Core Viewpoint - Tianshan Aluminum has shown significant stock performance with a year-to-date increase of 49.64%, reflecting strong market interest and financial growth [1][2]. Financial Performance - For the first half of 2025, Tianshan Aluminum reported revenue of 15.328 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 2.084 billion yuan, up 0.51% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 29, Tianshan Aluminum's stock price reached 11.48 yuan per share, with a trading volume of 300 million yuan and a market capitalization of 53.404 billion yuan [1]. - The stock has experienced a 3.89% increase over the last five trading days, a 15.03% increase over the last 20 days, and a 34.43% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 49,700, with an average of 83,175 circulating shares per shareholder, a decrease of 4.25% from the previous period [2]. - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 113 million shares, down by 10.084 million shares from the previous period [3]. Business Overview - Tianshan Aluminum, established on November 3, 1997, and listed on December 31, 2010, specializes in the production and sale of primary aluminum, aluminum deep-processing products, prebaked anodes, high-purity aluminum, and alumina [1]. - The company's revenue composition includes 65.26% from aluminum ingots, 24.20% from alumina, 6.89% from aluminum foil and foil materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1].

Core Viewpoint - The article reviews the performance of battery aluminum foil companies in the first half of 2025 and forecasts the industry's future, highlighting challenges such as high concentration in demand and declining processing fees impacting profitability [2][12][29]. Production and Supply - The total production of battery aluminum foil from January to August 2025 reached 317,000 tons, marking a 37% year-on-year increase [3]. - The expected total production for the year is close to 500,000 tons, with effective domestic production capacity at 869,000 tons, where Ding Sheng New Materials holds a 32% market share [5][7]. - The industry shows signs of idle capacity, particularly among newer entrants, while leading players maintain higher utilization rates [9][10]. Financial Performance - Key companies' financial results for the first half of 2025 show varied performance, with Ding Sheng New Materials reporting a revenue of 13.314 billion and a net profit of 188 million, reflecting a 2% increase [11]. - Other companies like Wan Shun New Materials and Jin Yu Co. faced significant declines in revenue and profits, indicating a challenging environment for battery aluminum foil manufacturers [12][14]. Market Dynamics - The demand for battery aluminum foil is highly concentrated, with two major battery cell manufacturers accounting for over 50% of total procurement, leading to increased bargaining power and pressure on profit margins for aluminum foil companies [11]. - The processing fee structure for battery aluminum foil is primarily determined by the price of electrolytic aluminum and the processing fee, with the latter being the main area for price negotiation [16][17]. Future Outlook - The forecast for 2026 anticipates a domestic demand for battery aluminum foil between 650,000 to 700,000 tons, while effective production capacity is expected to reach 921,000 tons [18][19]. - The article suggests that the industry may not see a significant recovery in processing fees in the near term, as the supply-demand balance is expected to stabilize over time [22][29]. - The competitive landscape indicates that while some smaller players may exit the market due to declining processing fees, larger companies with substantial resources are likely to remain resilient [24][27].

证券代码：002532 证券简称：天山铝业 公告编号：2025-061 天山铝业集团股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决提案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 1）会议召开时间：2025 年 9 月 26 日 14:45 2）会议召开地点：上海市浦东新区张杨路 2389 弄 3 号普洛斯大厦 9 楼 公司会议室 3）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开 网络投票时间为：2025 年 9 月 26 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为 2025 年 9 月 26 日的交易时间，即 9:15—9:25， 9:30—11:30 和 13:00—15:00；通过互联网投票系统进行网络投票的具体时间为 2025 年 9 月 26 日 9:15—15:00 期间的任意时间。 4）股权登记日：2025 年 9 月 19 日 2）公司董事、监事和董事 ...

法律意见书 为出具本法律意见书，本所律师列席了本次股东大会，并根据有关法律、行 政法规、规章及规范性文件的规定和要求，对公司提供的与本次股东大会相关的 文件和事实进行了核查和验证，在本所律师对公司提供的有关文件进行核查和验 证的过程中，本所假设： 关于天山铝业集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：天山铝业集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司股东 会规则》（以下简称"《股东会规则》"）、《深圳证券交易所上市公司股东会网络 投票实施细则》（以下简称"《网络投票实施细则》"）等法律、行政法规、规 章和规范性文件以及《天山铝业集团股份有限公司章程》（以下简称"《公司章 程》"）的规定，北京市中伦律师事务所（以下简称"本所"）作为天山铝业集 团股份有限公司（以下简称"公司"）的常年法律顾问，指派律师出席公司 2025 年第一次临时股东大会（以下简称"本次股东大会"），并依法出具本法律意见 书。 本法律意见书仅就本次股东大会的召集和召开程序是否符合法律、行政法规、 规章、规范性文件及《公司章程》的规定，以及出席本次股东大会人员的资格、 召集人资 ...

Group 1 - The article highlights the top 20 performing stocks in the S&P China A-Share Dividend Opportunities Index (CSPSADRP), with China National Foreign Trade Transportation Group (601598.SH) leading with a 7.44% increase and a year-to-date gain of 49.70% [1] - Other notable performers include Jinbei Electric (002533.SZ) with a 2.82% increase and a year-to-date gain of 25.39%, and Tianshan Aluminum (002532.SZ) with a 2.65% increase and a year-to-date gain of 46.52% [1] - The average dividend yield for the index constituents is reported at 5.12%, with the expected price-to-earnings ratio at 10.47 [2] Group 2 - The index consists of 100 stocks, and the data is sourced from the S&P Dow Jones Indices monthly report as of August 29, 2025 [2] - The article notes that the S&P Dividend ETF (562060) tracks the S&P China A-Share Dividend Opportunities Index, which was established on June 18, 2004, and published on September 11, 2008 [2]

Group 1 - Tianshan Aluminum announced that a portion of shares held by its shareholder and actual controller, Zeng Chaoyi, has been pledged, totaling 31.25 million shares [1] - As of the announcement date, Shihezi Jinlong Energy Industry Chain Co., Ltd. has pledged approximately 295 million shares, accounting for 32.81% of its holdings [1] - Shihezi Jinhui Energy Investment Co., Ltd. has pledged approximately 173 million shares, representing 50% of its holdings [1] - Zeng Chaoyi has pledged a total of approximately 144 million shares, which is 36.66% of his holdings [1] - Zeng Chaolin has pledged approximately 114 million shares, accounting for 37.81% of his holdings [1] Group 2 - The total market capitalization of A-shares has surpassed 116 trillion yuan, marking a significant milestone one year after the "9.24" event [1]

证券代码：002532 证券简称：天山铝业 公告编号：2025-060 天山铝业集团股份有限公司 关于实际控制人部分股份质押的公告 本次股份质押不涉及重大资产重组等业绩补偿义务。 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。 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、股东股份质押基本情况 公司近日接到股东、实际控制人曾超懿函告，获悉其所持有本公司的部分股 份被质押，具体事项如下： | | 是否为控股 | 本次质押 | 占其所 | 占公司 | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | | | | | 为补 | 质押起 | 质押到 | | 质押 | | | | 数量（万 | 持股份 | 总股本 | 为限 | | | | 质权人 | | | 名称 | 大股东及其 | | | | | 充质 | 始日 | 期日 | | 用途 | | | 一致行动人 | ...

Group 1: Company Performance - Tianshan Aluminum achieved operating revenue of 15.328 billion yuan for the first half of 2025, representing a year-on-year growth of 11.19% [2] - The net profit attributable to shareholders for the same period was 2.084 billion yuan, showing a slight increase of 0.51% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 6.562 billion yuan, with 3.463 billion yuan distributed over the last three years [3] Group 2: Stock and Financing Activity - On September 24, Tianshan Aluminum's stock rose by 1.01%, with a trading volume of 291 million yuan [1] - The company had a net financing outflow of 70.07 million yuan on the same day, with a total financing balance of 603 million yuan [1] - The stock's financing balance is 585 million yuan, accounting for 1.15% of the circulating market value, which is below the 20th percentile level over the past year [1] Group 3: Shareholder Information - As of June 30, 2025, Tianshan Aluminum had 49,700 shareholders, an increase of 4.44% from the previous period [2] - The average number of circulating shares per shareholder decreased by 4.25% to 83,175 shares [2] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 113 million shares, a decrease of 10.084 million shares from the previous period [3] Group 4: Business Overview - Tianshan Aluminum, established on November 3, 1997, and listed on December 31, 2010, is located in Shanghai and specializes in the production and sale of primary aluminum, aluminum deep-processing products, prebaked anodes, high-purity aluminum, and alumina [1] - The main revenue sources include sales of aluminum ingots (65.26%), alumina (24.20%), aluminum foil and aluminum foil raw materials (6.89%), high-purity aluminum (2.10%), and other products (1.55%) [1]

Core Insights - The establishment of the JD Industrial-Wenling Pump Quality Co-Creation Alliance aims to enhance the quality development of the Wenling pump industry, focusing on resisting false labeling and promoting high-quality standards [1][2] Industry Overview - Taizhou, Zhejiang is a significant hub for China's private economy, with the Wenling pump industry cluster housing over 2,700 related enterprises and notable listed companies such as Lio, New World, and Dongyin [3] - In 2024, 411 large-scale enterprises in Wenling achieved an annual output value of nearly 38.95 billion, with the entire industry scale exceeding 70 billion; small pumps hold over 70% of the domestic market share and over 20% of the international market share [3] Quality Improvement Initiatives - The quality co-creation initiative will leverage digital technology, strict entry and qualification reviews, transparent user feedback mechanisms, and education for honest merchants and consumers to combat false labeling and internal competition [2][3] Collaboration with JD Industrial - New World Pump, a leading enterprise in the Wenling pump cluster, highlights that traditional challenges in the industry include high professional requirements for installation, which often leads to perceived quality issues [4] - The partnership with JD Industrial introduces a certified third-party installation service platform, enhancing consumer experience by providing professional and transparent installation services [4] Logistics and Market Expansion - The collaboration with JD Industrial allows New World Pump to utilize JD's intelligent supply chain and efficient logistics network, achieving next-day delivery for industrial products in key cities, improving customer satisfaction [5] - This partnership also lowers the digitalization barriers for traditional enterprises and facilitates market entry into lower-tier markets, enhancing product accessibility and service reliability [5]

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 primarily engages in the production and sales of primary aluminum, aluminum deep processing products and materials, prebaked anodes, high-purity aluminum, and alumina [1] - The revenue composition includes: 65.26% from sales of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil blanks, 2.10% from high-purity aluminum sales, and 1.55% from other sources [1] Financial Performance - As of June 30, 2025, Tianshan Aluminum achieved operating revenue of 15.328 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 2.084 billion yuan, 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 past three years [3] Stock Performance - As of September 23, Tianshan Aluminum's stock price decreased by 2.08%, trading at 10.82 yuan per share, with a total market capitalization of 50.333 billion yuan [1] - Year-to-date, the stock price has increased by 41.03%, with a recent decline of 5.09% over the last five trading days, a 5.46% increase over the last 20 days, and a 25.23% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders reached 49,700, an increase of 4.44% from the previous period, with an average of 83,175 circulating shares per shareholder, a decrease of 4.25% [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the seventh largest, holding 113 million shares, a decrease of 10.084 million shares from the previous period [3] Market Activity - On September 23, the net outflow of main funds was 4.0862 million yuan, with large orders accounting for 15.68% of purchases and 22.68% of sales [1]