[Lead-Acid Battery Enterprise Updates] Yesterday, Leoch International (00842.HK) announced its annual results for 2025. During the period, the company's overall revenue recorded slight growth, with regional contributions showing divergent growth trends. Full-year revenue reached approximately 17.212 billion yuan, up 6.7% YoY. As of the end of the reporting period, the company's total assets were approximately 15.523 billion yuan, and total equity was approximately 4.842 billion yuan.

[Lead-Acid Battery Enterprise Updates] Recently, Leoch International announced that, after considering various factors such as current market and regulatory conditions, it decided not to proceed at this stage with the proposed spin-off of Leoch Energy Inc. and its listing on a US stock exchange. Leoch Energy Inc. will adjust its financing strategy and seek new opportunities.

[Lead-Acid Battery Enterprise Updates] Recently, Camel Group stated in response to investor questions on an interactive platform that the company is steadily advancing its energy storage-related business in line with its established development plan. The European PACK plant project commenced construction in 2025, aiming to support the company’s strategic goals for new energy transformation and internationalization.

[SMM Lead Morning Meeting Summary: Macro Tailwinds Boosted Lead Prices Higher; Follow-up Focus on Alignment With Fundamentals] US President Trump said he would consider a ceasefire only if the Strait of Hormuz were opened. Recently, there have been signs of easing geopolitical tensions outside China, and market risk aversion sentiment has weakened, leading to a relative rebound in nonferrous metals, among which imported lead has flowed into the Chinese market...

SMM News, April 1: During the day, the most-traded SHFE lead 2605 contract opened at 16,500 yuan/mt. Bulls gained momentum in early trading and pushed prices up rapidly. During the session, it fluctuated at highs in the 16,680-16,725 yuan/mt range, and pulled back slightly late in the session as bulls took profits, finally closing at 16,655 yuan/mt, up 155 yuan/mt, or 0.94%, and posting a small bullish candlestick. From a fundamental perspective, China’s lead ingot supply side is trending looser, and continued arrivals of imported refined lead to replenish supply have exerted some bearish pressure on lead prices. In addition, lead-acid battery consumption is about to enter the traditional off-season, and downstream demand expectations are weak, further limiting the upside in lead prices. In early April, as smelters gradually resume work and production, concentrated release of scrap battery procurement demand will provide relatively strong rigid support for lead prices. At the same time, however, production resumptions on the smelting side will also increase lead ingot supply, creating some bearish pressure on prices. Considering the bullish and bearish factors, lead prices are expected to continue to move sideways in the short term. Data source disclaimer: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM’s internal database models, and is for reference only and does not constitute decision-making advice.

SMM News, March 31: During the day session, the most-traded SHFE lead 2605 contract opened at 16,525 yuan/mt. From early trading to mid-session, lead prices consolidated narrowly within the range of 16,485-16,525 yuan/mt, then dropped back slightly toward the close, and finally settled at 16,500 yuan/mt, posting a small bearish candlestick, up 5 yuan/mt, or 0.03. At present, production at primary lead and secondary lead enterprises is gradually recovering, and China’s lead ingot supply is trending looser. Coupled with the continued increase in imported refined lead arrivals, this has exerted some pressure on lead prices. Meanwhile, lead-acid battery consumption is about to enter the traditional off-season, and demand-side expectations are relatively weak. However, with April approaching, some medium and large secondary lead enterprises plan maintenance, which, if carried out as scheduled, will provide support for lead prices. Overall, lead prices are still likely to mainly move in a range-bound consolidation pattern in the short term. Data source statement: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM’s internal database models, and is for reference only and does not constitute decision-making advice.

[SMM Lead Morning Meeting Summary: Macro Factors and Fundamentals Present Both Bullish and Bearish Signals, and Lead Prices May Continue to Consolidate in the Short Term] Fed Chairman Powell released dovish signals, and the market once again bet on the possibility of an interest rate cut within the year. Recently, production at primary lead and secondary lead smelters has resumed, supply has been relatively ample, and imported lead has continued to flow into China...

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Lead Morning Meeting Summary: Bullish and Bearish Factors Coexist, Lead Prices Are Expected to Continue Fluctuating Rangebound] Iran said the Strait of Hormuz had been closed and that three container ships had been turned back. Recently, lead ingot inventory in China has been destocked, including inventory at smelters and in social warehouses, and lead prices have shown signs of stabilizing after the decline...

It was learned that the weekly composite operating rate of SMM lead-acid battery enterprises across five provinces was 73.92% from March 20 to March 26, 2026, basically stable WoW. As it was late March, aside from some large lead-acid battery enterprises reporting moderate orders and production line operating rates at full capacity, other small and medium-sized enterprises said that the traditional consumption off-season from April to May was approaching, and producers mainly produced based on sales. At present, the SHFE/LME price ratio for lead remained high, and lead-acid battery costs were higher than those in markets outside China. Coupled with constraints from tariffs, geopolitics, and other factors, orders for export-oriented enterprises in particular were hindered, leaving factory production lines underutilized. If subsequent orders continued to weaken, operating rates would be lowered again.