Around July 20, 2026, June import and export data for cobalt and lithium battery industry chain related products were released in a concentrated manner. The data showed that China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. For lithium carbonate, China imported 25,861 mt in June, down 31% MoM but up 46% YoY. Cumulative lithium carbonate imports from January to June reached 179,000 mt, up 52% YoY... SMM compiled the H1 import and export situation of battery materials as follows: Upstream Lithium Concentrates In June 2026, China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. By source country: The effect of concentrated shipments from Australia at its fiscal year-end manifested, with port arrivals exceeding 370,000 mt in June, up 12% MoM. Mali: Port arrivals increased significantly MoM to 60,000 mt. South Africa and Nigeria maintained stable output, with port arrivals staying above 110,000 mt. Among them, the share of high-grade ore from Nigeria increased, with concentrates accounting for over 65%. Zimbabwe, affected by transportation efficiency earlier, saw arrivals of 42,000 mt in June, which pulled back MoM. Based on SMM's data screening, the total LCE equivalent of incoming ore in June was 72,000 mt. Notably, the proportion of lithium concentrates in total incoming ore fell to 72%, a MoM decline, mainly because most of the 65,000 mt from Brazil was previously traded lithium raw ore powder, which dragged down the overall concentrate share. In June 2026, China's total imports of lithium raw materials (spodumene + lithium sulfate) approached 80,000 mt of LCE, staying in a high range and providing a solid raw material base for the continuously climbing domestic lithium chemical production. Spodumene: Import Volume Continues to Rise, Australian Fiscal Year-End Push Contributes Significantly In June, China's spodumene imports reached 768,000 mt in physical content, up 13% MoM and surging 33% YoY, equivalent to approximately 72,000 mt of LCE. The import volume has maintained high growth for several consecutive months, reflecting that domestic lithium chemical plants' rigid demand for upstream ore remains strong. Source: China Customs, Compiled by SMM From a grade structure perspective, based on SMM's data screening, the proportion of lithium concentrates in total incoming ore in June fell to 72%, a MoM decline. The main drag was Brazil—its arrivals of 65,000 mt that month were mostly previously traded lithium raw ore powder; the concentrated arrivals of such low-grade minerals directly pulled down the overall proportion of concentrates. Besides spodumene, the import performance of another lithium raw material, lithium sulfate, is also worth noting. In June, China's lithium sulfate imports reached 13,500 mt, up 12% MoM, equivalent to over 7,700 mt of LCE. From the source perspective, Chile continued to dominate the supply landscape of this product with an absolute volume of 13,400 mt. Meanwhile, lithium sulfate imports from Zimbabwe also quietly rose to over one hundred mt. Although the absolute volume is still small, as the first batch shipment of lithium sulfate to China from the country, it marked the first step for subsequent regular supply growth from Zimbabwe. Summary: Raw material support was solid in June, but tightening expectations for the availability side are rising in July. In terms of total volume, combined imports of spodumene and lithium sulfate in June were equivalent to nearly 80,000 mt of LCE. Together with domestic lithium concentrate production of over 30,000 mt, total domestic lithium raw material supply reached over 110,000 mt of LCE in the month, providing ample and relatively solid raw material support for lithium chemical production fluctuating at highs in June. However, beneath the relatively optimistic aggregate data, one key variable deserves attention: Most of the June arrivals had their destinations locked in through orders weeks or even months earlier, with only a low proportion of cargo actually entering the freely tradeable circulation of traders. The continuation of this pre-locked structure means that entering July, the available volume for spot lithium ore in the spot market will remain tight. If downstream just-in-time procurement pace stays unchanged, the tightening of circulating supply will constrain lithium chemical plants' flexibility in securing raw materials to some extent, thereby limiting the further room for lithium carbonate production growth in July—a transmission effect already reflected in SMM's recent weekly lithium carbonate production data. Regarding spot prices for spodumene concentrates (CIF China), SMM data showed that the overall trend in June was a decline. As of June 30, the average spot price for spodumene concentrates (CIF China) was $2,260/mt, down $328/mt from $2,588/mt at the beginning of the month, representing a 12.67% decline. According to SMM, in June, enterprises extracting lithium from externally purchased spodumene saw their spot profits fall into deep losses. The losses continued to widen during the month, mainly because spodumene concentrate prices pulled back along with lithium carbonate but to a limited extent. In June, the decline in spodumene concentrate prices was less than that of lithium chemicals, leading to deepening losses in the processing segment. For externally purchased lepidolite, the immediate profit margin of enterprises extracting lithium from externally purchased lepidolite narrowed in June compared to May, but they still maintained positive immediate profits for the full month. The resumption of production at a leading mine in Jiangxi strengthened market expectations for longer-term supply release, and lithium carbonate futures plummeted 6.58% on the day. Additionally, the lithium carbonate market experienced an extreme trend of "sharp decline—weak rebound—further bottoming" in the fourth week of June, further squeezing the profit margins of enterprises relying on externally purchased ore. Lithium Carbonate According to customs data, China imported 25,861 mt of lithium carbonate in June, down 31% MoM but up 46% YoY. Of this, imports from Chile reached 16,037 mt, accounting for 62% of the total; imports from Argentina were 8,403 mt, representing 32% of the total; and imports from Indonesia stood at 500 mt, making up 2% of the total. China's cumulative imports of lithium carbonate from January to June totaled 179,000 mt, up 52% YoY. In May, China exported 261 mt of lithium carbonate, up 30% MoM but down 39% YoY. Cumulative exports from January to June reached 2,348 mt, down 5.6% YoY. According to SMM spot price data, the spot price of lithium carbonate generally declined in June. As of June 30, the spot price of battery-grade lithium carbonate fell to 156,500 yuan/mt, a drop of 22,500 yuan/mt from 179,000 yuan/mt at the beginning of June, representing a decline of 12.57%. SMM understands that the price center of spot lithium carbonate in China drifted lower in June. From a fundamental perspective, the supply side was disrupted by news of mine license renewals in Jiangxi, and China's lithium carbonate imports reached historic highs in May, while GFEX warrants remained elevated around 50,000 mt. The demand growth expectations were within market expectations, leading to a drift lower in prices. Upstream lithium chemical plants showed weak willingness to sell spot orders, maintaining an attitude of holding prices firm and holding back from selling; downstream material plants and battery cell manufacturers adopted a buy-the-dip strategy, engaging in substantial dip-buying for stockpiling when prices fell below 160,000 yuan/mt. As of July 23, the spot price of battery-grade lithium carbonate rose 3,500 yuan/mt from the previous trading day, reaching 142,000-151,000 yuan/mt, with an average price of 146,500 yuan/mt. Lithium Hydroxide According to customs data, in June 2026, China imported 4,400 mt of lithium hydroxide, up 12% MoM and surging nearly 2-fold YoY. By source country, imports from South Korea were 1,159 mt (26% of total), Chile ranked second with 993 mt, and notably, imports from Indonesia remained low at only 774 mt in June. On the export side, China's lithium hydroxide exports reached 6,018 mt in June, up 70% MoM, mainly driven by concentrated shipments at quarter-end and a mild recovery in overseas demand. Of this, exports to South Korea stood at 5,032 mt and to Japan at 679 mt. Overall, exports significantly exceeded imports during the month, temporarily returning China's lithium hydroxide trade to net exporter status after several months. Battery Materials LiPF6 According to China Customs data, in June 2026, China's cumulative LiPF6 exports totaled approximately 1,104.4 mt, down about 26.4% MoM, while cumulative LiPF6 imports were around 24.4 mt. On the export side, China's LiPF6 exports in June 2026 were about 1,104.4 mt, down approximately 26.4% MoM from May and down about 21.4% YoY. In detail, the main export destinations this month included South Korea, Poland, Malaysia, and Japan, among others. Exports to Poland were 336.8 mt, down about 25.47% MoM; to South Korea 319.738 mt, down about 45.9% MoM; to Malaysia 113.211 mt, down about 28.03% MoM; to the US 157.601 mt, up about 103.62% MoM; and to Japan 115.56 mt, up about 5.2% MoM. Overall, overseas procurement volume for LiPF6 edged down in June. Artificial Graphite In June 2026, China's artificial graphite imports amounted to 1,002 mt, up 2.3% MoM and up 3.3% YoY. Regarding import average price, in June 2026, China's artificial graphite import average price was 59,596 yuan/mt, down 0.9% MoM but up 16.6% YoY. Source: China Customs, SMM In June 2026, China's artificial graphite exports totaled 41,601 mt, down 16.9% MoM and down 18.7% YoY. On the export average price side, in June 2026, the average export price was 9,080 yuan/mt, up 17.5% MoM and up 13.9% YoY. On the import side, volume and price fluctuations were relatively mild, with overall stable operations. The export side showed a divergence of declining volume and rising prices: the drop in export volume may be linked to the high base in May and phased adjustments in overseas procurement pace, while the rise in export average price was mainly driven by persistently high domestic costs. Notably, despite the overall decline in export volume, shipments from key exporting provinces for lithium battery-grade artificial graphite showed a recovery trend, with one province's export volume surging about 50% MoM and another's up nearly 25% MoM. Flake Graphite In June 2026, China's flake graphite imports were 4,147 mt, down 30% MoM and down 12% YoY. Data source: China Customs, SMM In June 2026, China's flake graphite exports were 5,089 mt, down 33% MoM and down 5% YoY. Both imports and exports of flake graphite saw significant MoM declines in June, mainly due to the high base effect in May and seasonal demand adjustments in and outside China, while the YoY decline was relatively mild. Phosphoric Acid According to China Customs data, China's phosphoric acid exports in Q2 2026 showed a clear retreat after a rapid rise. Exports surged to 40,200 mt in May before pulling back to 29,500 mt in June, down 26.5% MoM, but achieved positive YoY growth from June last year (up 3,500 mt). The continued expansion of overseas new energy rigid demand offset the short-term pace-driven decline. Based on the full-year policy pace and industry fundamentals, China's phosphoric acid trade is exhibiting zero imports, pure exports, strong policy fluctuations, and continuous structural upgrading as distinct characteristics. Annual exports are affected by both agricultural supply protection policies and off-peak/peak season cycles in and outside China, resulting in a pattern of regular consolidation. ....... Based on the H1 run rate, combined with the current policy cycle, overseas demand pace, and China's spot market fundamentals, the phosphoric acid sector in July–August of H2 2026 will remain in the phosphate fertiliser export control window period. Agricultural-grade crude phosphoric acid exports will be restricted, and total export volume will have a natural upper limit. Supported by the release of off-season restocking demand from overseas food and energy storage enterprises, phosphoric acid exports are expected to recover slightly from the low in June, returning above the monthly central level of 30,000 mt, which will partially offset the pressure of inventory buildup during China's agricultural off-season, using external demand resilience to establish a market floor. Correspondingly in the spot market, domestic agricultural demand in the traditional off-season is weak, but with high raw material cost support from sulfur and phosphate ore, small and medium-sized wet process plants continue to incur losses and operate at low loads, with enterprises generally controlling production to support prices. As a result, wet process phosphoric acid sees a stagnant consolidation pattern overall—weak but without room for a deep trend correction. Entering September–December, industry fundamentals and the foreign trade landscape will see significant improvement. The phosphate fertiliser export control policy officially expires on August 31, coupled with concentrated overseas restocking of agricultural inputs in Q4, year-end capacity sprints by Chinese LFP enterprises, and the concentrated delivery of overseas lithium battery long-term contract orders. Phosphoric acid exports will enter the peak period for the year, with monthly exports potentially exceeding 40,000 mt and hitting a yearly high. The overall export volume and trade surplus of the industry will rise in tandem. Both domestic and external demand surges are expected to drive the market toward an inflection point and an upward trend. Not only is demand for wet process phosphoric acid continuing to recover, but thermal process phosphoric acid will also benefit from concentrated stockpiling in food and electronic fine chemicals, strengthening in tandem and ushering in a peak season where both wet and thermal markets thrive. Phosphate Ore In H1 2026 (January-June), China's phosphate ore imports stood at 998,200 mt, a YoY increase of 29.66%; exports were 133,900 mt, a YoY surge of 225.91%; net imports reached 864,300 mt. Four Key Changes 1. Imports rebound to high levels of 2024 . H1 2026 imports of 998,200 mt represented a 29.66% increase from 769,800 mt in H1 2025, recovering to the 986,600 mt level of H1 2024. January 2026 saw a single-month peak of 243,900 mt, followed by April (206,600 mt) and March (182,100 mt) as secondary highs. On the import side, a significant rebound from the trough of H1 2025 (769,800 mt) confirms that a "high import" baseline has been established since 2024. 2. Export volume triples to a near four-year high . H1 2026 exports of 133,900 mt surged 225.91% from 41,100 mt in H1 2025, the highest since H1 2023 (191,300 mt). June (50,900 mt), May (32,200 mt), and April (11,100 mt) formed a Q2 volume ramp-up, highly coincident with Egypt's announcement on May 13 to cease signing new phosphate ore export contracts and shift to higher-value phosphate fertiliser exports. 3. Net imports remain high but narrow . Net imports in H1 2026 at 864,300 mt were notably higher than both H1 2024's 942,800 mt (historical peak) and H1 2025's 728,700 mt, reflecting a persistent domestic phosphate ore supply gap and still elevated external dependence. 4. H1 and H2 seasonal pattern disrupted. Historically, H1 imports are typically lower than H2 (cumulative H2 imports from 2020 to 2025 were 2.7531 million mt, significantly higher than the H1 cumulative), but H1 2026 imports of 998,200 mt are already close to H2 2025's 949,900 mt — the traditional Q3-Q4 winter stockpiling peak season rhythm has been disrupted, with imports becoming more year-round. ......... H2 Outlook: On the import side: As H1 imports have already reached 998,200 mt , and with winter stockpiling purchases plus LFP cathode material stockpiling (in preparation for the Q3-Q4 NEV peak season) in H2, H2 2026 imports are projected at 1.1-1.3 million mt, with full-year imports of 2.1-2.3 million mt, a YoY increase of 15%-25%, marking a new record high since 2023. Export side : June alone at 50,900 mt has shown signs of acceleration, and exports are expected to reach 100,000-200,000 mt from July to September. In Q4, alongside overseas demand (India, Southeast Asia, Brazil) and the restructuring of export competition among Egypt, Jordan, and Morocco, annual exports are projected at 200,000-300,000 mt, up 200%-300% YoY. Net imports: Net imports in 2026 are expected to be 1.7-2 million mt, remaining at historically high levels, reflecting that the contradiction of China's phosphate ore undersupply is hard to resolve fundamentally in the medium term, and dependence on outside China (Egypt, Jordan, Morocco, Kazakhstan, Peru, Algeria) will continue to increase. 》Phosphate Ore Import and Export Half-Year Review: China’s Phosphate Ore Imports Rose to the Million mt Level in H1 2026, Exports Tripled [SMM Analysis] Sulphur & Sulphuric Acid Monthly China Sulphur Import Changes (H1 2025 vs. H1 2026) In H1 2026, China's sulphur imports showed a "monthly accelerating contraction" trend. From January to June, cumulative imports were about 2.26 million mt , versus 5.34 million mt in the same period of 2025, a sharp decline of 57.7% . The average monthly import volume plummeted from about 800,000 mt in 2025 to about 380,000 mt. From the monthly trend, imports in January-March held around 500,000 mt (496,000/538,000/516,000 mt); starting in April, they fell off a cliff , plunging to 296,000 mt in April and 268,000 mt in May, and in June hit 147,000 mt (down 85.1% YoY) —June's monthly imports had fallen to less than 20% of the same period in 2025 (988,000 mt). Compared with history, in full year 2025, imports were about 9.61 million mt , averaging about 800,000 mt per month, a steady volume, whereas the 147,000 mt in June 2026 has hit a rare low in recent years . If geopolitical conflicts and Kazakhstan's export ban persist, imports in H2 may come under further pressure, and the full-year total is expected to be only about 40% of the 2025 level . ....... Sulphur imports: cliff-like volume decline, source restructuring —H1 2026 imports of about 2.26 million mt, down 57.7% YoY (June down 85% YoY); the share of the four Middle Eastern countries was halved (from ~35% to ~20%), with South Korea, Oman, and Canada filling the gap (combined ~58%). Sulphuric acid exports: ban leads to near-zero —H1 2026 exports of about 780,000 mt, down 64% YoY; June exports were only about 980 mt, down 99.7% YoY , a cliff-like exit from the global market; destination Indonesia jumped to first place. Common Logic: Geopolitical conflicts and export controls dual effect , as China shifts from a global sulfur resource hub to self-protection contraction. Cobalt Side Cobalt Hydrometallurgy Intermediate Products In June 2026, China's imports of cobalt hydrometallurgy intermediate products were about 10,961 mt in physical content, up 324% MoM, down 42% YoY. Among them, imports from DRC were about 10,815 mt in physical content, up 423% MoM, down 43% YoY. In June 2026, the average import price of China's cobalt hydrometallurgy intermediate products was $16,352/mt in physical content, down 1.54% MoM. This month, about 7,561 mt in physical content of imported intermediate products entered Zhejiang and Guangdong provinces through Entrepot Trade by Customs Special Control Area, accounting for 69% of total imports; Ordinary Trade about 2,849 mt, accounting for 26%; processing trade with imported materials about 550 mt, accounting for 5%. Unwrought Cobalt In June 2026, China's unwrought cobalt imports were about 1,120 mt, up 66% MoM and 105% YoY. In June, by country/region, the top three sources of refined cobalt imports were Indonesia, Russia, and Madagascar, with imports of 476 mt, 293 mt, and 148 mt, respectively. Although China's refined cobalt price pulled back significantly in June and the import/export window remained completely closed, overseas refined cobalt demand was weak, and some overseas traders still shipped refined cobalt to China, resulting in a relatively large increase in imports. Regarding average import price, in June 2026, the average import price of unwrought cobalt in China was $52,228/mt, down 4.27% MoM. From January to June 2026, cumulative imports were 7,709 mt, up 118% YoY. Export side, in June 2026, China's unwrought cobalt exports were about 503 mt, up 36% MoM, down 46% YoY. By country, the top three export destinations were the US, Taiwan, China, and the Netherlands, with exports of 132 mt, 125 mt, and 66 mt, respectively. Regarding average export price, in June 2026, the average export price of unwrought cobalt in China was $59,579/mt, up 11.56% MoM. From January to June 2026, cumulative exports were 2,664 mt, down 76% YoY.

Dear User, Greetings! Based on market feedback and to facilitate client usage, SMM has made certain adjustments to the data classification under "Base Metal - Aluminum - Aluminum Semis - Import & Export - China Customs: Aluminum Semis Imports: Monthly." The specific changes are as follows: (1) Unwrought Aluminum Alloy Import Data A new category has been created: "Base Metal - Aluminum - Aluminum Semis - Import & Export - China Customs: Unwrought Aluminum Alloy Imports: Monthly," and the following indicators have been migrated to this category: China Customs: Unwrought Aluminum Alloy Imports: Monthly - a10164825 China Customs: Unwrought Aluminum Alloy Imports: MoM: Monthly - a10164834 China Customs: Unwrought Aluminum Alloy Imports: YoY: Monthly - a10164843 (2) Aluminum Products Import Data A new category has been created: "Base Metal - Aluminum - Aluminum Semis - Import & Export - China Customs: Aluminum Products Imports: Monthly," and the following indicators have been migrated to this category: China Customs: Aluminum Products Imports: Monthly - a10164832 China Customs: Aluminum Products Imports: MoM: Monthly - a10164841 China Customs: Aluminum Products Imports: YoY: Monthly - a10164850 (3) Aluminum Semis Import Data The remaining indicators remain in their original positions. The following existing indicators have been delisted, and new indicators with the same names have been created: China Customs: Total Aluminum Semis Imports: Monthly - a10164833 China Customs: Total Aluminum Semis Imports MoM: Monthly - a10164842 China Customs: Total Aluminum Semis Imports YoY: Monthly - a10164851 Before the adjustment, the indicator China Customs: Total Aluminum Semis Imports: Monthly - a10164833 represented the total imports of products associated with the following 50 tariff codes : "76012000", "76031000", "76032000", "76041010", "76041090", "76042100", "76042910", "76042990", "76051100", "76051900", "76052100", "76052900", "76061121", "76061129", "76061191", "76061199", "76061220", "76061230", "76061251", "76061259", "76061290", "76069100", "76069200", "76071110", "76071120", "76071190", "76071900", "76072000", "76081000", "76082010", "76082091", "76082099", "76090000", "76101000", "76109000", "76110000", "76121000", "76129010", "76129090", "76130010", "76130090", "76141000", "76149000", "76151010", "76151090", "76152000", "76161000", "76169100", "76169910", "76169990" After the adjustment, the indicator China Customs: Total Aluminum Semis Imports: Monthly represents the total imports of products associated with the following 32 tariff codes , with the changed portion being unwrought aluminum alloy and aluminum products imports: "76031000", "76032000", "76041010", "76042910", "76041090", "76042100", "76042990", "76051100", "76051900", "76052100", "76052900", "76061121", "76061129", "76061191", "76061199", "76061220", "76061230", "76061251", "76061259", "76061290", "76069100", "76069200", "76071110", "76071120", "76071190", "76071900", "76072000", "76081000", "76082010", "76082091", "76082099", "76090000" We sincerely apologize for any inconvenience this may cause. SMM Aluminum Research Team May 28, 2026 Aluminum Business Division

[SMM Copper Import & Export Data] According to customs data, copper cathode imports in March 2026 totaled 234,600 mt, up 53.33% MoM but down 24.03% YoY; cumulative imports were down 29.79% YoY. Copper cathode exports totaled 58,200 mt, down 25.6% MoM and down 14.4% YoY, while cumulative exports were up 95.59% YoY.

According to the latest customs data, China's die-casting zinc alloy exports in December 2025 reached 583 mt, down both YoY and MoM. However, on an annual basis, total die-casting zinc alloy exports in 2025 reached 7,259 mt, up 36.7% YoY, hitting a decade high. Meanwhile, imports fell to a ten-year low (2025 die-casting zinc alloy imports: 43,525 mt, down 12.4% YoY; December imports: 3,302 mt, also down both YoY and MoM), showing a notable pattern of rising exports and falling imports.

A four-party strategic agreement has been signed by NIO’s battery-swap unit (a CATL wholly-owned subsidiary), Longsheng New Energy Holdings, FAW Import & Export and Times Xiaoju. At the opening ceremony of Longsheng’s battery-swap eco-showroom in Kai Tak North, Hong Kong, the world’s first right-hand-drive battery-swappable new-energy taxi—the Hongqi E-QM5—was officially unveiled, marking Hong Kong’s public-transport electrification entry into the “swap era”. The cooperation centres on CATL’s “Chocolate” swap technology to solve pain-points in the city’s taxi industry.

The new venture, jointly funded with 1 billion yuan by Nissan (China) Investment Co., Ltd. and Dongfeng Motor Corporation

From January to August 2025, China's cumulative imports of ferromolybdenum reached 3,834.351 tons. Compared with 4,914.253 tons in January to July 2024, this represents a decrease of 1,079.902 tons, with a year-on-year decline rate of 21.97%. In August 2025, China's imports of ferromolybdenum stood at 717.90 tons. On a month-on-month basis, it increased by 143.35% compared with 295.0 tons in July 2025; on a year-on-year basis, it rose by 8.71% compared with 660.36 tons in August 2024. From January to August 2025, China's cumulative exports of ferromolybdenum reached 3,600.950 tons. Compared with 5,022.248 tons in the same period (January to August) of 2024, this represents a decrease of 1,421.298 tons, with a year-on-year decline rate of 28.30%. In August 2025, China's exports of ferromolybdenum stood at 462.8 tons. On a month-on-month basis, it surged by 92,460.00% compared with 0.50 tons in July 2025; on a year-on-year basis, it decreased by 9.61% compared with 512.0 tons in August 2024.

September 3 — Zhongcheng Co., Ltd. announced plans to issue shares to China National Technical Import & Export Corporation for the acquisition of 100% equity in Zhongji Jiangsu Clean Energy Co., Ltd., with a transaction value of 151 million yuan.

I. Policy Review: Hydrogen Policy Dynamics (I) Domestic Policies Beijing Municipality: Issued the "Management Requirements for Filling, Use, and Detection of Vehicle Compressed Hydrogen Cylinders" for public comment. The "Management Requirements for Filling, Use, and Detection of Vehicle Compressed Hydrogen Cylinders" stipulate that this document specifies the management requirements for the filling, use, and inspection of vehicle compressed hydrogen cylinders. This document applies to cylinders designed and manufactured in accordance with GB/T 35544 and GB/T 42612, with a nominal working pressure not exceeding 70 MPa, a nominal water capacity not exceeding 450 L, a storage medium of compressed hydrogen, and an operating temperature not lower than -40°C and not higher than 85°C. This document does not apply to cylinders installed on passenger vehicles with a length not exceeding 8 meters and seating capacity not exceeding 19 seats, which cannot be disassembled for periodic inspection. Additionally, cylinders for hydrogen fuel cell urban rail transit, hydrogen-powered ships, hydrogen power generation devices, etc., may refer to this document. Qinghai Provincial Development and Reform Commission: Issued the "Implementation Plan for Qinghai Province to Leverage Green Electricity Advantages to Promote Outward-Oriented Industrial Development." The document states that, in line with the characteristics of the province's industries and green electricity supply, support will be provided to extend the industry chain in key industries such as aluminum, steel, crystalline silicon, lithium batteries, and carbon fiber, to expand and strengthen industries such as new energy, salt lake chemical, non-ferrous metals, and new materials, and to increase the scale of product exports. Vigorously develop green silicon and green aluminum industries, explore the development of green hydrogen, green methanol, green ammonia, and other industries, precisely implement tax incentives for the development and utilization of clean energy, actively leverage the regulatory role of the green tax system, and promote the high-quality development of "green electricity + industry." Hainan Provincial Department of Industry and Information Technology: Issued the "Announcement on Publishing the First Batch of Hainan Province's Advanced Equipment Manufacturing First-Set Projects for 2025." The document shows that among the first-set projects of advanced equipment manufacturing in Hainan Province for 2025, there are four hydrogen energy projects in the pilot demonstration category, namely: The fixed-danger-source-free hydrogen refueling device by Hainan Pingye New Energy Co., Ltd.; The intelligent production line for ultra-high voltage PEM electrolyzer membrane electrodes, the digital stacking production line for ultra-high voltage PEM electrolyzers, and the intelligent electrode packaging production line for ultra-high voltage PEM electrolyzers by Hydrogen Sea Energy (Hainan) Group Co., Ltd. The pilot demonstration projects related to hydrogen energy include the intelligent production line for ultra-high voltage PEM electrolyzer membrane electrodes and the digital stacking production line for ultra-high voltage PEM electrolyzers by Qinghai Energy Group Co., Ltd. Wuxi City, Jiangsu Province: Issued the "Public Notice on the Subsidy for Wuxi City's Hydrogen Fuel Cell Vehicle Demonstration Application Projects in 2025." The document states that, in accordance with the requirements of documents such as the "Notice of the Municipal Government Office on Issuing Several Policies of Wuxi City to Promote the Development of the New Energy Industry" (Xizhengbanfa [2023] No. 43) and the "Wuxi City Hydrogen and Energy Storage Industry Development Three-Year Action Plan (2023-2025)" (Xijiqunfa [2023] No. 9), Wuxi City received application materials from 2 enterprises for 53 hydrogen fuel cell vehicle units in 2025. After review, two enterprises and 53 hydrogen fuel cell vehicles met the application requirements, with proposed funding of 11.623 million yuan. The results are now published for public notice from September 1 to September 5, 2025. Policy Interpretation: 1. Beijing's "Management Requirements for Filling, Use, and Detection of Compressed Hydrogen Cylinders for Vehicles": This document plays a significant role in standardizing the management requirements for compressed hydrogen cylinders for vehicles, clarifying the scope of application and technical parameters, and providing detailed regulations on safety operations and management during filling and use, such as specifying safety requirements for filling areas and requiring user units to establish safety systems. This helps ensure the safe use of cylinders, reduces the risk of safety incidents, enhances public trust in hydrogen energy, provides safety support for the promotion and application of hydrogen fuel cell vehicles, and promotes the healthy development of the hydrogen automotive industry in Beijing. 2 . Qinghai Province's "Implementation Plan for Leveraging Green Electricity Advantages to Promote Outward-Oriented Industrial Development": The plan combines Qinghai's green electricity advantages to support the extension of key industry chains, explore the development of industries such as green hydrogen, and implement tax incentives. This facilitates the utilization of the region's abundant renewable energy resources to convert green electricity into products like hydrogen energy, drives the large-scale development of the hydrogen energy industry, fosters the growth of related industry chains, promotes industrial upgrading, and leverages outward-oriented development strategies to introduce hydrogen energy products to external markets, enhancing the influence of Qinghai's hydrogen energy industry both nationally and globally. 3. Wuxi City, Jiangsu Province's "Public Notice on Funding for Hydrogen Fuel Cell Vehicle Demonstration and Application Projects in Wuxi City for 2025": Wuxi provides financial support for hydrogen fuel cell vehicle demonstration and application projects, with enterprises and vehicles meeting the requirements after review receiving funding. This directly reduces R&D and operational costs for enterprises, increases their enthusiasm, helps expand the scale of hydrogen fuel cell vehicle demonstrations, accelerates technological iteration, promotes the local adoption of hydrogen vehicles, and drives the construction and improvement of Wuxi's hydrogen automotive industry ecosystem. (II) Foreign Policies European Commission: Approved Spain's 1.2 billion euro renewable hydrogen funding plan. The plan will allocate funds through a competitive tender process, focusing on green hydrogen production facilities with a capacity of no less than 100MW, including the production of renewable hydrogen-derived fuels, hydrogen storage solutions, and supporting renewable power generation projects. It aims to help Spain achieve its 2030 target of 12GW electrolyzer capacity, reduce dependence on imported fossil fuels, and is expected to cut 1 million mt of carbon dioxide emissions. European Commission: Approved Germany and the Netherlands' jointly proposed 3 billion euro hydrogen import plan (H2Global), aimed at procuring green hydrogen from non-EU countries and selling it in the two nations. Germany contributed €2.7 billion, and the Netherlands provided €300 million, purchasing green hydrogen at the lowest cost through a double auction mechanism and then reselling it to industrial users at market prices, with the price difference subsidized by public funds. Germany: Through the National Hydrogen Strategy, it is expected to achieve 5GW of green hydrogen capacity by 2030. France: Updated its National Hydrogen Strategy. Established a support mechanism totaling €4 billion to ensure the competitiveness of the low-carbon hydrogen market over the next 15 years. Adjustments include increasing national electrolyzer installed capacity to 4.5GW by 2030 and 8GW by 2035; strengthening technological autonomy across the entire industry chain; developing a low-carbon hydrogen transportation network; and securing the fundamental conditions for hydrogen industry development. US: US President Trump signed the "Big and Beautiful" Act, which extended the commencement deadline for hydrogen industry tax credit projects by two years to 2028. Hydrogen projects originally required to commence before January 1, 2026, to qualify for a maximum tax credit of $3 per kg, are now extended to January 1, 2028. Policy Analysis: 1. Standard Fragmentation and Cost Challenges: The EU's "carbon extraterritoriality" sparked controversy: its accounting method excludes "renewable carbon fuels" (e.g., biomass-based hydrogen), accused of technological discrimination; CBAM's retroactive application to indirect emissions (e.g., grid carbon intensity for electrolytic hydrogen) downgraded Morocco's PV-based hydrogen projects due to its grid's 15% coal power share. More critically, EU carbon price volatility (which surged to €110/mt in 2023) directly impacts imported hydrogen costs, forcing countries like Algeria to demand "carbon price-linked" long-term contracts—a new-type trade clause reshaping global energy agreements. 2. Competition and Layout: The carbon reduction stimulus policy packages of China and the EU are essentially industrial reshuffles using standards as weapons. Germany's pipelines, France's electrolyzers, and US subsidies collectively form a "Three Kingdoms" narrative in the hydrogen era. For China, accelerating adaptation to EU carbon footprint accounting is crucial, while vigilance is needed against "standard barriers" evolving into "technological lock-in"—when the EU mandates second-generation hydrogen barrier coatings for projects by 2027, the pace of domestic enterprises' technological iteration will determine their positioning in this global low-carbon race. II. Enterprise Dynamics: Surge in Project Signings and Technical Collaborations (1) Project Intelligence Zhengzhou China Resources Gas Co., Ltd. : Zhengzhou China Resources Gas Co., Ltd. issued a tender announcement for equipment procurement for the expansion project of its Hanghai East Road Hydrogen Refueling Station. Bidding Content and Scope: The Hanghai East Road Hydrogen Refueling Station was completed and commenced operation in January 2023. The expansion project is located within this station. This tender involves the procurement of one 45MPa 1000kg/12h@12.5MPa hydrogen compressor with a matching chilled water unit, as well as the modification of the original process pipelines. Jiuquan Economic Development Zone Park Construction Investment Development Group: The Jiuquan Economic Development Zone Modern Logistics Hub System Construction Project—Oil-Gas-Electric-Hydrogen Service Station has completed the roof sealing of supporting service buildings and station houses. The overall construction of the project is progressing orderly, with the first phase expected to be operational by the end of 2025. China Energy Engineering Corporation (CEEC) Electric Power Engineering: The CEEC-invested and constructed, Northeast Electric Power Design Institute EPC-contracted China Energy Construction Songyuan Hydrogen Energy Industrial Park (Green Hydrogen-Ammonia-Methanol Integrated) Project has completed the installation of all 99 wind turbines, marking the full entry of the Songyuan Project Phase I into the commissioning stage. CEEC Hydrogen Energy Company: CEEC's Ni Zhen visited the China Energy Construction Songyuan Hydrogen Energy Industrial Park Project for a survey. Ni Zhen inspected the construction progress of the Songyuan Project's chemical industrial park, toured the smart construction site exhibition hall, and chaired a survey symposium to hear work reports. Jinan Ludong Hydrogen Energy Technology Co., Ltd.: Announced the procurement results of the 2025 Long-Tube Trailer Hydrogen Procurement Project, with Shandong Binhua Hydrogen Energy Co., Ltd. as the winning supplier through competitive negotiation. (II) Enterprise Updates CoreMEMS Electronics: Suzhou CoreMEMS Electronics Technology Co., Ltd., an innovative pioneer in domestic MEMS (Micro-Electro-Mechanical Systems) sensing technology, recently announced the completion of a Series A financing round worth tens of millions of yuan. This round was led by Wuchuang Huagong Fund, with follow-on investment from existing shareholder Jinpu Investment's Yueda Automotive Technology Fund. Since its establishment in 2016, CoreMEMS has focused on the design of MEMS hydrogen sensor chips, sensor manufacturing, and the development of application systems. Huadian Liaoning: Jiang Qingsong, Party Secretary of Huadian Liaoning Energy Development Co., Ltd., and Tian Li, Deputy Party Secretary and General Manager, held talks with Peng Gangping, Party Secretary and Chairman of China Huadian Engineering Group Co., Ltd. The two sides engaged in in-depth discussions on deepening cooperation and jointly promoting the development of clean and low-carbon energy. Liu Gang, Party Committee Member and Deputy General Manager, and Huang Xiuyu, Deputy Director, attended the meeting. Zhongji Jiangsu Clean Energy Co., Ltd.: Zhongcheng Co., Ltd. released a draft restructuring report, proposing to issue shares to acquire 100% equity of Zhongji Jiangsu Clean Energy Co., Ltd. held by China National Technical Import & Export Corporation and simultaneously raise supporting funds, with a transaction price of 151 million yuan. RWE Group (Germany): German energy giant RWE has secured €551 million ($641.7 million) in subsidies from the Dutch government for constructing a 100 MW electrolysis project in Eemshaven, northern Netherlands. The company stated that financing for the OranjeWind electrolyzer project was provided by the Netherlands Enterprise Agency (RVO) as part of the government's incentive program for sustainable energy production and climate transition. The planned electrolyzer will be powered by green electricity from the 795 MW OranjeWind offshore wind farm, currently under joint development by RWE and its partner TotalEnergies. The electrolyzer project obtained construction and environmental permits in October. Subsequent phases include front-end engineering design, securing construction partners, and obtaining power offtake agreements before making the final investment decision. CECEP Green Hydrogen (Shijiazhuang) New Energy Co., Ltd. : CECEP Green Hydrogen (Shijiazhuang) New Energy Co., Ltd. released a recruitment announcement. China Energy Engineering Corporation: China Energy Engineering Corporation released its H1 2025 report. The report indicated the company achieved operating revenue of ¥212.091 billion (up 9.18% YoY), net profit attributable to shareholders of ¥2.802 billion (up 0.72% YoY), and adjusted net profit of ¥2.521 billion (up 8.32% YoY). Shanghai Electric: Shanghai Electric released its H1 2025 report. The report showed the company recorded total operating revenue of ¥54.303 billion (up 8.9% YoY) with a gross margin of 19.0%. Net profit attributable to shareholders reached ¥821 million (up 7.3% YoY), while basic earnings per share stood at ¥0.053 (up 8.2% YoY). III. Technological Advancements: Efficiency and Cost Breakthroughs (1) Hydrogen Production, Storage & Transportation Foshan Xianhu Laboratory: The industry's first "zero-carbon ammonia-fueled aluminum billet heating furnace" for aluminum extrusion production was launched at Foshan Xianhu Laboratory. This equipment enables zero-carbon operation in aluminum processing heating, marking a significant step in China's aluminum industry's green transition. Shougang Group: The company successfully developed a full series of hydrogen pipeline steels (B/X42/X52/X60/X65MH), overcoming six key technical bottlenecks including hydrogen embrittlement and low-temperature toughness, establishing a comprehensive product matrix for hydrogen transmission pipelines. Baoji Petroleum Steel Pipe (Qinhuangdao) Co., Ltd. : The company completed trial production of multiple specifications of "longitudinal submerged arc welded pipes" (D610x12.7/14.3mm, material/X60MH) for pure hydrogen transportation. SPIC Central Research Institute: The hydrogen storage and transportation team of the Advanced Low-Carbon Institute developed a large-diameter (DN150), high-pressure (10MPa) non-metallic flexible hydrogen pipeline, which successfully achieved safe and stable operation for 30 days on the test platform. CNOOC Engineering Special Equipment Branch: The design outcome of the "Cryogenic Liquid Hydrogen Storage Tank" for a deep-sea floating platform, independently developed by the company, has received the Approval in Principle (AIP) certificate from the China Classification Society (CCS), indicating that the safety and reliability of the outcome fully comply with the classification society's regulations. Dalian Institute of Chemical Physics, Chinese Academy of Sciences: Achieved a breakthrough in alkaline electrolyzer membrane technology: Developed an ultra-thin (20μm) composite separator, increasing the efficiency of the electrolysis system to 85% (LHV) and extending its lifespan beyond 60,000 hours. (II) Liaoning General Aviation Research Institute: The team led by Academician Yang Fengtian at the Liaoning General Aviation Research Institute of Shenyang Aerospace University successfully completed the maiden flight of China's first four-seat hybrid electric aircraft, the RX4M, at Faku Caihu Airport in Shenyang, contributing a "China solution" to the global development of electric aircraft. Oriental Hydrogen: Obtained a patent for a system to increase the humidity of air entering the fuel cell stack in the field of fuel cell technology. Georgia Power: The second experiment using a hydrogen-natural gas blend as fuel under partial and full load conditions for the M501GAC type natural gas turbine, a collaboration with Mitsubishi Power, was announced as successfully completed. U.S. Department of Energy (DoE) led the formation of the "Hydrogen Refueling Station Compatibility Consortium": To unify the 70MPa hydrogen refueling nozzle interface standard, eliminating barriers in hydrogen refueling protocols among automakers such as Toyota, Hyundai, and Nikola, and promoting the interconnectivity of the hydrogen refueling network.

China Dongfeng Motor Industry Import & Export Co. Ltd. recently rolled out five new passenger vehicle (PV) models in Morocco, marking a decisive step in its African growth strategy.