证券研究报告 公 司 报 告│ 公 司 季 报 点 评 中国铝业(601600) 氧化铝和电解铝双轮驱动，盈利能力大幅改善 事件： 公司发布 2024 年第一季度报告，2024 Q1 实现营业收入 489.56 亿元，同 比下降 26.14%，归母净利润 22.30 亿元，同比增长 23.01%。 ➢ 氧化铝板块：矿端供应紧张，外售增厚利润 24 年 Q1，受国内铝土矿产量下滑及几内亚燃料库爆炸事件影响，国内氧化 铝价格大幅上涨，24 年 Q1 国内氧化铝均价同比上涨 14.6%。23 年公司冶 金级氧化铝产量 1667 万吨，由于公司氧化铝自给率 100%，氧化铝价格上 涨有利于公司电解铝成本稳定，并通过外售氧化铝增厚利润。 ➢ 电解铝板块：价格上涨和成本下降并存，盈利能力提升 24 年 Q1，公司主要产品电解铝均价同比上涨 3.1%，主要成本阳极均价同 比下降 35.2%，公司电解铝业务盈利能力提升。由于公司是云铝股份第一大 股东，24 年 Q1 云铝股份归母净利润同比增长 31.53%，公司受益明显。 ➢ 盈利好转，现金分红比例增加 随着电解铝行业供需格局好转，公司负债率回落且盈利能力增强。23 年公 ...

证 券 2024 年 05 月 06 日 研 究 受益于产品价格上涨，2024Q1 归母净利润环比 报 大增 告 —中国铝业（601600.SH）公司事件点评报告 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 中国铝业发布 2024 年一季报：公司实现营业收入 489.56 亿 fuhh@cfsc.com.cn 元，同比-26.14%，环比-1.2%；归母净利润 22.30 亿元，同 分析师：杜飞 S1050523070001 比+23.01%，环比+63.45%；扣除非经常性损益后的归母净利 dufei2@cfsc.com.cn 润21.83亿元，同比+35.61%，环比+29.57%。 基本数据 2024-05-06 投资要点 当前股价（元） 7.45 总市值（亿元） 1278 ▌ 2024 年一季度电解铝及氧化铝价格上涨，带动公 总股本（百万股） 17158 司利润实现扩张 流通股本（百万股） 13079 52周价格范围（元） 5.01-7.58 公司 2024 年第一季度氧化铝、原铝及煤炭产量同比增长，精 细氧化铝及原铝产量环比下滑，但受益于电解铝及氧化铝价 日均成交额（百万元） ...

Investment Rating - Maintain "Overweight" rating for Chalco (601600 SH) [1][9] Core Views - Chalco's Q1 2024 performance was strong, with net profit attributable to parent company up 63 45% QoQ [1][5] - The significant improvement in performance was mainly due to rising commodity prices [1][5] - Chalco has a complete aluminum industry chain and still has capacity expansion potential despite industry capacity ceiling [1][9] Financial Performance Q1 2024 Results - Revenue: RMB 48 956 billion (-26 14% YoY, +33 52% QoQ) [1][5] - Net profit attributable to parent: RMB 2 230 billion (+23 01% YoY, +63 45% QoQ) [1][5] - Non-GAAP net profit: RMB 2 183 billion (+35 61% YoY, +29 57% QoQ) [1][5] - Gross margin: 15 34% (+6 22% YoY, -5 62% QoQ) [1][6] - Net margin: 8 27% (+3 89% YoY, -0 96% QoQ) [1][6] Production and Sales - Metallurgical alumina output: 4 25 million tons (+6 8% YoY, +1 0% QoQ) [1][8] - Fine alumina output: 0 99 million tons (-10 8% YoY, -54 2% QoQ) [1][8] - Self-produced alumina sales: 1 50 million tons (-9 1% YoY, -0 7% QoQ) [1][8] - Primary aluminum output: 1 78 million tons (+16 3% YoY, -4 3% QoQ) [1][8] - Self-produced primary aluminum sales: 1 76 million tons (+11 4% YoY, -5 4% QoQ) [1][8] - Coal output: 2 88 million tons (+6 7% YoY, -14 3% QoQ) [1][8] Profitability - Primary aluminum unit net profit: ~RMB 1 560/ton [1][8] - Alumina unit net profit: ~RMB 515/ton [1][8] - Both showed significant improvement compared to 2023 [1][8] Cost Control - Sales/management/R&D/financial expense ratios: 0 19%/2 05%/1 17%/1 42% [1][6] - Effective cost control with most expense ratios declining QoQ [1][6] - Debt-to-asset ratio: 51 61% (-1 69% from end of 2023) [1][6] Market Data - Closing price: RMB 7 35 [3] - Total market cap: RMB 126 114 billion [3] - 52-week high/low: RMB 7 73/4 90 [3] - 3-month average daily turnover: RMB 1 133 20 billion [3] Valuation - 2024E PE: 15 2x [9] - 2025E PE: 12 6x [9] - 2026E PE: 11 1x [9] - Current PB: 2 1x [10] Peer Comparison - Chalco's valuation is higher than peers like China Hongqiao (1378 HK) and Yunnan Aluminium (000807 SZ) [10] - Chalco has higher PB ratio compared to peers, reflecting its leading position [10]

[Table_Page] 季报点评|有色金属 证券研究报告 [中Table_国Title] 铝业(601600.SH/02600.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 7.35元/5.23港元 Q1 归母净利环增 63%，超预期 合理价值 11.04元/7.86港元 前次评级 买入/买入 [（Ta注ble：_Su下m文ma如ry]无 特殊说明，货币单位均为人民币，同比、环比数据均经过回溯调整） 报告日期 2024-04-26 核心观点： [相Tab对le_P市icQ场uote表] 现  24Q1公司归母净利环比增63%，优于预期。据公司财报，24Q1公司 实现营业收入490亿元，同比-26%，环比+34%，归母净利润22亿元， 22% 14% 同比 23%，环比+63%，基本每股收益 0.13 元/股，同比+23%，环比 5% 63%，经营净现金流 36 亿元，同比-9%，环比-46%，资产负债率 -3%04/23 06/23 08/23 10/23 12/23 02/24 04/24 51.61%，较23年末-1.69PCT。24Q1业绩环比改善的主因是：1.管理 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in net profit for Q1 2024, with a quarter-on-quarter growth of 63.45% and a year-on-year increase of 23.01% [2] - The production of aluminum and alumina has been impacted, but the rise in product prices has led to a 33.52% increase in revenue compared to the previous quarter [2] - The company is expected to benefit from the upcoming production ramp-up at its new facility, which is anticipated to enhance both production and sales volumes during the peak consumption season [2] Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 48.956 billion yuan, a quarter-on-quarter increase of 33.52% but a year-on-year decrease of 26.14% [2] - The net profit attributable to shareholders was 2.230 billion yuan, with a quarter-on-quarter increase of 63.45% and a year-on-year increase of 23.01% [2] - The company's alumina production was 4.25 million tons, with a slight quarter-on-quarter increase of 0.95% [2] Capital Structure - As of March 2024, the company's debt-to-asset ratio was 51.61%, a decrease of 1.69 percentage points from the end of 2023 [2] - The financial expense ratio decreased by 0.58 percentage points to 1.42% in Q1 2024, indicating improved cost management [2] Production and Capacity Expansion - The company has resumed production at its subsidiary, with 200,000 tons of aluminum capacity restored as of April 25, 2024 [2] - The new facility in Inner Mongolia is expected to start operations in May 2024, which will further enhance the company's aluminum production capacity [2] Profit Forecast - Revenue projections for 2024-2026 are 243.53 billion yuan, 256.07 billion yuan, and 260.87 billion yuan, respectively, with net profits expected to be 10.397 billion yuan, 12.254 billion yuan, and 13.492 billion yuan [2]

Financial Performance - Operating revenue for Q1 2024 was RMB 48,955,678 thousand, a decrease of 26.14% compared to the same period last year[2] - Net profit attributable to shareholders was RMB 2,230,265 thousand, an increase of 23.01% year-on-year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2,182,750 thousand, up 35.61% from the previous year[2] - Total revenue for Q1 2024 was CNY 48,955,678, a decrease of 26.1% compared to CNY 66,279,365 in Q1 2023[19] - Operating profit for Q1 2024 increased to CNY 4,744,924, up 40.5% from CNY 3,378,517 in Q1 2023[20] - Net profit for Q1 2024 was CNY 4,048,498, representing a 39.3% increase from CNY 2,901,155 in Q1 2023[20] Cash Flow and Assets - The net cash flow from operating activities was RMB 3,578,062 thousand, down 9.46% year-on-year[2] - Operating cash flow for Q1 2024 was $3,578,062, a decrease of 9.5% compared to $3,951,750 in Q1 2023[23] - Cash inflow from investment activities in Q1 2024 was $5,518,702, significantly higher than $257,127 in Q1 2023[24] - Net cash flow from financing activities in Q1 2024 was -$5,104,152, compared to -$4,386,822 in Q1 2023, indicating increased cash outflows[25] - The total cash and cash equivalents at the end of Q1 2024 amounted to $18,683,129, up from $15,566,131 at the end of Q1 2023[26] - Total current assets as of March 31, 2024, amount to 60,238,148,000 RMB, an increase from 58,440,534,000 RMB as of December 31, 2023[15] - Cash and cash equivalents decreased to 20,403,345,000 RMB from 21,103,581,000 RMB[15] - Accounts receivable increased to 5,385,290,000 RMB from 4,024,325,000 RMB[15] - The company has 2,002,546,000 RMB in trading financial assets, down from 5,012,779,000 RMB[15] - The company’s inventory increased to 26,504,736,000 RMB from 22,847,135,000 RMB[15] - Total assets at the end of the reporting period were RMB 213,616,732 thousand, an increase of 0.88% from the previous year[2] - Total assets as of March 31, 2024, were CNY 213,616,732, up from CNY 211,755,809 as of December 31, 2023[18] Shareholder Information - China Aluminum Group holds 5,139,204,916 shares, representing 29.95% of total shares[10] - Hong Kong Central Clearing and Settlement Limited (H shares) owns 3,934,826,749 shares, accounting for 22.93%[10] - The company has no shares under pledge, marking a stable ownership structure[10] - The top ten shareholders collectively hold a significant portion of the company, ensuring strong governance and oversight[10] Production and Operations - The production of metallurgical alumina reached 4,250,000 tons, an increase of 6.78% compared to 3,980,000 tons in the same period last year[7] - The production of primary aluminum (including alloys) was 1,780,000 tons, a 16.34% increase from 1,530,000 tons year-on-year[7] - The company reported a decrease in the sales volume of self-produced metallurgical alumina, which was 1,500,000 tons, down 9.09% from 1,650,000 tons last year[7] Research and Development - Research and development expenses for Q1 2024 were CNY 574,176, an increase of 24.8% compared to CNY 459,852 in Q1 2023[19] - The company reported a decrease in R&D expenses to RMB 103,125 thousand in Q1 2024 from RMB 155,324 thousand in Q1 2023, a reduction of 33.6%[33] Equity and Liabilities - Total liabilities decreased to CNY 110,252,285 as of March 31, 2024, from CNY 112,866,670 as of December 31, 2023[17] - Shareholders' equity increased to CNY 103,364,447 as of March 31, 2024, compared to CNY 98,889,139 as of December 31, 2023[18] - Current liabilities decreased to CNY 53,294,771 as of March 31, 2024, from CNY 58,705,772 as of December 31, 2023[17] - The company’s total liabilities and equity as of March 31, 2024, were RMB 124,909,129 thousand, down from RMB 127,785,183 thousand as of December 31, 2023[31] Earnings Per Share - Basic earnings per share for Q1 2024 were CNY 0.130, up from CNY 0.105 in Q1 2023[21]

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-020 中国铝业股份有限公司 关于拟续聘会计师事务所的公告 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： 1.中国铝业股份有限公司（以下简称"公司"）拟续聘普华永道中天会计师事务 所（特殊普通合伙）（以下简称"普华永道中天"）及罗兵咸永道会计师事务所（以 下简称"罗兵咸永道"）为公司 2024 年度之境内外会计师事务所。 2.公司续聘会计师事务所的事项尚需提交公司股东大会审议、批准。 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 普华永道中天前身为 1993 年 3 月 28 日成立的普华大华会计师事务所，经批准 于 2000 年 6 月更名为普华永道中天会计师事务所有限公司；经 2012 年 12 月 24 日 财政部财会函[2012]52 号批准，于 2013 年 1 月 18 日转制为普华永道中天会计师事 务所（特殊普通合伙）。注册地址为中国（上海）自由贸易试验区陆家嘴环路 1318 号星展银行大厦 507 单元 ...

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。 股票代码：601600 股票简称：中国铝业 公告编号：临2024-019 中国铝业股份有限公司 第八届董事会第二十一次会议决议公告 2024年4月25日，中国铝业股份有限公司（以下简称"公司"）召开第八届董事 会第二十一次会议。本次会议应出席董事9人，实际出席董事8人，有效表决人数9人。 公司董事朱润洲先生因其他公务未能出席本次会议，其已书面委托蒋涛先生代为出 席会议并按其已表示的意愿进行表决。会议由公司董事长董建雄先生主持。公司部 分监事、高级管理人员列席了会议。本次会议的召集、召开和表决程序符合《中华 人民共和国公司法》等有关法律、法规及《中国铝业股份有限公司章程》的规定。 会议审议并一致通过了以下议案： 一、审议通过了关于公司2024年第一季度报告的议案 董事会同意将上述事项提交公司2023年度股东大会审议、批准。同时，董事会 建议股东大会授权公司董事会审核委员会根据会计师事务所的实际工作情况最终确 定其费用。 本议案在提交董事会审议前已经公司董事会审核委员会审议通过 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 48,955,678, a decrease of 26.14% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 2,230,265, representing an increase of 23.01% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,182,750, up 35.61% from the previous year, mainly due to increased profits from alumina and primary aluminum products[7] - The net profit for Q1 2024 reached CNY 4,048,498, representing an increase of 39.4% from CNY 2,901,155 in Q1 2023[15] - The net profit for Q1 2024 was CNY 769,611, down 32.9% from CNY 1,147,649 in Q1 2023[22] Cash Flow and Assets - The net cash flow from operating activities was CNY 3,578,062, down 9.46% year-on-year[4] - Cash flow from operating activities for Q1 2024 was CNY 3,578,062, a decrease of 9.5% compared to CNY 3,951,750 in Q1 2023[17] - The company's investment activities generated a net cash flow of CNY 1,704,107, compared to a negative cash flow of CNY -749,482 in Q1 2023[17] - Cash flow from operating activities generated a net amount of CNY 1,393,430 in Q1 2024, compared to CNY 911,037 in Q1 2023, an increase of 53.1%[24] - The cash and cash equivalents decreased to RMB 20,403,345 thousand from RMB 21,103,581 thousand, a decline of approximately 3.30%[13] - The cash and cash equivalents at the end of Q1 2024 were CNY 5,997,745, compared to CNY 5,338,297 at the end of Q1 2023, an increase of 12.4%[25] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 213,616,732, an increase of 0.88% from the end of the previous year[5] - Total assets as of March 31, 2024, were CNY 124,909,129, down from CNY 127,785,183 at the end of 2023[19] - Current assets totaled RMB 60,238,148 thousand, up from RMB 58,440,534 thousand, indicating an increase of about 3.08%[13] - Inventory increased significantly to RMB 26,504,736 thousand from RMB 22,847,135 thousand, representing a rise of approximately 16.06%[13] - Total liabilities decreased to RMB 110,252,285 thousand from RMB 112,866,670 thousand, a reduction of about 2.31%[14] - The company’s total liabilities decreased to CNY 32,320,418 from CNY 32,766,650 in the previous year[19] - The total liabilities decreased to CNY 71,351,353 in Q1 2024 from CNY 75,017,311 in Q1 2023, a reduction of 4.4%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 356,968[9] - The company reported a total of 5,563,312,965 shares held by China Aluminum Group, which constitutes about 32.42% of the total issued shares[10] Research and Development - Research and development expenses increased to CNY 574,176, up 24.8% from CNY 459,852 in the same period last year[15] - Research and development expenses for Q1 2024 were CNY 103,125, a decrease of 33.6% from CNY 155,324 in Q1 2023[22] Production and Operations - The production of metallurgical alumina reached 4,250,000 tons, a 6.78% increase from Q1 2023[8] - The output of primary aluminum (including alloys) was 1,780,000 tons, up 16.34% year-on-year[8] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]

Financial Performance - The company reported a revenue of RMB 225.07 billion for the year ending December 31, 2023, a decrease of 22.65% compared to RMB 290.99 billion in 2022[6]. - The net profit attributable to shareholders for the year was RMB 6.72 billion, with earnings per share of RMB 0.391[6]. - The gross profit for 2023 was RMB 27.57 billion, down from RMB 31.28 billion in the previous year[7]. - Operating costs decreased to RMB 197.50 billion from RMB 259.70 billion in 2022, reflecting a reduction in expenses[7]. - The company reported a significant increase in other income to RMB 678.71 million from RMB 235.79 million in 2022, indicating improved financial performance in this area[7]. - The company's net profit for the year 2023 reached RMB 12,583,781 thousand, an increase of 16.06% compared to RMB 10,843,470 thousand in 2022[8]. - The profit attributable to the owners of the parent company was RMB 6,716,945 thousand, representing a significant increase of 60.23% from RMB 4,192,068 thousand in the previous year[12]. - The total assets as of December 31, 2023, were RMB 211,755,809 thousand, a slight decrease of 0.28% from RMB 212,347,896 thousand in 2022[9]. - The total liabilities decreased to RMB 112,866,670 thousand, down 9.43% from RMB 124,593,412 thousand in 2022[9]. - Operating income for 2023 was RMB 225,070,880 thousand, reflecting a decrease of 22.65% compared to RMB 290,987,942 thousand in 2022[12]. - The basic earnings per share for 2023 was RMB 0.391, an increase of 63.60% from RMB 0.239 in 2022[12]. - The net cash flow from operating activities was RMB 27,040,981 thousand, a slight decrease of 2.76% from RMB 27,806,188 thousand in 2022[12]. - The company proposed a final dividend of RMB 0.08 per share for the year 2023, up from RMB 0.036 in 2022[8]. - The weighted average return on equity increased to 12.02%, up by 5.12 percentage points from 6.90% in 2022[12]. - The profit attributable to the owners of the parent company after deducting non-recurring gains and losses was RMB 6,614,183 thousand, a substantial increase of 111.27% from RMB 3,130,693 thousand in 2022[12]. Leadership and Governance - Liu Jianping resigned as Chairman and Executive Director on July 19, 2023, with a total pre-tax remuneration of RMB 0 during the reporting period[17]. - Dong Jianxiong is the current Chairman and Executive Director, with a term starting on September 19, 2023, and ending on June 30, 2025, also with a total pre-tax remuneration of RMB 0[19]. - Zhu Runzhou, Executive Director and President, received a total pre-tax remuneration of RMB 127.78 million during the reporting period[16]. - The total pre-tax remuneration for all directors and senior management during the reporting period amounted to RMB 862.53 million[16]. - Wu Maosen, former Vice President, will retire in December 2023 after serving until October 25, 2023, with a total pre-tax remuneration of RMB 81.31 million for the period from January to November 2023[18]. - Xu Shuxiang, Supervisor, received a total pre-tax remuneration of RMB 53.55 million during the reporting period[16]. - The company has appointed new executives, including Xu Feng as Vice President and Liang Minghong as Chief Legal Counsel, with their remuneration included in the total[18]. - Chen Pengjun, Non-Executive Director, voluntarily waived his remuneration, resulting in RMB 0 received during the reporting period[17]. - The company has a diverse board with members having extensive experience in metallurgy and corporate management[19]. - The total number of directors and supervisors at the reporting date includes 12 individuals, with varying roles and remuneration structures[19]. - The company has a strong leadership team with extensive experience in power generation, financial management, and technology development[20][21][22][23][24]. - The company is committed to enhancing its corporate governance through the expertise of its independent directors and supervisory board members[27]. - The company has a structured approach to employee remuneration, which is reviewed by the Board's Remuneration Committee before being submitted for approval[36]. Strategic Goals and Market Position - The company aims to become a world-class aluminum company with global competitiveness as part of its strategic goals[2]. - The company has a complete industrial chain, which provides a significant competitive advantage in the market[2]. - The company is focusing on research and development in low-grade and complex metal ore processing, achieving significant results in bioleaching of low-grade sulfide ores[24]. - The company has plans for market expansion and strategic acquisitions to enhance its competitive position in the industry[20][21]. - The company aims to improve operational efficiency and production technology through the expertise of its management team[21][22]. - The company is positioned to capitalize on emerging market opportunities through its strategic initiatives and experienced leadership[21][22]. - The company is actively involved in the development of new products and technologies to meet market demands[22][24]. - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic management[28]. Sustainability and Environmental Initiatives - The company is committed to sustainable practices and innovation in aluminum production and processing technologies[24]. - The company has made significant advancements in green development, with a 50% reduction in chemical oxygen demand and a 57% reduction in ammonia nitrogen emissions[75]. - The company has been recognized for its green initiatives, with several products awarded "green design product" status and becoming the first aluminum enterprise to receive ASI certification[75]. - The company is focusing on developing green and low-carbon technologies, recycling aluminum, and expanding into high-end industries[122]. - The company anticipates that the consumption of aluminum will continue to grow in emerging fields such as aluminum-air batteries and nano-ceramic aluminum products[120]. - The company has established a comprehensive social responsibility management system, covering governance, employee rights, environmental protection, fair operations, and community support[131]. - The company has set up a dedicated committee to implement ESG policies and regularly report progress to the board[131]. - The company emphasizes responsible mining practices and environmental protection, ensuring maximum resource utilization and minimal environmental impact[135]. - The company has implemented advanced water recycling systems to achieve "zero discharge" of production wastewater, contributing to green and sustainable development[135]. Employee and Community Engagement - The company organized training for 255 employees in 2023, with a total of over 3,000 training sessions completed across various departments[137]. - The company established a comprehensive welfare system, including corporate annuities for 86 eligible enterprises and supplementary medical insurance for employees[137]. - The company implemented a safety management enhancement plan in 2023, with 231 employees participating in safety management training sessions[138]. - The company emphasized equal employment principles, ensuring equal pay for equal work and gender equality in hiring practices[136]. - The company conducted a series of health and wellness activities for employees, enhancing workplace culture and collaboration[138]. - The company has established 86 youth volunteer service organizations with a total of 8,964 registered volunteers, contributing over 200,000 hours of volunteer service in 2023[149]. - The company has undertaken rural revitalization tasks in 11 provinces and regions, involving 16 towns and 24 villages[149]. Risk Management and Compliance - The company is focused on compliance and risk management, as evidenced by the diverse backgrounds of its supervisory and management teams[29]. - The company is addressing carbon emission risks by enhancing energy efficiency in electrolytic aluminum production and developing a waste aluminum recycling system to support sustainable practices[130]. - The company has integrated sustainable development concepts into its daily operations, responding to both national and global demands for sustainability[132]. - The company is committed to achieving the United Nations Sustainable Development Goals, including poverty alleviation and promoting quality education[133]. - The company plans to enhance supervision over operations, financial reporting, related party transactions, and internal controls in 2024[200]. Shareholder and Financial Management - As of December 31, 2023, the largest shareholder, Chinalco Group, holds 29.82% of the company's shares directly and 32.29% in total including subsidiaries[42]. - Chinalco Group plans to increase its stake in the company by no less than RMB 250 million and no more than RMB 500 million within six months, with a total increase of 88,827,946 shares completed by January 26, 2024[42]. - The company’s profit distribution policy emphasizes stable returns to shareholders while considering long-term interests and sustainable development[151]. - The company’s board of directors has proposed a cash dividend distribution plan that is subject to approval at the shareholders' meeting[155]. - The company has issued various debt financing instruments, including medium-term notes and ultra-short-term financing bonds, to support its liquidity needs[161].