Summary of Conference Call on Yun Aluminum and Shenhuo Co. Industry Overview - The non-ferrous metals sector performed poorly in Q4 2023, ranking third from the bottom among Shenwan's first-level industries, with only a 10% increase, while the industrial metals sub-sector rose by 5% and precious metals fell by 8% [3][4] - Market sentiment shifted towards risk aversion after the New Year, favoring large-cap and dividend stocks, which improved the valuation attractiveness of Yun Aluminum and Shenhuo Co. [3][5] Core Insights - The easing of fiscal policies in China and the U.S. is expected to boost domestic demand, benefiting cyclical metals like aluminum, steel, and copper. Aluminum, due to its domestic pricing and tight supply-demand dynamics, is particularly attractive for investment [3][4] - The projected electrolytic aluminum deficit is 210,000 tons in 2024 and will expand to 930,000 tons by 2025, indicating a tightening supply-demand situation [5] - Both Yun Aluminum and Shenhuo Co. have low alumina self-sufficiency rates, which enhances their cost advantages when alumina prices decline. Their operational efficiency allows them to benefit from profit transfers down the supply chain [3][6] Investment Timing and Strategy - The current timing for purchasing shares of Yun Aluminum and Shenhuo Co. is favorable due to declining alumina prices, which will alleviate cost pressures. February is typically a low season, making it a good time to buy [7] - Institutional investors are already positioning themselves in these core stocks, suggesting that early investment is advisable to avoid missing potential gains [7] Beta and Alpha Factors - The beta factors for the aluminum industry include rising aluminum prices and falling alumina prices. The upward trend in aluminum prices is driven by global supply chain shifts and China's supply-side reforms [8] - Yun Aluminum's alpha factors include strong fundamentals, production expansion, and carbon reduction advantages. The company's debt-to-asset ratio has decreased to 26%, with cash on hand reaching 8.2 billion, a 106% year-on-year increase [8][9] - Shenhuo Co. benefits from three beta factors: rising aluminum prices, stabilizing coal prices, and falling alumina prices. Its dual presence in Xinjiang and Yunnan enhances its competitive edge [9] Market Concerns - Concerns regarding alumina price declines leading to lower electrolytic aluminum prices are deemed unnecessary, as the pricing systems for alumina and electrolytic aluminum are relatively independent [10] - The market has underestimated the value of Shenhuo Co.'s coal segment, which provides stable cash flow and high dividends, ensuring relative stability in coal prices [11] - Yun Aluminum is perceived to face competitive pressures in Yunnan's hydropower sector, but improvements in the competitive landscape and stable wind and solar base construction are expected to enhance profitability [12] Financial Projections - Yun Aluminum's projected net profits for 2024-2026 are 4.5 billion, 6.7 billion, and 7.9 billion, respectively, with significant growth in price-to-earnings ratios [12] - Shenhuo Co. is expected to achieve profits of 4.2 billion, 5.4 billion, and 6.2 billion for the same period, with its valuation still significantly below the industry average [12]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-062 云南铝业股份有限公司 第九届董事会第九次会议决议公告 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 九次会议通知于 2024 年 12 月 20 日（星期五）以书面、传真或电子邮件的方式发出。 （二）会议于 2024 年 12 月 30 日（星期一）以现场结合通讯方式召开。 （三）会议应出席董事 10 人，实际出席董事 10 人。 （四）公司第九届董事会第九次会议的召开符合《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。 二、董事会会议审议情况 会议以现场结合通讯方式审议通过了以下议案： （一）《关于补选张际强先生为公司董事的预案》 鉴于许晶先生已辞去公司董事和董事会薪酬与考核委员会委员职务，根据工作需要， 经董事会提名委员会进行资格审查，公司董事会同意提名张际强先生为公司第九届董事会 非独立董事，并经公司股东大会选举为非独立董事后补选为 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-061 云南铝业股份有限公司 2024 年第三次临时股东大会决议公告 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、误导性陈述或者重 大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）召开时间 1.现场会议召开时间为：2024 年 12 月 30 日（星期一）上午 10:00 2.网络投票时间为：2024 年 12 月 30 日上午 09:15-下午 15:00 （三）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式。公司通过 深圳证券交易所交易系统和互联网投票系统向全体股东提供网络形式的投票平台，股东可以 在网络投票时间内通过上述系统行使表决权。 （四）会议召集人：公司董事会 （五）会议主持人：董事长冀树军先生 （六）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》及中国证券监督管理委员会、深圳证券交易所相关规章、指引和云铝股份《公司章程》 的规定。 （七）会议出席情况 ...

云铝股份 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。 2024 年 12 月 27 日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董 事会收到许晶先生以书面形式提交的辞职报告。因退休原因，许晶先生辞去公司董事和董 事会薪酬与考核委员会委员职务，辞任后不再担任公司任何职务。根据《公司法》、云铝 股份《公司章程》等有关规定，许晶先生的辞职报告自送达董事会之日起生效。许晶先生 的辞职未导致公司董事会成员人数低于法定最低人数，其辞职不会影响公司董事会的正常 运行。截至本公告披露日，许晶先生未持有公司股票。 许晶先生担任公司董事期间，恪尽职守，勤勉尽责，公司董事会对许晶先生表示衷心 感谢！ 特此公告。 云南铝业股份有限公司董事会 2024 年 12 月 30 日 国家环境友好企业 绿色铝·在云铝 1 证券代码：000807 证券简称：云铝股份 公告编号：2024-060 云南铝业股份有限公司 关于董事辞职的公告 ...

云南海合律师事务所 见证意见书 云南海合律师事务所 关于云南铝业股份有限公司 2024 年第三次临时股东大会的 见 证 意 见 书 海合综（2024）第【934】号 云南铝业股份有限公司： 依照贵公司与本所签订的《常年法律顾问服务合同》，本所 指派郭晓龙、周张悦律师出席贵公司于 2024 年 12 月 30 日召开 的 2024 年第三次临时股东大会（以下简称：本次大会）。本所 律师基于对本次大会的现场见证，依据《公司法》、《证券法》、 《上市公司股东大会规则》等法律、法规的规定，按照《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（试行）》，就本次大会的相关事项发表见证意见 如下： 一、本次大会的召集及通知 本次大会系贵公司 2024 年第三次临时股东大会，由贵公司 董事会召集。贵公司董事会召集本次大会的书面通知于 2024 年 12 月 13 日刊登在《中国证券报》、《证券时报》、《证券日报》 及巨潮资讯网上。会议通知中列明了本次大会的基本情况、议 地址：昆明市五华区新闻路云报大厦 8 楼 电话：0871-63636121 ___________________________ ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing its leading position in green aluminum production and expected cost reductions in the alumina sector [3]. Core Insights - The company is expected to benefit from improved utilization rates in aluminum production due to favorable water conditions in Yunnan, alongside a gradual realization of its long-term value as carbon taxes increase and aluminum is included in carbon trading markets [3]. - The company plans to distribute its first interim dividend in 2024, with a steadily increasing payout ratio, highlighting its long-term investment value [3]. - Forecasted net profits for 2024, 2025, and 2026 are projected at CNY 45.3 billion, CNY 58.6 billion, and CNY 64.2 billion, respectively, with corresponding P/E ratios of 11x, 9x, and 8x [3]. Company Overview - The company is a leading integrated green aluminum producer, with annual capacities of 1.4 million tons for alumina, 3.05 million tons for electrolytic aluminum, 1.6 million tons for aluminum processing, and 820,000 tons for carbon products, with over 80% of its power sourced from clean energy [18]. - In the first three quarters of 2024, the company achieved revenue of CNY 391.9 billion, a year-on-year increase of 31.7%, and a net profit of CNY 38.2 billion, up 52.5% year-on-year, primarily due to increased utilization rates in electrolytic aluminum production [18][56]. Production and Cost Analysis - The company anticipates that improved water conditions in Yunnan will alleviate electricity shortages during dry seasons, enhancing electrolytic aluminum production capacity utilization, with projected production volumes of 2.8 million tons, 2.85 million tons, and 2.85 million tons for 2024, 2025, and 2026, respectively [5]. - The expected selling prices for electrolytic aluminum (excluding tax) are CNY 17,876, CNY 18,142, and CNY 18,230 per ton for 2024, 2025, and 2026, respectively [5]. - The production costs for electrolytic aluminum are projected to decrease to CNY 15,328, CNY 15,002, and CNY 14,855 per ton over the same period [5]. Market Dynamics - The report suggests that while there are concerns about potential declines in electrolytic aluminum prices due to falling alumina prices, the overall supply-demand balance remains favorable, supported by growth in demand from the electric vehicle and power sectors [6]. - The company’s relatively low self-sufficiency in alumina compared to peers positions it to benefit from declining external alumina costs, enhancing its profit margins [6]. Financial Performance and Forecast - The company’s financial health has improved significantly, with a reduction in debt-to-asset ratio from 75.4% in 2018 to 25.6% in 2023, and a substantial increase in cash reserves, reaching CNY 82 billion by the third quarter of 2024 [33][56]. - The report indicates that the company’s net profit margin and return on equity (ROE) are expected to improve, with projected ROE of 15.4%, 17.3%, and 16.8% for 2024, 2025, and 2026, respectively [19].

Core Viewpoint - The aluminum industry in China is undergoing a significant green revolution driven by carbon peak and carbon neutrality goals, with Yun Aluminum Co., Ltd. emerging as a leading green low-carbon aluminum supplier through continuous technological innovation and green development strategies [1][3]. Group 1: Company Overview - Yun Aluminum Co., Ltd. was established in 1970 and has evolved into a pioneer in China's aluminum industry, becoming the largest green aluminum supplier domestically and second globally in green aluminum production capacity [2][3]. - The company has a total production capacity of 1.4 million tons of alumina, 3.05 million tons of green aluminum, 1.6 million tons of aluminum alloys and processed products, and 820,000 tons of carbon products [2][3]. Group 2: Innovation and Competitive Advantage - The core competitive advantage of the company lies in its green low-carbon development model, integrated green aluminum production, and continuous independent technological innovation [3][4]. - In 2023, the company invested 1.527 billion yuan in research and development, with a research and development intensity of 3.58% [3]. Group 3: Capital Market Support - Since its listing in 1998, the company has raised approximately 14.2 billion yuan through IPO and seven rounds of refinancing, significantly enhancing its production capacity [5][6]. - The company has implemented various incentive mechanisms, such as employee stock ownership plans, to boost employee motivation and creativity [6]. Group 4: Commitment to Green Development - The company utilizes over 80% green electricity in its production, resulting in carbon emissions that are only 20% of those from coal-powered aluminum production [8]. - Yun Aluminum is one of the first companies in China to obtain product carbon footprint certification, with its main products achieving globally leading carbon footprint levels [8][9]. Group 5: Sustainable Practices - The company has pioneered the development of domestic resource utilization technologies, including the first domestic aluminum ash resource utilization production line [9]. - Yun Aluminum is committed to responding to national carbon peak and carbon neutrality goals by expanding green aluminum production capacity and enhancing technological innovation [10].

云铝股份 1.预计全年主要日常关联交易的基本情况 云南铝业股份有限公司（以下简称"云铝股份"或"公司"）2025 年度日常关联交易主 要涉及采购原材料、燃料和动力，销售产品和商品，提供劳务和接受劳务等交易。根据公司 运营需要，2025 年公司及所属企业将与中国铝业集团有限公司（以下简称"中铝集团"）及 其控股的企业和其他关联方之间发生业务往来，构成日常关联交易，预计日常关联交易金额 约为人民币 5,629,371.45 万元（不含税），其中向关联人采购原材料约为人民币 2,805,905.01 万元，向关联人采购燃料和动力约为人民币 83,663.99 万元，向关联人销售产 品、商品约为人民币 2,536,918.96 万元，向关联人提供劳务约为人民币 17,115.23 万元，接 受关联人提供的劳务约为人民币 185,768.26 万元。2024 年 1-11 月公司及下属企业与中铝集 团及其实际控制的企业和其他关联方实际发生的日常关联交易金额为人民币 3,633,752.80 万元（不含税），其中向关联人采购原材料为人民币 1,901,242.53 万元，向关联人采购燃料 和动力为人民币 69,355.9 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-056 云南铝业股份有限公司 第九届董事会第八次会议决议公告 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 八次会议通知于 2024 年 12 月 2 日（星期一）以书面、传真或电子邮件的方式发出。 （二）会议于 2024 年 12 月 12 日（星期四）以通讯方式召开。 （三）会议应出席董事 10 人，实际出席董事 10 人。 （四）公司第九届董事会第八次会议的召开符合《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。 二、董事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于补选王际清先生为公司董事的预案》 鉴于焦云先生已辞去公司董事职务，根据工作需要，经公司董事会提名委员会进行资 格审查，公司董事会同意提名王际清先生为公司第九届董事会非独立董事候选人，并同意 提交公司股东大会选举，任期自股东大会选举通过之日起至第九届董事会届 ...

云铝股份 2024 年 12 月 11 日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董 事会收到焦云先生以书面形式提交的辞职报告。因工作变动，焦云先生辞去公司董事职务， 辞任后不再担任公司任何职务。根据《公司法》、云铝股份《公司章程》等有关规定，焦 云先生的辞职报告自送达董事会之日起生效。焦云先生的辞职未导致公司董事会成员人数 低于法定最低人数，其辞职不会影响公司董事会的正常运行。 截止本公告披露日，焦云先生持有公司股份 5,000 股，焦云先生承诺，将严格遵守《上 市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》以及《深圳证券交 易所上市公司自律监管指引第 18 号——股东及董事、监事、高级管理人员减持股份》等 法律法规中有关上市公司离任董事减持股份的规定。 焦云先生担任公司董事期间，恪尽职守，勤勉尽责，公司董事会对焦云先生表示衷心 感谢！ 特此公告。 云南铝业股份有限公司董事会 证券代码：000807 证券简称：云铝股份 公告编号：2024-055 云南铝业股份有限公司 关于董事辞职的公告 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 ...