Core Insights - The Chinese non-ferrous metal recycling industry is experiencing rapid growth, with production expected to increase from 14.5 million tons at the end of the 13th Five-Year Plan to 19.15 million tons by the end of 2024, representing an average annual growth rate of 7.2% [1] - By the end of 2025, production is projected to exceed 20 million tons, addressing resource and environmental bottlenecks in the industry [1] - From 2021 to 2024, the cumulative production of recycled non-ferrous metals in China is expected to reach 69.3 million tons, accounting for one-quarter of the total production of ten commonly used non-ferrous metals in the country and one-third of global recycled non-ferrous metal production [1] Industry Developments - The industry has saved 3.6 billion tons of mineral resources and reduced carbon dioxide emissions by 560 million tons over the past four years [1] - The structure of the recycled non-ferrous metal industry is continuously optimizing, with significant technological innovations [1] - The proportion of recycled raw materials is increasing, becoming a core source for many processing enterprises, with some achieving over 60% utilization of recycled raw materials [1] Strategic Importance - Primary enterprises are increasingly sourcing high-quality recycled copper materials or recycled copper anodes to supplement mineral shortages, highlighting the strategic role of recycled materials in the industry structure [1] - The 14th Five-Year Plan period is seen as a critical time for the Chinese recycled metal industry to transition from parallel development to leading the sector, focusing on high-quality development [1] - The industry aims to systematically promote high-quality development, upgrade raw material supply systems, expand applications of recycled materials, and enhance the digital intelligence level across the sector [1]

Core Insights - The production of major recycled non-ferrous metals in China is projected to grow from 15.72 million tons in 2021 to 19.15 million tons in 2024, with a compound annual growth rate of 6.8% [1] - The industry is experiencing structural optimization and increased scale due to supportive policies, with an annual investment growth rate of 30% [2] - The total revenue of the top 30 companies in the recycled non-ferrous metal sector has exceeded 390 billion yuan, indicating strong support for quality improvement in the industry [2] Production and Growth - In the first seven months of this year, the production of major recycled non-ferrous metals reached approximately 11.5 million tons, a year-on-year increase of 4.55% [1] - The recycling volume of major waste non-ferrous metals was about 9.35 million tons, up 4.8% year-on-year [1] - The import volumes of recycled copper and aluminum raw materials were 1.336 million tons and 1.173 million tons, showing a slight decrease of 0.8% and an increase of 8.4% respectively [1] Industry Challenges - The industry faces challenges such as fragmented recycling networks, slow technological updates in small and medium enterprises, and a lack of innovation capabilities [2] - The overall R&D investment in the industry remains low, with a long technology conversion cycle and insufficient strategic platforms for innovation [2] Technological Innovations - Encouragement for the development and application of AI waste identification systems, efficient sorting processes, and advanced recycling technologies for various materials [3] - Promotion of a green supply chain cooperation plan and the establishment of a product lifecycle management system [3] - Implementation of smart systems in recycling and production processes, utilizing technologies like RFID and blockchain for tracking and certification [3] Policy and Support Mechanisms - The Ministry of Industry and Information Technology emphasizes the need for a collaborative approach in policy-making, information sharing, and risk-sharing to support the real economy [4] - Initiatives include building a national platform for industry-finance cooperation and guiding social capital towards the recycled non-ferrous metal industry [4]

Group 1 - The company held an investor communication event on September 19, 2025, via the "Investor Relations Interactive Platform," attracting numerous investor inquiries [1] - The event was part of the 2025 Guangdong jurisdiction investor reception day and mid-year performance briefing, conducted online [1] - The company addressed various investor questions, including shareholder numbers and stock price concerns, stating that operational management remains normal despite stock price fluctuations [1] Group 2 - The company aims to optimize production lines and enhance profitability, focusing on hazardous waste disposal and metal resource utilization [2] - The company expressed confidence in re-entering the top 30 revenue-generating companies in the recycled non-ferrous metal sector for 2024, emphasizing resource utilization and product processing [2] - The company has established a comprehensive industrial closed loop and is exploring overseas market opportunities while maintaining a strong domestic presence [2] Group 3 - The company has received recognition as a national "Green Factory" and is actively working on environmental assessments for various projects [2] - The company is focused on deep resource utilization of multi-metal and is progressing well with several projects, including the Ganzhou industrial waste salt resource utilization project [2] - The company currently does not own metal mining resources and primarily collects industrial solid waste for processing [2]