FF301 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 南山鋁業國際控股有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02610 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000,000 | USD | | 0.0000002 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 250,000,000,000 | USD | | 0.000000 ...

（文章来源：每日经济新闻） 每经AI快讯，9月23日，港股南山铝业国际(02610.HK)跌超5%。截至发稿，跌5.39%，报39.66港元，成 交额2554.89万港元。 ...

消息面上，南山铝业国际将于9月25日（本周四）迎来解禁。据公司此前发布的公告，Glencore International AG、香港拓威贸易有限公司、瑞中国际工业设备（香港）有限公司等四名基石投资者禁售 承诺的最后日期为2025年9月24日，累计解禁股数3513.63万股。值得注意的是，香港联交所资料显示， 9月18日，南山铝业国际股东将股票存入华泰香港，存仓市值93.2亿港元，占比37.36%。 智通财经APP获悉，南山铝业国际(02610)跌超5%，盘中低见39.32港元创逾一个月新低。截至发稿，跌 5.39%，报39.66港元，成交额2554.89万港元。 ...

消息面上，南山铝业国际将于9月25日(本周四)迎来解禁。据公司此前发布的公告，Glencore International AG、香港拓威贸易有限公司、瑞中国际工业设备(香港)有限公司等四名基石投资者禁售承 诺的最后日期为2025年9月24日，累计解禁股数3513.63万股。值得注意的是，香港联交所资料显示，9 月18日，南山铝业国际股东将股票存入华泰香港，存仓市值93.2亿港元，占比37.36%。 南山铝业（600219）国际(02610)跌超5%，盘中低见39.32港元创逾一个月新低。截至发稿，跌5.39%， 报39.66港元，成交额2554.89万港元。 ...

Core Viewpoint - Nanshan Aluminum International has shown significant financial growth in its recent mid-term performance report, indicating a strong fiscal position and the initiation of dividend distribution [1] Financial Performance - For the mid-term of 2025, Nanshan Aluminum International reported revenues of $597 million, representing a year-on-year increase of 41% [1] - The profit attributable to shareholders reached $248 million, marking a substantial year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HKD 0.65 per share, with a payout ratio of approximately 20% [1] Shareholder Activity - On September 18, shareholders of Nanshan Aluminum International deposited shares into Huatai Hong Kong, with a market value of HKD 9.32 billion, accounting for 37.36% of the total shares [1]

Core Viewpoint - Nanshan Aluminum International has shown strong financial performance with significant year-on-year growth in revenue and profit, leading to the decision to distribute an interim dividend for the first time, reflecting a robust financial position [1] Financial Performance - For the first half of 2025, Nanshan Aluminum International reported revenue of USD 597 million, representing a year-on-year increase of 41% [1] - The profit attributable to shareholders reached USD 248 million, marking a substantial year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HKD 0.65 per share, with a payout ratio of approximately 20% [1] Shareholder Activity - On September 18, shareholders of Nanshan Aluminum International deposited shares into Huatai Hong Kong, with a total market value of HKD 9.32 billion, accounting for 37.36% of the company's shares [1]

[Company Information](index=3&type=section&id=Company%20Information) This section provides fundamental information about Nanshan Aluminium International Holdings Limited, including its name, stock code, listing date, board members, committees, company secretary, investor relations, registered office, principal places of business, website, auditor, legal and compliance advisors, share registrar, and principal bankers [Company Name, Stock Code and Listing Date](index=3&type=section&id=Company%20Name%2C%20Stock%20Code%20and%20Listing%20Date) This section lists the basic information of Nanshan Aluminium International Holdings Limited, including its company name, stock code 2610.HK, and listing date on March 25, 2025 - Company Name: Nanshan Aluminium International Holdings Limited[3](index=3&type=chunk) - Stock Code: **2610.HK**[3](index=3&type=chunk) - Listing Date: **March 25, 2025**[3](index=3&type=chunk) [Board Members](index=3&type=section&id=Board%20Members) This section details the composition of the company's board of directors, including the names and positions of executive, non-executive, and independent non-executive directors, with Mr. Hao Weisong serving as Chairman and CEO - Executive Directors: Mr. Hao Weisong (Chairman and Chief Executive Officer), Mr. Wang Shisan[3](index=3&type=chunk) - Non-Executive Directors: Ms. Wang Yanli, Mr. Loo Tai Choong, Mr. George Santos[3](index=3&type=chunk) - Independent Non-Executive Directors: Mr. Wen Xianjun, Mr. Zhang Guangda, Ms. Dong Meihua (all appointed on March 10, 2025)[3](index=3&type=chunk) [Committees](index=3&type=section&id=Committees) This section clarifies the composition and chairpersons of the company's Audit, Remuneration, and Nomination Committees, ensuring a sound corporate governance structure - Chairman of the Audit Committee: Mr. Zhang Guangda[3](index=3&type=chunk) - Chairman of the Remuneration Committee: Ms. Dong Meihua[3](index=3&type=chunk) - Chairman of the Nomination Committee: Mr. Hao Weisong[3](index=3&type=chunk) [Company Secretary and Investor Relations](index=3&type=section&id=Company%20Secretary%20and%20Investor%20Relations) This section provides the name of the Company Secretary and contact information for investor relations, facilitating communication with shareholders and investors - Company Secretary: Mr. Leung Ka Hong[3](index=3&type=chunk) - Investor Relations Contact: IR@nanshanintl.com[3](index=3&type=chunk) [Registered Office and Principal Places of Business](index=3&type=section&id=Registered%20Office%20and%20Principal%20Places%20of%20Business) This section lists the company's registered office in the Cayman Islands and details its principal places of business in Indonesia and Hong Kong - Registered Office: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands[3](index=3&type=chunk) - Principal Place of Business in Indonesia: The Special Economic Zone of Galang Batang village of Gunung Kijang, Gunung Kijang District Bintan Regency, Riau Islands Province 29153 Indonesia[3](index=3&type=chunk) - Principal Place of Business in Hong Kong: Room 1101, 11th Floor, Lippo Centre Tower One, 89 Queensway, Hong Kong[4](index=4&type=chunk) [Company Website and Auditor](index=4&type=section&id=Company%20Website%20and%20Auditor) This section provides the company's official website address and information about its auditor - Company Website: www.nanshanintl.com[4](index=4&type=chunk) - Auditor: KPMG[4](index=4&type=chunk) [Legal and Compliance Advisors](index=4&type=section&id=Legal%20and%20Compliance%20Advisors) This section lists the company's legal and compliance advisors in Hong Kong, ensuring its operations comply with relevant laws and regulations - Hong Kong Legal Advisor: Stevenson, Wong & Co. (in association with Jingtian & Gongcheng (Hong Kong) LLP)[4](index=4&type=chunk) - Compliance Advisor: UOB Kay Hian (Hong Kong) Limited[4](index=4&type=chunk) [Share Registrar](index=4&type=section&id=Share%20Registrar) This section provides detailed information about the company's principal share registrar and Hong Kong share registrar - Principal Share Registrar: Conyers Trust Company (Cayman) Limited[4](index=4&type=chunk) - Hong Kong Share Registrar: Tricor Investor Services Limited[4](index=4&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) This section lists the company's principal bankers, reflecting its main financial partners - Principal bankers include: PT. Bank Mandiri (Persero) Tbk, Industrial and Commercial Bank of China (Asia) Limited, Ping An Bank Co., Ltd., DBS Bank (Hong Kong) Limited, United Overseas Bank Limited[4](index=4&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in the interim report to ensure readers have a clear understanding of the content [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's business, future outlook, and a detailed financial review for the period [Business Overview](index=7&type=section&id=Business%20Overview) The Group primarily engages in the production and sale of metallurgical-grade alumina, with excellent product quality and strong demand. During the reporting period, the company successfully listed on the Main Board of the Stock Exchange, became a constituent of the Hang Seng Composite Index, commenced production of the first million-ton annual capacity of its new alumina project, and declared its first interim dividend post-listing - The Group primarily engages in the production and sale of metallurgical-grade alumina, with product quality exceeding the GB/T 24487–2022 standard for AO-1 grade[11](index=11&type=chunk) - The company completed its initial public offering on the Main Board of the Stock Exchange on **March 25, 2025**, and will become a constituent of the Hang Seng Composite Index from **September 8, 2025**[11](index=11&type=chunk) - The first **one million tons** of annual capacity of the new alumina production project has commenced operation, bringing the Group's designed annual alumina production capacity to **three million tons**, making it one of the largest alumina manufacturers in Southeast Asia[12](index=12&type=chunk) - The Board resolved to declare the first interim dividend after listing[12](index=12&type=chunk) - Profit attributable to shareholders for the six months ended June 30, 2025, was approximately **US$248.2 million**, an increase of approximately **124.2%** compared to approximately US$110.7 million in the same period last year[13](index=13&type=chunk) [Outlook and Plans](index=8&type=section&id=Outlook%20and%20Plans) The company plans to increase its designed annual alumina production capacity to four million tons, expand its deep-water port for improved logistics, and actively seek upstream business opportunities, while leveraging its listing advantages to enhance transparency, improve corporate governance, and pursue sustainable development - Plans to further increase the designed annual alumina production capacity to **four million tons** to meet market demand and achieve economies of scale[14](index=14&type=chunk) - Expansion of the deep-water port, including the addition of a **70,000-ton berth** and supporting facilities, to enhance logistics efficiency[14](index=14&type=chunk) - Actively seeking opportunities in upstream business areas and leveraging the advantages of its Hong Kong listing to drive medium to long-term development[14](index=14&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) This section provides a detailed financial review for the six months ended June 30, 2025, covering revenue, gross profit, administrative expenses, income tax, profit for the period, earnings per share, interim dividend, liquidity, employee and remuneration policies, pledge of assets, treasury policy, gearing ratio, significant investments, future plans, major acquisitions and disposals, foreign exchange risk, contingent liabilities, and post-reporting period events [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, the company's revenue was approximately US$596.8 million, a year-on-year increase of 41.0%, primarily due to higher average selling prices. Alumina sales volume slightly increased by 3.0%, while the average selling price rose by 36.9% year-on-year Revenue and Sales Volume Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue (million USD) | 596.8 | 423.3 | 173.5 | 41.0% | | Alumina Sales Volume (tons) | 1,127,000 | 1,094,000 | 33,000 | 3.0% | | Average Selling Price (USD/ton) | 529 | 387 | 142 | 36.9% | [Gross Profit and Gross Margin](index=8&type=section&id=Gross%20Profit%20and%20Gross%20Margin) For the six months ended June 30, 2025, the Group's gross profit was approximately US$303.9 million, with a gross margin of approximately 50.9%, representing a year-on-year increase of 70.1%, mainly due to the average selling price of alumina rising more than the cost of sales Gross Profit and Gross Margin Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gross Profit (million USD) | 303.9 | 178.7 | 125.2 | 70.1% | | Gross Margin (%) | 50.9 | 42.2 | 8.7 percentage points | - | [Net Other Income](index=8&type=section&id=Net%20Other%20Income) For the six months ended June 30, 2025, net other income was approximately US$8.2 million, a year-on-year decrease of 26.8%, primarily due to a decrease in net foreign exchange gains, partially offset by a reduction in losses from forward foreign exchange contracts Net Other Income Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Other Income (million USD) | 8.2 | 11.1 | (2.9) | (26.8)% | - The decrease was primarily due to a decrease in net foreign exchange gains, partially offset by a reduction in losses from forward foreign exchange contracts measured at fair value through profit or loss[17](index=17&type=chunk) [Administrative Expenses](index=9&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were approximately US$13.4 million, a year-on-year increase of 5.6%, mainly attributable to expenses related to the listing. Administrative expenses excluding listing expenses accounted for 2.1% of total revenue Administrative Expenses Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses (million USD) | 13.4 | 12.7 | 0.7 | 5.6% | | Administrative Expenses (excluding listing expenses) as % of total revenue | 2.1% | 2.7% | (0.6) percentage points | - | - Administrative expenses increase primarily attributable to expenses related to the listing activities[19](index=19&type=chunk) [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately US$43.5 million, a significant year-on-year increase of 182.7%, mainly due to increased top-up tax risk under the Pillar Two Model Rules Income Tax Expense Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Income Tax Expense (million USD) | 43.5 | 15.4 | 28.1 | 182.7% | - The increase in income tax expense was primarily due to an increase in top-up tax risk of approximately **US$39.0 million** arising from the Pillar Two Model Rules[20](index=20&type=chunk) [Profit for the Period and Earnings Per Share](index=9&type=section&id=Profit%20for%20the%20Period%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, profit attributable to shareholders was approximately US$248.2 million, a year-on-year increase of 124.2%, with basic earnings per share rising to US$0.46, mainly driven by increased sales volume and improved gross margin Profit for the Period and Earnings Per Share Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Profit Attributable to Shareholders (million USD) | 248.2 | 110.7 | 137.5 | 124.2% | | Basic Earnings Per Share (USD) | 0.46 | 0.30 | 0.16 | 53.3% | - The increase in net profit was mainly due to the increase in sales volume and improvement in gross margin[21](index=21&type=chunk) [Interim Dividend](index=9&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of HK$0.65 per share for the six months ended June 30, 2025, marking the company's first interim dividend since listing - The Board declared an interim dividend of **HK$0.65** (approximately US$0.08) per share for the six months ended June 30, 2025[23](index=23&type=chunk)[123](index=123&type=chunk) - The dividend will be paid on or about **Friday, October 17, 2025**, to shareholders whose names appear on the company's register of members on **Friday, September 26, 2025**[24](index=24&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=9&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group had cash and cash equivalents of approximately US$527.2 million, net current assets of approximately US$603.0 million, total equity of approximately US$1,839.6 million, and no borrowings, indicating a robust liquidity and financial position Liquidity and Financial Resources | Indicator | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents (million USD) | 527.2 | 454.2 | 73.0 | | Net Current Assets (million USD) | 603.0 | 248.2 | 354.8 | | Total Equity (million USD) | 1,839.6 | 1,294.4 | 545.2 | | Borrowings (million USD) | Zero | Zero | Zero | [Employees and Remuneration Policy](index=10&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 3,774 full-time employees, with employee benefit expenses of approximately US$26.8 million. The company implements performance incentives, provides training and benefits, and grants share options under its share option scheme to retain talent Employee and Remuneration Data | Indicator | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Full-time Employees | 3,774 | 3,282 | 492 | | Employee Benefit Expenses (million USD) | 26.8 | 16.4 | 10.4 | - The company implements performance incentive measures, including monthly performance bonuses, and provides induction, language, and specialized training[26](index=26&type=chunk) - Eligible employees and/or directors may be granted share options under the Share Option Scheme[26](index=26&type=chunk) [Pledge of Assets](index=10&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets, indicating the unencumbered nature of its assets - As of **June 30, 2025**, the Group had no pledge of assets[27](index=27&type=chunk) [Treasury Policy](index=10&type=section&id=Treasury%20Policy) The Board closely monitors the Group's liquidity position to ensure its liquidity structure of assets, liabilities, and other commitments can meet funding requirements - The Board closely monitors the Group's liquidity position to manage liquidity risk[28](index=28&type=chunk) [Gearing Ratio](index=10&type=section&id=Gearing%20Ratio) As of June 30, 2025, and December 31, 2024, the Group had no borrowings, resulting in a gearing ratio of zero - As of **December 31, 2024**, and **June 30, 2025**, the Group had no borrowings or other debt financing obligations, resulting in a gearing ratio of zero[29](index=29&type=chunk) [Significant Investments](index=10&type=section&id=Significant%20Investments) During the reporting period, the Group had no significant investments (including those representing 5% or more of the Group's total assets) - During the reporting period, the Group had no significant investments[30](index=30&type=chunk) [Future Plans for Material Investments or Capital Assets](index=10&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Capital expenditure for the new alumina production project will be funded by a combination of internal resources, net proceeds from the global offering, and cash inflows from operating activities. Apart from what has been disclosed, there are no other future plans for material investments or capital assets during the reporting period - Capital expenditure and capital commitments for the construction of the new alumina production project will be funded by a combination of internal resources, net proceeds from the global offering, and cash inflows from operating activities[31](index=31&type=chunk) [Major Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=10&type=section&id=Major%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the review reporting period, the Group did not undertake any major acquisitions or disposals of subsidiaries, associates, or joint ventures - During the review reporting period, there were no major acquisitions or disposals of subsidiaries, associates, or joint ventures[32](index=32&type=chunk) [Foreign Exchange Risk](index=11&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk related to Indonesian Rupiah, US Dollar, Hong Kong Dollar, and Renminbi, as most revenue is denominated in US Dollars while costs are in Indonesian Rupiah and Renminbi. During the reporting period, the net exchange result turned from a gain to a loss, mainly due to the depreciation of the US Dollar against the Indonesian Rupiah - The Group is exposed to foreign exchange risk arising from currency risk, primarily related to Indonesian Rupiah, US Dollar, Hong Kong Dollar, and Renminbi[34](index=34&type=chunk) Net Exchange Result | Indicator | Six Months Ended June 30, 2025 | Same Period Last Year | Change | | :--- | :--- | :--- | :--- | | Net Exchange Result (million USD) | Loss of approximately 0.9 | Gain of approximately 10.9 | Turned to loss | - The change in exchange result was mainly due to the depreciation of the US Dollar against the Indonesian Rupiah as of **June 30, 2025**, compared to **June 30, 2024**, leading to unrealized exchange losses[34](index=34&type=chunk) [Contingent Liabilities](index=11&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had no significant contingent liabilities[35](index=35&type=chunk) [Events After Reporting Period](index=11&type=section&id=Events%20After%20Reporting%20Period) On July 24, 2025, the company granted a total of 26,170,000 share options to 155 eligible participants under the share option scheme, with an exercise price of HK$39.60 per share - On **July 24, 2025**, the company granted a total of **26,170,000** share options to **155** eligible participants[36](index=36&type=chunk) - The exercise price of the share options is **HK$39.60** per share[36](index=36&type=chunk) - A total of **32,653,530 shares** remain available for future grants under the scheme mandate limit of the Share Option Scheme[36](index=36&type=chunk) [Other Information](index=12&type=section&id=Other%20Information) This section covers corporate governance, securities dealing code, audit committee, share transactions, directors' interests, major shareholders, share option scheme, share capital structure, use of global offering proceeds, changes in directors' information, and public float [Compliance with Corporate Governance Code](index=12&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) From the listing date to June 30, 2025, the company complied with the Corporate Governance Code, although the roles of Chairman and CEO are combined by Mr. Hao Weisong, which the Board believes benefits the Group's stable development, and will consider separating the roles when appropriate - The company's Chief Executive Officer, Mr. Hao Weisong, also serves as the Chairman of the Board, which deviates from Code Provision C.2.1 of the Corporate Governance Code[39](index=39&type=chunk) - The Board believes that Mr. Hao's dual role strengthens the Group's continuous and stable leadership, and will continue to review and consider separating the roles at an appropriate time[39](index=39&type=chunk) [Securities Dealing Code](index=12&type=section&id=Securities%20Dealing%20Code) The company has adopted a securities dealing code no less stringent than the Listing Rules' Model Code and regularly reminds directors of blackout period restrictions. All directors confirmed compliance with the Model Code - The company has adopted a securities dealing code for directors and employees, the terms of which are no less stringent than the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 to the Listing Rules[40](index=40&type=chunk) - Following specific enquiries, all directors confirmed compliance with the Model Code from the listing date up to the date of this interim report[40](index=40&type=chunk) [Audit Committee](index=12&type=section&id=Audit%20Committee) The Audit Committee, composed of two independent non-executive directors and one non-executive director, is responsible for reviewing and overseeing financial reporting processes and internal controls. The committee has reviewed the interim results and financial statements, deeming them compliant with relevant accounting standards and requirements - The Audit Committee comprises Mr. Zhang Guangda (Chairman), Ms. Dong Meihua (Independent Non-executive Director), and Ms. Wang Yanli (Non-executive Director)[41](index=41&type=chunk) - The Audit Committee convened a meeting on **August 28, 2025**, to review the Group's interim results and interim financial statements for the reporting period, concluding that they comply with relevant accounting standards and requirements[41](index=41&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=12&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) From the listing date to June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - From the listing date up to **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[42](index=42&type=chunk) [Directors' Interests in Significant Transactions, Arrangements or Contracts](index=12&type=section&id=Directors%27%20Interests%20in%20Significant%20Transactions%2C%20Arrangements%20or%20Contracts) During the reporting period, no director had a direct or indirect material interest in any transaction, arrangement, or contract entered into by the company, its subsidiaries, or fellow subsidiaries that significantly affected the Group's business - During the reporting period, no director had a direct or indirect material interest in any transaction, arrangement, or contract entered into by the company, its subsidiaries, or fellow subsidiaries that significantly affected the Group's business[43](index=43&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations](index=13&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20its%20Associated%20Corporations) As of June 30, 2025, Mr. George Santos held a long position of 3.16% of the company's shares through controlled corporations. Other than this, no other directors or chief executives had disclosable interests or short positions Directors' and Chief Executive's Long Positions in Shares | Name of Director/Chief Executive | Capacity/Nature of Interest | Number and Class of Shares | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. George Santos | Interest in controlled corporation | 18,602,865 shares (L) | 3.16% | - Mr. George Santos is deemed to be interested in the shares held by Redstone Alumina International Pte. Ltd., a company wholly owned by him[47](index=47&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=13&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) No director, their spouse, or children under 18 years of age were granted any rights to subscribe for equity or debt securities of the company or any of its associated corporations, nor did they exercise any such rights during the reporting period - No director, their spouse, or children under the age of 18 were granted any rights to subscribe for equity or debt securities of the company or any of its associated corporations, nor did they exercise any such rights during the reporting period[46](index=46&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=14&type=section&id=Major%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Nanshan Village Residents' Committee and its associated parties (including Mr. Song Jianbo, Ms. Sui Yongqing, Nanshan Group, Yili Electric Power, Nanshan Aluminium, NAS, NAIHL) collectively held a long position of 59.96% of the company's shares. Mr. Koon Poh Keong and his associated parties (including Ms. Khoo Ee Pheng, Paul Koon Foundation, Paul Koon Pte. Ltd., KPK Holdings (L) Ltd., Alpha Milestone Sdn. Bhd., Press Metal, PMIRHK) collectively held a long position of 21.71% of the company's shares Major Shareholders' Long Positions in Shares | Name of Major Shareholder | Capacity/Nature of Interest | Number and Class of Shares | Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Nanshan Village Residents' Committee | Interest in controlled corporation | 353,454,455 shares (L) | 59.96% | | Mr. Song Jianbo | Interest in controlled corporation | 353,454,455 shares (L) | 59.96% | | Ms. Sui Yongqing | Spouse's interest | 353,454,455 shares (L) | 59.96% | | Nanshan Group | Interest in controlled corporation | 353,454,455 shares (L) | 59.96% | | Yili Electric Power | Interest in controlled corporation | 353,454,455 shares (L) | 59.96% | | Nanshan Aluminium | Interest in controlled corporation | 353,454,455 shares (L) | 59.96% | | NAS | Interest in controlled corporation | 353,454,455 shares (L) | 59.96% | | NAIHL | Beneficial owner | 353,454,455 shares (L) | 59.96% | | Mr. Koon Poh Keong | Interest in controlled corporation | 127,942,680 shares (L) | 21.71% | | Ms. Khoo Ee Pheng | Spouse's interest | 127,942,680 shares (L) | 21.71% | | Paul Koon Foundation | Interest in controlled corporation | 127,942,680 shares (L) | 21.71% | | Paul Koon Pte. Ltd. | Interest in controlled corporation | 127,942,680 shares (L) | 21.71% | | KPK Holdings (L) Ltd. | Interest in controlled corporation | 127,942,680 shares (L) | 21.71% | | Alpha Milestone Sdn. Bhd. | Interest in controlled corporation | 127,942,680 shares (L) | 21.71% | | Press Metal | Interest in controlled corporation | 127,942,680 shares (L) | 21.71% | | PMIRHK | Beneficial owner | 127,942,680 shares (L) | 21.71% | [Share Option Scheme](index=15&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on March 10, 2025, to incentivize participants who contribute to the Group. As of June 30, 2025, 58,823,530 share options were available for grant under the scheme, but no options were outstanding, granted, exercised, cancelled, or lapsed - The Share Option Scheme was adopted on **March 10, 2025**, to incentivize and reward participants who contribute to the Group[51](index=51&type=chunk) - As of **June 30, 2025**, the number of share options available for grant under the Share Option Scheme was **58,823,530**[52](index=52&type=chunk) - During the period from the listing date up to **June 30, 2025**, no share options were outstanding, granted, agreed to be granted, exercised, cancelled, or lapsed under the Share Option Scheme[52](index=52&type=chunk) [Share Capital Structure and Global Offering](index=16&type=section&id=Share%20Capital%20Structure%20and%20Global%20Offering) The company completed a share split on March 10, 2025, increasing issued shares to 500,000,000. Subsequently, it listed on March 25, 2025, with a global offering of 88,235,300 shares at HK$26.60 per share. On April 22, 2025, the over-allotment option was partially exercised, involving 1,199,900 shares, increasing the total issued shares to 589,435,200 - On **March 10, 2025**, following the completion of the company's share split, the number of issued shares increased to **500,000,000**[56](index=56&type=chunk) - On **March 25, 2025**, the company was listed on the Main Board of the Stock Exchange, with a global offering of **88,235,300 shares** at an offer price of **HK$26.60** per share[56](index=56&type=chunk) - On **April 22, 2025**, the over-allotment option was partially exercised, involving **1,199,900 shares**, increasing the total number of issued shares of the company to **589,435,200**[56](index=56&type=chunk) [Use of Proceeds from Global Offering](index=16&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering, approximately HK$2,261.8 million, are primarily allocated to the development and construction of the new alumina production project (90%) and general working capital (10%). As of June 30, 2025, approximately HK$567.3 million has been utilized, mainly for the construction of new alumina production facilities - The net proceeds from the global offering were approximately **HK$2,261.8 million**[58](index=58&type=chunk) Details of Use of Net Proceeds from Global Offering | Use of Net Proceeds | Percentage of Net Proceeds | Net Proceeds (approx., million HKD) | Net Proceeds Utilized from Listing Date to June 30, 2025 (approx., million HKD) | Remaining Net Proceeds as of June 30, 2025 (approx., million HKD) | Expected Timeline for Full Utilization of Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Development and construction of new alumina production project | 90.0% | 2,035.6 | 552.2 | 1,483.4 | Before December 31, 2028 | | (i) For construction of related alumina production facilities with a designed capacity of the second one million tons | 53.4% | 1,207.8 | 292.2 | 915.6 | Before December 31, 2028 | | (ii) For construction of an additional 70,000-ton berth and supporting facilities within the deep-water port | 14.7% | 332.4 | 160.2 | 172.2 | Before December 31, 2028 | | (iii) For expansion of an additional 700 million cubic meters coal-to-gas plant | 12.9% | 291.8 | 62.0 | 229.8 | Before December 31, 2028 | | (iv) For construction and upgrade of auxiliary facilities to support related alumina production facilities | 9.0% | 203.6 | 37.8 | 165.8 | Before December 31, 2028 | | General working capital | 10.0% | 226.2 | 15.1 | 211.1 | Before December 31, 2028 | | **Total** | **100.0%** | **2,261.8** | **567.3** | **1,694.5** | | - The majority of the net proceeds are expected to be utilized in **2025** and **2026**, corresponding to the accelerated completion timeline of the new alumina production project[61](index=61&type=chunk) [Changes in Directors' Information](index=17&type=section&id=Changes%20in%20Directors%27%20Information) There have been no other changes in the company's directors and chief executive from the listing date up to the latest practicable date - There have been no other changes in the company's directors and chief executive from the listing date up to the latest practicable date[63](index=63&type=chunk) [Public Float](index=17&type=section&id=Public%20Float) As of the date of this interim report, the company has maintained a sufficient public float of its issued shares as required by the Listing Rules - As of the date of this interim report, the company has maintained a sufficient public float of its issued shares as required by the Listing Rules[64](index=64&type=chunk) [Independent Review Report](index=18&type=section&id=Independent%20Review%20Report) KPMG has reviewed the company's interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 and found no matters that lead them to believe the report is not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 - KPMG has reviewed the company's interim financial report and found no matters that lead them to believe the report is not prepared in all material respects in accordance with Hong Kong Accounting Standard 34[69](index=69&type=chunk) [Consolidated Statement of Profit or Loss](index=19&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue was US$596,814 thousand, gross profit was US$303,929 thousand, profit for the period was US$254,195 thousand, of which profit attributable to equity holders of the company was US$248,246 thousand, and basic earnings per share was US$0.46 Key Data from Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Revenue | 596,814 | 423,260 | | Cost of sales | (292,885) | (244,560) | | Gross profit | 303,929 | 178,700 | | Net other income | 8,162 | 11,143 | | Selling expenses | (797) | (3,146) | | Administrative expenses | (13,435) | (12,719) | | Operating profit | 297,658 | 174,258 | | Finance costs | (3) | (3) | | Profit before tax | 297,655 | 174,255 | | Income tax | (43,460) | (15,371) | | Profit for the period | 254,195 | 158,884 | | Profit attributable to equity holders of the company | 248,246 | 110,728 | | Profit attributable to non-controlling interests | 5,949 | 48,156 | | Basic and diluted earnings per share (USD) | 0.46 | 0.30 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=20&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit for the period was US$254,195 thousand, other comprehensive income was negative US$6,403 thousand, resulting in a total comprehensive income for the period of US$247,792 thousand, of which US$241,892 thousand was attributable to equity holders of the company Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Profit for the period | 254,195 | 158,884 | | Other comprehensive income for the period | (6,403) | (82,656) | | Total comprehensive income for the period | 247,792 | 76,228 | | Total comprehensive income attributable to equity holders of the company | 241,892 | 50,779 | | Total comprehensive income attributable to non-controlling interests | 5,900 | 25,449 | [Consolidated Statement of Financial Position](index=21&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were US$2,075,139 thousand, comprising US$1,309,110 thousand in non-current assets and US$766,029 thousand in current assets. Total liabilities were US$235,542 thousand, and total equity was US$1,839,597 thousand Key Data from Consolidated Statement of Financial Position | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Non-current assets | 1,309,110 | 1,075,300 | | Current assets | 766,029 | 645,339 | | **Total assets** | **2,075,139** | **1,720,639** | | Current liabilities | 163,048 | 397,155 | | Non-current liabilities | 72,494 | 29,124 | | **Total liabilities** | **235,542** | **426,279** | | **Total equity** | **1,839,597** | **1,294,360** | [Consolidated Statement of Changes in Equity](index=23&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to equity holders of the company increased from US$1,264,225 thousand at the beginning of the year to US$1,803,562 thousand, primarily due to profit for the period of US$248,246 thousand and issuance of new shares of US$297,445 thousand Key Data from Consolidated Statement of Changes in Equity | Indicator | As of January 1, 2025 (thousand USD) | Profit for the Period (thousand USD) | Other Comprehensive Income (thousand USD) | Issuance of New Shares (thousand USD) | As of June 30, 2025 (thousand USD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total equity attributable to equity holders of the company | 1,264,225 | 248,246 | (6,354) | 297,445 | 1,803,562 | | Non-controlling interests | 30,135 | 5,949 | (49) | — | 36,035 | | **Total equity** | **1,294,360** | **254,195** | **(6,403)** | **297,445** | **1,839,597** | [Condensed Consolidated Statement of Cash Flows](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities was US$307,269 thousand, net cash used in investing activities was US$257,218 thousand, net cash generated from financing activities was US$30,931 thousand, and cash and cash equivalents at the end of the period were US$527,213 thousand Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Net cash generated from operating activities | 307,269 | 241,199 | | Net cash used in investing activities | (257,218) | (70,919) | | Net cash generated from/(used in) financing activities | 30,931 | (23,819) | | Net increase in cash and cash equivalents | 80,982 | 146,461 | | Cash and cash equivalents at January 1 | 454,152 | 251,561 | | Effect of exchange rate changes | (7,921) | (11,898) | | Cash and cash equivalents at June 30 | 527,213 | 386,124 | [Notes to the Interim Financial Report](index=25&type=section&id=Notes%20to%20the%20Interim%20Financial%20Report) This section provides detailed notes to the interim financial report, covering the basis of preparation, changes in accounting policies, revenue and segment reporting, profit before tax, income tax, earnings per share, property, plant and equipment, right-of-use assets, inventories, trade receivables, prepayments and other receivables, cash and cash equivalents, restricted deposits, time deposits, trade payables, other payables and accrued expenses, capital, reserves and dividends, fair value measurement of financial instruments, commitments, significant related party transactions, and post-reporting period events [1 Basis of Preparation](index=25&type=section&id=1%20Basis%20of%20Preparation) The company, incorporated in the Cayman Islands, primarily engages in alumina production and sales and was listed on the Main Board of the Stock Exchange on March 25, 2025. This interim financial report is prepared in accordance with Hong Kong Accounting Standard 34 and has been authorized for issue - The company was incorporated on **June 28, 2023**, under the Companies Act of the Cayman Islands, primarily engaging in the production and sale of alumina[85](index=85&type=chunk)[86](index=86&type=chunk) - The company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **March 25, 2025**[87](index=87&type=chunk) - This interim financial report is prepared in accordance with the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[87](index=87&type=chunk) [2 Changes in Accounting Policies](index=26&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" during the current accounting period, but this amendment had no significant impact on this interim report - The Group has applied HKAS 21 (Amendment) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability", but this amendment does not have a significant impact on this interim report[89](index=89&type=chunk) [3 Revenue and Segment Reporting](index=26&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group's principal business is the production and sale of alumina, with revenue recognized at a point in time. For the six months ended June 30, 2025, revenue was US$596,814 thousand. The Group has a single operating segment, with major customers including Customer A, Customer B, and Customer C, and geographical revenue primarily from Malaysia, Hong Kong, and India [3(a) Revenue](index=26&type=section&id=3(a)%20Revenue) The Group's principal business is the production and sale of alumina (including aluminum hydroxide), with revenue recognized at a point in time. For the six months ended June 30, 2025, revenue from alumina sales was US$596,814 thousand, with major customers including Customer A, Customer B, and Customer C - The Group's principal business is the production and sale of alumina (including aluminum hydroxide), with revenue recognized at a point in time[91](index=91&type=chunk) Revenue from Alumina Sales | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Sales of alumina | 596,814 | 423,260 | Revenue from Major Customers | Customer | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Customer A | 240,487 | 210,612 | | Customer B | 202,010 | 152,524 | | Customer C | 96,954 | * | [3(b) Segment Reporting](index=27&type=section&id=3(b)%20Segment%20Reporting) The Group has a single operating segment, which is the production and sale of metallurgical-grade alumina. The chief operating decision-maker (CEO) reviews the Group's overall performance and financial position - The Group has a single operating segment, which is the production and sale of metallurgical-grade alumina[93](index=93&type=chunk) [Geographical Information](index=27&type=section&id=Geographical%20Information) The Group's revenue, segmented by customer's country of incorporation, primarily originates from Malaysia, Hong Kong, and India. The majority of non-current assets are located in Indonesia Revenue by Geographical Region | Geographical Region | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Malaysia | 240,487 | 210,612 | | Hong Kong | 228,098 | 152,524 | | India | 99,897 | — | | Singapore | 28,332 | 57,380 | | South Korea | — | 2,744 | | **Total** | **596,814** | **423,260** | - The majority of the Group's non-current assets are located in Indonesia[95](index=95&type=chunk) [4 Profit Before Tax](index=27&type=section&id=4%20Profit%20Before%20Tax) Profit before tax is achieved after deducting finance costs, staff costs, and other items. For the six months ended June 30, 2025, finance costs were US$3 thousand, staff costs were US$26,753 thousand, and depreciation expense was US$28,940 thousand [4(a) Finance Costs](index=27&type=section&id=4(a)%20Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were US$3 thousand, consistent with the prior year, primarily representing interest on lease liabilities Finance Costs | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Interest on lease liabilities | 3 | — | | Interest on defined benefit obligations | — | 3 | | **Total** | **3** | **3** | [4(b) Staff Costs](index=28&type=section&id=4(b)%20Staff%20Costs) For the six months ended June 30, 2025, staff costs were approximately US$26,753 thousand, a significant increase from US$16,351 thousand in the prior year, primarily including salaries, wages, and other benefits Staff Costs | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 25,107 | 15,666 | | Contributions to defined contribution retirement plans | 1,646 | 660 | | Expenses recognized for defined benefit obligations | — | 25 | | **Total** | **26,753** | **16,351** | [4(c) Other Items](index=28&type=section&id=4(c)%20Other%20Items) For the six months ended June 30, 2025, depreciation expense was US$28,940 thousand, listing expenses were US$903 thousand, and cost of inventories was US$292,885 thousand Other Items | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Amortization | 369 | 333 | | Depreciation expense | 28,940 | 25,967 | | Listing expenses | 903 | 1,227 | | Cost of inventories | 292,885 | 244,560 | [5 Income Tax](index=29&type=section&id=5%20Income%20Tax) For the six months ended June 30, 2025, income tax expense was US$43,460 thousand, primarily including Pillar Two income tax of US$39,031 thousand. The Group is subject to global anti-base erosion rules, and Indonesia has implemented a domestic minimum top-up tax [5(a) Tax in Consolidated Statement of Profit or Loss](index=29&type=section&id=5(a)%20Tax%20in%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, total tax in the consolidated statement of profit or loss was US$43,460 thousand, comprising current tax of US$39,053 thousand (mainly Pillar Two income tax) and deferred tax of US$4,407 thousand Tax in Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Current tax | 39,053 | 7,395 | | Pillar Two income tax | 39,031 | — | | Corporate income tax | 22 | 24 | | Withholding tax | — | 7,371 | | Deferred tax | 4,407 | 7,976 | | **Total** | **43,460** | **15,371** | - The Indonesian subsidiary, BAI, has been granted corporate income tax exemption in Indonesia, including a **20-year exemption** from **2021 to 2040**, and a **50% reduction** of the normal tax rate from **2041 to 2042**[99](index=99&type=chunk) [5(b) Pillar Two Income Tax](index=30&type=section&id=5(b)%20Pillar%20Two%20Income%20Tax) The Group is subject to the global anti-base erosion rules (Pillar Two Model Rules) issued by the OECD. Effective January 1, 2025, the Group's profits in Indonesia are subject to a domestic minimum top-up tax, and Pillar Two income tax expense has been recognized accordingly - The Group is part of a multinational enterprise group and is subject to the global anti-base erosion rules (Pillar Two Model Rules) issued by the Organisation for Economic Co-operation and Development[100](index=100&type=chunk) - Effective **January 1, 2025**, the Group's profits in Indonesia are subject to the Indonesian domestic minimum top-up tax, which came into effect on **January 1, 2025**, and Pillar Two income tax expense has been recognized accordingly[100](index=100&type=chunk) [6 Earnings Per Share](index=30&type=section&id=6%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share was US$0.46, calculated based on profit attributable to ordinary equity holders of the company of US$248,246,000 and a weighted average of 544,518,000 ordinary shares. Diluted earnings per share was the same as basic earnings per share [6(a) Basic Earnings Per Share](index=30&type=section&id=6(a)%20Basic%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share was US$0.46, an increase from US$0.30 in the prior year Basic Earnings Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Basic earnings per share (USD) | 0.46 | 0.30 | | Profit attributable to ordinary equity holders (USD) | 248,246,000 | 110,728,000 | | Weighted average number of ordinary shares outstanding (shares) | 544,518,000 | 372,055,000 | [6(b) Diluted Earnings Per Share](index=30&type=section&id=6(b)%20Diluted%20Earnings%20Per%20Share) Diluted earnings per share was the same as basic earnings per share due to the anti-dilutive effect of the over-allotment option - The over-allotment option was not included in the calculation of diluted earnings per share as its effect would be anti-dilutive. Therefore, diluted earnings per share is the same as basic earnings per share[103](index=103&type=chunk) [7 Property, Plant and Equipment](index=31&type=section&id=7%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the carrying amount of property, plant and equipment was US$1,207,898 thousand, with additions of US$268,685 thousand during the period, primarily for new alumina production project facilities under construction Changes in Property, Plant and Equipment | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | At January 1 | 969,020 | 869,594 | | Additions | 268,685 | 39,508 | | Disposals | (3) | (1) | | Depreciation | (27,736) | (27,423) | | Exchange adjustments | (2,068) | (53,603) | | At June 30 | 1,207,898 | 828,075 | - Additions to property, plant and equipment primarily relate to new alumina production project facilities under construction[105](index=105&type=chunk) [8 Right-of-use Assets](index=31&type=section&id=8%20Right-of-use%20Assets) As of June 30, 2025, total right-of-use assets amounted to US$49,491 thousand, primarily consisting of leased land. Depreciation for the period was US$1,204 thousand. Formal certificates for some leased land are still pending application Changes in Right-of-use Assets | Indicator | Leased Land (thousand USD) | Leased Office Buildings (thousand USD) | Total (thousand USD) | | :--- | :--- | :--- | :--- | | At January 1 | 50,729 | 203 | 50,932 | | Depreciation for the period | (1,140) | (64) | (1,204) | | Exchange adjustments | (236) | (1) | (237) | | At June 30 | 49,353 | 138 | 49,491 | - As of **June 30, 2025**, formal certificates for several plots of leased land with a carrying amount of **US$39,648,000** are still in the application process[106](index=106&type=chunk) [9 Inventories](index=32&type=section&id=9%20Inventories) As of June 30, 2025, total inventories amounted to US$126,902 thousand, primarily comprising raw materials of US$92,778 thousand and work-in-progress of US$32,089 thousand Inventory Composition | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Raw materials | 92,778 | 54,357 | | Work-in-progress | 32,089 | 35,823 | | Finished goods | 2,035 | 9,439 | | **Total** | **126,902** | **99,619** | - The amount of inventories recognized as expense and included in profit or loss was **US$292,885 thousand** (2024: US$244,560 thousand)[108](index=108&type=chunk) [10 Trade Receivables](index=32&type=section&id=10%20Trade%20Receivables) As of June 30, 2025, total trade receivables were US$63,212 thousand, primarily from third parties. All trade receivables are expected to be recovered within one year, with most aged within 3 months Trade Receivables | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Trade receivables — Third parties | 63,787 | 41,345 | | Trade receivables — Related parties | — | 35 | | **Total** | **63,787** | **41,380** | | Less: Loss allowance | (575) | (374) | | **Net** | **63,212** | **41,006** | - All trade receivables are expected to be recovered within one year[108](index=108&type=chunk) Ageing Analysis of Trade Receivables | Ageing | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Within 3 months | 63,097 | 41,006 | | 3–6 months | — | 115 | | **Total** | **63,212** | **41,006** | [11 Prepayments and Other Receivables](index=33&type=section&id=11%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, current prepayments and other receivables amounted to US$34,608 thousand, and non-current portion was US$47,089 thousand, primarily for the purchase of property, plant and equipment Prepayments and Other Receivables | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | **Current portion** | | | | Prepayments — Purchase of inventories | 15,691 | 29,059 | | Recoverable VAT | 13,042 | 15,476 | | Other recoverable taxes | 3,766 | — | | Amounts due from related parties | 4 | 1 | | Capitalized listing expenses | — | 693 | | Others | 2,105 | 1,017 | | **Total current** | **34,608** | **46,246** | | **Non-current portion** | | | | Prepayments — Purchase of leased land | 1,749 | 1,757 | | Prepayments — Purchase of property, plant and equipment | 45,340 | 48,985 | | **Total non-current** | **47,089** | **50,742** | - The balance of capitalized listing expenses was transferred to the share premium account within equity after the company's shares were listed on the Stock Exchange[113](index=113&type=chunk) [12 Cash and Cash Equivalents/Restricted Deposits/Time Deposits](index=34&type=section&id=12%20Cash%20and%20Cash%20Equivalents%2FRestricted%20Deposits%2FTime%20Deposits) As of June 30, 2025, cash and cash equivalents were US$527,213 thousand, restricted deposits were US$1,355 thousand, and time deposits (initial maturity of 3 to 12 months) were US$12,739 thousand [12(a) Cash and Cash Equivalents](index=34&type=section&id=12(a)%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, total cash and cash equivalents amounted to US$527,213 thousand, primarily comprising bank balances and time deposits with initial maturity of less than 3 months Cash and Cash Equivalents | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Bank balances | 393,395 | 454,137 | | Cash on hand | 24 | 15 | | Time deposits — Initial maturity less than 3 months | 133,794 | — | | **Total** | **527,213** | **454,152** | [12(b) Restricted Deposits](index=34&type=section&id=12(b)%20Restricted%20Deposits) As of June 30, 2025, restricted deposits amounted to US$1,355 thousand, primarily including margins for forward foreign exchange contracts and letters of credit Restricted Deposits | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Restricted deposits | 1,355 | 4,316 | - Restricted deposits include margins for forward foreign exchange contracts and letters of credit[114](index=114&type=chunk) [12(c) Time Deposits](index=34&type=section&id=12(c)%20Time%20Deposits) As of June 30, 2025, current time deposits (initial maturity of 3 to 12 months) were US$12,739 thousand, and non-current time deposits (initial maturity over 12 months) were US$419 thousand Time Deposits | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Time deposits — Initial maturity of 3 to 12 months | 12,739 | — | | Time deposits — Initial maturity over 12 months | 419 | — | [13 Trade Payables](index=35&type=section&id=13%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to US$45,428 thousand, comprising US$13,816 thousand to related parties and US$31,612 thousand to third parties. All amounts are expected to be settled within one year Trade Payables | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Related parties | 13,816 | 6,767 | | Third parties | 31,612 | 11,124 | | **Total** | **45,428** | **17,891** | - All trade payables are expected to be settled within one year or repayable on demand[117](index=117&type=chunk) Ageing Analysis of Trade Payables | Ageing | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Within 1 year | 45,428 | 17,891 | [14 Other Payables and Accrued Expenses](index=35&type=section&id=14%20Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, total other payables and accrued expenses amounted to US$116,917 thousand, primarily including payables for property, plant and equipment of US$103,670 thousand. All balances are expected to be settled within one year Other Payables and Accrued Expenses | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Dividends payable | — | 267,058 | | Payables for purchase of property, plant and equipment | 103,670 | 83,302 | | Accrued salaries and other benefits | 4,118 | 6,601 | | Taxes and surcharges payable | 1,343 | 1,203 | | Others | 7,786 | 3,898 | | **Total** | **116,917** | **362,062** | - All balances are expected to be settled within one year[119](index=119&type=chunk) [15 Capital, Reserves and Dividends](index=36&type=section&id=15%20Capital%2C%20Reserves%20and%20Dividends) This section details changes in share capital, the formation of share premium, and the declaration and payment of dividends. The company issued new shares after listing, increasing share capital and share premium, and declared its first interim dividend post-listing [15(a) Share Capital](index=36&type=section&id=15(a)%20Share%20Capital) The company completed a share split on March 10, 2025, increasing issued shares to 500,000,000. Subsequently, a global offering and partial exercise of the over-allotment option resulted in the issuance of 89,435,200 new ordinary shares, bringing the total issued shares to 589,435,200 - On **March 10, 2025**, the company's issued and unissued shares with a par value of **US$0.000001** each were split into **5 shares** with a par value of **US$0.0000002** each, increasing the issued shares to **500,000,000**[120](index=120&type=chunk) - On **March 25, 2025**, the company's shares were listed on the Main Board of the Stock Exchange, with **88,235,300 shares** issued at a price of **HK$26.60** per share[120](index=120&type=chunk) - On **April 24, 2025**, the over-allotment shares were listed on the Main Board of the Stock Exchange, with **1,199,900 shares** issued at a price of **HK$26.60** per share[120](index=120&type=chunk) [15(b) Share Premium](index=36&type=section&id=15(b)%20Share%20Premium) Following the completion of the global offering and partial exercise of the over-allotment option, the company issued 89,435,200 new ordinary shares, generating a share premium of US$297,445,000 - Following the completion of the initial public offering and partial exercise of the over-allotment option, the company issued **89,435,200 new ordinary shares**, generating a share premium of **US$297,445,000**[122](index=122&type=chunk) [15(c) Dividends](index=36&type=section&id=15(c)%20Dividends) The Board has declared an interim dividend of HK$0.65 per share for the six months ended June 30, 2025. During the interim period, the company paid dividends of US$260,000 thousand Dividend Declaration and Payment | Indicator | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Interim dividend declared after the interim period of HK$0.65 (approx. US$0.08) per share | 49,649 | — | | Dividends paid by the company (attributable to previous financial year) | 260,000 | — | [16 Fair Value Measurement of Financial Instruments](index=37&type=section&id=16%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) This section explains the fair value measurement methods for financial instruments, classifying them into a three-level fair value hierarchy. As of June 30, 2025, no financial assets and liabilities measured at fair value were classified as Level 2, and the carrying amounts of financial instruments accounted for at amortized cost did not differ significantly from their fair values [16(a) Financial Assets and Liabilities Measured at Fair Value](index=37&type=section&id=16(a)%20Financial%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) As of June 30, 2025, no financial assets and liabilities measured at fair value were classified as Level 2. The fair value of forward foreign exchange contracts is determined by discounting the difference between the contractual forward price and the current forward price Financial Liabilities Measured at Fair Value (Level 2) | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Other financial liabilities — Forward foreign exchange contracts | — | 1,820 | - The fair value of Level 2 forward foreign exchange contracts is determined by discounting the difference between the contractual forward price and the current forward price[126](index=126&type=chunk) [16(b) Fair Value of Financial Assets and Liabilities Not Measured at Fair Value](index=37&type=section&id=16(b)%20Fair%20Value%20of%20Financial%20Assets%20and%20Liabilities%20Not%20Measured%20at%20Fair%20Value) The carrying amounts of the Group's financial instruments accounted for at amortized cost did not differ significantly from their fair values as of June 30, 2025, and December 31, 2024 - The carrying amounts of the Group's financial instruments accounted for at amortized cost did not differ significantly from their fair values as of **June 30, 2025**, and **December 31, 2024**[127](index=127&type=chunk) [17 Commitments](index=37&type=section&id=17%20Commitments) As of June 30, 2025, the Group's contracted capital commitments for property, plant and equipment amounted to US$174,001 thousand Capital Commitments | Indicator | As of June 30, 2025 (thousand USD) | As of December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Commitments for property, plant and equipment — Contracted | 174,001 | 269,211 | [18 Significant Related Party Transactions](index=38&type=section&id=18%20Significant%20Related%20Party%20Transactions) This section lists the Group's significant transactions with various related parties, including purchases of raw materials, property, plant and equipment, and services, as well as sales of alumina and scrap. Key management personnel compensation is also disclosed. The company's immediate parent company is Nanshan Aluminium Investment Holding Limited, and the ultimate controlling party is Nanshan Village Residents' Committee, Dongjiang Street, Longkou City, Shandong Province, China [18(a) Names/Designations and Relationships of Related Parties with Significant Transactions with the Group](index=38&type=section&id=18(a)%20Names%2FDesignations%20and%20Relationships%20of%20Related%20Parties%20with%20Significant%20Transactions%20with%20the%20Group) The Group's related parties include intermediate holding companies NAS and NAIHL, the ultimate controlling party Nanshan Village Residents' Committee, and several companies controlled by Mr. Santony and his close family members, among others - Related parties include intermediate holding companies Nanshan Aluminium Singapore Co. Pte. Ltd. (NAS) and Nanshan Aluminium Investment Holding Limited (NAIHL)[129](index=129&type=chunk) - Related parties also include Shandong Nanshan Aluminium Co., Ltd., Yantai Jintai International Trade Co., Ltd., Shandong Nanshan International Travel Service Co., Ltd., PT. Bintan Electrolytic Aluminium[129](index=129&type=chunk) - Several companies controlled by Mr. Santony and/or his close family members are also related parties[129](index=129&type=chunk) [18(b) Key Management Personnel Compensation](index=38&type=section&id=18(b)%20Key%20Management%20Personnel%20Compensation) For the six months ended June 30, 2025, the Group's key management personnel compensation totaled US$634 thousand, an increase from the prior year Key Management Personnel Compensation | Indicator | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--- | :--- | :--- | | Short-term employee benefits | 606 | 348 | | Contr

Core Viewpoint - Nanshan Aluminium International Holdings reported strong interim results for 1H25, with significant revenue and profit growth driven by rising alumina sales prices and volumes [1][2]. Financial Performance - Revenue increased by 41.0% year-on-year to approximately US$597 million, while profit attributable to shareholders surged by 124.2% year-on-year to around US$248 million, slightly exceeding expectations due to higher-than-expected sales prices [1]. - Gross profit rose by 70.1% year-on-year, with gross margin improving by 8.7 percentage points to 50.9% [2]. - The selling price of alumina increased by 36.9% year-on-year to US$529 per ton, while operating costs rose by 16.3% year-on-year to US$260 per ton [1]. Tax and Dividend - The company will face an increase in corporate income tax to 15% effective January 1, 2025, due to compliance with the Global Anti-Base Erosion Rules [2]. - An interim dividend was declared for the first time since the IPO, with a payout ratio of approximately 20% to reward shareholders [2]. Production Capacity and Expansion - Nanshan Aluminium is a leading alumina producer in Southeast Asia, with ongoing project construction progressing faster than expected [3]. - The company has built alumina production capacity of 3 million tons per year, with Phase II of a new project expected to start production in Q4 2025 or Q1 2026 [3]. Competitive Advantages - Cost advantages stem from Indonesia's abundant bauxite and coal resources, along with an expanding deep-water port to enhance logistics efficiency [5]. - Regional advantages include tax incentives for up to 20 years in the Galang Batang KEK, allowing alumina products to be utilized throughout Southeast Asia [5]. - Shareholder advantages arise from strong industrial synergies among the major shareholders in midstream alumina production, downstream consumption, and upstream bauxite supply [5]. Financial Forecasts and Valuation - Net profit forecasts for 2025 and 2026 have been raised by 7% and 9% to US$374 million and US$500 million, respectively [5]. - A-shares are trading at 9x and 6x estimated P/E for 2025 and 2026 [5]. - The target price has been raised by 58% to HK$52.59, reflecting a 25% upside based on upward earnings revisions and improving market risk appetite [5].

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

Core Viewpoint - Nanshan Aluminum International reported strong mid-year results for 2025, with significant increases in revenue and profit, leading to a positive market response and an increase in target price by analysts [1] Financial Performance - Revenue reached $597 million, a year-on-year increase of 41% [1] - Shareholder profit amounted to $248 million, reflecting a year-on-year increase of 124.19% [1] - The company proposed an interim dividend of HK$0.65 per share, with a payout ratio of approximately 20% [1] Market Position and Future Outlook - The company is expected to become the largest alumina producer in Southeast Asia following the commissioning of its second-phase capacity [1] - Analysts have raised net profit forecasts for the next two years by 7% and 9%, projecting profits of $374 million and $500 million respectively [1] - The target price for the stock has been increased by 58% to HK$52.59, maintaining an "outperform" rating [1]