The global strategic resource reserve system is undergoing rapid restructuring, and a resource security battle centered on critical minerals has quietly begun.

When Trump announced the launch of a $12 billion "Gold Reserve Plan" at the White House to procure and stockpile critical minerals such as rare earths, gallium, and cobalt for manufacturers, the China Nonferrous Metals Industry Association (CNIA) was also studying the inclusion of copper concentrates in the national reserves. The global strategic resource reserve system is undergoing rapid restructuring, and a resource security battle centered on critical minerals has quietly begun. In early February 2026, the world's two largest economies almost simultaneously announced strategic reserve plans for critical minerals. The Trump administration officially launched a $12 billion critical mineral reserve project named the "Gold Reserve Plan." This plan aims to establish a 60-day emergency mineral reserve, utilizing $10 billion in loans from the US Export-Import Bank and approximately $2 billion in private capital to procure and stockpile critical mineral resources such as rare earths, gallium, and cobalt. From the EU’s Critical Raw Materials Act setting clear recycling rate targets to the US’s tax incentive policies, a global policy network covering legislation, subsidies, and standards is taking shape. For China, the recycling industry of rare and precious metals is not only a vital component of resource security but also a key link in achieving the "dual carbon" goals and ensuring supply chain autonomy and control.

Guotai Environmental Protection convened the 15th meeting of the 4th Board of Directors, reviewing and approving the "Proposal on Amending the Business Scope, Revising the , and Handling Industrial and Commercial Registration Changes." This adjustment not only represents a simple business expansion but also marks a key transformation of this traditional environmental protection enterprise into the field of new energy circular economy.

On February 24, Guotai Environmental Protection held its 15th meeting of the 4th Board of Directors, reviewing and approving the "Proposal on Amending the Business Scope, Revising the , and Handling Industrial and Commercial Registration Changes." This adjustment not only represents a simple business expansion but also marks a critical transformation of this traditional environmental protection enterprise into the field of new energy circular economy—adding businesses such as lithium-ion battery recycling, PV equipment leasing, and battery manufacturing, officially entering the rapidly growing closed-loop of the new energy industry chain. Guotai Environmental Protection's strategic adjustment is not accidental. In recent years, China's new energy vehicle industry has maintained rapid growth. Data shows that in 2025, China's NEV production and sales both achieved nearly 30% growth, with NEVs accounting for 47.9% of new vehicle sales. As early power batteries gradually enter their retirement phase, a massive backend market is accelerating its formation. Power battery recycling involves the collection, processing, and reuse of waste power batteries, aiming to promote resource circulation, protect the ecological environment, and drive long-term industry development. Currently, the standardized recycling rate for waste power batteries in China remains below 50%, with a large number of waste batteries flowing into informal channels such as "small workshops," posing environmental risks and causing the waste of strategic resources. Standardized recycling and utilization of retired power batteries are of great significance for reducing environmental pollution, ensuring the security of national critical metal resources, promoting industrial greening, and enhancing international competitiveness. In February 2025, the State Council Executive Meeting reviewed and passed the "Action Plan for Improving the NEV Power Battery Recycling and Utilization System," explicitly proposing to improve the standard system and achieve standardized, safe, and efficient recycling and utilization of power batteries. Shortly thereafter, six departments including the Ministry of Industry and Information Technology, the National Development and Reform Commission (NDRC), and the Ministry of Ecology and Environment jointly issued the "Interim Measures for the Recycling and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles," which will take effect on April 1, 2026. This upcoming regulation is regarded by the industry as a "watershed" for the sector. The "Management Measures" establish a "full life cycle" supervision system for power batteries, create a national traceability information platform for NEV power batteries, promote the monitoring of power battery flows and information traceability throughout their life cycle, and clarify the recycling responsibilities of power battery enterprises and NEV producers. This means that power battery recycling will shift from the past "guerrilla" operations to an era of "regular army" engagement. The introduction of the new regulation sets a clear "code of conduct" for the industry, aiming to resolve the structural contradiction between the "segmented" layout of the industry chain and the "full life cycle" management requirements, and to build a closed-loop chain of "production—use—recycling—regeneration."

Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) announced on the 26th at a briefing session on policies and support programs for fostering the critical mineral recycling industry that it aims to achieve a 20% recycling rate for critical minerals by 2030. Under this goal, the agency plans to establish a comprehensive policy framework encompassing recycled raw material distribution, remanufacturing, reuse, and mineral resource recycling.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Antimony Forum, hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Yi Xiaobo, Senior Advisor/Senior Engineer at the National Power and ESS Battery Product Quality Supervision and Inspection Center, shared insights on "The Fundamentals of Supply and Demand in the Battery Market and the Application and Development of Antimony Metal in Lead-Antimony Alloy Plates for Batteries.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Antimony Forum hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd. (SMM) , Yi Xiaobo, Senior Advisor/Senior Engineer at the National Quality Supervision and Inspection Center for Power and Energy Storage Battery Products, shared insights on "The Fundamentals of Supply and Demand in the Battery Market and the Application and Development of Antimony Metal in Lead-Antimony Alloy Plates for Batteries." I. Analysis of the Lead-Acid Battery Application Market 1. Total Production 2. Proportion of Main Products ►Power Type: Electric two-wheelers, electric three-wheelers, electric four-wheelers; Top-tier enterprises: Tianneng, Chilwee, Xupai, Jingjiu, Suzhong, Huoju. ►Starting Type: Cars, agricultural vehicles, motorcycles, ships, diesel locomotives; Top-tier enterprises: Camel, Fengfan, Leoch, Jujiang, GS Yuasa. ►Standby Power Type: Electric power, telecommunications, UPS, data centers; Top-tier enterprises: Narada, Leoch, Shuangdeng, Sacred Sun, Ruida, Vision. ►Energy Storage Type: ESS power stations, industrial and commercial ESS, household ESS; Top-tier enterprises: Narada, Leoch, Shuangdeng, Sacred Sun, Huafu. 3. Market Situation In recent years, with the continuous emergence and application of various new-type batteries, the traditional lead-acid battery market has faced severe challenges. Overall Situation: Lithium batteries have rapidly occupied the high ground; sodium-ion batteries are poised for takeoff; other new-type power supplies are eagerly awaiting their turn. Automotive Market As of 2024, the domestic automobile ownership stood at approximately 353 million units, with NEVs accounting for 8.9%; globally, automobile ownership reached 1.6 billion units, with NEVs accounting for 3%. ►Market Analysis Ø The market demand growth rate for internal combustion engine vehicles will decline over the next three years. Ø Extended-range and plug-in electric vehicles have become the mainstream in NEV development. Ø Currently, 98% of internal combustion engine vehicles, except for parked heavy trucks, use lead batteries. Ø Lithium batteries dominate in NEVs, with lead batteries serving as a supplement. Ø The development of vehicle electrification and intelligent driving over the next three to five years will have a significant impact on the traditional lead-acid battery market. Ø Demand characteristics: Safety, starting capability, charging acceptance, vibration resistance, low-temperature resistance, high-temperature resistance, lifespan, and price. Ø Sodium-ion batteries are beginning to penetrate the market. Electric Two-Wheelers In 2024, the total domestic sales of electric two-wheelers reached approximately 49.5 million units, representing an 11.6% YoY decline compared to the previous year, while overseas sales totaled around 18.77 million units, showing a 24.8% YoY increase. By the end of December 2024, the ownership of electric two-wheelers in the Chinese market was approximately 400 million units. ►Market Analysis Ø Currently, lead-acid batteries hold a market share exceeding 87%, lithium batteries account for around 11%, and sodium-ion batteries make up less than 2%. Ø The trend still favors lead-acid batteries, as there is a demand for batteries with higher safety than lithium batteries, and sodium-ion batteries are emerging as a strong contender. Electric Three-Wheelers and Low-Speed Electric Four-Wheelers By the end of 2024, the market ownership of electric three-wheelers nationwide was approximately 70 million units. In 2024, the sales of low-speed electric four-wheelers in China were about 302,000 units, representing an 8.5% YoY decline. The market is expected to continue declining in 2025, with future development depending on policies and relevant standards. ►Market Analysis Ø Lead-acid batteries account for approximately 60% of the market for electric three-wheelers and low-speed electric four-wheelers, with lithium batteries gradually increasing their share to 40%, and sodium-ion batteries accounting for 0.5%. Ø For other electric vehicles, including electric forklifts, electric logistics vehicles, electric flatbed trucks, and tourist sightseeing vehicles, lithium batteries account for about 80% of the market, lead-acid batteries for about 20%, and sodium-ion batteries for 0.3%. II. Application of Antimony Metal in Lead-Acid Batteries 1. The Importance of Antimony Metal Rare Metal: Antimony has an extremely low abundance in the Earth's crust, at only two parts per ten million. It is primarily found in the sulphide mineral stibnite (Sb2S3). As of 2024, global antimony reserves reached 2.255 million mt, with China holding 670,000 mt, accounting for 29.7% and ranking first in the world. Strategic Metal: Known as the "vitamin" of industry, antimony plays an indispensable role in new energy and military industries. 2. Main Uses of Antimony Metal ►Flame Retardants: Antimony trioxide, when combined with halogenated flame retardants, becomes an irreplaceable flame-retardant material widely used in industries such as plastics, rubber, textiles, and chemical fibers. ►PV Power Generation: PV Glass: Antimony compounds and sodium pyroantimonate are used as glass refining agents to improve transparency. Monocrystalline Silicon Panels: Doping with antimony increases oxygen precipitation rates, improves crystal quality, and enhances photoelectric conversion efficiency. ►Lead-Acid Batteries: Grid alloys, parts, and additives (antimony trioxide). ►Semiconductor Materials: High-purity antimony and its compounds are used as dopants in n-type silicon wafers with ultra-high conductivity (for diodes, infrared detectors, Hall elements, etc.). ►Glass Ceramics: Porcelain: As a hardness and wear-resistance agent for glazes. Glass: As a coloring agent, strength enhancer, and heat-resistant agent. ►Strategic Military Applications: Nuclear weapons, rockets, missile shells, bullets, flares, gun barrels, night vision goggles, infrared sensors, precision optics, laser sights, etc. ► Alloy materials: Enhancers and corrosion inhibitors for bearings, gears, chemical pipelines, cable sheathing, etc. ► Chemical materials: Stabilizers and catalysts for polyester compounds and polyethylene terephthalate. 3. Production and price of antimony metal ► Limited production: In 2024, China's antimony metal production was 72,000 mt, a 10.3% YoY decrease, with a capacity utilisation rate of 33%, constrained by insufficient raw material supply. The demand in 2024 was 97,100 mt, mainly driven by the expansion of PV systems and flame-retardant materials, which increased the demand for antimony metal. ► Significant increase in antimony imports: According to customs statistics, China's imports of antimony ore and concentrate were 51,080.2 mt in 2024, a 46.0% YoY increase. ► Price increase: The intensified supply-demand imbalance drove up prices. ► Development trends: A. The state intensifies industry regulation and export controls; B. The supply of antimony resources may continue to tighten; C. The demand for downstream applications is increasingly robust; D. Technology reshapes the value chain, with application scenarios shifting towards high-end (PV, military, battery); E. The supply-demand gap for antimony will widen in 2025; F. Prices may continue to rise; G. Antimony recycling technology improves, with an increase in recycling rates. 4. Application of antimony metal in lead-acid batteries ► Application history a. In 1859, Frenchman Gaston Plante invented the lead-acid battery (two lead plates immersed in dilute sulphuric acid could generate an electric current). b. In 1881, Frenchman Camille Faure invented the pasted plate (a rechargeable lead-acid battery with lead oxide coated on the lead plates). c. In 1882, Englishman Sellon invented the lead-antimony alloy grid (with 5%-7% antimony content, enhancing plate strength, conductivity, and lifespan). d. 1950s-1970s: Lead-antimony-arsenic alloy (with 3%-5% antimony content, addressing water loss and self-discharge issues). e. 1980s-1990s: Lead-antimony-arsenic-tin alloy (with 1.5%-2% antimony content, addressing water loss, internal resistance, and self-discharge issues). f. 1990s onwards: Application of valve-regulated batteries (gradually replacing lead-antimony alloy grids); lead-antimony-arsenic-tin-copper-selenium(sulphur) alloy (with 0.5%-1% antimony content, addressing water loss, self-discharge, and corrosion issues). ► Current application status a. Lead-antimony grids: Flooded battery grids (for automotive, agricultural vehicle starting batteries, forklift traction batteries, electric three-wheeler power batteries, and motorcycle starting batteries). b. Applications of lead parts: terminal posts, terminals, busbars, and connecting strips. c. Lead-calcium grid plate: Antimony trioxide (an additive for positive active material, addressing the passivation issue of deep-cycle plates, i.e., solving the "antimony-free effect" of plates). ‌‌►Usage volume a. Antimony ingot: Approximately 10,000 mt per year; b. Antimony trioxide: Approximately 2,000 mt per year. ‌‌►Future usage trends a. The usage of antimony ingot will gradually decrease (forklift batteries and electric three-wheeler batteries are gradually being replaced by lithium-ion batteries and sodium-ion batteries). b. The usage of antimony trioxide will remain basically unchanged. 》Click to view the special report on the 2025 SMM (13th) Minor Metals Industry Conference

With the rapid development of electric vehicles (EVs) globally, batteries, as critical energy storage devices, are gradually becoming an indispensable part of people's daily lives. However, the production and recycling of batteries have brought severe negative impacts on the environment, with issues such as resource waste and pollution becoming increasingly prominent. To address this challenge, governments, enterprises, and research institutions worldwide are intensifying their efforts to promote battery recycling and reuse. Global lead-acid battery recycling situation: Lead-acid batteries have long been widely used in automobiles, UPS systems, and other fields, with a relatively high recycling rate. However, due to the presence of hazardous substances in lead-acid batteries, improper handling can cause serious harm to the environment and human health. Therefore, governments worldwide have introduced policies to support the recycling and reuse of lead-acid batteries, while strengthening regulatory efforts to encourage active participation from enterprises and the public. Global lithium battery recycling situation: Compared with lead-acid batteries, lithium batteries have a relatively lower recycling rate. However, due to the presence of rare metals and other resources, they hold higher value. To promote the recycling of lithium batteries, policies regarding their recycling and reuse are gradually becoming stricter. Enterprises in the relevant industry chains worldwide are also actively researching and developing new recycling technologies and processes to facilitate the sustainable development of lithium batteries. Against this backdrop, the GBRC 2025SMM Battery Recycling and Circular Industry Conference emerged, aiming to promote global exchanges and cooperation in battery recycling and reuse, drive innovation and development of related technologies, jointly address environmental issues arising from the repeated use of batteries, and contribute to the sustainable development of the clean energy industry. At this conference, Weifang Oulide Machinery Equipment Co., Ltd. will attend as the title sponsor, engaging in in-depth discussions with peers from upstream and downstream sectors of the battery recycling industry on the pain points and challenges facing industry development. Together, they will explore business opportunities for win-win cooperation and discuss ways to promote high-quality development of the industry. Click on the registration form to register for the conference immediately. Join us in Ningbo to embrace a new era of "electricity" and "battery" recycling, contributing to a greener energy future. WFOLD Weifang Oulide Machinery Equipment Co., Ltd. is a powder engineering equipment company integrating development, manufacturing, and services. It is engaged in the manufacturing and development of various equipment in the powder engineering industry, including ultrafine grinders, ultrafine classifiers, powder modifiers, powder disintegrators, powder mixers, etc. The company is located in Anqiu Economic Development Zone, with convenient transportation and complete supporting facilities. It consists of departments such as the Sales Department, Technical Department, Production Department, After-sales Service Department, and Experimental Center. The technical team is composed of individuals with years of experience in powder equipment engineering research and practice. Through close cooperation with industry association departments, the company always stays abreast of cutting-edge technologies in powder engineering equipment and can customize solutions according to user needs. Long press to scan the QR code and register now GBRC 2025 SMM Battery Recycling and Circular Industry Conference

With the rapid development of electric vehicles (EVs) globally, batteries, as critical energy storage devices, are gradually becoming an indispensable part of people's daily lives. However, the production and recycling of batteries have brought severe negative impacts on the environment, with issues such as resource waste and pollution becoming increasingly prominent. To address this challenge, governments, enterprises, and research institutions worldwide are intensifying their efforts to promote battery recycling and reuse. Global lead-acid battery recycling situation: Lead-acid batteries have long been widely used in areas such as automobiles and UPS systems, with a relatively high recycling rate. However, due to the presence of hazardous substances in lead-acid batteries, improper handling can cause serious harm to the environment and human health. Therefore, governments worldwide have introduced policies to support the recycling and reuse of lead-acid batteries, while strengthening regulatory efforts to encourage active participation from enterprises and the public. Global lithium battery recycling situation: Compared with lead-acid batteries, lithium batteries have a relatively lower recycling rate. However, due to the presence of rare metals and other resources, they hold higher value. To promote the recycling of lithium batteries, policies regarding their recycling and reuse have gradually become stricter. Enterprises in the relevant industry chains worldwide are also actively researching and developing new recycling technologies and processes to facilitate the sustainable development of lithium batteries. Against this backdrop, the GBRC 2025SMM Battery Recycling and Circular Industry Conference emerged, aiming to promote global exchanges and cooperation in battery recycling and reuse, drive innovation and development of related technologies, jointly address environmental issues arising from the repeated use of batteries, and contribute to the sustainable development of the clean energy industry. At this conference, Shanghai Xiafei Pump Industry Co., Ltd. will attend as a title sponsor, engaging in in-depth discussions with peers from upstream and downstream sectors of the battery recycling industry on the pain points and challenges facing industry development. Together, they will explore business opportunities for win-win cooperation and discuss ways to promote high-quality development of the industry. Click on the registration form to register for the conference immediately. Join us in Ningbo to embrace a new era of "electricity" and "battery" recycling, contributing to a greener energy future. Shanghai Xiafei Pump Industry Co., Ltd. is a diaphragm pump manufacturer integrating development, production, and sales. The company boasts a professional design and development team and has established a comprehensive production management, quality control, and market development system. By forging closer cooperation with upstream and downstream enterprises and through continuous technological and managerial innovation, the company aims to enhance the competitiveness of its products. The MORAK series of pneumatic diaphragm pumps produced by the company can operate dry without damage, feature low material shear force, explosion-proof safety, multiple material options, and are suitable for a variety of fluid transfers. Adhering to the philosophy of "integrity, innovation, and development," the company pursues technological and managerial innovation, and is committed to providing high-quality products and services. We sincerely welcome new and long-established customers to join hands in creating a national brand for diaphragm pumps. Long press to scan the QR code and register immediately GBRC 2025 SMM Battery Recycling and Circular Industry Conference

With the rapid development of electric vehicles (EVs) globally, batteries, as critical energy storage devices, are gradually becoming an indispensable part of people's daily lives. However, the production and recycling of batteries have brought severe negative impacts on the environment, with issues such as resource waste and pollution becoming increasingly prominent. To address this challenge, governments, enterprises, and research institutions worldwide are intensifying their efforts to promote battery recycling and reuse. Global lead-acid battery recycling situation: Lead-acid batteries have long been widely used in automobiles, UPS systems, and other fields, with a relatively high recycling rate. However, due to the presence of hazardous substances in lead-acid batteries, improper handling can cause serious harm to the environment and human health. Therefore, governments worldwide have introduced policies to support the recycling and reuse of lead-acid batteries, while strengthening regulatory efforts to encourage active participation from enterprises and the public. Global lithium battery recycling situation: Compared with lead-acid batteries, lithium batteries have a relatively lower recycling rate. However, due to the presence of rare metals and other resources, they hold higher value. To promote the recycling of lithium batteries, policies regarding their recycling and reuse have gradually become stricter. Enterprises in the relevant industry chains worldwide are also actively researching and developing new recycling technologies and processes to facilitate the sustainable development of lithium batteries. Against this backdrop, the GBRC 2025SMM Battery Recycling and Circular Industry Conference has emerged, aiming to promote global exchange and cooperation in battery recycling and reuse, drive innovation and development of related technologies, jointly address environmental issues arising from the repeated use of batteries, and contribute to the sustainable development of the clean energy industry. At this conference, Jiangsu Huaying Valve Industry Co., Ltd., as a title sponsor, will make a grand appearance. Along with colleagues from upstream and downstream sectors of the battery recycling industry, they will engage in in-depth discussions on the pain points and challenges facing industry development, jointly explore business opportunities for win-win cooperation, and discuss ways to promote high-quality development of the industry. Click on the registration form to register for the conference immediately. Join us in Ningbo to embark on a new journey of "electrifying" the future and "sustaining" green energy through battery recycling. Established in 2001 and headquartered in the Yangming High-Tech Industrial Park, Wuxi City, Jiangsu Huaying Valve Industry Co., Ltd. is a modern valve enterprise integrating R&D, production, and sales. With a factory area of 80,000 m² and over 400 employees, Huaying Valve has, after decades of efforts, built its own unique "valve aircraft carrier." Huaying Valve's products cover a complete range of valve solutions, including control valves, pneumatic valves, electric valves, ball valves, gate valves, globe valves, check valves, butterfly valves, and strainers. It is widely used in fields such as hydrogen, petroleum, chemicals, natural gas, new energy, power, pharmaceuticals, shipping, mining, water treatment, and industrial systems. The company has obtained certifications including Quality Management System Certification (ISO9001), China Occupational Health and Safety Management System Certification, Environmental Management System Certification, German SIL3 Certification, Russian EAC Certification, US API6D, API600, API602, API607 Certifications, ISO15848-1 Low Leakage Certification, API624 Low Leakage Certification, TS Certification, CE Certification, and CCS Certification. Huaying Valve Industry continuously and rapidly introduces new products and solutions, achieving "import substitution." It has been honored multiple times as a National High-Tech Enterprise, Specialized, Sophisticated, Unique, and Innovative Small Giant Enterprise, Private Science and Technology Enterprise in Jiangsu Province, Innovative Enterprise, Enterprise Technology Center, Manufacturing Single Champion Product Enterprise, National Two-Integration Conformity Assessment Enterprise, Wuxi Gazelle Enterprise, and Jiangsu Enterprise Star-Rated Cloud Adoption Enterprise. Long press to scan the QR code and register immediately GBRC 2025 SMM Battery Recycling and Circular Industry Conference