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]

Investment Rating - The investment rating for Tianshan Aluminum (002532.SZ) is "Buy" (maintained) [1] Core Views - Tianshan Aluminum demonstrates a rare growth attribute within the industry, highlighting its investment value [1] - The company achieved a revenue of 15.328 billion yuan in H1 2025, representing a year-on-year increase of 11.19%, while the net profit attributable to shareholders was 2.084 billion yuan, up 0.51% year-on-year [4] - The report anticipates that the company's net profit for 2025 to 2027 will be 4.709 billion, 5.602 billion, and 6.429 billion yuan respectively, reflecting year-on-year growth rates of 5.7%, 19.0%, and 14.8% [4] Financial Performance Summary - In H1 2025, the company produced 585,400 tons of electrolytic aluminum, remaining stable year-on-year, while alumina production increased by 9.76% to 1.1999 million tons [5] - The average selling price for electrolytic aluminum was approximately 20,250 yuan per ton, up 2.8% year-on-year, and for alumina, it was about 3,700 yuan per ton, up 6% year-on-year [5] - The comprehensive electricity cost for electrolytic aluminum production decreased by approximately 17% year-on-year due to lower coal procurement prices and new power supply agreements [5] Growth Potential - The company has initiated a green low-carbon efficiency improvement project for 1.4 million tons of electrolytic aluminum capacity, which is expected to enhance annual production capacity significantly [6] - The report emphasizes the company's unique growth potential within the industry, supported by its integrated layout and regional advantages [4][6] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01, 1.20, and 1.38 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.3, 6.1, and 5.3 times [4][8] - The company's revenue is expected to grow from 28.975 billion yuan in 2023 to 32.566 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.5% [8]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The non-ferrous metals industry has seen a significant increase in performance, with an overall rise of 8.37% in the last two weeks, outperforming the CSI 300 index by 1.41 percentage points, ranking 5th among 31 industries [2][11]. - The small metals and new materials sectors have shown particularly strong performance, with increases of 21.87% and 13.84% respectively in the same period [2][16]. - The report highlights the positive impact of government policies on the rare earth sector, leading to a rapid price recovery for rare earth products [4][72]. Industry Analysis Market Performance - As of August 28, 2025, the non-ferrous metals industry has increased by 16.08% this month and 44.99% year-to-date, ranking 5th and 2nd respectively among 31 industries [11][12]. - The small metals sector has surged by 77.45% year-to-date, while the new materials sector has risen by 55.77% [16]. Price Trends - As of August 28, 2025, key prices include: - LME copper at $9,839.50 per ton - LME aluminum at $2,607 per ton - LME lead at $1,988 per ton - LME zinc at $2,787 per ton - LME nickel at $15,300 per ton - LME tin at $34,825 per ton [22]. - The rare earth price index reached 226.27, up 21.16 from early August, with specific prices for praseodymium-neodymium oxide averaging 604 yuan per kilogram [41][72]. Company Performance - Notable companies in the sector include: - China Rare Earth (000831) and Kingstone Permanent Magnet (300748), which are recommended for attention due to their strong market positions [73]. - In the last two weeks, the top-performing stocks include Zhangyuan Tungsten (57.70%), Kingstone Permanent Magnet (54.48%), and Northern Rare Earth (46.39%) [18][20]. - Year-to-date, the top gainers are Copper Crown Copper Foil (217.60%), Zhongzhou Special Materials (211.00%), and Northern Rare Earth (165.00%) [20].

Investment Rating - The report maintains a "Recommendation" rating for Tianshan Aluminum with a target price of 11.3 yuan [1]. Core Views - The company's integrated layout continues to improve, leading to a significant decrease in financial expenses. The company achieved an operating income of 15.328 billion yuan in the first half of 2025, a year-on-year increase of 11.19%. The net profit attributable to the parent company was 2.084 billion yuan, a year-on-year increase of 0.51% [1][7]. - The average selling price of self-produced electrolytic aluminum was approximately 20,250 yuan/ton, up about 2.8% year-on-year, while the average selling price of self-produced alumina was about 3,700 yuan/ton, up about 6% year-on-year. The increase in metal prices contributed to the revenue growth, but rising procurement costs for bauxite led to a 2% increase in electrolytic aluminum production costs and an 18% increase in alumina production costs [1][7]. - The company has seen a steady decline in interest-bearing liabilities, resulting in a 33% decrease in financial expenses. The asset-liability ratio has decreased to 49.53% [1][7]. - The production and sales of electrolytic aluminum and alumina have remained stable, with a new project to increase electrolytic aluminum production by 240,000 tons progressing smoothly [1][7]. - The company is advancing its upstream and downstream projects, enhancing its integrated advantages. The bauxite mining operations in Guinea have commenced, and the company is also progressing with its mining rights in Guangxi and exploration in Indonesia [1][7]. - The report forecasts net profits attributable to the parent company for 2025-2027 to be 4.79 billion yuan, 5.93 billion yuan, and 6.702 billion yuan, respectively, with year-on-year growth rates of 7.4%, 23.8%, and 13.1% [1][7]. Financial Summary - The total revenue for 2024 is projected at 28.089 billion yuan, with a year-on-year growth rate of -3.1%. For 2025, the revenue is expected to reach 29.974 billion yuan, reflecting a growth rate of 6.7% [1][8]. - The net profit for 2024 is estimated at 4.455 billion yuan, with a growth rate of 102.0%. The net profit for 2025 is projected at 4.786 billion yuan, with a growth rate of 7.4% [1][8]. - The earnings per share (EPS) for 2024 is expected to be 0.96 yuan, increasing to 1.03 yuan in 2025 [1][8].

Core Viewpoint - The social security fund has made significant adjustments to its stock holdings, with a focus on long-term investment strategies, reflecting its presence in the top ten shareholders of 425 companies as of August 28 [1] Group 1: Stock Adjustments - In the second quarter, the social security fund entered 108 new stocks, increased holdings in 108 stocks, reduced holdings in 111 stocks, and maintained its position in 98 stocks [1] - Among the stocks with increased holdings, eight stocks saw an increase of over 10 million shares, with Tongwei Co., Ltd. having the largest increase of 32.85 million shares, raising its holding percentage from 0.68% to 1.41% [1][2] Group 2: Performance of Increased Holdings - The companies with significant increases in holdings include Wanda Film, Changshu Bank, and Tianshan Aluminum, all of which reported year-on-year growth in their performance for the first half of the year [1] - Wanda Film reported the highest net profit growth, with total operating revenue of 6.689 billion yuan, a year-on-year increase of 7.57%, and a net profit of 536 million yuan, reflecting a staggering growth of 372.55% [1][2] Group 3: Detailed Stock Data - The following stocks were notably increased by the social security fund: - Tongwei Co., Ltd.: 32.85 million shares, holding percentage 1.41%, net profit -495.5 million yuan, year-on-year change -58.35% [2] - Changshu Bank: 23.80 million shares, holding percentage 8.38%, net profit 1.969 billion yuan, year-on-year change 13.51% [2] - Wanda Film: 14.01 million shares, holding percentage 12.17%, net profit 536 million yuan, year-on-year change 372.55% [2] - Tianshan Aluminum: 12.88 million shares, holding percentage 2.51%, net profit 2.084 billion yuan, year-on-year change 0.51% [2]

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [1] Core Views - Tianshan Aluminum achieved stable performance with a revenue of 15.328 billion yuan in the first half of 2025, representing an 11.19% year-on-year increase. The net profit attributable to shareholders was 2.084 billion yuan, a slight increase of 0.51% year-on-year [4] - The company has a strong integrated supply chain advantage, which helps maintain stable production and performance amid high volatility in aluminum prices and costs. In the first half of 2025, the electrolytic aluminum production was 585,400 tons, remaining stable year-on-year, while sales increased by approximately 2% [4] - The company is expanding its upstream resource capabilities and electrolytic aluminum smelting capacity, with a green low-carbon transformation project for 1.4 million tons of electrolytic aluminum capacity expected to be completed in about 10 months, increasing its capacity from 1.2 million tons to 1.4 million tons [4] Financial Performance Summary - In Q2 2025, the company reported a revenue of 7.403 billion yuan, a year-on-year increase of 6.37% but a quarter-on-quarter decrease of 6.59. The net profit attributable to shareholders was 1.026 billion yuan, a year-on-year decrease of 24.20% [4] - The average selling price of self-produced electrolytic aluminum was approximately 20,250 yuan/ton (including tax), up about 2.8% year-on-year, while the average selling price of self-produced alumina was about 3,700 yuan/ton (including tax), up about 6% year-on-year [4] - The company expects net profits attributable to shareholders to be 4.569 billion yuan, 5.857 billion yuan, and 6.495 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.98, 1.26, and 1.40 yuan [4]