山东南山铝业股份有限公司 关于在南山集团财务有限公司办理金融业务的 风险持续评估报告 根据中国证券监督管理委员会、上海证券交易所的相关要求，山东南山铝业 股份有限公司（以下简称"本公司"）通过查验南山集团财务有限公司（以下简 称"财务公司"）《金融许可证》、《营业执照》等证件资料，并审阅了财务公 司验资及审计报告，对财务公司的经营资质、业务和风险状况进行了评估，现将 有关风险评估情况报告如下： 一、财务公司基本情况 （一）经营资质 南山集团财务有限公司于 2008 年 11 月取得金融许可证（2009 年 5 月、2023 年 9 月分别因迁址和经营范围调整换发新金融许可证），于 2008 年 11 月取得营 业执照，是经原中国银行保险监督管理委员会批准成立的非银行金融机构。 注册地址：山东省龙口市南山工业园南山南路 4 号 法定代表人：宋日友 金融许可证机构编码：L0097H337060001 统一社会信用代码：913706816817432122 注册资本：人民币 21.9 亿元（其中美元 1000 万元） 经营范围：公司按《企业集团财务公司管理办法》规定，依法申请经营以下 本外币业务：（一）吸收成员单位 ...

山东南山铝业股份有限公司 第十一届董事会第十二次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实、准确和完整承担个别及连带责任。 山东南山铝业股份有限公司（以下简称"公司"或"本公司"）第十一届董事会第十 二次会议于 2024 年 8 月 20 日上午 10 时以现场和通讯相结合的方式召开，公司于 2024 年 8 月 10 日以书面、传真和邮件方式通知了各位参会人员。会议应到董事 9 名，实到董事 9 名，其中，独立董事 3 名，公司监事和高级管理人员列席了会议。会议的召开符合《公司 法》和《公司章程》的有关规定，会议决议合法有效。会议由董事长吕正风先生主持，经 审议表决通过了以下议案： 一、审议通过了《山东南山铝业股份有限公司 2024 年半年度报告及摘要》 2024 年半年度财务报告已经公司董事会审计委员会审议通过。 股票代码：600219 股票简称：南山铝业 公告编号：2024-039 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的《山东南 山铝业股份有限公司 2024 年半年度报告》、《山东南山铝业股份有限公 ...

证券代码:600219 证券简称:南山铝业 公告编号:2024-040 山东南山铝业股份有限公司 针对《山东南山铝业股份有限公司 2024 年半年度报告及摘要》，监事会审核意见如 下： 1、2024 年半年度报告的编制和审议程序符合法律、法规、公司章程和公司内部管理 制度的各项规定； 2、2024 年半年度报告的内容和格式符合中国证监会和上海证券交易所的各项规定， 所包含的信息能够从各个方面真实地反映出公司 2024 年半年度的经营管理和财务状况等 事项； 3、在提出本意见前，监事会未发现参与半年度报告编制和审议的人员有违反保密规 定的行为。 表决结果：5 票同意，0 票反对，0 票弃权。 二、审议通过了《山东南山铝业股份有限公司 2024 年半年度利润分配预案》 第十一届监事会第九次会议决议公告 本公司及监事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实、准确和完整承担个别及连带责任。 山东南山铝业股份有限公司（以下简称"公司"）第十一届监事会第九次会议于 2024 年 8 月 20 日下午 14 时在公司以现场和通讯相结合的方式召开，公司于 2024 年 8 月 10 日 ...

| 回购方案首次披露日 | 2023/12/14 | | --- | --- | | 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 | | 累计已回购股数 | □为维护公司价值及股东权益 股 51,447,400 | | 累计已回购股数占总股本比例 | 0.439% | | 累计已回购金额 | 元 178,470,770 | | 实际回购价格区间 | 元/股~4.07 元/股 2.75 | 证券代码：600219 证券简称：南山铝业 公告编号：2024-038 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： 2024 年7 月，公司通过集中竞价交易方式已累计回购公司股份 10,002,200 股， 占公司总股本的比例约为 0.085%，回购成交的最高价为 ...

Investment Rating - The investment rating for Nanshan Aluminum is "Recommended" with a target price of 4.46 CNY, indicating a potential upside of 10% from the current price [2][3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.971 to 2.151 billion CNY for the first half of 2024, representing a year-on-year growth of 50.11% to 63.82% [2]. - The increase in alumina prices and the release of production capacity from the Indonesian alumina project have significantly boosted the company's profits [2]. - The domestic self-sufficiency in alumina has led to an expansion of profits in the electrolytic aluminum segment [2]. - The outlook for high prices in alumina and electrolytic aluminum is positive due to various supply constraints [2]. Financial Summary - Total revenue for 2023 is reported at 28.844 billion CNY, with projections of 33.201 billion CNY for 2024, reflecting a year-on-year growth of 15.1% [3]. - The net profit attributable to shareholders is expected to rise from 3.474 billion CNY in 2023 to 4.349 billion CNY in 2024, marking a growth of 25.2% [3]. - Earnings per share (EPS) is projected to increase from 0.30 CNY in 2023 to 0.37 CNY in 2024 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 13 in 2023 to 11 in 2024, indicating a more favorable valuation [3]. Production and Cost Insights - The company’s alumina production capacity is primarily located in Shandong and Indonesia, with a total output of 2 million tons from the Indonesian project fully released in the first half of 2024 [2]. - The average price of first-grade alumina in Shandong for Q2 2024 was 3,633 CNY per ton, up 26.5% year-on-year [2]. - The cost of prebaked anodes and thermal coal has decreased in the first half of 2024, contributing to improved profit margins in the electrolytic aluminum segment [2].

Investment Rating - The report maintains a "Buy" rating for Nanshan Aluminum (600219.SH) [1] Core Views - The company expects a significant year-on-year increase in net profit for the first half of 2024, projecting a range of CNY 1.971 to 2.151 billion, representing a growth of 50.11% to 63.82% [1][2] - The growth in performance is primarily attributed to the full release of 2 million tons of alumina capacity in Indonesia and a substantial increase in alumina product prices [2] - The company has a total alumina production capacity of 5.4 million tons planned, with a tight supply-demand structure expected to maintain high alumina prices [2] Financial Forecast - Projected revenues for 2024, 2025, and 2026 are CNY 318.48 billion, CNY 341.77 billion, and CNY 367.33 billion respectively, with net profits expected to be CNY 38.40 billion, CNY 41.96 billion, and CNY 46.15 billion [2][6] - The price-to-earnings (P/E) ratios for the same years are forecasted to be 12.23, 11.19, and 10.17 respectively [2][6] Production Capacity and Market Dynamics - The company has a total of 3.4 million tons of alumina production capacity, with plans to expand to 5.4 million tons [2] - The average price of first-grade alumina in Henan reached CNY 3,507.52 per ton in the first half of 2024, marking an increase of 18.33% year-on-year [2] Stock Performance - The stock has shown a relative increase of 9.80% over the past month and 20.28% over the past three months compared to the CSI 300 index [4]

Investment Rating - The report gives a "Buy" rating for Nanshan Aluminum (600219.SH) [3][41]. Core Views - Nanshan Aluminum has established an integrated layout in the aluminum industry chain, focusing on high-value-added products in the automotive and aerospace sectors, while expanding its operations in Indonesia [2][25]. - The company is expected to achieve revenues of 33.022 billion, 36.701 billion, and 40.812 billion yuan from 2024 to 2026, with year-on-year growth rates of +14.5%, +11.1%, and +11.2% respectively [2][39]. - The net profit attributable to the parent company is projected to be 4.074 billion, 4.083 billion, and 4.668 billion yuan for the same period, with growth rates of +17.3%, +0.2%, and +14.3% respectively [2][39]. Summary by Sections Company Overview - Nanshan Aluminum has transitioned from a diversified industrial company to a leading aluminum processing enterprise, focusing on aluminum as its core business since its listing in 1999 [10][11]. - The company has a concentrated shareholding structure, with significant stakes held by the Nanshan Village Committee and Yili Power [11][12]. Business Model and Strategy - The company has developed an integrated aluminum processing industry chain, including power generation, alumina, electrolytic aluminum, casting, and recycling [25][34]. - Nanshan Aluminum is expanding its alumina production capacity in Indonesia, with plans for a new 200,000-ton project [27][30]. Financial Performance - The company’s revenue and profit are significantly influenced by aluminum prices, with a compound annual growth rate (CAGR) of 10.23% in revenue from 2016 to 2023 [13][17]. - The report forecasts a stable financial outlook, with a projected EPS of 0.35 yuan in 2024 and 0.40 yuan in 2026 [39][41]. Market Opportunities - The automotive aluminum plate market in China is expected to grow significantly, with a projected CAGR of 10% from 2023 to 2026 [35][36]. - Nanshan Aluminum is positioned to benefit from the increasing demand for high-end aluminum products, particularly in the automotive and aerospace sectors [35][37]. Shareholder Returns - The company plans to repurchase shares worth at least 300 million yuan annually from 2024 to 2026, reflecting its commitment to shareholder returns [5][24].

[Shandong Nanshan Aluminum Co., Ltd. 2024 Semi-Annual Performance Pre-Increase Announcement](index=1&type=section&id=Shandong%20Nanshan%20Aluminum%20Co.%2C%20Ltd.%202024%20Semi-Annual%20Performance%20Pre-Increase%20Announcement) [Core Summary of Performance Forecast](index=1&type=section&id=Key%20Content%20Highlights) The company expects over **50% year-on-year growth** in both net profit attributable to shareholders and non-recurring net profit for H1 2024, driven by capacity release, product price increases, and cost reductions Core Performance Indicators for H1 2024 Performance Forecast | Indicator | H1 2024 (Estimated) | H1 2023 (Actual) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent | CNY 1.971 - 2.151 Billion | CNY 1.313 Billion | +50.11% to +63.82% | | Net Profit Excluding Non-Recurring Items | CNY 1.921 - 2.111 Billion | CNY 1.279 Billion | +50.20% to +65.05% | [Details of Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This report details performance forecast data for January 1 to June 30, 2024, specifying the estimated ranges, absolute increases, and year-on-year growth rates for net profit attributable to shareholders and non-recurring net profit Detailed H1 2024 Performance Forecast Data | Item | Estimated Range (Billion CNY) | Estimated Year-on-Year Increase (Billion CNY) | Estimated Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 1.971 - 2.151 | 0.658 - 0.838 | 50.11% - 63.82% | | Net Profit Excluding Non-Recurring Items | 1.921 - 2.111 | 0.642 - 0.832 | 50.20% - 65.05% | - This performance forecast data represents **preliminary calculations** by the company's finance department and has **not been audited** by an accounting firm[4](index=4&type=chunk) [Prior Period Performance Review](index=2&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Position%20in%20the%20Prior%20Period) The report provides key financial data for H1 2023 as a comparative baseline, including total profit, net profit attributable to shareholders, non-recurring net profit, and earnings per share Key Financial Data for H1 2023 (Prior Period) | Indicator | Amount | | :--- | :--- | | Total Profit | CNY 1.590 Billion | | Net Profit Attributable to Parent Company Shareholders | CNY 1.313 Billion | | Net Profit Excluding Non-Recurring Items | CNY 1.279 Billion | | Earnings Per Share | CNY 0.11 | [Analysis of Performance Growth Drivers](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Pre-Increase) Significant performance growth is primarily attributed to the full capacity release of the Indonesian alumina project increasing output, favorable market conditions with rising product prices and decreasing raw material costs, and the company's integrated industrial chain advantages for cost control and product structure optimization - Capacity Release: The Indonesian **2 million-ton alumina project** has fully released its capacity, leading to increased output compared to the prior year[5](index=5&type=chunk) - Market and Costs: Profitability improved due to **significant increases in aluminum ingot and alumina powder prices**, coupled with a **decrease in bulk raw and auxiliary material procurement costs**[5](index=5&type=chunk) - Strategy and Operations: The company leveraged its **full industrial chain cost control advantages**, optimized its product structure towards **high-quality and high-end products**, and solidified its strategic positioning[5](index=5&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning%20and%20Other%20Disclosures) The company emphasizes that this performance forecast is a preliminary calculation, unaudited, and final data will be based on the officially disclosed 2024 semi-annual report, advising investors to be aware of investment risks - The performance forecast data represents **preliminary calculations** by the finance department based on current information and has **not yet been audited** by a certified public accountant[6](index=6&type=chunk) - The **final accurate financial data** will be subject to the company's officially disclosed 2024 semi-annual report, and investors are advised to be aware of **investment risks**[7](index=7&type=chunk)[8](index=8&type=chunk)

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 | 2023/12/14 | | --- | --- | | 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 41,445,200 | | 累计已回购股数占总股本比例 | 0.354% | | 累计已回购金额 | 元 139,992,750 | | 实际回购价格区间 | 元/股~3.92 元/股 2.75 | 证券代码：600219 证券简称：南山铝业 公告编号：2024-036 山东南山铝业股份有限公司 二、 回购股份的进展情况 根据《上市公司股份回购规则》、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司 ...

南山铝业(600219.SH) 优于大市 铝一体化企业,上游产能出海加速 公司布局铝全产业链,实行国内高端制造、海外聚焦上游的发展战略。南山 铝业成立于 1993 年,控股股东为南山集团,主营铝及铝加工业务。自成立 以来,公司不断向上下游双向延伸产业链,逐渐形成了目前国内重点发力航 空板和汽车板等高壁垒产品,海外主要聚焦上游氧化铝和电解铝的发展格 局。截至 2024 年,公司具备的产能情况为:电解铝 48 万吨、氧化铝 340 万 吨、罐料 60 万吨、铝箔 9 万吨、汽车板 20 万吨、航空板设计产能 5 万吨。 加强上游布局,印尼规划 400 万吨氧化铝和 100 万吨电解铝。在国内,公司 自 2023 年起淘汰山东省的 33.6 万吨高能耗电解铝产能,预计能获得资产处 置收益 14 亿元左右,指标转让完成后国内火电铝由 81.6 万吨降至 48 万吨; 另外公司在山东具备 140 万吨氧化铝产能,但往年来看年产量基本能达到 170 万吨左右。在海外,公司自 2017 年开始规划印尼宾坦工业园氧化铝项目, 成本优势显著,目前已达产 200 万吨,还有等量产能正在筹建;并在同一工 业园向下游延伸,建设 25 ...