Silver-Colored Nonferrous Metals Completes Leadership Transition After Opening Year with 8 Consecutive Daily Limits; 51-Year-Old Wang Bin Returns to Former Employer

Originally from: The Paper News

Silver Rare Metals, which hit 8 consecutive daily limit-ups at the start of the year, completes chairman change, 51-year-old Wang Bin returns to the old employer

Wang Bin, 51, returns to his former company. On the evening of March 16, Silver Rare Metals Group Co., Ltd. (referred to as “Silver Rare Metals,” 601212.SH) announced that the company’s board of directors officially elected Wang Bin as chairman.

According to his previous resume, Wang Bin was born in June 1974, is a Communist Party member, holds a graduate degree, and is a senior political engineer. His career has been closely linked with Silver Rare Metals: he previously served as director of the office at the Silver Metal Smelting Plant; director of the General Manager’s Office and Human Resources Department at Silver Copper Industry Co., Ltd.; Party Committee member, Discipline Inspection Secretary, and Chairman of the Trade Union at Silver Red Heron Copper; and General Manager, Deputy Party Secretary, and Director of Silver Rare Metals Group.

Wang Bin briefly left Silver Rare Metals. In August 2023, he left due to work changes and was appointed Chairman of Lanzhou Lanshi Group Co., Ltd.

After two and a half years, Wang Bin returns to his old company. In fact, on January 23 earlier this year, Wang Bin presided over the Silver Group’s 2026 work conference as Party Secretary. He succeeded Wang Pugong, who is 60 years old. On January 21, Wang Pugong applied to resign from his positions as Chairman, Director, and member of the special committees of the board due to work changes, and he no longer holds any position in the company after resignation.

Silver’s predecessor was Silver Metal Nonferrous Metals Company, founded in 1954, one of the 156 key construction projects during China’s First Five-Year Plan, and an important nonferrous metal base in New China. In 2008, Silver Rare Metals introduced CITIC strategic investment and implemented a shareholding reform. In February 2017, Silver Rare Metals successfully listed on the Shanghai Stock Exchange through an initial public offering.

According to its official website, Silver Rare Metals currently has 42 subsidiaries, with over 40 products. Its business covers mining, beneficiation, smelting, processing, and financial investment trading of nonferrous and precious metals such as copper, lead, zinc, gold, and silver. It owns resource bases in Gansu, Shaanxi, Xinjiang, Inner Mongolia, and Tibet. Its international operations extend to Asia, Africa, Europe, and South America, with production capacities exceeding 23.5 million tons of ore, 800,000 tons of copper-lead-zinc, 100 tons of gold, 1,000 tons of silver, and 200,000 tons of nonferrous metal processing materials.

Despite rising market prices for nonferrous and precious metals in 2025 and increased production of main products, Silver Rare Metals’ performance last year was not ideal. According to its previous disclosures, the company expects a net profit attributable to the parent company of between -450 million and -675 million yuan for 2025, indicating a loss compared to the previous year.

The company explained in its earnings forecast that, due to a dispute over storage contracts involving its subsidiary Shanghai Red Heron International Trading Co., Ltd., and the South Storage Management Group Co., Ltd. and its Shanghai branch, it made an estimated liability provision of about 314 million yuan in the first half of 2025 based on the latest developments and cautious accounting principles. Additionally, fluctuations in market prices led to increased fair value losses on embedded derivative financial instruments formed by spot price transactions, which also affected the company’s performance.

At the Silver Group’s 2026 work conference held on January 23, Wang Bin emphasized the need to focus on key industries and promote planning implementation. He pointed out that to achieve the goals of the 14th Five-Year Plan, the implementation path and key measures include strengthening basic metals, expanding precious metals, refining rare metals, optimizing the circular economy, and developing emerging industries and productive services.

On March 16, during the board meeting, besides electing the chairman, several important resolutions were approved. The company plans to apply for a comprehensive credit line of 67.7 billion yuan from financial institutions in 2026, mainly for working capital loans, fixed asset loans, M&A loans, and international trade financing. Additionally, the company plans to invest 6.321 billion yuan in 2026, with 1.896 billion yuan allocated for fixed assets and 4.424 billion yuan for equity projects.

Notably, amid a surge in international silver prices, market attention on Silver Rare Metals has recently increased significantly. In January 2026, the stock hit multiple daily limit-ups. From January 20 to January 29, Silver Rare Metals experienced 8 consecutive limit-ups. Despite multiple risk warning announcements reminding investors of trading risks, market enthusiasm remained high.

Starting January 30, the stock price retreated. As of the close on March 16, Silver Rare Metals was trading at 8.85 yuan, down 2.32%, with a latest market value of 65.532 billion yuan. Before the recent rise, the stock price was around 6 yuan.

Reporter: He Liping