On June 17 (Tuesday), drilling results from Foran Mining's McIlvenna Bay project in east-central Saskatchewan, Canada, indicated an ore copper grade of 1.55%. The McIlvenna Bay project is located in the Flin-Flon greenstone belt, with resources totaling 39 million mt, featuring a copper grade of 1.2%, a zinc grade of 2.16%, 0.41 g/t of gold, and 14 g/t of silver. A feasibility study released by the company in 2022 revealed that the mine has an 18-year mining life, with an average annual production of 34.5 million pounds of copper, 58.6 million pounds of zinc, 17,500 ounces of gold, and 435,200 ounces of silver.

"In 2025, the overall end-use market demand is gradually recovering. Currently, our company has strong order demand in high-end consumer electronics, automotive, and industrial sectors, and we expect revenue to maintain rapid growth this year," said Chenjie Ruan, Chairman and General Manager of Southchip Semiconductor Technology, at today's (June 9) earnings conference. In Q1 this year, Southchip's net profit declined significantly. Data shows the company's Q1 revenue reached 685 million yuan, up 13.86% YoY, while net profit attributable to shareholders was 63.4926 million yuan, down 36.86% YoY, and adjusted net profit stood at 56.2623 million yuan, down 43.76% YoY. The company attributed the profit decline in its financial report mainly to increased R&D investment. Its Q1 R&D expenditure totaled approximately 124 million yuan, up 37.84% YoY. Ruan told the Sci-Tech Innovation Board Daily that Southchip will continue focusing on high-end consumer electronics, automotive electronics, industrial, AI, and communication sectors, with more new product codes expected to launch and enter mass production this year. As business scale expands further, revenue proportions from high-end consumer, automotive, and industrial sectors are projected to increase further in 2025. The Sci-Tech Innovation Board Daily noted that currently, Southchip is in rapid expansion phase in automotive sector . In 2024, its automotive business grew 179%, covering auto body control, smart driving, smart cockpit, and onboard charging. The company has launched multiple new products in these areas, including some high-end PMICs and driver chips for domain controllers. Ruan stated at the conference that in 2025, the company will introduce products for more sub-sectors, with automotive business expected to maintain rapid growth momentum and further increase its proportion. He expressed confidence in achieving fast growth and rising share for automotive electronics in coming years. Regarding core mobile device business, Ruan said, "This segment is expected to continue growing this year, driven by charging management, display power management, and lithium battery management businesses." In wearables market, Southchip already has chip products like DC-DC, Charger, lithium battery protection, and wireless charging applied in smartwatches/bands, TWS, and VR/AR end-use products. Ruan indicated the company will further strengthen product deployment in wearables market. In March this year, Southchip Technology proposed to change its initial public offering (IPO) investment project, the "Construction Project of the Testing Center," into the "Construction Project of the Chip Testing Industrial Park." The total investment for the planned chip testing industrial park project is approximately 4.67 times that of the original testing center project, amounting to 1.443 billion yuan. The project's planned construction period has been extended from three years to nine years. Regarding the latest progress of this project, Ruan Chenjie stated that the construction project of the chip testing industrial park has completed the registration of the implementing entity and the opening of a special account for the raised funds. Currently, the company is advancing the design phase of the park's construction. The first phase of the investment project is expected to commence production in 2027, gradually covering the company's capacity needs in the power management chip testing segment. In terms of mergers and acquisitions (M&A), in January this year, Southchip Technology announced its intention to acquire 100% equity of MCU producer Sunrise Micro for 160 million yuan in cash. Regarding the latest progress of this acquisition project, Ruan Chenjie stated that the company has completed the acquisition transaction of Sunrise Micro in Zhuhai so far and will continue to promote the integration of both parties in the M&A process. In response to investors' concerns about Sunrise Micro's new order situation, Ruan Chenjie said that the integration work between Sunrise Micro in Zhuhai and the company is progressing as planned. Currently, Sunrise Micro's business orders are in line with industry conditions. Regarding overseas business, Ruan Chenjie stated that expanding overseas markets is a long-term development strategy for the company. Currently, the company has established a presence in Singapore, South Korea, and other locations, targeting customers in high-end consumer electronics, automotive, and other sectors. This year, the company is expected to achieve new breakthroughs with key overseas customers.

Recently, the Fourth Engineering Company of MCC Construction Engineering Group Co., Ltd. successfully won the bid for the large-scale aluminum alloy extrusion materials construction project of Southwest Aluminum (Group) Co., Ltd. The project is located in the Xipeng Industrial Park, Jiulongpo District, Chongqing, covering an area of approximately 5,195 square meters, with a newly constructed floor area of approximately 4,807.84 square meters, including production workshops and outdoor parking lots. The safety level of the buildings is Grade I, adopting a frame structure with a maximum height of 18.50 meters. This project is one of the 100 major projects of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) and a key project serving the country's major strategies. Upon completion, it will house the world's largest double-action aluminum extrusion press. At the month-end of December 2024, the kick-off ceremony for the large-scale aluminum alloy extrusion materials construction project of Southwest Aluminum was held, marking substantial progress in the project's construction. This project represents a collaborative effort between Southwest Aluminum, China National Heavy Machinery Research Institute Co., Ltd., and Erzhong Equipment, engaging in in-depth cooperation on the world's largest 250MN double-action forward extrusion press.

[Jinyang Share: Plans to Issue Convertible Bonds to Raise No More Than 980 Million Yuan] Jinyang Share (301210.SZ) announced in a public notice that it plans to issue convertible bonds to raise no more than 980 million yuan. The funds raised will be used for the Jinyang Share Lithium Battery Precision Structural Components Project (Xiamen), the Jinyang Share Lithium Battery Precision Structural Components Project (Xiaogan), and to supplement working capital. (Financial Associated Press) [Jinlongyu: Related Businesses of Solid-State Batteries and Their Key Materials Have Not Yet Formed Long-Term Stable Revenue] Jinlongyu (002882.SZ) issued a public notice regarding abnormal fluctuations in stock trading, stating that the company's research and development of technologies related to solid-state batteries and their key materials constitute cross-border investments. Although orders have been received, the related businesses have not yet formed long-term stable revenue and do not currently have a significant impact on the company's overall performance. Investors are advised to make cautious decisions and be aware of investment risks. (Financial Associated Press) [BYD's Blade Battery Passes New National Standard Ahead of Schedule] Li Yunfei, General Manager of BYD Group's Brand and Public Relations Department, posted on Weibo that BYD's Blade Battery and Flash-Charging Blade Battery have both passed all tests of the new national standard for batteries ahead of schedule, obtaining certification from the authoritative institution, China Automotive Technology and Research Center. (Financial Associated Press) [Yinglian Share: 2-Day Consecutive Limit-Up; Conducted On-Site Investor Survey on May 22, Introducing Development of FMCG Metal Packaging Business and Composite Current Collector Business] Yinglian Share (002846.SZ) issued a public notice regarding abnormal fluctuations in stock trading, stating that the company conducted an on-site investor survey on May 22, 2025, introducing the development of its FMCG metal packaging business and composite current collector business to investors: The easy-open end segment of FMCG metal packaging products has developed steadily, with the company accumulating profound experience in intelligent production and lean management. The industrialisation progress of the composite current collector segment continues to advance, with the company continuously expanding its capacity, gradually securing small-batch orders in downstream market development, and advancing cooperation with leading battery clients. Meanwhile, the company is accelerating its R&D process, developing lithium metal/composite current collector anode integrated materials for solid-state batteries, and continuously expanding applications in various types of batteries. (Financial Associated Press) [Xiaomi Group: Delivered 75,869 New Xiaomi SU7 Series Vehicles in Q1, with Smart EV Revenue Reaching 18.1 Billion Yuan] Xiaomi Group announced that in the first quarter of 2025, it delivered 75,869 new Xiaomi SU7 series vehicles. Meanwhile, the company will expand its capacity, with the cumulative deliveries of the Xiaomi SU7 series exceeding 258,000 units. In the first quarter of 2025, the total revenue of the innovative business segment, including smart EVs and AI, was 18.6 billion yuan, of which smart EV revenue was 18.1 billion yuan and other related business revenue was 500 million yuan. This quarter, the gross profit margin of the innovative business segment, including smart EVs and AI, was 23.2%. In Q1 2025, the operating loss of the innovative business segment, including smart EVs and AI, was RMB 500 million. [The automotive price war has put significant pressure on suppliers, with profits falling below 10% and payment terms extending up to 120 days. Industry insiders: This may directly impact automotive safety.] Automakers such as BYD, Geely Galaxy, and SAIC GM have successively launched price cuts and sales promotions, sparking market attention and potentially igniting a new round of price wars in China's automotive market. Previously, reporters visited multiple suppliers and found that as the "price war" intensifies in China's automotive market, the profit margins of upstream enterprises have been continuously compressed to 10%, with payment terms extending up to 120 days. Industry insiders believe that the "price war" may lead suppliers into losses and pose risks to automotive quality and safety. Related Reading: [SMM Analysis] China's domestic lithium carbonate imports in April 2025 released April battery materials import and export data released: Both spodumene and lithium carbonate imports increased, with the latter's exports surging! [SMM Special Report] Cobalt product quotes collectively decline: Refined cobalt drops by RMB 6,200; cobalt intermediate product smelters' willingness to sell increases [Weekly Observation] Spot price of refined cobalt falls [SMM Weekly Review of Refined Cobalt Market] [SMM Weekly Review] Lithium carbonate prices continue to decline; short-term market remains under pressure [SMM Analysis] Can titanium-doped iron phosphate be the perfect upgrade for the high-end market? [SMM Analysis] China's lithium hydroxide exports reached 4,222 mt in April, basically flat MoM [SMM Analysis] China's cobalt intermediate product imports slightly increased in April [SMM Analysis] Both China's unwrought cobalt exports and imports surged in April 2025 [SMM Analysis] China's domestic spodumene imports totaled 623,000 mt in April, up 16.5% MoM [SMM Analysis] Both imports and exports of artificial graphite increased MoM in April [SMM Data] LiPF6 import and export data for April 2025 [SMM Analysis] Analysis of ternary cathode precursor exports in April [SMM Analysis] April ternary cathode import and export data released: Imports up 37% MoM, exports up 13% MoM [SMM Announcement] Adjustments to weekly lithium carbonate data points around the Labour Day holiday Driven by multiple positive factors! The auto parts sector experiences a "limit-up" rally, with over 12 stocks hitting their daily limits! [Hot Stocks] Refined cobalt quotes slightly recover, while Co3O4 continues to decline; the market awaits the aftermath of the June DRC ban [Weekly Observation] [SMM Industry Insights] Global cobalt industry chain changes and Chinese market outlook following the DRC's cobalt export ban: Key points from Wang Cong, General Manager of SMM's Industry Research Department Tariff suspension stimulates LiPF6 futures to rise over 3%; can the expectation of a rush in exports help lithium carbonate "stand up"? [[SMM News] Retail sales growth of passenger vehicles in April hit a new high in nearly a decade, with automobile production and sales exceeding 10 million units in the first four months! [SMM Special Report]

Shagang's Casting and Rolling Thin Strip High-Grade Silicon Steel Project Achieves Full-Line Commissioning and Production The Zhangjiagang Shagang Casting and Rolling Thin Strip High-Grade Silicon Steel Project is a key project for the transformation and upgrading of China's steel industry. As another high-grade silicon steel project participated in by MCC South China Automation Co., Ltd., this project demonstrates the excellent application effects of MCC South China's E-CONVERT series products in high-end product production lines. Currently, the production lines primarily implemented by the company have achieved full-line commissioning and production, with the remaining production lines in critical stages such as inverter parameter tuning, joint commissioning of drive equipment, equipment communication configuration, and control system architecture setup. During the Labour Day holiday, the project team remained on-site around the clock, meticulously planning the modular deployment plan for the full-line automation system to achieve dual guarantees of production efficiency and construction progress, propelling the project forward at an "accelerated pace.

According to SMM, the shipment of copper cathodes produced by the TFM copper mine in the DRC has recently been hindered. The smelter has an annual capacity of approximately 450,000 mt of copper cathodes.

CMOC disclosed its Q1 report on the evening of April 25, achieving revenue of 46.006 billion yuan in Q1 2025, down 0.25% YoY, and net profit of 3.946 billion yuan, up 90.47% YoY. CMOC stated that the selling prices of its copper and cobalt products increased YoY, while overall costs decreased YoY, leading to a YoY rise in profit. CMOC also announced progress on significant matters during the reporting period: the company seized favorable market opportunities to stabilize and increase production, with the output of its main products generally increasing YoY, including a 15.65% YoY increase in copper production. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. As of the reporting date, the company was selected for the third consecutive time in the "S&P Global Sustainability Yearbook (China Edition) 2025," becoming one of the four Chinese companies in the metals and mining industry. The company's ESG performance continues to lead the industry, supporting sustainable development. CMOC announced on April 21 that, approved by its investment committee, it will acquire all issued and outstanding common shares of the Canadian publicly listed firm Lumina Gold (TSXV:LUM) through an overseas entity in an all-cash transaction, with a total price of approximately 581 million Canadian dollars. Lumina Gold is a precious and base metal exploration company listed on the TSX Venture Exchange, headquartered in Vancouver, and holds 100% of the Cangrejos gold mine project in El Oro Province, southwestern Ecuador. As the core asset of the transaction, Cangrejos is a large-scale primary gold mine project in Ecuador, completing a pre-feasibility study in 2023. Based on the pre-feasibility report, Cangrejos has a resource of 1.376 billion mt, with an average gold grade of 0.46 g/mt, containing 638 mt of gold; reserves of 659 million mt, with an average gold grade of 0.55 g/mt, containing 359 mt of gold. The future mine life is expected to be 26 years. The acquisition price translates to 1.27 Canadian dollars per share, a 41% premium to its latest closing price on April 17. Meanwhile, CMOC signed a subscription agreement with Lumina to issue $20 million in convertible bonds to meet the future operational needs of the Cangrejos gold mine project. The two parties began in-depth contact in H2 last year, and after long-term exclusive friendly negotiations, they finally reached the acquisition agreement. Currently, the agreement has received voting support from 52.3% of Lumina's shareholders, and the subsequent process will proceed according to local public acquisition procedures. CMOC's announcement on the evening of April 8 regarding its operating performance from January to March 2025 showed that the company seized favorable market opportunities to stabilize and increase production, with the output of its main products copper, cobalt, and niobium increasing by 15.65%, 20.68%, and 4.39% YoY, respectively. Benefiting from the YoY rise in selling prices of all products, the company's main operating indicators exceeded expectations, achieving a good start to the year. CMOC stated that 2025 is a critical year for achieving strategic goals and high-quality development. The company continues to accelerate expansion projects to maximize resource utilization value, laying a solid foundation for new leaps. CMOC's previously released 2024 annual report showed that the company's revenue exceeded 200 billion yuan for the first time, reaching 213.029 billion yuan, up 14.37% YoY; net profit attributable to the parent company exceeded 10 billion yuan for the first time, reaching 13.532 billion yuan, up 64.03% YoY; non-GAAP net profit attributable to the parent company was 13.119 billion yuan, up 110.48% YoY; and earnings per share were 0.63 yuan, up 65.79% YoY. CMOC's annual report showed that in 2024, the company's production of main products such as copper, cobalt, niobium, and phosphate fertiliser all hit record highs. Among them, annual copper production reached 650,200 mt, up 55% YoY, making it one of the top ten global copper producers for the first time. According to institutional estimates, CMOC's new mineral copper production in 2024 accounted for nearly 60% of the global increase. In other mineral products, CMOC produced 114,200 mt of cobalt, 10,024 mt of niobium, 1.18 million mt of phosphate fertiliser, 8,288 mt of tungsten, and 15,396 mt of molybdenum in 2024, maintaining its leading position in the industry. CMOC also announced its 2025 operating plan in its 2024 interim report. According to the guidance for the production of main products and physical trade volume in the company's mining and trade business segments in 2025, CMOC plans to produce 600,000-660,000 mt of copper, 100,000-120,000 mt of cobalt, and 12,000-15,000 mt of molybdenum. Central China Securities released a research report on April 15, giving CMOC an "overweight" rating. The reasons for the rating include: 1) TFM and KFM exploration work continues to advance, and copper mines are preparing for a new round of expansion; 2) the company achieved a good start in Q1, with main operating indicators exceeding expectations; 3) the period expense ratio decreased, and cash flow levels improved. Risk warnings: copper and cobalt prices fall short of expectations, project expansion and construction speed fall short of expectations, and risks of overseas policy changes. Kaiyuan Securities released a research report on April 11, giving CMOC a "buy" rating. The reasons for the rating include: 1) the company released its Q1 2025 production report, with copper and cobalt production increasing YoY; 2) the company's 2024 performance hit a record high, with core products exceeding growth expectations; 3) TFM and KFM copper-cobalt mines reached full production and standards, actively exploring for reserve increases. Risk warnings: raw material price fluctuation risks; project progress falls short of expectations; policy change risks.

Polaris Energy Storage Network learned that on April 14, the list of successful candidates for the EPC general contract of the 130MW/260MWh grid-forming shared ESS power station project of Changli Jinzhi Energy Storage Co., Ltd. was announced. The consortium of MCC Capital Engineering & Research Incorporation Limited & Zhongpu Water Conservancy Group Co., Ltd. pre-won the bid with a quoted price of 399.448 million yuan, equivalent to a unit price of 1.536 yuan/Wh. The quoted price range of the successful candidates was 1.535~1.537 yuan/Wh, with details as follows: The consortium of MCC Capital Engineering & Research Incorporation Limited & Zhongpu Water Conservancy Group Co., Ltd. quoted 399.448 million yuan, equivalent to a unit price of 1.536 yuan/Wh, becoming the first successful candidate; The consortium of Shanghai Electric (Jiangsu) Integrated Energy Service Co., Ltd. & Zhongtian PV Technology Co., Ltd. quoted 399.72 million yuan, equivalent to a unit price of 1.537 yuan/Wh, becoming the second successful candidate; China Energy Engineering Group Yunnan Electric Power Design Institute Co., Ltd. quoted 399.198 million yuan, equivalent to a unit price of 1.535 yuan/Wh, becoming the third successful candidate. According to the previous tender announcement, the project is located in Changli County, Qinhuangdao City, Hebei Province, and plans to build a 130MW/260MWh grid-forming shared ESS power station, with 5% grid-forming ESS equipment and 95% grid-following ESS equipment, and a newly built 220kV booster station. The ESS power station mainly consists of ESS batteries, converters, and booster transformers. The tender scope is the EPC general contract for the 130MW/260MWh grid-forming shared ESS power station project of Changli Jinzhi Energy Storage Co., Ltd. The original text is as follows:

In late March, the high-temperature annealing No. 2 ring furnace of the TISCO high-end cold-rolled grain-oriented silicon steel project of Baowu Group successfully started production. This marks another successful construction of a high-temperature annealing ring furnace for the high-end cold-rolled grain-oriented silicon steel project, following the commissioning of the No. 1 ring furnace in 2021. It once again highlights the technical advantages of MCC Capital Engineering & Research Incorporation Limited (hereinafter referred to as "MCC Capital") in the field of high-end cold-rolled grain-oriented silicon steel ring furnaces.

According to SMM, CMOC reported that in February 2025, KFM continued the momentum of the "good start" achieved in January, with copper cathode production reaching a record high for a single month since the start of operations. During the month, KFM's ball mill maintained a daily processing capacity of over 20,000 mt, and multiple key indicators demonstrated the company's efficient production organization and breakthroughs in production capacity.