It is understood that from May 17 to May 23, 2025, the weekly comprehensive operating rate of lead-acid battery enterprises in five provinces tracked by SMM was 72.66%, basically stable WoW. Recently, the off-season trend in the battery market for electric bicycles, automobiles, and other applications has continued, with no significant changes in the production of lead-acid battery enterprises, which maintain a produce-based-on-sales model. By type, ESS battery enterprises had the highest operating rate among the three battery categories, mainly due to an increase in orders from sources such as data centers and mobile base stations. Meanwhile, some Sino-foreign joint venture enterprises have lifted production cuts and inventory control measures due to the end of their fiscal year, and the resumption of production by these enterprises has become one of the factors contributing to the rise in the operating rate of ESS battery enterprises. In addition, as next week approaches month-end and the Dragon Boat Festival, some enterprises may once again face the possibility of month-end inventory checks and holidays, which may in turn affect the weekly operating rate of lead-acid battery enterprises to decline.

Recently, Shenzhen Hemei Group Co., Ltd. (hereinafter referred to as Hemei Group), a company primarily engaged in the clothing business, released its 2024 annual report. Since venturing into the hydrogen energy sector in 2024, as of the end of the reporting period, the company has acquired six energy replenishment stations, with the production of green hydrogen and green methanol from wind and solar power in the preliminary planning stage, and 500 hydrogen-electric shared bicycles have been put into operation. In 2024, Hemei Group achieved a total operating revenue of 407 million yuan, up 146.43% YoY; it incurred a net loss attributable to shareholders of 43.6857 million yuan, compared to a loss of 47.2035 million yuan in the same period last year; its net loss excluding non-recurring gains and losses was 73.9414 million yuan, compared to a loss of 28.1426 million yuan in the same period last year; the net cash flow generated from operating activities was -94.3123 million yuan, compared to -11.9032 million yuan in the same period last year. During the reporting period, Hemei Group's basic earnings per share was -0.0333 yuan, and its weighted average return on net assets was -7.65%. Breaking down by product, in the hydrogen sector, Hemei Group achieved an operating revenue of 4.6469 million yuan in 2024, with an operating revenue of 1.3636 million yuan from shared bicycle operations. It is understood that Hemei Group positions itself as a "service provider for international brand operations," with its main business being international brand clothing, footwear, luggage, etc., covering accessories, jewelry, men's wear, women's wear, casual wear, sportswear, children's wear, footwear, and other categories. At the beginning of 2024, relying on the industrial background of its shareholders and policy support, Hemei Group established a hydrogen energy development strategy, rapidly entering the energy replenishment sector through asset acquisitions, focusing on the layout of green energy industries such as the production of green hydrogen and green methanol from wind and solar power, integrated energy stations, and hydrogen-powered shared bicycles, while simultaneously advancing the construction of new stations. As of the end of the reporting period, the company has acquired six energy replenishment stations, with the production of green hydrogen and green methanol from wind and solar power in the preliminary planning stage, and 500 hydrogen-electric shared bicycles have been put into operation. Meanwhile, at the beginning of 2024, the company also jointly established Pengfei Hydrogen Hemei with its related party Pengfei Green Energy. Pengfei Hydrogen Hemei is a holding subsidiary in which the company holds a 51% stake, serving as the operational entity for the company's energy sector business. The company's energy sector business encompasses integrated energy station operations and hydrogen energy business, which is a new business for the company during the reporting period. The report states that in terms of the production of green hydrogen and green methanol from wind and solar power, as well as the hydrogen-powered shared bicycle business, in 2024, Hemei Group invested in and constructed two wind and solar power-based hydrogen/methanol production projects in Shanxi and Inner Mongolia, leveraging the abundant wind and solar resources in these two regions to reduce hydrogen production costs, aiming to provide green hydrogen and green methanol supplies for the company's integrated energy stations, as well as for local industrial and transportation sectors. Currently, both projects are still in the preliminary preparation stage and have not yet officially commenced construction or entered production. It is reported that, in line with the national promotion direction of "diversified demonstration applications of hydrogen energy," Hemei Group has deployed 500 hydrogen-powered shared electric bicycles in some regions of Shanxi Province, targeting C-end consumers to explore the commercial application of hydrogen energy in short-distance travel and accumulate operational experience. Hemei Group stated that in 2025, the company will continue to focus on the strategic transformation of hydrogen energy and build differentiated competitiveness through three major directions: Integrated Energy Station Operation: Relying on existing natural gas station resources, the company plans to gradually upgrade them into an "oil, gas, hydrogen, and electricity" integrated energy replenishment network. By acquiring and integrating resources and implementing technological upgrades (such as expanding hydrogen refueling modules), the company aims to seize the regional hydrogen-powered vehicle energy replenishment market. Wind and Solar Power-to-Hydrogen/Methanol Projects: The company will establish green hydrogen production capacity in Shanxi and Inner Mongolia, creating green energy bases by leveraging wind and solar resources. In 2025, the focus will be on advancing two wind and solar power-to-hydrogen projects by Pengfei Hydrogen Hemei in Qinyuan and Chifeng, accelerating the commissioning progress of these projects, collaborating with downstream chemical, logistics, and shipping enterprises to secure long-term orders, and promoting the commercial application of green hydrogen. Hydrogen Energy Application in Shared Electric Bicycles: The company will expand the operational regions of hydrogen-powered shared electric bicycles, focusing on short-distance and high-frequency scenarios to verify the technical and economic feasibility of miniaturized hydrogen energy technologies and accumulate data for subsequent expansion into the light-duty transportation market. In terms of implementation strategies, Hemei Group will leverage the resource advantages of Shanxi and surrounding provinces to actively expand the range of upstream suppliers, securing low-cost, high-purity, and stable natural gas and hydrogen sources to reduce procurement costs. The company will focus on major transportation corridors and regions with a high density of new energy heavy-duty trucks, adding new stations to meet the growing market demand for heavy-duty trucks. It will promote the construction of "oil, gas, hydrogen, electricity, and service" integrated energy stations, deploying integrated service stations in key locations such as major highways and logistics parks to enhance coverage density. The company will strengthen cooperation with downstream partners, offering customized refueling service agreements for major clients to seize the initiative in the demonstration application market for hydrogen-powered heavy-duty trucks. It will introduce membership marketing programs, combining with government subsidy policies for hydrogen-powered vehicles to reduce user costs and enhance customer loyalty. For energy-intensive enterprises such as coking parks and steel plants, the company will continue to promote the use of clean energy to replace traditional energy sources, expanding gas application scenarios in the industrial sector. It will collaborate with urban logistics and cold chain transportation enterprises to promote the large-scale application of clean energy vehicles in short-distance transportation, establishing a regional green logistics industry chain. The company will create an "energy + services" complex by adding catering, convenience stores, and other business formats within energy stations, forming a one-stop service of "energy replenishment + consumption" to enhance the profitability of individual stations. It will integrate after-market services such as car washing and vehicle maintenance, improve the membership points redemption system, and increase user dwell time and repurchase rates. Explore intelligent operations and cross-industry cooperation, introduce intelligent refueling systems and digital management platforms to achieve real-time monitoring and optimized scheduling of inventory, orders, and payments, thereby reducing operational costs.

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

The Political Bureau of the Communist Party of China Central Committee held a meeting on April 25 to analyze and study the current economic situation and economic work, emphasizing the need to "steadfastly manage our own affairs well and unwaveringly expand high-standard opening-up to the outside world" and to "respond to the uncertainties of a rapidly changing external environment with the certainty of high-quality development," making a series of important arrangements. In the first quarter of this year, China's economy delivered a remarkable opening performance: the GDP growth rate of 5.4% "exceeded expectations," with all key indicators operating smoothly, indicating that the upward and positive trend of China's economy continues. Inbound foreign tourists increased by 40.2% YoY. "China Tourism, China Shopping" continues to heat up in Q1. In recent years, China has systematically expanded its autonomous and unilateral opening-up. With the continuous release of benefits from a series of visa-free policies, "China Tourism" has continued to heat up. According to the latest data, in the first quarter of this year, inbound foreign tourists reached 9.215 million person-times, up 40.2% YoY. Data shows that in 2024, China received 26.94 million foreign visitors, a year-on-year increase of 96%; inbound tourists' total spending reached US$94.2 billion, up 77.8%. Policies such as tax refunds for departing tourists have continued to strengthen, significantly boosting inbound consumption. Zhang Jiaqiao, CCTV reporter: A 40.2% YoY increase—this is the growth in inbound foreign tourists in the first quarter of this year. Currently, China has implemented a unilateral visa-free policy for 38 countries, and a transit visa-free policy for 54 countries, extending the stay period to 240 hours, and has introduced a series of policies to facilitate inbound travel. Tax refunds for departing tourists help reduce shopping costs for overseas visitors and are an important entry point for attracting and expanding inbound consumption. Data shows that in 2024, the sales of goods eligible for tax refunds and the amount of tax refunds increased by 1.2 times and 1.3 times YoY, respectively. In response to issues such as the limited number of tax refund stores and the lack of shopping options for tax refunds, at today's press conference of the State Council Information Office, relevant department heads introduced the latest measures to optimize the tax refund policy for departing tourists and expand inbound consumption. The recently issued "Notice on Further Optimizing the Tax Refund Policy for Departing Tourists to Expand Inbound Consumption" optimizes the layout of tax refund stores, encouraging regions to establish additional tax refund stores in large business districts, pedestrian streets, tourist attractions, and resort areas where overseas tourists gather. It supports eligible regions in creating a number of characteristic tax refund districts to enhance the accessibility of tax refund stores. In addition, the minimum spending threshold for tax refunds has been lowered from 500 yuan to 200 yuan, the tax refund process has been optimized, the tax refund management system has been improved, and waiting times for tourists have been shortened, with the "immediate purchase, immediate refund" service measure being rolled out nationwide. Furthermore, the supply of high-quality products with Chinese characteristics will be increased, including time-honored brand products, intangible cultural heritage products, famous local specialties, "smart, healthy, and fashionable" consumer goods, and trendy domestic products. In particular, creative products with cultural connotations, "intangible cultural heritage" goods, characteristic handicrafts, as well as smart products and trendy domestic products that carry the latest development achievements, are widely welcomed by overseas tourists for their uniqueness, quality, and cost-effectiveness. Profits of industrial enterprises above designated size nationwide in Q1 increased by 0.8% YoY. Data released by the National Bureau of Statistics (NBS) show that in the first quarter, industrial enterprises above designated size nationwide achieved a total profit of 1.50936 trillion yuan, up 0.8% YoY, reversing the downward trend in cumulative profits since the third quarter of last year. In the first quarter, among the 41 major industrial sectors, 24 sectors saw an increase in profits YoY, accounting for nearly 60% of the total. In particular, the manufacturing sector showed significant improvement, with profits increasing by 7.6% in the first quarter, 2.8 percentage points faster than in January-February, becoming an important support for profit growth. Sectors such as railway, shipbuilding, aerospace, instrumentation, and special equipment manufacturing saw rapid profit growth. In addition, in the first quarter, profits in high-tech manufacturing also improved significantly, turning from a 5.8% YoY decline in January-February to a 3.5% increase, with the growth rate reaching 14.3% in March. Specifically, industries such as aerospace vehicle and equipment manufacturing, smart consumer device manufacturing, and medical instrument, equipment, and machinery manufacturing all achieved rapid profit growth. On the other hand, driven by policies such as the trade-in of consumer goods, industries such as wearable smart device manufacturing, electric bicycle manufacturing, and household kitchen appliance manufacturing saw profits increase by 78.8%, 65.8%, and 21.7% YoY, respectively. Related industries in the supply chain, such as electronic circuit manufacturing and manufacturing of special parts for household electrical appliances, also achieved double-digit rapid profit growth.

According to data released by the National Bureau of Statistics (NBS), from January to March, industrial enterprises above the designated size nationwide achieved a total profit of 1,509.36 billion yuan, up 0.8% YoY. From January to March, among industrial enterprises above the designated size, state-controlled enterprises achieved a total profit of 559.95 billion yuan, down 1.4% YoY; joint-stock enterprises achieved a total profit of 1,110.15 billion yuan, up 0.1% YoY; foreign-invested enterprises and enterprises from Hong Kong, Macao, and Taiwan achieved a total profit of 388.35 billion yuan, up 2.8% YoY; private enterprises achieved a total profit of 370.97 billion yuan, down 0.3% YoY. From January to March, the mining industry achieved a total profit of 220.44 billion yuan, down 25.5% YoY; the manufacturing industry achieved a total profit of 1,082.64 billion yuan, up 7.6% YoY; the electricity, heat, gas, and water production and supply industries achieved a total profit of 206.28 billion yuan, up 5.4% YoY. From January to March, the profitability of major industries was as follows: the agricultural and sideline food processing industry grew 40.3% YoY, the non-ferrous metal smelting and rolling processing industry grew 33.6% YoY, the special equipment manufacturing industry grew 14.2% YoY, the general equipment manufacturing industry grew 9.5% YoY, the electrical machinery and equipment manufacturing industry grew 7.5% YoY, the textile industry grew 7.1% YoY, the electricity and heat production and supply industry grew 6.1% YoY, the computer, communication, and other electronic equipment manufacturing industry grew 3.2% YoY, the chemical raw materials and chemical products manufacturing industry fell 0.4% YoY, the oil and natural gas extraction industry fell 3.1% YoY, the automobile manufacturing industry fell 6.2% YoY, the non-metallic mineral products industry fell 14.2% YoY, the coal mining and washing industry fell 47.7% YoY, the petroleum, coal, and other fuel processing industry reduced losses YoY, and the ferrous metal smelting and rolling processing industry turned losses into profits YoY. From January to March, industrial enterprises above the designated size achieved operating revenue of 32.14 trillion yuan, up 3.4% YoY; incurred operating costs of 27.44 trillion yuan, up 3.6% YoY; and the operating revenue profit margin was 4.70%, down 0.12 percentage points YoY. At the end of March, the total assets of industrial enterprises above the designated size amounted to 180.37 trillion yuan, up 5.3% YoY; total liabilities amounted to 104.02 trillion yuan, up 5.8% YoY; total owners' equity amounted to 76.35 trillion yuan, up 4.6% YoY; and the asset-liability ratio was 57.7%, up 0.3 percentage points YoY. At the end of March, accounts receivable of industrial enterprises above the designated size amounted to 25.59 trillion yuan, up 9.9% YoY; finished goods inventory amounted to 6.55 trillion yuan, up 4.2% YoY. From January to March, the cost per 100 yuan of operating revenue for industrial enterprises above the designated size was 85.37 yuan, up 0.17 yuan YoY; the expense per 100 yuan of operating revenue was 8.43 yuan, down 0.16 yuan YoY. At the end of March, the operating revenue per 100 yuan of assets for industrial enterprises above the designated size was 71.7 yuan, down 1.2 yuan YoY; the operating revenue per capita was 1.764 million yuan, up 56,000 yuan YoY; the turnover days of finished goods inventory were 21.2 days, up 0.1 days YoY; and the average collection period for accounts receivable was 70.9 days, up 4.0 days YoY. In March, the profit of industrial enterprises above the designated size grew 2.6% YoY. Table 1: Key Financial Indicators of Industrial Enterprises Above the Designated Size, January-March 2025 Table 2: Economic Efficiency Indicators of Industrial Enterprises Above the Designated Size, January-March 2025 Table 3: Key Financial Indicators of Industrial Enterprises Above the Designated Size by Industry, January-March 2025 Profits of Industrial Enterprises Above the Designated Size Shifted from Decline to Growth in Q1 ——Interpretation of Industrial Enterprise Profit Data for January-March 2025 by Yu Weining, Statistician of the NBS Industrial Division In Q1, all regions and departments earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, focusing on leveraging the macro stimulus policy package. The policy effects continued to be released, boosting industrial enterprise profits from decline to growth. The profits of equipment manufacturing and high-tech manufacturing played a significant supporting role, and the quality and efficiency of industrial economic development continued to improve. Industrial enterprise profits shifted from decline to growth. In Q1, the profits of industrial enterprises above the designated size nationwide shifted from a YoY decline of 3.3% for the whole of last year to a growth of 0.8%, reversing the trend of continuous cumulative profit decline since Q3 of last year. In March, the profits of industrial enterprises above the designated size shifted from a decline of 0.3% in January-February to a growth of 2.6%, showing improvement in monthly profits. Revenue growth of industrial enterprises continued to accelerate. With the acceleration of industrial production growth, industrial enterprise revenue continued to improve. In Q1, the operating revenue of industrial enterprises above the designated size nationwide grew 3.4% YoY, with the growth rate accelerating by 0.6 percentage points compared to January-February. In March, the revenue growth of industrial enterprises above the designated size was 4.2%, accelerating by 1.4 percentage points compared to January-February. The cumulative revenue growth rate of industrial enterprises has been accelerating since December of last year, creating favorable conditions for profit recovery. Nearly 60% of industries achieved profit growth, with significant improvement in manufacturing. In Q1, among 41 industrial sectors, 24 sectors achieved YoY profit growth, accounting for nearly 60%. Additionally, 24 sectors saw accelerated profit growth or narrowed declines compared to January-February, with 58.5% showing recovery. Manufacturing showed significant improvement, with profits growing 7.6% in Q1, accelerating by 2.8 percentage points. Equipment manufacturing became an important driver of profit growth. With the solid advancement of high-quality industrial development, the profit structure of industrial enterprises continued to improve. In Q1, the profits of equipment manufacturing grew 6.4% YoY, accelerating by 1.0 percentage points compared to January-February, accounting for 32.0% of the total profits of industrial enterprises above the designated size, up 1.4 percentage points YoY. It boosted the overall profit growth of industrial enterprises above the designated size by 2.0 percentage points, with the contribution increasing by 0.6 percentage points compared to January-February, becoming a key driver of profit growth. Among the eight equipment manufacturing sectors, seven achieved profit growth, with rapid growth in industries such as railways, ships, aerospace, instruments, and special equipment, growing 59.7%, 15.3%, and 14.2%, respectively. High-tech manufacturing led high-quality development. In Q1, the advancement of high-end, intelligent, and green manufacturing in the manufacturing sector deepened. The profits of high-tech manufacturing shifted from a YoY decline of 5.8% in January-February to a growth of 3.5%, exceeding the average growth rate of industrial enterprises above the designated size by 2.7 percentage points. In March, high-tech manufacturing achieved double-digit growth, with a growth rate of 14.3%, boosting the monthly profit growth of industrial enterprises above the designated size by 2.8 percentage points, becoming an important driver of high-quality industrial development. By industry, in Q1, under the backdrop of rapid development in the aerospace industry, the profits of aerospace equipment manufacturing grew 23.9%. Continuous innovation in the field of artificial intelligence drove profit growth in industries such as intelligent consumer equipment manufacturing, specialized electronic equipment manufacturing, and electronic component manufacturing, with growth rates of 63.7%, 59.9%, and 55.3%, respectively. The high-quality development of medical devices showed results, with profits in medical instrument and equipment manufacturing growing 12.5%, including 26.7% growth in medical diagnostic, monitoring, and treatment equipment manufacturing and 25.0% growth in rehabilitation aids manufacturing. The "two new" policies had a significant effect in boosting and enhancing efficiency. In Q1, the "two new" policies continued to show their effect in driving profits in benefiting industries. Under the influence of large-scale equipment upgrade policies, the profits of special equipment and general equipment industries grew 14.2% and 9.5% YoY, respectively, exceeding the average growth rate of industrial enterprises above the designated size by 13.4 and 8.7 percentage points. Among them, industries such as specialized equipment manufacturing for electronics and electrical machinery, general parts manufacturing, and cultural office machinery manufacturing saw rapid profit growth, with growth rates of 56.3%, 24.6%, and 9.5%, respectively. The trade-in policy for consumer goods showed significant effects in expanding its scope, with profits in industries such as wearable smart device manufacturing, electric bicycle manufacturing, and household kitchen appliance manufacturing growing 78.8%, 65.8%, and 21.7%, respectively. Related industries in the supply chain, such as electronic circuit manufacturing and specialized parts manufacturing for household electrical appliances, saw profit growth of 39.4% and 18.2%, respectively. Overall, in Q1, the profits of industrial enterprises above the designated size continued to recover. At present, the external environment has become more complex and severe, with increasing instability and uncertainty. However, it is also evident that since the beginning of this year, the effects of macro policies have continued to emerge, with incremental and existing policies working in synergy to achieve a good start for the industrial economy. In the next stage, efforts should be made to thoroughly implement the decisions and deployments of the CPC Central Committee and the State Council, further ensuring the implementation, landing, and refinement of policies, fully unleashing policy potential, and promoting the sustained recovery of industrial enterprise profitability. Click to jump to the original link: Profits of Industrial Enterprises Above the Designated Size Nationwide Grew 0.8% from January to March 2025

SMM April 25 News: In the metal market: Overnight, base metals in the domestic market all rose, with SHFE tin up 1.3%. SHFE copper increased by 0.14%. SHFE nickel rose by 0.19%. SHFE lead gained 0.77%. SHFE aluminum climbed 0.25%, and SHFE zinc surged 1.44%. Additionally, alumina increased by 0.21%. Overnight, most ferrous metals fell, with iron ore down 1.11%, stainless steel up 0.2%, rebar down 0.26%, and HRC down 0.19%. In the coking coal and coke sector, coking coal rose by 0.68%, while coke slightly declined. Overnight, LME base metals all rose, with LME copper up 0.77%. LME zinc surged 2.48%, LME tin increased by 1.87%, LME lead rose by 0.62%, and LME aluminum climbed 1.13%. LME nickel gained 1.39%. In the precious metals sector: Overnight, COMEX gold rose 2.04%, and COMEX silver slightly increased by 0.01%. Overnight, SHFE gold rose 1.02%, and SHFE silver increased by 0.33%. As of 8:06 AM on April 25, the overnight closing market 》Click to view the SMM futures data dashboard On the macro front: Domestically: [Central Bank: 600 billion yuan MLF operation to be conducted on April 25] The central bank announced that on Friday, April 25, 2025, the People's Bank of China will conduct a 600 billion yuan MLF operation through fixed quantity, interest rate bidding, and multiple price winning methods, with a term of 1 year. It is reported that 100 billion yuan of MLF will mature this month. After the 600 billion yuan MLF operation on April 25, a net injection of 500 billion yuan will be achieved. In March, the central bank over-subscribed MLF, achieving a net injection of 63 billion yuan, marking the first net injection since July 2024, demonstrating a moderately loose monetary policy stance. (Cailian Press) [MIIT seeks public opinion on the "Opinions on Strengthening the Implementation of Mandatory National Standards for Electric Bicycles and Promoting the Orderly Supply of New Products (Draft for Comment)"] The Ministry of Industry and Information Technology (MIIT) is seeking public opinion on the "Opinions on Strengthening the Implementation of Mandatory National Standards for Electric Bicycles and Promoting the Orderly Supply of New Products (Draft for Comment)". At the end of 2024, the revised mandatory national standard "Technical Specifications for Safety of Electric Bicycles" (GB 17761—2024, hereinafter referred to as the "Technical Specifications") was officially issued. The "Technical Specifications" set two implementation times: the production phase will be implemented on September 1, 2025, and the sales phase will be implemented on December 1, 2025. Before the standard is implemented, all links in the industry chain, including R&D design, parts manufacturing, vehicle production, inspection and testing, mandatory certification, sales logistics, and regulatory enforcement, need to adjust and adapt according to the requirements of the "Technical Specifications" to ensure that qualified electric bicycle products that meet the "Technical Specifications" and have obtained CCC certificates can be supplied in large quantities after the production phase is officially implemented, meeting consumer demand while reducing safety hazards around the people; at the same time, electric bicycles produced according to the old version of the standard can be digested before the sales phase is officially implemented, avoiding resource waste and loss. To this end, the Consumer Goods Industry Department of the Ministry of Industry and Information Technology has drafted the "Opinions on Strengthening the Implementation of Mandatory National Standards for Electric Bicycles and Promoting the Orderly Supply of New Products (Draft for Comment)", which is planned to be jointly issued with relevant departments to provide direction for accelerating the formation of an electric bicycle industry chain and regulatory model that meets the requirements of the new standard. On the US dollar front: Overnight, the US dollar index fell 0.61% to 99.29. On Thursday, Cleveland Federal Reserve Bank President Loretta Mester called for patience in monetary policy given high uncertainty, but she did not rule out the possibility of an interest rate cut in June, depending on economic data. The number of initial jobless claims in the US rose slightly last week, indicating that the labor market remains robust. Data released by the US Department of Labor on Thursday showed that the seasonally adjusted number of initial jobless claims increased by 6,000 to 222,000 in the week ending April 19, in line with economists' expectations. A report released by the US Census Bureau showed that non-defense capital goods orders (excluding aircraft) increased slightly by 0.1% in March, after a 0.3% decline in February. This core capital goods order is a closely watched indicator of business spending plans. The National Association of Realtors (NAR) said on Thursday that US existing home sales fell more than expected in March, affected by rising borrowing costs. Goldman Sachs chief economist Jan Hatzius said that the US dollar will fall further due to US tariff uncertainty and recession concerns, as tariffs push up inflation, and a further decline in the US dollar will exacerbate price pressures. In other currencies: Sources revealed that in the context of an increasingly turbulent global environment, the European Central Bank (ECB) will consider adjusting its monetary policy strategy to respond more flexibly to price shocks. Members of the ECB Governing Council will hold an in-depth discussion for the first time on the ongoing strategic review at an informal meeting in Porto, Portugal, from May 6 to 7, and discuss the rationale for this shift in monetary policy strategy. The meeting will also review reports prepared by two working groups established for this assessment and the Monetary Policy Committee composed of senior economists from the ECB and the central banks of 20 eurozone countries. ECB chief economist Philip Lane said that trade tensions are unlikely to push the eurozone into recession. He pointed out that although US President Trump's tariff measures may curb economic growth, the eurozone, composed of 20 member states, has other trading partners and will not automatically fall into an economic downturn. He said in an interview on Thursday, "There is a downward revision, but it is important to point out that it is only a slight downward revision, and the economy is still growing." (Huitong Finance) On the macro front: Today, the UK's seasonally adjusted retail sales month-on-month rate for March, the UK's seasonally adjusted core retail sales month-on-month rate for March, Canada's retail sales month-on-month rate for February, Canada's core retail sales month-on-month rate for February, and the final value of the University of Michigan Consumer Sentiment Index for April in the US will be released. Additionally, it is worth noting that Swiss National Bank President Thomas Jordan will deliver a speech; global financial leaders will attend the IMF-World Bank Spring Meetings, until April 26. In the crude oil market: Overnight, both oil futures rose, with US oil up 0.8% and Brent oil up 0.64%. The market weighed the weakening US dollar, the possibility of OPEC increasing production, mixed economic news, US tariffs, and other supply and demand-related news. The market is also paying attention to Iran's supply prospects. Iran is the third-largest oil producer in OPEC, after Saudi Arabia and Iraq. (Webstock Inc.)

In March 2025, China's refined lead exports declined by 66.57% month-on-month and 34.38% year-on-year, while combined imports of refined lead and lead products surged by 197.96% year-on-year. Due to tight raw material supply and high prices, domestic lead costs are relatively high. In particular, the firm prices of metals such as antimony and tin have directly led to an increase in lead alloy prices. Recently, domestic lead ingot and lead product exports have been at a disadvantage.

SMM April 21 News: Metal Market: At the close of the day, domestic base metals all rose, with SHFE tin leading the gains with a surge of up to 2.5%. SHFE copper, SHFE lead, and SHFE zinc all rose by more than 1%, with SHFE copper up 1.71%, SHFE zinc up 1.73%, and SHFE lead up 1.43%. The rest of the metals rose by less than 1%. The main alumina contract fell 0.04%. In addition, the main lithium carbonate contract fell 1.54%, the main polysilicon contract rose 1.35%, and silicon metal rose 0.34%. The main European container shipping contract fell 2.12%. In the ferrous metals series, most prices rose, with stainless steel down 0.08%. Iron ore rose 1.27%. In the coking coal and coke sector, coking coal rose 1.27%, and coke rose 1.25%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 15:03, COMEX gold rose 2.28%, hitting a record high of $3,404.7 per ounce during the session, continuing to refresh its historical high. COMEX silver rose 1.05%. Domestically, SHFE gold rose 2.5%, hitting a record high of 805.56 yuan per gram during the session, and SHFE silver rose 1.39%. As of 15:03 today's market 》Click to view SMM market dashboard Macro Front Domestic: 【April LPR Quotation Released: 5-Year and 1-Year Rates Remain Unchanged】 The People's Bank of China authorized the National Interbank Funding Center to announce the April loan market quoted rate (LPR) quotation: the 5-year LPR is 3.6%, the same as last month. The 1-year LPR is 3.1%, the same as last month. 》Click for details 【New National Standard for E-Bikes to Take Effect on September 1, First Batch of 6 Testing Institutions Announced】 The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Technical Specification for Safety of Electric Bicycles". Currently, 6 institutions have obtained the new national standard testing capability qualification for electric bicycles: Wuxi Institute of Inspection, Testing and Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard will take effect on September 1, with significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification according to the new national standard requirements during the transition period. 【Ministry of Commerce: Consumers Have Purchased Over 100 Million Units of Trade-In Home Appliances】 The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the trade-in of home appliances has achieved remarkable results. Since the trade-in policy for home appliances was strengthened in August 2024, consumers have purchased over 100 million units of trade-in home appliances, including over 40 million units in 2025. ► On April 21, the central parity rate of the RMB exchange rate in the interbank foreign exchange market was 7.2055 yuan per US dollar. US Dollar: As of 15:03, the US dollar index fell 0.96% to 98.29, hitting a low of 98.16 during the session, the lowest level since March 2022, a three-year low. Concerns about trade tensions between the US and its major trading partners have raised fears of an economic recession. San Francisco Fed Chairman Daly said on Friday that the US economy is in good shape and policy remains restrictive. Some industries (such as transportation) are slowing down, but uncertainty has not yet weighed heavily on the economy. Daly said she is satisfied with the expectation of two rate cuts this year, but if inflation is more sticky, the number of rate cuts this year may be less than two. If economic growth slows, further rate cuts will be made, and it is the right approach to gradually lower policy rates without a sense of urgency. Hassett, director of the National Economic Council, said that President Trump and his team are continuing to study whether they can fire Fed Chairman Powell. Such a move would have significant implications for the Fed's independence and global markets. Data: Today's highlights: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Industry"; 2025 FOMC voter and Chicago Fed President Goolsby was interviewed by CNBC. On April 21, the Australian Sydney Stock Exchange, the German Frankfurt Stock Exchange, the French Paris Stock Exchange, the Italian Milan Stock Exchange, the Spanish Madrid Stock Exchange, the UK London Stock Exchange, the London Metal Exchange (LME), and the Hong Kong Stock Exchange of China were closed for one day due to Easter. Crude Oil: As of 15:03, oil prices in both markets fell, with US oil down 1.55% and Brent oil down 1.48%. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. Bullish and bearish factors in the supply side are intertwined. On the one hand, both the US and Iran have released positive signals, and the geopolitical risks in the Middle East have eased temporarily, alleviating market concerns about the interruption of Iranian crude oil exports. On the other hand, according to the latest compensatory production cut plan of some OPEC+ oil-producing countries, the monthly production cuts will range from 196,000 barrels per day to 520,000 barrels per day from this month to June 2026, higher than the previous 189,000 barrels per day to 435,000 barrels per day. If the latest production cuts are fully implemented, the compensation plan will largely offset the impact of OPEC+'s planned 41.1 barrels per day production increase in May. (Wenhua Comprehensive) SMM Daily Review ► Changes in Supply-Demand Pattern, Rare Earths Stop Falling and Stabilize 【SMM Rare Earths Daily Review】 ► Precious Metals Hold Up Well at the Start of the Week, Spot Supply in Shenzhen Relatively Tight 【SMM Daily Review】

SMM April 21 News: In the metal market, as of the midday close, domestic base metals all rose, with SHFE copper up 0.64%. SHFE tin rose 1.16%, SHFE nickel rose 0.41%. SHFE aluminum rose 0.71%, SHFE lead rose 0.74%, SHFE zinc rose 0.98%. In addition, alumina fell 0.11%. Lithium carbonate fell 1.86%, silicon metal fell 0.91%, polysilicon fell 0.08%. Ferrous metals mostly rose, with iron ore up 1.06%, rebar up 0.74%, HRC up 0.66%, stainless steel flat at 12,800 yuan/mt. For coking coal and coke, coking coal rose 1.06%, coke rose 0.74%. In overseas metal markets, LME base metals were closed for one day due to Easter. In the precious metals sector, as of 11:45, COMEX gold rose 2.02%, hitting a record high of $3,397.6/oz during the session; COMEX silver rose 0.99%. Domestically, SHFE gold rose 2.03%, hitting a record high of 803 yuan/g during the session; SHFE silver rose 1.22%. As of the midday close, the most-traded contract for European container shipping fell 3.67% to 1,498 points. As of 11:45 on April 21, some futures midday quotes: SMM metal spot prices on April 21. Spot and fundamentals: Copper: Today, spot #1 copper cathode in Guangdong was quoted at a premium of 160-210 yuan/mt against the front-month contract, with an average premium of 185 yuan/mt, up 40 yuan/mt from the previous day; SX-EW copper was quoted at a premium of 100-120 yuan/mt, with an average premium of 110 yuan/mt, up 40 yuan/mt from the previous day. The average price of #1 copper cathode in Guangdong was 76,530 yuan/mt, up 185 yuan/mt from the previous day, while the average price of SX-EW copper was 76,455 yuan/mt, up 185 yuan/mt from the previous day. Spot market: Inventory in Guangdong has declined for 13 consecutive days, with arrivals still low and consumption good, leading to a continuous decline in spot inventory and accelerated destocking... Click for details. Macro front: Domestic: The April LPR quotes were released, with both the 5-year and 1-year rates unchanged. The People's Bank of China authorized the National Interbank Funding Center to announce that the 5-year LPR is 3.6%, unchanged from the previous month. The 1-year LPR is 3.1%, unchanged from the previous month. Click for details. The new national standard for e-bikes will take effect on September 1, with the first batch of six testing institutions announced. The State Administration for Market Regulation recently announced the list of specific institutions that have obtained the testing capability qualification for the mandatory national standard "Safety Technical Specification for Electric Bicycles". Six institutions have obtained the new national standard testing capability qualification: Wuxi Institute of Inspection and Testing Certification, CCIC Western Testing Co., Ltd., VIC Testing Technology Co., Ltd., Beijing Product Quality Supervision and Inspection Institute, Guangdong Product Quality Supervision and Inspection Institute, and China Electronics Standardization Institute. The new national standard, which will take effect on September 1, has significant improvements and enhancements in vehicle quality, motor power limits, fire resistance, plastic content, and anti-tampering, which will further improve the intrinsic safety level of products and provide the public with safer and more practical travel tools. Producers need to adjust product design and production processes, complete testing and certification during the transition period according to the new national standard requirements. The Ministry of Commerce: Consumers have cumulatively purchased over 100 million home appliances under the trade-in policy. The head of the Department of Circulation Development of the Ministry of Commerce discussed the development of China's wholesale and retail industry from January to March 2025. The trade-in policy has been expanded and strengthened, with domestic "trendy" products widely favored, and the home appliance trade-in has achieved remarkable results. Since the home appliance trade-in policy was strengthened in August 2024, consumers have cumulatively purchased over 100 million home appliances under the trade-in policy, including over 40 million in 2025. The central bank conducted a net injection of 133 billion yuan in open market operations. The central bank conducted 176 billion yuan of 7-day reverse repo operations today, with the operation rate at 1.50%, unchanged from the previous level. As 43 billion yuan of 7-day reverse repos matured today, a net injection of 133 billion yuan was achieved. The central parity rate of the RMB against the US dollar in the interbank foreign exchange market on April 21 was 7.2055 yuan per US dollar. As of 11:45, the US dollar index fell 0.97% to 98.28. The US dollar fell to a three-year low, as concerns about trade tensions between the US and its major trading partners sparked fears of an economic recession. Chicago Fed President Goolsbee said on Sunday that President Trump's tariffs are causing US business owners to hoard inventory. The Fed official said that businesses and consumers "preemptively purchasing" big-ticket items at pre-tariff prices could lead to an "artificially high" level of economic activity. Goolsbee said that this temporary growth could be followed by a corresponding decline in the summer. Nomura lowered its year-end forecast for the USD/JPY to 137.5; Nomura strategists Yujiro Goto and Jin Moteki wrote in a report that they lowered their year-end forecast for the USD/JPY from 140 to 137.50, affected by President Trump's tariff hikes and increased concerns about US stagflation and the credibility of US assets. Data to watch today: The State Council Information Office held a press conference on the "Work Plan for Accelerating the Comprehensive Pilot Program for Expanding the Opening of the Service Sector"; 2025 FOMC voter and Chicago Fed President Goolsbee was interviewed by CNBC. On April 21, the Australian Securities Exchange, Frankfurt Stock Exchange, Paris Stock Exchange, Milan Stock Exchange, Madrid Stock Exchange, London Stock Exchange, London Metal Exchange (LME), and Hong Kong Exchanges and Clearing were closed for one day due to Easter. As of 11:45, crude oil futures fell, with WTI down 1.58% and Brent down 1.52%. Oil prices fell as supply prospects eased, reducing concerns about reduced supply from Middle Eastern oil producers. Interfax reported that the Russian Ministry of Economy has lowered its 2025 Brent crude oil price forecast by nearly 17% compared to the September forecast last year. According to Interfax, the Ministry of Oil, in the baseline scenario of its 2025 economic forecast, assumed an average Brent crude oil price of $68/bbl, down from the $81.7/bbl forecast in September last year. Spot market overview: Inventory accelerated decline, suppliers actively stood firm on quotes for shipments, overall trading was moderate [SMM South China Copper Spot]. Tianjin zinc: Downstream purchasing enthusiasm was not high, premiums slightly declined [SMM Midday Review]. Other metal spot midday reviews will be updated later, please refresh to view~

CPCA's Dongshu Cui: National Auto Market in March Shows Divergence, with Passenger Vehicles Outperforming Commercial Vehicles CPCA Secretary General Dongshu Cui stated that the national auto market in March showed divergence, with passenger vehicles outperforming commercial vehicles. The implementation of a new round of subsidy policies at the end of January 2025 led to retail sales of passenger vehicles in February and March exceeding previous expectations. Before the release of the "Two New" policies, market sentiment was low, with many consumers in a wait-and-see mode in January. However, market sentiment grew rapidly in February and March, with consumer demand for passenger vehicles remaining strong before the Chinese New Year, while the commercial vehicle market showed structural growth characteristics. Last year, commercial vehicle channel inventory was high, and in March this year, the commercial vehicle market diverged, with strong growth in the new energy categories of light trucks, micro buses, and medium and large buses. China's Power and Other Battery Production in March Reached 118.3 GWh, Up 18.0% MoM According to data from the China Automotive Power Battery Industry Innovation Alliance, China's power and other battery production in March 2025 reached 118.3 GWh, up 18.0% MoM and 54.3% YoY. From January to March, China's cumulative power and other battery production was 326.3 GWh, up 74.9% YoY. In March, China's power and other battery sales were 115.4 GWh, up 28.3% MoM and 64.9% YoY. Among them, power battery sales were 87.5 GWh, accounting for 75.8% of total sales, up 30.7% MoM and 46.9% YoY; other battery sales were 28.0 GWh, accounting for 24.2% of total sales, up 21.0% MoM and 166.8% YoY. GM Suspends Production at a Canadian Plant The Canadian auto workers' union Unifor confirmed on April 12 that GM will suspend production at the CAMI assembly plant in Ingersoll, Ontario. Layoffs will begin on April 14, and partial production will resume in May. After that, production at the plant will be temporarily halted, and operations will be suspended until October 2025. During this period, GM plans to complete equipment upgrades in preparation for the production of the 2026 commercial EV. GM stated that when production resumes in October, the plant will operate on a single shift for the foreseeable future, which will also result in 500 workers being laid off indefinitely. Hunan Yuneng: Rumors of Order Cuts by CATL and BYD Are Unfounded An investor asked whether rumors of order cuts by major shareholders CATL and BYD were true. Hunan Yuneng responded on the interactive platform that the company, relying on its core technology and independent innovation capabilities, has established industry-leading production processes for phosphate cathode materials and iron phosphate precursors. With the continuous iteration of new energy battery technology and the improvement of power battery performance, new application scenarios are emerging, and the demand potential for power batteries driven by intelligent applications is expected to be released, thereby driving the demand for phosphate cathode materials in emerging application scenarios. The company will closely monitor industry developments and plans to enhance operational efficiency by introducing artificial intelligence and strengthening digital management to empower its main business development. The rumors of order cuts by CATL and BYD are unfounded. Xiaomi Auto Responds to Zhanjiang Accident: Fire Caused by Severe Squeezing and Deformation of Electric Bicycle's Lithium Battery After Collision, Which Then Ignited the Accident Vehicle Xiaomi Auto announced that on the early morning of April 5, 2025, a Xiaomi SU7 standard version collided with an electric bicycle on Provincial Highway 376 in Qujie Town, Xuwen County, Zhanjiang City, while the driver (not the owner) was manually driving. After the accident, the driver fled the scene. According to the latest police report, the driver has been arrested. The on-site investigation has been completed, and the final conclusion will be based on the relevant department's report. Preliminary findings indicate that the fire was caused by the severe squeezing and deformation of the electric bicycle's lithium battery after the collision, which then ignited the accident vehicle. Ganfeng Lithium: Signs Letter of Intent with LAR for Salt Lake Development Ganfeng Lithium announced that it has signed a letter of intent with Lithium Argentina AG to jointly develop the Pozuelos-Pastos Grandes salt lake basin in Argentina. The salt lake basin consists of three lithium salt lake projects: the PPG lithium salt lake project wholly owned by Ganfeng Lithium, the PG lithium salt lake project jointly held by both parties (Ganfeng Lithium holds 14.89%, LAR holds 85.11%), and the SDLP lithium salt lake project (Ganfeng Lithium holds 35%, LAR holds 65%). The two parties plan to integrate the three projects into a new project, the "PPGS lithium salt lake project," and formulate a phased development plan. The production process of the PPGS lithium salt lake project will partially adopt direct lithium extraction (DLE) technology, with a long-term planned annual capacity of 150,000 mt LCE. The products will include lithium chloride or lithium carbonate. 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