Conference Name: AIAC 2026 SMM (15th) Aluminum Industry Annual Conference Conference Date: October 12-13, 2026 Conference Venue: Guiyang, China Conference Theme: Long-term Contracts · Trade · Market Trends Organizer: SMM Information & Technology Co., Ltd. In 2026, the global aluminum industry is at a critical juncture of profound transformation and strategic transition. As the world's largest aluminum producer (accounting for approximately 60% of global aluminum production), China's industrial dynamics profoundly influence the global market landscape. The industry currently faces multiple challenges and opportunities, including global resource allocation and import dependence, the supply-demand pattern of alumina and aluminum, long-term contract trading models and risk management, and responses to geopolitical tensions and trade barriers. Against this backdrop, China's aluminum industry urgently needs to achieve breakthroughs through technological innovation, enhance efficiency and set benchmarks through management upgrades, and ultimately realize a strategic leap from "scale advantage" to "quality advantage," advancing steadily on the path of high-quality development. Thisis scheduled to be held in Guiyang on October 12-13, 2026. Organized by SMM Information & Technology Co., Ltd., the conference will focus on global bauxite allocation strategies, innovation in long-term contract pricing models, optimization of price forecasting models, application of risk hedging tools, energy transition pathways, and technological innovation directions, aiming to help enterprises seize opportunities for high-quality development of the aluminum industry under the "dual carbon" goals and achieve sustained industrial growth. Conference Value | Conference Value This conference focuses on upstream resource security, long-term contract trade, market insights and price forecasting, risk hedging, energy transition, and technological innovation sharing, with particular emphasis on global bauxite allocation, the supply-demand balance of alumina and aluminum, and long-term contract pricing models. It aims to help enterprises grasp market trends, optimize resource allocation, address trade challenges, and promote the healthy development of the aluminum industry. Attendees | Attendees This conference will invite representatives from premium enterprises across the aluminum industry chain (bauxite, alumina, aluminum, aluminum processing), traders, end-users, government leaders, trade associations, authoritative experts, industry research institutions, financial institutions, and other industry representatives. The conference is expected to attract over 500 attendees. Past Conference Guests Company Name Company Representative Name Name Job Title Job Title Main Products Main Products Shandong Aluminium Industry Association SHANDONG ALUMINIUM INDUSTRY ASSOCIATION Wen Xianjun Former Vice President of China Nonferrous Metals Industry Association (CNIA), Honorary President of Shandong Aluminium Industry Association China Aluminum International Trading Group Co., Ltd. China Aluminum International Trading Group Co., Ltd. Li Guangfei Deputy Secretary of the Party Committee, General Manager Aluminum, alumina, bauxite SPIC Aluminum International Trading Co., Ltd. State Power Investment Corporation Aluminum International Trading Co., Ltd. Liu Renjian General Manager Bauxite, alumina, aluminum and related products Gansu Dongxing Aluminium Co., Ltd. Gansu Dongxing Aluminium Co., Ltd. Li Jipeng General Manager Aluminum, aluminum billet, aluminum coil, aluminum rod Shandong Hongtuo Industrial Co., Ltd. Shandong Hongtuo Industrial Co., Ltd Jiang Zhen Sales General Manager Alumina, aluminum Henan Zhongfu Industrial Co., Ltd. Henan Zhongfu Industrial Co., Ltd. Qian Yu General Manager Aluminum, aluminum plate/sheet, strip and foil Henan Shenhuo International Trading Co., Ltd. HENAN SHENHUO INTERNATIONAL TRADING CO., LTD. Zhang Linhai General Manager Aluminum Yidian Holdings Group International Trade Co., Ltd. Yidian Holdings Group International Trade Co., Ltd Meng Tao General Manager Aluminum Yidian Holdings Group International Trade Co., Ltd. Yidian Holdings Group International Trade Co., Ltd Fan Weiguo Deputy General Manager Aluminum Ningbo Kaiton International Trade Co., Ltd. Ningbo Kaiton International Trade Co. Ltd. Wu Chuanghui General Manager Aluminum, copper cathode Shanxi Zhaofeng Tiancheng Aluminum Co., Ltd. Shanxi Zhaofeng Tiancheng Aluminum Co., Ltd. Wu Xiaojun Chairman Aluminum plate/sheet and strip Jiangxi Bestoo Energy Co., Ltd. Jiangxi Bestoo Energy Co., ltd. Zhao Yonghua Vice President Aluminum Shaanxi Nonferrous Yulin New Materials Group Co., Ltd. Shaanxi Nonferrous Yulin New Materials Group Co., Ltd. Gao Wenjie Deputy General Manager Aluminum Shandong Nanshan Aluminum Co.,Ltd. Shandong Nanshan Aluminum Co.,Ltd. Li Wenchao General Manager Shanghai Russia Xibo Economic and Trade Co., Ltd. Shanghai Russia Xibo Economic and TradeCo..Ltd Deng Gang President of China Marketing Primary Aluminum Luoyang Xiangjiang Wanji Aluminium Co., Ltd. LUOYANG XIANGJIANG WANJI ALUMINIUM Wang Wenjie General Manager Alumina Shandong Aluminium Industry Association Shandong Aluminium Industry Association He Faping President and Secretary General Shandong Aluminium Industry Association Shandong Aluminium Industry Association Li Zhenlei Director of Industry Information Department Henan Provincial Nonferrous Metals Association Henan Provincel Nonferrous Metals Association Li Ruxi Vice President Shanghai Aluminum Trade Association SHANGHAI ALUMINUM TRADE ASSOCIATION Liu Lilin Secretary General Association Shanghai Aluminum Trade Association SHANGHAI ALUMINUM TRADE ASSOCIATION Shen Yue Deputy Secretary General Association Huolinguole City Aluminum Industry Association Huolinguole City Aluminum Industry Association Gao Jinzhi President, Deputy Director of Huolinguole Municipal People's Congress Standing Committee Huolinguole Regional Economic Cooperation Financial Services Center Huolinguole Regional EconomicCooperation Financial Services Center Wang Kaifei Director Wenshan Prefecture Aluminum Industry Association Wenshan Prefecture Aluminum IndustryAssociation TBD Association * Only a partial list of attending guests is shown. To obtain the complete directory of the 2025 Aluminum Industry Annual Conference, please contact our customer service. Manager Chu (Miya) 13642049827 chuzhaolan@smm.cn Note: After submitting your information, we will contact you regarding your actual registration progress within 1-3 business days! Conference Content | Agenda This year's conference is planned to consist of two full-day main sessions | a processing and trade matchmaking session | a cross-border arbitrage training session | a public competitive bidding procurement session for bulk raw materials by a multinational aluminum giant (the specific company name is not disclosed for now) | an aluminum industry annual gala dinner | and a field trip to local leading aluminum enterprises. The first-day main session focused on upstream changes in the aluminum industry, energy reshaping and zero-carbon technologies, providing insights into the new course of China's aluminum industry under global supply chain restructuring. The second-day core highlights revolved around strategic opportunities arising from the global aluminum supply gap, with a focus on NEV lightweighting, battery foil and other growth segments, while driving aluminum semis toward high-end breakthroughs through digital transformation. Pending. Content Summary | Abstract I. Geopolitical Black Swans and Energy Crisis: Contraction of Aluminum Supply Outside China and Restructuring of Global Trade Flows II. Shifts in the Global Bauxite Supply Chain: Guinea's Policies, Geopolitical Risks and China's Resource Security III. Inert Anode Technology: The "Zero-Carbon Revolution" in the Aluminum Industry and Industrialisation Timetable IV. Middle East Black Swans and China's Opportunities: Aluminum Semis Export Strategy Amid the Global Aluminum Supply Gap V. Reshaping Energy Costs in the Aluminum Industry: From "Securing Supply" to "Reducing Costs" VI. As Electricity Market Reform Deepens, How Much Room Remains for Low-Cost Power in the Aluminum Industry? VII. Lightweighting Applications of Aluminum Alloys Across All NEV Scenarios VIII. Growth Segments for Aluminum Plate/Sheet, Strip and Foil: Demand Explosion in Battery Foil, Energy Storage and Packaging Materials IX. AI Large Models Empowering Aluminum: From Intelligent Electrolysis Cells to Full-Process Digital Factories X. Implementation of Guinea's New Policies: How to Balance Long-Term Contract Supply Security and Localisation Considerations ······ Past Industry Leaders: Wen Xianjun, Former Vice President of China Nonferrous Metals Industry Association (CNIA) and Honorary President of Shandong Aluminium Industry Association; Mamadou Cherif LY, General Manager of AISC Group; Wito Krisnahad, President of PT Kalimantan Aluminum Company; Ousmane Kaba, Director of Guinea's National Ministry of Mines and Geology; Bachir Diallo, Deputy Director of Guinea's Mining Infrastructure Development Bureau; Dong Chunming, General Manager of Sunlight Metal/ASI Consultant; Wang Lijiao, Deputy General Manager of Henan Mingtai Aluminum Co., Ltd.; Liu Xiaolei, Big Data Director of SMM Information & Technology Co., Ltd.··· *Only a partial list of guest speakers is shown. This year's conference is expected to feature 37+ presentation reports. If you have any questions about the specific arrangements and core content of the conference, please contact us. Contact: Chu Zhaolan Tel: 13642049827 (same number on WeChat) Email: chuzhaolan@smm.cn Conference Official Website Note: After submitting your information, we will contact you regarding your actual registration progress within 1-3 business days!

[First of Its Kind in China! Large-Scale Lithium-Sodium Hybrid Energy Storage Station Put into Operation] On May 25, the Baochi Energy Storage Station of China Southern Power Grid, a national pilot demonstration project for new-type energy storage, was put into operation in Wenshan Prefecture, Yunnan Province. This is the first large-scale lithium-sodium hybrid energy storage station in China, achieving the "one-station application" of multiple new-type grid-forming energy storage technologies. While ensuring the stable integration of new energy into the power grid, it also promotes the diversified development of new-type energy storage technologies in China.

[China's First Large-Scale Lithium-Sodium Hybrid Energy Storage Station Put into Operation] On May 25, the official account of CSG ESS announced that China's first large-scale lithium-sodium hybrid energy storage station, the Baochi Energy Storage Station of China Southern Power Grid, was officially put into operation in Qiubei County, Wenshan Zhuang and Miao Autonomous Prefecture. The Baochi Energy Storage Station is a national pilot demonstration project for new-type energy storage and one of the first batch of pilot demonstration projects for centralized and shared new-type energy storage in Yunnan Province. With an installed capacity of 200 MW/400 megawatt hours, the station can regulate 580 million kWh of electricity annually based on a two-charge and two-discharge cycle per day, equivalent to the annual electricity consumption of nearly 270,000 households, with green electricity accounting for up to 98%. The project, invested and constructed by CSG Energy Storage Co., Ltd., commenced in October 2024. After undergoing grid connection and power transmission, as well as full-capacity grid-connected operation, it completed detection tests and was officially put into operation in May.

SMM May 19 News: Yunnan Aluminum Co., Ltd. recently released its Q1 2025 performance report. According to the announcement, the company achieved a total revenue of 14.411 billion yuan in Q1, up 26.89% YoY. The net profit attributable to shareholders of the publicly listed firm was 974 million yuan, down 16.26% YoY. Regarding the reasons for the company's revenue growth, Yunnan Aluminum stated that it was mainly due to the increase in sales volume and selling prices of aluminum commodities during the reporting period. Meanwhile, the operating costs increased by 33.38% YoY due to the rise in raw material prices and sales volume of aluminum commodities during the reporting period. From the perspective of futures prices, the main SHFE aluminum contract generally fluctuated upward in Q1. As of the close on March 31, 2025, the main SHFE aluminum contract closed at 20,480 yuan/mt, with a quarterly increase of 3.49%. In terms of spot prices, according to SMM spot quotes, the SMMA00 aluminum spot quotes also generally showed an upward trend in Q1. As of March 31, the average spot price of SMMA00 aluminum was reported at 20,560 yuan/mt, up 790 yuan/mt from 19,770 yuan/mt at the end of 2024, representing an increase of approximately 4%. 》Click to view SMM aluminum product spot quotes In late January, coinciding with the Chinese New Year holiday, the unexpected destocking of aluminum ingot inventory in the first two weeks drove aluminum prices to continue to climb, reaching a high of 20,550 yuan/mt during the session on January 20, a new high since December 2024. However, as downstream enterprises took holidays near the end of the year, weakening consumption exerted downward pressure on aluminum prices, which fluctuated downward under pressure. Nevertheless, aluminum prices generally showed an upward trend in January. In February, coinciding with the Chinese New Year holiday, aluminum ingot inventory buildup was slightly higher than the same period in history. However, as downstream enterprises gradually resumed production after the holiday, aluminum prices maintained highs in February despite being in the off-season. By March, the aluminum market entered the traditional peak consumption season, with downstream demand gradually recovering. Coupled with the installation rush stimulated by the new PV policies in the past 1-2 months, aluminum consumption increased, and social inventory showed a destocking trend. Meanwhile, downstream demand also continued to rebound, driving aluminum prices to hold up well in early March. However, in late March, due to poor macro sentiment overseas, funds exited for risk aversion, leading to a decline in the futures market. Nevertheless, from a quarterly perspective, aluminum prices still performed well in Q1. Turning to the current aluminum prices, according to SMM, the recent aluminum market has received support from improved macro environments both domestically and overseas, but bullish and bearish factors are intertwined. On the supply side, domestic aluminum capacity is approaching the ceiling, and the insufficient recovery of hydropower in Yunnan has exacerbated regional supply tightness, limiting the increase in aluminum ingot output. On the cost side, a sudden notice of production suspension was issued for mining areas in Guinea where mining licenses were revoked late last Friday, sparking market concerns about the supply of bauxite raw materials, which may push up alumina costs. However, the specific impact remains to be evaluated. The demand side is under dual pressures from domestic seasonal weakness and trade uncertainties, making significant growth in the short term unlikely. Inventories of aluminum ingots have fallen to a low level compared to the same period last year, and tight spot liquidity is supporting aluminum prices. Overall, favorable macro conditions provide a floor for aluminum prices, and low inventories further strengthen price resilience. However, off-season pressure on the demand side limits upside room. In the short term, attention should be paid to the performance of domestic and overseas demand, as well as the supply situation of bauxite. As of May 19, the spot quote for SMM A00 aluminum remained at 20,220-20,240 yuan/mt, with an average price of 20,230 yuan/mt. Yunnan Aluminum has also been striving to improve the self-sufficiency rate of bauxite. Previously, the company stated that it is enhancing the self-sufficiency rate through the following methods: First, based on current exploration results, bauxite in Yunnan Province is mainly concentrated in areas such as Wenshan and Zhaotong, and the company will increase its efforts in bauxite development in Yunnan Province. Second, focusing on countries in Southeast Asia such as Laos, Indonesia, Vietnam, and Cambodia, the company will accelerate the acquisition of exploration rights for bauxite resources in surrounding areas and resource exploration. Third, the company will expedite the processing of existing exploration-to-mining permits, ensure resource continuity, and safeguard the amount of ore available for mining. Public information shows that during the reporting period, Yunnan Aluminum was mainly engaged in the mining of bauxite, production and sales of alumina, green aluminum, aluminum processing, and carbon materials for aluminum production. Its main products include alumina, prebaked anodes for aluminum production, graphitised cathodes, aluminum ingots for remelting, refined aluminum ingots for remelting, round and flat casting ingots of wrought aluminum and aluminum alloys, cast aluminum alloy ingots, round aluminum rods for electrical purposes, aluminum and aluminum alloy welding materials, etc. Meanwhile, the company actively expands its circular economy businesses, including comprehensive utilization of secondary aluminum, solid waste resources from aluminum production, and aluminum ash. It is worth mentioning that according to the company's 2024 performance report, the company achieved a total revenue of 54.45 billion yuan in 2024, up 27.61% YoY, hitting a record high since its listing. The net profit attributable to shareholders of the publicly listed firm was 4.412 billion yuan, up 11.52% YoY. The company mentioned in its annual report data that it currently has a production capacity of 1.4 million mt of alumina, 3.05 million mt of green aluminum, 1.6 million mt of aluminum alloys and aluminum processing products, and 820,000 mt of carbon products. Throughout 2024, the company actively sought to increase its electricity load, seized opportunities, and achieved rapid production resumptions in aluminum production. It promoted standardized production to enhance operational quality, achieving full coverage of standardized processes across the production lines of aluminum, alumina, and carbon products. The company achieved increased production and efficiency for its main products, producing 1.4088 million mt of alumina, 2.9383 million mt of primary aluminum, up 22.45% YoY, 805,800 mt of carbon products, up 2.85% YoY, and 1.2541 million mt of aluminum alloys and aluminum processing products, up 1.75% YoY. Yunnan Aluminum Co., Ltd. was also asked about the impact of new technologies on the future of the aluminum industry. In response, Yunnan Aluminum Co., Ltd. stated that in recent years, the aluminum smelting technology has developed rapidly, with significant breakthroughs in carbon-free anodes, inert anodes, high-end alloy rail transit, high-purity aluminum, 3C electronics, circular economy, and other areas. The impact on the future of the aluminum industry is mainly reflected in energy conservation and carbon reduction, energy efficiency improvement, cost reduction, industrial upgrading promotion, and green development facilitation. When mentioning the highlights of the company's future performance improvement, Yunnan Aluminum Co., Ltd. indicated that in the future, the company will continue to leverage its comprehensive competitive advantages in the green and low-carbon entire industry chain, continuously optimize the value chain of the green aluminum industry, and further enhance the brand influence and market value of "Green Aluminum • At Yunnan Aluminum". It will strive to build a "benchmark for first-class green aluminum enterprises", reward investors with sound operating performance, and gradually increase the dividend payout ratio as the company's operating performance improves.

【CSG ESS Plans to Invest in and Construct the Yunnan Xichou Pumped Storage Power Station】 On April 28, CSG ESS announced that it plans to invest 8.035 billion yuan in the construction of the Yunnan Xichou Pumped Storage Power Station. This power station is a key project planned by the National Energy Administration for implementation during the "14th Five-Year Plan" period in Yunnan Province. It is located in Xichou County, Wenshan Prefecture, Yunnan Province, with a planned installed capacity of 1.2 million kW. The project is expected to be fully completed and put into operation in the early stage of the "16th Five-Year Plan" period.

Polaris ESS Network learned that recently, the EPC tenders for two shared ESS projects in Yunnan were opened, with a total scale of 350MW/700MWh and an average quoted price of approximately 0.758 yuan/Wh. Among them, Yunnan Institute of China Energy Engineering Group won the EPC bid for the 150MW/300MWh ESS power station of China Energy Investment Corporation in Binglie, Wenshan City, at a price of 0.7627 yuan/Wh, while Shanghai Institute of PowerChina won the EPC bid for the 200MW/400MWh shared ESS project of Shenzhen Energy Group in Jinghong, at a price of 0.7505 yuan/Wh.

The Q1 2025 report released by Yunnan Tin Co., Ltd. showed that in Q1 2025, the company achieved an operating revenue of RMB 9.729 billion, up 15.82% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 499 million, up 53.08% YoY; and a net cash flow from operating activities of RMB 640 million, down 40.14% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.803 billion, up 0.44% from the end of the previous year, and the net assets attributable to shareholders of publicly listed firms reached RMB 20.921 billion, up 0.35% from the end of the previous year. The Q1 2025 report of Yunnan Tin Co., Ltd. indicated that during the reporting period, the market prices of the company's main metal products, including tin, copper, and zinc, increased YoY. The company seized market opportunities, fully released its production capacity, and continuously improved the synergy between mining, beneficiation, and smelting, leading to a significant YoY increase in operating performance. In Q1 2025, the total production of non-ferrous metals reached 82,200 mt, including 24,200 mt of tin, 24,400 mt of copper, 33,300 mt of zinc, and 30 mt of rare and precious metal indium ingots. Yunnan Tin Co., Ltd. also disclosed the following significant events involving the company and its subsidiaries in its Q1 2025 report: 1) In January 2025, the tin branch of Yunnan Tin Co., Ltd. was awarded the title of National Green Factory; Wenshan Zinc & Indium's primary indium (indium ingots) was included in the list of the fifth batch of manufacturing single-product champion enterprises in Yunnan Province; 2) In February 2025, two projects, namely the "Green Recovery Process and Equipment for Multi-Metal in Tin Smelting" by the tin branch of Yunnan Tin Co., Ltd. and the "Key Technologies for Efficient Recovery of Indium Associated with Complex Zinc Concentrates and Their Industrial Application" by Wenshan Zinc & Indium Smelting Co., Ltd., won the first prize of the China Nonferrous Metals Industry Science and Technology Award; 3) In April 2025, the company held a 2024 annual report performance briefing via live video streaming; on April 10, the company received a "Letter on Proposing the Implementation of Share Repurchase by Yunnan Tin Co., Ltd." from its shareholder, Yunnan Tin Group (Holding) Co., Ltd. (hereinafter referred to as "Yunnan Tin Holding Company"). Yunnan Tin Holding Company proposed that the company repurchase some of its issued RMB ordinary shares (A shares) through the trading system of the Shenzhen Stock Exchange via centralized bidding transactions using its own or self-raised funds, with a total repurchase amount of no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive) to reduce the company's registered capital. Currently, relevant matters are being orderly advanced. On April 25, Yunnan Tin Co., Ltd. stated in response to investor inquiries on an interactive platform that the repurchase-related matters are being orderly advanced. The 2024 annual report recently released by Yunnan Tin Co., Ltd. showed that in 2024, under the strong leadership of the company's Party committee and board of directors, and closely centered around the overall task of "strengthening breakthroughs, deepening reforms, expanding markets, and stabilizing operations," the company actively overcame challenges from a complex and volatile operating environment, including intensified price fluctuations of non-ferrous metals, tight raw material supply, and continuously declining processing fees. It proactively controlled its operating pace, seized market opportunities, and achieved steady improvement in operating quality and efficiency. In 2024, the company produced a total of 361,000 mt of non-ferrous metals, including 84,800 mt of tin, 130,300 mt of copper, 144,000 mt of zinc, and 1,848 mt of lead. It also produced rare and precious metals: 127 mt of indium ingots, 1,229 kg of gold, and 145 mt of silver. During the reporting period, the company achieved an operating revenue of RMB 41.973 billion, down 0.91% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 1.444 billion, up 2.55% YoY; and a net profit attributable to shareholders of publicly listed firms excluding non-recurring gains and losses of RMB 1.943 billion, up 40.48% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.643 billion, down 1.13% from the beginning of the year; the net assets attributable to shareholders of publicly listed firms reached RMB 20.848 billion, up 17.19% from the beginning of the year. The 2024 annual report of Yunnan Tin Co., Ltd. showed that the company's main businesses include the exploration, mining, beneficiation, and smelting of metal ores such as tin, zinc, copper, and indium. Regarding the company's mineral resource reserves as of the end of the reporting period, Yunnan Tin Co., Ltd. introduced that as of December 31, 2024, the company's retained resource reserves were as follows: ore reserves of 258 million mt, tin metal reserves of 626,200 mt, copper metal reserves of 1.1499 million mt, zinc metal reserves of 3.661 million mt, indium reserves of 4,821 mt, tungsten trioxide reserves of 77,800 mt, lead metal reserves of 96,300 mt, and silver reserves of 2,460 mt. In addition, Yunnan Tin Co., Ltd. also introduced the company's mineral resource exploration activities during the reporting period: In 2024, the company's subsidiary mining units invested a total of RMB 101 million in exploration expenditures. A total of 52,400 mt of non-ferrous metal resources were newly discovered throughout the year (as reviewed and confirmed by a third-party expert team), including 17,600 mt of tin and 34,800 mt of copper. The specific situation is as follows: In its 2024 annual report, Yunnan Tin Co., Ltd. discussed its main work objectives for 2025 as follows: The company's comprehensive budgeted operating revenue for 2025 is RMB 46.5 billion. The planned production volumes are 90,000 mt of tin, 125,000 mt of copper, 131,600 mt of zinc, and 102.3 mt of indium ingots. (This plan serves as a guiding indicator, and the final results are subject to uncertainties influenced by various internal and external environmental factors, as well as operational management. Therefore, it does not constitute a substantive commitment to operating revenue or the production volumes of various products. Investors are advised to pay attention to risks.) 》View SMM tin product spot quotes 》Subscribe to view historical price trends of SMM metal spot prices Comparing the daily average prices of SMM #1 tin spot in Q1 2025 and Q1 2024, it can be seen that the daily average price of SMM #1 tin spot in Q1 2025 was RMB 260,724.56/mt, up RMB 43,806.46/mt from the daily average price of RMB 216,918.1/mt in Q1 2024, representing a YoY increase of 20.19%. Such a significant increase is also conducive to improving the operating performance of tin enterprises. Reviewing the historical price trend of SMM #1 tin spot in 2024, it can be observed that in 2024, influenced by factors such as frequent positive macroeconomic policies in China, supply-side disruptions caused by the ban on mining in Wa State, and a slight recovery in end-use demand from consumer electronics, the average price center shifted upward compared to 2023. Among them, the average price of SMM #1 tin spot reached a new high for the year on July 11, 2024, at RMB 281,750/mt. The lowest average price for the year was RMB 205,000/mt on January 9 and 10, 2024. The average price on December 31, 2024, was RMB 246,000/mt, up RMB 35,250/mt from the average price of RMB 210,750/mt on December 29, 2023, representing an increase of 16.73%. Recently, tin prices have been fluctuating considerably in a weak trend. The US announcement of imposing "reciprocal tariffs" on multiple countries has sparked market concerns, leading to fluctuations in the US dollar index and a rise in risk-averse sentiment, which has suppressed non-ferrous metal prices. Fed Chairman Powell clearly stated that there would be no interest rate cut for the time being and warned of the dual risks of rising unemployment and high inflation facing the US economy, further exacerbating market uncertainties. The supply-demand pattern in the domestic tin ore market is tight. In terms of supply, the operating rates of refined tin smelters in Yunnan and Jiangxi have pulled back, constrained by tight raw material supply, especially the lagging production resumptions in Myanmar and the recent 7.9-magnitude earthquake, which have intensified market panic over tin ore supply. In terms of demand, downstream solder enterprises are making just-in-time procurements combined with some restocking. However, the "trade-in" policy and high production schedules for home appliances provide potential support for demand. The operating rate of the tin solder industry surged to 75.81% in March and is expected to remain at a relatively high level in April. Although the news of the resumption of operations at the Bisie tin mine once boosted market confidence, overall, due to macroeconomic uncertainties, SHFE tin prices may continue to fluctuate considerably in the short term. Investors are advised to pay attention to changes in fundamentals, operate cautiously, and avoid the risk of chasing high prices. Tianfeng Securities issued a research report on April 09, recommending a "buy" rating for Yunnan Tin Co., Ltd. The main reasons for the rating include: 1) The impact of impairment and supplementary payment of mining rights royalties was concentrated in Q4; 2) The simultaneous increase in volume and price, along with cost optimization, boosted the company's profitability; 3) With tight supply, tin prices are expected to remain strong, and the company is expected to benefit. Risk warnings: Macroeconomic environment risks, market price fluctuation risks, and safety and environmental protection risks. Guosen Securities issued a research report on April 08, giving Yunnan Tin Co., Ltd. a rating of "outperforming the market." The main reasons for the rating include: 1) The company released its 2024 annual report; 2) Data on the production and sales volumes of core products; 3) As the world's largest refined tin producer, the company has maintained a leading position in the global tin market for a long time. Risk warnings: Risks of declining grades of core mine resources; risks of price fluctuations in non-ferrous metals.

Recently, Yunnan Tin Co., Ltd. (hereinafter referred to as "Yunnan Tin") released its 2024 annual report. In 2024, the company achieved operating revenue of 41.973 billion yuan, net profit attributable to the parent company of 1.943 billion yuan, up 40.48% YoY, and net cash flow from operating activities of 3.405 billion yuan, up 55.25% YoY. The asset-liability ratio decreased from 49.24% at the end of 2023 to 40.19% at the end of 2024, with cumulative cash dividends of 477 million yuan. The report shows that Yunnan Tin closely focused on the overall tasks of "strengthening research, deepening reforms, expanding markets, and stabilizing operations," actively overcame challenges such as a complex and volatile operating environment, sharp fluctuations in non-ferrous metal prices, tight raw material supply, and continuously low processing fees, proactively controlled the operating pace, seized market opportunities, and steadily improved operational quality and efficiency. The value creation capability was comprehensively enhanced. In 2024, Yunnan Tin focused on value creation, further improved the collaborative linkage capability of mining, beneficiation, and smelting, optimized resource allocation, continuously enhanced economic operation quality and efficiency, and successfully completed the annual production and operation goals. The company consolidated the foundation of mine security, fully released regional capacity, promoted resource encryption upgrades and replacement mining site construction, and continuously improved the balance quality of three-level ore reserves. It carried out technological transformations for comprehensive metal recovery, process optimization, and beneficiation quality and efficiency improvement, enhancing the value creation capability of mines. Smelting production achieved "safety, longevity, full capacity, and excellence," strengthened production organization management, enhanced equipment system operation and maintenance, improved equipment operation efficiency, set a new record in zinc smelting production, achieved a new high in gold production from the copper smelting precious metal system, and significantly improved the comprehensive recovery of valuable metals. Yunnan Tin achieved a total non-ferrous metal production of 361,000 mt, including 84,800 mt of tin, 130,300 mt of copper, and 144,000 mt of zinc, with the total non-ferrous metal production and tin and zinc products all reaching historical highs. Market efficiency grew with high quality. Yunnan Tin closely monitored market development changes, fully leveraged the synergy of raw material procurement, product sales, and hedging, and precisely executed the linkage of "purchase and production, purchase and sales, domestic and international, and spot and futures." It deepened the linkage between spot and futures, flexibly used futures hedging tools to guard against the risk of non-ferrous metal price fluctuations, effectively utilized the special tin and copper concentrate processing trade policy, leveraged smelting technology advantages, fully expanded ore blending space, and fully utilized the role of "two markets, two resources." Benefiting from the continuous rise in global market demand for tin and the company's continuous innovation in production technology, Yunnan Tin further consolidated its market share in 2024, with its global market share of tin metal reaching 25.03%, an increase of 2.11 percentage points from 2023, and its industry influence continued to rise. The effectiveness of innovation-driven development was evident. The company continued to tackle special actions for technological innovation, promoted the deep integration of the innovation chain and the industry chain, increased R&D investment, and achieved technological innovation benefits. Wenshan Zinc and Indium Smelting was rated as a national-level sixth batch of "Little Giant" specialized and sophisticated enterprises and a single champion enterprise in Yunnan Province's manufacturing industry. Major technological projects were transformed, and a batch of beneficiation and comprehensive utilization technology research achieved results transformation and created benefits. The digital and intelligent factory for tin smelting was selected as an excellent case at the "Digital China" Construction Summit and became a key support project for Yunnan Province's "Lighthouse Factory," continuously consolidating the company's key technological advantages. Yunnan Tin's capital market image continued to improve. The company implemented an interim dividend for the first time, fully demonstrating its responsible attitude towards returning to the market and shareholders. Yunnan Tin plans to distribute a cash dividend of 1.9 yuan per 10 shares in 2024, totaling 313 million yuan, plus an interim cash dividend of 164 million yuan, with cumulative cash dividends of 477 million yuan in 2024, accounting for 33.05% of the net profit attributable to the parent company in 2024, and the cash dividend ratio continued to rise. Yunnan Tin's governance and standardized operation level continued to improve, and it was rated as a "Yunnan Province Corporate Governance Demonstration Enterprise." The quality of information disclosure continued to improve, and it received an A-level evaluation in the 2023-2024 information disclosure assessment by the Shenzhen Stock Exchange, and was awarded numerous honors such as "Best Practice Case for 2023 Annual Report Performance Briefing," "Excellent Practice Case for Sustainable Development of Listed Companies in 2024," "Typical Case of Digital Transformation Scenario Innovation," and "2024 China Listed Companies ESG Top 100." In 2025, Yunnan Tin will continue to consolidate the foundation of mine development, strengthen the competitive advantage of smelting, seize market opportunities, implement a stimulus policy package for technological innovation, and complete the "14th Five-Year Plan" task goals with high quality, laying a solid foundation for a good start to the "15th Five-Year Plan."

After consultation with the government of Yanshan County, Wenshan Zhuang and Miao Autonomous Prefecture, Yunnan Province, Yongmaotai Company decided to terminate the investment and construction of the project of producing 200,000 tons of silicon-aluminum alloy and its deep processing annually. Both parties reached a consensus that due to the impact of market environment, raw material security, energy identification and other factors, continuing to promote the project would not achieve the expected goals.

【21.656MW/42.312MWh! The first new energy storage system in Wenshan Prefecture, Yunnan Province, has been connected to the grid and put into operation】According to SMM, according to the news released by Wenshan, on April 24th, the energy storage system of Xiaohei Ma Photovoltaic Power Station located in Yuezhe Town, Qiubei County, Yunnan Province completed debugging and was connected to the grid for operation. This is the first new energy storage system in Wenshan Prefecture. It is understood that the energy storage system of Xiaohei Ma Photovoltaic Power Station's booster station consists of 6 battery compartments and battery management systems of 3.44 megawatt-hours, 7 battery compartments and battery management systems of 3.096 megawatt-hours, 7 sets of 3.45 megawatt-hour energy storage booster integrated converter systems, and coordinated control energy management systems. The construction scale of the energy storage system connected to the grid this time is 21.656 megawatts/42.312 megawatt-hours.