On March 20, 2026, China Hongqiao announced its audited annual results for the year ended December 31, 2025. During the reporting period, the Group recorded revenue of approximately 162.354 billion yuan, up 4.0% YoY; net profit attributable to shareholders of the Company was approximately 22.636 billion yuan, up 1.2% YoY; basic earnings per share were 2.3842 yuan, up 1.0% YoY.

On June 6, 2025, Allison Ju, Senior Manager of SMM's Aluminum Overseas Sales Team, and Cathy Liu, SMM's Aluminum Analyst, led a delegation to PT Well Harvest Winning Alumina Refinery (hereinafter referred to as "WHW"), where they held in-depth discussions with WHW's management at its Jakarta office.

On June 6, 2025, Ju Anran, Senior Manager of SMM's aluminum category, and Liu Xinyi, Analyst of SMM's aluminum category, led a delegation to PT Well Harvest Winning Alumina Refinery (hereinafter referred to as "WHW") . They held in-depth discussions and exchanges with WHW's management at its Jakarta office. Company Profile Established in 2015, WHW is the first Smelter Grade Alumina (SGA) alumina refinery in Indonesia. The project was jointly invested by China Hongqiao Group Co. Ltd. (holding 56% stake), PT Cita Mineral Investindo Tbk, a subsidiary of Indonesia's Harita Group (holding 30% stake), Winning Investment (HK) Co., Ltd., and Shandong Weiqiao Aluminum & Power Co., Ltd., with a total investment of approximately $1.3 billion. As of year-end 2020, the paid-in capital had reached $1.2 billion. The plant is located in Sungai Tengar District, Mekar Utama Village, Ketapang County, West Kalimantan Province, covering an area of over 1,000 hectares. The first phase, with an annual production capacity of 1 million mt, commenced operations in June 2016 and was expanded to 2 million mt/year in 2022. It is equipped with a steam power plant, an international-standard wharf, and employee dormitory areas. Its products not only meet the demand of local aluminum smelters in Indonesia but are also exported to major markets such as China, India, and Malaysia. During the discussions, both sides explored core issues including WHW's existing production capacity, the composition of raw material and electricity costs, and the promotion of green and low-carbon production technologies. Through communication, both sides enhanced their understanding, further solidified the foundation of mutual trust, and reached preliminary intentions in potential areas such as technological cooperation, raw material exchange, and joint R&D. This visit not only laid a solid foundation for establishing a long-term and stable cooperative relationship in the future but also opened up new opportunities for jointly promoting the green and sustainable development of Indonesia's alumina industry.

Introduction to Metro Mining and Current Status of Alumina Capacity Expansion in Indonesia Metro Mining Metro Mining, an Australian company, focuses on bauxite development and exports. Its core asset is the Bauxite Hills mine in Queensland, Australia, with a resource reserve of approximately 150 million mt and an annual capacity of around 4 million mt of bauxite. Its major clients are alumina refineries in China, the Middle East, and Southeast Asia, with the Chinese market accounting for over 70% of its sales. The company employs open-pit mining and benefits from proximity to ports (simplifying logistics), with cash costs ranking among the lowest in the global bauxite industry. The bauxite has an average alumina content of about 50%, with low impurities (low silicon content), making it suitable for China's high-temperature Bayer process. The company uses reclamation techniques to restore mine ecology and has committed to achieving carbon neutrality in mining operations by 2030. In recent years, it has expanded its resource reserves through acquisitions and exploration while exploring cooperation opportunities in emerging bauxite regions such as Guinea and Indonesia. Current Status of Alumina Capacity Expansion in Indonesia Since 2020, Indonesia has banned the export of raw bauxite ore, mandating local value-added processing (promoting the construction of alumina refineries). The country plans to build over 10 alumina refineries by 2025, with annual capacity exceeding 20 million mt. Indonesia has abundant bauxite reserves (approximately 1.2 billion mt), but the grade is relatively low (alumina content of 40%-45%), necessitating reliance on imported high-grade ore (such as Metro's Australian ore) for blending to improve efficiency. Operational Projects: Projects led by Chinese companies such as Hua Chin Aluminum (part of China Hongqiao Group) and Huafon Group in Indonesia. In 2023, Indonesia's alumina capacity was about 5 million mt, accounting for 5% of the global total. Projects Under Construction/Planning: Investments by international companies such as Rusal and EGA are expected to make Indonesia the world's third-largest alumina producer by 2025 (after China and Australia). Potential Impact of Indonesia's New Capacity on China 1. Changes in Market Competition Landscape • Import Substitution Effect China currently imports about 3 million mt of alumina annually (mainly from Australia). The release of Indonesia's capacity may divert some demand, reducing China's reliance on Australian ore. • Price Pressure Indonesia's low-cost alumina (benefiting from cheap energy and labor) may impact domestic alumina prices in China, squeezing profit margins for high-cost domestic producers. 2. Industry Chain Adjustments • Strategies for Chinese Alumina Companies Accelerate capacity relocation to Indonesia (e.g., Nanshan Aluminum and Chalco's projects in Indonesia) to avoid raw material import tariffs and stay close to resources. Enhance domestic refinery technologies (e.g., low-carbon electrolysis, waste heat recovery) to reduce costs. • Changes in Bauxite Trade Flows Increased local processing demand in Indonesia may reduce its bauxite exports, forcing China to diversify its import sources (Guinea, Australia, Vietnam, etc.). 3. Long-Term Challenges and Opportunities • Challenges Risks related to Indonesia's policy stability (e.g., adjustments to export bans, tax fluctuations) and infrastructure bottlenecks (insufficient port and power supply). • Opportunities China-Indonesia capacity cooperation under the Belt and Road Initiative may foster regional aluminum industry clusters (integrated mining-alumina-aluminum-processing). 4. Response Strategies Sign long-term offtake agreements with major Chinese aluminum companies (e.g., Chalco, Weiqiao) to secure demand; explore equity stakes in Chinese alumina refineries to bind downstream. Provide high-grade Australian bauxite to Indonesian refineries (compensating for local low-grade ore), with supply agreements already in place with multiple Indonesian smelters. Promote "customized blending solutions" to help customers optimize alumina extraction rates; invest in digital logistics systems to improve China-Indonesia shipping efficiency. More in-depth analysis will be unveiled at the Alumina & Aluminum Raw Materials Forum on April 16, 2025! Norman graduated from the Department of Mineral Processing at Imperial College London and holds an EMBA from CEIBS in China. Before joining Metro Mining, Norman served as Sales Manager at Rio Tinto Aluminum, President of Asia Pacific at British Hardware, and President of Asia Pacific at U.S. Unisys. Currently, Norman is the General Manager of Metro Mining's Asia Market Department. AICE 2025 SMM (20th) Aluminum Conference & Expo As a platform focusing on the integration of aluminum mining, smelting, metal processing, and end-use consumption, the event will kick off at the Suzhou International Expo Center from April 16-18, 2025. Alumina & Aluminum Raw Materials Forum As one of the most important forums of AICE 2025, the event on April 16, 2025, will center on topics such as overseas bauxite layout, the global alumina market, energy conservation and carbon reduction in the aluminum industry, Chinese aluminum companies going global, fluid delivery systems, green transformation in the aluminum industry, aluminum price fluctuations, prebaked anode supply structure, graphitized cathode technology, carbon footprint in the aluminum industry, and domestic petroleum coke and calcined coke markets, bringing an unparalleled event to the aluminum industry in the spring of the year.

[CMOC: Copper Production Up 55% YoY, Refined Cobalt Production Up 106% YoY, Slight Decline in Molybdenum Production in 2024] On the evening of January 6, CMOC announced, based on the company's preliminary calculations, the production figures for its main products in 2024: copper production was 650,000 mt (up 55% YoY); refined cobalt production was 110,000 mt (up 106% YoY); molybdenum production was 20,000 mt (down 2% YoY); tungsten production was 8,288 mt (up 4% YoY); niobium production was 10,000 mt (up 5% YoY); phosphate fertiliser production was 1.18 million mt (up 1% YoY).

According to a report on Friday, August 2, China has limited the usage of renewable energy for aluminium production.

China Hongqiao, a global leader in aluminium production with an annual capacity exceeding 6 million tonnes, is proud to announce the launch of the groundbreaking Hongqiao Smart Aluminium AI & L Model Development Project.

【BoA Securities: Optimistic about aluminum prices, China Hongqiao target price raised to 11.5 Hong Kong dollars】BoA Securities released a research report stating that entering the second quarter, the global commodities team updated their metal price forecasts. Macroeconomic trends and energy transitions will drive metal prices, with a positive outlook on copper and gold. It is expected that by 2025, copper prices will exceed 10,000 US dollars per ton, and gold prices will exceed 2,500 US dollars per ounce. The bank is optimistic about aluminum prices, projecting a 2% growth in Chinese aluminum demand by 2024. However, a neutral view is held on lithium, and a cautious stance is taken on steel.

China is the highest alumina producer, contributing around 58 per cent of the world’s output.