Core Points - Tianshan Aluminum announced a change in shareholding due to the bondholders of Shihezi Jinlong Energy Chain Co., Ltd. converting their bonds into shares, resulting in a passive reduction of shareholding percentage for Shihezi Jinlong and its concerted actors [1] - After the equity change, the combined shareholding of Shihezi Jinlong and its concerted actors decreased from 42.01% to 39.87%, a reduction of 2.14 percentage points [1] - The number of shares held by Shihezi Jinlong decreased from 913.1754 million shares to 813.7077 million shares, indicating a significant reduction in their stake [1] - This equity change was completed on October 30, 2025 [1]

天山铝业集团股份有限公司 简式权益变动报告书 股份变动性质：可交换公司债券持有人换股导致信息披露义务人被动减持 签署日期：2025年10月30日 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》 及相关法律、法规和规范性文件编写。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发 行证券的公司信息披露内容与格式准则第15号——权益变动报告书》的规定， 本报告书已全面披露信息披露义务人在天山铝业集团股份有限公司中拥有权益 的变动情况。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通 过任何其他方式增加或减少其在天山铝业集团股份有限公司中拥有的权益。 三、信息披露义务人签署本报告书已获得必要的授权和批准，其行为亦不 违反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 四、本次权益变动是根据本报告所载明的资料进行的，信息披露义务人没 有委托或者授权其他任何人提供未在本报告书列载的信息和对本报告书做出任 何解释或者说明。 五、本次权益变动与信息披露义务人此前已披 ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-075 天山铝业集团股份有限公司 比例变动超过 1%的公告 控股股东石河子市锦隆能源产业链有限公司保证向本公司提供的信息内 容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 天山铝业集团股份有限公司（以下简称"公司"）的控股股东石河子市锦隆 能源产业链有限公司（以下简称"锦隆能源"）2024 年 12 月 2 日发行的"2024 年面向专业投资者非公开发行可交换公司债券（第一期）"（债券简称"24 锦 隆 EB01"，债券代码"117225.SZ"）于 2025 年 6 月 3 日进入换股期，具体内 容详见公司于 2025 年 5 月 29 日在巨潮资讯网（http://www.cninfo.com.cn）披露 的《关于控股股东面向专业投资者非公开发行可交换公司债券（第一期）进入换 股期的提示性公告》（公告编号：2025-032）。 锦隆能源 2024 年 12 月 27 日发行的"2024 年面向专业投资者非公开发行可 交换公司债券（第二期）"（债券简称"24 锦隆 ...

Core Points - Tianshan Aluminum announced that its controlling shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., has experienced a passive reduction in shareholding due to the exchange of company bonds "24 Jinlong EB01" and "24 Jinlong EB02" [1] - From July 21 to October 30, a total of 99.4677 million shares were reduced, representing a decrease of 2.14% [1] - The share reduction occurred in three phases: 593,700 shares from July 21 to September 5 (0.01%), 47.1721 million shares from September 11 to October 20 (1.01%), and 51.702 million shares from October 21 to October 30 (1.11%) [1] - Following this change, Jinlong Energy and its concerted parties' shareholding ratio decreased from 42.01% to 39.87% [1]

Group 1 - The report emphasizes a strategic focus on the "15th Five-Year Plan," indicating that the most significant overseas disturbances may be gradually passing, with domestic factors such as the Fourth Plenary Session and third-quarter report verification likely to boost market risk appetite [3][9][11] - The report highlights the importance of technology growth sectors, particularly AI, military industry, and innovative pharmaceuticals, as key areas for investment opportunities [2][12][13] - The AI sector is identified as a focal point, with a focus on the global computing power supply chain and domestic innovation, particularly in GPU and semiconductor equipment [12][13] Group 2 - The military industry is expected to enter a new cycle of prosperity, supported by the "15th Five-Year Plan," which emphasizes national strategic deployment and the release of new orders [12][13] - The innovative pharmaceutical sector has seen sufficient emotional digestion, with expectations for revaluation driven by business development and global monetary easing [12][13] - The report includes a selection of "golden stocks" for November, including Tianshan Aluminum, Weiming Environmental Protection, and Sany Heavy Industry, among others, with a focus on their growth and value potential [4][8][19][22][33] Group 3 - Tianshan Aluminum reported a revenue of 22.32 billion yuan for the first three quarters of 2025, with a year-on-year growth of 7.3%, and a net profit of 3.34 billion yuan, reflecting an increase of 8.3% [15][16] - Weiming Environmental Protection achieved a revenue of 5.88 billion yuan in the first three quarters of 2025, with a net profit of 2.14 billion yuan, marking a year-on-year increase of 1.14% [22][23] - Sany Heavy Industry's revenue for 2024 was reported at 77.77 billion yuan, with a year-on-year increase of 6.22%, and a net profit of 5.98 billion yuan, reflecting a growth of 31.98% [33][35] Group 4 - The report outlines a growth strategy for Tianshan Aluminum, focusing on its integrated aluminum industry chain and cost advantages from self-supplied power generation [15][19] - Weiming Environmental Protection's new material business has begun to generate revenue and profit, indicating a potential second growth curve for the company [22][25] - Sany Heavy Industry's global strategy has shown significant results, with international revenue accounting for 63.98% of total revenue, reflecting a strong performance in overseas markets [33][35] Group 5 - The report provides a detailed earnings forecast for the selected stocks, indicating expected growth rates and profitability for the upcoming years [8][19][22] - The growth and value portfolios have been adjusted for November, highlighting companies with strong fundamentals and market positions [4][8][19][22] - The report emphasizes the importance of monitoring market conditions and company performance to identify potential investment opportunities [3][9][11]

Core Viewpoint - Tianshan Aluminum has shown significant stock performance with an 82.63% increase year-to-date, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the period from January to September 2025, Tianshan Aluminum achieved a revenue of 22.32 billion yuan, representing a year-on-year growth of 7.34% [2]. - The net profit attributable to shareholders for the same period was 3.34 billion yuan, marking an 8.31% increase compared to the previous year [2]. Stock Market Activity - As of November 3, Tianshan Aluminum's stock price was 13.65 yuan per share, with a market capitalization of 63.498 billion yuan [1]. - The stock has experienced a recent trading volume of 5.90 billion yuan, with a turnover rate of 1.07% [1]. - Over the last five trading days, the stock price increased by 3.54%, and over the last 20 days, it rose by 23.50% [1]. Shareholder Information - As of September 30, the number of shareholders for Tianshan Aluminum was 37,800, a decrease of 23.85% from the previous period [2]. - The average number of circulating shares per shareholder increased by 31.32% to 109,224 shares [2]. Dividend Distribution - Tianshan Aluminum has distributed a total of 7.48 billion yuan in dividends since its A-share listing, with 4.38 billion yuan distributed over the last three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 131 million shares, an increase of 18.54 million shares from the previous period [3].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The macroeconomic environment is favorable, with the Federal Reserve continuing to lower interest rates and tariff pressures easing [6][10] - The demand season is gradually coming to an end, leading to potential downward pressure on aluminum water conversion rates and inventory performance [10] - Long-term supply growth in the aluminum industry is limited, while demand continues to have growth points, suggesting sustained high industry prosperity [10] Summary by Sections 1. Prices - As of October 31, the LME three-month aluminum closing price was $2888.0 per ton, up $31.5 from the previous week, a 1.1% increase week-on-week and a 10.4% increase year-on-year [22] - The Shanghai aluminum active contract closing price was 21300.0 yuan per ton, up 75.0 yuan from the previous week, a 0.4% increase week-on-week and a 2.1% increase year-on-year [22] - The average price of A00 aluminum in Changjiang was 21300.0 yuan per ton, up 170.0 yuan from the previous week, a 0.8% increase week-on-week and a 2.0% increase year-on-year [22] 2. Production - In September 2025, the electrolytic aluminum production was 361.5 million tons, a decrease of 11.8 million tons month-on-month and a decrease of 7.4 million tons year-on-year [54] - The alumina production in September 2025 was 760.4 million tons, a decrease of 13.5 million tons month-on-month and an increase of 38.3 million tons year-on-year [54] 3. Key Companies and Earnings Forecast - China Hongqiao (1378.HK): Price 26.93, EPS forecast for 2024/2025/2026: 2.35/2.65/2.89, PE: 11.5/10.2/9.3, Investment Rating: Buy [5] - Tianshan Aluminum (002532.SZ): Price 13.37, EPS forecast: 0.96/1.00/1.27, PE: 14.0/13.3/10.5, Investment Rating: Buy [5] - Shenhuo Co. (000933.SZ): Price 24.73, EPS forecast: 1.91/2.13/2.56, PE: 12.9/11.6/9.7, Investment Rating: Buy [5] - China Aluminum (601600.SH): Price 9.99, EPS forecast: 0.72/0.84/0.92, PE: 13.8/11.8/10.9, Investment Rating: Buy [5] - Yun Aluminum (000807.SZ): Price 22.99, EPS forecast: 1.27/1.88/2.07, PE: 18.1/12.2/11.1, Investment Rating: Buy [5]

Group 1: Metal Sector - Tianshan Aluminum's net profit forecast for 2025 is 47.71 billion CNY, with a PE ratio of 13.24[10] - Luoyang Molybdenum's net profit is projected to reach 194.40 billion CNY in 2025, with a PE ratio of 19.02[10] Group 2: Building Materials - Huaxin Cement's net profit for 2025 is estimated at 29.38 billion CNY, with a PE ratio of 13.83[10] - China National Materials' net profit is expected to grow to 19.36 billion CNY in 2025, with a PE ratio of 30.63[10] Group 3: Transportation - Eastern Airlines Logistics is projected to have a net profit of 26.46 billion CNY in 2025, with a PE ratio of 9.41[10] - COSCO Shipping Specialized Carriers' net profit is expected to be 19.77 billion CNY in 2025, with a PE ratio of 10.19[10] Group 4: Chemical Sector - Boryuan Chemical's net profit forecast for 2025 is 14.67 billion CNY, with a PE ratio of 17.19[10] - Yara International's net profit is projected to reach 21.09 billion CNY in 2025, with a PE ratio of 18.58[10] Group 5: Energy Sector - Guotou Power's net profit for 2025 is estimated at 69.48 billion CNY, with a PE ratio of 16.67[10] - Shouhua Gas is expected to turn around with a net profit of 0.42 billion CNY in 2025, after a loss in 2024[10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.85 CNY based on a 2026 PE valuation of 11 times [3][5]. Core Insights - The company is expected to benefit from a decrease in raw material costs, particularly in aluminum ore, leading to improved profitability in the coming years [2][8]. - The company is actively progressing on key projects aimed at enhancing its integrated aluminum industry layout, which is anticipated to support future growth [8]. - The report forecasts significant growth in earnings per share (EPS) from 1.05 CNY in 2025 to 1.51 CNY in 2027, reflecting a positive outlook for the company's financial performance [3][10]. Financial Performance Summary - Revenue is projected to decline from 28,975 million CNY in 2023 to 28,089 million CNY in 2024, before rebounding to 35,253 million CNY in 2025, representing a growth of 25.5% [4][10]. - Operating profit is expected to increase significantly from 2,642 million CNY in 2023 to 5,506 million CNY in 2025, with a notable growth rate of 97.6% in 2024 [4][10]. - Net profit attributable to the parent company is forecasted to rise from 2,205 million CNY in 2023 to 4,901 million CNY in 2025, with a growth of 102.0% in 2024 [4][10]. - The gross margin is expected to improve from 14.1% in 2023 to 23.3% in 2027, indicating enhanced profitability [4][10]. Market Performance - The company's stock has shown strong performance, with a 70.32% increase over the past 12 months [6]. - The stock price as of October 29, 2025, was 13.8 CNY, with a 52-week high of 13.9 CNY and a low of 6.48 CNY [5].

Core Viewpoint - Tianshan Aluminum is a leading integrated aluminum manufacturer in China, with strong cost control capabilities and a complete aluminum industry chain, achieving significant revenue and profit growth in recent quarters [1][2][5]. Financial Performance - In Q3 2025, Tianshan Aluminum achieved a revenue of 22.321 billion yuan, ranking 7th in the industry, surpassing the industry average of 16.562 billion yuan [2]. - The net profit for the same period was 3.341 billion yuan, ranking 5th in the industry, also above the industry average of 1.346 billion yuan [2]. Profitability and Debt Ratios - As of Q3 2025, Tianshan Aluminum's debt-to-asset ratio was 48.10%, down from 54.93% year-on-year, which is higher than the industry average of 46.20% [3]. - The gross profit margin for Q3 2025 was 22.42%, slightly up from 22.06% year-on-year, significantly higher than the industry average of 10.69% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.85% to 37,800, while the average number of shares held per shareholder increased by 31.32% to 109,200 [5]. - Hong Kong Central Clearing Limited was the seventh largest shareholder, increasing its holdings by 18.5447 million shares [5]. Business Highlights - The increase in aluminum prices has positively impacted the company's performance, benefiting from a complete vertical integration of the aluminum industry chain [5][6]. - The electrolytic aluminum capacity is set to increase from 1.2 million tons to 1.4 million tons, with projects progressing smoothly [5][6]. - The company has secured upstream resources in Guinea, Guangxi, and Indonesia, ensuring a stable and low-cost supply of raw materials [5]. Future Profit Projections - Tianshan Aluminum's projected net profits for 2025, 2026, and 2027 are 4.818 billion, 6.868 billion, and 7.457 billion yuan, respectively [5]. - Analysts maintain a "buy" rating based on the expected growth driven by rising aluminum prices and ongoing project developments [6].