2025 年第一次临时股东大会会议资料 山东南山铝业股份有限公司 2025 年第一次临时股东大会 股票代码：600219 股票简称：南山铝业 会议资料 二〇二五年九月 2025 年第一次临时股东大会会议资料 目 录 | 一、2025 年第一次临时股东大会会议须知 1 | | | --- | --- | | 二、2025 年第一次临时股东大会会议议程 3 | | | 三、2025 年第一次临时股东大会议案 | | | 1、议案一：关于取消监事会及修订《公司章程》部分条款的议案 | 4 | | 2、议案二：关于修订公司部分治理制度的议案 | 6 | 2025 年第一次临时股东大会会议资料 山东南山铝业股份有限公司 2025 年第一次临时股东大会会议须知 为充分尊重广大股东，维护投资者的合法权益，确保本次股东大会的正常秩 序和议事效率，公司根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东会规则》以及《公司章程》等有关规定，制定本次股东大会现场 会议须知，望全体股东及其他有关人员严格遵守如下规定： 一、各股东及授权代表应按照本次股东大会会议通知中规定的时间和登记方 法办理参加会议手续，证明文件 ...

2020-2025年1-7月中国铝合金产量统计图 上市企业：中国铝业（601600）,南山铝业（600219）,明泰铝业（601677）,云铝股份（000807）,新疆众 和（600888）,怡球资源（601388）,豪美新材（002988）,亚太科技（002540）,顺博合金（002996） 相关报告：智研咨询发布的《2025-2031年中国铝合金行业市场运营格局及前景战略分析报告》 根据国家统计局数据显示：2025年7月中国铝合金产量为154万吨，同比增长10.7%；2025年1-7月中国铝 合金累计产量为1062.8万吨，累计增长14.8%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Market Overview - On September 5, the industrial metals sector rose by 4.12% compared to the previous trading day, with Xinweiling leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Xinweiling (871634) closed at 31.28, with a gain of 7.60% and a trading volume of 48,800 shares, amounting to a transaction value of 149 million [1] - Baiyin Youse (601212) closed at 4.09, up 7.07%, with a trading volume of 4.8869 million shares and a transaction value of 1.953 billion [1] - Xizang Zhufeng (600338) closed at 12.84, gaining 7.00%, with a trading volume of 858,800 shares and a transaction value of 1.078 billion [1] - Other notable performers include Xingye Yinxin (000426) with a 5.90% increase, Guocheng Mining (000688) up 5.70%, and Dingsheng New Materials (603876) up 5.30% [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 1.36 billion in main funds, while retail funds experienced a net outflow of 298 million [1] - Major stocks like Zijin Mining (668109) had a net inflow of 756 million from main funds but a net outflow of 357 million from retail funds [2] - Jiangxi Copper (600362) reported a net inflow of 176 million from main funds, with retail funds seeing a net outflow of 131 million [2]

消息面上，恒生指数公司此前宣布的季检结果显示，南山铝业国际获纳入恒生综合指数，变动将于9月5 日收市后实施并于9月8日起生效，届时沪深交易所会相应调整港股通可投资标的范围。据华泰证券，南 山铝业国际有可能被调入港股通，因其满足了包括市值、流动性和上市时间等在内的一系列标准。 南山铝业国际近期发布2025年中期业绩，收益5.97亿美元，同比增加41%；股东应占溢利2.48亿美元， 同比增加124.19%；拟派发中期股息每股0.65港元。中金研报指出，公司上半年业绩略胜预期。公司考 虑到目前稳健的财政状况，首次派发中期息，派息率约为20%。 南山铝业（600219）国际(02610)午后涨近10%，截至发稿，涨9.92%，报46.08港元，成交额595.68万港 元。 ...

Market Overview - On September 4, the industrial metals sector fell by 4.23%, with Huayu Mining leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included: - Yian Technology (300328) with a closing price of 18.60, up 3.91% [1] - Asia Pacific Technology (002540) at 6.58, up 3.46% [1] - Significant decliners included: - Huayu Mining (601020) at 24.65, down 10.00% [2] - Baiyin Nonferrous (601212) at 3.82, down 9.69% [2] - Luoyang Jiyie (603993) at 12.44, down 8.86% [2] Trading Volume and Capital Flow - The industrial metals sector experienced a net outflow of 3.687 billion yuan from main funds, while retail investors saw a net inflow of 2.769 billion yuan [2][3] - The trading volume for individual stocks varied, with notable figures such as: - Huayu Mining with a trading volume of 796,900 shares [2] - Baiyin Nonferrous with 4,925,700 shares [2] Capital Inflow Analysis - Key stocks with significant main fund inflows included: - Nanshan Aluminum (600219) with a net inflow of 71.11 million yuan [3] - Tianshan Aluminum (002532) with a net inflow of 34.90 million yuan [3] - Conversely, stocks like Tianshan Aluminum saw a retail net outflow of 56.38 million yuan [3]

机构：中金公司 研究员：王政/齐丁/陈彦 1H25 业绩略高于我们预期 公司发布中期业绩，1H25 收益约为5.97 亿美元，同比+41.0%；公司股东应占利润约为2.48 亿美元，同 比+124.2%。公司1H25 业绩略高于我们预期，主要因为销售价格高于预期。 1H25 氧化铝量价齐升助力公司业绩创同期新高。从量价看，1H25 氧化铝销量112.70 万吨，同比 +3.0%；1H25 氧化铝售价529 美元/吨，同比+36.9%。从毛利看，成本侧1H25 氧化铝单吨营业成本260 美元/吨，同比+16.3%，主要因为液碱等原材料价格上涨；受益于量价上升，成本控制妥当，毛利同比 增+70.1%，毛利率达到50.9%，同比+8.7ppt。 受支柱二税则影响所得税提升，上市后首次中期分红回报股东。据公告，自2025 年1 月1 日起，公司需 遵守经济合作与发展组织发布的全球反税基侵蚀规则（支柱二所得税），公司所得税提升至15%，较 2024 年增加约6ppt。从分红看，公司考虑当前稳健财务状况，为回馈股东，上市后首次派发中期股 息，分红率约为20%。 发展趋势 公司是东南亚领先的氧化铝生产商，项目建设进度超预期 ...

Market Overview - The non-ferrous metal sector has seen a strong rebound, with the Shenwan Non-Ferrous Metal Index rising by 8.59% over the past two weeks, ranking fifth among 31 primary industries [7] - The market has shown significant structural differentiation, with small metals, precious metals, and new materials performing particularly well, while rare earths, copper, and aluminum have attracted substantial capital [1][2] Precious Metals - Gold and silver prices have strengthened, with COMEX gold closing at $3,516 per ounce, reflecting a year-to-date increase of 31.63%, while silver has risen by 35.88% [1][17] - The demand for gold from global central banks continues to rise, enhancing its financial attributes, leading to increased investment in companies like Shandong Gold, Zhongjin Gold, and Hunan Gold [1][17] Industrial Metals - Copper prices have shown a strong upward trend, with LME copper settling at $9,805 per ton, up 12.89% year-to-date, driven by expectations of increased infrastructure investment and demand from the renewable energy sector [2][23] - Aluminum prices are constrained by production capacity limits, with domestic electrolytic aluminum capacity reaching 44 million tons, while demand from the new energy sector remains robust [2][27] Rare Earths - The rare earth sector has experienced a strong performance, with the rare earth price index rising by 6.39% over the past two weeks and 37.44% year-to-date [2][41] - Recent policy changes have tightened supply controls, benefiting companies like China Rare Earth, Northern Rare Earth, and Shenghe Resources [2][41][55] Small Metals - The small metals sector has seen significant price increases, with black tungsten concentrate prices rising by 24.26% over the past two weeks and 75.52% year-to-date [3][30] - Tin prices have also increased due to raw material shortages and recovering semiconductor demand, benefiting companies like Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][31] Energy Metals - The energy metals sector has shown mixed performance, with electrolytic cobalt prices rising by 1.33% over the past two weeks and 86.71% year-to-date, while lithium carbonate prices have decreased by 3.69% in the short term but remain positive year-to-date [3][47][49] - Companies like Zijin Mining, Ganfeng Lithium, and Huayou Cobalt are positioned well across multiple supply chains, benefiting from low inventory and downstream replenishment demand [3][47] Fund Flow and Market Sentiment - The non-ferrous metal ETF has seen record trading volumes, with significant inflows into rare earth and copper sectors, indicating strong market sentiment and recognition of the sector's growth potential [3][56] - The market is shifting towards low-valuation, high-growth segments, with leading companies benefiting from favorable conditions [3][56]

该行认为，南山铝业国际二期产能投放后，将成为东南亚最大的氧化铝生产商，有助进一步提升公司在 该地区的市场影响力。考虑到公司产销增加和价格上升，上调其今明两年的净利润预测7%和9%，分别 至3.74亿及5亿美元，维持"跑赢行业"评级，目标价上调58%至52.59港元。 南山铝业（600219）国际(02610)涨超4%，截至发稿，涨4.69%，报44.22港元，成交额868.91万港元。 消息面上，南山铝业国际近期发布2025年中期业绩，收益5.97亿美元，同比增加41%；股东应占溢利 2.48亿美元，同比增加124.19%；拟派发中期股息每股0.65港元。中金研报指出，公司上半年业绩略胜 预期。公司考虑到目前稳健的财政状况，首次派发中期息，派息率约为20%。 ...

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]

南山铝业上半年公司期间费用为11.16亿元，较上年同期减少9087.90万元；期间费用率为6.46%，较上年同期下降1.24个百分点。其中，销售费用同比减少 12.34%，管理费用同比减少4.67%，研发费用同比减少0.55%，财务费用同比减少88.39%。 瑞财经 钟鸣辰8月28日，南山铝业(SH600219)发布2025年半年报，上半年同比营收利润双位数增长。 | 归属于上市公司股东的净利润 | 2,625,309,362.40 | 2,188,731,634.17 | 19.95 | | --- | --- | --- | --- | | 归属于上市公司股东的扣除非经常性损益的净利润 | 2,610,810,035.38 | 2,156,989,823,43 | 21.04 | | 经营活动产生的现金流量净额 | 4,815,800,136,64 | 2,656,396,665.10 | 81.29 | | | 本报告期末 | 上年度末 | 本报告期末比上年度 末增碳(%) | | 归属于上市公司股东的净资产 | 51,711,648,377.08 | 50,316,943,294.85 | 2.77 ...