Core Viewpoint - Hongchuang Holdings (SZ 002379) announced a temporary board meeting on October 29, 2025, to discuss asset impairment provisions and other documents [1] Company Summary - For the first half of 2025, Hongchuang Holdings reported that 99.54% of its revenue came from non-ferrous metal processing, while other businesses contributed 0.46% [1] - As of the report date, the market capitalization of Hongchuang Holdings is 23.5 billion yuan [1]

Company Summary - Hongchuang Holdings (SZ 002379) announced on October 29 that it has made an asset impairment provision totaling approximately 61.69 million yuan for the first three quarters of 2025, which will reduce the net profit attributable to the parent company by about 61.88 million yuan after considering the impact of income tax [1] - The asset impairment provision will also decrease the equity attributable to the parent company by approximately 61.88 million yuan for the same period [1] - The impairment provision amount has not been audited by an accounting firm [1] Financial Performance - For the first half of 2025, the revenue composition of Hongchuang Holdings is as follows: non-ferrous metal processing accounts for 99.54%, while other businesses account for 0.46% [1] - As of the report date, the market capitalization of Hongchuang Holdings is 23.5 billion yuan [1]

山东宏创铝业控股股份有限公司 股票代码：002379 股票简称：宏创控股 公告编号：2025－053 关于计提资产减值准备的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 山东宏创铝业控股股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召开第六届董事会 2025 年第五次临时会议，审议通过了《关于计提资产减值 准备的议案》。为准确反映企业财务状况，夯实资产质量基础，根据《企业会计 准则第 8 号--资产减值》及相关规定，公司对 2025 年前三季度资产负债表的各 类资产实施减值测试，基于谨慎性原则，计提资产减值准备 61,688,946.67 元。 具体情况公告如下： 一、本次计提资产减值准备情况概述 1、计提资产减值准备的原因 根据《企业会计准则》《深圳证券交易所股票上市规则》的相关规定，为更 加真实、准确地反映公司截至 2025 年 9 月 30 日的资产状况和财务状况，公司及 子公司于 2025 年第三季度末对存货、应收款项、固定资产、在建工程等资产进 行了全面清查。在清查的基础上，对各类存货的可变现净值、应收款项回收可能 性、 ...

股票代码：002379 股票简称：宏创控股 公告编号：2025－051 山东宏创铝业控股股份有限公司 第六届监事会 2025 年第五次临时会议公告 三、备查文件 第六届监事会 2025 年第五次临时会议。 特此公告。 山东宏创铝业控股股份有限公司（以下简称"公司"）第六届监事会 2025 年第五次临时会议通知于 2025 年 10 月 24 日以书面、传真及电子邮件方式发出。 公司第六届监事会 2025 年第五次临时会议于 2025 年 10 月 29 日在公司会议室 以现场表决方式召开，会议应参会监事 3 人，实际参会监事 3 人，会议由监事 会主席朱士超先生主持。会议的召开符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的有关规定。 二、监事会会议审议情况 1、审议并通过了《2025 年第三季度报告》； 本议案有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为公司董事会编制和审核《2025 年第三季度报告》的程 序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本公 ...

股票代码：002379 股票简称：宏创控股 公告编号：2025－050 山东宏创铝业控股股份有限公司 第六届董事会 2025 年第五次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 山东宏创铝业控股股份有限公司（以下简称"公司"）第六届董事会 2025 年第五次临时会议于 2025 年 10 月 29 日在公司会议室以现场结合通讯方式召开， 会议通知于 2025 年 10 月 24 日已通过书面、传真及电子邮件方式发出。公司董 事共 7 人，实际出席董事共 7 人。会议由董事长杨丛森先生主持,公司监事和高 级管理人员列席了本次会议。会议符合《公司法》等有关法律、行政法规、部 门规章、规范性文件及《公司章程》的有关规定。 二、董事会会议审议情况 1、审议并通过了《2025 年第三季度报告》； 本议案有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会议审议通过，审计委员会全体成员同意 该议案。 本议案有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 公司本次资产减值 ...

Core Insights - The company reported a third-quarter revenue of 578 million yuan, representing a decline of 34.20% [1] - The net profit for the third quarter was a loss of 51.695 million yuan, down 58.18% [1] - For the first three quarters, the total revenue was 2.026 billion yuan, a decrease of 20.82% [1] - The net profit for the first three quarters showed a loss of 170 million yuan, a significant decline of 231.93% [1]

Financial Performance - The company's operating revenue for the third quarter was ¥578,177,370.12, a decrease of 34.20% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥51,695,008.78, representing a decline of 58.18% year-on-year[5]. - The basic earnings per share were -¥0.0455, down 57.99% from the previous year[5]. - The company reported a 231.93% increase in net profit attributable to shareholders, totaling -¥169,723,707.54, driven by reduced operating revenue and increased asset impairment losses[11]. - Net profit for the period was a loss of ¥169,723,707.54, compared to a loss of ¥51,133,035.27 in the previous period, representing an increase in loss of 231.5%[30]. - Basic and diluted earnings per share were both -0.1494, compared to -0.0450 in the previous period[31]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,011,442,648.99, a decrease of 3.70% from the end of the previous year[5]. - Total liabilities increased to ¥1,221,267,102.60, up from ¥1,167,294,948.68 in the previous period[28]. - The company’s total equity attributable to shareholders decreased by 8.66% to ¥1,790,175,546.39 compared to the end of the previous year[5]. - Total equity attributable to shareholders decreased to ¥1,790,175,546.39, down from ¥1,959,834,348.65 in the previous period[28]. Cash Flow - The company’s cash flow from operating activities showed a net outflow of -¥83,735,667.04, reflecting a 447.41% decline compared to the previous year[5]. - The net cash flow from operating activities for the period was -83,735,667.04 RMB, a significant decrease compared to 24,102,899.40 RMB in the same period last year[12]. - The net cash flow from investing activities increased by 703.66% to 52,532,020.88 RMB, primarily due to a reduction in the amount of idle raised funds used for cash management[12]. - The net cash flow from financing activities was -22,975,949.28 RMB, a decrease from 76,963,069.59 RMB in the previous year, mainly due to the repayment of short-term loans[12]. - The net increase in cash and cash equivalents was -50,915,326.37 RMB, down from an increase of 111,244,799.00 RMB in the same period last year[12]. - The net cash flow from operating activities was -$83.74 million, compared to $24.10 million in the previous period[32]. - The net cash flow from financing activities was -$22.98 million, compared to a positive $76.96 million last year[32]. - The ending balance of cash and cash equivalents was $347.25 million, slightly down from $351.73 million last year[32]. Expenses - The company reported a significant increase in management expenses, which rose by 43.90% to ¥42,969,671.35 due to major asset restructuring costs[11]. - Financial expenses surged by 419.51% to ¥9,921,875.85, primarily due to increased interest expenses and reduced exchange gains[11]. - The company experienced a 90.20% decrease in income tax expenses, amounting to ¥373,844.19, attributed to losses from its wholly-owned subsidiary[11]. - The company reported an increase in financial expenses to ¥9,921,875.85, up from ¥1,909,835.34 in the previous period[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,890, with no preferred shareholders[14]. - The largest shareholder, Shandong Hongqiao New Materials Co., Ltd., holds 22.98% of the shares, amounting to 261,096,605 shares[14]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 2.85% of the shares, totaling 32,362,484 shares[14]. Capital and Investment Activities - The company received approval from the China Securities Regulatory Commission for a non-public offering of up to 27,792 million new shares[17]. - The company issued 209,973,753 new shares on August 4, 2023, increasing the total number of shares from 926,400,000 to 1,136,373,753[18]. - The company plans to use raised funds for capital increase or loans to wholly-owned subsidiaries for investment projects[18]. - The company approved the use of up to 400 million yuan of temporarily idle raised funds for cash management, with an investment period not exceeding 12 months[20]. - The company is planning to acquire 100% equity of Shandong Hongtu Industrial Co., Ltd. through a share issuance, which constitutes a major asset restructuring[21]. - The company received acceptance from the Shenzhen Stock Exchange for its application to issue shares for asset acquisition[22]. Inventory and Current Assets - Current assets totaled approximately 1.89 billion yuan, down from 1.95 billion yuan at the beginning of the period[26]. - Inventory increased to approximately 587.12 million yuan from 468.96 million yuan, reflecting a significant rise in stock levels[26]. - The company’s fixed assets decreased to approximately 784.89 million yuan from 836.92 million yuan[27]. - The company’s short-term borrowings remained stable at approximately 100.15 million yuan[26]. Regulatory and Accounting Information - The company’s third-quarter financial report was not audited[33]. - The new accounting standards will be first implemented starting in 2025[33].

Core Viewpoint - The A-share market has seen a significant rise in non-ferrous metal stocks, indicating strong investor interest and market momentum [1] Group 1: Stock Performance - Zhongfu Industrial and Zhongtung High-tech reached the daily limit increase [1] - Nanshan Aluminum is close to reaching the daily limit increase [1] - Shenhuo Co., China Aluminum, and Shengxin Lithium Energy all increased by over 7% [1] - Tianshan Aluminum, Hongchuang Holdings, and Huaxi Nonferrous all rose by over 6% [1]

Investment Rating - The report maintains a "Recommended" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and China Aluminum [5][6]. Core Views - The report highlights that industrial metal prices are expected to remain strong due to seasonal demand and supply disruptions, particularly for copper and aluminum [2][3]. - Energy metals like lithium and cobalt are projected to perform well, driven by strong demand in the energy storage market and supply constraints [3]. - Precious metals are anticipated to experience price fluctuations in the short term, but long-term trends remain bullish due to central bank gold purchases and weakening dollar credit [4]. Summary by Sections Industrial Metals - Copper prices are supported by macroeconomic sentiment and supply disruptions, with the SMM import copper concentrate index at $51.2/ton, down $0.6/ton month-on-month [2]. - Aluminum demand is robust, particularly from the automotive sector, with domestic aluminum ingot social inventory at approximately 618,000 tons, down 9,000 tons week-on-week [2]. - Key companies recommended include Luoyang Molybdenum, Zijin Mining, and China Aluminum [2]. Energy Metals - Lithium supply is increasing due to new production lines, while demand from the energy storage market is exceeding expectations, supporting strong prices [3]. - Cobalt prices are rising due to supply concerns from the Democratic Republic of Congo, with Chinese companies receiving fewer export quotas than expected [3]. - Recommended companies include Huayou Cobalt and Yichun Lithium [3]. Precious Metals - Gold prices are experiencing short-term volatility due to optimistic international conditions, but long-term outlook remains positive with central bank purchases [4]. - Silver prices are influenced by industrial demand and follow gold's price movements [4]. - Recommended companies include Western Gold and Shandong Gold [4].

Core Insights - The industrial metals sector experienced a rise of 1.58% on October 21, with Wanshun New Materials leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Industrial Metals Sector Performance - Wanshun New Materials (300057) closed at 5.97, with a gain of 7.18% and a trading volume of 461,600 shares, amounting to a transaction value of 270 million [1] - Hongchuang Holdings (002379) closed at 19.44, up 6.87%, with a trading volume of 236,700 shares and a transaction value of 451 million [1] - Jinchengxin (603979) closed at 65.66, increasing by 5.66%, with a trading volume of 96,800 shares and a transaction value of 626 million [1] - Other notable performers include Yunnan Aluminum (000807) with a 4.56% increase and China Aluminum (601600) with a 2.99% increase [1] Capital Flow Analysis - The industrial metals sector saw a net inflow of 103 million from institutional investors, while retail investors experienced a net outflow of 370 million [2][3] - Major stocks like China Aluminum (601600) had a net inflow of 124 million from institutional investors, while retail investors had a net outflow of 104 million [3] - Yunnan Aluminum (000807) also showed significant institutional interest with a net inflow of 117 million [3]