股票代码：601600 股票简称：中国铝业 公告编号：临 2025-029 中国铝业股份有限公司 关于召开 2025 年第一季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个别及连带责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/）。 一、说明会类型 1、召开时间：2025 年 5 月 29 日（星期四）下午 15:00-16:00 2、召开地点：上海证券交易所上证路演中心 会议召开时间：2025 年 5 月 29 日（星期四）下午 15:00-16:00。 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动方式。 投资者可于 2025 年 5 月 22 日(星期四)至 5 月 28 日(星期三)16:00 前通过登录 上证路演中心网站首页点击"提问预征集"栏目、发送邮件至公司邮箱 （ir@chinalco.com.cn）、传真至 010-82298158 等方式就所关注问题进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 3、召开方式：上 ...

Core Viewpoint - The meeting between the Vice President of China Council for the Promotion of International Trade and the executives of China Aluminum Corporation focused on enhancing international cooperation in the supply chain and industry, as well as engaging in multilateral economic governance and foreign commercial legal services [1] Group 1 - The Vice President of China Council for the Promotion of International Trade, Li Xingqian, conducted a research visit to China Aluminum Corporation [1] - The discussion included topics such as deepening international cooperation in the supply chain and industry [1] - The meeting also addressed participation in multilateral economic governance and foreign commercial legal services [1]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant increases in revenue and net profit, driven by higher production and sales of aluminum products [1][2]. Financial Performance - Q1 2025 revenue reached 55.784 billion yuan, a year-on-year increase of 13.95% [1] - Net profit attributable to shareholders was 3.538 billion yuan, up 58.78% year-on-year [1] - Net profit after deducting non-recurring gains and losses was 3.444 billion yuan, reflecting a 57.94% increase year-on-year [1] Production and Sales - The company achieved a metallurgical-grade alumina production of 4.48 million tons, a year-on-year increase of 5.41% [2] - Fine alumina production reached 950,000 tons, up 6.74% year-on-year [2] - The company sold 1.68 million tons of self-produced metallurgical alumina, a 12.0% increase year-on-year [2] - Raw aluminum (including aluminum alloys) production was 1.94 million tons, an 8.99% increase year-on-year [2] - The company sold 1.90 million tons of self-produced raw aluminum (including alloys), a 7.95% increase year-on-year [2] - Coal production reached 3.22 million tons, up 11.81% year-on-year [2] Pricing Trends - The average price of A00 aluminum in the Chinese market was 20,429 yuan/ton, a year-on-year increase of 7.39% [2] - The average price of alumina was 4,116 yuan/ton, up 21.83% year-on-year [2] - The average price of bauxite in Guangxi was 510 yuan/ton, reflecting a 30.77% year-on-year increase [2] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 6.260 billion yuan, a 75.06% increase year-on-year [2] - The asset-liability ratio reached 48.10%, the lowest level in nearly a decade [2] Strategic Developments - The company optimized its industrial chain layout with the commissioning of the Guangxi Huasheng and Inner Mongolia Huayun Phase III projects [3] - In 2024, the company added 73.55 million tons of new resource capacity [3] - The Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project were fully operational [3] Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 227.666 billion, 234.656 billion, and 239.746 billion yuan, respectively [4] - Expected net profits for the same years are 11.347 billion, 11.627 billion, and 12.093 billion yuan, respectively [4] - The current stock price corresponds to a PE ratio of 9.8, 9.6, and 9.2 for the years 2025, 2026, and 2027 [4] Investment Outlook - The company, as a leading player in the domestic aluminum industry, is expected to benefit from high electrolytic aluminum prices, maintaining a "buy" investment rating [5]

Meeting Overview - The annual shareholder meeting for 2024 and the first A-share and H-share shareholder meetings for 2025 will be held on June 26, 2025, at 2 PM [2][19] - The meetings will be conducted using a combination of on-site and online voting methods [2][9] Voting Details - The online voting system will be the Shanghai Stock Exchange's shareholder meeting online voting system, available on the same day from 9:15 AM to 3:00 PM [3][9] - Shareholders can vote through the trading system or the internet voting platform, with specific instructions provided for first-time users [9][10] Agenda and Proposals - The agenda for the annual meeting includes several proposals, with specific resolutions requiring special voting and separate counting for minority investors [8][14] - The proposals have been previously disclosed and approved in board meetings held on March 26 and April 24, 2025 [7][8] Attendance and Registration - Shareholders registered by the close of trading on the registration date are eligible to attend the meetings, with provisions for proxy representation [14][16] - Specific registration procedures are outlined for both individual and corporate shareholders [16][17] Additional Information - The company will provide reminders to shareholders about the meeting and voting through SMS and other means to ensure participation [9][18] - Contact information for the company’s finance department is provided for any inquiries related to the meetings [18]

Q1 业绩符合预期，持续一体化布局 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 2025 年 05 月 08 日 -20 -10 0 10 20 30 (%) 中国铝业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中国铝业（601600）：2024H1 公司利润大幅增长，充分受益于电 解铝及氧化铝价格上涨》2024-09- 01 2、《中国铝业（601600）：受益于 产品价格上涨，2024Q1 归母净利润 环比大增》2024-05-07 | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 6.5 | | 总市值（亿元） | 1115 | | 总股本（百万股） | 17156 | | 流通股本（百万股） | 13134 | | 52 周价格范围（元） | 6.25-9.09 | | 日均成交额（百万元） | 1213.26 | 市场表现 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 公司名稱: 中國鋁業股份有限公司 呈交日期: 2025年5月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601600 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 13,211,666,110 | RMB | | 1 | RMB | | 13,211,666,110 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,211,666,110 | RMB | | 1 | RMB | | 13,211,666,110 | | 2. 股份分類 | 普通股 | ...

股票代码：601600 股票简称：中国铝业 公告编号：临2025-028 中国铝业股份有限公司 关于召开2024年年度股东会、2025 年第一次 A 股类别股东会及 2025 年第一次 H 股类别股东会的通知 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： 一、召开会议的基本情况 召开的日期时间：2025 年 6 月 26 日 下午 2 点 召开地点：中国北京市海淀区西直门北大街 62 号中国铝业股份有限公司总部 办公楼会议室 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 26 日 股东会召开日期：2025年6月26日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系统 （一）股东会类型和届次：2024年年度股东会（以下简称"年度股东会"）、2025 年 第一次 A 股类别股东会（以下简称"A 股类别股东会"）及 2025 年第一次 H 股 类别股东会（以下简称"H 股类别股 ...

Investment Rating - The report maintains a "Buy" rating for Aluminum Corp of China (Chalco) H/A shares, with target prices adjusted to HKD6.10 for H-shares and RMB9.80 for A-shares, implying upside potentials of approximately 42% and 48% respectively [5][40]. Core Insights - Chalco reported a net profit after tax (NPAT) of approximately RMB3.5 billion in 1Q25, reflecting a 5% quarter-on-quarter increase and a 59% year-on-year increase, attributed to better-than-expected sales volume and average selling prices (ASP) for aluminum and alumina [1][9]. - The company expects capital expenditures of RMB14.8 billion in 2025, focusing on wind power projects and new alumina production sites, while aiming to increase green power usage from 47% in 2024 to 55% in 2025 [2][9]. - Despite solid fundamentals for aluminum, earnings are expected to decline by approximately 12% in 2025 due to lower alumina prices, with the alumina price already below breakeven levels [3][9]. Financial Performance - In 1Q25, Chalco's sales volumes for self-produced aluminum decreased by 5% quarter-on-quarter, while alumina sales increased by 6% quarter-on-quarter. However, revenue and gross profits fell by 12% and 29% quarter-on-quarter respectively due to a significant drop in alumina prices [1][31]. - The company recorded a decrease in selling, general and administrative (SG&A) expenses by 6% year-on-year and 66% quarter-on-quarter, indicating effective cost control [1][31]. - Investment income rose by RMB0.37 billion in 1Q25, driven by higher alumina prices year-on-year and gains from hedging [36]. Production and Operational Strategy - Chalco's aluminum production operating rate reached 95% in China, supported by demand from electric vehicles, batteries, and solar products [3][9]. - The company plans to relocate alumina production from inland to coastal provinces to reduce transportation costs and expects to close down 1-2 million tons of alumina production in 2025 [2][34]. - Chalco aims to optimize its alumina capacity of 25 million tons by utilizing lower-cost imported bauxite, which may lead to some impairment losses [34]. Market Outlook - The report anticipates steady aluminum prices in 2025, supported by robust demand from the "New Three" sectors, while alumina prices are expected to have limited downside due to their current low levels [3][9]. - The coal price and electricity costs remained weak in 1Q25, which may benefit Chalco's operational costs [3][9].

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-027 中国铝业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《中国 铝业股份有限公司关于控股股东及其一致行动人增持公司股份计划的公告》（公告 编号：临 2025-022），基于对公司未来发展前景的信心，并为切实维护中小投资者 利益，公司控股股东中国铝业集团有限公司（以下简称"中铝集团"）及其一致行 动人拟通过上海证券交易所（以下简称"上交所"）及香港联合交易所有限公司（以 下简称"香港联交所"）交易系统增持公司 A 股及 H 股股份，增持金额不低于人民 币 10 亿元，不超过人民币 20 亿元，增持股份数量不超过公司总股本的 2%，期限自 本次增持计划公告披露之日起不超过 12 个月，本次增持资金来源为增持主体自有资 金或金融机构增持股票专项贷款（以下简称"专项贷款"）。 公司于 2025 年 4 月 29 日收市后收到控股股东中铝集团的通知，截至 2025 年 4 月 29 日，中铝集团及其一致行动人通过上交所及香港联交所交易系统以自有资金和 专项贷款累计增持公司 A 股股份 53,971,083 股，增持金额约人 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite a quarter-on-quarter decline in revenue [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 55.784 billion yuan, a year-on-year increase of 13.95%, but a quarter-on-quarter decrease of 11.86% [1]. - The net profit attributable to shareholders was 3.538 billion yuan, reflecting a year-on-year growth of 58.78% and a quarter-on-quarter increase of 4.56% [1]. - The non-recurring net profit was 3.444 billion yuan, up 57.78% year-on-year and 5.53% quarter-on-quarter [1]. Production and Sales - The company produced 1.94 million tons of electrolytic aluminum in Q1 2025, a year-on-year increase of 9.0%, and 4.48 million tons of alumina, up 5.4% year-on-year [1]. - The external sales volume of alumina reached 1.68 million tons, marking a year-on-year increase of 12.0% and a quarter-on-quarter increase of 6.3% [1]. - The average price of electrolytic aluminum was 20,400 yuan/ton, up 7.3% year-on-year but down 0.5% quarter-on-quarter; the average price of alumina was 3,863 yuan/ton, up 15.4% year-on-year but down 27.4% quarter-on-quarter [1]. Profitability and Cost Management - The company's gross profit margin was 15.86%, an increase of 0.52 percentage points year-on-year but a decrease of 1.33 percentage points quarter-on-quarter [1]. - Operating cash flow reached 6.260 billion yuan, a year-on-year increase of 75.06%, driven by increased operating profit and improved cash flow management [2]. - The company’s expense ratio was 3.86%, down 0.98 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [2]. Project Development and Resource Management - Key projects, including the Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project, have been put into operation, enhancing resource security [2]. - The company has increased its supply of bauxite resources, with production and shipment from its Guinea mine rising by 8.18% and 27.89% year-on-year, respectively [2]. Profit Forecast and Valuation - The company forecasts net profits of 10.913 billion yuan, 12.690 billion yuan, and 13.896 billion yuan for 2025-2027, with year-on-year changes of -11.99%, +16.28%, and +9.50% respectively [3]. - Earnings per share (EPS) are projected to be 0.64 yuan, 0.74 yuan, and 0.81 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 10.4, 8.9, and 8.2 times [3].