云南铝业股份有限公司 2025 年半年度业绩预告 云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-025 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、本期业绩预计情况 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的净利润 | 盈利：27.0 亿元—28.0 亿元 | 盈利：2,518,848,319.33 元 | | | 比上年同期增长：7.19%—11.16% | | | 归属于上市公司股东的扣除非 经常性损益后的净利润 | 盈利：26.5 亿元—27.5 亿元 | 盈利：2,387,821,052.75 元 | | | 比上年同期增长：10.98%—15.17% | | | 基本每股收益 | 盈利：0.779 元/股—0.807 元/股 | 盈利：0.726 元/股 | 二、与会计师事务所沟通情况 本次业绩预告相关财务数据未经会计师事务所审计。 三、业绩变动原因说明 报告期内，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）电解铝生产线 满负荷生产，公司抓 ...

Core Viewpoint - Yun Aluminum Co., Ltd. expects a net profit growth of 7.19% to 11.16% year-on-year for the first half of 2025, with projected earnings between 2.7 billion to 2.8 billion yuan [1] Group 1 - The company’s electrolytic aluminum production lines are operating at full capacity, capitalizing on the rising aluminum prices in the market [1] - Increased marketing efforts have led to a year-on-year rise in aluminum product sales volume [1] - The company benefited from a decline in raw material prices, resulting in significant quarter-on-quarter growth in operational performance for the second quarter [1]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [12]. Core Views - The gold market is expected to maintain an upward trend due to the Federal Reserve's ongoing interest rate cut cycle [12]. - Short-term demand for copper and aluminum may weaken, but long-term supply-demand dynamics are expected to remain tight [12]. - Tin prices are supported by tight supply, while antimony prices are expected to remain weak in the short term but are supported by long-term supply constraints [12]. Summary by Sections Industry Performance - The non-ferrous metals sector (Shenwan) saw a 6.3% increase over one month, 8.6% over three months, and 16.7% over twelve months, outperforming the CSI 300 index [3][21]. Gold Market - The average gold price in London was $3,331.90 per ounce, up 1.83% from the previous week [32]. - The SPDR gold ETF holdings decreased by 230,000 ounces to 30.47 million ounces [33]. Copper Market - LME copper closed at $9,880 per ton, a 0.25% increase from the previous week, while SHFE copper closed at 79,990 yuan per ton, a 0.11% decrease [41]. - Domestic copper social inventory was reported at 131,800 tons, a 0.17% increase from the previous week [41]. Aluminum Market - Domestic electrolytic aluminum price was 20,750 yuan per ton, down 0.91% from the previous week [42]. - The operating rate of leading aluminum profile enterprises was reported at 49.5%, a slight decrease of 0.5 percentage points [42]. Tin Market - Domestic refined tin price was 267,820 yuan per ton, down 0.88% from the previous week [43]. - LME tin inventory decreased by 65 tons to 2,110 tons [43]. Antimony Market - Domestic antimony ingot price was 185,500 yuan per ton, down 2.11% from the previous week [43]. Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, and Chifeng Jilong Gold [12]. - Copper industry recommendations include Zijin Mining, Luoyang Molybdenum, and Western Mining [12]. - Aluminum industry recommendations include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [12]. - Tin industry recommendations include Xiyang Silver Tin and Huaxi Nonferrous [12].

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-024 特此公告。 云南铝业股份有限公司 关于公司董事、总经理辞职的公告 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 重大遗漏。 近日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董事会收到李国 维先生以书面形式提交的辞职报告。因工作变动，李国维先生辞去公司董事、总经理和董 事会提名委员会委员、董事会战略委员会委员职务，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，李国维先生的辞职报告自送达董事会之 日起生效。李国维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，李国维先生未持有公司股份。 云南铝业股份有限公司董事会 2025 年 7 月 7 日 公司董事会将按照规定程序完成董事补选和总经理聘任工作。公司拥有完善的治理结 构和内部控制机制，公司其他高管人员按照工作职责抓好生产经营各项工作，目前公司生 产经营正常，各项工作有序开展，李国维先生的辞任，不会影响公司的正常生产经营。 国家环境友好企业 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Group 1 - The core point of the news is the performance and holdings of the Dachen State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has shown varying returns over different time frames [1] - As of July 4, 2025, the fund's latest net value is 3.4950 yuan, reflecting a decrease of 0.94% [1] - The fund's one-month return is 5.21%, ranking 146 out of 871 in its category, while its six-month return is 12.34%, ranking 214 out of 862 [1] - Year-to-date, the fund has achieved a return of 10.29%, ranking 165 out of 860 [1] Group 2 - The top ten stock holdings of the fund account for a total of 67.75%, with the largest holding being Sailun Tire at 9.57% [1] - Other significant holdings include Haohua Technology (8.69%), Yun Aluminum (8.06%), and China Aluminum (8.02%) [1] - The fund was established on September 21, 2017, and as of March 31, 2025, it has a total scale of 1.155 billion yuan [1] Group 3 - The fund manager, Han Chuang, has a master's degree in economics and has been with Dachen Fund Management since June 2015 [2] - Han has held various positions, including being a member of the stock investment decision committee and managing multiple funds since 2019 [2] - He has been the fund manager for the Dachen State-Owned Enterprise Reform Flexible Allocation Mixed Fund since January 13, 2021 [2]

Group 1: Industry Overview - Guinea holds the world's largest bauxite reserves, accounting for 25.52% of the total [1] - Aluminum is the third most abundant metal in the Earth's crust, following oxygen and silicon [1] - Global bauxite resources are concentrated in a few countries, including Guinea, Australia, Vietnam, Brazil, Indonesia, China, India, and Russia [1] - China is the largest consumer and importer of bauxite, with a significant role in the global bauxite industry [1] - As of the end of 2024, the proven bauxite reserves globally are approximately 2.9 billion tons, with a static reserve-to-production ratio of about 64.44 years [1] Group 2: Market Demand and Trends - There is an increasing demand for lightweight aluminum profiles globally, particularly in the automotive and aerospace sectors [4] - The rapid development of industries such as new energy vehicles and photovoltaics is creating new opportunities for the aluminum profile industry [4] - The application of aluminum profiles in various sectors is deepening, leading to a significant increase in demand [4] Group 3: Company Rankings and Performance - In April 2024, the top companies in China's industrial aluminum profile sector were announced, with Conglin Aluminum Technology, Dingmei New Materials, and Fen'an Aluminum ranking in the top three [7][8] - The top companies in aluminum melting and casting services included Hunan Baling Kiln Energy Saving, Guangdong Jucheng Equipment Technology, and Zhejiang Lanwei Environmental Protection Equipment [9] - Major listed companies in the aluminum industry include China Aluminum, Nanshan Aluminum, Yun Aluminum, and Shenhuo Co., with revenues exceeding 30 billion yuan [10][11] - China Aluminum leads in revenue with 136.36 billion yuan from the primary aluminum segment, while Yun Aluminum and Shenhuo Co. also show strong performance [11][13]

Group 1: Power Supply Situation - The power supply situation in Yunnan province is favorable this year due to abundant water resources [1] - The company is organizing production operations based on the power supply situation [1] Group 2: Alumina Production and Procurement - Yunnan Wenshan Aluminum Co., a wholly-owned subsidiary, has achieved an annual production capacity of 140,000 tons of alumina [1] - All alumina produced is utilized internally to meet the needs of electrolytic aluminum production [1] - The company manages alumina procurement and production based on annual production plans and market conditions [1] Group 3: Market and Operational Performance - The company is closely monitoring market conditions to enhance operational performance [1] - Continuous improvement in operational quality is pursued through technological innovation, high-quality products and services, stable supply, and customized production capabilities [1] - The company aims to enhance market competitiveness and strive for better returns for investors [1]

Core Viewpoint - The industrial aluminum profile market in China is experiencing significant growth driven by the increasing demand for lightweight vehicles and the expansion of the new energy vehicle sector, alongside robust demand from the photovoltaic industry [1][9]. Market Overview - Industrial aluminum profiles are primarily alloy materials made from aluminum, produced through processes like melting and extrusion, resulting in various shapes for different applications [2]. - The market is witnessing a production capacity expansion among Chinese manufacturers to meet the rising demand, with a projected production volume of 11.705 million tons in 2024, marking a year-on-year increase of 23.21% [1][9]. Market Policies - A series of supportive policies have been introduced to encourage technological innovation and green manufacturing in the industrial aluminum profile sector, including guidelines for recycling and promoting green finance [4][6]. Industry Chain - The upstream of the industrial aluminum profile industry includes bauxite, recycled aluminum, and production equipment, while the downstream encompasses applications in photovoltaic, new energy vehicles, and construction [7]. Competitive Landscape - The industrial aluminum profile market is highly competitive, with numerous players entering the field. The top twenty companies include prominent names such as Conglin Aluminum Technology and Dingmei New Materials [11][13]. - Conglin Aluminum Technology specializes in high-end industrial aluminum profiles and lightweight equipment, serving major clients like China CRRC and Maersk [14]. - Dingmei New Materials focuses on high-performance aluminum and magnesium alloys, achieving a revenue of 1.491 billion yuan in 2024, with 44.01% from industrial aluminum materials [16]. Development Trends - The industry is expected to adopt smart production lines and technologies such as IoT and AI to enhance efficiency and reduce costs. The use of recycled aluminum is anticipated to increase, promoting resource circularity [18].