling Industry (Endless Business Opportunities) 12:00-13:30 Buffet Lunch [ Main Forum | August 14] 13:30-13:50 Opening Remarks of the Conference 13:50-14:20 Current Situation and Future Development Trends of the Battery Recycling Market Guest Speaker: Li Shilong, Chairman, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 14:20-14:50 Competition and Cooperation Between Lead-Acid Batteries and Lithium Batteries Under the "Dual Carbon" Goals Invited Company: Leoch International Technology Co., Ltd. 14:50-15:20 Market Prospects Analysis of the Dual Drive of "Old-for-New" Policy on Battery Consumption and Recycling Invited Company: Zhejiang Tianeng Resource Recycling Technology Co., Ltd. 15:20-15:50 Comparison of China's "Whitelist" System and Germany's Dual-Track System (GRS and PRO Systems) on Recycling Efficiency Invited Guest: Wang Qi, Chinese Academy of Environmental Sciences 15:50-16:20 The "Technological Watershed" in Lithium Battery Recycling: Commercial Competition Between Pyrometallurgy and Hydrometallurgy Invited Company: Guangdong Brunp Recycling Technology Co., Ltd. 16:20-16:50 Roundtable: Lead-Acid vs. Lithium: Full Life Cycle Tracking 1. Current Status of Lead-Acid and Lithium Battery Recycling Market 2. Impact of Trade-In Policy on the Battery Recycling Market Proposed Companies to Invite: Zhejiang Chilwee Bafang Recycling Industry Co., Ltd., Zhejiang Tianneng Resource Recycling Technology Co., Ltd., Jiangsu New Chunxing Resource Recycling Co., Ltd., Anhui Lukong Environmental Protection Co., Ltd., Tianqi Lithium Corporation, GEM Co., Ltd., Guangdong Brunp Recycling Technology Co., Ltd., Lvxun New Energy Industry (Guangdong) Co., Ltd. 16:50-17:20 Interpretation of the Impact of Increased China-US Tariffs on the Battery Import and Export Market Proposed Company to Invite: China Industrial Association of Power Sources [ Secondary Lead Forum| August 15, Morning] 09:00-09:25 Policies, Regulations, and Reverse Invoicing: A Policy Framework for Promoting the Development of the Circular Economy Proposed Guest Speaker: He Yi, Hazardous Waste Department, Solid Waste and Chemicals Management Technology Center, Ministry of Ecology and Environment 09:25-09:50 Breakthrough Strategies for Enterprises Amidst Overcapacity in the Secondary Lead Industry Proposed Company to Invite: China Nonferrous Metals Recycling Industry Association 09:50-10:15 Extraction Technologies for By-Products from Comprehensive Polymetallic Recycling and Smelting: Antimony, Bismuth, Tin, etc. Proposed Company to Invite: Central South University 10:15-10:35 Analysis of the Supply-Demand Pattern of Lead-Containing Scrap in the Next 3-5 Years Guest Speaker: Wang Meili, SMM Information & Technology Co., Ltd. 10:35-11:00 Interpretation of Policies and Market for Secondary Lead Going Global Proposed Guest Speaker: Chen Wenkai, President, Malaysia Non-Ferrous Metals General Chamber of Commerce 11:00-11:25 Current Status of the Waste Lead-Acid Battery Recycling Market: A Case Study of Yunnan, Guizhou, and Sichuan Regions Proposed Guest Speaker: Dong Chenglin, Chengdu Xinjuxin Environmental Protection Technology Co., Ltd. 11:25-11:50 2025-2026 Fundamentals and Price Analysis of Lead Ingot Consumption Guest Speaker: Xia Wenming, Senior Analyst, Lead and Zinc Industry Research Group, SMM Information & Technology Co., Ltd. 12:00-13:30 Buffet Lunch [ Power Battery Recycling Forum| August 15, Morning] 09:00-09:25 Global Analysis of the Power Battery Recycling and Reuse Market Proposed Company to Invite: Hydrometallurgy Branch, China National Resources Recycling Association 09:25-09:50 New Approaches to Building the Lithium Battery Recycling System from the "Guidelines for the Construction of a Recycling System for Lithium-Ion Batteries from Electric Bicycles" Proposed Guest Speaker: Zan Xiangming, Secretary General, Anhui Province New Energy Vehicle Power Battery Recycling Industry Alliance 09:50-10:15 Demand Analysis and Market Entry Strategies for Lithium Battery Recycling in Overseas Emerging Markets Proposed Guest Speaker: Zhou Jiang, Vice President, International Business Department, Contemporary Amperex Technology Co., Limited 10:15-10:35 Technological Breakthroughs and Applications of Targeted Leaching Strategies Based on Primary Cell Effects in Lithium Battery Recycling Proposed Guest Speaker: Li Jinhui, Professor, Tsinghua University 10:35-11:00 Practical Applications of Artificial Intelligence in Intelligent Sorting and Process Optimization for Lithium Battery Recycling Proposed Guest Speaker: Dou Dejing, Professor, Fudan University 11:00-11:25 Industry Dynamics and Trends Following the Implementation of Black Mass Import Policies Guest Speaker: Lin Ziya, Lithium Battery Recycling Industry Analyst, SMM Information & Technology Co., Ltd. 11:25-11:50 Roundtable: The New Ecosystem of Lithium Battery Recycling: How Can Automakers, Battery Manufacturers, and Recycling Enterprises Break Through in the Billion-Dollar Market? Proposed Invited Enterprises: BYD Auto Industry Co., Ltd., Contemporary Amperex Technology Co., Limited, Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Group Co., Ltd., Hefei Gotion High-tech Power Energy Co., Ltd. 12:00-13:30 Buffet Lunch

SMM 2025 Global Battery Technology Conference Conference Date August 21-22, 2025 In response to climate change, countries worldwide have set carbon neutrality targets to promote the transition of energy structures towards clean energy. The intermittency and volatility of renewable energy sources have imposed higher requirements on energy storage. As a key technology for energy storage, battery technology has become increasingly important. In recent years, new-type battery technologies such as lithium-ion batteries, solid-state batteries, and sodium-ion batteries have continuously emerged, with key indicators such as energy density, safety, and cycle life continuously improving, providing strong impetus for the development of fields such as electric vehicles (EVs), energy storage systems (ESS) power stations, and consumer electronics. The battery industry chain involves multiple links, including resources, materials, manufacturing, and applications, requiring the concerted efforts of experts from various countries and fields worldwide to jointly overcome technical challenges and promote the healthy development of the industry. Against this backdrop, SMM is organizing the inaugural 2025 SMM Global Battery Technology Conference , scheduled for August 21-22, 2025, to invite partners from various links of the battery industry chain, covering manufacturing enterprises of sodium-ion batteries, lithium batteries, solid-state batteries, and lead-acid batteries, aiming to "cover the entire battery industry chain"! The conference will focus on six key areas ▲ Discussion and exchange on cutting-edge battery technologies ▲ New battery equipment ▲ Latest progress in technology, materials, and equipment for solid-state batteries ▲ Analysis of sodium-ion battery application technologies and implementation prospects ▲ Sharing of research progress on lightweight, high-energy-density materials for batteries Conference Agenda Battery Equipment Forum 14:00-14:30 Innovation in Lead-Acid Battery Plate Manufacturing Equipment: Optimization of High-Speed Plating and Curing Processes Guest Speaker (pending): Lina Wang, President of Fengfan Battery Research Institute, Expert in Lead-Acid Battery Technology 14:30-15:00 Revolution in Lead-Acid Battery Formation Process Equipment: Intelligent Charging/Discharging and Energy Consumption Control Guest Speaker (pending): To be determined 15:00-15:30 Application of AI Vision Inspection in Lead-Acid Battery Production: Identification of Plate Defects and Leakage Guest Speaker (pending): Hua Zhou, Chief Technical Engineer of Haibao Battery, Expert in Intelligent Inspection Technology 15:30-16:00 Panoramic View of Differences in Lithium/Sodium/Solid-State Battery Equipment: From Material Handling to Packaging and Testing Guest Speaker (pending): Kai Wu, Chief Manufacturing Officer of CATL 16:00-16:30 Analysis of Compatibility between Sodium-Ion Battery and Lithium Battery Equipment: Retrofitting or Building New Production Lines? Guest speaker (pending): Yongsheng Hu, Founder of HiNa Battery and Pioneer in Sodium-ion Battery Industrialisation 16:30-17:00 Mass Production Equipment for High-Nickel/Silicon-Based Anode Batteries: Process Breakthroughs from Slurry Mixing and Coating to Pole Piece Rolling Guest speaker (pending): Shilin Huang, Co-founder of CATL and Senior Expert in Lithium Battery Equipment Main Forum 09:00-09:20 Latest Breakthroughs in High-Energy-Density Battery Materials: From Solid-State Electrolytes to Silicon-Based Anodes Guest speaker (pending): Minggao Ouyang, Academician of the Chinese Academy of Sciences 09:20-09:35 Commercialisation Pathways for Sodium-Ion Battery Materials: Balancing Cost and Performance Guest speaker (pending): Yongsheng Hu, Researcher at the Institute of Physics, Chinese Academy of Sciences and Leader in the Sodium-Ion Battery Field 09:35-10:10 Technological Evolution of ESS Batteries in the Context of New Power Systems Guest speaker: Xianghui Meng, Chairman of Aoguan Group 10:10-10:35 Preparation Technology and Applications of High-Capacity, High-Safety Aluminum-Based Lead-Carbon Long Duration Energy Storage (LDES) Batteries Guest speaker: Zhongcheng Guo, Professor at Kunming University of Science and Technology 10:35-11:00 New Electrolyte Systems: Breakthroughs from Liquid to Quasi-Solid-State 11:00-12:00 Roundtable Discussion: Exploring the Possibility of Standardising the Entire Lead-Acid Battery Industry 13:30-13:55 Global Competitive Landscape of Power Battery Materials: A Comparison of Technological Routes in China, Japan, South Korea, and Europe Guest speaker (pending): Yu Wang, Chairman of Farasis Energy and Senior Expert in the Battery Industry 13:55-14:20 New Processes in Lead-Acid Battery Manufacturing: Numerical Simulation and Its Implications Guest speaker: Lixu Lei, Professor at Southeast University 14:20-14:45 High-Power Lead-Carbon Battery Technology: Selection and Composite Processes of Capacitor Carbon Materials Guest speaker (pending): Zhiping Chen, Vice President of Narada Power Research Institute 14:45-15:10 Development and Industrial Application of Low-Cost Reed-Based Hard Carbon Anodes for Sodium-Ion Batteries Guest speaker: Lei Zhang, Associate Professor at Central South University 15:10-15:35 Upgrading of AGM Separator Materials: Composite Technology of Ultra-Fine Glass Fibers and Modified PE Guest speaker (pending): Shijun Yang, Technical Vice President of Leoch International 15:35-16:00 Breakthroughs in Lead-Carbon (Lead-Carbon) Batteries in the ESS Sector Representative Companies Huayu New Energy Technology Co., Ltd. Shandong Kangyang Power Co., Ltd. Breton Technology Co., Ltd. Leoch International Technology Co., Ltd. Tianneng Battery Group Co., Ltd. Chilwee Power Group Co., Ltd. Fengfan Co., Ltd. Chilwee Power Group Co., Ltd. Guangzhou Automobile Group Co., Ltd. Hebei Aoguan Power Co., Ltd. Changxing Nuoli Power Co., Ltd. Guizhou Hangsheng Lithium Energy Technology Co., Ltd. Camel Group Co., Ltd. Jujuang Power Group Co., Ltd. Hebei Jinli New Energy Technology Co., Ltd. Hengyang Ruida Power Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. Chery Jaguar Land Rover Automotive Co., Ltd. Jiangsu Haibao Battery Technology Co., Ltd. Wanxiang A123 Systems Co., Ltd. Shanghai Cairi Energy Technology Co., Ltd. Xupai Power Co., Ltd. Shenzhen Senior Technology Material Co., Ltd. Huawei Technologies Co., Ltd. Shuangdeng Group Contemporary Amperex Technology Co., Limited Shanghai Yuling New Energy Technology Co., Ltd. Jiangxi Jingjiu Power Technology Co., Ltd. SEVB Shenzhen Sanxing Feirong Machinery Co., Ltd. Shandong Sacred Sun Power Sources Co., Ltd. Beijing HyperStrong Technology Co., Ltd. Shenzhen Senior Technology Material Co., Ltd. Shandong Yineng Power Co., Ltd. Beijing Wanlong Jingyi Guidance Control Technology Co., Ltd. Shenzhen Topband Co., Ltd. Jiangsu Xiangying New Energy Technology Co., Ltd. Zhejiang Qingna Technology Co., Ltd. Xilong Scientific Co., Ltd. Jiangsu Zhongna Energy Technology Co., Ltd. Veken Technology Co., Ltd. Shanghai Xilong Chemical Co., Ltd. Shenzhen Jiana Energy Technology Co., Ltd. Jiangsu Highstar Battery Manufacturing Zhejiang Wynca Group Co., Ltd. Huzhou Yingna New Energy Materials Co., Ltd. Guangdong Nayi New Energy Technology Co., Ltd. Zhejiang Narada Power Source Co., Ltd. Chengdu BSG Technology Co., Ltd. Hangzhou Tianfeng Power Co., Ltd. China Changan Automobile Group Co., Ltd. Guangdong Rongna New Energy Technology Co., Ltd. Huzhou Chaona New Energy Technology Co., Ltd. Duozhu Technology (Wuhan) Co., Ltd. Shenzhen BTR Sodium New Energy Materials Technology Co., Ltd. Chengxin Lithium Group Co., Ltd. Shandong Lingyishi Advanced Materials Co., Ltd. Shenzhen Chengtun Group Co., Ltd. Hunan Lifepo4 New Energy Technology Co., Ltd. Suzhou Qingtao New Energy Technology Co., Ltd. Wuxi Paragonage New Energy Co., Ltd. Tianmu Lake Advanced Energy Storage Technology Research Institute Co., Ltd. East Group Co., Ltd. Tianneng Battery Group Co., Ltd. Beijing HiNa Battery Technology Co., Ltd. Wuhan Topmaterial Technology Co., Ltd.

Conference Background With the rapid development of global electric vehicles, batteries, as key energy storage devices, are gradually becoming an indispensable part of people's daily lives. However, the production and recycling of batteries have brought serious negative impacts on the environment, such as resource waste and pollution, which are becoming increasingly prominent. To address this challenge, governments, enterprises, and research institutions around the world are intensifying their efforts to promote battery recycling and circular utilization. Global Lead-Acid Battery Recycling Status: Lead-acid batteries have been widely used in fields such as automobiles and UPS, with a relatively high recycling rate. However, due to the harmful substances contained in lead-acid batteries, improper handling can cause serious harm to the environment and human health. Therefore, governments around the world have introduced policies to support the recycling and reuse of lead-acid batteries, while strengthening supervision and encouraging active participation from enterprises and the public. Global Lithium Battery Recycling Status: Compared to lead-acid batteries, the recycling rate of lithium batteries is relatively low, and due to the presence of rare metals and other resources, their value is higher. To promote the circular utilization of lithium batteries, policies on their recycling and reuse are gradually becoming stricter, and related industry chain enterprises are actively researching and developing new recycling technologies and processes to promote the sustainable development of lithium batteries. In this context, the international conference on battery recycling and circular utilization has emerged, aiming to promote global exchange and cooperation in battery recycling and reuse, drive innovation and development of related technologies, jointly address the environmental issues brought by repeated battery use, and contribute to the sustainable development of the clean energy industry. Conference Highlights 01 Supply and Demand Exchange and Cooperation The conference provided a platform for face-to-face networking, allowing enterprises to introduce their core products and main businesses on-site, promoting in-depth understanding among enterprises and the discovery of potential customers. 02 Discussion on Lead and Lithium Battery Recycling Markets To promote sustainable development and build a resource-saving society, strengthen the management and supervision of waste battery recycling, and promote the healthy development of the recycling market, the conference invited recycling industry associations and enterprises to interpret current battery recycling policies and market analysis. 03 Closed-Door Meetings Closed-door meeting on the progress of secondary refined lead delivery, closed-door seminar on power battery recycling 04 Interpretation of Tax Issues One year after the introduction of the reverse invoicing policy and the cancellation of local fiscal tax rebate policies in the battery recycling industry, industry professionals were invited to interpret the policies issued by various regions and provide feedback on the implementation of the recycling market. 05 Domestic and International Market Situation and Macro Analysis The conference invited industry experts to interpret the macro situation at home and abroad, discuss commonalities in the lead and lithium recycling markets, analyze the overseas market for lead ingots, and analyze the feasibility of recycling enterprises going global for investment. 06 Awards and Recognition Establishment of a high-quality recycler selection activity Conference Personnel Structure Previous Attendee List Lead Battery Recycling Enterprises Zhejiang Tianneng Environmental Protection Technology Co., Ltd. Zhejiang Chaowei Bafang Circular Industry Co., Ltd. Shanghai Xinyun Rare Metal Recycling Co., Ltd. Anhui Hongyuqian Environmental Protection Technology Co., Ltd. Jiangmen Leien Renewable Resources Co., Ltd. Nantong Lishi Environmental Protection Technology Co., Ltd. Chengdu Xupai Environmental Protection Technology Co., Ltd. Suzhou Langang Environmental Protection Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiang Kuai New Energy Technology Co., Ltd. Power Battery Recycling Enterprises GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Jiangxi Ganfeng Lithium Group Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Haopeng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Material Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt New Material Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lvxun New Energy Technology (Foshan) Co., Ltd. Secondary Lead Smelters Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianneng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold and Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Battery Enterprises Tianneng Battery Group Co., Ltd. Chaowei Group Leoch International Technology Ltd. Guangzhou Great Power Energy Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Shenzhen Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Jiangxi Ganfeng Lithium Group Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Co., Ltd. Shenzhen Haopeng Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. Conference Schedule Sponsorship Pricing Conference Contact Qi Lv 18361710903 lvqi@smm.cn

[Local State-Owned Enterprises "Take Over" PV Manufacturing!] In 2024, amid the PV industry’s winter downturn, a new wave of mergers and acquisitions has begun. During this period, local state-owned enterprises have been highly active. According to Polaris statistics, since 2024, seven listed PV manufacturing companies have already changed ownership to local state-owned capital. (Polaris Solar PV Network)