According to the investor relations activity record announced by Jintian Holdings on March 19 (March 10-12, 2026): 1. The Company’s 2025 earnings guidance and the reasons for the projected increase. Jintian Holdings replied: In 2025, the company implemented its “dual upgrade in products and clients” strategy, with product applications continuing to deepen in high-end fields; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operational and management efficiency, and the gross margin and profitability of its products improved YoY. The company expected net profit attributable to owners of the parent for 2025 to reach 700 million yuan to 800 million yuan, up 51.50%-73.14% YoY from the same period last year. 2. Progress of the company’s share repurchase. Jintian Holdings replied: From February 3, 2026 to February 28, 2026, the company had cumulatively repurchased 4,942,200 shares through centralized bidding, accounting for 0.29% of its current total share capital, with total funds paid of 56,676,944 yuan (excluding transaction costs). 3. The company’s industry position and competitive advantages. Jintian Holdings replied: The company had focused on the copper processing industry for 39 years and was one of the largest enterprises in China by scale and with the most complete industry chain. In 2024, the company achieved total production of 1.9162 million mt of copper and copper alloy materials, and its total production of copper semis ranked first globally. The company offered a wide range of copper products and could meet clients’ one-stop procurement needs for multiple categories of copper semis, including rods, tubes, plates and strips, and wires. Its copper products had been widely used in NEV, clean energy, communications technology, electrical power and equipment, chips and semiconductors, and other fields. At present, the company had developed a profound cultural heritage and outstanding organizational capability, with a significant market scale position and a global industrial footprint; it possessed leading manufacturing and R&D capabilities; it had built a specialized product matrix and formed a stable base of top-tier industry clients; and it had also established forward-looking green recycling technology barriers, laying a solid foundation for becoming a world-class base for copper products and advanced materials. 4. The capacity and business performance of the company’s rare earth permanent magnet products. Jintian Holdings replied: The company had entered the magnetic materials business in 2001. After more than 20 years of dedicated development, it had become one of the enterprises in China’s peer industry with relatively advanced technology and a well-developed product system. At present, the company had two magnetic material production sites in Ningbo and Baotou. Phase I of the Baotou site had commenced production, and the company’s annual capacity of rare earth permanent magnet materials had increased to 9,000 mt. The company was actively advancing the Phase II project at the Baotou site to further increase capacity to 13,000 mt. At the same time, through its newly established German subsidiary, the company accelerated its international expansion and increased its share in overseas markets. The company was among the first batch of enterprises to obtain a general export license for rare earth permanent magnet products, and it has continued to strengthen and advance export-related business. The company’s rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robotics, consumer electronics, and medical devices. 5. The Company’s Business Development in the Chip Computing Power Sector. Jintian Co., Ltd. responded: With its outstanding electrical and thermal conductivity, copper has become a core material for advanced AI industry chip interconnects and heat dissipation in computing power facilities, and the transition of copper-based materials toward high value-added products has further accelerated. The company has a solid client base and technical reserves in the chip computing power sector, and it is also among the first companies globally to achieve large-scale supply of copper-based materials to leading enterprises in the above fields. Among them, the company’s high-precision special-shaped oxygen-free copper busbar products have been applied in multiple top-tier GPU cooling solutions of several global first-tier thermal module enterprises. Products independently developed by the company, such as copper heat pipes and liquid-cooling copper pipe & tube, have been supplied in batches for computing power server products of multiple top-tier enterprises. The company will closely monitor and follow market demand in the chip computing power sector, further improve its product portfolio, and enhance the competitive advantages of its products. 6. The Company’s Position Advantages and Business Achievements in the Secondary Copper Sector. Jintian Co., Ltd. responded: The company has continuously innovated new pathways for the green development of copper-based high-tech materials and has become one of the enterprises in China with the largest utilization of secondary copper and the highest comprehensive utilization rate. It is also one of the few companies in the global industry to achieve a closed-loop entire industry chain covering secondary copper recycling, purification, and deep processing. The company’s independently developed low-carbon secondary copper products significantly reduce carbon emissions while ensuring product performance, enabling it to provide downstream clients across the industry chain with high-quality, comprehensive one-stop green solutions for copper semis. In H1 2025, sales of the company’s green, high-end, low-carbon secondary copper products increased 61% YoY. Its product matrix now covers copper strip, copper wire, magnet wire, copper pipe & tube, copper busbar, copper billet, and more, and has been applied in fields such as high-end consumer electronics, the automotive industry, and electrical equipment. Specific applications include laptop cooling modules, mobile phone vibration motors, NEV power battery connections, and AC/DC power supplies. The products have achieved mass production in the products of multiple world-renowned clients, forming a new performance growth driver represented by “green low-carbon secondary copper products.” An investor asked on the investor interaction platform: Have the company’s copper billet products now become core supplies for top-tier enterprises such as DJI Innovation or EHang Intelligent?With the boom in the low-altitude economy’s payload flight market, have the company’s PEEK materials or high-strength copper alloys developed for drone motor bearings and airframe structural components seen explosive growth in orders? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company had a solid client base and technical reserves in the low-altitude economy field. Among its products, high-precision free-cutting copper billet, with excellent properties such as high strength and wear resistance, had already been applied in airborne structural components of low-altitude aircraft. The company’s PEEK material products provide high-voltage drive stability technical solutions for the low-altitude economy’s payload flight market, and it had already carried out R&D cooperation with multiple top-tier enterprises in China. The company will closely monitor and follow market demand in the low-altitude economy field, further improve its product portfolio, and enhance its product competitive advantages. For specific related information, please refer to periodic reports. An investor asked on the investor interaction platform: Hello, Board Secretary. Recently, LME copper prices have risen sharply. Under the company’s strictly implemented hedging strategy, did this generate positive gains from closing positions during the reporting period, or was there a slight loss? Approximately how much was the amount? In addition, as the company’s revenue scale expanded, how well did net operating cash flow match net profit in 2025? Was there any cash flow strain caused by prepayments for raw material procurement? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company’s copper processing products adopted a pricing model of “raw material prices + processing fee” and carried out hedging operations in strict accordance with the Hedging Management System to reduce the impact of raw material price fluctuations on the company’s net profit. At present, fluctuations in copper prices had a relatively small impact on the company’s operating performance. For specific related information, please refer to periodic reports. On March 18, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that the company had continued to expand its technological leadership in high-voltage electromagnetic flat wire and had further advanced cooperation on new energy high-voltage electromagnetic flat wire projects with world-class OEMs and motor suppliers. As of H1 2025, the company had secured 23 new nominations for its 800V high-voltage platform for new energy drive motors, and had already achieved bulk supply for multiple projects, with the shipment share of high-voltage flat wire continuing to increase. For specific related information, please refer to periodic reports. On March 17, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that, with its outstanding electrical and thermal conductivity, copper had become a core material for chip interconnection in the advanced AI industry and heat dissipation in computing power facilities. The company had a solid client base and technical reserves in the AI computing power field. Among its products, the company’s high-precision shaped oxygen-free copper busbar products had already been applied in multiple top-tier GPU cooling solutions of several first-tier thermal module enterprises worldwide. The company will closely monitor and follow market demand in the AI computing power sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company continued to expand its technological leadership in the high-voltage electromagnetic flat wire industry, with both the number of designated projects on high-voltage platforms and shipment volume continuing to grow. Among them, the company's 1,000V flat wire products for drive motors have become an industry benchmark as supporting materials for "megawatt flash charging" technology in the NEV sector, while client-related certification for 1,200V flat wire for drive motors was also progressing in an orderly manner. In addition, the company had a solid client base and sound technical reserves in the chip and semiconductor sector. The company will closely monitor and follow market demand in the chip and semiconductor sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company remained committed to advancing its internationalization strategy, and construction of its newly built Thailand production site was progressing smoothly. The company's copper semis products exported outside China had an overall relatively high gross margin. In H1 2025, revenue from its principal operations outside China was up 21.86% YoY and continued to maintain a solid growth trend. The steady growth of business outside China laid a solid foundation for the company to deepen the upgrading of its global product and client mix. For specific information, please refer to the periodic reports. Jintian Co., Ltd.'s 2025 earnings forecast showed that, based on preliminary estimates by its finance department, the company expected net profit attributable to owners of the parent for 2025 to reach 700 million to 800 million yuan, representing an increase of 237.9574 million to 337.9574 million yuan from the same period last year (statutorily disclosed data), up 51.50% to 73.14% YoY. Net profit attributable to owners of the parent excluding non-recurring gains and losses for 2025 was expected to reach 440 million to 528 million yuan, representing an increase of 101.4004 million to 189.4004 million yuan from the same period last year (statutorily disclosed data), up 29.95% to 55.94% YoY. Regarding the main reasons for the expected increase in results for the period, Jintian Co., Ltd. stated: In 2025, the company implemented its "dual upgrade of products and clients" strategy, with product applications in high-end fields continuing to deepen; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operating and management efficiency, and its product gross margin level and profitability improved YoY. On January 23, Jintian Co., Ltd. said in response to investor questions on an interactive platform that Phase I of its Baotou base had been put into operation, and the annual capacity of rare earth permanent magnets had been increased to 9,000 mt. The company is currently actively advancing Phase II of the Baotou base project, with the aim of further increasing capacity to 13,000 mt. The company has a solid client base and technical reserves in the robotics field, and some rare earth permanent magnets have already been applied in the robotics sector. The company will closely monitor and follow market demand in the robotics field, further improve its product portfolio, and enhance its product competitiveness. A performance preview commentary on Jintian Co., Ltd. for 2025 released by Aijian Securities showed that the share repurchase demonstrated confidence in long-term development, while capital structure optimization was advancing steadily. The company’s high-end copper-based materials were being introduced at an accelerated pace to clients outside China in the computing power cooling sector, with sales rising rapidly and profitability improving significantly. 1) In terms of profitability, processing fees for copper busbar used in computing power are relatively high, and product mix upgrades are expected to continue lifting the company’s gross margin level; 2) In terms of shipment progress, in H1 2025, sales of the company’s copper busbar products in the cooling sector increased 72% YoY, and its high-precision profiled oxygen-free copper busbar has entered GPU cooling solutions of multiple global first-tier cooling module enterprises. The company’s copper heat pipes, liquid-cooling copper pipe & tube, and other products have also achieved bulk supply in computing servers of multiple top-tier enterprises. Copper prices fluctuations had a limited impact on the company’s profitability. 1) The company adopts a “copper prices + processing fee” pricing model, with revenue and profit primarily derived from processing fees rather than copper prices themselves. Processing fees are negotiated between the company and clients based on factors such as product specifications and process complexity, and show a certain degree of historical stickiness; 2) The company effectively hedges copper prices through hedging, while fluctuations in upstream raw material prices are mainly borne by downstream customers, resulting in a relatively small impact on the company’s profit; 3) Rapid copper prices fluctuations may affect downstream ordering willingness in phases and lengthen order cycles, but copper application scenarios are characterized by rigid demand, so the impact on total demand is limited, only changing the pace of copper product orders, and the company’s overall operating stability remains strong. The company is actively expanding into the “aluminum as an substitute for copper” direction, with material substitution optimizing the gross profit structure while enhancing its ability to hedge against copper prices fluctuations. 1) On a per-mt basis, the absolute value of processing fees for aluminum products is usually lower than that of copper-based solutions (at the same performance level, processing fees for high-precision aluminum extrusion are about 10,000 yuan/mt, versus about 20,000 yuan/mt for copper semis); however, since the per-mt price of aluminum semis is significantly lower than that of copper, usually about one-fourth of the latter, the material cost base is lower, increasing the share of processing fees in total product value. The corresponding processing fee rate of aluminum-based solutions is about 13–14 pct higher than that of copper-based solutions, providing positive support to the company’s overall gross margin; 2) In terms of supply progress, the company’s electromagnetic flat aluminum wire and aluminum 3D bent busbars for vehicles have entered the certification and mass supply stage, while inner-grooved aluminum pipe & tube for air conditioners has already begun small-batch supply. Risk Warning: Risks of lower-than-expected downstream demand for new energy or capacity release, rising copper prices, and changes in trade policies outside China.

In response to the requests of many companies in the copper industry chain and to enhance communication between upstream and downstream enterprises, SMM Information & Technology Co., Ltd. (SMM) has meticulously organized a copper industry field trip to Jiangxi from April 24 to 26.

On April 23, at the CCIE 2025 SMM (20th) Copper Industry Conference & Copper Industry Expo - Main Forum, hosted by SMM Information & Technology Co., Ltd., Tong Qingping, Chief Scientist and PhD of China Nonferrous Metal Mining (Group) Co., Ltd., analyzed the current development status and high-quality development trends of China's copper processing industry.

When asked, "Copper prices have recently declined somewhat. Will this affect the company's production and operations?" Jintian Co., Ltd. responded on the investor interaction platform on April 7: The company's copper processing products adopt a pricing model of "raw material prices + processing fee," which can effectively conduct cost transmission. At the same time, the company strictly follows the "Hedging Management System" to carry out hedging operations to reduce the impact of raw material price fluctuations on the company's net profit. Currently, the fluctuation in copper prices has a relatively small impact on the company's operating performance, and the company's production and operations are normal in all aspects. Regarding "How much will the US tariff hike affect the company's product exports? What is the ratio of your product export volume to domestic sales volume?" Jintian Co., Ltd. responded on the investor interaction platform on April 7: Currently, the company's direct export sales revenue to the US accounts for a relatively small proportion, and according to the tariff exemption list, copper and several other metal materials are not subject to this reciprocal tariff policy. Overall, the US tariff hike will not have a significant adverse impact on the company's operating performance. The company will continue to monitor changes in the overseas market environment, maintain close communication with customers, actively prepare for risk responses, and steadily advance the development of various businesses. Currently, the company's production and operations are normal and orderly. For the latest sales data, please pay attention to the company's upcoming annual report. Jintian Co., Ltd. announced on the evening of April 1 that from the start date of this repurchase implementation to March 31, 2025, the company has cumulatively repurchased approximately 3.61 million shares through centralized bidding transactions, accounting for 0.24% of the company's current total share capital. The highest transaction price was 6.16 yuan per share, the lowest was 5.87 yuan per share, and the total amount of funds paid was approximately 21.77 million yuan. Jintian Co., Ltd. stated on the investor interaction platform on March 26: The company has a good customer base and technical reserves in the field of offshore engineering equipment, and some of the company's products have been applied in scenarios such as submarine cables. The company will closely monitor and follow the market demand in the field of offshore engineering equipment, further improve the product series, and enhance the competitive advantage of products. For other specific relevant information, please continue to pay attention to the periodic reports. Jintian Co., Ltd. stated on the investor interaction platform on March 14: The company has a good customer base and technical reserves in the field of artificial intelligence, and some of the company's products have been applied in the field of artificial intelligence. The company will closely monitor and follow the market demand in the field of artificial intelligence, further improve the product series, and enhance the competitive advantage of products. For other specific relevant information, please continue to pay attention to the periodic reports. Jintian Co., Ltd. stated on the investor interaction platform on November 5, 2024: The company began to lay out the magnetic materials business as early as 2001. After more than 20 years of development, it has become one of the enterprises with higher technical levels and a more comprehensive product series among domestic peers. The company's subsidiary, Ketian Magnetic Industry, was selected as a "Little Giant" enterprise in the fifth batch of specialized and sophisticated "Little Giant" enterprises by the MIIT and became one of the first batch of "Specialized and Sophisticated" enterprises in Ningbo in 2023. The company's rare earth permanent magnet products are widely used in NEVs, wind power generation, high-efficiency energy-saving motors, robots, consumer electronics, medical devices, and other fields. Currently, the first phase of the company's rare earth magnetic materials base in Baotou has been completed, which is conducive to better enhancing the scale effect and market share. Jintian Co., Ltd. previously disclosed the third quarter report of 2024, showing that the company achieved operating revenue of 91.844 billion yuan in the first three quarters, up 11.78% YoY; net profit attributable to the parent company was 288 million yuan, down 24.95% YoY; and non-GAAP net profit was 131 million yuan, down 55.93% YoY. In the stock market: On April 7, the market opened low and closed low throughout the day, with the three major indices collectively falling. The ChiNext Index fell by 12.5%, marking the largest single-day decline in history. The Shanghai Composite Index lost 3,100 points, with more than 5,200 stocks falling across the market and over 2,900 stocks hitting the daily limit down. Jintian Co., Ltd. also hit the daily limit down on April 7. As of the close on the 7th, Jintian Co., Ltd. fell by 10.05%, closing at 5.64 yuan per share.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the US presidential election concluded, the uncertainty of global trade policies will further increase, presenting new issues for international trade cooperation. In the geopolitical arena, ongoing conflicts and tensions show no significant signs of easing, posing threats not only to global security but also significantly impacting resource allocation and industrial layout. Against this macro backdrop, industrial transfer and supply chain restructuring have become key topics that we must closely monitor. At the industrial level, the trend of protectionism in mineral resources is on the rise, directly affecting the stability of global copper concentrate TCs. With the rapid expansion of global smelting capacity, the profit margins of copper smelters are further compressed, and the challenges faced by the industry are becoming increasingly severe. In the field of secondary copper raw materials, the advancement of Environmental, Social, and Governance (ESG) standards and the "Dual Carbon" goals have significantly increased market attention to secondary copper. However, the "Reverse Invoice" policy implemented in 2024 and the "Fair Competition Regulations" have had a profound impact on the secondary copper industry. Looking ahead to 2025, the changes in the landscape of the secondary copper industry will have a critical impact on the entire copper industry chain. Additionally, with the cancellation of tax subsidies and other incentives, the space for copper cathode trade will further narrow. We expect that the procurement ratio of copper processing materials between traders and smelters will show a more pronounced differentiation. In this context, the "CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo" meticulously prepared by SMM will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Jiangsu Hengtong Precision Metal Materials Co., Ltd. will make a splendid appearance at this conference. We will keep pace with the times, aim at our goals, strive diligently, and move forward with courage! Click the registration form to sign up immediately. We look forward to meeting you at the conference. Booth number: C30. "Hengtong" connects the world and creates the future. Jiangsu Hengtong Precision Metal Materials Co., Ltd. (referred to as "Hengtong Precision Metal"), established in January 2008, is a wholly-owned subsidiary of Hengtong Optic-Electric (stock code: 600487) under the Hengtong New Materials Industry Group. The company is located in the Hengtong Optic-Electric Cable Industrial Park in Qidu, Wujiang, Suzhou, and is the largest and most comprehensive manufacturing and R&D base in China, as well as the main export production site of the Hengtong Group. The company has introduced advanced production lines including the SCR copper rod continuous casting and rolling production line from Southwire, the impregnation method high-purity oxygen-free copper rod production line, the Niehoff wire drawing machine, the Niehoff stranding machine, the Fuchuan stranding machine, and the Jinyuan multi-head tinning machine, all of which are characterized by high efficiency, energy saving, excellent craftsmanship, and precision. Currently, Precision Metal is equipped with three copper processing production lines: the South SCR shaft furnace production line, the 5ppm impregnation method high-purity oxygen-free copper rod production line, and the copper rod continuous casting and rolling production line. The annual production capacity of copper rods can reach 500,000 mt, with 300,000 mt of deep-processed products, and an annual output value of 30 billion yuan. The products mainly include T1M20 Φ8.0 electrical round copper rod; 5ppm high-purity oxygen-free copper rod (8.0, 10.0, 12.5, 16mm); Φ0.6～4.5 electrical bare copper round wire (including TR and TY); TR Φ0.127～1.05 electrical bare copper round wire (multi-head parallel wire); bare copper and tinned conductors with cross-sections ranging from 0.25 mm² to 630 mm². The company has passed the ISO9001 international quality management system certification, ISO14001:2015 environmental management system certification, ISO45001:2018 occupational health and safety management system certification, IATF16949 automotive wire management system certification, the integration of industrialization and informatization management system certification, and the energy management system certification. The company has been awarded the titles of National High-Tech Enterprise, MIIT Green Design Product Enterprise, Jiangsu Province Specialized and Sophisticated SME, Jiangsu Province Green Factory, Jiangsu Province Five-Star Cloud Enterprise, Jiangsu Province Demonstration Intelligent Workshop, Suzhou City Demonstration Intelligent Workshop, Jiangsu Province Enterprise Technology Center, Suzhou City Engineering Technology Research Center, Suzhou City Industrial Design Center, and Suzhou City Quality Award. Contact Information: Liangliang Li General Manager of Marketing Center 135-6796-1998 lill@htgd.com.cn Zhongqi Sun Department Manager of Marketing Center 187-6727-0522 sunzq@htgd.com.cn Jianming Zhang Regional Director of Marketing 136-4625-0502 zhangjm@htgd.com.cn SMM Conference Contact: Wencheng Zhang 18766457954 zhangwencheng@smm.cn