Group 1 - The company, China Hongqiao (01378.HK), announced that it will hold a board meeting on August 15, 2025, to consider and approve the publication of its unaudited interim results for the six months ending June 30, 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之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴該等內容 而引致之任何損失承擔任何責任。 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） （股份代號：1378） 董事會會議舉行日期 中國宏橋集團有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）董事會（「董事會」）謹此宣佈， 本公司將於二零二五年八月十五日（星期五）假座香港中環皇后大道中2號長江集團中心51樓5105室舉 行董事會會議，藉以（其中包括）考慮及批准刊發本集團截至二零二五年六月三十日止六個月的未經 審核中期業績。 承董事會命 中國宏橋集團有限公司 主席 張波 香港 二零二五年八月五日 於本公告日期，董事會包括十二名董事，即執行董事張波先生、鄭淑良女士、張瑞蓮女士及王雨婷 女士，非執行董事楊叢森先生、張敬雷先生、涂一鍇先生（張浩先生為其替任董事）及孫冬冬女士， 以及獨立非執行董事文献軍先生、韓本文先生、董新義先生及傅郁林女士。 ...

Core Viewpoint - The company has established a complete aluminum product industry chain and is one of the world's leading aluminum manufacturers, with a focus on vertical integration and sustainability [2][3]. Group 1: Industry Chain and Capacity - The company has built a complete closed-loop industry chain from bauxite mining to aluminum deep processing, including recycling and automotive components [2]. - The company currently has an electrolytic aluminum production capacity of 6.459 million tons, ranking second in China, and an alumina production capacity of 21 million tons [2][3]. - The company is implementing a "north aluminum south move" strategy to align with green trends, with plans to relocate electrolytic aluminum capacity from Shandong to Yunnan, expecting capacities of 3.451 million tons and 3.008 million tons respectively by 2027 [3]. Group 2: Cost and Supply Chain Management - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants, which helps in cost savings [3]. - The alumina required for production in Shandong is mainly self-produced, while the Yunnan region sources alumina externally [3]. - The company has established stable supply channels for bauxite from Guinea, Australia, and Indonesia, ensuring a steady supply of raw materials [3][4]. Group 3: Financial Performance and Dividends - The company is expected to achieve net profits of 22.64 billion, 24.21 billion, and 25.39 billion yuan from 2025 to 2027, with corresponding EPS of 2.44, 2.61, and 2.73 yuan [5]. - The company has a high dividend yield, projected at 6.7%, 10%, and 13.6% for 2022 to 2024, indicating a strong commitment to returning value to shareholders [5]. Group 4: Technological Advancements and Sustainability - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [7]. - The company completed a 20,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [7].

国联民生证券主要观点如下： 供给约束逻辑支撑铝价上行，氧化铝或将受益于"反内卷" 国内电解铝产能接近天花板，未来新增产能或有限;电网、新能源汽车等支撑需求端韧性，电解铝供需 缺口有望逐渐显现，驱动铝价中枢上移。氧化铝短期来看，供给过剩背景下，价格或围绕成本线波 动;Q3几内亚进入雨季，铝土矿发运量或将下降，支撑其价格趋稳，氧化铝价格亦有望维持震荡。2025 年7月29日，中国有色金属工业协会表示"将从严控制氧化铝新增产能"。中长期来看，"反内卷"政策持 续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。 铝产业链一体化龙头，2025H1净利润同比高增 国联民生证券发布研报称，预计中国宏桥(01378)2025-2027年归母净利润分别为227.59/261.69/289.69亿 元，分别同比增长1.73%/14.98%/10.70%，EPS分别为2.40/2.76/3.05元/股，维持"买入"评级。中长期来 看，"反内卷"政策持续加码，氧化铝新增产能投产节奏或有望放缓，从而改善产能过剩格局。公司发布 正面盈利预告，2025H1预计实现归母净利润约123.59亿元，同比增长35%左右。 根据公司发 ...

Group 1 - The company has a complete aluminum product supply chain and is one of the world's leading aluminum manufacturers [1] - The company aims to become a world-leading century-old manufacturing enterprise with a focus on high dividend returns, similar to Shenhua [1] - The company has a projected net profit of 22.64 billion, 24.21 billion, and 25.39 billion CNY for 2025-2027, with corresponding EPS of 2.44, 2.61, and 2.73 CNY [1] Group 2 - The company has maintained an electrolytic aluminum production capacity of 6.459 million tons since 2017, with a strategic shift of production from Shandong to Yunnan [2] - The company’s electrolytic aluminum production is primarily based on large anode prebaked electrolytic cells with a current intensity of over 400KA, which helps reduce casting costs [2] - The company has a self-sufficient power supply rate of approximately 50% due to its self-built thermal power plants [2] Group 3 - The company has an abundant alumina production capacity of 21 million tons, with significant contributions from both domestic and overseas projects [3] - The company’s Indonesian alumina project is the first large-scale alumina smelting plant built by a Chinese enterprise overseas [3] - The company established the "Winning Alliance" in 2015 to secure stable upstream bauxite supply, achieving a bauxite production of 44.188 million tons in 2023 [3] Group 4 - The company has advanced aluminum deep processing technology and is actively developing recycled aluminum and circular economy projects [4] - The company has an aluminum processing capacity of 1.5665 million tons, with significant breakthroughs in high-end aluminum materials [4] - The company completed a 200,000-ton waste aluminum recycling project in 2023, aiming to become a competitive player in the green aluminum packaging industry [4]

Core Viewpoint - The report from Guolian Minsheng Securities projects that China Hongqiao's net profit attributable to shareholders will grow steadily from 2025 to 2027, driven by supply constraints and favorable policies in the aluminum industry [1][2]. Group 1: Profit Forecast and Growth - The expected net profits for China Hongqiao from 2025 to 2027 are 227.59 billion, 261.69 billion, and 289.69 billion yuan, reflecting year-on-year growth rates of 1.73%, 14.98%, and 10.70% respectively [1]. - The company anticipates a significant increase in net profit for the first half of 2025, estimated at approximately 123.59 billion yuan, representing a year-on-year growth of around 35% [2]. Group 2: Supply and Demand Dynamics - The aluminum price is expected to rise due to supply constraints, with limited new capacity for electrolytic aluminum in the future, while demand from sectors like power grids and electric vehicles remains resilient [1]. - The domestic electrolytic aluminum capacity is nearing its limit, leading to a gradual emergence of supply-demand gaps that will drive up aluminum prices [1]. Group 3: Production Capacity and Integration - As of March 2025, the company has a total electrolytic aluminum capacity of 645.9 million tons, with recent increases in its equity capacity through acquisitions [3]. - The company has increased its equity capacity in Yunnan by 48.36 million tons, bringing its total capacity in the region to 193.44 million tons [3]. Group 4: Dividend and Valuation - The company is positioned to benefit from the upward cycle in aluminum prices, with projected dividends of 54.6 billion and 138.7 billion yuan for 2023 and 2024, respectively, and dividend payout ratios of 47.6% and 62.0% [4]. - The estimated dividend yield for 2025 is projected at 8.0%, with a price-to-earnings ratio of 8.5 times, indicating attractive valuation and yield potential [4].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][6]. Core Views - The company is recognized as one of the world's leading aluminum manufacturers, with a complete vertical integration of the aluminum product supply chain, enhancing its resilience and performance stability [5][14]. - The company aims to become a century-old leading manufacturing enterprise, similar to Shenhua, with a strong emphasis on high dividend returns for investors [6][17]. Summary by Sections 1. Company Overview - The company has established a complete aluminum product supply chain, integrating mining, alumina, primary aluminum, aluminum deep processing, and recycling [5][14]. - As of March 2025, the company has an electrolytic aluminum capacity of 6.459 million tons and alumina capacity of 21 million tons [14][37]. 2. Electrolytic Aluminum Business - The company currently holds an electrolytic aluminum capacity of 6.459 million tons, with production primarily located in Shandong and Yunnan [37][39]. - The company is implementing a "North Aluminum South Move" strategy to relocate production capacity from Shandong to Yunnan, with expected capacities of 3.451 million tons and 3.008 million tons by 2027, respectively [37][44]. 3. Alumina Business - The company has a robust alumina capacity of 21 million tons, with significant contributions from both domestic and overseas sources [5][19]. - The alumina project in Indonesia is notable as the first large-scale alumina refinery established by a Chinese company overseas [5][25]. 4. Aluminum Processing Business - The company has advanced aluminum processing technology and is actively developing recycled aluminum projects, aiming to become a competitive player in the green aluminum packaging industry [5][6]. - As of 2024, the company has an aluminum processing capacity of 1.5665 million tons, with significant growth in high-precision aluminum products [5][6]. 5. Financial Performance and Forecast - The company forecasts a net profit of 22.64 billion RMB in 2025, with an EPS of 2.44 RMB, reflecting a PE ratio of 7.9 times based on the market value as of July 30, 2025 [6][7]. - The company has shown a historical growth trend in revenue and net profit, with a record net profit of 22.372 billion RMB in 2024, a year-on-year increase of 95.21% [17][19].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (74.76%), Gree Power (70.14%), and China Shenhua (67.05%) [1] - The largest increases in holdings over the last five trading days were seen in the following companies: Yingfu Fund (+2.967 billion), Li Auto-W (+2.821 billion), and Hang Seng China Enterprises (+2.531 billion) [1] - The largest decreases in holdings over the last five trading days were recorded for Pop Mart (-807 million), China Mobile (-777 million), and Geely Automobile (-630 million) [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 10.377 billion shares with a holding ratio of 74.76% [1] - Gree Power (01330) has 284 million shares and a holding ratio of 70.14% [1] - China Shenhua (01088) possesses 2.265 billion shares with a holding ratio of 67.05% [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of +2.967 billion with a change of +11.772 million shares [1] - Li Auto-W (02015) increased by +2.821 billion with a change of +2.787 million shares [1] - Hang Seng China Enterprises (02828) rose by +2.531 billion with a change of +2.782 million shares [1] Group 3: Recent Decreases in Holdings - Pop Mart (09992) experienced a decrease of -807 million with a change of -321.66 thousand shares [2] - China Mobile (00941) saw a reduction of -777 million with a change of -908.28 thousand shares [2] - Geely Automobile (00175) decreased by -630 million with a change of -3,480.90 thousand shares [2]

格隆汇8月4日丨中国宏桥(01378.HK)发布公告，自2025年8月4日起，田明明因工作调动辞任非执行董 事，张浩停任田明明的替任董事。 此外，(i)涂一锴已获委任为非执行董事，自2025年8月4日起生效；及(ii)张浩已获委任为涂一锴的替任 董事，自2025年8月4日起生效。 ...

涂一锴先生已获委任为非执行董事;张浩先生已获委任为涂一锴先生的替任董事。 智通财经APP讯，中国宏桥(01378)发布公告，自2025年8月4日起：田明明先生因工作调动辞任非执行董 事，张浩先生停任田明明先生的替任董事。 ...