Group 1: Event Details - The investor relations activity was part of the 2024 online collective reception day for listed companies in Yunnan [1] - The event took place on May 16, 2025, from 16:00 to 17:00 [1] - The reception was held on the "Panorama Roadshow" website [1] Group 2: Participants - The event was attended by investors participating through the Panorama Network [1] - Key personnel included Mr. Zheng Lihai, the Chief Financial Officer and Secretary of the Board, and Mr. Wang Jishan, the Securities Affairs Representative [1] Group 3: Content of the Activity - Investors raised questions regarding the company's production and operations [1] - Responses to the investors' inquiries were provided during the event [1] - Detailed Q&A can be found on the "Panorama Roadshow" website under "Yunnan Aluminum Co., Ltd. - 2024 Annual Online Collective Reception Day" [1]

云南铝业股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-020 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net）， 或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 16 日（周五）16:00-17:00。届时公司高管将在线就公司 2024 年度业绩、公司治理、 发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告。 云南铝业股份有限公司董事会 2025 年 5 月 13 日 国家环境友好企业 绿色铝·在云铝 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 为进一步加强与投资者的互动交流，云南铝业股份有限公司（以下简称"云铝股份"或 "公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有限公司联合 举办的"2024 年度云南辖区上市公司投资者网上集体接待日"，现将 ...

（一）股东大会届次：2024 年年度股东大会 （二）股东大会的召集人：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 董事会。 证券代码：000807 证券简称：云铝股份 公告编号：2025-019 云南铝业股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、召开会议的基本情况 云铝股份 公司于 2025 年 5 月 12 日召开的第九届董事会第十三次会议审议通过了《关于召开 2024 年年度股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会会议的召集、召开符合《公司法》《证 券法》及中国证监会、深圳证券交易所相关规章、指引及云铝股份《公司章程》的规定和要 求。 同一表决权只能选择现场、网络两种表决方式的一种。同一表决权出现重复表决的以第 一次投票结果为准。 （六）会议的股权登记日：2025 年 5 月 30 日（星期五） （七）参加人员 1.在股权登记日持有公司股份的股东或其代理人。凡于 2025 年 5 月 30 日（星期五）下 （四）会议召开的日期、时间： 1.现场会议召开时间 ...

云铝股份 云南铝业股份有限公司 第九届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 十三次会议通知于 2025 年 5 月 2 日（星期五）以书面、传真或电子邮件的方式发出。 （二）会议于 2025 年 5 月 12 日（星期一）以通讯方式召开。 （三）会议应出席董事 11 人，实际出席董事 11 人。 （四）公司第九届董事会第十三次会议的召开符合《公司法》《证券法》《深圳证券 交易所股票上市规则》和云铝股份《公司章程》等有关规定。 证券代码：000807 证券简称：云铝股份 公告编号：2025-018 表决结果：赞成 11 票，反对 0 票，弃权 0 票。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 云南铝业股份有限公司董事会 2025 年 5 月 12 日 国家环境友好企业 绿色铝·在云铝 二、董事会会议审议情况 会议以通讯表决方式审议通过了《关于召开 2024 年年度股东大会的议案》，具体内 容如下： 根据工作 ...

Core Viewpoint - The company reported strong revenue growth in 2024, with a significant increase in aluminum production, but faced challenges in Q4 2024 due to a sharp decline in net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 54.45 billion yuan, an increase of 27.61% year-on-year, and a net profit attributable to shareholders of 4.41 billion yuan, up 11.52% [1]. - The net profit for Q4 2024 was 592 million yuan, showing a year-on-year decline of 59.21% and a quarter-on-quarter decline of 54.52% [1]. - For Q1 2025, the net profit was 974 million yuan, down 16.26% year-on-year but up 64.66% quarter-on-quarter [2]. Production and Pricing - The increase in 2024 profits was primarily driven by higher production volumes, with aluminum production rising by 22.45% year-on-year to 2.9383 million tons [2]. - The average price of alumina in 2024 was 4,100 yuan per ton, up 42% from 2023, while the average price of electrolytic aluminum was 19,922 yuan per ton, an increase of 7% [2]. - In Q1 2025, the average price of alumina fell to 3,938 yuan per ton, a decrease of 26% from the previous quarter, which is expected to positively impact profits in Q2 2025 [2]. Future Outlook - The company plans to increase electrolytic aluminum production in 2025, targeting an output of approximately 3.01 million tons [3]. - The financial condition is robust, with a significant reduction in the debt-to-asset ratio from 75.44% in 2018 to 23.97% in Q1 2025 [3]. - The company has increased its dividend payout ratio from 11.76% in 2021 to 32.23% in 2024, with total cash dividends of 1.422 billion yuan, a growth of 78.26% from 2023 [3]. Investment Rating - The company maintains a "strong buy" investment rating, with projected net profits of 6.19 billion yuan, 8.31 billion yuan, and 8.38 billion yuan for 2025-2027, corresponding to price-to-earnings ratios of 9, 6, and 6 times [4]. - The company benefits from abundant green electricity in Yunnan province, with over 80% of its production electricity sourced from clean energy [4].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's revenue for 2024 reached 54.45 billion yuan, an increase of 27.61% year-on-year, while the net profit attributable to shareholders was 4.41 billion yuan, up 11.52% [1][2]. - The significant increase in Q1 2025 net profit to 974 million yuan, a 64.66% increase quarter-on-quarter, indicates a positive trend for the upcoming quarters [1][6]. - The report anticipates that the company's profits will continue to rise in Q2 2025, driven by a decrease in alumina prices [6]. Financial Data and Valuation - The total revenue is projected to grow from 42.67 billion yuan in 2023 to 56.99 billion yuan in 2025E, reflecting a compound annual growth rate [2][16]. - The net profit is expected to increase significantly to 6.19 billion yuan in 2025E, representing a 40% growth compared to 2024 [2][16]. - The company’s earnings per share (EPS) is forecasted to rise from 1.14 yuan in 2023 to 1.78 yuan in 2025E [2][16]. - The price-to-earnings (PE) ratio is projected to decrease from 13.3 in 2023 to 8.5 in 2025E, indicating potential undervaluation [7][16]. Production and Operational Insights - The company plans to produce approximately 301,000 tons of electrolytic aluminum in 2025, with a focus on increasing production capacity [6]. - The report highlights that the company benefits from a high operating rate of 96.1% in the domestic electrolytic aluminum capacity, suggesting a robust production environment [6]. Shareholder Returns - The company has improved its financial health, with a significant reduction in the debt-to-asset ratio from 75.44% in 2018 to 23.97% in Q1 2025 [6]. - The dividend payout ratio has increased from 11.76% in 2021 to 32.23% in 2024, with cash dividends totaling 1.422 billion yuan, a 78.26% increase from 2023 [6].

Group 1 - The company announced its Q1 2025 results, achieving revenue of 14.411 billion yuan, a year-on-year increase of 26.89%, while net profit attributable to shareholders was 974 million yuan, a year-on-year decrease of 16.26% [1] - The average price of alumina in Q1 2025 remained high at 3,863.49 yuan per ton, a year-on-year increase of 15.44%, while the price of electrolytic aluminum was 20,407.82 yuan per ton, a year-on-year increase of 7.10% [1] - The company aims to produce approximately 3.01 million tons of electrolytic aluminum in 2025, with an estimated production of around 500,000 tons in Q1 2025, indicating limited scale effects [1] Group 2 - The "Aluminum Industry High-Quality Development Implementation Plan (2025-2027)" was released, which aims to enhance the resilience and safety of the supply chain, with a target of increasing domestic bauxite resources by 3%-5% and producing over 15 million tons of recycled aluminum [2] - The company, as a leader in green electricity aluminum, has a green aluminum capacity of 3.05 million tons as of the end of 2024, positioning itself to benefit from the industry's development trends [2] - Earnings per share (EPS) forecasts for 2025-2027 are 1.73, 1.84, and 2.01 yuan, with price-to-earnings (PE) ratios of 9, 8, and 8 times, respectively, maintaining a "buy" rating [2]

Core Viewpoint - Cloud Aluminum Co., Ltd. (云铝股份) is actively managing its cash and investments to maximize returns while addressing investor concerns regarding its financial performance and supplier relationships [2][3]. Group 1: Financial Performance - As of April 25, 2025, Cloud Aluminum's stock closed at 15.35 yuan, reflecting a 1.25% increase with a turnover rate of 1.4% and a trading volume of 483,900 shares, amounting to a transaction value of 750 million yuan [1]. - The company reported a significant difference in cash interest income compared to its competitor, Shenhuo Co., Ltd., despite having double the average cash balance [2]. Group 2: Supplier Relationships - The second-largest supplier for Cloud Aluminum is speculated to be its electricity supplier, with procurement amounting to 8.3 billion yuan, which is approximately half of the company's total fuel and power costs of 15.8 billion yuan [2]. - The company maintains that information regarding its key suppliers is confidential and cannot be disclosed to protect both the company and investor interests [2]. Group 3: Market Activity - On April 25, 2025, the net capital flow for Cloud Aluminum showed a net outflow of 33.01 million yuan from institutional investors, while retail investors experienced a net outflow of 10.29 million yuan, and speculative funds saw a net inflow of 43.30 million yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 62.18 billion, 73.06 billion, and 82.14 billion respectively, corresponding to PE ratios of 8, 7, and 6 times [10]. Core Views - The company reported a total revenue of 144.11 billion in Q1 2025, a year-on-year increase of 26.89%, but a quarter-on-quarter decrease of 5.59%. The net profit attributable to the parent company was 9.74 billion, down 12.26% year-on-year but up 64.66% quarter-on-quarter. The gross profit margin was 9.96%, a decrease of 4.38 percentage points year-on-year but an increase of 0.36 percentage points quarter-on-quarter [7]. - Alumina prices have continued to decline, with the average price in Q1 2025 at 3863.5 yuan/ton, up 15.44% year-on-year but down 27.35% quarter-on-quarter. The price trend suggests that the company's profits are likely to continue recovering [8]. - In Q1 2025, the average capacity utilization rate for electrolytic aluminum in Yunnan reached 99%, compared to about 81% in the same period last year. This improvement, along with favorable electricity supply conditions, has boosted the company's sales. The domestic aluminum spot price averaged 20455 yuan/ton, up 7.22% year-on-year, and is expected to recover due to strong domestic demand and favorable policies [9]. Financial Summary - For the fiscal years 2024A to 2027E, the company is projected to have revenues of 544.50 billion, 55.15 billion, 56.08 billion, and 56.73 billion respectively, with year-on-year growth rates of 27.6%, 1.3%, 1.7%, and 1.2% [12]. - The net profit attributable to the parent company is expected to grow from 4412 million in 2024A to 8214 million in 2027E, with corresponding year-on-year growth rates of 11.5%, 40.9%, 17.5%, and 12.4% [12]. - The gross margin is projected to improve from 13.2% in 2024A to 21.2% in 2027E, indicating a positive trend in profitability [12].

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 at 62.18 billion, 73.06 billion, and 82.14 billion respectively, corresponding to PE ratios of 8, 7, and 6 times [10]. Core Views - The company reported a total revenue of 144.11 billion in Q1 2025, a year-on-year increase of 26.89%, but a quarter-on-quarter decrease of 5.59%. The net profit attributable to the parent company was 9.74 billion, down 12.26% year-on-year but up 64.66% quarter-on-quarter [7]. - The average price of alumina in Q1 2025 was 3863.5 yuan/ton, up 15.44% year-on-year but down 27.35% quarter-on-quarter. The decline in alumina prices is expected to support profit recovery for the company [8]. - The average capacity utilization rate for electrolytic aluminum in Yunnan reached 99% in Q1 2025, compared to approximately 81% in the same period last year, contributing to increased sales volume. The domestic aluminum spot price was 20455 yuan/ton, up 7.22% year-on-year [9]. Financial Summary - For 2024A, the company reported a revenue of 544.50 billion, with a year-on-year growth of 27.6%. The net profit attributable to the parent company was 4412 million, with a net profit growth of 11.5% [12]. - The projected revenue for 2025E is 551.49 billion, with a slight year-on-year increase of 1.3%. The net profit is expected to rise to 6218 million, reflecting a significant growth of 40.9% [12]. - The gross margin is projected to improve from 13.2% in 2024A to 17.3% in 2025E, indicating enhanced profitability [12].