证券代码：601702 证券简称：华峰铝业 公告编号：2025-030 上海华峰铝业股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.30 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 12 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本998,530,600股为基数，每股派发现金红利0.30 元，共计派发现金红利299,5 ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：601702 证券简称：华峰铝业 公告编号：2025-029 上海华峰铝业股份有限公司 2024年年度股东大会决议公告 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： (一)股东大会召开的时间：2025 年 5 月 12 日 (二)股东大会召开的地点：公司 1 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 417 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 772,430,369 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 77.3567 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 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 ...

北京市朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 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 2024 年年度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 2024 年年度股东大会， 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《中 华人民共和国证券法》《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，保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意 见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Insights - The non-ferrous metals sector has been significantly increased in holdings, with copper and gold seeing the most substantial increases in Q1 2025. The sector is currently in an "overweight" position, reflecting positive market sentiment and expectations for continued growth [2][3] - The report highlights a positive outlook for Q2 2025, driven by domestic macroeconomic policies aimed at boosting internal demand, which is expected to benefit the industrial metals sector, particularly aluminum [3][5] - The report identifies specific investment opportunities within the sector, recommending increased holdings in rare earth magnetic materials and companies with strong cost control and favorable customer structures in aluminum processing [3][4] Summary by Sections Industry Overview - In Q1 2025, the non-ferrous metals sector outperformed the market, with a sector increase of 12.0%, ranking first among 28 major industries [5][12] - The sector's performance is attributed to global monetary policy shifts towards easing and enhanced expectations for domestic economic recovery [5][12] Sub-Sectors Performance - **Precious Metals**: The precious metals sector showed the best performance in Q1 2025, with gold and silver prices increasing by 36.4% and 32.6% year-on-year, respectively. The sector's net profit rose by 51.8% year-on-year [45][46] - **Base Metals**: Base metals, excluding nickel, saw price increases, with copper and aluminum prices rising by 11.3% and 7.4% year-on-year. The net profit for copper increased by 79.6% year-on-year [38][41] - **Rare Metals**: The rare metals sector is expected to benefit from supply constraints and increasing demand, particularly in the cobalt market, which has seen price increases due to supply disruptions [51][53] Holdings Situation - In Q1 2025, the overall holding ratio for the non-ferrous metals sector increased to 1.30%, up from 1.09% in Q4 2024, indicating a shift from underweight to a slight overweight position [56][57]

Core Viewpoint - Shanghai Huafeng Aluminum Co., Ltd. has successfully obtained the land use rights certificate for an industrial site in Chongqing, which is crucial for the implementation of its new project aimed at producing high-end aluminum plates and foils for electric vehicles [2][6]. Group 1: Investment Overview - The company plans to invest in a project with an annual production capacity of 150,000 tons of high-end aluminum plates and foils for electric vehicles, with a total investment of 198 million yuan [4]. - The project has been revised to increase its capacity to 450,000 tons, with an adjusted total investment of 261.9 million yuan [5]. Group 2: Progress of External Investment - Recently, the wholly-owned subsidiary, Huafeng Aluminum Co., Ltd., successfully acquired the land use rights for an industrial site in the Fuling District of Chongqing for a total price of 13.81 million yuan [6]. - The acquired land covers an area of 354,081 square meters and is designated for industrial use, with the land use rights valid until April 23, 2075 [7][8]. Group 3: Impact on the Company - Obtaining the land use rights certificate will facilitate the smooth advancement of the "450,000 tons high-end aluminum plates and foils intelligent construction project," enhancing the company's core competitiveness and industry influence [8]. - The funding for this project will come from the company's own resources, ensuring that it does not affect the normal operations or financial status of the company [8].

证券代码：601702 证券简称：华峰铝业 公告编号：2025-028 上海华峰铝业股份有限公司关于全资子公司 取得不动产权证书暨对外投资进展的公告 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法律责任。 重要内容提示： ● 上海华峰铝业股份有限公司（以下简称"公司"）之全资子公司华峰铝业 有限公司（以下简称"重庆铝业"）取得坐落于重庆市涪陵区白涛街道官桥社区三、 四、五组的工业用地不动产权证书。 ● 本事项不构成关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 一、对外投资概述 公司于2022年2月11日召开第三届董事会第十四次会议，审议通过了《关于投资 建设年产15万吨新能源汽车用高端铝板带箔项目的议案》，拟通过全资子公司—— 华峰铝业有限公司于重庆市涪陵区白涛化工园区建设"年产15万吨新能源汽车用高 端铝板带箔项目"，项目总投资198,001万元。具体内容详见公司于上海证券交易所 网站（www.sse.com.cn）及公司指定信息披露报刊上披露的相关公告（公告编号： 2022-008）。2022年5月18 ...

证券代码：601702 证券简称：华峰铝业 公告编号：2025-027 上海华峰铝业股份有限公司 关于公司获得国家高新技术企业证书的公告 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法律责任。 上海华峰铝业股份有限公司(以下简称"公司")近日收到由上海市科学技术委员会、 上海市财政局、国家税务总局上海市税务局联合颁发的《高新技术企业证书》，证书编号 为GR202431006793，发证时间为2024年12月26日，有效期三年。 本次公司高新技术企业的认定系原证书有效期满后的重新认定。根据《中华人民共和 国企业所得税法》以及国家对高新技术企业的相关税收政策规定，公司自本次通过高新技 术企业认定后连续三年(即2024年至2026年)继续享受高新技术企业的相关税收优惠政策， 按照15%的所得税率缴纳企业所得税。 公司2024年度已按照15%的税率进行纳税申报及预缴，本次通过高新技术企业的认定 不会影响公司2024年度的相关财务数据。 特此公告。 上海华峰铝业股份有限公司董事会 2025年4月29日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company achieved a record high quarterly performance in Q4 2024, driven by new products and the expansion of its Chongqing base [4] - The company is expected to benefit from the growing demand for aluminum thermal materials in the electric vehicle sector and traditional automotive exports, with long-term growth potential from energy storage and data centers [6] Financial Performance - In 2024, the company reported revenue of 10.9 billion yuan (up 17.1% year-on-year) and a net profit attributable to shareholders of 1.22 billion yuan (up 35.4% year-on-year) [6] - Q4 2024 revenue reached 3.2 billion yuan (up 23.2% year-on-year, up 16.6% quarter-on-quarter) with a net profit of 350 million yuan (up 48.5% year-on-year, up 13.3% quarter-on-quarter) [6] - In Q1 2025, revenue was 2.9 billion yuan (up 23% year-on-year, down 9.2% quarter-on-quarter) with a net profit of 266 million yuan (up 5% year-on-year, down 24% quarter-on-quarter) [6] Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are 13.7 billion yuan, 15.3 billion yuan, and 16.4 billion yuan, with year-on-year growth rates of 25.89%, 12.04%, and 7.00% respectively [5] - Net profit forecasts for the same period are 1.44 billion yuan, 1.67 billion yuan, and 1.92 billion yuan, with year-on-year growth rates of 17.88%, 16.57%, and 14.88% respectively [5] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025-2027 are projected to be 11.04, 9.47, and 8.25 respectively [5] - The company is positioned as a leader in aluminum thermal transfer materials, benefiting from increased usage in electric vehicles and traditional automotive exports [6]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE of 11/10/8X for the years 2025-2027 respectively [6][4]. Core Insights - The company achieved a revenue of 10.878 billion yuan in 2024, representing a year-on-year growth of 17.08%, and a net profit of 1.218 billion yuan, up 35.44% year-on-year [1][5]. - The production of aluminum thermal transmission materials reached approximately 438,600 tons in 2024, a 13.17% increase from the previous year, while the average price of aluminum ingots was about 19,921 yuan per ton, up 6.53% [2][3]. - The company has a strong customer base in the heat exchange sector, including global leaders such as Denso Corporation and Mahle Group, as well as key players in the new energy sector [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.2 billion yuan, a 23.22% increase year-on-year, and a net profit of 350 million yuan, up 48.48% year-on-year [1]. - For Q1 2025, the revenue was 2.905 billion yuan, a 22.97% increase year-on-year, while the net profit was 266 million yuan, a 5% increase year-on-year [1]. Production and Cost Efficiency - The manufacturing cost per ton of aluminum thermal transmission materials was approximately 3,020 yuan in 2024, down 12.18% year-on-year [2]. - The company’s net profit per ton after tax increased from 2,350 yuan in 2023 to 2,808 yuan in 2024, reflecting a 19.53% growth [2]. Project Expansion - The company is expanding its Chongqing Phase II project from an annual production capacity of 150,000 tons to 450,000 tons, which is expected to significantly reduce costs and enhance profitability [4]. Profit Forecast - The projected net profits for the company from 2025 to 2027 are 1.443 billion yuan, 1.644 billion yuan, and 2.073 billion yuan respectively, with corresponding PE ratios of 11, 10, and 8 [5][4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE of 11/10/8X for the years 2025-2027 respectively [6][4]. Core Insights - The company achieved a revenue of 10.878 billion yuan in 2024, representing a year-on-year growth of 17.08%, and a net profit of 1.218 billion yuan, up 35.44% year-on-year [1][5]. - The production of aluminum thermal transmission materials reached approximately 438,600 tons in 2024, a year-on-year increase of 13.17% [2]. - The average processing fee remained stable at around 7,000 yuan per ton, while the manufacturing cost per ton decreased by 12.18% to approximately 3,020 yuan [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 3.2 billion yuan, a year-on-year increase of 23.22%, and a net profit of 350 million yuan, up 48.48% year-on-year [1]. - For Q1 2025, the revenue was 2.905 billion yuan, a year-on-year growth of 22.97%, while the net profit was 266 million yuan, reflecting a 5% increase year-on-year [1]. Production and Cost Analysis - The average price of aluminum ingots in 2024 was approximately 19,921 yuan per ton, a 6.53% increase from the previous year [2]. - The company's after-tax net profit per ton increased from 2,350 yuan in 2023 to 2,808 yuan in 2024, marking a 19.53% growth [2]. Market Position and Client Base - The company has established strong relationships with leading clients in the automotive and new energy sectors, including global giants like Denso and Mahle [3]. - The company is enhancing its production capabilities with the expansion of its Chongqing Phase II project, which will increase its annual production capacity to 450,000 tons [4]. Future Projections - The company forecasts net profits of 1.443 billion yuan, 1.644 billion yuan, and 2.073 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11, 10, and 8 [5][4].