Group 1 - Wahaha has announced a one-week production halt across most of its factories, with approximately 70% of production capacity affected, except for the red Wahaha bottled water factory [1] - The halt is speculated to be a measure to allow the market to digest excess inventory due to poor sales, although some insiders question this reasoning, suggesting potential changes in company ownership as a more likely cause [1] - The management style of Zong Fuli, who holds 29.4% of Wahaha's shares, differs from that of her predecessor, Zong Qinghou, indicating a shift in operational strategies [3] Group 2 - Wahaha Precision Machinery Company has initiated a dissolution and liquidation process, with a liquidation team established on February 24, citing a "resolution to dissolve" [4][5] - The dissolution was unexpected for employees, with around 180 individuals affected, and no formal compensation agreements provided as of now [8] - This move may reflect Zong Fuli's strategy to focus on the core food and beverage business by restructuring non-core operations [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall sentiment in the commodity market was positive yesterday, and the prices of finished steel products continued to fluctuate and strengthen. The real - estate data from January to February was still weak, and the short - term support from real estate for steel demand was limited. The steel fundamentals were in a neutral - weak state, and the prices were expected to fluctuate within a range. Attention should be paid to the release rhythm of peak - season demand and the impact of raw material price trends on the cost side [2]. - The overseas supply of iron ore was fluctuating at a high level with a marginal decline. Affected by negotiation issues and overseas geopolitical conflicts, the iron ore price was expected to fluctuate widely. Attention should be paid to the progress of negotiations and the development of the geopolitical situation [4]. - Due to the ongoing US - Iran conflict, the overall sentiment in the commodity market was bullish. It was not suitable to operate in the short - term short direction. It was advisable to look for short - term rebound opportunities in undervalued and highly elastic varieties. The future market trends of manganese silicon and ferrosilicon were affected by the overall market sentiment, cost - push factors of manganese ore for manganese silicon, and supply - contraction factors for ferrosilicon [8][9]. - The prices of coking coal and coke were affected by the energy sentiment premium from the Middle - East situation. In the short term, the demand for coking coal and coke was restricted by inventory structure, but there might be upward pulses in coking coal prices. In the long term, coking coal prices were expected to rise from June to October [13][14]. - The industrial silicon market showed a pattern of weak supply and demand, and was expected to fluctuate under cost support. The polysilicon market had weak fundamentals, and the price was expected to be under pressure and fluctuate [17][19]. - The glass market was expected to fluctuate widely in the short term, and attention should be paid to the release rhythm of actual demand and inventory changes. The soda ash market was expected to continue a strong - fluctuating trend, and attention should be paid to the release rhythm of actual demand and inventory changes in the main production areas [22][24]. 3. Summary by Related Catalogs Steel Market Information - The closing price of the rebar main contract in the afternoon was 3148 yuan/ton, up 8 yuan/ton (0.254%) from the previous trading day. The registered warehouse receipts were 41,649 tons, an increase of 1524 tons compared with the previous day. The open interest of the main contract was 1.5495 million lots, a decrease of 24,530 lots. The aggregated price of rebar in Tianjin was 3200 yuan/ton, an increase of 20 yuan/ton; the aggregated price in Shanghai was 3250 yuan/ton, unchanged [1]. - The closing price of the hot - rolled coil main contract was 3313 yuan/ton, up 14 yuan/ton (0.424%) from the previous trading day. The registered warehouse receipts were 474,288 tons, a decrease of 295 tons. The open interest of the main contract was 1.1799 million lots, a decrease of 3908 lots. The aggregated price of hot - rolled coils in Lecong was 3280 yuan/ton, unchanged; the aggregated price in Shanghai was 3290 yuan/ton, an increase of 10 yuan/ton [1]. Strategy Viewpoints - The real - estate data from January to February was weak, and the short - term support from real estate for steel demand was limited. The steel fundamentals were in a neutral - weak state, and the prices were expected to fluctuate within a range. Attention should be paid to the release rhythm of peak - season demand and the impact of raw material price trends on the cost side [2]. Iron Ore Market Information - The main iron ore contract (I2605) closed at 816.50 yuan/ton, with a change of +0.93% (+7.50). The open interest changed by +2876 lots to 461,700 lots. The weighted open interest was 883,300 lots. The spot price of PB fines at Qingdao Port was 798 yuan/wet ton, with a basis of 31.39 yuan/ton and a basis ratio of 3.70% [3]. Strategy Viewpoints - The overseas ore shipments in the latest period rebounded month - on - month. The shipments from Australia increased, those from Brazil were basically stable, and the shipments from non - mainstream countries increased slightly. The near - end arrivals decreased. The daily average hot - metal output decreased by 63,900 tons to 2.212 million tons. The blast - furnace maintenance was mainly due to environmental protection restrictions, concentrated in Hebei. The resumption of blast furnaces was expected to be gradually realized in the next period. The steel - mill profitability increased month - on - month. The port inventory increased slightly and remained at a high level. Affected by negotiation issues and overseas geopolitical conflicts, the iron ore price was expected to fluctuate widely [4]. Manganese Silicon and Ferrosilicon Market Information - On March 17, the main manganese silicon contract (SM605) rose 1.27% during the day and closed at 6240 yuan/ton. The spot price of 6517 manganese silicon in Tianjin was 6000 yuan/ton, equivalent to 6190 yuan on the disk, with a discount of 50 yuan/ton to the disk. The main ferrosilicon contract (SF605) rose 0.95% during the day and closed at 5928 yuan/ton. The spot price of 72 ferrosilicon in Tianjin was 6050 yuan/ton, with a premium of 122 yuan/ton to the disk [7]. Strategy Viewpoints - Due to the ongoing US - Iran conflict, the overall sentiment in the commodity market was bullish. It was not suitable to operate in the short - term short direction. It was advisable to look for short - term rebound opportunities in undervalued and highly elastic varieties. The supply - demand pattern of manganese silicon was still not ideal, but most of these factors had been priced in. The fundamentals of ferrosilicon were good. The future market trends of the two were affected by the overall market sentiment, cost - push factors of manganese ore for manganese silicon, and supply - contraction factors for ferrosilicon [8][9]. Coking Coal and Coke Market Information - On March 17, the main coking coal contract (JM2605) rebounded after a decline during the day and finally closed down 0.42% at 1176.0 yuan/ton. The spot price of low - sulfur main coking coal in Shanxi was 1459.7 yuan/ton, equivalent to 1267 yuan/ton on the disk, with a premium of 91 yuan/ton to the disk; the price of medium - sulfur main coking coal in Shanxi was 1300 yuan/ton, equivalent to 1284 yuan/ton on the disk, with a premium of 108 yuan/ton to the disk; the price of Mongolian 5 clean coal in Wubulangjinquan Industrial Park was 1210 yuan/ton, equivalent to 1185 yuan/ton on the disk, with a premium of 9 yuan/ton to the disk. The main coke contract (J2605) closed down 0.80% at 1732.0 yuan/ton. The spot price of quasi - first - grade wet - quenched coke at Rizhao Port was 1470 yuan/ton, unchanged; equivalent to 1725.5 yuan/ton on the disk, with a discount of 6.5 yuan/ton to the disk; the price of quasi - first - grade dry - quenched coke in Lvliang was 1495 yuan/ton, unchanged; equivalent to 1710.5 yuan/ton on the disk, with a discount of 21.5 yuan/ton to the disk [11]. Strategy Viewpoints - The prices of coking coal and coke were affected by the energy sentiment premium from the Middle - East situation. In the short term, the demand for coking coal and coke was restricted by inventory structure, but there might be upward pulses in coking coal prices. In the long term, coking coal prices were expected to rise from June to October [13][14]. Industrial Silicon and Polysilicon Market Information - Industrial silicon: The closing price of the main industrial silicon futures contract (SI2605) was 8560 yuan/ton, with a change of - 1.44% (- 125). The weighted contract open interest changed by +7709 lots to 350,782 lots. The spot price of non - oxygen - passed 553 in East China was 9200 yuan/ton, unchanged; the basis of the main contract was 640 yuan/ton; the price of 421 was 9600 yuan/ton, unchanged; the basis of the main contract after converting to the disk price was 240 yuan/ton [16]. - Polysilicon: The closing price of the main polysilicon futures contract (PS2605) was 41,670 yuan/ton, with a change of - 0.08% (- 35). The weighted contract open interest changed by - 534 lots to 54,645 lots. The average price of N - type granular silicon in the SMM caliber was 44 yuan/kg, unchanged; the average price of N - type dense material was 43 yuan/kg, a decrease of 0.5 yuan/kg; the average price of N - type re - feeding material was 45.5 yuan/kg, a decrease of 0.5 yuan/kg. The basis of the main contract was 3830 yuan/ton [18]. Strategy Viewpoints - Industrial silicon: The market showed a pattern of weak supply and demand, and was expected to fluctuate under cost support [17]. - Polysilicon: The fundamentals were weak, and the price was expected to be under pressure and fluctuate. Attention should be paid to the new order transaction situation [19]. Glass and Soda Ash Market Information - Glass: On Tuesday afternoon at 15:00, the main glass contract closed at 1094 yuan/ton, down 0.73% (- 8). The price of large - size glass in North China was 1070 yuan, unchanged; the price in Central China was 1090 yuan, unchanged. On March 12, the weekly inventory of float - glass sample enterprises was 75.849 million boxes, a decrease of 3.788 million boxes (- 4.76%). Among the top 20 holders of long positions, 6213 long positions were added, and among the top 20 holders of short positions, 17,728 short positions were added [21]. - Soda ash: On Tuesday afternoon at 15:00, the main soda - ash contract closed at 1243 yuan/ton, down 1.04% (- 13). The price of heavy soda ash in Shahe was 1223 yuan, a decrease of 13 yuan. On March 12, the weekly inventory of soda - ash sample enterprises was 1.9317 million tons, a decrease of 15,500 tons (- 4.76%), including 918,100 tons of heavy - soda - ash inventory, a decrease of 1800 tons, and 1.0136 million tons of light - soda - ash inventory, a decrease of 13,700 tons. Among the top 20 holders of long positions, 1734 long positions were added, and among the top 20 holders of short positions, 4480 short positions were added [23]. Strategy Viewpoints - Glass: The market was expected to fluctuate widely in the short term. Attention should be paid to the release rhythm of actual demand during the "Golden March and Silver April" and inventory changes in the main production areas. The reference range for the main contract was 1050 - 1160 yuan/ton [22]. - Soda ash: The market was expected to continue a strong - fluctuating trend. Attention should be paid to the release rhythm of actual demand during the "Golden March and Silver April" and inventory changes in the main production areas. The reference range for the main contract was 1200 - 1300 yuan/ton [24].

Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. Core Views Oils and Fats - Malaysian BMD crude palm oil futures are in a high - level volatile consolidation, with a chance to rise to 4,200 ringgit. Dalian palm oil futures may test the 9,000 - yuan mark. - In the soybean oil market, geopolitical conflicts boost CBOT soybean oil, but domestic demand is weak, and the basis quote is lowered. Factory soybean oil inventory is decreasing. - For rapeseed oil, geopolitical conflicts drive up oil prices, and domestic rapeseed oil follows the upward trend. There is a risk of stagnant growth after a sharp rise, and the spot market has limited transactions [1]. Cotton - ICE cotton futures continue to decline, and the 67 - cent - per - pound level may face pressure. In the domestic market, the supply side is supported by the expected reduction of cotton - planting area in Xinjiang and the decline of commercial inventory, but the slow resumption of downstream factories and large internal - external price differences restrict the upward space. In the long - term, the overall price may run stronger [2]. Sugar - ICE raw sugar prices rise but the bullish sentiment is limited. Brazilian sugar production is close to expectations, and the dry weather has brought uncertainty to the 26/27 season. Indian sugar production is expected to be reduced, and Thai sugar production may be revised down. In the domestic market, the 1 - month production and sales data slowed down, and the short - term bearish factors have been fully traded, with the market relatively resistant to decline [3]. Red Dates - The red dates market in the 25/26 production season has an oversupply pattern. The futures market is expected to fluctuate in a low - valuation range, with a small - scale rebound limited by hedging and inventory pressure [4]. Apples - The apple market is active, with a shortage of high - quality apples. The price of ordinary apples is stable. The inventory in cold storage is decreasing. The short - term price is supported by low inventory and high - quality fruit rate [6]. Corn and Corn Starch - In the corn market, the supply in the Northeast is tight, and the price is firm. In North China, the price is strong due to supply - demand imbalance. The demand side has limited enthusiasm for replenishment. The short - term price is in a high - level volatile state, and may face pressure in the future [8]. Meal - US soybeans are in a high - level volatile state. The domestic soybean meal market is affected by external factors, but the domestic supply is loose, and the basis is falling. The market is expected to maintain a high - level volatile state [9]. Pigs - After the Spring Festival, the supply of pigs is increasing, and the demand is weak. The market is under pressure, and the spot price is weak. The market is waiting for secondary fattening to support the price, but the upward space is limited [13]. Eggs - The supply of eggs is slowly decreasing, but there is inventory pressure. The market is in a off - season, and the price is expected to be in a weak - volatile state [15]. Summary by Directory Oils and Fats - **Spot Prices**: On March 3, the prices of soybean oil, palm oil, and rapeseed oil all increased compared to the previous day, with increases of 0.58%, 0.79%, and 0.38% respectively [1]. - **Futures Prices**: The futures prices of soybean oil, palm oil, and rapeseed oil also rose, with increases of 1.09%, 1.08%, and 1.12% respectively [1]. - **Basis**: The basis of soybean oil and rapeseed oil decreased, while the basis of palm oil decreased significantly [1]. - **Spreads**: The spreads between different contracts of soybean oil, palm oil, and rapeseed oil showed different degrees of change [1]. Cotton - **Futures Market**: The price of cotton 2605 increased by 0.20%, while the price of cotton 2609 decreased by 0.03%. The ICE US cotton main contract decreased by 1.16% [2]. - **Spot Market**: The prices of various spot indexes of cotton decreased to different degrees [2]. - **Industry Situation**: The trade volume decreased by 100%, the industrial inventory increased by 3.8%, the import volume increased by 49.5%, and the inventory in bonded areas increased by 15% [2]. Sugar - **Futures Market**: The prices of sugar 2605 and sugar 2609 decreased by 0.45% and 0.39% respectively. The ICE raw sugar main contract decreased by 0.14% [3]. - **Spot Market**: The prices of sugar in Nanning and Kunming changed slightly, and the basis of Nanning increased by 40.00% [3]. - **Industry Situation**: The national sugar production and sales volume decreased year - on - year, and the industrial inventory increased [3]. Red Dates - **Futures Market**: The prices of red dates 2605, 2607, and 2609 all increased, with increases of 0.62%, 0.78%, and 0.66% respectively [4]. - **Spot Market**: The spot prices of red dates in Cangzhou remained unchanged [4]. - **Inventory**: The total number of futures registered warehouse receipts and effective forecasts was 4,114, a year - on - year decrease of about 29.4% [4]. Apples - **Futures Market**: The price of the apple 2605 main contract increased by 3.91%, and the price of the apple 2610 contract increased by 0.30% [6]. - **Spot Market**: The arrival volume of fruit wholesale markets increased, and the national cold - storage inventory decreased by 3.34% [6]. Corn and Corn Starch - **Corn**: The price of corn 2605 decreased by 0.46%, the basis increased by 350.00%, and the 5 - 9 spread increased by 8.33% [8]. - **Corn Starch**: The price of corn starch 2605 decreased by 0.59%, the basis increased by 31.31%, and the 5 - 9 spread increased by 6.25% [8]. Meal - **Soybean Meal**: The price of soybean meal in Jiangsu remained unchanged, the futures price increased by 0.35%, and the basis decreased by 3.94% [9]. - **Rapeseed Meal**: The price of rapeseed meal in Jiangsu increased by 0.80%, the futures price increased by 0.65%, and the basis increased by 2.56% [9]. - **Soybeans**: The price of soybeans in Harbin remained unchanged, the futures price of the soybean - one main contract decreased by 1.30%, and the basis increased by 10.45% [9]. Pigs - **Futures Market**: The price of the pig 2605 main contract decreased by 0.62%, and the 3 - 5 spread increased by 6.25% [13]. - **Spot Market**: The spot prices of pigs in various regions decreased to different degrees [13]. - **Industry Indicators**: The slaughter volume increased by 2.91%, the self - breeding profit decreased by 62.38%, and the purchased - pig breeding profit decreased by 60.77% [13]. Eggs - **Futures Market**: The prices of the egg 04 and 05 contracts decreased by 1.39% and 1.85% respectively [15]. - **Spot Market**: The egg - producing area price decreased, and the egg - chick price increased by 3.12% [15]. - **Industry Indicators**: The egg - feed ratio decreased by 9.00%, and the breeding profit decreased by 249.92% [15].

Group 1: Company Performance - Shimano's bicycle division sales for FY2025 are projected at 355 billion JPY (approximately 2.3 billion USD), an increase of 2.7% compared to FY2024 [2] - Overall sales for Shimano reached 466 billion JPY, reflecting a year-on-year growth of 3.4%, while operating profit decreased by 20.6% and recurring profit fell by 52.3% [2] - Net profit for the company was 34.2 billion JPY, a significant decline of 65% from 98.6 billion JPY in FY2024 [2] Group 2: Market Dynamics - North American bicycle sales remain weak, although inventory levels are now considered reasonable; in contrast, European market demand is strong but inventory levels are still relatively high [2] - In the domestic Japanese market, retail sales are sluggish due to soaring complete bicycle prices [2] Group 3: Financial Outlook - Shimano anticipates net sales of 467 billion JPY for FY2026, representing a slight increase of 0.2% year-on-year [5] - The company expects operating profit to decline by 9.1%, while recurring profit is projected to increase by 19% [5] - For the bicycle division, operating profit is expected to decrease by 9% to 39 billion JPY [5] Group 4: Cost Management - Shimano will account for costs related to its global "free inspection" program (11-speed Hollowtech II crankset recall) under overall warranty expenses, reversing a provision of 6.3 million JPY from the previous year [7] - The company has set aside a total of 7.5 billion JPY (approximately 48.2 million USD) for warranty costs in FY2026 [7] Group 5: Shareholder Returns - Shimano plans to repurchase up to 2.95 million shares for a total amount not exceeding 50 billion JPY, with the buyback scheduled from February 12, 2026, to January 31, 2027 [8] - This initiative aims to enhance capital efficiency and improve shareholder returns [8]

Report Industry Investment Rating - No relevant content provided. Core View of the Report - During the Spring Festival in 2026, the national construction steel market was generally closed, with the overall price remaining the same as before the festival and regional performance showing differentiation. This year, manufacturers are cautiously optimistic, but there are differences in expectations for the post - holiday market. After the festival, steel prices are expected to have a short "good start" supported by the inertia of steel mills' price increases, low inventory, and cost. However, the recovery rhythm of demand, the resumption progress of steel mills, and inventory digestion will be key variables. Subsequently, the market will likely enter a shock adjustment stage, and the sustainability of the market depends on the actual release intensity of demand, with a short - term shock - upward trend [2]. Summary by Relevant Catalogs Market Review and Outlook - During the 2026 Spring Festival, the national construction steel market was closed, with prices unchanged from pre - holiday levels and regional differences. Manufacturers have a cautious and optimistic attitude, but there are differences in post - holiday market expectations. After the holiday, steel prices may have a short "good start" due to factors such as steel mills' price increases, low inventory, and cost support. Key variables include demand recovery, steel mill resumption, and inventory digestion. The market will likely enter a shock adjustment stage, and its sustainability depends on actual demand release, with a short - term shock - upward trend [2]. Fundamental Data Weekly Changes | Steel Type | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Daily average hot metal production of steel mills | 10,000 tons | 230.49 | 228.58 | 1.91 | 0.84% | Weekly | | Rebar mill inventory | 10,000 tons | 163.59 | 153.65 | 9.94 | 6.47% | Weekly | | Rebar social inventory | 10,000 tons | 423.23 | 365.92 | 57.31 | 15.66% | Weekly | | Hot - rolled coil mill inventory | 10,000 tons | 79.85 | 78.75 | 1.1 | 1.40% | Weekly | | Hot - rolled coil social inventory | 10,000 tons | 290.92 | 280.45 | 10.47 | 3.73% | Weekly | [4] Futures Market Review - The report presents figures such as the 5 - day intraday chart of rebar and hot - rolled coil main contracts, rebar 05 - 10 spread, hot - rolled coil 05 - 10 spread, on - disk coil - rebar spread, and speculation degree (trading volume/position) [5][6][9]. Spot Market Review - The report shows figures such as the rebar price in East China (Shanghai), the hot - rolled 4.75 spot price (Shanghai), rebar basis, and hot - rolled coil basis [14][15]. Fundamental Data - The report includes figures such as the daily average hot metal production of 247 steel mills, rebar blast furnace profit, rebar supply - demand trend, hot - rolled coil supply - demand trend, rebar mill inventory seasonal analysis, rebar social inventory seasonal analysis, hot - rolled coil mill inventory seasonal analysis, and hot - rolled coil social inventory seasonal analysis [17][22][24]

Core Viewpoint - Domestic futures contracts experienced a mixed performance, with some contracts rising while others fell significantly, indicating volatility in the market [3][7]. Group 1: Price Movements - The shipping index for Europe rose over 3%, while lithium carbonate, caustic soda, soybean meal, and eggs increased by more than 2% [3][7]. - In contrast, Shanghai tin dropped over 7%, silver fell more than 5%, and SC crude oil decreased by over 4% [3][7]. Group 2: Inventory and Market Dynamics - Recent technical recovery in tin prices saw them rise from around 360,000 to just below 400,000 yuan per ton, facing upward pressure at this key level [5]. - A significant increase in warehouse receipts was noted, with a daily accumulation of 3,780 tons, raising total inventory from 6,516 tons to 10,296 tons, marking a daily increase of over 50% [5]. - The increase in inventory is attributed to major smelting companies delivering large amounts of stock, rather than a deterioration in the fundamental market conditions [5]. Group 3: Seasonal and Economic Considerations - The market is entering a seasonal slowdown due to the upcoming Spring Festival, with logistics and transportation gradually halting, and downstream soldering companies entering a holiday state [5]. - Post-holiday, attention will be on the resumption of production by downstream enterprises and the speed of inventory digestion under low hidden inventory conditions [5].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Pre - holiday cooling does not change the upward trend of the bottom. Pre - holiday, the precious metal decline led to a cooling of sentiment in the non - ferrous sector, and funds left the market to avoid high - level risks. Although the non - ferrous metals generally declined, there were signs of stabilization on Friday. In the nickel market, there are supply uncertainties in the far - month, and the financial attribute of the non - ferrous sector has increased. For trading, it is recommended to reduce positions before the holiday, and consider light - position long positions after the price stabilizes [6]. - The cost support of nickel ore for subsequent links is emerging, especially for the NPI price. The cost of stainless steel remains firm, but the immediate cost - profit of steel mills is shrinking. After the holiday, if the nickel price stabilizes and inventory reduction is normal, there is still value in going long at a low price [9]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Spread Tracking and Inventory 3.1.1 Nickel - Global Nickel Inventory at a High Level - Global visible nickel inventory reached 360,000 tons, an increase of 2,080 tons this week. Among them, domestic social inventory increased by 2,582 tons, and LME inventory decreased by 1,002 tons. Jinchuan nickel was in short supply, and the premium reached 9,500 yuan/ton [15]. 3.1.2 Stainless Steel - Social Inventory Slowly Accumulating Before the Festival - Before the festival, the social inventory of stainless steel was slowly accumulating. The inventory of stainless steel plants and the overall inventory - to - sales ratio of the 300 - series need attention. The spot premium and price spread of stainless steel also showed certain trends [16][17]. 3.2 Chapter 2: Fundamental Analysis 3.2.1 Pure Nickel - **Supply**: In January, refined nickel production reached 37,700 tons, a year - on - year increase of 26%. In 2025, the net import of domestic refined nickel was 59,000 tons, compared with a net export of 23,600 tons in the same period last year. The supply of domestic refined nickel in 2025 was 450,000 tons, a cumulative year - on - year increase of 45% [24]. - **Demand**: In pure nickel consumption, the consumption of electroplating and alloys decreased by 2 - 3% year - on - year. In January, the PMI of the nickel downstream industry stood above the 50 boom - bust line due to the recovery of stainless steel, but the consumption of pure nickel in electroplating, alloys and other fields was in the off - season and decreased month - on - month [28]. 3.2.2 Stainless Steel Raw Materials - **Indonesian Nickel Ore Quota**: The Indonesian nickel ore quota is tentatively set at 2.5 - 2.6 billion tons. In January 2026, Indonesia's import of Philippine nickel ore decreased by about 380,000 tons month - on - month, a month - on - month decrease of about 63%, and increased by about 110,000 tons year - on - year, a year - on - year increase of about 94.77%. In February 2026, the first - round benchmark price of Indonesian domestic - trade nickel ore increased month - on - month [30]. - **NPI**: NPI showed a recovery trend. The production of NPI in China and Indonesia and the import volume of nickel iron in China also had corresponding changes. The profit margins of NPI in different regions also showed different trends [31][32]. - **Chromium - based Products**: The price of chromium - based products turned upward. Zimbabwe imposed a 10% tax on the export of chromium - based products starting from January 1, 2026, which led to a continuous rebound in the price of chromium ore. The long - term contract purchase price of high - carbon ferrochrome by Tsingshan Group in January 2026 decreased month - on - month [43]. - **Cold - rolled Hedging Profit on the Futures Market**: On February 6, the prices of various stainless - steel raw materials showed certain changes, and the futures market offered cold - rolled hedging profit [47]. 3.2.3 Stainless Steel Supply and Demand - **Supply**: It is estimated that the production of stainless - steel crude steel in China and India in 2025 was 45.06 million tons, a cumulative year - on - year increase of 4%. In February, due to the Spring Festival maintenance, the production schedule decreased significantly. In 2025, China's total stainless - steel imports were 1.519 million tons, a year - on - year decrease of 21%, and the total exports were 5.031 million tons, the same as the previous year. The net export volume was 3.512 million tons, a year - on - year increase of 11% [54]. - **Demand**: Shipbuilding was still in the boom cycle, providing support for stainless - steel demand, while the growth rate of other terminal fields was not optimistic, especially the real - estate transaction volume decreased significantly year - on - year [56]. 3.2.4 New Energy Vehicles - **Domestic Market**: In 2025, the production and sales of new - energy vehicles in China were 16.626 million and 16.49 million respectively, a year - on - year increase of 29% and 28.2% respectively, with a penetration rate of 47.9%, 7% higher than the same period last year. It is expected that the sales volume of new - energy vehicles in 2026 will be 19 million, a year - on - year increase of 15.2%. In January 2026, the new - energy vehicle market was in the recovery period after the expiration of the purchase - tax exemption policy, but the sales volume still achieved positive growth [60]. - **Global Market**: In 2025, the global new - energy vehicle sales increased by 19% year - on - year to 20.542 million. European new - energy vehicle sales increased by 31% year - on - year to 3.887 million, while US new - energy vehicle sales decreased by 3% year - on - year to 1.495 million. China's new - energy vehicle exports in 2025 were 2.583 million, a year - on - year increase of 103% [65]. 3.2.5 Sulfuric Acid Nickel Market - **Production**: In 2025, China's sulfuric acid nickel production decreased by 4.3% year - on - year to 354,000 nickel tons, the ternary precursor production increased by 6% year - on - year to 903,000 tons, and the ternary cathode material production increased by 19% year - on - year to 686,000 tons. In January, the demand for sulfuric acid nickel slowed down month - on - month but increased significantly year - on - year, and the price followed the upward trend of refined nickel [67]. - **Raw Materials**: In 2025, the production of Indonesian MHP increased by 41% year - on - year to 444,000 tons, and the production of high - grade nickel matte decreased by 18% year - on - year to 224,000 tons. The increase in sulfur price led to an increase in the cost of MHP, and the price remained firm. The good demand for sulfuric acid nickel boosted the price of intermediate products and stimulated the recovery of production [73]. 3.2.6 Pure Nickel Supply - Demand Balance - In February, the surplus of pure nickel expanded as production recovered [74].

Group 1 - The company expects a negative net profit for the fiscal year 2025, covering the period from January 1, 2025, to December 31, 2025 [1] - The financial data related to the earnings forecast has not been audited by the accounting firm, but there are no disagreements between the company and the accounting firm regarding the earnings forecast [1][2] Group 2 - The company is actively adjusting its product strategy and working to reduce historical inventory from 2024 and earlier, which has impacted revenue and gross margin during the reporting period [2] - There has been an increase in impairment losses recognized during the reporting period due to accounting standards and a cautious approach [3] - The company experienced a significant decrease in asset disposal gains compared to the same period last year, where substantial gains were realized from property disposals [3]

Core Viewpoint - The company expects a net profit loss attributable to shareholders of 230 million to 300 million yuan for the fiscal year 2025, indicating ongoing financial challenges [1] Group 1: Financial Performance - The company is actively adjusting its product strategy and increasing promotional discounts to address historical inventory from 2024 and earlier, which has negatively impacted revenue and gross margin during the reporting period [1] - The year-end inventory age structure has significantly improved, laying a foundation for achieving operational goals and strategies in 2026 [1]

Core Viewpoint - The company, Meibang Fashion, anticipates a negative net profit for the fiscal year 2025, projecting a loss between 300 million to 230 million yuan, compared to a loss of 195 million yuan in the same period last year [1] Group 1 - The company is actively adjusting its product strategy and working to clear historical inventory from 2024 and earlier, which has impacted revenue scale and gross margin during the reporting period [1] - The company has increased promotional discounts, which has also contributed to the decline in revenue and gross margin [1] - There has been a significant improvement in the age structure of the company's year-end inventory, laying a foundation for achieving operational goals and strategies for 2026 [1]