证券代码：601388 证券简称：怡球资源 公告编号：2025-030 怡球金属资源再生(中国)股份有限公司 关于召开 2025 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025年09月23日（星期二）13:00-14:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 投资者可于 2025 年 09 月 16 日 （星期二） 至 09 月 22 日 （星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 jjshi@yechiu.com.cn 进行提问。公司将在说明会 ...

Group 1 - The company reported a revenue of 3.581 billion yuan for the first half of the year, representing a year-on-year increase of 10.46% [1] - The net profit attributable to shareholders of the listed company was 29.3897 million yuan, showing a year-on-year decline of 57.11% [1] - The basic earnings per share were 0.01 yuan [1]

Core Insights - The company reported a revenue of 3.581 billion yuan for the first half of 2025, representing a year-on-year increase of 10.46% [1] - The net profit attributable to shareholders decreased to 29.39 million yuan, a decline of 57.11% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 32.79 million yuan, down 54.23% year-on-year [1] - The basic earnings per share stood at 0.01 yuan [1]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section provides critical disclaimers regarding the report's accuracy, profit distribution, forward-looking statements, and significant risks [Board of Directors and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%8D%8E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming individual and joint legal responsibility - The company's board of directors and senior management commit to the truthfulness, accuracy, and completeness of the semi-annual report content, and assume legal responsibility[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - The company's head, chief accountant, and head of accounting department declare that the financial report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The board of directors did not approve any profit distribution or capital reserve to share capital plan for this reporting period - There is no profit distribution or capital reserve to share capital plan for this reporting period[6](index=6&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking descriptions in the report, such as future plans and development strategies, do not constitute substantial commitments to investors, who are advised to be aware of potential risks - Forward-looking descriptions in the report do not constitute substantial commitments, and investors should be aware of risks[6](index=6&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has thoroughly disclosed potential significant risks in Section III, Management Discussion and Analysis, and advises investors to review it - The company has thoroughly described existing risks in Section III, Management Discussion and Analysis[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including regulatory bodies, company entities, and key subsidiaries, to ensure accurate understanding [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions for common terms used in the report, including the China Securities Regulatory Commission, Shanghai Stock Exchange, the Company, Ye Chiu Resources, and its main subsidiaries (e.g., Ye Chiu Malaysia, AME Company, Metalico), to ensure accurate understanding of the report's content - This section clarifies the common terms and their meanings used in the report, including regulatory bodies, company entities, and their subsidiaries[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section introduces the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Ye Chiu Metal Recycling (China) Co., Ltd., abbreviated as Ye Chiu Resources, and its legal representative is LEW KAE MING (Liu Kaimin)[14](index=14&type=chunk) [Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, to facilitate investor communication - The company's Board Secretary is Gao Yulan, and the Securities Affairs Representative is Shi Jiajia, both with the contact address at No. 388 Hutai New Road, Taicang City, Jiangsu Province[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines the company's registered address, office address, and postal code, and provides the company's official website, without mentioning historical changes - The company's registered and office address is No. 388 Hutai New Road, Taicang City, Jiangsu Province, and the company website is http://www.yechiu.com[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section states that the company's designated information disclosure newspaper is "Shanghai Securities News," the semi-annual report is published on www.sse.com.cn, and the report is available at the Board of Directors' Office - The company's designated information disclosure newspaper is "Shanghai Securities News," the report is published on www.sse.com.cn, and the document custody location is the Board of Directors' Office[18](index=18&type=chunk) [Brief Introduction to Company Shares](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's shares, including share type, listing exchange, stock abbreviation, and stock code - The company's shares are A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Ye Chiu Resources and stock code 601388[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue increased by 10.46% year-on-year, but total profit and net profit attributable to shareholders significantly decreased by 51.23% and 57.11%, respectively, while net cash flow from operating activities improved significantly by 135.03% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,580,910,999.45 Yuan | 3,241,752,945.62 Yuan | 10.46 | | Total Profit | 45,103,669.38 Yuan | 92,480,853.59 Yuan | -51.23 | | Net Profit Attributable to Shareholders of Listed Company | 29,389,746.51 Yuan | 68,530,092.89 Yuan | -57.11 | | Net Cash Flow from Operating Activities | 121,320,737.89 Yuan | -346,323,437.37 Yuan | 135.03 | | Basic Earnings Per Share (Yuan/share) | 0.01 | 0.03 | -66.67 | | Weighted Average Return on Net Assets (%) | 0.66 | 1.59 | Decrease of 0.93 percentage points | 2025 Semi-Annual End Asset and Liability Data | Indicator | End of Current Period | End of Prior Year | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 4,523,501,506.88 Yuan | 4,382,119,750.73 Yuan | 3.23 | | Total Assets | 6,144,780,637.44 Yuan | 6,121,702,062.43 Yuan | 0.38 | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The total non-recurring gains and losses for this reporting period amounted to **-3.40 million Yuan**, primarily due to disposal losses of non-current assets, fair value changes, and other non-operating income and expenses, negatively impacting the company's net profit 2025 Semi-Annual Non-Recurring Gains and Losses Details | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Disposal losses of non-current assets | -1,655,114.69 | | Government grants recognized in current profit/loss | 34,254.90 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities | -1,587,485.77 | | Other non-operating income and expenses | -354,445.75 | | Less: Income tax impact | 163,331.76 | | Total | -3,399,459.55 | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's industry, main business operations, core competencies, and key financial performance during the reporting period, along with potential risks and mitigation strategies [Company's Industry and Main Business Overview](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business involves vehicle dismantling, metal scrap recycling, and recycled aluminum alloy ingot production, operating in the waste resource recycling sector, which benefits from "dual carbon" strategies but faces challenges like regional imbalances and resource supply issues, with supportive national policies [Main Business and Operating Model](index=6&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%92%8C%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's core businesses include specialized vehicle dismantling, high-value metal scrap recycling, and producing recycled aluminum alloy ingots from waste aluminum resources, operating with a global procurement network and a make-to-order production model - The company specializes in waste resource recycling, with core businesses in vehicle dismantling and high-value metal scrap recycling, and products widely used in ferrous, non-ferrous metals, and remanufacturing industries[26](index=26&type=chunk) - The company operates **over 20 processing plants in the United States**, ranking among the top 20 metal recycling enterprises, with business models including undertaking industrial, civil, and end-of-life vehicle recycling, and participating in bidding for recycling projects[26](index=26&type=chunk)[27](index=27&type=chunk) - The company produces recycled aluminum alloy ingots from waste aluminum resources, a business that holds a significant position in China's aluminum resource recycling sector and is one of the industry's leading enterprises[28](index=28&type=chunk) - The company has established a global procurement network covering China, the United States, Europe, Australia, and Southeast Asia, operates on a make-to-order production model, has a sales network across Asia, and its products are registered on the LME[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [Industry Overview](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E7%9A%84%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The recycled aluminum industry, a key non-ferrous metal sector, offers significant energy-saving and environmental benefits, aligning with global "dual carbon" strategies and China's "14th Five-Year Plan" target of 11.5 million tons by 2025, despite facing challenges such as regional imbalances, resource supply constraints, and an incomplete recycling system, with national policies actively supporting its standardized and scaled development - Recycled aluminum production cycle is shortened by approximately **40%** compared to primary aluminum, with energy consumption only **5%** of primary aluminum production, demonstrating significant economic and environmental benefits[32](index=32&type=chunk) - China's "14th Five-Year Plan" aims for recycled aluminum production to reach **11.5 million tons by 2025**, with aluminum usage in new energy vehicles increasing by approximately **30%**[33](index=33&type=chunk) - The global recycled aluminum market exhibits structural imbalance, with utilization rates generally **above 50% in developed countries**, while China's rate is only around **20%**[33](index=33&type=chunk) - The state has introduced the "Action Plan for Promoting Large-scale Equipment Renewal and Consumer Goods Trade-in," supporting the recycled aluminum industry's development through policies covering consumption, recycling, technology, and standards[34](index=34&type=chunk) [Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, the company faced global economic uncertainties, increased market competition, and high raw material prices, leading to a significant decline in profit, which it addressed by adjusting sales strategies, optimizing procurement, strengthening internal controls, and advancing technological upgrades, while also enhancing resource acquisition and operational efficiency through acquisitions and elimination of outdated capacity - In the first half of 2025, the company's operating revenue increased by **10.46%** year-on-year, but net profit attributable to parent company owners decreased by **57.11%** year-on-year[36](index=36&type=chunk) - The profit decline was primarily due to increased aluminum alloy ingot business costs and falling selling prices caused by **fluctuations in the USD to MYR exchange rate**, as well as increased fixed expenses from new capacity utilization[36](index=36&type=chunk) - The company optimized operating costs through refined cost control, centralized procurement, strict control of non-essential expenditures, and advancement of process technology upgrades[36](index=36&type=chunk)[37](index=37&type=chunk) - Subsidiary M Company acquired two vehicle dismantling plants, enhancing vehicle dismantling volume, used auto parts sales, and platinum group metals business efficiency, while strengthening raw material supply chain competitiveness[38](index=38&type=chunk) - New project capacities are gradually being released, utilizing industry-leading process technologies and taking over production tasks from older plants; the company disposed of some YCPG assets to eliminate outdated capacity and reduce operating costs[39](index=39&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) As a leading domestic aluminum resource recycling enterprise, the company has cultivated five core advantages over forty years: technology, procurement, customer relations, management, and international operations, ensuring raw material supply, production efficiency, market competitiveness, and risk resilience through continuous innovation, a global procurement network, stable customer relationships, and a modern management system - The company possesses continuous technological innovation and process improvement advantages in waste aluminum reprocessing, with internationally leading technical expertise, and is a Jiangsu Province circular economy standardization pilot enterprise[40](index=40&type=chunk)[41](index=41&type=chunk) - The company has established a global waste aluminum procurement network and expanded its US market presence through the acquisition of Metalico and vehicle dismantling plants, ensuring stable raw material supply and capturing upstream profits in the industrial chain[41](index=41&type=chunk)[42](index=42&type=chunk) - The company has established long-term cooperative relationships with several world-renowned automobile manufacturers, electrical and electronic manufacturers, and is actively expanding new energy vehicle parts die-casting customers, demonstrating strong customer loyalty[42](index=42&type=chunk)[43](index=43&type=chunk) - The company has built a modern management system guided by "strategy, institutional foundation, digital intelligence empowerment, and risk control," and has obtained ISO9001, ISO14001, and other certifications, enhancing its international management standards[43](index=43&type=chunk)[44](index=44&type=chunk) - The company operates overseas entities such as Ye Chiu Malaysia, AME Company, and Metalico in the US, establishing a global raw material procurement and product sales system that enables it to seize opportunities in different national market cycles[44](index=44&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased, but total profit and net profit significantly declined due to exchange rate fluctuations, rising costs, and increased fixed expenses from new capacity, while net cash flow from operating activities improved significantly due to adjusted sales strategies, and the asset-liability structure remained stable with a high proportion of overseas assets and reduced financial asset investments [Main Business Analysis](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue increased by 10.46% year-on-year, but operating costs grew even more, leading to a 51.23% decrease in total profit and a 57.11% decrease in net profit attributable to the parent company, with financial expenses rising by 36.73% due to exchange rate fluctuations, while net cash flow from operating activities significantly increased by 135.03% primarily due to adjusted sales strategies focusing on shorter payment terms and quicker collections Financial Statement Related Item Changes (Jan-Jun 2025 vs Jan-Jun 2024) | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,580,910,999.45 | 3,241,752,945.62 | 10.46 | | Operating Cost | 3,358,598,349.30 | 2,978,814,209.49 | 12.75 | | Total Profit | 45,103,669.38 | 92,480,853.59 | -51.23 | | Net Profit Attributable to Shareholders of Listed Company | 29,389,746.51 | 68,530,092.89 | -57.11 | | Financial Expenses | 28,277,116.31 | 20,680,370.77 | 36.73 | | Net Cash Flow from Operating Activities | 121,320,737.89 | -346,323,437.37 | 135.03 | - The change in financial expenses was primarily due to **exchange rate fluctuations**[45](index=45&type=chunk) - The change in net cash flow from operating activities was primarily due to the company adjusting its sales strategy to increase sales with shorter payment terms and quicker collections to mitigate market risks[46](index=46&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to shareholders both slightly increased, while financing receivables and long-term receivables decreased, and other non-current assets, contract liabilities, other payables, non-current liabilities due within one year, and long-term payables all significantly increased, with overseas assets accounting for 86.39% of total assets, reflecting the company's international operating characteristics Asset and Liability Status Changes (Period End vs Prior Year End) | Item Name | Current Period End Amount (Yuan) | Prior Year End Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Financing Receivables | 801,516.23 | 2,392,551.05 | -66.50 | | Long-term Receivables | 8,033,588.30 | 11,824,917.78 | -32.06 | | Other Non-current Assets | 3,379,425.74 | 1,220,709.99 | 176.84 | | Contract Liabilities | 40,299,016.37 | 24,555,792.46 | 64.11 | | Other Payables | 99,422,356.05 | 32,126,209.38 | 209.47 | | Non-current Liabilities Due Within One Year | 101,236,943.02 | 71,653,829.23 | 41.29 | | Long-term Payables | 11,059,535.90 | 4,398,495.70 | 151.44 | | Other Comprehensive Income | 37,225,105.37 | -74,766,904.27 | 147.32 | - The scale of overseas assets was **5.31 billion Yuan**, accounting for **86.39%** of total assets[48](index=48&type=chunk) - The change in other payables was primarily due to **deposits received from asset disposals**[47](index=47&type=chunk) - The change in other comprehensive income was primarily due to **exchange rate fluctuations**[47](index=47&type=chunk) [Analysis of Investment Status](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the period, the company's financial assets measured at fair value amounted to **462.35 million Yuan**, a decrease from the beginning of the period, with purchases totaling **611.36 million Yuan**, sales/redemptions totaling **642.15 million Yuan**, and fair value change losses of **-1.99 million Yuan** Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Fair Value Change Gain/Loss for Current Period (Yuan) | Purchases for Current Period (Yuan) | Sales/Redemptions for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 53,811,960.74 | -5,031,596.89 | 0 | 0 | 51,275,134.02 | | Bonds | 162,615,849.32 | -7,703.39 | 0 | 14,702,890.92 | 147,911,063.17 | | Derivative Instruments | 74,040.00 | 0 | 0 | 74,040.00 | 0 | | Other | 267,761,191.39 | 3,045,499.27 | 611,360,000.00 | 627,446,434.33 | 263,161,855.41 | | Total | 484,263,041.45 | -1,993,801.01 | 611,360,000.00 | 642,149,325.25 | 462,348,052.60 | [Other Disclosure Matters](index=15&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces risks from product and raw material price fluctuations, changes in industrial policies, exchange rate volatility, overseas operations, and management challenges due to company expansion, and will respond by closely monitoring macroeconomic and policy changes, adjusting business decisions, and continuously improving management systems [Potential Risks](index=15&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company primarily faces risks from price fluctuations in aluminum alloy ingots and waste aluminum, impacts from varying national industrial policies on its cross-border operations, exchange rate volatility between USD, MYR, and RMB affecting operating performance, overseas operating risks due to changes in foreign political and economic environments and tax policies, and management challenges arising from company expansion in strategic planning, system development, organizational structure, operations, funding, and internal control - The company faces **price fluctuation risks** for aluminum alloy ingots and waste aluminum, which may impact profitability in the short term[56](index=56&type=chunk)[57](index=57&type=chunk) - As a multinational enterprise, the company's operations are affected by the industrial policies of the countries where it operates, posing **policy change risks**[57](index=57&type=chunk) - Raw material procurement and export revenues are primarily settled in USD and MYR, so **exchange rate fluctuations** between RMB, MYR, and USD impact operating performance[57](index=57&type=chunk) - The company has multiple overseas subsidiaries and faces **overseas operating risks** from changes in foreign political and economic environments, tax policy changes, and exchange rate fluctuations[57](index=57&type=chunk) - The company is in a critical phase of industrial chain integration and customer expansion, with its expanding scale bringing **management risks** in strategic planning, system development, organizational setup, operational management, capital management, and internal control[58](index=58&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's directors and senior management, as well as its profit distribution plan for the reporting period [Changes in Directors and Senior Management](index=17&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company experienced changes in its directors and senior management, with Pan Junqing and Li Shilong elected as independent directors, Zhang Shengen resigning as an independent director, and WONG KENG LEE (Huang Qinli) elected as a director, while LEE YEE HUI (Li Yihui) resigned as a director, all due to re-election - Pan Junqing and Li Shilong were elected as independent directors, while Zhang Shengen resigned as an independent director[61](index=61&type=chunk) - WONG KENG LEE (Huang Qinli) was elected as a director, while LEE YEE HUI (Li Yihui) resigned as a director[61](index=61&type=chunk) - All changes in directors and senior management were due to re-election[61](index=61&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Plan](index=17&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's semi-annual profit distribution or capital reserve to share capital plan is "No," meaning no profit distribution or capital reserve conversion will occur in this reporting period - The company will not distribute or convert capital reserves in the semi-annual period, with **0 shares** for bonus shares, dividends, and capital reserve conversions per 10 shares[61](index=61&type=chunk) [Section V Significant Matters](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments, significant litigation, and major related party transactions during the reporting period [Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controllers, shareholders, and related parties have strictly fulfilled their commitments during or continuing into the reporting period, primarily concerning resolving horizontal competition, dividend commitments, and share lock-up commitments, all of which are long-term - The company's actual controllers, Huang Chongshing and Lin Shengzhi, committed to resolving horizontal competition, ensuring they would not directly or indirectly participate in businesses or activities competing with the company; this commitment is long-term and has been strictly fulfilled[64](index=64&type=chunk) - Overseas subsidiaries committed to dividend distribution: Ye Chiu Malaysia will cash distribute no less than **20%** of its distributable profit annually, while Harmony Company and Jincheng Company will fully cash distribute their distributable net profit annually; these commitments are long-term and have been strictly fulfilled[64](index=64&type=chunk) - Ye Chiu (Hong Kong) Co., Ltd. and Zhifu (Taicang) Investment Management Co., Ltd. committed to share lock-up, ensuring that the total shares transferred annually during the actual controllers' tenure do not exceed **25%** of their indirectly held shares, no transfers occur within six months of resignation, and transfers within six to twelve months after resignation do not exceed **50%** of the total shares; this commitment is long-term and has been strictly fulfilled[64](index=64&type=chunk) [Significant Litigation and Arbitration Matters](index=19&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during this reporting period - The company had no significant litigation or arbitration matters during this reporting period[65](index=65&type=chunk) [Significant Related Party Transactions](index=19&type=section&id=%E5%85%AB%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company's primary significant related party transactions involved guarantees for subsidiaries, with the total guarantee balance for subsidiaries amounting to **5.245 billion Yuan** at the end of the period, representing **115.95%** of the company's net assets, including **716 million Yuan** for guaranteed entities with an asset-liability ratio exceeding 70%, and **2.983 billion Yuan** for the portion of total guarantees exceeding 50% of net assets Company Guarantee Total (Including Guarantees for Subsidiaries) | Indicator | Amount (Billion Yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 1.077 | | Total guarantee balance for subsidiaries at the end of the reporting period (B) | 5.245 | | Total guarantees (A+B) | 5.245 | | Ratio of total guarantees to company net assets (%) | 115.95 | | Of which: Guarantees provided for shareholders, actual controllers, and their related parties (C) | 0 | | Debt guarantees provided directly or indirectly for guaranteed entities with an asset-liability ratio exceeding 70% (D) | 0.716 | | Amount of total guarantees exceeding 50% of net assets (E) | 2.983 | | Total of the above three guarantee amounts (C+D+E) | 3.699 | [Section VI Share Changes and Shareholder Information](index=21&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital changes and shareholder structure during the reporting period [Changes in Share Capital](index=21&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[69](index=69&type=chunk) [Shareholder Information](index=21&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **71,331** common shareholders, with Ye Chiu (Hong Kong) Co., Ltd. holding the largest stake at **35.64%** among the top ten shareholders, which also included Lin Shengzhi, Zhilian Investment Holdings Co., Ltd., and Huang Chongshing, with Ye Chiu (Hong Kong) Co., Ltd., Zhifu (Taicang) Investment Management Co., Ltd., Huang Chongshing, and Lin Shengzhi acting in concert - As of the end of the reporting period, the company had **71,331** common shareholders[70](index=70&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Ye Chiu (Hong Kong) Co., Ltd. | 784,514,000 | 35.64 | Overseas Legal Person | | Lin Shengzhi | 176,326,086 | 8.01 | Overseas Natural Person | | Zhilian Investment Holdings Co., Ltd. | 99,374,560 | 4.51 | Overseas Legal Person | | Huang Chongshing | 38,020,400 | 1.73 | Overseas Natural Person | | Zhifu (Taicang) Investment Management Co., Ltd. | 22,600,500 | 1.03 | Domestic Non-State-Owned Legal Person | | Hong Kong Securities Clearing Company Limited | 16,693,831 | 0.76 | Unknown | | Taicang Huanyu Business Consulting Co., Ltd. | 7,628,268 | 0.35 | Domestic Non-State-Owned Legal Person | | Lu Jun | 5,983,123 | 0.27 | Unknown | | Taicang Yi'an Business Consulting Co., Ltd. | 4,826,000 | 0.22 | Domestic Non-State-Owned Legal Person | | Yang Qiaoling | 3,510,000 | 0.16 | Unknown | - Ye Chiu (Hong Kong) Co., Ltd., Zhifu (Taicang) Investment Management Co., Ltd., Huang Chongshing, and Lin Shengzhi are parties acting in concert[73](index=73&type=chunk) [Section VII Bond-Related Information](index=24&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no corporate bonds, debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Debt Financing Instruments](index=24&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During this reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[77](index=77&type=chunk) [Convertible Corporate Bonds](index=24&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During this reporting period, the company had no convertible corporate bonds - The company has no convertible corporate bonds[77](index=77&type=chunk) [Section VIII Financial Report](index=25&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with notes on accounting policies, taxation, and other significant financial matters [Financial Statements](index=25&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow at the end of the reporting period [Consolidated Balance Sheet](index=25&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **6.14 billion Yuan**, total liabilities were **1.62 billion Yuan**, and equity attributable to parent company owners was **4.52 billion Yuan**, with total assets slightly increasing by **0.38%** and parent company net assets growing by **3.23%** compared to the end of the prior year Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 615,053,674.84 | 659,280,599.21 | | Financial Assets Held for Trading | 272,547,304.91 | 288,201,001.93 | | Accounts Receivable | 617,657,141.19 | 667,222,032.93 | | Inventories | 1,706,201,586.55 | 1,633,087,734.15 | | Total Current Assets | 3,459,386,333.28 | 3,496,406,056.41 | | Fixed Assets | 2,068,646,753.30 | 2,050,935,357.21 | | Total Assets | 6,144,780,637.44 | 6,121,702,062.43 | | Short-term Borrowings | 566,210,474.99 | 705,498,284.89 | | Total Current Liabilities | 1,060,404,860.55 | 1,162,257,378.51 | | Total Liabilities | 1,621,220,370.81 | 1,739,532,542.53 | | Total Equity Attributable to Parent Company Owners | 4,523,501,506.88 | 4,382,119,750.73 | [Parent Company Balance Sheet](index=27&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **3.05 billion Yuan**, total liabilities were **435.66 million Yuan**, and total owner's equity was **2.61 billion Yuan**, with both total assets and owner's equity slightly decreasing compared to the end of the prior year Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 134,468,264.13 | 222,710,913.77 | | Financial Assets Held for Trading | 221,148,784.88 | 231,762,157.20 | | Accounts Receivable | 106,378,591.80 | 160,773,329.87 | | Inventories | 73,787,919.21 | 46,436,096.81 | | Total Current Assets | 541,852,523.44 | 669,653,417.11 | | Long-term Equity Investments | 2,228,929,828.78 | 2,128,929,828.78 | | Total Assets | 3,045,916,302.17 | 3,091,018,042.21 | | Accounts Payable | 371,756,503.28 | 442,069,540.78 | | Total Current Liabilities | 435,661,184.81 | 463,842,471.04 | | Total Liabilities | 435,661,184.81 | 463,842,471.04 | | Total Owner's Equity | 2,610,255,117.36 | 2,627,175,571.17 | [Consolidated Income Statement](index=29&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company's consolidated total operating revenue was **3.58 billion Yuan**, a year-on-year increase of **10.46%**, but total profit was **45.10 million Yuan**, a year-on-year decrease of **51.23%**, and net profit attributable to parent company shareholders was **29.39 million Yuan**, a year-on-year decrease of **57.11%**, while net other comprehensive income significantly increased to **111.99 million Yuan** Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 3,580,910,999.45 | 3,241,752,945.62 | | Total Operating Cost | 3,523,985,070.13 | 3,137,029,108.42 | | Total Profit | 45,103,669.38 | 92,480,853.59 | | Net Profit | 29,398,737.09 | 68,545,593.37 | | Net Profit Attributable to Parent Company Shareholders | 29,389,746.51 | 68,530,092.89 | | Net Other Comprehensive Income After Tax | 111,992,009.64 | -54,782,611.84 | | Total Comprehensive Income | 141,390,746.73 | 13,762,981.53 | | Basic Earnings Per Share (Yuan/share) | 0.01 | 0.03 | [Parent Company Income Statement](index=31&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the parent company's operating revenue was **319.82 million Yuan**, a year-on-year increase of **2.84%**, but total profit was **-16.92 million Yuan**, and net profit was **-16.92 million Yuan**, indicating an expanded loss compared to the prior year period Parent Company Income Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 319,815,557.63 | 310,976,846.22 | | Operating Cost | 310,426,937.50 | 306,459,206.04 | | Total Profit | -16,919,506.46 | -15,887,729.59 | | Net Profit | -16,920,453.81 | -15,887,729.59 | | Total Comprehensive Income | -16,920,453.81 | -15,887,729.59 | [Consolidated Cash Flow Statement](index=32&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was **121.32 million Yuan**, a significant year-on-year increase of **135.03%** from a negative value to positive, while net cash flow from investing activities was **-52.28 million Yuan**, a reduced outflow, and net cash flow from financing activities was **-179.23 million Yuan**, shifting from an inflow to an outflow Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 121,320,737.89 | -346,323,437.37 | | Net Cash Flow from Investing Activities | -52,282,810.90 | -256,760,724.02 | | Net Cash Flow from Financing Activities | -179,227,621.50 | 510,567,236.05 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 67,924,131.51 | -7,610,668.45 | | Net Increase in Cash and Cash Equivalents | -42,265,563.00 | -100,127,593.78 | [Parent Company Cash Flow Statement](index=34&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the parent company's net cash flow from operating activities was **-48.65 million Yuan**, shifting from an inflow to an outflow compared to the prior year, while net cash flow from investing activities was **-37.52 million Yuan**, a reduced outflow, and net cash flow from financing activities was **21.25 million Yuan**, a significant decrease from the prior year Parent Company Cash Flow Statement Key Data (Jan-Jun 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -48,653,128.85 | 161,586,450.03 | | Net Cash Flow from Investing Activities | -37,517,871.03 | -274,404,634.37 | | Net Cash Flow from Financing Activities | 21,249,207.11 | 0 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -2,295,129.12 | -1,799,393.73 | | Net Increase in Cash and Cash Equivalents | -88,466,129.00 | -93,368,370.96 | [Consolidated Statement of Changes in Equity](index=36&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For January-June 2025, the company's consolidated total owner's equity increased by **141.39 million Yuan**, primarily driven by a significant increase in other comprehensive income (**111.99 million Yuan**) and net profit attributable to parent company owners (**29.39 million Yuan**) Consolidated Statement of Changes in Equity (Jan-Jun 2025) | Item | Beginning Balance (Yuan) | Change Amount for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,201,222,616.00 | 0 | 2,201,222,616.00 | | Capital Reserve | 195,498,415.41 | 0 | 195,498,415.41 | | Other Comprehensive Income | -74,766,904.27 | 111,992,009.64 | 37,225,105.37 | | Surplus Reserve | 169,348,160.28 | 0 | 169,348,160.28 | | Retained Earnings | 1,890,617,463.31 | 29,389,746.51 | 1,920,007,209.82 | | Total Equity Attributable to Parent Company Owners | 4,382,119,750.73 | 141,381,756.15 | 4,523,501,506.88 | | Minority Interests | 49,769.17 | 8,990.58 | 58,759.75 | | Total Owner's Equity | 4,382,169,519.90 | 141,390,746.73 | 4,523,560,266.63 | [Parent Company Statement of Changes in Equity](index=38&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) For January-June 2025, the parent company's total owner's equity decreased by **16.92 million Yuan**, primarily due to a negative total comprehensive income for the period Parent Company Statement of Changes in Equity (Jan-Jun 2025) | Item | Beginning Balance (Yuan) | Change Amount for Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,201,222,616.00 | 0 | 2,201,222,616.00 | | Capital Reserve | 135,953,250.66 | 0 | 135,953,250.66 | | Surplus Reserve | 169,348,160.28 | 0 | 169,348,160.28 | | Retained Earnings | 120,451,544.23 | -16,920,453.81 | 103,531,090.42 | | Total Owner's Equity | 2,627,175,571.17 | -16,920,453.81 | 2,610,255,117.36 | [Company Basic Information](index=40&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, established in 2009, has undergone multiple capital increases, share transfers, and non-public offerings, resulting in a total of **2.201 billion shares** issued and a registered capital of **2.201 billion Yuan** as of June 30, 2025, with its main business encompassing the production, processing, and sale of new alloy materials, non-ferrous metal materials and products, and environmental protection machinery, along with related import and export activities, which remained unchanged during the reporting period - The company was established on **September 17, 2009**, through the overall conversion of Ye Chiu Metal (Taicang) Co., Ltd[109](index=109&type=chunk) - As of June 30, 2025, the company had cumulatively issued **2.201 billion shares**, with a registered capital of **2.201 billion Yuan**[113](index=113&type=chunk) - The company's main business includes the production and processing of new alloy materials, various new non-ferrous metal materials, ferrous metal materials and their products, environmental protection machinery, smelting equipment, and sorting equipment, as well as selling self-produced products and engaging in related import/export and wholesale businesses[113](index=113&type=chunk) - The company's main business did not change during the reporting period[113](index=113&type=chunk) [Basis of Financial Statement Preparation](index=41&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, and an assessment of its ability to continue as a going concern for 12 months from the end of the reporting period found no issues affecting this ability - The company's financial statements are prepared on a **going concern basis**[114](index=114&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no matters affecting this ability[115](index=115&type=chunk) [Significant Accounting Policies and Estimates](index=41&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to enterprise accounting standards for financial statement preparation, covering the recognition, classification, measurement, and impairment of financial instruments, as well as policies for receivables, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, ensuring a true and complete reflection of financial information - The company's financial statements comply with enterprise accounting standards, truly and completely reflecting its financial position, operating results, and other information[117](index=117&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, and its bookkeeping currency is **RMB**[118](index=118&type=chunk)[120](index=120&type=chunk) - The company has detailed accounting policies for the recognition, derecognition, classification, and measurement of financial instruments (amortized cost, fair value through profit or loss/other comprehensive income), classification and measurement of financial liabilities, derivative financial instruments and embedded derivatives, and financial instrument impairment (expected credit loss model)[143](index=143&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk)[187](index=187&type=chunk)[188](index=188&type=chunk) - The company clearly defines inventory classification, valuation methods for issuance (weighted average method at month-end), inventory system (perpetual inventory system), and criteria and methods for recognizing and providing for inventory impairment[191](index=191&type=chunk)[192](index=192&type=chunk)[193](index=193&type=chunk) - The company recognizes revenue when customers obtain control of the related goods, with domestic sales recognized upon delivery or customer acceptance, and export sales recognized on the bill of lading shipment date[229](index=229&type=chunk)[231](index=231&type=chunk)[234](index=234&type=chunk) - The company classifies government grants as either asset-related or income-related, recognizing them as deferred income or directly in current profit or loss, respectively[237](index=237&type=chunk)[238](index=238&type=chunk) [Taxation](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, corporate income tax, property tax, and urban land use tax; Chinese domestic subsidiaries generally apply a 25% corporate income tax rate, with some small-profit enterprises enjoying a preferential policy of 20% on 25% of taxable income, while overseas subsidiaries are subject to varying rates based on their registration and operation locations, such as 16.5% (tiered at 8.25%) for Hong Kong profits tax, 24% for Malaysian corporate income tax, and tax exemption for Samoan international companies Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic sales; provision of processing, repair, and maintenance services | 13% | | Property Tax | 70% of original property value as tax base / Rental income as tax base | 1.2% / 12% | | Urban Land Use Tax | Actual occupied land area | 3 Yuan/square meter | Corporate Income Tax Rates for Different Taxable Entities | Taxable Entity Name | Income Tax Rate (%) | | :--- | :--- | | Federal Income Tax (USA) | 21% | | State Corporate Tax (USA) | New York: 7.25%; Pennsylvania: 8.49%; New Jersey: 11.5% | | Ye Chiu International, Ye Chiu Hong Kong (Hong Kong) | 16.5% (8.25% for total profit less than 2 million Hong Kong Dollars) | | Ye Chiu Malaysia Co., Ltd. and others (Malaysia) | 24% | | Harmony Company, Jincheng Company (Samoa) | Tax Exempt | - The company's income tax rate is **25%**, while some Chinese domestic subsidiaries (e.g., Hongfu Company, Kunshan Ye Chiu) enjoy preferential tax policies for small-profit enterprises, paying corporate income tax at a **20%** rate on **25%** of their taxable income[252](index=252&type=chunk)[253](index=253&type=chunk) [Notes to Consolidated Financial Statement Items](index=78&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes for each major item in the consolidated financial statements, including cash and bank balances, financial assets held for trading, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, long-term borrowings, lease liabilities, long-term payables, provisions, share capital, capital reserve, other comprehensive income, specific reserves, surplus reserve, retained earnings, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, research and development expenses, financial expenses, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and foreign currency monetary items, explaining their period-end balances, period-beginning balances, and reasons for changes Cash and Bank Balances Composition (Period End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Cash on Hand | 13,733,187.47 | | Bank Deposits | 599,056,216.56 | | Other Cash and Bank Balances | 1,704,758.49 | | Accrued Interest Receivable (Undue) | 559,512.32 | | Total | 615,053,674.84 | | Of which: Total funds deposited overseas | 474,743,306.65 | Financial Assets Held for Trading Composition (Period End) | Item | Ending Balance (Yuan) | | :--- | :--- | | Debt Instrument Investments | 123,386.02 | | Equity Instrument Investments | 51,275,134.02 | | Other (Bank Wealth Management Products) | 221,148,784.88 | | Total | 272,547,304.91 | Accounts Receivable Impairment Provision (Period End) | Category | Book Balance (Yuan) | Impairment Provision (Yuan) | Provision Rate (%) | | :--- | :--- | :--- | :--- | | Impairment provision based on individual assessment | 1,183,858.45 | 1,183,858.45 | 100 | | Impairment provision based on portfolio assessment | 620,559,221.18 | 2,902,079.99 | 0.47 | | Total | 621,743,079.63 | 4,085,938.44 | - | Inventory Classification and Impairment Provision (Period End) | Item | Book Balance (Yuan) | Inventory Impairment Provision (Yuan) | Book Value (Yuan) | | :--- | :--- | :--- | :--- | | Raw Materials | 689,854,244.70 | 3,242,728.13 | 686,611,516.58 | | Finished Goods | 401,723,260.93 | 6,488,157.60 | 395,235,103.32 | | Goods in Transit | 605,472,190.10 | 0 | 605,472,190.10 | | Goods Sent Out | 18,882,776.54 | 0 | 18,882,776.54 | | Total | 1,715,932,472.28 | 9,730,885.73 | 1,706,201,586.55 | Assets with Restricted Ownership or Use Rights (Period End) | Item | Book Balance (Yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 15,121,625.97 | Pledged | Bills, performance bonds, litigation preservation | | Fixed Assets | 612,624,186.88 | Mortgaged | Mortgaged for borrowings | | Intangible Assets | 252,787,213.29 | Mortgaged | Mortgaged for borrowings | | Total | 880,533,026.14 | / | / | Provisions (Period End) | Item | Ending Balance (Yuan) | Reason for Formation | | :--- | :--- | :--- | | Estimated Tax Expense | 47,364,020.47 | Malaysian subsidiary YCTL has a dispute with the tax authority regarding tax incentive policies, and the company has recognized a provision based on the best estimate | | Total | 47,364,020.47 | / | Operating Revenue and Operating Cost (Jan-Jun 2025) | Item | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Main Business | 3,569,323,316.03 | 3,349,881,784.89 | | Other Businesses | 11,587,683.42 | 8,716,564.41 | | Total | 3,580,910,999.45 | 3,358,598,349.30 | Operating Revenue and Operating Cost by Operating Region (Jan-Jun 2025) | Operating Region | Operating Revenue (Yuan) | Operating Cost (Yuan) | | :--- | :--- | :--- | | China | 637,567,305.87 | 609,771,961.67 | | Japan | 839,665,494.94 | 810,423,785.05 | | Malaysia | 240,666,251.44 | 219,813,223.30 | | Other Asia | 637,703,280.75 | 620,091,094.01 | | Americas | 1,223,667,678.09 | 1,096,958,853.30 | | Other | 1,640,988.36 | 1,539,431.97 | | Total | 3,580,910,999.45 | 3,358,598,349.30 | [Changes in Consolidation Scope](index=110&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During this reporting period, there were no changes in the company's consolidation scope due to non-same control or same control business combinations - During this reporting period, there were no non-same control business combinations within the company's consolidation scope[392](index=392&type=chunk) - During this reporting period, there were no same control business combinations within the company's consolidation scope[392](index=392&type=chunk) [Interests in Other Entities](index=111&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in numerous subsidiaries engaged in diverse businesses such as waste metal processing, trading, information consulting, venture capital, supply chain management, and real estate, located across China, Hong Kong, Malaysia, the United States, and Samoa, with most being wholly-owned or controlled subsidiaries acquired through non-same control business combinations or investments - The company owns multiple subsidiaries with diverse business natures, including waste metal processing, trading, information consulting, venture capital, supply chain management, and real estate[394](index=394&type=chunk)[395](index=395&type=chunk) - Subsidiaries are located in various countries and regions, including China, Hong Kong, Malaysia, the United States, and Samoa[394](index=394&type=chunk)[395](index=395&type=chunk) - Most subsidiaries are wholly-owned, acquired through non-same control business combinations or investment establishments[394](index=394&type=chunk)[395](index=395&type=chunk) [Government Grants](index=113&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During this reporting period, the company recognized **34,254.90 Yuan** in government grants in current profit or loss, a significant decrease from the prior year period Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Income-related | 34,254.90 | 461,810.51 | | Total | 34,254.90 | 461,810.51 | [Risks Related to Financial Instruments](index=113&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and price risk), which it manages through credit policies, cash flow monitoring, forward foreign exchange contracts, and interest rate monitoring to mitigate potential financial losses - The company's main financial instruments include cash and bank balances, equity investments, debt investments, borrowings, receivables, and payables, exposing it to **credit risk, liquidity risk, and market risk**[398](index=398&type=chunk) - The company manages credit risk by formulating credit policies, continuously monitoring credit risk exposure, assessing customer creditworthiness, and setting credit terms[399](index=399&type=chunk) - The company manages liquidity risk by continuously monitoring short-term and long-term funding needs, maintaining ample cash reserves, and securing credit lines from financial institutions[402](index=402&type=chunk) - The company faces **exchange rate risk** (primarily from MYR and USD transactions), which may be hedged through forward foreign exchange contracts; **interest rate risk** (primarily from bank borrowings), managed by monitoring interest rate levels and adjusting fixed/floating rate proportions; and **price risk** (commodity prices, stock indices, etc.)[403](index=403&type=chunk)[404](index=404&type=chunk)[406](index=406&type=chunk) [Disclosure of Fair Value](index=115&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At the end of the period, the company's total assets measured at fair value amounted to **462.35 million Yuan**, primarily comprising financial assets held for trading, other equity instrument investments, and other current assets, with Level 1 measurements mainly for publicly traded bonds and stocks, Level 2 for forward foreign exchange products, structured deposits, and short-term government bonds, and Level 3 for fund units, while the book value of financial assets and liabilities not measured at fair value was very close to their fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 51,398,520.04 | 221,148,784.88 | 0 | 272,547,304.92 | | Other Equity Instrument Investments | 0 | 0 | 42,013,070.53 | 42,013,070.53 | | Other Current Assets | 147,787,677.15 | 0 | 0 | 147,787,677.15 | | Total Assets Continuously Measured at Fair Value | 199,186,197.19 | 221,148,784.88 | 42,013,070.53 | 462,348,052.60 | - Level 1 fair value measurement items (debt instrument investments and equity instrument investments) are determined by **unadjusted quoted prices in active markets**[409](index=409&type=chunk) - Level 2 fair value measurement items (forward foreign exchange products, structured deposits, US short-term government bonds) are determined based on **financial institution reference valuations**[410](index=410&type=chunk) - Level 3 fair value measurement items (funds) are determined based on **valuations provided by fund managers**[412](index=412&type=chunk) - The book value of financial assets and liabilities not measured at fair value is **very close to their fair value**[415](index=415&type=chunk) [Related Parties and Related Party Transactions](index=116&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling parties are Huang Chongshing and Lin Shengzhi, and during the reporting period, the company engaged in related party transactions including purchases and sales of goods, acceptance of services, leasing, and guarantees, with significant guarantees provided to subsidiaries totaling **5.245 billion Yuan** at the end of the period, representing **115.95%** of the company's net assets, and key management personnel compensation amounted to **3.44 million Yuan** - The company's ultimate controlling parties are natural persons Huang Chongshing and Lin Shengzhi, who indirectly hold company shares through Ye Chiu (Hong Kong) Co., Ltd. and directly hold some shares[418](index=418&type=chunk) Related Party Transactions (Jan-Jun 2025) | Related Party Transaction Content | Related Party | Current Period Amount (Yuan) | | :--- | :--- | :--- | | Acceptance of services: Transportation services | EVER PRECIOUS SDN BHD | 2,154,399.63 | | Lease of property (Lessor) | EVER PRECIOUS SDN BHD | 21,404.25 | | Lease of property and buildings (Lessee) | Yc Global,LLc | 480,301.19 | | Key management personnel compensation | - | 3,443,900.00 | - The company provided significant guarantees to subsidiaries, with the total guarantee balance for subsidiaries amounting to **5.245 billion Yuan** at the end of the reporting period, representing **115.95%** of the company's net assets[67](index=67&type=chunk) Unsettled Related Party Receivables and Payables (Period End) | Item Name | Related Party | Book Balance (Yuan) | | :--- | :--- | :--- | | Other Receivables | Yc Global, Llc | 28,634.40 | | Accounts Payable | EVER PRECIOUS SDN BHD | 206,970.86 | | Other Payables | Huang Chongshing | 157,407.16 | [Commitments and Contingencies](index=124&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company has contingent liabilities from debt guarantees provided to related parties, as well as outstanding financing and non-financing letters of guarantee, with no other significant contingent matters requiring disclosure as of the end of the reporting period - The company has contingent liabilities arising from debt guarantees provided to related parties; specific details are in the related party transactions section on related guarantees[434](index=434&type=chunk) - As of June 30, 2025, the company had outstanding financing letters of guarantee totaling **10 million US Dollars**, and non-financing letters of guarantee totaling **18.32 million Malaysian Ringgit** and **10.18 million Yuan**[435](index=435&type=chunk) - As of June 30, 2025, the company had no other significant continge

Group 1 - The core viewpoint of the announcement indicates that the company achieved an operating revenue of 3.581 billion yuan in the first half of 2025, representing a year-on-year growth of 10.46% [1] - The net profit for the same period was 29.3897 million yuan, which reflects a significant year-on-year decline of 57.11% [1] - The basic earnings per share were reported at 0.01 yuan per share, showing a decrease of 66.67% compared to the previous year [1]

Group 1 - The core viewpoint of the article highlights the growth potential of the aluminum alloy industry in China, with significant production increases projected for the coming years [1][3] - According to data from the National Bureau of Statistics, China's aluminum alloy production is expected to reach 1.67 million tons by June 2025, representing a year-on-year growth of 18.8% [1] - In the first half of 2025, the cumulative production of aluminum alloys in China is reported to be 9.097 million tons, reflecting a cumulative growth of 14.6% [1] Group 2 - The article lists several publicly listed companies in the aluminum industry, including China Aluminum (601600), Nanshan Aluminum (600219), and others, indicating a diverse market landscape [1] - The report referenced is the "2025-2031 China Aluminum Alloy Industry Market Operation Pattern and Prospect Strategic Analysis Report" published by Zhiyan Consulting, which provides insights into market trends and forecasts [1][3] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [3]

金融界消息 截至2025年8月13日收盘，怡球资源（601388）报收于2.65元，上涨1.53%，换手率1.96%， 成交量43.16万手，成交金额1.14亿元。 资金流向方面，今日主力资金净流入1126.89万元，占比成交额9.88%。其中，超大单净流入639.95万 元、占成交额5.61%，大单净流入486.94万元、占成交额4.27%，中单净流出流出552.73万元、占成交额 4.85%，小单净流出574.16万元、占成交额5.04%。 来源：金融界 天眼查商业履历信息显示，怡球金属资源再生(中国)股份有限公司，成立于2001年，位于苏州市，是一 家以从事废弃资源综合利用业为主的企业。企业注册资本220122.2616万人民币，实缴资本220122.2616 万人民币。公司法定代表人为LEW KAE MING（刘凯珉）。 通过天眼查大数据分析，怡球金属资源再生(中国)股份有限公司共对外投资了4家企业，参与招投标项 目169次，知识产权方面有商标信息140条，专利信息23条，此外企业还拥有行政许可14个。 怡球资源最新一期业绩显示，截至2025一季报，公司营业总收入17.94亿元、同比增长13.71%， ...

Report Overview - Report Title: Non-ferrous Metals Weekly Report (Alumina, Electrolytic Aluminum, and Aluminum Alloys) - Report Date: August 4, 2025 - Research Team: Hongyuan Futures Metal Research Team 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The US tariff hikes increase global economic uncertainty, and the traditional consumption off - season leads to inventory accumulation expectations, putting pressure on aluminum prices [1] - For alumina, although the cost is pushed up by the rising price of imported bauxite from Guinea, the supply - demand is expected to be loose, so the price may be cautiously weak - For electrolytic aluminum and aluminum alloys, the weak US job market raises the expectation of Fed rate cuts, but the traditional consumption off - season suppresses downstream demand, and prices may still have room to fall 3. Summary by Category Alumina - **Supply - demand situation**: Domestic bauxite supply is expected to be loose in August, with production and imports likely to increase. China's alumina production in August may increase month - on - month, and the surplus of alumina compared to electrolytic aluminum's operating capacity in July has expanded. Imports may decrease and exports may increase in August, and port inventories have decreased [3][18][27] - **Price and cost**: The price of imported bauxite from Guinea has risen, pushing up production costs. The average daily full production cost of Chinese alumina is about 2,880 yuan/ton. The price of alumina may be cautiously weak. It is recommended that investors hold previous short positions cautiously, paying attention to the support level around 3,000 - 3,100 and the resistance level around 3,500 - 3,800 [3][24] - **Investment strategy**: Hold previous short positions cautiously, pay attention to support and resistance levels [3] Electrolytic Aluminum - **Supply - demand situation**: Domestic electrolytic aluminum production in August may increase month - on - month due to the resumption and new production of some projects. Imports in August may also increase. The operating rate of downstream leading processing enterprises has declined, and the demand is weak [4][60] - **Price and cost**: The weak US job market raises the expectation of Fed rate cuts, but the traditional consumption off - season suppresses downstream demand. The price of Shanghai aluminum may still have room to fall. It is recommended that investors hold previous short positions cautiously, paying attention to the support level around 20,000 - 20,300 and the resistance level around 21,000 - 21,500 for Shanghai aluminum, and the support level around 2,300 - 2,500 and the resistance level around 2,700 - 2,800 for LME aluminum [4] - **Investment strategy**: Hold previous short positions cautiously, pay attention to support and resistance levels [4] Aluminum Alloys - **Supply - demand situation**: The production of domestic scrap aluminum in August may decrease, and imports may increase. The production of primary and recycled aluminum alloys in August may increase, and the raw material inventory of recycled aluminum alloy enterprises may increase while the finished product inventory may decrease. The import and export volume of unwrought aluminum alloys in August may decrease [6][71][84] - **Price and cost**: The weak US job market raises the expectation of Fed rate cuts, but domestic recycled aluminum alloy production is still in the red, and the traditional consumption off - season suppresses downstream demand. The price of aluminum alloys may still have room to fall. It is recommended that investors hold previous short positions cautiously, paying attention to the support level around 19,500 - 19,700 and the resistance level around 20,000 - 20,300 [6] - **Investment strategy**: Hold previous short positions cautiously, pay attention to support and resistance levels [6] Basis and Spread - **Alumina**: The basis and monthly spread are positive and basically within a reasonable range. It is recommended that investors hold previous long positions on the alumina basis cautiously [11] - **Electrolytic Aluminum**: The basis of Shanghai aluminum is positive and basically within a reasonable range, and the monthly spread is also positive and reasonable. It is recommended that investors wait and see for the arbitrage opportunities of the basis and monthly spread of Shanghai aluminum [39] - **Aluminum Alloys**: The basis and monthly spread of cast aluminum alloys are positive and basically within a reasonable range. It is recommended that investors wait and see for the arbitrage opportunities of the basis and monthly spread of cast aluminum alloys [67]

Group 1 - The core viewpoint of the news is that Yiqiu Resources (601388) has shown a decline in stock price and profitability despite an increase in total revenue [1] - As of July 31, 2025, Yiqiu Resources' stock closed at 2.61 yuan, down 1.51%, with a trading volume of 460,400 hands and a transaction amount of 120 million yuan [1] - The company's latest quarterly report indicates total revenue of 1.794 billion yuan, a year-on-year increase of 13.71%, while net profit attributable to shareholders decreased by 25.17% to 21.44 million yuan [1] Group 2 - The company has a current ratio of 3.262, a quick ratio of 1.771, and a debt-to-asset ratio of 25.77% [1] - Yiqiu Resources has made investments in four companies and participated in 169 bidding projects, indicating active engagement in the market [2] - The company holds 140 trademark registrations and 23 patents, along with 14 administrative licenses, showcasing its intellectual property portfolio [2]

Core Points - As of July 29, 2025, Yiqiu Resources (601388) closed at 2.66 yuan, down 0.75%, with a turnover rate of 1.41% and a trading volume of 310,400 hands, amounting to 82.38 million yuan [1] - The latest financial report for Yiqiu Resources shows total operating revenue of 1.794 billion yuan, a year-on-year increase of 13.71%, while net profit attributable to shareholders decreased by 25.17% to 21.44 million yuan, and non-recurring net profit fell by 37.82% to 18.48 million yuan [1] - The company has a current ratio of 3.262, a quick ratio of 1.771, and a debt-to-asset ratio of 25.77% [1] Investment and Business Activities - Yiqiu Metal Resource Recycling (China) Co., Ltd. has made investments in 4 companies and participated in 169 bidding projects [2] - The company holds 140 trademark registrations and 23 patents, along with 14 administrative licenses [2] Company Background - Yiqiu Metal Resource Recycling (China) Co., Ltd. was established in 2001 and is located in Suzhou, focusing on comprehensive utilization of waste resources [1]