According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

On March 26, Dianjiang County held a signing event for investment promotion projects in Q1 2026, with a total of 28 projects signed and an agreed amount of 8.12 billion yuan. Among them, the project for the annual production of 50,000 mt of secondary aluminum and aluminum products processing planned to build 10 production lines for aluminum smelting and deep processing. After completion and commissioning, it could achieve an annual output value of 1.25 billion yuan and tax revenue of more than 10 million yuan.

Xingfa Aluminium announced its 2025 annual results. Revenue increased by 9.8% to approximately RMB 20.7 billion. Profit attributable to shareholders decreased by 23.5% to approximately RMB 632 million.

On March 26, a centralized signing ceremony for investment projects in Dianjiang County for the first quarter of 2026 was held. Among the signed projects, a project for the annual production of 50,000 tons of recycled aluminum and aluminum product processing is planned to construct 10 production lines for aluminum smelting and deep processing. After completion and operation, it is expected to achieve an annual output value of 1.25 billion yuan and tax revenue of over 10 million yuan.

Nanshan Aluminum International announced that for the year ended December 31, 2025, the company's total revenue was US$1.142 billion, an increase of 11.9% year-on-year; and the profit for the year was US$418 million, a decrease of 8.6% year-on-year.

SMM News, March 27: This week, the tax-inclusive ex-factory price of secondary lead was at parity against the SMM #1 lead average price, with slight premiums of 25-50 yuan/mt in some areas. Market wait-and-see sentiment was strong, downstream purchasing was weak, and smelters offered few quotations while generally holding prices firm and being reluctant to sell, resulting in sluggish trading. As of March 27, the theoretical comprehensive profit/loss for large-scale enterprises stood at -229 yuan/mt, and that for small and medium-sized enterprises was -429 yuan/mt (excluding revenue from high-value by-products such as tin and antimony). The rigid inversion caused by high raw material costs and low lead prices was the main reason for the industry's continued losses. After the Qingming Festival next week, more smelters are expected to resume production, and expectations for increased spot supply of secondary lead are strong. However, downstream purchases for rigid demand are limited, making it difficult for spot prices to rise significantly, and smelters' profit margins will remain constrained. At present, supplies of primary lead and imported lead are ample, and spot order premiums for secondary refined lead are expected to maintain sideways movement, with insufficient momentum for substantial premiums. » Subscribe to View Historical SMM Metal Spot Prices

In April, silver-bearing lead concentrates in the Chinese market remained relatively tight. Smelters generally said that despite intentions to rebound and increase, sellers' offers remained firm, with limited willingness to raise TCs. With silver prices trending weaker, some smelters cautiously stayed on the sidelines amid expectations of declining by-product revenues. A few small-scale smelters delayed start-ups or extended maintenance cycles, and their willingness to resume operations weakened somewhat. Although sentiment in the precious metals market is pessimistic in the short term, there is still a possibility of a catch-up rebound in silver prices over the medium and long term. At present, the payable indicators for silver content in lead concentrates with various silver grades have generally remained stable, and mines and smelters have not yet mentioned any intention to adjust the coefficients.

On the evening of March 26, REPT BATTERO released its 2025 annual performance announcement. The company achieved annual operating revenue of 24.334 billion yuan, a year-on-year increase of 36.7%; and profit attributable to owners of the parent company of 623 million yuan. In 2025, the company's total sales of lithium battery products reached 82.7 GWh, a year-on-year increase of approximately 89.2%. Among these, revenue from power battery products was 10.013 billion yuan, up 35.6% year-on-year; revenue from energy storage battery products was 13.56 billion yuan, up 86.8% year-on-year, with its share of total revenue increasing by 14.9 percentage points to 55.7%.

Recently, Shenzhen Hoypower Technology Co., Ltd. announced the completion of a Series A+ financing round worth hundreds of millions of yuan. Since the mass production of its solid-state batteries, Hoypower's revenue scale has achieved a compound annual growth rate exceeding 100%, with cumulative shipments surpassing 100 million units. Its large-scale delivery capabilities have been highly recognized by leading customers. Hoypower has successfully achieved key technological breakthroughs in solid-state batteries, including silicon-based anode systems with an energy density ≥400Wh/kg and lithium metal anode systems with an energy density ≥500Wh/kg. These advancements can meet the demands of low-altitude economy unmanned aerial vehicles for high safety and long endurance.

'SMA Solar Technology AG' confirmed its preliminary fiscal year 2025 results, reporting a 0.9% year-on-year revenue decline to €1.516 billion and widening losses amid difficult market conditions. Including one-off effects, 'EBITDA' fell to a negative €65.4 million, while 'EBIT' losses more than doubled to negative €188.2 million. The downturn was heavily driven by the 'Home & Business Solutions' segment, which suffered from €122.6 million in inventory writedowns, falling prices, and weak demand. In contrast, the 'Large Scale & Project Solutions' division saw revenue grow nearly 8% to €1.268 billion, recording a profit of €210.8 million. Looking ahead, 'SMA' confirmed its 2026 guidance, projecting revenue between €1.475 billion and €1.675 billion.