证券代码：001202 证券简称：炬申股份 炬申物流集团股份有限公司 Jushen Logistics Group Co.,Ltd （广东省佛山市南海区丹灶镇丹灶物流中心金泰路 8 号） 向不特定对象发行可转换公司债券的 审核问询函的回复报告 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二五年九月 深圳证券交易所： 根据贵所于 2025 年 8 月 15 日出具的《关于炬申物流集团股份有限公司申请 向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕120029 号）， 炬申物流集团股份有限公司（以下简称"炬申股份"、"公司"、"上市公司"、 "发行人"）与保荐人国联民生证券承销保荐有限公司（以下简称"保荐人"）、 北京市嘉源律师事务所（以下简称"发行人律师"）、天健会计师事务所（特殊 普通合伙）（以下简称"会计师"）对问询函所涉及的问题认真进行了逐项核查 和落实，同时按照审核问询函的要求对《炬申物流集团股份有限公司向不特定对 象发行可转换公司债券募集说明书》（以下简称"募集说明书"）等申报文件进 行了修订和补充，现回复如下，请予审核。 如无特别说明，本回复报告中的简称与 ...

Company Overview - Tianshan Aluminum Industry Co., Ltd. is located at 9th Floor, ProLogis Building, No. 2389 Zhangyang Road, Pudong New District, Shanghai, established on November 3, 1997, and listed on December 31, 2010 [1] - The company specializes in the production and sales of primary aluminum, aluminum deep processing products and materials, prebaked anodes, high-purity aluminum, and alumina [1] Financial Performance - For the first half of 2025, Tianshan Aluminum achieved operating revenue of 15.328 billion yuan, a year-on-year increase of 11.19% [2] - The net profit attributable to shareholders for the same period was 2.084 billion yuan, reflecting a year-on-year growth of 0.51% [2] - Cumulative cash dividends since the A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the last three years [3] Stock Performance - As of September 5, Tianshan Aluminum's stock price increased by 2.04%, reaching 10.52 yuan per share, with a total market capitalization of 48.938 billion yuan [1] - The stock has risen 37.12% year-to-date, with a 4.26% increase over the last five trading days, 8.68% over the last twenty days, and 26.29% over the last sixty days [1] - The number of shareholders as of June 30 was 49,700, an increase of 4.44% from the previous period, while the average circulating shares per person decreased by 4.25% to 83,175 shares [2] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares, a decrease of 10.084 million shares from the previous period [3] - The main business revenue composition includes 65.26% from the sale of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil raw materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1] Market Position - Tianshan Aluminum is classified under the Shenwan industry as non-ferrous metals - industrial metals - aluminum, and is associated with concepts such as battery foil, non-ferrous aluminum, lithium batteries, social security heavy positions, and Xinjiang revitalization [1]

Market Overview - On September 4, the industrial metals sector fell by 4.23%, with Huayu Mining leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included: - Yian Technology (300328) with a closing price of 18.60, up 3.91% [1] - Asia Pacific Technology (002540) at 6.58, up 3.46% [1] - Significant decliners included: - Huayu Mining (601020) at 24.65, down 10.00% [2] - Baiyin Nonferrous (601212) at 3.82, down 9.69% [2] - Luoyang Jiyie (603993) at 12.44, down 8.86% [2] Trading Volume and Capital Flow - The industrial metals sector experienced a net outflow of 3.687 billion yuan from main funds, while retail investors saw a net inflow of 2.769 billion yuan [2][3] - The trading volume for individual stocks varied, with notable figures such as: - Huayu Mining with a trading volume of 796,900 shares [2] - Baiyin Nonferrous with 4,925,700 shares [2] Capital Inflow Analysis - Key stocks with significant main fund inflows included: - Nanshan Aluminum (600219) with a net inflow of 71.11 million yuan [3] - Tianshan Aluminum (002532) with a net inflow of 34.90 million yuan [3] - Conversely, stocks like Tianshan Aluminum saw a retail net outflow of 56.38 million yuan [3]

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [10] Core Views - Tianshan Aluminum's H1 2025 revenue increased by 11.19% year-on-year to 15.328 billion yuan, while net profit attributable to shareholders rose by 0.51% to 2.084 billion yuan. The company reported a significant increase in cash flow from operating activities, up 47.09% to 3.280 billion yuan [1][2] Production and Sales Summary - The production volume of electrolytic aluminum in H1 2025 remained stable at 585,400 tons, while alumina production increased by 9.76% to 1.1999 million tons. The average selling price of self-produced electrolytic aluminum rose by approximately 2.8% to 20,250 yuan per ton, and the average selling price of self-produced alumina increased by about 6% to 3,700 yuan per ton [2][3] - The external sales volume of electrolytic aluminum increased by approximately 2% year-on-year, and the external sales volume of alumina rose by about 7% [2] Financial Performance Summary - In H1 2025, Tianshan Aluminum's total revenue was 15.328 billion yuan, with a gross profit of 3.100 billion yuan, reflecting a year-on-year increase of 3.01%. The revenue contribution from various segments was 65.26% from raw aluminum, 24.20% from alumina, 2.10% from high-purity aluminum, 6.89% from aluminum foil, and 1.55% from other segments [3] - The company forecasts revenues of 33.874 billion yuan, 35.207 billion yuan, and 37.396 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.594 billion yuan, 4.858 billion yuan, and 5.233 billion yuan for the same years [10][12]

瑞银发表研究报告指，有色金属企业上半年业绩表现再度稳健，其中洛阳钼业和紫金矿业领先，盈利增 长均逾50%；其次为中国宏桥及江铜，而中国铝业和天山铝业上半年盈利则大致持平。铜行业的主要主 题为并购、产量增长及小众金属业务拓展，而铝业则聚焦于股息分派和股份回购。 为反映业绩表现，该行分别将紫金矿业、洛阳钼业及江铜全年盈利预测上调6%、11%及26%，重申对紫 金矿业和洛阳钼业的"买入"评级，目标价分别上调至32.5港元及16.5港元。同时，该行上调江铜评级 至"买入"，目标价上调至27.1港元。而中国宏桥继续是该行在铝行业的首选，基于其潜在的去杠杆及对 股东回报的承诺，目标价维持26.8港元及"买入"评级。 ...

上 市 公 司 2025 年 09 月 03 日 天山铝业 (002532) ——2025 年中报点评：24 万吨扩产项目推进，计划年度 累计分红比例超预期 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025H1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 28,089 | 15,328 | 31,128 | 31,591 | 34,327 | | 同比增长率（%） | -3.1 | 11.2 | 10.8 | 1.5 | 8.7 | | 归母净利润（百万元） | 4,455 | 2,084 | 5,026 | 6,118 | 7,173 | | 同比增长率（%） | 102.0 | 0.5 | 12.8 | 21.7 | 17.2 | | 每股收益（元/股） | 0.96 | 0.45 | 1.08 | 1.32 | 1.54 | | 毛利率（%） | 23.3 | 20.2 | 23.2 | 25.8 | 27.6 | | RO ...

铝产业链一体化发展，成本控制成效显著。2025 年上半年，公司自产电解铝平均销售价格约为20250 元/吨（含税），同比上升约2.8%；自产氧化铝平均销售价格约为3700 元/吨（含税），同比上升约 6%，公司电解铝一体化成本稳定在13900 元/吨。阳极碳素层面，公司凭借新疆地域优势，成本涨幅得 到有效控制，同时叠加阳极碳素售价同步上调，成功对冲了原料端成本压力。铝土矿采购方面，受2024 年末高位成本基数影响，上半年采购成本初期偏高，且二季度已高效消化大部分高位库存。公司140 万 吨电解铝绿色低碳能效提升项目推进顺利，采用行业先进节能技术，部分电解槽计划于2025 年11 月底 通电，最快12 月可产出首批铝锭，2026 年将全面释放产能。公司以"资源自给+技术领先"构建起多维壁 垒，上游原料保障与下游技术优势形成良性联动，持续强化在高端铝加工领域的成本优势与市场竞争 力。 投资建议：公司通过"资源自给+技术领先"，使得全产业链发展优势显著，为未来业绩稳定增长提供有 力保障。预计公司2025—2026年的每股收益分别为1.03元和1.21元，对应8月29日收盘价的PE分别为7.36 和6.24倍，维持对 ...

证券研究报告 | 2025 年 09 月 03 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|A 股业绩磨底与转型——深挖财报之 2025 年中报分析》 1、景气度角度，电子、家用电器、非银金融、机械设备、有色金属、计 算机、食品饮料、国防军工、通信、传媒和农林牧渔景气度向好。2、两 维度看超预期：盈余惊喜组合更新。从盈利预测变化看，2025 年 6 月 30 日至 2025 年 8 月 30 日，2025 年一致预测净利润中值上调率居前的行业 为：钢铁、有色金属、美容护理、非银金融、银行；2025 年预测净利润 中值下调率前五的行业为：煤炭、石油石化、食品饮料、美容护理、家用 电器。3、从业绩公告后首个交易日的市场表现看，净利润断层（即业绩 预告后的首个交易日的最低价高于上个交易日的最高价）现象出现 ...

公司报告 | 半年报点评 天山铝业（002532） 证券研究报告 业绩符合预期，20 万吨电解铝扩产项目顺利推进 业绩：25H1 实现营收 153.28 亿元，同比+11.2%；归母净利润 20.84 亿元， 同比+0.5%；扣非净利润 19.61 亿元，同比+0%。其中 Q2 实现营收 74.03 亿元，同比+6.4%，环比-6.6%；实现归母净利润 10.26 亿元，同比-24.2%， 环比-3%。公司营收大幅提升主要系电解铝与氧化铝产销两旺，但由于铝土 矿成本上涨，电解铝与氧化铝生产成本上涨限制公司利润上升空间。 高价铝土矿库存拖累盈利，Q2 已消化大部分高位库存 1）电解铝：25H1 产量 58.54 万吨，同比持平，对外销量同比上升约 2%。 电解铝量价齐升，25H1 公司电解铝销售均价约为 20250 元/吨（含税）， 同比上升约 2.8%，但成本端生产成本同比上升约 2%，石油焦 25H1 现货均 价为 2223 元/吨，同比+36.0%，但公司凭借新疆地域优势，成本涨幅得到 有效控制，总体成本略有上涨。电解铝板块盈利增厚，毛利从 24H1 的 21.56 亿元上涨至 25H1 的 23.56 ...

Group 1: Market Performance - On September 2, the industrial metals sector rose by 0.13%, with Silver Holdings leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Silver Holdings (601212) closed at 4.26, up 10.08% with a trading volume of 837,200 shares and a transaction value of 357 million [1] - Shengda Resources (000603) closed at 20.43, up 6.68% with a trading volume of 849,900 shares and a transaction value of 1.692 billion [1] - Zhuozhi Group (600961) closed at 15.17, up 6.23% with a trading volume of 1,000,600 shares and a transaction value of 1.516 billion [1] - Yuguang Gold Lead (600531) closed at 10.45, up 5.45% with a trading volume of 1,717,900 shares and a transaction value of 1.775 billion [1] - Tianshan Aluminum (002532) closed at 10.52, up 5.41% with a trading volume of 994,100 shares and a transaction value of 1.048 billion [1] Group 3: Fund Flow Analysis - The industrial metals sector experienced a net outflow of 3.425 billion from main funds, while retail funds saw a net inflow of 1.723 billion [2] - Silver Holdings (601212) had a main fund net inflow of 77.0865 million, but a net outflow from retail funds of 38.1897 million [2] - Shengda Resources (000603) had a main fund net inflow of 33.2902 million, with a net outflow from retail funds of 80.5410 million [2]