Core Insights - The company reported a revenue of $7.52 billion for the first half of the year, representing a year-on-year increase of 32% [1] - Adjusted EBITDA for the first half was $748 million [1] - The company experienced a net loss of $87 million, with an adjusted net loss of $194 million for the same period [1] Financial Performance - Revenue increased to $7.52 billion, up 32% compared to the previous year [1] - Adjusted EBITDA stood at $748 million for the first half [1] - The net loss was reported at $87 million, while the adjusted net loss was $194 million [1]

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)

Market Overview - The Hang Seng Index rose by 0.19%, gaining 47 points to close at 24,906 points, while the Hang Seng Tech Index increased by 0.11% [1] - Early trading volume in Hong Kong stocks reached HKD 121.3 billion [1] Lithium Sector - Ningde Times confirmed the suspension of its lithium mine in Jiangxi, leading to significant gains in lithium stocks, with Tianqi Lithium rising by 15% and Ganfeng Lithium increasing by 19% [1] Automotive Sector - XPeng Motors saw a 6.43% increase, with its new P7 model achieving over 10,000 pre-orders in under 7 minutes, indicating strong institutional confidence in the company's sales growth [1] Food and Beverage Sector - Ajisen China reported a 9.4% increase in stock price, expecting to turn a profit of up to RMB 40 million in the first half of the year [1] Paper Industry - Lee & Man Paper saw a stock price increase of over 5%, with a 0.7% year-on-year growth in net profit for the first half of the year, as institutions anticipate a new round of supply clearance driven by new national standards [1] Pharmaceutical Sector - North Sea Kangcheng-B experienced a surge of over 32%, with the first prescription for its product successfully launched, and the company is actively communicating with medical insurance payment departments [1] Alcohol Sector - Zhenjiu Lidou's stock rose by over 2%, although product sales pressure affected its first-half performance, with expectations for improvement in the second half due to new product contributions [1] Aluminum Sector - Rusal's stock increased by 8.45%, amid market attention on the upcoming meeting between the US and Russian presidents regarding sanctions on Rusal [1] Semiconductor Sector - The US Department of Commerce began issuing export licenses for NVIDIA's H20 chips to mainland China, leading to declines in semiconductor stocks, with Hua Hong Semiconductor dropping over 4% and SMIC falling by 3% at one point, ultimately closing down 0.16% [1] Real Estate Sector - Shimao Group's stock fell by over 15%, with July contract sales decreasing by approximately 27% year-on-year [2]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Rusal (00486), which rose over 13% and is currently trading at 4.7 HKD with a transaction volume of 17.273 million HKD [1] - U.S. President Trump announced a meeting with Russian President Putin on August 15 in Alaska, which may influence the future of U.S.-Russia trade relations, particularly regarding aluminum imports [1] - In February, President Putin indicated that Russia would be willing to resume aluminum exports to the U.S. if sanctions on Russian metal imports were lifted, with an estimated 2 million tons of aluminum potentially available for export [1] Group 2 - According to research from Open Source Securities, Russia is the third-largest primary aluminum producer globally, with Rusal contributing significantly to this output [1] - Rusal's primary aluminum production is projected to reach 3.847 million tons in 2023, with expectations to increase to 3.9 million tons in 2024 due to the ramp-up of Taishet's production capacity [1] - The global aluminum supply is expected to see Rusal contributing approximately 5% of the total production, while the U.S. remains the second-largest aluminum consumer, indicating potential for stable orders if exports resume [1]

俄铝(00486)盘中涨超6%，截至发稿，涨4.12%，报4.3港元，成交额1137.23万港元。 公开资料显示，俄铝是全球领先的铝业公司和全球最大的铝冶炼企业之一，铝冶炼产量仅次于中铝和宏 桥，排名全球第三，2024年铝产量接近400万吨，约占全球的5.5%。五矿资源此前指出，若取消对俄制 裁，由于价格优势、运输成本低等因素，俄铝或重回欧美铝供应链，全球铝供应有望小幅增加。 消息面上，8月7日，俄罗斯总统普京在回答记者提问时表示，俄美双方都有意举行两国元首会晤。早在 今年2月24日，俄罗斯总统普京表示，若美国取消对俄罗斯金属进口制裁，俄罗斯愿意恢复对美出口约 200万吨铝。 ...

Core Viewpoint - Russian Aluminum (RusAl) shares rose over 6% during trading, reflecting market optimism regarding potential easing of U.S. sanctions on Russian metal imports, particularly aluminum [1] Company Summary - RusAl is a leading global aluminum company and one of the largest aluminum smelting enterprises, ranking third in global aluminum smelting output, following China Aluminum (Chalco) and Hongqiao [1] - The company is projected to produce nearly 4 million tons of aluminum in 2024, accounting for approximately 5.5% of global aluminum production [1] Industry Summary - Russian President Vladimir Putin indicated a willingness to restore aluminum exports to the U.S. if sanctions are lifted, with a potential export volume of around 2 million tons [1] - According to Minmetals Resources, if sanctions are removed, RusAl could re-enter the European and American aluminum supply chains due to price advantages and lower transportation costs, leading to a slight increase in global aluminum supply [1]

Core Viewpoint - The company, Rusal (00486.HK), announced that it will hold a board meeting on August 14, 2025, to approve its interim financial results for the six months ending June 30, 2025 [1] Group 1 - The board meeting is scheduled for August 14, 2025 [1] - The meeting will focus on approving the interim financial performance for the first half of 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 UNITED COMPANY RUSAL, INTERNATIONAL PUBLIC JOINT-STOCK COMPANY （根據澤西法律註冊成立的有限公司並在俄羅斯聯邦存續的國際公司） （股份代號：486） 董事會會議日期 United Company RUSAL, international public joint-stock company俄鋁（「本公司」） 宣佈將於二零二五年八月十四日（星期四）召開董事會會議，以（其中包括）批准本公 司截至截至二零二五年六月三十日止六個月之中期財務業績公告。 為及代表 United Company RUSAL, international public joint-stock company 總經理、執行董事 Evgenii Nikitin 二零二五年八月四日 於本公告之日期，董事會成員如下：執行董事為Evgenii Nikitin先生、Natalia A ...

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7月31日 狀態: 新提交 公司名稱: United Company RUSAL, international public joint-stock company 呈交日期: 2025年8月1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) | 00486 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | RUB | | 0.656517 RUB | | 13,130,340,000 | | 增加 / 減少 (-) | | | | | | RUB | | | | 本月底結存 | | | 20,000,000,000 | RUB | | 0.6 ...