"Tin" Guiding the Future: Industrial Transformation and Value Reshaping in the New Cycle Conference Background Currently, the global tin industry stands at a historic turning point. Traditional cyclical logic has been completely disrupted, and its strategic value has been fully highlighted. In 2026, the tin market presents an unprecedentedly complex pattern and profound changes: I. Deep Restructuring of the Supply-Demand Pattern and Unprecedented Elevation of Strategic Attributes The global static reserve-to-production ratio of tin resources is only 14 years, making its scarcity increasingly prominent. The supply side faces "triple pressures": recurring production resumptions in Myanmar, persistently tightening policies in Indonesia, and high geopolitical risks in the DRC, making resource constraints a new normal. Meanwhile, the demand structure has undergone a fundamental shift, with tin becoming a strategic resource connecting traditional manufacturing and the digital future. II. The Price System Breaks Historical Records, and the Industrial Ecosystem Faces Reshaping In early 2026, the SHFE tin price exceeded 470,000 yuan/mt, hitting a record high. This price breakthrough not only reflects a supply-demand imbalance but also signifies a revaluation of the tin industry. Traditional trading models, risk management systems, and supply chain collaboration methods are all in urgent need of innovative breakthroughs. III. Technology-Driven and Green Transformation Foster a New Symbiotic Ecosystem Digital and intelligent technologies are deeply empowering the tin industry chain. The global green transformation requires the tin industry to upgrade towards low-carbon and circular economy models, with recycled tin recovery and green smelting processes becoming inevitable paths. All links in the industry chain must shift from competition to collaboration, building an open, resilient, and innovative symbiotic system. Against this backdrop, the August 19-21, 2026, Changsha, Hunan 2026 SMM (16th) Tin Industry Chain Conference will bring together global industry elites for in-depth discussions. Ganzhou Kaiyuan Technology Co., Ltd. will attend this grand event, joining industry peers to discuss industry development trends and jointly propel the tin industry to new heights. Click the to register for the conference immediately, witness and participate in this extraordinarily significant and far-reaching industry event, and create a brilliant new chapter together! Founded in June 2005, Ganzhou Kaiyuan Technology Co., Ltd. is a modern environmental protection technology enterprise with significant core competitiveness and industry influence in China's non-ferrous metal comprehensive recycling and circular economy sector. The company is deeply engaged in the track of renewable non-ferrous metal resource utilization, focusing on achieving efficient, comprehensive recovery of tin based on tin-containing raw materials, while simultaneously recovering up to 15 valuable non-ferrous metal products, including lead, antimony, bismuth, zinc, copper, gold, and silver. It is one of the benchmark enterprises in China with the most complete range of recycled metal categories. With advanced technology and a professional team, the company is dedicated to transforming waste resources into valuable assets, contributing to sustainable resource utilization and environmental protection. The company currently has over 1,000 employees and strong comprehensive strength. It has been recognized as a key enterprise at provincial, municipal, and district levels and as a leading manufacturing enterprise in Jiangxi Province, with its industry position and comprehensive strength firmly ranking in the first tier of the regional industry. It was honored as a 10-billion-yuan industrial enterprise for 2021-2022 and has been listed among the Top 100 Private Enterprises in Jiangxi Province for many consecutive years. In 2022 and 2025, it also successfully entered the Top 500 Private Manufacturing Enterprises in China (ranked 430th and 499th), fully demonstrating the company’s strong operational capability and core competitiveness in the industry. Emphasizing both quality and environmental protection is the company’s core development principle. The enterprise strictly adheres to the highest industry standards in production and operation, and has successfully passed the dual authoritative certifications of ISO quality management system and ISO environmental management system. It has established a standardized, regulated, and refined production control and environmental management system, ensuring stable and excellent product quality while strictly upholding the bottom line of ecological and environmental protection, demonstrating its responsibility and commitment. To implement the green development concept of the central government and the provincial party committee and government, and actively responding to the call of the district party committee and government for “relocating from urban areas to suburbs and carrying out off-site technological transformation,” the company relocated to Longhua Industrial Park, Nankang District, Ganzhou City, Jiangxi Province in 2016. The new plant covers a total area of 540 mu (about 36 hectares), with a total project investment of 2.06 billion yuan. After upgrading and equipment renewal, it officially began production in May 2018, fully achieving intelligent production, standardized environmental protection, and scaled industrial upgrading, laying a solid hardware foundation for the company’s high-quality development. The company’s main products are refined tin ingots, with by-products including sodium tungstate, copper cathode, lead, bismuth, and other metals, as well as rare and precious metals such as gold, silver, palladium, platinum, rhodium, indium, germanium, and tellurium. For a long time, the company has adhered to the core strategy of parallel development of technological innovation and ecological advancement, continuously deepening core technologies for comprehensive utilization of tin-containing raw materials, increasing investment in tin smelting process R&D and environmental protection equipment, and continuously improving the industrial chain layout and extending the industry value chain, thereby promoting industrial quality improvement, efficiency enhancement, and green upgrading. Its business performance has grown steadily and robustly. From 2021 to 2025, the company’s main business revenue exceeded 10 billion yuan for five consecutive years, solidifying its status as a 10-billion-yuan industrial enterprise. Currently, the company’s annual capacity for refined tin exceeds 50,000 mt, with over 20,000 mt for other metals, accounting for one-fifth of national production and ranking among the top 2 nationwide. It is one of China’s important enterprises with the most varieties of comprehensively recovered precious metals. Contact Information Tel: 86-797-6581062 Address: Longhua Industrial Park, Nankang District, Ganzhou City, Jiangxi Province Long press the QR code to register now 2026 SMM (16th) Tin Industry Chain Conference

Western Mining Co., Ltd.'s 2026 Semi-Annual Report: The Yulong Copper Mine is a super-large porphyry deposit, with a sizable resource scale, high copper grade, and relatively modernized mining and beneficiation equipment. During the reporting period, the Yulong Copper Mine produced 82,394 mt of mined copper, 4,186 mt of electrodeposition copper, and 2,368 mt of mined molybdenum, serving as the company's core supporting mine for business performance. The Phase III project of the Yulong Copper Mine is planned to complete infrastructure construction by the end of 2026. After the project is put into operation, the mine's annual ore processing capacity will increase from 22.8 million mt to 30 million mt, further enhancing the company's copper metal output and profitability.

The first half of 2026 is already in the past. At the start of H2, industry chain enterprises have begun to release their H1 2026 performance forecasts collectively. Notably, against the backdrop of a significantly higher YoY lithium price center, stable demand in the NEV industry, and a continuously booming energy storage sector, most enterprises in the lithium industry chain expect varying degrees of performance improvement. SMM has compiled the performance forecast situations of some enterprises in the industry chain, as follows:

ADATA Technology warns that in Q3 2026, DRAM and NAND flash memory prices will be raised again, pushing selling prices of memory and storage products further higher. ADATA Chairman Chen Libai stated that major memory chip manufacturers have already given notice that DRAM contract prices will continue to rise by 20% to 30% in Q3 2026, while NAND flash prices will surge by as much as 35% to 40%. Prices of both types of memory chips will continue to rise, which is expected to persistently drive the company's business performance growth.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Pulled Back after a Slight Rise in the Night Session, Spot Downstream Players Were Cautious about High Prices and Stayed on the Sidelines]

On June 30, JL MAG Rare-Earth's stock price rose. As of the close on June 30, JL MAG gained 4.83%, closing at 30.85 yuan per share. On the news front: An announcement released by JL MAG Rare-Earth earlier showed that, in order to implement the company's development strategy and enhance its comprehensive competitiveness, it plans to acquire a 9.24% equity stake in Baotou Rare Earth Products Exchange Co., Ltd. held by China Northern Rare Earth (Group) High-Tech Co., Ltd. through a public listing and transfer on the Inner Mongolia Property Rights Exchange Center. According to the appraisal report issued by North Asia Asset Appraisal Co., Ltd., as of the appraisal base date of December 31, 2025, the total equity value of the Exchange appraised using the market approach was 239 million yuan, representing an increase of 27.8551 million yuan over the net asset book value of 211.1449 million yuan on the base date, reflecting a value-added rate of 13.19%. The expected transaction price for the target equity is 22.0836 million yuan. In accordance with relevant provisions such as the Rules Governing the Listing of Stocks on the ChiNext Board of the Shenzhen Stock Exchange and the Articles of Association, this external investment falls within the approval authority of the company's CEO. This investment does not constitute a related-party transaction, nor does it constitute a major asset restructuring as defined by the Administrative Measures for the Material Asset Restructurings of Listed Companies. Discussing the purpose of the investment and its impact on the company, the JL MAG announcement stated: Rare earths are the core raw material for producing NdFeB permanent magnet materials. The Exchange serves as a specialized trading platform for rare earth (metal) resources. If this equity acquisition is successfully completed, it will further enhance the company's ability to secure rare earth raw material supply, strengthen its overall competitiveness, and consolidate its market position in the rare earth permanent magnet industry. In line with the principles of cooperative, co-construction, and mutual benefit, the company will fully leverage and utilize its own advantages to support the Exchange's efforts to build a national-level rare earth (metal) resource trading platform. Funds for this acquisition of the Exchange's equity will come from the company's own funds and will not have a material adverse impact on the company's financial condition and operating results. It is conducive to achieving the company's strategic objectives and does not compromise the interests of the company and its shareholders. In its announcement, JL MAG Rare-Earth also highlighted existing risks: 1. The company's planned acquisition of a partial stake in the Exchange constitutes a transfer of state-owned assets, requiring strict compliance with statutory procedures such as state-owned asset transaction approvals and public listings. There is uncertainty as to whether this equity transfer will be implemented smoothly. 2. As a domestic spot exchange specializing in various rare earth products, the Exchange provides services to upstream and downstream enterprises in the rare earth industry chain, and its operations will be subject to various factors including macroeconomic conditions, industry cycles, and the market environment. Regarding the main risks of the investment, the company will promptly follow up on and cooperate with the approval process for this state-owned asset transfer, while leveraging its own industrial strengths to strengthen collaborative development with the Rare Earth Exchange and manage post-investment and risk control effectively to mitigate investment risks. The company will fulfill its information disclosure obligations in strict compliance with relevant regulations based on subsequent progress of this equity transfer. Investors are advised to exercise caution regarding investment risks. In terms of performance, JL MAG Rare-Earth’s previously disclosed Q1 2026 report showed that during the quarter, the company achieved total revenue of RMB 2.036 billion, up 16.05% YoY, with a net profit attributable to the parent company of RMB 193 million, up 20.09% YoY. JL MAG Rare-Earth’s Q1 2026 report revealed: In Q1 2026, facing a complex landscape where total NEV sales declined YoY while the price of the key raw material Pr-Nd experienced short-term wild swings, the company’s management upheld the annual operating policy of "adhering to legal and regulatory compliance, maintaining a client-centric approach, focusing on the core magnetic materials business, constructing 20,000 mt of new capacity on schedule, actively deploying embodied robot motor rotors, and scaling new heights." By driving technological innovation, organizational optimization, digital transformation, and lean management initiatives, the company mobilized employee initiative to ensure contract fulfillment and on-time delivery to clients while achieving steady business performance growth. In Q1 2026, the company recorded revenue of RMB 2.036 billion, up 16.05% YoY; net profit attributable to shareholders of the publicly listed firm of RMB 193 million, up 20.09% YoY; and non-recurring gain/loss-adjusted net profit attributable to shareholders of the publicly listed firm of RMB 176 million, up 65.95% YoY. The income statement included equity incentive-related share-based payment expenses of RMB 49.9682 million. Net profit excluding the share-based payment impact was RMB 235 million, up 44.57% YoY, and non-recurring gain/loss-adjusted net profit excluding the share-based payment impact was RMB 219 million, up 106.82% YoY. Robots liberate human productivity and represent a critical direction in the next wave of technological transformation, with broad industry growth prospects. In Q1 2026, the company’s robotics and industrial servo motor segment generated revenue of RMB 118 million, up 81.84% YoY, serving clients that include multiple global industrial robot and servo motor producers. The company is actively collaborating with a world-renowned tech firm on the R&D of embodied robot motor rotors and has delivered small-batch products. Additionally, through direct investments and participation in industry funds, the company is making strategic moves in key nodes of the industry chain to accelerate industrial synergy and commercialization. After the introduction of export control measures on medium-heavy rare earth-related items, the company carried out export declaration work in accordance with relevant national regulations, has successively obtained export licenses issued by the national competent authority, and became one of the first enterprises granted a general license by the state. The company's export business was basically stable. During the reporting period, export sales revenue reached 381 million yuan, accounting for 18.7% of operating revenue, up 22.16% YoY. The company has established long-term strategic partnerships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group, and fully leverages the advantage of its controlled subsidiary Yinhai New Materials' upstream rare earth recycling business to build a diversified rare earth resource supply system. In Q1 2026, the company achieved a consolidated gross margin of 21.83%, an increase of 6.13 percentage points YoY; net cash flow from operating activities was 358 million yuan, a significant improvement from -350 million yuan in the same period last year, with overall operating cash flow remaining healthy; as of the end of the reporting period, the company held cash and cash equivalents of 3.298 billion yuan, certificates of deposit maturing within one year of 860 million yuan, and certificates of deposit maturing beyond one year of 571 million yuan, reflecting a strong cash reserve. In addition, JL MAG Rare-Earth's 2025 annual report shows: In 2025, the company achieved total operating revenue of 7.718 billion yuan and core business revenue of 7.028 billion yuan, up 14.11% and 19.00% YoY, respectively, both hitting record highs. Of this, domestic sales revenue was 6.447 billion yuan, up 16.36% YoY; overseas sales revenue was 1.27 billion yuan, up 3.92% YoY, of which export sales to the US were 501 million yuan, up 39.80% YoY. Net profit attributable to shareholders of the publicly listed firm was 706 million yuan, up 142.44% YoY; net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses was 620 million yuan, up 264.00% YoY. The consolidated gross margin reached 21.18%, up 10.05 percentage points from 11.13% in the previous year. The income statement included share-based payment expenses from equity incentives and financial expenses for convertible bonds recognized using the effective interest method, totaling approximately 107 million yuan, of which only 5.11 million yuan will require actual cash outflow in the future. Overall operating cash flow remained healthy. Regarding the company's main businesses and product applications, JL MAG Rare-Earth's 2025 annual report describes: The company is a high-tech enterprise integrating R&D, production, and sales of high-performance NdFeB permanent magnet materials, magnetic assemblies, motor rotors for embodied robots, and comprehensive rare earth recycling. It is a leading supplier of rare earth permanent magnet materials in the new energy and energy-saving and environmental protection sectors. The company's products are widely used in NEVs and automotive parts, energy-saving inverter air conditioners, wind power generation, robots and industrial servo motors, 3C, low-altitude aircraft, energy-saving elevators, rail transit, and other fields, and it has established long-term, stable cooperative relationships with industry leaders both in and outside China in each field. The company has actively deployed in the robotics field: on the one hand, it cooperates with internationally renowned technology companies to conduct R&D on motor rotors for embodied robots and capacity building, with small-batch product deliveries already achieved; on the other hand, through direct investments or participation in industry funds, it strategically deploys in key links of the relevant industry chain, accelerating industry synergy and commercialization. JL MAG Rare-Earth, in its annual report, discussed its industry situation during the reporting period and touched on rare earth price trends: In 2025, Pr-Nd alloy prices fluctuated upward overall. According to data from the China Rare Earth Industry Association, the average price of Pr-Nd alloy in 2025 was 601,300 yuan/mt, a YoY increase of 23.8%. Rare earth prices are generally determined by the interplay of multiple factors, including supply, demand, policies, inventory, and market expectations. Meanwhile, compared to short-term fluctuations in rare earth prices, the industry places greater emphasis on medium- and long-term changes, as relatively stable rare earth prices are conducive to the industry's high-quality development. Regarding its outlook for future development, JL MAG Rare-Earth stated: (1) Corporate Development Strategy The company will continue to uphold its vision of "becoming a global leader in the rare earth permanent magnet industry" and its development strategy of "providing clients with full-category magnetic material solutions," centered on rare earth permanent magnets, focusing on application scenarios related to new energy and energy conservation and emission reduction, to continuously enhance product performance and cost efficiency. At the same time, the company adheres to group-oriented operations and collaborative industry chain deployment, guided by client needs and the principle of long-termism, steadily advancing capacity construction and technological upgrades. 1. Commitment to Stable Operations: The company steadfastly upholds intrinsic safety bottom lines, strictly implements national regulations in areas such as export permits, production safety, and environmental protection, solidly pursues compliant operations and comprehensive risk control, and always maintains a prudent financial strategy. It remains focused on its core business, making technological innovation and process improvement long-term core investment priorities, continuously strengthening the automation, digitalization, and intelligent construction of production operations, and gradually building sustainable capabilities for product iteration and lean cost optimization. 2. Collaborative Industry Chain Deployment: The company follows an industry chain layout approach of "upstream recycling collaboration, midstream product diversification, and downstream component extension," comprehensively enhancing collaborative operational efficiency in the industry chain and strengthening its resistance to market fluctuations. Upstream, the company will build a recycling system and deepen resource synergy cooperation, promote the diversification of raw material supply sources, and continuously optimize procurement and inventory management efficiency. Midstream, leveraging existing areas of strength, it will closely target the differentiated needs for magnetic materials across various application scenarios, continuously improve its product portfolio and optimize product structure, steadily transforming from a “single-product supplier” to a “comprehensive solution provider.” Downstream, deeply aligning with core client needs, the company will steadily advance R&D and production capacity building for magnetic assemblies, motor rotors, and other products, continuously enhancing assembly precision and full-process quality control, effectively increasing client stickiness and product added value. 3. Synergistic Strategic Investments In terms of strategic investments, the company will carry out prudent equity investments or partnerships around client needs and key links in the industry chain, adhering to the principle of mutual empowerment between investments and the company’s principal operations. Leveraging industrial funds established in collaboration with professional investment institutions, it will focus on strategic tracks such as high-end manufacturing, embodied AI, and new energy, deepen project layout and value cultivation, and promote industry resource synergy and long-term value enhancement. (II) 2026 Annual Operating Plan The company’s operating policy for 2026: “Adhere to legal and compliant operations, uphold client orientation, focus on the magnetic materials main business, build the 20,000 mt new capacity on schedule, actively position in motor rotors for embodied robots, and reach new heights.” In line with this policy and on the premise of legal and compliant operations, the company will prioritize the following work: 1. Orderly Release of Capacity under Construction In 2026, some of the company’s projects under construction will gradually release capacity. The specific release progress will comprehensively consider factors such as equipment commissioning and market demand, advancing the commissioning and ramp-up of new capacity in an orderly manner. 2. Continuous Enhancement of R&D Capabilities. 3. Continuous Optimization of Product Structure The company will continue to enrich its product matrix for different application scenarios based on client needs, enhancing product structure resilience and client stickiness. At the same time, it will steadily advance the layout of projects such as magnetic assemblies and motor rotors for embodied robots, equip dedicated production lines and specialized teams, and upgrade small-batch production lines to large-scale, standardized manufacturing and quality systems. 4. Continuous Improvement of Operational Capabilities. 5. Strengthening Capital Expenditure Efficiency. 6. Improving Incentive Mechanisms and Shareholder Returns. 7. Advancing the ESG System. Regarding risks the company may face, JL MAG Rare-Earth noted when describing the risk of rare earth raw material price fluctuations: Rare earth metals are the main raw materials for producing NdFeB magnets. China is an important global supplier of rare earth raw materials. Wild swings in rare earth raw material prices will, in the short term, adversely affect the company’s production and sales. Countermeasures: The company has built production plants in Ganzhou, Jiangxi, a major heavy rare earth production area, and Baotou, Inner Mongolia, a major light rare earth production area. It has established long-term cooperative relationships with major rare earth raw material suppliers, including China Northern Rare Earth Group and China Rare Earth Group. At the same time, through measures such as purchasing rare earth raw materials in advance based on orders on hand, setting up price adjustment mechanisms with major clients, optimizing formulations, and improving processes, the company strives to mitigate the adverse impact of rare earth raw material price fluctuations on its business performance. Looking back at the price performance of Pr-Nd alloy in 2025, : The average price of Pr-Nd alloy on December 31, 2025, was 735,000 yuan/mt, compared with the average price of 489,000 yuan/mt on December 31, 2024, representing a 2025 increase of 50.31%. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, compared with the annual daily average of 484,704.55 yuan/mt in 2024, increasing by 117,476.52 yuan/mt, a YoY increase of 24.24%. According to SMM's quotation display: on June 30, the Pr-Nd alloy price was 900,000~910,000 yuan/mt, with an average price of 905,000 yuan/mt, down 0.56% from the previous trading day. Focusing on the Pr-Nd market, on June 30, the increase in Pr-Nd oxide futures prices drove a synchronized rise in suppliers’ spot offer prices, making low-priced oxide hard to find in the market. However, metal enterprises showed a cautious purchasing attitude due to unsatisfactory metal inquiries, resulting in generally moderate overall trading activity. In the metal market, inquiry activity picked up somewhat in the afternoon of the 30th, mainly driven by tender purchases from large magnetic material enterprises. However, most magnetic material enterprises remained on the sidelines, and overall transaction performance was poor. In the short term, given the lack of significant improvement in downstream demand, Pr-Nd product prices are expected to move sideways. Recommended reading:

The minutes of Tianhe Magnetics' investor briefing held on May 7 showed: 1. What is the trend in the revenue share of the NEV business, and how is the recovery in wind power, consumer electronics, and other segments? Tianhe Magnetics responded: Hello, thank you for your attention! The company's products are widely used in NEVs and parts, wind power, energy-efficient home appliances, consumer electronics, and other fields. Its clients are all industry leaders, and the company has been deeply integrated into the core supply chains of top-tier players in and outside China. During the reporting period, NEVs and parts remained the downstream segment with the highest share; wind power and consumer electronics segments recovered and grew YoY. The company adheres to a diversified strategy, deepens strategic cooperation with clients, strengthens client loyalty, and continues to expand downstream applications to support steady business growth. 2. What is the specific progress of "small-batch delivery" of dedicated magnets for humanoid robots, and what is the expected revenue contribution? Tianhe Magnetics responded: Hello, thank you for your attention! In the humanoid robot field, the company works closely with relevant clients to jointly conduct R&D and trial production of related projects. The specific revenue contribution is directly linked to the promotion and application progress of humanoid robots. 3. Against the backdrop of tightening rare earth export controls, how can the sustainability of the 44% ex-China business be ensured? Tianhe Magnetics responded: Hello, thank you for your attention! The company coordinates and obtains export licenses from the Ministry of Commerce in an orderly manner based on client orders to ensure the smooth and sustained operation of its export business. At the same time, the company actively expands markets outside China, deepens engagement with existing clients and develops new clients, increases efforts in developing zero-heavy-rare-earth products, and scales up product exports to ensure steady growth in ex-China performance. Tianhe Magnetics' Q1 2026 report disclosed on April 28 showed: the company achieved total operating revenue of 594 million yuan, up 13.12% YoY; net profit attributable to the parent company was 47.873 million yuan, up 33.41% YoY. Tianhe Magnetics' Q1 report showed: raw material prices remained at high levels, and selling prices of some sales orders were raised, which in turn affected related profit indicators. Tianhe Magnetics' annual report showed: 2025 was the inaugural year of Tianhe Magnetics' entry into the capital market, and the company embarked on a new phase of high-quality development. Positioned at the forefront of the industry, amid the trend of high-end, intelligent, and green development in the rare earth industry, the company anchored on technological innovation and intelligent management as its core, deepened collaborative partnerships with clients, continuously optimized its supply chain layout, steadily released capacity from IPO-funded projects, and progressively implemented automated production line upgrades and green process improvements. Meanwhile, the company actively expanded its product portfolio and industrial reach into injection-molded magnets, bonded magnets, and magnetic assemblies to provide clients with comprehensive rare earth permanent magnet solutions. In addition, the company accelerated its positioning in emerging sectors such as humanoid robots and the low-altitude economy to build momentum for long-term growth. In 2025, the company achieved operating revenue of 2.346 billion yuan, down 9.47% YoY, total profit of 170.908 million yuan, up 18.81% YoY, and net profit of 161.161 million yuan, up 18.43% YoY. In its annual report, when introducing its main business, products, and application fields, Tianhe Magnetics stated: The company is a leading high performance rare earth permanent magnet material provider in China. With the corporate vision of "being a leader in permanent magnet material innovation," the company is primarily engaged in the R&D, production, and sales of high performance rare earth permanent magnet materials such as sintered NdFeB and sintered SmCo, while extending its industrial reach into injection-molded magnets, bonded magnets, and magnetic assemblies to provide clients with comprehensive rare earth permanent magnet solutions. With independent R&D and technological innovation at its core, and guided by the application scenarios and development needs of downstream cutting-edge fields such as NEVs and auto parts, wind power generation, intelligent manufacturing, and 3C consumer electronics, as well as emerging industries such as humanoid robots and the low-altitude economy, the company effectively leverages the fundamental and pioneering role of rare earth permanent magnets as key strategic materials, continuously advancing the innovation and application of high performance, resource-efficient rare earth permanent magnet materials to drive downstream technological innovation, product upgrades, and industrial transformation. Regarding the company's business plan, Tianhe Magnetics stated in its annual report: 2026 is the second year since Tianhe Magnetics' listing and the opening year of the 15th Five-Year Plan. Standing at a new starting point, the company adopts "innovation" as its annual development theme, upholds the philosophy of "breaking conventions and embracing change," and continues to deepen its presence in the high performance rare earth permanent magnet material field. Leveraging its two rare earth bases in Baotou, the company plans to focus on core technology upgrades and high-end market expansion both in and outside China, seize the strategic opportunities of the global energy transition and intelligent development, and drive "development" through "innovation." Under the leadership of the board of directors, the company plans to further integrate resources, leverage its strengths, and systematically advance various initiatives around its business objectives to ensure high-quality and sustainable development. In 2026, the company plans to focus on the following initiatives: 1. With "innovation" at the core, continuously strengthen R&D investment and drive product and technology upgrades. 2. Pursue new frontiers: focus on expanding new products, new clients, and new markets. 3. Continuously strengthen production and quality management to improve yield and turnover efficiency. 4. Deepen the construction of digital smart factories to continuously enhance production efficiency. 5. Steadily advance IPO-funded and new project construction to expand capacity and support performance growth. (1) Continue to advance IPO-funded project construction. In 2026, the company plans to continue advancing the implementation of IPO-funded projects as planned. Upon full production, the company will reach an annual capacity of 12,300 mt. The company plans to continuously improve manufacturing efficiency through automated production line upgrades, digital management system deployment, and green production process transformation, ensuring capacity alignment across all stages from blank production to finished product inspection, and laying a solid foundation for performance growth. (2) Advance the Tianhe New Materials project construction. The Phase I of the "Tianhe New Materials Rare Earth Zero-Carbon Industrial Park (High Performance Rare Earth Permanent Magnets and Assemblies, Equipment Manufacturing and R&D Project)" invested and constructed by the company's subsidiary Tianhe New Materials has been launched. Upon completion, the project will further expand the business scale and enhance the company's overall profitability, market competitiveness, and risk resilience. 6. Enhance intelligent equipment manufacturing capabilities and cultivate new growth drivers. 7. Management empowerment: continuously strengthen organizational and talent development. 8. Continue to improve ESG efforts and promote sustainable development. 9. Strengthen investor relations and market capitalization management to drive sustained enhancement of company value. When disclosing the risk of raw material price fluctuations, Tianhe Magnetics stated: The main raw materials required for the company's production are rare earth metals, which are relatively expensive and subject to notable fluctuations due to multiple factors including macro economy, trade environment, industrial policies, and market supply and demand. Although rare earth permanent magnet material enterprises can dynamically adjust product selling prices based on factors such as raw material price changes, some existing order prices are locked in, and price adjustments for new orders also involve negotiation cycles, so product price adjustments typically lag behind raw material price fluctuations. If raw material prices continue to swing wildly in the future and the company fails to respond in a timely and effective manner, it may adversely affect business performance. Countermeasures: To address this risk, the company continuously strengthens supply chain management, signs long-term agreements with major suppliers to establish stable partnerships, and implements a scientific raw material reserve strategy to smooth out the impact of price fluctuations. A review of the 2025 price performance of Pr-Nd alloy, a key raw material for NdFeB, showed: the average price of Pr-Nd alloy on December 31, 2025 was 735,000 yuan/mt, up 50.31% compared with its average price of 489,000 yuan/mt on December 31, 2024. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, up 117,476.52 yuan/mt or 24.24% YoY compared with the annual daily average price of 484,704.55 yuan/mt in 2024. A review of the price trend of Pr-Nd alloy in Q1 this year showed: the average price of Pr-Nd alloy on March 31 this year was 880,000 yuan/mt, up 145,000 yuan/mt or 19.73% compared with its average price of 735,000 yuan/mt on December 31, 2025. The daily average price of Pr-Nd alloy in Q1 this year was 913,035.71 yuan/mt, up 385,018.17 yuan/mt or 72.92% compared with the Q1 2025 daily average price of 528,017.54 yuan/mt. On May 8, the price of Pr-Nd alloy was 925,000–930,000 yuan/mt, with an average price of 927,500 yuan/mt, down 0.8% from the previous trading day. Currently, rare earth market prices continue to weaken. Pr-Nd market, downstream purchasing inquiries showed no improvement, and suppliers of oxides maintained a low-price selling strategy to facilitate shipments. However, Pr-Nd oxide futures prices recovered somewhat on the morning of May 8, narrowing the price decline of Pr-Nd oxide. Metal market, constrained by sluggish downstream inquiries, factories showed limited willingness to actively quote, and some suppliers chose to continue lowering their offers. However, as the decline in spot oxide prices narrowed, the actual decline in Pr-Nd alloy prices also narrowed. Nevertheless, downstream wait-and-see sentiment remained strong, and the market trading atmosphere did not see effective improvement. In the short term, Pr-Nd product prices are expected to move sideways amid the tug-of-war between upstream and downstream players.

On April 24, 2026, the State Taxation Administration officially released the "Positive and Negative List for Taxpayers' Compliant Invoice Issuance," providing clear and itemized guidance that both better safeguards taxpayers' legitimate rights and promotes the rectification of circular invoicing, mutual invoicing, and invoicing with artificially inflated transaction links

On April 27, Zhong Ke San Huan's share price rose. As of the close on April 27, the share price was up 0.84% to 11.99 yuan per share. On the news front, on April 25, Zhong Ke San Huan disclosed its Q1 2026 report, which showed that the company achieved revenue of 1.677 billion yuan in Q1, up 14.79% YoY, and net profit attributable to shareholders of the publicly listed firm of 16.3958 million yuan, up 21.54% YoY. In response to questions from survey participants, Zhong Ke San Huan stated that the company had established a technology innovation centre, completed the initiation and advancement of key R&D projects, built a platform for sharing technological achievements, and achieved efficient transformation and reuse of technological achievements within the group. The company continued to increase R&D investment, focused on tackling core industry technologies, undertook multiple national major science and technology projects, and achieved industrialisation of many results. The company deepened industry-academia-research collaborative innovation, carried out in-depth cooperation with scientific research institutes, and jointly developed innovative products such as high performance magnetic materials and wind power-dedicated magnetic materials. The investor relations activity record disclosed by Zhong Ke San Huan on April 15 showed: 1. Despite strong earnings growth, the share price declined continuously for a month? Zhong Ke San Huan responded: Share prices are influenced by multiple factors and are subject to uncertainty in the short term. The company has been committed to growing and strengthening its core business, striving to achieve long-term, stable, and healthy development through continuous R&D innovation and market expansion, and endeavouring to create long-term value for shareholders and investors. Thank you! 2. In which direction will future R&D efforts be focused? Zhong Ke San Huan responded: Hello! The company's current key R&D projects include: research and development of new-type grain boundary diffusion technology, development of anisotropic bonded magnets, R&D and industrialisation of high-efficiency energy-saving NdFeB new-type equipment line processes, research on preparation processes for high performance NdFeB magnets, research on mechanisms of heavy rare earth reduction combination technologies, and research on grain boundary diffusion of magnets with high-abundance element substitution. Going forward, the company will continue to focus on common key technological bottlenecks in the industry, actively participate in national and local major scientific research projects, and develop high performance rare earth permanent magnet materials for strategic emerging fields such as NEVs, robotics, and the low-altitude economy. The company will build a full-chain innovation system covering "mechanism research—prototype verification—mass production verification—product transformation," deepen industry-academia-research collaboration and coordination with downstream clients, proactively position itself in new-type permanent magnet material technologies, and build a core technology moat. Thank you! 3. Has the company expanded its business in new energy and other dual-carbon-related fields? Zhong Ke San Huan responded: Hello! As an important energy-saving material, the rare earth permanent magnet materials produced by the company have been applied for many years in fields such as NEVs, energy-saving home appliances, and industrial robots. With the continuous development of low-carbon economic sectors such as robotics, industrial motors, the low-altitude economy, and digitalisation and intelligent technologies, there remain broad application prospects ahead, which will continue to bring new market opportunities for the company. Thank you! 4. What is the company's expansion target in markets outside China in 2026? Zhong Ke San Huan responded: Hello! In 2025, the company's revenue from outside China accounted for 49.45%. The company will continue to optimize market development strategies based on market conditions, deepen engagement with core clients and key markets, actively expand into emerging application fields, improve sales channels and service systems, and enhance the breadth and depth of market coverage; continuously optimize the market structure in and outside China to strengthen market risk resilience. Thank you! 5. What does the company plan to do to improve competitiveness? The earnings every year just go to paying salaries? Can the financial statements be more stable, with impairments fluctuating wildly? Zhong Ke San Huan responded: The company is one of the world's leading rare earth permanent magnet suppliers. In order to continue maintaining the company's leading position in the industry, we focus on improving competitiveness in the following areas: targeting major scientific and technological issues in the future rare earth permanent magnet industry and major demands of the low-carbon economy, continuously researching new rare earth permanent magnet technologies, products, and equipment with core proprietary intellectual property rights, and developing and producing high performance rare earth permanent magnetic materials suitable for low-carbon energy saving, intelligent manufacturing, and traditional high-tech fields; further improving the technology innovation and intellectual property system, rationally allocating scientific and technological resources, and establishing innovation platforms with smooth information flow, close integration, and efficient processes both within and outside the company. Fully leveraging the company's advantageous resources, establishing long-term new product development partnerships with top international clients, and continuously enhancing innovation capabilities; continuously intensifying market development efforts, refining sales channels construction, improving service capabilities, strengthening brand promotion, innovating marketing models, and continuously increasing market share, with particular attention to downstream high-end market and emerging application field demands; accelerating the informatization, automation, and intelligentization of production lines, further enhancing equipment automation levels, continuously improving digital and intelligent management and control of production processes, and driving further improvements in production efficiency, product quality, and profitability; continuing to seek cooperation opportunities in the upstream rare earth raw material industry to support the company's sustainable development; while steadily developing the rare earth permanent magnetic material core business and safeguarding the company's competitive advantages in this field, actively expanding into new industrial development areas and extending into downstream application fields at appropriate times. 6. Peers in the rare earth permanent magnet sector have delivered strong performance and market capitalization, yet the company, as a significant player in the rare earth permanent magnet sector, has been consistently disappointing in terms of performance and share price. What concrete measures does the management plan to take to improve performance and market capitalization? Zhong Ke San Huan responded: Hello! The company is one of the world's leading rare earth permanent magnet suppliers. In order to continue maintaining the company's leading position in the industry, we focus on the following areas: targeting major scientific and technological issues in the future rare earth permanent magnet industry and major demands of the low-carbon economy, continuously researching new rare earth permanent magnet technologies, products, and equipment with core proprietary intellectual property rights, and developing and producing high performance rare earth permanent magnetic materials suitable for low-carbon energy saving, intelligent manufacturing, and traditional high-tech fields; further improving the technology innovation and intellectual property system, rationally allocating scientific and technological resources, and establishing innovation platforms with smooth information flow, close integration, and efficient processes both within and outside the company. Fully leverage the Company's advantageous resources, establish long-term new product development partnerships with top international clients, and continuously enhance innovation capabilities; continuously intensify market development efforts, deepen channel development, improve service capabilities, strengthen brand promotion, innovate marketing models, and continuously increase market share. Pay particular attention to demand in downstream high-end markets and emerging application fields; accelerate the informatization, automation, and intelligent upgrading of production lines, further enhance the level of equipment automation, continuously improve digital and intelligent management and control of production processes, and drive further improvements in production efficiency, product quality, and profitability; continue to seek cooperation opportunities in the upstream rare earth raw material industry to support the Company's sustainable development; while steadily developing the core business of rare earth permanent magnet materials and safeguarding the Company's competitive advantages in this field, actively expand into new industrial development areas and extend into downstream application fields at appropriate times. Thank you! 7 How is the progress of intelligent and automated upgrades at each production site? Zhong Ke San Huan responded: Hello! Based on industry characteristics and actual conditions, the Company has been actively pursuing informatization/automation/intelligent transformation and upgrades, continuously promoting the integrated development of informatization and digitalization with enterprise operation and management, improving management and production efficiency, and providing solid support for the Company's overall digital transformation. Thank you! 8 What are the Company's target plans regarding high-performance magnets for humanoid robots? Zhong Ke San Huan responded: Hello! The NdFeB permanent magnet materials produced by the Company have been applied in the industrial robot field for many years. Currently, the humanoid robot industry has not yet achieved large-scale mass production. Once commercialization is realized, it is expected to bring positive impacts to the NdFeB permanent magnet materials industry and the Company. In recent years, the Company has been continuously conducting technology development in this field, actively communicating with downstream application clients, and striving to capture potential market opportunities. Thank you! 9 How does the Company hedge against the risk of raw material price fluctuations? Zhong Ke San Huan responded: Hello! The Company will continue to monitor raw material price movements and actively address the adverse impacts of raw material price fluctuations through measures such as strengthening concentrated procurement of raw materials and optimizing inventory management. Thank you! 10 Please share the Company's performance guidance for 2026. Zhong Ke San Huan responded: Hello! For relevant information, please refer to the announcements released by the Company on its designated information disclosure media. Thank you! 11 Does the Company have any plans for expansion into emerging fields? Zhong Ke San Huan responded: Hello! In response to major scientific and technological challenges in the future rare earth permanent magnet industry and major demands of the low-carbon economy, the Company continuously researches new rare earth permanent magnet technologies, products, and equipment with core proprietary intellectual property rights, and develops and produces high-performance rare earth permanent magnet products suitable for low-carbon energy conservation, intelligent manufacturing, and other emerging high-technology application fields. Thank you! 12. What is the status of the commercialisation of industry-academia-research collaboration outcomes? Zhong Ke San Huan responded: Hello! The Company established a Technology Innovation Centre, completed the initiation and advancement of key R&D projects, built a technology achievement sharing platform, and achieved efficient conversion and reuse of technology achievements within the Group. The Company continued to increase R&D investment, focused on tackling core industry technologies, undertook multiple national major science and technology projects, and achieved industrialisation of most outcomes. The Company deepened industry-academia-research collaborative innovation, conducted in-depth cooperation with scientific research institutes, and jointly developed innovative products such as high performance magnetic materials and wind power-dedicated magnetic materials. Thank you! 13. What is the revenue contribution from the low-altitude economy segment? Zhong Ke San Huan responded: Hello! The Company's products have been applied in the drone sector. Currently, products used in drones account for a relatively small proportion of the Company's total shipments. Thank you! Zhong Ke San Huan released its 2025 annual report on the evening of March 27, which showed that: In 2025, facing a complex and volatile external environment and increasingly fierce industry competition, the Company's management and all employees worked together, continuously optimised business management, actively adopted effective measures such as cost reduction and efficiency improvement, and strived to promote the Company's stable operations and healthy development, achieving significant YoY growth in operating performance. During the period, the Company's foreign exchange gains increased to a certain extent compared with the same period of the previous year, and the Company's asset impairment losses decreased significantly compared with the same period of the previous year. During the reporting period, the Company achieved operating profit of 176.573 million yuan, a YoY increase of 372.87%; total profit of 179.8863 million yuan, a YoY increase of 379.71%; net profit attributable to shareholders of the publicly listed firm of 91.3186 million yuan, a YoY increase of 660.50%; and after excluding the impact of non-recurring gains and losses such as government subsidies, net profit attributable to shareholders of the publicly listed firm after deducting non-recurring gains and losses of 60.6065 million yuan during the reporting period, a YoY increase of 451.03%. Regarding the Company's main business and product applications, Zhong Ke San Huan stated in its 2025 annual report: The Company's main products are sintered NdFeB and bonded NdFeB permanent magnet materials, which are widely used in NEVs, automotive motors, consumer electronics, robots, industrial motors, energy-saving elevators, variable-frequency air conditioners, wind power generation, and other fields. Amid the global trend of low-carbon economy, countries around the world have focused on environmental protection and low-carbon emissions as key technology areas. Rare earth permanent magnet materials, represented by sintered NdFeB and bonded NdFeB, play an important role in establishing a complete low-carbon and green industry chain for emission reduction. Humanoid robots and the low-altitude economy are two emerging growth drivers for high performance NdFeB demand. The former boosts explosive growth in high-end magnetic materials through joint servo motors, while the latter expands demand for high power density magnetic materials driven by eVTOL aircraft and drones. Together, they are reshaping the demand structure and technological direction of rare earth permanent magnets. Currently, the humanoid robot industry has not yet achieved large-scale mass production. Once commercialisation is realised, it will have a positive impact on the NdFeB permanent magnet materials industry and the Company. During the reporting period, the Company focused on the R&D of high performance magnets for humanoid robots to capture market opportunities following their future commercialisation. Meanwhile, the Company actively and continuously monitored developments in the low-altitude economy sector, striving to seize potential market opportunities. Regarding the business plan for 2026, Zhong Ke San Huan stated: In 2026, the Company will closely align with its future development strategy, focus on core objectives, advance the implementation of key initiatives, and drive sustained improvement in business operations. (1) Continue to strengthen technological R&D, focus on key R&D directions, intensify efforts in core technology breakthroughs, promote the industrialisation of R&D achievements, and enhance product technological content and market competitiveness; improve R&D management and incentive mechanisms to stimulate the innovation vitality of R&D teams. (2) Optimise market development strategies, deepen engagement with core clients and key markets, actively expand into emerging application fields, improve sales channels and service systems, and enhance the breadth and depth of market coverage; continuously optimise the market structure in and outside China to strengthen market resilience against risks. (3) Deepen production and operations management, advance the intelligent and automated upgrading of production sites, optimise production processes and resource allocation, and further reduce costs and increase efficiency; strengthen supply chain coordination management to ensure stable raw material supply and controllable costs. (4) Advance digital transformation, expand the coverage of information system applications, improve business-finance integration, enhance data consolidation and analytical capabilities, and empower business management and decision-making through digitalisation. (5) Strengthen the talent and incentive system, continue to recruit talent in key areas, improve talent development and career pathways, and fully mobilise employee enthusiasm and creativity. (6) Strengthen compliance management, continuously track changes in industry policies, dynamically optimise the compliance management system, and ensure that all business activities of the Company strictly comply with laws, regulations, and regulatory requirements. In highlighting the raw material supply and price risks that the Company may face, Zhong Ke San Huan stated in its 2025 annual report: Rare earth raw materials are the core input for the Company's product manufacturing. Their supply is significantly affected by policies such as industry rectification and production controls, and there may be risks of tight supply. Meanwhile, rare earth raw material prices are influenced by multiple factors including the international economic environment, policy regulation, and market supply and demand. Price fluctuations may cause fluctuations in the Company's production costs, thereby affecting business performance. A review of the 2025 price performance of Pr-Nd alloy, a key raw material for NdFeB, shows that the average price of Pr-Nd alloy on 31 December 2025 was 735,000 yuan/mt, compared with 489,000 yuan/mt on 31 December 2024, representing an increase of 50.31% in 2025. The annual daily average price of Pr-Nd alloy in 2025 was 602,181.07 yuan/mt, compared with its annual daily average price of 484,704.55 yuan/mt in 2024, representing an increase of 117,476.52 yuan/mt, up 24.24% YoY. Looking back at the price trend of Pr-Nd alloy in Q1 this year: the average price of Pr-Nd alloy on March 31 this year was 880,000 yuan/mt, up 145,000 yuan/mt or 19.73% compared with its average price of 735,000 yuan/mt on December 31, 2025. The Q1 daily average price of Pr-Nd alloy this year was 913,035.71 yuan/mt, up 385,018.17 yuan/mt or 72.92% compared with the Q1 2025 daily average price of 528,017.54 yuan/mt. According to SMM's latest quotes: on April 27, the price of Pr-Nd alloy was 940,000-960,000 yuan/mt, with an average price of 950,000 yuan/mt, unchanged from the previous trading day. Currently, the rare earth market is showing a clear divergence: the oxide market experienced notable fluctuations, while the metal market remained relatively stable. Focusing on the Pr-Nd market, affected by ongoing fermentation of market news, Pr-Nd oxide futures prices continued to decline, and some oxide traders lowered their offers accordingly. However, most producers chose to suspend quoting, with a strong wait-and-see sentiment prevailing in the market and actual trading volumes remaining sluggish. In the metal market, despite the continued decline in oxide prices, metal enterprises showed limited willingness to sell at low prices due to inventory cost support, keeping their offers relatively firm. Magnetic material enterprises adopted a cautious purchasing stance, mostly inclined to seek lower prices for procurement, leading to a stalemate in market trading. In the short term, affected by the tug-of-war between upstream and downstream, Pr-Nd product prices are expected to move sideways. Recommended reading:

[SMM Global Steel Company Special] POSCO Business Performance Report POSCO Holdings Inc. released its 2025 consolidated results, reporting revenue of 69.095 trillion won, operating profit of 1.827 trillion won, and net profit of 504 billion won. The details of the steel segment's 2025 performance are as follows. Data source: POSCO Annual Report POSCO (Standalone) Operating Performance Production and Sales Data source: POSCO Annual Report Earnings Overview ① 2025 revenue: 35.011 trillion won, down 2.545 trillion won YoY; ② 2025 operating profit: 1.78 trillion won, up 307 billion won YoY; ③ Operating profit margin: 5.1%, up 1.2% YoY. Performance Analysis On a full-year basis, although selling prices in 2025 declined compared to 2024, operating profit still rose as raw material and production costs fell by a larger margin. ① Carbon steel selling price dropped from 985,000 won/mt in 2024 to 926,000 won/mt in 2025, down approximately 59,000 won/mt. ② Key raw material cost index: fell from 100 in 2024 to 83.8 in 2025, down 16.2. Although annual growth was still achieved, it is worth noting that the sharp rise in LNG prices also significantly impacted costs, pushing up energy and maintenance expenses from 494 won/m³ in 2024 to 633 won/m³ in 2025. More detailed changes are as follows (unit: 1 billion won). Data source: POSCO Annual Report Ex-China Steel Operating Performance Details Data source: POSCO Annual Report Core Steel Business Operating Activities Decarbonisation ① Commenced construction of the HyREX (hydrogen reduction ironmaking) demonstration plant in Pohang (expected to be operational in 2028). ② Operating the Gwangyang Electric Arc Furnace (EAF, capacity of 2.5 million mt, operational from June) to quickly respond to market demand for low-carbon steel products. Building Two Pillars: Energy and Mobility ① Pohang Plant (Energy): Building a "model plant for energy-use steel," deepening capabilities in steel for hydrogen energy, LNG, and power grid applications (including PosMAC, e-steel, etc.). ② Gwangyang Plant (Mobility): Positioned as a "dedicated plant for new mobility," conducting R&D on Giga Steel, silicon steel (Hyper NO), and other low-carbon high-end materials. Cost Innovation 2030 Leveraging technology to reduce structural costs through technology-driven structural cost reduction, targeting fixed cost reductions of 50 billion Korean won in 2025 and 40 billion Korean won in 2026. Optimizing group-wide operating costs: such as optimizing power generation and waste heat recovery, and streamlining logistics and procurement. Overseas Expansion ① [US Louisiana: EAF Integrated Steel Mill] Total investment of $5.8 billion, with POSCO holding a 20% stake and a relatively small financial burden (capital-to-debt ratio of 50:50). Products will be directly supplied to North American automakers and POSCO's Mexico plant. Discussions are underway on battery materials supply chain and next-generation materials collaboration. ② [Strategic Partnership with US Cleveland-Cliffs] Combining POSCO's global network with Cleveland-Cliffs' domestic production assets. Goal: Capturing the North American high-value-added automotive sheet market through the integration of technology and marketing. ③ [India: Integrated Steel Mill Joint Venture] Establishing a 50:50 joint venture with JSW, India's largest steel manufacturer, with equal representation on the board of directors. Constructing an integrated steel mill with a capacity of 6 million mt, and conducting business collaboration in renewable energy (wind and solar) to supply power to the steel mill. Source: POSCO Annual Report Copyright and Intellectual Property Statement: This report is independently created or compiled by SMM Information & Technology Co., Ltd. (hereinafter referred to as "SMM"), and SMM legally enjoys complete copyright and related intellectual property rights. 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