智通财经APP获悉，铝业股早盘普涨，截至发稿，中国宏桥(01378)涨3.92%，报6.37港元；中国铝业(02600)涨2.49%，报4.11港元；兴发铝业(00098)涨0.48%，报6.29港元。 消息面上，据报道，数月来，欧盟一直在讨论禁止从俄罗斯进口铝的制裁措施。消息人士称，欧盟因俄乌冲突爆发2周年而推出的最新制裁方案中并未包含针对铝的新制裁措施，但预计欧盟将很快提出另一项新的进口禁令方案。 浙商证券指出，电解铝价格在19000区间震荡，氧化铝价格出现回调。受氧化铝成本回调以及电解铝价格微增影响，利润周度环比回升7.39%。春节前后受放假/气候等影响，铝锭/铝棒存在累库，上周开始铝棒开始去库，下游开工率同比明显改善，供需面存在向上动力。 ...

Financial Performance - For the six months ended June 30, 2023, the company's revenue was approximately RMB 65,733,870,000, a decrease of about 4.4% year-on-year[5]. - Gross profit for the same period was approximately RMB 5,892,364,000, representing a decline of about 60.6% year-on-year[5]. - The net profit attributable to shareholders was approximately RMB 2,456,623,000, a decrease of about 68.7% year-on-year[5]. - Basic earnings per share were approximately RMB 0.259, down 69.5% compared to RMB 0.850 in the same period last year[5]. - Profit before tax for the six months ended June 30, 2023, was RMB 3,843,698 thousand, compared to RMB 11,230,595 thousand in the prior year, reflecting a decline of about 65.8%[46]. - Net profit for the period was RMB 2,972,024 thousand, down from RMB 8,685,276 thousand, a decrease of approximately 65.8%[46]. - Total comprehensive income for the period was RMB 3,298,802 thousand, compared to RMB 8,972,516 thousand in the previous year, representing a decline of about 63.3%[46]. - The overall gross profit margin for the group's products was approximately 9.0%, a decrease of about 12.8 percentage points from approximately 21.8% in the same period last year[16]. Cash and Liquidity - Cash and cash equivalents decreased to RMB 29,776,735,000, a decline of 39.5% year-on-year[6]. - Cash and cash equivalents as of June 30, 2023, were approximately RMB 29,776,735,000, an increase of about 8.7% from RMB 27,384,542,000 as of December 31, 2022[19]. - The company incurred a net cash outflow from investing activities of RMB 6,060,284 thousand for the six months ended June 30, 2023, compared to RMB 3,251,163 thousand in the same period of 2022, reflecting an increase in investment expenditures[51]. - The cash and cash equivalents at the end of the period were significantly impacted by the cash outflows from operating and investing activities, highlighting the need for careful cash management[51]. - The company’s total cash and cash equivalents at the beginning of the period were RMB 27,384,542, down from RMB 49,227,282, indicating a decrease of 44.5%[52]. Debt and Financing - The total liabilities of the group as of June 30, 2023, were approximately RMB 90,744,891,000, with a debt-to-asset ratio of about 47.9%[22]. - The debt/EBITDA ratio increased to 3.6 from 1.8, an increase of 1.8 times[6]. - The company raised bank loans amounting to RMB 16,549,775, a significant increase from RMB 8,611,274 in the previous year, representing a growth of 92.5%[52]. - The repayment of bank loans amounted to RMB 15,846,157, which is an increase of 88.5% compared to RMB 8,399,620 in the previous year[52]. - The company reported a total bank borrowings of RMB 36,353,135,000 as of June 30, 2023, compared to RMB 35,527,759,000 as of December 31, 2022, showing an increase of about 2.3%[94]. Revenue Breakdown - Revenue from aluminum alloy products was approximately RMB 45,979,267,000, accounting for about 69.9% of total revenue, a decrease of about 8.9% year-on-year[16]. - Revenue from alumina products was approximately RMB 13,531,809,000, accounting for about 20.6% of total revenue, an increase of about 26.4% year-on-year due to a 33.6% increase in sales volume[16]. - Revenue from liquid aluminum alloy decreased to RMB 40,359,290 thousand, down 10.3% from RMB 44,912,495 thousand year-on-year[60]. - The group reported an aluminum alloy product output of approximately 3.059 million tons, a year-on-year increase of about 4.4%[12]. Operational Efficiency - The group’s administrative expenses for the six months ended June 30, 2023, were approximately RMB 2,808,009,000, a decrease of about 8.2% compared to approximately RMB 3,060,161,000 in the same period last year[17]. - The company plans to enhance internal management, optimize resource allocation, and improve operational efficiency[27]. - The company is committed to maintaining a solid operational deployment and a capital optimization strategy amidst global economic uncertainties[27]. Sustainability and Development - The company aims to deepen its core value of green development and capture new opportunities in a complex international environment[7]. - The group aims to achieve carbon peak by 2025 and carbon neutrality by 2055, with ten key initiatives for carbon neutrality[9]. - The group is actively investing in wind and solar energy to gradually replace fossil fuels and optimize its energy structure[9]. - The company is focusing on sustainable development strategies to promote economic, social, and environmental progress[27]. Shareholder Information - As of June 30, 2023, the major shareholder, Shih Ping Trust Company, holds approximately 64.13% of the issued share capital[29]. - China Hongqiao Group Limited, as a beneficial owner, also holds 64.13% of the shares[29]. - The company plans to pay an interim dividend of HKD 0.12 per share and a special dividend of HKD 0.22 per share, totaling approximately HKD 3,221,683,000[67]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2023, and confirmed compliance with relevant accounting standards[36]. - The company has adhered to the Corporate Governance Code, with the exception of the CEO also serving as the Chairman of the Board, which is justified by the board's belief in the benefits of this arrangement[40]. - The company confirmed that all directors complied with the standards regarding securities transactions during the reporting period[39]. Market Dynamics - The company will continue to closely monitor market dynamics and flexibly adjust strategic layouts to seize opportunities and respond to challenges[27]. - The average price of aluminum on the London Metal Exchange (LME) was approximately $2,363 per ton, a year-on-year decrease of about 23.4%[11]. - The company’s revenue from the Indian market increased to RMB 926,023 thousand, a rise of 48.9% from RMB 621,468 thousand year-on-year[61]. - The company’s revenue from North America decreased to RMB 517,060 thousand, down 42.6% from RMB 901,689 thousand in the previous year[61].

Financial Performance - Revenue decreased by approximately 4.4% year-on-year to RMB 65,733,870,000[2] - Gross profit decreased by approximately 60.6% year-on-year to RMB 5,892,364,000[2] - Profit for the period decreased by approximately 65.8% year-on-year to RMB 2,972,024,000[2] - Net profit attributable to shareholders decreased by approximately 68.7% year-on-year to RMB 2,456,623,000[2] - Basic earnings per share decreased by approximately 69.5% year-on-year to RMB 0.259[2] - Total comprehensive income for the period was RMB 3,298,802,000, compared to RMB 8,972,516,000 in the previous year[4] - Total revenue for the six months ended June 30, 2023, was RMB 65,733,870,000, a decrease of 4.4% from RMB 68,738,652,000 in the same period of 2022[17] - Revenue from the Chinese market was RMB 62,456,431,000, down 3.1% from RMB 64,453,287,000 year-on-year[17] - Revenue from India increased significantly to RMB 926,023,000, up 48.9% from RMB 621,468,000 in the previous year[17] - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 2,456,623,000, down 68.7% from RMB 7,846,289,000 in the same period of 2022[21] Dividends - The board declared an interim dividend of HKD 0.12 per share, down from HKD 0.41 in the same period last year[2] - The company declared an interim dividend of HKD 0.12 per share and a special dividend of HKD 0.22 per share, totaling approximately HKD 3,221,683,000[20] Assets and Liabilities - Non-current assets amounted to RMB 101,653,129,000 as of June 30, 2023, compared to RMB 98,174,101,000 at the end of 2022[6] - Current liabilities totaled RMB 73,033,867,000 as of June 30, 2023, compared to RMB 71,373,124,000 at the end of 2022[7] - Total equity increased to RMB 98,613,458,000 as of June 30, 2023, from RMB 96,305,777,000 at the end of 2022[7] - As of June 30, 2023, the group's net asset value was approximately RMB 11,524,906,000, a decrease from RMB 12,069,053,000 as of December 31, 2022[24] - The group's inventory value, net of impairment provisions, was RMB 35,846,442,000 as of June 30, 2023, down from RMB 37,267,620,000 as of December 31, 2022[25] - Trade receivables amounted to RMB 5,074,829,000 as of June 30, 2023, an increase from RMB 4,610,695,000 as of December 31, 2022[26] - Trade payables were RMB 10,925,409,000 as of June 30, 2023, down from RMB 12,693,831,000 as of December 31, 2022[30] - The total debt as of June 30, 2023, was approximately RMB 90,744,891,000, with a debt-to-asset ratio of about 47.9%[51] Revenue Breakdown - Revenue from liquid aluminum alloy decreased to RMB 40,359,290 thousand, down from RMB 44,912,495 thousand, representing a decline of approximately 12.3% year-over-year[16] - Revenue from aluminum alloy ingots increased slightly to RMB 5,619,977 thousand, compared to RMB 5,548,575 thousand, showing a growth of about 1.3% year-over-year[16] - Revenue from aluminum alloy processed products decreased to RMB 5,644,526 thousand, down from RMB 7,087,062 thousand, reflecting a decline of approximately 20.3% year-over-year[16] - Revenue from alumina products increased significantly to RMB 13,531,809 thousand, up from RMB 10,706,214 thousand, indicating a growth of about 26.5% year-over-year[16] - Revenue from steam supply increased to RMB 578,268 thousand, compared to RMB 484,306 thousand, marking an increase of about 19.5% year-over-year[16] Operational Highlights - The company operates primarily in the manufacturing and sales of aluminum products, with its subsidiaries located in various countries including Indonesia and Singapore[1] - The production of aluminum alloy products reached approximately 3.06 million tons, an increase of about 4.4% compared to the previous year[40] - The sales volume of alumina products increased by approximately 33.6% to about 5.38 million tons, contributing to a revenue increase of about 26.4%[44] - The sales volume of aluminum alloy processing products decreased by approximately 9.3%, with revenue declining by about 20.4% due to lower sales prices[42] Financial Management - The company invested approximately RMB 200,749,000 in property, plant, and equipment during the six months ended June 30, 2023, a decrease of 67.6% from RMB 618,497,000 in the same period of 2022[23] - The company’s depreciation expense for the six months ended June 30, 2023, was RMB 3,483,019,000, an increase of 17.3% from RMB 2,968,332,000 in the same period of 2022[23] - Financial expenses were approximately RMB 1.47 billion, a decrease of about 10.7% year-on-year due to optimized debt structure and lower financing costs[47] - Cash and cash equivalents increased by approximately 8.7% to about RMB 29.78 billion as of June 30, 2023, compared to December 31, 2022[47] Corporate Governance - The Audit Committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2023, and confirmed compliance with relevant accounting standards[66] - The company has adhered to the Corporate Governance Code principles, with the exception of the CEO also serving as the Chairman of the Board, which is believed to benefit the group's stable development[70] - The company has not violated any other provisions of the Corporate Governance Code during the six months ending June 30, 2023[71] Sustainability Initiatives - The company aims to achieve carbon peak by 2025 and carbon neutrality by 2055, with ten key initiatives for carbon neutrality[36] - The company is actively expanding its investment in wind and solar energy to replace fossil fuels and optimize its energy structure[37] - The Yunnan Honghe New Materials Company is set to begin construction on a low-carbon aluminum project with an annual capacity of 1.93 million tons[36] - The company received the first green electricity aluminum product evaluation certificate at the 2023 China Aluminum Processing Industry Annual Conference[37] - The company continues to enhance its competitive edge in the lightweight industry and aims for high-quality development through strategic transformation[37] Shareholder Information - Major shareholders include Shih Ping Trust Company with 64.13% and China Hongqiao Group with 64.13% of shares[59] - The total number of shares held by Zhang Hongxia and Zhang Yanhong, as concert parties, is 6,085,383,573, representing 64.22%[59] - CITIC Capital holds 803,190,170 shares, accounting for 8.48% of the total issued share capital[59] - As of June 30, 2023, the total issued share capital was 6,076,513,573 shares, with Zhang Bo holding 8,870,000 shares, representing approximately 0.09%[63]

Financial Performance - Revenue for the year 2022 reached RMB 131,699,427, an increase of 15% compared to RMB 114,490,941 in 2021[3] - Gross profit for 2022 was RMB 18,239,300, resulting in a gross margin of 13.8%, down from 26.6% in 2021[3] - Net profit attributable to shareholders for 2022 was RMB 8,701,953, a decrease of 45.8% from RMB 16,073,342 in 2021[3] - The group's revenue for 2022 was approximately RMB 131.70 billion, an increase of about 15.0% year-on-year[9] - Gross profit for the year was approximately RMB 18.24 billion, a decrease of about 40.1% year-on-year[9] - Net profit attributable to shareholders was approximately RMB 8.70 billion, a decrease of about 45.9% year-on-year[9] - Basic earnings per share were approximately RMB 0.9358, compared to RMB 1.7720 in the same period last year[9] - The net profit attributable to shareholders for the year was approximately RMB 8,701,953,000, a decrease of about 45.9% from RMB 16,073,342,000 in the previous year[21] - The net profit for 2022 was RMB 9,808,975, a decrease of 41.8% from RMB 16,848,799 in 2021[48] - The company reported a significant increase in administrative expenses, which rose to RMB 5,933,759 in 2022 from RMB 5,708,346 in 2021[48] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 185,741,791, a slight decrease from RMB 188,420,922 in 2021[4] - The company's total liabilities decreased to RMB 89,436,014 in 2022 from RMB 95,982,093 in 2021, indicating improved financial stability[4] - The total liabilities of the group as of December 31, 2022, were approximately RMB 89,436,014,000, down from RMB 95,982,093,000 as of December 31, 2021, resulting in a debt-to-asset ratio of approximately 48.2%[23] - As of December 31, 2022, the group's cash and cash equivalents were approximately RMB 27,384,542,000, a decrease of about 44.4% compared to RMB 49,227,282,000 as of December 31, 2021[20] - The company's total non-current liabilities decreased to RMB 18,062,890 thousand from RMB 32,915,461 thousand in 2021, representing a reduction of approximately 45%[156] Operational Efficiency - The company reported an increase in accounts receivable turnover days to 16 days in 2022, compared to 28 days in 2021, indicating improved collection efficiency[4] - The inventory turnover days for 2022 were 96 days, slightly up from 92 days in 2021, suggesting stable inventory management[4] - The sales and distribution expenses increased by approximately 13.7% to RMB 597.68 million, mainly due to higher transportation costs from increased sales volumes[18] - Financial expenses decreased by approximately 16.7% to RMB 3.02 billion, attributed to the repayment of certain notes and a decrease in interest rates[19] Market Strategy and Growth - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3] - The group aims to strengthen its international presence and explore new opportunities in aluminum applications and consumption[11] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[34] - New product launches are expected to contribute an additional 200 million in revenue, with a focus on innovative technology solutions[35] Corporate Governance - The board expressed confidence in the aluminum industry and the company's future development, emphasizing a focus on technological support and industry collaboration[11] - The company emphasizes the importance of experienced board members to guide strategic decisions and enhance corporate governance[37][38][39] - The company has established an audit committee to oversee financial reporting and internal controls[92] - The board consists of four executive directors, four non-executive directors, and four independent non-executive directors[98] Shareholder Information - The company reported a final dividend of HKD 0.10 per share for the year ended December 31, 2022, subject to shareholder approval at the annual general meeting on May 16, 2023[45] - The total dividend for the year 2022 amounts to HKD 0.51 per share, which includes an interim dividend of HKD 0.41 per share[45] - The company has adopted a dividend policy that allows for the declaration and distribution of dividends to shareholders, contingent upon board discretion and shareholder approval[44] Environmental and Social Responsibility - The group has established a dedicated environmental protection department to oversee compliance with environmental regulations and reduce emissions from power generation and aluminum production[26] - The group aims to enhance its energy structure and product structure while promoting green aluminum and recycled aluminum production as industry benchmarks[31] - The company donated a total of RMB 208,932,800 for public welfare projects, primarily supporting pandemic relief and education initiatives during the year ended December 31, 2022[66] Risk Management - The group emphasizes the importance of risk management systems to identify and control operational risks, including economic conditions and material prices[25] - The company has established a comprehensive risk management and internal control system, which is reviewed annually for effectiveness[131] Audit and Compliance - The audit committee reviewed the financial performance for the year ended December 31, 2022, and confirmed compliance with accounting standards[92] - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position and performance accurately as of December 31, 2022[140] Accounting Policies - The company has adopted the revised International Financial Reporting Standards (IFRS) effective from January 1, 2022, with no significant impact on financial performance or disclosures[164] - The company recognizes revenue based on the transfer of control of goods or services to customers, following a five-step process[181] - The group applies International Accounting Standard 36 to determine if right-of-use assets have been impaired[185]

Financial Performance - Revenue increased by approximately 15.0% year-on-year, reaching approximately RMB 131.70 billion[2] - Gross profit decreased by approximately 40.1% year-on-year, amounting to approximately RMB 18.24 billion[2] - Annual profit decreased by approximately 41.8% year-on-year, totaling approximately RMB 9.81 billion[2] - Net profit attributable to shareholders decreased by approximately 45.9% year-on-year, reaching approximately RMB 8.70 billion[2] - Basic earnings per share decreased by approximately 47.2% year-on-year, recorded at approximately RMB 0.9358[2] - Total comprehensive income for the year (after tax) was RMB 10.48 billion, down from RMB 16.64 billion in the previous year[4] - The overall gross profit margin for the group was approximately 13.8%, down about 12.8 percentage points from the previous year[51] - The company reported a significant decrease in net profit attributable to shareholders of approximately 45.9%, amounting to RMB 8,701,953,000 for the year ended December 31, 2022, compared to RMB 16,073,342,000 in the previous year[57] Assets and Liabilities - The asset-liability ratio decreased by approximately 2.7 percentage points year-on-year, to approximately 48.2%[2] - Non-current assets increased to approximately RMB 98.17 billion from RMB 84.89 billion year-on-year[6] - Cash and cash equivalents decreased to approximately RMB 27.38 billion from RMB 49.23 billion year-on-year[7] - Current liabilities decreased from RMB 71,373,124 thousand in 2021 to RMB 63,066,632 thousand in 2022, a reduction of approximately 11.5%[8] - Non-current liabilities decreased from RMB 32,915,461 thousand in 2021 to RMB 18,062,890 thousand in 2022, a decline of approximately 45.0%[8] - The company's net asset value increased from RMB 92,438,829 thousand in 2021 to RMB 96,305,777 thousand in 2022, an increase of approximately 4.7%[8] - The company's equity attributable to owners increased from RMB 81,307,795 thousand in 2021 to RMB 84,498,853 thousand in 2022, reflecting a growth of about 4.5%[8] - The company's total liabilities decreased from RMB 63,066,632 thousand in 2021 to RMB 71,373,124 thousand in 2022, a decrease of approximately 11.5%[8] Revenue Breakdown - Revenue from aluminum product sales for 2022 reached RMB 131,699,427 thousand, an increase of 15% compared to RMB 114,490,941 thousand in 2021[19] - Revenue from liquid aluminum alloy sales was RMB 85,833,912 thousand in 2022, up from RMB 79,471,503 thousand in 2021, representing a growth of 8.5%[19] - The company reported a significant increase in revenue from alumina sales, which rose to RMB 21,404,782 thousand in 2022 from RMB 16,966,928 thousand in 2021, marking a growth of 26.5%[19] - The total revenue from the Chinese market was RMB 123,249,928 thousand in 2022, compared to RMB 109,884,370 thousand in 2021, reflecting an increase of 12.1%[20] - The company’s revenue from steam supply increased to RMB 765,353 thousand in 2022 from RMB 687,141 thousand in 2021, showing a growth of 11.3%[19] - The company’s revenue from aluminum alloy ingots surged to RMB 10,393,059 thousand in 2022, a substantial increase from RMB 4,841,490 thousand in 2021, indicating a growth of 115.5%[19] Expenses and Costs - For the year ended December 31, 2022, the group's sales and distribution expenses were approximately RMB 597,679,000, an increase of about 13.7% compared to RMB 525,709,000 in the same period last year, primarily due to increased sales volume of aluminum alloy and alumina products[52] - Administrative expenses for the year ended December 31, 2022, were approximately RMB 5,933,759,000, up about 3.9% from RMB 5,708,346,000 in the previous year, mainly due to increased foreign exchange losses included in administrative expenses[53] - Financial expenses decreased by approximately 16.7% to RMB 3,019,544,000 for the year ended December 31, 2022, compared to RMB 3,625,974,000 in the previous year, due to the repayment of certain medium-term notes and a decrease in debt interest rates[54] - Employee costs totaled approximately RMB 5,127,969,000 for the year, an increase of about 29.0% from RMB 3,974,429,000 in the previous year, attributed to salary increases and a rise in employee numbers[60] Cash Flow and Investments - The net cash inflow from operating activities for the year ended December 31, 2022, was approximately RMB 7,621,836,000, while the net cash outflow from investing activities was approximately RMB 16,772,532,000[55] - As of December 31, 2022, the group's cash and cash equivalents were approximately RMB 27,384,542,000, a decrease of about 44.4% from RMB 49,227,282,000 a year earlier, primarily due to debt repayment and dividend payments[55] Dividends - The company declared an interim dividend of HKD 0.41 per share for 2022, compared to HKD 0.45 per share in 2021[28] - The company plans to propose a final dividend of HKD 0.10 per share, subject to shareholder approval at the upcoming annual general meeting[28] - The proposed final dividend for the year ended December 31, 2022, is HKD 0.10 per share, which, combined with the interim dividend of HKD 0.41 per share, results in a total dividend of HKD 0.51 per share for the year[79] Corporate Governance - The board of directors consists of four executive directors, four non-executive directors, and four independent non-executive directors as of the announcement date[67] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[81] - The company confirmed that all directors complied with the standards of the corporate governance code regarding securities transactions during the year ended December 31, 2022[94] - The company adhered to the principles of the corporate governance code, with the exception of the separation of roles between the Chairman and the CEO, which is held by Mr. Zhang Bo due to his extensive management experience[95] Market Outlook and Strategy - In 2023, the global economy is expected to progress slowly amid geopolitical conflicts, energy crises, and high inflation, impacting the aluminum industry[62] - The company aims to enhance its internal capabilities and optimize its energy, industrial, and product structures while promoting orderly project construction[63] - The company plans to focus on renewable energy developments, including solar and wind power, and increase collaboration with leading enterprises in the industry[63] - The company plans to leverage its strong technical support and industry synergy to capture new opportunities in aluminum applications and consumption in the coming year[44] Debt and Financing - The group issued a total of RMB 8 billion in corporate bonds, short-term financing bills, and medium-term notes during the year, optimizing its debt structure and reducing capital costs[44] - On February 16 and March 10, 2023, the company completed the issuance of short-term financing bonds in the domestic market, each with a scale of RMB 1,000,000,000 and a maturity of 1 year, with interest rates of 4.60% and 4.50% respectively[64] - The company issued a total of $300,000,000 in 7.125% senior unsecured notes due in 2022, which were fully redeemed at maturity along with accrued interest[83] - A total of $200,000,000 in 7.375% senior unsecured notes due in 2023 was issued, with net proceeds of approximately $197,300,000 after expenses[83] - The company issued $500,000,000 in 6.25% senior unsecured notes due in 2024, with net proceeds of approximately $493,900,000 after expenses[83] Shareholder Information - As of December 31, 2022, the total number of shares held by major shareholders includes 6,076,513,573 shares (64.13%) held by Shih Ping Trust Company and 6,085,383,573 shares (64.22%) held by Ms. Zhang Hongxia and Ms. Zhang Yanhong as part of a concerted action[75] - The company has not made any arrangements for directors to acquire shares or debt securities of the company or any other corporation during the year ended December 31, 2022[78] - The company maintains sufficient public float as approved by the stock exchange and complies with listing rules[65]

Revenue and Profitability - Revenue for the first half of 2022 reached RMB 68,738,652, an increase of 31.0% compared to RMB 52,480,549 in the same period of 2021[7] - The group's revenue for the six months ended June 30, 2022, was approximately RMB 68,738,652,000, representing a year-on-year increase of about 31.0%[14] - For the six months ended June 30, 2022, the company's total revenue was approximately RMB 68,738,652,000, an increase of about 30.9% compared to RMB 52,480,549,000 for the same period last year[16] - The revenue from aluminum alloy products was approximately RMB 50,461,070,000, accounting for about 73.4% of total revenue, representing a year-on-year increase of approximately 31.6%[16] - The company's net profit attributable to shareholders was RMB 7,846,289,000, a decrease of about 3.6% compared to RMB 8,142,519,000 in the same period last year[22] - The company's profit for the six months ended June 30, 2022, was RMB 7,846,289,000, a decrease from RMB 8,142,519,000 in the same period of 2021, representing a decline of approximately 3.6%[66] Gross Profit and Margins - Gross profit decreased to RMB 14,955,187, down 5.0% from RMB 15,735,770, resulting in a gross margin of 21.8%, down 8.2 percentage points year-on-year[7] - The gross profit for the same period was approximately RMB 14,955,187,000, reflecting a year-on-year decrease of about 5.0%[14] - The gross profit margin for the company's products was approximately 21.8%, a decrease of about 8.2 percentage points from approximately 30.0% in the same period last year[17] Cash and Liquidity - Cash and cash equivalents stood at RMB 49,222,961, a slight decrease of 1.1% from RMB 49,764,694[8] - As of June 30, 2022, the company's cash and cash equivalents were approximately RMB 49,222,961,000, remaining stable compared to RMB 49,227,282,000 at the end of the previous year[20] - As of June 30, 2022, the group held cash and cash equivalents of approximately RMB 49.22 billion, ensuring operational stability and flexibility[23] Expenses and Cost Management - The company's distribution and selling expenses were approximately RMB 301,894,000, an increase of about 15.9% compared to RMB 260,384,000 in the previous year[18] - Administrative expenses increased by approximately 19.9% to RMB 3,060,161,000, primarily due to increased R&D efforts and foreign exchange losses[18] - Financial expenses decreased by approximately 12.6% to RMB 1,651,885,000, mainly due to the repayment of part of the medium-term notes during the period[19] Production and Market Trends - The company maintained a stable growth in aluminum product production despite challenges in global supply and demand due to geopolitical tensions and the pandemic[9] - The demand for aluminum in traditional construction and real estate sectors showed a slight decline, while sectors like transportation and packaging continued to grow[9] - The production of aluminum alloy products was approximately 2.931 million tons, showing slight growth compared to the same period last year[13] Debt and Financial Ratios - Total capital (total equity + total debt) increased by 2.2% to RMB 159,049,849 from RMB 155,598,428[8] - The debt to EBITDA ratio improved to 1.8 from 2.0, indicating better leverage management[8] - The total liabilities of the group were approximately RMB 95.50 billion, with a debt-to-asset ratio of about 49.5%, indicating further optimization[23] Investments and Acquisitions - The group has made significant progress in the construction and production of the Yunnan Green Aluminum Innovation Industrial Park, leveraging abundant local resources[10] - The group purchased land use rights in China amounting to approximately RMB 772,429,000 during the six months ended June 30, 2022, compared to RMB 192,732,000 for the same period in 2021, indicating a significant increase of 301.5%[71] - The company acquired an additional 35% equity interest in Chongqing Weiqiao Financial Factoring Co., increasing its ownership to 100%, for a cash consideration of RMB 236,500,000[133] Shareholder Information - The interim dividend declared was HKD 0.41 per share, with the record date set for November 18, 2022[22] - The company has a total issued share capital of approximately 9,339,000,000 shares as of June 30, 2022, with major shareholders holding significant stakes, including 65.10% by Shih Ping Hsiang Private Trust Company[29] - China Hongqiao Group Limited has a beneficial ownership of 6,076,513,573 shares, representing 65.10% of the total issued share capital[29] Foreign Exchange and Other Income - The group reported a foreign exchange loss of approximately RMB 753.50 million for the six months ended June 30, 2022, compared to a foreign exchange gain of RMB 39.05 million for the same period in 2021[25] - The company reported a foreign exchange gain of RMB 209,952 thousand, compared to a loss of RMB 38,580 thousand in the previous year, showing a significant improvement[42] Research and Development - Research and development expenses increased to RMB 953,942,000 for the six months ended June 30, 2022, compared to RMB 800,752,000 in the same period of 2021, reflecting a growth of about 18.9%[64] Corporate Governance - The company has adhered to the Corporate Governance Code, with no significant deviations reported other than the dual role of the CEO and Chairman[39]

Financial Performance - In 2021, China Hongqiao Group Limited reported revenue of RMB 114,490,941,000, an increase of approximately 32.9% year-on-year[16]. - Gross profit for the same period was RMB 30,453,096,000, reflecting a year-on-year increase of about 57.3%[16]. - Net profit attributable to shareholders was RMB 16,073,342,000, representing a year-on-year growth of approximately 53.1%[16]. - The basic earnings per share for 2021 was RMB 1.7720, compared to RMB 1.2210 in 2020[16]. - The gross profit margin improved to 26.6% in 2021 from 22.5% in 2020[6]. - The group's revenue for the year ended December 31, 2021, was approximately RMB 114.49 billion, representing a year-on-year increase of about 32.9% due to higher sales prices of aluminum alloy products and increased sales of alumina products[26]. - The group's net profit attributable to shareholders for the year was approximately RMB 16.07 billion, a significant year-on-year increase of about 53.1% driven by rising demand and sales prices for aluminum products[26]. - The overall gross profit margin for the group was approximately 26.6%, an increase of about 4.1 percentage points from approximately 22.5% in the same period last year[30]. - The net profit attributable to shareholders was approximately RMB 16,073,342,000, a significant increase of about 53.1% from approximately RMB 10,495,936,000 in the previous year[37]. - Total revenue for 2021 reached RMB 114,490,941 thousand, a significant increase of 32.8% compared to RMB 86,144,641 thousand in 2020[80]. - Net profit for 2021 was RMB 16,848,799 thousand, up 61.1% from RMB 10,444,751 thousand in 2020[80]. Assets and Liabilities - Total assets as of December 31, 2021, were RMB 188,420,922,000, while total liabilities were RMB 95,982,093,000[7]. - The total liabilities of the group were approximately RMB 95,982,093,000, a decrease from approximately RMB 104,729,330,000 in the previous year, resulting in an improved debt-to-asset ratio of about 50.9%[39]. - Total assets as of December 31, 2021, amounted to RMB 188,420,922 thousand, an increase from RMB 181,531,000 thousand in 2020[81]. Dividends - The company plans to distribute a final dividend of HKD 0.60 per share for 2021, compared to HKD 0.50 per share in 2020[16]. - The company reported a final dividend of HKD 0.60 per share for the year ended December 31, 2021, which is an increase of approximately 61.5% compared to the total dividend of HKD 0.65 per share for the previous year[76]. - The total dividend for the year 2021, including the interim dividend of HKD 0.45 per share, amounts to HKD 1.05 per share[76]. - The company has adopted a dividend policy that allows for the declaration and distribution of dividends to shareholders, subject to board discretion and shareholder approval[74]. Market and Demand - The company highlighted the ongoing demand for aluminum products driven by sectors such as new energy vehicles and infrastructure[16]. - The group anticipates that the demand for aluminum in industries such as infrastructure and high-end manufacturing will continue to rise, driven by China's economic growth[19]. - The average selling price of aluminum alloy products increased by approximately 33.5% year-on-year, reaching about RMB 16,689 per ton (excluding VAT)[26]. - Global primary aluminum production in 2021 was approximately 67.6 million tons, a year-on-year increase of about 3.5%[21]. Financial Management - The group reduced its debt ratio from approximately 57.7% to about 50.9% during the year, enhancing its financial structure[19]. - Financial expenses decreased by approximately 19.5% to about RMB 3,625,974,000 from approximately RMB 4,506,236,000 in the previous year, due to repayment of mid-term notes and bonds[33]. - Cash and cash equivalents increased by approximately 8.3% to about RMB 49,227,282,000 from RMB 45,465,361,000 in the previous year, mainly due to net cash inflow from operating activities[34]. - The group aims to continue expanding financing channels and optimizing its debt structure while controlling production costs to enhance profitability[40]. Employee and Management - As of December 31, 2021, the group had a total of 42,650 employees, an increase of 205 from the previous year, with total employee costs amounting to RMB 3,974,429,000, representing an 18.0% increase year-on-year[42]. - The group emphasizes employee development through training programs and performance-based rewards[50]. - The company’s management team includes experienced professionals with backgrounds in finance, law, and accounting[71]. Corporate Governance - The company confirmed that all independent non-executive directors meet the independence criteria as per the listing rules[122]. - The board consists of four executive directors, four non-executive directors, and four independent non-executive directors, ensuring a balanced governance structure[159]. - The company is committed to enhancing corporate governance to create value for shareholders and ensure responsible business practices[156]. - The company has established a formal and transparent remuneration policy for directors and senior management, with details provided in the financial statements as of December 31, 2021[177]. Strategic Initiatives - China Hongqiao Group Limited aims to accelerate the transformation of new and old growth drivers in 2022, focusing on high-quality development[16]. - The group aims to expand its business in lightweight materials and recycled aluminum, collaborating with various domestic and international partners[19]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[60]. - Research and development investments have increased by 30%, focusing on sustainable technologies and efficiency improvements[59]. Risk Management - The group has implemented a risk management system to identify, assess, and control potential risks affecting its operations[46]. - The board is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[196]. - The company’s major risks and uncertainties are detailed in the management discussion and analysis section of the annual report[154].

| --- | --- | --- | --- | |----------------------------------------------------|-------|-------|-------| | | | | | | China Hongqiao Group Limited | | | | | 中國宏橋集團有限公司 | | | | | (板據開曼群島法例成立的有限公司}股份代號：1378 | | | 2021 | 目錄 公司資料 2 財務摘要 4 主席報告 5 管理層討論與分析 8 補充資料 17 中期簡明綜合財務資料之審閱報告 25 中期簡明綜合損益及其他全面收益表（未經審核） 26 中期簡明綜合財務狀況表（未經審核） 27 中期簡明綜合權益變動表（未經審核） 29 中期簡明綜合現金流量表（未經審核） 31 中期簡明綜合財務資料附註（未經審核） 33 1 中國宏橋集團有限公司 公司資料 非執行董事 張波先生 楊叢森先生 張月霞女士 獨立非執行董事 香港 文献軍先生 邢建先生 韓本文先生 董新義先生 中國總辦事處 財務總監 中國 山東省 張瑞蓮女士 公司秘書 張月霞女士 審核委員會 執行董事 ...

China Hongqiao Group Limited 中國宏橋集團有限公司 (根據開曼群島法例成立的有限公司) 服份代號：1378 年 度 報 告 2020 VOTE 目錄 財務摘要2 公司資料3 股東參考數據5 主席報告6 管理層討論與分析8 董事及高級管理層 18 董事會報告 24 企業管治報告 51 獨立核數師報告 65 綜合損益及其他全面收益表 72 綜合財務狀況表 73 綜合權益變動表 75 綜合現金流量表 77 綜合財務報表附註 80 財務摘要 （按國際財務報告準則編製） 重要財務數據比較 業績 | --- | --- | --- | --- | --- | --- | |--------------------------|------------|-------------------------------|----------------------------------------------------------|------------|------------| | | 二零一六年 | 二零一七年註 1 \n（經重列） | 截至十二月三十一日止年度 \n二零一八年 \n（人 ...