Investment Rating - The report maintains a "Recommended" rating for the company [2][5]. Core Views - The company reported a net profit attributable to shareholders of 2.19 billion in H1 2024, a year-on-year increase of 66.68% [1]. - The company anticipates significant growth from its Indonesian operations, with alumina production capacity reaching 2 million tons in 2023 and expected to produce 500,000 tons in Q2 2024 [1]. - The report highlights the strong profitability of alumina, with the net profit per ton from Indonesian alumina expected to exceed 1,500 [1]. - The company plans to invest 6.06 billion in Indonesia to build 250,000 tons of electrolytic aluminum and 260,000 tons of carbon products, indicating a strong growth trajectory [1]. - The report emphasizes the growing demand for automotive and aerospace aluminum products, with the company being a leader in automotive aluminum [1]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 32.726 billion, a growth rate of 13.5% [2][5]. - The net profit attributable to shareholders is expected to be 4.32 billion in 2024E, reflecting a growth rate of 24.3% [2][5]. - The earnings per share (EPS) is projected to be 0.37 in 2024E, with a price-to-earnings (PE) ratio of 10 [2][5]. - The report forecasts a steady increase in net profit over the next three years, reaching 4.792 billion by 2026E [2][5].

Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum (600219.SH) [1] Core Views - Nanshan Aluminum's performance significantly improved in the first half of 2024, with expected revenue of 15.667 billion yuan and a net profit of 2.189 billion yuan, representing year-on-year increases of 66.68% and 68.61% respectively [1][2] - The price of alumina has risen sharply, with domestic average prices around 3,409 yuan/ton, an increase of approximately 18% year-on-year, and overseas prices averaging 403 USD/ton, up about 14% year-on-year [2] - The company is expanding its overseas operations in Indonesia, with a total capacity of 4 million tons of alumina and 250,000 tons of electrolytic aluminum [2] - Nanshan Aluminum is focusing on high-end products such as automotive and aerospace plates, with high-end product sales accounting for about 14% of total aluminum product sales and contributing approximately 25% to total gross profit [2] - Due to the sustained high prices of alumina, the earnings forecast for Nanshan Aluminum has been revised upward, with projected revenues of 33.107 billion yuan, 35.092 billion yuan, and 37.598 billion yuan for 2024-2026, and net profits of 4.775 billion yuan, 4.877 billion yuan, and 5.256 billion yuan respectively [2] Summary by Sections Financial Performance - In the first half of 2024, Nanshan Aluminum expects a revenue of 15.667 billion yuan and a net profit of 2.189 billion yuan, marking significant year-on-year growth [1] - The company's high-end products are expected to continue driving profitability, with a gross margin of 25% from these products [2] Market Conditions - The alumina market has seen a strong upward trend, with domestic prices reaching 3,409 yuan/ton and overseas prices averaging 403 USD/ton [2] - The demand for high-end aluminum products is increasing, particularly in the automotive and aerospace sectors [2] Future Outlook - The company is actively expanding its production capacity in Indonesia and focusing on high-value-added products to enhance its market position [2] - The earnings forecast has been adjusted upwards due to favorable market conditions, indicating a positive outlook for the company's financial performance in the coming years [2]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - In the first half of 2024, the company achieved revenue of 15.667 billion RMB, a year-on-year increase of 8.05%, and a net profit attributable to shareholders of 2.189 billion RMB, up 66.68% year-on-year [2] - The second quarter of 2024 saw a significant increase in alumina prices, leading to the best quarterly performance since the company went public [3] - The company’s cash flow has been improving, with a net cash inflow from operating activities of 1.499 billion RMB in Q2, up 29.53% quarter-on-quarter [3] - The company plans to distribute at least 40% of its distributable profits in cash dividends annually from 2024 to 2026 [3] - The company is expanding its overseas industrial chain, with plans for a new alumina project in Indonesia, which will enhance its competitive edge in the international market [3] Summary by Sections Financial Performance - For 1H24, the company reported a net profit of 2.189 billion RMB, a 66.68% increase year-on-year, and a net profit of 1.338 billion RMB in Q2, up 68.45% year-on-year and 57.2% quarter-on-quarter [2][3] - The company’s alumina segment saw a revenue of 3.5 billion RMB in 1H24, a 42% increase year-on-year, with a gross margin of 39%, up 17 percentage points year-on-year [3] Future Projections - The company is projected to achieve revenues of 34.3 billion RMB, 36.5 billion RMB, and 43.2 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 4.854 billion RMB, 4.762 billion RMB, and 5.313 billion RMB for the same years [4][8] - The expected EPS for 2024, 2025, and 2026 is 0.41 RMB, 0.41 RMB, and 0.45 RMB respectively, with corresponding P/E ratios of 8.56, 8.73, and 7.82 [4][8]

山东南山铝业股份有限公司 2024 年第二次独立董事专门会议决议公告 独立董事：方玉峰、梁仕念、季猛 2024 年 8 月 21 日 我们认为：南山集团财务有限公司作为非银行金融机构，其业务范围、业务 内容和流程、内部的风险控制制度等措施都受到国家金融监督管理总局的严格监 管。报告期内，我们及公司未发现财务公司存在违反《企业集团财务公司管理办 法》等相关金融法规的情形，未发现财务公司财务报表相关的资金、信贷、稽核、 信息管理等方面存在重大缺陷。财务公司运营合规，内部控制制度健全，公司与 财务公司之间发生关联存、贷款等金融业务的风险可控，不存在损害公司和股东， 特别是中小股东利益的情形。因此，我们同意将《山东南山铝业股份有限公司关 于南山集团财务有限公司风险持续评估报告》提交董事会审议。 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 山东南山铝业股份有限公司(以下简称"公司")2024 年第二次独立董事专 门会议于 2024 年 8 月 19 日以现场和通讯相结合的方式召开，3 名独立董事参加 了会议，经独立董事推举本次会议由方玉峰先生召集并主持,本次会议符合《关 于在上市公司建立独立董事制度的指 ...

[Definitions](index=5&type=section&id=Section%201.%20Definitions) [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines professional terms and company entity abbreviations used in the report for better understanding - Defines the company, controlling shareholder, subsidiaries, and aluminum industry-specific terms[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Section%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=8&type=section&id=I.%20Company%20Information) Provides basic company information including Chinese and English names, legal representative, registered address, and contact details - The company's full name is **Shandong Nanshan Aluminum Co., Ltd.**, and its legal representative is **Lu Zhengfeng**[17](index=17&type=chunk) [Key Financial Data and Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant performance growth during the reporting period, with net profit attributable to shareholders increasing by 66.68% and net cash flow from operating activities increasing by 93.54%, primarily due to the Indonesian alumina project's volume and price increases, recovering overseas demand, and rising aluminum ingot prices Key Accounting Data (Jan-Jun 2024) | Indicator | Current Period (RMB) | Prior Year (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 15,667,337,299.66 | 14,500,645,725.11 | 8.05 | | Net Profit Attributable to Shareholders of Listed Company | 2,188,731,634.17 | 1,313,097,721.65 | 66.68 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 2,156,989,823.43 | 1,279,262,345.70 | 68.61 | | Net Cash Flow from Operating Activities | 2,656,396,665.10 | 1,372,542,758.50 | 93.54 | Key Financial Indicators (Jan-Jun 2024) | Indicator | Current Period | Prior Year | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.19 | 0.11 | 72.73% | | Weighted Average Return on Net Assets (%) | 4.69 | 2.94 | Increased by 1.75 percentage points | - Performance growth was mainly attributed to increased volume and price of the company's Indonesian alumina project, gradual recovery of overseas demand for aluminum products, and a year-on-year increase in aluminum ingot prices during the reporting period[25](index=25&type=chunk) [Non-recurring Gains and Losses](index=9&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled **RMB 31.74 million** during the reporting period, primarily from government subsidies Details of Non-recurring Gains and Losses | Non-recurring Gain/Loss Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | 85,976.32 | | Government Subsidies Recognized in Current Profit and Loss | 34,940,379.53 | | Other Non-operating Income and Expenses | 3,689,328.82 | | Less: Income Tax Impact | 6,475,542.83 | | Less: Impact on Minority Interests (After Tax) | 1,087,168.12 | | **Total** | **31,741,810.74** | [Management Discussion and Analysis](index=12&type=section&id=Section%203.%20Management%20Discussion%20and%20Analysis) [Business Overview and Operating Model](index=12&type=section&id=I.%20Description%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company possesses a complete industrial chain from thermal power and alumina to aluminum processing and recycling, with products widely used in aviation, automotive, and packaging, adhering to high-end and green development by expanding through overseas layouts and recycled aluminum projects - The company has formed a complete aluminum processing industrial chain from thermal power, alumina, electrolytic aluminum, casting, aluminum profiles/hot rolling-cold rolling-foil rolling, to scrap aluminum recycling (reutilization)[32](index=32&type=chunk) - The company focuses on developing its overseas Indonesian industrial park (with **2 million tons** of alumina already in operation and planned new capacity and electrolytic aluminum projects) and domestic recycled aluminum upgrading projects[33](index=33&type=chunk) [Core Competencies](index=13&type=section&id=II.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its integrated industrial chain's cost advantages, technical barriers in high-end products, global layout, green circular economy model, and efficient management mechanisms - Adheres to a "high-end strategy + integrated industrial chain" development path, steadily progressing in high-end manufacturing[35](index=35&type=chunk) - Driven by technological innovation, continuously increases R&D investment in deep processing and lightweighting, and deepens industry-university-research integration[36](index=36&type=chunk) - Promotes the Indonesian Bintan Island alumina project, leveraging its resources and geographical advantages to expand overseas aluminum industrial chain layout[37](index=37&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=III.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2024, the company's performance grew steadily due to rising domestic and international alumina and primary aluminum prices, with high-value-added products contributing significantly to gross profit, while actively advancing key ongoing projects to solidify future growth - In H1 2024, the average price of overseas alumina market was approximately **$403/ton**, a YoY increase of about **14%**; the average domestic primary aluminum price was approximately **RMB 19,779/ton**, a YoY increase of about **7%**[45](index=45&type=chunk)[46](index=46&type=chunk) - Sales of high-end products (automotive plates, aerospace plates, etc.) accounted for approximately **14%** of the company's total aluminum product sales, and their gross profit accounted for approximately **25%** of total aluminum product gross profit[47](index=47&type=chunk) - The company steadily advances several key ongoing projects, including high-end lightweight aluminum plate and strip projects, the first phase of the Indonesian electrolytic aluminum project, and the Indonesian **2 million tons** alumina expansion project[56](index=56&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Analysis of Key Operating Data](index=20&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, operating revenue increased by 8.05% and net profit attributable to shareholders grew by 66.68%, with operating cash flow increasing due to higher revenue, while investing and financing cash outflows rose due to prior year asset disposals, current period dividend payments, and loan compression Analysis Table of Financial Statement Items Changes | Item | Current Period (RMB) | Prior Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 15,667,337,299.66 | 14,500,645,725.11 | 8.05 | | Net Cash Flow from Operating Activities | 2,656,396,665.10 | 1,372,542,758.50 | 93.54 | | Net Cash Flow from Investing Activities | -851,034,535.00 | -267,457,494.28 | -218.19 | | Net Cash Flow from Financing Activities | -3,334,722,601.52 | -847,150,097.31 | -293.64 | - Net cash flow from operating activities increased by **93.54%** year-on-year, mainly due to a significant increase in operating revenue and corresponding cash receipts in the current period[60](index=60&type=chunk) - Net cash outflow from financing activities increased by **293.64%** year-on-year, mainly due to the company's ample cash flow for dividend payments, reduced loan amounts, and increased loan collateral[60](index=60&type=chunk) [Analysis of Assets and Liabilities](index=20&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets were **RMB 67.827 billion**, a slight decrease of 1.44% from prior year-end, with increases in accounts receivable and prepayments, a decrease in notes receivable, and a 63.62% increase in long-term equity investments due to an LNG project acquisition, while overseas assets constituted 21.02% of total assets Assets and Liabilities Status (vs. end of prior year) | Item Name | Amount at Period End (RMB) | Change from Prior Year End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Notes Receivable | 528,329,159.14 | -50.59 | Increase in bank acceptance bill discounting for goods payment | | Accounts Receivable | 4,320,339,949.73 | 33.80 | Reduced overseas factoring business, increased goods sales | | Long-term Equity Investments | 1,099,665,982.23 | 63.62 | Investment payment for LNG project acquisition | | Construction in Progress | 965,682,313.12 | 41.42 | New Indonesian alumina 2 million tons construction project | - Overseas assets reached **RMB 14.258 billion**, accounting for **21.02%** of total assets[64](index=64&type=chunk) [Analysis of Investment Status](index=22&type=section&id=Analysis%20of%20Investment%20Status) During the reporting period, the company made a significant external equity investment, acquiring **40%** equity in State Pipe Network Group Nanshan (Shandong) Natural Gas Co., Ltd. for **RMB 773 million**, with **RMB 387 million** already paid - The company disclosed on **February 29, 2024**, the acquisition of **40%** equity in State Pipe Network Group Nanshan (Shandong) Natural Gas Co., Ltd. for **RMB 773 million**, with **RMB 387 million** paid by the end of the reporting period[67](index=67&type=chunk)[68](index=68&type=chunk) [Analysis of Major Holding and Participating Companies](index=25&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, Indonesian alumina subsidiary PT. BINTAN ALUMINA INDONESIA performed exceptionally, achieving a net profit of **RMB 1.281 billion** and significantly contributing to the company's profit, while other key subsidiaries also remained profitable Financial Summary of Major Holding and Participating Companies (Unit: RMB 10,000) | Company Name | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Longkou Nanshan Aluminum Rolling New Material Co., Ltd. | 523,587.03 | 801,390.21 | 5,002.40 | | Longkou Donghai Alumina Co., Ltd. | 364,811.74 | 201,986.14 | 2,668.75 | | PT.BINTAN ALUMINA INDONESIA | 940,699.60 | 301,862.03 | 128,117.70 | [Corporate Governance](index=27&type=section&id=Section%204.%20Corporate%20Governance) [Shareholder Meetings and Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=I.%20Overview%20of%20Shareholder%20Meetings) During the reporting period, the company held two shareholder meetings, approving the annual report, profit distribution, and director re-election, with Mr. Hao Weisong resigning and Mr. Liu Qiang being elected as a new director - A total of **2** shareholder meetings were held during the reporting period, approving proposals including the **2023** annual report, profit distribution plan, and re-election of directors[74](index=74&type=chunk)[75](index=75&type=chunk) - Director Hao Weisong resigned, and Liu Qiang was elected as the new director[76](index=76&type=chunk) [Profit Distribution Plan](index=27&type=section&id=III.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors proposed a 2024 semi-annual profit distribution plan, intending to distribute a cash dividend of **RMB 0.40** (tax inclusive) per **10** shares, with an estimated total distribution of **RMB 468 million** - The company plans to distribute a cash dividend of **RMB 0.40** (tax inclusive) per **10** shares to all shareholders, with an estimated total dividend of **RMB 468 million**[77](index=77&type=chunk)[78](index=78&type=chunk) [Environmental and Social Responsibility](index=30&type=section&id=Section%205.%20Environmental%20and%20Social%20Responsibility) [Environmental Information](index=30&type=section&id=I.%20Environmental%20Information) As a key pollutant-discharging entity, the company strictly adheres to domestic and international environmental regulations, maintains a three-tier environmental management structure, and is ISO 14001 certified, ensuring compliance in waste treatment and avoiding environmental accidents or penalties - Company's key pollutant-discharging units, including Donghai Thermal Power Plant and Nanshan Aluminum Branch, all achieved compliance during the reporting period[83](index=83&type=chunk) - The company formulated and implemented the "Environmental Protection Management Measures," strictly fulfilling environmental management responsibilities in all operating locations, with no environmental accidents or penalties during the reporting period[84](index=84&type=chunk) [Energy Saving and Emission Reduction Measures](index=32&type=section&id=Measures%20Taken%20and%20Effects%20Achieved%20to%20Reduce%20Carbon%20Emissions%20During%20the%20Reporting%20Period) The company actively responds to the national "dual carbon" strategy by building photovoltaic projects and purchasing green certificates to reduce electricity-related carbon emissions, continuously advancing production technology upgrades to reduce direct emissions, and steadily lowering carbon emission intensity - The company actively consumes renewable energy through self-owned photovoltaic project construction and purchasing International Renewable Energy Certificates (I-REC) for thermal power replacement[92](index=92&type=chunk) - Continuously promotes technology upgrade projects in multiple production workshops and thermal power plants to reduce carbon emissions during production[92](index=92&type=chunk) [Significant Matters](index=34&type=section&id=Section%206.%20Significant%20Matters) [Fulfillment of Commitments](index=34&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company and related parties (e.g., Nanshan Group, Yili Power) strictly fulfilled long-term commitments regarding resolving horizontal competition and reducing related-party transactions - The company's actual controller, shareholders, and related parties strictly fulfilled commitments to avoid horizontal competition and regulate related-party transactions during the reporting period[97](index=97&type=chunk)[99](index=99&type=chunk) [Significant Related-Party Transactions](index=36&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, daily operational related-party transactions totaled approximately **RMB 2.83 billion**, primarily involving procurement and sales of goods and services with related parties, in addition to the acquisition of equity in State Pipe Network Group Nanshan (Shandong) Natural Gas Co., Ltd - Total daily related-party transactions amounted to approximately **RMB 2.83 billion**, mainly involving procurement of electricity, steam, bauxite, port services from Nanshan Group and its subsidiaries, and sales of alumina powder to Press Metal[107](index=107&type=chunk) - The company's acquisition of equity in State Pipe Network Group Nanshan (Shandong) Natural Gas Co., Ltd. constitutes a related-party transaction, with industrial and commercial changes currently being processed[109](index=109&type=chunk) Financial Business with Related-Party Finance Company (Unit: RMB 10,000) | Business Type | Related Party | Limit/Quota | Period-End Balance/Amount Incurred | | :--- | :--- | :--- | :--- | | Deposit Business | Nanshan Group Finance Co., Ltd. | 1,800,000.00 | 1,486,158.13 | | Loan Business | Nanshan Group Finance Co., Ltd. | 1,500,000.00 | 9,500.00 | | Credit Line Business | Nanshan Group Finance Co., Ltd. | 311,800.00 | 39,914.95 | [Significant Contracts and Guarantees](index=41&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) At the end of the reporting period, all external guarantees were for subsidiaries, totaling **RMB 4.881 billion**, accounting for **8.95%** of the company's net assets, with **RMB 3.373 billion** provided for subsidiaries having an asset-liability ratio exceeding **70%** - At the end of the reporting period, the company's total guarantees amounted to **RMB 4.88 billion**, accounting for **8.95%** of the company's net assets, all of which were guarantees for subsidiaries[118](index=118&type=chunk) - Debt guarantees provided for guaranteed parties with an asset-liability ratio exceeding **70%** (European company, American company) amounted to **RMB 3.37 billion**[118](index=118&type=chunk) [Share Changes and Shareholder Information](index=45&type=section&id=Section%207.%20Share%20Changes%20and%20Shareholder%20Information) [Shareholder Information](index=45&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **165,208** common shareholders, with the top two shareholders, Shandong Yili Power Co., Ltd. and Nanshan Group Co., Ltd., acting in concert and holding a combined stake exceeding **33%** - As of the end of the reporting period, the company had **165,208** common shareholders[122](index=122&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Shandong Yili Power Co., Ltd. | 2,581,044,590 | 22.04 | | Nanshan Group Co., Ltd. | 1,282,933,290 | 10.96 | | Hong Kong Securities Clearing Company Limited | 1,036,918,234 | 8.86 | | Nanshan Group Exchangeable Bond Pledge Account (II) | 863,780,000 | 7.38 | | China Securities Finance Corporation Limited | 589,263,806 | 5.03 | - The top two shareholders, Nanshan Group Co., Ltd. and Shandong Yili Power Co., Ltd., are parties acting in concert[125](index=125&type=chunk) [Preferred Shares and Bonds](index=49&type=section&id=Section%208.%20Preferred%20Shares%20and%20Related%20Matters) [Preferred Shares and Bonds](index=49&type=section&id=Preferred%20Shares%20and%20Bonds) During the reporting period, the company had no matters related to preferred shares or bonds - During the reporting period, the company had no matters related to preferred shares, corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds[130](index=130&type=chunk)[133](index=133&type=chunk) [Financial Report](index=53&type=section&id=Section%2010.%20Financial%20Report) [Financial Statements](index=53&type=section&id=II.%20Financial%20Statements) This section includes the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the first half of 2024 - The financial report includes consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[138](index=138&type=chunk)[141](index=141&type=chunk)[143](index=143&type=chunk) [Basis of Financial Statement Preparation and Significant Accounting Policies](index=68&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards, clarifying important accounting policies and estimates, and implementing "Interpretation No. 17 of Enterprise Accounting Standards" from January 1, 2024, with no financial statement impact - Financial statements are prepared on a going concern basis, in accordance with "Enterprise Accounting Standards"[153](index=153&type=chunk) - The company began implementing "Interpretation No. 17 of Enterprise Accounting Standards" issued by the Ministry of Finance on **January 1, 2024**, with no impact on the financial statements[215](index=215&type=chunk)[216](index=216&type=chunk) [Notes to Major Items in Consolidated Financial Statements](index=95&type=section&id=VII.%20Notes%20to%20Major%20Items%20in%20Consolidated%20Financial%20Statements) This section details key consolidated financial statement items, including period-end cash and cash equivalents of **RMB 25.059 billion** (with **RMB 5.340 billion** restricted), accounts receivable of **RMB 4.320 billion** (up **33.8%**), stable inventories at **RMB 6.340 billion**, and long-term equity investments significantly increasing to **RMB 1.100 billion** due to a natural gas company acquisition - Cash and cash equivalents at period-end totaled **RMB 25.059 billion**, with restricted funds (mainly various deposits) amounting to **RMB 5.340 billion**[223](index=223&type=chunk)[224](index=224&type=chunk) - Accounts receivable at period-end was **RMB 4.320 billion**, an increase of **33.8%** from the beginning of the period, with a bad debt provision balance of **RMB 355 million**[230](index=230&type=chunk)[231](index=231&type=chunk) - Long-term equity investments at period-end were **RMB 1.100 billion**, an increase of **63.62%** from the beginning of the period, primarily due to the current period's new investment in State Pipe Network Group Nanshan (Shandong) Natural Gas Co., Ltd[262](index=262&type=chunk) [Related Party Relationships and Transactions](index=147&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) The company's parent is Nanshan Group Co., Ltd., with Nanshan Village Villagers' Committee as the ultimate controlling party, and significant related-party transactions occurred during the reporting period, including extensive purchases and sales of goods, services, and financial services with Nanshan Group and its subsidiaries - The company's parent company is **Nanshan Group Co., Ltd.**, and the ultimate controlling party is **Nanshan Village Villagers' Committee**[394](index=394&type=chunk)[395](index=395&type=chunk) - During the reporting period, related-party transactions for purchasing goods/receiving services totaled **RMB 879 million**, and for selling goods/providing services totaled **RMB 1.845 billion**[402](index=402&type=chunk)[403](index=403&type=chunk)[404](index=404&type=chunk)

证券代码：600219 证券简称：南山铝业 公告编号：2024-043 山东南山铝业股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 股东大会召开日期：2024年9月10日 2024 年第二次临时股东大会 召开的日期时间：2024 年 9 月 10 日 14 点 30 分 召开地点：山东省烟台龙口市南山国际会议中心三楼白玉厅 (五) 网络投票的系统、起止日期和投票时间。 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 10 日 至 2024 年 9 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间 ...

山东南山铝业股份有限公司 未来三年（2024 年-2026 年）股东分红回报规划 为进一步完善和健全山东南山铝业股份有限公司（以下简称"公司"）科学、 稳定、持续的分红机制，切实保护中小投资者的合法权益，根据《中华人民共和 国公司法》《关于进一步落实上市公司现金分红有关事项的通知》《上市公司监管 指引第 3 号——上市公司现金分红》等相关法律法规、规范性文件和《山东南 山铝业股份有限公司章程》（以下简称"《公司章程》"）的规定，公司董事会制定 了《山东南山铝业股份有限公司未来三年（2024 年-2026 年）股东分红回报规 划》（以下简称"本规划"），具体内容如下： 一、 制定本规划的考虑因素 公司作为铝加工行业头部企业之一，以国家发展战略为导向，借助良好的政 策环境，不断健全产业链，逐渐成长为"上游能源、中游冶炼、下游加工"全产 业链布局的高端铝制造企业。公司结合自身经营状况，业绩情况，基于公司所处 行业的特点及其发展趋势，并结合公司自身经营模式、盈利水平、发展规划、社 会资金成本、外部融资环境、现金流状况等重要因素，在平衡投资者的合理回报 和公司的持续发展的基础上，建立对投资者稳定、持续回报机制，以保证利 ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-044 山东南山铝业股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 会议召开时间：2024年8月30日（星期五）下午15：30-16：30 会议召开地址：中国证券报中证网，网址 （https://www.cs.com.cn/roadshow/yjsmh/） 会议召开方式：视频直播和网络文字互动 投资者可于2024年8月28日（星期三）前17：00将相关问题通过电子邮件 的形式发送至本公司邮箱：600219@nanshan.com.cn。本公司将会于2024年半年度 业绩说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 山东南山铝业股份有限公司（以下简称"公司"）已于 2024 年 8 月 21 日披 露公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年上 半年经营成果、财务状况，公司计划于 2024 年 8 月 30 日下午 15:30-16:30 举 ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-041 山东南山铝业股份有限公司 关于 2024 年半年度利润分配预案的公告 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： 山东南山铝业股份有限公司（以下简称"公司"）拟向全体股东按每 10 股派发现金红利 0.40 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持按每 10 股派发现金红利 0.40 元（含税）不变，相应调整分配总额，并将在相关公告 中披露。 公司已于 2024 年 3 月 21 日召开 2023 年年度股东大会审议通过了《山东 南山铝业股份有限公司关于提请股东大会授权董事会决定 2024 年中期利润分 配的议案》，由股东大会授权董事会全权办理公司半年度利润分配相关事宜。本 次利润分配方案无需提交股东大会审议。 一、利润分配方案内容 根据公司2024年半年度财务报告（未经审计），截至2024年6月30日，公司母 ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-042 山东南山铝业股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更是公司根据财政部相关规定和要求进行的变更，符合 相关法律法规的规定，执行变更后的会计政策能够客观、公允地反映公司的财务 状况和经营成果。本次会计政策变更不会对公司当期的财务状况、经营成果和现 金流量产生重大影响，不存在损害公司及股东利益的情况。 一、概述 山东南山铝业股份有限公司（以下简称"公司"）根据财政部于2023年颁布 的《企业会计准则解释第17号》（以下简称"解释17号"）相关要求，变更有关会 计政策。本次会计政策变更是公司根据法律法规和国家统一的会计制度的要求进 行的变更，根据有关规定，无需提交公司董事会、股东大会等审议。相关会计政 策变更的内容如下： （1） 关于流动负债与非流动负债的划分 17 号解释明确：企业在资产负债表日没有将负债清偿推迟至资产负债表日 后一年以上的实质性权利的，该负债应当归类为流动负债。对于企 ...