On the evening of April 28, Guangzhou Great Power Energy and Technology Co., Ltd. (hereinafter short as Great Power) released its 2025 annual report and Q1 2026 quarterly report. The company's revenue and profit rose significantly, with its energy storage business delivering outstanding performance. Impressive Results: Revenues sustained high growth, up nearly 200% YoY in 2026 Q1 Its financial report showed that in full-year 2025, the company achieved total revenue of 11.943 billion yuan, up 50.04% YoY; net profit attributable to shareholders of the publicly listed firm reached 206 million yuan, up 181.61% YoY. Entering 2026, Great Power's performance continued its high growth trajectory. According to its Q1 financial data, the company achieved total revenue of 4.768 billion yuan, up 182.14% YoY. The company's energy storage business shipments and revenue both grew QoQ, demonstrating strong growth resilience, with Q1 profit alone already surpassing the full-year figure of last year. Great Power's 2025 performance growth momentum stemmed from the synergistic contribution of three major businesses — energy storage, consumer, and power battery : The energy storage business, leveraging its leading product competitiveness and global expansion advantages, became the core growth engine; The consumer battery business consolidated its fundamental position, maintaining steady operations; The power battery business focused on differentiated niche segments, continuously broadening incremental space, forming a well-balanced development pattern. Meanwhile, based on its three-year capacity plan and R&D progress of downstream popular products, the company expects its capacity utilization rate to stay high over the next three years, with performance expected to maintain strong growth momentum. Impressive Household ESS Performance: Battery Cell Shipments Ranked Second Globally, User-Side ESS Ranked Top Two in China As one of the earliest industry leaders in China to enter the ESS sector, Great Power has achieved remarkable results in the household ESS field. In 2025, the company's household ESS battery cell shipments ranked second globally , and its user-side ESS shipments ranked top two in China and top five worldwide ; in the commercial and industrial segment, ESS shipments ranked top two in China; its full-scenario energy storage deployment yielded significant results. In addition, the company's large-scale overseas energy storage orders achieved breakthrough growth, with full-year 2025 revenue reaching 1.793 billion yuan, up 72.98% YoY, demonstrating clear results from its globalization strategy. ESS Battery Cell QoQ Growth Tops the List, Consolidating Its Position in the Global Tier 1 With undeniable strength, Great Power was shortlisted in the 2026 SMM Global Tier 1 ESS battery cell list, ranking first in terms of QoQ growth in ESS battery cell shipments. The company's ESS battery shipments have remained in the global top eight for multiple consecutive years, with a solid industry position. Production and Sales Boom: Orders Booked Through Q2 2026, Core Energy Storage Lines Operating at Full Capacity As early as the end of 2025, an executive of Great Power stated that the company's overall production and operations were showing positive trend, with all energy storage product lines maintaining full production and sales, and orders booked through Q2 2026. On the core energy storage product manufacturing side, the 314Ah large-scale ESS battery cell line as well as the 100Ah and 50Ah small-scale ESS battery cell lines all operated at full capacity. The company is steadily expanding capacity in line with market demand. Currently, the Phase II plant at the Quzhou base has been completed, with mass production of 587Ah large-capacity battery cells expected in 2026. Orders from domestic clients have already been secured, and ex-China demand is expected to be gradually released in 2027.

SMM News, May 21: Metals market: As of the midday close, most base metals on the domestic market rose. SHFE copper gained 1.33%, SHFE aluminum rose 0.33%, SHFE lead climbed 1.55%, SHFE zinc advanced 1.47%, and SHFE tin surged 3.21%. SHFE nickel fell 0.57%. In addition, the most-traded casting aluminum futures rose 0.39%, the most-traded alumina contract gained 0.37%, the most-traded lithium carbonate contract rose 1.18%, the most-traded silicon metal contract climbed 0.35%, and the most-traded polysilicon futures rose 0.37%. Ferrous metals mostly rose. Iron ore fell 0.5%, rebar edged up, hot-rolled coil gained 0.23%, and stainless steel rose 0.41%. Coking coal and coke: the most-traded coking coal contract rose 0.33%, and the most-traded coke contract was flat at 1,774.5 yuan/mt. Overseas base metals: as of 11:32, LME metals generally fell. LME copper dropped 0.15%, LME aluminum was flat at 3,629 yuan/mt, LME lead rose 0.71%, LME zinc fell 0.1%, LME tin declined 0.53%, and LME nickel dropped 0.92%. Precious metals: as of 11:32, COMEX gold rose 0.12% and COMEX silver fell 0.26%. Domestic precious metals: the most-traded SHFE gold contract gained 0.89% and the most-traded SHFE silver contract rose 1.85%. In addition, as of the midday close, the most-traded platinum futures rose 0.74% and the most-traded palladium futures gained 0.47%. As of the midday close, the most-traded Europe containerized freight index contract rose 7.66% to 2,957.5 points. As of 11:32 on May 21, midday futures quotes for selected contracts: Spot cargo and fundamentals Nickel: On May 21, SMM #1 refined nickel prices rose 1,550 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, down 250 yuan/mt from the previous trading day. Domestic mainstream brand electrodeposited nickel premiums ranged from -600 to 500 yuan/mt. Macro front China: [NDRC: To improve policy measures on fair competition, investment and financing, promotion of sci-tech innovation, and business regulation] Li Hui, Director of the Private Economy Development Bureau of the National Development and Reform Commission (NDRC), stated at a press conference held by the State Council Information Office that the NDRC will better leverage its coordination function in promoting private economy development, organize and carry out specific measures outlined in the action plan for safeguarding the private economy through the rule of law, and strengthen the implementation of the Private Economy Promotion Law. The NDRC will improve supporting systems and refine policy measures on fair competition, investment and financing, promotion of sci-tech innovation, and business regulation. It will continue to work with relevant departments to publish typical cases to illustrate the law through cases, conduct assessments of policy implementation effectiveness, promote direct and swift access to enterprise-friendly policies, and guide enterprises in enhancing their governance capabilities. [China's Enterprise Credit Index Reached 162.41 in April This Year, Maintaining a Positive Trend] According to the State Administration for Market Regulation, China's Enterprise Credit Index stood at 162.41 in April this year, up 0.15 points from March, with enterprise credit levels maintaining a positive trend. In April, the top 5 industries by credit index ranking were finance, electricity/heat/gas and water production and supply, education, manufacturing, and water conservancy/environment and public facilities management. Compared with the previous month, the indices for information transmission/software and information technology services, finance, and health and social work showed relatively notable increases, achieving positive growth for three consecutive months, with credit development trends continuing to improve. (CCTV News) [Qiushi Commentary Article: How to Thoroughly Address "Involution-Style" Competition in Manufacturing] The article pointed out that thoroughly addressing "involution-style" competition requires institutional innovation to drive competition toward quality upgrading. Only when government behavior is regulated and market mechanisms are streamlined can enterprises shift from low-price disorderly competition to value-based competition. A unified national market should be built to break down market segmentation, policies hindering fair competition should be resolutely eliminated, outdated capacity should be phased out in an orderly manner in accordance with laws and regulations to prevent "bad money driving out good," and competitive enterprises should be allocated resources commensurate with their competitiveness. Performance assessment reform should be used to correct government behavior, shifting assessment focus toward "quality" indicators such as development quality, technological innovation, and industrial coordination, aligning local government incentives with high-quality development, and curbing the impulse for homogeneous investment attraction at the source. Evaluation mechanism reform should be used to rectify competitive behavior, reversing the "price-only" tendency, establishing comprehensive evaluation mechanisms centered on technology, quality, and service, making premium quality at premium prices a market consensus, and guiding resources toward enterprises with strong innovation capabilities and high product value-added. The PBOC conducted 100 billion yuan of 7-day reverse repo operations in the open market at an interest rate of 1.40%, unchanged from the previous day. Today, 500 million yuan of reverse repos matured. US Dollar: As of 11:32, the US dollar index rose 0.05% to 99.19. The US Fed meeting minutes showed that participants anticipated elevated energy prices would continue to exert upward pressure on headline inflation in the near term. Participants generally expected that the impact of tariffs on core goods inflation would gradually diminish over the course of this year. However, some participants noted that tariff rates could rise further above current levels, resulting in greater upward pressure on inflation. Several participants emphasized that, after inflation had remained above 2% for several consecutive years, elevated inflation could have a greater influence on wage- and price-setting decisions. Almost all participants noted that the conflict in the Middle East could persist for an extended period, or even if the conflict ended, oil and other commodity prices could remain elevated for longer than expectations. In such a scenario, participants anticipated that factors such as supply chain disruptions, elevated energy prices, or the pass-through of higher input costs to other prices would continue to push inflation higher. The vast majority of participants noted that the time required for inflation to return to the Committee's 2% target could be longer than they had previously expected, and that risks had increased. The US Fed meeting minutes showed that regarding the monetary policy outlook, participants generally believed that persistently elevated inflation and uncertainty about the duration and economic impact of the Middle East conflict could necessitate maintaining the current policy stance for longer than expectations. Some participants emphasized that it might be appropriate to lower the target range for the federal funds rate once clear signs emerged that the pullback trend in inflation had steadily resumed, or signs of greater softness in the labour market appeared. However, most participants noted that if inflation remained persistently above 2%, some tightening measures might be necessary. To address this scenario, many participants indicated that they would prefer to remove language from the post-meeting statement that implied the Committee's future rate decisions might lean toward easing. Participants noted that monetary policy was not predetermined and that future policy decisions would be made on a meeting-by-meeting basis. According to the CME "FedWatch" tool: the probability of the US Fed maintaining rates unchanged through June was 97.3%, with a cumulative probability of a 25-basis-point interest rate cut at 2.7%. The probability of the US Fed maintaining rates unchanged through July was 87.2%, with a cumulative probability of a 25-basis-point interest rate cut at 2.4%, and a cumulative probability of a 25-basis-point rate hike at 10.4%. (Jin Shi Data) On the data front: Data to be released today include US initial jobless claims for the week ending May 16, US April annualized housing starts, US April building permits, US May Philadelphia Fed Manufacturing Index, US May S&P Global Manufacturing PMI preliminary reading, US May S&P Global Services PMI preliminary reading, Eurozone May Manufacturing PMI preliminary reading, Eurozone March seasonally adjusted current account, Eurozone May Consumer Confidence Index preliminary reading, France May Manufacturing PMI preliminary reading, Germany May Manufacturing PMI preliminary reading, UK May Manufacturing PMI preliminary reading, UK May Services PMI preliminary reading, UK May CBI Industrial Orders balance, and Australia April seasonally adjusted unemployment rate. In addition, attention should also be paid to the following: Bank of England Governor Bailey delivered a speech, and China's refined oil products were set to enter a new round of price adjustment window. Crude oil: As of 11:32, oil prices in both markets rose, with WTI up 0.94% and Brent up 0.83%. Supply concerns driven by market worries over the uncertain prospects of a US-Iran peace deal continued to support oil prices. In addition, declining US crude oil inventory also lent support to oil prices. EIA report: Commercial crude oil inventory, excluding the Strategic Petroleum Reserve, fell by 7.863 million barrels to 445 million barrels, a decline of 1.74%. The weekly EIA crude oil inventory drawdown for the week ending May 15 was the largest since the week of February 13, 2026. A research report from CITIC Securities noted that global oil inventory was declining sharply, intensifying the risk of energy shortages. The US-Israel-Iran conflict disrupted passage through the Strait of Hormuz, causing global oil inventory to plummet at a record pace and heightening the risk of summer energy shortages. The market temporarily cushioned the pressure by relying on previously surplus inventory, exemptions from Russian oil sanctions, and strategic petroleum reserve releases by multiple countries, while high oil prices also triggered a contraction in global oil demand. International oil prices are currently fluctuating at elevated levels, US refined product prices have hit multi-year highs, oil supplies in multiple energy-importing regions in Asia are on the verge of shortages, dragging down regional economic growth. Oil prices may still have significant upside room, and accelerating the development of renewable energy has become a long-term measure for countries to guard against energy risks. Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC) of the UAE, said on the 20th that the UAE was building an east-west oil pipeline bypassing the Strait of Hormuz. The project was nearly 50% complete and is expected to be completed and operational by 2027. According to the UAE's Gulf News, Al Jaber said at an online event hosted by the US think tank Atlantic Council that a large volume of global energy transportation still relied on a few critical maritime chokepoints, and the UAE hoped to reduce its dependence on the Strait of Hormuz and enhance the security of energy exports through this project. (Xinhua) Goldman Sachs stated that as the Middle East war continued and supply remained constrained, global crude oil and refined product inventory was being depleted at a record pace this month. Goldman Sachs analysts noted in a report dated May 20 that since the beginning of May, visible inventory had been declining at a record rate of 8.7 million barrels per day, nearly double the average pace since the outbreak of the conflict. They stated, "The physical market continues to tighten, and oil exports through the Strait of Hormuz are estimated to remain at only 5% of normal levels." Goldman Sachs analysts noted that two-thirds of the inventory decline in May was driven by a reduction in so-called "oil on water," with exports falling more than imports. The import slump is now "spreading from Asia to Europe," they noted, with European jet fuel imports 60% below the 2025 average. (Jin10 Data) Spot Market Overview: ► ► ► ► ► ► ► ► ► ► ► ►

According to the latest customs data, galvanized sheet exports in April 2026 totaled 1.1761 million mt, up 1.65% MoM and down 8.84% YoY. Cumulative galvanized sheet exports from January to April reached 4.4273 million mt, down 5.35% YoY cumulatively.

【SMM Analysis: Enterprises Actively Expanding Outside China Combined with Demand Boost Led to Significant MoM Increase in Copper Wire Rod Exports in April】Total exports of copper wire rod (HS codes 74081100 and 74081900) increased MoM in April, showing growth both YoY and MoM. The specific data are as follows: ...

[SMM Analysis] Regional price gaps stay high. Why have the high-price and low-price regions of sulfuric acid shifted?

【SMM Copper Cathode Rod News Flash】In April 2026, China's copper wire rod exports rose MoM, with the trade structure still dominated by processing trade with imported materials. The export market was highly concentrated in Southeast Asia and South Asia's India region, with Malaysia's exports firmly ranking first, surging 39.57% MoM. As geopolitical tensions gradually eased, demand from Saudi Arabia recovered rapidly, with exports rebounding 367.13% MoM, ranking second.

SMM May 15 update: Cobalt product prices remained generally stable this week, with only refined cobalt and cobalt chloride prices edging down slightly, though overall fluctuations were relatively small. Among them, cobalt chloride market activity declined further, with scarce inquiries becoming a common feedback... SMM compiled the spot price fluctuations of cobalt products this week, as follows: : According to SMM spot quotes, spot refined cobalt prices edged down 500 yuan/mt this week before stabilizing temporarily. As of May 15, spot refined cobalt was quoted at 421,500-428,500 yuan/mt, with an average price of 425,000 yuan/mt, down 0.12% from 425,500 yuan/mt on May 8. Fundamentals side, supply side, according to SMM, smelter quotes remained stable, while traders lowered the spot-futures price spread of mainstream brands to a premium of 7,000-8,000 yuan/mt to recoup funds. Demand side, downstream alloy and magnetic material enterprises continued purchasing as needed, strictly controlling raw material inventory levels. Price spread structure side, the metal price spread between refined cobalt and lower-priced cobalt salts continued to stay at a relatively low level, limiting enterprises' enthusiasm for producing refined cobalt through the re-dissolution process. In the short term, SMM expects refined cobalt prices to continue consolidating, with future upside still dependent on effective price boosts from cobalt salts. Cobalt salts ( and): : According to SMM spot quotes, spot cobalt sulphate prices continued to hold stable this week. As of May 15, spot cobalt sulphate remained steady at 93,200-95,800 yuan/mt, with an average price of 94,500 yuan/mt. According to SMM, on the cobalt sulphate supply side this week, mainstream brand quote centers remained in the 93,000-96,000 yuan/mt range. Boosted by the rebound in refined cobalt prices, some smelters and traders that had previously offered discounts to facilitate shipments raised their quotes slightly, and low-priced cargoes below 90,000 yuan/mt decreased significantly. Demand side, downstream enterprises still focused on digesting earlier inventory, with low enthusiasm for purchasing, and only a few with rigid demand restocked small volumes at lower prices. Notably, some Co3O4 enterprises increased their inquiry frequency recently, with purchasing sentiment showing signs of recovery. Production schedule side, both ternary and LCO enterprises saw restorative MoM growth in May production schedules. It is expected that as downstream restocking demand gradually releases going forward, cobalt sulphate prices are likely to see a phased rebound and recovery. : According to SMM spot quotes, cobalt chloride spot prices edged down by 100 yuan/mt at the beginning of the week and then stabilized. As of May 15, cobalt chloride spot prices stood at 114,000–117,000 yuan/mt, with an average price of 115,500 yuan/mt, down 0.09% from May 8. Spot market: According to SMM, cobalt chloride market activity further declined this week, with scarce inquiries being a common feedback. Supply side, some top-tier players notably slowed down their shipment pace recently, with liquidity pressure emerging and quotes slightly softening; meanwhile, small and medium-sized producers had already proactively lowered prices earlier due to capital recovery and shipment pressure, and their current quotes have gradually stabilized with extremely limited room for further reduction. Demand side, downstream Co3O4 enterprises, constrained by their own significant shipment pressure, showed weak willingness to purchase cobalt chloride; in contrast, cathode material and battery cell segments, due to continued inventory depletion, recently began to release some restocking intentions. Overall, the market still lacked directional breakthrough momentum. Although sporadic low-price transactions occurred, they were unlikely to substantially impact overall pricing, constrained by enterprises' performance targets, capital conditions, and shipment volumes. Currently, downward momentum is insufficient, and raw material costs provide relatively strong bottom support. Cobalt chloride market is expected to remain largely stable in the near term, with substantive changes potentially awaiting late May . : According to SMM spot quotes, Co3O4 spot prices continued to hold stable this week. As of May 15, Co3O4 spot prices remained steady at 360,000–367,000 yuan/mt, with an average price of 363,500 yuan/mt. Spot market: According to SMM, the Co3O4 market continued its previously sluggish pattern this week. Top-tier players slightly lowered their quotes, but cost support for Co3O4 remained effective, underpinned by periodically tight supply of cobalt intermediate products and firm cobalt chloride prices. Downstream LCO material enterprises continued to purchase as needed, restocking in small quantities mainly based on orders on hand, with market inquiry activity maintained at a moderate level. Looking ahead, end-use demand performance remains the key variable determining cathode material purchasing intensity. Given that market expectations for May are generally optimistic, attention should be paid to whether demand recovery can break the prolonged stable pattern and bring about periodic fluctuations. As for raw material cobalt intermediate products: According to SMM spot quotes, cobalt intermediate products (CIF China) spot prices held stable at 25.8–26.2 $/lb this week, temporarily unchanged from May 8. According to SMM, on the supply side, most suppliers held an optimistic outlook for the market, with offers continuing to hold firm above $26/lb. The demand side saw little change; as cobalt salt prices lacked upward momentum, the market maintained only small-volume purchasing as needed, with bid prices fluctuating around approximately $25.8/lb. Regarding shipments, DRC-origin cargoes remained stranded at South African ports and in overland transit. Only a few miners completed small-batch vessel bookings in April, with arrivals expected to begin in June; however, due to tight shipping capacity in Africa, the remaining large-volume cargoes may be delayed until July for concentrated arrivals. Looking ahead, as downstream orders gradually become clearer and restocking demand is progressively released, cobalt intermediate product prices still have room for upward recovery. On the news front, on May 13, Hanrui Cobalt released its investor relations activity record. When asked about the company's cobalt powder business, Hanrui Cobalt stated that the company is a major global cobalt powder supplier, ranking among the top three in global market share. It is currently steadily increasing the product share in high-end cemented carbide and battery sectors, with client recognition continuing to strengthen. Cobalt salt gross margins have been continuously improving, and as the market recovers, capacity is released, and the product mix upgrades, profitability is expected to gradually recover. Regarding the outlook for cobalt price trends in 2026, Hanrui Cobalt stated that cobalt price trends are influenced by multiple factors. From a supply and demand perspective, with the implementation of the cobalt export quota system in the DRC, the world's largest cobalt-producing country, cobalt supply has contracted significantly, and overall supply and demand are currently in a tight balance. In addition, on May 12, SMM Vice President Shirley Wang attended the Cobalt Institute annual conference held in Madrid, Spain, and delivered a keynote speech in the opening session on the current status and outlook of China's cobalt market. Regarding cobalt price trends, she stated that although theoretical calculations suggest that in Q2 to Q3 2026, the concentrated arrival of previously backlogged cobalt intermediate products will cause the cobalt raw material supply-demand balance to temporarily reverse into an inventory buildup state, putting downward pressure on cobalt prices, the limited volume of available cobalt intermediate products in the market—constrained by inventory levels and market sales pace—will provide strong support for cobalt prices. Prices are expected to edge up after several months, but with a clear upward ceiling. She also noted that raw material inventory levels, other raw material supply (such as MHP and refined cobalt), and the shipment pace of cobalt intermediate products are the biggest uncertainty factors affecting price trends.

The year 2026 marks the opening year of the "15th Five-Year Plan" period. Against the backdrop of intensifying global macro volatility and the deepening advancement of high-quality development in China, the zinc industry is undergoing profound transformation: tightness on the ore side and the release of smelting capacity are creating structural tension, divergence between domestic and overseas inventories reflects the complex dynamics of supply-demand rebalancing, and technological innovation is becoming the key momentum for resolving contradictions and reshaping the landscape. Key areas under the "15th Five-Year Plan" such as new energy and new-type infrastructure are injecting new momentum into traditional zinc consumption, while green, low-carbon, and circular economy principles are accelerating the restructuring of industrial logic driven by technological innovation. With the joint support of upstream and downstream enterprises in the zinc industry, industry associations, and relevant parties, SMM is about to hold the 2026 SMM Zinc Industry Conference & the 8th Hot-Dip Galvanizing Industry Development and Technological Innovation Forum & the 14th Zinc Salt, Zinc Oxide and Zinc Secondary Resources Development Forum & the Zinc-Based Materials Development Forum on August 6-8 in Qingdao, Shandong. Themed "Converging Zinc Momentum · Building Zinc Industry · Embarking on a New Journey," the conference is driven by the dual engines of macro perspectives and fundamental analysis, closely aligned with the "15th Five-Year Plan" high-quality development mainline, focusing on four major dimensions: macro policies, supply-demand patterns, global trade, and technological innovation. It aims to drive cost reduction and efficiency improvement through technological breakthroughs, respond to market fluctuations through collaborative innovation, and jointly chart a new blueprint for high-quality and sustainable development of the zinc industry. Gansu Changba Nonferrous Metals Co., Ltd. will attend this grand event, discussing industry development trends with industry peers and jointly driving the zinc industry to new heights. Click the to register now, witness and participate in this significant and far-reaching industry event, and co-create a glorious new chapter! ◆ Company Overview ◆ Gansu Changba Nonferrous Metals Co., Ltd. is a subsidiary of Baiyin Nonferrous Group Co., Ltd., with Chengzhou Zinc Smelter and Changba Lead-Zinc Mine under its management. It is a large state-owned nonferrous metals enterprise integrating lead-zinc mining, mineral processing, smelting, and scientific research. Chengzhou Zinc Smelter currently has an annual electrolytic zinc production capacity of 100,000 mt. It is a modern smelter integrating zinc metal smelting, comprehensive utilization of resources, and R&D of new nonferrous metal smelting processes. The enterprise adheres to the development direction of "lean collaboration, digital integration, and green leadership," closely aligned with the goal of creating the ultimate quality benchmark. It has continuously made breakthroughs in improving zinc smelting quality. In 2026, the first batch of high-purity zinc ingots with a purity of 99.998% was successfully produced, injecting solid momentum into further enhancing the enterprise's core competitiveness, expanding the high-end zinc materials market, and driving high-quality development of the enterprise. The Chengzhou Zinc Smelter has always adhered to the pursuit of excellence and perfection. With the successful production of 99.998% high-purity zinc ingots as a major breakthrough, the smelter has continued to increase investment in scientific research, actively introduced advanced and applicable production technologies and equipment, focused on building a high-caliber professional and technical talent team, continuously optimized the production process for 99.997% high-purity zinc ingots, and steadily carried out technical research on even higher-purity zinc products. ◆ Honors Bestowed: Quality Certified by Authoritative Bodies ◆ The outstanding quality of the 99.998% high-purity zinc ingots has been widely recognized by authoritative institutions both within and outside the industry, with numerous prestigious awards attesting to their quality excellence: · Technology Innovation Awards: Leveraging core technological breakthroughs such as "Research and Application of Low-Impurity Electrolytic Zinc Standard Creation," the smelter won the "Second Prize of Nonferrous Metals Industry Science and Technology Award," the "First Prize of Gansu Province Science and Technology Progress Award," and the "Grand Prize of Science and Technology of CITIC Guoan Group Co., Ltd.," with its technical capabilities recognized at national, provincial, and municipal/county levels. The "R&D and Application of High-Grade Zinc Ingot Preparation Process Technology" won a Bronze Award at the 11th International Invention Exhibition "Belt and Road" and BRICS Skills Development and Technological Innovation Competition. "Full-Process Lean Management Control for Creating Excellent Zinc Ingot Quality" won the Second Prize of the 2025 Nonferrous Metals Enterprise Management Modernization Innovation Achievement Award. The smelter built Nanshi's first 5G+ digital workshop, deployed industrial robots and unmanned AGV systems, achieved full-process automation of ingot production, and improved production efficiency by 30%. · Product Quality Awards: The main product, zinc ingots (including the 99.997% grade), together with the by-product sulphuric acid, were awarded the highest honor in nonferrous metals product physical quality certification — the "Gold Cup Award," serving as an authoritative endorsement of their quality stability and superiority by the industry. In 2025, the smelter was recognized as a "Premium Brand" by the CNIA. · Market Access Certification: The main product, zinc ingots, was successfully registered on the Shanghai Stock Exchange, obtaining standardized market circulation qualifications. The brand value reached 2.482 billion yuan, ranking 31st nationwide among "Product Brands," laying a solid foundation for the market promotion of 99.997% high-purity zinc ingots. ◆ Diverse Applications: Empowering High-End Industrial Development ◆ Due to its extremely low impurity content and excellent chemical stability, the 99.998% high-purity zinc ingot demonstrates irreplaceable application value in multiple high-end fields: · High-End Electronics: As a core raw material for electronic component coatings, its low-impurity characteristics effectively enhance the conductivity and service life of electronic devices, and it is widely used in the production of precision electronic components such as integrated circuits and smartphone chips. · Aerospace: Used in anti-corrosion coatings for aerospace components and lightweight alloy material manufacturing, its stable physicochemical properties can adapt to extreme environments, ensuring the reliability of aerospace equipment. · Pharmaceutical and Chemical Industry: Serving as raw materials for pharmaceutical intermediates and high-end catalysts, its high-purity characteristics ensure product safety and efficacy, meeting the stringent standards of the pharmaceutical and chemical industry. · New Energy: In the production of new energy products such as zinc-based batteries and energy storage equipment, high-purity zinc ingots can enhance battery energy density and cycle life, facilitating the upgrading of the new energy industry. ◆ Outstanding Performance: Market Recognition Demonstrates Strength ◆ With a zinc ingot capacity of 100,000 mt, the 99.998% high-purity zinc ingots, leveraging core advantages of low lead, low iron, and low cadmium, received strong recognition from downstream clients upon market launch, delivering impressive market results: · Industry-Leading Zinc Ingot Quality: Zinc ingot purity reaches 99.998%, with lead content at 0.0009%, iron content stable at 0.0003%, and cadmium, tin, and aluminum consistently maintained at 0.0002%, placing it at a leading level in the ISP zinc smelting industry. · Extensive Market Coverage: Products were rapidly sold to core markets such as Shanghai and Xuzhou, covering multiple sectors including high-end electronics and precision manufacturing, breaking the supply bottleneck of high-end high-purity zinc ingots. · Leading Client Satisfaction: With stable purity, extremely low impurity content, and reliable supply capability, a stable client base and strong market reputation have been established. Client satisfaction in 2025 reached 100%. ◆ Future Outlook: Continuously Leading High-Quality Development ◆ Chengzhou Zinc Smelter consistently adheres to the pursuit of excellence and perfection. Taking the successful production of 99.998% high-purity zinc ingots as a significant breakthrough, it continues to increase R&D investment, actively introduces advanced and applicable production technologies and equipment, focuses on building a high-caliber professional technical talent team, and continuously optimizes the production process for 99.997% high-purity zinc ingots while steadily advancing technical breakthroughs for even higher-purity zinc products. Meanwhile, it deepens industry-academia-research collaborative innovation, expands application scenarios of high-purity zinc in high-end manufacturing, new materials, and other fields, and promotes coordinated improvement and synergistic development across the upstream and downstream of the industry chain. The enterprise is anchored on the goal of building an industry-leading lean benchmark enterprise, continuously strengthening whole-process quality management, deepening green and low-carbon production, accelerating intelligent transformation and upgrading, and driving enterprise quality improvement, efficiency enhancement, and transformation with solid achievements, contributing tangible "Chengye Strength" to the high-quality development of the zinc smelting industry. ◆ Contact Information ◆ Long press to scan the code and register now 2026 SMM Zinc Industry Conference

China's steel billet exports performed strongly in Q1 2026, showing a continuous growth trend. According to data from the General Administration of Customs, China's steel billet exports in March 2026 reached 1.53 million mt, up 66.0% MoM and up 47.9% YoY, hitting a record high for a single month in the same period in recent years.

In mid-May 2026, CAAM and the China Automotive Battery Innovation Alliance successively released data on the auto and power battery markets for April 2026. CAAM stated that in April, auto production and sales declined slightly compared to the same period last year, with the cumulative decline in production and sales narrowing further. Among them, domestic demand still needs improvement and stimulation; exports continued to grow rapidly, providing stable support for the overall market........SMM has compiled relevant data on the auto market and power battery market for April 2026 for readers' reference. Auto Sector CAAM: Auto Production and Sales Reached 2.575 Million and 2.526 Million Units Respectively in April In April, auto production and sales reached 2.575 million and 2.526 million units respectively, down 11.7% and 12.9% MoM, and down 1.7% and 2.5% YoY. From January to April, auto production and sales reached 9.614 million and 9.574 million units respectively, down 5.5% and 4.8% YoY. CAAM: NEV Production and Sales Both Grew in April, with NEV Sales Accounting for 53.2% of Total Auto Sales In April, NEV production and sales reached 1.32 million and 1.344 million units respectively, up 5.5% and 9.7% YoY . NEV sales accounted for 53.2% of total new auto sales. From January to April, NEV production and sales reached 4.285 million and 4.304 million units respectively, with production down 3.2% YoY and sales up 0.1% YoY . NEV sales accounted for 45% of total new auto sales. CAAM: NEV Exports More Than Doubled YoY In April, auto exports reached 901,000 units, up 3% MoM and up 74.4% YoY . From January to April, auto exports reached 3.127 million units, up 61.5% YoY . In April, NEV exports reached 430,000 units, up 16% MoM and up 1.1 times YoY ; traditional fuel vehicle exports reached 472,000 units, down 6.5% MoM and up 49% YoY . From January to April, NEV exports reached 1.384 million units, up 1.2 times YoY; traditional fuel vehicle exports reached 1.743 million units, up 34.6% YoY. CAAM commented that since the beginning of this year, China's economy has started strongly, with major indicators exceeding expectations. China's automotive industry has maintained steady progress in transformation and upgrading, foreign trade has demonstrated strong resilience, and overall competitiveness has continued to improve. The recently concluded Beijing auto show showcased cutting-edge achievements in electrification, intelligence, and cross-industry integration, vividly demonstrating that China has become the core market and innovation hub of the global automotive industry. Regarding the April auto market, CAAM stated that in April, auto production and sales declined slightly compared to the same period last year, with cumulative production and sales declines narrowing further. Specifically, domestic demand still needs improvement and stimulation; exports continued to grow rapidly, providing stable support for the overall market. In detail, the passenger vehicle market declined, the commercial vehicle market maintained growth, and NEVs operated steadily. On April 28, the CPC Central Committee Political Bureau held a meeting to analyze and study the current economic situation and economic work, and made a series of important arrangements. The meeting emphasized the need to fully utilize macro policies, deeply tap domestic demand potential, accelerate the construction of a modern industrial system, and systematically respond to external shocks and challenges. This will help improve the domestic auto market, consolidate foreign trade advantages, and promote stable operation and high-quality development of the industry. CPCA also released data on the April passenger vehicle market. April national passenger vehicle retail sales reached 1.384 million units, down 21.5% YoY and down 16.0% MoM; cumulative retail sales from January to April reached 5.604 million units, down 18.5% YoY. The April national passenger vehicle market exhibited complex characteristics of "total volume under pressure with structural divergence." NEV side, April passenger NEV retail sales reached 849,000 units, down 6.8% YoY and down 0.3% MoM; January-April passenger NEV retail sales reached 2.758 million units, down 17.2% YoY. April conventional fuel passenger vehicle retail sales were 530,000 units, down 37% YoY and down 33% MoM. NEV export side, as the scale advantages of China's NEVs become apparent and market expansion demand grows, Chinese-manufactured new energy brand products are increasingly going global, with overseas recognition continuing to rise. April passenger NEV exports reached 406,000 units, up 111.8% YoY and up 18.3% MoM, accounting for 52.7% of passenger vehicle exports, up 8 percentage points YoY; among which, BEVs accounted for 57.2% of new energy exports (65.5% in the same period last year), and A00+A0 class BEVs as the core focus accounted for 51.2% of BEV exports (46% in the same period last year). CPCA stated that this year's passenger vehicle market, affected by multiple factors including NEV purchase tax policy adjustments, weak consumer confidence, and high oil prices, has exhibited an operating trend of "China slowing down, exports growing rapidly; fuel vehicles contracting, new energy dominating."High oil prices dealt a heavy blow to domestic retail of internal combustion engine vehicles, directly affecting the domestic retail recovery process. From January to February this year, internal combustion engine vehicle retail declined by 740,000 units YoY, accounting for 40% of the passenger vehicle retail decline; in March, internal combustion engine vehicle sales declined by 345,000 units YoY, accounting for 52% of the passenger vehicle retail decline; in April, internal combustion engine vehicle sales declined by 365,000 units YoY, with the decline share further expanding to 84%. Under the atmosphere of cost anxiety, consumer demand is accelerating its shift from internal combustion engine vehicles to new energy vehicles, and the market's "fuel-electric divergence" pattern is becoming increasingly prominent. However, on the export side, the opposite was true: from January to February, internal combustion engine vehicle exports grew by 100,000 units YoY, accounting for 25% of the passenger vehicle export growth; in March, internal combustion engine vehicle exports grew by 100,000 units, accounting for 32% of the passenger vehicle export growth; in April, internal combustion engine vehicle exports grew by 130,000 units, climbing to 38%. Due to the notable effects of recent anti-involution measures in the auto market, the scale of price cuts was small, promotional levels remained stable, and many consumers' expectations of waiting for price reductions gradually faded, with some users in stalemate beginning to make car purchases. The Beijing Auto Show in April has become the world's largest auto show, with enormous industry chain scale and influence, providing a strong boost to auto sales recovery in late April. Characteristics of the passenger vehicle market in April 2026: First, overall volume was under pressure with significant structural divergence, with "cold fuel, hot new energy" becoming the biggest focal point. The core reason for the domestic retail decline was the "collapse of fuel vehicles," with new energy retail penetration rate reaching 61.4% (breaking through 60% for the first time in history), and the pace of electrification substitution exceeding expectations. Second, domestic brand share continued to strengthen, with traditional domestic brands successfully transforming, while joint venture brands lagged in electrification progress, solidifying the "domestic brand dominance" pattern. Third, exports showed explosive growth, with new energy accounting for 52.7% (breaking through 50% for the first time in history), driven by the "new energy + domestic brands" dual engine, making "going global" the core growth engine. Fourth, passive destocking characteristics were evident, with channel inventory declining rapidly, listed dealers suffering comprehensive losses, and dealer survival pressure continuing to intensify. Fifth, dramatic structural changes within new energy occurred, with B-class EVs surging and economy EVs under pressure, showing "high-end rising, low-end struggling." Sixth, new model contribution declined: April producer sales of new models launched in 2026 reached 108,400 units, accounting for 5.1% of total volume, while new models launched in 2025 sold 130,000 units in April 2025, with some classic car models maintaining stable leading sales positions. Power battery segment Power and ESS battery sales up 39.0% YoY in April, up 48.9% YoY cumulatively from January to April In April, China's power and ESS battery sales reached 164.2 Gwh, down 6.2% MoM, up 39.0% YoY . Among them, power battery sales were 108.9 GWh, accounting for 66.4% of total sales, down 5.0% MoM and up 25.8% YoY; ESS battery sales were 55.2 GWh, accounting for 33.6% of total sales, down 8.5% MoM and up 75.5% YoY. From January to April, China's cumulative power and ESS battery sales reached 601.2 GWh, up 48.9% YoY cumulatively . Among them, cumulative power battery sales were 400.9 GWh, accounting for 66.7% of total sales, up 31.9% YoY cumulatively; cumulative ESS battery sales were 200.4 GWh, accounting for 33.3% of total sales, up 100.4% YoY cumulatively. China's Power Battery Installations Up 15.2% YoY in April, Cumulative Installations Up 1.6% YoY from January to April In April, China's power battery installations were 62.4 GWh, up 10.4% MoM and up 15.2% YoY . Among them, ternary battery installations were 11.5 GWh, accounting for 18.5% of total installations, up 7.6% MoM and up 24.2% YoY; LFP battery installations were 50.8 GWh, accounting for 81.5% of total installations, up 11.0% MoM and up 13.4% YoY. From January to April, China's cumulative power battery installations were 187.2 GWh, up 1.6% YoY cumulatively . Among them, cumulative ternary battery installations were 37.4 GWh, accounting for 20.0% of total installations, up 8.9% YoY cumulatively; cumulative LFP battery installations were 149.8 GWh, accounting for 80.0% of total installations, down 0.1% YoY cumulatively. Leap Motor Continued to "Lead" Among New Forces in April, BYD's Overseas Sales Hit a Record High April sales/delivery data for new automaking forces were released. Leap Motor continued to "lead," delivering 71,387 units in April, up 73.9% YoY. Delivery momentum continued to surge, with back-end production running at full capacity simultaneously. Currently, Leap Motor's A10 factory capacity has exceeded 1,000 units/day. Starting from April, Leap Motor's intelligent features also entered a phase of large-scale popularization. Currently, urban navigation-assisted driving has been made available for experience across multiple Leap Motor car models, and in the future, nationwide urban NAP and parking-space-to-parking-space navigation assistance will be rolled out in batches. Leveraging its full-domain self-developed capabilities, Leap Motor has achieved full coverage of assisted driving from the 100,000-yuan-level A10 to the flagship D19, making smarter and safer advanced intelligent assisted driving no longer a privilege of the few, but an accessible part of everyday travel. Li Auto delivered a total of 34,085 new vehicles in April. As of April 30, 2026, Li Auto's cumulative historical deliveries reached 1,669,442 units. As of April 30, 2026, Li Auto had 511 retail centers nationwide, covering 160 cities, and 550 after-sales repair centers and authorized service centers, covering 223 cities. Li Auto had put into use 4,077 Li Auto supercharging stations nationwide, with 22,509 charging piles. XPeng Motors delivered 31,011 new vehicles in April. As of April, cumulative deliveries of the XPeng MONA M03 exceeded 250,000 units, ranking first among pure electric sedans in the 100,000-200,000 yuan segment for 19 consecutive months. As of April 30, XPeng's charging network covered over 430 cities, with over 3,550 cumulative self-operated charging stations, including over 3,000 self-operated ultra-fast charging stations. To ensure smooth travel during the Labour Day holiday, XPeng completed dedicated inspections and maintenance of charging stations along highways and at popular scenic areas. Xiaomi Auto delivered over 30,000 units in April. On May 6, Xiaomi Auto announced that the new-generation SU7 had received over 80,000 locked orders in just 48 days since its launch. The new-generation SU7 Standard Edition was priced at 219,900 yuan, the Pro Edition at 249,900 yuan, and the Max Edition at 303,900 yuan. NIO delivered 29,356 new vehicles in April, up 22.8% YoY. Among them, the NIO brand delivered 19,024 units; the ONVO brand delivered 5,352 units, up 21.6% YoY; and the firefly brand delivered 4,980 units. In the first four months of this year, NIO delivered a total of 112,821 vehicles, up 71.0% YoY. To date, NIO has cumulatively delivered 1,110,413 vehicles. In April 2026, the all-new NIO ES8 achieved 13,020 new vehicle deliveries. To date, the all-new ES8 has accumulated over 100,000 users and set the record for the fastest delivery of 100,000 units among high-end car models priced above 400,000 yuan in China. In addition, the all-new ES8 has been the sales champion among large SUVs and car models priced above 400,000 yuan for four consecutive months. BYD, China's leading EV maker, recorded auto sales of 321,123 units in April. Exports exceeded 130,000 units, hitting a new all-time high. Cumulative NEV sales surpassed 16.1 million units. On May 9, BYD and China Auto Rental (CAR Inc.) officially signed a Flash Charging China strategic cooperation agreement and a 100,000-unit vehicle procurement framework agreement in Shenzhen. Under the agreement, the two parties will conduct in-depth cooperation around the "Flash Charging China Strategy," deploying BYD flash charging pile facilities at eligible CAR Inc. stores nationwide to build a widely covered, efficient, and convenient charging service network, jointly enhancing user travel experiences. Meanwhile, the two parties signed a 100,000-unit vehicle procurement framework agreement, further consolidating BYD's core position in CAR Inc.'s NEV fleet and supporting its continued expansion of green transportation capacity. The CPCA stated that the current auto market is at a critical stage of smooth transition from "policy-driven" to "market-guided" and "product-driven." Although the market is under pressure in the short term, with multiple heavyweight new car models entering the market around the auto show period, supply-side efforts are expected to gradually drive demand-side recovery, and the overall auto market is expected to see a more robust rebound in Q2. In addition, CPCA Secretary General Cui Dongshu noted that the NEV penetration rate exceeded 60% in April, a "leapfrog" development compared to approximately 52% in March, with a key reason being the sharp decline in internal combustion engine vehicle demand, which in turn pushed up the NEV penetration rate. Recently, some automakers announced raises in optional intelligent driving features pricing, drawing market attention. In response, Cui Dongshu stated that China's auto market currently exhibits significant differentiation in automaker gross margins: high-end automakers maintain relatively high gross margin levels, with many models still sustaining gross margins above 20% supported by pricing, facing relatively small profitability pressure and having no substantive need to raise prices; low and mid-end automakers, however, face notable profitability pressure. Yet as industry competition continues to intensify and the overall market is in a state of volume contraction, broad-based price increases by automakers lack feasibility. Looking ahead to May, the CPCA stated that May this year has 19 working days, consistent with the 19 working days in May 2025. Auto market production and sales are expected to continue the prior gradual rebound trend. From the end-user pace and consumption perspective, the MoM recovery momentum of the May auto market is generally improving. The 2026 truck renewal subsidy standards remain unchanged, while passenger vehicle trade-in subsidies were reduced, and the impact of passenger vehicle sales losses is expected to diminish over time. Sales losses previously caused by the cooling of industry price wars and sales promotions falling short of expectations have been gradually absorbed. The Labour Day holiday combined with local auto shows activated car purchase demand, driving pre-holiday order locking and post-holiday concentrated deliveries, with monthly trends showing strength early and stability later. The surge in fuel prices is an exceptionally significant factor affecting consumption, bringing uncertainty to market sales. Currently, residents' income expectations remain cautious, wait-and-see sentiment toward car purchases persists, and coupled with tightening auto finance and higher credit thresholds, rigid demand is supported only by local subsidies and automaker concessions. China's consumption recovery is mild, with notable structural differentiation. Under the intertwined influence of multiple factors including international oil price fluctuations and intensive new product launches, these will dominate the May auto market performance. The Labour Day long holiday is a dividend driving MoM sales recovery, but consumption shortcomings are difficult to repair quickly, constraining YoY growth. High oil prices have reshaped car purchase preferences and accelerated the electrification transition, while the comprehensive new energy industry chain continues to empower export growth. The overall picture presents a weak recovery pattern of "MoM recovery, YoY pressure, domestic demand differentiation, exports leading, and continuously rising NEV penetration rate."