证券代码：002532 证券简称：天山铝业 公告编号：2025-050 天山铝业集团股份有限公司 第六届董事会第十七次会议决议公告 根据公司 2025 年半年度财务报告（未经审计），公司 2025 年半年度合并报 表归属于上市公司股东的净利润为 2,084,149,205.86 元；截至 2025 年 6 月 30 日， 公司实际可供股东分配的利润为 13,523,538,010.26 元，母公司实际可供股东分配 的利润为 3,672,311,042.64 元。根据合并报表和母公司报表中可供分配利润孰低 的原则，截至 2025 年 6 月 30 日，公司可供股东分配的利润为 3,672,311,042.64 元。 根据中国证监会《关于进一步落实上市公司现金分红有关事项的通知》《上 市公司监管指引第 3 号—上市公司现金分红》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》和《公司章程》的相关规定，结合当 前经营情况和未来发展，公司拟定 2025 年半年度利润分配预案为：以实施权益 分派股权登记日登记的总股本扣除公司回购专用账户中的股份数量为基数，向全 体股东每 10 股派发现金红利 ...

天山铝业集团股份有限公司 关于公司 2025 年半年度利润分配预案的公告 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。 一、审议程序 天山铝业集团股份有限公司（以下简称"公司"）于 2025 年 9 月 1 日召开第 六届董事会第十七次会议，以 5 票同意、0 票反对、0 票弃权，审议通过了《关 于公司 2025 年半年度利润分配预案的议案》，本次利润分配方案尚需提交公司股 东大会审议。 二、利润分配预案的基本情况 证券代码：002532 证券简称：天山铝业 公告编号：2025-051 自 2025 年 8 月 31 日起至本次权益分派实施的股权登记日期间，因回购股份 等致使公司股本总额发生变动的，公司维持每股分配比例不变，相应调整分配总 额。 （三）2025 年度利润分配计划 公司计划 2025 年度累计现金分红总额不低于当年实现的归属于上市公司股 东净利润的 50%。 三、现金分红方案合理性说明 （一）本次利润分配预案的基本内容 1、2025 年半年度财务状况 根据公司 2025 年半年度财务报告（未经审计），公司 2025 年半年度合并报 表归属于上市 ...

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

Group 1 - The company Tianshan Aluminum Industry Group Co., Ltd. announced the progress of its share repurchase plan as of August 31, 2025 [1] - The repurchase plan was approved on April 9, 2025, with a total repurchase fund of no less than 200 million yuan and no more than 300 million yuan, aiming to buy back approximately 20 million to 30 million shares, which represents 0.43% to 0.64% of the total share capital [2] - The repurchase will be conducted within six months from the board's approval and the shares will be used for employee stock ownership plans or equity incentive plans [2] Group 2 - As of August 31, 2025, the company has repurchased a total of 15 million shares, accounting for 0.32% of the total share capital, with a total payment of 120 million yuan [3] - The highest and lowest transaction prices for the repurchased shares were both 8 yuan per share [3] - The company confirmed that the repurchase complies with the established plan and relevant legal regulations, and will continue to advance the repurchase plan based on market conditions [4]

Summary of Key Points - Tianshan Aluminum (002532.SZ) announced that as of August 31, 2025, the company has repurchased a total of 23.7052 million shares through a special securities account, representing 0.51% of the total share capital [1] - The highest transaction price for the repurchased shares was 9.79 CNY per share, while the lowest transaction price was 7.41 CNY per share [1] - The total amount of funds used for the share repurchase is approximately 200 million CNY [1]

Summary of Key Points Core Viewpoint - Tianshan Aluminum (002532.SZ) announced a share buyback program, indicating a strategic move to enhance shareholder value through the repurchase of shares [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 23.7052 million shares, which represents 0.51% of the total share capital [1] - The highest transaction price during the buyback was 9.79 CNY per share, while the lowest was 7.41 CNY per share [1] - The total amount of funds utilized for the buyback is approximately 200 million CNY [1]

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [4][6]. Core Views - The company has seen an increase in both the volume and price of electrolytic aluminum, with expectations for new production capacity to come online [2][3]. - The integrated layout of the company enhances its raw material supply capabilities, which is expected to stabilize performance [3]. - The company is strategically expanding its operations in Indonesia and Guinea to secure resource supply and reduce costs [3]. Summary by Sections Financial Performance - In H1 2025, Tianshan Aluminum reported revenue of 15.33 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 2.08 billion yuan, up 0.5% year-on-year [1]. - The average selling price of self-produced electrolytic aluminum was approximately 20,250 yuan per ton, reflecting a year-on-year increase of about 2.8% [2]. - The gross profit margin for electrolytic aluminum was 23.6%, an increase of 0.9 percentage points year-on-year, while the gross profit margin for alumina decreased by 8.6 percentage points to 14.6% [2]. Production Capacity and Cost Structure - The current electrolytic aluminum production capacity is 1.2 million tons, with an actual annual output of approximately 1.16 million tons [2]. - The company is progressing with the construction of an additional 200,000 tons of electrolytic aluminum capacity, expected to be released in 2026 [3]. - The company benefits from low energy costs due to its location in Xinjiang, where coal resources are abundant, enhancing its cost advantage [3]. Future Outlook - The company is planning to invest 1.556 billion USD in a new 2 million tons alumina production line in Indonesia, with the first phase of 1 million tons already receiving environmental approval [3]. - The company has secured a 50% stake in Elite Mining Guinea S.A. and exclusive purchasing rights for bauxite, with a planned annual capacity of 5-6 million tons [3]. - The projected net profits for 2025-2027 are estimated at 4.71 billion yuan, 5.74 billion yuan, and 6.33 billion yuan, respectively, with corresponding PE ratios of 10, 8, and 7 [4][5].

回购股份进展公告 证券代码：002532 证券简称：天山铝业 公告编号：2025-049 天山铝业集团股份有限公司 一、回购进展情况 截至 2025 年 8 月 31 日，公司通过回购专用证券账户以集中竞价方式累计回 购公司股份 2,370.52 万股，占公司总股本的 0.51%，最高成交价为 9.79 元/股， 1 / 2 最低成交价为 7.41 元/股，已使用资金总额为 20,000.26 万元。本次回购符合相关 法律法规的要求，符合既定的回购方案。 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。 天山铝业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日召开第 六届董事会第十二次会议，审议通过了《关于以集中竞价交易方式回购公司股份 方案的议案》，同意公司使用股票回购专项贷款和自有资金以集中竞价交易方式 回购公司发行在外的部分 A 股普通股股票。本次用于回购股份的资金总额不低 于人民币 20,000 万元（含），不超过人民币 30,000 万元（含）。在本次回购股份 价格不超过 10 元/股（含）的条件下，按照本次回购资金总额上限测算，预 ...

Core Viewpoint - Tianshan Aluminum Group held a performance briefing on August 28, 2023, discussing key areas such as costs, project progress, capacity planning, dividend policies, and market price trends, attracting over 80 institutions including Jiashi Fund and Guangfa Fund [1] Cost-Related Issues - In the first half of 2025, the integrated cost of electrolytic aluminum is expected to stabilize at 13,900 yuan/ton. Despite rising petroleum coke prices, the company maintains controllable cost increases due to its geographical advantages in Xinjiang, with normal profitability sustained through price adjustments [1] - The procurement cost of bauxite was initially high due to elevated costs at the end of 2024, but most of the high inventory was efficiently digested by the second quarter, with current procurement prices falling to around 75 USD/ton [1] Project Construction Progress - The Indonesian project, which includes alumina and bauxite projects, has completed resource layout and infrastructure planning, entering the detailed mining survey phase [2] - The green low-carbon energy efficiency enhancement project for 1.4 million tons of electrolytic aluminum is expected to have some electrolytic cells powered by the end of November 2025, with the first batch of aluminum ingots produced as early as December [2] Capacity and Dividend Planning - In the first half of 2025, aluminum ingot production is approximately 580,000 tons, and alumina production is about 1.2 million tons, both achieving full production and sales [3] - According to the shareholder return plan for the next three years, the company will distribute cash dividends of no less than 30% of the distributable profits each year. In May, a cash dividend of 2 yuan per 10 shares was distributed, totaling 922 million yuan (including tax) [3] Inventory and Price Trends - The inventory of Guinean bauxite at the port is at a normal turnover level. The price of alumina may be disturbed in the short term due to the planning and construction of multiple alumina plants domestically and internationally, leading to a competitive pricing environment [4] - The market prices, inventory, and transactions of electrolytic aluminum remain stable, with the company maintaining an optimistic view on the fundamentals of the aluminum industry [4] Cost Improvement and Business Outlook - The company expects to improve electrolytic aluminum costs in the second half of the year by eliminating the lag effect of raw material costs and optimizing electricity costs [5] - The high-purity aluminum market demand is expected to rebound, with the company aiming to solidify its position in the capacitor foil raw material market and explore applications in high-end fields such as military and aerospace [5] Asset-Liability and Financial Costs - As a capital-intensive integrated aluminum enterprise, the company has a relatively high asset-liability ratio due to industry chain expansion. Future efforts will focus on optimizing debt structure, improving operating cash flow, and controlling investment pace to reduce the asset-liability ratio to a reasonable level [6] - Financial costs are expected to decrease as interest-bearing debt scales down and financing costs decline, although the specific reduction will depend on multiple factors [6] Downstream Business Situation - The company's downstream plate and foil business is stable in production and sales, with the Xinjiang blank material production line and Jiangyin plate and foil production line in a critical ramp-up phase, aiming to achieve full production as planned [7] - The integrated advantages of the entire industry chain provide significant cost competitiveness in blank material processing, with comprehensive electricity costs notably lower than the industry average [7]

Cost Structure and Production - The integrated cost of electrolytic aluminum for the first half of 2025 is stable at 13,900 RMB/ton [3] - The procurement price of bauxite has decreased to around 75 USD/ton after effective inventory digestion [3] - The production volume for aluminum ingots in the first half of 2025 is approximately 580,000 tons, and for alumina, it is about 1.2 million tons [5] Project Development and Capacity Expansion - The 200,000 tons electrolytic aluminum project is expected to start production by the end of November 2025, with full capacity release in 2026 [4] - The Indonesian alumina project is progressing smoothly, currently in the detailed exploration phase [4] Financial Performance and Dividends - The company distributed a cash dividend of 2 RMB per 10 shares in May 2025, totaling 922,244,323 RMB [4] - Future cash dividends are planned to be no less than 30% of the distributable profits each year [4] Market Outlook and Demand - The domestic aluminum demand is expected to maintain steady growth, driven by emerging industries such as new energy and photovoltaics [6] - The global tariff disputes on aluminum products are anticipated to have limited impact on domestic business [5] Cost Improvement Strategies - Cost improvements for electrolytic aluminum are expected through the elimination of raw material cost lag effects and optimization of electricity costs [6] - The mining cost of Guangxi bauxite is significantly lower than current market prices, providing a cost advantage [6] High-Purity Aluminum Market - The high-purity aluminum market has shown recovery in 2025, with plans to focus on core markets and explore high-end applications [6]