On the evening of July 30, Ronbay Technology issued an announcement stating its plan to invest in the construction of the Xiantao annual 300,000-ton sodium cathode material integrated project. The project has a planned total capacity of 300,000 tons per year, to be constructed in three phases and gradually put into production: Phase I for 50,000 tons, Phase II for 100,000 tons, and Phase III for 150,000 tons. The overall construction period is estimated at 24 months. The total investment for the project is approximately 4.723 billion yuan, of which 4 billion yuan is for fixed assets and 723 million yuan is for working capital. The project plans to cover approximately 380 mu of land, with a total floor area of about 350,000 square meters. Construction will include three production workshops and supporting facilities such as a wastewater treatment station, air compressor station, power distribution station, and warehouse.

Driven by the transformation of the global energy structure and the "dual carbon" goals, battery technology is evolving from a traditional power storage medium into a core engine reshaping transportation, consumer electronics, and even the energy internet. From fundamental breakthroughs in materials science to the industrialisation of cutting-edge technologies such as solid-state and sodium-ion batteries, the battery industry is in a period of intense technological explosion with numerous contenders. This conference brings together top global scholars, industry chain leaders, and capital forces, aiming to break down the barriers between "industry, academia, research, and application." We will delve into key topics such as high energy density, ultimate safety, ultra-fast charging, and recycling and reuse, jointly drawing a new blueprint for a green, efficient, and sustainable energy future. Guangdong Highstar Sodium Star Technology Co., Ltd. will attend this grand event, discuss industry development trends with industry peers, and jointly promote battery technology to new heights. Fill out the form now to sign up for the conference, witness and participate in this extraordinary and far-reaching industry event, and create a brilliant new chapter together! Booth No.: A9 Guangdong Highstar Sodium Star Technology Co., Ltd. (referred to as "Highstar Sodium Star") is deeply engaged in the sodium-ion battery field. It is a high-tech enterprise integrating R&D, intelligent manufacturing, and full-scenario supporting services. The company continuously pushes the boundaries of sodium-ion battery technology, with core advantages of "high safety, high C-rate, wide temperature range, and long cycle life," creating complete solutions from battery cell innovation to system integration. Highstar Sodium Star is one of the global leading brands in the sodium-ion battery industry. It has launched multiple NFPP sodium-ion battery cells and system products, widely used in energy storage, automotive start-stop systems, communication base stations and computing centers, special vehicles, and other fields. It has pioneered the industry by obtaining international authoritative certifications such as TÜV SÜD, UL, IEC, and CGC, and is also one of the first entities to pass the national sodium-ion battery evaluation of CESI. Leveraging the group's 30-year technical heritage in secondary battery development, Highstar Sodium Star stands at the forefront of the new energy industry transformation. With innovation as the engine and technology as the sharp blade, it is fully driving the global new energy industry towards a new journey of green transformation. Highstar Sodium Star focuses on the industrialisation advancement, technological breakthroughs, and global market deployment of sodium-ion batteries, as detailed below: Project Commissioning and Capacity Expansion 6 GWh Sodium-Ion Battery Project in Neijiang, Sichuan : With a total investment of 800 million yuan, the project is located in the Neijiang Economic and Technological Development Zone, Sichuan Province. It plans to build intelligent production lines for large cylindrical and ultra-large prismatic sodium-ion battery cells, targeting the start-stop systems for fuel-powered vehicles and NEVs, as well as large-scale industrial energy storage sectors. The first production lines were expected to commence production in June 2026, and after reaching full production, the annual output value is expected to exceed 3 billion yuan. Guangzhou Headquarters and Automotive Start-Stop Battery Pack Assembly Base Established : Put into production in March 2026, focusing on automotive start-stop battery pack assembly, equipped with intelligent production lines and headquarters function center, strengthening the new energy industry chain layout in south China. Technology Collaboration and Ecosystem Building Strategic Cooperation Upgraded : Signed an agreement with the National New-type Energy Storage Research Institute to become one of its first ecosystem partners, participating in energy storage standard setting, technical breakthroughs, and industrial application demonstrations; joined the go-global industry cluster established by enterprises such as Huawei and China Southern Power Grid, with its technology gaining global competitiveness certification. Product Innovation and Market Performance Sodium-Ion Batteries and Solutions : Highstar Sodium Star focuses on core technology R&D for sodium-ion batteries, has formed a differentiated product matrix, and launched various cylindrical and prismatic sodium-ion batteries, widely applied in multi-scenario demands such as energy storage, automotive start-stop, communication base stations and computing power centers, and special-purpose vehicles, providing clients with efficient and reliable energy solutions. 1 ) 15Ah sodium-ion all-tab cylindrical battery cell, focused on automotive start-stop power supply) 2 ) 160Ah sodium-ion prismatic battery cell, supporting utility-scale energy storage, commercial and industrial energy storage, residential ESS, and communication backup power, 3 ) 50Ah sodium-ion prismatic battery cell, supporting small power supply and special-purpose vehicle power supply, Large-capacity prismatic cells: plan to launch 400Ah+ ultra-large-capacity sodium-ion prismatic cells tailored for energy storage and backup power scenarios in 2026 Technical route: Adopting polyanion material system, demonstrating excellent performance in cycle life, safety, operating temperature range, and C-rate performance, meeting the high safety requirements of sectors such as energy storage and data centers, while also laying out the R&D and optimization of multiple technical routes including solid-state/semi-solid-state. Industry Influence and Honors With outstanding brand influence, breakthrough technological innovation, and industry leadership, in 2025 won over ten major authoritative honors in and outside China, including 'Annual Brand Enterprise Award' / 'Annual Innovative Product Award' / 'Annual Market Development Award' In summary, Highstar Sodium Star is accelerating the industrialisation of sodium-ion batteries through capacity expansion, technology iteration, ecosystem cooperation, and global layout, consolidating its leading position in the new energy field. Main Products Sodium-ion battery cells (prismatic/cylindrical), sodium-ion integrated energy storage cabinet systems, sodium-ion energy storage container systems, sodium-ion automotive start-stop battery systems, sodium-ion communication backup power systems, sodium-ion special-purpose vehicle power systems, lead-to-sodium conversion systems Long press 2026 SMM Battery Technology Conference

[Marginal Easing in Expectations for US Fed Rate Hikes, Continued Aluminum Destocking Underpins Market] Based on a comprehensive assessment, the macro front has improved recently; marginal constraints from rate hike expectations on the nonferrous metals sector continue to ease; the proportion of liquid aluminum in China keeps rising; the Middle East geopolitical risk premium continues to accumulate, while aluminum ingot destocking continues in China, collectively underpinning aluminum prices; and market confidence has strengthened markedly in the short term. However, the continuous rollout of long-term aluminum capacity outside China, weak traditional end-use demand in China, coupled with recurring expectations for US Fed rate hikes overseas and disturbances from uncertainties in the Middle East geopolitical situation, still exert some pressure on the upside room for aluminum prices. In the short term, aluminum prices consolidate on a strong note.

According to media reports, recently, the second phase, third zone (1780mm hot continuous rolling production line) of the 8 million mt/year special steel project of Guangdong Jinshenglan Metallurgical Technology Co., Ltd. officially broke ground. The 1780mm hot continuous rolling production line that has started construction is a key supporting upgrade project for Jinshenglan’s 8 million mt/year special steel project. The total investment of the project is 2.5 billion yuan, and it is planned to be completed and put into production in November 2027. This renovation and expansion project is implemented within the existing land redline. By optimizing and adjusting the existing steelmaking and rolling production lines and externally purchasing steel billets, the capacity and variety of rolled steel products will be increased; this renovation and expansion does not add steelmaking capacity. The main construction content includes the addition of two 150t VOD refining furnaces, two two-strand slab continuous casters, a 1780mm hot continuous rolling line (equipped with three heating furnaces), along with public auxiliary facilities such as power supply and distribution, water supply and drainage, and corresponding environmental protection facilities. After the project is completed, the annual production of rolled steel products of the whole plant will reach 8 million mt.

[SMM Cobalt & Lithium Morning Brief: Battery Material Prices Show Divergent Trends, End-user Procurement Remains Cautious] Lithium ore prices are in the doldrums but low-priced resources are limited, lithium carbonate spot and futures prices rebounded, and lithium hydroxide maintained a steady slight increase. Refined cobalt and cobalt salt are generally in the doldrums, impacted by off-season demand, sufficient inventory, and cautious procurement. Nickel sulphate cost support strengthened, ternary cathode precursor prices held steady, and ternary cathode material rebounded slightly, but actual cargo pick-up remained cautious. LFP prices declined along with raw material, while shipments continued to grow, supported by energy storage and commercial vehicle demand. Anode, separator, and electrolyte prices were generally stable, with expectations for some raw material cost transmission downstream. Sodium-ion battery material supply remained relatively tight, while the recycling market consolidated on a weak note due to fluctuations in lithium and cobalt raw material prices.

On July 27, shares of China Northern Rare Earth rose, closing up 1.15% at 39.48 yuan per share. In other news, the investor relations activity record for June 2026, announced by China Northern Rare Earth on July 21, showed: Q: What is the progress of the green smelting upgrade and transformation project? What benefits will the project bring to the company upon completion? China Northern Rare Earth responded: The company has invested in and constructed the new-generation rare earth green mining, beneficiation and smelting upgrade and transformation project. Phase I has already been put into production, with the production line fully connected; for Phase II, the main structure of the main process building has been completed, and equipment installation is underway. The project adopts industry-leading new processes, technologies and equipment to build a green, intelligent, intensive and high-end rare earth raw material industrial base. By creating a complete automated production line for rare earth smelting and adopting various intelligent equipment systems, the project enhances the intelligent level of green rare earth smelting equipment, enabling high-quality, high-efficiency, low-consumption and flexible intelligent production. It continuously improves the comprehensive utilization level of Bayan Obo resources, actively fosters a higher-quality, more efficient, better-structured, lower-carbon and safer industrial development landscape, effectively achieves the safe and sustainable development of the industry chain and supply chain, and further strengthens the competitive advantage of China's rare earth industry. Upon completion, the project is expected to reduce acid and alkali unit consumption by over 20%, reduce fresh water usage by 30%, and save approximately 15% of energy, effectively raising the level of intensive, efficient, low-carbon and environmentally sound utilization of rare earth resources. It will significantly promote the sustainable, high-quality development of the rare earth industry and downstream application fields, make positive contributions to regional economic and social development, and deliver favorable social benefits. Q: How large are the medium-heavy rare earth reserves in the Bayan Obo mine? China Northern Rare Earth responded: The total medium-heavy rare earth reserves in the Bayan Obo mine are very substantial. In light of changes in the global rare earth resource supply landscape, the company is committed to the research and application of all rare earth elements and categories. It has recently increased investments in medium-heavy rare earths, continuously pursuing technological innovation and boosting R&D spending to provide downstream clients with cost-effective products or solutions. Q: What is the company's sales model for rare earth products? How are prices determined? China Northern Rare Earth responded: The company's products are mainly divided into rare earth raw material products, rare earth new material products, and rare earth end-use application products. Among these, rare earth raw material products include rare earth salts, rare earth oxides and rare earth metals, which serve as the main production raw materials for downstream rare earth new material and new material product processing enterprises. Rare earth new material products include rare earth magnetic materials, polishing materials, hydrogen storage materials, catalytic materials, and rare earth alloys. The company's rare earth end-use application products primarily consist of rare earth permanent magnet high-efficiency energy-saving motors, solid-state hydrogen storage cylinders, and hydrogen-powered two-wheelers. The company generally adopts sales models such as long-term agreements and retail, with long-term agreements accounting for over 50%. Its selling prices are set based on market demand, market price fluctuations, and actual transactions, with metal prices also referencing those from the Baotou Rare Earth Products Exchange. Question: How does the company view future rare earth product prices? What are the downstream applications of rare earth? China Northern Rare Earth responded: Against the backdrop of global carbon neutrality, the vigorous growth of new energy industries and technological innovation has brought new development opportunities for rare earth as a key element of new quality productive forces. Rare earth, recognized as a critical mineral factor globally, has become a vital pillar for future industries. Rare earth product prices are mainly influenced by a combination of factors such as market supply, demand, and market expectations. In the short term, due to the pace of industry supply and demand and downstream procurement cycles, rare earth prices are expected to remain range-bound and fluctuate. In the medium term, the supply pattern in the rare earth industry will remain orderly and controllable, with prices generally running steadily. In the long term, as incremental demand from new energy, high-end equipment, humanoid robots, and other sectors continues to be released and steadily develop, rare earth prices will receive strong support. Against the broader backdrop of carbon neutrality, rare earth connects with manufacturing upgrades, technological innovation, global industry chain adjustments, and national development strategies. The long-term development of the rare earth industry is stable and positive. With the advancement of carbon peak and carbon neutrality, the core demand for rare earth is shifting towards green low-carbon new energy and high-end manufacturing. High-performance rare earth permanent magnets are used in new energy vehicle drive motors, new energy ship power systems, electric aircraft, eVTOL, etc. Some MLCC (multilayer ceramic capacitors) also add trace amounts of rare earth oxides for doping modification, driving continuous growth in rare earth demand. Question: What are the company's plans for extending its industry chain? Will it further expand into downstream end-use applications? China Northern Rare Earth responded: After years of development, the company has taken the lead in the industry to become an integrated, group-level publicly listed firm that combines rare earth smelting and separation, functional materials, application products, scientific research, and trade. It has formed an industrial structure based on rare earth resources, centered on smelting and separation, focused on new materials, and oriented towards expanding into end-use applications. Relying on an innovation-driven development strategy, it continuously promotes industrial structure adjustment, transformation and upgrading, achieving integrated development across the upstream, midstream, and downstream of rare earth, and building an industry-leading competitive advantage across the entire industry chain. The company has deployed six major industries: magnetic materials, polishing materials, energy storage materials, catalytic additives, high-purity metals and alloys, and optical functional materials. It has: (1) established the rare earth permanent magnet material–permanent magnet motor industry chain, continuously enhancing the production capacity of permanent magnet motors; (2) established the rare earth hydrogen storage material–solid-state hydrogen storage industry chain, focusing on solid-state hydrogen storage applications such as hydrogen fuel two-wheelers, solid-state hydrogen storage forklifts, and hydrogen refueling stations, to promote industrial application; (3) established the rare earth alloy–intermediate alloys of rare earth iron, rare earth aluminum-magnesium industry chain, constructing a demonstration line for large-scale production of high-purity rare earth metals and targets, driving breakthroughs in applications of rare earth aluminum-magnesium alloys in advanced rail transit and lightweight profiles; (4) consolidated and expanded the leading position of the rare earth polishing materials industry in and outside China, breaking through production technologies for high-end products such as high-performance rare earth polishing powders and polishing for high-grade glass substrates, and breaking foreign monopolies; (5) established the rare earth catalytic material–exhaust purification functional device industry chain, focusing on industrial exhaust gas treatment, automotive exhaust gas purification, volatile organic compound (VOC) treatment, and petrochemicals to achieve industrialization; and (6) expanded the application fields of rare earth optical functional materials, strengthening the commercialization and promotion of rare earth multi-color reflective thermal insulation coatings, rare earth infrared radiation materials, and rare earth infrared heat storage and temperature-rise materials. For example: to address the poor thermal insulation of architectural glass, the company developed a rare-earth nano thermal-barrier coating that significantly reduces air-conditioning energy consumption; to mitigate heat accumulation on building exteriors and metal surfaces, the company developed a rare-earth multi-colour reflective thermal-insulation coating containing over 25% lanthanum-cerium compounds, effectively alleviating the heat-island effect; leveraging the unique photofunctional properties of light rare earths, the company developed polyester-based rare-earth functional fibres that enable smart thermal regulation such as heat storage, thermal insulation and UV shielding. Closely following market demand, the company continuously increases R&D investment, optimises product structure and performance, and meets the differentiated needs of downstream clients. Q: How is the company progressing in the utilisation of rare-earth secondary resources? China Northern Rare Earth responds: In the current context of green and low-carbon development, the prospects for rare-earth secondary resource utilisation are broad. The Rare Earth Regulations explicitly encourage and support enterprises in adopting advanced and applicable technologies and processes to conduct comprehensive utilisation of rare-earth secondary resources. Meanwhile, the continuously climbing demand for rare earths in fields such as NEVs, wind power and consumer electronics is also providing more resources for rare-earth secondary resource utilisation. For a long time, the company has been consistently focusing on secondary resource recycling and recovery. Regarding the return of scrap after the sale of Pr-Nd alloy, since 2022 the company has included a provision when signing supply agreements with downstream magnetic material enterprises: NdFeB enterprises using the company’s Pr-Nd alloy must return the production scrap generated in their own manufacturing processes to the company for resource recycling and recovery in accordance with market principles. At present, the company has established a circular loop spanning from raw ore to metal, magnetic material, and the recycling of scrap generated from magnetic material production. The company has made deep deployments in both the north and south. In the south, its controlled subsidiary Xinfeng Xinli has completed the main plant construction for its Phase-I NdFeB scrap recycling and utilisation project, and on-site equipment is undergoing orderly installation and commissioning; its rare-earth oxide comprehensive utilisation technological transformation project has received approval from the Department of Industry and Information Technology of Jiangxi Province. In the north, its controlled subsidiary Jinmeng Rare Earth has completed the “NdFeB Scrap Recycling Automated Production Line” project and the automation upgrade and renovation of the rare-earth concentrates separation line; both lines have commenced production, with notable capacity release. The company actively deploys and develops the rare-earth secondary resource utilisation industry, builds a 10kt-scale resource recycling capacity, achieves full-element rare-earth recycling and recovery through effective utilisation of secondary resources, and enhances the economic value of rare-earth elements. Q: What are the future development trends for polishing materials? China Northern Rare Earth responds: The global polishing fluid market is maintaining a steady growth trend. Demand for high-end semiconductor polishing materials, such as those for AI chips and memory-wafer capacity expansion, continues to rise. Going forward, high-end, refined and green development will become the main theme. The localisation rate of specialised polishing fluids for China’s high-end integrated circuits will increase significantly, while demand for polishing in conventional optics and panels will grow at a moderate pace. The company ranks first in the industry in both production and sales volume and market share in the rare earth polishing materials sector, with its three polishing powder production enterprises covering high-end, mid-end, and low-end segments. In the rare earth polishing materials field, the company has multiple advantages in scale, technology, and upstream-downstream industry chain integration, enabling it to quickly respond to demand from various downstream application fields, achieve steady growth in production and sales, and continuously increase the share of high-value products, holding a leading position in the industry. The company is deeply involved in national strategic scientific and technological breakthroughs, has led the formulation of multiple national and industry standards, completed national-level scientific research projects such as the “863 Program” and “Torch Program,” holds 4 invention patents and 6 utility model patents, and its core technical indicators have reached internationally advanced levels. With self-developed cutting-edge technology, its products are renowned in and outside China for uniform particle size, high polishing efficiency, and strong suspension, and are widely used in manufacturing fields such as liquid crystals, hard disk glass substrates, curved and flat cover glass for mobile phones, crystal and rhinestone ornaments, traditional optical and precision optical components, semiconductor photomasks, and integrated circuits. Q: What is the proportion of externally purchased ore in the company’s raw material supply? China Northern Rare Earth responded: The rare earth raw materials required for the company’s production mainly come from the Baiyun Obo mine, the world’s largest co-existing ore containing rare earths and other elements. The company’s proportion of externally purchased ore is very small and is dynamically adjusted based on production line conditions, market prices, downstream client demand, and other factors. China Northern Rare Earth’s semi-annual performance forecast shows: According to preliminary estimates by the company’s financial department, net profit attributable to shareholders of the parent company in H1 2026 is expected to be RMB1.98 billion to RMB2.06 billion, an increase of RMB1.05 billion to RMB1.13 billion compared with the same period last year (statutory disclosed data), up 112.74% to 121.33% YoY. Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses in H1 2026 is expected to be RMB1.99 billion to RMB2.07 billion, an increase of RMB1.093 billion to RMB1.173 billion compared with the same period last year (statutory disclosed data), up 121.90% to 130.82% YoY. The main reasons for the expected year-on-year increase in performance: In H1 2026, the company served the national rare earth resource strategy and fully implemented the requirements for security management and control of the rare earth industry chain. Affected by factors such as constrained raw material supply, multi-point release and sustained growth of downstream demand, rare earth product prices showed an overall strengthening trend and consolidated. Focusing on the annual production and operation targets, the company planned holistically and implemented comprehensive measures, strengthened overall budget management, coordinated cost reduction and efficiency improvement, scientifically arranged production scheduling, intensified marketing operations, deepened reform and innovation, enhanced group management and risk prevention and control, advanced the deep integration of professional management, lean management, and 5S management at a high quality, promoted the construction of key projects, accelerated the development of new quality productive forces through management and scientific research innovation, and provided solid support and assurance for achieving good operating results with strong industry chain value creation capability and core competitiveness. The Company scientifically refined production organization and operations, and the production of rare earth smelting and separation products, rare earth metal products, and rare earth new materials all reached record highs for the same period; the Company’s subsidiary, Inner Mongolia Northern Rare Earth Magnetic Materials Co., Ltd., achieved revenue of approximately 9.5 billion yuan in H1, up about 107% YoY, maintaining growth for three consecutive years; its subsidiary Inner Mongolia Xi'ao Ke Hydrogen Storage Alloy Co., Ltd. officially put into operation the first batch of 1,000 hydrogen-powered two-wheelers in Baotou, with cumulative safe driving mileage reaching 170,000 km, achieving notable demonstration results. The Company persisted in benchmarking against advanced internal and external practices to tap internal potential, strengthened lean management, and significantly improved multiple economic and technical indicators. Based on precise measures for each business segment: the smelting and separation segment overcame new production cost changes brought by rising prices of raw and auxiliary materials, effectively managed cost fluctuations, scientifically organized production scheduling, and ensured supply to meet new product demand; the rare earth metal segment took the reinforcement of lean production concepts as a starting point, used digital and intelligent means to further strengthen on-site process operation management, and drove new breakthroughs in economic and technical indicators such as quality and material ratios; the rare earth new materials and applications segment fully leveraged the advantages of new capacity, precisely aligned with client needs, and achieved new progress in driving sales through production. Deepening industry chain synergy and coordination, while ensuring stable product supply, it solidified the foundation of downstream client cooperation. The Company closely followed market demand, strengthened marketing management, optimized sales structures, client credit evaluations, and product account period management, adjusted and shortened account periods by category, secured the fundamental base with long-term agreement orders, and met differentiated market demand through retail. Sales of rare earth metals and magnetic materials steadily increased, achieving full coverage of top-tier players in magnetic materials; sales of lanthanum-cerium products increased YoY, further digesting historical inventory; polishing material sales increased YoY; developed 5 new pieces of equipment and 20 customized and specialized new products, continuously expanding product application scenarios. The Company efficiently advanced key project construction, continuously enhancing its intelligent and informatization level. The first phase of the rare earth green smelting upgrade and transformation project has been put into operation, with all production lines fully connected, and the second phase construction progressing in an orderly manner; industry chain projects such as mergers and acquisitions, joint ventures, and capacity expansion for rare earth metals, magnetic material alloys, magnets, and secondary resource utilization are accelerating their implementation. The secondary resource utilization project achieved volume growth and quality-efficiency improvements; the Company's digital and intelligent transformation pace quickened, with its digital and intelligent level continuously improving. Regarding the 2026 business plan, China Northern Rare Earth announced in its 2025 annual report that: 2026 is the opening year of the "15th Five-Year Plan", and is an important year for the Company to advance high-quality development and accelerate building itself into a world-class rare earth leader. The company will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, focus on forging a strong sense of community for the Chinese nation, fully implement the guiding principles of the 20th National Congress of the Communist Party of China and all plenary sessions of the 20th Central Committee, and carry out the important speeches and instructions of General Secretary Xi Jinping on Inner Mongolia and the rare earth industry, as well as the decisions and deployments of higher authorities including the Inner Mongolia Autonomous Region and Baotou City. It will uphold the general principle of pursuing progress while ensuring stability, fully, accurately and comprehensively apply the new development philosophy, bravely fulfill its responsibilities and missions, steadily improve operational quality and efficiency, build an industrial system covering all elements and categories, promote the deep integration of technological and industrial innovation, accelerate the pace of deepening reforms, enhance modern governance capabilities, continuously strengthen core functions and improve core competitiveness, speed up the development into a world-leading rare earth enterprise, ensure a good start and solid first steps for the "15th Five-Year Plan" period, and make new and greater contributions to the construction of the "Two Rare Earth Bases." Main production and operation targets for 2026 (these targets are solely planned objectives; whether they can ultimately be achieved is uncertain and does not constitute a substantive commitment to investors; investors and relevant parties should maintain sufficient risk awareness and understand the differences among plans, forecasts, and commitments): achieve operating revenue of over 44 billion yuan and total profit of over 3.5 billion yuan. On the premise of meeting operational targets, employee income will be linked to corporate economic benefits and labor productivity in the same direction. A review of the SMM Pr-Nd oxide price trend in H1 shows that the average price of Pr-Nd oxide on June 30 was 742,500 yuan/mt, up 136,000 yuan/mt from 606,500 yuan/mt on December 31, 2025, representing an H1 increase of 22.42%. The average price of Pr-Nd oxide in H1 this year was 740,530.17 yuan/mt, compared with an average of 430,952.99 yuan/mt in H1 2025, a YoY rise of 309,577.18 yuan/mt, or 71.84%. According to SMM quotes, on July 27, the average price of Pr-Nd oxide was 765,000 yuan/mt, up 0.99% from the previous trading day. For the rare earth market outlook, in the short term, amid a stalemate in the tug-of-war between upstream and downstream, Pr-Nd product prices are expected to move sideways within a narrow range, with limited room for significant upward or downward movement. Supporting factors come from the supply side — recently some raw ore separation enterprises have suspended operations, production at scrap recycling enterprises remains persistently low, and overall oxide supply is relatively tight, forming bottom support for prices. Pressuring factors come from the demand side, as new orders for magnetic material enterprises are unlikely to recover quickly in the short term, buyers have low acceptance of high prices, and the market lacks sustained upward momentum. For heavy rare earths, after experiencing adjustments this week, dysprosium and terbium are expected to gradually stabilize as major players step in to purchase. From a medium-term perspective, most industry participants hold expectations for a demand recovery in the traditional peak season at the end of Q3, and coupled with the likely improvement in new export orders, the rare earth price center still has the potential to edge upward steadily after a period of consolidation. However, in the short term, close attention must be paid to the pace of downstream restocking and the purchasing moves of top-tier players. Recommended reading:

Recently, at the production workshop of Sichuan Zhongde Aluminum Co., Ltd. in Xinjin Economic Development Zone, Chengdu, Sichuan, a large 4,500-mt aluminum extrusion press worth 20 million yuan has been installed and commissioned, and is scheduled to officially start production on July 22. After the project goes online, it is expected to add an annual capacity of 20,000 mt for aluminum semis and 300,000 sets for new energy battery trays. : On July 16, the two large extrusion production lines at the Nanhai base of Guangya Holdings were officially put into production, and the first trial-produced aluminum semis were successfully produced, marking the full implementation of the high-end industrial aluminum semis capacity expansion project at Guangya Holdings.

In the height of summer, good news keeps pouring in. At 19:57 on July 18, 2026, Jilin Xinda Steel Co., Ltd.’s 365㎡ sintering machine started feeding and production on time as planned. On-site signal bells rang, and the belts on the proportioning and mixing line started sequentially, feeding materials evenly according to the set proportions. The first pallet car slowly moved out of the red-hot ignition furnace. The ignition effect was good, the material surface appeared bluish-blue, and the bed was flat and uniform. The entire system ran smoothly throughout, and the startup material was successfully turned into finished products, marking the successful one-time commissioning of the 365㎡ sintering machine. The company has advanced its comprehensive efforts to achieve ultra-low emissions and accelerated its green transformation, reaching a new level of development.

On July 14, China Northern Rare Earth's stock price rose. As of the close on July 14, it was up 2.18% to 39.83 yuan per share. In market news, China Northern Rare Earth released its semi-annual earnings forecast, showing: Based on preliminary estimates by the company's financial department, net profit attributable to owners of the parent for H1 2026 is expected to be between 1.98 billion and 2.06 billion yuan, representing an increase of 1.05 billion to 1.13 billion yuan compared with the same period last year (as per statutory disclosure data), up 112.74% to 121.33% YoY. Excluding non-recurring items, net profit attributable to owners of the parent for H1 2026 is expected to be between 1.99 billion and 2.07 billion yuan, an increase of 1.093 billion to 1.173 billion yuan YoY, up 121.90% to 130.82%. The main reasons for the expected profit increase in the period are: In H1 2026, the company served the national rare earth resource strategy and fully implemented the requirements for safety control of the rare earth industry chain. Affected by factors such as supply constraints on the raw material side and the release and sustained growth of downstream demand at multiple points, rare earth product prices generally strengthened and consolidated. The company focused on its annual production and operation targets, carried out integrated planning and comprehensive measures, strengthened comprehensive budget management, and worked on cost reduction, quality improvement, and efficiency gains in a coordinated manner. It scientifically organized production scheduling, intensified marketing operations, deepened reform and innovation, and strengthened group management and risk control. The company advanced the deep integration of professional management, lean management, and 5S management to a high standard, promoted key project construction, and accelerated the development of new quality productive forces through management and R&D innovation. With strong value creation capabilities across the industry chain and core competitiveness, the company provided solid support and assurance for achieving good operating results. The company refined the organization and operation of production scientifically, with production volumes of rare earth smelting and separation products, rare earth metal products, and new rare earth materials all reaching historical highs for the same period; the subsidiary Inner Mongolia Northern Rare Earth Magnetic Materials Co., Ltd. achieved operating revenue of approximately 9.5 billion yuan in H1, up about 107% YoY, maintaining growth for three consecutive years; the subsidiary Inner Mongolia Xi'ao Ke Hydrogen Storage Alloy Co., Ltd. officially put its first batch of 1,000 hydrogen-powered two-wheelers into operation in Baotou, with a cumulative safe driving mileage of 170,000 kilometers, demonstrating notable project success. The company persisted in benchmarking against internal and external excellence, tapping into internal potential, and strengthening refined management, leading to significant improvements in multiple economic and technical indicators. Targeted measures were adopted for each business segment: In smelting and separation, the division overcame new cost changes brought by rising prices of raw and auxiliary materials, effectively managed cost fluctuations, scientifically organized production scheduling, and ensured new product supply demands. In rare earth metals, leveraging the concept of lean production as a starting point, digital and intelligent methods were further used to strengthen on-site process operation management, driving new breakthroughs in economic and technical indicators such as quality and material ratios. In new rare earth materials and applications, the segment fully utilized newly added capacity advantages, precisely aligned with client needs, and made new progress in promoting sales through production. Deepening industry chain synergy, the Company solidified the foundation of downstream client cooperation while ensuring stable product supply. The Company closely tracked market demand, strengthened marketing management, optimized sales structure, client credit evaluation, and product account period management, adjusted and shortened account periods by category, secured the fundamental base with long-term agreement orders, and met differentiated market demand through retail. Sales of rare earth metals and magnetic materials rose steadily, achieving full coverage of top-tier magnetic material players; sales of lanthanum-cerium products increased YoY, further digesting historical inventory; sales of polishing materials increased YoY; 5 new equipment items and 20 customized and distinctive new products were developed, continuously expanding product application scenarios. Key project construction advanced efficiently, continuously enhancing intelligence and informatization levels. The first phase of the rare earth green smelting upgrade and transformation project has been put into production, with the entire production line connected; the second phase construction is progressing in an orderly manner. Projects across the industry chain, including mergers and acquisitions, restructuring, joint ventures, cooperation, and capacity expansion and production increase for rare earth metals, magnetic material alloys, magnets, and secondary resource utilization, are accelerating toward implementation. The secondary resource utilization project achieved volume increase and quality and efficiency improvement; the Company accelerated its pace of digital and intelligent transformation, with digitalization and intelligence levels continuously improving. Regarding the 2026 operating plan, China Northern Rare Earth announced in its 2025 annual report: 2026 is the opening year of the 15th Five-Year Plan and a crucial year for the Company to advance high-quality development and accelerate the building of a world-class rare earth leader. The Company will uphold Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as its guide, take fostering a strong sense of community for the Chinese nation as the main theme, fully implement the spirit of the 20th CPC National Congress and all previous plenary sessions of the 20th CPC Central Committee, and translate into action the important speeches and instructions of General Secretary Xi Jinping on Inner Mongolia and the rare earth industry, as well as the decisions and plans of higher-level authorities such as the Inner Mongolia Autonomous Region and Baotou City. Adhering to the general principle of pursuing progress while ensuring stability, the Company will fully, accurately, and comprehensively implement the new development philosophy, bravely shoulder its responsibilities and missions, steadily improve the quality and efficiency of operations, build an industry system covering all elements and categories, promote the deep integration of scientific and technological innovation with industrial innovation, accelerate the pace of deepening reforms, enhance modern governance capabilities, continuously strengthen core functions and enhance core competitiveness, accelerate the realization of a world-class rare earth leader, ensure a good start and solid beginning for the 15th Five-Year Plan, and make new and greater contributions to the construction of the "Two Rare Earth Bases." The main production and operation targets for 2026 (these targets are merely planned objectives, and there is uncertainty as to whether they can ultimately be achieved. They do not constitute a substantive commitment by the Company to investors. Investors and relevant parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments): achieve operating revenue of 44 billion yuan or more, and total profit of 3.5 billion yuan or more. While achieving operational targets, employee compensation is linked to enterprise economic performance and labor productivity in the same direction. Looking back at the price trend of Pr-Nd oxide in H1, SMM data show that it started the year at 609,000 yuan/mt, then hit a H1 high of 890,000 yuan/mt by the month-end of February, marking a cumulative increase of up to 46.7% from the beginning of the year. The core driver came from the supply side: spot Pr-Nd oxide remained tight, futures surged sharply, suppliers held back from selling amid strong bullish sentiment, and metals enterprises were stockpiling ahead of holidays, all of which pushed prices up rapidly. At the same time, disruptions in Myanmar ore supply, domestic separation plants resuming production slower than expectations, and boosted market sentiment formed a combined effect of "undersupply + bullish holdback." However, during March-April, affected by bearish supply-side news and lackluster demand from end-user traditional sectors, the Pr-Nd oxide price quickly pulled back to around 700,000 yuan/mt. That said, the rise in China Northern Rare Earth's concentrate prices in April, supply support from production halts at separation plants, and the release of export orders under the export control extension window jointly drove prices to rebound slightly. Starting in May, the downstream gradually entered the off-season, and purchasing became more cautious. It was not until late June that the Pr-Nd oxide price was boosted again by factors including the official implementation of the Mineral Resources Law Implementation Regulations, which designates rare earths as strategic minerals, and production cuts at scrap recycling enterprises due to tax invoice issues, rebounding to 7.425 billion yuan/mt on June 30. According to SMM quotes, as of July 14, the average price of Pr-Nd oxide was 762,500 yuan/mt, down 0.33% from the previous trading day. Currently, influenced by the intense tug-of-war between upstream and downstream, the oxide market is experiencing significant price fluctuations, while the metals market is relatively sluggish in terms of inquiries, with suppliers holding their quotes relatively firm and showing no obvious adjustments. In the short term, as some raw ore separation and scrap recycling plants undergo production cuts and suspensions, oxide suppliers' willingness to sell at low prices is weak, which is expected to drive Pr-Nd product prices to drift higher. Recommended reading:

The tender for the PC turnkey contract of the Inner Mongolia Huadian Damao Banner 1 million kW wind and solar power-to-hydrogen integrated project has recently been initiated. The tender is divided into Section I and Section II, with the project site located in Damao Banner, Baotou City, Inner Mongolia Autonomous Region. According to the tender announcement, the project is the first phase of the Inner Mongolia Huadian Damao Banner 1 million kW wind and solar power-to-hydrogen project by Huadian Huayang Company. The first phase will build a 1 million kW new energy power generation scale, including 700 MW of wind power and 300 MW of PV. The wind power segment plans to install 70 wind turbine generators each with a single-unit capacity of 10 MW, while the PV segment is expected to adopt 710 Wp to 740 Wp half-cell, double-glass N-type battery modules. The project will also include supporting construction of one 100 MW/200 MWh LFP battery ESS power station, two 220 kV step-up substations, as well as access roads, collector lines and other equipment and facilities, forming a coordinated operation system integrating wind power, PV, energy storage and hydrogen production. For the hydrogen production segment, the project plans to construct 83 units of 1000 Nm³/h, 1 unit of 2000 Nm³/h and 1 unit of 3000 Nm³/h alkaline electrolyzer hydrogen production systems , totaling 85 electrolyzers, with an annual hydrogen production of about 47,000 mt. For hydrogen storage, the project will deploy 25 units of 2000 m³ hydrogen spherical tanks, providing a hydrogen storage capacity of about 650,000 Nm³, along with supporting facilities such as one 220 kV general step-down substation for hydrogen production. In terms of the schedule, the overall project is planned to be put into operation on August 25, 2027. Among them, Section I has a tentative construction period of 300 days, and Section II has a tentative construction period of 360 days. The specific start time is subject to the bid inviter's written notice, and the end time is subject to the project's completion acceptance, while in principle meeting the group company's requirements for the date of reaching the standard and being put into production. This tender is divided into two sections. Section I involves the 617 MW wind-solar power PC turnkey contract works, including 450 MW wind power, 167 MW PV, one 220 kV step-up substation, and one 100 MW/200 MWh electrochemical energy storage project. The scope of this section covers the procurement of equipment and materials except for those supplied by Party A, as well as construction, installation, commissioning, and grid-related testing within the wind power, PV, energy storage and substation areas. Section II covers the 383 MW wind-solar power PC turnkey contract works and the construction turnkey contract works for the hydrogen production station and 220 kV general step-down substation, including 250 MW wind power, 133 MW PV, and related construction contents of the hydrogen production station and general step-down substation. For this section, apart from the equipment supplied by Party A, it also includes the procurement of relevant equipment and materials, as well as construction, installation, and commissioning within the scope of wind power, PV and hydrogen production station works. According to the announcement, the project does not accept consortium bids. As a wind and solar power-to-hydrogen integrated project, the Damao Banner project systematically integrates new energy power generation, energy storage regulation, electrolytic water hydrogen production, and large-scale hydrogen storage. Upon completion, the project is expected to further enhance Inner Mongolia's green hydrogen supply capacity, providing support for the large-scale consumption of renewable energy and the development of the hydrogen-based energy industry.