How is China's germanium dioxide supply structure changing with new capacity expansions?

How is China's germanium dioxide supply structure changing with new capacity expansions?
China's germanium supply is dominated by lead-zinc smelting by-products, with Yunnan holding about 34% of national reserves. Zhongjin Lingnan, the country's second-largest germanium producer, produced 2,589 kg of germanium dioxide in 2025 but targets 7.3 tons of high-purity GeO2 in 2026, a 2.8-fold jump. This marks the most aggressive capacity expansion in the sector, transitioning from trial scale to full commercialization. The company holds 208-240 tons of germanium metal resources, mainly from the Fankou lead-zinc mine. Meanwhile, Chihong Zinc & Germanium, the world's largest primary germanium producer, plans about 60 tons of germanium product sales in 2025, with reserves of 600-800 tons.