Core Viewpoint - Yun Aluminum Co., Ltd. plans to acquire a portion of equity in three subsidiaries held by Yunnan Metallurgy Group for a total consideration of 2.267 billion yuan, enhancing its control over key aluminum processing and sales assets [2] Group 1: Acquisition Details - The acquisition includes 28.7425% of Yun Aluminum Yongxin Aluminum Co., 27.3137% of Yun Aluminum Runxin Aluminum Co., and 30% of Yun Aluminum Hongxin Aluminum Co. After the acquisition, Yun Aluminum's ownership will increase to 96.08%, 97.46%, and 100% respectively, with Yun Aluminum Hongxin becoming a wholly-owned subsidiary [2] - This transaction is classified as a related party transaction since both Yun Aluminum and Yunnan Metallurgy are controlled by China Aluminum Group [2] Group 2: Strategic Importance - The acquired assets are critical components of Yun Aluminum's industrial chain, with Yun Aluminum Yongxin and Yun Aluminum Runxin having a combined electrolytic aluminum capacity of 550,000 tons. The acquisition will increase the company's electrolytic aluminum capacity by over 150,000 tons, reinforcing its position as a leading green low-carbon aluminum supplier in China [3] - The acquisition is expected to optimize the equity structure of the subsidiaries, improve decision-making efficiency, and enhance resource allocation and operational quality [3] Group 3: Market Outlook - Global aluminum production and demand are steadily increasing, with aluminum becoming the second-largest metal after steel. The application of aluminum is expanding in emerging fields such as automotive lightweighting, rail transit, photovoltaic power, energy storage, robotics, and aluminum consumer packaging, indicating potential new growth points [3] - The domestic aluminum supply is at a high level with limited new capacity, while demand shows structural resilience. Given the rigid supply, low inventory, and cost support, electrolytic aluminum prices are expected to rise, maintaining a high level of industry prosperity [4]

Mergers and Acquisitions - Yun Aluminum Co., Ltd. plans to acquire stakes in subsidiaries from Yunnan Metallurgy, totaling 22.67 billion RMB for 28.7425% of Yun Aluminum Yongxin, 27.3137% of Yun Aluminum Runxin, and 30% of Yun Aluminum Hongxin, resulting in ownership of 96.0766%, 97.4560%, and 100% respectively after the acquisition [1] - Guosheng Technology intends to acquire 100% of Fuyue Technology for 241 million RMB [2] - Puran Co., Ltd. is planning to purchase 49% of Zhuhai Nuoya Changtian Storage Technology through share issuance, currently in the planning stage and not expected to constitute a major asset restructuring [3] Shareholding Changes - Luxiao Technology's controlling shareholder plans to reduce holdings by up to 3%, equating to a maximum of 57.2752 million shares [4] - Longhong Technology's shareholder Liu Wei intends to reduce holdings by up to 2%, which is 305.17 thousand shares [5] - Zhongchen Co., Ltd.'s controlling shareholder plans to reduce holdings by up to 3%, which is 16.4127 million shares [6] - Chenxi Aviation's controlling shareholder plans to reduce holdings by up to 3% of the total share capital through various trading methods [7] Risk Disclosure - Fusenmei announced that its Vice General Manager and Board Secretary Zhang Fengshu is under investigation, but the company’s operations remain normal and unaffected [8]

中国铝业（601600）(02600)发布公告，于2025年11月25日，云铝股份（000807）与云南冶金订立收购 协议，据此，云铝股份拟通过非公开协议转让方式以现金收购云南冶金持有的云铝涌鑫28.7425%股 权、云铝润鑫27.3137%股权及云铝泓鑫30%股权。本次收购完成后，云铝股份对云铝涌鑫、云铝润鑫及 云铝泓鑫的持股比例分别为96.0766%，97.4560%及100%。于本公告日期，云铝股份为公司附属公司， 中铝集团为公司的控股股东，云南冶金为中铝集团的附属公司。 云铝涌鑫、云铝润鑫及云铝泓鑫均为云铝股份的控股子公司，云南冶金为前述三家公司的第二大股东， 本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股份优化所属企业股权结构，实现铝资 产专业化归集，提高权益电解铝产能，符合云铝股份做优做强核心主业的战略目标。 云铝泓鑫目前主要经营铝合金业务，通过本次收购，有利于优化股权结构、统筹资源配置、提升运营质 效。此外，云铝股份拟以云铝泓鑫为平台拓展铝土矿业务，制定了"合金业务+铝土矿开采业务"的发展 规划，进一步推动云铝股份的可持续发展。 云铝涌鑫、云铝润鑫资产及财务状况良好，获利能力较强，通 ...

Core Viewpoint - The leading domestic "green aluminum" company, Yun Aluminum Co., Ltd., is accelerating its acquisition of existing production capacity through equity integration in the context of strict control over total electrolytic aluminum capacity in China [1][8]. Group 1: Acquisition Details - Yun Aluminum announced plans to invest 2.267 billion yuan to acquire minority stakes in three subsidiaries held by Yunnan Metallurgical Group [1][2]. - The acquisition will result in 100% control of Yun Aluminum Hongxin and increase ownership in Yun Aluminum Runxin and Yun Aluminum Yongxin to over 96% [1][8]. - The transaction is expected to add over 150,000 tons of electrolytic aluminum equity capacity, reinforcing the company's leading position in the green low-carbon aluminum sector [1][8]. Group 2: Financial Aspects - The total cash payment for the acquisition, after deducting related dividends, amounts to 2.267 billion yuan, with specific prices of 1.451 billion yuan for Yun Aluminum Yongxin, 788 million yuan for Yun Aluminum Runxin, and 28 million yuan for Yun Aluminum Hongxin [6]. - The valuation of the core assets shows a significant premium, with Yun Aluminum Yongxin's assessed value at 5.308 billion yuan, reflecting a 97.60% increase from its book value [6]. - Yun Aluminum's cash reserves were approximately 10.675 billion yuan as of September 30, 2025, indicating sufficient liquidity to support the acquisition [6][7]. Group 3: Strategic Intent - The acquisition is a strategic move to enhance core capacity without increasing physical production, thereby expanding business scale and consolidating market position [8]. - The targeted companies, Yun Aluminum Yongxin and Yun Aluminum Runxin, are profitable entities, contributing significantly to cash flow, which will enhance Yun Aluminum's net profit and earnings per share post-acquisition [9]. - The acquisition of Yun Aluminum Hongxin is part of a broader strategy to extend into upstream resource development, particularly in bauxite mining, ensuring resource security for the company [9].

（编辑 姚尧） 证券日报网讯 11月25日晚间，云铝股份发布公告称，云南铝业股份有限公司（以下简称"云铝股 份"或"公司"）于2025年11月25日召开第九届董事会第十九次会议，会议审议通过了《关于聘任马颜女 士为公司董事会秘书的议案》，该事项已经公司董事会提名委员会资格审查通过，董事会同意聘任马颜 女士担任公司董事会秘书。 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1612.77 points, up 0.73%, with a trading volume of 20.124 billion yuan and a turnover rate of 0.78% [1] - Among the index constituents, 33 stocks rose, with China National Materials Technology leading at a 10.01% increase, while 12 stocks fell, with CITIC Special Steel leading the decline at 2.97% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (sz000725) with a weight of 9.31%, latest price at 3.85, and a market cap of 144.043 billion yuan [1] - Hikvision (sz002415) with a weight of 7.97%, latest price at 29.99, and a market cap of 274.855 billion yuan [1] - Wuliangye Yibin (sz000858) with a weight of 7.71%, latest price at 118.51, and a market cap of 460.009 billion yuan [1] - Luzhou Laojiao (sz000568) with a weight of 6.59%, latest price at 133.59, and a market cap of 196.637 billion yuan [1] - XCMG Machinery (sz000425) with a weight of 5.75%, latest price at 10.30, and a market cap of 121.056 billion yuan [1] - Changan Automobile (sz000625) with a weight of 3.88%, latest price at 11.91, and a market cap of 118.077 billion yuan [1] - Shenwan Hongyuan (sz000166) with a weight of 3.84%, latest price at 5.14, and a market cap of 128.705 billion yuan [1] - Yunnan Aluminum (sz000807) with a weight of 3.81%, latest price at 23.54, and a market cap of 81.636 billion yuan [1] - Yanghe Brewery (sz002304) with a weight of 3.37%, latest price at 65.71, and a market cap of 68.686 billion yuan [1] - Tongling Nonferrous Metals (sz000630) with a weight of 3.18%, latest price at 6.67, and a market cap of 66.913 billion yuan [1] Capital Flow Summary - The net inflow of main funds into the index constituents totaled 425 million yuan, while retail funds saw a net outflow of 319 million yuan [3] - Key stocks with significant capital flow include: - China National Materials Technology with a net inflow of 210 million yuan from main funds [3] - Luzhou Laojiao with a net inflow of 91.542 million yuan from main funds [3] - Tongling Nonferrous Metals with a net inflow of 60.685 million yuan from main funds [3]

Group 1 - Yunnan Aluminum Co., Ltd. plans to acquire approximately 28.74% of Yunnan Yun Aluminum Yongxin Aluminum Co., Ltd., 27.31% of Yunnan Yun Aluminum Runxin Aluminum Co., Ltd., and 30% of Yunnan Yun Aluminum Hongxin Aluminum Co., Ltd. through a private agreement, with a total transaction price of approximately RMB 2.267 billion [1] - After the completion of the equity acquisition, the company will hold 96.0766% of Yongxin Aluminum, approximately 97.46% of Runxin Aluminum, and 100% of Hongxin Aluminum [1] - For the first half of 2025, the revenue composition of Yunnan Aluminum will be 58.12% from non-ferrous metal smelting, 40.67% from non-ferrous metal rolling processing, and 1.21% from other industries [1] Group 2 - The market capitalization of Yunnan Aluminum is currently 81.6 billion RMB [2]

云铝涌鑫、云铝润鑫资产及财务状况良好，获利能力较强，通过本次收购，有利于进一步提升云铝股份 和公司的归母净利润，提升投资回报，符合公司及股东的整体利益。云铝泓鑫目前主要经营铝合金业 务，通过本次收购，有利于优化股权结构、统筹资源配置、提升运营质效。此外，云铝股份拟以云铝泓 鑫为平台拓展铝土矿业务，制定了"合金业务+铝土矿开采业务"的发展规划，进一步推动云铝股份的可 持续发展。 云铝涌鑫、云铝润鑫及云铝泓鑫均为云铝股份的控股子公司，云南冶金为前述三家公司的第二大股东， 本次收购完成后，云南冶金不再持有三家公司股权，有利于云铝股份优化所属企业股权结构，实现铝资 产专业化归集，提高权益电解铝产能，符合云铝股份做优做强核心主业的战略目标。 智通财经APP讯，中国铝业(601600.SH)发布公告，公司控股子公司云南铝业股份有限公司(简称"云铝股 份")拟通过协议方式以货币资金收购云南冶金集团股份有限公司(简称"云南冶金")持有的云南云铝涌鑫 铝业有限公司(简称"云铝涌鑫")28.7425%股权、云南云铝润鑫铝业有限公司(简称"云铝润鑫")27.3137% 股权及云南云铝泓鑫铝业有限公司(简称"云铝泓鑫")30%股权， ...

Core Viewpoint - China Aluminum (601600.SH) announced that its subsidiary Yunnan Aluminum Co., Ltd. plans to acquire stakes in three subsidiaries from Yunnan Metallurgical Group for a total consideration of 2.267 billion yuan, which will optimize the equity structure and enhance the company's core business in aluminum production [1][2] Group 1 - The acquisition involves purchasing 28.7425% of Yunnan Yun Aluminum Yongxin Aluminum Co., Ltd., 27.3137% of Yunnan Yun Aluminum Runxin Aluminum Co., Ltd., and 30% of Yunnan Yun Aluminum Hongxin Aluminum Co., Ltd. [1] - After the acquisition, Yunnan Metallurgical Group will no longer hold any equity in these three companies, which is expected to improve the equity structure of Yunnan Aluminum [1] - This move aligns with Yunnan Aluminum's strategic goal of strengthening its core business and increasing electrolytic aluminum production capacity [1] Group 2 - The financial and operational status of the acquired companies is strong, and the acquisition is anticipated to enhance Yunnan Aluminum's net profit attributable to shareholders and improve investment returns [2] - Yunnan Hongxin primarily operates in the aluminum alloy sector, and the acquisition will help optimize the equity structure and resource allocation [2] - Yunnan Aluminum plans to use Yunnan Hongxin as a platform to expand into bauxite mining, with a development plan that integrates alloy business and bauxite mining operations [2]

人民财讯11月25日电，云铝股份（000807）11月25日公告，公司拟通过非公开协议方式收购云南冶金持 有的云铝涌鑫28.7425%股权、云铝润鑫27.3137%股权及云铝泓鑫30%股权，交易对价共计22.67亿元。 本次股权收购完成后，公司将持有云铝涌鑫96.0766%股权、云铝润鑫97.4560%股权、云铝泓鑫100%股 权。 ...