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。 Nanshan Aluminium International Holdings Limited 南山鋁業國際控股有限公司 承董事會命 南山鋁業國際控股有限公司 董事會主席 郝維松先生 香港，2025年8月11日 （於開曼群島註冊成立的有限公司） 於本公告日期，本公司董事會包括(i)執行董事郝維松先生及王仕三先生；(ii)非執行董事王艷 麗女士、Loo Tai Choong先生及George Santos先生；及(iii)獨立非執行董事文獻軍先生、張廣達 先生及董美華女士。 （股份代號：2610） 董事會會議日期 南山鋁業國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 會（「董事會」）謹此宣佈，董事會會議將於2025年8月28日（星期四）舉行，藉以（其 中包括）考慮及批准本集團截至2025年6月30日止六個月的中期業績及其刊發， 考慮宣派及派付中期股息（如有）以及處理任何其他事務。 ...

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

Summary of Key Points Core Viewpoint The Chinese IPO market is showing signs of recovery in the first half of 2025, with a total of 94 new listings in A-shares and Hong Kong stocks, indicating a positive trend in capital market expansion, particularly for companies from Shandong province. Group 1: IPO Market Overview - As of June 2025, a total of 94 new companies were listed in A-shares and Hong Kong stocks, with A-shares contributing 51 new listings and raising 37.355 billion yuan, representing a year-on-year increase of approximately 16% in the number of new stocks and 15% in total financing compared to 2024 [1] - Shandong province contributed three new listings: Weigao Blood Purification (603014.SH), Xinhenghui (301678.SZ) in A-shares, and Nanshan Aluminum International (02610.HK) in Hong Kong [1] Group 2: Weigao Blood Purification - Weigao Blood Purification officially listed on the Shanghai Stock Exchange on May 19, 2025, with an issue price of 26.5 yuan per share, raising 1.09 billion yuan [2] - The stock price closed at 41.41 yuan per share on the first day, a 56.26% increase from the issue price, with a market capitalization reaching 17.036 billion yuan [2] - The company is a leader in the blood purification sector, focusing on the development, production, and sales of medical products, and has established a strong technological barrier with 257 domestic patents [2][3] Group 3: Xinhenghui Electronics - Xinhenghui Electronics was listed on the ChiNext board on June 20, 2025, with an issue price of 12.80 yuan per share, successfully raising 767 million yuan [5] - The company is a leader in smart card packaging materials, with a global market share of 30%, ranking second worldwide [5][6] - From 2021 to 2023, Xinhenghui's revenue grew from 548 million yuan to 767 million yuan, with a compound annual growth rate of 18.28% [6] Group 4: Nanshan Aluminum International - Nanshan Aluminum International, the only Shandong company listed in Hong Kong, focuses on high-end aluminum supply chain and has become the first aluminum company listed in Southeast Asia [9] - The company opened at 26.60 HKD but closed at 25.25 HKD on the first day, a decrease of 5.08%, although the stock price increased by 28.57% by the end of June [9][10] - From 2021 to 2023, Nanshan's revenue surged from 173 million USD to 678 million USD, with a net profit increase from 39.71 million USD to 174 million USD [10] Group 5: Other Companies and Trends - Several other Shandong companies are planning to list in Hong Kong, including Goer Microelectronics and Tianyue Advanced, indicating a trend of Shandong enterprises expanding into international markets [10][11] - The capital market in Shandong is experiencing both new listings and some companies opting for voluntary delisting, such as Yulong Gold [13][14] - The overall landscape of Shandong's capital market is characterized by a mix of growth and restructuring, with a focus on high-end manufacturing and technology sectors [15]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Core Viewpoint - Nanshan Aluminium International Holdings is initiated with an OUTPERFORM rating and a target price of HK$33.19, reflecting a valuation of 5.5x 2026e P/E [1][5] Company Overview - Nanshan Aluminium International Holdings is a leading alumina producer in Southeast Asia, focusing on alumina projects in Indonesia and listed on the HKEx in March 2025 [2] - The company currently has an alumina production capacity and plans to build an additional 2 million tonnes per year (mnt/yr) alumina project, expected to come online in phases during 2025 and 2026 [2] Industry Positioning - Indonesia is anticipated to become a global aluminum industry hub, with Nanshan Aluminium well-positioned to benefit from this trend due to China's aluminum production capacity ceiling policy and Indonesia's export ban on raw ores [3] - The company benefits from Indonesia's abundant bauxite and coal resources, which supports a low-cost, integrated industry chain presence [3] Competitive Advantages - Cost Advantage: The company's average costs over the past four years have been only 67% of those in China due to its location in Bintan Island, which minimizes transportation distances for bauxite and coal [2] - Prime Location: The Bintan Industrial Park, where the alumina project is located, offers tax incentives for up to 20 years and facilitates distribution throughout Southeast Asia [2] - Shareholder Support: The three major shareholders have strong industrial strengths across the alumina production chain, creating synergies and enhancing operational efficiency [2] Growth Potential - The firm is expected to achieve an EPS of Rmb0.60 in 2025 and Rmb0.78 in 2026, indicating a compound annual growth rate (CAGR) of 6.9% [5] - The stock is currently trading at 5.8x 2025e and 4.4x 2026e P/E, with substantial capacity expansion driving growth potential [5] Market Differentiation - Unlike the market's focus on earnings upside from alumina prices, the company emphasizes growth potential and earnings stability from its upstream and downstream industry chain expansion, which could justify a valuation premium [4] Potential Catalysts - Potential catalysts for growth include stronger-than-expected hikes in alumina prices, faster-than-expected production ramp-up, and expansion of upstream and downstream business operations [5]

Group 1: Industry Overview - Guinea has revoked mining rights for several bauxite mines, including the Axis mine, which is expected to produce 24 million tons in 2024, accounting for approximately 5% of global demand [1] - DBS Bank predicts that if this situation persists, it may reverse the declining trend in bauxite prices that has been ongoing since Q2 2025, potentially leading to tighter supply [1] - China's domestic bauxite resources are limited, meeting only about 30% of its demand, while Guinea accounts for over 80% of China's imports [1] - The revocation of mining rights in Guinea may alleviate the oversupply of alumina in China, driving prices to recover from their lows [1] Group 2: Company Analysis - China Hongqiao (01378) holds a 25% stake in SMB in Guinea, which has established mature transportation channels capable of providing 55 million tons of bauxite annually, sufficient to meet its domestic alumina production needs, thus unaffected by the mining rights revocation [2] - China Hongqiao has an alumina production capacity of 17.5 million tons in China and is expected to benefit directly from the increase in alumina prices, enhancing its business profit margins [2] - Nanshan Aluminum International (02610) reported a decline in overseas alumina prices in Q1 2025, with the average price around $518 per ton, a 40.88% increase year-on-year but a 2.98% decrease compared to the average price in 2024 [2] - China Aluminum (02600) reported annual revenue of approximately 237.066 billion yuan, a year-on-year increase of 5.21%, with a net profit of about 12.4 billion yuan, up 85.38% year-on-year [3] - The alumina segment of China Aluminum achieved a pre-tax profit of 11.685 billion yuan, a significant increase compared to the previous year, while the primary aluminum segment saw a pre-tax profit decline of 2.288 billion yuan [3]

Financial Performance - Nanshan Aluminium International Holdings Limited reported a revenue increase of 15% year-over-year, reaching HKD 5.2 billion for the fiscal year ending December 31, 2024[2]. - The company achieved a net profit margin of 12%, translating to a net profit of HKD 624 million, up from HKD 550 million in the previous year[2]. - The company's revenue increased by 50.6% from $677.8 million in FY2023 to $1,020.7 million in FY2024, driven by higher sales volume and average selling price of alumina[22]. - Net profit for the year increased by approximately 163% from $173.5 million in FY2023 to $457.4 million in FY2024, primarily due to increased sales volume and improved gross margin[28]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion, representing a 15% year-over-year growth[1]. Production and Capacity Expansion - The company plans to expand its production capacity with the new alumina production project, targeting an annual output of 2 million tons, expected to commence construction in the first half of 2024[10]. - The company has initiated the construction of a new alumina production facility with a design capacity of 2 million tons per year to expand its market share in Southeast Asia[17]. - Plans to expand alumina production capacity to 4 million tons to meet the increasing market demand in the aluminum industry, with the first 1 million tons expected to commence production in the second half of 2025 and the second 1 million tons in the second half of 2026[56]. - The company has successfully completed Phase I and Phase II of the alumina production project, achieving a designed annual production capacity of 2 million tons[56]. Market and Customer Engagement - User data indicated a 20% increase in customer base, with over 1 million active users engaging with the company's products and services[2]. - User data showed an increase in active users, reaching 5 million, which is a 20% increase compared to the previous quarter[2]. - The company reported a 25% increase in export sales, particularly to markets in Europe and North America, contributing significantly to overall revenue growth[2]. - The company provided guidance for the next quarter, expecting revenue to be between $1.3 billion and $1.4 billion, indicating a growth rate of 10% to 15%[3]. Research and Development - The company has allocated HKD 300 million for research and development of new aluminium alloys and sustainable production technologies[10]. - The company is investing $50 million in research and development for new technologies aimed at enhancing product efficiency[5]. Strategic Acquisitions and Partnerships - Nanshan Aluminium is exploring strategic acquisitions in Southeast Asia to enhance market presence and operational efficiency, with a focus on Indonesia and Malaysia[10]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[7]. - The company has established deeper partnerships with suppliers to optimize raw material procurement strategies, focusing on bauxite, caustic soda, and coal[18]. Environmental, Social, and Governance (ESG) Initiatives - Nanshan Aluminium is committed to enhancing its environmental, social, and governance (ESG) practices, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company plans to increase ESG investments to establish a sustainable development benchmark and ensure long-term value creation for shareholders[58]. - The company has a commitment to community engagement and sustainable development, contributing to local economic growth[89]. Financial Management and Governance - The company maintained cash and cash equivalents of approximately $454.2 million as of December 31, 2024, up from $251.6 million in the previous year[32]. - The company has no borrowings or other debt financing obligations, resulting in a debt-to-equity ratio of zero as of December 31, 2023, and December 31, 2024[46]. - The company has adopted a dividend policy to declare and pay a minimum of 20% of the distributable net profit attributable to shareholders for the fiscal year 2025 and beyond, subject to various factors including financial performance and cash flow[158]. - The total remuneration for directors during the reporting period amounted to approximately $181,000[124]. Corporate Governance - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[91]. - The company has established mechanisms to ensure compliance with corporate governance codes and has been adhering to these principles since its listing date[87]. - The independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring objective oversight of the company's performance[98]. - The board is responsible for overseeing the company's overall operations and financial performance, ensuring effective internal controls and risk management systems are in place[106]. Employee and Workforce Management - The company employed 3,282 full-time employees as of December 31, 2024, compared to 2,869 employees as of December 31, 2023, with employee benefit expenses amounting to approximately $39.9 million[43]. - As of December 31, 2024, the company had 3,282 full-time employees, of which 232 were women, representing 7% of the total workforce, indicating a commitment to gender diversity[156]. - The company emphasizes equal employment principles and fair treatment of employees of different genders in recruitment, training, and promotion[156]. Future Outlook - Future guidance estimates a revenue growth of 10-15% for the next fiscal year, driven by increased demand in the automotive and aerospace sectors[2]. - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[4]. - The company aims to enhance logistics by expanding the deep-water port, adding a 70,000-ton berth and supporting facilities[56].

Company Overview - Nanshan Aluminium International Holdings Limited reported preliminary results for the year ending December 31, 2024[2]. - The company is listed under stock code 2610 on the Hong Kong Stock Exchange[3]. Compliance and Reporting - The announcement was made in compliance with the Hong Kong Stock Exchange's listing rules[3]. - The financial results will be available on the Hong Kong Stock Exchange and the company's website[3]. Governance - The board of directors includes both executive and non-executive members, ensuring diverse governance[3].

Investment Rating - The investment rating for the company is 5.1 out of 10, based on operational performance, industry outlook, valuation, and market sentiment [9][11]. Core Insights - The company, Nanshan Aluminum International, is a major alumina manufacturer in Southeast Asia, holding a market share of 34.9% in the region. It has a designed production capacity of 2 million tons of alumina and is expanding its capacity with new projects expected to start operations in 2025 and 2026 [1][2]. - The company's revenue has shown rapid growth, with a CAGR of 98% from 2021 to 2023, and gross margins have improved significantly due to rising alumina prices [2]. - The global aluminum market is projected to grow, particularly in the construction, transportation, electrical, and packaging sectors, with Southeast Asia expected to see strong growth rates [3]. Company Overview - Nanshan Aluminum International is one of the top three alumina producers in Southeast Asia, with its largest customer being Press Metal Group, accounting for over 50% of its revenue [1]. - The company is controlled by Nanshan Aluminum, a publicly listed company in A-shares, which will hold a 60.09% stake post-IPO [1]. Financial Performance - The company's revenues for the years 2021, 2022, 2023, and the first nine months of 2024 were $172.8 million, $466.8 million, $677.8 million, and $683.0 million, respectively. The gross margins for these periods were 25.9%, 24%, 29.2%, and 46.3% [2]. Industry Status and Outlook - The alumina market in Southeast Asia is expected to grow, with design capacities projected to increase from 5.6 million tons in 2023 to 8.6 million tons by 2028, reflecting a CAGR of 6.8% [3]. - The demand for aluminum is anticipated to rise in various sectors, with the construction industry in Southeast Asia expected to grow at a CAGR of 7.7% from 2023 to 2028 [3]. Advantages and Opportunities - The company benefits from a strong position in the alumina industry, stable raw material supply, and robust policy support, which enhance operational efficiency and profitability [4]. - The company adheres to international ESG governance standards, promoting sustainable development [4]. Use of Proceeds - Approximately 90% of the net proceeds from the IPO will be used for the development and construction of alumina production projects in Indonesia, aiming to expand total alumina capacity to 4 million tons [6].

Investment Rating - The report assigns a rating of ★★★★☆ to the company based on fundamental factors and valuation [5] Core Insights - The company is one of the top three alumina producers in Southeast Asia, with a design annual production capacity of 2 million tons following the completion of its second-phase alumina production project [2] - The company holds a 34.9% market share in the Southeast Asian alumina industry based on actual production, demonstrating its operational excellence and commitment to development [2] - The company is expanding its production capacity with a new alumina production project set to add another 2 million tons of design annual capacity [2] - The demand for metallurgical-grade alumina, a key raw material for producing electrolytic aluminum, is strong in the Southeast Asian market due to its critical role in meeting high-performance aluminum product requirements [2] - The global alumina production is projected to grow from 142.5 million tons in 2024 to 152.0 million tons in 2028, with a CAGR of 1.6% [3] - Indonesia's alumina production has seen significant growth, increasing from 1,074 thousand tons in 2019 to 4,091 thousand tons in 2023, with a CAGR of 39.7% [3] Financial Data Summary - The company's revenue has increased from 1.73 billion USD in 2021 to 6.78 billion USD in 2023 [4] - Shareholder profit rose from 0.28 billion USD in 2021 to 1.23 billion USD in 2023 [4]