Core Viewpoint - CICC has raised the net profit estimates for Nanshan Aluminum International (02610) for 2025 and 2026 by 7% and 9% to $374 million and $500 million respectively, due to increased production and sales along with rising prices [1] Group 1: Financial Performance - The company reported a revenue of approximately $597 million for 1H25, representing a year-on-year increase of 41.0% [1] - Shareholder profit for 1H25 was approximately $248 million, showing a significant year-on-year growth of 124.2% [1] - The 1H25 performance slightly exceeded CICC's expectations, driven by the increase in both volume and price of alumina [1] Group 2: Production and Pricing - In 1H25, alumina sales volume reached 1.127 million tons, up 3.0% year-on-year, while the average selling price was $529 per ton, reflecting a 36.9% increase year-on-year [1] - The operating cost per ton of alumina in 1H25 was $260, which is a 16.3% increase year-on-year, primarily due to the impact of the OECD's Pillar Two tax rules [1] Group 3: Future Outlook and Expansion - The company is a leading alumina producer in Southeast Asia, with a total alumina production capacity of 3 million tons per year as of August 2025, and a new project expected to add another 1 million tons of capacity by late 2025 or early 2026 [1] - CICC believes that the company's cost advantages, including access to abundant bauxite and coal resources in Indonesia, will support its expansion [1] - The company is also expanding its logistics capabilities by constructing a 70,000-ton deep-water port to enhance efficiency and reduce costs [1]

Core Viewpoint - CICC has raised the net profit forecast for Nanshan Aluminum International for 2025/2026 by 7%/9% to $374 million/$500 million due to increased production and sales, as well as rising prices [1] Group 1: Financial Performance - In 1H25, the company's revenue reached approximately $597 million, a year-on-year increase of 41.0%, while the profit attributable to shareholders was about $248 million, up 124.2% year-on-year [1] - The increase in performance was primarily driven by higher sales prices, which exceeded expectations [1] - The alumina sales volume in 1H25 was 1.127 million tons, a year-on-year increase of 3.0%, with an average selling price of $529 per ton, up 36.9% year-on-year [2] Group 2: Cost and Profitability - The operating cost for alumina in 1H25 was $260 per ton, a year-on-year increase of 16.3%, mainly due to rising raw material prices [2] - The gross profit margin improved to 50.9%, reflecting a year-on-year increase of 8.7 percentage points, with gross profit rising by 70.1% [2] Group 3: Tax and Dividend Policy - Starting January 1, 2025, the company will adhere to the OECD's global anti-base erosion rules, increasing its income tax rate to 15%, up approximately 6 percentage points from 2024 [3] - The company announced its first interim dividend post-listing, with a payout ratio of about 20% to reward shareholders [3] Group 4: Production Capacity and Market Position - As of August 2025, the company has established alumina production capacity of 3 million tons per year, with the second phase of a new project expected to be operational in Q4 2025 or Q1 2026 [4] - Upon completion of the second phase, the company will become the largest alumina producer in Southeast Asia, enhancing its market influence in the region [4] Group 5: Competitive Advantages - The company benefits from cost advantages due to abundant bauxite and coal resources in Indonesia, along with logistical efficiencies from expanding a deep-water port [5] - The project is located in the Karangbata Economic Zone, which offers a 20-year tax incentive, allowing the company to serve the entire Southeast Asian market [5] - The three major shareholders possess strong industry advantages across the alumina production and supply chain, facilitating synergy and complementary strengths [5]

截至月份: 2025年8月31日 狀態: 新提交 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 FF301 致：香港交易及結算所有限公司 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 | | 0.0000002 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 公司名稱: ...

Core Viewpoint - Nanshan Aluminum's half-year report for 2025 shows significant growth in revenue and profit, driven by strong performance in the aviation sector and international expansion efforts [1][5]. Financial Performance - The company achieved operating revenue of 17.274 billion yuan, a year-on-year increase of 10.25% [3] - Net profit attributable to shareholders reached 2.625 billion yuan, up 19.95% year-on-year [3] - The net profit after deducting non-recurring gains and losses was 2.611 billion yuan, reflecting a growth of 21.04% [3] Dividend Distribution - The company plans to distribute a cash dividend of 0.40 yuan per share (including tax), totaling 465 million yuan (including tax) [4][23]. Growth Drivers - Increased production and sales of alumina in Indonesia, along with higher overseas alumina prices and rising average aluminum ingot prices, contributed to revenue and profit growth [5]. International Expansion - Nanshan Aluminum International successfully listed on the Hong Kong Stock Exchange on March 25, 2025, raising over 2 billion HKD for the expansion of its alumina production base in Indonesia [6]. Production Capacity and Technology - The alumina project in Indonesia has achieved significant production capacity, with 2 million tons currently operational and plans for an additional 1 million tons [9]. - The company is also investing in a 20,000-ton caustic soda and 16,500-ton epoxy chloropropane project in Indonesia [10]. Sustainability Initiatives - Nanshan Aluminum is investing in high-quality recycled aluminum projects to reduce energy consumption and greenhouse gas emissions [11][13]. - The company has received various ESG awards and improved its MSCI ESG rating to "BBB" [11][27]. Aviation and Automotive Sectors - Nanshan Aluminum is a key supplier for major aircraft manufacturers, including Boeing and Airbus, and is involved in the production of critical components for the C919 aircraft [15]. - The company maintains strong partnerships with leading automotive brands, ensuring stable growth in the automotive aluminum market [17]. Industry Positioning - Nanshan Aluminum has established a comprehensive aluminum processing industry chain, focusing on high-value-added products such as automotive and aviation aluminum [20][22].

Core Insights - Nanshan Aluminum International reported a revenue of approximately $597 million for the six months ending June 30, 2025, representing a year-on-year increase of 41.0% [1] - The company's profit attributable to shareholders was approximately $248 million, reflecting a significant year-on-year growth of about 124.2% [1] - The board declared an interim dividend of HKD 0.65 per share for the six months ending June 30, 2025, compared to zero for the same period ending June 30, 2024 [1] Pricing Strategy - The company typically references market indices to determine pricing for products sold (excluding spot trading), using a formulaic approach [1] - Annual contracts are priced based on market index references [1] - For spot trading of alumina, pricing is determined through a bidding process based on market indices [1]

Group 1 - The company reported a revenue of 597 million USD for the six months ending June 30, 2025, representing a year-on-year increase of 41% [1] - Shareholders' profit attributable to the company was 248 million USD, showing a significant year-on-year increase of 124.19% [1] - The basic earnings per share were reported at 0.46 USD, and the company proposed an interim dividend of 0.65 HKD per share [1]

EF001 免責聲明 | 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，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 南山鋁業國際控股有限公司 | | 股份代號 | 02610 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.65 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.65 HKD | | 匯率 | 1 HKD : 1 HK ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported unaudited consolidated results for the six months ended June 30, 2025, showing a 41.0% revenue increase to 596.8 million USD and a 124.2% profit increase to 248.2 million USD, with significant asset growth and an interim dividend of HKD 0.65 per share | Metric | Six Months Ended June 30, 2025 (Thousand USD) | Six Months Ended June 30, 2024 (Thousand USD) | Year-over-Year Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 596,800 | 423,300 | 41.0% | | Profit Attributable to Shareholders | 248,200 | 110,700 | 124.2% | | Total Assets (Period-end) | 2,075,100 | 1,720,600 (December 31, 2024) | 20.6% (vs. December 31, 2024) | | Total Shareholders' Equity (Period-end) | 1,803,600 | 1,264,200 (December 31, 2024) | 42.7% (vs. December 31, 2024) | | Interim Dividend Per Share | 0.65 HKD | Zero | N/A | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the unaudited consolidated financial statements of Nanshan Aluminum International Holdings Limited for the six months ended June 30, 2025, including the income statement, statement of profit or loss and other comprehensive income, and statement of financial position, providing an overview of the company's profitability, comprehensive income, and financial health during the reporting period [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company achieved revenue of 596.8 million USD, gross profit of 303.9 million USD, profit for the period of 254.2 million USD, with 248.2 million USD attributable to equity holders, and basic and diluted earnings per share of 0.46 USD | Metric | 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 | | Operating Profit | 297,658 | 174,258 | | 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 | | Basic and Diluted Earnings Per Share (USD) | 0.46 | 0.30 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a profit for the period of 254.2 million USD, with other comprehensive income of negative 6.403 million USD, resulting in total comprehensive income of 247.8 million USD, of which 241.9 million USD was attributable to equity holders | Metric | 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 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were approximately 2,075.1 million USD, a 20.6% increase from December 31, 2024, with non-current assets primarily comprising property, plant, and equipment, and net current assets significantly growing to 603.0 million USD, bringing total shareholders' equity to 1,839.6 million USD | Metric | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 1,309,110 | 1,075,300 | 21.7% | | Current Assets | 766,029 | 645,339 | 18.7% | | Current Liabilities | 163,048 | 397,155 | -59.0% | | Net Current Assets | 602,981 | 248,184 | 143.0% | | Total Assets Less Current Liabilities | 1,912,091 | 1,323,484 | 44.5% | | Non-current Liabilities | 72,494 | 29,124 | 149.0% | | Net Assets (Total Equity) | 1,839,597 | 1,294,360 | 42.1% | | Total Equity Attributable to Equity Holders of the Company | 1,803,562 | 1,264,225 | 42.7% | [Notes to the Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Interim%20Financial%20Statements) This section provides detailed notes to the interim financial statements, explaining the basis of preparation, changes in accounting policies, composition and reasons for changes in financial data, and significant operating and financial information, offering deeper context for understanding the company's financial performance and position [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34, authorized for issue on August 28, 2025, and, while unaudited, has been reviewed by KPMG, with the company's functional currency being HKD and financial statements presented in USD - The company was incorporated in the Cayman Islands on June 28, 2023, primarily engaged in the production and sale of alumina, and listed on the Main Board of the Hong Kong Stock Exchange on March 25, 2025[8](index=8&type=chunk)[9](index=9&type=chunk) - This interim financial report is prepared in accordance with Hong Kong Accounting Standard 34, unaudited but reviewed by KPMG[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's functional currency is HKD, and financial statements are presented in USD[10](index=10&type=chunk) [2 Changes in Accounting Policies](index=7&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 material impact on the interim report as the Group had no transactions involving non-exchangeable foreign currencies - The Group applied HKAS 21 (Amendment), but it had no material impact on the interim report due to the absence of non-exchangeable foreign currency transactions[11](index=11&type=chunk) - No new standards or interpretations not yet effective were applied in this accounting period[12](index=12&type=chunk) [3 Revenue and Segment Reporting](index=8&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group primarily engages in alumina production and sales, with revenue recognized at a point in time, totaling 596.8 million USD from alumina sales for the six months ended June 30, 2025, operating as a single segment, with Malaysia, Hong Kong, and India as key markets based on customer location - The Group's principal business is the production and sale of alumina (including aluminum hydroxide), with revenue recognized at a point in time[13](index=13&type=chunk) - The Group has only one operating segment, which is the production and sale of metallurgical grade alumina[15](index=15&type=chunk) [3(a) Revenue](index=8&type=section&id=3(a)%20Revenue) For the six months ended June 30, 2025, the Group's alumina sales revenue significantly increased to 596.8 million USD from 423.3 million USD in the prior year, with key customers including Customer A, Customer B, and Customer C | Revenue Source | Six Months Ended June 30, 2025 (Thousand USD) | Six Months Ended June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Sales of alumina | 596,814 | 423,260 | | Major Customers | 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 | * | *Transactions with this customer did not exceed 10% of the Group's revenue. [3(b) Segment Reporting](index=9&type=section&id=3(b)%20Segment%20Reporting) The Group is considered a single operating segment, as the CEO comprehensively reviews overall performance and financial position for resource allocation and performance assessment, thus no further segment analysis is presented - The Group has only a single operating segment, the production and sale of alumina, thus no further segment analysis is presented[15](index=15&type=chunk) [Geographical Information](index=9&type=section&id=Geographical%20Information) Revenue primarily originates from Malaysia, Hong Kong, and India, with significant growth in the Indian market during the first half of 2025, while the majority of the Group's non-current assets are located in Indonesia | 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[17](index=17&type=chunk) [4 Profit Before Tax](index=9&type=section&id=4%20Profit%20Before%20Tax) Profit before tax is derived after deducting finance costs, staff costs, and other items; for the six months ended June 30, 2025, finance costs remained stable, while staff costs and depreciation expenses significantly increased - Profit before tax is derived after deducting finance costs, staff costs, and other items[18](index=18&type=chunk) [4(a) Finance Costs](index=9&type=section&id=4(a)%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs were 3 thousand USD, consistent with the prior year, primarily comprising interest on lease liabilities | Finance Costs | 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=10&type=section&id=4(b)%20Staff%20Costs) For the six months ended June 30, 2025, total staff costs significantly increased to 26.753 million USD from 16.351 million USD in the prior year, primarily due to growth in salaries, wages, and other benefits | Staff Costs | 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 recognised in respect of defined benefit obligations | — | 25 | | **Total** | **26,753** | **16,351** | [4(c) Other Items](index=10&type=section&id=4(c)%20Other%20Items) For the six months ended June 30, 2025, total depreciation expenses increased to 28.94 million USD from the prior year, primarily due to depreciation of property, plant, and equipment, while listing expenses decreased | Other Items | Six Months Ended June 30, 2025 (Thousand USD) | Six Months Ended June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Amortisation | 369 | 333 | | Depreciation expenses | 28,940 | 25,967 | | Listing expenses | 903 | 1,227 | | Cost of inventories | 292,885 | 244,560 | [5 Income Tax](index=11&type=section&id=5%20Income%20Tax) For the six months ended June 30, 2025, income tax expense significantly increased to 43.46 million USD, primarily due to the recognition of Pillar Two income tax, with the company subject to corporate income tax in jurisdictions like Singapore and Indonesia, where a key operating subsidiary enjoys tax exemption - Income tax expense significantly increased, primarily due to Pillar Two income tax arising from the Global Anti-Base Erosion Model Rules ('Pillar Two Model Rules')[20](index=20&type=chunk)[21](index=21&type=chunk) - BAI, a key operating subsidiary in Indonesia, enjoys a 20-year exemption from Indonesian corporate income tax from 2021 to 2040, and a 50% reduction in the normal tax rate from 2041 to 2042[20](index=20&type=chunk) [5(a) Tax in the Consolidated Income Statement](index=11&type=section&id=5(a)%20Tax%20in%20the%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, current tax primarily consisted of 39.031 million USD in Pillar Two income tax, with deferred tax amounting to 4.407 million USD | Tax Type | Six Months Ended June 30, 2025 (Thousand USD) | Six Months Ended June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Current tax - Pillar Two income tax | 39,031 | — | | Current tax - Corporate income tax | 22 | 24 | | Current tax - Withholding tax | — | 7,371 | | Deferred tax | 4,407 | 7,976 | | **Total** | **43,460** | **15,371** | [5(b) Pillar Two Income Tax](index=12&type=section&id=5(b)%20Pillar%20Two%20Income%20Tax) Effective January 1, 2025, the Group's profits in Indonesia are subject to domestic minimum top-up tax, with corresponding Pillar Two income tax expenses recognized, and profits in Hong Kong and other jurisdictions will also be subject to Pillar Two income tax under relevant regulations - Effective January 1, 2025, the Group's profits in Indonesia are subject to domestic minimum top-up tax, and corresponding Pillar Two income tax expenses have been recognized[21](index=21&type=chunk) - The Group is also subject to Pillar Two income tax on its profits in Hong Kong SAR and certain other jurisdictions that have not yet implemented domestic minimum top-up tax[21](index=21&type=chunk) [6 Earnings Per Share](index=13&type=section&id=6%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share increased to 0.46 USD from 0.30 USD in the prior year, with diluted earnings per share remaining the same as basic earnings per share due to the anti-dilutive effect of the over-allotment option - For the six months ended June 30, 2025, basic earnings per share increased to **0.46 USD** from **0.30 USD** in the prior year[22](index=22&type=chunk) - Diluted earnings per share are the same as basic earnings per share because the over-allotment option has an anti-dilutive effect[24](index=24&type=chunk) [6(a) Basic Earnings Per Share](index=13&type=section&id=6(a)%20Basic%20Earnings%20Per%20Share) Basic earnings per share are calculated based on profit attributable to ordinary equity holders of the company of 248.2 million USD and a weighted average of 544.5 million ordinary shares outstanding during the interim period | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the Company (Thousand USD) | 248,246 | 110,728 | | Weighted average number of ordinary shares (Thousand shares) | 544,518 | 372,055 | | Basic earnings per share (USD) | 0.46 | 0.30 | [6(b) Diluted Earnings Per Share](index=13&type=section&id=6(b)%20Diluted%20Earnings%20Per%20Share) The over-allotment option was not included in the diluted earnings per share calculation because its effect would be anti-dilutive, thus diluted earnings per share are the same as basic earnings per share - The over-allotment option was not included in the diluted earnings per share calculation due to its anti-dilutive effect, resulting in diluted earnings per share being the same as basic earnings per share[24](index=24&type=chunk) [7 Property, Plant and Equipment](index=14&type=section&id=7%20Property%20Plant%20and%20Equipment) As of June 30, 2025, the carrying amount of property, plant, and equipment was 1,207.9 million USD, a significant increase from the beginning of the year, primarily due to additions to facilities for the new alumina production project under construction | Metric | June 30, 2025 (Thousand USD) | June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | At January 1 | 969,020 | 869,594 | | Additions | 268,685 | 39,508 | | Depreciation | (27,736) | (27,423) | | At June 30 | 1,207,898 | 828,075 | - Additions to property, plant, and equipment primarily relate to facilities for the new alumina production project under construction, totaling **268.7 million USD** for the six months ended June 30, 2025[25](index=25&type=chunk) [8 Right-of-use Assets](index=14&type=section&id=8%20Right-of-use%20Assets) As of June 30, 2025, the carrying amount of right-of-use assets was 49.491 million USD, primarily comprising leased land, and the company's directors believe that despite pending formal certificates for some leased land, there will be no material adverse impact on operations | Right-of-use Assets | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | At January 1 | 50,932 | N/A | | Depreciation for the period | (1,204) | N/A | | At June 30 | 49,491 | 50,932 | - As of June 30, 2025, formal certificates for several leased land plots are still pending, but the directors believe this will not have a material adverse impact on the Group's operations[26](index=26&type=chunk) [9 Inventories](index=15&type=section&id=9%20Inventories) As of June 30, 2025, total inventories amounted to 126.9 million USD, an increase from December 31, 2024, primarily driven by a significant rise in raw materials inventory | Inventory Category | June 30, 2025 (Thousand USD) | 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** | | Inventories Recognized as Expense | Six Months Ended June 30, 2025 (Thousand USD) | Six Months Ended June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Carrying amount of inventories sold | 292,885 | 244,560 | [10 Trade Receivables](index=15&type=section&id=10%20Trade%20Receivables) As of June 30, 2025, total trade receivables were 63.212 million USD, an increase from December 31, 2024, with all trade receivables expected to be recovered within one year and most aged within three months | Metric | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Trade receivables | 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, with the majority aged within three months[27](index=27&type=chunk)[28](index=28&type=chunk) [11 Prepayments and Other Receivables](index=16&type=section&id=11%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, current prepayments and other receivables totaled 34.608 million USD, with non-current portions amounting to 47.089 million USD, primarily for the purchase of property, plant, and equipment | Category | June 30, 2025 (Thousand USD) | 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 | | Capitalised listing expenses | — | 693 | | Others | 2,105 | 1,017 | | **Total current** | **34,608** | **46,246** | | **Non-current portion** | | | | Prepayments — purchase of leasehold 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 upon the company's shares being listed on the Stock Exchange[30](index=30&type=chunk) [12 Cash and Cash Equivalents / Restricted Deposits / Time Deposits](index=17&type=section&id=12%20Cash%20and%20Cash%20Equivalents%20%2F%20Restricted%20Deposits%20%2F%20Time%20Deposits) As of June 30, 2025, total cash and cash equivalents increased to 527.2 million USD from December 31, 2024, with restricted deposits primarily for forward foreign exchange contracts and letter of credit margins, and the company also holding current and non-current time deposits - As of June 30, 2025, total cash and cash equivalents amounted to **527.2 million USD**, primarily denominated in Indonesian Rupiah, Hong Kong Dollars, and US Dollars[31](index=31&type=chunk) - Restricted deposits include margins for forward foreign exchange contracts and letters of credit[31](index=31&type=chunk) [12(a) Cash and Cash Equivalents](index=17&type=section&id=12(a)%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents totaled 527.2 million USD, comprising bank balances, cash on hand, and time deposits with original maturities of less than three months | Category | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Bank balances | 393,395 | 454,137 | | Cash on hand | 24 | 15 | | Time deposits — original maturity of less than 3 months | 133,794 | — | | **Total** | **527,213** | **454,152** | [12(b) Restricted Deposits](index=17&type=section&id=12(b)%20Restricted%20Deposits) As of June 30, 2025, restricted deposits decreased to 1.355 million USD from 4.316 million USD on December 31, 2024, primarily used as margins for forward foreign exchange contracts and letters of credit | Category | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Restricted deposits | 1,355 | 4,316 | - Restricted deposits primarily include margins for forward foreign exchange contracts and letters of credit[31](index=31&type=chunk) [12(c) Time Deposits](index=18&type=section&id=12(c)%20Time%20Deposits) As of June 30, 2025, the company held 12.739 million USD in current time deposits (original maturities of 3 to 12 months) and 0.419 million USD in non-current time deposits (original maturities of over 12 months) | Category | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Current time deposits (3-12 months original maturity) | 12,739 | — | | Non-current time deposits (over 12 months original maturity) | 419 | — | [13 Trade Payables](index=18&type=section&id=13%20Trade%20Payables) As of June 30, 2025, trade payables significantly increased to 45.428 million USD from 17.891 million USD on December 31, 2024, with all trade payables expected to be settled within one year | Trade Payables | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Within 1 year | 45,428 | 17,891 | - All trade payables are expected to be settled within one year or repayable on demand[33](index=33&type=chunk) [14 Other Payables and Accruals](index=19&type=section&id=14%20Other%20Payables%20and%20Accruals) As of June 30, 2025, total other payables and accruals significantly decreased to 116.9 million USD from 362.1 million USD on December 31, 2024, primarily due to a reduction in dividends payable | Category | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Dividends payable | — | 267,058 | | Amounts payable 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[34](index=34&type=chunk) [15 Capital, Reserves and Dividends](index=20&type=section&id=15%20Capital%2C%20Reserves%20and%20Dividends) This section details changes in the company's share capital, the formation of share premium, and dividend policy, noting an increase in issued shares due to a share split, Stock Exchange listing, and over-allotment option exercise during the reporting period, with an interim dividend declared by the Board - The company completed a share split on March 10, 2025, where each share with a par value of **0.000001 USD** was split into five shares with a par value of **0.0000002 USD**[35](index=35&type=chunk) - On March 25, 2025, the company's shares were listed on the Main Board of the Stock Exchange, with **88,235,300** new shares issued[35](index=35&type=chunk) - The Board declared an interim dividend of **HKD 0.65** per share for the six months ended June 30, 2025[39](index=39&type=chunk)[40](index=40&type=chunk) [15(a) Share Capital](index=20&type=section&id=15(a)%20Share%20Capital) On March 10, 2025, the company completed a share split, increasing issued shares to 500 million, followed by a Stock Exchange listing and partial exercise of the over-allotment option, further increasing the number of issued shares - On March 10, 2025, the company completed a share split, dividing each share with a par value of **0.000001 USD** into five shares with a par value of **0.0000002 USD**, increasing issued shares to **500,000,000**[35](index=35&type=chunk) - On March 25, 2025, the company's shares were listed on the Main Board of the Stock Exchange, with **88,235,300** new shares issued[35](index=35&type=chunk) - On April 24, 2025, over-allotment shares were listed on the Main Board of the Stock Exchange, with **1,199,900** new shares issued[35](index=35&type=chunk) [15(b) Share Premium](index=20&type=section&id=15(b)%20Share%20Premium) Share premium represents the difference between consideration received and the par value of the company's issued shares, with 297.4 million USD in share premium generated after the initial public offering and partial exercise of the over-allotment option - Following the completion of the initial public offering and partial exercise of the over-allotment option, **89,435,200** new ordinary shares were issued, generating a share premium of **297.4 million USD**[37](index=37&type=chunk) [15(c) Dividends](index=21&type=section&id=15(c)%20Dividends) The Board declared an interim dividend of HKD 0.65 per share (equivalent to 0.08 USD) for the six months ended June 30, 2025, compared to zero in the prior year, with the company having paid 260 million USD in dividends during the reporting period | Dividend Type | Six Months Ended June 30, 2025 (Thousand USD) | Six Months Ended June 30, 2024 (Thousand USD) | | :--- | :--- | :--- | | Dividends attributable to the interim period payable to equity holders of the Company (HKD 0.65 per share) | 49,649 | — | | Dividends attributable to the previous financial year paid during the interim period payable to equity holders | 260,000 | — | [16 Commitments](index=22&type=section&id=16%20Commitments) As of June 30, 2025, the Group's contracted capital commitments for property, plant, and equipment were 174 million USD, a decrease from 269.2 million USD on December 31, 2024 | Commitment Type | June 30, 2025 (Thousand USD) | December 31, 2024 (Thousand USD) | | :--- | :--- | :--- | | Commitments for property, plant and equipment — contracted | 174,001 | 269,211 | [17 Events After the Reporting Period](index=22&type=section&id=17%20Events%20After%20the%20Reporting%20Period) On July 24, 2025, the company proposed granting a total of 26,170,000 share options under the share option scheme to directors, selected employees, and relevant entity participants, to be fulfilled through the issuance of new shares - On July 24, 2025, the company proposed granting a total of **26,170,000** share options, to be fulfilled through the issuance of new shares and vested in tranches over a nine-year period[42](index=42&type=chunk) [Business Overview](index=23&type=section&id=Business%20Overview) Nanshan Aluminum International Holdings Limited primarily produces and sells metallurgical-grade alumina, with robust demand and superior product quality, having completed its Stock Exchange listing and become a Hang Seng Composite Index constituent, while actively expanding capacity, optimizing raw material procurement, and exploring upstream opportunities to solidify its leading position in Southeast Asia - The Group primarily engages in the production and sale of metallurgical-grade alumina, with product quality exceeding the AO-1 grade of GB/T 24487–2022 standard[43](index=43&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 effective September 8, 2025[43](index=43&type=chunk) - The first **one million tonnes** per annum capacity of the new alumina production project has commenced operations, and the construction of the second **one million tonnes** per annum capacity is progressing ahead of schedule, expected to be completed in Q4 2025 or Q1 2026[44](index=44&type=chunk) - The company is further increasing its designed annual alumina production capacity to **four million tonnes** through the new alumina production project and expanding its deep-water port to enhance logistics efficiency[46](index=46&type=chunk) - The company continues to focus on securing stable and competitive suppliers for raw materials such as bauxite, caustic soda, and coal, optimizing its strategy through diversified procurement sources[45](index=45&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This section provides a detailed review of the company's financial performance during the reporting period, covering revenue, gross profit, other income, administrative expenses, income tax expense, profit for the period, and earnings per share, along with the interim dividend declaration, noting significant revenue and profit growth driven by higher average selling prices and improved gross margins, despite a substantial increase in income tax expense due to Pillar Two tax - For the six months ended June 30, 2025, revenue was approximately **596.8 million USD**, a **41.0%** increase from the prior year, primarily driven by higher average selling prices[47](index=47&type=chunk) - Gross profit was approximately **303.9 million USD**, with a gross margin of approximately **50.9%**, representing a **70.1%** year-over-year increase, mainly due to the average selling price of alumina rising more than the increase in cost of sales[48](index=48&type=chunk) - Profit attributable to shareholders was approximately **248.2 million USD**, an increase of approximately **124.2%** from the prior year, primarily due to increased sales volume and improved gross margin[45](index=45&type=chunk)[52](index=52&type=chunk) - Income tax expense increased by approximately **182.7%** to **43.5 million USD**, primarily due to an increase of approximately **39.0 million USD** in top-up tax risk under the Pillar Two Model Rules[51](index=51&type=chunk) [Revenue](index=26&type=section&id=Revenue) For the six months ended June 30, 2025, revenue was approximately 596.8 million USD, a 41.0% year-over-year increase, primarily driven by a 36.9% rise in average selling price to 529 USD per tonne, despite only a 3.0% increase in sales volume | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 596.8 Million USD | 423.3 Million USD | 41.0% Increase | | Alumina Sales Volume | 1,127,000 tonnes | 1,094,000 tonnes | 3.0% Increase | | Average Selling Price | 529 USD/tonne | 387 USD/tonne | 36.9% Increase | [Gross Profit and Gross Margin](index=26&type=section&id=Gross%20Profit%20and%20Gross%20Margin) For the six months ended June 30, 2025, gross profit was approximately 303.9 million USD, with a gross margin of approximately 50.9%, representing a 70.1% increase from 178.7 million USD in the prior year, primarily due to the average selling price of alumina rising more than the increase in cost of sales | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 303.9 Million USD | 178.7 Million USD | 70.1% Increase | | Gross Margin | 50.9% | 42.2% | 8.7 Percentage Points Increase | [Net Other Income](index=27&type=section&id=Net%20Other%20Income) For the six months ended June 30, 2025, net other income was approximately 8.2 million USD, a 26.8% decrease from 11.1 million USD in the prior year, primarily due to lower net foreign exchange gains, partially offset by reduced losses on forward foreign exchange contracts | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Other Income | 8.2 Million USD | 11.1 Million USD | 26.8% Decrease | - The decrease in net other income was primarily due to lower net foreign exchange gains, partially offset by reduced losses on forward foreign exchange contracts measured at fair value through profit or loss[49](index=49&type=chunk) [Administrative Expenses](index=27&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses were approximately 13.4 million USD, a 5.6% increase from the prior year, primarily attributable to listing-related activities, while administrative expenses excluding listing expenses as a percentage of total revenue decreased | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 13.4 Million USD | 12.7 Million USD | 5.6% Increase | | Administrative Expenses (excluding listing expenses) as a percentage of total revenue | 2.1% | 2.7% | 0.6 Percentage Points Decrease | - The increase in administrative expenses was primarily attributable to listing-related activities[50](index=50&type=chunk) [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was approximately 43.5 million USD, a substantial 182.7% increase from the prior year, primarily due to approximately 39.0 million USD in top-up tax risk arising from the Pillar Two Model Rules | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 43.5 Million USD | 15.4 Million USD | 182.7% Increase | - The increase in income tax expense was primarily due to an increase of approximately **39.0 million USD** in top-up tax risk arising from the Pillar Two Model Rules[51](index=51&type=chunk) [Profit for the Period and Earnings Per Share](index=28&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 248.2 million USD, a 124.2% year-over-year increase, with basic earnings per share growing from 0.30 USD to 0.46 USD, primarily benefiting from increased sales volume and improved gross margin | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Shareholders | 248.2 Million USD | 110.7 Million USD | 124.2% Increase | | Basic Earnings Per Share | 0.46 USD | 0.30 USD | 53.3% Increase | - The increase in net profit was primarily due to increased sales volume and improved gross margin[52](index=52&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 0.65 per share for the six months ended June 30, 2025, compared to zero in the prior year - The Board declared an interim dividend of **HKD 0.65** per share for the six months ended June 30, 2025 (2024: zero)[53](index=53&type=chunk) [Closure of Register of Members](index=28&type=section&id=Closure%20of%20Register%20of%20Members) To qualify for the interim dividend, the company's register of members will be closed from September 22 to September 26, 2025, with dividends expected to be paid around October 17, 2025 - The register of members will be closed from September 22 to September 26, 2025, to determine eligibility for the interim dividend[54](index=54&type=chunk) - Dividends will be paid on or about Friday, October 17, 2025, to shareholders whose names appear on the register of members on September 26, 2025[54](index=54&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=28&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains strong liquidity with significantly increased cash and cash equivalents and substantially improved net current assets, holding no borrowings and a zero gearing ratio, with this section also covering employee and remuneration policies, asset pledges, and treasury policies - As of June 30, 2025, the Group's cash and cash equivalents were approximately **527.2 million USD**, an increase from December 31, 2024[55](index=55&type=chunk) - As of June 30, 2025, net current assets were approximately **603.0 million USD**, a substantial **143%** increase from December 31, 2024[55](index=55&type=chunk) - As of June 30, 2025, the Group had no borrowings, resulting in a **zero** gearing ratio[55](index=55&type=chunk)[59](index=59&type=chunk) [Liquidity and Financial Resources](index=28&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's cash and cash equivalents were approximately 527.2 million USD, net current assets approximately 603.0 million USD, total equity approximately 1,839.6 million USD, and no borrowings | Metric | June 30, 2025 (Million USD) | December 31, 2024 (Million USD) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 527.2 | 454.2 | 16.1% | | Net Current Assets | 603.0 | 248.2 | 143.0% | | Total Equity | 1,839.6 | 1,294.4 | 42.1% | | Borrowings | 0 | 0 | N/A | [Employees and Remuneration Policy](index=29&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 26.8 million USD, offering competitive remuneration, performance incentives, diverse training, and a share option scheme to retain high-caliber talent | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 3,774 | 3,282 | | Employee Benefit Expenses (for the six months ended June 30) | 26.8 Million USD | 16.4 Million USD | - The company provides remuneration packages, performance incentives (such as monthly performance bonuses), induction training, language training, and specialized training, and has a share option scheme in place[56](index=56&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets - As of June 30, 2025, the Group had no pledge of assets[57](index=57&type=chunk) [Treasury Policy](index=29&type=section&id=Treasury%20Policy) The Board closely monitors the Group's liquidity position to ensure that the 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 and ensure funding requirements are met[58](index=58&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) As the Group had no borrowings or other debt financing obligations at the end of the reporting period, its gearing ratio was zero - As of June 30, 2025, the Group had no borrowings or other debt financing obligations, thus its gearing ratio was **zero**[59](index=59&type=chunk) [Investments and Future Plans](index=29&type=section&id=Investments%20and%20Future%20Plans) The Group made no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period, with future plans primarily focused on the development and construction of the new alumina production project, funded by internal resources, net proceeds from the global offering, and operating cash inflows - During the reporting period, the Group had no significant investments (including those representing **5%** or more of the Group's total assets)[60](index=60&type=chunk) - Capital expenditures and 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[61](index=61&type=chunk) - During the review period, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[62](index=62&type=chunk) [Significant Investments](index=29&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[60](index=60&type=chunk) [Future Plans for Material Investments or Capital Assets](index=30&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Capital expenditures and commitments for the new alumina production project will be jointly funded by internal resources, net proceeds from the global offering, and operating cash inflows, with no other future plans for material investments or capital assets beyond those disclosed during the reporting period - Capital expenditures and capital commitments 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[61](index=61&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=30&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the review period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the review period, there were no material acquisitions or disposals of subsidiaries, associates, or joint ventures[62](index=62&type=chunk) [Risk Management](index=30&type=section&id=Risk%20Management) The Group faces foreign exchange risk primarily related to IDR, USD, HKD, and RMB, which is hedged through forward foreign exchange contracts; during the reporting period, exchange results shifted from gain to loss, mainly due to USD depreciation against IDR, and the company had no material contingent liabilities at period-end - The Group is exposed to foreign exchange risk arising from currency fluctuations, primarily related to Indonesian Rupiah, US Dollars, Hong Kong Dollars, and Renminbi[63](index=63&type=chunk) - The Group uses forward foreign exchange contracts where appropriate to hedge foreign exchange risk arising from assets or liabilities, such as cash and cash equivalents that may be denominated in Indonesian Rupiah or other currencies[63](index=63&type=chunk) - Net exchange results decreased from a gain of approximately **10.9 million USD** in the prior year to a loss of approximately **0.9 million USD** for the six months ended June 30, 2025, primarily due to the depreciation of the US Dollar against the Indonesian Rupiah[63](index=63&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to foreign exchange risk related to IDR, USD, HKD, and RMB, utilizing forward foreign exchange contracts for hedging, with a net exchange loss incurred during the reporting period due to USD depreciation against IDR - Most of the Group's receipts from customers are denominated in US Dollars, while most costs are denominated in Indonesian Rupiah and Renminbi, exposing it to foreign exchange risk[63](index=63&type=chunk) - Net exchange results decreased from a gain of approximately **10.9 million USD** in the prior year to a loss of approximately **0.9 million USD** for the six months ended June 30, 2025, primarily due to the depreciation of the US Dollar against the Indonesian Rupiah[63](index=63&type=chunk) [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[64](index=64&type=chunk) [Share Capital and Global Offering](index=31&type=section&id=Share%20Capital%20and%20Global%20Offering) This section details changes in the company's share capital structure during the reporting period, including a share split, Stock Exchange listing, and global offering, along with the specific use of global offering proceeds, noting that a portion of the proceeds has been utilized for the new alumina production project, and the company has maintained sufficient public float - The company completed a share split on March 10, 2025, increasing the number of issued shares to **500,000,000**[65](index=65&type=chunk) - On March 25, 2025, the company was listed on the Main Board of the Stock Exchange, with **88,235,300** shares offered globally at an offer price of **HKD 26.60** per share[65](index=65&type=chunk) - Net proceeds from the global offering were approximately **2,261.8 million HKD**, primarily allocated to the development and construction of the new alumina production project (**90%**) and general working capital (**10%**)[67](index=67&type=chunk)[69](index=69&type=chunk) - As of June 30, 2025, the company had utilized approximately **567.3 million HKD** of the net proceeds from the global offering[68](index=68&type=chunk)[69](index=69&type=chunk) [Share Capital Structure and Global Offering](index=31&type=section&id=Share%20Capital%20Structure%20and%20Global%20Offering) The company completed a share split on March 10, 2025, followed by its listing on the Main Board of the Stock Exchange on March 25, 2025, and through the global offering and partial exercise of the over-allotment option, the total number of issued shares increased to 589,435,200 - The company completed a share split on March 10, 2025, increasing the number of issued shares to **500,000,000**[65](index=65&type=chunk) - On March 25, 2025, the company was listed on the Main Board of the Stock Exchange, with **88,235,300** shares offered globally[65](index=65&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 to **589,435,200**[65](index=65&type=chunk) [Use of Proceeds from Global Offering](index=31&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) Net proceeds from the global offering were approximately 2,261.8 million HKD, with 90% allocated to the development and construction of the new alumina production project, including a second million-tonne capacity facility, deep-water port expansion, coal-to-gas plant, and ancillary facilities, and the remaining 10% for general working capital; as of June 30, 2025, approximately 567.3 million HKD had been utilized | Use of Net Proceeds | Percentage of Net Proceeds | Actual Allocation (Million HKD) | Net Proceeds Utilized (As of June 30, 2025, Million HKD) | Remaining Net Proceeds (As of June 30, 2025, Million HKD) | Expected Timeline for Full Utilization of Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Development and construction of the new alumina production project | 90.0% | 2,035.6 | 552.2 | 1,483.4 | By December 31, 2028 | | (i) Construction of related alumina production facilities with a designed capacity of the second one million tonnes | 53.4% | 1,207.8 | 292.2 | 915.6 | By December 31, 2028 | | (ii) Construction of an additional 70,000-tonne berth within the deep-water port and ancillary facilities | 14.7% | 332.4 | 160.2 | 172.2 | By December 31, 2028 | | (iii) Expansion of an additional 700 million cubic meters coal-to-gas plant | 12.9% | 291.8 | 62.0 | 229.8 | By December 31, 2028 | | (iv) Construction and upgrade of ancillary facilities | 9.0% | 203.6 | 37.8 | 165.8 | By December 31, 2028 | | General working capital | 10.0% | 226.2 | 15.1 | 211.1 | By 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[70](index=70&type=chunk) [Public Float](index=33&type=section&id=Public%20Float) Based on publicly available information and the directors' knowledge, the company has maintained a sufficient public float of its issued shares as required by the Listing Rules since the listing date - The company has maintained a sufficient public float of its issued shares as required by the Listing Rules[71](index=71&type=chunk) [Corporate Governance and Other Information](index=33&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's corporate governance practices, including compliance with the Corporate Governance Code (notably the deviation regarding the combined roles of Chairman and CEO), the Securities Dealing Code, the Audit Committee's functions, trading of listed securities, and the publication of interim results, also detailing post-reporting period share option grants - Subsequent to the reporting period, on July 24, 2025, the company granted a total of **26,170,000** share options to **155** eligible participants at an exercise price of **HKD 39.60** per share[72](index=72&type=chunk) - Mr. Hao Weisong, the company's Chief Executive Officer, also serves as the Chairman of the Board, which deviates from Code Provision C.2.1 of the Corporate Governance Code, but the Board believes this arrangement facilitates continuous and strong leadership for the Group[74](index=74&type=chunk)[75](index=75&type=chunk) - The Audit Committee has reviewed the Group's interim results and interim financial statements for the reporting period and deemed them compliant with relevant accounting standards and Listing Rules requirements[77](index=77&type=chunk) [Events After the Reporting Period](index=33&type=section&id=Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, on July 24, 2025, the company granted a total of 26,170,000 share options under the share option scheme to directors, selected employees, and relevant entity participants, with an exercise price of HKD 39.60 per share - Subsequent to the reporting period, on July 24, 2025, the company granted a total of **26,170,000** share options to **155** eligible participants at an exercise price of **HKD 39.60** per share[72](index=72&type=chunk) [Compliance with the Corporate Governance Code](index=33&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) From the listing date to June 30, 2025, the company complied with the Corporate Governance Code provisions, except for Mr. Hao Weisong serving as both CEO and Chairman, a deviation from Code Provision C.2.1, which the Board believes benefits the Group's continuous and strong leadership - Mr. Hao Weisong, the company's Chief Executive Officer, also serves as the Chairman of the Board, which deviates from Code Provision C.2.1 of the Corporate Governance Code[74](index=74&type=chunk) - The Board believes that Mr. Hao's dual role strengthens the Group's continuous and strong leadership, enabling effective business planning and decision-making in the Group's best overall interests[74](index=74&type=chunk)[75](index=75&type=chunk) [Securities Dealing Code](index=34&type=section&id=Securities%20Dealing%20Code) The company has adopted a Securities Dealing Code for directors and employees, with terms no less exacting than the Model Code in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the Model Code from the listing date to the end of the reporting period - The company has adopted a Securities Dealing Code with terms no less exacting than the Model Code in Appendix C3 of the Listing Rules[76](index=76&type=chunk) - All directors confirmed compliance with the Model Code from the listing date to the end of the reporting period[76](index=76&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee comprises three members, including two independent non-executive directors and one non-executive director, and has reviewed the Group's interim results and financial statements for the reporting period, deeming them compliant with relevant accounting standards and Listing Rules requirements - The Audit Committee consists of three members: two independent non-executive directors (Mr. Zhang Guangda, Ms. Dong Meihua) and one non-executive director (Ms. Wang Yanli)[77](index=77&type=chunk) - The Audit Committee has reviewed the Group's interim results and interim financial statements for the reporting period and deemed them compliant with relevant accounting standards, Listing Rules requirements, and other rules and regulations[77](index=77&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&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 to June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78](index=78&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement will be published on the Stock Exchange website and the company's website, and the company's interim report for the six months ended June 30, 2025, will be published on both websites in due course - This announcement and the interim report will be published on the Stock Exchange website (http://www.hkexnews.hk) and the company's website (http://www.nanshanintl.com)[79](index=79&type=chunk) [Definitions](index=35&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in this announcement to ensure consistent understanding of the report's content - This section provides definitions for key terms and abbreviations used in this announcement, such as 'Alumina', 'BAI', 'Board', 'Corporate Governance Code', 'Global Offering', 'Group', 'Listing Date', 'New Alumina Production Project', 'Prospectus', 'Reporting Period', 'Share Option Scheme', and others[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) [Board Information](index=38&type=section&id=Board%20Information) This section lists the company's Board of Directors, including executive, non-executive, and independent non-executive directors, and is signed by Mr. Hao Weisong, the Chairman of the Board - The company's Board of Directors includes executive directors Mr. Hao Weisong and Mr. Wang Shisan; non-executive directors Ms. Wang Yanli, Mr. Loo Tai Choong, and Mr. George Santos; and independent non-executive directors Mr. Wen Xianjun, Mr. Zhang Guangda, and Ms. Dong Meihua[83](index=83&type=chunk) - This announcement was signed by Mr. Hao Weisong, the Chairman of the Board, on August 28, 2025[83](index=83&type=chunk)

Core Viewpoint - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series, with Nanshan Aluminum International being included in the Hang Seng Composite Index, effective from September 8, 2025 [1] Group 1: Company Inclusion - Nanshan Aluminum International (02610) will be added to the Hang Seng Composite Index, with the change taking effect after market close on September 5, 2025 [1] - The inclusion will lead to adjustments in the eligible stocks for the Hong Kong Stock Connect, as per the announcement [1] Group 2: Market Standards - According to Huatai Securities research, Nanshan Aluminum International meets various criteria for inclusion, including market capitalization, liquidity, and listing duration [1] Group 3: Stock Options Plan - Nanshan Aluminum International announced a stock option plan on July 24, 2025, granting a total of 26.17 million stock options to 155 eligible participants, with each option allowing the purchase of shares at $0.0000002 per share [1] - Participants must pay HKD 1.00 upon acceptance of the stock options [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 中期業績所載之Press Metal未經審核綜合財務業績（涵蓋本集團之若干財務及營 運資料），乃根據馬來西亞適用會計準則編製，該準則與香港財務報告準則（「香 港財務報告準則」）有所不同。由於本集團之財務資料現時及日後均根據適用 香港財務報告準則編製，中期業績所載之財務資料（涵蓋本集團作為Press Metal 聯營公司之表現）或與本集團之財務業績並無直接可比性。 – 1 – 以下摘錄中期業績中有關本集團表現之選定資料： | 截至6月30日止三個月 截至6月30日止六個月 | | | | --- | --- | --- | | 2025年 2025年 | 2024年 | 2024年 | | 千令吉 千令吉 | 千令吉 | 千令吉 | | （未經審核）（未經審核）（未經審核）（未經審核） | | | Nanshan Aluminium International Holdings Limited 南山鋁業國際 ...