The investor relations activity record of Yunnan Copper for May 26–27, 2026 shows: 1 What is the company's planned copper concentrate production from captive mines this year, and what is the approximate cost level of the mining enterprises? According to the company's 2026 financial budget and production plan, full-year self-produced copper concentrates are expected to contain 69,800 mt of copper metal content. The company's current mining enterprises mainly include Diqing Nonferrous, Liangshan Mining, Yuxi Mining, and Diqing Mining. Due to differences in resource endowment and the life cycle stage of each mine, cost levels vary, with Diqing Nonferrous, Liangshan Mining, and Yuxi Mining having relatively lower costs. Meanwhile, the company strives to maintain overall cost stability through measures such as lean operations and increasing mining volumes. 2 What is the progress of the Hongnipo copper mine construction project of Liangshan Mining? The Hongnipo copper mine is currently under construction, with cumulative verified resource reserves of 16.06 million mt of ore, an average copper grade of 1.42%, and copper metal content of 592,900 mt. The project is progressing in an orderly manner as planned and is expected to be completed and ready for commissioning in 2026. 3 Will the mine resources under the company's major shareholder be injected into the publicly listed firm? Asset injection involves complex systematic work that requires comprehensive consideration of development strategy, asset conditions, regulatory requirements, and shareholder interests. The company will continue to focus on and strive to enhance the quality of the publicly listed firm, and if there are any new relevant arrangements, it will strictly follow prescribed decision-making and disclosure procedures. 4 Has the company set a target for resource self-sufficiency rate? The company regards improving resource self-sufficiency rate as an important long-term strategic task, relying primarily on three paths: commissioning of projects under construction, tapping potential of existing mines, and external resource acquisitions. Regarding projects under construction, the company successfully completed the acquisition of 40% equity in Liangshan Mining in December 2025, and the Hongnipo project is expected to be completed and ready for commissioning in 2026. Regarding tapping potential of existing mines, the company leverages its major mines to continuously intensify deep and peripheral exploration efforts, steadily advancing resource succession and reserve additions. Regarding external resource acquisitions, while managing existing mines and smelters well, the company actively monitors quality mineral resource projects and prudently conducts field trips and evaluations based on strategic positioning and market demand. 5 What proportion can the company's copper smelting TC long-term contracts approximately reach? The company follows the principles of marketization and maximization of comprehensive benefits in externally purchasing raw materials. As one of the larger copper concentrate purchasers in China, the company has long maintained good, stable, long-term cooperative relationships with major suppliers, and actively negotiates with copper concentrate suppliers to stabilize long-term contract supply and ensure orderly production. 6 What were the company's sulphuric acid selling price and production in Q1 2026? According to the company's 2026 production plan, planned annual sulphuric acid production is 5.76 million mt. In Q1 2026, sulphuric acid production progressed in an orderly manner as planned. Price side, as a by-product of copper smelting, sulphuric acid selling prices are influenced by multiple factors including regional market supply and demand, transportation conditions, and industry prosperity. Since the beginning of this year, driven by robust downstream demand and tight supply in some producing areas, sulphuric acid selling prices have stayed high. The company seized market opportunities, reasonably arranged production and sales, and made positive contributions to operating performance. Meanwhile, the company will continue to monitor price changes and dynamically optimize production and sales pace. 7 Does the company have further cost reduction plans? The company's mining and smelting enterprises continuously pursue lean cost reduction to build low-cost competitive advantages. For example, the company is comprehensively advancing the "Three-Year Cost Reduction 3.0" initiative, continuously promoting cost reduction and efficiency improvement, and lowering unit production costs through technological upgrades, process optimization, and improved management efficiency. 8 What major capital expenditures are expected in the future? The company's future major capital expenditures will primarily focus on the following strategic directions: first, resource acquisition—continuously strengthening exploration and acquisition of quality copper mineral resources in and outside China to enhance resource security capabilities; second, intelligent manufacturing—advancing automation, digitalization, and intelligent upgrades of mines and smelting plants to improve production efficiency and safety levels; third, green and low-carbon development—increasing investment in environmental protection, energy conservation, and other areas to promote sustainable development. Performance side: Yunnan Copper's Q1 2026 report disclosed on April 24 showed that the company achieved total operating revenue of 52.959 billion yuan, up 49.62% YoY; net profit attributable to the parent was 675 million yuan, up 7.93% YoY. Regarding the reasons for the increase in operating revenue, Yunnan Copper stated that it was mainly due to higher product prices compared to the same period last year and increased sales volumes compared to the same period last year. Yunnan Copper's 2025 annual report showed that in 2025, the company firmly established market entity awareness, strengthened its lean operations system, and solidly carried out production organization, cost control, indicator optimization, marketing value creation, and other work, with main product production reaching record highs and key technical and economic indicators continuously optimized. Full-year production included copper cathode of 1.6411 million mt, gold of 26.04 mt, silver of 735.38 mt, and sulphuric acid of 6.189 million mt, with copper cathode, gold, and silver production all reaching record highs. Full-year operating revenue reached 79.542 billion yuan and net profit attributable to the parent was 1.301 billion yuan, with operating efficiency steadily improving. Cost and technical indicators were continuously optimized, with mine concentrate copper content and smelting copper cathode unit full cost outperforming annual cost reduction targets. Key technical indicators for smelting and mining remained stable with improvement. In 2025, the copper smelting total recovery rate exceeded the target by 0.07 percentage points, and slag flotation tailings copper content was optimized by 0.01 percentage points versus the target, both reaching industry-leading levels. Yunnan Copper announced that in 2025, the company's concentrate copper content production, on a consolidated statement basis, was 69,400 mt, up 26.64% YoY from 2024, mainly because the company issued shares to acquire 40% equity in Liangshan Mining held by Yunnan Copper Group during 2025, and Liangshan Mining was included in the consolidated statements as of December 31, 2025, with its full-year production included in the statistics. Regarding the company's main businesses, Yunnan Copper introduced in its 2025 annual report: The company's main businesses cover copper exploration, mining and beneficiation, smelting, extraction of precious metals and rare scattered metals, sulphur chemicals, and trading. It is an important copper, gold, silver, and sulphur chemical production site in China. The company has established a relatively complete industry chain in copper and related nonferrous metals and is a copper enterprise with deep industry heritage. Main products include copper cathode, gold, silver, industrial sulphuric acid, and rare and scattered metal products such as molybdenum, platinum, palladium, selenium, and tellurium. The company's main products are all produced according to international standardization organization standards, operating effectively under the international ISO9001 quality management system to ensure strict quality control. The company's main product, copper cathode, is widely used in electrical, light industry, machinery manufacturing, construction, national defense, and other fields; gold and silver are used in finance, jewelry, electronic materials, etc.; industrial sulphuric acid is used as raw material for chemical products and in other sectors of the national economy. The company's "Tiefeng" brand copper cathode is registered on the Shanghai Futures Exchange and the London Metal Exchange; "Tiefeng" brand gold is registered on the Shanghai Gold Exchange (SGE) and the Shanghai Futures Exchange; "Tiefeng" brand silver is registered on the Shanghai Gold Exchange (SGE), the Shanghai Futures Exchange, and the London Bullion Market Association. Regarding the company's future development outlook, Yunnan Copper introduced in its 2025 annual report: Yunnan Copper adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implements the spirit of the 20th National Congress of the Communist Party of China and its successive plenary sessions, and upholds and strengthens the Party's overall leadership. The company actively serves major national strategies, adheres to promoting high-quality development as the theme, fully, accurately, and comprehensively implements the new development philosophy, continuously enhances core functions and improves core competitiveness, and better plays its role in scientific and technological innovation, industrial control, and security support in building a modern industrial system and constructing a new development pattern. The company emphasizes "two guarantees" (important mineral resource guarantee and important metal material guarantee), "two innovations" (scientific and technological innovation and management innovation), "two constructions" (strengthening Party building, especially cadre team building), and "three unwavering commitments" (unwavering in accelerating structural adjustment, unwavering in deepening enterprise reform, and unwavering in international operations and increasing "going global" efforts). The company focuses on "digital-intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying recycled (copper), and detailing rare scattered (metals)," accelerating the construction of a world-class excellent copper company, and continuously opening new prospects for Yunnan Copper's high-quality development. Guosen Securities' research report commenting on Yunnan Copper on April 11 showed: Quality asset consolidation. Production side, the company's copper ore production was close to 70,000 mt, with major mines maintaining stable production. Copper smelting side, after Southwest Copper reached full production, the company's 2025 copper cathode production was 1.64 million mt, up 440,000 mt or 36% YoY. During the reporting period, the company purchased 40% equity in Liangshan Mining through share issuance to its major shareholder, achieving consolidation. Liangshan Mining is a quality asset, with its mines featuring open-pit mining, abundant reserves, higher grade than the publicly listed firm's existing copper mines, and lower costs than the publicly listed firm's existing copper mines. In H2 2025, profitability of major subsidiaries generally declined. Although copper, gold, and silver prices rose significantly in H2 2025, the company's mining operations saw profit decline QoQ. Smelting operations also declined significantly in H2 2025, which was related to the sharp drop in copper concentrate TCs. As sulphuric acid prices are expected to stay high, the company's smelting business profitability is expected to improve. Gross profit by product side, the company produces over 6 million mt of sulphuric acid annually. Benefiting from sulphuric acid price increases, sulphuric acid business gross profit in 2025 was 2.03 billion yuan, up 1.5 billion yuan YoY, representing a performance highlight. Since early 2026, sulphuric acid prices have continued to rise, and this is expected to further boost earnings. Leveraging the copper industry's high-prosperity cycle in recent years, the company's asset quality has improved, and during the reporting period it achieved consolidation of Liangshan Mining, a quality asset. As the sole copper publicly listed platform under Chalco Group, injection of other quality assets from the major shareholder is anticipated. Although the copper smelting business is under pressure in the short term, the government has issued policies to strictly control new copper smelting capacity, and the company benefits from global copper smelting capacity rationalization, with a favorable long-term industry landscape. Maintain "Outperform" rating.

On April 21, a delegation from SMM Information & Technology Co., Ltd. (SMM), comprising Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert of SMM's Industry Research Institute, and Wu Tao, SMM's Overseas Marketing Manager for Copper and Tin, visited Lualaba Copper Smelter S.A. (LCS) for a field trip and exchange. The delegation received a warm and thoughtful reception from the leadership of LCS. During the exchange, relevant heads of LCS provided a detailed introduction to the project's construction history, smelting process routes, current capacity operations, and overall business planning. SMM, drawing on global non-ferrous market trends, shared insights on copper-cobalt raw material supply and demand, the smelting and processing landscape, price fluctuation trends, and industry policy developments. Both parties engaged in in-depth discussions on practical topics including pyrometallurgy production management outside China, raw material supply assurance, environmental protection operations and maintenance, cost control, and industry outlook assessment. They also exchanged experiences and ideas on overseas smelter operations management, risk prevention, and medium and long-term development planning. This field trip and exchange was pragmatic and efficient, effectively enhancing mutual understanding and laying a solid foundation for ongoing industry information sharing and long-term exchange and cooperation. Introduction to Lualaba Copper Smelter S.A. (LCS) Lualaba Copper Smelter S.A. (LCS) is a modern non-ferrous metal smelting enterprise jointly invested and constructed by China Nonferrous Metal Mining (Group) Co., Ltd. and Chalco Yunnan Copper Group, located in Kolwezi, Lualaba Province, DRC. Construction commenced in March 2018, and Phase I was completed and successfully put into operation in October 2019. It is the first large-scale pyrometallurgy copper-cobalt smelter in the DRC and serves as a key strategic pillar of China Nonferrous Metal Mining Group's resource development and industrial deployment in Africa. With copper concentrates smelting as its core business, LCS's main products include blister copper, sulphuric acid, and liquid sulfur dioxide, with an annual capacity of 150,000 mt of blister copper and 300,000 mt of sulphuric acid. As an important participant in the Belt and Road Initiative, LCS has consistently upheld the development philosophy of "serving the nation through resources and pursuing win-win cooperation," actively fulfilling its social responsibilities, promoting local employment and industrial development, and striving to build an internationally competitive copper smelter while continuously enhancing the influence of Chinese mining enterprises in the global non-ferrous metals industry. The conference is scheduled to be held on September 15–16, 2026 in Lusaka, Zambia. You are cordially invited to participate! Contact Person : Wu Tao: 18270916376 jennywu@smm.cn

On April 14, a delegation from SMM Information & Technology Co., Ltd. (SMM), including Ye Jianhua, Director and Supervisor of SMM's Industry Research Department, Feng Chundi, Expert at SMM's Industry Research Institute, and Wu Tao, SMM's Copper and Tin Overseas Marketing Manager, visited Chambishi Copper Smelter Limited (CCS) for exchange and survey. The delegation received warm hospitality from CCS's leadership. During the visit, both parties engaged in pragmatic communication based on their respective core businesses. Leveraging its core strengths in non-ferrous metal price index R&D, industry chain big data monitoring, copper market analysis and forecasting, in-depth industry research, and global non-ferrous resource connectivity, SMM shared insights on international copper market operating logic and price trend analysis with the enterprise, in the context of the current global copper smelting supply-demand pattern, raw material procurement landscape, and TC fluctuation trends. As a core copper smelting producer outside China, CCS provided a detailed introduction to its production and operation status, smelting process advantages, capacity release pace, raw material procurement, and product exports layout, and elaborated on the practical experience of ex-China copper smelters in production management, cost control, green production, and localized operations. Meanwhile, both parties exchanged views on common industry topics including development pain points of the copper smelting industry outside China, raw material supply security, finished product circulation and trade, industry policy changes, and low-carbon smelting development trends. They also reached preliminary consensus on future directions such as industry chain information sharing, market data exchange, joint market analysis, and industry resource coordination, laying a solid foundation for deepening regular exchanges and promoting high-quality collaborative development of the copper smelting industry chain. Introduction to Chambishi Copper Smelter Limited (CCS) Chambishi Copper Smelter Limited (CCS) is the first large-scale modern pyrometallurgy copper smelting enterprise invested by China overseas, entirely self-designed and constructed. Located in the Zambia-China Economic and Trade Cooperation Zone, the company has 170 Chinese staff and 1,600 Zambian employees. The company has always focused on its vision of "building an internationally first-class smelting enterprise with enduring prosperity," upheld the corporate spirit of "self-transcendence, continuous breakthroughs, and pursuit of excellence," benchmarked against first-class standards with meticulous craftsmanship, and continuously strengthened and optimized enterprise management, with its comprehensive competitiveness steadily improving. As of the end of 2024, the company had produced over 3.3 million mt of copper products and 8.7 million mt of sulphuric acid, with cumulative sales revenue of approximately $21 billion, effectively driving local economic development in Zambia and becoming a shining pearl along the Belt and Road! Enterprise History and Development Achievements (Pursuing Excellence, Benchmarking Against the Best and Forging Ahead) To extend the industry chain and retain more added value locally, in 2006, China Nonferrous Metal Mining (Group) Co., Ltd. cooperated with Yunnan Copper to introduce the advanced ISA copper smelting process to Zambia, with shareholding ratios of 60% and 40% respectively. From the design stage, the Company drew on successful experience in China and incorporated the characteristics of Zambian raw materials to re-optimize and re-innovate the key processes and technologies of the ISASMELT process, strengthening system integration. This resulted in multiple innovative achievements, including "Integration Innovation and Application of ISASMELT Furnace" and "Comprehensive Automated Control System," which were awarded the First Prize for Scientific and Technological Progress by China Nonferrous Metals Industry Association (CNIA) in 2010. The ISASMELT furnace campaign life broke world records multiple times, with the second campaign reaching 218 weeks and the third campaign reaching 244 weeks, establishing an international benchmark. In 2021 and 2022, the Company's copper production exceeded the designed capacity of 250,000 mt for two consecutive years, making history. In 2024, production further surpassed 260,000 mt, setting a new historical record. In September 2013, the Company was honored with the title of Advanced Collective of Central State-Owned Enterprises. In July 2021, it was successfully selected as a Benchmarking Enterprise under the administration of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC). Process Flow (Dedicated and Professional, Striving for Excellence to Drive Development) The Company adopts the internationally advanced and mature process of "oxygen-enriched top-blown submerged bath smelting, electric furnace settling and separation, PS converter blowing, and anode furnace pyrometallurgy refining" to produce copper anode, and employs the "double-conversion double-absorption" process to produce sulphuric acid. Adhering to the concept of sustainable development, the Company has built a slag flotation recovery system with a daily processing capacity of 1,500 mt of furnace slag, and a bismuth recovery system with a daily processing capacity of 6 mt of flue dust, continuing to recover metals such as copper, cobalt, and bismuth from smelting slag and flue dust. Social Responsibility (Cooperation and Sharing, Giving Back to Society with Strong Responsibility) The Company actively practices its core values of "Dedication, Cooperation, and Sharing," consistently focusing on its core business of copper pyrometallurgy smelting, engaging in extensive cooperation with upstream and downstream clients, and sharing development achievements with employees and local communities. Since its establishment, the Company has cumulatively paid over $300 million in various taxes and fees in Zambia, created over 5,000 employment opportunities, and cooperated with more than 300 local suppliers, contributing to Zambia's green, harmonious, and shared development. The Company actively fulfills its social responsibilities by increasing investment in social welfare programs for local communities in Zambia, covering infrastructure, education, healthcare, and sanitation. These efforts include sponsoring the renovation of clinics in Kalulushi, supporting the Bushifire Orphanage, donating the construction of classrooms at Buyantashi School, Luato Market, Kankuko Bridge, Chibuluma Community Tennis Court, Chimfunshi Chimpanzee Rescue Center, and Modern Stars Football Club, among others. With a cumulative investment of over $4 million, the Company has earned high praise from local government and warm welcome from the public, establishing a strong corporate image. The Company actively promotes employee localization and continuously achieves skills transfer. The company invested over 5 million Kwacha, and externally carried out technical and non-technical training programs in electric welding, electrical power, pneumatics, technical control, management supervision, and equipment maintenance through the China-Zambia Vocational and Technical College, the TEVETA Fund, and other channels. Internally, through mentorship programs and other approaches, the company conducted business training in masonry, fitting, and other skills. The localization rate of the company's employees reached over 92%, the skills of local employees were significantly enhanced, and technical expertise was exported to the DRC. Vision and Outlook (Staying True to Our Original Aspiration, Building Tomorrow with a Shared Destiny) Innovation-driven development knows no bounds. Over the past decade and more, the company has upheld a sense of survival crisis and market competition awareness, adhered to innovation-driven development, and achieved high-quality growth. In 2021, the company's information technology infrastructure was completed and successfully put into use, with a commitment to building an automated, digitalized, and intelligent factory. In August 2023, the company's anode furnace pyrometallurgy refining system technical renovation project was completed and put into operation. In November 2024, the company's three-year action plan for technology-empowered safety and environmental protection was officially finalized, focusing on technology empowerment and fostering new quality productive forces, propelling the company's high-quality development to a new level. Through collaborative development, benchmarking against first-class standards, technological innovation, and increased production and efficiency, the company continues to advance toward its corporate vision of "becoming an evergreen, world-class smelter." The conference is scheduled to be held on September 15–16, 2026 in Lusaka, Zambia. You are cordially invited to participate! Conference Contact : Wu Tao: 18270916376 jennywu@smm.cn

The record of investor relations activities of Yunnan Copper from June 11 to June 13, 2025, recently released by Yunnan Copper, shows: Regarding the company's basic information, Yunnan Copper introduced: Yunnan Copper was listed on the Shenzhen Stock Exchange in 1998. Its main businesses cover copper exploration, mining, beneficiation, smelting, extraction and processing of precious metals and minor metals, sulfur chemical industry, and trade. It is an important production site for copper, gold, silver, and sulfur chemicals in China. Among them, the capacity for copper cathode is 1.4 million mt. The company is the only publicly listed firm in the copper industry of Chalco and China Copper. In Q1 2025, the company produced 348,900 mt of copper cathode, up 48.15% YoY; 5.80 mt of gold, up 95.63% YoY; 128.48 mt of silver, up 54.31% YoY; 1.3872 million mt of sulphuric acid, up 23.61% YoY; and 13,900 mt of copper in copper concentrates, down 15% YoY. At the end of Q1 2025, the company's total assets were 49.256 billion yuan, with an asset-liability ratio of 62.39%. It achieved an operating revenue of 37.754 billion yuan, up 19.71% YoY; a total profit of 922 million yuan, up 14.11% YoY; a net profit attributable to publicly listed firms of 560 million yuan, up 23.97% YoY; and a basic earnings per share of 0.2793 yuan, up 23.97% YoY. II. Q&A Session 1. In the face of the sluggish processing fee situation this year, what measures has the company taken to respond? Yunnan Copper stated: On the one hand, the company has strategically planned for "digital and intelligent transformation, expanding resources, refining mines, optimizing smelting, solidifying secondary (copper), and meticulously managing minor (metals)", and increased the extraction of urban mines and minor metals. On the other hand, in 2025, the company focuses on the key work of extreme operation, striving to promote high-quality development of the company, and advancing cost reduction with iron determination. After several years of cost reduction, quality improvement, and efficiency enhancement, the costs of the company's main products have certain competitiveness. In addition, the company has increased the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to enhance the company's comprehensive competitiveness. 2. What is the expected impact of the current smelting processing fees on the company's profits? Yunnan Copper stated: Since this year, long-term contracts and spot TC have seen significant declines compared to last year. The company has offset the adverse impact of the decline in processing fees through measures such as cost reduction, expanding procurement channels, and increasing direct supply of ore from mines. In addition, the company focuses on the layout of secondary copper and minor metals, while continuing to increase the profit contribution of by-products such as sulphuric acid, molybdenum, selenium, tellurium, platinum, palladium, and rhenium to offset the profit pressure caused by the decline in processing fees. 3. What is the approximate sales volume and price of sulphuric acid for the company this year? Yunnan Copper Science & Technology Development Co., Ltd. stated: Sulphuric acid is a by-product of the company's copper smelting process, and its price varies due to regional factors. In Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 4. What efforts has the company made in resource acquisition? Yunnan Copper Science & Technology Development Co., Ltd. stated: The company attaches great importance to the replacement of mine resources and has increased capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper resource metal content, achieving the annual target and realizing annual reserve increases greater than mine output consumption for four consecutive years. In addition, on the basis of managing existing mines and smelters well, the company actively focuses on high-quality copper resource projects. 5. The company announced its intention to issue shares to purchase a 40% stake in Liangshan Mining held by Yunnan Copper Group. What is the current progress, and what advantages will it bring to the company? Yunnan Copper Science & Technology Development Co., Ltd. stated: On May 13, 2025, the company issued the "Announcement on Suspension of Trading for the Purpose of Planning to Issue Shares to Purchase Assets and Raise Supporting Funds", indicating that the company is planning to issue shares to purchase a 40% stake in Liangshan Mining Co., Ltd. held by Yunnan Copper (Group) Co., Ltd. and raise supporting funds. Currently, the company and relevant parties are actively promoting various aspects of this transaction. Liangshan Mining is a copper resource production and smelting enterprise spanning the copper mining, beneficiation, and smelting industries, covering copper, iron, and sulphuric acid products. Liangshan Mining owns high-quality copper resources such as the Lala Copper Mine and Hongnipo Copper Mine, currently capable of producing approximately 13,000 mt of copper concentrates, 119,000 mt of copper anodes, and 400,000 mt of industrial sulphuric acid annually. Liangshan Mining is one of the core copper resource production and smelting bases under China Copper Corporation. As of the end of March 2025, the high-quality copper mine resources it holds, including the Hongnipo Copper Mine, Lala Copper Mine, and Hailin Copper Mine, have a copper metal reserve of 779,700 mt, with an average copper grade of 1.16%, higher than the current average copper grade of 0.38% at Yunnan Copper Science & Technology Development Co., Ltd. In 2024, it successfully bid for and obtained the exploration rights to the Hailin Copper Mine in Huili City, Sichuan Province, with a mining area of 48.34 square kilometers, further enhancing the resource reserve potential of Liangshan Mining. In addition, the copper mining costs of the mines owned by Liangshan Mining are relatively low, demonstrating good cost competitiveness. The sulphuric acid sales prices in south-west China, where Liangshan Mining is located, are also relatively favorable. This time, the company intends to acquire a 40% stake in Liangshan Mining held by its controlling shareholder, Yunnan Copper Group, which can further resolve horizontal competition and ensure the faithful implementation of relevant commitments. Meanwhile, Liangshan Mining boasts significant resource advantages and a solid profitability foundation, with a return on net assets higher than the industry average. Upon completion of the Hongnipo Copper Mine, it will reach a medium-to-large scale among copper mines, further enhancing its profitability. After the injection of Liangshan Mining into Yunnan Copper, it can effectively increase the publicly listed firm's equity copper resource reserves, enhance the overall asset and profit scale as well as the industry position of the publicly listed firm, facilitate the full play of business synergies by the publicly listed firm, strengthen the reserve of high-quality resources and capacity layout, enhance comprehensive strength and core competitiveness, and promote the high-quality development of the publicly listed firm. In addition, this acquisition is a specific measure taken by the company to implement the relevant opinions of the SASAC of the State Council on improving and strengthening the market value management of listed firms controlled by central state-owned enterprises, and to carry out M&A and restructuring activities that are conducive to enhancing the investment value of listed firms, which is conducive to safeguarding the rights and interests of the listed firm and all its shareholders. 6. What is the construction status of the Hongnipo Project of Liangshan Mining? Yunnan Copper stated: The Hongnipo Copper Mine is currently in the construction phase. The total identified ore reserves amount to 41.606 million mt, with an average copper grade of 1.42% and a copper metal content of 592,900 mt. The company will closely monitor the project's construction progress and strictly fulfill its information disclosure obligations in accordance with relevant regulations such as the "SZSE Listing Rules". Please stay tuned for the company's announcements. According to the record of Yunnan Copper's investor relations activities on March 26, 2025 (Interpretation Meeting Series I for the 2024 Annual Report) previously announced by Yunnan Copper: In 2024, Yunnan Copper adhered to the guidance of Party building, continued to strive and forge ahead, comprehensively implemented the decisions and deployments of the company's Party committee and board of directors, overcame unfavourable factors such as a significant decline in TC and the shutdown of the old facilities of Xinan Copper, and maintained a stable operating situation. The company produced 1.206 million mt of copper cathode, 12.71 mt of gold, 348.99 mt of silver, and 4.8286 million mt of sulphuric acid throughout the year. As of year-end 2024, its total assets amounted to 43.557 billion yuan, with an asset-liability ratio of 57.66%. It achieved operating revenue of 178.012 billion yuan, total profit of 2.316 billion yuan, net profit attributable to the publicly listed firm of 1.265 billion yuan, and basic earnings per share of 0.6312 yuan. The company intends to distribute a cash dividend of 2.4 yuan (tax included) for every 10 shares to all shareholders, without converting capital reserves into share capital. What is the construction progress of the relocation project of the Xinan Copper Branch previously announced by the company? Yunnan Copper previously responded during an institutional survey: The electrolysis system of the upgrade and renovation project for the relocation of Xinan Copper was commissioned with load at the end of June 2024, and the pyrometallurgy system entered the load commissioning phase in mid-October 2024, successfully producing copper anodes. As of now, the overall project for the relocation and upgrade of Xinan Copper has been fully completed and is currently in the load commissioning phase. This project is conducive to optimizing the company's smelting layout and production processes, achieving efficient comprehensive utilisation of resources, reducing production costs, and enhancing the company's overall competitiveness, aligning with the company's development needs for green, low-carbon, large-scale, short-process, low-cost, and digital intelligence. When asked about the company's progress in resource acquisition in 2024, Yunnan Copper previously responded during an institutional survey: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. When analyzing the company's core competitiveness, Yunnan Copper mentioned that its good resource reserves are one of its core competitiveness factors: The company attaches great importance to the replacement of mine resources, increasing capital investment to carry out comprehensive geological studies of various mining areas and exploration work in the deep and peripheral parts of mines. The company's main mines, including the Pulang Copper Mine, Dahongshan Copper Mine, and Yangla Copper Mine, are mainly distributed in the Sanjiang Metallogenic Belt, with favourable metallogenic geological conditions and potential for further prospecting. In 2024, the company invested 65 million yuan in exploration, conducting multiple mineral exploration activities and exploration work in the deep and peripheral parts of mines, adding 91,800 mt of inferred and above copper metal resources, achieving the annual target, and achieving annual reserve increases greater than mine production and consumption for four consecutive years. As of the end of 2024, the company held 964 million mt of copper ore resources, with a copper metal content of 3.6509 million mt and an average copper grade of 0.38%. Among them, Diqing Nonferrous held 846 million mt of copper ore resources, with a copper metal content of 2.8037 million mt and an average copper grade of 0.33%. The 2025 financial budget plan disclosed by Yunnan Copper in its 2024 annual report indicates the following production plans for the company's main products in 2025: The company expects to produce 54,600 mt of copper in copper concentrates, 1.52 million mt of copper cathode, 16 mt of gold, 680 mt of silver, and 5.364 million mt of sulphuric acid throughout the year. The investment plan for 2025 is 1.617 billion yuan, covering fixed asset investments, digital projects, and geological exploration projects. During a survey, Yunnan Copper stated that in Q1 this year, the average price of sulphuric acid in major regions increased significantly YoY. The company actively seized market opportunities, contributing positively to its performance. 》Click to view SMM spot copper prices 》Subscribe to view historical SMM spot metal price trends Reviewing the sulphuric acid price trend in Q1, it can be seen that: In Q1, both domestic and overseas demand was strong, leading to an increase in the price of smelting acid. As of March 28 (week), the average weekly price of smelting acid (sulphuric acid) in Yunnan was 780 yuan/mt, up 280 yuan/mt from the average weekly price of 500 yuan/mt on December 27, 2024 (week). From the perspective of the average price increase, the Q1 increase was 56%. According to SMM, domestically, in Q1, sulphuric acid prices were supported by "spring ploughing" and the cost of raw materials. Overseas, demand was relatively strong in Q1, with export prices also rising to a relatively high level in recent years. After reaching a high average annual price of 780 yuan/mt, with the end of spring ploughing, the operating rates of downstream fertilizer enterprises declined, and domestic demand weakened. Domestic sulphuric acid prices began to weaken from mid-to-late April. In early May, influenced by the end of the spring ploughing season, sulphuric acid prices in many parts of the country were still in the process of pulling back, with significant declines particularly in the south China market, while prices in the northern market remained relatively stable overall. In mid-May, domestic sulphuric acid prices showed mixed performance, mainly due to the continuous release of fertilizer export information and the gradual implementation of related policies, leading to a gradual rebound in downstream demand. Sulphuric acid prices in the south stopped falling and stabilized. After entering late May, sulphuric acid prices in many parts of the country rose again. Since June, sulphuric acid prices in Yunnan have remained stable at the beginning of the month. However, recently, influenced by the escalating geopolitical conflicts and the resulting uncertainties, domestic sulphur and sulphuric acid prices have both risen significantly in the past week, with sulphuric acid prices showing a 15.38% increase in the week ending June 13, with its average price (as of the week ending June 13) rising to 600 yuan/mt.

SMM June 16 News - According to an official announcement from Yunnan Copper Technology Development Co., Ltd., the company is currently conducting a public sale of approximately 30 metric tons (metal content) of selenium ingots. Product Specifications: Purity: Se ≥ 99% (Final purity subject to Yunnan Copper Technology's factory inspection results; the company only guarantees the minimum content of the primary element, selenium) Packaging: Drums on pallets 48 drums per pallet Approx. 1.68 metric tons of selenium per pallet (Final weight subject to actual shipping documents)

SMM June 16 News: According to an official announcement from Yunnan Copper Science & Technology Development Co., Ltd., the company recently offered approximately 30 mt (metal content) of selenium ingots for public sale. Metal grade: selenium ≥99% (subject to the factory test results of Yunnan Copper Science & Technology, which only guarantees the main element, selenium). Product packaging: Barreled and palletized, with 48 barrels per pallet, and each pallet weighing approximately 1.68 mt of selenium (subject to the actual packing list). The bidding sales announcement (Inquiry No.: 202506XSS020010) was released by the Marketing Center of Yunnan Copper Science & Technology Development Co., Ltd. on the Sunshine Procurement Platform of China Copper Corporation Limited before 11:00 on June 16, 2025. Deadline for quotation submission: Bidders must log in to the Sunshine Procurement Platform of China Copper Corporation Limited (https://cg.chncopper.com/epsw/portal/index) and click on "Sunshine Purchase and Sales" to complete the relevant quotation submission before 11:00 on June 19, 2025. Late quotations will not be accepted. The successful bidder is required to pay the full contract amount in full before June 25, 2025.

On June 13, at the 2025 SMM (13th) Minor Metal Industry Conference - Rare and Scattered Metals Forum (Indium, Germanium, Gallium, Bismuth, Selenium, Tellurium), hosted by Shandong Humon Smelting Co., Ltd. and SMM Information & Technology Co., Ltd., Long Wensheng, General Manager of Changsha Aochang Nonferrous Metals Co., Ltd., elaborated on "The Current Application Status and Future Prospects of Minor Metal Selenium.

On April 25, Yunnan Copper released its Q1 report, delivering an impressive performance with revenue of 37.754 billion yuan and net profit attributable to shareholders of 560 million yuan, marking a high-quality development "good start." The company's revenue and net profit increased by 19.71% YoY and 23.97% YoY respectively, with multiple core indicators leading the industry, demonstrating strong anti-cyclical capabilities and market competitiveness. As the only listed copper industry platform under Chalco Group and China Copper, Yunnan Copper leverages the synergistic advantages of its three major smelting bases in the southwest, southeast, and north, achieving efficient resource allocation and precise cost control. In Q1, the relocation and upgrade project of Southwest Copper entered the final sprint stage, with the electrolysis production system fully operational for load testing, becoming a benchmark project for green and low-carbon transformation in the industry; Diqing Nonferrous put the world's first 800 m³ flotation machine (HIF-800) into use, significantly improving copper recovery rates; Yuxi Mining made breakthroughs in optimizing the ventilation system of the western orebody, providing safety assurance for deep mining; Southeast Copper set a new record in the operation rate of its acid-making system; Chifeng Yuntong and Kunming Metallurgical Research Institute jointly overcame the technology for extracting molybdenum from copper smelting dust, pushing the comprehensive utilization rate of resources to a new level; Dianzhong Nonferrous successfully conducted load testing on the electrolysis line at its secondary copper resource recycling base, marking the full completion of the "urban mine" circular economy industry chain.

》Check SMM metal quotes, data, and market analysis 》Subscribe to view historical price trends of SMM metal spot cargo On May 14, 2025: As of April 30, 2025, all companies have disclosed their 2024 annual reports. According to SMM statistics, a total of 19 publicly listed firms operate copper smelters. These 19 publicly listed firms are: Tongling Nonferrous Metals Group (000630), Jiangxi Copper Corporation (600362), Jinchuan Group International Resources Co., Ltd. (02362.hk), Daye Nonferrous Metals Group (00661.hk), Yunnan Copper (000878), Zijin Mining (601899), Yuguang Gold and Lead Group (600531), Western Mining Co., Ltd. (601168), Yunnan Tin Co., Ltd. (000960), Shandong Humon Smelting (002237), Zhongjin Gold (600489), Baiyin Nonferrous Group Co., Ltd. (601212), Ningbo Jintian Copper (601609), Huludao Zinc Industry Co., Ltd. (000751), North Copper (000737), Zhejiang Chifoo Holding Group Co., Ltd. (002266), Guangdong Feinan Resources Co., Ltd. (301500), Beijing GEEN Environment Engineering Co., Ltd. (603588), and Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. (000060). 2024 Production and 2025 Production Plans for Copper Cathode at Each Smelter According to annual report disclosures and SMM's understanding, the total copper cathode production of the aforementioned 19 copper smelters in 2024 was 10.5558 million mt, with an increase of 642,000 mt, up 6.5% YoY. Data from the National Bureau of Statistics (NBS) shows that the national production in 2024 was 13.644 million mt, with these 19 enterprises accounting for 77.37% of China's total copper cathode production. This figure increased by 1.04% compared to the same period last year. We expect that with the release of new capacity, industry concentration will increase again in the future. Regarding the specific situations of each smelter: Only 4 out of the 19 smelters experienced production cuts. Among them, Yunnan Copper had the largest decline, with a significant drop in production due to the relocation of its headquarters smelter. The largest increase was seen at Jiangxi Copper, with an annual copper cathode production of 2.2919 million mt, up 194,600 mt or 9.3% YoY in 2024, continuing to lead the copper industry. This was followed by North Copper, with a production increase of 178,800 mt compared to 2023, reaching 31.32 mt. Then came Jinchuan Group, with a production of 1.3272 million mt, an increase of 158,100 mt compared to 2023. In addition, based on their 2025 production plans, the total production in 2025 is expected to be 11.4028 million mt, an increase of 847,000 mt or 8%. According to SMM statistics, the new production from domestic smelters from January to May 2025 has already reached 536,400 mt, and it is highly probable that the annual increase of 847,000 mt will be achieved. In 2025, two smelters are expected to increase their production by more than 200,000 mt. Among them, the largest increase is expected to be from Yunnan Copper, with an increase of 254,000 mt, mainly due to the resumption of production after the relocation of the smelter and the commissioning of new smelters. Next is Jinchuan Group, which is expected to increase its production by 252,800 mt, thanks to the commissioning of a new smelter. In addition, due to the tight supply of copper concentrates, six smelters are expected to implement production cuts in 2025, two more than last year. Overall, although copper concentrate TCs hit a record low this year, it has not hindered the expansion pace of copper smelters.

1. The Ministry of Commerce (MOFCOM) website released a joint statement on the China-US economic and trade talks in Geneva. Both sides committed to taking the following measures before May 14, 2025: The US will (i) revise the ad valorem tariffs imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) as stipulated in Executive Order 14257 dated April 2, 2025. Specifically, 24% of the tariffs will be suspended for the initial 90 days, while the remaining 10% of the tariffs will be retained for potential imposition in accordance with the provisions of the executive order; (ii) cancel the tariff hikes imposed on these goods under Executive Order 14259 dated April 8, 2025, and Executive Order 14266 dated April 9, 2025. China will (i) correspondingly revise the ad valorem tariffs imposed on US goods as stipulated in Announcement No. 4 of 2025 issued by the Customs Tariff Commission. Specifically, 24% of the tariffs will be suspended for the initial 90 days, while the remaining 10% of the tariffs will be retained for potential imposition, and the tariff hikes imposed on these goods under Announcement No. 5 and No. 6 of 2025 issued by the Customs Tariff Commission will be canceled; (ii) take necessary measures to suspend or cancel non-tariff retaliatory measures against the US that have been in place since April 2, 2025. After implementing the above measures, both sides will establish a mechanism to continue consultations on economic and trade relations. 2. A spokesperson for the Ministry of Commerce made remarks on the joint statement on the China-US economic and trade talks in Geneva. The Ministry of Commerce stated that substantial progress was made in the high-level China-US economic and trade talks, with a significant reduction in bilateral tariff levels. The US canceled a total of 91% of the tariff hikes, and China correspondingly canceled 91% of the retaliatory tariffs. The US suspended the implementation of 24% of the "reciprocal tariffs," and China also correspondingly suspended the implementation of 24% of the retaliatory tariffs. This measure aligns with the expectations of producers and consumers in both countries, as well as with the interests of both countries and the common interests of the world. 3. On May 12, 2025, a deployment meeting was held to strengthen the whole-chain management and control of strategic mineral exports. The meeting emphasized the importance of adhering to the principle of "prevention first, disposal in advance," closely tracking the flow of strategic minerals, enhancing information analysis and sharing, promptly issuing early warnings, and taking relevant disposal measures to strictly prevent the illegal outflow of strategic minerals. 4. A spokesperson for the Ministry of Commerce responded to media inquiries regarding the launch of a special campaign to combat the smuggling and illegal export of strategic minerals. The Ministry of Commerce stated that it requires all relevant departments to strengthen law enforcement collaboration, severely crack down on the smuggling and illegal export of strategic minerals, form a high-pressure situation of "joint management and control," and take practical and effective measures to resolutely prevent the illegal outflow of strategic minerals. 5. On the 12th, Minister of Commerce Wang Wentao presided over a roundtable meeting with foreign trade enterprises. Wang Wentao stated that important consensus had been reached and substantial progress had been made in the recent high-level China-US economic and trade talks, laying the foundation and creating conditions for further bridging differences and deepening cooperation.Going forward, the Ministry of Commerce will earnestly implement the decisions and plans of the CPC Central Committee, coordinate domestic economic work with international economic and trade struggles, and, based on the "three important" positioning of commercial work, collaborate with relevant departments to fully support foreign trade enterprises in overcoming difficulties, provide them with more assistance, help them explore new markets, and promote the stable development of foreign trade. Industry News 1. China has launched a special campaign to combat the smuggling and export of strategic minerals, and will organize a series of actions in the near future. Medium-heavy rare earths, which were previously subject to export controls, are included in this campaign. Previously, US research institutions had expressed concerns that China's rare earth controls would leave the US unable to fill its rare earth gap, as over 90% of rare earths are currently smelted and processed in China. 2. The People's Bank of China and four other departments jointly issued the "Opinions on Financial Support for the Deepening of Comprehensive Guangdong-Hong Kong-Macao Greater Bay Area Cooperation in Nansha, Guangzhou, Facing the World". The document proposes supporting the establishment of institutions in Nansha, such as data computing power centers, R&D and certification centers, evaluation centers, and regulatory platforms, that integrate key digital technologies like blockchain and artificial intelligence with financial scenarios. It also calls for increased support for the marine industry, commercial space, and the all-domain unmanned industry. 3. According to data from the Ministry of Commerce, as of May 11, 2025, there have been 3.225 million applications for vehicle trade-in subsidies, including 1.035 million for vehicle scrappage and renewal and 2.19 million for replacement and renewal. Since the implementation of the vehicle trade-in policy in 2024, the cumulative number of subsidy applications has exceeded 10 million. 4. Apple is reportedly considering raising the prices of its new iPhone models to be released this autumn. Insiders revealed that Apple will strive to avoid attributing the price increase to "Trump tariffs" and instead attempt to link this change to "new features and design modifications". 5. The General Office of the People's Government of Fujian Province issued the "Several Measures to Further Promote the High-Quality Development of Capital Market Services for Technology-Based Enterprises". The document proposes supporting the issuance of REITs products for projects in new infrastructure fields such as big data, artificial intelligence, and the Internet of Things, and encourages the recycling of funds for investment in technological innovation. 6. Recently, some online accounts have fabricated breaking news events, concocted public policies, and fabricated rumors in the fields of social and livelihood issues through the abuse of AI technology, splicing, and other means, misleading netizens' perceptions, causing public panic, and disrupting social order. The cyberspace administration has guided website platforms to continuously increase monitoring and disposal efforts, promptly trace the sources and close accounts that first spread rumors, and has disposed of a total of 2,210 accounts in violation of laws and regulations. 7. The Economic and Information Technology Department of Sichuan Province and seven other departments jointly issued and implemented the "Action Plan for Breakthroughs in the Brain-Computer Interface and Human-Computer Interaction Industry in Sichuan Province (2025-2030)".It was proposed that by 2027, key breakthroughs would be achieved in critical segments of the industry chain, the industrial ecosystem would be basically established, and a number of industrial development clusters would be built. Corporate News 1. CRRC Corporation Limited announced that it had recently signed major contracts totaling 54.74 billion yuan. 2. Longsheng Technology announced that the supply of NEV motor semi-assembly projects with Seres was expected to commence in the second half of 2025 (H2). 3. Boyun New Materials announced that its shareholder, Gaochuangtou, intended to reduce its stake by no more than 3% of the company's shares. 4. Beijing Lier announced its plan to invest 200 million yuan in Shanghai Zhenliang, a domestic AI chip company. 5. Sunshine Nuohe announced its plan to acquire 100% equity of Langyan Life, and its stock resumed trading. 6. Kutesmart stated in the record of investor relations activities that its collaboration with Huawei to upgrade the AI Agent 2.0 was expected to be completed in 2025. 7. Chuanhuan Technology stated on its interactive platform that its cooperation with Chengfei was progressing in an orderly manner. 8. Woer Heat-Shrinkable Material announced its plan to issue H shares and apply for listing on the Main Board of the Hong Kong Stock Exchange. 9. Zhaowei Electromechanical announced that its shareholder, Qingmo Investment, planned to reduce its stake by no more than 1.5% of the company's shares. 10. Yunnan Copper announced its plan to acquire a 40% stake in Liangshan Mining, and its stock was suspended from trading. Global Markets 1. All three major U.S. stock indices closed significantly higher, with the Nasdaq rising 4.35% and the S&P 500 rising 3.26%, both reaching new closing highs since March 3. The Dow Jones Industrial Average rose 2.81%, reaching a new closing high since March 27. Amazon surged over 8%, Meta rose over 7%, Apple and Tesla both gained over 6%, and Nvidia rose over 5%. All three major European stock indices closed higher, with the German DAX index rising 0.29%. 2. International crude oil futures settlement prices rose over 1.5%. WTI crude oil futures for June rose 1.52%, and Brent crude oil futures for July rose 1.64%. 3. COMEX gold futures fell 2.76%, and COMEX silver futures fell 0.42%. Investment Opportunities Reference 1. Nvidia open-sources multiple large code inference models, with institutions stating that AI large models accelerate the development of high-speed optical modules According to media reports, Nvidia recently open-sourced its Code Reasoning models (Open Code Reasoning model), including three parameter versions: 32B, 14B, and 7B. These models are based on Alibaba's Tongyi Qianwen Qwen2.5-32B, Qwen2.5-14B, and Qwen2.5-7B. In recent years, the training and inference applications of AI large models have required massive parallel data computation, leading to greater demands for network bandwidth. These factors have accelerated the development and application of high-speed optical modules.Guosheng Securities released a research report stating that the optical module industry has entered a period of technological iteration and demand restructuring. 800G remains the mainstream product, with the 1.6T mass production cycle longer than expected. CPO is unlikely to replace pluggable solutions in the short term, and the passive component market is undergoing a revaluation. The pace of industry chain upgrades has returned to the 2-3 year iteration cycle, and the secondary market needs to view technological evolution and performance realization rationally. Meanwhile, high-elasticity opportunities in the passive component segment are worth paying attention to. 2. Solid-state batteries in the spotlight! Multiple tech conferences to be held this week, with battery industry leaders gathering This week, the battery industry is set to host multiple tech conferences. The 17th Shenzhen International Battery Fair/Expo (CIBF2025) will be held in Shenzhen from May 15 to 17. The exhibitor list includes several well-known companies such as CATL, BYD, and 3M China. Additionally, Gotion High-tech will hold its 2025 Global Technology Conference in Hefei from May 16-17. At the China EV100 Forum 2025 held in March this year, Zhu Xingbao, Chief Scientist of Gotion High-tech, revealed that Gotion High-tech will launch a new high-safety solid-state battery with an energy density of 300Wh/kg on May 17. Since the beginning of this year, several policy documents released by the Ministry of Industry and Information Technology (MIIT), the Zhuhai Municipal Bureau of Industry and Information Technology, and the Shanghai Municipal Government have all mentioned solid-state batteries. Yang Rui from Huaxi Securities believes that solid-state batteries represent a definitive technological direction, driving technological upgrades in multiple segments such as cathode materials, anode materials, separators, and conductive agents. As industry demand expands and products mature, the advantages of both volume and profit growth are expected to emerge. 3. One of the new tracks for AI hardware and consumer electronics: the market size of this type of AI product is growing rapidly According to media reports, on May 15, Fibocom will jointly host the "AI Toys Innovation Seminar: Exploring the Future of AI with Fibocom and Volcengine" with Volcengine, to jointly unlock the technological frontiers, market opportunities, and industry ecosystem of AI toys. After the Chinese New Year this year, the toy market has quietly been swept up in a wave of intelligence, with AI toys continuously emerging. AI toys integrated with the DeepSeek large model have injected unprecedented interactive experiences into the toy industry. Industry insiders point out that AI toys can not only understand children's speech but also engage in intelligent learning and adaptation based on reactions, thereby providing personalized interactive services. As one of the new tracks for AI hardware and consumer electronics, the market size of AI toys is growing rapidly and is expected to reach 100 billion yuan by 2033. The integration of AI and the toy industry will reshape the future of children's education, entertainment, companionship, and interactive experiences. 4. Songyan Power unveils a new generation of female bionic robots According to media reports, humanoid robot startup Songyan Power has unveiled a new generation of bionic robots featuring a new female image named Xiaonuo.According to reports, it features multimodal embodied interaction, ultra-high degrees of freedom (32DOF), near-human facial expressions, open character customization, and underlying interfaces, supporting personalized makeup. A reporter from the "Science and Technology Innovation Board Daily" learned on-site that the pre-orders for the Songyan Power N2 robot have exceeded 1,000 units. Institutions predict that the global humanoid robot industry could reach $32.4 billion by 2029. Guosen Securities stated that the mass production schedule for Tesla's humanoid robot, Optimus, is gradually becoming clear. With continuous investments from major players both domestically and internationally (Figure, NVIDIA, Huawei, Unitree, Zhiyuan, etc.), the humanoid robot industry is expected to accelerate its development. 2025 could mark the starting point of an industry boom, and the opportunities for industrial upgrading brought by the advancement of humanoid robots are promising.