Core Viewpoint - The company Dongjie Intelligent (stock code: 300486) announced a potential change in control due to the planned transfer of 99% of the fund shares held by a limited partner, which may lead to a change in the actual controller of the company [2]. Group 1: Control Change Announcement - Dongjie Intelligent received a notification from its controlling shareholder, Zibo Jiangtu Hengsong Holding Co., Ltd., regarding the potential transfer of shares by Zibo Zhanheng Hongsong Equity Investment Fund Partnership (Limited Partnership) [2]. - The company is currently negotiating with interested parties regarding the specific transaction plan, and no agreements have been signed yet [5]. Group 2: Stock Suspension - To ensure fair information disclosure and avoid abnormal stock price fluctuations, the company applied for a suspension of its stock (stock code: 300486, stock abbreviation: Dongjie Intelligent) and bonds (bond code: 123162, bond abbreviation: Dongjie Convertible Bonds) starting from August 20, 2025, for no more than two trading days [5]. Group 3: Financial Performance - In 2024, Dongjie Intelligent reported a revenue of 807.373 million yuan, a year-on-year decrease of 7.41%, and a net loss attributable to shareholders of 257.2693 million yuan [6]. - The loss was primarily due to weak demand from some downstream customers, intensified industry competition, and cost overruns on certain projects, leading to reduced main business income and declining gross margins [6]. - Despite significant operational pressure, the company improved its net cash flow from operating activities by 65.19% year-on-year, demonstrating strong risk response capabilities [6]. Group 4: Market Information - As of the close on August 19, Dongjie Intelligent's stock price was 23.03 yuan per share, with a total market capitalization of 10.366 billion yuan [7].

Core Viewpoint - Dongjie Intelligent is planning a change in control, which may lead to a change in its actual controller, as announced on August 19 [1][3][6]. Group 1: Control Change Announcement - Dongjie Intelligent's controlling shareholder, Zibo Jiangtu Hengsong Holdings Co., Ltd., is in the process of planning a change in the company's control [1][3]. - The stock and convertible bonds of Dongjie Intelligent will be suspended from trading starting August 20, with an expected suspension period of no more than two trading days [2][5]. - As of August 19, Dongjie Intelligent's stock price was 23.03 yuan per share, with a market capitalization of 10.37 billion yuan [2]. Group 2: Shareholding Structure - Zibo Jiangtu directly holds 29.35% of Dongjie Intelligent's shares, making it the controlling shareholder [6]. - The actual controller of Dongjie Intelligent is currently the Zibo Municipal Finance Bureau [6]. - The change in control may also involve a change in the controlling shareholder, as Zibo Financial Holding Group Co., Ltd. plans to transfer 99% of its fund shares in Zibo Zhanheng Hongsong Equity Investment Fund Partnership [7][9]. Group 3: Financial Performance - Dongjie Intelligent has experienced a decline in performance since Zibo Jiangtu took control in December 2021, with revenues dropping from 1.143 billion yuan in 2022 to 807 million yuan in 2024 [10]. - The net profit attributable to shareholders has also decreased significantly, with losses reported in 2023 and 2024 [10][13]. - The company anticipates further losses in 2024 due to weak demand from downstream customers, intensified industry competition, and cost overruns on certain projects [13].

Core Viewpoint - Dongjie Intelligent (300486) announced a potential change in its actual controller due to the transfer of 99% of the fund shares held by its major shareholder, Zibo Jiangtu Hengsong Holdings Co., Ltd. [1][3] Group 1: Company Structure and Shareholding - Zibo Jiangtu directly holds 29.35% of Dongjie Intelligent's shares, making it the largest shareholder, with the ultimate controller being the Zibo Municipal Finance Bureau [5] - The company is a state-owned listed entity with a professional investment and operation management team, which enhances its core competitiveness [5] Group 2: Recent Developments and Market Reaction - The company is currently in discussions with interested parties regarding the specific transaction plan and related agreements, with no agreements signed yet, indicating uncertainty [3] - Following the announcement of the potential change in control, Dongjie Intelligent's stock price surged, hitting a 20% limit up for three consecutive trading days from July 31 to August 5 [3] - The stock and bonds of Dongjie Intelligent will be suspended from trading starting August 20, 2025, to prevent abnormal price fluctuations, with an expected suspension period of no more than two trading days [3] Group 3: Business Overview - Dongjie Intelligent specializes in comprehensive solutions for "logistics + information flow" intelligent manufacturing, with key products including intelligent production systems, intelligent logistics warehousing systems, and intelligent three-dimensional parking systems [4] - The company aims to create value for shareholders, customers, suppliers, and employees with the support of the Zibo Municipal Finance Bureau and Hengsong Capital [6] Group 4: Stock Performance - Dongjie Intelligent's stock has seen a significant increase, with a cumulative rise of over 220% since June 19, leading to a market capitalization of 9.4 billion yuan [8]

Core Viewpoint - Dongjie Intelligent (300486) announced a potential change in its actual controller due to the transfer of 99% of the fund shares held by its major shareholder, Zibo Jiangtu Hengsong Holdings Co., Ltd. [2] Group 1: Company Announcement - Dongjie Intelligent received a notification from its major shareholder, Zibo Jiangtu, regarding the potential transfer of fund shares that may lead to a change in the company's actual controller [2] - The transfer of shares is currently under negotiation, and no agreements have been signed yet, indicating uncertainty in the matter [5] - The company previously announced on July 30 that the transfer of shares could lead to a change in control, but did not apply for a trading halt at that time [5] Group 2: Stock Performance - Following the announcement, Dongjie Intelligent's stock price surged, with a 20% increase over three consecutive trading days from July 31 to August 5 [5] - To prevent abnormal stock price fluctuations, the company applied for a trading halt starting August 20, 2025, expected to last no more than two trading days [5] Group 3: Company Profile - Dongjie Intelligent specializes in comprehensive solutions for "logistics + information flow" smart manufacturing, with key products including intelligent production systems, smart logistics warehousing systems, and intelligent multi-story parking systems [5] - As of the first quarter report, Zibo Jiangtu directly holds 29.35% of Dongjie Intelligent's shares, making it the largest shareholder, with the ultimate controller being the Zibo Municipal Finance Bureau [6] - The company emphasizes its competitive advantage through its professional and quality major shareholder, which supports technological and management advancements [6] Group 4: Market Data - Dongjie Intelligent's stock has seen a significant increase, with a cumulative rise of over 220% since June 19, bringing its market capitalization to 9.4 billion yuan [8] - As of May 30, the company had approximately 26,700 shareholders [8]

俄铝(00486)发布截至2025年6月30日止六个月的中期业绩，收益75.2亿美元，同比增加32.05%;股东应占 亏损8700万美元，上年同期股东应占溢利5.65亿美元，同比盈转亏;每股基本亏损0.0057美元。 公告称，期内的原铝及合金销售所得收益由2024年同期的45.97亿美元增加13.69亿美元或29.8%至59.66 亿美元。此乃主要由于原铝及合金销量增加21.7%，以及由伦敦金属交易所所报每吨铝价增加7.5%(由 2024年同期每吨2360美元增加至期内的平均每吨2538美元)导致的每吨加权平均变现铝价增加6.7%(由 2024年同期的每吨2447美元增加至期内的平均每吨2610美元)。 ...

智通财经APP讯，俄铝(00486)发布截至2025年6月30日止六个月的中期业绩，收益75.2亿美元，同比增 加32.05%;股东应占亏损8700万美元，上年同期股东应占溢利5.65亿美元，同比盈转亏;每股基本亏损 0.0057美元。 公告称，期内的原铝及合金销售所得收益由2024年同期的45.97亿美元增加13.69亿美元或29.8%至59.66 亿美元。此乃主要由于原铝及合金销量增加21.7%，以及由伦敦金属交易所所报每吨铝价增加7.5%(由 2024年同期每吨2360美元增加至期内的平均每吨2538美元)导致的每吨加权平均变现铝价增加6.7%(由 2024年同期的每吨2447美元增加至期内的平均每吨2610美元)。 ...

本文源自：金融界AI电报 俄铝上半年营收75.2亿美元，同比+32%。上半年调整后EBITDA 7.48亿美元。上半年净亏损8,700万美 元，调整后净亏损1.94亿美元。 ...

Core Viewpoint - Rusal (00486.HK) reported a revenue of $7.52 billion for the six months ending June 30, 2025, representing a year-on-year increase of 32.05% [1] Financial Performance - Adjusted EBITDA for the period was $748 million, a decrease of 5% year-on-year [1] - Profit before tax was $125 million, down from $729 million in the same period last year [1] - Adjusted net loss was $194 million, compared to an adjusted net profit of $446 million in the previous year, with basic and diluted loss per share at $0.0057 [1] Revenue Breakdown - Revenue from primary aluminum and alloy sales increased by 29.8% to $5.97 billion, driven by a 21.7% increase in sales volume and a 7.5% rise in the average aluminum price per ton [2] - The average realized aluminum price rose by 6.7% to $2,610 per ton, up from $2,447 per ton in the same period last year [2] - Revenue from alumina sales surged by 97.4% to $377 million, attributed to a 53.1% increase in sales volume and a 28.9% rise in the average alumina price per ton [2] - The average alumina price was $589 per ton, compared to $457 per ton in the previous year [2] - Revenue from foil and other aluminum products increased by 9.9% to $376 million, supported by a 29.2% rise in wheel sales and an 8.3% increase in foil sales, partially offset by a 10.1% decline in aluminum powder sales [2]

Financial Highlights [Financial Indicators](index=4&type=section&id=Financial%20Indicators) For the six months ended June 30, 2025, the company's revenue grew 32.0% to **$7.52 billion**, but profitability declined significantly, with adjusted EBITDA down 4.8% and a net loss of **$87 million** Key Financial Indicators | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | **Revenue** | 7,520 million USD | 5,695 million USD | | **Adjusted EBITDA** | 748 million USD | 786 million USD | | **Adjusted EBITDA Margin** | 9.9% | 13.8% | | **Net (Loss)/Profit** | (87) million USD | 565 million USD | | **Basic (Loss)/Earnings Per Share** | (0.0057) USD | 0.0372 USD | | **Net Debt (Period-end)** | 7,378 million USD | 6,415 million USD (as of 2024 year-end) | Chairman's Letter [Chairman's Letter](index=5&type=section&id=Chairman's%20Letter) Chairman Bernard Zonneveld highlights a challenging H1 2025 for the global economy and aluminum industry, with trade wars and rising debt, aluminum price gains offset by Ruble appreciation, and the company focusing on low-carbon metals and 2050 carbon neutrality - Macroeconomic environment is severe, with new trade wars and countermeasures increasing market uncertainty and eroding corporate confidence[6](index=6&type=chunk) - Despite rising aluminum prices in H1, the positive impact was largely offset by a 25% appreciation of the Ruble during the same period[6](index=6&type=chunk) - The company is expanding its low-carbon metal supply and updating its climate strategy, aiming for decarbonization and carbon neutrality by 2050[7](index=7&type=chunk) General Director's Letter [General Director's Letter](index=6&type=section&id=General%20Director's%20Letter) General Director Evgenii Nikitin emphasizes navigating global economic volatility, geopolitical conflicts, and domestic constraints, while pursuing long-term goals including environmental upgrades, inert anode technology, increased recycled metal use, and digital integration - The company announced an aluminum capacity optimization program in late November 2024 to address soaring alumina prices and macroeconomic risks[9](index=9&type=chunk) - The company is the only one globally producing commercial high-quality aluminum using inert anode technology under industrial conditions[9](index=9&type=chunk) - The company demonstrates environmental commitment by increasing recycled metal use and expanding additive manufacturing and fertilizer production lines with by-products[9](index=9&type=chunk) Management Discussion and Analysis [Industry Trends and Business Environment](index=7&type=section&id=Industry%20Trends%20and%20Business%20Environment) In H1 2025, the global aluminum market experienced significant volatility due to US trade policies and supply chain disruptions, with LME aluminum prices averaging **$2,593 per tonne**, global primary aluminum demand growing 3.6% driven by China, and a structural supply deficit of **1.1 million tonnes** in China contrasting with a **1 million tonne** surplus outside China - In H1 2025, LME aluminum prices averaged **$2,593 per tonne**, an increase of **$76.5 per tonne**[15](index=15&type=chunk) - Global primary aluminum demand increased by 3.6% year-on-year to **36.7 million tonnes**, with China's consumption rising 4.5% to **22.9 million tonnes**, serving as the main growth engine[15](index=15&type=chunk) - The market landscape shows divergence: a persistent supply surplus of approximately **1 million tonnes** outside China, while China continues to face a structural supply deficit of approximately **1.1 million tonnes**[15](index=15&type=chunk) [Financial and Operating Performance](index=9&type=section&id=Financial%20and%20Operating%20Performance) In H1 2025, total revenue grew 32.0% to **$7.52 billion** driven by increased sales volume and LME aluminum prices, but sales costs rose 39.3%, reducing gross margin from 23.0% to 18.8%, with adjusted EBITDA declining 4.8% to **$748 million** and a net loss of **$87 million** due to exchange losses and higher interest expenses [Key Operating Data](index=9&type=section&id=Key%20Operating%20Data) In H1 2025, primary aluminum production decreased 1.7% to **1,924 thousand tonnes**, while alumina production increased 13.5% to **3,400 thousand tonnes**, and bauxite production rose 21.8% to **9,668 thousand tonnes**, with primary aluminum and alloy sales up 21.7% to **2,286 thousand tonnes**, and aluminum segment cost per tonne increasing from **$1,975** to **$2,265** Key Operating Data (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **Production (thousand tonnes)** | | | | Primary Aluminum | 1,924 | 1,957 | | Alumina | 3,400 | 2,995 | | Bauxite (wet) | 9,668 | 7,940 | | **Sales Volume (thousand tonnes)** | | | | Sales of Primary Aluminum and Alloys | 2,286 | 1,879 | | **Price and Cost (USD per tonne)** | | | | Aluminum Segment Cost per Tonne | 2,265 | 1,975 | | LME Aluminum Price per Tonne | 2,538 | 2,360 | [Production Analysis](index=10&type=section&id=Production%20Analysis) In H1 2025, primary aluminum production decreased 1.7% due to capacity optimization, while alumina production increased 13.5% driven by the acquisition of a 30% stake in Wen Feng New Materials, and bauxite production rose 21.8% due to increased third-party sales, with aluminum foil and packaging materials production declining 5.0% - Primary aluminum production decreased by 1.7% to **1,924 thousand tonnes**, primarily due to the capacity optimization program announced in November 2024[24](index=24&type=chunk) - Alumina production increased by 13.5% to **3.4 million tonnes**, mainly due to the acquisition of a 30% stake in Chinese company Wen Feng New Materials[25](index=25&type=chunk) - Bauxite production increased by 21.8% to **9.668 million tonnes**, primarily achieved through partial sales of CBK and Dian Dian bauxite to third-party customers[27](index=27&type=chunk) [Revenue Analysis](index=12&type=section&id=Revenue%20Analysis) Total revenue increased 32.0% to **$7.52 billion**, with primary aluminum and alloy sales revenue up 29.8% to **$5.966 billion** driven by volume and price, alumina sales revenue growing 97.4% from both volume and price, and Asia's revenue share significantly increasing from 42% to 53% Revenue Composition (For the six months ended June 30) | Product Category | 2025 Revenue (million USD) | 2024 Revenue (million USD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sales of Primary Aluminum and Alloys | 5,966 | 4,597 | +29.8% | | Sales of Alumina | 377 | 191 | +97.4% | | Sales of Foil and Other Aluminum Products | 376 | 342 | +9.9% | | Other Revenue | 801 | 565 | +41.8% | | **Total Revenue** | **7,520** | **5,695** | **+32.0%** | - By geographical region, Asia's revenue share increased significantly from 42% to 53%, while Europe's share decreased from 22% to 16%[40](index=40&type=chunk) [Cost of Sales Analysis](index=14&type=section&id=Cost%20of%20Sales%20Analysis) Total cost of sales increased 39.3% from **$4.385 billion** to **$6.110 billion**, primarily due to a 21.7% increase in primary aluminum sales volume and higher prices for alumina, other raw materials, average electricity, and transportation tariffs, with energy, alumina, and other raw materials being the largest cost components - Total cost of sales increased by 39.3% to **$6,110 million**, growing faster than revenue, primarily due to increased sales volume and higher prices for raw materials and energy[41](index=41&type=chunk) [Operating Performance and Adjusted EBITDA](index=15&type=section&id=Operating%20Performance%20and%20Adjusted%20EBITDA) Due to faster cost growth than revenue, the company's gross margin decreased from 23.0% to 18.8%, operating performance declined 42.7% to **$252 million**, and adjusted EBITDA decreased 4.8% to **$748 million**, with the adjusted EBITDA margin falling from 13.8% to 9.9%, reflecting deteriorating profitability Adjusted EBITDA Reconciliation (For the six months ended June 30) | Item (million USD) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Performance | 252 | 440 | | Add: Amortization and Depreciation | 327 | 249 | | Add: Impairment of Non-current Assets | 166 | 96 | | Add: Loss on Disposal of Property, Plant and Equipment | 3 | 1 | | **Adjusted EBITDA** | **748** | **786** | [Loss/Profit for the Period](index=16&type=section&id=Loss%2FProfit%20for%20the%20Period) Influenced by a significant increase in finance expenses, particularly **$181 million** in exchange losses, and higher income tax expenses, the company shifted from a pre-tax profit of **$729 million** to **$125 million**, ultimately reporting a net loss of **$87 million** for the period, compared to a profit of **$565 million** in the prior year, with adjusted recurring net loss at **$16 million** versus a **$620 million** profit - Finance expenses increased by 231.8% year-on-year to **$584 million**, primarily due to higher interest expenses and an exchange loss of **$181 million** (compared to an exchange gain of **$139 million** in the prior period)[45](index=45&type=chunk)[46](index=46&type=chunk) - The company recorded a net loss of **$87 million** for the period, compared to a profit of **$565 million** in the corresponding period of 2024[51](index=51&type=chunk) Adjusted and Recurring Net Profit Reconciliation (For the six months ended June 30) | Item (million USD) | 2025 | 2024 | | :--- | :--- | :--- | | Net (Loss)/Profit for the Period | (87) | 565 | | **Adjusted Net (Loss)/Profit** | **(194)** | **446** | | **Recurring Net (Loss)/Profit** | **(16)** | **620** | [Segment Reporting](index=19&type=section&id=Segment%20Reporting) Among core segments, the Aluminum segment's profitability significantly declined, with its EBITDA margin dropping from 19.0% to 13.1%, while the Alumina segment showed improvement, increasing its EBITDA margin from 0.6% to 3.8% Core Segment Performance (For the six months ended June 30) | Segment | Indicator | 2025 | 2024 | | :--- | :--- | :--- | :--- | | **Aluminum** | Segment EBITDA (million USD) | 725 | 853 | | | Segment EBITDA Margin | 13.1% | 19.0% | | **Alumina** | Segment EBITDA (million USD) | 44 | 5 | | | Segment EBITDA Margin | 3.8% | 0.6% | [Working Capital](index=20&type=section&id=Working%20Capital) As of June 30, 2025, the Group's working capital slightly decreased to **$4.344 billion** from **$4.586 billion** at year-end 2024, with a significant increase in current liabilities leading to a **$582 million** net current liability, compared to a **$1.602 billion** net current asset at the prior year-end - The Group recorded a net current liability of **$582 million** as of June 30, 2025, compared to net current assets of **$1.602 billion** as of December 31, 2024[57](index=57&type=chunk) [Capital Expenditure](index=21&type=section&id=Capital%20Expenditure) In H1 2025, total capital expenditure significantly increased to **$707 million** from **$516 million** in the prior year, primarily allocated to maintaining existing production facilities, including potline modernization and re-equipment Capital Expenditure Breakdown (For the six months ended June 30) | Category (million USD) | 2025 | 2024 | | :--- | :--- | :--- | | Development Capital Expenditure | 297 | 207 | | Maintenance | 410 | 309 | | **Total Capital Expenditure** | **707** | **516** | [Loans and Borrowings](index=22&type=section&id=Loans%20and%20Borrowings) As of June 30, 2025, the Group's loans and borrowings had a face value of **$4.166 billion**, in addition to **$4.321 billion** in bonds, with the debt portfolio primarily comprising Russian bank loans and RMB and Ruble bonds issued on the Moscow Exchange - As of June 30, 2025, the Group's loans and borrowings had a face value of **$4.166 billion**, excluding **$4.321 billion** in bonds[61](index=61&type=chunk) [Key Events During the Reporting Period](index=23&type=section&id=Key%20Events%20During%20the%20Reporting%20Period) In H1 2025, the company engaged in frequent financing activities, including issuing multiple tranches of Ruble and RMB-denominated bonds, redeeming some matured RMB bonds, and using cross-currency interest rate swaps to convert Ruble bond exposure to RMB or USD, with no dividends recommended or approved by the Board - The Board did not recommend or approve the payment of dividends for the six months ended June 30, 2025[65](index=65&type=chunk) - The company conducted multiple bond issuances and redemptions during the period, involving Ruble and RMB, and used cross-currency swaps to manage currency risk[66](index=66&type=chunk) [Cash Flow](index=24&type=section&id=Cash%20Flow) In H1 2025, operating cash flow significantly improved to **$888 million** from a **$403 million** net outflow in the prior year, while net cash used in investing activities expanded from **$232 million** to **$528 million**, and net cash used in financing activities substantially increased from **$104 million** to **$799 million** due to debt repayments, with cash and cash equivalents decreasing to **$1.123 billion** at period-end Cash Flow Statement Summary (For the six months ended June 30) | Item (million USD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from/(used in) Operating Activities | 888 | (403) | | Net Cash used in Investing Activities | (528) | (232) | | Net Cash used in Financing Activities | (799) | (104) | | **Net Change in Cash and Cash Equivalents** | **(439)** | **(739)** | [Financial Ratios](index=25&type=section&id=Financial%20Ratios) The company's financial ratios indicate pressure, with the debt-to-asset ratio stable at 35.4%, but return on equity turning negative to **-0.7%**, and the interest coverage ratio sharply declining from 9.0x to 1.4x, signaling significantly weakened debt servicing capability - The interest coverage ratio (EBIT/Net Interest) sharply decreased from 9.0x in the prior period to **1.4x**[72](index=72&type=chunk) - Return on equity (Net Profit/Total Equity) decreased from 4.7% to **-0.7%**[71](index=71&type=chunk) [Business Risks](index=29&type=section&id=Business%20Risks) The company faces multiple business risks, including demand uncertainty from global commodity market volatility, reliance on uninterrupted power supply, transportation service disruptions, foreign exchange fluctuations, labor issues, dependence on third-party raw material suppliers (especially in geopolitical contexts), equipment failure risks, HSE risks, and multi-jurisdictional regulatory and political risks - Key business risks identified by the company include: demand volatility, power supply interruptions, reliance on transportation, foreign exchange fluctuations, labor issues, supply chain risks (especially suspension of Ukrainian facilities and Australian export ban), equipment failures, and geopolitical risks[91](index=91&type=chunk)[95](index=95&type=chunk) Independent Auditor's Report [Independent Auditor's Report](index=31&type=section&id=Independent%20Auditor's%20Report) TSATR-Audit Services Limited Liability Company issued an unmodified review conclusion on the company's interim condensed consolidated financial statements for the six months ended June 30, 2025, but included an 'Emphasis of Matter' paragraph highlighting significant uncertainties related to geopolitical tensions, sanctions, and market volatility that may cast significant doubt on the Group's ability to continue as a going concern - The auditor issued an unmodified conclusion on the interim financial statements[100](index=100&type=chunk) - The report includes an "Emphasis of Matter" paragraph, noting significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern, primarily stemming from geopolitical tensions, sanctions, and market volatility[101](index=101&type=chunk) Interim Condensed Consolidated Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of **$7.52 billion**, up 32% year-on-year, but operating performance decreased from **$440 million** to **$252 million** due to increased cost of sales and expenses, resulting in a net loss of **$87 million** for the period compared to a profit of **$565 million** in the prior year Interim Condensed Consolidated Statement of Profit or Loss Summary (million USD) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 7,520 | 5,695 | | Gross Profit | 1,410 | 1,310 | | Operating Performance | 252 | 440 | | Profit Before Tax | 125 | 729 | | **Net (Loss)/Profit for the Period** | **(87)** | **565** | [Interim Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to **$24.053 billion** from **$22.201 billion** at year-end 2024, primarily due to higher equity in associates and joint ventures, with total liabilities rising from **$10.985 billion** to **$11.949 billion**, total equity increasing from **$11.216 billion** to **$12.104 billion**, and current liabilities exceeding current assets by **$582 million**, resulting in a net current liability Interim Condensed Consolidated Statement of Financial Position Summary (million USD) | Item | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **24,053** | **22,201** | | Non-current Assets | 15,818 | 13,840 | | Current Assets | 8,235 | 8,361 | | **Total Equity and Liabilities** | **24,053** | **22,201** | | Total Equity | 12,104 | 11,216 | | Total Liabilities | 11,949 | 10,985 | | **Net Current (Liabilities)/Assets** | **(582)** | **1,602** | [Interim Condensed Consolidated Statement of Cash Flows](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2025, net cash from operating activities significantly improved to **$888 million** from a **$403 million** net outflow in the prior year, while net cash used in investing activities expanded from **$232 million** to **$528 million**, and net cash used in financing activities substantially increased from **$104 million** to **$799 million** due to debt repayments, with cash and cash equivalents decreasing to **$1.123 billion** at period-end Interim Condensed Consolidated Statement of Cash Flows Summary (million USD) | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash from/(used in) Operating Activities | 888 | (403) | | Net Cash used in Investing Activities | (528) | (232) | | Net Cash used in Financing Activities | (799) | (104) | | **Net Decrease in Cash and Cash Equivalents** | **(439)** | **(739)** | [Summary of Notes to the Financial Statements](index=41&type=section&id=Summary%20of%20Notes%20to%20the%20Financial%20Statements) Notes to the financial statements provide detailed explanations of the company's financial position and operating performance, highlighting significant uncertainties regarding going concern due to geopolitical instability and sanctions, investments in Norilsk Nickel and Hebei Wen Feng New Materials, detailed loan and bond structures with frequent issuance and redemption activities, **$854 million** in capital commitments, and post-reporting period events including the acquisition of an Indian alumina refinery stake and new RMB loans - Note 1(f) Going Concern: Management indicates that ongoing geopolitical instability, sanctions, financing availability, and market volatility create significant uncertainty regarding the Group's ability to meet its financial obligations on time and continue as a going concern[132](index=132&type=chunk) - Note 10 Investments in Joint Ventures: The Group completed the acquisition of a 30% stake in Hebei Wen Feng New Materials Co Ltd, a Chinese alumina producer, in April 2024 for a final consideration of **$316 million**[160](index=160&type=chunk) - Note 18 Events After the Reporting Date: In July 2025, the Group completed the first stage of acquiring a 26% stake in Pioneer Aluminium Industries Limited in India for **$243.75 million** and secured new loans totaling **9.3 billion RMB**[202](index=202&type=chunk) Corporate Governance and Shareholder Information [Directors' and Major Shareholders' Interests](index=71&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) The report discloses changes in Board members, including the retirement of two non-executive directors and the appointment of four new directors, with EN+ Group holding 56.88% and SUAL Partners 25.72% as major shareholders, noting that Oleg Deripaska's effective shareholding is capped at 25.57% - On June 26, 2025, two non-executive directors retired, and two new non-executive directors and two new independent non-executive directors were appointed[207](index=207&type=chunk) Major Shareholder Holdings (As of June 30, 2025) | Shareholder Name | Capacity | Shareholding Percentage | | :--- | :--- | :--- | | Oleg Deripaska (via En+) | Indirectly held | 56.88% (nominal) | | SUAL Partners | Beneficial owner | 25.72% | - The report clarifies that Mr. Oleg Deripaska's effective shareholding in the company cannot exceed **25.57%** due to restrictions on his voting rights and equity in the controlling company En+[214](index=214&type=chunk) [Corporate Governance Practices](index=74&type=section&id=Corporate%20Governance%20Practices) The company adheres to international and Hong Kong corporate governance standards, largely complying with the HKEX Corporate Governance Code during the review period, though some directors missed extraordinary general meetings due to business conflicts, and the company has adopted and confirmed compliance with a stricter code for directors' securities transactions - The company has complied with most code provisions of the HKEX Corporate Governance Code during the review period[223](index=223&type=chunk) - The report discloses that some non-executive and independent non-executive directors were unable to attend the extraordinary general meetings held during the period due to business scheduling conflicts[225](index=225&type=chunk)

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