On April 1, Wang Daoshu, Deputy Commissioner of the State Taxation Administration, said at a press conference held by the administration: the tax authorities had also achieved initial results in rectifying “circular invoicing” and “mutual invoicing.” China's data from the State Taxation Administration showed that from January 1 to March 25, invoicing amounts in the wholesale sector, where such enterprises were relatively concentrated, fell 2.6% YoY. Among them, invoicing amounts in the wholesale subsectors of coal and coal products, and metals and metal ore, declined 8.7% and 5.2% YoY, respectively.

SMM7月14日讯： 金属市场方面: 截至午间收盘，内盘基本金属近全线下行，沪铝跌1.76%，沪铜跌0.15%，沪镍跌0.18%。沪铅跌0.29%、沪锌跌0.89%，沪锡涨0.37%。 此外，铸造铝主连期货跌1.35%，氧化铝主连跌1.14%。碳酸锂涨3.43%，工业硅跌0.12%。多晶硅跌0.82%。 黑色系多飘绿，铁矿微涨，螺纹、热卷分别跌0.22%、0.18%。不锈钢跌0.43%。双焦方面：焦煤跌0.16%，焦炭涨0.66%。 外盘金属方面，截至11:40分，LME金属涨跌互现，伦铝跌0.94%。伦镍涨0.18%。伦锌跌0.07%。伦锡涨0.36%。伦铅跌0.3%。伦铜涨0.33%。 贵金属方面，截至11:40分，COMEX黄金涨0.23%，COMEX白银涨0.58%；国内方面，沪金涨0.66%；沪银涨2.01%，盘中刷新历史新高至9267元/千克。全球最大黄金上市交易基金(ETF)--SPDR Gold Trust公布，截至周五(7月11日)，其黄金持仓量为947.64吨，减少1.16吨，或0.12%。前一交易日为948.8吨。美国商品期货交易委员会（CFTC）周五公布的报告显示，截至7月8日当周，黄金投机客减持COMEX黄金期货和期权净多头头寸1,855手，至134,842手。 截至午间收盘，欧线集运主力合约跌0.33%，报2010点。 截至7月14日11:40分，部分期货午间行情: 》7月14日SMM金属现货价格 现货及基本面 铜： 截至7月14日周一，SMM全国主流地区铜库存环比上周四增加0.39万吨至14.76万吨；相比上周四库存的变化，各地区库存除了上海地区外其他地区普遍增加...... 》点击查看详情 宏观面 国内方面: 【海关总署：上半年我国货物贸易进出口同比增长2.9% “新三样”产品增长12.7%】 国务院新闻办公室今日上午10时举行新闻发布会，请海关总署副署长王令浚等介绍2025年上半年进出口情况，并答记者问。Wang Lingjun introduced: Since the beginning of this year, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while ensuring stability, remained steadfast in managing its own affairs, unswervingly expanded high-standard opening up, and focused on stabilizing employment, enterprises, markets, and expectations while effectively responding to external shocks. The national economy has maintained overall stability with progress, and China's foreign trade has withstood pressures, sustained momentum, and demonstrated vitality amid complex environments. According to customs statistics, in the first half of this year, China's import and export of goods totaled 21.79 trillion yuan, up 2.9% YoY. Among these, exports reached 13 trillion yuan, increasing by 7.2%, while imports stood at 8.79 trillion yuan, down 2.7%. Specific features are highlighted in five aspects: 1) Steady growth in foreign trade scale. In H1, China's import and export scale exceeded 20 trillion yuan, reaching a record high for the same period. From a quarterly perspective, Q2 imports and exports grew 4.5% YoY, accelerating by 3.2 percentage points compared to Q1, marking seven consecutive quarters of YoY growth. 2) Diversification of foreign trade partners. 3) Optimized and upgraded export momentum. In H1, China's machinery and equipment exports reached 7.8 trillion yuan, up 9.5%, accounting for 60% of total exports—a 1.2 percentage point increase compared to the same period last year. High-end equipment closely related to new quality productive forces grew by over 20%, while "new three" products representing green and low-carbon sectors increased by 12.7%. 4) Expanding domestic demand stabilized imports. With policies like "implementing major national strategies" and "large-scale equipment upgrades" taking effect, imports turned positive in Q2. In H1, China's imports of machinery equipment for petrochemical and textile sectors achieved double-digit growth, key parts like electronic components grew rapidly, and imports of crude oil, metal ores, and other critical raw materials increased. 5) Vitality of foreign trade entities continued to release. 》Click for details [PBOC injects 119.7 billion yuan net liquidity today] The People's Bank of China conducted 226.2 billion yuan in 7-day reverse repo operations today at an unchanged interest rate of 1.40%. With 106.5 billion yuan in 7-day reverse repos maturing, the net injection reached 119.7 billion yuan. ► On July 14, the central parity rate of the yuan in the interbank foreign exchange market was 7.1491 yuan per US dollar. US dollar update: As of 11:40, the US dollar index rose 0.09% to 97.96. US President Trump announced in a letter to the European Commission that a 30% tariff will be imposed on all European goods starting August 1. Several EU analysts have stated that announcing tariff hikes is a negotiating tactic employed by Trump. The market is currently awaiting the US inflation data for June, which will be released on Tuesday, to gain more clues about the US Fed's path for interest rate hikes. According to media reports on Friday, Austan Goolsbee, President of the Federal Reserve Bank of Chicago, said that Trump's new tariffs could spark fresh concerns about inflation, which might force the US Fed to remain on the sidelines. In other currencies: The euro fell to a three-week low on Monday, and the Mexican peso also came under pressure after US President Trump threatened to impose a 30% tariff on imports from the US's two largest trading partners starting August 1. Trump sent letters to European Commission President Ursula von der Leyen and Mexican President Andrés Manuel López Obrador on Saturday, announcing the new tariffs. In response, the EU and Mexico called the tariffs unfair and disruptive. The EU said it would suspend retaliatory measures against US tariffs until early August while continuing to urge a negotiated solution. During the Asian morning session, the foreign exchange market's reaction to Trump's latest tariff threats was largely mediocre, with only the euro falling to a roughly three-week low. The market has become increasingly insensitive to Trump's series of tariff threats. His recent stirring up of global trade turmoil has hardly been able to stop the US stock market from repeatedly hitting new highs, and has only slightly boosted the US dollar. Taylor Nugent, a senior economist at National Australia Bank, said it was difficult to attribute the market's mediocre reaction in the past week to either increased resilience or self-delusion. However, negotiations are still ongoing, and the recent key substantive progress was that the July 9 deadline for reciprocal tariffs had arrived without any tariff rate increases, making it difficult for the market to price in a series of major news items that were said to determine the tariff levels on August 1. Data: Today, data such as China's M2 money supply annual growth rate for June (time uncertain from July 14 to 17), China's total social financing for the year to date in June (time uncertain from July 14 to 17), and China's new yuan-denominated loans for the year to date in June (time uncertain from July 14 to 17) will be released. In addition, it is worth noting that the State Council Information Office will hold a press conference on financial statistics for the first half of 2025; the National Energy Administration will release data on total electricity consumption around the 15th of each month; and US President Trump plans to make a "major announcement" on Russia. Crude oil: Both crude oil futures rose slightly. As of 11:40, US crude oil was up 0.13%, and Brent crude oil was up 0.16%. Concerns that further US sanctions on Russia could affect global supply have supported oil prices, but increased production by Saudi Arabia and ongoing tariff uncertainties have limited the gains in oil prices. 国际能源署(IEA)称，沙特6月石油日产量超出目标43万桶，达到980万桶/日，而根据OPEC 配额该国的产量目标应为937万桶/日。沙特能源部周五表示，沙特完全遵守了OPEC 的自愿产量目标，并补充称，沙特6月的市场原油供应量为935.2万桶/日，符合配额要求。 美国能源服务公司贝克休斯(Baker Hughes)周五在其备受关注的报告中表示，美国能源公司本周连续第11周削减石油和天然气钻机数量，为2020年7月以来首次。数据显示，截至7月11日当周，未来产量的先行指标--美国石油和天然气钻机总数减少2座至537座，为2021年10月以来最低水平。（文华综合） 现货市场一览: ► 周末全国主流地区铜库存增加0.39万吨【SMM周度数据】 ► 铜价回落且月差收窄，下游采购积极性上升【SMM华南铜现货】 ► 交割日临近 市场氛围表现安静【SMM华北铜现货】 ► 上海锌：现货成交一般 升水继续走低【SMM午评】 ► 宁波锌：下游订单走弱 成交表现平淡【SMM午评】 ► 【SMM铁矿石航运】全球铁矿石发运量和到港量同步小幅下滑6% ► 【SMM钢材航运】上周中国出口钢材总量环比上升28% ► 【SMM煤焦航运】上周焦煤到港213.36万吨 环比+40.05万吨 ► 需求减弱但下游囤货意愿增强 光伏玻璃7月冷修产能再增【SMM分析】 其他金属现货午评稍后更新，敬请刷新查看~

[Sichuan Lithium Company Registered and Established with Registered Capital of 200 Million RMB] According to Tianyancha App, Sichuan Lithium Co., Ltd. was recently established, with He Wenxiu as the legal representative and a registered capital of 200 million RMB. Its business scope includes the sale of metal ores, non-metallic minerals and products, building materials, technical consulting for resource recycling services, the sale of metal materials, domestic freight forwarding agency, and cargo import and export. It is wholly owned by Sichuan Tianfu Mining Investment Co., Ltd.

Recently, China's Sinomine Resource Group announced that its Tsumeb copper smelter in Namibia has temporarily suspended copper smelting operations. According to the group, the shutdown is due to the rapid expansion of global copper smelting capacity, which has led to a shortage of copper concentrates supply. In 2024, Sinomine Resource Group acquired the Tsumeb smelter. The smelter is one of the few facilities globally capable of processing copper concentrates containing arsenic and lead. It has an annual processing capacity of up to 240,000 mt of copper concentrates and has previously processed metal ores from countries such as Chile, Peru, and Bulgaria.

On May 29, at the 2025 SMM (2nd) Rare Earth Industry Forum hosted by SMM Information & Technology Co., Ltd. (SMM), Yang Jiawen, an analyst from SMM's Rare Earth Division, shared insights on the topic of "Interpretation and Outlook of China's Rare Earth Industry Data for 2024-2025." Analysis of Rare Earth Resource Demand in 2024-2025E China's Rare Earth Exports ►SMM Analysis From January to April 2025, China's cumulative rare earth exports reached 18,962.3 mt, up 5.1% YoY. Currently, large magnetic material enterprises have gradually obtained export licenses, and it is expected that the release of rare earth export licenses will further accelerate over time. On May 12, China and the United States reached an agreement, with the US agreeing to suspend the implementation of a 24% tariff for an initial 90-day period, while reserving the right to impose the remaining 10% tariff on Chinese goods specified in Executive Order 14257 in accordance with regulations, and canceling the tariff hikes on these goods from April 8-9. Downstream Demand for Pr-Nd Oxide ►SMM Analysis In 2025, due to restrictions on NdFeB magnetic material exports, the overall downstream demand for Pr-Nd oxide throughout the year will show a downward trend, with May-June being the low point for exports. However, domestic end-user industries still maintain a relatively high demand for Pr-Nd oxide, with annual Pr-Nd demand expected to increase by 5.4% YoY. Currently, the largest end-use sector for domestic Pr-Nd oxide demand remains the NEV industry. The rising global EV penetration rate is driving demand for permanent magnet motors. The amount of NdFeB used per vehicle is approximately 2-5 kg, directly boosting Pr-Nd consumption. Analysis of Rare Earth Resource Supply in 2024-2025E It is expected that rare earth mining quotas will remain flat YoY in 2025 ►SMM Analysis Based on an analysis of current market conditions, SMM expects that rare earth mining quotas in 2025 will reach 270,000 mt, remaining flat YoY. This includes 266,000 mt of rock-type rare earth ore and 19,000 mt of ion-adsorption type rare earth ore. Smelting and separation quotas will reach 340,000 mt, up 34% YoY. From the perspective of smelting and separation, the "Interim Measures for the Administration of Total Volume Control of Rare Earth Mining and Smelting and Separation (Draft for Public Comment)" clearly states that organizations and individuals without rare earth quotas are prohibited from engaging in rare earth mining and smelting and separation production activities. This means that the smelting and separation of imported ore will be included in the quota management scope. Rare Earth Metal Ore Imports in 2025 May Decline Significantly YoY ►SMM Analysis From January to April 2025, China's rare earth metal ore imports amounted to 17,614 mt, down 5% YoY. In April, imports reached 3,763 mt, up 18% MoM but down 24% YoY. In mid-to-late April, MP announced that it would halt rare earth ore exports to China, yet 3,744 mt of rare earth metal ore had already entered China that month. Almost all of China's imported rare earth metal ore originates from MP's mine in the US. As the US develops its own rare earth industry chain, rare earth metal ore imports from the US declined to 55,000 mt in 2024. Based on the current expansion plans in the US, this volume is expected to further decrease to 43,000 mt in 2025. Unlisted rare earth oxide imports in China resume growth in 2025 ►SMM Analysis From January to April 2025, China's unlisted rare earth oxide imports reached approximately 12,849 mt, marking a 30% YoY decline. In April alone, imports were about 6,536 mt, up roughly 4% YoY and approximately 204% MoM. In 2025, 70% of China's unlisted rare earth oxide imports originated from Myanmar. Due to local political and weather factors, the stability of these rare earth mineral resource imports is uncertain, and related news can cause fluctuations in domestic oxide prices. China's mixed rare earth carbonate imports see significant YoY growth in 2025 ►SMM Analysis From January to April 2025, China imported 3,412 mt of mixed rare earth carbonate, a 30% YoY increase. In April, imports were 1,144 mt, down 26% MoM but up 173% YoY. Due to policy advancements in Malaysia and the launch of new rare earth mining projects, mixed rare earth carbonate imports are expected to increase significantly YoY in 2025. It is reported that the Malaysian authorities aim for the rare earth industry to contribute approximately US$2.2 billion to the country's GDP by 2025 and attract investments from China and the US to jointly establish an integrated rare earth industry chain. China's thorium ore sand imports see a significant YoY increase in 2025 ►SMM Analysis From January to April 2025, cumulative imports of thorium ore sand and its concentrates reached 48,501 mt, up only 1% YoY. Imports in the same period amounted to 21,366 mt, a 146% YoY increase, primarily sourced from South Africa. It is understood that due to the reduction in MP's mine output in the US, some companies have opted to import more monazite to fill the gap in light rare earth ore supply. It is projected that China's total thorium ore sand imports will reach 90,171 mt in 2025, an 86% YoY increase. Pr-Nd supply slightly decreases in 2025, with a notable increase in the proportion of recycled output Supply-demand balance and prices of Pr-Nd oxide from 2024 to 2025E The supply-demand pattern of Pr-Nd oxide is expected to remain relatively balanced from 2025 to 2027 This analysis combines data on China's national Pr-Nd oxide supply, national Pr-Nd oxide demand, and the supply-demand balance of Pr-Nd oxide in China from 2021 to 2027E. In 2025, the overall supply of Pr-Nd oxide is expected to be tight, with a supply gap of approximately 3,000 mt. In 2025, the overall supply of Pr-Nd oxide is expected to be tight. From January to February, during the Chinese New Year period, the operating rate of end-use industries is low, and downstream demand is relatively weak during this time. Price Review and Forecast of Pr-Nd Oxide and Pr-Nd Alloy from 2025 to 2026 ►SMM Analysis Considering the above, in 2025, the final year of the "14th Five-Year Plan," the development of various downstream sectors in the rare earth industry is expected to accelerate, with humanoid robots and aircraft expected to become new growth points for downstream demand. Rare earth mining quotas are also expected to increase slightly to meet the growing downstream demand for rare earths. Guided by national policies, the domestic supply of rare earth raw materials is expected to become more standardized and stable, and the supply-demand pattern of the entire rare earth industry is expected to become more balanced. It is anticipated that rare earth prices will generally fluctuate upward in 2025. 》Click to view the special report on the 2025 SMM (2nd) Rare Earth Industry Forum

[SMM: Rare Earth Prices May Fluctuate Upward Overall in 2025, with Pr-Nd Oxide Supply Expected to Remain Tight] Yang Jiawen, an analyst from the SMM Rare Earth Division, shared insights on the theme of "Interpretation and Outlook of China's Rare Earth Industry Data for 2024-2025". Taking the above factors into account, 2025, as the final year of the "14th Five-Year Plan", is expected to witness more rapid development in various downstream sectors of rare earths. Humanoid robots and aircraft are anticipated to become new growth points for downstream demand in rare earths. Rare earth mining quotas are also expected to continue increasing slightly to meet the growing downstream demand for rare earths. Guided by national policies, the domestic supply of rare earth raw materials will become more standardized and stable, and the supply-demand pattern of the entire rare earth industry will be more balanced. It is expected that rare earth prices will generally hold up well with a fluctuating upward trend in 2025.

[SMM Analysis: Rare Earth Import and Export Data for March Released, Imports of Rare Earth Metal Ores Expected to Continue Declining] From January to April 2025, China's imports of unlisted rare earth oxides reached approximately 12,849 mt, a 30% YoY decline. Among them, imports of unlisted rare earth oxides in April amounted to around 6,536 mt, showing an approximate 4% YoY increase and a roughly 204% MoM increase.

The significant price increase in spot rare earth cargo in Q1 drove positive Q1 performance for several rare earth enterprises, including China Northern Rare Earth and China Rare Earth Holdings. The rare earth permanent magnets concept sector performed remarkably after the Labour Day holiday. As of 10:53 on May 6, the rare earth permanent magnets concept sector rose by 4.45%. In terms of individual stocks, Jingyuntong, Shenghe Resources, and Tianhe Magnetic Material hit the daily limit up, Jiuling Technology rose nearly 25%, Xici Technology and Earth-Panda Advanced Magnetic Material rose over 10%, and GSHC Rare Earth, Longi Magnet, and Galaxy Magnets were among the top gainers.

SMM May 6 Report: The significant rise in rare earth spot prices in Q1 drove positive earnings reports for several rare earth companies, including China Northern Rare Earth and China Rare Earth, in the first quarter. The rare earth permanent magnets concept sector performed exceptionally well after the Labour Day holiday. As of 10:53 on May 6, the rare earth permanent magnets concept sector rose by 4.45%. Among individual stocks, Jingyuntong, Shenghe Resources, and Tianhe Magnetic Materials hit the daily limit, Jiuling Technology surged nearly 25%, while Xici Technology, Earth Panda, and others rose over 10%. Guangsheng Nonferrous Metals, Longmag Technology, and Galaxy Magnets were among the top gainers. Market News 【Grinm Advanced Materials: Q1 net profit surged 14,698% YoY】 Grinm Advanced Materials announced that in Q1, it achieved revenue of 1.84 billion yuan, down 18.67% YoY. Net profit attributable to shareholders of listed companies was 67.3847 million yuan, up 14,698.12% YoY. The main reason was the increase in net profit of its subsidiary Grinm Yijin and its holding subsidiary Grinm Rare Earth. 【China Northern Rare Earth: Q1 net profit surged 727% YoY, driven by higher sales volumes and prices of major rare earth products】 China Northern Rare Earth announced that in Q1, it achieved revenue of 9.287 billion yuan, up 61.19% YoY. Net profit attributable to shareholders of listed companies was 431 million yuan, up 727.3% YoY. The main reasons were the year-on-year increase in the average selling price of the company's major rare earth products and the increase in gross profit. Meanwhile, the net cash flow generated from operating activities was 410 million yuan, up 371.14% YoY. Additionally, the production and sales volumes of rare earth oxides, rare earth salts, rare earth metals, magnetic materials, and other products increased in Q1. 【China Rare Earth: Prices of some products in the rare earth market rebounded, turning Q1 net profit around YoY】 China Rare Earth disclosed its 2025 Q1 report on April 28, showing that the company achieved total operating revenue of 728 million yuan, up 141.32% YoY. Net profit attributable to shareholders of the listed company was 72.6181 million yuan, turning around from a loss YoY. Net profit excluding extraordinary items was 66.224 million yuan, also turning around from a loss YoY. The net cash flow generated from operating activities was -119 million yuan, compared to -504 million yuan in the same period last year. During the reporting period, the company's basic earnings per share were 0.0684 yuan, and the weighted average return on net assets was 1.55%. Regarding the increase in operating revenue, China Rare Earth stated that it was mainly due to the rebound in prices of some products in the rare earth market, prompting the company to adjust its sales strategy, thereby increasing operating revenue. Pr-Nd oxide prices rose significantly in Q1 》Click to view SMM Metal Rare Earth Spot Prices 》Subscribe to view SMM Metal Spot Historical Price Trends On May 6, the first trading day after the Labour Day holiday, prices of some rare earth products, including Pr-Nd oxide, rose slightly. The increase in prices of rare earth products such as Pr-Nd oxide in Q1 improved the operating performance of many rare earth companies. Reviewing the price trend of SMM Pr-Nd oxide in Q1, it can be seen that the average price of Pr-Nd oxide on March 31 was 444,500 yuan/mt, up 46,500 yuan/mt from the average price of 398,000 yuan/mt on December 31, 2024, representing a Q1 increase of 11.68%. Comparing the daily average price of Pr-Nd oxide in Q1 2025 (429,605.26 yuan/mt) with that in Q1 2024 (381,646.55 yuan/mt), it can be seen that the daily average price in Q1 2025 rose 12.57% YoY. Looking at the price performance of rare earth carbonate in Q1, the average price on March 31 was 35,950 yuan/mt, up 3,340 yuan/mt from the average price of 32,250 yuan/mt on December 31, 2024, representing a 10.36% increase. The daily average price of rare earth carbonate in Q1 2025 was 34,792.98 yuan/mt, up 3,825.04 yuan/mt from the daily average price of 30,967.24 yuan/mt in Q1 2024, representing a 12.35% YoY increase. Market Sentiment 【China Northern Rare Earth: Total imports of ore significantly reduced this year, further improving the supply-demand relationship】 On April 25, Qu Yedong, General Manager of China Northern Rare Earth, stated at the 2024 Annual Performance and Cash Dividend Briefing that, "In 2025, the total imports of ore will be significantly reduced. Meanwhile, under the stimulus of a series of national consumption policies, consumption orders in key downstream sectors will continue to be released, further improving the supply-demand relationship. This is expected to have a positive impact on the company's product sales and prices." (Financial News Agency) China Securities stated that in 2024, China imported 133,000 mt of rare earths, including 77,300 mt of rare earth metal compounds, mainly from Myanmar, Laos, and Malaysia, and 55,600 mt of rare earth metal ore, almost entirely from the US. Baichuan calculated that the actual conversion of Pr-Nd oxide was approximately 4,500 mt. On the supply side, it is expected that US rare earth concentrate exports to China will stall in 2025, and there is a possibility of tightening rare earth supply in Southeast Asia. Domestically, China is strengthening dual controls on rare earth production and exports. On the demand side, 2025 is the first year of significant demand growth for humanoid robots. The rare earth sector offers both offensive and defensive characteristics, and it is recommended to maintain close attention. TF Securities believes that due to the scarcity of medium-heavy rare earths and their high-end applications, export controls will further solidify China's position in the rare earth industry chain. Currently, it is a time of resonance between the fundamentals and sentiment of the rare earth sector, with the price center of rare earths rising, while equity values have not fully reflected this. Investment opportunities in the sector should be emphasized.

The Q1 2025 report released by Yunnan Tin Co., Ltd. showed that in Q1 2025, the company achieved an operating revenue of RMB 9.729 billion, up 15.82% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 499 million, up 53.08% YoY; and a net cash flow from operating activities of RMB 640 million, down 40.14% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.803 billion, up 0.44% from the end of the previous year, and the net assets attributable to shareholders of publicly listed firms reached RMB 20.921 billion, up 0.35% from the end of the previous year. The Q1 2025 report of Yunnan Tin Co., Ltd. indicated that during the reporting period, the market prices of the company's main metal products, including tin, copper, and zinc, increased YoY. The company seized market opportunities, fully released its production capacity, and continuously improved the synergy between mining, beneficiation, and smelting, leading to a significant YoY increase in operating performance. In Q1 2025, the total production of non-ferrous metals reached 82,200 mt, including 24,200 mt of tin, 24,400 mt of copper, 33,300 mt of zinc, and 30 mt of rare and precious metal indium ingots. Yunnan Tin Co., Ltd. also disclosed the following significant events involving the company and its subsidiaries in its Q1 2025 report: 1) In January 2025, the tin branch of Yunnan Tin Co., Ltd. was awarded the title of National Green Factory; Wenshan Zinc & Indium's primary indium (indium ingots) was included in the list of the fifth batch of manufacturing single-product champion enterprises in Yunnan Province; 2) In February 2025, two projects, namely the "Green Recovery Process and Equipment for Multi-Metal in Tin Smelting" by the tin branch of Yunnan Tin Co., Ltd. and the "Key Technologies for Efficient Recovery of Indium Associated with Complex Zinc Concentrates and Their Industrial Application" by Wenshan Zinc & Indium Smelting Co., Ltd., won the first prize of the China Nonferrous Metals Industry Science and Technology Award; 3) In April 2025, the company held a 2024 annual report performance briefing via live video streaming; on April 10, the company received a "Letter on Proposing the Implementation of Share Repurchase by Yunnan Tin Co., Ltd." from its shareholder, Yunnan Tin Group (Holding) Co., Ltd. (hereinafter referred to as "Yunnan Tin Holding Company"). Yunnan Tin Holding Company proposed that the company repurchase some of its issued RMB ordinary shares (A shares) through the trading system of the Shenzhen Stock Exchange via centralized bidding transactions using its own or self-raised funds, with a total repurchase amount of no less than RMB 100 million (inclusive) and no more than RMB 200 million (inclusive) to reduce the company's registered capital. Currently, relevant matters are being orderly advanced. On April 25, Yunnan Tin Co., Ltd. stated in response to investor inquiries on an interactive platform that the repurchase-related matters are being orderly advanced. The 2024 annual report recently released by Yunnan Tin Co., Ltd. showed that in 2024, under the strong leadership of the company's Party committee and board of directors, and closely centered around the overall task of "strengthening breakthroughs, deepening reforms, expanding markets, and stabilizing operations," the company actively overcame challenges from a complex and volatile operating environment, including intensified price fluctuations of non-ferrous metals, tight raw material supply, and continuously declining processing fees. It proactively controlled its operating pace, seized market opportunities, and achieved steady improvement in operating quality and efficiency. In 2024, the company produced a total of 361,000 mt of non-ferrous metals, including 84,800 mt of tin, 130,300 mt of copper, 144,000 mt of zinc, and 1,848 mt of lead. It also produced rare and precious metals: 127 mt of indium ingots, 1,229 kg of gold, and 145 mt of silver. During the reporting period, the company achieved an operating revenue of RMB 41.973 billion, down 0.91% YoY; a net profit attributable to shareholders of publicly listed firms of RMB 1.444 billion, up 2.55% YoY; and a net profit attributable to shareholders of publicly listed firms excluding non-recurring gains and losses of RMB 1.943 billion, up 40.48% YoY. As of the end of the reporting period, the company's total assets reached RMB 36.643 billion, down 1.13% from the beginning of the year; the net assets attributable to shareholders of publicly listed firms reached RMB 20.848 billion, up 17.19% from the beginning of the year. The 2024 annual report of Yunnan Tin Co., Ltd. showed that the company's main businesses include the exploration, mining, beneficiation, and smelting of metal ores such as tin, zinc, copper, and indium. Regarding the company's mineral resource reserves as of the end of the reporting period, Yunnan Tin Co., Ltd. introduced that as of December 31, 2024, the company's retained resource reserves were as follows: ore reserves of 258 million mt, tin metal reserves of 626,200 mt, copper metal reserves of 1.1499 million mt, zinc metal reserves of 3.661 million mt, indium reserves of 4,821 mt, tungsten trioxide reserves of 77,800 mt, lead metal reserves of 96,300 mt, and silver reserves of 2,460 mt. In addition, Yunnan Tin Co., Ltd. also introduced the company's mineral resource exploration activities during the reporting period: In 2024, the company's subsidiary mining units invested a total of RMB 101 million in exploration expenditures. A total of 52,400 mt of non-ferrous metal resources were newly discovered throughout the year (as reviewed and confirmed by a third-party expert team), including 17,600 mt of tin and 34,800 mt of copper. The specific situation is as follows: In its 2024 annual report, Yunnan Tin Co., Ltd. discussed its main work objectives for 2025 as follows: The company's comprehensive budgeted operating revenue for 2025 is RMB 46.5 billion. The planned production volumes are 90,000 mt of tin, 125,000 mt of copper, 131,600 mt of zinc, and 102.3 mt of indium ingots. (This plan serves as a guiding indicator, and the final results are subject to uncertainties influenced by various internal and external environmental factors, as well as operational management. Therefore, it does not constitute a substantive commitment to operating revenue or the production volumes of various products. Investors are advised to pay attention to risks.) 》View SMM tin product spot quotes 》Subscribe to view historical price trends of SMM metal spot prices Comparing the daily average prices of SMM #1 tin spot in Q1 2025 and Q1 2024, it can be seen that the daily average price of SMM #1 tin spot in Q1 2025 was RMB 260,724.56/mt, up RMB 43,806.46/mt from the daily average price of RMB 216,918.1/mt in Q1 2024, representing a YoY increase of 20.19%. Such a significant increase is also conducive to improving the operating performance of tin enterprises. Reviewing the historical price trend of SMM #1 tin spot in 2024, it can be observed that in 2024, influenced by factors such as frequent positive macroeconomic policies in China, supply-side disruptions caused by the ban on mining in Wa State, and a slight recovery in end-use demand from consumer electronics, the average price center shifted upward compared to 2023. Among them, the average price of SMM #1 tin spot reached a new high for the year on July 11, 2024, at RMB 281,750/mt. The lowest average price for the year was RMB 205,000/mt on January 9 and 10, 2024. The average price on December 31, 2024, was RMB 246,000/mt, up RMB 35,250/mt from the average price of RMB 210,750/mt on December 29, 2023, representing an increase of 16.73%. Recently, tin prices have been fluctuating considerably in a weak trend. The US announcement of imposing "reciprocal tariffs" on multiple countries has sparked market concerns, leading to fluctuations in the US dollar index and a rise in risk-averse sentiment, which has suppressed non-ferrous metal prices. Fed Chairman Powell clearly stated that there would be no interest rate cut for the time being and warned of the dual risks of rising unemployment and high inflation facing the US economy, further exacerbating market uncertainties. The supply-demand pattern in the domestic tin ore market is tight. In terms of supply, the operating rates of refined tin smelters in Yunnan and Jiangxi have pulled back, constrained by tight raw material supply, especially the lagging production resumptions in Myanmar and the recent 7.9-magnitude earthquake, which have intensified market panic over tin ore supply. In terms of demand, downstream solder enterprises are making just-in-time procurements combined with some restocking. However, the "trade-in" policy and high production schedules for home appliances provide potential support for demand. The operating rate of the tin solder industry surged to 75.81% in March and is expected to remain at a relatively high level in April. Although the news of the resumption of operations at the Bisie tin mine once boosted market confidence, overall, due to macroeconomic uncertainties, SHFE tin prices may continue to fluctuate considerably in the short term. Investors are advised to pay attention to changes in fundamentals, operate cautiously, and avoid the risk of chasing high prices. Tianfeng Securities issued a research report on April 09, recommending a "buy" rating for Yunnan Tin Co., Ltd. The main reasons for the rating include: 1) The impact of impairment and supplementary payment of mining rights royalties was concentrated in Q4; 2) The simultaneous increase in volume and price, along with cost optimization, boosted the company's profitability; 3) With tight supply, tin prices are expected to remain strong, and the company is expected to benefit. Risk warnings: Macroeconomic environment risks, market price fluctuation risks, and safety and environmental protection risks. Guosen Securities issued a research report on April 08, giving Yunnan Tin Co., Ltd. a rating of "outperforming the market." The main reasons for the rating include: 1) The company released its 2024 annual report; 2) Data on the production and sales volumes of core products; 3) As the world's largest refined tin producer, the company has maintained a leading position in the global tin market for a long time. Risk warnings: Risks of declining grades of core mine resources; risks of price fluctuations in non-ferrous metals.