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."

To standardize the recycling and treatment of waste electrical and electronic products and effectively prevent and reduce environmental pollution, the Ministry of Ecology and Environment recently issued the "Technical Specification for Pollution Control in the Treatment of Waste Electrical and Electronic Products" (HJ 527—2026). The specification is expected to take effect on March 1 this year.

On June 10, 2025, the Ministry of Ecology and Environment (MEE) of the People's Republic of China officially announced the "Announcement on Matters Related to Regulating the Import Management of Recycled Black Mass Raw Materials for Lithium-ion Batteries and Recycled Steel Raw Materials".

Recently, to promote the recycling of renewable resources and standardize the import management of regenerated black mass raw materials for lithium-ion batteries and regenerated steel raw materials, the Ministry of Ecology and Environment, the General Administration of Customs, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued the "Announcement on Matters Related to Standardizing the Import Management of Regenerated Black Mass Raw Materials for Lithium-ion Batteries and Regenerated Steel Raw Materials," which will come into effect on August 1, 2025.

[US and UK Reach Trade Agreement Terms Including Import Car Quotas and Steel and Aluminum Tariffs] According to CCTV News, on June 16 local time, the US White House issued a statement indicating that US President Trump and UK Prime Minister Starmer jointly announced the general terms of a trade agreement. It is understood that under the general terms, the US plans to set an annual quota of 100,000 units for UK car imports, with a tariff rate of 10%. The UK has committed to making efforts to meet US requirements regarding the security of the supply chain for steel and aluminum products exported to the US, as well as the nature of ownership of relevant production facilities. On the premise that the UK meets these requirements, the US plans to promptly set "most-favored-nation" tariff quotas for steel and aluminum products, as well as certain derived steel and aluminum products, produced in the UK. In addition, both sides have committed to strengthening the supply chains for aerospace and aircraft manufacturing by establishing duty-free bilateral trade in certain aerospace products. The US has abolished tariffs imposed on the UK's aerospace industry under three previous executive orders. (Finance Link) [Ministry of Ecology and Environment Issues Announcement on Regulating the Import Management of Recycled Black Mass Raw Materials and Recycled Steel Raw Materials for Lithium-Ion Batteries] On June 10, the General Office of the Ministry of Ecology and Environment issued the "Announcement on Matters Related to Regulating the Import Management of Recycled Black Mass Raw Materials and Recycled Steel Raw Materials for Lithium-Ion Batteries," as follows: 1. Recycled black mass raw materials for lithium-ion batteries that meet the requirements of Attached Table 1 are not classified as solid waste and may be freely imported. Recycled black mass raw materials cannot be mixed with other types of recycled raw materials, and different types of recycled raw materials cannot be declared under the same customs declaration form. Imported recycled black mass raw materials cannot be imported in bulk, and different categories of recycled black mass raw materials should be placed separately. 》Click to view details [Xiaomi Auto: Currently, There Are No Official Channels for Bulk Car Orders or Cash Subsidies] In the latest Q&A session with netizens on the evening of June 16, Xiaomi Auto stated that currently, there are no official channels for bulk car orders or cash subsidies from Xiaomi Auto. The public is advised not to believe such information, let alone engage in monetary transactions to avoid financial losses. When encountering similar sales information, the public is urged to carefully verify it and rely on information released through Xiaomi Auto's official channels. (Finance Link) [Bohai Auto: Plans to Acquire Stakes in Multiple Auto Parts Companies, Stock Resumes Trading] Bohai Auto (600960.SH) announced that the company plans to acquire a 51% stake in BAIC Mould & Plastic held by Hainachuan, a 51% stake in Langfang Adient, a 100% stake in Zhilian Technology, and a 50% stake in Leoni Wiring Systems through the issuance of shares and payment in cash, and will raise supporting funds. Following this transaction, the publicly listed firm will expand its main business to include automotive exterior parts, automotive seat frames, automotive electronics, automotive wiring harnesses, and other products. Upon completion of the transaction, the publicly listed firm will extend its product lines into more automotive parts sectors by integrating the R&D capabilities of the target company, thereby comprehensively enhancing the company's core competitiveness. The company's A-shares will resume trading from the market open on June 17, 2025. (Financial Associated Press) [Desay SV: Reaches Cooperation with Chery Automobile and Hyptec to Advance the Implementation of Intelligent Driving Technology] Desay SV stated on an interactive platform that the company has reached relevant cooperation with Chery Automobile to jointly develop an in-cabin and driving integrated central computing platform. This platform is built on the company's independently developed intelligent central computing platform, ICPS01E, and adopts an innovative single-chip multi-domain fusion solution, becoming the industry's first mass-producible in-cabin and driving integrated SOC product. This marks a significant breakthrough for the company in the core technology field of intelligent driving. Meanwhile, the company has signed a strategic cooperation agreement with Hyptec to jointly develop and accelerate the implementation of the next-generation in-cabin and driving integrated, and even central computing platforms, based on a new generation of high-performance computing chips, to meet the requirements of L4 high-level autonomous driving hardware and software systems. (Financial Associated Press) [Launch Meeting for the Special Project on Improving the Quality and Reliability of China's New Energy Vehicles Held in Beijing] The China Association of Automobile Manufacturers (CAAM) organized and held the "Launch Meeting for the Special Project on Improving the Quality and Reliability of China's New Energy Vehicles" in Beijing. More than 100 representatives and experts from China's automotive T10 enterprises, mainstream vehicle manufacturers in the industry, core component enterprises for batteries, motors, and electronic control systems, intelligent vision and key electronic component enterprises, as well as industry service institutions, attended the meeting. The meeting called on relevant parties in the NEV industry chain, particularly T10+ vehicle manufacturers, core system assembly enterprises, key component and module enterprises, and related institutions, to take proactive actions to accelerate the establishment of a quality and reliability innovation and development system; learn from advanced quality and reliability experiences, strengthen relevant cutting-edge basic research, and strive to advance the higher-quality development of the NEV industry and accelerate the construction of China as an automotive powerhouse. (Financial Associated Press) Related Readings: [SMM Analysis] Official HS Codes for Black Mass Imports and Exports: What Impact on Domestic Lithium Battery Recycling Enterprises? [SMM Analysis] Payment Terms for Automakers Shortened to 60 Days, Ushering in Major Changes in the Automotive Supply Chain [SMM Analysis] Breakthrough Achieved in Portugal's Lithium Mine Project, Accelerating Development of Europe's Largest Spodumene Deposit Weekly Summary of the Lithium Iron Phosphate Market in June [SMM Lithium Battery Market Analysis] [SMM Analysis] Behind the 60-Day Payment Commitment: Suppliers' Wry Smiles and Anticipations Cobalt Product Prices "Continuously Decline": Co3O4 Falls by 7,650 Yuan in a Single Week. Will It Stop Next Week? [Weekly Observations] [SMM Analysis] Rio Tinto Teams Up with Codelco to Enter the Lithium Triangle, Investing $900 Million to Develop a World-Class Salt Lake Project [SMM Analysis] Separator Prices Remain Stable [SMM Analysis] Raw Material Prices Drag Down Overall Prices, but a Rebound May Occur During the Policy Window Period Battery and Solid-State Battery Sectors Strengthen Again; Multiple Automakers Announce Latest Progress; Lopal Shares Surge by Daily Limit for Nearly 6 Consecutive Days [Hot Stock] [SMM Analysis] Cathode Material Production Increased MoM in May, While Downstream End-Use Demand Growth Remained Sluggish [SMM Analysis] Anode Material Production Increased in May Due to Rising Demand [SMM Analysis] Co3O4 Production Increased MoM in May, with Most Market Participants Adopting a Cautious Wait-and-See Attitude Cobalt Product Quotations Collectively "Fell", While Cobalt Chloride Smelters Maintained Firm Quotations; Will Prices Remain High and Volatile in the Future? [Weekly Observations] [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploring Three Methods: "Direct Export from China, Re-Export via Malaysia, and US Domestic Production" (Part 1) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploring Three Methods: "Direct Export from China, Re-Export via Malaysia, and US Domestic Production" (Part 2) [SMM Analysis] Impact of US Tariffs on China on the Export Methods and Prices of Chinese ESS Battery Cells to the US - Exploring Three Methods: "Direct Export from China, Re-Export via Malaysia, and US Domestic Production" (Part 3) [SMM Analysis] New Breakthrough in Lithium Battery Technology: Can a Single Injection Extend Battery Life?

► US and UK Reach Trade Agreement Terms, Including Import Car Quotas and Steel and Aluminum Tariffs ► Ministry of Ecology and Environment Issues Announcement on Regulating the Import Management of Recycled Black Mass Raw Materials and Recycled Steel Raw Materials for Lithium-ion Batteries ► Xiaomi Auto: Currently, There Are No Official Channels for Bulk Vehicle Orders or Cash Subsidies ► Bohai Auto: Plans to Acquire Equity in Multiple Auto Parts Companies, Resumes Stock Trading ► Desay SV: Forms Partnerships with Chery Auto and Hyptec to Advance the Implementation of Intelligent Driving Technology ► Launch Meeting for the Special Project on Improving the Quality and Reliability of China's New Energy Vehicles Held in Beijing

Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and director of the NBS's Department of Comprehensive Statistics of National Economy, stated at a press conference held by the State Council Information Office that China's economy operated generally smoothly in May, with some indicators continuing to improve, new growth momentum expanding, and the trend of high-quality development persisting, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of social consumer goods in May were up 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales grew by 5.2%, accelerating by 0.1 percentage points compared to the period from January to April. The acceleration of consumption growth, particularly the expansion of service consumption, is also evident in its boost to related service industries. In May, the production index growth rates of the wholesale and retail industries, as well as the accommodation and catering industries, all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and the stable operation of the economy.

[SMM Steel Morning Meeting Summary] Today, rebar futures fluctuated upward, closing at 2,990, up 0.98% from the previous trading day. In terms of spot prices, most markets saw quotes rise slightly due to the rebar futures, with increases of 10-30 yuan/mt. Trading volume throughout the day was moderate. From a fundamental perspective, on the supply side, blast furnace steel mill profits remained above 100 yuan, and steel mills' production willingness was moderate, with some steel mills that had undergone maintenance earlier resuming production as planned. EAF steel mills faced difficulties in collecting scrap and were mostly operating at a loss, making it difficult to increase operating rates in the short term. The overall supply pressure for construction materials still exists.....

On June 10, the Ministry of Ecology and Environment of the People's Republic of China publicly issued the "Public Notice on Regulating Matters Related to Imported Recycled Black Mass Raw Materials from Lithium-ion Batteries and Recycled Steel Cases," with the document index number 000014672/2025-00219. The notice disclosed the HS code for recycled black mass raw materials from lithium-ion batteries as 3824999996, and the announcement will be implemented from August 1, 2025.