上海华峰铝业股份有限公司 关于董事会换届完成并聘任高级管理人员的公告 证券代码：601702 证券简称：华峰铝业 公告编号：2025-050 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。 上海华峰铝业股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日召 开了 2025 年第三次临时股东大会，审议通过了关于公司董事会换届选举的相关 议案，完成了公司董事会的换届选举。新一届董事会的任期自 2025 年第三次临 时股东大会审议通过之日起三年。公司于同日召开了第五届董事会第一次会议， 选举产生了董事长、董事会各专门委员会委员，并聘任新一届高级管理人员。 现将相关情况公告如下： 一、第五届董事会组成情况 1、董事长：陈国桢 2、董事会成员：陈国桢、高勇进、You Ruojie、谢永林（职工代表董事）、 彭涛（独立董事）、王刚（独立董事）、万振华（独立董事） 3、董事会各专门委员会名单如下： （1）战略委员会：陈国桢、高勇进、万振华（独立董事），其中陈国桢先 生担任主任委员（召集人）； （2）提名委员会：万振华（独立董事 ...

北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 本所律师认为，公司本次股东大会的召集、召开程序符合有关法律、行政 法规、《股东会规则》以及《公司章程》的规定。 北京海润天睿律师事务所 关于上海华峰铝业股份有限公司 2025 年第三次临时股东大会的法律意见书 致：上海华峰铝业股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受上海华峰铝业股份有限 公司（以下简称"公司"）的委托，指派本所律师出席公司 2025 年第三次临时股 东大会，并依据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股 东会规则》（以下简称《股东会规则》）、《公司章程》及其他相关法律、法规的规 定，就公司本次股东大会的召集、召开程序、出席会议人员的资格、召集人资格、 表决程序及表决结果等有关事宜出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明：本所及经办律师依据《证 券法》《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务 执业规则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履 行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证 本法律 ...

证券代码：601702 证券简称：华峰铝业 公告编号：2025-048 上海华峰铝业股份有限公司 2025年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议由公司董事会召集，会议由公司董事长陈国桢先生主持。会议采用现场 投票和网络投票相结合的表决方式。本次会议的召集、召开及表决方式均符合《公 司法》、《上海证券交易所股票上市规则》、《上市公司股东会规则》、《上海华峰铝 业股份有限公司章程》等有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事5人，出席5人，其中，董事陈国桢先生、董事高勇进先生、董 事 You Ruojie 女士、独立董事彭涛先生、独立董事王刚先生因工作原因均以 网络会议方式线上参会； 2、公司在任监事 3 人，出席 3 人，其中，监事会主席祁洪岩女士、监事潘利军 先生因工作原因均以网络会议方式线上参会； 3、董事会秘书张凌燕出席了本次会议；公司其他高级管理人员列席了本次会议。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股 ...

证券代码：601702 证券简称：华峰铝业 公告编号：2025-049 表决情况：7 票赞成，0 票反对，0 票弃权。 上海华峰铝业股份有限公司 第五届董事会第一次会议决议公告 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法律责任。 一、董事会会议召开情况 上海华峰铝业股份有限公司（以下简称"本公司"或"公司"）第五届董 事会第一次会议于 2025 年 12 月 1 日下午 4 点在公司 1 号会议室以现场结合通 讯方式召开。本次会议应到董事 7 名，实到董事 7 名，其中董事陈国桢、董事 高勇进、董事 You Ruojie、独立董事彭涛、独立董事王刚、独立董事万振华采 用网络会议方式参会。公司全体董事同意由董事陈国桢先生主持本次会议。公 司全体高级管理人员列席会议。本次会议的召集和召开程序符合《公司法》和 公司章程的规定，会议决议合法有效。 二、董事会会议审议情况 经与会董事审议表决，一致通过如下议案： 1、审议通过《关于豁免第五届董事会第一次会议提前通知的议案》。 全体董事一致同意豁免第五届董事会第一次会议需提前发出会议通知的要 ...

Core Viewpoint - Huafeng Aluminum Industry (601702.SH) has signed a share transfer agreement with Huafeng Group to acquire 100% equity of Shanghai Huafeng Puen Polyurethane Co., Ltd. for a cash consideration of 100.605 million yuan, aiming to strengthen and expand its business development resources [2][4]. Group 1: Acquisition Details - The acquisition involves Huafeng Puen, which was established on June 5, 2008, and is currently in a suspended state due to underperformance, with a revenue of 663,900 yuan and a net loss of 5.0701 million yuan in 2024 [4]. - As of October 31, 2025, Huafeng Puen reported total assets of 53.7558 million yuan and total liabilities of 126 million yuan, resulting in a negative net asset value of 72.3779 million yuan [4]. - The valuation of Huafeng Puen was conducted using the asset-based method, resulting in a shareholder equity valuation of 100.605 million yuan, reflecting an increase of 172 million yuan and a valuation increase rate of 238.25% compared to its book net assets [4][5]. Group 2: Financial Implications - In addition to the share transfer payment, Huafeng Aluminum will indirectly assume Huafeng Puen's debts, which include financial support of 126 million yuan previously provided by Huafeng Group [5]. - The actual cost of the acquisition for Huafeng Aluminum, including the assumed debt, will exceed 220 million yuan [5]. Group 3: Strategic Rationale - Huafeng Aluminum aims to utilize the vacant space and mature facilities of Huafeng Puen to alleviate material storage and circulation issues, as the company is currently facing tight capacity and storage constraints [6]. - The transaction will lead to the termination of Huafeng Puen's original polyurethane insulation materials business, repurposing the facilities for the research and production of aluminum thermal transfer materials and stamped parts, thereby enhancing production scale and efficiency [6]. - This acquisition is not a strategic move into the polyurethane insulation materials sector but rather a means for Huafeng Aluminum to efficiently acquire necessary land and space resources for its operations [6]. Group 4: Company Performance - For the first three quarters of 2025, Huafeng Aluminum reported a revenue of 9.109 billion yuan, representing a year-on-year growth of 18.63%, and a net profit attributable to shareholders of 896 million yuan, with a growth of 3.24% [6].

Group 1 - The current A-share bull market is part of a six-year global liquidity expansion driven by post-2020 monetary easing, with systemic revaluation of key assets such as gold, US tech stocks, and European/Japanese manufacturing [1][11] - The return of cross-border capital to China is expected to systematically reassess the competitive advantages of Chinese manufacturing, particularly in sectors like new energy, chemicals, and medical devices [2][12] - The A-share market is likely to experience volatility in 2026, with either a stagnation of the bull market or a "Davis Double Play" in consumer sectors, as external exports may not drive profits due to high base effects [3][13] Group 2 - The industrialization maturity phase in China has led to a bull market for core assets, driven by improved domestic consumption and the ability of manufacturing to generate national wealth through exports [4][14] - The recommendation for industry allocation focuses on a combination of "existing," "new," and "high" sectors, emphasizing non-ferrous metals, new consumption trends, and high-end manufacturing [5][14] Group 3 - The investment logic for China Hongqiao includes short-term price increases in electrolytic aluminum and long-term growth driven by integrated operations and high dividends [17][19] - For Luoyang Molybdenum, the investment rationale is based on the rising copper cycle and diversified product offerings, with a focus on sustainable growth [20][22] - Huafeng Aluminum is positioned for growth through high-end aluminum processing and international expansion, capitalizing on trends in the automotive sector [25][28] Group 4 - Nanjing Steel's strategy involves creating a fully integrated supply chain and exploring new growth points to stabilize returns on equity [29][32] - Dongfang Tower's investment logic is driven by rising prices of potassium chloride and phosphate rock, with ongoing capacity expansion [33][36] - Luxshare Precision is transitioning to an AI hardware manufacturer, benefiting from increased demand for computing power and AI models [37][40] Group 5 - Great Wall Motors is focusing on high-end SUVs and global expansion, with new model launches expected to drive sales [41][44] - Leap Motor is leveraging competitive pricing and differentiation in the domestic and overseas markets, with new models and subsidies supporting growth [45][48] - Heng Rui Pharmaceutical is advancing its clinical pipeline with over 100 innovative products, aiming for significant growth through international collaborations and new product approvals [49][51] Group 6 - Yifeng Pharmacy is expected to improve its market share through enhanced operational efficiency and strategic store adjustments [54][59] - Dongfang Electric is positioned to benefit from rising global demand for gas turbines, driven by AI-related power needs [60][63]

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Views - The company is experiencing full orders and tight capacity, leading to the acquisition of Shanghai Huafeng Puen Polyurethane Co., Ltd. to alleviate material storage issues [11]. - The acquisition will allow the company to expand production scale and efficiency by utilizing the acquired facilities for aluminum thermal transfer materials and stamping parts [11]. - The competitive landscape remains stable, with the second phase project expected to enhance the company's capabilities by adding significant production capacity [11]. Financial Forecasts - EPS forecasts for 2025-2027 are projected at 1.39, 1.78, and 2.19 yuan respectively [3]. - Revenue is expected to grow from 9,291 million yuan in 2023 to 16,473 million yuan in 2027, reflecting a CAGR of approximately 12.7% [5]. - Operating profit is projected to increase from 1,013 million yuan in 2023 to 2,387 million yuan in 2027, with a notable growth rate of 40.0% in 2024 [5]. Valuation Metrics - The target price for the company is set at 23.63 yuan based on a 17x P/E ratio for 2025 [3]. - The company’s current P/E ratio is 20.1, which is expected to decrease to 8.3 by 2027 [5]. - The projected net profit margin is expected to improve from 9.7% in 2023 to 13.3% in 2027 [5].

Core Viewpoint - Shanghai Huafeng Aluminum Co., Ltd. has signed a share transfer agreement to acquire 100% equity of Shanghai Huafeng Puen Polyurethane Co., Ltd. for a cash consideration of RMB 100.0605 million, which constitutes a related party transaction [2][5][51]. Group 1: Transaction Overview - The acquisition is aimed at enhancing the company's business development resources and alleviating material storage issues due to tight production capacity [8][37]. - The transaction does not constitute a major asset restructuring as defined by relevant regulations [3][7]. - The transaction will be effective upon the completion of necessary internal approval procedures by both parties [4][10]. Group 2: Financial Details - The transaction price is based on an asset valuation report from Yinxin Asset Appraisal Co., Ltd., which assessed the total equity value of Huafeng Puen at RMB 100.0605 million as of October 31, 2025 [21][29]. - The valuation indicated an increase of RMB 172.4384 million, representing a 238.25% appreciation, primarily due to land value [27][50]. Group 3: Board and Supervisory Committee Approval - The transaction was approved by the company's board of directors with a vote of 3 in favor and 0 against, and by the supervisory committee with a vote of 2 in favor and 0 against [9][44][60]. - Related directors and supervisors recused themselves from the voting process to ensure fairness [9][43]. Group 4: Impact on Company Operations - The acquisition will allow the company to terminate Huafeng Puen's existing polyurethane insulation materials business and repurpose its facilities for the development and production of aluminum thermal transfer materials and stamping parts [8][41]. - The transaction is expected to improve the overall resource allocation efficiency and market competitiveness of the company [37]. Group 5: Related Party Transaction Compliance - The transaction is classified as a related party transaction, but it does not require shareholder approval as there have been no significant related party transactions in the past 12 months [11][51]. - The company maintains independence in its operations despite the related party relationship with Huafeng Group [12][14].

Core Conclusion - The company announced the acquisition of 100% equity of Shanghai Huafeng Puen for 100 million yuan, aiming to alleviate material storage and circulation issues due to tight production capacity and high order volume [1] - The acquired site, located in Jinshan District, Shanghai, offers ample vacant space and mature factory warehouses, which will be repurposed for the research and production of aluminum thermal transmission materials and stamped parts, discontinuing the original polyurethane insulation materials business [1] - The company is confident that the comprehensive processing fees will remain stable through 2026, supported by strong downstream demand for aluminum thermal transmission materials and a stable competitive landscape [2] Production and Capacity Expansion - The Chongqing Phase II project, which aims to produce 450,000 tons of high-end aluminum plates and foils for new energy vehicles, is progressing rapidly, with partial output expected next year [2] - Upon completion, the project will add 150,000 tons of high-end aluminum plate and foil materials and 300,000 tons of hot-rolled aluminum plate and foil materials, effectively addressing the current bottleneck in hot-rolled production lines [2] - This expansion is anticipated to significantly enhance overall production capacity, improve product quality, and reduce comprehensive costs, thereby strengthening the competitive product system for aluminum thermal transmission materials [2] Profit Forecast - The company forecasts EPS of 1.29, 1.50, and 1.88 yuan for the years 2025 to 2027, corresponding to PE ratios of 14, 12, and 10 times, respectively, maintaining a "buy" rating [2]