证券代码：600219 证券简称：南山铝业 公告编号：2024-035 一致行动人股份解除质押及再次质押的公告 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。 重要内容提示： ●截止至公告日，山东南山铝业股份有限公司（以下简称"公司"）控股股 东南山集团有限公司（以下简称"南山集团"）持有公司股份总数为 2,584,593,290 股，约占公司总股本的 22.07%；其一致行动人山东怡力电业有限公司（以下简 称"怡力电业"）持有公司股份总数为 2,581,044,590 股，约占公司总股本的 22.04%。 ●本次股份解除质押及再次质押业务完成后，南山集团累计质押其所持有的 公司股份 1,506,660,000 股，约占公司总股本的 12.87%，占南山集团所持公司股 份的 58.29%；怡力电业累计质押其所持有的公司股份 575,000,000 股，约占公司 总股本的 4.91%，占怡力电业所持公司股份的 22.28%。 一、上市公司股份质押 公司于 2024 年 6 月 27 日收到控股股东南山集团一致行动人怡力电业的通 知，怡 ...

Investment Rating - The report initiates coverage on Nanshan Aluminum with a "Buy" rating [1] Core Views - Nanshan Aluminum has a complete aluminum industry chain, with high-end products accounting for 14% of total sales in 2023, up by more than 1 percentage point YoY [1] - The company's high-end products contributed 30% of total aluminum product gross profit in 2023, an increase of nearly 9 percentage points YoY [1] - The company is expanding its alumina capacity in Indonesia, with a total planned capacity of 5.4 million tons, and is focusing on high-end products such as automotive sheets, aviation sheets, and battery aluminum foil [2] - The report forecasts revenue of RMB 31.848 billion, RMB 34.177 billion, and RMB 36.733 billion for 2024-2026, with net profits of RMB 3.84 billion, RMB 4.196 billion, and RMB 4.615 billion, respectively [2] Upstream Operations - Nanshan Aluminum has a total of 3.4 million tons of alumina production capacity, including 1.4 million tons domestically and 2 million tons in Indonesia [2] - The company plans to build an additional 2 million tons of alumina capacity in Indonesia, bringing the total planned capacity to 5.4 million tons [2] - The alumina market is expected to remain tight in 2024, supporting high alumina prices [2] Downstream Operations - The company is focusing on high-end products such as automotive sheets, aviation sheets, and battery aluminum foil [2] - Automotive sheet demand is expected to grow at a CAGR of 14% from 2020 to 2026, with the company having 200,000 tons of in-production capacity and 200,000 tons under construction [2] - Aviation sheet demand is expected to grow significantly, with global aircraft deliveries projected to increase by 86.34% from 2022 to 2041 [2] - Battery aluminum foil demand is expected to reach 542,500 tons by 2025, with the company having 91,000 tons of aluminum foil capacity, including 21,000 tons dedicated to battery foil [2] Financial Projections - The report forecasts revenue growth of 10.4%, 7.3%, and 7.5% for 2024-2026, with net profit growth of 10.5%, 9.3%, and 10.0%, respectively [2] - The company's PE ratio is expected to be 11.53x, 10.55x, and 9.59x for 2024-2026, lower than the average PE of comparable companies [2] Industry Outlook - The global automotive sheet market is expected to grow significantly, driven by the electrification of vehicles [2] - The aviation industry is expected to see strong growth in aircraft deliveries, driving demand for aviation aluminum sheets [2] - The battery aluminum foil market is expected to expand rapidly, supported by the growth of the new energy vehicle industry [2]

Contents Topic: Embracing a Green Aluminium Revolution through Circular Low-carbon Practices | About This Report | 04 | | --- | --- | | About Nanshan Aluminium | 06 | | Address from Chairman of Board | 12 | | Low-carbon manufacturing practices | 15 | | --- | --- | | Circular industry layout | 18 | Guiding Principles for Corporate Governance, Paving the Way for a Sustainable Future Together | ESG governance framework | 23 | | --- | --- | | Communication with stakeholders | 24 | | ESG materiality issues | 25 ...

一、 回购股份的基本情况 公司于 2023 年 12 月 13 日、2023 年 12 月 29 日分别召开了第十一届董事会第 七次会议、2023 年第四次临时股东大会，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。 本次回购股份的资金总额不低于人民币 3 亿元（含）且不超过人民币 6 亿 元（含），回购股份价格不超过人民币 4.43 元/股，回购数量不低于 6,772.01 万股 （含）且不超过 13,544.02 万股（含），具体回购数量及金额以回购结束时实际交 易情况为准。回购期限为自公司股东大会审议通过回购方案之日起不超过 12 个 月，即自 2023 年 12 月 29 日至 2024 年 12 月 28 日。 具体内容详见公司于 2024 年 1 月 9 日在上海证券交易所网站（www.sse.com.cn） 上披露的《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回购 报告书》(公告编号：临 2024-001)。 证券代码：600219 证券简称：南山铝业 公告编号：2024- ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-032 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。 公司于 2023 年 12 月 13 日、2023 年 12 月 29 日分别召开了第十一届董事会第 七次会议、2023 年第四次临时股东大会，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。 本次回购股份的资金总额不低于人民币 3 亿元（含）且不超过人民币 6 亿 元（含），回购股份价格不超过人民币 4.43 元/股，回购数量不低于 6,772.01 万股 （含）且不超过 13,544.02 万股（含），具体回购数量及金额以回购结束时实际交 易情况为准。回购期限为自公司股东大会审议通过回购方案之日起不超过 12 个 月，即自 2023 年 12 月 29 日至 2024 年 12 月 28 日。 具体内容详见公司于 2024 年 1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company's Q1 2024 performance exceeded expectations, driven by the growth of its alumina business in Indonesia, with revenue of 7.22 billion yuan, a year-on-year increase of 5.7% and a net profit of 850 million yuan, up 64% year-on-year [1] - The report highlights the strong performance of the Indonesian alumina business, with production capacity reaching 2 million tons and expected production of 500,000 tons in Q1 2024 [1] - Future growth prospects include plans to invest 6.06 billion yuan in a 250,000-ton electrolytic aluminum project and 6.33 billion yuan for expanding alumina capacity in Indonesia [1] Financial Performance Summary - Q1 2024 revenue was 72.2 billion yuan, with a year-on-year growth of 5.7% and a quarter-on-quarter growth of 1.0% [1] - The net profit attributable to shareholders was 8.5 billion yuan, reflecting a year-on-year increase of 64.0% [1] - The report projects net profits for 2024-2026 to be 3.864 billion yuan, 4.104 billion yuan, and 4.323 billion yuan respectively, with corresponding PE ratios of 10x, 10x, and 9x [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in Q1 2024 was driven by the increase in both volume and price of alumina, leading to revenue growth [4] - The company has significantly improved its cash flow situation due to increased sales from its Indonesian alumina project [4] - The company plans to expand its alumina production capacity in Indonesia, which will enhance its overseas supply chain and increase profitability [4] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 72.24 billion RMB, a 0.98% increase quarter-on-quarter and a 5.70% increase year-on-year [3] - The net profit attributable to the parent company was 8.51 billion RMB, a decrease of 36.11% quarter-on-quarter but an increase of 63.99% year-on-year [3] - The non-recurring net profit was 8.31 billion RMB, up 29.98% quarter-on-quarter and 62.91% year-on-year [3] Cash Flow - The net cash inflow from operating activities in Q1 2024 was 11.57 billion RMB, reflecting a 6.54% increase quarter-on-quarter, indicating a significant improvement in cash flow [4] Expansion Plans - The company is planning a 200,000-ton alumina expansion project in Indonesia, with an investment of approximately 6.3 billion RMB, expected to be completed in 2.5 years [4] - This expansion aims to enhance the value of local bauxite resources and meet the production needs of electrolytic aluminum, thereby improving the company's competitiveness in the international market [4] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 31.85 billion RMB, 34.47 billion RMB, and 38.31 billion RMB respectively, with net profits expected to be 3.82 billion RMB, 4.14 billion RMB, and 4.64 billion RMB [5]

Financial Performance - The company's operating revenue for Q1 2024 was approximately ¥7.22 billion, representing a year-on-year increase of 5.70%[4] - The net profit attributable to shareholders for Q1 2024 was approximately ¥850.99 million, reflecting a significant increase of 63.99% compared to the same period last year[4] - The net cash flow from operating activities reached approximately ¥1.16 billion, marking a substantial increase of 273.61% year-on-year[4] - The basic earnings per share for Q1 2024 was ¥0.07, which is a 75.00% increase compared to the previous year[4] - Operating profit for Q1 2024 was ¥1,068,260,960.26, significantly up from ¥589,114,965.74 in Q1 2023, reflecting a growth of 81.3%[22] - Net profit for Q1 2024 amounted to ¥1,030,516,427.08, compared to ¥557,446,522.76 in Q1 2023, marking an increase of 84.9%[22] - The net profit attributable to shareholders of the parent company for Q1 2024 was ¥850,998,983.32, an increase from ¥518,941,066.61 in Q1 2023, representing a growth of approximately 64%[23] - The total comprehensive income for Q1 2024 was ¥925,921,843.91, compared to ¥786,552,959.00 in Q1 2023, indicating an increase of about 17.7%[23] Asset and Liability Overview - The total assets at the end of Q1 2024 were approximately ¥68.43 billion, showing a slight decrease of 0.55% from the end of the previous year[5] - Total assets decreased to ¥68,434,033,936.49 in Q1 2024 from ¥68,815,340,221.39 in Q1 2023, a decline of 0.6%[20] - Total liabilities increased to ¥15,167,558,389.86 in Q1 2024 from ¥14,787,242,625.77 in Q1 2023, an increase of 2.6%[20] - Current liabilities totaled ¥14,585,912,355.40 in Q1 2024, up from ¥14,111,783,469.94 in Q1 2023, reflecting a rise of 3.3%[20] - The company’s total equity decreased to ¥53,266,475,546.63 in Q1 2024 from ¥54,028,097,595.62 in Q1 2023, a decline of 1.4%[20] Cash Flow Analysis - The net cash flow from operating activities for Q1 2024 was ¥1,157,322,344.00, significantly up from ¥309,764,827.05 in Q1 2023[25] - The cash inflow from financing activities in Q1 2024 was ¥6,730,537,215.13, compared to ¥3,956,897,440.64 in Q1 2023, showing an increase of approximately 70%[26] - The cash and cash equivalents at the end of Q1 2024 amounted to ¥21,446,044,627.30, up from ¥15,756,875,593.41 at the end of Q1 2023, reflecting a growth of about 36%[26] - The net cash flow from investing activities for Q1 2024 was -¥133,771,841.91, slightly improved from -¥146,309,112.88 in Q1 2023[26] - The total cash outflow from financing activities in Q1 2024 was ¥7,588,596,099.31, up from ¥4,034,656,299.61 in Q1 2023, representing an increase of approximately 88%[26] - The company experienced a foreign exchange impact on cash and cash equivalents of -¥10,369,076.98 in Q1 2024, compared to a positive impact of ¥52,319,031.42 in Q1 2023[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 182,436[15] - The largest shareholder, Shandong Yili Electric Power Co., Ltd., holds 2,581,044,590 shares, accounting for 22.04% of the total shares[15] - The total number of shares held by the top ten shareholders includes 1,059,495,065 shares held by Nanshan Group Co., Ltd., representing 9.05%[16] - The total number of shares held by the top ten unrestricted shareholders is 2,581,044,590 shares, all held by Shandong Yili Electric Power Co., Ltd.[15] - The company has pledged 575,000,000 shares held by Shandong Yili Electric Power Co., Ltd.[15] Pricing and Market Conditions - The average price of domestic alumina in Q1 2024 was approximately ¥3,224 per ton, which is an increase of about 10.54% compared to the same period last year[9] - The average price of overseas alumina in Q1 2024 was approximately $368 per ton, reflecting a year-on-year increase of about 2.14%[11] - The average price of electrolytic aluminum in Q1 2024 was approximately ¥19,056 per ton, which is an increase of about 3.11% compared to the previous year[14] Research and Development - Research and development expenses for Q1 2024 were ¥330,882,077.78, slightly down from ¥341,955,972.74 in Q1 2023, a decrease of 3.2%[22] Other Financial Metrics - The weighted average return on equity for Q1 2024 was 1.84%, an increase of 0.66 percentage points year-on-year[4] - The net profit excluding non-recurring gains and losses for Q1 2024 was approximately ¥830.74 million, up 62.91% from the same period last year[4] - The company reported a financial income of ¥69,865,411.06 in Q1 2024, compared to ¥13,710,404.83 in Q1 2023, indicating a significant increase[22] - Deferred income tax assets rose to ¥272,106,212.83 in Q1 2024 from ¥250,831,818.29 in Q1 2023, an increase of 8.4%[20] - The company reported derivative financial assets of 34,887,912.00 RMB, an increase from 21,225,093.89 RMB[18] - Accounts receivable increased to 3,614,278,730.79 RMB from 3,229,021,269.48 RMB, indicating a growth of approximately 11.95%[18] - Inventory decreased to 6,147,598,423.44 RMB from 6,271,535,676.80 RMB, reflecting a decline of about 1.97%[18]

公司控股股东南山集团于2023年4月21日完成了本期可交换债券的发行工作。本 期可交换公司债券（品种一）简称为23南01EB，（品种二）简称为23南02EB。 23南 01EB的发行规模为8.8333亿元，债券期限为3年，标的股票为南山集团有限公司持有 的部分本公司A股股票，债券代码为"137175"；23南02EB的发行规模为16.6667亿 元，债券期限为2年，标的股票为南山集团有限公司持有的部分本公司A股股票，债 券代码为"137176"。 证券代码：600219 证券简称：南山铝业 公告编号：2024-028 山东南山铝业股份有限公司 关于控股股东非公开发行可交换公司债券 调整换股价格的提示性公告 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个别及连带责任。 近日，山东南山铝业股份有限公司（以下简称"公司"）收到控股股东南山集团 有限公司（以下简称"南山集团"）的通知，南山集团2023年面向专业投资者非公开 发行可交换公司债券（第一期）（以下简称"本期可交换债券"）换股价格将进行调 整，现将有关事项公告如下： 一、控股股东可交 ...

证券代码：600219 证券简称：南山铝业 公告编号：2024-027 山东南山铝业股份有限公司 关于控股股东股份解除担保及信托登记的公告 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。 ●本次股份解除担保及信托登记完成后，南山集团累计质押其所持有的公司 股份 1,506,660,000 股，约占公司总股本的 12.87%，占南山集团所持公司股份的 58.29%；怡力电业累计质押其所持有的公司股份 575,000,000 股，约占公司总股 本的 4.91%，占怡力电业所持公司股份的 22.28%。 公司于 2024 年 4 月 17 日收到控股股东南山集团的通知，南山集团完成"南 山集团-国信证券-21 南山 E1 担保及信托财产专户"中剩余股票的解除担保及信 托登记手续，相关股份划转至南山集团普通账户内，具体事项如下： 一、股东担保及信托登记解除基本情况 南山集团于 2019 年 11 月收到上海证券交易所签发的《关于对南山集团有 限公司非公开发行可交换公司债券挂牌转让的无异议函》（上证函〔2019〕2123 号），上交所对南山集 ...