After nearly two months of continuous declines, TOPCon cell prices have recently seen a strong rebound. Prices of various sizes have risen sharply within just one week, drawing significant attention from companies across the PV industry chain. According to SMM data, as of August 12, the actual transaction prices of monocrystalline TOPCon cells in 183mm, 210R and 210mm sizes were RMB 0.29/W, RMB 0.285/W and RMB 0.29/W, respectively, up about 15% from the beginning of August.

Chinese Taiwan's Customs Administration under the Ministry of Finance has formally launched an anti-dumping investigation into certain cold-rolled flat-rolled stainless steel products imported from Vietnam, following a petition filed by Yusco and Tang Eng Iron Works. The investigative period covers July 1, 2025, to June 30, 2026. The Ministry of Economic Affairs will assess potential industrial damage within 40 days of receiving the notification, while the Ministry of Finance reviews dumping margins. Products under investigation are cold-rolled stainless steel flat products in coils or sheets with thickness of 0.05–6.10mm, nickel content of 5–20%, chromium content of 15–25%, manganese content up to 3%, and aluminum content up to 0.5%, excluding coated or plated products. Officials noted that surging import volumes priced below domestic production costs have caused severe market share losses and financial strain for local producers.

[SMM Tin Morning Update: Mild PPI Lowered the Probability of a September Rate Hike to 32%; 430,000 Round Number Closed, Breaking Through for the First Time This Week]

July Price Review ： Domestic grain-oriented silicon steel prices rose first and then retreated in July. Supported by rigid demand from downstream transformer manufacturers as well as orders in the new energy and UHV sectors from early to mid-July, mainstream grades including B23R085 climbed to cyclical highs. Nevertheless, persistently high prices suppressed downstream purchasing willingness, market trading turned sluggish, and spot prices came under pressure and fell at month-end, ending the upward rally. In view of forward expectations, the market generally holds the view that this round of price surge has come to an end. Fundamental Analysis Domestic steel mills plan to maintain roughly the same output of grain-oriented silicon steel in August as in July, sustaining high production levels with no obvious tightening in supply delivery pace. In terms of product mix, production is still overwhelmingly dominated by high magnetic induction (HIB) grain-oriented silicon steel, while the output proportion of conventional CGO grain-oriented silicon steel remains low. Output of both varieties changes little compared with July. Steel mills have no intention of carrying out concentrated voluntary production cuts. The continuously ample supply keeps weighing on the spot market and creates obvious resistance to further price hikes. Newly added installed capacity of various power sources showed divergent performance in June, forming structural support for grain-oriented silicon steel demand. Newly installed thermal power capacity maintained relatively strong year-on-year growth. Thermal power supporting step-up transformers and auxiliary transformers for power plants continued to generate rigid demand for grain-oriented silicon steel. Newly installed hydropower capacity increased substantially, driving demand for main and auxiliary transformers of hydropower stations. Newly installed wind and solar power capacity was weaker than the same period of previous years, leading to limited incremental demand for box transformers and main transformers supporting new energy. Newly installed nuclear power capacity declined, resulting in periodic weakening of demand for special grain-oriented silicon steel for nuclear power applications. Overall, construction of traditional power sources gained momentum in June. Thermal and hydropower installed capacity contributed major incremental demand, supporting orders for large power transformers and further boosting demand for high-grade grain-oriented silicon steel. Insufficient incremental wind and solar power installations offset part of the demand growth. Therefore, demand presented a structural pattern: strong demand from traditional power sources and weak demand from the new energy sector. August Price Outlook Looking ahead to August 2026: On the supply side, domestic supply of grain-oriented silicon steel will edge down slightly. Major state-owned steel mills will basically continue high-load production, while some private enterprises will conduct minor maintenance, leaving overall supply broadly stable. Despite the price correction of grain-oriented silicon steel in July, most steel mills still enjoy decent profits. In addition, leading steel mills including Baowu lifted the August base price of grain-oriented silicon steel by RMB 50 per tonne, demonstrating obvious price-support sentiment and sound overall production enthusiasm. Deliveries of high-grade products remain steady; however, sufficient supply of conventional grades has brought inventory pressure to the market. On the demand side, China’s 15th Five-Year Plan UHV projects keep being launched. Transformer enterprises prioritize fulfilling supporting orders for UHV construction, and demand for high-grade grain-oriented silicon steel used in transformers for new energy grid interconnection stays resilient. Nevertheless, the impact of the high-temperature off-season will surface in August. Most downstream enterprises will only conduct inventory replenishment for rigid demand. The conversion of tender orders issued by State Grid and China Southern Power Grid is subject to time lags, and enterprises lack motivation for proactive stockpiling. Furthermore, India’s ongoing anti-dumping investigation against Chinese grain-oriented silicon steel has disrupted exports. Cargo diverted from overseas markets flows back and continuously hits the domestic market, putting prices under pressure. On the cost side, hot rolled coil prices are expected to fluctuate weakly in August with limited upward momentum, and the monthly average price will continue to decline month-on-month. In summary, SMM forecasts that grain-oriented silicon steel prices will fluctuate on a weak trend in August 2026. High-grade grades will be relatively resilient against price falls, while conventional grades will face more prominent downward pressure. Data source statement: (Data in this report other than public information are all sourced from public information (including but not limited to industry news, seminars, exhibitions, corporate financial reports, broker reports, National Bureau of Statistics data, customs import and export data, and various data published by major associations and institutions), market communication, and SMM's internal database models, and are produced by the research team through comprehensive analysis and reasonable inference; they are for reference only and do not constitute decision-making advice.) SMM reserves the final right of interpretation of the terms of this statement and the right to adjust and amend the content of the statement according to actual circumstances.

Yusco renewed an anti-dumping investigation petition in early July targeting Vietnamese 304 cold-rolled stainless steel, driven by surging import volumes. Customs data showed imports reaching approximately 6,200 tonnes in June and 6,000 tonnes in July, a 168% YoY surge, with cumulative imports for the first seven months of the year hitting 23,200 tonnes. Although formal case registration remains pending, Chinese Taiwan's Customs Administration has scheduled a preliminary hearing for September 14 due to heavy administrative workloads. Importers have expressed concern over potential retroactive AD duties affecting existing unfulfilled contracts. Yusco and Tang Eng previously filed a similar petition in October 2025 before temporarily withdrawing it; renewed import pressure and sluggish local demand have prompted the latest regulatory action to safeguard fair competition.

On August 14, Xingye Silver&Tin's share price fell. As of 10:24 on August 14, Xingye Silver&Tin was down 1.58% at RMB37.28/share. In response to the question "What is the construction progress of Atlantic Tin?", Xingye Silver&Tin said on the interactive platform on August 13 when answering an investor's question, the Atlantic Tin project is currently advancing preliminary work such as construction of the explosives magazine, engineering surveys and preparations for equipment transportation. Construction teams have entered the site for preliminary preparations, and the project is expected to officially start construction in Q4. When asked "I have repeatedly suggested that the company's underground mining use tunnel boring machines to transform them into mineral excavation equipment. Does the company have any ideas or plans in this regard? Why has it not logged in on the interactive platform? Thank you!", Xingye Silver&Tin said on the interactive platform on August 13 that the company had carried out early-stage evaluation and feasibility studies on the application of tunnel boring machines and currently has no relevant implementation plan. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company takes deeply cultivating its main business and steady operations to consolidate intrinsic value as the foundation of its market value management, continues to optimize internal control and standardize information disclosure, carries out regular public opinion monitoring and responses to market concerns, promptly clarifies false rumors, keeps online and offline investor communication channels open, objectively conveys the company's long-term development value, and protects the right to information and legitimate rights and interests of minority shareholders in all respects. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company always adheres to a prudent cash dividend policy, continues to reward all shareholders with stable cash returns, and effectively safeguards the long-term interests of minority shareholders. On August 6, Xingye Silver&Tin said on the interactive platform in response to investor questions that the company will strictly implement its primary responsibility for production safety, strengthen the defense line for safe development, improve its inherent safety level, and address shortcomings in safety management. A progress announcement issued by Xingye Silver&Tin on July 31 regarding a safety incident at its subsidiary showed that on July 30, 2026, Yinman Mining received the On-site Handling Measures Decision ((Xi) Emergency On-site Decision (2026) No. 260) issued by the West Ujimqin Banner Emergency Management Bureau, requiring the simultaneous suspension of Yinman Mining's mineral processing and tailings systems. As of the disclosure of this announcement, both Yinman Mining's mining system and its mineral processing and tailings systems had been suspended. The specific circumstances of the incident disclosed by Xingye Silver&Tin showed that at about 15:30 on July 26, 2026, an accident occurred during underground production and construction at the mine of the company's wholly owned subsidiary, West Ujimqin Banner Yinman Mining Co., Ltd., causing one death and no injuries. After the accident, Yinman Mining suspended production in the underground mining area in accordance with the On-site Handling Measures Decision ((Xi) Emergency On-site Decision (2026) No. 257) issued by the West Ujimqin Banner Emergency Management Bureau. Regarding the impact on the company's production, operations and results: Yinman Mining is mainly engaged in the mining, processing and sale of nonferrous metals including silver, tin, copper, lead and zinc, with a production scale of 1.65 million mt/year. In 2025, Yinman Mining recorded operating revenue of RMB3,062.0434 million, accounting for 55.12% of the company's consolidated operating revenue, and net profit of RMB1,346.2785 million. In Q1 2026, Yinman Mining recorded operating revenue of RMB961.5985 million, accounting for 45.15% of the company's consolidated operating revenue, and net profit of RMB474.7488 million. The cause of the accident and the cause of the death are still under investigation, and Yinman Mining will fully cooperate with the accident investigation and subsequent work. Since the duration of Yinman Mining's production suspension cannot be determined at present, the impact of the suspension on the company's current-period and full-year results cannot be accurately estimated for the time being. The company will perform its information disclosure obligations in a timely manner according to the progress of the accident investigation and relevant regulations, and investors are reminded to pay attention to investment risks. In terms of results, Xingye Silver&Tin earlier disclosed its semi-annual results forecast in the evening, showing that it expects net profit attributable to the parent company of RMB2.14 billion to RMB2.37 billion in H1 2026, up 168.95%-197.86% YoY. Regarding the reasons for the change in results, Xingye Silver&Tin said: 1. Yubang Mining's capacity was gradually released, and ore-derived silver production and sales increased significantly YoY. 2. During the reporting period, affected by factors such as the macroeconomic environment and changes in market demand for products, the selling prices of the company's main mineral products such as silver and tin rose from the year-earlier period. 3. During the reporting period, the company transferred a 60% equity interest in Shuangyuan Nonferrous Metals; the equity transfer resulted in non-recurring gains of RMB454 million. The company realized investment income of RMB321 million. Since Shuangyuan Nonferrous Metals was originally a loss-making enterprise with excessive losses, the equity transfer increased the parent company's deductible losses, which in turn reduced income tax expense by RMB133 million. Xingye Silver&Tin's 2025 annual report showed that in 2025, the company recorded operating revenue of RMB5,555.2536 million, up 30.09% YoY; total profit of RMB2,096.2370 million, up 18.75% YoY; and net profit attributable to shareholders of the listed company of RMB1,704.2393 million, up 11.40% YoY. An announcement by Xingye Silver&Tin showed that in 2025, the proportions of the company's main mineral product revenue in total operating revenue were as follows: ore-derived silver RMB2,175.7825 million, accounting for 39.17%; ore-derived tin RMB1,649.6398 million, accounting for 29.70%; ore-derived zinc RMB975.8673 million, accounting for 17.57%; ore-derived lead RMB220.9450 million, accounting for 3.98%; ore-derived iron RMB180.3799 million, accounting for 3.25%; ore-derived copper RMB133.0043 million, accounting for 2.39%; ore-derived antimony RMB100.3568 million, accounting for 1.81%; ore-derived gold RMB82.3402 million, accounting for 1.48%; ore-derived bismuth RMB16.6744 million, accounting for 0.30%. Of these, combined revenue from ore-derived tin and ore-derived silver accounted for 68.86%. Regarding the company's main business and key performance drivers, Xingye Silver&Tin stated in its 2025 annual report that the company is a large mining group mainly engaged in the exploration, mining and mineral processing of nonferrous and precious metals. As of the disclosure date of this report, the company has more than 20 subsidiaries, including eight operating mining companies: Yinman Mining, Qianjinda Mining, Yubang Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining and Bosheng Mining. The Achmmach tin mine of AtlasTinSAS under Atlantic Tin is in the construction phase; Tanghe Shidai Mining is in a construction suspension phase; and Yitong Mining and Yunnan Xigui are in the exploration phase. Hainan Fund is mainly engaged in equity investment management. Xingye Gold (Hong Kong) is mainly engaged in metals and mining trade and corporate acquisitions, and is responsible for expanding overseas markets and acquiring high-quality overseas mineral resources. Hainan International Trade and Tianjin International Trade are mainly engaged in the sale of nonferrous metal ore products and the procurement of some raw materials. Xingye Ruijin mainly carries out process research, technology development and upgrading for exploration, mining and mineral processing, and comprehensive recovery and utilization of tailings. Tibet Shannan Antimony-Gold, Tibet Xinda Mining and Xing'an League Fuxingtun Mining serve as the company's regional resource integration platforms. During the reporting period, the company successfully acquired an 85% equity interest in Yubang Mining. According to data from the Silver Institute as of the end of 2023, Yubang Mining's single silver mine ranked first in Asia and fifth globally. The acquisition further strengthened the company's resource advantages and laid a solid resource foundation for its sustainable development. Meanwhile, the company, through its subsidiary Xingye Gold (Hong Kong) as the investment vehicle, increased investment in overseas mineral resources and successfully acquired a 100% equity interest in Atlantic Tin. The acquisition was an important step in implementing the company's "going global" strategy. According to the large tin mine classification criteria in the Standards for Classification of Mineral Resource Reserves (DZ/T0400-2022), the Achmmach tin mine held by Atlantic Tin is currently equivalent to five large deposits. Through the integration of overseas tin resources, the company further improved its international tin layout and reserved important strategic resources for its long-term development. The company's main results come from its nonferrous metal mining and processing business. During the reporting period, revenue from the nonferrous metal mining and processing business accounted for 99.64% of total operating revenue in 2025. The main factors affecting the operating results of the mining and processing segment include production and sales volumes of major products, market prices, and costs of the nonferrous and precious metal mining and processing business. Regarding its operating plan, Xingye Silver&Tin stated in its 2025 annual report that 2026 is the closing year of the company's "Second Three-Year" plan. The board will focus closely on high-quality development, fully implement the established objectives, continue to deepen the philosophy of trust and collaboration, and make every effort to achieve the final goals of the "Second Three-Year" plan, with the following priorities: 1. Hold the bottom line for safety and environmental protection. With 2026 as the "Year of Implementing Safety Management," comprehensively strengthen safety responsibilities, consolidate the achievements of the "Year of Collective Calm in Safety," enhance risk anticipation and process control, and resolutely prevent all kinds of safety and environmental accidents to achieve safe, stable, green and low-carbon development. 2. Make every effort to advance key project construction; strengthen full-process management of project budgets, schedules and quality; coordinate the implementation of projects such as the 2.97 million mt expansion at Yinman Mining, the 8.25 million mt expansion at Yubang Mining, the Morocco project, and the Budun Yin'gen Mining (trusteeship) project; and ensure they are completed and reach full production on schedule to release capacity benefits. 3. Continue to strengthen exploration and reserve expansion; properly balance production and geological exploration; steadily advance exploration at existing mines and surrounding areas; accelerate the conversion and upgrading of resources into reserves; and steadily strengthen the resource base. 4. Deepen industrial synergy and resource integration; leverage the advantages of the core region of Inner Mongolia; steadily expand the overseas resource layout; maintain silver and tin as the main business direction and enrich and optimize resource types. Solidly advance the follow-up acquisition and integration of Weiling Co., and actively track high-quality mineral project opportunities at home and abroad to enhance overall competitiveness through synergistic industrial M&A. 5. Further strengthen institutional enforcement and internal control management; ensure all systems, processes and control requirements are effectively implemented; improve the company's refined management; strengthen enforcement capacity; ensure production plans, comprehensive budgets and all work arrangements are fully implemented; and promote deep integration of corporate culture and business management. 6. Make every effort to advance preparations for the Hong Kong listing; accelerate the establishment of dual capital market platforms at home and abroad; enhance cross-border capital operation capabilities; provide stronger funding support for the company's resource integration and strategy implementation; and push the company's high-quality sustainable development to a new level. A research report from Huaxin Securities on August 7 showed that key performance drivers included the official start of Yinman Phase II and steady progress in capacity expansion, and a dual-track layout of domestic acquisitions and overseas expansion with the resource map steadily expanding. Silver and tin prices remain high, and the company's long-term capacity growth is expected, so the rating is maintained at "Buy." Risk warnings: 1) downstream demand falls short of expectations; 2) metal price downside risk; 3) the company's expanded capacity is released less than expected; 4) the company's acquisition progress falls short of expectations. A research report from Huaxi Securities on July 25 said that the macro logic for silver is similar to that for gold, while silver has stronger industrial attributes, and its price is driven by the resonance of fundamentals, policy and trading. From the perspective of core support, silver has been included in the US "critical minerals" list, which has triggered sustained attention from funds and a stockpiling effect, serving as an important policy catalyst for price increases. Although short-term demand has pulled back somewhat, the supply-side gap remains prominent, providing the core fundamental support for silver prices. The supply-demand gap for silver is expected to continue widening in the coming years. Coupled with demand improvement from the industrial recovery during the easing cycle, silver's price elasticity is significantly higher than gold's, and silver is expected to rise under the resonance of a loose environment and industrial demand, with a favorable long-term silver price trend. The silver sector is currently in a stage of consolidation at lows after a pullback. Although it is pressured in the short term by a stronger US dollar and delayed interest rate cut expectations, it still has medium and long-term allocation value. Beneficiaries of silver include: [Shengda Resources] and [Xingye Silver&Tin].

[SMM Tin Morning Brief: SHFE Tin 2609 Pulled Back on Position Reduction to Close at 427,490, with Capital Outflow of 221 Million]

[SMM Tin Morning Brief: US July CPI Came in Mild, SHFE Tin 2609 Night Session Spiked to 433,700 Then Gave Back Gains]

August 9, 2026, afternoon — a private steel plant in Ramgarh district suffered a furnace explosion. High-temperature molten metal was ejected, leaving at least nine workers with burn injuries, two of them in critical condition. In terms of single-plant output, this is an incident with virtually no measurable impact on the market. But placed against the backdrop of India's crude steel capacity expanding by 40 million tonnes over three years while utilisation rates have been declining, it points to something else entirely. Viewed within the 2026 timeframe, this incident is not isolated. On January 22 , an explosion in the dedusting chamber of a sponge iron plant in Baloda Bazar, Chhattisgarh killed six workers and injured five; the plant was subsequently sealed by local authorities. On April 6 , in the early hours, a furnace explosion at another private steel plant in the Hesla area of the same Ramgarh district injured nine workers — seven of whom sustained burns covering more than 60% of their body surface area — and ultimately claimed three lives. The state's Labour and Employment Department formed a seven-member investigation panel, and India's National Human Rights Commission (NHRC) took up the case suo motu. On June 8 , a ladle containing approximately 1,500°C of liquid steel exploded in the continuous casting section of Steelmaking Shop No. 1 at the state-owned Visakhapatnam Steel Plant (RINL), killing eight workers on the spot and injuring six; by June 14, the death toll had risen to ten. Public reporting did not name the plant involved in the August incident, but the configuration of private steel mills in Ramgarh district follows a highly templated pattern that allows capacity to be inferred. Taking Jharkhand Ispat in Hesla — within the same district — as a reference: the facility operates four coal-based rotary kilns at 100 tonnes/day on approximately 14 acres, producing 120,000 tonnes/year of sponge iron (DRI), paired with two 12-tonne induction furnaces and a two-strand continuous caster, yielding 72,000 tonnes/year of billets. Aloke Steels and Ramgarh Sponge Iron within the county share the same four-kiln, 100-tonne/day configuration; the latter's expansion plan adds a 350-tonne/day kiln to bring DRI output to 225,000 tonnes/year. A separate pre-feasibility report submitted to the environmental regulator reveals that a mill in Marar village within the same district plans to replace its existing 3-tonne and 6-tonne induction furnaces with three 10-tonne units, lifting billet capacity from 75,000 to 158,400 tonnes/year. Taken together, the typical single-plant billet capacity range for this category of mill runs between 70,000 and 160,000 tonnes/year — which is precisely why this incident will leave no measurable imprint on either national or state-level supply balances, even if melting operations are suspended for several weeks. What genuinely warrants attention is the shifting weight of this capacity tier within the aggregate, and the pace at which it continues to expand. India's Steel Value Chain: Capacity Expanding, Utilisation Declining According to the response submitted by India's Ministry of Steel to the Rajya Sabha on August 8, 2026, national crude steel output rose from 144.3 million tonnes in FY2023-24 to 170.15 million tonnes in FY2025-26, while capacity expanded from 179.51 million tonnes to 220.41 million tonnes over the same period; per capita finished steel consumption climbed from 97.7 kg to 115.7 kg. Yet within the same submission, capacity utilisation slipped from 80.4% to 77.2%. Capacity is growing faster than output — this is the essential starting point for understanding everything that follows. India's secondary steelmaking strategy follows a distinctly different path from that of Western economies. Whereas electric arc furnace (EAF) steelmaking in developed markets is predominantly scrap-fed, India — constrained by insufficient scrap generation but endowed with abundant iron ore resources — has developed the coal-based DRI paired with induction furnace (DRI-IF) route. India has been the world's largest producer of direct reduced iron (DRI) for multiple consecutive years, with approximately 80% of output coming from coal-based rotary kilns. SMM tracking data shows that India's sponge iron output grew from 34.7 million tonnes in FY2018-19 to 51.5 million tonnes in FY2023-24, a CAGR of 8% — outpacing crude steel's 5% CAGR over the same period — with 71% of FY2023-24 production attributable to SMEs. For the April–September 2025 period, India's sponge iron output reached approximately 29 million tonnes, up 9% year-on-year. Against the backdrop of India's rapid steel industry expansion, it is precisely the smallest enterprises — those with the weakest capital expenditure capacity — that are bearing the highest-risk operational segments. Their capacity has also expanded the fastest over the past year under market incentives: in FY2025-26, India's crude steel capacity grew 10% year-on-year to 233 million tonnes, with induction furnace capacity surging 16% to 91 million tonnes — outpacing the 7% growth in BOF (basic oxygen furnace) capacity and 6% in EAF capacity. When capacity expansion, declining utilisation, and intensifying competition in the long products market converge, the expenditure line items that are typically compressed first are not output volumes — but rather incoming raw material inspection, drying and covered stockyard management, and the replacement frequency of personal protective equipment (PPE). India's steel capacity expansion has outrun its safety carrying capacity. Over three years, installed capacity added 40.9 million tonnes while output grew by only 25.85 million tonnes; utilisation fell from 80.4% to 77.2%. The fastest-expanding segment — sponge iron and induction furnaces — is also the one with the weakest capital expenditure capacity. Under this combination, expenditures that generate no immediate revenue — raw material inspection, stockyard cover, PPE replacement — are readily deferred under competitive pressure. These accidents therefore look less like isolated incidents of bad luck, and more like a predictable by-product of the expansion cycle itself.

Recently, State Grid Wenzhou Power Supply Company, in collaboration with Hydrogen Aviation Technology, deployed multiple models of hydrogen-electric drones in areas affected by Typhoon White Dolphin to carry out tasks such as power transmission line inspection, disaster image transmission, and emergency supply transportation, providing aerial support for post-disaster investigation and power repair in Yongjia, Yueqing, and other locations in Wenzhou, Zhejiang. Affected by heavy rainfall, some mountainous areas experienced slope hazards, fallen trees, and road blockages, significantly increasing the difficulty of labour inspection and operational risks. To improve emergency response efficiency, both parties completed the scheduling of personnel, equipment, and support resources in advance, deploying hydrogen-electric drones to key areas such as Yongjia and Yueqing to assist on-site personnel in quickly grasping the status of power transmission lines and surrounding environments. In this operation, two types of hydrogen-electric drones, the DJI Hydrogen Aviation M400 and FC100, were deployed, and a coordinated operation mode was formed based on different mission requirements. The relevant equipment had previously participated in flood relief in Guangxi and typhoon disaster emergency support in Huizhou, Guangdong, accumulating practical experience under complex weather and disaster conditions. The DJI Hydrogen Aviation M400 primarily took on large-scale power transmission line inspection. Relying on the long endurance characteristics of the hydrogen power system, this model was able to conduct aerial inspections within a 40-kilometer radius under conditions of road blockages and higher risks in mountainous areas, and could complete line inspections spanning mountainous areas and continuously covering approximately 60 kilometers. During the operation, the drones surveyed power transmission corridors that were difficult for engineering vehicles and inspection personnel to access, promptly transmitting back on-site images and line status data. The relevant information can provide a reference for power grid enterprises in assessing damage, locating faults, and formulating repair plans, while reducing the frequency of personnel entering high-risk areas. The FC100 hydrogen-electric drone mainly took on emergency supply air transport. Facing road disruptions and mountain flooding, this model could transport repair materials, operational tools, and other emergency support supplies within a 20-kilometer radius, establishing a rapid aerial transport corridor for obstructed areas. Through the coordination of long-endurance inspection and heavy-load transport, this operation leveraged the advantages of hydrogen-electric drones in flight range, adaptability to complex terrain, and emergency response speed, enhancing the efficiency of post-typhoon grid inspection and supply support, and further expanding the application scenarios of hydrogen-powered equipment in natural disaster emergency response.