北京浩天律师事务所 HYLANDS LAW FIRM 100020 北京市朝阳区东三环中路 5 号财富金融中心 12 层 12F，Fortune Financial Center, No.5,Dongsanhuan Road, Chaoyang District, Beijing 100020, China Tel: +8610 6502.8888 Fax: +8610 6502.8866 6502.8877 http://www.hylandslaw.com 北京浩天律师事务所 关于山东南山铝业股份有限公司 2024 年年度股东大会之法律意见书 致:山东南山铝业股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、中国证券监督管理委员会《上市公司股东 会规则》(以下简称"《股东会规则》")等法律、法规和规范性文件及《山东南 山铝业股份有限公司章程》(以下简称"《公司章程》")等有关规定，北京浩天 律师事务所接受山东南山铝业股份有限公司(以下简称"公司")的委托,指派本 所凌浩律师、段君僖律师出席并见证公司 2024年年度股东大会会议(以下 ...

2024 年年度股东大会会议资料 股票代码：600219 股票简称：南山铝业 山东南山铝业股份有限公司 2024 年年度股东大会 会议资料 二〇二五年四月 2024 年年度股东大会会议资料 目 录 | 一、2024 年年度股东大会会议须知 1 | | --- | | 二、2024 年年度股东大会会议议程 3 | | 三、2024 年年度股东大会议案 | | 1、议案一：山东南山铝业股份有限公司 2024 年度董事会工作报告 4 | | 2、议案二：山东南山铝业股份有限公司 2024 年度监事会工作报告 10 | | 3、议案三：山东南山铝业股份有限公司 2024 年度财务决算报告 12 | | 4、议案四：山东南山铝业股份有限公司 2024 年度利润分配预案 14 | | 5、议案五：山东南山铝业股份有限公司关于续聘公司 2025 年度审计机构及支付 | | 2024 年度审计报酬的议案 15 | | 6、议案六：山东南山铝业股份有限公司 2024 年年度报告及摘要 16 | | 7、议案七：关于审议公司董事 2025 年报酬的议案 17 | | 8、议案八：关于审议公司监事 2025 年报酬的议案 18 | ...

证券代码：600219 证券简称：南山铝业 公告编号：2025-021 山东南山铝业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/12/12 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 个月 12 | | 预计回购金额 | 元~600,000,000 元 300,000,000 | | 回购用途 | √减少注册资本 | | | □用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 25,357,400 | | 累计已回购股数占总股本比例 | 0.22% | | 累计已回购金额 | 元 96,853,000 | | 实际回购价格区间 | 元/股~4.08 元/股 3.33 | 一、回购股份的基本情况 山东南山铝业股份有限公司（以下简称"公司"）分别于 2024 年 12 月 11 日、 2024 年 12 月 27 ...

重要内容提示： | 回购方案首次披露日 | 2024/12/12 | | --- | --- | | 回购方案实施期限 | 待股东大会审议通过后 个月 12 | | 预计回购金额 | 元~600,000,000 元 300,000,000 | | 回购用途 | √减少注册资本 | | | □用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 22,358,100 | | 累计已回购股数占总股本比例 | 0.19% | | 累计已回购金额 | 元 86,847,986 | | 实际回购价格区间 | 元/股~4.08 元/股 3.72 | 一、回购股份的基本情况 山东南山铝业股份有限公司（以下简称"公司"）分别于 2024 年 12 月 11 日、 2024 年 12 月 27 日召开了第十一届董事会第十五次会议、第十一届监事会第十一 次会议和 2024 年第三次临时股东大会，审议通过了《关于以集中竞价交易方式回 购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部 分社会公众股份，用于注销并减少公司注册资本。 本次回购股份 ...

Group 1 - Morgan Stanley reports that aluminum producers will benefit from higher profit margins by 2025 due to falling raw material prices and a tightening global aluminum market [1] - The firm has raised target prices for several companies, including China Hongqiao from HKD 15.4 to HKD 19.8 and China Aluminum from RMB 8.7 and HKD 5.5 to RMB 9.1 and HKD 7, while lowering Nanshan Aluminum's target price from RMB 5.2 to RMB 5 [1] - The transition from a shortage of alumina in 2024 to a surplus in 2025 is expected to drive this change, with increased supply from coastal China and Guinea [2] Group 2 - Factors driving aluminum demand include Germany's new spending plan boosting construction and transportation needs, resilient demand from China's energy transition and automotive sectors, and a projected 1% demand growth in the US by 2025 [3] - The commodity research team anticipates a 4 million ton surplus in the global alumina market by 2025, increasing to 11 million tons by 2026, with alumina prices expected to drop to $350/ton in Q2 and stabilize between $350-$400/ton thereafter [4] - Companies expected to benefit from these trends include Alcoa in the US, Norsk Hydro in Europe, China Hongqiao and China Aluminum in China, and S32 and Rio Tinto in Australia [5] Group 3 - The increase in US tariffs on imported aluminum and related products may have a limited impact on China but will raise production costs for US manufacturers, potentially altering global aluminum trade flows and increasing costs for downstream users in the US [6]

南山铝业 20250328 摘要 Q&A 南山铝业在 2024 年度的经营成果如何？ 2024 年度南山铝业实现了营业收入约 335 亿元，同比增长 16%，归属上市公司 股东的净利润为 48.3 亿元，同比增长 39%。其中第四季度延续了前三季度的增 长趋势，单季度归母净利润达到 13.4 亿元。国内高端制造领域订单销量稳步提 升，出口端逐步复苏，为公司业绩增长提供了有力支撑。海外印尼 200 万吨氧 化铝项目全年满负荷运行，依托氧化铝价格上涨与成本控制优势，推动海外业 • 南山铝业四季度归母净利润达 13.4 亿元，受益于国内高端制造订单增长和 出口复苏。海外印尼氧化铝项目满负荷运行，氧化铝价格上涨及成本控制 显著提升海外业务毛利，成为利润增长核心引擎。 • 汽车板全年产量 12.1 万吨，国内市场占有率领先。20 万吨汽车板生产线 预计 2025 年下半年投产，航空板交付 1.22 万吨，单吨毛利近 1.9 万元， 毛利率超 42%，C919 航空板供应率保持在 60%左右。 • 南山国际在港交所上市募集 24 亿港币，主要用于印尼氧化铝项目扩建，新 增 200 万吨产能，首批 100 万吨预计 202 ...

南山铝业（600219.SH） 优于大市 2024 年归母净利润同增 39%，印尼业务稳步推进 公司 2024 年归母净利润同比增加 39%。公司 2024 年实现营收 334.77 亿元， 同比+16.06%；实现归母净利润 48.30 亿元，同比+39.03%；实现扣非归母净 利润 49.08 亿元，同比+80.77%。其中单四季度实现营收 92.51 亿元，同比 +29.31%，环比+8.09%；实现归母净利润13.40亿元，同比+0.59%，环比+2.96%； 实现扣非归母净利润 14.99 亿元，同比+134.50%，环比+19.70%。此外，公 司计划按每 10 股 0.9 元（含税）向股东派发现金红利，派息总额约为 19.76 亿元（含税），占公司 2024 年归母净利润的 40.92%。 2024 年氧化铝迎来量价齐升。公司业绩大幅提升主要由于商品价格的提升以 及主要产品之一氧化铝产量的同比提升，2024 年长江有色市场 A00 铝含税均 价为 1.99 万元/吨，同比提升 6.5%；山东氧化铝含税均价为 4,035.70 元/ 吨，同比提升 39.03%；澳洲氧化铝 FOB 均价为 500. ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in both revenue and net profit, driven by increased product volume and prices, particularly in the alumina and aluminum sectors [1][2]. Financial Performance - In 2024, the company achieved a revenue of 33.477 billion yuan, representing a year-on-year increase of 16.06% [1] - The net profit attributable to shareholders for 2024 was 4.830 billion yuan, up 39.03% year-on-year [1] - For Q4 2024, the company reported a revenue of 9.251 billion yuan, a 29.31% increase year-on-year, and a net profit of 1.340 billion yuan, which grew by 0.59% [1] Price Trends - The average domestic alumina price in 2024 was approximately 3,994 yuan/ton, up about 38% year-on-year [1] - The average overseas alumina price in 2024 was around 503 USD/ton, reflecting a 46% year-on-year increase [1] - The average domestic primary aluminum price in 2024 was about 19,917 yuan/ton, which is a 7% increase compared to the previous year [1] Industry Outlook - Alumina prices are expected to decline in 2025, while the price of electrolytic aluminum is projected to continue rising [2] - The supply-demand balance for electrolytic aluminum is forecasted to improve from a surplus of 490,000 tons in 2024 to a shortage of 350,000 tons by 2026 [2] - The company is expanding its production capacity in Indonesia, with plans for an additional 2 million tons of alumina and a 250,000-ton electrolytic aluminum project [2] Strategic Developments - The company successfully spun off its subsidiary, Nanshan Aluminum International Holdings, for a listing on the Hong Kong Stock Exchange, enhancing its growth prospects in Indonesia [2] - The company is a key supplier for the C919 aircraft project, which is expected to benefit from increased production in the future [2] Dividend Policy - The company announced a cumulative cash dividend ratio of 40.92% for 2024, with plans to distribute at least 40% of its distributable profits in cash annually from 2024 to 2026 [3] Earnings Forecast - The company's net profit forecasts for 2025 and 2026 have been raised to 5.44 billion yuan and 5.66 billion yuan, respectively, with a new forecast for 2027 set at 6.06 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.83 CNY per share [5]. Core Views - The company achieved a significant increase in revenue and net profit in 2024, with total revenue reaching 33.48 billion CNY, a year-on-year growth of 16.06%, and net profit attributable to shareholders reaching 4.83 billion CNY, a growth of 39.03% [1][3]. - The growth in performance is attributed to the increase in both volume and price of products, particularly from the Indonesian alumina project and the recovery of overseas demand for aluminum products [1][2]. - The company plans to distribute a cash dividend of 0.90 CNY per share for 2024, resulting in a cumulative cash dividend payout ratio of 40.92% for the year [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 9.25 billion CNY, a year-on-year increase of 29.31%, and a net profit of 1.34 billion CNY, up 0.59% year-on-year [1]. - The average price of domestic alumina in 2024 was approximately 3,994 CNY/ton, up about 38% year-on-year, while the average price of overseas alumina was around 503 USD/ton, an increase of 46% year-on-year [1]. Future Outlook - The company is expanding its production capacity in Indonesia, with plans to invest in an additional 2 million tons of alumina capacity and a 250,000-ton electrolytic aluminum project [2]. - The domestic electrolytic aluminum supply-demand balance is expected to improve from a surplus of 490,000 tons in 2024 to a shortage of 350,000 tons in 2026, indicating a potential upward trend in aluminum prices [2]. Dividend Policy - The company has a planned dividend payout ratio of no less than 40% of the distributable profit for the years 2024-2026, indicating a commitment to returning value to shareholders [3]. Earnings Forecast - The report projects net profits of 5.44 billion CNY and 5.66 billion CNY for 2025 and 2026, respectively, with a new forecast for 2027 at 6.06 billion CNY, reflecting an upward adjustment in earnings expectations [3][11].

Investment Rating - The investment rating for Nanshan Aluminum is "Buy" [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 33.48 billion yuan, a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 4.83 billion yuan, up 39.0% year-on-year [7] - The Indonesian alumina business has become a major contributor to the company's performance, with the average overseas alumina price rising by 46% to approximately 503 USD/ton in 2024, and the Indonesian project generating a net profit of 3.47 billion yuan, a 175.1% increase year-on-year [7] - The company has consistently increased its cash dividends, with a proposed cash dividend of 0.90 yuan per 10 shares, resulting in a total dividend of 1.976 billion yuan for the year, representing a payout ratio of 40.92% [7] - Future growth drivers include the expansion of the Indonesian projects and the increase in high-end product sales, with high-end products accounting for 14% of total aluminum sales and 23% of total gross profit [7] Financial Summary - Total revenue forecast for 2024 is 33.48 billion yuan, with a projected growth rate of 16.06% [8] - The net profit attributable to shareholders for 2024 is forecasted at 4.83 billion yuan, with a growth rate of 39.03% [8] - The earnings per share (EPS) for 2024 is estimated at 0.42 yuan, with a price-to-earnings (P/E) ratio of 9.19 [8] - The company’s total assets are projected to reach 75.55 billion yuan by 2025, with a debt-to-asset ratio of 18.03% [8]