公司主营产品价格环比双减影响 Q1 利润水平。1）量，2025 年公司全年 主要生产经营目标为原铝产量 116 万吨、发电量 130 亿度、氧化铝产量 240 万吨、预焙阳极产量 55 万吨、铝土矿产量 300 万吨、高纯铝产量 2 万吨、铝箔及铝箔坯料产量 15 万吨。2）价，据 SMM，25Q1 电解铝价格 为 2.04 万元/吨，同比增长 7.3%，环比减少 0.5%；25Q1 氧化铝价格为 3833 元/吨，同比增长 15.2%，环比减少 28.1%。 复制国内成功经验，加快建设海外一体化铝产业园。公司计划在印尼建设 铝一体化产业链，打造铝土矿、氧化铝、电解铝、深加工和配套产业链的 大型一体化铝工业园，形成资源优势、成本优势、技术优势和管理优势协 同并进，面向全球铝市场，不断提高公司在铝行业中的规模和竞争力。公 司已在当地拥有三个铝土矿权，2025 年将进入开采阶段，下一步将在印 尼投资兴建 200 万吨氧化铝项目，目前该项目已被列入印尼国家战略项目 清单，已完成可研报告和环评审批，进入项目设计、土建场平阶段。 以资源保障为重点，拓展资源获取能力和上游产业的布局，使公司铝土矿 自给率达到 100%。公 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or misleading statements [2][3] - The quarterly report has not been audited [3][7] Financial Data - The company does not require retrospective adjustments or restatements of previous accounting data [3] - There are no non-recurring profit and loss items applicable for the current quarter [3] - The company has not defined any non-recurring profit and loss items as recurring [3] Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are not disclosed in the provided documents [5] - There are no changes in the top ten shareholders due to securities lending activities [5] Other Important Matters - The company has changed its website to http://www.tslyjt.com and its email to 002532@tslyjt.com [5]

金种子酒公告，公司于近期收到阜阳市国资委批复，阜阳市国资委原则同意公司公开转让控股子公司 安徽金太阳生化药业有限公司（简称"金太阳药业"）92%股权。 2025.04. 23 4月23日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金种子酒：转让金太阳药业92%股权获阜阳市国资委同意批复 复星医药：高级副总裁李东久辞任 复星医药公告，公司董事会收到李东久的书面辞职函。因到龄退休，李东久向董事会申请辞去高级副 总裁职务。 岳阳林纸：全资子公司诚通碳汇中标林业碳汇合作开发项目 岳阳林纸公告，公司全资子公司诚通碳汇经营管理(湖南)有限责任公司（简称"诚通碳汇"）2025年4 月22日收到《关于百色市乐业县林业碳汇合作开发项目招商结果的函》，成为该项目招商中选单 位。如以上项目合同签订并顺利实施，将对公司实施项目年度的经营业绩产生积极的影响。 【观业绩】 天齐锂业：预计2025年第一季度净利润为8200万元—1.23亿元 天齐锂业公告，预计2025年第一季度归属于上市公司股东的净利润为8200万元—1.23亿元，上年同 期为亏损38.97亿元。 吉比特：一季度净 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥7,925,025,818.02, representing a 16.12% increase compared to ¥6,825,089,442.22 in the same period last year[5] - Net profit attributable to shareholders was ¥1,058,092,960.94, a significant increase of 46.99% from ¥719,819,784.57 year-on-year[5] - Basic and diluted earnings per share increased by 43.75% to ¥0.23, compared to ¥0.16 in the same period last year[5] - Net profit for the current period was ¥1,057,673,550.25, representing a 46.2% increase from ¥723,374,449.47 in the previous period[17] Cash Flow - The net cash flow from operating activities decreased by 23.95% to ¥801,046,015.79, down from ¥1,053,339,609.25 in the previous year[5] - Cash generated from operating activities was ¥8,558,488,884.44, an increase from ¥7,403,619,693.82 in the previous period[19] - Operating cash inflow totaled approximately ¥8.63 billion, an increase from ¥7.51 billion year-over-year[20] - Cash outflow from operating activities was approximately ¥7.83 billion, compared to ¥6.45 billion in the previous year[20] - Net cash flow from operating activities decreased to approximately ¥801 million from ¥1.05 billion year-over-year[20] - Cash inflow from financing activities was approximately ¥1.56 billion, down from ¥3.08 billion in the previous year[20] - Cash outflow from financing activities totaled approximately ¥2.93 billion, compared to ¥3.30 billion in the previous year[20] - Net cash flow from financing activities showed a significant decline to approximately -¥1.37 billion from -¥216 million year-over-year[20] - The net increase in cash and cash equivalents was approximately -¥817 million, compared to -¥59.58 million in the previous year[20] - The ending balance of cash and cash equivalents was approximately ¥590 million, down from ¥1.82 billion year-over-year[20] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥54,992,859,101.35, a decrease of 3.15% from ¥56,780,292,031.26 at the end of the previous year[5] - Total liabilities decreased to ¥27,112,969,389.76 from ¥29,946,396,702.13, a reduction of 9.5%[15] - The company's equity attributable to shareholders rose by 3.90% to ¥27,878,065,797.83 from ¥26,831,388,895.23 at the end of the last year[5] - Total current assets decreased from 20,931,363,173.13 CNY to 19,305,417,048.92 CNY, a decline of about 7.8%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 47,545[9] - The largest shareholder, Shihezi Jinlong Energy Industry Chain Co., Ltd., holds 19.63% of shares, totaling 913,175,412 shares, with 370,000,000 shares pledged[9] - The second-largest shareholder, Zeng Chao Yi, owns 8.46% of shares, totaling 393,778,364 shares, with 175,000,000 shares pledged[9] Operational Costs and Expenses - Total operating costs amounted to ¥6,740,758,568.95, up 12.7% from ¥5,984,793,694.01 in the prior period[16] - Research and development expenses were ¥48,983,469.91, slightly up from ¥46,414,224.28, indicating continued investment in innovation[16] - The company reported a significant increase in payments for goods and services, totaling approximately ¥6.46 billion, compared to ¥5.70 billion in the previous year[20] - Payments to employees increased to approximately ¥244 million from ¥208 million year-over-year[20] Other Financial Metrics - The financial expenses decreased by 32.41% to ¥124,727,272.59, down from ¥184,524,936.33 in the previous year[8] - Other income increased significantly by 207.51% to ¥63,758,969.45, compared to ¥20,733,967.57 in the same period last year[8] - The net cash flow from investing activities improved by 71.96%, reaching -¥253,561,919.51, compared to -¥904,196,027.56 in the previous year[8] - The company has changed its website and email address for operational needs[11] - There are no significant changes in the top 10 shareholders' participation in margin trading[9]

Core Insights - Tianshan Aluminum reported a net profit of 1.058 billion yuan for Q1 2025, representing a year-on-year increase of 46.99% [1] - The company's operating revenue for the same period reached 7.925 billion yuan, showing a year-on-year growth of 16.12% [1] Financial Performance - The net profit attributable to shareholders increased significantly, indicating strong financial health and operational efficiency [1] - The revenue growth suggests a positive trend in sales and market demand for the company's products [1]

Investment Rating - The report maintains a "Recommendation" rating for Tianshan Aluminum [1][3] Core Views - The company is expected to achieve a record high net profit attributable to shareholders in 2024, driven by an integrated business layout and rising aluminum prices [1][7] - The target price is set at 9 CNY, with the current price at 7.45 CNY, indicating potential upside [3][7] Financial Performance Summary - In 2024, the company reported total revenue of 28,089 million CNY, a decrease of 3.06% year-on-year, while net profit attributable to shareholders reached 4,455 million CNY, an increase of 102.03% year-on-year [7][8] - The fourth quarter of 2024 saw revenue of 7,294 million CNY, up 9.99% year-on-year, and net profit of 1,371 million CNY, up 141.43% year-on-year [7] - For Q1 2025, the company anticipates a net profit of approximately 1,050 million CNY, a growth of 46% year-on-year [7] Production and Pricing Insights - The average selling price of self-produced electrolytic aluminum was approximately 19,800 CNY/ton, up about 6% year-on-year, while the average selling price of self-produced alumina was about 4,000 CNY/ton, up about 40% year-on-year [7] - The company achieved record production levels in electrolytic aluminum (1,175,900 tons), alumina (2,278,900 tons), and electricity generation (over 13.8 billion kWh) in 2024 [7] Strategic Developments - The company is making steady progress in its integrated projects, including the acquisition of mining rights in Indonesia and the commencement of production in Guinea [7] - The integration of upstream and downstream operations is expected to enhance cost advantages and operational efficiency [7] Future Profitability Projections - The company is projected to achieve net profits of 4,647 million CNY, 5,463 million CNY, and 6,267 million CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.3%, 17.6%, and 14.7% [7][8]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Views - The company achieved a significant increase in net profit, with a year-on-year growth of 102% in 2024, reaching a net profit of 4.455 billion yuan [1][4]. - The integrated business model has strengthened, with the company entering production in Guinea and securing mining rights for its own bauxite mines in Guangxi [3][4]. - The company has committed to a cash dividend of 1.85 billion yuan for 2024, representing a payout ratio of 41.4%, and plans to maintain a minimum dividend payout ratio of 30% over the next three years [3][4]. Financial Performance Summary - In 2024, the company reported revenues of 28.089 billion yuan, a decrease of 3.1% year-on-year, while the net profit reached 4.455 billion yuan, reflecting a 102% increase [1][5]. - The average aluminum price in 2024 was 20,000 yuan per ton, up 8.2% year-on-year, contributing to improved profitability despite rising production costs [2][5]. - The company’s EBITDA for 2024 was 7.367 billion yuan, with a projected increase to 7.925 billion yuan in 2025 [5][12]. Production and Cost Analysis - The company produced 1.1759 million tons of aluminum in 2024, a slight increase of 1% year-on-year, with a gross profit of 4.195 billion yuan from the electrolytic aluminum segment [2][3]. - The alumina production reached 2.2789 million tons, with a significant increase in average selling price by 40% year-on-year, leading to a net profit of 1.78 billion yuan from the alumina segment [2][3]. - The production cost of alumina increased by only 2%, while the average selling price rose significantly, indicating strong pricing power [2][3]. Future Outlook - The company expects a favorable supply-demand balance for electrolytic aluminum in 2025, driven by new domestic policies and supply constraints [4]. - Projected net profits for 2025, 2026, and 2027 are 4.686 billion yuan, 5.594 billion yuan, and 6.019 billion yuan respectively, with corresponding P/E ratios of 7.4, 6.2, and 5.8 [4][5].

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 28.09 billion yuan in 2024, a year-on-year decrease of 3.06%, while the net profit attributable to shareholders reached 4.455 billion yuan, a significant increase of 102.03%. The non-recurring profit was approximately 1.78 billion yuan, leading to a non-recurring net profit of 4.309 billion yuan, up 128.80% year-on-year. The forecast for net profit from 2025 to 2027 has been raised, with expected figures of 4.685 billion, 5.515 billion, and 6.163 billion yuan respectively, reflecting year-on-year growth of 5.2%, 17.7%, and 11.8% [4][5][6]. Financial Summary - The total market capitalization of Tianshan Aluminum is 35.261 billion yuan, with a circulating market capitalization of 31.305 billion yuan. The current stock price is 7.58 yuan, with a 52-week high of 9.88 yuan and a low of 6.08 yuan. The total share capital is 4.652 billion shares, with 4.130 billion shares in circulation. The turnover rate over the past three months is 72.45% [1][4]. Performance Metrics - The company’s revenue is projected to increase from 28.089 billion yuan in 2024 to 29.538 billion yuan in 2025, representing a year-on-year growth of 5.2%. The gross profit margin is expected to be 22.6% in 2025, with a net profit margin of 15.9% [8][10][12]. Growth Drivers - Tianshan Aluminum is enhancing its industrial chain by establishing a self-sufficient supply of bauxite and expanding its production capacity in alumina and electrolytic aluminum. The company has obtained mining rights for local bauxite in Guangxi and is progressing with a 1 million-ton alumina project in Indonesia. The electrolytic aluminum production capacity is expected to increase significantly, contributing to the company's growth potential [5][6]. Shareholder Returns - In 2024, the company distributed cash dividends totaling 1.845 billion yuan, with a dividend payout ratio of 41.42%. The company has committed to a shareholder return plan, ensuring a cash dividend of no less than 30% of the annual net profit for the next three years. Additionally, a share buyback plan is in place, with an estimated repurchase of approximately 20 million shares, accounting for 0.43% of the total share capital [6][8].

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 28.089 billion yuan in 2024, a year-on-year decrease of 3.06%, while the net profit attributable to shareholders reached 4.455 billion yuan, a significant increase of 102.03%. The non-recurring profit was approximately 178 million yuan, leading to a non-recurring net profit of 4.309 billion yuan, up 128.80% year-on-year. The forecast for net profit from 2025 to 2027 has been raised, with expected figures of 4.685 billion, 5.515 billion, and 6.163 billion yuan respectively, reflecting year-on-year changes of +5.2%, +17.7%, and +11.8% [4][5] Financial Summary and Valuation Indicators - The total market capitalization of Tianshan Aluminum is 35.261 billion yuan, with a circulating market capitalization of 31.305 billion yuan. The current stock price is 7.58 yuan, with a 52-week high of 9.88 yuan and a low of 6.08 yuan. The company has a total share capital of 4.652 billion shares, with a circulating share capital of 4.130 billion shares. The turnover rate over the past three months is 72.45% [1][8] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01, 1.19, and 1.32 yuan respectively, corresponding to price-to-earnings (P/E) ratios of 7.3, 6.2, and 5.5 times [4][8] Growth and Dividend Strategy - Tianshan Aluminum is enhancing its industrial chain by establishing a self-sufficient supply of bauxite and expanding its production capacity in alumina and electrolytic aluminum. The company has obtained mining rights for local bauxite in Guangxi and is progressing with a 1 million-ton alumina project in Indonesia. The electrolytic aluminum production capacity is expected to increase significantly [5][6] - In 2024, the company distributed cash dividends totaling 1.845 billion yuan, with a dividend payout ratio of 41.42%. The company has committed to a shareholder return plan, ensuring a cash dividend ratio of no less than 30% of the annual net profit for the next three years [6]

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [4][6]. Core Views - The company achieved record high performance in 2024, with a revenue of 28.09 billion yuan, a decrease of 3.1% year-on-year, and a net profit attributable to shareholders of 4.46 billion yuan, an increase of 102.0% year-on-year [1][10]. - The integrated advantages of the company continue to strengthen, with significant improvements in the profitability of alumina and electrolytic aluminum [2][3]. Summary by Sections 1. Company Performance - In 2024, Tianshan Aluminum produced 1.176 million tons of aluminum ingots, a year-on-year increase of 0.9%, while alumina production reached 2.279 million tons, up 7.6% year-on-year [2][20]. - The gross profit margin for electrolytic aluminum increased to 3,911 yuan per ton, up 474 yuan per ton year-on-year, and for alumina, it reached 1,016 yuan per ton, up 944 yuan per ton year-on-year [2][20]. 2. Quarterly Performance - In Q4 2024, the company achieved a revenue of 7.29 billion yuan, a year-on-year increase of 10.0%, and a net profit of 1.37 billion yuan, a year-on-year increase of 141.4% [1][24]. - The main contributors to profit growth in Q4 were the increase in gross profit driven by rising aluminum and alumina prices [24][26]. 3. Future Outlook - The company has completed its integrated layout, achieving self-sufficiency in prebaked anodes and alumina, which enhances its raw material security and stabilizes performance [3][34]. - Tianshan Aluminum is strategically expanding its production capacity in Indonesia and Guinea, which will further secure resource supply and enhance its competitive position [3][36][37]. 4. Financial Forecast - The company is expected to achieve net profits of 5.13 billion yuan, 5.55 billion yuan, and 6.05 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 7, 6, and 6 [4][42].