FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年10月17日 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 01378 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年10月14日 | | 9,524,973,7 ...

Core Viewpoint - Huaxin Securities predicts that China Hongqiao's revenue for 2025-2027 will be 159.48, 164.11, and 168.84 billion yuan respectively, with net profit attributable to shareholders at 25.33, 27.11, and 28.74 billion yuan, corresponding to PE ratios of 8.9, 8.3, and 7.8 times, respectively, highlighting confidence in the company's large-scale buyback amid strong aluminum prices, initiating coverage with a "Buy" rating [1] Financial Performance - In H1 2025, the company reported revenue of 81.04 billion yuan, a year-on-year increase of 10.1%, and a net profit of 12.36 billion yuan, up 35% year-on-year [1][2] - The gross margin improved to 25.7%, an increase of 1.50 percentage points year-on-year, while the net margin reached 16.7%, up 3.1 percentage points year-on-year [1] Sales and Pricing - The average selling price of alumina products in H1 2025 was approximately 3,243 yuan/ton, a year-on-year increase of about 10.3%, while aluminum alloy products and aluminum alloy processing products saw average selling prices rise by 2.7% and 2.9% respectively [2] - The external sales volume of alumina products was 6.368 million tons, up 15.6% year-on-year, while aluminum alloy products and aluminum alloy processing products saw sales volumes increase by 2.4% and 3.5% respectively [2] Business Segmentation - In H1 2025, the revenue breakdown by business segment was 64.0% from aluminum alloy products, 25.5% from alumina, 10.0% from aluminum alloy processing products, and 0.5% from steam [2] - The total gross profit was 20.81 billion yuan, a year-on-year increase of 16.9%, with gross profit contributions from aluminum alloy products, alumina, and aluminum alloy processing products at 62.9%, 28.6%, and 9.0% respectively [2] Share Buyback and Cash Flow - The company spent 2.6 billion HKD to repurchase 187 million shares in H1 2025, reflecting confidence from the board and management in the company's long-term strategy and growth [3] - Operating cash flow reached 22.31 billion yuan, while investment and financing activities resulted in net cash outflows of 9.41 billion yuan and 8.97 billion yuan respectively [3] - The debt structure remained stable, with a debt-to-asset ratio of 49.1%, an increase of 0.9 percentage points from December 31, 2024 [3]

Core Viewpoint - Huaxin Securities predicts that China Hongqiao's revenue and net profit will grow steadily from 2025 to 2027, with a strong buy rating based on robust aluminum prices and significant share buybacks [1] Financial Performance - In H1 2025, the company reported a revenue of 81.04 billion yuan, a year-on-year increase of 10.1%, and a net profit of 12.36 billion yuan, up 35% year-on-year [2] - The gross margin improved to 25.7%, an increase of 1.50 percentage points, while the net margin reached 16.7%, up 3.1 percentage points [2] Sales and Pricing - The average selling price for alumina products was approximately 3,243 yuan/ton, a year-on-year increase of about 10.3%, while aluminum alloy products and aluminum alloy processing products saw price increases of 2.7% and 2.9%, respectively [3] - Sales volume for alumina products rose to 6.368 million tons, a 15.6% increase year-on-year, while aluminum alloy products and aluminum alloy processing products saw sales increases of 2.4% and 3.5%, respectively [3] Business Segmentation - In H1 2025, revenue contributions from aluminum alloy products, alumina, aluminum alloy processing products, and steam were 64.0%, 25.5%, 10.0%, and 0.5%, respectively [3] - The total gross profit was 20.81 billion yuan, a year-on-year increase of 16.9%, with gross profit contributions from aluminum alloy products, alumina, and aluminum alloy processing products being 62.9%, 28.6%, and 9.0%, respectively [3] Share Buyback and Cash Flow - The company spent 2.6 billion HKD to repurchase 187 million shares in H1 2025, reflecting confidence from the board and management in the company's long-term strategy [4] - Operating cash flow reached 22.31 billion yuan, while investment and financing activities resulted in net outflows of 9.41 billion yuan and 8.97 billion yuan, respectively [4] - Financial expenses decreased by 17.7% to 1.28 billion yuan, with a debt-to-asset ratio of 49.1%, up 0.9 percentage points from December 31, 2024 [4]

Summary of Key Points Core Viewpoint - On October 14, 36 Hong Kong-listed companies conducted share buybacks, totaling 45.85 million shares and an aggregate amount of HKD 423 million [1]. Group 1: Buyback Details - Xiaomi Group-W repurchased 4 million shares for HKD 194.89 million, with a highest price of HKD 49.000 and a lowest price of HKD 48.440, bringing its total buyback amount for the year to HKD 753 million [1][2]. - Kuaishou-W repurchased 1.31 million shares for HKD 98.41 million, with a highest price of HKD 75.100 and a lowest price of HKD 74.550, totaling HKD 2.17 billion in buybacks for the year [1][2]. - Shou Cheng Holdings repurchased 16.05 million shares for HKD 36.36 million, with a highest price of HKD 2.350 and a lowest price of HKD 2.210, accumulating HKD 188.66 million in buybacks for the year [1][2]. Group 2: Notable Buybacks - The largest buyback amount on October 14 was from Xiaomi Group-W at HKD 194.89 million, followed by Kuaishou-W at HKD 98.41 million [1]. - In terms of share quantity, Shou Cheng Holdings had the highest buyback volume with 16.05 million shares, followed by Coolpad Group and Xiaomi Group-W with 4.80 million and 4 million shares, respectively [1][2]. - Tianhong International Group and Reshape Energy conducted their first buybacks of the year on this date [2]. Group 3: Cumulative Buyback Amounts - China Hongqiao has conducted multiple buybacks this year, totaling HKD 5.58 billion [2]. - Other companies with significant cumulative buyback amounts include Vitasoy International and others, reflecting a trend of companies returning capital to shareholders [1][2].

Summary of Key Points Core Viewpoint - A number of companies, including Xiaomi Group and Kuaishou, conducted share buybacks on October 14, 2025, with Xiaomi leading in terms of buyback amount and quantity [1]. Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 4 million shares for a total of 195 million, with a year-to-date total of 10.5954 million shares, representing 0.040% of its total share capital [2]. - Kuaishou-W (01024) repurchased 1.3146 million shares for 98.4067 million, with a year-to-date total of 3.4516 million shares, representing 0.081% of its total share capital [2]. - Shoucheng Holdings (00697) repurchased 16.05 million shares for 36.3578 million, with a year-to-date total of 90.146 million shares, representing 1.237% of its total share capital [2]. Group 2: Other Notable Buybacks - Vitasoy International (00345) repurchased 1.3980 million shares for 11.3964 million, with a year-to-date total of 4.25 million shares, representing 0.405% of its total share capital [2]. - IGG (00799) repurchased 150,000 shares for 6.145 million, with a year-to-date total of 17.809 million shares, representing 1.527% of its total share capital [3]. - China Hongqiao (01378) repurchased 300,000 shares for 7.594 million, with a year-to-date total of 154 million shares, representing 1.650% of its total share capital [2].

Core Viewpoint - China Hongqiao (01378.HK) announced a share buyback of 300,000 shares at a total cost of HKD 7.5941 million, with prices ranging from HKD 25.18 to HKD 25.46 per share [2] Group 1 - The company executed the buyback on October 14, 2025 [2] - The total expenditure for the buyback was HKD 7.5941 million [2] - The price range for the repurchased shares was between HKD 25.18 and HKD 25.46 [2]

Group 1 - The company China Hongqiao (01378) announced a share buyback plan [1] - The total amount allocated for the buyback is HKD 7.5941 million [1] - The company plans to repurchase 300,000 shares at a price range of HKD 25.18 to 25.46 per share [1]

Group 1 - The company China Hongqiao (01378.HK) announced a share buyback on October 14, 2025, spending HKD 7.5941 million to repurchase 300,000 shares [1] - The buyback price ranged from HKD 25.18 to HKD 25.46 per share [1]

智通财经APP讯，中国宏桥(01378)发布公告，于2025年10月14日该公司斥资759.41万港元回购30万股， 回购价格为每股25.18-25.46港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 第 2 頁 共 7 頁 v 1.3.0 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年10月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01378 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 ...