According to the official WeChat account of Tin Corporation, recently, an invention patent for a tin-containing material smelting system, filed by the Tin Branch of Tin Corporation, was granted by the US Patent and Trademark Office, achieving a zero breakthrough for the Tin Branch in international patent grants. This marks a significant breakthrough in the company's core technologies in the field of tin smelting, positioning it competitively in the forefront of international intellectual property rights. The patent technology was submitted for international PCT patent filing in March 2024 and was granted and announced by the US Patent and Trademark Office in May 2025. This is a landmark project in the "technological revolution" of tin smelting, representing a breakthrough from "zero to one". From the dry powder lance to the pressure-stabilizing system, every core device was independently developed through R&D. Over 30 core parameters of the injection process were explored and optimized, and six invention patents were filed, breaking through foreign technological barriers and achieving industrialisation of the technology. Self-produced fumes are recycled in a closed-loop system for refurnace smelting, with new progress made in optimizing the top-blown furnace process, achieving continuous and stable injection at 25 mt/h, a 2.5% reduction in fume rate, and a record high in crude tin production from the top-blown furnace. The coal consumption for comprehensive treatment of tin-containing materials decreased by 3.5%, saving nearly 2,000 mt of coal annually. Electricity consumption decreased by 4.09%, generating over 30 million yuan in annual benefits, truly realizing the goal of "writing papers in the workshop and leaving achievements on the production line." The Tin Branch has always attached great importance to technological innovation, consistently placing patent protection for original technologies at a critical position. In recent years, it has actively filed over 100 domestic and international patents and obtained over 80 patents authorized by the state. Looking ahead, the Tin Branch will take this as an opportunity to continue upholding its original intention of innovation, forging ahead, breaking through technological bottlenecks, and setting new industry standards in the "uncharted territory" of tin smelting, achieving self-transcendence and injecting powerful momentum into the company's high-quality development with more internationally advanced scientific and technological achievements.

[SMM Tin Midday Review: SHFE Tin Supported by Ore Supply Tightness and Macro Sentiment in the Short Term, but Rebound Limited by Off-Season Demand and Inventory Pressure]​​Tightness in tin ore supply persists​​: Although the Wa region of Myanmar initiated production resumption procedures at the end of April, the actual capacity release fell short of expectations due to strict inspections at the China-Myanmar border and slow progress in obtaining mining licenses. Despite phased production resumption at the Bisie tin mine in the Democratic Republic of the Congo (DRC), the long transportation cycle for African ore sources (approximately 1.5-2 months) has limited port arrivals in June. Off-season effects emerge in the electronics industry​​: June is a traditional off-season for consumer electronics, with solder companies experiencing weaker orders MoM. Demand for PV welding strips has declined due to a slowdown in installation growth. However, accelerated substitution of domestic semiconductors and demand for AI chips have provided marginal support for high-purity tin.

2025 Southeast Asia Tin Industry Conference – Indonesia Mining Conference & Critical Metals Forum will be held from June 3-5, 2025 at Pullman Jakarta Central Park, Indonesia ! The exhibition has invited Yunnan Tin Co., Ltd., Huawei Digital Power, Merck, Intertek, Nickel Institute and over 40 premium exhibitors from domestic and international markets to participate, with a display area of 6,000 m² , expected to attract 1,600+ professional guests and visitors from 35+ countries/regions ! The conference features four specialized sessions on tin, nickel-cobalt-lithium new energy, aluminum, and coal , covering the entire industry chain, plus special sessions including "How Solar & ESS Revolutionize Indonesia's Mining Industry", press conferences, and salons . Nearly 90 government officials from various countries will deliver keynote speeches, with Indonesia's Ministry of Foreign Affairs serving as the governmental supporter. Floor plans and exhibitor lists are now available – discover which global companies are participating! Scan the QR code for event details 0 1 Entry Procedure: ① Scan the above QR code , complete visitor pre-registration ② Receive admission SMS containing visitor code before the event ③ Check-in at registration desk , scan code to enter exhibition hall 0 2 Visitor vs. Delegate Benefits: ① Visitor benefits: Exhibition area access; ② Delegate benefits: Exhibition access, full conference pass, exclusive cocktail dinner invitation, SMM 1-on-1 meeting system access, conference materials, etc. 0 3 Visa Reminder: ① Is visa-on-arrival acceptable? Local visa centers indicate that for hotel-based business events, it's possible but risky ; – Recommended to apply for business visa C2 (single entry)/ D2 (multiple entries within 1 year) to avoid unnecessary risks from random checks; ② Application methods? a. Self-application DIY on the official website; more materials are required. For C2, in addition to passport, electronic photo of ID, and personal information, applicants need to provide a 3-month bank statement and an invitation letter for the event. The price is approximately 915 yuan (for reference only; the actual price may vary). D2 is more complex. Processing time: 4-7 days b. Agency-assisted application Fewer materials are required; only passport photos and ID photos are needed, which applies to both C2 and D2. The prices are approximately 1,400 yuan and 3,500 yuan, respectively (for reference only; the actual price may vary). Exhibition Hall Layout and Functional Areas Exhibitor List Scan the QR code to view conference details 2025 Speakers Tin Conference Agenda - June 4 08:00-08:50 Registration 08:55-09:00 [Individual Speech] - Opening Remarks 09:05-09:10 [Individual Speech] - Opening Remarks 09:10-09:30 [Individual Speech] - Development Trends of China's Tin Market 09:30-09:50 [Roundtable Discussion] - Future Development of Indonesia's Tin Industry Policies 09:50-10:10 [Individual Speech] - Innovation for Sustainable Development: Arsari Tambang's Vision for the Future of the Green Critical Minerals Industry 10:10-10:30 Tea Break 10:30-10:50 [Individual Speech] - The Role of the Futures Market in Enhancing the Resilience of the Tin Supply Chain 10:50-11:10 [Individual Speech] - Changes in Indonesia's Tin Industry Policies and Their Impact on the Global Market 11:10-11:30 [Individual Speech] - Changes and Impacts of Indonesia's Tin Ore Export Policies 11:30-11:50 [Individual Speech] - Trade, Tariffs, Taxes, and Restrictions on Strategic Metals in the New Reality 11:50-13:30 Lunch 13:30-13:50 [Individual Speech] - Risks and Countermeasures in the Tin Commodity Market under the New Situation 13:50-14:10 [Individual Speech] - From Resources to Markets: The Role and Value of the Entire Industry Chain of Tin Ingots 14:10-14:30 [Individual Speech] - Growth in Tin Production in Bolivia 14:30-15:30 [Roundtable Discussion] - The Role of Southeast Asia's Tin Industry in the "Belt and Road" Initiative 15:30-15:55 Tea Break 15:55-16:15 [Individual Speech] - Analysis of the Current Situation and Development Prospects of the African Tin Ore Market 16:15-16:35 [Individual Speech] - Leading the Future of Tin: Adapting to the Changing Global Landscape 16:35-16:55 [Individual Speech] - Analysis of the Current Supply Situation and Policy Impacts of Myanmar's Tin Mines 16:55-17:20 [Individual Speech] - Application Prospects of Spiral Chute Separation Technology in Tin Mines 17:50-20:00 Buffet Dinner Conference Schedule Overview Day 1 13:00-18:10 Government Speeches Session 12:00-18:00 Exhibition Area Open Hours Day 2 09:00-17:00 Nickel-Cobalt and NEV Forum 09:00-17:10 Coal Industry Forum 09:00-16:45 Aluminum Industry Forum 09:00-17:10 Tin Industry Forum 10:00-18:00 Exhibition Area Open Hours Day 3 09:00-17:00 Nickel-Cobalt and NEV Forum 09:00-11:50 Coal Industry Forum 09:00-11:40 Tin Industry Forum 09:00-16:00 Exhibition Area Open Hours Scan the QR code to view conference details

[SMM Tin Futures Brief Commentary: SHFE Tin Ingot Inventory Falls to 8,025 mt, SHFE Tin Prices Pull Back After a Slight Rally to Highs] Today, the most-traded SHFE tin contract (SN2506) exhibited a fluctuating trend at highs. After opening the daytime session, it rallied to 265,600 yuan/mt, but subsequently pulled back under pressure, closing near 264,750 yuan/mt in the daytime session, up slightly by 0.29% from the previous trading day. Market trading activity was moderately weak, with open interest slightly decreasing to 25,800 lots, indicating that some bulls took profits and exited the market. Bulls and bears engaged in a tug-of-war around the 265,000 yuan/mt level...

》Check SMM metal quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo On May 14, 2025: As of April 30, 2025, all companies have disclosed their 2024 annual reports. According to SMM statistics, a total of 19 publicly listed firms operate copper smelters. These 19 publicly listed firms are: Tongling Nonferrous Metals Group (000630), Jiangxi Copper Corporation (600362), Jinchuan Group International Resources Co., Ltd. (02362.hk), Daye Nonferrous Metals Group (00661.hk), Yunnan Copper (000878), Zijin Mining (601899), Yuguang Gold and Lead Group (600531), Western Mining Co., Ltd. (601168), Yunnan Tin Co., Ltd. (000960), Shandong Humon Smelting (002237), Zhongjin Gold (600489), Baiyin Nonferrous Group Co., Ltd. (601212), Ningbo Jintian Copper (601609), Huludao Zinc Industry Co., Ltd. (000751), North Copper (000737), Zhejiang Chifoo Holding Group Co., Ltd. (002266), Guangdong Feinan Resources Co., Ltd. (301500), Beijing GEEN Environment Engineering Co., Ltd. (603588), and Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. (000060). 2024 Production and 2025 Production Plans for Copper Cathode at Each Smelter According to annual report disclosures and SMM's understanding, the total copper cathode production of the aforementioned 19 copper smelters in 2024 was 10.5558 million mt, with an increase of 642,000 mt, up 6.5% YoY. Data from the National Bureau of Statistics (NBS) shows that the national production in 2024 was 13.644 million mt, with these 19 enterprises accounting for 77.37% of China's total copper cathode production. This figure increased by 1.04% compared to the same period last year. We expect that with the release of new capacity, industry concentration will increase again in the future. Regarding the specific situations of each smelter: Only 4 out of the 19 smelters experienced production cuts. Among them, Yunnan Copper had the largest decline, with a significant drop in production due to the relocation of its headquarters smelter. The largest increase was seen at Jiangxi Copper, with an annual copper cathode production of 2.2919 million mt, up 194,600 mt or 9.3% YoY in 2024, continuing to lead the copper industry. This was followed by North Copper, with a production increase of 178,800 mt compared to 2023, reaching 31.32 mt. Then came Jinchuan Group, with a production of 1.3272 million mt, an increase of 158,100 mt compared to 2023. In addition, based on their 2025 production plans, the total production in 2025 is expected to be 11.4028 million mt, an increase of 847,000 mt or 8%. According to SMM statistics, the new production from domestic smelters from January to May 2025 has already reached 536,400 mt, and it is highly probable that the annual increase of 847,000 mt will be achieved. In 2025, two smelters are expected to increase their production by more than 200,000 mt. Among them, the largest increase is expected to be from Yunnan Copper, with an increase of 254,000 mt, mainly due to the resumption of production after the relocation of the smelter and the commissioning of new smelters. Next is Jinchuan Group, which is expected to increase its production by 252,800 mt, thanks to the commissioning of a new smelter. In addition, due to the tight supply of copper concentrates, six smelters are expected to implement production cuts in 2025, two more than last year. Overall, although copper concentrate TCs hit a record low this year, it has not hindered the expansion pace of copper smelters.

Under the lens, a BGA solder ball used for chip packaging, when magnified tens of thousands of times, reveals a magnificent sight resembling cosmic planets. Researchers from the Yunnan Tin and Indium Laboratory are using a scanning electron microscope to introduce this fascinating phenomenon to visitors. This solder ball, with a diameter of only 0.3 millimeters, shoulders the responsibility of ensuring the stable operation of 5G base stations and AI chips worldwide, and also reflects the determination of Yunnan Tin Group (Holding) Co., Ltd. (hereinafter referred to as "Yunnan Tin") to reshape the global tin and indium industry landscape through technological innovation. Currently, a new round of technological revolution and industrial transformation is advancing rapidly, and global competition in science and technology is becoming increasingly fierce. As a crucial entity in the innovation system and a key component of strategic scientific and technological forces, laboratories shoulder critical missions such as attracting and nurturing high-quality talents, advancing basic research, producing cutting-edge achievements, and driving industrial development. In recent years, Yunnan Tin has collaborated closely with universities to establish a platform for technological innovation, integrate innovative resources, and position the Yunnan Tin and Indium Laboratory as the cradle of technological innovation in China's tin and indium industry. Based on the in-depth implementation of the national innovation-driven development strategy and the demand for industrial transformation and upgrading in Yunnan Province, the Yunnan Tin and Indium Laboratory was approved for construction by the Yunnan Provincial Science and Technology Leading Group. It was inaugurated and commenced operations on August 22, 2024, becoming a laboratory dedicated to multidisciplinary comprehensive research and development across the entire industry chain of tin and indium. Led by Yunnan Tin and jointly constructed with Kunming University of Science and Technology, Yunnan University, and Shanghai University, this laboratory has been positioned as the highest-level laboratory representing the tin and indium industry from its inception. Sun Yong, Secretary of the Party Committee and Chairman of Yunnan Tin, stated that as a leading enterprise in the global tin and indium sector and a century-old state-owned enterprise, Yunnan Tin has always placed technological innovation at a strategic height. The construction of the Yunnan Tin and Indium Laboratory aims to create an innovation hub with core competitiveness and become an important support for the national strategic scientific and technological forces in the tin and indium industry. Henceforth, "building a national technological innovation hub and an original technology cradle for the tin and indium industry, and supporting Yunnan Tin to become a world-class demonstration enterprise" has become the development goal of the Yunnan Tin and Indium Laboratory. Yunnan Tin has a first-mover advantage in establishing the Yunnan Tin and Indium Laboratory. Yunnan Tin is the birthplace of China's tin industry, ranking first globally in tin and indium resource reserves. Yunnan Province has formed a complete industry chain integrating exploration, mining, beneficiation, smelting, deep processing, and trade. While leveraging its resource advantages in tin and indium, it has gradually established a relatively complete technological research and development system for the tin and indium industry. This not only safeguards the strategic security of the country's tin and indium resources from the perspective of in-depth development and efficient utilization of tin and indium resources, enriches the national strategic scientific and technological forces in the tin and indium field, but also serves as an important measure to promote the optimization and upgrading of the traditional non-ferrous metal industry. Amid the intensifying global semiconductor competition, tin, hailed as the "computing power metal," and indium, known as the "transparent metal," have become foundational materials for the digital economy. Beyond traditional applications, tin and indium products are widely used in semiconductor chips, 5G communications, new energy, national defense, and military industries, among other fields. With the vigorous development of China's digital economy, the tin and indium industry has vast growth potential. "It must be built, it must be ours, and we are very much looking forward to it," said Peng Jubo, Chairman of the Yunnan Tin and Indium Laboratory, promoting the laboratory's development. He stated that tin and indium, as strategic and scarce resources, are ubiquitous and irreplaceable. It is understood that Yunnan Province's tin and indium industry has evident "strengths and weaknesses," and enhancing the core innovation capability of the industry is imperative. In terms of industry "strengths," multiple technologies at the front end of the mining, beneficiation, and smelting industry chain are leading both domestically and globally. However, in terms of industry "weaknesses," high-value-added products in the new materials sector face issues such as low production, weak market competitiveness, and low profitability. Among these, high-end solder and flux, as well as high-purity materials for semiconductors, are largely dependent on imports, making it difficult to ensure the security of the national strategic tin and indium resource supply chain. Meanwhile, the supply chain for high-end tin and indium new materials is rapidly shifting from external to internal, presenting a strategic development window. However, existing innovation platforms are not enough to support and lead the innovative development of the tin and indium industry. Establishing the Yunnan Tin and Indium Laboratory can not only leverage the "strengths" to further develop advanced exploration, mining, beneficiation, and smelting technologies and equipment, consolidating and maintaining global competitiveness, but also address the "weaknesses" by enhancing the independent innovation capability of tin and indium new materials, achieving collaborative innovation across the entire industry chain, and accelerating breakthroughs in high-value-added tin and indium "bottleneck" technologies, thereby significantly improving the resilience and security of the tin and indium industry chain and supply chain. "This will help accelerate the creation of a 100-billion-yuan 'world-class demonstration enterprise,' enhancing the international competitiveness and influence of China's tin and indium industry," said Peng Jubo. The Yunnan Tin and Indium Laboratory will focus on technological innovation, industrial innovation, development model innovation, institutional mechanism innovation, and talent mechanism innovation. It will conduct technical research across the entire tin and indium industry chain, build a comprehensive R&D system, and break through key "bottleneck" technologies such as high-end solder and flux, ITO targets, and high-purity materials for semiconductors. Only through the deep integration of technological innovation and industrial innovation can the leap from "exporting raw materials" to "exporting solutions" be achieved. So, what is driving the transformation of Yunnan Tin? In the process of promoting the upgrading of traditional industries and the cultivation of emerging industries, AI technology is comprehensively penetrating from scientific research into commercial applications, becoming an important engine driving industrial transformation. "We are closely following this trend, deeply integrating AI technology with the tin-indium industry, and exploring new models of intelligent R&D and production," said a relevant person in charge of the Yunnan Tin-Indium Laboratory. Scientific research is undergoing a profound transformation, shifting from an empirical paradigm to a big data-driven paradigm. Yunnan Tin is undergoing a significant shift in its R&D model. Relying on the fifth paradigm of "intelligent computing + autonomous experimentation + big data," the Yunnan Tin-Indium Laboratory will take AI technology as its core driving force to fully promote the intelligent upgrading of the entire tin-indium industry chain, aiming to create an interdisciplinary, life cycle-covering intelligent development platform. This move will not only inject innovative vitality into Yunnan Tin but also bring unprecedented innovative momentum to the global tin-indium industry. China's non-ferrous metals industry is currently at a critical stage of enhancing its scale advantages, continuous structural adjustments, increased innovation capabilities, and green and intelligent manufacturing. Actively cultivating and developing new quality productive forces will further accelerate the transformation of the non-ferrous metals industry towards high-end, green, and intelligent development, bringing valuable opportunities for the industry's growth. This also requires more innovative achievements to move out of the laboratory and integrate into the industry chain. Currently, Yunnan Tin has established its position as a leading industry in both tin and indium, leveraging its abundant tin-indium resource reserves. Since 2005, Yunnan Tin has consistently ranked first globally in tin production and sales. In 2024, it held a 48% market share in the domestic tin metal market and a 25% global market share, possessing the entire industry chain for tin metal exploration, mining, beneficiation, smelting, and deep processing. "Overall, the tin-indium industry chain is long, involving multiple professional fields. Currently, the new materials sector is relatively weak. For example, the formulation technology for some tin alloy solders is still protected by foreign patents. However, we have made breakthroughs in this area, developing solder alloy formulations based on independent intellectual property rights, achieving import substitution," said Peng Jubo. The laboratory will promote the integration of the industry chain with the innovation chain, driving the construction of a sustainable development system where "science and technology incubate industries, and industries nurture science and technology." In the future, it will further establish an industry-sharing platform and continuously build an open innovation ecosystem. Through construction over the next 5 to 10 years, Yunnan Tin Group will establish a high-level domestic scientific and technological innovation hub characterized by breakthrough leadership, interdisciplinary integration, and comprehensive synthesis. The innovative development of the Yunnan Tin-Indium Laboratory will serve as a microcosm of China's traditional industries climbing to the top of the global value chain.When people observe tin-indium materials with an electron microscope, they see not only a landscape resembling the ravines on the moon, but also the trajectory of a nation's industrial struggle to scale the peak of global scientific and technological advancement.

On Tuesday, the most-traded SHFE tin contract rolled over to the SN2506 contract, fluctuating rangebound during the day and jumping initially and then pulling back at night. LME tin prices rose first and then fell. Spot market: It was heard that small-brand tin was trading at a premium of 200-600 yuan/mt over the May contract, Yunnan-branded tin was trading at a premium of 600-900 yuan/mt over the May contract, and Yunnan Tin Group's tin was trading at a premium of 900-1,200 yuan/mt over the May contract. Overall, with the resumption of production at Bisie Mine in the DRC and the accelerated pace of production resumptions in Myanmar's Wa region, the tight supply situation for tin ore is expected to ease after Q2. However, short-term supply support remains. Downstream stockpiling ahead of the holiday is nearing its end, with cautious stockpiling at high prices. Domestic inventory remains at a high level compared to the same period last year. There are no new imbalances in the fundamentals, and it is expected that tin prices will hover around 260,000 yuan in the short term, facing significant pressure from the moving averages above. (Source: Jinyuan Futures)

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."

On Thursday, the most-traded SHFE tin SN2505 contract fluctuated upward during the day and rangebound at night, while LME tin was in the doldrums. Spot market: It was heard that small brands were at a premium of 500-1,000 yuan/mt for May, Yuntou brands were at a premium of 1,000-1,500 yuan/mt for May, and Yunnan Tin was at a premium of 1,500-2,000 yuan/mt for May. Overall, the geopolitical imbalance in the DRC has eased, and the Bisie tin mine has resumed production in phases, alleviating concerns about tight global tin ore supply. However, it is difficult to change the tight pattern of tin ore in Q2. Meanwhile, macro risks have been temporarily repaired, and market pessimism has been released, with futures prices returning above 250,000. It is expected that tin prices will rebound after overselling and then consolidate in the short term, with attention paid to downstream restocking at low levels and the resumption of production in Wa State. (Source: Jinyuan Futures)