证券代码：600595 证券简称：中孚实业 公告编号：临 2025-044 河南中孚实业股份有限公司 关于控股股东持有公司部分股份解除质押的公告 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： 截至本公告披露日，河南中孚实业股份有限公司（以下简称"公司"）控 股股东河南豫联能源集团有限责任公司（以下简称"豫联集团"）持有公司股份 1,077,248,821 股，占公司总股本的 26.88%。本次股份解除质押办理完成后，豫 联集团持有公司股份累计质押数量为 203,400,000 股，占其持有公司股份数量的 18.88%，占公司股份总数的 5.07%。 截至本公告披露日，豫联集团及其一致行动人厦门豫联投资合伙企业（有 限合伙）（以下简称"厦门豫联"）合计持有公司股份 1,117,248,821 股，占公司 总股本的 27.88%。本次股份解除质押后，豫联集团及厦门豫联累计质押股份数 量为 203,400,000 股，占其持有公司股份数量的 18.21%，占公司股份总数的 5.07%。 一、本次股份解除质押的基本情 ...

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、准确性和完整性依法承担法律责任。 一、公司 2025 年员工持股计划概述 2025 年 2 月 5 日和 2025 年 2 月 21 日，河南中孚实业股份有限公司（以下 简称"公司"）分别召开第十一届董事会第三次会议、第十一届监事会第三次会 议和 2025 年第一次临时股东大会，审议通过了《关于<河南中孚实业股份有限公 司 2025 年员工持股计划（草案）>及其摘要的议案》《关于<河南中孚实业股份 有限公司 2025 年员工持股计划管理办法>的议案》《关于提请股东大会授权董事 会办理公司 2025 年员工持股计划有关事项的议案》。具体内容详见公司于 2025 年 2 月 6 日、2025 年 2 月 22 日披露在《中国证券报》《上海证券报》和上海证 券交易所网站的相关公告。 二、公司 2025 年员工持股计划实施进展情况 证券代码：600595 证券简称：中孚实业 公告编号：临 2025-043 河南中孚实业股份有限公司 关于公司 2025 年员工持股计划实施进展的公告 根据《关于上市公司实施员工持股计划试 ...

A股铝概念股午后走强，闽发铝业涨停，中色股份、天山铝业、焦作万方、中国铝业、中孚实业涨超 5%。消息面上，氧化铝主力合约一度涨8%，报3375元/吨。 ...

有色金属板块成为当之无愧的行业涨幅王！截至7月18日，有色金属板块年内累计上涨20.08%，跑赢通 信（18.19%）、医药生物（15.65%）、银行（14.72%）等行业，在31个申万一级行业中涨幅霸居第一 位。 7月21日早盘，揽尽有色金属行业龙头的有色龙头ETF（159876）场内价格涨幅盘中上探1.45%，现涨 1.37%，再度刷新年内高点（1．256元）！ 成份股方面，雅化集团涨停，西藏矿业、钒钛股份涨超6%，中色股份涨逾5%，盛和资源、中孚实业涨 逾4%。 从估值水平来看，截至6月底，中证有色金属指数市净率为2．24，位于上市以来34.45%分位点的历史 较低位置，低于中证有色金属指数上市以来周频市净率数据的中位数2.52。中信证券指出，当前有色金 属行业估值维持偏低水平，铝、铜、镍钴锡锑估值处于相对低位，行业估值修复值得期待。 未来产业'金属心脏'，现代工业'黄金血液'！按照申万三级行业口径，截至6月底，有色龙头ETF （159876）及其联接基金（A类：017140，C类：017141）被动跟踪的中证有色金属指数中，铜、黄 金、铝、稀土、锂行业权重占比分别为26.1%、16.3%、15.8%、 ...

Investment Rating - The report assigns an "Accumulate" rating for the company with a target price of 5.2 CNY, based on a current price of 4.49 CNY [6]. Core Views - The company is positioned as a strong player in the electrolytic aluminum sector, with high profitability elasticity and increased shareholder returns expected to lead to a revaluation of its value [2]. - The company has successfully transitioned from a restructuring phase to a growth phase, significantly improving its operational status and financial health [1][14]. Summary by Sections Company Overview - The company, established in 1993, has developed a synergistic operating model focusing on aluminum and deep processing, supported by coal mining, thermal power generation, and carbon products [1]. - The current production capacity includes 690,000 tons of deep-processed aluminum, 750,000 tons of electrolytic aluminum, 150,000 tons of carbon products, and 90,000 kW of electricity [1]. Financial Performance - The company has shown a significant recovery post-restructuring, with a projected net profit of 1.83 billion CNY in 2025, reflecting a year-on-year increase of 159.7% [4]. - Revenue is expected to grow from 227.61 billion CNY in 2024 to 235.40 billion CNY in 2025, with a growth rate of 3.42% [5]. Industry Analysis - The electrolytic aluminum industry is experiencing a tightening supply-demand dynamic, with domestic production capacity nearing its ceiling at approximately 45 million tons [3]. - Demand for electrolytic aluminum is primarily driven by sectors such as construction, transportation, and renewable energy, with significant growth expected from photovoltaic and new energy vehicles [3]. Profitability and Cost Structure - The company has enhanced its electrolytic aluminum capacity to 750,000 tons per year, benefiting from cost reductions in alumina and electricity, which are expected to improve profit margins in 2025 [2][4]. - The average electricity price in the Guangyuan region is projected to decrease significantly in 2025, further enhancing profitability [2]. Shareholder Returns - The company has initiated a robust employee stock ownership plan, aiming to raise up to 1.25 billion CNY, and has committed to distributing at least 60% of its distributable profits as dividends over the next three years [2][25].

Core Views - The report maintains a positive long-term outlook on gold, copper, and aluminum, emphasizing the importance of strategic metals [1][3] - In H1 2025, domestic economic indicators show signs of bottoming out, with improvements in real estate construction and a gradual shift towards new economic drivers [4][8] - The global economic landscape is being reshaped by fluctuating interest rate expectations from the Federal Reserve and the impacts of trade wars, leading to significant changes in resource sectors [4][8] Investment Strategies - **Main Line 1: Expansion on the Denominator Side - Gold and Silver**: Focus on gold and silver, with specific attention to the performance of gold stocks and the potential for silver due to its high price ratio to gold [4][5] - **Main Line 2: Improvement on the Numerator Side - Aluminum, Copper, Tin**: Anticipate continued high profitability in aluminum due to falling costs, while remaining cautious of potential short-term demand weakness [4][7] - **Main Line 3: Key Strategic Metals**: Highlighting opportunities in rare earths and other strategic metals amid US-China tensions, particularly in six key strategic metals [4][7] - **Main Line 4: Supply-Side Disruptions from Anti-Competition**: The report suggests that supply-side constraints in sectors like lithium carbonate may present attractive bottom-fishing opportunities [4][7] Market Performance - The CRB metal spot index increased by 7.08% from the beginning of 2025 to June 30, 2025, indicating a general upward trend in metal prices [9][10] - Gold prices surged by 23.93% during the same period, driven by expectations of a Federal Reserve rate cut [12][14] - Industrial metals, particularly tin and copper, saw significant price increases of 19.91% and 15.59% respectively, while zinc prices fell by 5.55% [16][19] Supply and Demand Dynamics - Global copper inventories saw a significant reduction, with LME copper stocks decreasing by 66.17% by June 30, 2025 [21][69] - The report anticipates limited growth in global copper supply due to insufficient capital expenditure in mining, projecting only a 2.3% increase in global copper production in 2025 [62][64] - The refined copper market is expected to remain slightly short, with a projected demand growth of 7.1% for 2025, supporting a high price center for copper [69] Sector Performance - The non-ferrous metal sector outperformed the broader market, with a cumulative increase of 19.17% from January to June 2025, compared to a 5.6% rise in the Shanghai Composite Index [38][40] - Sub-sectors such as tungsten, gold, and rare earths performed particularly well, with respective increases of 39.64%, 33.57%, and 31.88% [42][44] - Companies closely tied to resource price fluctuations, particularly in gold and rare earths, showed strong performance, while midstream processing companies faced challenges due to weak downstream demand [44]

证券研究报告 | 公司点评 gszqdatemark 2025 07 12 年 月 日 中孚实业（600595.SH） 25H1 归母大幅增长，绿电铝深度布局优势凸显 事件：公司于 7 月 11 日发布 2025 年半年度业绩预告，25H1 公司预计实 现归母净利 6.8-7.2 亿元，同比增长 53.35%-62.37%；实现扣非归母净利 6.2-6.6 亿元，同比增长 46.04%-55.47%。单季来看，25Q1 归母净利 2.3 亿元，预计 25Q2 归母净利为 4.5-4.9 亿元，同比增长 13%-23%，环比增 长 96%-113%。 电解铝"量价齐升"增厚 25H1 利润，电解铝内外价差压缩 25Q2 利润 空间。1）量：2024 年 10 月，公司以 12.5 亿元自有资金再次收购中孚铝 业 24%股权，2025 年 3 月完成股东变更工商登记，至此公司电解铝的权 益比例达到 100%，权益产能提升至 75 万吨，较 2024 年电解铝权益产能 提升 12 万吨左右。 2）价：25Q2 沪铝价格为 2.02 万元/吨，同比减少 1.6%，环比减少 1.2%； 伦铝价格为 17604 元/吨， ...

Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, driven by increased production and favorable cost conditions in the electrolytic aluminum business [1][3]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of 680-720 million yuan for H1 2025, representing a year-on-year increase of 53.35%-62.37% [1]. - The expected net profit for Q1 2025 is 230 million yuan, with Q2 2025 projected to be between 450-490 million yuan, showing a year-on-year growth of 13%-23% and a quarter-on-quarter increase of 96%-113% [1]. - The profit from electrolytic aluminum in Q2 2025 is estimated at 3378.6 yuan per ton, reflecting an 11% year-on-year increase and a 42% quarter-on-quarter increase [3]. Group 2: Production and Capacity - The company completed the acquisition of a 24% stake in Zhongfu Aluminum, increasing its ownership in electrolytic aluminum to 100%, with an effective production capacity of 750,000 tons, up by approximately 120,000 tons from 2024 [1]. - The company’s electrolytic aluminum production is benefiting from both volume and price increases, although the price spread between domestic and international aluminum is compressing profit margins in Q2 2025 [1][3]. Group 3: Cost Structure - The estimated tax-inclusive electricity cost for electrolytic aluminum in Henan for Q2 2025 is 0.21 yuan per kWh, down 26% year-on-year and 12% quarter-on-quarter [2]. - The tax-inclusive electricity price in Sichuan for Q2 2025 is 0.51 yuan per kWh, showing a 1% year-on-year decrease and a 17% quarter-on-quarter decrease [2]. Group 4: Strategic Initiatives - The company has launched an employee stock ownership plan aiming to raise up to 1.25 billion yuan, with a share transfer agreement to grant 260 million shares at 2.79 yuan per share, representing 6.47% of total share capital [4]. - The company has also announced a dividend plan for 2025-2027, committing to distribute at least 60% of the annual distributable profit in cash each year [4]. Group 5: Investment Outlook - As a leading player in the aluminum industry, the company is positioned for significant growth through resource advantages and cost efficiencies, with expectations of net profits of 1.8 billion, 2.3 billion, and 2.7 billion yuan for 2025-2027, respectively [4].

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 680 million and 720 million yuan for the first half of 2025, representing an increase of 237 million to 277 million yuan compared to the same period last year, which is a year-on-year increase of 53.35% to 62.37% [1][2] - The company anticipates a net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, between 620 million and 660 million yuan, an increase of 195 million to 235 million yuan compared to the same period last year, reflecting a year-on-year increase of 46.04% to 55.47% [2] - The performance forecast period is from January 1, 2025, to June 30, 2025 [1] Group 2 - The previous year's total profit was 568 million yuan, with a net profit attributable to the parent company of 443 million yuan, and a net profit excluding non-recurring gains and losses of 425 million yuan [2] - The earnings per share for the previous year was 0.11 yuan [2] - The main reasons for the performance increase include cost reduction and sales price increase in the electrolytic aluminum business, as well as stable production and sales in the deep processing of aluminum, leading to increased processing fees and profits [2]

证券代码：600595 证券简称：中孚实业 公告编号：临2025-042 河南中孚实业股份有限公司 2025 年半年度业绩预增公告 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。 重要内容提示： 业绩预告适用情形：实现盈利，且净利润与上年同期相比上升 50%以上。 经财务部门初步测算，河南中孚实业股份有限公司（以下简称"公司"） 预计 2025 年半年度实现归属于母公司所有者的净利润为 6.8 亿元—7.2 亿元，与 上年同期相比，将增加 2.37 亿元到 2.77 亿元，同比增加 53.35%—62.37%。 公司预计 2025 年半年度实现归属于上市公司股东的扣除非经常性损益 的净利润为 6.2 亿元—6.6 亿元，与上年同期相比，将增加 1.95 亿元到 2.35 亿元， 同比增加 46.04%—55.47%。 一、本期业绩预告情况 公司不存在影响本次业绩预告内容准确性的重大不确定因素。 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 经财务部门初步测算，预计 ...