[Aptiv’s 2025 Results Hit a Record High, with Full-Year Revenue of $20.4 Billion] Recently, Aptiv released its 2025 financial results, with full-year revenue, adjusted operating income, and adjusted earnings per share all reaching record highs. Revenue reached $20.4 billion, up 3% YoY; adjusted operating income was $2.461 billion, adjusted EBITDA was $3.228 billion, and diluted earnings per share excluding special items reached $7.82.

According to media reports, the US Department of Commerce has made a preliminary ruling that there are subsidies for key battery components in China, believing that Chinese producers of active anode materials have received substantial government subsidies, paving the way for the subsequent imposition of countervailing duties.

As Trump's tariff policy fluctuated repeatedly, after European and American automakers suffered setbacks, Japanese automakers' performance also collapsed. Japanese automakers Honda and Nissan both reported financial results on Tuesday that fell short of expectations. Honda, affected by tariffs, saw its Q4 operating profit plummet by over 70% YoY, with a 12.2% decline in operating profit and a 24.5% drop in net profit for the full year. Honda also adopted a relatively pessimistic outlook for the future, projecting that its operating profit, net profit, and revenue for the fiscal year 2026 will decline by nearly 59%, 70.1%, and 6.4% YoY, respectively. Nissan, on the other hand, announced that due to tariff impacts, it has decided not to release its operating profit forecast for the fiscal year ending March 2026, and will close some production plants, planning to lay off 20,000 employees by the fiscal year 2027. Meanwhile, Nissan replaced most of its senior management and appointed a new CEO. In addition, Toyota expects its operating income to decrease by 180 billion yen in just two months, while Mazda has not released its full-year performance forecast and warned that it may face a loss of 10 billion yen in April alone. According to CCTV News, the US previously imposed a 25% tariff on imported auto parts. The global automotive industry has already been widely affected by tariffs. In addition to Japanese automakers, European automakers such as Germany's Mercedes-Benz Group and Stellantis have withdrawn their performance guidance for this year, citing tariffs that have disrupted supply chains and driven up global auto prices. Mercedes-Benz stated that the uncertainties brought about by tariffs are too high to reliably assess this year's business development. Other companies have warned of significant financial losses . US automakers such as General Motors, facing tariff exposure of up to $5 billion, have significantly lowered their profit forecasts, while Ford Motor Company expects to incur annual losses of $1.5 billion. Honda's Q4 operating profit plummeted by over 70% YoY On Tuesday, May 13, Japanese automotive giant Honda reported its fourth-quarter and full-year performance for the period ending March 31. Q4 revenue: 5.36 trillion yen (approximately $4.726 billion), in line with the expected 5.36 trillion yen. Q4 operating profit: 73.5 billion yen, far below the expected 275.52 billion yen. Full-year revenue: increased by 6.2% YoY to 21.69 trillion yen, higher than the expected 21.63 trillion yen. Full-year operating profit: decreased by 12.2% YoY to 1.21 trillion yen, below the expected 1.41 trillion yen. Full-year net profit: decreased by 24.5% YoY to 835.84 billion yen. Performance guidance for 2026: Operating profit: It is expected that the full-year operating profit will decline by nearly 59% YoY to 500 billion yen. Net profit: Down 70.1% YoY to JPY 250 billion. Operating revenue: Down 6.4% YoY to JPY 20.3 trillion. Honda's financial results were released amid escalating trade tensions between the US and the world, with the US imposing a 25% tariff on foreign car imports. Honda's operating profit and net profit both fell sharply YoY. To avoid tariffs, Honda decided in March this year to shift the production location of its popular car model, the Civic Hybrid, from Mexico to the US. In addition, Honda is pessimistic about its future performance outlook, having revised down almost all financial indicators for the fiscal year ending March 2026. It expects operating profit to fall nearly 59% YoY, net profit to drop 70.1% YoY, and revenue to decline 6.4% YoY for the full year. According to data from Carpro, a US automotive market research firm, in 2024, Asian automakers accounted for six of the top eight car producers by sales volume in the US, with Honda ranking fourth. As Japan's second-largest car maker, Honda stated that the impact of global tariff policies will have a very significant effect on its business, and frequent policy adjustments make it difficult for Honda to make accurate forecasts. In its report, Honda said: "In the future, we will carefully assess the impact of tariff policies and expand recovery measures while striving to achieve further growth in operating profit." In addition, Honda also adjusted its dividend policy, changing the dividend payout ratio from the traditional payout rate to "equity dividends." It expects the dividend per share for the current fiscal year to increase by JPY 2 to JPY 70 per share. In terms of M&A, in February, Honda and its rival Nissan terminated negotiations on a USD 60 billion merger deal. If successful, the merger would have created the world's third-largest car maker, after Toyota and Volkswagen. Nissan to cut 15% of global workforce On the same day, Nissan Motor Co., Ltd. released its Q4 and full-year results for the period ending March 31. Full-year results: Full-year operating profit: JPY 133.71 billion (vs. estimated JPY 138.5 billion); Operating profit in Asia (excluding Japan): JPY 57.27 billion (vs. estimated JPY 52.29 billion); Operating loss in North America: JPY 38.32 billion (vs. estimated profit of JPY 2.45 billion); Operating loss in Europe: JPY 98.77 billion (vs. estimated loss of JPY 91.25 billion). Q4 results: Operating profit: JPY 5.79 billion (vs. estimated JPY 45.71 billion); Net loss: JPY 676.05 billion (approximately USD 4.6 billion) (vs. estimated loss of JPY 128.85 billion); Net sales: JPY 3.49 trillion (vs. estimated JPY 3.27 trillion); 2026 performance guidance: Expected net sales: JPY 12.50 trillion (vs. estimated JPY 12.31 trillion); Expected dividend: JPY 0.0 (vs. estimated JPY 7.70). Global auto sales for the full year are expected to reach 3.25 million units. In its earnings report released on Tuesday, Nissan stated that it had decided not to issue an operating profit forecast for the fiscal year ending March 2026 . Additionally, Nissan announced plans to reduce the number of its production plants from 17 to 10 by fiscal 2027 and to cut approximately 15% of its global workforce, or about 20,000 employees. This means that on top of the 9,000 job cuts announced in November last year, an additional 11,000 employees will be laid off. The struggling Japanese automaker is striving to turn the tide, but due to its aging car models failing to attract consumers, Nissan has begun laying off staff, reducing production capacity, and replacing most of its senior management, including appointing a new CEO, Ivan Espinosa. After taking over as CEO, Espinosa has started implementing more decisive measures than his predecessor, Makoto Uchida, who was criticized for not being proactive enough in implementing layoffs and production cuts. Furthermore, Nissan's merger plans with Honda failed earlier this year, leaving Nissan in urgent need of finding new partners. The pressure to revive Nissan is immense, especially after the breakdown of merger talks, making the search for a "savior" even more complex. Hon Hai Precision Industry Co., Ltd. (Foxconn) was once a potential partner. Liu Young-way, Chairman of Foxconn, stated in February that Foxconn had approached both Nissan and Honda during their merger discussions, proposing possible cooperation. As the manufacturer of the iPhone, Foxconn has clearly expressed its intention to assemble EVs for Japanese automakers and signed an agreement with Mitsubishi Motors earlier this month to jointly produce EVs. However, Nissan's restructuring efforts face even greater challenges, particularly the potential impact of 450 billion yen from US tariffs on imported cars and parts, further exacerbating the company's difficulties.

On Tuesday, Eastern Time, investor concerns about the global trade situation intensified, leading to a collective decline in the three major indices, with the Dow Jones Industrial Average (Dow) falling nearly 1%. (Minute-by-minute charts of the three major indices, source: TradingView) By the close of trading, the Dow Jones Industrial Average fell 0.95% to close at 40,829.00; the S&P 500 fell 0.77% to close at 5,606.91; and the Nasdaq fell 0.87% to close at 17,689.66. US President Trump stated on Tuesday that the US "does not need" to sign agreements with its trading partners. This statement is markedly different from the White House's previous stance. US Treasury Secretary Bessent said on Monday that the US is "very close" to reaching some agreements. Trump himself also said on Sunday that it is "very likely" that trade agreements will be announced this week. Investors and corporate executives are eagerly anticipating that the Trump administration will swiftly reach a series of bilateral agreements with trading partners such as Japan, South Korea, and India to secure breathing room before a full-scale trade war drags down the US economy. However, to date, no formal agreements have been announced between the US and its trading partners. Senior White House officials have been claiming almost daily that multiple agreements are "close to being finalized," but none have materialized. The US Fed is set to announce its interest rate decision on Wednesday, Eastern Time. The market widely expects the Fed to maintain the current interest rates, with federal funds rate futures indicating only a 3.1% probability of an interest rate cut. However, investors will closely monitor comments from Fed Chairman Powell on the economic outlook. Steve Rick, Chief Economist at TruStage, stated, "Despite external pressure to cut interest rates, the Fed may persist in maintaining its current wait-and-see stance amid uncertainties surrounding major economic factors. As the impact of tariffs gradually becomes apparent, we anticipate that economic growth will slow compared to the past few months." WeRide surged over 31%, and Pony.ai soared more than 47%, as both companies announced on Tuesday the expansion or establishment of cooperation with ride-hailing giant Uber. Performance of Popular Stocks All seven major tech stocks declined, with Apple falling 0.19%, Microsoft down 0.66%, NVIDIA down 0.25%, Google down 0.60%, Amazon down 0.72%, Meta down 2.00%, and Tesla down 1.75%. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index up 0.42%. Alibaba rose 0.86%, JD.com closed flat, Pinduoduo rose 0.42%, NIO fell 1.51%, XPeng Motors fell 1.00%, Li Auto rose 1.70%, Bilibili closed flat, Baidu rose 1.07%, NetEase fell 0.76%, and Tencent Music rose 1.48%. Company News [Nvidia CEO Says China's AI Market Could Reach $50 Billion, Missing Out Would Be a Huge Loss] Nvidia CEO Jensen Huang stated that the market size for artificial intelligence (AI) chips in China could reach $50 billion in the coming years, making it crucial for US companies to gain access to the Chinese market. "As a US company, it would be a huge loss if we couldn't participate," Huang said in an interview with CNBC. [AMD Reports Q1 Revenue of $7.44 Billion, Up 36% YoY] AMD reported Q1 revenue of $7.44 billion, up 36% YoY, compared to an estimated $7.12 billion. Adjusted earnings per share were $0.96, up from $0.62 in the same period last year, and above the estimated $0.94. Adjusted operating income was $1.78 billion, up 57% YoY, compared to an estimated $1.76 billion. Adjusted operating margin was 24%, up from 21% in the same period last year, and above the estimated 24.6%. AMD's Q1 R&D expenses were $1.73 billion, up 13% YoY, compared to an estimated $1.69 billion. Capital expenditures were $212 million, up 49% YoY, compared to an estimated $172.6 million. AMD expects Q2 revenue to be between $7.1 billion and $7.7 billion, with the market estimating $7.23 billion. AMD's stock rose over 5% in after-hours trading following the earnings report. [Super Micro Computer Reports Q3 Net Sales of $4.6 Billion, Missing Estimates] Super Micro Computer reported Q3 net sales of $4.6 billion, below analysts' expectations of $4.76 billion. The company expects full-year net sales to be between $21.8 billion and $22.6 billion, down from its original estimate of $23.5 billion to $25 billion. It expects Q4 net sales to be between $5.6 billion and $6.4 billion, below analysts' expectations of $6.59 billion. Super Micro Computer's stock fell over 6% in after-hours trading. [Google to Appeal Ruling in US DOJ Ad Tech Case] Google announced that it opposes the court's ruling in the US DOJ ad tech case regarding the publisher tool Google Ad Manager and will file an appeal. Google stated that, in accordance with litigation procedures, both parties will list remedial measures in response to the court's ruling.

In Q1, Zhongtiaoshan Group and North Copper effectively responded to the impact of unexpected factors, overcoming unfavorable conditions such as production restrictions and shutdowns at major mines, the bottoming out and inversion of copper smelting processing fees, and extreme difficulties in copper raw material procurement. They united and led various organizations and the majority of party members, cadres, and employees to tackle challenges and forge ahead, always maintaining a stable and progressive overall situation, achieving remarkable results that were hard-won, setting a good start for the year's production, operation, and reform and development. As of March 31, the company's profit reached 23.72% of the annual assessment target, operating income achieved 24.54% of the annual assessment target, mine ore processing volume completed 27.33% of the annual plan, copper content in copper concentrates reached 27.59% of the annual plan, and smelting economic production achieved sustained stability, with cathode copper production completing 25.52% of the annual plan. The production of precious metals hit a record high, with gold ingot production completing 28.33% of the annual plan and silver ingot production achieving 26.17% of the annual plan, successfully realizing a "good start" in the first quarter and making strong progress towards the "half-time, half-task" goal. The company's various units anchored their quarterly targets and tasks, scientifically organized production scheduling, and adhered to the principles of maximizing resource efficiency, value creation, overall efficiency, and operational efficiency. They focused on target breakthroughs, quality and efficiency improvement, and lean management, achieving good results. Mines seized the favorable opportunity of copper prices, optimized mining plans and production organization based on ore reserves and grade distribution, strengthened mining and processing technology management, improved the "two products and one rate" indicators, enhanced equipment maintenance, ensured continuous and stable operation, strictly controlled mining and processing costs, and maximized mine efficiency: Tongkuangyu Mine adhered to the production organization principle of "balanced stability, safety, and efficiency," completing the quarterly production and operation task target 8 days ahead of schedule; Hujiayu Mining Company actively organized the utilization of low-grade ore from surface accumulated old waste rock. Smelting units combined the procurement of copper raw materials, scientifically formulated ingredients, strengthened whole-process management, benchmarked and compared, continuously strengthened intermediate material management, reduced capital occupation, ensured metal balance, and significantly improved various economic and technical indicators and product quality: Houma Beitong Company conducted technical exchanges with smelters such as Zhongyuan Gold, Chifeng Jintong, and Nanguo Copper, strengthened late-stage furnace management, ensured side-blown furnace operation rate above 99.8% and top-blown furnace operation rate of 100%, achieving stable and continuous production; Yuanqu Smelter steadily improved the production of precious metals, with gold and silver ingot production reaching new highs. New Materials Technology Company increased the proportion of foil processing from 50% to 63%; iron content production efficiency improved by 50%, successfully producing C19210 alloy 0.8mm specification strip samples for customer testing and verification; 0.6mm transformer thin strip products passed tests by three customers, reaching a long-term strategic cooperation with one. North Copper's dedicated railway sulfuric acid tank container was first loaded and dispatched on March 20, marking the company's official entry into the era of "road-rail intermodal transport" for dangerous goods, significantly reducing enterprise logistics costs. Non-copper industries adhered to the profit-centered approach, actively responded to complex market changes, and achieved good production and operation results. With strong winds and surging tides, thousands of sails compete; striving to be the first is the right time. In the final year of the "14th Five-Year Plan," Zhongtiaoshan Group and North Copper will always adhere to high-quality development as the overall work, shoulder the major mission of leading the high-quality development of Shanxi's copper industry, anchor the "123456" overall strategic layout and "3356" work system, focus on the annual and "14th Five-Year Plan" goals and tasks, use a "brilliant start" to boost "a splendid year," lay a solid foundation for a good start to the "15th Five-Year Plan," and write a new answer sheet for Chinese-style modernization in Zhongtiao with practical results. (Zhongxuan) To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo, hosted by SMM, to be held grandly in Nanchang, Jiangxi from April 22-25, 2025. CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo ~ Over 3,000 industry elites, representatives of upstream and downstream enterprises in the copper industry chain, government department leaders, industry associations, third-party equipment, logistics and warehousing, and university research experts will gather together. The conference includes mining, smelting, copper processing, trade, recycling, and end-use applications, covering the entire copper industry chain. At the conference site, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, new copper-based materials, and other cutting-edge achievements in the copper industry, fully demonstrating the innovation and vitality of the copper industry. The conference activities are exciting: the main forum focuses on global copper market trends, raw material supply, analyzes policy impacts, and interprets market trends. Sub-forums delve into industry hotspots in areas such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS; during the conference, there will also be a 2-day visit to 12 representative enterprises in the copper industry with a cumulative capacity of 1 million mt. Share cutting-edge technologies and valuable experiences, help upgrade the copper industry chain, and promote high-quality industry development. CCIE 2025 SMM (20th) Copper Industry Conference and Copper Industry Expo Help you grasp the industry pulse, expand your network, and seek business opportunities! From April 22-25, SMM cordially invites you to gather in Nanchang, Jiangxi, to unite in the new era and jointly plan new development!

SMM, April 8: The rare earth permanent magnets index strengthened in the afternoon of April 8, with China Northern Rare Earth's share price also showing a significant increase. By the close of trading on April 8, China Northern Rare Earth's shares had risen 5.14% to RMB 23.94 per share. In terms of news, China Northern Rare Earth announced on April 8 that its net profit for the first quarter of 2025 is expected to increase significantly by 716.49%-735.70%. Additionally, the company's 2024 annual performance report showed that it achieved operating income of approximately RMB 32.966 billion, a decrease of 1.58% year-on-year, and net profit attributable to shareholders of the listed company of approximately RMB 1.004 billion, a decrease of 57.64% year-on-year. The performance report of China Northern Rare Earth revealed that in 2024, due to factors such as weak global economic growth and lower-than-expected growth in downstream demand, the prices of major rare earth products, represented by Pr-Nd oxide, generally showed a fluctuating downward trend. The average price declined year-on-year, and the overall performance of the rare earth market was weak. Faced with the unfavorable market situation of declining rare earth product prices, the company focused on its annual production and operation targets, thoroughly implemented new development concepts, built a new development paradigm, and took on the important task of being the main force in the construction of the "two rare earth bases." The company made overall plans and implemented comprehensive measures at all levels of production and operation, anchored its goals, overcame difficulties, and strived to reduce the impact of unfavorable factors on the company. Its high-quality development achieved new results, with production and sales volumes of major products reaching new highs. Although revenue and profits declined year-on-year, its operating performance remained at the forefront of the rare earth industry. Capacity utilisation rate and market share further increased, with the processing cost per ton of rare earth decreasing by 5.1% year-on-year and the comprehensive financing cost of interest-bearing liabilities further reducing. Key construction projects and industry chain mergers and acquisitions were promoted in an orderly manner, and the company's invested green mining, beneficiation, and smelting upgrading project for a new generation of rare earths has been completed and put into operation in its first phase. The company accelerated its transformation and upgrading towards high-end, digital intelligence, and green development, deepened reform and innovation, promoted ESG and other management improvements, increased R&D investment, optimized scientific research systems and mechanisms, strengthened performance appraisal and risk prevention and control, and accelerated the construction of the "two rare earth bases." Through overall planning and comprehensive measures, the company continuously improved the quality and efficiency of its high-quality development, laying a solid foundation for being the main force in the construction of the "two rare earth bases," completing the "14th Five-Year Plan," and becoming a world-class leader in the rare earth industry. This contributed to the stable and high-quality development of China's rare earth industry. China Northern Rare Earth's first-quarter performance forecast, disclosed on the same day, showed that after initial calculations by the financial department, the company expects to achieve a net profit attributable to shareholders of the parent company of RMB 425 million to RMB 435 million in the first quarter of 2025. This represents an increase of RMB 375 million to RMB 385 million compared to the same period last year, or an increase of 716.49% to 735.70% year-on-year. The company also expects to achieve a non-recurring profit and loss net profit attributable to shareholders of the parent company of RMB 429 million to RMB 439 million, representing an increase of RMB 425.3 million to RMB 435.3 million compared to the same period last year, or an increase of 11468.78% to 11738.45% year-on-year. Regarding the main reasons for the expected increase in first-quarter performance, China Northern Rare Earth stated that in the first quarter of 2025, due to factors such as tightened upstream raw material supply and downstream consumption stimulus policies, the overall activity of the rare earth market was better than the same period last year. The prices of major rare earth products, represented by Pr-Nd oxide, showed an upward trend with good transaction volumes. The company seized the favorable opportunity of market stabilization and improvement, focused on its annual production and operation targets, thoroughly implemented new development concepts, built a new development paradigm, and took on the important task of being the main force in the construction of the "two rare earth bases." The company comprehensively improved production line efficiency, continuously optimized raw material and product structures, deepened marketing model innovation with market demand as the guidance, strengthened marketing operations, and achieved year-on-year growth in production and sales volumes of major products. The company achieved significant results in cost reduction and efficiency improvement, with quality and efficiency improvements in rare earth products. Joint ventures, cooperation, and infrastructure technological transformation projects were promoted in an orderly manner, with continuous enhancement of scientific and technological innovation contributions. Management innovation drove the consolidation and enhancement of high-quality development quality and efficiency, with orderly advancement of ESG, compliance, and market value management. The coordinated advancement and efficient implementation of various work in the company's production and operation management laid a solid foundation for the significant year-on-year growth in the company's first-quarter performance. From China Northern Rare Earth's performance in the past year and the first quarter of this year, it is evident that fluctuations in the prices of rare earth products such as Pr-Nd are closely related to the production and operation of rare earth companies. Click here to view SMM rare earth spot prices. Subscribe to view SMM metal spot price historical trends. Reviewing the historical price trend of SMM Pr-Nd oxide in 2024, it can be seen that the average price on December 31, 2024 was RMB 398,000/mt, which was a decrease of RMB 44,500/mt or 10.06% compared to the average price of RMB 442,500/mt on December 29, 2023. The annual average daily price of Pr-Nd oxide in 2024 was RMB 391,871.9/mt, which was a decrease of RMB 137,402.89/mt or 25.96% compared to the annual average daily price of RMB 529,274.79/mt in 2023. From these data, it can be seen that the annual average daily price of Pr-Nd oxide decreased more significantly year-on-year, putting pressure on the company's production and operation in 2024. Entering 2025, compared to the end of 2024, the overall price of Pr-Nd oxide has shown an increase. Reviewing the price trend of SMM Pr-Nd oxide in the first quarter, it can be seen that the average price of Pr-Nd oxide on March 31 this year was RMB 444,500/mt, which was an increase of RMB 46,500/mt or 11.68% compared to the average price of RMB 398,000/mt on December 31, 2024. Comparing the average daily price of Pr-Nd oxide in the first quarter of 2025, which was RMB 429,605.26/mt, with the average daily price of RMB 381,646.55/mt in the first quarter of 2024, it can be seen that the average daily price in the first quarter of this year increased by 12.57% year-on-year. The year-on-year increase in the average price of Pr-Nd oxide in the first quarter is expected to significantly boost the profits of rare earth companies in the first quarter. The significant expected increase in China Northern Rare Earth's first-quarter net profit is mainly due to the rise in rare earth prices.

In the upcoming year of 2025, we anticipate that the global economy will face a series of complex and volatile challenges. With the conclusion of the US presidential election, the uncertainty surrounding global trade policies is expected to further increase, presenting new issues for international trade cooperation. In the realm of geopolitics, 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 relocation and supply chain restructuring have become critical 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 on 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 incentive measures, the space for copper cathode trade is expected to further narrow. We anticipate 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 Industry Conference and Copper Industry Expo," meticulously prepared by SMM, will be grandly held in Nanchang, Jiangxi, from April 22 to 25, 2025. Western Mining Co., Ltd. will attend this conference in full force. We will keep pace with the times, aim for our goals, strive diligently, and move forward with courage and determination! Click the registration form to sign up immediately, and we look forward to meeting you at the conference. Western Mining Co., Ltd. was established in 2000, with its headquarters located in Xining, Qinghai Province. It was transformed from the Xitieshan Mining Bureau of the China Nonferrous Metals Industry Corporation. In 2007, its subsidiary, Western Mining Co., Ltd., was listed on the Shanghai Stock Exchange. After years of development, the company has expanded from a single lead-zinc resource development enterprise to a large enterprise group integrating six major industries: mining and smelting, salt lake chemical industry, cultural tourism, construction and real estate, financial trade, and technology information. It has over 40 subsidiaries in 11 provinces and municipalities across the country. The company is developing and operating ten large mines, including the Yulong Copper Mine in Tibet and the Xitieshan Lead-Zinc Mine in Qinghai. It employs the world's most advanced smelting process technologies, forming a smelting system with capacities of 300,000 mt of copper, 200,000 mt of lead, and 150,000 mt of zinc. The 100,000 mt anhydrous hydrogen fluoride project fills the gap in the refrigerant industry in the Qinghai-Tibet region. The company has built the first green and environmentally friendly vanadium extraction line from stone coal in China and possesses mature international advanced technologies in magnesium resource development. It currently has a production capacity of 150,000 mt of magnesium hydroxide and its series products, focusing on building a 1 million mt edible salt production base. "Chaka Salt" has been deployed in the national market and is moving towards the global market. The company actively develops the tourism industry, successfully creating the internationally renowned tourism brand "Chaka Salt Lake—Mirror of the Sky" and constructing and operating the Yiwu Poplar Scenic Area in Xinjiang. The Beijing Qinghai Financial Building, Sanya Qinghai Building, and Yulong Hotel in Tibet have become new business cards and windows for Qinghai to showcase its image to the outside world. The company has introduced green building industrialization technology, building the largest steel structure prefabricated green building base in Qinghai Province. Additionally, it owns specialized service companies in finance, technology research, information technology, design consulting, tender and bid, and property management, constructing a diversified industrial landscape. Development History In 1725, during the third year of the Yongzheng reign of the Qing Dynasty (1725 AD), military convicts, while reclaiming wasteland, were attracted by the name "Hala Mountain" and came to Xitieshan, engaging in open-pit mining using traditional methods. In 1861, during the eleventh year of the Xianfeng reign (1861 AD), a lead bureau was established here, and its lead mine ranked first among the lead bureaus at that time. In 1957, the Xitieshan Mine was established. In April 1978, the construction of the Xitieshan Mine was listed as a key project in the national "Sixth Five-Year Plan." In 1982, the people of Xitieshan built a large mine with an annual ore processing capacity of 1 million mt in just five years and eight months. In August, it was officially decided to upgrade the "Qinghai Xitieshan Lead-Zinc Mine Preparation Office" to a prefecture-level enterprise, named the Xitieshan Mining Bureau. On May 18, 2000, the Xitieshan Mining Bureau was officially restructured into "Western Mining Co., Ltd." On July 18, 2006, Western Mining Co., Ltd. was renamed "Western Mining Group Co., Ltd.," with a registered capital of 1.6 billion yuan. On July 12, 2007, Western Mining Co., Ltd. was successfully listed on the Shanghai Stock Exchange. In 2011, Western Mining Group Co., Ltd. continued to reform and extend its industries, gradually transforming into a group company. Based on the development of non-ferrous metal resources, it expanded into salt lake resource development, real estate development, financial information, and other fields, establishing the first finance company in Qinghai Province, elevating the group's financial management and capital operations to a new level. In April and July 2015, the new leadership team of the company took office. In less than a year, Western Mining Group Co., Ltd. achieved a major turnaround, reversing the difficult situation and turning losses into profits, with the enterprise showing an upward development trend. Since the "13th Five-Year Plan," Western Mining Group Co., Ltd. has unswervingly implemented the new development concepts, established the development strategy of "strengthening the mining main business, refining the smelting industry, optimizing salt lake resources, and solidifying new industries." The company is striding forward towards a modern enterprise with industrial synergy, a sound system, and distinctive features. In 2023, the company drew strength from General Secretary Xi Jinping's important speeches and thematic education. The company's operating profit exceeded 5 billion yuan for the first time, and multiple operating indicators refreshed the best historical levels. The company's image is getting better, and the high-quality development of the company has entered an irreversible historical process. In the future, aiming to build a "provincial leader, domestic first-class, internationally renowned" enterprise group, focusing on the development of "mining, salt lake, and ecological" resources, the company will accelerate the construction of a domestic first-class modern enterprise and promote the green and high-quality development of the enterprise. By the end of the "14th Five-Year Plan," the company's operating income is expected to exceed 70 billion yuan, annual operating profit to exceed 3 billion yuan, and total assets to exceed 100 billion yuan, pushing Western Mining Group to the regional international first-class level in the industry, becoming a large enterprise group with significant domestic influence and a model of high-quality development. Corporate Culture Corporate Mission: Mining for the Nation, Revitalizing the National Economy Core Values: Wisdom Creates Value, Responsibility Achieves the Future Corporate Purpose: Belief, Persistence, Adherence Corporate Spirit: Faith, Endurance, Rigor, Innovation Corporate Ethos: Speak the Truth, Do Practical Work, Achieve Real Results Corporate Vision: To Become a Company Satisfied by Shareholders, Happy Employees, Respected by Society, and with Significant Domestic Influence Goal: To Build a Provincial Leader, Domestic First-Class, Internationally Renowned Enterprise Group Contact Information Wang Qing 18697183320 SMM Conference Contact Ren Jie 18655033505 renjie@smm.cn

The EV industry has experienced remarkable growth far beyond what many envisioned a decade ago.

[An Annual Production Line of 5GWh Lithium Battery Energy Storage Systems Is About to Be Completed] A new energy company is expediting the final construction phase of its annual production line project for 5GWh lithium battery energy storage systems. The project is located in Panji District, Huainan City, Anhui Province, with a planned total investment of 1.36 billion yuan and a planned land area of approximately 128 mu. Upon completion and reaching full production, it is expected to achieve an annual production capacity of 5GWh lithium battery energy storage packs, 100,000 energy storage PCS units, 20,000 energy storage cabinets, and (air-cooled) containers. Once completed and operational, the project is expected to generate an operating income of 3.5 billion yuan and create approximately 330 new jobs.

Since the inception of EVs, the concept of battery swapping has been part of the discussion on the economics of electrification.