According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

On March 25, the Sichuan Qimingxing 100 MW/200 MWh user-side ESS project, invested in and developed by the Municipal Industrial Investment Company, officially broke ground at the plant of Sichuan Qimingxing Aluminum Co., Ltd. The project was a key undertaking jointly developed by Meishan Industrial Investment Company and Sichuan Qimingxing, with a total investment of approximately 180 million yuan and a site area of about 30 mu, and adopted a technologically mature and performance-stable LFP battery BESS. Upon completion, the project is expected to deliver annual discharge of about 100 million kWh, effectively optimizing the enterprise's power consumption structure and improving the reliability of power supply.

Recently, Daqo Tailai Electric’s official account announced that the core No. 4 site of the 85 MW PV power station energy storage supporting project in Cuba, built by the company under Chinese government aid, was successfully connected to the grid and began power generation. The 85 MW PV+ESS project connected to the grid this time is planned as an overall layout of 15 distributed PV energy storage sites, covering multiple core power consumption areas in Cuba. It adopts a technical solution combining China’s currently mature and efficient PV modules with advanced ESS to achieve integrated operation of “PV power generation + energy storage peak shaving + off-grid backup.” Compared with traditional standalone PV power stations, the ESS supporting this project can effectively address the intermittency and fluctuations of PV power generation, improve the stability of power supply from the power grid, and ensure continuous regional power supply even under extreme weather or power grid failure conditions, thereby significantly improving energy utilization efficiency.

The project is located in Oudomxay Province in northern Laos and was invested in and constructed by China General Nuclear Power Group. It was Laos’s first large-scale PV project. The project was officially commissioned at the end of 2025 and is expected to generate about 1.7 billion kWh of electricity annually on average. As an important supporting power supply for the China-Laos 500-kV transmission line for power interconnection, the clean electricity generated by the project will be transmitted to Yunnan through the China-Laos 500-kV interconnection project, supporting Yunnan’s energy transition and power supply security.

Recently, the Liupanshui Public Resources Trading Center released the tender announcement for the Panzhou Green Energy Emergency Power Supply Project (Phase I) - Design and Construction General Contracting. The total investment for this project is 463.8 million yuan. The estimated contract price for this EPC general contracting section is 412.6 million yuan, equivalent to a unit price of 1.38 yuan/Wh, with a planned construction period of 24 months. The project will involve the construction of 28 new distributed user-side independent energy storage power stations and supporting facilities, with a total scale of 150MW/300MWh.

[Lead-Acid Battery Market Updates] Recently, Gao Shiyuan, Zhang Shuxiang, Xue Shengfan, and others from Zhaoqing Leoch Power Supply Technology Co., Ltd. proposed improving the cycle life of lead-carbon batteries by adding trace amounts of adamantane-functionalized graphite to the negative active material. The China National Intellectual Property Administration published their invention patent application on March 10, 2026, with publication number CN 121641871 A and application number 202511865459.2.

Narada Power announced that it recently successfully signed a 117 MWh energy storage project in Australia's Northern Territory. Once completed, the project will provide the local power grid with diversified services such as peak shaving and frequency regulation, emergency power supply, and load balancing, helping enhance local renewable energy consumption capacity and address shortcomings in power grid supply stability.

On March 12, PetroChina’s Tarim Oilfield “Aksu, Shaya County, Fuman Block PV Green Electricity Direct Connection Project” officially received approval from the Xinjiang Uygur Autonomous Region National Development and Reform Commission, making it PetroChina’s first approved green electricity direct connection project. Located in the Taklamakan Desert south of Shaya County, Aksu Prefecture, Xinjiang, the project is a comprehensive green energy project integrating generation-grid-load-storage. According to the plan, the green electricity direct connection project will build a PV power station with a total installed capacity of 100,000 kW as the source of green power. To ensure stable power supply and reduce the curtailment of PV power generation, an additional 20 MW/80 MWh ESS power station will be added to serve as a super “power bank,” effectively smoothing PV fluctuations and ensuring continuous power supply to the load. Connecting the power supply and the power consumption side will be a planned 2.5-km direct power transmission line and a 110-kV substation.

It is learned from the State Grid Zhejiang Electric Power Co., Ltd. that on March 10, Zhejiang's maximum output of photovoltaic power exceeded 40 million kilowatts for the first time, reaching 42.52 million kilowatts, accounting for about 49% of the real-time load of the whole society. In recent years, under the leadership of the "double carbon" strategy, Zhejiang has been accelerating the construction of a new power system and a new energy system, and new energy represented by photovoltaics has developed rapidly, and has played an important role in Zhejiang's power supply guarantee and the clean energy production and consumption process in Zhejiang. According to the data of State Grid Zhejiang Electric Power, by the end of 2025, the installed capacity of wind and photovoltaic new energy i

Recently, Dr. Du from US Plug Power, a globally leading provider of hydrogen energy solutions, and his delegation visited Suzhou Xinsichuang Hydrogen Energy Technology Co., Ltd. for exchanges. The two sides held in-depth discussions on hydrogen technology R&D, industry ecosystem development, and global market positioning, laying a foundation for subsequent cross-border collaborative cooperation. As a pioneer in the hydrogen fuel cell industry, Plug Power has cultivated the hydrogen energy sector for many years and is committed to building an entire industry chain ecosystem covering green hydrogen production, storage, transportation, and terminal power generation. Its business is extensively deployed across diverse scenarios such as material handling, stationary power supply, and on-road EVs, making it a benchmark enterprise in the development of the global green hydrogen industry. During the field trip, Dr. Du and his delegation visited Xinsichuang’s production workshop and gained a detailed understanding of the company’s hydrogen equipment manufacturing capabilities and latest progress in technology R&D. At present, Xinsichuang is accelerating its transformation from a hydrogen equipment manufacturer into a **comprehensive green electricity and green fuels service provider**. Leveraging its core technological advantages in hydrogen production equipment, the company is making every effort to connect the entire chain of the hydrogen industry from the manufacturing end to the supply end and build differentiated competitive advantages. During the discussion session, General Manager Zeng of Xinsichuang highlighted the company’s project deployment and implementation in Hainan, Indonesia, the Middle East, and other regions, as well as the progress of exporting its hydrogen equipment technologies to Japan, Singapore, Europe, and other countries and regions. Dr. Du expressed strong interest in Xinsichuang’s strategic transformation direction and pace of global expansion. The two sides conducted thorough exchanges on topics including collaborative technological innovation and jointly building a global hydrogen energy ecosystem, and reached multiple cooperation consensuses. As the global energy transition continues to accelerate, the hydrogen energy industry has moved from the technology validation stage into a window period for large-scale application. Xinsichuang stated that in the future, it will continue to uphold an open and cooperative philosophy, deepen exchanges and collaboration with leading global hydrogen energy enterprises, steadily advance project implementation in China and overseas, bring high-quality green energy solutions to broader markets, and contribute to the high-quality development of the global hydrogen energy industry.