Recently, China Northern Rare Earth's joint venture moves in the magnet sector have attracted industry attention: the company has partnered with Ningbo Zhaobao, Suzhou Tongrun Drive, and Ningbo Xici to establish Northern Zhaobao Magnetics, advancing the implementation of a 3,000 mt/year high-performance NdFeB project. This seemingly independent set of moves actually reveals a fundamental shift in the underlying logic of the high-performance NdFeB industry's development—vertical integration and horizontal collaboration within the industry chain are becoming the core engines for technological breakthroughs and market competition.

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!

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.

Macro News 1. Foreign Ministry spokesperson Lin Jian hosted a regular press conference yesterday. A reporter asked that the US has recently been claiming that China has violated the consensus reached at the China-US Geneva Economic and Trade Talks and has taken a series of negative actions. Lin Jian pointed out that without any factual basis, the US has smeared and accused China, imposed export controls on chips to China, suspended the sale of chip design and software to China, and announced the revocation of visas for Chinese students, among other extreme repressive measures. These actions have seriously undermined the Geneva consensus and harmed China's legitimate rights and interests. China firmly opposes this and has lodged solemn representations. Lin Jian also stated that pressure and coercion are not the right way to engage with China. He urged the US to respect the facts, stop spreading false information, correct its erroneous practices, and take concrete actions to uphold the consensus reached by both sides. 2. At yesterday's regular press conference of the Foreign Ministry, another reporter asked whether China plans to ease export restrictions or accelerate the approval of export license applications, as executives and representatives from the automotive industries in Europe, the US, and India have claimed that China's export controls on rare earths pose a shortage risk that could soon lead to a halt in automobile manufacturing. Lin Jian suggested inquiring with the competent Chinese authorities. 3. At 6 a.m. local time on June 4, the Central Election Management Committee of South Korea held a plenary session and passed a motion on the results of the presidential election vote, officially marking the beginning of Lee Jae-myung's presidential term. Around 5:03 a.m. local time on June 4, the vote-counting process for South Korea's 21st presidential election concluded. According to the results, Lee Jae-myung, the candidate from the Democratic Party of Korea, received 49.42% of the votes, while Kim Moon-soo, the candidate from the People Power Party, received 41.15%, and Lee Jun-seok, the candidate from the Reform and Innovation Party, received 8.34%. 4. The Organisation for Economic Co-operation and Development (OECD) released an economic outlook report on June 3 local time, projecting that the global economy will grow at a rate of 2.9% in both 2025 and 2026, down 0.2 and 0.1 percentage points, respectively, from the forecast made in March this year. 5. According to information from the People's Bank of China, in May 2025, the China Development Bank, the Export-Import Bank of China, and the Agricultural Development Bank of China net repaid 270 billion yuan in pledged supplementary loans. As of the end of May, the balance of pledged supplementary loans stood at 1,793.9 billion yuan. Industry News 1. The Ministry of Commerce and four other departments have organized the 2025 New Energy Vehicle (NEV) Rural Promotion Campaign. They encourage market entities in various fields, including NEV production, sales, finance, charging/battery swapping, and after-sales services, to participate together. By combining policy tools such as trade-in programs and measures to address shortcomings in charging/battery swapping infrastructure in counties, they will customize integrated sales promotion plans that combine "car purchase discounts, energy use support, and service guarantees," and improve the after-sales service network covering the entire lifecycle of car purchase, use, and maintenance. 2. Lei Jun, founder of Xiaomi, disclosed at the Xiaomi Investor Conference that the selling price of the newly launched Xiaomi YU7 could not possibly be the rumored 235,900 yuan, and the official pricing would only be determined 1-2 days before the launch. Lei Jun stated that Xiaomi began investing in R&D in the robotics field five years ago, and currently, relevant capabilities are being trialed at its automobile factory. Xiaomi's automotive chips are also under development and are expected to be launched soon. Lei Jun indicated that losses in Xiaomi's automotive business are gradually narrowing, and it is expected to achieve profitability in the third to fourth quarters of this year. 3. A reporter from Cailian Press learned that a local securities regulator had issued a notice to entities involved in the capital market (including publicly listed firms and institutions) to investigate leads, cases, and suggestions related to "short essays" in the stock market. The aim is to better promote the rectification of the phenomenon of "black mouth" (online commentators spreading false information) harming enterprises in the capital market and jointly create a clean and upright public opinion environment in the capital market. 4. According to data from the State Post Bureau, during the Dragon Boat Festival holiday, the national postal and express delivery industry handled over 1.5 billion express parcels. Postal and express delivery enterprises enhanced the delivery efficiency of specialty fresh produce by increasing the use of intelligent equipment. The national postal and express delivery industry handled 1.511 billion express parcels, up 19.4% YoY. 6. Affected by the volatile increase in international oil prices, domestic gasoline and diesel prices were raised at 24:00 on June 3. The specifics of this oil price adjustment are as follows: Starting from 24:00 on June 3, domestic gasoline and diesel prices were raised by 65 yuan and 60 yuan per mt, respectively. On a national average, the prices of 92-octane gasoline, 95-octane gasoline, and 0-diesel were all raised by 0.05 yuan per liter. Based on this calculation, filling up a 50L tank of 92-octane gasoline will cost an additional 2.5 yuan. Corporate News 1. Guangkang Biochemical announced that shareholders plan to collectively reduce their holdings by no more than 6% of the company's shares. 2. *ST Zhongrun announced the revocation of delisting risk warnings and other risk warnings, with the stock abbreviation changing to "Zhongrun Resources." 3. Guoke Military Industry announced that shareholders plan to reduce their holdings by no more than 2.97% of the company's shares. 4. Lepu Medical announced that its "Youth Needle" has received NMPA registration approval. 5. Rongfa Nuclear Power announced that its wholly-owned subsidiary has won a bid for a project worth 189 million yuan. 6. Shutaishen announced that the conditional marketing authorization application for STSP-0601 for injection has been accepted by the National Medical Products Administration. 7. United Optoelectronics announced its intention to acquire 100% of the shares of Changyi Optoelectronics, and its stock will resume trading today. 8. LONGi Green Energy stated in the record of investor relations activities that orders for its HPBC2.0 products have increased, with overseas orders accounting for over 50%. 9. NavInfo announced the signing of a strategic cooperation framework agreement with Alibaba Cloud, planning to carry out cooperation in large model applications, assisted driving, and the Internet of Vehicles. 10. China CITIC Bank announced that it had received approval to establish CITIC Financial Asset Investment Co., Ltd., with a proposed registered capital of RMB 10 billion yuan. 11. Vohringer announced that Jin Yawei would become the actual controller, and the stock resumed trading. 12. Luoping Zinc & Electricity announced that its controlling shareholder had agreed to transfer 22.4% of the company's shares, and the stock resumed trading. 13. Cuiwei Co., Ltd. announced significant declines in revenue from its retail and acquiring businesses. 14. Seres announced that cumulative sales of the AITO M9 increased by 19.46% YoY from January to May. 15. Precision Forging Technology announced plans to invest RMB 50 million to acquire a stake in Wuhan Gelanruo Intelligent Robot Co., Ltd. 16. Xiamen Tungsten stated on an interactive platform that the company had supplied various tungsten products and components to domestic and overseas fusion customers, including ITER. Global Markets 1. The three major US stock indices closed higher collectively, with the Dow Jones up 0.51%, the Nasdaq up 0.81%, and the S&P 500 up 0.58%. The Nasdaq Golden Dragon China Index closed up 0.56%, with most popular Chinese ADRs rising. 2. WTI crude oil futures closed up 1.42% at $63.41 per barrel. Brent crude oil futures closed up 1.55% at $65.63 per barrel. 3. COMEX gold futures closed down 0.6% at $3,376.9 per ounce. COMEX silver futures closed down 0.05% at $34.675 per ounce. 4. The US White House issued a statement saying that President Trump had signed an order to increase tariffs on imports of steel, aluminum, and their derivatives from 25% to 50%, effective from 00:01 AM EST on the 4th. The statement indicated that tariffs on steel and aluminum imports from the UK would remain at 25%. Investment Opportunities Reference 1. 300-kilometer fully connected, new breakthrough in China's quantum direct communication field According to media reports, a Chinese research team has innovatively proposed a theoretical architecture for long-distance, large-scale, scalable, fully connected quantum direct communication and successfully implemented a 300-kilometer-level quantum direct communication network among four nodes. The relevant research findings were published in Science Bulletin. Experimental results showed that the fidelity of shared quantum states among nodes remained above 85% after communication, verifying the reliability of the scheme in long-distance communication. The number of photon pairs reaching the receiving node after 300 kilometers of transmission still reached 300-400 Hz, meaning that after encoding, the theoretical communication rate could reach several bits per second. Shanghai Securities believes that quantum computing has become a core area of technological competition among major powers. Overseas tech giants such as IBM and Google have continued to make breakthroughs in superconducting routes, while Microsoft has taken a topological approach. China occupies an important position in exploring multiple paths in quantum computing, and the development potential of China's quantum computing industry is enormous. According to data from ICVTA&K and PhotonBox Research Institute, the global quantum industry was valued at $5 billion in 2024 and is expected to exceed $800 billion by 2035, with a CAGR of 59%. The upstream market size is projected to reach $252.7 billion in 2035. 2. Institutions claim that the current global inventory cycle for analog chips has largely hit bottom. Media reports indicate that recently, the research group led by Assistant Professor Huan of the Shenzhen-Hong Kong Microelectronics Institute at the Southern University of Science and Technology has achieved multiple significant breakthroughs in analog and mixed-signal integrated circuit design, with applications spanning multiple critical fields such as the Internet of Things (IoT), wearable systems, and next-generation biomedical technologies. Analog chips are used to process analog signals and possess functions such as power conversion, distribution, detection, as well as signal amplification and conversion in the field of electronic device management. As a crucial component of the semiconductor industry, the growth of the analog chip market is primarily driven by long-term demand from sectors like consumer electronics, automotive electronics, and industrial control, as well as by emerging fields such as artificial intelligence (AI), high-performance computing, and new energy vehicles (NEVs). CITIC Securities' research report states that after nearly six quarters of adjustment, combined with the first-quarter financial data from seven major European and American analog chip companies and their public statements, CITIC Securities judges that the current global inventory cycle for analog chips has largely hit bottom. 3. This technology is rapidly transitioning from the laboratory to commercial applications. Recently, reporters learned from Beijing Tiantan Hospital, Capital Medical University, that the hospital's Clinical and Translational Ward for Brain-Computer Interface (BCI) was officially inaugurated. "This is the first ward in China to apply BCI technology in clinical settings. The establishment of a physical ward marks the official entry of the BCI clinical translation system into a phase of 'standardization, platformization, normalization, and replicability'," introduced Cao Yong, the ward director and executive deputy director of the Neurosurgery Center at Beijing Tiantan Hospital. 2025 is regarded as a pivotal year for China's BCI technology to officially enter clinical practice. Previously, Beijing, Shanghai, and other cities have introduced relevant industrial plans, aiming to complete clinical trials for more than five invasive products by 2030. Shanghai Securities points out that BCI is hailed as "the most disruptive technology of the 21st century," and the industry is developing rapidly: from 2023 to 2024, the global BCI field has witnessed key breakthroughs, including Neuralink obtaining FDA approval to conduct human clinical trials, China's "Beinao No. 1" completing its first wireless implantation surgery, and Meta unveiling a non-invasive wristband BCI interaction prototype. These milestones signify that BCI technology is rapidly transitioning from the laboratory to commercial applications. The Chinese market is experiencing rapid growth, with significant room for further expansion. Multiple regions have introduced action plans for the development of brain-computer interface (BCI) technology. China has launched major national science and technology projects such as the "Brain Science and Brain-Inspired Intelligence Research" initiative. The valuation of leading enterprises is expected to receive additional premiums. 4. Hong Kong's Stablecoin Ordinance Officially Enacted into Law According to media reports, the Government of the Hong Kong Special Administrative Region published the Stablecoin Ordinance in the Gazette on May 30, signifying its official enactment into law. Previously, the Legislative Council of Hong Kong had formally passed the bill on May 21, establishing a licensing regime for issuers of "fiat-backed stablecoins" (stablecoins pegged to legal tender) in Hong Kong. This legislation aims to promote financial innovation while maintaining financial stability, marking a significant step forward for Hong Kong in the digital assets sector. The refinement of the regulatory framework under the Stablecoin Ordinance provides more compliant and efficient settlement tools for global cross-border payments, facilitating the large-scale application of digital currencies in cross-border scenarios. Huaxi Securities believes that as the global regulatory framework gradually improves, stablecoins and Real-World Assets (RWA) will deeply integrate, becoming key infrastructure in the financial market. The compliance and programmability of stablecoins will drive the automation and globalization of RWA in areas such as green finance and supply chain finance, supporting the realization of a new digital financial landscape where traditional assets can achieve "on-chain liquidity and global allocation."

The company is advancing the Phase III 'High-Grade Lithium Battery New Energy Materials Production Line Construction Project' of Ya'an Lithium Industry. In 2024, it completed the construction and commissioning of a 30,000 mt lithium carbonate production line. Currently, it is constructing a 30,000 mt lithium hydroxide production line. It is expected that by the end of 2025, the company's comprehensive capacity for lithium chemicals will reach nearly 130,000 mt," Yahua Group revealed recently when accepting a survey from investment institutions.

The externally purchased APT long-term contract procurement price of Xiamen Tungsten for the second half of May was 238,000 yuan/mt, an increase of 19,000 yuan/mt compared to the previous round of quotations. Suppliers have the option to exchange an equivalent amount of wolframite with a coefficient of 1.41, on a self pick-up basis. The pricing benchmark for 50% is 160,000 yuan/standard mt, with price adjustments corresponding to increases or decreases (±100).

The global energy crisis and environmental issues are becoming increasingly severe. The motor industry has rapidly emerged and become an important component of the manufacturing sector. Ningbo City has leveraged its superior port conditions and comprehensive industrial clusters to become a significant base for the motor industry in the eastern coastal region of China, driving regional economic and industrial prosperity. As countries place greater emphasis on carbon emission targets, the motor industry faces an urgent need for technological innovation and industrial upgrading. To further promote the development of the motor industry, SMM Information & Technology Co., Ltd. will host the "IEMC 2025 SMM (5th) Motor Annual Conference & Industry Chain Expo" from November 12-14, 2025 in Zhejiang·Ningbo , co-organized by the Qingdao Motor Industry Association, Huzhou Electrical Industry Chamber of Commerce, and Dongguan Magnetic Materials Industry Association. Supply chain, end-user, overseas market? Come to IEMC, and we will help you connect! Hundreds of enterprises will compete on the same stage, with exhibitions covering the entire chain including motors, control systems, material support, robots, testing/equipment, and more! Exposure, lead generation, brand building? Come to IEMC, and enjoy a powerful media matrix & million-level exposure resources! Improvement, networking, intellectual competition? Come to IEMC, and engage in face-to-face exchanges with top players! Immersive peak forums will spark your thinking and brainstorming! IEMC Five Major Theme Exhibition Areas Motors (small and medium-sized motors, permanent magnet synchronous motors, DC motors, energy-saving motors, wheel hub motors, axial flux motors, new energy motors, micro motors, explosion-proof motors, traction motors, special motors, vibration motors, automotive motors, speed control motors, variable frequency motors, household motors, etc.) Motor Control Systems and Devices (drivers, frequency converters, controllers, sensors, protective devices, human-machine interfaces, interface units, contactors, relays, power supplies, circuit breakers, switches, communication modules, cables, terminal blocks, etc.) Testing Instruments and Equipment (winding machines, high-speed punch presses, high-speed punch presses, punching machines, hydraulic presses, stamping equipment, plastic molding machines, online detectors, CAT, mechanical inspection equipment, tools and molds, production lines, etc.) Material Support (permanent magnet materials, enamelled wire, cores, insulating materials, commutators, bearings, motor shafts, rotary transformers, connectors, motor CAD design software, management software, electrical alloys, etc.) Robots (welding robots, humanoid robots, collaborative robots, assembly robots, painting robots, handling robots, etc.) IEMC Three Major Special Events Intelligence Ignites the New Motor Ecosystem!Three major thematic activities—authoritative evaluation, supply and demand matching, and field trips—work together to empower industrial upgrading. The event brings together 150 evaluation experts from the motor and end-use applications sectors to promote the healthy development of the motor industry. Before the event, procurement needs are collected to establish precise connections; during the event, on-site exchanges take place face-to-face; after the event, follow-up services are provided to select high-quality suppliers and promote a high degree of match between supply and demand. Discover the essence of intelligent motor manufacturing in Zhejiang. The delegation not only immerses itself in the best practices of different "benchmark" factory constructions but also jointly learns about the advancement and implementation of intelligent manufacturing in the motor industry. Express Report—IEMC 2025 Visits "Industry Benchmark Factories" IEMC visits Lanzhou Electric Motor Co., Ltd. Both sides delve into issues such as technological trends and market development prospects in the motor industry. IEMC visits Shanghai Dean Electrical Equipment Co., Ltd. Both sides engage in in-depth discussions on product applications in the motor field. IEMC visits Xiamen Tungsten Motor Industry Co., Ltd. Both sides will continue to deepen mutual trust and achieve mutual benefit and win-win results. IEMC Seven Series of Forums/Conferences IEMC Annual Industry Gala—Seven Major Awards 2,025 SMM Motor Industry Annual Awards Gala The seven major evaluations have set off an "industry wave." As the evaluations commence, who will become the next "benchmark" leading the industry wave? 2024 SMM Premium Supplier of Magnet Wires 2024 SMM Premium Supplier of Insulating Materials 2024 SMM Premium Supplier of Silicon Steel 2024 SMM Premium Supplier of Motor Parts 2024 SMM Premium Equipment Service Provider in the Motor Industry 2024 SMM Premium Supplier of Motors 2024 SMM Premium Supplier of Magnetic Materials IEMC Precise Buyer/Procurement Delegation 1v1 Matching [IEMC Global Industry Invitation] We invite industry elites and professional procurement delegations to join us! With meticulous craftsmanship, we build a commercial and trade bridge and spare no effort in establishing a precise matching platform between exhibitors and buyers, deeply empowering both supply and demand sides. IEMC always adheres to the mission of "letting every business opportunity shine with value" and looks forward to joining hands with you to explore new horizons in the industry! Register now to join the VIP Procurement Alliance and embark on a journey of precise commercial and trade matching. Data from Previous Exhibitions In this city that has written the legend of being the "Hometown of Chinese Motors," we invite you to co-create a magnificent new chapter in the motor industry, using technology as our brush and industry as our ink. When the pulse of intelligent manufacturing resonates with the tides of the East China Sea, and when the sparks of innovation bloom on the assembly lines—IEMC 2,025 Motor Show is not just an exhibition but also a profound dialogue with the future. From November 12th to 14th, let's gather in Ningbo to witness the romantic symphony of steel and electricity, and listen to the powerful voice of China's intelligent manufacturing era! ? Ningbo awaits you, let's embrace the mountains and seas together ? Scan the QR code to reserve your spot at the exhibition and stay updated with the latest industry trends!

The scrap battery recycling industry has long faced two major price pain points: ▲ High Recycling Costs : The traditional process is cumbersome, leading to high recycling costs and severely compressing the profit margins of enterprises. ▲ Chaotic Pricing Mechanism : Informal channels disrupt the market through low-price competition, making it difficult for legitimate businesses to stand in price wars. How to Eliminate Price Barriers? How Can the Scrap Battery and Secondary Lead Industries Break Through? [This Time, We Will Make a Concession on Price!] GBRC 2025 SMM Battery Recycling and Circular Industry Conference , will be held on August 14-15, 2025 , in Ningbo, Zhejiang . Super Early Bird Price: Register before May 30th and enjoy a super early bird discount, saving 800 yuan! [At Previous Battery Recycling Conferences, These Companies Were All Present (Only Some Listed)!] (Among the previous attendees, 35% were Chairmen and General Managers ; 39% were Sales and Procurement Executives ) ▲Lead Battery Recycling Companies: Zhejiang Tianeng Environmental Technology Co., Ltd. Zhejiang Chilwee Bafang Recycling Industry Co., Ltd. Shanghai Xinyun Guixi Metal Recycling Co., Ltd. Anhui Hongyu Qian Environmental Technology Co., Ltd. Jiangmen Leen Renewable Resources Co., Ltd. Nantong Lishi Environmental Technology Co., Ltd. Chengdu Xupai Environmental Technology Co., Ltd. Suzhou Blue Port Environmental Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiangsu Kuaidian New Energy Technology Co., Ltd. ▲Secondary Lead Smelters: Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianeng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. ▲Power Battery Recycling Companies: GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Ganfeng Lithium Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Hao Peng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Materials Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lv Xun New Energy Technology (Foshan) Co., Ltd. ▲Battery Companies: Tianeng Battery Group Co., Ltd. Chilwee Group Leoch International Technology Co., Ltd. Guangzhou Great Power Energy & Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Ganfeng Lithium Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Company Limited Shenzhen Highpower Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. [Detailed Conference Agenda] [ Supply and Demand & Closed-Door Meetings | August 14] 08:00-10:00 Registration 10:00-12:00 Closed-Door Discussion on Secondary Lead, Closed-Door Seminar on Power Battery Recycling 10:00-12:00 Supply and Demand Exchange for the Battery Recycling Industry (Endless Business Opportunities) 12:00-13:30 Buffet Lunch [ Main Forum | August 14] 13:30-13:50 Opening Remarks of the Conference 13:50-14:20 Current Situation and Future Development Trends of the Battery Recycling Market Guest Speaker: Li Shilong, Chairman, China Technology Innovation Strategic Alliance for Resources Recycling Industry (CIAR) 14:20-14:50 Competition and Cooperation Between Lead-Acid Batteries and Lithium Batteries Under the "Dual Carbon" Goals Invited Company: Leoch International Technology Co., Ltd. 14:50-15:20 Market Prospects Analysis of the Dual Drive of "Old-for-New" Policy on Battery Consumption and Recycling Invited Company: Zhejiang Tianeng Resource Recycling Technology Co., Ltd. 15:20-15:50 Comparison of China's "Whitelist" System and Germany's Dual-Track System (GRS and PRO Systems) on Recycling Efficiency Invited Guest: Wang Qi, Chinese Academy of Environmental Sciences 15:50-16:20 The "Technological Watershed" in Lithium Battery Recycling: Commercial Competition Between Pyrometallurgy and Hydrometallurgy Invited Company: Guangdong Brunp Recycling Technology Co., Ltd. 16:20-16:50 Roundtable: Lead-Acid vs. Lithium: Full Life Cycle Tracking 1. Current Status of Lead-Acid and Lithium Battery Recycling Market 2. Impact of Trade-In Policy on the Battery Recycling Market Proposed Companies to Invite: Zhejiang Chilwee Bafang Recycling Industry Co., Ltd., Zhejiang Tianneng Resource Recycling Technology Co., Ltd., Jiangsu New Chunxing Resource Recycling Co., Ltd., Anhui Lukong Environmental Protection Co., Ltd., Tianqi Lithium Corporation, GEM Co., Ltd., Guangdong Brunp Recycling Technology Co., Ltd., Lvxun New Energy Industry (Guangdong) Co., Ltd. 16:50-17:20 Interpretation of the Impact of Increased China-US Tariffs on the Battery Import and Export Market Proposed Company to Invite: China Industrial Association of Power Sources [ Secondary Lead Forum| August 15, Morning] 09:00-09:25 Policies, Regulations, and Reverse Invoicing: A Policy Framework for Promoting the Development of the Circular Economy Proposed Guest Speaker: He Yi, Hazardous Waste Department, Solid Waste and Chemicals Management Technology Center, Ministry of Ecology and Environment 09:25-09:50 Breakthrough Strategies for Enterprises Amidst Overcapacity in the Secondary Lead Industry Proposed Company to Invite: China Nonferrous Metals Recycling Industry Association 09:50-10:15 Extraction Technologies for By-Products from Comprehensive Polymetallic Recycling and Smelting: Antimony, Bismuth, Tin, etc. Proposed Company to Invite: Central South University 10:15-10:35 Analysis of the Supply-Demand Pattern of Lead-Containing Scrap in the Next 3-5 Years Guest Speaker: Wang Meili, SMM Information & Technology Co., Ltd. 10:35-11:00 Interpretation of Policies and Market for Secondary Lead Going Global Proposed Guest Speaker: Chen Wenkai, President, Malaysia Non-Ferrous Metals General Chamber of Commerce 11:00-11:25 Current Status of the Waste Lead-Acid Battery Recycling Market: A Case Study of Yunnan, Guizhou, and Sichuan Regions Proposed Guest Speaker: Dong Chenglin, Chengdu Xinjuxin Environmental Protection Technology Co., Ltd. 11:25-11:50 2025-2026 Fundamentals and Price Analysis of Lead Ingot Consumption Guest Speaker: Xia Wenming, Senior Analyst, Lead and Zinc Industry Research Group, SMM Information & Technology Co., Ltd. 12:00-13:30 Buffet Lunch [ Power Battery Recycling Forum| August 15, Morning] 09:00-09:25 Global Analysis of the Power Battery Recycling and Reuse Market Proposed Company to Invite: Hydrometallurgy Branch, China National Resources Recycling Association 09:25-09:50 New Approaches to Building the Lithium Battery Recycling System from the "Guidelines for the Construction of a Recycling System for Lithium-Ion Batteries from Electric Bicycles" Proposed Guest Speaker: Zan Xiangming, Secretary General, Anhui Province New Energy Vehicle Power Battery Recycling Industry Alliance 09:50-10:15 Demand Analysis and Market Entry Strategies for Lithium Battery Recycling in Overseas Emerging Markets Proposed Guest Speaker: Zhou Jiang, Vice President, International Business Department, Contemporary Amperex Technology Co., Limited 10:15-10:35 Technological Breakthroughs and Applications of Targeted Leaching Strategies Based on Primary Cell Effects in Lithium Battery Recycling Proposed Guest Speaker: Li Jinhui, Professor, Tsinghua University 10:35-11:00 Practical Applications of Artificial Intelligence in Intelligent Sorting and Process Optimization for Lithium Battery Recycling Proposed Guest Speaker: Dou Dejing, Professor, Fudan University 11:00-11:25 Industry Dynamics and Trends Following the Implementation of Black Mass Import Policies Guest Speaker: Lin Ziya, Lithium Battery Recycling Industry Analyst, SMM Information & Technology Co., Ltd. 11:25-11:50 Roundtable: The New Ecosystem of Lithium Battery Recycling: How Can Automakers, Battery Manufacturers, and Recycling Enterprises Break Through in the Billion-Dollar Market? Proposed Invited Enterprises: BYD Auto Industry Co., Ltd., Contemporary Amperex Technology Co., Limited, Tianqi Lithium Corporation, Jiangxi Ganfeng Lithium Group Co., Ltd., Hefei Gotion High-tech Power Energy Co., Ltd. 12:00-13:30 Buffet Lunch

Conference Background With the rapid development of global electric vehicles, batteries, as key energy storage devices, are gradually becoming an indispensable part of people's daily lives. However, the production and recycling of batteries have brought serious negative impacts on the environment, such as resource waste and pollution, which are becoming increasingly prominent. To address this challenge, governments, enterprises, and research institutions around the world are intensifying their efforts to promote battery recycling and circular utilization. Global Lead-Acid Battery Recycling Status: Lead-acid batteries have been widely used in fields such as automobiles and UPS, with a relatively high recycling rate. However, due to the harmful substances contained in lead-acid batteries, improper handling can cause serious harm to the environment and human health. Therefore, governments around the world have introduced policies to support the recycling and reuse of lead-acid batteries, while strengthening supervision and encouraging active participation from enterprises and the public. Global Lithium Battery Recycling Status: Compared to lead-acid batteries, the recycling rate of lithium batteries is relatively low, and due to the presence of rare metals and other resources, their value is higher. To promote the circular utilization of lithium batteries, policies on their recycling and reuse are gradually becoming stricter, and related industry chain enterprises are actively researching and developing new recycling technologies and processes to promote the sustainable development of lithium batteries. In this context, the international conference on battery recycling and circular utilization has emerged, aiming to promote global exchange and cooperation in battery recycling and reuse, drive innovation and development of related technologies, jointly address the environmental issues brought by repeated battery use, and contribute to the sustainable development of the clean energy industry. Conference Highlights 01 Supply and Demand Exchange and Cooperation The conference provided a platform for face-to-face networking, allowing enterprises to introduce their core products and main businesses on-site, promoting in-depth understanding among enterprises and the discovery of potential customers. 02 Discussion on Lead and Lithium Battery Recycling Markets To promote sustainable development and build a resource-saving society, strengthen the management and supervision of waste battery recycling, and promote the healthy development of the recycling market, the conference invited recycling industry associations and enterprises to interpret current battery recycling policies and market analysis. 03 Closed-Door Meetings Closed-door meeting on the progress of secondary refined lead delivery, closed-door seminar on power battery recycling 04 Interpretation of Tax Issues One year after the introduction of the reverse invoicing policy and the cancellation of local fiscal tax rebate policies in the battery recycling industry, industry professionals were invited to interpret the policies issued by various regions and provide feedback on the implementation of the recycling market. 05 Domestic and International Market Situation and Macro Analysis The conference invited industry experts to interpret the macro situation at home and abroad, discuss commonalities in the lead and lithium recycling markets, analyze the overseas market for lead ingots, and analyze the feasibility of recycling enterprises going global for investment. 06 Awards and Recognition Establishment of a high-quality recycler selection activity Conference Personnel Structure Previous Attendee List Lead Battery Recycling Enterprises Zhejiang Tianneng Environmental Protection Technology Co., Ltd. Zhejiang Chaowei Bafang Circular Industry Co., Ltd. Shanghai Xinyun Rare Metal Recycling Co., Ltd. Anhui Hongyuqian Environmental Protection Technology Co., Ltd. Jiangmen Leien Renewable Resources Co., Ltd. Nantong Lishi Environmental Protection Technology Co., Ltd. Chengdu Xupai Environmental Protection Technology Co., Ltd. Suzhou Langang Environmental Protection Technology Co., Ltd. Sichuan Rongsheng Changhong Renewable Resources Recycling Co., Ltd. Jiangsu Jieyu Renewable Resources Co., Ltd. Jiang Kuai New Energy Technology Co., Ltd. Power Battery Recycling Enterprises GEM Co., Ltd. Guangdong Brunp Recycling Technology Co., Ltd. Zhejiang Huayou Cobalt Co., Ltd. Guangdong Guanghua Sci-Tech Co., Ltd. Jiangxi Ganfeng Lithium Group Co., Ltd. Jiangxi Miracle Golden Tiger Cobalt Co., Ltd. Ganzhou Haopeng Technology Co., Ltd. Zhejiang New Era Zhongneng Technology Co., Ltd. CNGR Advanced Material Co., Ltd. Anhui Xunying Power Energy Technology Co., Ltd. Ganzhou Tengyuan Cobalt New Material Co., Ltd. Xiamen Tungsten Co., Ltd. Shanghai BYD Co., Ltd. Lvxun New Energy Technology (Foshan) Co., Ltd. Secondary Lead Smelters Taihe County Dahua Energy Technology Co., Ltd. Anhui Lukong Environmental Protection Co., Ltd. Camel Group (Anhui) Renewable Resources Co., Ltd. Anhui Tianshuo Metal Materials Co., Ltd. Jiangsu New Chunxing Resource Recycling Co., Ltd. Zhejiang Tianneng Resource Recycling Technology Co., Ltd. Henan Yuguang Gold and Lead Co., Ltd. Jiyuan Hongda Resource Comprehensive Utilization Co., Ltd. Jiyuan Juxin Resource Comprehensive Utilization Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Battery Enterprises Tianneng Battery Group Co., Ltd. Chaowei Group Leoch International Technology Ltd. Guangzhou Great Power Energy Technology Co., Ltd. Gotion High-tech Co., Ltd. REPT Battero Energy Co., Ltd. Phylion Battery Co., Ltd. SVOLT Energy Technology Co., Ltd. Zhuhai CosMX Battery Co., Ltd. Shenzhen Desay Battery Technology Co., Ltd. EVE Energy Co., Ltd. Farasis Energy (Ganzhou) Co., Ltd. Jiangxi Ganfeng Lithium Group Co., Ltd. Contemporary Amperex Technology Co., Limited BYD Co., Ltd. Shenzhen Haopeng Technology Co., Ltd. SEVB Sungrow Power Supply Co., Ltd. Jiangsu Haibao New Energy Co., Ltd. Xupai Power Supply Co., Ltd. Jingjiu Power Technology Co., Ltd. Fengfan Co., Ltd. Jujiang Power Manufacturing Co., Ltd. Camel Group Co., Ltd. Zhejiang Just Electrical Appliances Co., Ltd. Conference Schedule Sponsorship Pricing Conference Contact Qi Lv 18361710903 lvqi@smm.cn

The long-term contract purchase price of ammonium paratungstate by Xiamen Tungsten in the second half of April 2025 was 213,000 yuan/mt, an increase of 4,000 yuan/mt compared to the first half of April, representing a rise of 1.91%.