According to the investor relations activity record announced by Jintian Holdings on March 19 (March 10-12, 2026): 1. The Company’s 2025 earnings guidance and the reasons for the projected increase. Jintian Holdings replied: In 2025, the company implemented its “dual upgrade in products and clients” strategy, with product applications continuing to deepen in high-end fields; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operational and management efficiency, and the gross margin and profitability of its products improved YoY. The company expected net profit attributable to owners of the parent for 2025 to reach 700 million yuan to 800 million yuan, up 51.50%-73.14% YoY from the same period last year. 2. Progress of the company’s share repurchase. Jintian Holdings replied: From February 3, 2026 to February 28, 2026, the company had cumulatively repurchased 4,942,200 shares through centralized bidding, accounting for 0.29% of its current total share capital, with total funds paid of 56,676,944 yuan (excluding transaction costs). 3. The company’s industry position and competitive advantages. Jintian Holdings replied: The company had focused on the copper processing industry for 39 years and was one of the largest enterprises in China by scale and with the most complete industry chain. In 2024, the company achieved total production of 1.9162 million mt of copper and copper alloy materials, and its total production of copper semis ranked first globally. The company offered a wide range of copper products and could meet clients’ one-stop procurement needs for multiple categories of copper semis, including rods, tubes, plates and strips, and wires. Its copper products had been widely used in NEV, clean energy, communications technology, electrical power and equipment, chips and semiconductors, and other fields. At present, the company had developed a profound cultural heritage and outstanding organizational capability, with a significant market scale position and a global industrial footprint; it possessed leading manufacturing and R&D capabilities; it had built a specialized product matrix and formed a stable base of top-tier industry clients; and it had also established forward-looking green recycling technology barriers, laying a solid foundation for becoming a world-class base for copper products and advanced materials. 4. The capacity and business performance of the company’s rare earth permanent magnet products. Jintian Holdings replied: The company had entered the magnetic materials business in 2001. After more than 20 years of dedicated development, it had become one of the enterprises in China’s peer industry with relatively advanced technology and a well-developed product system. At present, the company had two magnetic material production sites in Ningbo and Baotou. Phase I of the Baotou site had commenced production, and the company’s annual capacity of rare earth permanent magnet materials had increased to 9,000 mt. The company was actively advancing the Phase II project at the Baotou site to further increase capacity to 13,000 mt. At the same time, through its newly established German subsidiary, the company accelerated its international expansion and increased its share in overseas markets. The company was among the first batch of enterprises to obtain a general export license for rare earth permanent magnet products, and it has continued to strengthen and advance export-related business. The company’s rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robotics, consumer electronics, and medical devices. 5. The Company’s Business Development in the Chip Computing Power Sector. Jintian Co., Ltd. responded: With its outstanding electrical and thermal conductivity, copper has become a core material for advanced AI industry chip interconnects and heat dissipation in computing power facilities, and the transition of copper-based materials toward high value-added products has further accelerated. The company has a solid client base and technical reserves in the chip computing power sector, and it is also among the first companies globally to achieve large-scale supply of copper-based materials to leading enterprises in the above fields. Among them, the company’s high-precision special-shaped oxygen-free copper busbar products have been applied in multiple top-tier GPU cooling solutions of several global first-tier thermal module enterprises. Products independently developed by the company, such as copper heat pipes and liquid-cooling copper pipe & tube, have been supplied in batches for computing power server products of multiple top-tier enterprises. The company will closely monitor and follow market demand in the chip computing power sector, further improve its product portfolio, and enhance the competitive advantages of its products. 6. The Company’s Position Advantages and Business Achievements in the Secondary Copper Sector. Jintian Co., Ltd. responded: The company has continuously innovated new pathways for the green development of copper-based high-tech materials and has become one of the enterprises in China with the largest utilization of secondary copper and the highest comprehensive utilization rate. It is also one of the few companies in the global industry to achieve a closed-loop entire industry chain covering secondary copper recycling, purification, and deep processing. The company’s independently developed low-carbon secondary copper products significantly reduce carbon emissions while ensuring product performance, enabling it to provide downstream clients across the industry chain with high-quality, comprehensive one-stop green solutions for copper semis. In H1 2025, sales of the company’s green, high-end, low-carbon secondary copper products increased 61% YoY. Its product matrix now covers copper strip, copper wire, magnet wire, copper pipe & tube, copper busbar, copper billet, and more, and has been applied in fields such as high-end consumer electronics, the automotive industry, and electrical equipment. Specific applications include laptop cooling modules, mobile phone vibration motors, NEV power battery connections, and AC/DC power supplies. The products have achieved mass production in the products of multiple world-renowned clients, forming a new performance growth driver represented by “green low-carbon secondary copper products.” An investor asked on the investor interaction platform: Have the company’s copper billet products now become core supplies for top-tier enterprises such as DJI Innovation or EHang Intelligent?With the boom in the low-altitude economy’s payload flight market, have the company’s PEEK materials or high-strength copper alloys developed for drone motor bearings and airframe structural components seen explosive growth in orders? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company had a solid client base and technical reserves in the low-altitude economy field. Among its products, high-precision free-cutting copper billet, with excellent properties such as high strength and wear resistance, had already been applied in airborne structural components of low-altitude aircraft. The company’s PEEK material products provide high-voltage drive stability technical solutions for the low-altitude economy’s payload flight market, and it had already carried out R&D cooperation with multiple top-tier enterprises in China. The company will closely monitor and follow market demand in the low-altitude economy field, further improve its product portfolio, and enhance its product competitive advantages. For specific related information, please refer to periodic reports. An investor asked on the investor interaction platform: Hello, Board Secretary. Recently, LME copper prices have risen sharply. Under the company’s strictly implemented hedging strategy, did this generate positive gains from closing positions during the reporting period, or was there a slight loss? Approximately how much was the amount? In addition, as the company’s revenue scale expanded, how well did net operating cash flow match net profit in 2025? Was there any cash flow strain caused by prepayments for raw material procurement? On March 19, Jintian Co., Ltd. stated on the investor interaction platform that the company’s copper processing products adopted a pricing model of “raw material prices + processing fee” and carried out hedging operations in strict accordance with the Hedging Management System to reduce the impact of raw material price fluctuations on the company’s net profit. At present, fluctuations in copper prices had a relatively small impact on the company’s operating performance. For specific related information, please refer to periodic reports. On March 18, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that the company had continued to expand its technological leadership in high-voltage electromagnetic flat wire and had further advanced cooperation on new energy high-voltage electromagnetic flat wire projects with world-class OEMs and motor suppliers. As of H1 2025, the company had secured 23 new nominations for its 800V high-voltage platform for new energy drive motors, and had already achieved bulk supply for multiple projects, with the shipment share of high-voltage flat wire continuing to increase. For specific related information, please refer to periodic reports. On March 17, when responding to investor questions on the interaction platform, Jintian Co., Ltd. stated that, with its outstanding electrical and thermal conductivity, copper had become a core material for chip interconnection in the advanced AI industry and heat dissipation in computing power facilities. The company had a solid client base and technical reserves in the AI computing power field. Among its products, the company’s high-precision shaped oxygen-free copper busbar products had already been applied in multiple top-tier GPU cooling solutions of several first-tier thermal module enterprises worldwide. The company will closely monitor and follow market demand in the AI computing power sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company continued to expand its technological leadership in the high-voltage electromagnetic flat wire industry, with both the number of designated projects on high-voltage platforms and shipment volume continuing to grow. Among them, the company's 1,000V flat wire products for drive motors have become an industry benchmark as supporting materials for "megawatt flash charging" technology in the NEV sector, while client-related certification for 1,200V flat wire for drive motors was also progressing in an orderly manner. In addition, the company had a solid client base and sound technical reserves in the chip and semiconductor sector. The company will closely monitor and follow market demand in the chip and semiconductor sector, further improve its product portfolio, and enhance its competitive edge. For specific information, please refer to the periodic reports. On March 17, Jintian Co., Ltd. said in response to investor questions on an interactive platform that the company remained committed to advancing its internationalization strategy, and construction of its newly built Thailand production site was progressing smoothly. The company's copper semis products exported outside China had an overall relatively high gross margin. In H1 2025, revenue from its principal operations outside China was up 21.86% YoY and continued to maintain a solid growth trend. The steady growth of business outside China laid a solid foundation for the company to deepen the upgrading of its global product and client mix. For specific information, please refer to the periodic reports. Jintian Co., Ltd.'s 2025 earnings forecast showed that, based on preliminary estimates by its finance department, the company expected net profit attributable to owners of the parent for 2025 to reach 700 million to 800 million yuan, representing an increase of 237.9574 million to 337.9574 million yuan from the same period last year (statutorily disclosed data), up 51.50% to 73.14% YoY. Net profit attributable to owners of the parent excluding non-recurring gains and losses for 2025 was expected to reach 440 million to 528 million yuan, representing an increase of 101.4004 million to 189.4004 million yuan from the same period last year (statutorily disclosed data), up 29.95% to 55.94% YoY. Regarding the main reasons for the expected increase in results for the period, Jintian Co., Ltd. stated: In 2025, the company implemented its "dual upgrade of products and clients" strategy, with product applications in high-end fields continuing to deepen; it stepped up expansion among clients outside China, and sales in markets outside China continued to grow; meanwhile, through digitalization initiatives, it improved operating and management efficiency, and its product gross margin level and profitability improved YoY. On January 23, Jintian Co., Ltd. said in response to investor questions on an interactive platform that Phase I of its Baotou base had been put into operation, and the annual capacity of rare earth permanent magnets had been increased to 9,000 mt. The company is currently actively advancing Phase II of the Baotou base project, with the aim of further increasing capacity to 13,000 mt. The company has a solid client base and technical reserves in the robotics field, and some rare earth permanent magnets have already been applied in the robotics sector. The company will closely monitor and follow market demand in the robotics field, further improve its product portfolio, and enhance its product competitiveness. A performance preview commentary on Jintian Co., Ltd. for 2025 released by Aijian Securities showed that the share repurchase demonstrated confidence in long-term development, while capital structure optimization was advancing steadily. The company’s high-end copper-based materials were being introduced at an accelerated pace to clients outside China in the computing power cooling sector, with sales rising rapidly and profitability improving significantly. 1) In terms of profitability, processing fees for copper busbar used in computing power are relatively high, and product mix upgrades are expected to continue lifting the company’s gross margin level; 2) In terms of shipment progress, in H1 2025, sales of the company’s copper busbar products in the cooling sector increased 72% YoY, and its high-precision profiled oxygen-free copper busbar has entered GPU cooling solutions of multiple global first-tier cooling module enterprises. The company’s copper heat pipes, liquid-cooling copper pipe & tube, and other products have also achieved bulk supply in computing servers of multiple top-tier enterprises. Copper prices fluctuations had a limited impact on the company’s profitability. 1) The company adopts a “copper prices + processing fee” pricing model, with revenue and profit primarily derived from processing fees rather than copper prices themselves. Processing fees are negotiated between the company and clients based on factors such as product specifications and process complexity, and show a certain degree of historical stickiness; 2) The company effectively hedges copper prices through hedging, while fluctuations in upstream raw material prices are mainly borne by downstream customers, resulting in a relatively small impact on the company’s profit; 3) Rapid copper prices fluctuations may affect downstream ordering willingness in phases and lengthen order cycles, but copper application scenarios are characterized by rigid demand, so the impact on total demand is limited, only changing the pace of copper product orders, and the company’s overall operating stability remains strong. The company is actively expanding into the “aluminum as an substitute for copper” direction, with material substitution optimizing the gross profit structure while enhancing its ability to hedge against copper prices fluctuations. 1) On a per-mt basis, the absolute value of processing fees for aluminum products is usually lower than that of copper-based solutions (at the same performance level, processing fees for high-precision aluminum extrusion are about 10,000 yuan/mt, versus about 20,000 yuan/mt for copper semis); however, since the per-mt price of aluminum semis is significantly lower than that of copper, usually about one-fourth of the latter, the material cost base is lower, increasing the share of processing fees in total product value. The corresponding processing fee rate of aluminum-based solutions is about 13–14 pct higher than that of copper-based solutions, providing positive support to the company’s overall gross margin; 2) In terms of supply progress, the company’s electromagnetic flat aluminum wire and aluminum 3D bent busbars for vehicles have entered the certification and mass supply stage, while inner-grooved aluminum pipe & tube for air conditioners has already begun small-batch supply. Risk Warning: Risks of lower-than-expected downstream demand for new energy or capacity release, rising copper prices, and changes in trade policies outside China.

Shanghai Metals Market (SMM) is delighted to announce that Touchi International Corp has officially joined our 2026 (3rd) Global Renewable Metals Industry Summit to be held in Tokyo, Japan, on May 11-12, 2026, as the Dinner Sponsor.

JL MAG Rare-Earth (Baotou) Technology Co., Ltd. commenced construction on its Phase III green manufacturing project for high-performance rare earth permanent magnet materials with an annual output of 20,000 mt in Baotou Rare Earth High-Tech Zone. Upon completion, the Baotou base of JL MAG Rare-Earth will have an annual production capacity of 40,000 mt of high-performance rare earth permanent magnet materials. Jiangxi JL MAG Rare-Earth Technology Co., Ltd. is the only enterprise in the global rare earth permanent magnet industry listed on both the "A+H" stock exchanges. It ranks first globally in terms of magnetic material production capacity and is a leading supplier of core application materials for the global new energy and energy-saving and environmental protection sectors.

To promote the development of the motor industry and facilitate collaboration and cooperation across the upstream and downstream industry chains, on February 27, 2025, Fan Cui, Head of the Motor Division, and Hu Yu, Manager of the Motor Division, from SMM Information & Technology Co., Ltd. (SMM), conducted a field trip to Xiamen Tungsten Motor Industry Co., Ltd. They were warmly received by Liang Junbin, Assistant General Manager and Manager of the Investment Promotion Department, and Gao Ya, Project Manager of the Investment Promotion Department, from Xiamen Tungsten Motor Industry Co., Ltd. During the visit, the SMM team gained an in-depth understanding that Xiamen Tungsten Motor Industry Co., Ltd. had been planning and constructing the Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park in Jimei District since 2018. During the tour of the industrial park, both parties engaged in in-depth discussions on the future development of the motor industry and potential cooperation opportunities. This field trip not only deepened mutual understanding but also laid a solid foundation for establishing a strong cooperative relationship between SMM and Xiamen Tungsten Motor. This close partnership will provide both parties with a competitive edge in future market competition. It will also further drive the development of the motor industry and promote collaboration between the two companies in technology, markets, and resources, contributing to the achievement of win-win goals. It is believed that through this exchange, both parties can work together to create an even brighter future. Xiamen Tungsten Motor Industry Co., Ltd., the operating entity of the Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park, was established in April 2018 through a joint investment by Fujian Yekong Equity Investment Management Co., Ltd. and Xiamen Tungsten Co., Ltd., with a registered capital of 1 billion yuan. Since its establishment, the company has leveraged the high-quality rare earth resources in Fujian Province and the technological advantages of Xiamen Tungsten in rare earth magnetic materials and motors to construct the Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park in Jimei District. Aligning with the national "dual carbon" strategic goals and Xiamen City's "4+4+6" modern industrial system construction objectives, the company has planned and laid out fields such as NEV motors, servo motors, modern industrial and agricultural motors, intelligent manufacturing, and precision manufacturing. It focuses on incubating and introducing rare earth permanent magnet motor enterprises and related industry chain companies, highlighting the energy-efficient and high-performance characteristics of rare earth permanent magnet motors, and contributing to the creation of a world-class high-end intelligent manufacturing industrial cluster. The Xiamen Shituo Rare Earth Permanent Magnet Motor Industrial Park utilizes the high-quality rare earth resources in Fujian and the excellent rare earth permanent magnet materials from Xiamen Tungsten to plan and lay out fields such as NEV motors, servo motors, modern industrial and agricultural motors, intelligent manufacturing, and precision manufacturing. It focuses on incubating and introducing rare earth permanent magnet motor enterprises and related industry chain companies. Combining with the global "dual carbon" strategic goals, it highlights the energy-efficient and high-performance characteristics of rare earth permanent magnet motors, aiming to create an industrial ecosystem cluster based on motors, drives, and controls, extending to product application solutions, and fostering coordinated development across the upstream and downstream sectors. The industrial park is planned to have a total investment of approximately 10 billion yuan and cover an area of 1,500 mu. Phase I of the project commenced construction in December 2018, with a total land area of about 300 mu, and was fully completed and put into operation by 2023. Currently, the park hosts over 20 enterprises, attracting more than 1.8 billion yuan in investment. Its business scope covers NEV power motors, industrial servo motors, various facility motors, motor controllers, 3D printing, precision machining, etc. In the NEV sector, it now has the capacity to produce 300,000 advanced motor stators and rotors annually, and supplies them in bulk to top-tier enterprises such as GAC and SAIC. The Huawei project is currently undergoing certification. High-end motorized spindle products are being applied in batches to domestically produced machine tools, breaking foreign monopolies. The integrated PV+ESS low-carbon oil extraction solution is currently negotiating cooperation with Daqing Oilfield and is being promoted to Russia and the Middle East as a BRICS Innovation Center initiative. Modern agricultural motor products have empowered leading agricultural enterprises such as Muyuan and Sunner to achieve digital farming and carbon reduction. Independently developed medical electric transfer vehicles and other products have been applied in large hospitals within and outside the province, as well as in overseas markets. The industrial park is generally developing well, gradually forming a high-quality growth point that leads the development of the rare earth permanent magnet motor industry and drives regional economic takeoff. Exhibition Name: IEMC 2025 Motor Annual Conference & Industry Chain Expo Exhibition Date: November 12-14, 2025 Exhibition Venue: Ningbo, Zhejiang Scan the QR code to reserve your spot at the exhibition and stay updated on the latest industry trends!

Recently, Xinlaifu stated that the company's samarium-iron-nitrogen permanent magnetic material is currently in the process of transitioning from pilot production to mass production line construction, which is expected to be completed by the end of September.

Rare earth permanent magnet concept stocks have been repeatedly active. As of Friday's close, BGRIMM Technology, which focuses on the R&D, production, sales, and services of mining and metallurgical equipment as well as magnetic materials, achieved five consecutive daily limit-ups. Huayang New Materials, whose subsidiary's business scope includes the recycling and utilization of high-magnetic rare earth materials, recorded three consecutive daily limit-ups. On the news front, the Ministry of Commerce stated that it reviews export license applications for rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications, and will continue to strengthen the approval process for compliant applications. Ma Yan, an analyst at Caida Securities, pointed out in a research report on April 1 that assuming shipments of humanoid robots reach 890,000 units by 2030, the demand for rare earth permanent magnet materials in the humanoid robot sector is projected to reach 3,115 mt. The explosive growth in the market size of humanoid robots is expected to bring broad incremental space to the rare earth permanent magnet industry . Li Chao and Wang Qinyang, analysts at Guojin Securities, pointed out in a research report on February 20 that rare earth permanent magnets, as excellent magnets that currently balance performance and cost, are the top choice for magnetic components in humanoid robots and magnetic materials for low-altitude aircraft , and the dividends from industry chain integration are expected to gradually materialize. Emphasis should be placed on the layout opportunities brought about by "supply-side reform," integration, and the catalyzing effect of humanoid robots. Choice data shows that rare earth permanent magnet concept stocks that received institutional surveys in the past two months (April 14 - June 14) include Sinomine Resource Group, Shenghe Resources, JL MAG Rare-Earth, Xiamen Tungsten, Yahua Group, Zhenghai Magnetic Material, DMEGC, Lizhong Group, Zhongju Hi-Tech, Zhong Ke San Huan, Longi Magnet, China Northern Rare Earth, Xinlaifu, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., Goldwind Science&Technology, Instyle, GEM, Wuchan Zhongda Group, NCS Testing Technology Co., Ltd., Jintian Copper, Yian Technology, Advanced Powder Materials, and Sinosteel NMC . The specific situations are as follows: Among the above-mentioned rare earth permanent magnet concept stocks that received institutional surveys, publicly listed firms that have clearly responded regarding their "rare earth permanent magnet" related business situations mainly include Shenghe Resources, JL MAG Rare-Earth, Xiamen Tungsten, Zhenghai Magnetic Material, Zhong Ke San Huan, Longi Magnet, China Northern Rare Earth, Instyle, GEM, and Jintian Copper . Shenghe Resources disclosed an investor relations activity record on June 10, stating that the company maintains a close and good market cooperation relationship with major domestic rare earth concentrate suppliers . In addition, the company has signed long-term supply agreements for rare earth concentrates with Sichuan Hedi Mining, US MP Materials, Peak Rare Earths, and others, establishing a diversified supply channel for rare earth concentrates and providing sufficient raw material guarantees for the company's downstream businesses such as rare earth smelting and separation. Additionally, the imports of ore from Myanmar have been significantly influenced by the local situation, exhibiting fluctuating characteristics. The company will continue to closely monitor the situation of ore from Myanmar. During a survey conducted by institutions on June 13, JL MAG Rare-Earth stated that after the implementation of export control measures on medium-heavy rare earth-related items, the company had initiated export declaration work in accordance with relevant national regulations. It had also successively obtained export licenses issued by national authorities. The export regions include the US, Europe, and Southeast Asia, among others. The company exports magnetic materials, components, and motor rotors in compliance with laws and regulations. The company has established production facilities in Ganzhou, Jiangxi, a major production area for heavy rare earths, and in Baotou, Inner Mongolia, a major production area for light rare earths. The company has established long-term strategic cooperative relationships with major suppliers of rare earth raw materials, including China Northern Rare Earth Group and China Rare Earth Group. In 2024, the procurement amount from these two groups accounted for 63% of the company's total annual procurement. On May 21, Xiamen Tungsten disclosed the record of investor relations activities, indicating that since the second half of 2024, rare earth prices have generally shown a steady upward trend. If this trend continues, the price center of rare earths will gradually rise, and the fluctuation range will narrow compared to the past. In terms of magnetic material capacity layout, Jinlong Rare Earth has achieved an annual production capacity of 12,000 mt at its Changting base and is currently planning new capacity projects at its Changting and Baotou bases. Upon full commissioning of these two projects, Jinlong Rare Earth's magnetic material capacity will reach 22,000 mt. At the performance briefing on May 15, Zhenghai Magnetic Material, when answering the question "What rare earth permanent magnet projects are currently under construction?", stated that the construction of the third phase of 6,000 mt capacity at the company's Nantong base will adjust the investment pace and method in a timely manner based on changes in the external economic environment. The company's sales of high-performance NdFeB permanent magnet materials have achieved seven consecutive years of growth. During a survey conducted by institutions on May 23, Zhong Ke San Huan stated that the current export control measures on medium-heavy rare earth-related items mainly involve the company's NdFeB permanent magnet material products containing dysprosium and terbium. Exporting these products requires declaration and approval before they can be exported. The company has proactively taken measures to initiate export declarations in accordance with relevant regulations at the earliest opportunity, and has already obtained export licenses for a small number of orders. The company's main products are NdFeB permanent magnet materials, which are currently widely used in automobiles (including NEVs), consumer electronics, industrial robots, computers, energy-efficient home appliances, wind power, industrial motors, and other fields. Longi Magnet disclosed the record of investor relations activities on May 27, stating that building a capacity of 60,000 mt for permanent ferrite magnetic tiles has always been a medium and long-term goal . The company will make more optimizations in capacity layout integration, existing capacity utilization, and efficiency improvement, striving to increase capacity through low-cost expansion methods and controlling the pace of capacity release based on downstream demand. The technological transformation and upgrading work at the production sites in Lujiang, Jinzhai, and Vietnam have all shown initial results, and the expected capacity this year will reach 50,000 mt. China Northern Rare Earth stated during an institutional survey on May 21 that the company holds an optimistic view on the future price trend of rare earths . Currently, the upstream supply of rare earths is showing a steady growth trend, thanks to the country's scientific planning and rational development of rare earth resources, as well as the continuous progress in rare earth mining technology. Although the release speed of downstream consumer demand has not met expectations to a certain extent, the fluctuation range of mainstream product prices has significantly narrowed, indicating that the supply-demand relationship is gradually moving towards balance. This balance not only helps stabilize market expectations but also provides a solid foundation for the healthy development of the rare earth industry. On the demand side, the continuous growth in demand for rare earth products in fields such as new energy and high-tech has become a strong driving force for the development of the rare earth industry. During an institutional survey on June 12, Instyle stated that the company's products are mainly delivered through domestic bonded zones and domestic sales channels, and do not involve direct exports to the United States. Export control measures affect businesses involving products containing medium-heavy rare earths dysprosium and terbium, and the company has been handling relevant procedures in compliance with national laws, regulations, and customer order requirements . The company's core competitive advantages mainly lie in its advantages in magnetic circuit design and production manufacturing processes, its advantages in high-quality customer resources, and its advantages in having the origin of rare earths and lower electricity costs in Baotou. GEM stated at the earnings presentation on May 6 that the company has currently conducted technological reserves in the recycling of permanent magnetic materials in the dismantling and recycling field and has reserved the wet process for recycling and synthesizing rare earth oxides. The company has been continuously monitoring the market for rare earth permanent magnets and actively developing the recycling and utilization of rare and scattered metals such as germanium, gallium, indium, and rare earths, as well as expanding the recycling of energy metals like nickel, cobalt, and lithium. Jintian Stock disclosed the record of investor relations activities on May 23, stating that the company has been engaged in the magnetic materials business since 2001. Currently, the company has two magnetic material production sites in Ningbo and Baotou . The first phase of the Baotou site has been put into operation, and the company's annual capacity for rare earth permanent magnets has increased by 4,000 mt on the original basis. The company's rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robots, consumer electronics, and medical devices.

On May 12, at the construction site of Huahong's project to produce 10,000 mt of high-performance rare earth permanent magnet materials annually, located on the north side of Hongqi Avenue in the Baotou Rare Earth High-Tech Zone, Inner Mongolia, and opposite the Xiaobaihe National Wetland Park, a bustling construction scene unfolded before the eyes—cranes and material transport vehicles shuttled back and forth, with over 150 workers wearing safety helmets working diligently and orderly. The roar of machinery intertwined into a passionate construction symphony, echoing the forward momentum of high-quality development. According to Qin Yongqiang, the project leader of Huahong, currently, the maintenance and encapsulation work for the main frame structure of the production workshop have been fully completed, and supporting projects such as the office building, dormitory building, and boiler room have also commenced construction. "We plan to complete the construction of the production workshop and its supporting facilities by August, and finish the equipment mobilization and installation, with trial production scheduled for October." As one of the landmark projects in the construction of Baotou's "two rare earth bases," the Huahong project is racing against time to accelerate progress, driving the project to enhance quality and efficiency through practical and swift actions. Each project is like a vibrant musical note, collectively composing a resounding movement for the high-quality economic development of the Baotou Rare Earth High-Tech Zone. This year, the Baotou Rare Earth High-Tech Zone is expanding project investment with greater vigor, advancing the implementation and effectiveness of key projects with more practical measures, and supporting the stability of high-quality development through the progress of project construction. At the construction site of Hunan Yinzhuoen Precision Manufacturing Co., Ltd.'s project to produce 100,000 multi-category permanent magnet motors annually, the equipment has been installed and is undergoing on-site commissioning. This project utilizes the shared workshop of the Rare Earth Permanent Magnet Motor Industrial Park and is expected to officially commence production by the end of April. Upon completion, it is projected to achieve an annual output value of 300 million yuan. The "square wire process" independently developed by Hunan Yinzhuoen has broken through foreign technological blockades, making it the first enterprise in China to pioneer the "square wire process" for motor enamelled wire. Its project invested in Baotou boasts strong R&D and manufacturing capabilities for a full range of rare earth permanent magnet motors, accelerating the enhancement of the core competitiveness of Baotou's rare earth permanent magnet power industry. This year, the Baotou Rare Earth High-Tech Zone is implementing 80 key projects with investments exceeding 100 million yuan each. In terms of project timelines, 54 are new projects, accounting for 67.5%; in terms of project nature and category, 67 are industrial projects, accounting for 84%. Among them, numerous "first batch" and "first-in-line" projects for rare earth magnetic materials and permanent magnet motors have emerged as a major highlight of project construction. Ningbo Funeng is the world's first enterprise to achieve the industrialisation of cerium magnets, Ningbo Zhaobao is a demonstration enterprise for single-item championships in sintered NdFeB traction motor magnets, and Zhongci Technology pioneered the dual-alloy process in China. Shanghai Pangu Power ranks first globally in the number of patents for axial flux motors, Liaoning Fushun Motor is the largest producer of mine-used flameproof motors in China, and Hunan Zhongzi Rare Earth Permanent Magnet Electromechanical Technology Co., Ltd. is the only enterprise in China capable of simultaneously producing both internal and external rotor permanent magnet motors. The signing and implementation of these "first batch" and "first-in-line" projects have injected a continuous stream of new momentum into the construction of Baotou's "two rare earth bases." To ensure the comprehensive protection of project construction throughout the entire chain, including investment attraction, project signing and implementation, construction commencement, and operation, Baotou Rare Earth Hi-Tech Zone has established a working mechanism this year called "the team leader blows the whistle, and departments respond." It firmly adheres to a "solution-oriented mindset," continuously innovates working measures, and exerts full-cycle efforts, ensures all-element support, and accelerates the entire process to further enhance the enforcement of project implementation. Meanwhile, it has established a project responsibility mechanism involving "leading officials in charge + investment attraction teams + responsible departments + regular coordination," regularly listening to reports on the phased progress of projects and coordinating to resolve major issues. In addition, a regular reporting mechanism has been established to further strengthen supervision and effectiveness evaluation, with regular on-site visits focusing on key links such as project procedure handling, construction implementation, and completion and operation, to promptly track and grasp project progress and jointly promote the resolution of bottlenecks and challenges. At the same time, Baotou Rare Earth Hi-Tech Zone is actively preparing project reserves. Centered around characteristic leading industries, it has meticulously prepared a batch of projects with high technological levels, good development prospects, and strong driving capabilities in fields such as equipment manufacturing, new energy, new materials, and energy conservation and environmental protection, to accumulate strength for sustainable economic and social development. Currently, Baotou Rare Earth Hi-Tech Zone is implementing the "three presences and two searches" work in line with Baotou City's deployment, closely aligning with enterprise needs to help rare earth enterprises such as Jinmeng Huici and Earth-Panda secure orders, meet their urgent demand for orders, and inject a source of vitality and accumulate development momentum for enterprise growth. Adhering to the "program of large-scale equipment upgrades and consumer goods trade-ins" orientation, it is unremittingly focusing on investment attraction and project construction, enhancing the efficiency of procedure handling with a "solution-oriented mindset," and striving to create more new industrial increments. In Q1, the added value of Baotou Rare Earth Hi-Tech Zone's rare earth industry increased by 22.2% YoY, with its contribution rate to the growth of industries above designated size exceeding 41%. It is the right time to set sail and forge ahead, with strong momentum in project construction. Next, Baotou Rare Earth Hi-Tech Zone will wage a "protracted war" to promote capacity expansion of operating enterprises, striving to expand capacity by 98,000 mt; wage a "quick-decision war" to promote the operation of projects under construction, with plans to put 30 projects into operation in H1; wage a "battle of assault" to promote the implementation of projects under negotiation, with plans to implement 25 projects in Q2. It will spare no effort to focus on projects, promote investment, and strengthen industries, laying a solid foundation for economic development throughout the year. Driving industrial upgrading with the powerful engine of key projects, it will inject strong momentum into the high-quality development of the rare earth industry.

[SMM Analysis: Rare Earth Export Controls in Place for Over Two Months, Overseas Automakers' Raw Material Inventories Critically Low] Currently, rare earth control measures have been in place for over two months, and some overseas automakers have seen their inventories of rare earth raw materials dwindle to critically low levels. The European Association of Automotive Suppliers has stated that due to severe shortages of rare earth materials and magnets, some European automotive parts suppliers have suspended several production lines. If China cannot swiftly resume exports, more production lines will face the risk of shutdown.

With the rapid development of the global economy and advancements in science and technology, rare earth elements, as indispensable key materials in modern high-tech industries, are increasingly receiving significant attention from governments, enterprises, and scientific research institutions worldwide. The distribution of global rare earth resources is highly uneven, with China, as the largest producer and consumer of rare earths, playing a crucial role in supplying the global market. However, with increasingly stringent environmental protection policies and rising costs of resource extraction, the rare earth industry is facing major challenges in sustainable development and transformation and upgrading. Meanwhile, other countries are accelerating the development of rare earth resources and the layout of supply chains, striving to gain more influence and market share in this strategic industry. Against this backdrop, the 2025 SMM (2nd) Rare Earth Industry Forum will be held. The forum aims to gather the wisdom and strength of governments, enterprises, academia, and investors to jointly explore the future development trends, technological innovations, market dynamics, and policy environments of the rare earth industry. In-depth discussions will be held on these topics. It is expected that through this forum, all sectors can reach a consensus, jointly address the opportunities and challenges facing the rare earth industry, and promote the healthy and stable development of the industry. Leveraging the platform of the 2025 SMM (2nd) Rare Earth Industry Forum, we will jointly witness the new opportunities and challenges facing the rare earth industry, formulate strategies, work hand in hand, contribute to the sustainable development of the global economy, and shape a bright future for the rare earth industry. At this conference, North Zhongxin Antai New Materials (Inner Mongolia) Co., Ltd. will make a grand appearance. Along with peers from upstream and downstream of the rare earth industry, the company will engage in in-depth discussions on the pain points and challenges of industry development, jointly explore business opportunities for win-win cooperation, and discuss strategies to promote high-quality development of the industry. Click on the registration form to register immediately for the conference. Gather momentum, plan for the future, and embark on a new journey. We look forward to seeing you in Ningbo. The company is located at No. 3 Ruicheng Road, Rare Earth High-Tech Industrial Development Zone, Baotou City, Inner Mongolia. The Baotou Rare Earth High-Tech Industrial Development Zone is the only national-level high-tech zone named after rare earth resources in China and the only national-level high-tech zone in the Inner Mongolia Autonomous Region. Our company is situated in the core area of the Rare Earth Industry Application Park within this zone. The surrounding enterprises are all involved in the production, processing, and deep processing of rare earth metals, with strong capabilities in upstream and downstream process integration, smooth technology sharing and complementary mechanisms, and convenient transportation. (1) Product Structure and Production Line Overview The company mainly produces and operates various types of rare earth metals, including four categories: Pr-Nd alloy, lanthanum metal, cerium metal, and lanthanum-cerium alloy. Currently, the company has put into operation a 7,000 mt/year high-purity rare earth metal production line, which operates stably and smoothly. (2) R&D and Technology The company boasts a strong R&D team with comprehensive professional configurations and a reasonable age structure. It has established close industry-university-research cooperation relationships with scientific research institutions such as the Inner Mongolia Rare Earth Quality Supervision and Inspection Research Institute and the Baotou Rare Earth Research Institute. The R&D center has undertaken over 30 scientific research projects, all of which have been successfully implemented, resulting in 3 invention patents and 10 utility model patents. In 2019, the company developed seven technological achievements, including "Rare Earth Oxide Molten Salt Electrolysis," which were evaluated and identified by experts organized by the Chinese Society of Rare Earths. Three of these technologies were rated as domestically leading, and four were rated as domestically advanced. In August 2019, the company became a member unit of the National Rare Earth Standardization Technical Committee. It collaborated with the Baotou Rare Earth Research Institute to draft two industry standards, including "Lanthanum-Iron Alloy," five group standards, such as "Sintered NdFeB Permanent Magnet Materials for Motors," "Cerium Metal," and "Pr-Nd Alloy," and five enterprise standards, including "Lanthanum Metal," "Cerium Metal," and "Neodymium Metal." (3) Testing Center The company has established a testing center that serves as a base for R&D and talent cultivation. While meeting its own production testing and inspection needs, it also provides testing and inspection services for other rare earth enterprises. The testing results are accurate and comprehensive, making it a benchmarking unit among similar rare earth enterprises. In addition, the testing center is equipped with advanced testing equipment from both domestic and overseas sources. Among them, the rapid testing instrument undertakes the testing tasks for all metal products of the company and can issue testing results within 30 seconds. Company Advantages (1) Regional Advantages: Baotou City's advantages in rare earth metal production lie in two aspects. On one hand, Baotou has unique resource advantages, being a world-class rare earth mineral resource production area. Its rare earth ore reserves account for 56% of the world's total and 80% of China's total. On the other hand, Baotou's rare earth industry has developed for over four decades, with a relatively complete industrial system and significant cluster effects. Its unique resource endowments and mature technological accumulation have contributed to Baotou City's prominent competitive advantages in the rare earth industry. (2 ) Industrial Advantages: As a national strategic resource, rare earths possess monopolistic advantages. Stringent access thresholds have been set in mining, separation, deep processing, and application, providing tailored protection for the industry's development. From the outset of establishing the development zone, Baotou positioned itself as a "national-level" rare earth development zone, aiming to be a material science, processing science, and applied science cluster that influences the world, human survival patterns, and national strategic directions. Therefore, the transformation and upgrading by economic and information technology departments, R&D innovation by science and technology departments, clean emissions by environmental protection departments, and preferential policies by tax departments all provide support. Each enterprise entering the park can receive a one-on-one service model from government departments. (3) Corporate Advantages ① The company was merged into China Northern Rare Earth in July 2024, becoming a holding subsidiary of China Northern Rare Earth. This ensures a stable supply of raw materials and also steadily improves the quality of raw materials, thereby further guaranteeing the company's product quality. ② The government provides preferential electricity prices for rare earth enterprises in terms of electricity usage. In March 2018, the company was approved by the Inner Mongolia Industry and Information Technology Department to participate in the quarterly bidding in the Inner Mongolia Power Multilateral Trading Market, enjoying strategic new industry electricity policy support. This gives the company a more advantageous position in terms of electricity costs for rare earth metal processing compared to the southern region. (4) Operating Performance: The company was established in January 2017 and acquired "Baotou Weilinna New Materials Technology Co., Ltd." through equity acquisition. After more than a year of intensive construction, it commenced production in April 2018. Within three years of its establishment, the company achieved rapid development, continuously upgrading from a "small" to a "medium" and then to a "large" scale enterprise. (5) Product Quality: Quality is the lifeblood of a company's survival and development. From the outset of production, the company conducted comprehensive quality management training for all employees, controlling various aspects such as "personnel, machinery, materials, methods, and environment." In high-purity series rare earth metals and alloy products, it can achieve carbon content (6) Safety and Environmental Protection: The company adheres to the philosophy of "high-standard planning and design, high-standard construction and management." In terms of safety, the company has established a safety work leading group and a safety committee, implementing a safety production responsibility system, and formulating safety management systems, safety archives for key units, and emergency evacuation drill plans in accordance with safety standards. In terms of environmental protection, the company adopts all domestically advanced, environmentally friendly, and technologically advanced production processes and equipment, with environmental pollutant emission values being among the lowest in the industry. A new circulating cooling system provides cooling conditions for equipment in the rare earth alloy manufacturing workshop. The waste gas fluoride treatment system uses a three-stage spray, two-stage backwash, and one-stage cyclone plate method. The treatment system is externally connected to a circulating water pool, with all cooling water being recycled and not discharged. There is no production water usage in the NdFeB workshop, truly achieving zero industrial water discharge. In addition, by utilizing the waste heat from the circulating water inside the electrolytic furnace cover, the company realizes internal heating for all buildings in the plant area during winter, achieving energy conservation and emission reduction. (7) Financial Management: From its inception, the company has hired tax experts and accounting experts as senior executives to conduct comprehensive financial planning and establish a sound financial management system. The company's accounting, financial management, and tax management are all carried out in accordance with the standards of publicly listed firms, ensuring accurate, comprehensive, and timely financial data, and establishing a solid financial foundation for the company's long-term development. (8) Cultural Construction: The company has established a labor union organization to regularly carry out work in safeguarding the legitimate rights and interests of employees, transmitting the company's management philosophy, and communicating the demands between the company and employees, achieving the results of "people-oriented, harmonious win-win." Corporate culture is the spiritual guide for the company's development. Since 2018, the company has published a corporate newsletter, with over 30 issues having been edited and printed since its inception. The establishment of the newsletter has created a platform for the company to convey its cultural philosophy and also provided a good platform for employees to understand the company's development, keep abreast of industry trends, and showcase their personal talents. In addition, the company occasionally holds various cultural and sports team activities, which not only enrich employees' cultural lives, enhance their sense of happiness in the enterprise, but also strengthen their cohesion and corporate responsibility. (9) Corporate Honors: In February 2018, the company was designated as a "Pilot Unit for the Transformation and Upgrading of the Rare Earth Industry" by the Ministry of Industry and Information Technology and received financial support for rare earth industry transformation and upgrading projects. In April 2018, it was awarded the Rare Earth High-Tech Zone Key Project Support Fund. In 2019, the company was rated as a national-level high-tech enterprise by the Ministry of Science and Technology and the Ministry of Finance. Our company is a member unit of the National Rare Earth Standardization Technical Committee, a council member unit of the Chinese Society of Rare Earths, a backbone member unit of the Baotou Rare Earth Industry Alliance, an off-campus practical teaching base for the Metallurgical Engineering Excellence Program of Inner Mongolia University of Science and Technology, and a "Green Channel" enterprise in the Rare Earth High-Tech Zone. The company owns the "Zhongxin Antai" trademark. Looking Ahead 1. Expand Production Scale The company is currently constructing an 8,000 mt/year rare earth metal and alloy project, with a planned total investment of 93.2232 million yuan and an additional capacity of 8,000 mt. Upon completion, the annual production capacity will reach 15,000 mt, making it the top rare earth metal enterprise in the surrounding area in terms of capacity. 2. Enrich Product Structure To further expand market share, the company will continuously optimize its product structure and expand into medium and heavy rare earths based on its existing product structure. It plans to add metal and alloy products such as gadolinium-iron alloy, aiming to create a rare earth metal enterprise with a comprehensive product coverage. 3. Automation Construction The company plans to implement technological transformations for "machine substitution" in the rare earth metal production line, aiming to achieve full-process "machine substitution" in rare earth metal production, including automatic feeding, furnace unloading, intelligent detection, automatic sorting and packaging, and full-process material handling. With a keen global perspective, the company adheres to the development philosophy of revitalizing the enterprise through science and technology and achieving win-win cooperation. Guided by the value concepts that have been continuously cultivated, the company will gradually fulfill the shared responsibilities of individuals, enterprises, society, and the country, realizing the shared prosperity of corporate and social interests. Contact Information Li Xin 13304723535 Wang Zhenxin 18586166986 Long press to scan the QR code and register immediately 2025 SMM (2nd) Rare Earth Industry Forum

On May 29, at the 2025 SMM (2nd) Rare Earth Industry Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Su Zhanpeng, an analyst from SMM's Rare Earth Division, shared insights on the transformation of the NdFeB industry driven by policies, the restructuring of supply and demand, and strategies for enterprises to break through. NdFeB permanent magnets dominate the permanent magnet materials market, with high-performance NdFeB leading the industry's development. Overview of Magnetic Materials: Currently, magnetic materials are mainly divided into two categories: permanent magnet materials and soft magnetic materials. Permanent magnet materials possess enduring magnetism and are the most widely used magnetic materials. Among them, NdFeB alloys and ferrite permanent magnet materials hold significant positions in the technological field. On the other hand, although soft magnetic materials can be magnetized under the influence of an external magnetic field, their magnetism is unstable and easily lost due to external factors. Compared to ferrite, NdFeB exhibits higher BH and coercivity, enabling it to provide stronger magnetic performance in a smaller volume. Meanwhile, NdFeB permanent magnets, with their high energy density and stability, are irreplaceable in high-end industrial, new energy, and consumer electronics applications, while ferrite, due to its performance limitations, is mostly used in low-power, low-cost, low and mid-end applications. Overview of NdFeB Permanent Magnet End-Use Markets The end-use markets for NdFeB permanent magnets are mainly concentrated in six areas: consumer electronics, NEVs, clean energy, new-type fields, energy-efficient elevators, and energy-efficient home appliances. Among these, emerging markets such as NEVs, energy-efficient home appliances, wind power generation, and industrial robots account for the majority of the market share. In 2025, the increasing penetration of NEVs, the rise of emerging economies such as humanoid robots and the low-altitude economy, and the national subsidy policies in the home appliances and consumer electronics sectors will continue to inject new vitality into the future market of NdFeB. However, due to adjustments in the real estate market and technological breakthroughs in wind power raw materials, the demand for NdFeB in energy-efficient elevators and wind power generation has decreased. Analysis and Forecast of NdFeB End-Use Demand Affected by export controls, rare earth permanent magnet exports in April 2025 decreased by 45% YoY. In April 2025, rare earth permanent magnet exports were affected by export controls, decreasing by 45% YoY and 51% MoM. However, the cumulative export volume from January to April increased by 2% YoY. Due to the newly implemented export control measures in April, there has been a certain impact on export trade, resulting in a need for improvement in recent export conditions. With the smooth recovery of exports of magnetic materials that do not contain medium-heavy rare earth and the sequential approval of licenses for those that do, rare earth permanent magnet exports will show a trend of recovery, but it will be difficult to restore the original export volume in the short term. China's NEV production in 2025 is expected to reach 17.89 million units, up approximately 29% YoY. According to CAAM data, full-year 2024 NEV production and sales reached 12.888 million and 12.866 million units respectively, up 34.4% and 35.5% YoY. China's NEV market maintained growth momentum in 2024, with sales accounting for 40.9% of total auto sales. NdFeB demand from NEVs reached 57,000 mt, up 38% YoY. In 2025, NEV policies will feature "central coordination + local refinement", promoting market penetration through consumption subsidies, technical support, and public sector pilots. NEV production is expected to maintain rapid growth, with China's output projected at 17.89 million units (up 29% YoY), market penetration likely exceeding 55%, and total NdFeB demand reaching 75,000 mt. China's new wind power installations in 2025 are forecast at 87GW, up 8% YoY. Per National Energy Administration statistics, China added 80.454GW of wind capacity in 2024 (up 6% YoY), with NdFeB demand at 9,735 mt (YoY growth rate down 21%). Due to cost constraints, the penetration rate of direct-drive motors has declined annually, leading to reduced NdFeB demand from China's wind installations in 2024. As a key end-use sector for rare earths, although demand growth from wind power has slowed recently, it remains a major long-term driver for sustained rare earth demand. Projections indicate China will add 87GW of wind capacity in 2025 (up 9% YoY), requiring 8,341 mt of NdFeB. China's 2025 air conditioner production is expected to reach 320 million units, up 18% YoY. NBS data shows China produced 270 million air conditioners in 2024 (up 10% YoY), with NdFeB demand at 21,000 mt (YoY growth rate 26%). Since September 2024, government trade-in subsidies combined with promotional events like "Double 11" and year-end sales have boosted the home appliance market. In 2025, the home appliance sector will demonstrate positive development trends driven by recovering demand, technological innovation, and policy support. Expanded trade-in subsidies will significantly boost air conditioner production and sales. Output is projected at 330 million units (up 25% YoY), generating 26,000 mt of NdFeB demand. It is projected that the production of energy-efficient elevators will reach 1.41 million units in 2025, down 3% YoY. According to the latest data from the National Bureau of Statistics (NBS), in 2024, the national production of elevators, escalators, and lifts was 1.458 million units, a 5.8% decrease YoY. The demand for NdFeB was 7,508 mt, with the YoY growth rate of demand declining by 6%. In 2024, the adjustment of the real estate market had a certain impact on the demand for new elevator installations. In 2025, the demand for elevators in infrastructure, industrial sectors, and retrofitting projects in old residential communities is expected to grow significantly. In particular, the export market in countries along the "Belt and Road" initiative provides new growth opportunities for Chinese elevator enterprises. It is projected that the production of energy-efficient elevators will reach 1.41 million units in 2025, down 3% YoY, and the demand for NdFeB will reach 7,368 mt. It is projected that the production of mobile phones will reach 1.85 billion units in 2025, up 10% YoY. According to the latest data from the NBS, in 2024, China's mobile phone production was 1.68 billion units, up 7.3% YoY, and the demand for NdFeB reached 3,362 mt, up 7.3% YoY. In 2024, the "national subsidy" policy implemented by the state provided generous purchase subsidies to consumers, significantly stimulating market demand. With the recovery of the mobile phone industry and technological innovation, the rare earth industry will gain new development opportunities. The increase in market demand for mobile phones will drive the expansion of capacity and technological progress in the rare earth industry. It is projected that the production of mobile phones will reach 1.85 billion units in 2025, up 10% YoY, and the demand for NdFeB is expected to reach 3,698 mt. It is projected that the production of industrial robots in China will reach 941,000 units in 2025, up 55% YoY. According to the latest data from the NBS, in 2024, the cumulative production of industrial robots in China was 608,000 units, up 41.4% YoY, and the demand for NdFeB was 12,147 mt, with a YoY growth rate of 41%. With the deepening implementation of the national "Intelligent Manufacturing 2035" action plan, combined with special government subsidies for robot industry clusters and the outbreak of emerging application scenarios, the acceleration of industrial automation transformation has been further promoted, leading to a continuous expansion in the demand for industrial robots. 2025 is regarded as the first year of mass production for humanoid robots, and the high growth prospects of this industry have created new growth opportunities for the rare earth permanent magnets market. It is projected that the production of industrial robots in China will reach 941,000 units in 2025, up 55% YoY, and the demand for NdFeB is expected to reach 18,828 mt. Review and Forecast of NdFeB Supply It is projected that China's rare earth mining quotas will remain unchanged in 2025. On February 19, 2025, the Ministry of Industry and Information Technology (MIIT) issued the "Administrative Measures for the Regulation of Total Rare Earth Mining and Smelting and Separation" and the "Administrative Measures for the Traceability of Rare Earth Product Information."According to the "Administrative Measures for Total Volume Control", the scope of rare earth ore products in China explicitly includes imported ores from overseas, monazite by-product ores, etc. For the first time, imported resources have been incorporated into smelting and mining quotas for total volume control. It is projected that the rare earth smelting and separation quota will reach 350,000 mt in 2025. On April 4, 2025, the state announced the implementation of export control policies for medium-heavy rare earth, which partially impacted the NdFeB market. Based on the analysis of the current market situation, SMM expects that rare earth mining quotas in 2025 may remain flat. This includes 251,000 mt of rock-type rare earth and 19,000 mt of ion-adsorption type rare earth. NdFeB production in 2025 will continue to rise due to supply and demand dynamics. As the largest producer of rare earth permanent magnet materials, China has maintained a steady growth trend in both production and consumption of rare earth permanent magnet materials in recent years. In 2024, China's rare earth permanent magnet material production was approximately 246,500 mt, up 14% YoY. It is expected that production will reach 265,000 mt in 2025. In 2025, several top-tier enterprises have expansion plans, including those in Zhejiang, Jiangxi, Inner Mongolia, Beijing, etc. However, due to the impact of export controls, rare earth permanent magnet exports have decreased, affecting NdFeB production and potentially delaying enterprise expansion plans. China's Rare Earth Supply-Demand Pattern and Market Outlook Monthly NdFeB Supply-Demand Balance and Future Projections The supply-demand gap widened in November-December 2024, mainly due to the concentrated release of end-use demand at year-end, such as wind power projects pushing for annual installation targets at year-end. Downstream end-user production increased, leading to a surge in NdFeB demand. In January-February 2025, end-use demand decreased following the concentrated release in Q4 2024 and the approaching Chinese New Year, with magnetic material enterprises reducing their operations. From April to July 2025, exports plummeted due to export controls. Additionally, May is a traditional off-season, and magnetic material enterprises took fewer orders due to end-use demand, resulting in lower supply. As end-use demand recovered in June, the supply-demand gap continued to widen. Starting from August 2025, export license approvals were gradually granted, leading to a rebound in exports. In September, influenced by the end-use market's advance stockpiling for production, demand surged. Review and Causes of NdFeB Price Trends from 2024 to 2025 Taking 52UH as an example, as of December 31, 2024, the price of 52UH blanks was reported at 390 yuan/kg, up 25 yuan/kg from 365 yuan/kg at the beginning of the year, representing a 6.8% increase. As the most widely used blank grade in NEVs, the price of 52UH is influenced by end-use supply and demand and raw material prices, showing an overall upward trend. However, under the impact of the export control policy announced in April 2025, export orders decreased significantly, causing prices to pull back. With the implementation of policies and the increase in end-use demand, it is expected that prices will rise slightly in the later period. Outlook for Rare Earth Development Trends in 2025 Demand Side: 1. Affected by export control policies, the exports of rare earth permanent magnets have significantly decreased. Despite the sequential approval of export licenses, it will be difficult to restore the original export volume in the short term. 2. In 2025, China's NEV industry will enter a critical stage of high-quality development, with significant breakthroughs expected in industry scale, technological innovation, market penetration, and other aspects. 3. In 2025, new installations of wind power will continue to grow due to the influence of green transformation and low-carbonization. However, due to technological iterations in raw materials, the demand for NdFeB in onshore wind power projects will decrease. Nevertheless, with the development of offshore wind power, the demand for NdFeB will surge. In the long run, it will remain the main driving force for the sustained growth of rare earth demand. 4. In 2025, the home appliance industry will show a positive development trend driven by the recovery of market demand, technological innovation, and policy support, leading to a continuous increase in the demand for NdFeB. 5. In 2025, energy-saving elevators will be affected by adjustments in the real estate market, but the demand for elevators in infrastructure, industrial sectors, and the installation of elevators in old residential communities will increase significantly, resulting in a relatively small decrease in the demand for NdFeB. 6. In 2025, with the recovery of the mobile phone industry and technological innovation, the increase in mobile phone market demand will drive the expansion of capacity and technological progress in the rare earth industry. 7. The application of humanoid robots in manufacturing, healthcare, services, security, and other fields continues to expand, and is expected to become a new growth point for rare earth downstream demand. This trend will become more pronounced in 2025 and the coming years. Supply Side: 1. The rare earth mining quotas for 2025 have not yet been issued. Affected by export control policies and combined with the current market situation, it is expected that the mining quotas for 2025 will remain flat YoY. 2. The implementation of the "Administrative Measures for the Regulation of Total Rare Earth Mining and Smelting and Separation" and the "Administrative Measures for the Traceability of Rare Earth Product Information" will enhance the transparency of the circulation of rare earth products. Additionally, for the first time, overseas rare earth ores will be included in the smelting and separation quotas, facilitating macroeconomic regulation. The smelting and mining quotas will increase. 3. Affected by export controls, the exports of rare earth permanent magnets are restricted. However, driven by the increase in domestic end-use market demand, the production of NdFeB will increase, and the production of NdFeB in 2025 will increase slightly. 》Click to view the special report on the 2025 SMM (2nd) Rare Earth Industry Forum