Core Viewpoint - Huatai Securities maintains a "buy" rating for China Hongqiao (01378) and raises the forecast for net profit attributable to shareholders for 2025-2027 by 34.3%, 17.68%, and 2.95% to CNY 21.659 billion, CNY 20.889 billion, and CNY 21.912 billion respectively, with corresponding EPS of CNY 2.29, CNY 2.20, and CNY 2.31 [1] Group 1: Financial Performance - The company reported a revenue of CNY 81.039 billion for the first half of 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of CNY 12.361 billion, up 35.02% year-on-year [2] - The gross profit margin for the first half of 2025 was 25.67%, an increase of 1.48 percentage points year-on-year, with specific margins for aluminum alloy products, alumina, and aluminum alloy processing products at 25.2%, 28.8%, and 23.3% respectively [3] Group 2: Cost and Profitability - The decline in electricity costs has contributed to profit growth, with coal prices significantly dropping this year, leading to lower electricity costs in the Shandong region where the company operates [4] - The company plans to repurchase shares worth no less than HKD 3 billion, reflecting management's confidence in future performance and long-term investment value [4] Group 3: Market Outlook - The company remains optimistic about the upward trend in aluminum prices for the second half of 2025, driven by low inventory levels and sustained demand from the photovoltaic and automotive sectors [5] - The forecast for aluminum prices is expected to fluctuate upwards, potentially exceeding CNY 21,000 per ton within the year, while the downside for alumina prices is limited due to cost support [5]

中国宏桥（01378.HK）涨超3%，最高价达24.56港元，刷新上市以来新高。 （文章来源：证券时报网） ...

Core Viewpoint - Bank of America Securities reaffirms "Buy" rating for China Hongqiao (01378) with a target price of HKD 26 [1] Company Summary - China Hongqiao's net profit for the first half of 2025 is projected to be RMB 12.36 billion, representing a 35% year-on-year increase, in line with expectations [1] - The profit composition for the first half of 2025 is estimated to be 63% from aluminum alloys, 29% from alumina, and 9% from aluminum products [1] - The company plans to maintain a dividend payout ratio of 65% for the fiscal year 2025, resulting in a dividend yield of 8% [1] - China Hongqiao intends to repurchase at least HKD 3 billion of its shares [1] Industry Summary - Bank of America Securities forecasts aluminum prices in China to be RMB 20,500 per ton for the fiscal years 2025-2026, with a long-term price of RMB 20,000 per ton [1] - Due to a cost advantage of approximately 5% compared to global peers, Chinese aluminum companies are expected to achieve profits of RMB 3,000 to RMB 4,000 per ton, significantly above historical averages of RMB 1,000 to RMB 2,000 per ton [1] - Given the low cyclicality, strong cash flow, and attractive dividend yield, Chinese aluminum companies are projected to attain a price-to-earnings ratio of at least 10 times, comparable to the global average [1] - The West Mound project is expected to commence production by the end of 2025, contributing positively to the company's outlook [1]

Core Viewpoint - Huatai Securities maintains a "buy" rating for China Hongqiao (01378) and raises the forecast for net profit attributable to shareholders for 2025-2027 by 34.3%, 17.68%, and 2.95% to CNY 21.659 billion, CNY 20.889 billion, and CNY 21.912 billion respectively, with corresponding EPS of CNY 2.29, CNY 2.20, and CNY 2.31 [1] Group 1: Financial Performance - The company reported a revenue of CNY 81.039 billion for the first half of 2025, an increase of 8.48% year-on-year, and a net profit attributable to shareholders of CNY 12.361 billion, up 35.02% year-on-year, aligning with previous profit forecasts [2] - The gross profit margin for the first half of 2025 was 25.67%, an increase of 1.48 percentage points year-on-year, driven by an average price of electrolytic aluminum at CNY 20,300 per ton, up 2.66% year-on-year [3] Group 2: Cost and Profitability - The decline in electricity costs, influenced by falling coal prices, is expected to enhance profitability, particularly in Shandong where the company has a high proportion of purchased electricity from coal [4] - The company plans to repurchase shares worth no less than HKD 3 billion, reflecting management's confidence in future performance and long-term investment value [4] Group 3: Market Outlook - The company remains optimistic about the upward trend in aluminum prices for the second half of 2025, supported by low inventory levels and strong demand from the photovoltaic and automotive sectors [5] - The outlook for alumina prices is stable, with limited downside potential due to ongoing mining inventory reduction cycles, despite a generally loose supply situation [5]

Core Viewpoint - Bank of America Securities reaffirms "Buy" rating for China Hongqiao (01378) with a target price of HKD 26 [1] Company Summary - China Hongqiao's net profit for the first half of 2025 is projected to be RMB 12.36 billion, representing a 35% year-on-year increase, which aligns with expectations [1] - The gross profit composition for China Hongqiao in the first half of 2025 is estimated to be 63% from aluminum alloys, 29% from alumina, and 9% from aluminum products [1] - The company plans to repurchase at least HKD 3 billion of its shares [1] Industry Summary - Bank of America Securities forecasts aluminum prices in China to be RMB 20,500 per ton for the fiscal years 2025-2026, with a long-term price of RMB 20,000 per ton [1] - Due to a cost advantage of approximately 5% compared to global peers, Chinese aluminum companies are expected to achieve profits of RMB 3,000-4,000 per ton, significantly above the historical average of RMB 1,000-2,000 per ton [1] - Given the low cyclicality, strong cash flow, and attractive dividend yield, Chinese aluminum companies are projected to attain a price-to-earnings ratio of at least 10 times, comparable to the global average [1]

Core Viewpoint - The company reported significant financial performance in the first half of 2025, exceeding market expectations with a revenue of 81.039 billion yuan and a net profit of 12.361 billion yuan, alongside a share buyback plan of no less than 3 billion Hong Kong dollars [1][2] Financial Performance - Revenue for H1 2025 reached 81.039 billion yuan, representing a year-on-year growth of 10.12% [1] - Net profit attributable to shareholders was 12.361 billion yuan, showing a year-on-year increase of 35.02% [1] - Operating cash flow improved significantly, amounting to 22.306 billion yuan, a year-on-year growth of 56.38% [2] Product Segment Performance - **Aluminum Alloy Products**: - Sales volume was 2.906 million tons, up 2.4% year-on-year - Average selling price was 17,853 yuan/ton (excluding tax), an increase of 2.7% year-on-year - Revenue generated was 51.878 billion yuan, a growth of 5.2% year-on-year - Gross margin improved to 25.2%, up 0.6 percentage points [1] - **Alumina Products**: - Sales volume reached 6.368 million tons, a rise of 15.6% year-on-year - Average selling price was 3,243 yuan/ton (excluding tax), increasing by 10.3% year-on-year - Revenue was 20.655 billion yuan, reflecting a year-on-year growth of 27.5% - Gross margin increased to 28.8%, up 3.4 percentage points [1] - **Aluminum Alloy Processing Products**: - Sales volume was 392,000 tons, up 3.5% year-on-year - Average selling price was 20,615 yuan/ton (excluding tax), a 2.9% increase year-on-year - Revenue amounted to 8.074 billion yuan, a growth of 6.5% year-on-year - Gross margin improved to 23.3%, up 2.3 percentage points [1] Cost Management - Selling expenses decreased to 354 million yuan, down 3.4% year-on-year - Administrative expenses were 2.322 billion yuan, a decline of 5.4% year-on-year - Financial expenses reduced to 1.284 billion yuan, down 17.7% year-on-year [2] Shareholder Returns - The company has repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which have been canceled (approximately 187 million shares) [2] - A new share buyback plan is announced, with a minimum amount of 3 billion Hong Kong dollars [2] - 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 respectively [2] Earnings Forecast - The company projects earnings per share (EPS) for 2025, 2026, and 2027 to be 2.32 yuan, 2.51 yuan, and 2.64 yuan respectively, with price-to-earnings (PE) ratios of 9, 9, and 8 times [2]

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 81.04 billion RMB, a year-on-year increase of 10.1% [1] - The net profit attributable to shareholders for the same period was 12.36 billion RMB, reflecting a year-on-year growth of 35.0% [1] - The growth in performance was primarily driven by increased sales prices and volumes of aluminum alloy and alumina products, along with a decrease in electricity costs due to falling thermal coal prices [1] Group 2: Product Sales and Margins - Aluminum alloy products (electrolytic aluminum) saw sales volume of 2.906 million tons, up 2.4% year-on-year, with an average selling price of 17,853 RMB/ton, a 2.7% increase [1] - Alumina products achieved a sales volume of 6.368 million tons, a 15.6% increase year-on-year, with an average selling price of 3,243 RMB/ton, up 10.3% [1] - Aluminum alloy processing products had a sales volume of 392,000 tons, increasing by 3.5% year-on-year, with an average selling price of 20,615 RMB/ton, a 2.9% rise [1] Group 3: Strategic Acquisitions and Share Buybacks - The company acquired the remaining 25% stake in Yunnan Hongtai, increasing its ownership to 100%, which is expected to enhance its electrolytic aluminum capacity by 484,000 tons [2] - A new share buyback plan was announced, with a minimum amount of 3 billion HKD, and the company has already repurchased 10.151 million shares for cancellation, accounting for 0.11% of total issued shares [2][3] - As of June 30, 2025, the company had repurchased 1.87 million shares for a total of 2.6 billion HKD, all of which were canceled [3] Group 4: Future Outlook and Profit Forecast - The company is expected to see significant profit growth due to increased equity capacity and a new supply-demand balance in the electrolytic aluminum market, with revised net profit forecasts of 24.5 billion RMB, 25.5 billion RMB, and 26.5 billion RMB for 2025, 2026, and 2027 respectively [3] - The company maintains a "buy" rating, supported by its integrated advantages in electrolytic aluminum production and high self-sufficiency in alumina and electricity [3]

Core Viewpoint - The company has demonstrated significant profit growth in the first half of 2025, driven by revenue increase, margin expansion, and strict cost control [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 81.039 billion yuan, a year-on-year increase of 10.1% [1] - Gross profit reached 20.805 billion yuan, with a substantial year-on-year growth of 16.9%, and gross margin improved by 1.5 percentage points to 25.7% [1] - Net profit attributable to shareholders was 12.361 billion yuan, reflecting a strong year-on-year growth of 35.0%, with net margin increasing by 3.1 percentage points to 16.7% [1] - Basic earnings per share surged by 36.0% to 1.31 yuan [1] Group 2: Operational Efficiency - The company benefits from a stable supply of bauxite, with 75.3% sourced from Guinea, ensuring raw material cost advantages [1] - The midstream electrolytic aluminum sales reached 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2%, attributed to optimized energy structure, low-carbon technology reducing energy consumption, and digital empowerment [1] - Downstream aluminum alloy processing sales were 392,000 tons, with revenue growth of 6.5% to 8.074 billion yuan, highlighting the successful delivery of high value-added products [1] - The entire supply chain collaboration significantly enhanced efficiency and cost control [1] Group 3: Market Outlook - The global electrolytic aluminum market showed a tight balance in supply and demand in the first half of 2025, with China's primary aluminum production accounting for approximately 59.7% of global output and consumption at about 62.6% [2] - The demand from sectors such as power grids, photovoltaics, and new energy vehicles contributed significantly to domestic demand growth [2] - It is expected that electrolytic aluminum prices will remain in the range of 20,600 to 21,300 yuan per ton, while alumina prices will stay between 3,200 and 3,300 yuan, indicating an overall upward price trend [2] Group 4: Shareholder Returns - The company emphasized shareholder returns by repurchasing 1.87 million shares for 2.61 billion HKD in the first half of the year, which directly enhanced earnings per share [2] - The company committed to maintaining the dividend payout ratio at the 2024 level for 2025 and announced a new repurchase plan of no less than 3 billion HKD, showcasing management's confidence in future development [2] Group 5: Investment Rating - The company is projected to achieve revenues of 156 billion yuan, 161.1 billion yuan, and 167.4 billion yuan for 2025-2027, with net profits attributable to shareholders of 24.5 billion yuan, 25 billion yuan, and 25.8 billion yuan respectively [2] - A target price of 29.0 HKD is set, reflecting a 24% upside potential from the current price, with a buy rating assigned [2]

8月21日，中国宏桥(01378)盘中上涨3.29%，截至10:23，报24.48元/股，成交3.02亿元。 中国宏桥集团有限公司是一家涵盖热电、采矿、氧化铝、液态铝合金、铝合金锭、铝合金铸轧产品、铝 母线、高精铝板带箔、新材料的全产业链产铝特大型企业。截至2023年，其总资产达到2003.2亿元，是 全球领先的铝产品制造商之一。 截至2025年中报，中国宏桥营业总收入810.39亿元、净利润123.61亿元。 8月20日，公司以每股23.38-23.46港元回购398.2万股,回购金额9329万港元。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Multiple companies, including Tencent Holdings and China Hongqiao, conducted share buybacks on August 20, 2025, with Tencent leading in both volume and monetary value [1]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 934,000 shares for a total of 551 million [2]. - China Hongqiao (01378) repurchased 3,318,000 shares for a total of 784.03 million [2]. - Other notable buybacks include: - Techtronic Industries (00669): 250,000 shares for 25.19 million [2]. - Hang Seng Bank (00011): 200,000 shares for 22.37 million [2]. - Guochuang Tongqiao-B (02190): 100,000 shares for 2.32 million [2]. Group 2: Year-to-Date Buyback Performance - Year-to-date buyback totals for selected companies include: - Tencent Holdings: 40,267,000 shares, representing 0.438% of total shares [2]. - China Hongqiao: 52,641,500 shares, representing 0.560% of total shares [2]. - Techtronic Industries: 750,000 shares, representing 0.041% of total shares [2]. - Other companies with significant year-to-date buybacks include: - Maple Leaf Education (01317): 4,903,200 shares, representing 1.650% of total shares [2]. - Yanzheng Technology (02488): 2,190,500 shares, representing 1.356% of total shares [2].