Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company achieved a record high net profit since its establishment in 2024, with a revenue of 237.07 billion yuan, up 5.2% year-on-year, and a net profit attributable to shareholders of 12.4 billion yuan, up 85.4% year-on-year [1][5] - The company maintains its leading position in the aluminum industry, with strong production growth and operational efficiency [2][3][4] Financial Performance - In 2024, the company reported a net cash flow from operations that increased by 21.37% year-on-year, and the return on equity improved by 7.33 percentage points [1] - The company's revenue for Q4 2024 reached 63.29 billion yuan, a year-on-year increase of 71.4%, with a net profit of 3.38 billion yuan, up 153.1% year-on-year [1][2] Production and Pricing - The company produced 16.87 million tons of alumina in 2024, a year-on-year increase of 1.2%, and 7.61 million tons of electrolytic aluminum, up 12.1% year-on-year [2][3] - The average price of alumina in 2024 was 4,071 yuan per ton, up 39% year-on-year, while the average price of electrolytic aluminum was 19,900 yuan per ton, up 7% year-on-year [2] Capacity Expansion - The company is advancing its capacity expansion projects, with new alumina and electrolytic aluminum projects expected to come online in 2024 and 2025, further solidifying its market position [4][5] - The total alumina capacity is projected to increase to 24.26 million tons, while electrolytic aluminum capacity will reach 7.73 million tons upon completion of ongoing projects [4] Future Profitability Estimates - The company is expected to achieve net profits of 11.8 billion yuan, 14 billion yuan, and 16.4 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 11.1, 9.4, and 8.1 [5][6]

Financial Performance - For the fiscal year ending December 31, 2024, the group achieved operating revenue of RMB 237.066 billion, an increase of 5.21% year-on-year[15]. - The net profit attributable to the owners of the parent company was RMB 12.4 billion, with basic earnings per share of RMB 0.723[15]. - The company's operating revenue for 2024 reached RMB 237,065,629 thousand, representing a 5.21% increase from RMB 225,319,044 thousand in 2023[22]. - The pre-tax profit for 2024 was RMB 22,321,902 thousand, an increase of 48.19% compared to RMB 15,062,650 thousand in 2023[22]. - Net profit attributable to the company's owners for 2024 was RMB 12,400,160 thousand, an 85.38% increase from RMB 6,689,067 thousand in 2023[22]. - The company's total assets as of December 31, 2024, were RMB 215,895,530 thousand, a slight increase of 1.89% from RMB 211,896,104 thousand in 2023[19]. - The total liabilities decreased to RMB 103,854,787 thousand in 2024 from RMB 112,866,670 thousand in 2023, indicating a reduction of approximately 8.94%[19]. - The net cash flow from operating activities for 2024 was RMB 32,807,186 thousand, which is a 21.37% increase from RMB 27,030,025 thousand in 2023[22]. - The basic earnings per share for 2024 were RMB 0.723, reflecting an 85.86% increase from RMB 0.389 in 2023[22]. - The gross profit for 2024 was RMB 35.529 billion, an increase of RMB 7.981 billion or 28.97% compared to RMB 27.548 billion in the previous year[141]. Corporate Strategy and Goals - The company aims to become a world-class aluminum company with global competitiveness, supported by a clear and pragmatic development strategy[6]. - The company plans to expand its market presence and enhance operational efficiency through an experienced management team[6]. - The company is focused on enhancing its management structure and optimizing operations through experienced leadership[30]. - The company aims to enhance value creation through optimized production operations and cost reduction initiatives[126]. - The company is focusing on resource development and supply assurance, including domestic mineral rights exploration and overseas resource acquisition[127]. - The company plans to accelerate the upgrade of traditional industries and develop emerging industries, including a 1200MW renewable energy project expected to be fully operational within the year[127]. - The company aims to strengthen risk prevention and control measures to ensure high-quality development and environmental protection[131]. Research and Development - The group emphasizes continuous technological innovation, with notable achievements in the transformation of scientific and technological results[6]. - The company's research and development expenses for 2024 were RMB 3,063,735 thousand, a decrease from RMB 3,729,423 thousand in 2023[18]. - The company obtained 519 new patent authorizations in 2024, maintaining the industry lead[117]. - The company is focused on technological innovation to improve resource utilization and production efficiency, aiming for a digitalized management approach[179]. Management and Governance - The company has a diverse board with independent directors, including Qiu Guanzhou, Yu Jinsong, and Chen Yuanxiu, each receiving RMB 21.84 million in remuneration[26]. - The company is committed to corporate governance, with independent directors and a well-structured board overseeing its operations[40]. - The company’s remuneration committee ensures that the remuneration standards for directors and senior management align with industry benchmarks and company performance[58]. - The company is committed to enhancing corporate governance and ensuring transparency in operations[200]. Market and Industry Trends - In 2024, China's aluminum production and consumption are expected to continue growing, maintaining its position as the world's largest producer for 23 consecutive years[179]. - The domestic aluminum price in 2024 saw an average increase of 8.2% for SHFE three-month aluminum and 6.7% for the average monthly aluminum price, reaching RMB 19,996 per ton and RMB 19,959 per ton, respectively[108]. - The company is addressing risks related to international operations and resource supply by closely monitoring global economic changes and enhancing resource security[187]. - The company anticipates significant fluctuations in the domestic and international bulk raw materials and non-ferrous metals markets by 2025, potentially narrowing the profit margins for its products[187]. Environmental and Social Responsibility - The company is actively involved in environmental management and safety, with a dedicated team led by Ms. Xu Shuxiang, focusing on energy conservation and environmental protection[44]. - The company is committed to implementing stringent safety and environmental standards, including a three-year action plan for ecological environment issues[189]. - The company is focused on enhancing its ESG management framework, with a dedicated committee to oversee social responsibility and environmental protection initiatives[193]. - The company actively participates in rural revitalization and charity activities, contributing to poverty alleviation efforts[196]. Human Resources - The total number of employees as of December 31, 2024, is 63,133, with production personnel accounting for 80.7% of the workforce[67]. - The company has a gender distribution of 53,947 male employees (85.5%) and 9,186 female employees (14.5%)[68]. - The company aims to enhance gender diversity in future hiring and promotions[68]. - The company’s management team includes professionals with advanced degrees in economics and management, ensuring a strong foundation for strategic decision-making[40]. Shareholder Information - The company expressed gratitude to shareholders for their support and concern during the fiscal year ending December 31, 2024[97]. - The proposed final dividend for the year 2024 is RMB 0.135 per share, amounting to approximately RMB 2.316 billion, pending approval at the annual general meeting[122]. - The total share capital at the beginning of the reporting period was 17,161,591,551 shares, which decreased to 17,156,498,909 shares by the end of the period, reflecting a reduction of 5,092,642 shares[70].

Core Viewpoint - China Aluminum's net profit increased by over 85% year-on-year, indicating strong financial performance and operational efficiency in the aluminum industry [2][3]. Financial Performance - The company's total revenue for the year reached 237.066 billion yuan, a year-on-year increase of 5.21% [2]. - Net profit attributable to shareholders was 12.4 billion yuan, reflecting an 85.38% increase compared to the previous year [2]. - Basic earnings per share rose to 0.723 yuan, up 85.86% year-on-year [2]. - Operating net cash flow was 32.807 billion yuan, a growth of 21.37% year-on-year [3]. - The asset-liability ratio decreased to 48.10%, the lowest level in nearly a decade [3]. Production and Operational Efficiency - The company reported significant increases in production across various segments, with electrolytic aluminum, alumina, and fine alumina production rising by 12.08%, 1.20%, and 7.75% respectively [3]. - The gross profit margin for alumina was 26.40%, up 15.55 percentage points year-on-year, while the margins for primary aluminum and energy decreased to 10.31% and 28.35%, down 2.85 and 10.75 percentage points respectively [3]. Strategic Initiatives - The company is focusing on optimizing resource industries and traditional sectors while enhancing its competitive advantages across the entire industry chain [3]. - Projects such as the Guangxi Huasheng Phase II and Inner Mongolia Huayun Phase III have been completed, contributing to the green and low-carbon development of the electrolytic aluminum industry [4]. - The company aims to establish a self-controlled mineral resource supply chain and is actively pursuing domestic and international mining rights [4][5]. Industry Position and Future Plans - China Aluminum is a leading player in the aluminum industry, with its production capacities for alumina, electrolytic aluminum, fine alumina, high-purity aluminum, aluminum anodes, and metal gallium ranking first globally [5]. - The company plans to accelerate the transformation and upgrading of traditional industries while fostering the growth of emerging sectors, particularly in renewable energy [5]. - The stock price as of March 26 was 7.68 yuan per share, with a total market capitalization of 131.755 billion yuan [5].

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

Group 1 - China Aluminum Corporation's stock dropped by 2.41% on March 26 [1] - The company was established in 2001 and is primarily engaged in non-ferrous metal smelting and rolling [1] - The registered capital of China Aluminum is approximately 17.02 billion RMB [1] Group 2 - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of China Aluminum and reduced its holdings in the last quarter of the previous year [1] - The fund has a year-to-date return of 0.12%, ranking 2541 out of 3440 in its category [2] Group 3 - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management since joining Huatai-PineBridge in 2004 [3][4] - Liu Jun has managed various funds, including the Huatai-PineBridge CSI 300 ETF since May 2012 [4]

Group 1 - China Aluminum reported a net profit of 12.4 billion yuan for 2024, an increase of 85.38% year-on-year, with a proposed cash dividend of 0.135 yuan per share [1] - Lihua Technology's net profit for 2024 decreased by 25.41% to 245 million yuan, with a proposed cash dividend of 0.7 yuan per 10 shares [1][2] - Zhongjing Food achieved a net profit of 175 million yuan in 2024, up 1.81% year-on-year, proposing a cash dividend of 8 yuan per 10 shares [3][4] - Sanwei Chemical's net profit fell by 6.92% to 263 million yuan, with a proposed cash dividend of 3 yuan per 10 shares [5] - Meino Biological's project for corn protein processing has received construction approval, with an investment of approximately 391 million yuan [6][7] Group 2 - Guangdian Electric's net profit surged by 411.28% to 74.73 million yuan, proposing a cash dividend of 0.7 yuan per 10 shares [13][14] - Xin'ao Co. reported a net profit of 4.493 billion yuan for 2024, down 36.64%, with a proposed cash dividend of 10.3 yuan per 10 shares [15] - Huaren Pharmaceutical's subsidiary received approval for a raw material drug, enhancing its product line [16] - Huanxin Technology received a project confirmation from BAIC Group for two display screen products, expected to enter mass supply [17] - Haitong Development plans to purchase four bulk carriers for a total of 59.25 million USD to expand its fleet [18] Group 3 - Guochuang High-tech won a bid for an asphalt procurement project worth 128 million yuan [22][23] - Huayi Pharmaceutical's subsidiary received overseas marketing approvals for several products [24] - Haisco's innovative drug HSK41959 has received clinical trial approval [25] - Hetai Machinery's subsidiary obtained a patent for a dust-proof chain technology [28] - Le Xin Medical's fetal heart rate monitor registration renewal application has been accepted [29] Group 4 - Feilong Co. became a designated supplier for an international client's electronic oil pump project, with expected sales of approximately 160 million yuan [29] - Yunnan Copper reported a net profit of 1.265 billion yuan for 2024, down 19.9%, with a proposed cash dividend of 2.4 yuan per 10 shares [42] - China Merchants Bank's net profit increased by 1.22% to 148.39 billion yuan, proposing a cash dividend of 20 yuan per 10 shares [43] - Shuanghui Development's net profit decreased by 1.26% to 4.989 billion yuan, with a proposed cash dividend of 7.5 yuan per 10 shares [44]

中国铝业股份有限公司 目录 中国铝业股份有限公司 已审财务报表 2024年度 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 6 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 7 | - | 9 | | | 合并利润表 | 10 | - | 11 | | | 合并所有者权益变动表 | 12 | - | 13 | | | 合并现金流量表 | 14 | - | 15 | | | 公司资产负债表 | 16 | - | 18 | | | 公司利润表 | | 19 | | | | 公司所有者权益变动表 | 20 | - | 21 | | | 公司现金流量表 | 22 | - | 23 | | | 财务报表附注 | 24 | - | 173 | | 补充资料 | | | --- | --- | | 1.非经常性损益明细表 | 174 | | 2.净资产收益率和每股收益 | 175 | | 3.境内外会计准则下会计数据差异 | 175 | 审计报告 安永华明（2025）审字第70077385_A01号 ...

中国铝业股份有限公司 内部控制审计报告 内部控制审计报告 安永华明（2025）专字第70077385_A01号 中国铝业股份有限公司 中国铝业股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中国铝业股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是中国铝业股份有限 公司董事会的责任。 2024年度 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推到未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，中国铝业股份有限公司按照《企业内部控制基本规范》和相关规定于 2024年12月 ...

中国铝业股份有限公司 独立董事2024年度未取报告 (邱冠周) 本人作为中国铝业股份有限公司(以下简称"公司"或"中国铝业")的独立 董事,根据《中华人民共和国公司法》《上市公司独立董事管理办法》《上市公司 治理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第1号—规范运作》等相关法律、法规、规范性文件及《中国铝业股份有限公 司章程》（以下简称"《公司章程》"）《中国铝业股份有限公司独立董事工作管 理细则》等制度的要求,本着对全体股东尤其是中小股东负责的态度,诚信、勤勉、 独立地履行职责,及时了解公司各方面运营情况,积极参加相关会议,认真审议各 项议案,独立客观地发表意见,审慎行使表决权,有效维护了公司及全体股东尤其 是中小股东的合法权益。现就本人在2024年度的履职情况报告如下: 一、个人基本情况 (一) 工作履历、专业背景及兼职情况 邱冠周,76岁,中国工程院院士,现任中南大学教授、博士生导师,曾任中南 工业大学（中南大学）副校长。本人长期致力于我国低品位、复杂难处理金属矿产 资源加工利用研究,在细粒及硫化矿物浮选分离和铁矿直接还原等方面取得显著成 绩,特别是在低品位硫化矿的生 ...

中国铝业股份有限公司 独立董事2024年度沭职报告 (陈远秀) 本人作为中国铝业股份有限公司(以下简称"公司"或"中国铝业")的独立 董事,根据《中华人民共和国公司法》《上市公司独立董事管理办法》《上市公司 治理准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第1号一规范运作》等相关法律、法规、规范性文件及《中国铝业股份有限公 司章程》(以下简称"《公司章程》")《中国铝业股份有限公司独立董事工作管 理细则》等制度的要求,本着对全体股东尤其是中小股东负责的态度,诚信、勤勉、 独立地履行职责,及时了解公司各方面运营情况,积极参加相关会议,认真审议各 项议案,独立客观地发表意见,审慎行使表决权,有效维护了公司及全体股东尤其 是中小股东的合法权益。现就本人在2024年度的履职情况报告如下: 一、个人基本情况 (一) 工作履历、专业背景及兼职情况 陈远秀,54岁,太平绅士,现任本公司独立非执行董事。陈女士现为远博顾问 有限公司(一家主要从事提供业务顾问服务的公司)董事总经理,同时亦为招商局 港口股份有限公司(其H股股份于香港联交所上市)独立非执行董事、森松国际控 股有限公司(其股份于香港联交 ...