金吾财讯 | 铝业股向好，南山铝业国际(02610)涨3.37%，中国铝业(02600)涨3.05%，兴发铝业(00098)涨 2.29%，中国宏桥(01378)涨1.76%。 华泰期货指出，北方地区因环保等因素影响出现减产情况，对当前过剩局面贡献极为有限，电解铝厂原 料储备充足，冬储难有短期扰动。铝土矿价格坚挺，国产矿短期面临环保压力，进口矿供应开始增加， 对价格的情绪开始转弱，当前考验矿端成本支撑。当前氧化铝估值偏低，铝土矿价格已经跌至几内亚边 际最高成本，几内亚铝土矿的不确定性风险需要防范。 此前华泰证券指出，供需改善或成金属行业2026年主基调。货币宽松经济恢复阶段，有望触发金银比收 敛，2026年白银价格或较黄金更为强势上行。铜、铝行业2026年供需格局或为供不应求。 华泰期货指出，北方地区因环保等因素影响出现减产情况，对当前过剩局面贡献极为有限，电解铝厂原 料储备充足，冬储难有短期扰动。铝土矿价格坚挺，国产矿短期面临环保压力，进口矿供应开始增加， 对价格的情绪开始转弱，当前考验矿端成本支撑。当前氧化铝估值偏低，铝土矿价格已经跌至几内亚边 际最高成本，几内亚铝土矿的不确定性风险需要防范。 此前华泰证 ...

呈交日期: 2025年12月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 興發鋁業控股有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00098 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | | 10,000,000 | 本月底法定/註冊 ...

Group 1 - The core viewpoint of the article highlights the continuous rise in Hong Kong aluminum stocks, with China Hongqiao reaching a historical high, driven by positive macroeconomic expectations and improved risk appetite due to US-China trade talks [1] - Galaxy Securities indicates that the ongoing US Federal Reserve rate cuts and potential balance sheet expansion in Q4 are expected to enhance market liquidity, benefiting the prices of industrial metals like copper and aluminum [1] - The article notes that accidents among overseas copper and aluminum leading companies are likely to disrupt global supply, further increasing price elasticity for these metals [1] Group 2 - Bank of America has raised its profit forecasts for China Hongqiao for 2026-2030 by 5-14%, increasing the target price from HKD 35 to HKD 38 while maintaining a "Buy" rating [1] - The supporting logic for this upgrade includes a projected dividend yield of 6%-7%, the expected production of the Ximangdu project by the end of 2025, share buybacks, and a valuation advantage with a 9x P/E ratio in 2026 [1] - The stock performance of key companies is as follows: China Hongqiao at HKD 33.440 (+3.21%), China Aluminum at HKD 11.410 (+2.89%), Xinfeng Aluminum at HKD 7.860 (+2.48%), and Rusal at HKD 4.430 (+1.14%) [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 興發鋁業控股有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00098 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 本月底法定/註冊 ...

呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00098 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 興發鋁業控股有限公司 本月底法定/註冊股 ...

Group 1 - The public announcement period is set from September 28, 2025, to October 7, 2025 [3]

XINGFA ALUMINIUM HOLDINGS LIMITED 冰䘤扩㤕㍏偉㚱旸℔⎠ (Incorporated in Cayman Islands with limited liability) (㕤攳㚤佌Ⲟ姣Ⅎㆸ䩳ᷳ㚱旸℔⎠) (Stock Code 偉ấẋ嘇烉98) NOTIFICATION LETTER 通知信函 各位非登記股東1 ： 興發鋁業控股有限公司（「本公司」） – 中期報告2025（「本次公司通訊文件」）之發佈通知及發布可供採取行動的企業通訊及企業通訊之新安排 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「聯交所」）網站（www.hkexnews.hk）及本公司網站（www.xingfa.com）， 歡迎瀏覽。若 閣下之前選取收取本公司公司通訊之印刷版本，現向 閣下奉上英文及中文版本的本次公司通訊。 閣下若因任何理由以致在收取或接收載 於本公司網址上的本次公司通訊文件出現困難， 閣 下 可 將 要 求（註 明 閣 下 的 姓 名、地 址 及 要 求）以 電 郵 方 式 發 送 到 本 公 司 之 電 郵 地 址xingfa. ecom@computersh ...

(㕤攳㚤佌Ⲟ姣Ⅎㆸ䩳ᷳ㚱旸℔⎠) (Stock Code 偉ấẋ嘇烉98) NOTIFICATION LETTER 通知信函 各位登記股東： XINGFA ALUMINIUM HOLDINGS LIMITED 冰䘤扩㤕㍏偉㚱旸℔⎠ (Incorporated in Cayman Islands with limited liability) 倘有關企業通訊為本公司的董事會報告書、年度財務報表、核數師報告、中期報告（及倘適用，中期報告摘要）及財務報表摘要，則本公司將於刊發該等企業 通訊日期以郵寄方式向 閣下發送該等企業通訊網站版本3 的登載通知。就其他企業通訊，本公司將於該等其他企業通訊刊發日期通過電子郵件方式或郵寄 方式（僅在 閣下沒有提供電子郵件地址予本公司或 閣下提供的電子郵件地址無效時）向 閣下發送企業通訊網站版本的登載通知。 閣下亦可以訂閱電子 提示（例如聯交所網站的訊息提示服務），在本公司刊發有關企業通訊時隨即收到提示通知。 向本公司提供 閣下電郵地址及索取企業通訊和可供採取行動的企業通訊的印刷本 興發鋁業控股有限公司（「本公司」） – 中期報告2025（「本次公司通訊文件」）之發佈通知及發佈可供採 ...

Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 9,323,190,000, an increase of 11.6% compared to RMB 8,349,840,000 for the same period in 2024[18] - Gross profit for the same period was RMB 617,887,000, down 17.6% from RMB 749,735,000 in 2024[18] - The company recorded a profit before tax of RMB 291,345,000, a decrease of 29.0% from RMB 409,728,000 in the previous year[18] - Net profit for the period was RMB 270,005,000, down 28.7% from RMB 378,718,000 in 2024[18] - Basic earnings per share decreased to RMB 0.64 from RMB 0.90, reflecting a decline of 28.9%[18] - Total comprehensive income for the period was RMB 270,471,000, down from RMB 379,011,000 in the previous year[19] - The group’s total revenue for the twelve months ended June 30, 2025, was RMB 19,827,991,000, compared to RMB 17,875,690,000 for the twelve months ended June 30, 2024, reflecting a year-on-year growth of 10.9%[40] - Profit attributable to the company's owners decreased by 28.4% to approximately RMB 270.9 million, with a net profit margin of 2.9%, down from 4.5% in the first half of 2024[98] Revenue Breakdown - Revenue from the sale of aluminum profiles reached RMB 9,042,335,000, up 11.9% from RMB 8,083,355,000 in the previous year[35] - The group’s revenue from industrial aluminum profiles was RMB 1,569,883,000 for the six months ended June 30, 2025, compared to RMB 1,388,461,000 in 2024, representing a growth of 13.0%[38] - The group’s revenue from construction aluminum profiles was RMB 7,472,452,000 for the six months ended June 30, 2025, an increase of 11.6% from RMB 6,694,894,000 in the previous year[38] - The sales volume reached 407,224 tons, reflecting a growth of 12.5% from 362,049 tons in the previous year[76] - Sales of construction aluminum profiles rose by 11.6% to about RMB 7,472.5 million, with a sales volume increase of 14.7% to approximately 332,315 tons in the first half of 2025[82] - Industrial aluminum profiles revenue grew by 13.1% to around RMB 1,569.9 million, with a sales volume increase of 8.4% to approximately 74,909 tons in the first half of 2025[83] Costs and Expenses - The cost of goods sold for the six months ending June 30, 2025, was RMB 8,284,362,000, compared to RMB 7,204,869,000 for the same period in 2024, representing an increase of approximately 15%[47] - The group reported a total employee cost of RMB 594,928,000 for the six months ending June 30, 2025, compared to RMB 555,630,000 for the same period in 2024, reflecting an increase of approximately 7%[47] - Research and development costs for the six months ending June 30, 2025, amounted to RMB 420,941,000, up from RMB 395,236,000 in the previous year, indicating a growth of about 6.5%[48] - Distribution costs decreased by 18.1% to approximately RMB 146.7 million, representing 1.6% of revenue, down from 2.1% in the previous year[96] - The group’s financial costs for the six months ended June 30, 2025, amounted to RMB 45,091,000, down from RMB 51,477,000 in the same period of 2024[41] Assets and Liabilities - Non-current assets increased from RMB 4,528,390 thousand in December 2024 to RMB 4,997,831 thousand in June 2025, reflecting a growth of 10%[21] - Current assets rose from RMB 10,014,050 thousand in December 2024 to RMB 11,017,812 thousand in June 2025, an increase of 10%[21] - Total liabilities increased from RMB 6,246,072 thousand in December 2024 to RMB 7,765,307 thousand in June 2025, representing a growth of 24%[21] - The company’s total equity increased from RMB 5,907,460 thousand in December 2024 to RMB 5,932,420 thousand in June 2025, a slight increase of 0.4%[23] - Trade receivables and notes receivable, net of credit loss provisions, totaled RMB 5,117,289,000 as of June 30, 2025, an increase from RMB 4,939,460,000 at the end of 2024[54] - The group’s financial liabilities measured at amortized cost totaled RMB 6,099,192,000 as of June 30, 2025, up from RMB 5,195,134,000 as of December 31, 2024[59] Cash Flow - The net cash generated from operating activities was RMB 680,409 thousand for the six months ended June 30, 2025, compared to RMB 680,595 thousand for the same period in 2024[26] - The company reported a net cash outflow from investing activities of RMB 969,001 thousand for the six months ended June 30, 2025, compared to RMB 505,189 thousand in the previous year[27] - Financing activities generated a net cash inflow of RMB 264,899 thousand for the six months ended June 30, 2025, compared to a net cash outflow of RMB 140,915 thousand in 2024[27] - The total cash and cash equivalents as of June 30, 2025, were approximately RMB 2,701.5 million, a decrease from RMB 2,726.1 million as of December 31, 2024[118] Market Strategy and Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[11] - The management indicated ongoing efforts in cost control and operational efficiency to mitigate the impact of rising costs[11] - The company is focusing on high-end and green technology breakthroughs, particularly in the application of recycled aluminum, to drive innovation and respond to new market challenges[84] - The company is actively expanding its overseas production bases, with a 180,000-ton capacity project in Vietnam underway and an Australian project entering trial production, enhancing local service capabilities[79] - The company anticipates a gradual improvement in the real estate market due to policy support, which is expected to alleviate downward pressure on the aluminum profile industry[84] Corporate Governance - The company has adopted the corporate governance code and has complied with all provisions during the first half of 2025[141] - The audit committee consists of three independent non-executive directors and one non-executive director, ensuring oversight of financial reporting and internal controls[145] - The audit committee is chaired by a member with appropriate professional qualifications in financial matters[145] - The company has confirmed compliance with the standards for securities trading by directors during the first half of 2025[142]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00098 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 420,649,134 | | | | 420,649,134 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 420,649,134 | | 0 | | 420,649,134 | 公司名稱: 興發鋁業控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港 ...