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 根据《关于上市公司实施员工持股计划试点的指导意见》及《上海证券交易 所上市公司自律监管指引第 1 号—规范运作》的要求，现将公司 2025 年员工持 股计划实施进展情况公告如下： 证券代码：600595 证券简称：中孚实业 公告编号：临 2025-037 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 本公司董事会及全体董事保证本公告 ...

Core Viewpoint - The announcement details that Henan Zhongfu Industrial Co., Ltd. has completed the release of stock pledges related to its controlling shareholder, Henan Yulian Energy Group Co., Ltd., for the non-public issuance of 2018 convertible bonds Group 1 - As of the announcement date, Henan Yulian Energy Group has fully released the pledge of 266,000,000 shares of Zhongfu Industrial stock [1][3] - After the release of the pledge, Yulian Group holds 1,077,248,821 shares, accounting for 26.87% of the total share capital of the company [1][2] - The total number of pledged shares by Yulian Group is now 479,546,592 shares, which is 44.52% of its holdings and 11.96% of the company's total share capital [1][3] Group 2 - Yulian Group and its concerted party, Xiamen Yulian Investment Partnership, hold a combined total of 1,117,248,821 shares, representing 27.87% of the total share capital [2] - The total pledged shares for Yulian Group and Xiamen Yulian after the release is 479,546,592 shares, which is 42.92% of their total holdings [2][3] - Yulian Group has no current plans for further pledging of shares following this release [3]

Group 1 - The company confirms that as of the announcement date, Henan Yicheng Venture Capital Group Co., Ltd. holds 200,471,535 shares, accounting for 5.00% of the total share capital [1] - The reduction plan states that from March 20, 2025, to June 19, 2025, Yicheng Venture Capital intends to reduce its holdings by up to 80 million shares, which is no more than 2% of the total share capital [1] - As of June 19, 2025, Yicheng Venture Capital has reduced its holdings by 69,919,400 shares, representing 1.74% of the total share capital [1] Group 2 - The reduction subject has no concerted actions with other parties [2] - The actual reduction aligns with the previously disclosed reduction plan [2] - The reduction plan was fully implemented within the specified time frame [2]

证券代码：600595 证券简称：中孚实业 公告编号：2025-036 河南中孚实业股份有限公司 减持结果的公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况：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"）持股 5%以上股东河南怡诚创业投资集团有限公司（以下简 称"怡诚创投"）持有公司 200,471,535 股股份，占公司总股本的 5.00%。 减持计划的主要内容：2025 年 2 月 26 日，公司披露了《河南中孚实业 股份有限公司关于持股 5%以上股东拟通过大宗交易方式减持股份计划公告》，怡 诚创投拟自 2025 年 3 月 20 日至 2025 年 6 月 19 日通过大宗交易方式减持公司股 份不超过 8,000 万股，即不超过公司总股本的 2%。具体内容详见公司披露的相 关公告。 减持计划的实施结果情况：2025 年 6 月 19 日，公司收到怡诚创投出具 的《告知函》，截至 2025 年 6 月 19 日，本次减持时间区间已届满。怡诚创投在 减持期间 ...

Group 1 - In 2024, China's bauxite production is expected to be approximately 93 million tons, remaining stable compared to 2023 due to environmental regulations and mining restrictions [1] - China's alumina production is projected to reach about 85.52 million tons in 2024, reflecting a year-on-year growth of 3.9% [2] - The output of electrolytic aluminum in China is estimated to be around 44.01 million tons in 2024, showing a year-on-year increase of 4.6% [4] Group 2 - China's recycled aluminum production is anticipated to be about 10.5 million tons in 2024, continuing its growth trend despite previous slowdowns [5][8] - The production of aluminum processing materials in China is expected to be around 64.6 million tons in 2024, with a year-on-year growth of 4.2%, accounting for 67.15% of the global total [9]

Core Viewpoint - The announcement details that Henan Zhongfu Industrial Co., Ltd. has completed the process of releasing stock pledges related to its controlling shareholder, Henan Yulian Energy Group Co., Ltd., for the non-public issuance of 2018 convertible bonds. Group 1: Stock Pledge Release - As of the announcement date, Henan Yulian Energy Group has fully released the pledge of 266,000,000 shares of Zhongfu Industrial stock related to the 2018 convertible bonds [2][3] - After the release of the stock pledge, Yulian Group holds a total of 1,077,248,821 shares, accounting for 26.87% of the total share capital of the company [2] - The cumulative number of pledged shares by Yulian Group after the release is 479,546,592 shares, which is 44.52% of its total holdings and 11.96% of the company's total share capital [2] Group 2: Pledge Details - On June 16, 2025, Yulian Group notified the company that it had completed the release of the pledge for 20,216,000 shares of Zhongfu Industrial stock [2] - The shares released include 14,256,000 shares from the first phase and 5,960,000 shares from the second phase of the pledged account [2] - Yulian Group has no current plans for subsequent pledges following this release, but will inform the company of any changes [3]

Group 1 - As of now, Henan Province has 111 A-share listed companies, with over 70% being manufacturing enterprises [1][3] - In 2024, key industries in Henan's manufacturing sector, including new energy vehicles, modern light textiles, and modern food, are expected to drive economic growth [1][3] - The province has selected 41 key enterprises for cultivation, with over 80% being manufacturing companies [3] Group 2 - The listed companies in Henan's key industries are projected to account for 24.67% of the province's revenue in 2024, with year-on-year growth rates of 37.63%, 15.14%, and 14.42% respectively [3] - The financial system in Henan is actively directing resources towards manufacturing through various initiatives, including a "7+28+N" advanced manufacturing industry chain group [3] - Financial service specialists in Henan organized over 2,500 government-finance-enterprise matchmaking events, covering more than 35,000 companies and facilitating financing of 115 billion yuan [3] Group 3 - Henan Province has established a merger and acquisition intention database for listed companies to enhance resource integration [4] - In 2024, five manufacturing listed companies in Henan, including Zhongfu Industrial and Puyang Huicheng, completed mergers and acquisitions, raising 3.187 billion yuan [4]

证券代码：600595 证券简称：中孚实业 公告编号：临 2025-035 河南中孚实业股份有限公司 关于控股股东拟解除非公开发行 2018 年可交换公司债券 2025 年 5 月 30 日，公司接豫联集团通知，豫联集团拟解除非公开发行 2018 年可交换公司债券 20,216,000 股中孚实业股票质押担保。2025 年 6 月 16 日，公 司接豫联集团通知，豫联集团拟解除非公开发行 2018 年可交换公司债券 20,216,000 股中孚实业股票质押担保业务已在中国证券登记结算有限责任公司 上海分公司办理完毕。河南豫联能源集团有限责任公司非公开发行 2018 年可交 换公司债券（第一期）质押专户（以下简称"第一期质押专户"）已将其持有的本 公司 14,256,000 股 A 股股票自第一期质押专户划入豫联集团证券账户。河南豫 联能源集团有限责任公司非公开发行 2018 年可交换公司债券（第二期）质押专 户（以下简称"第二期质押专户"）已将其持有的本公司 5,960,000 股 A 股股票自 第二期质押专户划入豫联集团证券账户。 部分股票质押担保业务办理完毕的公告 本公司董事会及全体董事保证本公告内容不存 ...

Summary of Zhongfu Industrial Conference Call Company Overview - **Company**: Zhongfu Industrial - **Industry**: Aluminum Production Key Points and Arguments 1. **Market Conditions**: Aluminum prices remain stable above 20,000 RMB, with low inventory levels indicating that the market has passed stress tests. This has led to an undervaluation of the aluminum sector, including Zhongfu Industrial, which has potential for value re-evaluation [2][4][24] 2. **Capacity Expansion**: Zhongfu Industrial has increased its electrolytic aluminum capacity to 750,000 tons through equity acquisitions, including 500,000 tons from hydropower in Sichuan and 250,000 tons from thermal power in Henan. This positions the company favorably in terms of cost advantages [2][5][24] 3. **Profit Growth**: The company's net profit attributable to shareholders is projected to grow at a compound annual growth rate (CAGR) of 8.7% from 2020 to 2024, despite a slight decline in 2024 due to rising raw material costs [2][6] 4. **Debt Management**: By the end of 2024, the company's debt-to-asset ratio is expected to decrease to 33.1%, which is lower than industry peers, providing a solid foundation for value re-evaluation [2][12] 5. **Employee Incentives**: The introduction of an employee stock ownership plan is expected to enhance management and operational vitality, alongside a significant increase in dividend payout ratios [2][4][8] 6. **Future Profit Projections**: Under cautious assumptions, net profits for 2025, 2026, and 2027 are projected to be 1.8 billion, 2.3 billion, and 2.7 billion RMB, respectively, with corresponding price-to-earnings (PE) ratios of 8.1, 6.3, and 5.5, indicating lower valuations compared to peers [2][7][24] Additional Important Insights 1. **Green Energy Transition**: The company is well-positioned to benefit from changes in Sichuan's electricity trading policies, which are expected to lower electricity costs and enhance its role in the green supply chain for Europe and the U.S. [2][3][5] 2. **Impact of EU Regulations**: The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) is anticipated to favor companies with green electricity, granting them pricing power and market access [3][20][24] 3. **Financial Health**: The company has shown a recovery from previous losses, with a complete coal, electricity, and aluminum industry chain advantage, and a self-supply rate of 44% [6][8] 4. **Sales Margins**: From 2020 to 2024, the company's gross profit margin decreased from 19.14% to 9.7%, while the net profit margin improved from -31.7% to 3.29%, indicating a recovery in profitability despite challenges [9] 5. **Global Carbon Policies**: The global trend towards carbon neutrality is influencing the aluminum industry, with many countries setting ambitious carbon reduction targets, creating a window for green transformation and long-term value reconstruction [19][22] This summary encapsulates the critical insights from the conference call regarding Zhongfu Industrial's market position, financial health, strategic initiatives, and the broader industry context.

Core Viewpoint - The announcement details a significant equity change involving Henan Yicheng Venture Capital Group Co., Ltd. reducing its stake in Zhongfu Industrial Co., Ltd. from 6.74% to 5.00%, which does not trigger a mandatory takeover bid and will not affect the company's control structure or ongoing operations [1][2][3] Group 1: Equity Change Details - Henan Yicheng Venture Capital Group Co., Ltd. reduced its holdings by 49,687,400 shares through a block trade on June 11, 2025 [2][3] - Prior to the change, Yicheng held 270,390,935 shares, representing 6.74% of the total share capital [2][3] - After the reduction, Yicheng holds 200,471,535 shares, which is 5.00% of the total share capital [2][3] Group 2: Impact on Company Structure - The equity change does not lead to a change in the controlling shareholder or actual controller of Zhongfu Industrial Co., Ltd. [1][3] - The shares involved in this equity change are unrestricted circulating shares, which retain voting rights without any limitations [3] - The company will continue to monitor the progress of the reduction plan and fulfill its information disclosure obligations as required [3]