Group 1 - The company held its 15th meeting of the 6th Board of Directors on June 6, 2025, in Shanghai, with all 5 directors present, ensuring compliance with legal and regulatory requirements [1] - The board approved a proposal to enhance the green low-carbon energy efficiency of the company's 1.4 million tons of electrolytic aluminum capacity using advanced domestic energy-saving technology [2] - The project will utilize fully graphitized cathode carbon blocks and new energy-saving cathode structure technology, leading to improved operational stability and current efficiency [2] Group 2 - Upon completion, the company's electrolytic aluminum production capacity is expected to reach approximately 1.4 million tons per year, with electricity consumption for aluminum liquid expected to achieve industry-leading levels [2] - The construction period for the project is tentatively set at 10 months, with an estimated investment amount [2] - The proposal has been reviewed and approved by the Board's Strategy and Sustainable Development Committee [2]

证券代码：002532 证券简称：天山铝业 公告编号：2025-035 天山铝业集团股份有限公司 第六届董事会第十五次会议决议公告 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。 为符合国家节能低碳政策要求，同意公司利用石河子厂区东侧预留场地，采 用国内先进的电解铝节能技术，对公司 140 万吨电解铝产能进行绿色低碳能效提 升改造。本项目采用全石墨化阴极炭块和新式节能阴极结构技术，具有内衬寿命 高、电阻率低、钠膨胀率低、抗热冲击性好、电阻率低、运行稳定性和电流效率 高等诸多优点。项目完工后，公司电解铝产量将提升至 140 万吨/年左右，铝液 综合交流电耗将达到行业领先水平。本项目建设期暂定 10 个月，建设投资约 223,089.7 万元。该项目技术成熟，社会、经济效益良好，符合国家的产业政策 和循环经济要求，并已获得相关政府部门的备案及批复。 本议案已经董事会战略与可持续发展委员会审议通过。 三、备查文件 1、第六届董事会第十五次会议决议； 2、第六届董事会战略与可持续发展委员会第四次会议决议。 1 / 2 一、董事会会议召开情况 天山铝业集团股份有限公司（ ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-034 天山铝业集团股份有限公司 回购股份进展公告 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。 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，预计可 回购股份总数约为 3000 万股，约占公司当前总股本的 0.64%；按照本次回购资 金总额下限测算，预计可回购股份总数约为 2000 万股，约占公司当前总股本的 0.43%。具体以公司公告回购方案实施完毕之日的实际回购股份数量为准。本次 回购股份的实施期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 内。本次回购的股份后续将全 ...

Core Viewpoint - Tianshan Aluminum Industry Group Co., Ltd. has initiated a share repurchase plan, aiming to buy back a portion of its A-shares using a total fund of no less than RMB 200 million and no more than RMB 300 million, with a maximum repurchase price of RMB 10 per share [2] Summary by Sections Share Repurchase Plan - The company plans to repurchase shares using special loans and its own funds, with an estimated total number of shares to be repurchased ranging from approximately 20 million to 30 million, representing about 0.64% to 0.96% of the current total share capital [2] - The repurchase period is set for six months from the board's approval date, and the repurchased shares will be used for employee stock ownership plans or equity incentive plans [2] Progress of Share Repurchase - As of May 28, 2025, the company has repurchased a total of 9.2065 million shares, accounting for 0.2% of the total share capital, with a total expenditure of RMB 70.2212 million [3] - The highest and lowest transaction prices during this repurchase were RMB 7.89 and RMB 7.41 per share, respectively [3] Historical Repurchase Results - The company has previously repurchased shares in different phases, with the total number of shares repurchased across all phases reaching 47.5098 million, which is 1.02% of the total share capital, and a total expenditure of RMB 320.2219 million [5] - The highest price in previous repurchase phases was RMB 8.17 per share, and the lowest was RMB 4.86 per share [5] Compliance and Regulations - The company's share repurchase activities comply with relevant laws and regulations, and the execution of the repurchase plan adheres to the established guidelines [6]

天山铝业集团股份有限公司 证券代码：002532 证券简称：天山铝业 公告编号：2025-033 关于回购股份比例达到 1%暨回购股份进展公告 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。 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，预计可 回购股份总数约为 3000 万股，约占公司当前总股本的 0.64%；按照本次回购资 金总额下限测算，预计可回购股份总数约为 2000 万股，约占公司当前总股本的 0.43%。具体以公司公告回购方案实施完毕之日的实际回购股份数量为准。本次 回购股份的实施期限为自公司董事会审议通过本次回购股份方案之日起 6 个月 ...

Summary of Key Points Core Viewpoint - Tianshan Aluminum (002532) announced a share repurchase plan on April 9, 2025, aiming to buy back shares worth between 200 million to 300 million yuan for employee stock ownership or equity incentive plans [1] Group 1: Share Repurchase Details - As of May 28, 2025, the company has repurchased a total of 9.2065 million shares, representing 0.2% of the total share capital, with a maximum transaction price of 7.89 yuan per share and a minimum transaction price of 7.41 yuan per share [1] - The total amount of funds used for the repurchase so far is 70.2212 million yuan, excluding transaction costs [1] Group 2: Historical Repurchase Activity - The company previously completed two share repurchase rounds in 2024 and 2022, with a cumulative total of 47.5098 million shares repurchased, accounting for 1.02% of the total share capital, and a total expenditure of 320 million yuan, excluding transaction costs [1]

Group 1 - The core announcement is about the exchange period of the convertible bonds issued by the controlling shareholder, Jinlong Energy, which will begin on June 3, 2025 [1][2] - The convertible bonds, named "24 Jinlong EB01," were issued on December 2, 2024, with a total scale of 1.15 billion yuan and a maturity of three years [1] - The initial conversion price for the bonds is set at 9.8 yuan per share, which may be adjusted due to the company's 2024 equity distribution [2] Group 2 - As of the announcement date, the actual controllers of the company hold a total of 1,954.12 million shares, accounting for 42.00% of the total share capital, with Jinlong Energy holding 913.18 million shares, or 19.63% [2] - The potential reduction in shares held by Jinlong Energy due to bondholders exercising their conversion rights is noted, but it is stated that this will not change the control of the company or significantly impact its governance structure [2][3] - The company will continue to monitor the conversion situation of the bonds and fulfill its information disclosure obligations as required by law [3]

证券代码：002532 证券简称：天山铝业 公告编号：2025-032 截至本公告披露日，公司实际控制人曾超懿、曾超林合计直接持有及间接支 1 / 2 配公司股份共计 195,412.16 万股，占公司总股本的 42.00%，其中，通过锦隆能 源持有公司股份 91,317.54 万股，占公司总股本的 19.63%；石河子市锦隆能源产 业链有限公司可交换私募债质押专户（一期）中锦隆能源质押公司股票 21,000.00 万股，占公司总股本的 4.51%。进入换股期后，锦隆能源所持有的公司股份可能 因债券持有人选择换股而减少，假设本期可交换债券持有人持有的可交换债券全 部以换股价用于交换公司股票，公司控股股东及实际控制人不会发生变化，亦不 会对公司治理结构及持续经营产生重大影响。 天山铝业集团股份有限公司 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 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。 2025 年 5 月 28 日，天山铝业集团股份有限公司（以下简称"公司"）收到 控股股东石河子市锦隆能源产业链有限公司（以下简称 ...

Core Insights - The high-pressure cleaning machine market in China is experiencing steady growth, with the market size projected to increase from 1.937 billion yuan in 2018 to 3.02 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 7.68% [1][13] - The demand for high-pressure cleaning machines is diversifying due to rising living standards and changing consumer perceptions, which will further expand the market [1][13] - The industry is characterized by a complete supply chain, including upstream raw material supply, midstream manufacturing, and downstream applications across various sectors [7] Industry Overview - High-pressure cleaning machines utilize a power-driven high-pressure pump to generate high-pressure water for cleaning surfaces, making them an efficient and environmentally friendly cleaning solution [3] - The machines can be categorized based on the driving engine (electric, gasoline, diesel), usage (household, commercial, industrial), and water temperature (cold, hot, or both) [3] Industry Development History - The Chinese high-pressure cleaning machine industry has evolved through four stages: initial imitation of imported equipment, expansion with domestic innovation, technological upgrades, and a focus on high-quality development driven by carbon neutrality goals [5] Industry Chain - The industry chain includes upstream raw materials (plastics, steel, aluminum alloys), midstream manufacturing, and downstream applications in household, automotive, construction, food processing, and municipal sectors [7] Market Trends - The global high-pressure cleaning machine market is projected to reach approximately 3.195 billion yuan by 2024, driven by industrialization and urbanization [12] - The application of high-pressure cleaning machines is expanding into various sectors, including vehicle washing, building maintenance, and municipal cleaning, due to their efficiency and environmental benefits [24] Competitive Landscape - The industry is fragmented, with domestic manufacturers transitioning from OEM to ODM and OBM models, enhancing their competitive edge [16][18] - Key players include Greenfield Machinery, Zhejiang Danong, and others, with Greenfield's revenue from high-pressure cleaning machines expected to reach 1.085 billion yuan in 2024, a 70.06% increase [19][21] Future Development Trends - The industry is expected to see continued technological innovation, with a focus on high-performance materials and smart manufacturing processes [23] - The trend towards specialization, diversification, integration, and intelligence in high-pressure cleaning machines will cater to specific market needs and enhance user experience [25]

Core Viewpoint - The Guinean government has revoked 51 mining licenses, including those for bauxite, gold, diamonds, graphite, and iron ore, which significantly impacts the global supply of bauxite, a critical raw material for aluminum production [2][3]. Group 1: Mining Policy Changes - Guinea, as the world's second-largest bauxite producer, holds about 25% of global reserves, making its mining policies crucial for the industrial metal market [2]. - The Axis mining area, which has a projected bauxite output of approximately 23 million tons in 2024, has been ordered to halt operations, raising concerns about supply shortages [2][3]. - The Guinean transitional authorities have designated several mining areas, including Axis, as strategic reserve zones, indicating a long-term suspension of mining activities [3]. Group 2: Market Reactions - The revocation of mining licenses has led to panic in the market regarding bauxite supply disruptions, particularly affecting Chinese imports, which account for over 60% of Guinea's bauxite exports [5]. - Following the announcement, the CIF price of Guinean bauxite dropped to $70 per ton, while domestic alumina futures prices surged, with the main contract reaching a limit-up increase of over 6% shortly after the news [5]. - The SMM alumina index rose to 2988.65 yuan per ton on May 19, reflecting a 3.19% increase from earlier in the month, indicating rising production costs for aluminum [6]. Group 3: Industry Implications - The increase in alumina prices is expected to compress profit margins for electrolytic aluminum producers in China, potentially impacting 45 million tons of production capacity [6]. - The changes in Guinea's mining policies are seen as a move to secure more benefits for the local government ahead of the upcoming elections in December 2025, reflecting a trend of resource nationalism [7]. - Chinese companies, such as Tianshan Aluminum, are adapting by securing local mining rights and establishing production capabilities in Guinea to mitigate risks associated with supply chain disruptions [7][8]. Group 4: Strategic Considerations - The aluminum industry must navigate the risks posed by resource nationalism and the changing political landscape in Guinea, which could lead to increased operational uncertainties [8][9]. - Companies are advised to enhance their assessment of the impacts of mining policy changes on their operations and to diversify their resource acquisition strategies to ensure supply chain stability [9].