On July 1, the stock price of Xingye Silver&Tin rose. As of the close on July 1, Xingye Silver&Tin gained 0.24% to 33.04 yuan per share. In terms of news: On June 30, Xingye Silver&Tin announced that its wholly-owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., through its subsidiary, Atlantic Tin Pte. Ltd., currently holds 3,180,525 shares (75% equity) of Atlas Tin SAS (hereinafter referred to as the “Target Company”), making it the controlling shareholder of the Target Company. To fully control the project resources and rights, maximize the release of value from the tin ore assets, and enhance core competitiveness and sustainable operations, the company intends to acquire, through a newly established subsidiary outside China (not yet established, subject to final registration of equity transfer), the aggregate 1,060,175 shares (the remaining 25% equity) of the Target Company held by Toyota Tsusho Corporation and Nittetsu Mining Co., Ltd. (collectively, the “Counterparties”). As the new overseas subsidiary has not yet been incorporated, the company and its wholly-owned subsidiary Xingye Gold (Hong Kong) will first sign a Share Purchase Agreement with the Counterparties, which stipulates that the acquisition will be completed by an entity designated by the acquirer. On June 30, 2026, the company and Xingye Gold (Hong Kong) completed the signing of the Share Purchase Agreement with the Counterparties. Upon completion of this transaction, the company will indirectly hold 100% equity of the Target Company through its subsidiaries, achieving full ownership. Details of the acquisition are as follows: 1. The company will designate a newly established overseas subsidiary (not yet established, subject to final registration of equity transfer) as the transferee to acquire 848,139 shares (20% equity) of the Target Company held by Toyota Tsusho Corporation for a consideration of $15,300,000, funded by its own funds or self-raised funds. 2. Xingye Gold (Hong Kong), a wholly-owned subsidiary, will designate a newly established overseas subsidiary (not yet established, subject to final registration) as the transferee to acquire 212,036 shares (5% equity) of the Target Company held by Nittetsu Mining Co., Ltd. for a consideration of $7,813,570, funded by its own funds or self-raised funds. These two transactions together will acquire a total of 1,060,175 shares, representing 25% equity of the Target Company, for an aggregate consideration of $23,113,570. The transaction is accompanied by the signing of a Termination and Release Agreement, which will fully terminate the original Shareholders' Agreement of the Target Company upon completion of the closing, clarifying the historical rights and obligations of all parties. Regarding the mining rights of the transaction target, Xingye Silver&Tin introduced that the Target Company holds the Achmmach tin mine project, with the following details: 1. Basic Information of Mining Rights 2. Achmmach Tin Ore Resources In May 2026, Beijing SRK Resource Technology Co., Ltd. prepared the “Morocco Achmmach Project Competent Person's Report” in accordance with the JORC Code. As of December 31, 2025, with an underground mining tin cut-off grade of 0.27%, the mineral resources of the Achmmach project are as follows: The acquisition of all remaining equity held by the Japanese shareholder aims to achieve full ownership of the target company, terminate the original shareholder agreement, streamline the governance structure and enhance decision-making efficiency, secure full control of project resource rights and interests, maximize the release of value from the tin ore assets, strengthen synergy between operations in and outside China, and align with the company's global resource deployment strategy. Xingye Silver&Tin also outlined the impact of this transaction on the company: the target company has been included in the consolidated financial statements, and this acquisition of minority equity will not have a material impact on the company's current-period profit. In the future, all net profit of the target company will be attributable to shareholders of the publicly listed firm, continuously enhancing earnings attributable to parent company shareholders. The company has ample liquidity reserves, and there is no obstacle to paying the transaction consideration, which will not have a material adverse impact on the liquidity of daily operating funds. Following full ownership, the company can coordinate and advance mine construction and operations, leverage its mining development and management experience, accelerate project implementation, solidify tin resource reserves, and have a positive effect on the company's long-term operating performance. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that secondary market stock prices are affected by multiple factors such as the macro environment, industry cycles, and market sentiment. The company attaches great importance to secondary market performance, will continue to strengthen investor relations management and market communication, actively carry out information dissemination and market capitalization management, and earnestly safeguard the legitimate rights and interests of all shareholders. On June 26, Xingye Silver&Tin stated on an interactive platform while responding to investor inquiries that, in accordance with the JORC Code, the Competent Person SRK uses only the current Measured and Indicated Mineral Resources as the basis for ore reserve conversion and production scheduling. However, in actual operations, through ongoing production drilling and exploration activities, the company may upgrade a portion of Inferred Mineral Resources and subsequently incorporate them into the actual mine mining and processing plan. Furthermore, the stope shapes generated by SRK using Deswik software through stope optimization may not align with the stope layout adopted in the company's daily production planning. Therefore, the company's future actual production schedule and operational performance may differ from the production schedule and related forecasts presented by SRK. On the performance front: Xingye Silver&Tin disclosed in its Q1 report that from January to March 2026, the company achieved operating revenue of RMB2,129.8691 million, up 85.32% YoY; net profit attributable to shareholders of the listed company was RMB1,337.6722 million, up 257.32% YoY. As of March 31, 2026, the company's total assets amounted to RMB19,688.8316 million, and net assets attributable to shareholders of the listed company were RMB10,825.4666 million. Operating Revenue Composition: For January to March 2026, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB1,410.1104 million (66.21%), ore-derived tin revenue was RMB234.0354 million (10.99%), ore-derived zinc revenue was RMB228.1249 million (10.71%), ore-derived lead revenue was RMB71.8509 million (3.37%), ore-derived antimony revenue was RMB53.1029 million (2.49%), ore-derived gold revenue was RMB51.0181 million (2.40%), ore-derived iron revenue was RMB44.1733 million (2.07%), ore-derived copper revenue was RMB35.6489 million (1.67%), and ore-derived indium revenue was RMB0.5241 million (0.02%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 77.19%. Xingye Silver&Tin's Q1 report announcement stated: operating profit for the current period increased 238.16% YoY, total profit increased 236.36% YoY, and net profit attributable to owners of the parent company increased 257.32% YoY. The main reasons: During the reporting period, the selling prices of the company's main mineral products such as silver and tin rose compared with the same period last year; Yubang Mining's capacity was gradually released, leading to significant YoY increases in ore-derived silver production and sales volume; and the disposal of a 60% stake in Shuangyuan Nonferrous generated investment income of RMB321 million. Xingye Silver&Tin's 2025 annual report shows that in 2025, the company achieved operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. Xingye Silver&Tin’s announcement shows: In 2025, the operating revenue of the company's main mineral products as a share of total operating revenue was as follows: ore-derived silver revenue was RMB2,175.7825 million (39.17%), ore-derived tin revenue was RMB1,649.6398 million (29.70%), ore-derived zinc revenue was RMB975.8673 million (17.57%), ore-derived lead revenue was RMB220.9450 million (3.98%), ore-derived iron revenue was RMB180.3799 million (3.25%), ore-derived copper revenue was RMB133.0043 million (2.39%), ore-derived antimony revenue was RMB100.3568 million (1.81%), ore-derived gold revenue was RMB82.3402 million (1.48%), and ore-derived bismuth revenue was RMB16.6744 million (0.30%). Among these, the combined operating revenue share of ore-derived tin and ore-derived silver reached 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report: The company is a large mining group principally engaged in the exploration, mining, and beneficiation of non-ferrous and precious metals. As of the disclosure date of this report, the company has over 20 subsidiaries, including 8 mining companies in operation: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. The Achmmach tin mine under Atlas Tin SAS, a subsidiary of Atlantic Tin, is in the construction phase; Tanghe Shidai Mining is in suspension, while Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is primarily engaged in equity investment management; Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate M&A, responsible for expanding into markets outside China and acquiring high-quality overseas mineral resources; Hainan International Trade and Tianjin International Trade are primarily engaged in non-ferrous metal ore product sales and some raw material procurement; Xingye Ruijin primarily undertakes process research, technology R&D, and upgrading in areas such as prospecting, mining and beneficiation, and comprehensive tailings recycling. Tibet Shannan Antimony Gold, Tibet Xinda Mining, and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% stake in Yubang Mining. According to statistics from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranks first in Asia and fifth globally. This acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. At the same time, using its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, the company intensified investments in mineral resources outside China and successfully acquired a 100% stake in Atlantic Tin, a key move in executing its "going global" strategy. Based on the large-scale tin mine classification standard in the "Classification Standard for Resource/Reserve Scale of Mineral Resources" (DZ/T 0400-2022), the Achmmach tin mine owned by Atlantic Tin is now equivalent to five large deposits. Through this consolidation of overseas tin ore resources, the company has further refined its international tin layout and reserved vital strategic resources for long-term development. The company's main performance is derived from its non-ferrous metal mining and beneficiation business. During the reporting period, revenue from this segment accounted for 99.64% of total 2025 operating revenue. The main factors influencing the operating performance of the mining and beneficiation segment include the production and sales volume of major products, market prices, and the costs of the non-ferrous and precious metal mining and beneficiation business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report: 2026 is the final year of the company's "Second Three-Year" Plan. The board will closely focus on the theme of high-quality development, fully implement established work objectives, continuously deepen the concept of "trust and collaboration," and make an all-out push toward the plan's concluding goals, with a focus on the following: 1. Uphold the bottom lines of safety and environmental protection, using the 2026 "Year of Implementing Safety Management" as a lever to fully enforce safety responsibilities, consolidate the achievements of the "Year of Collective Safety Calm," and enhance risk anticipation and process control to resolutely prevent all types of safety and environmental accidents, achieving safe, stable, and green-low carbon development. 2. Vigorously advance key project construction, strengthen whole-process management of project budgets, schedules, and quality, and coordinate the implementation of projects including the 2.97 million mt capacity upgrade and expansion at Yinman Mining, the 8.25 million mt capacity upgrade and expansion at Yubang Mining, the Morocco project, and the Budun Yingen Mining (trusteeship) project, ensuring they are completed and reach full production on schedule to release capacity benefits. 3. Continue to intensify exploration and resource increase efforts, balance the relationship between production operations and geological exploration, steadily advance exploration at existing mines and surrounding areas, accelerate resource-to-reserve conversion and upgrades, and continuously strengthen the resource foundation. 4. Deepen industrial synergy and resource integration, leverage the core regional advantages of Inner Mongolia, steadily expand overseas resource deployment; adhere to silver and tin as the main business direction, enriching and optimizing the resource portfolio. Solidly advance the subsequent acquisition and integration of Weiling Shares, actively track high-quality mineral project opportunities in and outside China, and enhance overall competitiveness through industrial synergy-driven M&A. 5. Further strengthen institutional enforcement and internal control management, ensure that all systems, processes, and control requirements are effectively implemented, and elevate the company's refined management level; reinforce enforcement capacity to guarantee that production plans, comprehensive budgets, and all work deployments are fully executed, and promote deep integration of corporate culture and operational management. 6. Push forward preparations for a Hong Kong listing at full speed, accelerate the establishment of dual capital market platforms in and outside China, enhance cross-border capital operation capabilities, provide stronger financial support for resource integration and strategy execution, and propel the company's high-quality sustainable development to a new level. A Guosen Securities research report dated April 24 showed: The company's production of major mineral species has steadily increased in recent years. In 2025, growth was driven by both higher silver prices and volumes, while the surge in tin prices offset the impact on production volume. Externally-driven M&A achieved notable results, lifting silver and tin resource reserves to a new level. In 2025, the company completed two major strategic acquisitions. 1) Acquisition of an 85% stake in Yubang Mining: The company acquired the 85% stake for RMB2.388 billion in January 2025. Yubang Mining is the largest single silver mine in Asia and the fifth largest globally. This acquisition increased the company's silver metal resources to 29,800 mt, significantly elevating its industry standing. 2) Acquisition of a 100% stake in Atlantic Tin: The company completed the acquisition in August 2025, gaining its Achmmach tin mine in Morocco. The mine holds tin metal resources of 213,300 mt, equivalent to five large tin deposits, boosting the company's total tin metal resources to 391,600 mt. Risk warnings: risks that the company's resource development progress falls short of expectations; risk of wild swings in metal prices.

[SMM Flash] On July 1, SHFE announced that, with immediate effect, it has approved the "JL" brand zinc ingots (spec: ZN99.995) produced by Nandan Jilang Indium Co., Ltd. for registered delivery. The registered capacity of the zinc ingots is 100,000 mt, at the standard price.

When asked, "The company extracts the following by-products during copper smelting: rhenium, germanium, indium, gallium, bismuth, selenium, tellurium, platinum, palladium, antimony, and cadmium. Is this true? And what was the annual production of each in tonnes in 2025? Please reply, thank you!" Tongling Nonferrous Metals responded on the investor interaction platform on June 29 that the company fully leverages its comprehensive resource utilization advantages, recovering associated platinum, palladium, rhenium, and other rare and scattered metals during the copper smelting process to enhance by-product profit contribution, and the overall production volume accounts for a relatively small share. The company's overall operating performance of the rare and scattered metals business in 2025 has been reflected in the annual report. Tongling Nonferrous Metals replied to investor questions on the investor interaction platform on June 29: (1) The company's main business includes copper ore mining and beneficiation, smelting, and copper processing, and it has competitive advantages in mineral resource reserves, copper smelting, and deep processing. It is one of the most comprehensive integrated copper producers in China, with horizontal expansion and vertical extension of its industry chain, giving it a competitive edge in industry chain integration. (2) As of now, the specific projects related to the industrial park mentioned above are still in the preliminary survey and proposal evaluation stage; no final decisions have been made, nor have internal reviews or relevant administrative approval procedures been carried out. There is a degree of uncertainty about project implementation. The company will strictly comply with information disclosure laws, regulations, and regulatory requirements, and will perform its information disclosure obligations in a timely manner when the projects achieve substantive progress and meet disclosure thresholds. All material matters of the company are subject to the formal announcements published on the designated information disclosure media. Investors are advised to invest rationally and be mindful of investment risks. (3) Regarding the client situation of Jinxin Copper Branch, please refer to the company's announcements on statutory information disclosure platforms. Tongling Nonferrous Metals stated on the investor interaction platform on June 29: The copper wire rod capacity of Jinxin Copper Branch is in the process of gradual release; subsequently, based on market demand and its existing capacity, it will effectively plan capacity to ensure efficient resource allocation. As of now, Jinxin Copper's orders are normal and all operations are proceeding in an orderly manner. For specific orders and shipment volumes, please refer to the company's announcements on the statutory information disclosure platform. In response to the questions: "1. What was the average selling price of the 6.21 million mt of sulphuric acid produced in 2025? And what were the sales volume and average selling price of sulphuric acid in the first five months of this year? 2. What is the specific reason for the asset impairment loss of 1.627 billion yuan in Q1 2026? With non-ferrous metal prices generally rising, is the company's earlier provision for inventory impairment hiding profits? After the inventory for which impairment has been provided is sold, will profit be restored by an equivalent amount? 3. The company holds 600 million shares of Tongguan Copper Foil. Based on today's closing price of 200 yuan, the equity position has an unrealized gain of 119 billion yuan. Does the company plan to sell at an opportune time to realize the investment gain?" Tongling Nonferrous Metals replied on the investor interaction platform on June 26: 1. Regarding sulphuric acid sales volume and average selling price: Sulphuric acid is a by-product of the company's smelting process, and its selling price is market-oriented, affected by multiple factors including regional supply-demand patterns and demand from downstream fertilizer and chemical industries. The company's overall operating performance of the sulphuric acid business in 2025 has been reflected in the annual report, and 2026 operating data should be referred to in subsequent periodic reports disclosed by the company. The company will continue to monitor the sulphuric acid market and dynamically optimize production and sales pace to maximize the operating profit of by-products. 2. For the reasons for the Q1 2026 asset impairment provision, please refer to the company's Announcement on Asset Impairment Provision (Announcement No.: 2026-024) disclosed on cninfo.com.cn on April 29, 2026. The company strictly follows accounting standards for enterprise accounting treatment, and there is no hiding of profits. According to accounting standards, when inventory for which a price decline provision has been made is subsequently sold, the corresponding inventory price decline provision is simultaneously written off, reducing the current period's operating costs, thereby positively restoring profit for the period. However, it is not an equivalent amount; the write-off amount is capped at the originally provided amount for that inventory and will not generate additional profit beyond the original provision. 3. Tongguan Copper Foil is a controlled subsidiary of the company, and the company holds 72.38% of its equity. Its financial data are fully consolidated into the company's consolidated financial statements. From an accounting perspective, fluctuations in the secondary market share price of a controlled subsidiary represent changes in market valuation only. In cases where equity is not disposed of, or is partially disposed of without losing control, it will not affect the net profit in the company's consolidated statements for the current period. As of now, the company has no plan to sell Tongguan Copper Foil shares opportunistically. If equity disposal is involved in the future, the company will strictly comply with state-owned asset supervision and securities regulatory requirements, fulfilling review procedures and information disclosure obligations. An investor asked on the investor interaction platform: Dear Board Secretary, regarding the Mirador Phase II (Mirador) Mining Contract Amendment (Adenda), its status was updated from "awaiting signature" to "signed/notification process" when a shareholder inquired on April 21, 2026. May I ask whether ECSA, controlled by the company, has now received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project? Tongling Nonferrous Metals stated on the investor interaction platform on May 21 that as of now, China Railway Construction Tongguan Investment Co., Ltd. (of which ECSA is the main operating entity for the Mirador copper mine) has not yet received formal notification of the signing of the mining contract for the Mirador Phase II copper mine project. Please refer to the company's announcements on the statutory information disclosure platform for updates. Tongling Nonferrous Metals released its Q1 report showing: The company achieved operating revenue of 64.67 billion yuan in Q1 2026, up 83.61% YoY; net profit attributable to shareholders of the listed company was 1.338 billion yuan, up 19.12% YoY; and net cash flow from operating activities was 6.632 billion yuan, up 473.09% YoY. Tongling Nonferrous Metals announced in its Q1 report matters concerning project delays at a controlled subsidiary: In recent years, Ecuador's political situation has been volatile with frequent personnel changes, and leadership changes at the competent ministry have led to personnel changes at the working level, greatly affecting policy continuity and administrative efficiency, thereby impacting the progress of signing the Mining Contract for the Mirador Phase II copper mine project. Since 2025, the company and ECSA have strengthened engagement with the relevant authorities of Ecuador's new government through multiple channels and at various levels. The latest round of preliminary negotiations for the Mining Contract for the Mirador Phase II copper mine project has been completed and submitted to the competent ministry for review. Given the significant differences in investment and operating environments between Ecuador and China, the volatile political situation, and the lack of stability in the legal environment, the specific timing for signing the Mining Contract for the Mirador Phase II project is still uncertain. As a result of the aforementioned factors, the formal commissioning of the Mirador Phase II project, once completed, can only commence after its Mining Contract is signed. For details, please refer to the company's Announcement on Subsidiary Project Delay disclosed on cninfo.com.cn on January 5, 2026. Tongling Nonferrous Metals disclosed in its 2025 annual report: In 2025, the company achieved total operating revenue of 172.825 billion yuan, up 18.68% YoY; net profit attributable to the parent company was 2.415 billion yuan, down 14.02% YoY. Tongling Nonferrous Metals announced: In 2025, the company overcame unfavourable factors such as tight copper concentrate supply and low TCs, and carried out in-depth activities to increase production and efficiency, and reduce costs and tap potential. In 2025, the company produced 197,700 mt of copper in self-produced copper concentrates, 1.9548 million mt of copper cathode, 400,700 mt of semi-finished copper products, 6.2185 million mt of sulphuric acid, 20.51 mt of gold, 579.55 mt of silver, 376,200 mt of iron ore concentrates, and 382,100 mt of sulphur concentrates, successfully achieving the annual production tasks. Regarding its main business activities, Tongling Nonferrous Metals stated in its 2025 annual report: The company is a large-scale integrated copper producer covering copper mining and beneficiation, smelting, processing, and trading, with main products including copper cathode, sulphuric acid, gold, silver, copper foil, and copper plate/sheet and strip. The company has deep technical accumulation, a leading industry position, and significant competitive advantages in copper mining and beneficiation, copper smelting, and copper foil processing. The 2026 operating plan disclosed by Tongling Nonferrous Metals in its 2025 annual report shows: 1. Core operating indicators In 2026, the company will strive to achieve various core product production targets, specifically: 227,600 mt of copper in self-produced copper concentrates, 2.108 million mt of copper cathode, 455,000 mt of semi-finished copper products, 22,000 kg of gold, 650 mt of silver, 7.07 million mt of sulphuric acid, 344,000 mt of iron ore concentrates (60%), and 308,000 mt of sulphur concentrates (35%), anchoring production and operational objectives with quantified indicators. A research report from Guosen Securities published on April 22 indicated that the company's copper smelting segment's profitability is industry-leading. In 2025, Jinlong Copper achieved a net profit of 800 million yuan; if simply converted by capacity, Jinguan Copper Branch's net profit was approximately 1.22 billion yuan. Excluding the newly commissioned Jinxin Branch, the three existing smelters had a combined annual net profit of 2.64 billion yuan. The decent profit of copper smelters including the company in 2025 can be attributed to factors such as raw material inventory cycles, high sulphuric acid prices, high copper smelting recovery rates, and high prices for by-product gold and silver. Compared with several other large copper smelters, whose main smelters had net profit margins mostly around 0.5%, Tongling Nonferrous Metals' main smelters all had net profit margins around 2%, significantly above the industry average. Mirador Phase II may come online in August. The company expects to produce 228,000 mt of copper concentrates in 2026. Based on past trends, domestic copper ore production is 50,000 mt per year, and Mirador Phase I production is 130,000 mt per year, so Mirador Phase II is scheduled to produce 50,000 mt in 2026, implying production start-up around August 2026. In 2025, China Railway Construction Tongguan Investment achieved a net profit of 1.93 billion yuan, and the Mirador project company reached a net profit of 3.79 billion yuan, demonstrating strong profitability. Mirador Phase II mining and beneficiation costs are only about 70% of Phase I. If Phase I costs are 28,000 yuan/mt, a rough calculation puts Phase II costs at 19,600 yuan/mt. If by-product gold and silver partially offset copper costs, Mirador Phase II costs could be negative. Risk warnings: risk of wild swings in copper prices, risk of copper concentrate TC declines.

On June 26, at the hosted by SMM Information & Technology Co., Ltd. (SMM) with title sponsorship from Guangxi Yusheng Germanium High-Tech Co., Ltd., Ou Haiguang, Chairman of Lianzhou Tuosheng New Energy Co., Ltd., Qingyuan, Guangdong, shared “The Development and Application of Selenium.” I. Global Selenium Market Overview The global selenium market exhibits a combination of steady overall growth and rapid structural upgrading. Global Selenium Market Characteristics The global selenium market presents the dual characteristic of “steady overall volume and structural upgrading.” Growth in traditional sectors is slowing, while high-value-added niche segments show strong potential. ► Overall Market: Moderate Growth It introduced the global selenium market size in 2025 and future compound annual growth rate, among other aspects. ► High-End Market: Rapid Expansion High-purity selenium used in electronics, semiconductors, and solid-state batteries is the core growth driver. The global high-purity selenium market reached $1.8 billion in 2023 and is expected to exceed $3.5 billion by 2030, with a strong CAGR of 10%. Selenium is a key material supporting the development of high-tech industries It is a fundamental material for developing new materials, new devices, and new consumer goods (pharmaceuticals, agriculture, food). Demand for selenium from military, new energy, and medical & health sectors is increasing daily. Ultra-high-purity rare and scattered metals have been designated as key national strategic emerging industries under the “Strategic Research on New Materials Powering the Nation by 2035” (2020). High-purity selenium was included by the National Development and Reform Commission (NDRC) in the “Catalogue for the Guidance of Key Products and Services in Strategic Emerging Industries” issued in Announcement No. 1 (2017). The EU identified selenium as a critical raw material for strategic low-carbon energy technologies (2020). Price Trend Review and Forecast First, it reviewed the selenium price trend in recent years. ► Future Trend Forecast, 2026-2027 The global economic slowdown is weighing on the profitability and operating rates of traditional selenium-consuming industries such as glass, ceramics, and pigments, causing prices of ordinary industrial-grade selenium products to continue falling under pressure. However, high-purity, customized high-end selenium products used in PV, electronics, and other sectors are seeing price support due to high technical barriers and scarce supply, with the market showing a clear divergence in price trends. ► Market Insight: Supply-Demand Pattern Driving Divergence As demand growth in traditional sectors such as PV glass slows, prices of basic products are heavily influenced by capacity. However, the technological barriers in high-value-added fields such as infrared, electronics, and solid-state batteries will support the price resilience of high-end selenium products, making them the core growth driver for future corporate profits. II. In-Depth Analysis of China’s Selenium Industry China is the global center for selenium production and supply, and its industry development trends have a decisive impact on the global market. Production and Supply: The World’s Core Producing Region China is the global center for selenium production and supply, accounting for nearly half of the world’s output, which continues to grow steadily. ► Production Scale and Growth: In 2025, China’s primary selenium production reached 2,030 mt (up 12% YoY), accounting for nearly half of the global total. The growth momentum came from the expansion of domestic copper smelters and their increased focus on the comprehensive recovery of rare and precious metals. ► Core Producing Region Distribution: Influenced by the layout of the copper smelting industry, China’s selenium is primarily produced in four provinces: Yunnan, Jiangxi, Anhui, and Hubei. The high degree of synergy between resources and the processing industry has formed a stable supply chain cluster. ► Industry Leader Landscape: Top-tier players such as Jiangxi Copper Corporation, Tongling Nonferrous Metals, Yunnan Copper, and China Daye Non-Ferrous Metals dominate production and are actively extending their reach into downstream deep processing, continuously refining their industry chain layout. ► Future Production Forecast: Production is expected to maintain an upward trend: it is projected to reach 2,165 mt in 2026 and further increase to 2,340 mt in 2027, continuously solidifying its core global supply position. Consumption Structure and Trends: Replacing Old Growth Drivers with New Ones ► Changes in China’s selenium consumption structure are a microcosm of global trends, with emerging applications rapidly on the rise. ● Metallurgy (32%): A traditional mainstay field, with relatively stable demand. ● Flat Glass (24%): Driven directly by the rapid development of the PV industry, maintaining solid growth. ● Agricultural and Livestock Health (21%): A beneficiary of the upgrade in health consumption, it has become an important growth point. ● Ceramics and Chemicals (13%): A traditional, low-end application affected by environmental protection policies and alternative technologies, with demand continuing to shrink. ★ Electronics, Infrared, and PV (8%): The fastest-growing segment and the core new momentum driving the industry’s long-term development. Trade Pattern: From Net Importer to Near-Balance China’s selenium trade pattern has undergone a historic transformation, gradually achieving self-sufficiency and control over its resource supply and demand. ► Historic Transformation: Reshaping the Supply-Demand Pattern In the past, as the world’s major selenium consumer, China was in a state of net imports for a long time. In recent years, thanks to the steady growth of domestic primary selenium smelting capacity and significant advances in recovery technologies for secondary resources like copper and selenium scrap, China’s reliance on selenium from outside China has dropped sharply, achieving a fundamental optimization of its trade structure. ► Key Milestone: 2025 Trade Data In 2025, China's selenium trade achieved a historic breakthrough: both imports and exports totaled 728 mt, remaining basically flat. This data marks China's successful shift away from a passive "resource-importing" model, achieving basic self-sufficiency in selenium supply and demonstrating strong risk resilience. ► Future Trend: Moving Toward Net Exporter Status Driven by both production growth and technological strengths, China is expected to continue expanding its selenium resource production scale and technology exports in the coming years. Leveraging its complete industry chain support and cost advantages, China is poised to gradually complete its transformation from a "net importer" to a "net exporter," further enhancing its discourse power in global selenium trade. ► Policy Support: Export Promotion, Brand Certification & Subsidies To support domestic superior resource products in international competition, the nation continues to implement industrial support policies. 1. High-purity selenium and selenium compound targets are included in the new materials export credit insurance support categories. 2. Key equipment imports for high-purity selenium compound synthesis and monocrystalline production are exempted from customs duties and import-stage VAT. This policy effectively strengthens the competitiveness of Chinese selenium products in the international market, providing strong policy support for the industry's "going global" strategy. III. High-Growth Track Analysis Amid broadly steady market growth, which sub-sectors are experiencing explosive expansion? This chapter focuses on three high-growth tracks: nano-selenium, high-purity selenium, and indium selenide. ► Track 1: Nano-Selenium Biomedicine and Healthy Agriculture — One of the fastest-growing sectors in the selenium industry Core Strengths: High bioavailability | Low toxicity It addresses the pain point of balancing effectiveness and safety in traditional selenium agents, offering dual value in nutrition and pharmaceuticals. Sharing also included market size forecasts, diverse application scenarios, and national policy support. ► Track 2: High-Purity Selenium (Semiconductors and PV) • Positioning as a critical basic material: High-purity selenium (purity ≥5N) is a strategic critical material underpinning the development of semiconductor chip manufacturing and PV solar cell industries, holding an irreplaceable position in the advanced manufacturing supply chain. Current Industry Status: Overall market demand is growing rapidly, but exhibits a significant "structural supply-demand mismatch," characterized by low-end overcapacity coexisting with a shortage of high-end products. • Market Demand and Structural Issues Demand Growth: China's total market demand is projected to maintain a 16.8% average annual compound growth rate from 2026 to 2030, indicating enormous potential. Polarization: Relatively surplus capacity in 5N low-end products; severe shortage of 6N and above high-end products, with import dependency reaching as high as 71%. • Technology Barriers and Localisation Substitution Opportunities Core Barriers: The preparation of 6N high-purity selenium involves complex processes, primarily relying on "zone melting" and "chemical vapor transport (CVT)" technologies, posing extremely high technical thresholds. Policy Driver: The National IC Fund has provided targeted capital injection to support breakthroughs, with a clear industrial goal of achieving over 60% localisation rate for high-end high-purity selenium by 2027. ► Track 3: Indium Selenide (Infrared Detection and Advanced Optoelectronics) • Material Overview Indium selenide (In₂Se₃) is a new-type layered semiconductor material with excellent optoelectronic properties. With its unique band structure, high carrier mobility, and good flexibility, it holds tremendous application potential in cutting-edge fields such as infrared detection, flexible optoelectronic devices, and new-type PV, making it a current hot topic in semiconductor material R&D. • Market Size Forecast Chinese market size in 2025: 382 million yuan; expected to reach 429 million yuan in 2026; up 12.3% YoY. • Competitive Landscape: Highly Concentrated Industry barriers are high, with a prominent head effect: the top three enterprises command approximately 68.3% market share. • Core Application Scenarios 01 Infrared focal plane detectors, widely used in security surveillance and industrial temperature measurement, represent the primary downstream demand. 02 Energy and new energy: Used as a buffer layer in CIGS (copper indium gallium selenide) thin-film solar cells, serving as an important raw material for the PV industry. 03 Flexible electronic devices: Leveraging advantages of layered structure, high-performance flexible displays and wearable device sensors can be developed. IV. Cutting-Edge Technologies and Future Trends Technological innovation is the fundamental driving force behind industrial development. Breakthroughs in Cutting-Edge Technologies: Antimony Selenide Sulfide Solar Cells Core Technical Advantages: The material combines excellent photoelectric conversion properties with outstanding chemical stability, featuring low production costs and strong process compatibility, thereby solving the trade-off between performance and stability in traditional PV materials. Industrial Application Prospects: Viewed as a highly promising next-generation PV technology direction, it not only broadens the selection of PV materials but also opens up a completely new path for high-value application of "selenium" resources in the new energy field. Industrial Development Trends 01. Technology-driven high value-addition | The core of industrial competition is shifting from resource acquisition to technological innovation, where technical barriers will become the fundamental foundation for enterprises to thrive. 2. Deep Localisation Substitution | Driven by national strategic support and market demand, the localisation process of key materials will continue to accelerate. 3. The "Materials-as-a-Service" Model Emerges | Upstream producers are no longer limited to mere product supply but are deeply integrated with downstream clients, providing customised solutions. 4. Green, Low-carbon, and Circular Economy | Stricter environmental protection policies are forcing industry upgrades, and green production processes and efficient resource recycling technologies will become increasingly important. 5. Strategic Recommendations Based on the above analysis, it provides some specific strategic recommendations for industry participants and investors. Whether enterprises or investors, in the current complex and volatile market environment, all need clear strategic guidance to seize opportunities and avoid risks. ► Recommendations for Enterprises 1. Focus on High-Growth Sectors: Decisively allocate resources toward high-value-added areas such as nano-selenium and 6N high-purity selenium, and avoid homogeneous competition with low profits. 2. Strengthen Technology R&D and Cooperation: Establish an independent R&D system to maintain core competitiveness, while actively engaging in industry-university-research cooperation with universities and research institutes. 3. Build Industry Chain Synergy: Extend toward upstream raw material sources to ensure stable supply, and expand toward downstream application ends to deeply integrate core clients, enhancing risk resistance capabilities. 4. Enhance Quality and Brand: Establish and strictly enforce a high-standard quality control system, cultivate a high-end, professional brand image, and compete with premium quality and pricing. ► Recommendations for Investors 1. Focus on Technologically Leading Enterprises: Prioritize investment in enterprises with independent intellectual property rights in core technologies to build competitive barriers. 2. Seek Enterprises with Strong Downstream Integration: Choose enterprises that have established long-term and stable cooperation with downstream key clients to ensure robust operational performance. 3. Allocate to Entire Industry Chain Enterprises: Focus on enterprises with a complete industry chain layout from mineral resources to end-use applications to enhance risk resistance capabilities. 4. Beware of Market Fluctuation Risks: Fully assess the impact of periodic selenium price fluctuations on enterprise costs and profits, and implement risk hedging. Furthermore, it also provides an introduction to Lianzhou Tuosheng New Energy Co., Ltd.

ASML (ASML.O) and the Netherlands Organisation for Applied Scientific Research (TNO) announced a collaboration to jointly develop and promote the industrialisation of photonic chips. The collaboration will focus on TNO's photonic chip pilot production line under construction at the High Tech Campus in Eindhoven, Netherlands. ASML will provide manufacturing technology support in phases, including DUV and I-Line lithography equipment. Upon commissioning of the project, the facility will have the capacity for mass production of indium phosphide (InP) photonic chips on a 6-inch wafer scale.

SMM, June 23 — According to market sources, Nandan County Jilang Indium Co., Ltd. plans to sell crude indium ingots on June 23, with an indium content of ≥99.00%, totalling approximately 1,000 kilograms, in accordance with the standard YS/T 1163-2016 Crude Indium. Delivery location: Nandan County Jilang Indium Co., Ltd. warehouse (Chehe Town Industrial Park, Nandan County, Hechi City). The seller will handle loading and weighing, with freight costs borne by the buyer. The bidding deadline is 16:00 on June 23, 2026; bids submitted after this time will be invalid.

SMM June 23 News: According to market sources, Nandan County Jilang Indium Co., Ltd. plans to sell externally approximately 1,000 kg of crude indium ingots today, June 23, with a grade of indium ≥99.00%, in accordance with the standard YS/T 1163-2016 "Crude Indium." Delivery location: the warehouse of Nandan County Jilang Indium Co., Ltd. (Chehe Town Industrial Park, Nandan County, Hechi City). The seller is responsible for loading and weighing, while the transportation cost is borne by the buyer. The bidding deadline is before 16:00 on June 23, 2026; bids submitted after this time will be invalid.

SMM, June 22 — According to market sources, Nandan County Jilang Indium Co., Ltd. plans to sell 200 wet tonnes of crude cadmium on June 22. The material specifications are approximately 16% moisture and 81% cadmium content. Delivery location: Nandan County Jilang Indium Co., Ltd. warehouse (Chehe Town Industrial Park, Nandan County, Hechi City). The seller will handle loading and weighing, with freight costs borne by the buyer. The bidding deadline is 15:00 on June 25, 2026; bids submitted after this time will be invalid.

SMM June 22 News: According to market sources, Nandan County Jilang Indium Co., Ltd. plans to sell 200 wmt of crude cadmium today (June 22). The material has a moisture content of approximately 16% and a cadmium content of approximately 81%. Delivery location: warehouse of Nandan County Jilang Indium Co., Ltd. (Chehe Town Industrial Park, Nandan County, Hechi City). The seller is responsible for loading and weighing, and the freight is borne by the buyer. The bidding deadline is before 15:00 on June 25, 2026, after which bids will be invalid.

In 2026, global competition for critical minerals is entering a white-hot stage, geopolitical maneuvering continues to deepen, and global industry and supply chains are undergoing accelerated restructuring. A new round of technological revolution centered on AI semiconductors, new energy, high-end manufacturing, and aerospace & aviation is propelling the minor metals industry into a historic period of development opportunity and profound transformation. Worldwide, the EU’s Critical Raw Materials Act and the US’s Inflation Reduction Act (IRA) continue to be implemented, Mineral Security Partnerships keep expanding, and the trend toward localization and regionalization of critical mineral supply chains is intensifying. The resource games, technical barriers, and trade rule reconfigurations surrounding strategic minor metals such as antimony, indium, gallium, germanium, bismuth, selenium, tellurium, and rhenium have become the core focus of global high-end manufacturing competition. As the world’s core supplier of minor metals, China holds a dominant position globally in the smelting and supply of many minor metal varieties. Against this backdrop, the 2026 SMM (14th) Minor Metals Industry Conference brings together upstream and downstream enterprises across the entire industry chain for antimony, indium, gallium, germanium, bismuth, selenium, tellurium, rhenium, and others, as well as research institutes, government agencies, financial and investment institutions, and trade service providers, to create a high-standard, full-chain, in-depth exchange and cooperation platform. The conference will deliver in-depth interpretation of global policy shifts, provide insights into supply-demand patterns and price trends, decode growth opportunities in end-use applications, and match government-enterprise resources with cross-border cooperation opportunities, helping enterprises accurately grasp industry trends, break through development bottlenecks, optimize supply chain layouts, and seize market opportunities, thereby jointly promoting the high-quality and sustainable development of China’s minor metals industry. Foshan Juchuang Automation Co., Ltd. will make a grand appearance at this conference. We will keep pace with the times, target our goals, forge ahead with determination, and march forward courageously! Click to register immediately. We are looking forward to meeting you at the conference. Foshan Juchuang Automation Co., Ltd. is a manufacturer specializing in soldering equipment. Our main products include solder melting furnaces, extrusion machines, rolling mills, wire drawing machines, winding machines, horizontal continuous casting machines, solder bar molds, and more. We are a professional manufacturer integrating design, production, and sales. Our company has strong technical capabilities, and our R&D team brings together senior and intermediate R&D engineers from various product areas, all from the machinery and non-standard equipment industries. “Dare to strive, strive to innovate” is the driving belief of the Juchuang team. Guided by the principle of “quality products, professional service”, we provide clients with high-quality, cost-effective, and durable products through high cost-performance, fast delivery times, and enthusiastic, attentive service, thereby earning unanimous praise from our clients. We will live up to our clients’ expectations and trust, diligently provide them with quality products and excellent after-sales service, and strive to become an outstanding supplier in the soldering equipment industry. Main Products Meeting Contact: Zhu Wei zhuwei@smm.cn