Silver has a color: It is expected that the net profit will be a loss of 450 million to 675 million yuan by 2025.

Silver Color Notice: It is expected that the net profit attributable to the owners of the parent company will be a loss of 450 million to 675 million yuan in 2025. Market prices of non-ferrous metals and precious metal products are expected to increase year-on-year in 2025, the production volume of the company's main products is expected to increase year-on-year, and internal management will be strengthened, with various measures taken to reduce costs and increase efficiency, leading to an increase in gross profit margin year-on-year. However, due to a warehouse contract dispute between the company's subsidiary Shanghai Honglu International Trade Co., Ltd. and Nanshan Warehousing Management Group Co., Ltd. and its Shanghai branch, a provision for estimated liabilities of approximately 314 million yuan was made in the first half of 2025 based on the latest developments in the case and prudence principle. In addition, the increase in embedded derivative financial instruments fair value losses caused by market price fluctuations affecting current mark-to-market trading also affected the company's performance.