股票代码：601600 股票简称：中国铝业 公告编号：临 2025-029 中国铝业股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/）。 一、说明会类型 1、召开时间：2025 年 5 月 29 日（星期四）下午 15:00-16:00 2、召开地点：上海证券交易所上证路演中心 会议召开时间：2025 年 5 月 29 日（星期四）下午 15:00-16:00。 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动方式。 投资者可于 2025 年 5 月 22 日(星期四)至 5 月 28 日(星期三)16:00 前通过登录 上证路演中心网站首页点击"提问预征集"栏目、发送邮件至公司邮箱 （ir@chinalco.com.cn）、传真至 010-82298158 等方式就所关注问题进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 3、召开方式：上 ...

Summary of Conference Call Records Industry or Company Involved - The records primarily discuss the **chemical industry**, **steel industry**, **non-ferrous metals industry**, and **transportation sector** including **shipping and aviation**. Core Points and Arguments Chemical Industry - The chemical industry is currently at a historical low valuation, presenting a good investment opportunity. The CSI Chemical Leaders Index has outperformed the CSI 300 Index by 13.4% and the CSI Basic Chemical Engineering Index by 17% since September 2024 [3][4] - Chemical product prices have significantly rebounded, with MDI prices rising from 14,000 RMB to over 17,000 RMB per ton, indicating a recovery to pre-conflict levels [3][5] - Capital expenditures in the chemical industry have decreased for two consecutive years, signaling a clear turning point in the product cycle. Major companies like Wanhua and Satellite are expected to see significant net value growth from late 2025 to early 2026 [4][5] - Cost pressures in the chemical industry have decreased, with coal prices dropping to around 600 RMB per ton, and oil prices falling from the 70-90 USD range to 55-65 USD, improving the fundamentals for leading companies [5] Steel Industry - The steel sector has experienced a surge in exports due to tariff disturbances, with a 8.2% increase in steel exports in the first four months of the year. However, the growth rate may decline as overseas inventories accumulate [6] - The actual impact of tariffs on the steel sector is limited, with the current tax rate remaining at 70%. Investment opportunities should focus on basic materials, high-dividend stocks, and companies with good overseas layouts [6][7] Non-Ferrous Metals Industry - The easing of tariffs has improved macro risk appetite, providing a temporary investment opportunity for the non-ferrous metals industry, particularly benefiting the aluminum sector [8] - The Chinese aluminum export to the U.S. has significantly decreased due to tariffs, with exports dropping by about 20% in the first quarter of the year. The recovery of indirect exports is crucial for boosting overall industry demand [9] Transportation Sector - The shipping industry is expected to see an increase in freight rates due to tariff easing, with the average freight rate for the West America route rising from 2,400 USD to 3,100 USD, a 31% increase [11][12] - The aviation sector is experiencing a positive shift in fundamentals, with a decrease in supply-side pressures and a recovery in demand. The cost of aviation fuel has decreased by 13% year-on-year, leading to significant improvements in profitability for airlines [14][15] Other Important but Possibly Overlooked Content - The Guinean government has reclaimed some bauxite mining rights, leading to an increase in alumina prices. Companies with low-cost integrated operations, such as China Aluminum and Nanshan International, are recommended for investment [10] - The shipping companies' valuations are expected to decrease to around 8 times PE, with dividend yields for major companies like COSCO Shipping expected to rise as profitability improves [13] - The aviation industry is seeing a gradual recovery in ticket prices, which are expected to stabilize compared to last year, despite the high costs associated with importing aircraft and parts from the U.S. [14][15]

Core Viewpoint - The meeting between the Vice President of China Council for the Promotion of International Trade and the executives of China Aluminum Corporation focused on enhancing international cooperation in the supply chain and industry, as well as engaging in multilateral economic governance and foreign commercial legal services [1] Group 1 - The Vice President of China Council for the Promotion of International Trade, Li Xingqian, conducted a research visit to China Aluminum Corporation [1] - The discussion included topics such as deepening international cooperation in the supply chain and industry [1] - The meeting also addressed participation in multilateral economic governance and foreign commercial legal services [1]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

Group 1: Export Control Measures - The National Export Control Work Coordination Mechanism Office has initiated a special action to combat the smuggling and illegal export of strategic minerals, which is crucial for national security and development interests [1] - Since the implementation of export controls on strategic minerals such as gallium, germanium, antimony, tungsten, and rare earths, there has been an increase in smuggling attempts by foreign entities and domestic illegal personnel [1] - The Ministry of Commerce and the General Administration of Customs announced export control measures on seven types of medium and heavy rare earths, which are seen as a counteraction to the tariffs imposed by the Trump administration [1][2] Group 2: Market Impact and Trends - The domestic supply of rare earths is increasingly reliant on quota allocation, with a reduction in mining and smelting quotas potentially tightening supply expectations and benefiting price increases in the industry [2] - Rare earths are critical strategic resources with applications in various sectors, including industrial manufacturing and defense, and the global supply is predominantly sourced from China [2] - Analysts predict that the restriction on exports will lead to a shortage in overseas markets, resulting in a potential increase in rare earth prices in the short term [2] Group 3: Company Performance - In Q1, listed companies in the rare earth industry reported significant revenue growth, with China Rare Earth achieving a revenue of 728 million yuan, a year-on-year increase of 141.32%, and a net profit of 72.62 million yuan, reversing a loss from the previous year [3] - Northern Rare Earth also showed impressive performance with a revenue of 9.287 billion yuan, a 61.19% increase year-on-year, and a net profit of 431 million yuan, marking a staggering 727.30% increase [3] Group 4: Industry Dynamics - MP Materials, a US-based rare earth company, has halted its export of rare earth concentrates to China due to trade conflicts, highlighting the challenges in establishing a complete domestic supply chain [4] - The supply chain for rare earths is expected to tighten, with a projected halt in US rare earth concentrate exports to China by 2025, while demand for humanoid robots is anticipated to surge [4] - Current rare earth prices are at a cyclical low, with expectations for price increases as supply dynamics shift [4] Group 5: Related Stocks - Kinglong Permanent Magnet (06680) is projected to produce 21,600 tons of neodymium-iron-boron magnets in 2024, a 42.40% increase, benefiting from new projects [5] - China Rare Earth (00769) reported a revenue of 757 million HKD for the year ending December 31, 2024, a 10.29% increase, despite a loss reduction of 47.68% [5] - China Aluminum (02600) is a leading player in the aluminum industry and holds a 23.94% stake in China Rare Earth [6]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant increases in revenue and net profit, driven by higher production and sales of aluminum products [1][2]. Financial Performance - Q1 2025 revenue reached 55.784 billion yuan, a year-on-year increase of 13.95% [1] - Net profit attributable to shareholders was 3.538 billion yuan, up 58.78% year-on-year [1] - Net profit after deducting non-recurring gains and losses was 3.444 billion yuan, reflecting a 57.94% increase year-on-year [1] Production and Sales - The company achieved a metallurgical-grade alumina production of 4.48 million tons, a year-on-year increase of 5.41% [2] - Fine alumina production reached 950,000 tons, up 6.74% year-on-year [2] - The company sold 1.68 million tons of self-produced metallurgical alumina, a 12.0% increase year-on-year [2] - Raw aluminum (including aluminum alloys) production was 1.94 million tons, an 8.99% increase year-on-year [2] - The company sold 1.90 million tons of self-produced raw aluminum (including alloys), a 7.95% increase year-on-year [2] - Coal production reached 3.22 million tons, up 11.81% year-on-year [2] Pricing Trends - The average price of A00 aluminum in the Chinese market was 20,429 yuan/ton, a year-on-year increase of 7.39% [2] - The average price of alumina was 4,116 yuan/ton, up 21.83% year-on-year [2] - The average price of bauxite in Guangxi was 510 yuan/ton, reflecting a 30.77% year-on-year increase [2] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 6.260 billion yuan, a 75.06% increase year-on-year [2] - The asset-liability ratio reached 48.10%, the lowest level in nearly a decade [2] Strategic Developments - The company optimized its industrial chain layout with the commissioning of the Guangxi Huasheng and Inner Mongolia Huayun Phase III projects [3] - In 2024, the company added 73.55 million tons of new resource capacity [3] - The Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project were fully operational [3] Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 227.666 billion, 234.656 billion, and 239.746 billion yuan, respectively [4] - Expected net profits for the same years are 11.347 billion, 11.627 billion, and 12.093 billion yuan, respectively [4] - The current stock price corresponds to a PE ratio of 9.8, 9.6, and 9.2 for the years 2025, 2026, and 2027 [4] Investment Outlook - The company, as a leading player in the domestic aluminum industry, is expected to benefit from high electrolytic aluminum prices, maintaining a "buy" investment rating [5]

Meeting Overview - The annual shareholder meeting for 2024 and the first A-share and H-share shareholder meetings for 2025 will be held on June 26, 2025, at 2 PM [2][19] - The meetings will be conducted using a combination of on-site and online voting methods [2][9] Voting Details - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available on the same day from 9:15 AM to 3:00 PM [3][9] - Shareholders can vote through the trading system or the internet voting platform, with specific instructions provided for first-time users [9][10] Agenda and Proposals - The agenda for the annual meeting includes several proposals, with specific resolutions requiring special voting and separate counting for minority investors [8][14] - The proposals have been previously disclosed and approved in board meetings held on March 26 and April 24, 2025 [7][8] Attendance and Registration - Shareholders registered by the close of trading on the registration date are eligible to attend the meetings, with provisions for proxy representation [14][16] - Specific registration procedures are outlined for both individual and corporate shareholders [16][17] Additional Information - The company will provide reminders to shareholders about the meeting and voting through SMS and other means to ensure participation [9][18] - Contact information for the company’s finance department is provided for any inquiries related to the meetings [18]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported Q1 2025 results that met expectations, with a year-on-year revenue increase of 13.95% to 55.784 billion yuan and a net profit increase of 58.78% to 3.538 billion yuan [4][9] - The company is benefiting from rising prices of electrolytic aluminum and alumina, with production and sales volumes increasing across various products [5][9] - The company has achieved a significant improvement in cash flow, with net cash flow from operating activities increasing by 75.06% year-on-year [6] - The company is optimizing its industrial layout with new projects coming online, including the Guangxi Huasheng and Inner Mongolia Huayun projects [7] Summary by Sections Financial Performance - Q1 2025 revenue was 557.84 billion yuan, up 13.95% year-on-year - Q1 2025 net profit was 35.38 billion yuan, up 58.78% year-on-year - Q1 2025 operating cash flow was 62.60 billion yuan, up 75.06% year-on-year [4][6] Production and Sales - Q1 2025 alumina production was 4.48 million tons, up 5.41% year-on-year - Q1 2025 electrolytic aluminum production was 1.94 million tons, up 8.99% year-on-year - Q1 2025 average price of A00 aluminum was 20,429 yuan/ton, up 7.39% year-on-year [5] Future Outlook - Projected revenues for 2025-2027 are 227.67 billion, 234.66 billion, and 239.75 billion yuan respectively - Projected net profits for 2025-2027 are 11.35 billion, 11.63 billion, and 12.09 billion yuan respectively - The current stock price corresponds to a PE ratio of 9.8, 9.6, and 9.2 for the respective years [9][11]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 公司名稱: 中國鋁業股份有限公司 呈交日期: 2025年5月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601600 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 13,211,666,110 | RMB | | 1 | RMB | | 13,211,666,110 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,211,666,110 | RMB | | 1 | RMB | | 13,211,666,110 | | 2. 股份分類 | 普通股 | ...

股票代码：601600 股票简称：中国铝业 公告编号：临2025-028 中国铝业股份有限公司 关于召开2024年年度股东会、2025 年第一次 A 股类别股东会及 2025 年第一次 H 股类别股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 召开的日期时间：2025 年 6 月 26 日 下午 2 点 召开地点：中国北京市海淀区西直门北大街 62 号中国铝业股份有限公司总部 办公楼会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 26 日 股东会召开日期：2025年6月26日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （一）股东会类型和届次：2024年年度股东会（以下简称"年度股东会"）、2025 年 第一次 A 股类别股东会（以下简称"A 股类别股东会"）及 2025 年第一次 H 股 类别股东会（以下简称"H 股类别股 ...