格隆汇8月19日丨中国宏桥(01378.HK)发布公告，2025年8月18日耗资2.34亿港元回购1015.1万股，回购 价格每股22.1-23.24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 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年8月19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 | | 已發行股份（不包括 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company has benefited significantly from the rise in aluminum prices, with a notable increase in revenue and net profit for the first half of 2025. Revenue reached 81.039 billion yuan, up 8.48% year-on-year, while net profit was 12.361 billion yuan, an increase of 35.02% year-on-year [5][6] - The company's electrolytic aluminum production capacity is expected to increase, which will further enhance profitability. The acquisition of the remaining 25% stake in Yunnan Hongtai will raise the company's ownership to 90.07%, adding 45.7 thousand tons of electrolytic aluminum capacity [7] - The company plans to repurchase shares worth no less than 3 billion Hong Kong dollars, reflecting confidence in its future development [7] Financial Summary and Valuation Indicators - For the years 2025 to 2027, the company is projected to achieve net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan, respectively, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% [5][9] - The earnings per share (EPS) for the same period are expected to be 2.56, 2.82, and 3.07 yuan per share, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.6, and 7.0 times [5][9] - The company's gross margin is projected to be 24.83% in 2025, with a net margin of 15.40% [9]

中国宏桥(01378)发布公告，于2025年8月18日，根据由公司股东于2025年5月7日举行的股东周年大会上 授出的股份购回授权，公司已分别按每股股份的最高及最低价格23.24港元及22.10港元购买公司1015.1 万股普通股。就股份购回支付的总购买价(不包括佣金及其他支出)约为2.34亿港元。 ...

Core Viewpoint - China Hongqiao (01378) announced a share buyback plan, purchasing 10.151 million ordinary shares at prices ranging from HKD 22.10 to HKD 23.24 per share, totaling approximately HKD 234 million excluding commissions and other expenses [1] Summary by Relevant Sections - **Share Buyback Details** - The company executed the buyback on August 18, 2025, under the authorization granted by shareholders during the annual general meeting held on May 7, 2025 [1] - The total purchase price for the shares was approximately HKD 234 million [1] - **Share Price Range** - The shares were bought back at a maximum price of HKD 23.24 and a minimum price of HKD 22.10 per share [1] - **Volume of Shares Purchased** - A total of 10.151 million ordinary shares were repurchased by the company [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的內容概不負責，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分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例註冊成立的有限公司） （股份代號：1378） 自願公告 根據購回授權於市場上購回股份 本公告乃中國宏橋集團有限公司（「本公司」）自願作出。本公司董事會（「董事會」）謹此宣佈，於二零 二五年八月十八日，根據由本公司股東於二零二五年五月七日舉行的股東週年大會上授出的股份購 回授權，本公司已分別按每股股份的最高及最低價格23.24港元及22.10港元購買本公司10,151,000股 普通股（「股份購回」）。 就股份購回支付的總購買價（不包括佣金及其他支出）約為234,435,314.80港元。所購回股份相當於本 公告日期本公司現有已發行股份總數約0.11%。本公司將於隨後註銷所購回股份，預期註銷所有購 回股份後，經減少本公司已發行股份總數將為9,606,841,433股，其中(i) 6,090,031,073股預 ...

中金发布研报称，维持中国宏桥(01378)2025-2026年盈利预测244.4/251.2亿元不变，当前股价对应 2025/2026年P/E分别为8.3/8.0x，考虑到市场风险偏好带来的估值提升以及公司高股息的特性，该行上调 目标价24%至29.29港元，对应2025-2026年P/E分别10.4/10.0x，涨幅空间25%，维持"跑赢行业"评级。 中金主要观点如下： 1H25业绩符合该行预期 公司公布1H25业绩：营业收入810.39亿元，同比+10.1%;毛利208.05亿元，同比+16.9%;公司股东应占净 利润123.61亿元，同比+35.0%，1H25财务表现符合该行预期。 产品量价齐升驱动公司业绩创历史同期新高 公司铝合金销量290.6万吨，同比+2.4%，铝合金销售价格同比+2.7%至约17853元/吨(不含增值税，下 同);氧化铝销量636.8万吨，同比+15.6%，氧化铝销售价格同比+10.3%至3243元/吨。从单吨利润看，铝 合金单吨毛利4505元，同比+5.3%，氧化铝单吨毛利934元，同比+24.8%。 继续实施大额回购计划彰显公司未来发展信心 据公告，公司自2025年1月15日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth and market conditions [6][7]. Core Insights - The company reported a revenue of 81.04 billion RMB for H1 2025, a year-on-year increase of 10.1%, and a net profit of 13.55 billion RMB, up 35.4% year-on-year, aligning with previous forecasts [2]. - The increase in revenue and profit is attributed to rising prices in electrolytic aluminum and alumina, alongside a robust production capacity [3]. - The company has demonstrated confidence in its future by repurchasing shares worth 2.61 billion HKD and planning to maintain a high dividend payout ratio [4]. Summary by Sections Financial Performance - In H1 2025, electrolytic aluminum revenue reached 51.88 billion RMB, a 5.2% increase year-on-year, with sales volume at 2.906 million tons, up 2.4%. The average selling price rose to 17,853 RMB/ton, a 2.7% increase [3]. - Alumina revenue was 20.66 billion RMB, a 27.5% increase, with sales volume at 6.368 million tons, up 15.6%. The average selling price increased by 10.3% to 3,243 RMB/ton [3]. - The aluminum processing segment generated 8.07 billion RMB in revenue, a 6.5% increase, with sales volume at 392,000 tons, up 3.5% [3]. Share Buyback and Dividends - The company spent 2.61 billion HKD on share repurchases in H1 2025 and plans to allocate no less than 3 billion HKD for buybacks, reflecting strong confidence in its growth prospects [4]. Future Outlook - The company has a well-integrated supply chain with a total electrolytic aluminum capacity of 6.459 million tons and alumina capacity of 21 million tons, ensuring strong raw material security [5]. - The decline in thermal coal prices is expected to enhance profit margins, with coal prices dropping to approximately 652 RMB/ton [5]. - The shift of electrolytic aluminum production capacity to Yunnan, supported by green energy, is anticipated to benefit long-term growth [5]. - The company is also diversifying by investing in iron ore projects in Guinea, which may provide additional returns [5]. Earnings Forecast - The company is projected to achieve net profits of 24.93 billion RMB, 25.89 billion RMB, and 27.24 billion RMB for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 8, 8, and 7 [6][7].

Core Viewpoint - China Hongqiao (01378) maintains its profit forecast for 2025-2026 at 24.44 billion and 25.12 billion yuan, respectively, with current stock prices corresponding to P/E ratios of 8.3 and 8.0 times for those years. The target price is raised by 24% to HKD 29.29, reflecting a potential upside of 25% [1] Group 1 - The company's 1H25 performance met expectations, with revenue of 81.039 billion yuan, a year-on-year increase of 10.1%, and net profit attributable to shareholders of 12.361 billion yuan, up 35.0% year-on-year [2] - Product volume and price increases drove the company's performance to a historical high for the same period, with aluminum alloy sales of 2.906 million tons (up 2.4% year-on-year) and alumina sales of 6.368 million tons (up 15.6% year-on-year) [3] Group 2 - The company has implemented a significant share buyback plan, repurchasing HKD 2.6 billion worth of shares, which reflects confidence in future prospects and long-term investment value [4] - The company is enhancing its integrated green industrial chain in the aluminum sector, with a new bauxite supply base in Guinea and an alumina production capacity increase of 8% year-on-year [5] Group 3 - Four key advantages highlight the investment value of China Hongqiao: significant profit and valuation elasticity, high resource self-sufficiency, a current dividend yield of 7.8%, and a dual approach to building a green aluminum industry chain [6]

Summary of China Hongqiao's 1H25 Earnings Call Company Overview - **Company**: China Hongqiao (1378.HK) - **Period**: 1H25 Key Financial Metrics - **Net Profit**: Rmb12.4 billion, up 35% YoY, down 6% HoH [1] - **Total NPAT**: Rmb13.6 billion, up 35% YoY [1] - **Total Revenue**: Up 10% YoY, down 2% HoH [1] - **Gross Profit Margin**: 26%, up 1ppt YoY, down 4ppt HoH [1] - **Operating Profit**: Rmb18.1 billion, up 21% YoY, down 16% HoH [1] - **Recurring Net Income**: Rmb14.7 billion, up 30% YoY [1] - **Interim Dividend**: No dividend declared, compared to HK$0.59/share in 1H24 [1] Aluminum Segment Performance - **Aluminum Revenue**: Up 5% YoY [2] - **Aluminum Sales Volume**: 3.3 million tons, up 3% YoY, down 3% HoH [2] - **Average Selling Price (ASP)**: Rmb18,178/ton, up 3% YoY, up 1% HoH [2] - **Unit Cost**: Rmb13,639/ton, up 2% YoY, up 1% HoH [2] - **Gross Profit per ton**: Rmb4,540/ton, up 6% YoY, up 1% HoH [2] - **Total Aluminum Gross Profit**: Rmb15.0 billion, up 9% YoY, down 2% HoH [2] Alumina Segment Performance - **Alumina Revenue**: Up 28% YoY [3] - **Alumina Sales Volume**: 6.4 million tons, up 16% YoY, up 18% HoH [3] - **Average Selling Price (ASP)**: Rmb3,244/ton, up 10% YoY, down 17% HoH [3] - **Unit Cost**: Rmb2,310/ton, up 5% YoY, up 4% HoH [3] - **Gross Profit per ton**: Rmb934/ton, up 25% YoY, down 45% HoH [3] - **Total Alumina Gross Profit**: Rmb5.9 billion, up 44% YoY, down 35% HoH [3] Cash Flow and Gearing - **Net Gearing**: 28%, down 3ppt YoY, up 6ppt HoH [4] - **Operating Cash Flow (OCF)**: Rmb22 billion, up 56% YoY, up 13% HoH [4] - **Free Cash Flow (FCF)**: Rmb12.4 billion, up 43% YoY, down 2% HoH [7] Shareholder Returns and Valuation - **Share Repurchase Plan**: Proposed total amount not less than HK$3 billion, reflecting confidence in long-term value [7] - **Current Trading Metrics**: 8.7x 2025E P/E, 1.7x 2025E P/B [7] - **Target Price**: HK$25.20, implying a 7.8% expected share price return and 7.4% expected dividend yield [5][14] Risks - **Major Risks**: 1. Cost and capex overruns [15] 2. Higher-than-expected capacity addition in the industry [15] 3. Significant slowdown in the Chinese economy [15] Conclusion - **Investment Recommendation**: Maintain as a Top Pick, with further insights expected post-results presentation on 18th Aug [1][7]