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

Report Summary 1. Investment Events - On March 25, 21 investment and financing events were disclosed in domestic and foreign venture capital markets, including 13 domestic and 8 foreign enterprises, with a total financing of about 8.088 billion yuan [1] - On March 24, the first phase of the "Hangtou Zhengling Shuangdongjian Low - altitude Economy Industry Investment Fund" jointly initiated by Chengdu Eastern New Area, Shuangliu District, and Jianyang City was in place, targeting the low - altitude economy and focusing on eVTOL整机 enterprises [1] - On March 25, Qi'an Investment completed a new - phase fund with a first - closing scale of 300 million yuan, investing in network, data, AI, national defense, and quantum security technologies [2][3] - On March 25, Shanghai launched the second - phase industrial transformation and upgrading fund (total scale of 5 billion yuan) and the state - owned asset M&A fund matrix (total scale over 5 billion yuan) [4] 2. Large - scale Financing - On March 25, Xinghang Internet completed a several - hundred - million - yuan Series A financing for R & D and global network expansion in aviation satellite communication [5] - On March 25, ELU.AI completed a several - hundred - million - yuan Pre - A financing for strengthening AI decision - making systems and internationalization [6] - On March 25, Changjin Photonics completed a strategic financing of over 100 million yuan for technology optimization and production capacity expansion [7] 3. Global IPOs - On March 25, Shengke Nano listed on the Shanghai Stock Exchange Science and Technology Innovation Board, providing semiconductor testing services [8] - On March 25, Nanshan Aluminum International listed on the Hong Kong Stock Exchange Main Board, planning to expand alumina production capacity from 2 million tons to 4 million tons [9] 4. Policy Focus - On March 24, Guangdong issued a three - year transportation development plan, aiming to build a modern transportation network by 2027 and achieve specific traffic and logistics circles [10][11]

Summary of Key Points Core Viewpoint - The Hong Kong IPO market saw four companies submit listing applications this week, with no companies passing the hearing, and four companies in the process of offering shares, including one that has officially listed. Group 1: Companies Submitting Listing Applications - On March 18, Zhuozheng Medical Holdings Limited submitted a listing application to the Hong Kong Stock Exchange, marking its second attempt after a previous application in May 2024. The company operates 20 medical service institutions in China and is the third-largest private mid-to-high-end comprehensive medical service provider in the country, with a market share of 1.7% based on 2023 revenue [2]. - On March 21, Aolian Service Group Co., Ltd. submitted a listing application, focusing on business and community service in Guangdong Province, China. The company ranked 16th and 11th among independent property management service providers in China based on total revenue and net profit, respectively [3]. - On March 21, Jiangbolong (301308.SZ), a leading independent semiconductor memory manufacturer, submitted a listing application. The company reported a revenue of 17.464 billion RMB in the previous year, a 72.48% increase, and a net profit of 499 million RMB, up 160.24% [4]. - On March 21, Beijing Yunji Technology Co., Ltd. submitted a listing application, aiming to become the first stock in the robot service sector. The company is the largest in the global market for hotel scene robot service agents based on 2023 revenue [4][5]. Group 2: Companies in the Offering Process - Weisheng Pharmaceutical-B (02561.HK) was open for subscription from March 13 to March 18, 2025, with a subscription rate of 72.64 times. The stock officially listed on March 21, 2025, and closed at the issue price after an initial drop of over 6% [6]. - Nanshan Aluminum International (02610.HK) is in the process of offering 88.2353 million shares, with a price range of 26.60 to 31.50 HKD per share, expected to start trading on March 25, 2025 [6]. - Shubao International (02569.HK) is offering 250 million shares, with a price range of 0.5 to 0.6 HKD per share, expected to start trading on March 27, 2025 [7]. - Jiangsu Hongxin (02625.HK) is offering 53.562 million shares, with a price range of 2.5 to 3 HKD per share, expected to start trading on March 31, 2025 [7].

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

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