Core Viewpoint - DBS Bank maintains a "Buy" rating for China Hongqiao (01378) after a strong performance in the first half of 2025, raising the 12-month target price from HKD 22 to HKD 29, supported by an optimistic aluminum price outlook [1] Financial Performance - In the first half of 2025, China Hongqiao's revenue increased to RMB 81 billion, a year-on-year growth of 10.1%, driven by higher average selling prices (ASP) of alumina and aluminum products, as well as increased sales volume [1] - The company's gross margin improved by 1.5 percentage points to 25.7%, while net attributable profit rose by 35% to RMB 12.36 billion, with a net profit margin increase of 3 percentage points to 17% [1][2] Financial Health - China Hongqiao's financial condition is improving, with interest coverage ratio significantly rising to 17.6 times due to optimized debt structure and improved interest rates [2] - Although no interim dividend was declared for the first half of 2025, management expects the annual dividend payout ratio to remain stable at 63% for the fiscal year 2024, leading to an implied dividend yield of 7% based on the projected earnings per share of HKD 2.60 for fiscal year 2025 [2] Market Outlook - DBS Bank anticipates strong aluminum prices to continue through 2026-2027, highlighting China Hongqiao's competitive advantages [2] - Management projects the average selling price for electrolytic aluminum in 2025 to be between RMB 20,600 and RMB 21,300 per ton, and for alumina between RMB 3,200 and RMB 3,300 per ton, indicating a robust price outlook [2] - Global aluminum demand is expected to grow by 3.1% in 2025, outpacing supply growth of 1.8% [2] Competitive Position - Under China's "anti-involution" guidelines, supply control is expected to strengthen, benefiting leading companies like China Hongqiao from rising average prices and market consolidation [3] - China Hongqiao aims to complete the transfer of approximately 2.2 million tons of capacity to Yunnan by the end of fiscal year 2025, representing 34% of total capacity, enhancing its production cost advantages through an integrated supply chain and increased use of green power [3]

Core Viewpoint - Jefferies maintains a "Buy" rating on China Hongqiao (01378) and raises the target price to HKD 26.9, citing strong performance and confidence in future earnings growth [1][2]. Financial Performance - China Hongqiao reported a net profit of RMB 12.4 billion for the first half of 2025, representing a year-on-year increase of 35% [2]. - The average selling price (ASP) of aluminum increased by 2.7% to RMB 17,853 per ton, while the ASP of alumina rose by 10.3% to RMB 3,243 per ton, significantly outpacing overall market trends [2]. - Unit gross profit for aluminum and alumina increased by RMB 225 and RMB 185 per ton, respectively, due to higher average selling prices [1]. Cost Management - The company effectively controlled its cost of goods sold (COGS), with aluminum costs rising slightly by 2% to RMB 13,300 per ton, influenced by higher carbon anode prices [2]. - Alumina costs increased by 5% to RMB 2,300 per ton, primarily due to rising caustic soda prices, while bauxite benefited from vertical integration [2]. Shareholder Returns - China Hongqiao announced a stock buyback plan of at least HKD 3 billion, in addition to the HKD 2.6 billion already repurchased, reflecting management's confidence in the company's performance [3]. - The company shifted its dividend payment from semi-annual to annual, maintaining a commitment to pay at least 60% of last year's dividends, which is expected to stabilize dividend expectations [3]. - If the HKD 3 billion buyback is completed in the second half of 2025, the total buyback for the year will reach at least HKD 5.6 billion, allowing for an additional 20% dividend payment on top of the 60% base [3].

Core Viewpoint - HSBC Holdings reports that China Hongqiao's strong performance in the first half of 2025 is driven by rising demand and increases in both alumina and aluminum prices and sales [1] Group 1: Financial Performance - China Hongqiao achieved a net profit of 12.4 billion RMB in the first half of 2025, representing a year-on-year increase of 35%, in line with previous earnings forecasts [1] - The strong profit performance is attributed to a 10% year-on-year increase in alumina prices and a 3% increase in aluminum prices [1] - Sales volumes for aluminum alloys, processed products, and alumina increased by approximately 2%, 3%, and 16% respectively, benefiting from strong downstream demand and an increase in market share [1] Group 2: Future Outlook - HSBC expects aluminum prices to remain robust in the second half of 2025, projected to be between 20,600 and 21,300 RMB per ton, while alumina prices are expected to be between 3,200 and 3,300 RMB per ton [2] - The company plans capital expenditures of 12 to 13 billion RMB for 2025, consistent with 2024 levels [2] - Additional capacity is expected to be relocated to Yunnan in the second half of 2025, with Yunnan's capacity projected to reach 2.2 million tons by year-end [2] Group 3: Dividend and Share Buyback - Although the company has not announced an interim dividend, guidance indicates that the annual payout ratio will remain at 63%, equivalent to an attractive dividend yield of approximately 8.5% [1] - The board has announced a new share buyback plan with a total repurchase amount of no less than 3 billion HKD [1] Group 4: Market Conditions - Despite a potential decline in profit growth year-on-year in the second half of 2025 due to a high comparative base from record alumina prices in Q4 2024, multiple favorable factors remain [2] - The 45 million ton production capacity cap is a key measure to maintain supply discipline [2] - Investments in the power grid, electric vehicle sales, and export recovery are expected to continue supporting demand [2]

杰富瑞还指出，进一步强调对股东回报的重视。与中期业绩一同公布的还有另一项至少30亿港元的股票 回购计划，这表明管理层对公司业绩充满信心。在2025年上半年，公司已回购并随后注销了超过1.87亿 股(约占已发行股份的2%)，总价值约为26亿港元。另一方面，中国宏桥将其股息支付方式从半年一次调 整为每年一次，即今年不再发放中期股息。然而，对股东回报的重视程度并未改变，最终股息支付将至 少与去年的60%以上持平。据管理层称，每年支付一次股息而非两次的原因是为了稳定预期的股息水 平，并避免上半年和下半年之间股息的差异(例如，2024全年为63%，1H24为56%，2H24为67%)。这对 长期投资者来说不应产生太大影响，因为股息保持稳定。更重要的是，如果在2025年下半年完成30亿港 元的回购，2025年的总回购额将至少达到56亿港元，这意味着在60%以上的基础上至少还能再支付20% 的股息。 杰富瑞认为，中国宏桥稳健的运营业绩。中国宏桥公布2025年上半年净利润为124亿元，同比增长 35%。铝的ASP同比增长2.7%至17853元/吨，与市场走势一致，而氧化铝的ASP增长了10.3%至3243元/ 吨，这一增长幅 ...

Core Viewpoint - HSBC Holdings reports that China Hongqiao's strong performance in the first half of 2025 is driven by rising demand and increases in both alumina and aluminum prices and sales [1] Group 1: Financial Performance - China Hongqiao achieved a net profit of 12.4 billion RMB in the first half of 2025, representing a year-on-year increase of 35%, aligning with previous earnings forecasts [1] - The strong profit performance is attributed to a 10% year-on-year increase in alumina prices and a 3% increase in aluminum prices [1] - Sales volumes for aluminum alloys, processed products, and alumina increased by approximately 2%, 3%, and 16% respectively, benefiting from strong downstream demand and an increase in market share [1] Group 2: Future Outlook - HSBC expects aluminum prices to remain robust in the second half of 2025, projected to be between 20,600 and 21,300 RMB per ton, while alumina prices are anticipated to be between 3,200 and 3,300 RMB per ton [2] - The company plans capital expenditures of 12 to 13 billion RMB for 2025, consistent with 2024 levels, with additional capacity expected to be relocated to Yunnan, reaching 2.2 million tons by year-end [2] - Despite a forecasted decline in profit growth for the second half of 2025 due to a high comparative base from record alumina prices in Q4 2024, multiple favorable factors remain, including a 45 million ton production cap to maintain supply discipline and continued demand support from electric vehicle sales and export recovery [2]

Core Viewpoint - China Hongqiao (01378) reported significant earnings for the first half of 2025, with revenue of 81.039 billion yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02%, exceeding market expectations [1] Group 1: Financial Performance - The company's operating cash flow reached 22.306 billion yuan, a year-on-year increase of 56.38% [3] - The sales volume of aluminum alloy products was 2.906 million tons, a year-on-year increase of 2.4%, with a sales price of 17,853 yuan/ton (excluding tax), up 2.7%, generating revenue of 51.878 billion yuan, a 5.2% increase [2] - The sales volume of alumina products was 6.368 million tons, a year-on-year increase of 15.6%, with a sales price of 3,243 yuan/ton (excluding tax), up 10.3%, generating revenue of 20.655 billion yuan, a 27.5% increase [2] - The sales volume of aluminum alloy processing products was 392,000 tons, a year-on-year increase of 3.5%, with a sales price of 20,615 yuan/ton (excluding tax), up 2.9%, generating revenue of 8.074 billion yuan, a 6.5% increase [2] Group 2: Cost Management - Selling expenses decreased by 3.4% to 354 million yuan; administrative expenses decreased by 5.4% to 2.322 billion yuan; financial expenses decreased by 17.7% to 1.284 billion yuan, indicating improved cost management [3] Group 3: Shareholder Returns - The company has repurchased and canceled shares worth approximately 2.61 billion Hong Kong dollars (about 1.87 million shares) and announced a new buyback plan of no less than 3 billion Hong Kong dollars [3] - The company commits to maintaining the same dividend payout ratio in 2025 as in 2024, which has been 48%, 49%, 47%, and 63% from 2021 to 2024, emphasizing shareholder returns [3]

Core Viewpoint - China Hongqiao (01378) reported significant performance exceeding market expectations for the first half of 2025, with revenue of 81.039 billion yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 12.361 billion yuan, a year-on-year increase of 35.02%. The company also announced a share buyback of no less than 3 billion Hong Kong dollars [1]. Group 1: Financial Performance - The company's operating cash flow reached 22.306 billion yuan, a year-on-year increase of 56.38% [3]. - The sales volume of aluminum alloy products was 2.906 million tons, a year-on-year increase of 2.4%, with a sales price of 17,853 yuan/ton (excluding tax), a year-on-year increase of 2.7%, generating revenue of 51.878 billion yuan, a year-on-year increase of 5.2%, and a gross margin of 25.2%, up 0.6 percentage points [2]. - The sales volume of alumina products was 6.368 million tons, a year-on-year increase of 15.6%, with a sales price of 3,243 yuan/ton (excluding tax), a year-on-year increase of 10.3%, generating revenue of 20.655 billion yuan, a year-on-year increase of 27.5%, and a gross margin of 28.8%, up 3.4 percentage points [2]. - The sales volume of aluminum alloy processing products was 392,000 tons, a year-on-year increase of 3.5%, with a sales price of 20,615 yuan/ton (excluding tax), a year-on-year increase of 2.9%, generating revenue of 8.074 billion yuan, a year-on-year increase of 6.5%, and a gross margin of 23.3%, up 2.3 percentage points [2]. Group 2: Cost Management and Shareholder Returns - Selling expenses decreased by 3.4% to 354 million yuan, administrative expenses decreased by 5.4% to 2.322 billion yuan, and financial expenses decreased by 17.7% to 1.284 billion yuan, indicating improved cost management [3]. - As of the end of the first half of 2025, the company had repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which were canceled (approximately 18.7 million shares) [4]. - The company announced a new buyback plan of no less than 3 billion Hong Kong dollars and committed to maintaining the same dividend payout ratio in 2025 as in 2024, reflecting a strong emphasis on shareholder returns [4].

证券时报·数据宝统计显示，8月21日有15家香港上市公司进行了股份回购，合计回购385.30万股，回购 金额6.45亿港元。 腾讯控股回购数量92.80万股，回购金额5.51亿港元，回购最高价为597.000港元，最低价为590.000港 元，年内累计回购金额422.45亿港元；中国宏桥回购数量146.95万股，回购金额3516.03万港元，回购最 高价为23.940港元，最低价为23.860港元，年内累计回购金额30.53亿港元；创科实业回购数量25.00万 股，回购金额2508.50万港元，回购最高价为101.600港元，最低价为99.500港元，年内累计回购金额1.71 亿港元。 以金额进行统计，8月21日回购金额最多的是腾讯控股，回购金额为5.51亿港元；其次是中国宏桥，回 购金额为3516.03万港元；回购金额居前的还有创科实业、恒生银行等。回购数量上看，8月21日回购股 数最多的是中国宏桥，当日回购量为146.95万股；其次是腾讯控股、北森控股等，回购数量分别为92.80 万股、45.00万股。 值得关注的是，本次回购5.51亿港元的腾讯控股，年内则进行多次回购，合计回购金额为422.45亿港 元 ...

每经AI快讯，Wind数据显示，8月21日，共15只港股获公司回购，4只个股回购金额超千万港元。其 中，腾讯控股、中国宏桥、创科实业回购金额最大，分别获公司回购5.51亿港元、3516.03万港元、 2508.49万港元。截至8月21日，今年已有218只港股获公司回购，43只个股年内累计回购金额超亿港 元。其中，腾讯控股、汇丰控股、友邦保险年内累计回购金额最大，分别获公司回购422.45亿港元、 230.57亿港元、176.93亿港元。 ...

Core Viewpoint - Multiple companies, including Tencent Holdings and China Hongqiao, conducted share buybacks on August 21, 2025, with Tencent leading in both volume and monetary value [1][2]. Group 1: Company Buyback Details - Tencent Holdings (00700) repurchased 928,000 shares for a total of 551 million, with a year-to-date total of 41.195 million shares, representing 0.448% of its total share capital [2]. - China Hongqiao (01378) bought back 1,469,500 shares for 35.1603 million, accumulating 54.111 million shares year-to-date, which is 0.580% of its total share capital [2]. - Techtronic Industries (00669) repurchased 250,000 shares for 25.0849 million, with a total of 1 million shares repurchased this year, accounting for 0.055% of its total share capital [2]. - Hang Seng Bank (00011) bought back 200,000 shares for 22.4935 million, totaling 3 million shares year-to-date, which is 0.159% of its total share capital [2]. - Beisen Holdings (09669) repurchased 450,000 shares for 3.5653 million, with a total of 7.345 million shares repurchased this year, representing 1.046% of its total share capital [2]. - Yuan Zheng Technology (02488) repurchased 174,000 shares for 1.9676 million, totaling 236,450 shares year-to-date, which is 1.464% of its total share capital [2]. - Corning Hospital (02120) bought back 120,900 shares for 1.2775 million, with a total of 463,100 shares repurchased this year, accounting for 0.640% of its total share capital [2]. - Guichuang Tongqiao-B (02190) repurchased 50,000 shares for 1.1835 million, totaling 160,250 shares year-to-date, which is 0.490% of its total share capital [2]. - Yaoshi Bang (09885) bought back 100,000 shares for 1.0231 million, with a total of 202,820 shares repurchased this year, representing 0.297% of its total share capital [2]. - Fuzhikang Group (02038) repurchased 70,000 shares for 1.0131 million, totaling 367,180 shares year-to-date, which is 0.466% of its total share capital [2]. - Miniso (09896) bought back 16,000 shares for 607,000, with a total of 368,080 shares repurchased this year, accounting for 0.297% of its total share capital [2]. - Tsugami Machine Tool China (01651) repurchased 10,000 shares for 269,100, with a total of 10,000 shares repurchased this year, representing 0.003% of its total share capital [2]. - Sunrise Enterprises (00393) bought back 8,000 shares for 10,600, with a total of 544,000 shares repurchased this year, accounting for 0.036% of its total share capital [2]. - Tenfu (06868) repurchased 3,000 shares for 91,600, with a total of 359,000 shares repurchased this year, representing 0.033% of its total share capital [2]. - Qiancheng Chuangye (01945) bought back 3,600 shares for 46,960, with a total of 71,880 shares repurchased this year, accounting for 0.240% of its total share capital [2].