Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a profit total of 62-67 billion yuan in Q1 2025, representing a year-on-year increase of 30%-40%, with a net profit attributable to shareholders of 34-36 billion yuan, reflecting a growth of 53%-63% year-on-year [1] - The increase in profits is attributed to comprehensive cost reduction and efficiency improvements, along with a year-on-year increase in the production of key products [1] - The company aims to strengthen its competitive advantages across the entire industry chain through strategic initiatives, including market analysis, cost reduction, and efficiency enhancement [3] Summary by Sections Production and Pricing - In Q1 2025, the average price of alumina was 3,833 yuan/ton, up 15.2% year-on-year but down 28.1% quarter-on-quarter [2] - The average price of electrolytic aluminum was 20,400 yuan/ton, an increase of 7.3% year-on-year and a decrease of 0.5% quarter-on-quarter [2] - The company is ramping up production at its new 50,000-ton electrolytic aluminum project in Qinghai, which is expected to contribute to profit growth [2] Strategic Goals - The company is committed to achieving its strategic goal of becoming a world-class enterprise by enhancing operational efficiency, optimizing industrial layout, promoting technological innovation, and improving management structures [3] - The focus includes expanding into small metal industries such as gallium, lithium, and magnesium, and advancing towards digital and automated operations [3] Market Outlook - Domestic electrolytic aluminum supply is nearing its capacity ceiling of 45 million tons, while demand is expected to recover, potentially driving aluminum prices higher [4] - The report suggests cautious assumptions for the average prices of electrolytic aluminum and alumina from 2025 to 2027, forecasting net profits of 10.4 billion, 12.6 billion, and 14.9 billion yuan for those years, respectively [4] Financial Projections - The company’s revenue is projected to decline slightly in 2025 to 222.31 billion yuan, with a net profit of 10.38 billion yuan, reflecting a year-on-year decrease of 16.3% [5] - The report provides a detailed financial outlook, including earnings per share (EPS) estimates and price-to-earnings (P/E) ratios for the coming years [5]

股票代码：601600 股票简称：中国铝业 公告编号：临2025-021 2025年1月1日至2025年3月31日。 （二）业绩预告情况 中国铝业股份有限公司 2025年第一季度业绩预增公告 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"）预计2025年第一季度实现利润总额人民币62亿元至人民币 67亿元，同比增加30%至40%。 2.预计实现归属于上市公司股东的净利润人民币34亿元至人民币36亿元，同比增加53%至63%。 一、本期业绩预告情况 （一）业绩预告期间 运"一体化快速响应与协同，最大限度发挥公司全产业链、大规模运营等优势，推动公司可持续高质量 发展，提升公司投资价值和股东回报能力。 五、风险提示 1.经初步测算，预计公司2025年第一季度实现利润总额人民币62亿元至人民币67亿元，同比增加30%至 40%。 2.经初步测算，预计实现归属于上市公司股东的净利润人民币34亿元至人民币36亿元，同比增加53%至 63%。 （三）本次业绩预告数据未经审计。 ...

Group 1: Stock Suspension and Resumption - Beizhi Technology plans to acquire 100% of Suzhou Suike Intelligent Technology Co., Ltd., resulting in stock suspension [1] - Taihao Technology intends to issue shares to purchase 27.46% equity of Taihao Military Industry, leading to stock resumption. This acquisition is expected to strengthen the company's industrial layout in the military equipment sector [1] Group 2: Share Buyback - Wanhua Chemical's chairman proposed a share buyback plan ranging from 300 million to 500 million yuan [2] Group 3: Investment Cooperation and Operational Status - Guotai Junan has changed its A-share stock name to Guotai Haitong starting April 11 and has been approved to publicly issue company bonds not exceeding 60 billion yuan to professional investors [3] - Lizhong Group stated that the adjustment of U.S. tariffs will not significantly impact its production and operations [3] - Haoyang Co., Ltd. plans to invest no less than 603 million yuan in the construction of an entertainment equipment industrial base project [4] - Runjian Co., Ltd. is a candidate for the procurement project of comprehensive maintenance for Guangdong Unicom's 5G services, with a total bid scale of 179 million yuan [4] - Samsung Medical's wholly-owned subsidiary, Aix Smart Technology, won a transformer procurement framework project in Hungary, with a total contract amount of 23,840,958.10 euros, approximately 190 million yuan [4] - Nandu Property plans to increase its investment in Hangzhou Yunxiang Robot by 15 million yuan [5] Group 4: Performance Changes - Xiaogoods City reported a net profit of 803 million yuan in Q1, a year-on-year increase of 12.66%, mainly due to a 97 million yuan increase in gross profit from market operations and new businesses [6] - Kidswant expects a Q1 net profit between 29.1471 million and 38.4742 million yuan, a year-on-year increase of 150%-230%, driven by store upgrades, supply chain optimization, and AI development [6] - China CNR anticipates a Q1 net profit between 2.822 billion and 3.226 billion yuan, a year-on-year increase of 180%-220%, due to increased product sales [6] - Yonghe Co., Ltd. expects a Q1 net profit between 91 million and 103 million yuan, a year-on-year increase of 144.49% to 176.74%, attributed to strong demand for refrigerants and fluoropolymer materials [6] - Yinglian Co., Ltd. forecasts a Q1 net profit between 7.5 million and 11 million yuan, a year-on-year increase of 459.28%-720.28%, due to market expansion and improved gross margins [6] - Limin Co., Ltd. expects to achieve a net profit of 100 million to 120 million yuan in Q1 2025, turning a profit due to rising prices and increased sales of its main products [7] - China Aluminum anticipates a Q1 net profit between 3.4 billion and 3.6 billion yuan, a year-on-year increase of 53% to 63%, driven by increased production of major products [8] - Shandong Steel expects a total profit of approximately 15.3 million yuan in Q1 2025, with a net profit of around -1.45 million yuan, significantly reducing losses [8] - COSCO Shipping Holdings expects a Q1 net profit of 11.689 billion yuan, an increase of approximately 73.04% year-on-year [8] - Tiande Yu expects a Q1 net profit of 70.5681 million yuan, a year-on-year increase of 116.96%, driven by new product and market development [8] - Jinaobo expects a Q1 net profit between 33 million and 40 million yuan, a year-on-year increase of 128.18% to 176.59%, due to significant revenue growth in specialized equipment [8]

中国最大铝生产商中国铝业7日发布2025年第一季度业绩预增公告，预计净利润34亿元至36亿元，同比增加53%至63%；业绩增长原因公司秉持极致经 营理念，精准研判市场价格波动、全方位极致降本增效，主要产品同比增产，实现经营业绩同比大幅增加。 利润：2025年Q1预计利润总额达62-67亿元，同比增30%-40%； 归母净利润：归母净利润34-36亿元，同比增53%-63%。 第四季度，公司营业收入为632.9亿元，同比增长72.6%。 2024Q4，公司实现归母净利润33.83 亿元，同比增长147.96%，环比增长69.14%； 扣非归母净利润32.63 亿元，同比增长93.72%，环比增长75.54%。 | | 2024年 | 2023年 | | 本年比 ┣年 | 2022年 | | | --- | --- | --- | --- | --- | --- | --- | | | | 调整后 | 调整前 | 增减(%) | 调整后 | 调整前 | | 总资产 | 215,895,530 | 211,896,104 | 211, 755, 809 | 1.89 | 212, 516, 069 | 212, 3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5][14] Core Insights - The company's revenue for 2024 is projected to be 237.07 billion yuan, representing a year-on-year growth of 5.2%, while the net profit attributable to shareholders is expected to reach 12.4 billion yuan, a significant increase of 85.4% [5][7] - The alumina business is the main contributor to profitability, with a gross profit of 19.5 billion yuan in 2024, accounting for 52% of total profits, driven by both volume and price increases [5][7] - The company is focusing on optimizing its industrial layout and has reduced impairment losses significantly, indicating proactive management strategies [5][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 225.07 billion yuan, net profit of 6.717 billion yuan - 2024A: Revenue of 237.07 billion yuan, net profit of 12.4 billion yuan - 2025E: Revenue of 229.16 billion yuan, net profit of 16.53 billion yuan - 2026E: Revenue of 246.14 billion yuan, net profit of 23.45 billion yuan - 2027E: Revenue of 260.66 billion yuan, net profit of 26.31 billion yuan [3][5][12] - Earnings Per Share (EPS) projections: - 2023A: 0.39 yuan - 2024A: 0.72 yuan - 2025E: 0.96 yuan - 2026E: 1.37 yuan - 2027E: 1.53 yuan [3][5][12] Market Position and Strategy - The company has enhanced its resource security, achieving a bauxite self-sufficiency rate of 66% and increasing its bauxite resource reserves by 73.55 million tons in 2024 [5][7] - The company is committed to shareholder returns, proposing a cash dividend of 0.217 yuan per share for 2024, with a total dividend payout of 3.72 billion yuan, reflecting a 30% payout ratio [5][7] - The supply-demand gap for electrolytic aluminum is expected to widen, with domestic production nearing capacity limits, leading to a projected price range of 23,000 to 25,000 yuan per ton [5][7]

Financial Projections - China Aluminum expects Q1 2025 total profit to be between RMB 6.2 billion and RMB 6.7 billion, an increase of 30% to 40% year-on-year [3]. - The net profit attributable to shareholders is projected to be between RMB 3.4 billion and RMB 3.6 billion, representing a year-on-year increase of 53% to 63% [3]. - In Q1 2024, the total profit was RMB 4.8 billion, and the net profit attributable to shareholders was RMB 2.2 billion [7][8]. Profit Increase Drivers - The company attributes the profit increase to precise market price analysis and comprehensive cost reduction and efficiency enhancement measures [10]. - The company aims to strengthen its competitive advantages through a series of initiatives, including cost reduction and efficiency enhancement 3.0 [11]. Supply Chain Management - China Aluminum is implementing an integrated response strategy to ensure the safety and stability of its supply chain amid market fluctuations [11]. - The company emphasizes the importance of its platform industries in enhancing integrated supply chain responsiveness and collaboration [11]. Industrial and Technological Development - China Aluminum is focusing on optimizing its industrial layout and expanding into small metal industries such as gallium, lithium, and magnesium [11]. - The company is advancing technological innovation, particularly in low-grade ore utilization and high-end product development [11]. Governance and Management - Management reforms are being pursued to enhance governance structure and operational efficiency [11].

Core Viewpoint - China Aluminum Corporation (the company) has approved a proposal for its subsidiary, Chalco Ningxia Energy Group, to establish a joint venture with two other companies, aiming to enhance its investment portfolio and operational capacity in the energy sector [1][2]. Group 1: Joint Venture Details - The joint venture will be established with a registered capital of RMB 4,766,771,080, with Chalco Ningxia contributing RMB 113,925.83 million for a 23.90% stake [1][2]. - The other parties involved are Zhongtong Tibet Mining Co., which will hold 56.1% of the joint venture, and Tibet Development Investment Group, holding 20.0% [2]. Group 2: Capital Contribution and Payment Schedule - The initial capital contribution of RMB 289,009,365.33 will be made within 20 working days after the joint venture's account is opened, with each party contributing according to their shareholding [2][3]. - Over the next two years, an additional RMB 1,658,930,074.67 will be contributed based on the joint venture's investment needs [2][3]. - The remaining capital of RMB 2,818,831,640.00 must be fully paid within five years, with specific amounts allocated to each party [2][3]. Group 3: Default and Penalty Clauses - If any party fails to meet their capital contribution obligations, they will incur a penalty of 0.03% of the unpaid amount per day, with a maximum penalty period of 90 days [2][3]. - The agreement allows for adjustments in shareholding proportions if a party defaults, and the non-defaulting party has the right to demand compensation for any losses incurred [3][4]. Group 4: Profit Distribution and Responsibilities - After covering losses and allocating 10% of the after-tax profits to statutory reserves, profits will be distributed according to the shareholding ratios [3][4]. - All parties are jointly liable for any costs incurred during the establishment of the joint venture, with specific provisions for handling expenses and liabilities [3][4].

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的中國鋁業股份有限公司的股份全部售出，應立即將本通函送交買主或經手買賣的銀 行、股票經紀或其他代理商，以便轉交買主。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 須予披露的交易及關連交易 獨立董事委員會及獨立股東的獨立財務顧問 本補充通函應與日期為2025年3月7日的臨時股東會通函及通告一併閱讀。 載有（其中包括）有關包頭鋁業擬吸收合併內蒙古華雲的須予披露的交易及關連交易事項的董事會函件 載於本補充通函第1頁至第17頁。 載有獨立董事委員會就有關包頭鋁業擬吸收合併內蒙古華雲的須予披露的交易及關連交易事項向獨立 股東作出的推薦建議的獨立董事委員會函件載於本補充通函第18頁至第19頁。 載有建泉融資就有關包頭鋁業擬吸收合併內蒙古華雲的須予披露的交易及關連交易事項向獨立董事委 員會及獨立 ...

致：香港交易及結算所有限公司 公司名稱: 中國鋁業股份有限公司 呈交日期: 2025年4月3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 | 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3月31日 狀態: 新提交 | 2 ...

沪指4月2日上涨0.05%，申万所属行业中，今日上涨的有18个，涨幅居前的行业为纺织服饰、美容护 理，涨幅分别为1.45%、1.01%。跌幅居前的行业为国防军工、有色金属，跌幅分别为1.17%、0.87%。 有色金属行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出80.51亿元，今日有9个行业主力资金净流入，非银金融行业主力 资金净流入规模居首，该行业今日上涨0.58%，全天净流入资金17.87亿元，其次是通信行业，日涨幅为 0.97%，净流入资金为9.63亿元。 主力资金净流出的行业有22个，医药生物行业主力资金净流出规模居首，全天净流出资金27.59亿元， 其次是电子行业，净流出资金为20.00亿元，净流出资金较多的还有国防军工、公用事业、基础化工等 行业。 有色金属行业今日下跌0.87%，全天主力资金净流出8.57亿元，该行业所属的个股共138只，今日上涨的 有48只，涨停的有1只；下跌的有84只。以资金流向数据进行统计，该行业资金净流入的个股有50只， 其中，净流入资金超3000万元的有8只，净流入资金居首的是天和磁材，今日净流入资金2.07亿元，紧 随其后的是宜安科技、永茂泰，净流入资金 ...