关于实际控制人部分股份质押的公告 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。 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 证券代码：002532 证券简称：天山铝业 公告编号：2025-055 天山铝业集团股份有限公司 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 | 数量（万 | 持股份 | 总股本 | 为限 | 为补 | 质押起 | 质押到 | 质权人 | 质押 | | 名称 | 大股东及其 | 股） | 比例 | 比例 | 售股 | 充质 | 始日 | 期日 | | 用途 | | | 一致行动人 | | | | | 押 | | | | | | 曾超 | | | | | ...

资料显示，天山铝业集团股份有限公司位于上海市浦东新区张杨路2389弄3号普洛斯大厦9层，成立日期 1997年11月3日，上市日期2010年12月31日，公司主营业务涉及原铝、铝深加工产品及材料、预焙阳 极、高纯铝、氧化铝的生产和销售。主营业务收入构成为：销售自产铝锭65.26%，销售氧化铝 24.20%，销售铝箔及铝箔坯料6.89%，销售高纯铝2.10%，其他(补充)1.55%。 截至6月30日，天山铝业股东户数4.97万，较上期增加4.44%；人均流通股83175股，较上期减少4.25%。 2025年1月-6月，天山铝业实现营业收入153.28亿元，同比增长11.19%；归母净利润20.84亿元，同比增 长0.51%。 分红方面，天山铝业A股上市后累计派现65.62亿元。近三年，累计派现34.63亿元。 9月9日，天山铝业涨0.95%，成交额3.83亿元。两融数据显示，当日天山铝业获融资买入额3581.30万 元，融资偿还3086.35万元，融资净买入494.95万元。截至9月9日，天山铝业融资融券余额合计6.75亿 元。 融资方面，天山铝业当日融资买入3581.30万元。当前融资余额6.56亿元，占流通市 ...

Group 1 - The core point of the article is that Tianshan Aluminum announced the release of 60 million shares by its controlling shareholder, Jinlong Energy, which accounts for 1.29% of the company's total share capital [2] - The release of the pledged shares involves two transactions, with the shares originally pledged to DBS Bank (China) Limited on November 21, 2024, and December 17, 2024, respectively [2] - The date of release for both transactions is September 9, 2025 [2]

证券代码：002532 证券简称：天山铝业 公告编号：2025-053 天山铝业集团股份有限公司 关于控股股东非公开发行可交换公司债券换股进展暨持股 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。 近日，公司收到锦隆能源通知，"24 锦隆 EB01"换股 593,741 股，占目前 公司总股本比例为 0.0128%。本次权益变动后，锦隆能源持有公司股份累计被动 减少 593,741 股，锦隆能源及其一致行动人持有公司股份比例被动减少至 41.9997%。现将有关权益变动情况公告如下： | 信息披露义务人 | 石河子市锦隆能源产业链有限公司 | | --- | --- | | 住所 | 新疆石河子开发区北八路21号20307 | | 权益变动时间 | 2025年7月21日至2025年9月5日 | | 权益变动过程 | 2025年7月21日至2025年9月5日期间，"24锦隆EB01"可 | 1 / 4 | | 交换债券持有人换股导致锦隆能源被动 ...

证券代码：002532 证券简称：天山铝业 公告编号：2025-054 一、股东股份质押后续进展 （一）股东股份解除质押 天山铝业集团股份有限公司（以下简称"本公司"或"公司"）近日接到控股 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"）函告，获悉其 所持有本公司的部分股份解除质押，具体事项如下： | 股东 名称 | 是否为控股 股东或第一 大股东及其 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司 总股本 | 质押起始日 | 解除质押日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 一致行动人 | (万股) | | 比例 | | | | | 锦隆 | | 3,200.00 | 3.51% | 0.69% | 2024/11/21 | 2025/9/9 | 星展证券 | | 能源 | 是 | | | | | | (中国)有 | | | | 2,800.00 | 3.07% | 0.60% | 2024/12/17 | 2025/9/9 | 限公司 | | 合计 | | 6,000.00 | 6.57% ...

Core Viewpoint - Jushen Logistics Group Co., Ltd. is responding to an inquiry regarding its application to issue convertible bonds, highlighting recent financial performance and operational challenges, particularly in its transportation and warehousing segments [1][2]. Financial Performance - In Q1 2025, the company reported a net profit of -3.01 million yuan and a negative cash flow from operating activities of -36.73 million yuan, contrasting with a revenue of 259.60 million yuan, which represents a year-on-year growth of 22.74% [2][4]. - The company's transportation revenue for the reporting period was 970.05 million yuan, while warehousing revenue was 107.38 million yuan, indicating a significant reliance on transportation services [2][4]. Operational Challenges - The decline in net profit despite revenue growth is attributed to a decrease in gross margin by 4.84 percentage points, primarily due to losses in the Guinea land transportation business, which reported a gross margin of -135.71% [4][5]. - Management expenses increased by 74.39% year-on-year, largely due to the expansion of the management team for the Guinea operations, while financial expenses surged by 160.67% due to increased borrowing and foreign exchange losses [4][5]. Client Relationships - The company has deepened its collaboration with Tianshan Aluminum Group, becoming its exclusive service provider for certain logistics services starting in 2024, which positions Tianshan as the company's largest client [2][4]. - The emergence of Guangxi Fusheng Logistics as a top client shortly after its establishment raises questions about the sustainability and rationale behind this relationship, given its low registered capital [2][4]. Cash Flow and Debt Management - The company anticipates sufficient cash flow to cover the principal and interest of the proposed convertible bonds, with a projected operating cash flow of 46.38 million yuan for the first half of 2025 [5][10]. - The issuance of convertible bonds is seen as a strategic move to mitigate debt repayment pressure, with a relatively low interest rate compared to traditional debt instruments [10][12]. Business Model and Market Position - The company operates in the non-ferrous metal logistics sector, focusing on integrated logistics services, including transportation and warehousing, which are interlinked but can also operate independently [11][12]. - The company has established a strong market presence in key regions, with over 900,000 square meters of warehouse space, enhancing its competitive edge in the logistics market [14][15].

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 specializes in the production and sales of primary aluminum, aluminum deep processing products and materials, prebaked anodes, high-purity aluminum, and alumina [1] Financial Performance - For the first half of 2025, Tianshan Aluminum achieved operating revenue of 15.328 billion yuan, a year-on-year increase of 11.19% [2] - The net profit attributable to shareholders for the same period was 2.084 billion yuan, reflecting 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 last three years [3] Stock Performance - As of September 5, Tianshan Aluminum's stock price increased by 2.04%, reaching 10.52 yuan per share, with a total market capitalization of 48.938 billion yuan [1] - The stock has risen 37.12% year-to-date, with a 4.26% increase over the last five trading days, 8.68% over the last twenty days, and 26.29% over the last sixty days [1] - The number of shareholders as of June 30 was 49,700, an increase of 4.44% from the previous period, while the average circulating shares per person decreased by 4.25% to 83,175 shares [2] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares, a decrease of 10.084 million shares from the previous period [3] - The main business revenue composition includes 65.26% from the sale of self-produced aluminum ingots, 24.20% from alumina sales, 6.89% from aluminum foil and aluminum foil raw materials, 2.10% from high-purity aluminum, and 1.55% from other sources [1] Market Position - Tianshan Aluminum is classified under the Shenwan industry as non-ferrous metals - industrial metals - aluminum, and is associated with concepts such as battery foil, non-ferrous aluminum, lithium batteries, social security heavy positions, and Xinjiang revitalization [1]

Market Overview - On September 4, the industrial metals sector fell by 4.23%, with Huayu Mining leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers included: - Yian Technology (300328) with a closing price of 18.60, up 3.91% [1] - Asia Pacific Technology (002540) at 6.58, up 3.46% [1] - Significant decliners included: - Huayu Mining (601020) at 24.65, down 10.00% [2] - Baiyin Nonferrous (601212) at 3.82, down 9.69% [2] - Luoyang Jiyie (603993) at 12.44, down 8.86% [2] Trading Volume and Capital Flow - The industrial metals sector experienced a net outflow of 3.687 billion yuan from main funds, while retail investors saw a net inflow of 2.769 billion yuan [2][3] - The trading volume for individual stocks varied, with notable figures such as: - Huayu Mining with a trading volume of 796,900 shares [2] - Baiyin Nonferrous with 4,925,700 shares [2] Capital Inflow Analysis - Key stocks with significant main fund inflows included: - Nanshan Aluminum (600219) with a net inflow of 71.11 million yuan [3] - Tianshan Aluminum (002532) with a net inflow of 34.90 million yuan [3] - Conversely, stocks like Tianshan Aluminum saw a retail net outflow of 56.38 million yuan [3]

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [10] Core Views - Tianshan Aluminum's H1 2025 revenue increased by 11.19% year-on-year to 15.328 billion yuan, while net profit attributable to shareholders rose by 0.51% to 2.084 billion yuan. The company reported a significant increase in cash flow from operating activities, up 47.09% to 3.280 billion yuan [1][2] Production and Sales Summary - The production volume of electrolytic aluminum in H1 2025 remained stable at 585,400 tons, while alumina production increased by 9.76% to 1.1999 million tons. The average selling price of self-produced electrolytic aluminum rose by approximately 2.8% to 20,250 yuan per ton, and the average selling price of self-produced alumina increased by about 6% to 3,700 yuan per ton [2][3] - The external sales volume of electrolytic aluminum increased by approximately 2% year-on-year, and the external sales volume of alumina rose by about 7% [2] Financial Performance Summary - In H1 2025, Tianshan Aluminum's total revenue was 15.328 billion yuan, with a gross profit of 3.100 billion yuan, reflecting a year-on-year increase of 3.01%. The revenue contribution from various segments was 65.26% from raw aluminum, 24.20% from alumina, 2.10% from high-purity aluminum, 6.89% from aluminum foil, and 1.55% from other segments [3] - The company forecasts revenues of 33.874 billion yuan, 35.207 billion yuan, and 37.396 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 4.594 billion yuan, 4.858 billion yuan, and 5.233 billion yuan for the same years [10][12]

Core Viewpoint - UBS reports that the performance of non-ferrous metal companies in the first half of the year remains robust, with Luoyang Molybdenum and Zijin Mining leading with profit growth exceeding 50% [1] Group 1: Company Performance - Luoyang Molybdenum and Zijin Mining show strong profit growth of over 50% [1] - China Hongqiao and Jiangxi Copper follow, while China Aluminum and Tianshan Aluminum's profits remain relatively flat [1] Group 2: Industry Trends - The copper industry focuses on mergers and acquisitions, production growth, and niche metal business expansion [1] - The aluminum sector emphasizes dividend distribution and share buybacks [1] Group 3: Earnings Forecast Adjustments - UBS raises full-year profit forecasts for Zijin Mining, Luoyang Molybdenum, and Jiangxi Copper by 6%, 11%, and 26% respectively [1] - The target prices for Zijin Mining and Luoyang Molybdenum are increased to HKD 32.5 and HKD 16.5 respectively [1] - Jiangxi Copper's rating is upgraded to "Buy" with a target price raised to HKD 27.1 [1] Group 4: Preferred Stocks - China Hongqiao remains UBS's top pick in the aluminum sector due to its potential for deleveraging and commitment to shareholder returns, maintaining a target price of HKD 26.8 and a "Buy" rating [1]