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 Aluminum Express News] Alcoa has agreed to acquire most of South32’s bauxite, alumina, and aluminum assets for an upfront consideration of US$4.1 billion in cash and stock, with potential contingent payments of up to US$750 million linked to future alumina and aluminum prices. The transaction includes South32’s interests in Worsley Alumina (Australia), Hillside Aluminium (South Africa), and bauxite, alumina, and aluminum operations in Brazil, but excludes the idled Mozal smelter in Mozambique. Alcoa expects approximately US$900 million in synergies and believes the acquisition will strengthen its position as a leading pure-play upstream aluminum producer. The deal is expected to close in H1 2027. Under the agreement Alcoa will acquire South32's interests in: 1. Worsley Alumina (86%) 2. Hillside Aluminium (100%) 3. MRN Bauxite Mine (33%) 4. Brazil Alumina Refinery (36%) 5. Brazil Aluminium Smelter (40%)

On June 30, JL MAG Rare-Earth's stock price rose. As of the close on June 30, JL MAG gained 4.83%, closing at 30.85 yuan per share. On the news front: An announcement released by JL MAG Rare-Earth earlier showed that, in order to implement the company's development strategy and enhance its comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth (Group) High-Tech Co., Ltd. through a public listing and transfer on the Inner Mongolia Property Rights Exchange Center. According to the appraisal report issued by North Asia Asset Appraisal Co., Ltd., as of the appraisal base date of December 31, 2025, the total equity value of the Exchange appraised using the market approach was 239 million yuan, representing an increase of 27.8551 million yuan over the net asset book value of 211.1449 million yuan on the base date, reflecting a value-added rate of 13.19%. The expected transaction price for the target equity is 22.0836 million yuan. In accordance with relevant provisions such as the Rules Governing the Listing of Stocks on the ChiNext Board of the Shenzhen Stock Exchange and the Articles of Association, this external investment falls within the approval authority of the company's CEO. This investment does not constitute a related-party transaction, nor does it constitute a major asset restructuring as defined by the Administrative Measures for the Material Asset Restructurings of Listed Companies. Discussing the purpose of the investment and its impact on the company, the JL MAG announcement stated: Rare earths are the core raw material for producing NdFeB permanent magnet materials. The Exchange serves as a specialized trading platform for rare earth (metal) resources. If this equity acquisition is successfully completed, it will further enhance the company's ability to secure rare earth raw material supply, strengthen its overall competitiveness, and consolidate its market position in the rare earth permanent magnet industry. In line with the principles of cooperative, co-construction, and mutual benefit, the company will fully leverage and utilize its own advantages to support the Exchange's efforts to build a national-level rare earth (metal) resource trading platform. Funds for this acquisition of the Exchange's equity will come from the company's own funds and will not have a material adverse impact on the company's financial condition and operating results. It is conducive to achieving the company's strategic objectives and does not compromise the interests of the company and its shareholders. In its announcement, JL MAG Rare-Earth also highlighted existing risks: 1. The company's planned acquisition of a partial stake in the Exchange constitutes a transfer of state-owned assets, requiring strict compliance with statutory procedures such as state-owned asset transaction approvals and public listings. There is uncertainty as to whether this equity transfer will be implemented smoothly. 2. As a domestic spot exchange specializing in various rare earth products, the Exchange provides services to upstream and downstream enterprises in the rare earth industry chain, and its operations will be subject to various factors including macroeconomic conditions, industry cycles, and the market environment. Regarding the main risks of the investment, the company will promptly follow up on and cooperate with the approval process for this state-owned asset transfer, while leveraging its own industrial strengths to strengthen collaborative development with the Rare Earth Exchange and manage post-investment and risk control effectively to mitigate investment risks. The company will fulfill its information disclosure obligations in strict compliance with relevant regulations based on subsequent progress of this equity transfer. Investors are advised to exercise caution regarding investment risks. In terms of performance, JL MAG Rare-Earth’s previously disclosed Q1 2026 report showed that during the quarter, the company achieved total revenue of RMB 2.036 billion, up 16.05% YoY, with a net profit attributable to the parent company of RMB 193 million, up 20.09% YoY. JL MAG Rare-Earth’s Q1 2026 report revealed: In Q1 2026, facing a complex landscape where total NEV sales declined YoY while the price of the key raw material Pr-Nd experienced short-term wild swings, the company’s management upheld the annual operating policy of "adhering to legal and regulatory compliance, maintaining a client-centric approach, focusing on the core magnetic materials business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and scaling new heights." By driving technological innovation, organizational optimization, digital transformation, and lean management initiatives, the company mobilized employee initiative to ensure contract fulfillment and on-time delivery to clients while achieving steady business performance growth. In Q1 2026, the company recorded revenue of RMB 2.036 billion, up 16.05% YoY; net profit attributable to shareholders of the publicly listed firm of RMB 193 million, up 20.09% YoY; and non-recurring gain/loss-adjusted net profit attributable to shareholders of the publicly listed firm of RMB 176 million, up 65.95% YoY. The income statement included equity incentive-related share-based payment expenses of RMB 49.9682 million. Net profit excluding the share-based payment impact was RMB 235 million, up 44.57% YoY, and non-recurring gain/loss-adjusted net profit excluding the share-based payment impact was RMB 219 million, up 106.82% YoY. Robots liberate human productivity and represent a critical direction in the next wave of technological transformation, with broad industry growth prospects. In Q1 2026, the company’s robotics and industrial servo motor segment generated revenue of RMB 118 million, up 81.84% YoY, serving clients that include multiple global industrial robot and servo motor producers. The company is actively collaborating with a world-renowned tech firm on the R&D of embodied robot motor rotors and has delivered small-batch products. Additionally, through direct investments and participation in industry funds, the company is making strategic moves in key nodes of the industry chain to accelerate industrial synergy and commercialization. After the introduction of export control measures on medium-heavy rare earth-related items, the company carried out export declaration work in accordance with relevant national regulations, has successively obtained export licenses issued by the national competent authority, and became one of the first enterprises granted a general license by the state. The company's export business was basically stable. During the reporting period, export sales revenue reached 381 million yuan, accounting for 18.7% of operating revenue, up 22.16% YoY. The company has established long-term strategic partnerships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group, and fully leverages the advantage of its controlled subsidiary Yinhai New Materials' upstream rare earth recycling business to build a diversified rare earth resource supply system. In Q1 2026, the company achieved a consolidated gross margin of 21.83%, an increase of 6.13 percentage points YoY; net cash flow from operating activities was 358 million yuan, a significant improvement from -350 million yuan in the same period last year, with overall operating cash flow remaining healthy; as of the end of the reporting period, the company held cash and cash equivalents of 3.298 billion yuan, certificates of deposit maturing within one year of 860 million yuan, and certificates of deposit maturing beyond one year of 571 million yuan, reflecting a strong cash reserve. In addition, JL MAG Rare-Earth's 2025 annual report shows: In 2025, the company achieved total operating revenue of 7.718 billion yuan and core business revenue of 7.028 billion yuan, up 14.11% and 19.00% YoY, respectively, both hitting record highs. Of this, domestic sales revenue was 6.447 billion yuan, up 16.36% YoY; overseas sales revenue was 1.27 billion yuan, up 3.92% YoY, of which export sales to the US were 501 million yuan, up 39.80% YoY. Net profit attributable to shareholders of the publicly listed firm was 706 million yuan, up 142.44% YoY; net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 620 million yuan, up 264.00% YoY. The consolidated gross margin reached 21.18%, up 10.05 percentage points from 11.13% in the previous year. The income statement included share-based payment expenses from equity incentives and financial expenses for convertible bonds recognized using the effective interest method, totaling approximately 107 million yuan, of which only 5.11 million yuan will require actual cash outflow in the future. Overall operating cash flow remained healthy. Regarding the company's main businesses and product applications, JL MAG Rare-Earth's 2025 annual report describes: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, motor rotors for embodied robots, and comprehensive rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and energy-saving and environmental protection sectors. The company's products are widely used in NEVs and automotive parts, energy-saving inverter air conditioners, wind power generation, robots and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term, stable cooperative relationships with industry leaders both in and outside China in each field. The company has actively deployed in the robotics field: on the one hand, it cooperates with internationally renowned technology companies to conduct R&D on motor rotors for embodied robots and capacity building, with small-batch product deliveries already achieved; on the other hand, through direct investments or participation in industry funds, it strategically deploys in key links of the relevant industry chain, accelerating industry synergy and commercialization. JL MAG Rare-Earth, in its annual report, discussed its industry situation during the reporting period and touched on rare earth price trends: In 2025, Pr-Nd alloy prices fluctuated upward overall. According to data from the China Rare Earth Industry Association, the average price of Pr-Nd alloy in 2025 was 601,300 yuan/mt, a YoY increase of 23.8%. Rare earth prices are generally determined by the interplay of multiple factors, including supply, demand, policies, inventory, and market expectations. Meanwhile, compared to short-term fluctuations in rare earth prices, the industry places greater emphasis on medium- and long-term changes, as relatively stable rare earth prices are conducive to the industry's high-quality development. Regarding its outlook for future development, JL MAG Rare-Earth stated: (1) Corporate Development Strategy The company will continue to uphold its vision of "becoming a global leader in the rare earth permanent magnet industry" and its development strategy of "providing clients with full-category magnetic material solutions," centered on rare earth permanent magnets, focusing on application scenarios related to new energy and energy conservation and emission reduction, to continuously enhance product performance and cost efficiency. At the same time, the company adheres to group-oriented operations and collaborative industry chain deployment, guided by client needs and the principle of long-termism, steadily advancing capacity construction and technological upgrades. 1. Commitment to Stable Operations: The company steadfastly upholds intrinsic safety bottom lines, strictly implements national regulations in areas such as export permits, production safety, and environmental protection, solidly pursues compliant operations and comprehensive risk control, and always maintains a prudent financial strategy. It remains focused on its core business, making technological innovation and process improvement long-term core investment priorities, continuously strengthening the automation, digitalization, and intelligent construction of production operations, and gradually building sustainable capabilities for product iteration and lean cost optimization. 2. Collaborative Industry Chain Deployment: The company follows an industry chain layout approach of "upstream recycling collaboration, midstream product diversification, and downstream component extension," comprehensively enhancing collaborative operational efficiency in the industry chain and strengthening its resistance to market fluctuations. Upstream, the company will build a recycling system and deepen resource synergy cooperation, promote the diversification of raw material supply sources, and continuously optimize procurement and inventory management efficiency. Midstream, leveraging existing areas of strength, it will closely target the differentiated needs for magnetic materials across various application scenarios, continuously improve its product portfolio and optimize product structure, steadily transforming from a “single-product supplier” to a “comprehensive solution provider.” Downstream, deeply aligning with core client needs, the company will steadily advance R&D and production capacity building for magnetic assemblies, motor rotors, and other products, continuously enhancing assembly precision and full-process quality control, effectively increasing client stickiness and product added value. 3. Synergistic Strategic Investments In terms of strategic investments, the company will carry out prudent equity investments or partnerships around client needs and key links in the industry chain, adhering to the principle of mutual empowerment between investments and the company’s principal operations. Leveraging industrial funds established in collaboration with professional investment institutions, it will focus on strategic tracks such as high-end manufacturing, embodied AI, and new energy, deepen project layout and value cultivation, and promote industry resource synergy and long-term value enhancement. (II) 2026 Annual Operating Plan The company’s operating policy for 2026: “Adhere to legal and compliant operations, uphold client orientation, focus on the magnetic materials main business, build the 20,000 mt new capacity on schedule, actively position in motor rotors for embodied robots, and reach new heights.” In line with this policy and on the premise of legal and compliant operations, the company will prioritize the following work: 1. Orderly Release of Capacity under Construction In 2026, some of the company’s projects under construction will gradually release capacity. The specific release progress will comprehensively consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous Enhancement of R&D Capabilities. 3. Continuous Optimization of Product Structure The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. At the same time, it will steadily advance the layout of projects such as magnetic assemblies and motor rotors for embodied robots, equip dedicated production lines and specialized teams, and upgrade small-batch production lines to large-scale, standardized manufacturing and quality systems. 4. Continuous Improvement of Operational Capabilities. 5. Strengthening Capital Expenditure Efficiency. 6. Improving Incentive Mechanisms and Shareholder Returns. 7. Advancing the ESG System. Regarding risks the company may face, JL MAG Rare-Earth noted when describing the risk of rare earth raw material price fluctuations: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supplier of rare earth raw materials. Wild swings in rare earth raw material prices will, in the short term, adversely affect the company’s production and sales. Countermeasures: The company has built production plants in Ganzhou, Jiangxi, a major heavy rare earth production area, and Baotou, Inner Mongolia, a major light rare earth production area. It has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. At the same time, through measures such as purchasing rare earth raw materials in advance based on orders on hand, setting up price adjustment mechanisms with major clients, optimizing formulations, and improving processes, the company strives to mitigate the adverse impact of rare earth raw material price fluctuations on its business performance. Looking back at the price performance of Pr-Nd alloy in 2025, : The average price of Pr-Nd alloy on December 31, 2025, was 735,000 yuan/mt, compared with the average price of 489,000 yuan/mt on December 31, 2024, representing a 2025 increase of 50.31%. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, compared with the annual daily average of 484,704.55 yuan/mt in 2024, increasing by 117,476.52 yuan/mt, a YoY increase of 24.24%. According to SMM's quotation display: on June 30, the Pr-Nd alloy price was 900,000~910,000 yuan/mt, with an average price of 905,000 yuan/mt, down 0.56% from the previous trading day. Focusing on the Pr-Nd market, on June 30, the increase in Pr-Nd oxide futures prices drove a synchronized rise in suppliers’ spot offer prices, making low-priced oxide hard to find in the market. However, metal enterprises showed a cautious purchasing attitude due to unsatisfactory metal inquiries, resulting in generally moderate overall trading activity. In the metal market, inquiry activity picked up somewhat in the afternoon of the 30th, mainly driven by tender purchases from large magnetic material enterprises. However, most magnetic material enterprises remained on the sidelines, and overall transaction performance was poor. In the short term, given the lack of significant improvement in downstream demand, Pr-Nd product prices are expected to move sideways. Recommended reading:

[SMM Flash] In H1, national land transaction floor area reached 210 million m², down 22% YoY, hitting a new low for the first half of the year; first-tier and second-tier cities fell 18% and 39% YoY, respectively. The average premium rate in June was 13.7%, the first time exceeding 10% in nearly a year. The transaction value of the top 3 cities fell over 50% YoY. Land auction heat in core cities climbed month by month, and the pattern of central and state-owned enterprises dominating land acquisition continued.

"Tin" Leads the Future: Industrial Transformation and Value Reconstruction in a New Cycle Conference Background Currently, the global tin industry stands at a historic turning point, where traditional cyclical logic has been completely shattered and strategic value has become fully prominent. The tin market in 2026 exhibits an unprecedentedly complex landscape and profound changes: I. Profound Reconstruction of Supply-Demand Patterns, Unprecedented Enhancement of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, with scarcity increasingly evident. The supply side faces "triple pressures": repeated setbacks in Myanmar’s production resumptions, continuously tightening policies in Indonesia, and high geopolitical risks in the DRC, making resource constraints a new normal. Meanwhile, the demand structure has undergone a fundamental shift, and tin has become a strategic resource bridging traditional manufacturing and the digital future. II. Price System Breaks Historical Records, Industry Ecosystem Faces Restructuring In early 2026, SHFE tin price exceeded 470,000 yuan/mt, reaching an all-time high. This price breakthrough is not only a manifestation of supply-demand imbalance but also a marker of the revaluation of the tin industry. Traditional trade models, risk management systems, and supply chain collaboration methods all urgently require innovative breakthroughs. III. Technology-Driven and Green Transition Fostering a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transition demands that the tin industry upgrade toward low-carbon and circular economy, with recycled tin recovery and green smelting processes becoming necessary paths. Every link in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, from August 19 to 21, 2026 in Changsha, Hunan the 2026 SMM (16th) Tin Industry Chain Conference will gather global industry elites for in-depth discussions. Greentech Technology International Limited will attend this grand event, discussing industry development trends with peers and jointly promoting the tin industry to new heights. Click to register now, witness and participate in this significant and far-reaching industry event, and together create a brilliant new chapter! Greentech Technology International Limited ("Greentech Technology", stock code: 00195) is a company listed on The Stock Exchange of Hong Kong Limited. On March 4, 2011, the company successfully acquired all equity interests in Baisong Mineral Resources Global Limited ("Baisong Mineral"), becoming a non-ferrous metal resources enterprise primarily engaged in tin ore mining and sales. Since the sale of its insulation materials business on February 29, 2011, the company has focused on the development of non-ferrous metal businesses. Greentech Technology International Limited is listed on The Stock Exchange of Hong Kong Limited. On 4 March 2011, the Company successfully acquired the entire interests of Parksong Mining and Resource Recycling Limited, thereby venturing into the min. Parksong Mining is an investment holding company that conducts tin mining in Tasmania, Australia, through a joint venture, holding a 50% interest in the Renison Mine, the Mount Bischoff open-cut tin project, and the Rentails tailings retreatment project. Among these, the Renison Mine has long been one of the world's major hard-rock tin mines and is also Australia's largest tin-producing mine. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is China's largest tin producer. With its extensive industry experience, Yunnan Tin Group provides strong support in the sale of tin and the production management of the Tasmania tin mines. Parksong Mining is an investment holding company which launches tin mining through a joint venture in Tasmania, Australia. It holds a 50% interest of the Renison quarry, the Mount Bischoff open cut tin project and the Rentails tailings retreatment project. The Renison tin deposit has always been one of the largest hard rock tin deposits in the world and the largest tin mine in Australia. Our project partner, Yunnan Tin Group (Holding) Co., Ltd., is the largest tin producer in China. With its extensive tin mining experience, Yunnan Tin Group will provide potent support to our metal tin sale and the production management of the Tasmania mines. Upon the acquisition of the tin mine, the company also strengthened its management and technical teams. With the addition of new management, it assembled a group of experts with unique achievements in geological exploration, mining, mineral processing, and smelting, and recruited a number of professionally trained and experienced engineering and technical personnel from Australia and mainland China to enhance frontline production management. The company believes that the experienced management team can provide valuable advice for its future development in the non-ferrous metals industry, helping to lay a solid foundation for long-term growth and seize industry opportunities as they arise. Along the acquisition of the tin mine, our management and technical teams have also been strengthened. In addition to the joining of new management members, the company was set up as a congregation of professionals with unique contributions in geological exploration, mining, processing, smelting and refining. A batch of technical staff with expertise and practical experience has also been recruited from Australia and mainland China to enhance the management of front-line production. The Company believes that an experienced management team can provide valuable advice on its future development in the non-ferrous metal industry, and will be conducive to building a strong foundation for long-term development and to grasping industrial opportunities. Greentech possesses high-quality and promising projects, strong resource advantages, advanced tin mining technology, and an experienced management team. The Company will focus on the non-ferrous metal industry, seize market opportunities, accelerate its development pace, strive to enhance corporate value, achieve steady growth in revenue and profit, and maximize shareholder returns. Greentech has high quality and promising projects, strong resource advantages, advanced tin mining technologies and an experienced management team. Focusing on the non-ferrous metal industry, the Company will seize business opportunities, step up the pace of development and enhance the value of the Company so as to realize stable growths in revenues and profits and maximize returns to shareholders. Contact Yao Huixing +86 13077486850 Liu Yidi +86 16621280621 Long Press to Scan and Register Now 2026 SMM (16th) Tin Industry Chain Conference

EGA (Emirates Global Aluminium) has successfully exceeded 400,000 mt/year of total secondary aluminum capacity across the UAE, Europe, and the US by adding capacity at its Al Taweelah recycling plant and planning to acquire the Italian aluminum recycling enterprise Eco Green. In addition, another 200,000 mt/year secondary aluminum capacity project is under construction in Europe and the US. On the acquisition front, EGA completed acquisitions of secondary aluminum plants in Germany and the US in 2024: EGA Light Metals Germany will expand its capacity to more than 6 times the original level and build a second site near Hannover, adding 150,000 mt/year of capacity, expected to be completed by 2028; EGA Spectro Alloys in Minnesota, US, plans to complete the first-phase expansion in 2025, adding 65,000 mt/year capacity, and add another 35,000 mt/year capacity in 2027. In addition, in April this year, EGA announced its intention to acquire an 80% stake in Italy's Eco Green, and this acquisition plan is currently pending regulatory approval.

On June 29, Xiamen Tungsten's share price declined. As of around 14:04 on the 29th, it had fallen 1.22% to 83.47 yuan per share. In terms of news, an announcement from Xiamen Tungsten on June 27 showed: To concentrate resources and focus on developing its three core businesses—tungsten & molybdenum, new energy materials, and rare earths— the company has decided to exit the real estate business. To gradually achieve this exit, Xiamen Tengwangge plans to publicly list for transfer, in the name of its partner Jianming, the unsold properties from Phases I through IV of the Straits International Community project and certain fixed assets within the Phase II commercial properties on the Fujian Provincial Property Rights Exchange, with a reserve price of 192 million yuan (RMB, the same hereinafter). The Straits International Community project (i.e., the commercial housing project on the north side of the Xiamen International Conference & Exhibition Center) was developed under Jianming's name, with related assets registered under Jianming. Through relevant cooperation agreements, Xiamen Tengwangge holds a 67.285% interest in the project, while Jianming holds a 32.715% interest. Commenting on the transaction’s impact, Xiamen Tungsten stated that this transaction is an optimization and adjustment of the company's resource allocation and asset structure based on its strategic development plans. It will help the company further focus on its core businesses and aligns with its long-term strategic planning. The transaction does not harm the interests of the company and its shareholders, particularly minority shareholders. As this is a listed transfer, whether the transaction will ultimately be completed and the final transaction price remain uncertain, and the impact on company performance is subject to change. It will be determined based on actual completion, and currently cannot be estimated. Performance: Xiamen Tungsten’s 2025 annual report shows that for 2025, the company achieved consolidated operating revenue of 46.265 billion yuan, up 30.79% YoY, and consolidated operating costs of 37.984 billion yuan, up 31.07% YoY. Net profit attributable to shareholders of the parent company reached 2.309 billion yuan, up 34.89% YoY, while net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 2.19 billion yuan, up 44.16% YoY. The revenue and profit of its tungsten & molybdenum, energy new materials, and rare earth businesses all registered solid growth. Market shares for its major competitive products—such as tungsten powder, fine tungsten wire, cemented carbide rods, ammonium molybdate, and LCO—remained at the forefront, while profitability of key products, including cemented carbide, cutting tools, fine tungsten wire, magnetic materials, and LCO, further improved. Regarding its main business, Xiamen Tungsten stated that the company focuses on its three core industries: tungsten & molybdenum, rare earths, and energy new materials. Leveraging deep technological expertise and a strong management culture, the company continuously pursues technological and management innovations. It steadily advances its industrial layout in tungsten, molybdenum, rare earths, and lithium battery cathode materials, actively expanding its tungsten & molybdenum deep-processing, rare earth deep-processing, and energy new materials industries, and accelerating the transformation and upgrading of its industry chain. Regarding the business plan, Xiamen Tungsten stated in its annual report: Overall annual work approach: The company will fully implement the guiding principles of the Fourth Plenary Session of the 20th CPC Central Committee, take the 15th Five-Year Plan as its guide, and embark on a transformation toward "Industrial Services" and "Digital Operations"; pursue internationalization, digitalization, and product-as-a-service while advancing both organic growth and external expansion; promote organizational change and talent development; strengthen industry chain synergy and global footprint; upgrade value across the entire chain covering R&D, production, sales, procurement, and investment; enhance functional management efficiency and risk control, consolidate the foundation for development, and ensure that transformation tasks are implemented effectively. Overall annual target: In 2026, the company plans to achieve YoY growth in operating revenue and total profit. To achieve the above business targets, the company will focus on the following key tasks: 1. Advance the comprehensive development of core businesses. In the tungsten sector, the emphasis is on strengthening resource security, driving the transformation of cemented carbide, cutting tools, and rock drilling tools toward high-end and service-oriented offerings, consolidating the advantages of PV tungsten wire and other products, and incubating new products. In the molybdenum sector, the focus is on raising smelting capacity and powder quality, maintaining the gross margin of wire-cut molybdenum wire, and expanding the market share of molybdenum end-cap assemblies and molybdenum discs. In the rare earth sector, the company will expand overseas raw material sources, scale up the fine chemicals, luminescent materials, alloys, and magnetic materials businesses, accelerate new base construction and overseas deployment, increase R&D investment in motor products, and expand into high-end market segments such as equipment manufacturing. In the energy new materials sector, the company will strengthen supply chain cooperation, expand production of core materials, promote the industrialisation of cutting-edge technologies, and accelerate overseas project construction. 2. Strengthen mine resource security. Stabilize domestic mine operations, with a focus on overcoming challenges such as declining grades and rising costs at operating mines; accelerate the development of new mines, promote the injection of the Dahutang tungsten mine, and advance infrastructure construction at the Bobai tungsten mine in Guangxi in an orderly manner. Promote overseas mine projects, conduct preliminary research on mine planning, develop a global map of non-ferrous metals relevant to Xiamen Tungsten's businesses, explore multiple modes of resource acquisition, and study the boundary conditions and rules for engaging in other strategic metals. 3. Strengthen and supplement chains through global layout. Prioritize deep processing capacity construction projects for tungsten-molybdenum, rare earth, and energy new materials, accelerate overseas industrial deployment, and enhance the coverage of the global manufacturing network. Advance M&A projects in and outside China, deploy functional components and devices related to strategic emerging industry chains, and leverage industrial funds to invest along the upstream and downstream of the company's current and future industries. Promote capital operations of subsidiaries and the disposal of non-performing assets and equity stakes to enhance asset operation efficiency. 4. Pilot the transformation to "Industrial Services" and "Digital Operations". 5. Solidify the Five Pillars for Value Chain Value Enhancement. 6. Deepen the Safe Production and Green Manufacturing System. 7. Annual Function Enhancement and Safeguard Measures. Xiamen Tungsten previously disclosed in its Q1 2026 report that in Q1, the company achieved total operating revenue of 15.743 billion yuan, up 86.99% YoY, and net profit attributable to shareholders of the parent company of 1.107 billion yuan, up 189.14% YoY. Regarding the main reasons for the performance change, Xiamen Tungsten explained in its Q1 report that during the reporting period, the company actively responded to rising prices of major raw materials such as tungsten and cobalt, achieving effective linked increases in selling prices of main products across all segments of the industry chain, while sales of key products including cemented carbides, cutting tools, battery materials, and magnetic materials grew steadily, leading to a significant improvement in overall profitability. Xiamen Tungsten introduced: During the reporting period, the company focused on its core manufacturing business and operated steadily. The main highlights were as follows: 1. Tungsten and Molybdenum Business. In Q1 2026, the tungsten and molybdenum business achieved operating revenue of 7.321 billion yuan, up 83.13% YoY, and total profit of 1.763 billion yuan, up 238.82% YoY. The company proactively responded to the sharp rise in tungsten raw material prices, dynamically adjusted its business strategy, and achieved effective linked increases in selling prices of main products throughout the industry chain, significantly enhancing profitability. Among major products, cemented carbide product sales increased 5% YoY, with sales revenue up 156% YoY; cutting tool product sales grew 69% YoY, with sales revenue up 78% YoY; and fine tungsten wire, due to product mix adjustments, saw a 19% YoY decline in sales volume but a 73% YoY increase in sales revenue. 2. Energy New Materials Business. In Q1 2026, the battery materials business achieved operating revenue of 6.585 billion yuan, up 117.82% YoY, and total profit of 260 million yuan, up 94.24% YoY. The company continuously improved product quality and market development, achieving substantial growth in sales of main products and a significant boost in profitability. In Q1, sales of the company’s power battery cathode materials (including ternary cathode materials, LFP, and others) reached 15,700 mt, up 26% YoY, with sales revenue up 82% YoY; LCO sales volume was 14,700 mt, up 20% YoY, with sales revenue up 154% YoY. 3. Rare Earth Business. In Q1 2026, the rare earth business achieved operating revenue of 1.826 billion yuan, up 31.68% YoY, and total profit of 70 million yuan, up 65.72% YoY. The company optimized its product mix, achieving volume and profit growth for high-value-added products, effectively enhancing profitability. Sales of the main deep-processing product, magnetic materials, rose by 24% YoY, with sales revenue up 50% YoY. 4. Real estate business. In Q1 2026, the real estate business reported revenue of 10 million yuan, down 8.08% YoY, while total profit was -19 million yuan, narrowing losses slightly YoY. Tungsten: Looking back at the 2025 tungsten price trend, taking SMM wolframite concentrates (≥65%) as an example: The average price of wolframite concentrates (≥65%) on December 31, 2025, was 453,500 yuan/standard tonne, up 217.69% compared with 142,750 yuan/standard tonne on December 31, 2024. Reviewing Q1 this year, the average price of wolframite concentrates (≥65%) on March 31 was 992,500 yuan/standard tonne, surging by 539,000 yuan/standard tonne from the 453,500 yuan/standard tonne on December 31, 2025, representing a gain of 118.85%. After the earlier sustained rebound, wolframite concentrates returned to 500,000 yuan/standard tonne and then moved sideways. On June 29, the average price of wolframite concentrates was 507,000 yuan/standard tonne, down 0.98% from the previous trading day. Fundamentals side: Supply-demand wise, upstream mines still hold prices firm, and high-grade tungsten ore supply remains tight. Downstream, affected by the traditional off-season, cemented carbide and mechanical processing enterprises maintain hand-to-mouth restocking, leaving overall market transactions subdued. In the short term, supply and demand remain in a tug-of-war. Outside China, with increasingly stringent export controls and tight primary tungsten supply, European APT prices continue to fluctuate at highs. The price spread between Chinese and overseas markets remains large, providing some support for domestic tungsten prices. Meanwhile, tax policies related to the tungsten scrap recycling sector are being further refined, expected to boost compliant tungsten scrap circulation. This will, in the medium and long term, promote standardized development of the recycled tungsten industry and improve China’s tungsten resource supply structure . The domestic tungsten market is expected to mainly consolidate in the short term, with focus on long-term contract price adjustments, pace of mine shipments, changes in downstream off-season demand, and the impact of overseas export policies on market sentiment. Over the medium and long term, attention should be paid to declining supply during the seasonal mine output gap in Q3, while improving consumption expectations during the September-October peak season will further optimize the supply-demand structure, bringing bullish sentiment to prices. Recommended reading:

On June 27, Jingang PV announced that it intends to acquire a 70% stake in Jinta Haoyang New Energy Power Co., Ltd. (hereinafter referred to as “Jinta Haoyang”) from its affiliate Jiuquan Haoyuan New Energy Co., Ltd. through a cash payment, with a transaction price of approximately 70.75 million yuan. Upon completion of the acquisition, Jinta Haoyang will become a controlled subsidiary of Jingang PV and will be consolidated into the company’s financial statements. After the acquisition, Jingang PV plans to use Jinta Haoyang as the implementing entity to invest in the construction of a 400,000 kW wind power project in Jinta County, Jiuquan, Gansu Province, an area with abundant and favorable wind resources. The total investment is estimated at 1.66 billion yuan.

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.

1. Tender Conditions The tender project Low-Aluminum Ferrosilicon (AGGZLZHGZHD260629299574) has Ansteel Lianzhong (Guangzhou) Stainless Steel Co., Ltd. as the bid inviter, with project funds self-raised. The project has met the tender conditions, and a public tender is now being conducted. 2. Project Overview and Tender Scope 2.1 Project Name: Low-Aluminum Ferrosilicon 2.2 If the tender fails, transition to other procurement methods: transition to negotiated procurement and transition to direct procurement. 2.3 For the tender content, scope, and scale of this project, please refer to the Attachment "Material List Attachment.pdf". 3. Bidder Qualification Requirements3.1 This tender does not allow consortium bidding. 3.2 This tender requires bidders to meet the following qualification requirements: Refer to the attachment (if needed) 3.3 This tender requires bidders to meet the following registered capital requirements: Production-type registered capital: 5.0 million yuan or above Trading-type registered capital: 5.0 million yuan or above 3.4 This tender requires bidders to meet the following performance requirements: Refer to the attachment (if needed) 3.5 This tender requires bidders to meet the following capability requirements, financial requirements, and other requirements: Financial requirements: Refer to the attachment (if needed) Capability requirements: Refer to the attachment (if needed) Other requirements: Refer to the attachment Tender Description 3.6 For projects that legally require tendering, bids from dishonest executed persons are invalid. 4. Acquisition of Tender Documents 4.1 All bidders interested in participating, please log in to the Ansteel Smart Tender and Bid Platform at http://bid.ansteel.cn to download the electronic tender documents from 10:00 on June 29, 2026 to 13:00 on July 21, 2026 (Beijing Time, the same hereinafter). Click to view tender details: