Core Viewpoint - The company reported a revenue of 32.32 billion yuan for 2024, reflecting a year-on-year increase of 22.23%, and a net profit of 1.75 billion yuan, up 29.76% year-on-year, slightly below previous expectations [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 8.12 billion yuan, a quarter-on-quarter decrease of 6.25% but a year-on-year increase of 13.07%, with a net profit of 440 million yuan, showing a quarter-on-quarter increase of 30.38% and a year-on-year increase of 21.46% [1] - The company’s gross profit margin for 2024 was 6.95%, down 2.51 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 6.64%, an increase of 11.69 percentage points quarter-on-quarter, indicating a significant recovery in profitability [2] Group 2: Market Conditions and Sales - The cancellation of export tax rebates for aluminum products has impacted the company, with export sales revenue for 2024 at 9.09 billion yuan, accounting for 28.1% of total sales [3] - Despite the challenges from the cancellation of export tax rebates, the company’s aluminum sales volume in Q1 2025 was 378,500 tons, showing a 1.8% increase quarter-on-quarter, indicating a recovery [3] - The company’s production capacity is expected to maintain stable growth, with the proportion of recycled aluminum likely to increase due to the commissioning of a new project [3] Group 3: Profit Forecast and Valuation - Due to the impact of the cancellation of export tax rebates and U.S. tariff policies, the company’s sales volume forecast for 2025 has been adjusted downwards, with expected EPS for 2025-2027 at 1.53, 1.68, and 1.70 yuan respectively [4] - The target price for the company is set at 13.71 yuan, based on a PE ratio of 8.96 times for 2025, down from a previous target of 17.75 yuan [4]

Group 1 - As of April 23, pension accounts held a total of 1.9 billion shares in 26 companies, with a combined market value of 5.379 billion yuan at the end of the first quarter [1] - The largest holding by pension accounts was in Ming Tai Aluminum, with 47.4518 million shares, followed by Huangma Technology with 24.6955 million shares [1] - There are 15 stocks with a market value exceeding 100 million yuan held by pension accounts, including Chunfeng Power and Lanxiao Technology [1] Group 2 - The highest holding ratio by pension accounts was in Lanxiao Technology, with 20.0006 million shares, accounting for 6.52% of the circulating shares [1] - Other notable holdings in terms of percentage include Top Cloud Agriculture at 5.77% and Chunfeng Power at 4.4% [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 13.71 RMB [8][9]. Core Views - The company achieved a revenue of 32.32 billion RMB in 2024, representing a year-over-year increase of 22.23%, and a net profit of 1.75 billion RMB, up 29.76% year-over-year [1]. - The first quarter of 2025 showed a revenue of 8.12 billion RMB, a quarter-over-quarter decrease of 6.25% but a year-over-year increase of 13.07%, with a net profit of 440 million RMB, reflecting a quarter-over-quarter increase of 30.38% and a year-over-year increase of 21.46% [1]. - The company’s sales volume for aluminum plates and strips reached 1.23 million tons in 2024, up 22.06% year-over-year, while aluminum foil sales were 239,900 tons, up 4.59% year-over-year [2]. - The comprehensive sales gross margin for 2024 was 6.95%, down 2.51 percentage points year-over-year, but showed a recovery in Q1 2025 with a gross margin of 6.64%, up 11.69 percentage points quarter-over-quarter [2]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 32.32 billion RMB, with a net profit of 1.75 billion RMB, slightly below the previous forecast of 1.83 billion RMB [1]. - For Q1 2025, the company reported a revenue of 8.12 billion RMB and a net profit of 440 million RMB, indicating a recovery in profitability [1]. Market Conditions - The negative impact of the domestic cancellation of export tax rebates is gradually diminishing, with Q1 2025 showing a sales volume of 378,500 tons of aluminum materials, a 1.8% increase quarter-over-quarter [3]. - The company’s exposure to U.S. tariffs is limited due to a small proportion of direct exports to the U.S. and the exclusion of aluminum products from the current tariff list [3]. Production Outlook - The company is expected to maintain stable growth in production and sales in 2025, supported by the commissioning of new projects and an increase in the proportion of recycled aluminum [4]. - The "70,000 tons of green new aluminum alloy materials project" is expected to enhance production capacity and cost advantages [4]. Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 is adjusted to 1.53 RMB, down from a previous estimate of 1.77 RMB, reflecting a decrease of 13.56% [5]. - The target price is set at 13.71 RMB, based on a price-to-earnings (PE) ratio of 8.96 times for 2025 [5].

Group 1 - The company plans to distribute a cash dividend of 1.19 RMB per 10 shares (including tax) for the fiscal year 2024, pending approval at the annual shareholders' meeting [4][20][81] - The total cash dividend for 2024, including previously distributed dividends, is projected to be 210,185,980.56 RMB, which represents 12.02% of the net profit attributable to shareholders [80][81] - The company has maintained a cumulative cash dividend of 532,857,275.34 RMB over the past three years, exceeding the average net profit distribution requirement of 30% [82] Group 2 - The company reported a consolidated revenue of 32,320,871.9 thousand RMB and a net profit of 1,748,479.0 thousand RMB for the reporting period, with a return on equity of 10.65% and basic earnings per share of 1.46 RMB [12] - The company has established itself as a leader in the aluminum processing industry, focusing on high-end manufacturing and low-carbon economy strategies, with a diverse product range and over 4,000 customers [5][6] - The company has advanced capabilities in recycling aluminum, with an annual processing capacity of over 1 million tons of scrap aluminum and 120,000 tons of aluminum ash [6] Group 3 - The company has adopted a production model based on customer orders, ensuring efficient production and cost management [9] - The sales strategy includes direct sales to large users and distribution through dealers, optimizing the sales network and enhancing operational efficiency [10] - The company has a stable procurement model, primarily sourcing aluminum ingots and recycled aluminum based on market prices and long-term agreements with suppliers [8] Group 4 - The company is committed to sustainable development and innovation, focusing on high-value-added products in sectors such as new energy and lightweight materials for vehicles [6][84] - The company aims to enhance its competitive edge by maintaining sufficient operational funds, which helps reduce financial costs [20][84] - The company is actively engaging with shareholders, particularly minority shareholders, to gather feedback on dividend policies and ensure transparency [85][86]

关于召开2024年年度股东大会的通知 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： 股东大会召开日期：2025年5月13日 本次股东大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、召开会议的基本情况 (一)股东大会类型和届次 证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-016 河南明泰铝业股份有限公司 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 13 日 10 点 00 分 召开地点：河南明泰铝业股份有限公司会议室 (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 5 月 13 日 至2025 年 5 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9: ...

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证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-007 河南明泰铝业股份有限公司 第六届董事会第二十一次会议决议公告 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。 一、董事会会议召开情况 河南明泰铝业股份有限公司(以下简称"明泰铝业"或"公司")于 2025 年 4 月 12 日以电子邮件和电话通知方式发出召开第六届董事会第二十一次会议的 通知，并于 2025 年 4 月 22 日在公司会议室召开。会议以现场+通讯方式进行， 会议应参加董事 7 名，实参加董事 7 名，符合《中华人民共和国公司法》和《河 南明泰铝业股份有限公司章程》的有关规定，会议合法有效。会议由董事长马廷 义先生主持，公司监事、高级管理人员列席了本次会议。 二、董事会会议审议情况 1、审议通过《关于<公司 2024 年度董事会工作报告>的议案》； 表决结果：7 票同意，0 票反对，0 票弃权。 本议案尚需提交公司 2024 年度股东大会审议批准。 2、审议通过《关于<公司 2024 年度总经理工作报告>的议案》； 表决结果：7 票 ...

河南明泰铝业股份有限公司 关于 2024 年年度利润分配预案的公告 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： 证券代码：601677 证券简称：明泰铝业 公告编号：临 2025-009 每股分配比例：A 股每 10 股派发现金红利 1.19 元（含税）。 以未来实施本次分配方案时股权登记日的公司总股本为基数，具体日期 将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额。 不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称 《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示 的情形。 一、利润分配预案内容 （一）利润分配预案的具体内容 经大华会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，河 南明泰铝业股份有限公司（以下简称"明泰铝业"或"公司"）母公司报表中期 末未分配利润为人民币 2,159,475,588.85 元。经董事会决议，本次利润分配预案 ...

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