Baogang Steel has announced its intention to adjust the related transaction price of rare earth concentrate for the third quarter of 2025 to 19,109 yuan per ton, exclusive of tax, in line with the price adjustment mechanism approved at the company's 2022 Annual General Meeting. This price applies to concentrate with a dry weight and rare earth oxide (REO) content of 50%. For every 1% variation in REO content, the price will be adjusted upwards or downwards by 382.18 yuan per ton.