Company Overview - Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. was established in 2001 and listed on the Shenzhen Stock Exchange in 2011. As of Q1 2025, the total assets reached CNY 8.181 billion [1] - The company is a key supplier in the automotive thermal management and lightweight system components sectors, focusing on high-end aluminum alloy material applications [1] Core Competitive Advantages - The company is a significant aluminum supplier for global automotive thermal management systems, achieving over CNY 3 billion in revenue in 2024, accounting for approximately 42% of total revenue [2] - In the lightweight system components sector, the company generated nearly CNY 3.1 billion in revenue, representing about 41% of total revenue, with leading market shares in suspension and control system aluminum materials [2] Pricing Strategy - The pricing model for aluminum products is based on "aluminum ingot price + processing fee," with the ingot price referencing the monthly average of Shanghai Nonferrous Metals Market A00 aluminum ingot prices [3] Profit Distribution - For the 2024 semi-annual profit distribution, the company distributed CNY 1.6 per 10 shares, totaling CNY 197.5 million. For the 2024 annual distribution, CNY 2.0 per 10 shares was distributed, totaling CNY 247.2 million [4] Future Capacity Planning - The company is advancing several projects, including high-performance aluminum profiles for aviation and high-strength aluminum system components for new energy vehicles, aiming for significant production increases [5][6] Future Development Outlook - The company anticipates growth opportunities driven by global sustainable development policies and the upgrading of industrial structures. The automotive industry is evolving towards efficiency, cleanliness, and intelligence, presenting new challenges and opportunities in thermal management and lightweight technologies [6]

Core Viewpoint - The industrial aluminum profile market in China is experiencing significant growth driven by the increasing demand for lightweight vehicles and the expansion of the new energy vehicle sector, alongside robust demand from the photovoltaic industry [1][9]. Market Overview - Industrial aluminum profiles are primarily alloy materials made from aluminum, produced through processes like melting and extrusion, resulting in various shapes for different applications [2]. - The market is witnessing a production capacity expansion among Chinese manufacturers to meet the rising demand, with a projected production volume of 11.705 million tons in 2024, marking a year-on-year increase of 23.21% [1][9]. Market Policies - A series of supportive policies have been introduced to encourage technological innovation and green manufacturing in the industrial aluminum profile sector, including guidelines for recycling and promoting green finance [4][6]. Industry Chain - The upstream of the industrial aluminum profile industry includes bauxite, recycled aluminum, and production equipment, while the downstream encompasses applications in photovoltaic, new energy vehicles, and construction [7]. Competitive Landscape - The industrial aluminum profile market is highly competitive, with numerous players entering the field. The top twenty companies include prominent names such as Conglin Aluminum Technology and Dingmei New Materials [11][13]. - Conglin Aluminum Technology specializes in high-end industrial aluminum profiles and lightweight equipment, serving major clients like China CRRC and Maersk [14]. - Dingmei New Materials focuses on high-performance aluminum and magnesium alloys, achieving a revenue of 1.491 billion yuan in 2024, with 44.01% from industrial aluminum materials [16]. Development Trends - The industry is expected to adopt smart production lines and technologies such as IoT and AI to enhance efficiency and reduce costs. The use of recycled aluminum is anticipated to increase, promoting resource circularity [18].

中信建投证券股份有限公司 关于 江苏亚太轻合金科技股份有限公司向不特定对 象发行可转换公司债券 受托管理事务报告 （2024 年度） 受托管理人：中信建投证券股份有限公司 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 《公司债券受托管理人执业行为准则》（以下简称"《执业行为准则》"）、《公司信 用类债券信息披露管理办法》和其他相关法律、法规、规范性文件及自律规则的 规定、《江苏亚太轻合金科技股份有限公司向不特定对象发行可转换公司债券之 受托管理协议》（以下简称"《受托管理协议》"）、《江苏亚太轻合金科技股份有限 公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 及其它相关信息披露文件以及江苏亚太轻合金科技股份有限公司（以下简称"亚 太科技"、"发行人"或"公司"）出具的相关说明文件和提供的相关资料等，由 受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"）编制。中 信建投证券编制本报告所引用的财务数据，引自经公证天业会计师事务所（特殊 普通合伙）审计的 2024 年度审计报告。本报告其他内容及信息来源于第三方专 业机构出 ...

Core Viewpoint - The article discusses the evolution of policies in China's aluminum profile industry, emphasizing the shift towards high-quality development, green technology, and international competitiveness in the sector [1][3][7]. Policy Evolution - The aluminum profile industry's policy development has followed the macro policies of the aluminum processing industry, transitioning from capacity restrictions to promoting new materials and enhancing recycling technology [1]. - Key milestones include the 2011 "12th Five-Year Plan" which aimed to control the blind expansion of electrolytic aluminum capacity and the 2024 announcement to cancel export tax rebates for aluminum products to guide domestic enterprises towards high-quality development [1][3]. National Policy Summary - The Chinese government has made comprehensive plans for the aluminum profile industry, focusing on green and low-carbon development, particularly in the "14th Five-Year Plan" [3]. - Recent policies include the cancellation of export tax rebates to encourage high-quality development and the promotion of standards for aluminum alloys and composite materials [3][7]. Key Policy Documents - A summary of key policies includes: - "High-Quality Development Implementation Plan (2025-2027)" aiming for a significant increase in aluminum resource security and recycling capacity by 2027 [4]. - "Action Plan for Energy Conservation and Carbon Reduction in the Electrolytic Aluminum Industry" targeting a 30% share of benchmark energy efficiency capacity by 2025 and a recycling aluminum output of 11.5 million tons [11][12]. Provincial Policy Initiatives - Various provinces have introduced policies to enhance the aluminum processing industry, focusing on safety, technological advancement, and environmental sustainability [13][14]. - For instance, Guangdong aims to improve energy efficiency levels of aluminum products by 5% by 2025, while Jiangsu plans to update significant equipment in aluminum processing facilities by 2027 [18]. Future Outlook - The demand for aluminum alloy new materials is expected to grow significantly, driving technological reforms and development in the aluminum profile industry [17].

Core Viewpoint - Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. maintains a stable credit rating of AA for its main entity and its convertible bonds, indicating strong financial health and operational stability [1][4][10]. Company Overview - The company primarily engages in the production of automotive aluminum materials and components, with a focus on lightweight and high-performance aluminum products [4][10]. - As of March 2025, the company has a registered capital of 1.252 billion yuan and operates under the stock code "002540.SZ" [10]. Financial Performance - The company reported total revenue of 74.33 billion yuan in 2024, with a profit of 5.02 billion yuan [10][21]. - The EBITDA for 2024 was 8.86 billion yuan, reflecting a strong operational performance despite a slight decline in gross margin due to increased costs from external procurement [8][21]. - The company’s total debt stood at 16.57 billion yuan at the end of 2024, with a debt-to-equity ratio of 22.95%, indicating a low debt burden [6][10]. Operational Highlights - The company has maintained a strong competitive position through technological advancements and a solid customer base, including partnerships with major clients like Bosch and Valeo [4][16]. - Research and development investment reached 252 million yuan in 2024, accounting for 3.39% of total revenue, showcasing the company's commitment to innovation [5][10]. Risk Factors - The company faces operational risks due to safety incidents at subsidiaries, which have impacted production capacity and project timelines [4][21]. - The automotive aluminum market is experiencing increased competition, leading to potential pricing pressures on products [6][21]. Future Outlook - The company has several ongoing projects aimed at increasing production capacity, with a target of reaching 400,000 tons per year upon completion [4][21]. - The outlook remains stable, with expectations for continued demand in the automotive sector, particularly in lightweight materials for electric vehicles [4][10].

记载、误导性陈述或重大遗漏。 证券代码：002540 证券简称：亚太科技 公告编号：2025-049 债券代码：127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司 关于可转换公司债券2025年跟踪评级结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 亚科转债前次信用评级等级为"AA"，公司主体长期信用评级等级为"AA"， 评级展望为"稳定"；评级机构为联合资信，评级时间为 2024 年 6 月 19 日。 重要内容提示： 1、前次债券评级：公司主体信用等级为"AA"，"亚科转债"的信用等级为"AA"， 评级展望为"稳定"； 2、本次债券评级：公司主体信用等级为"AA"，"亚科转债"的信用等级为"AA"， 评级展望为"稳定"； 3、本次评级结果较前次没有变化。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》《上市公司 证券发行管理办法》和《深圳证券交易所股票上市规则》等相关规定，江苏亚太 轻合金科技股份有限公司（以下简称"公司"）委托信用评级机构联合资信评估股 份有限公司（以下简称"联合资信"）对公司于 2023 年 3 月 7 日发行的可转换公 司债券（以 ...

江苏亚太轻合金科技股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 跟踪评级报告 | 0 www.lhratings.com . 联合〔2025〕4431 号 联合资信评估股份有限公司通过对江苏亚太轻合金科技股份有 限公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维 持江苏亚太轻合金科技股份有限公司主体长期信用等级为 AA，维 持"亚科转债"信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十日 跟踪评级报告 | 1 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受江苏亚太轻合金科技股份有限公司（以下简 称"该公司"）委托所出具，除因本次评级事项联合资信与该公 ...

Group 1 - In 2024, China's bauxite production is expected to be approximately 93 million tons, remaining stable compared to 2023 due to environmental regulations and mining restrictions [1] - China's alumina production is projected to reach about 85.52 million tons in 2024, reflecting a year-on-year growth of 3.9% [2] - The output of electrolytic aluminum in China is estimated to be around 44.01 million tons in 2024, showing a year-on-year increase of 4.6% [4] Group 2 - China's recycled aluminum production is anticipated to be about 10.5 million tons in 2024, continuing its growth trend despite previous slowdowns [5][8] - The production of aluminum processing materials in China is expected to be around 64.6 million tons in 2024, with a year-on-year growth of 4.2%, accounting for 67.15% of the global total [9]

Group 1 - The global aluminum profile industry has evolved from initial industrial applications to multiple high-tech and traditional fields [1] - Guinea holds the largest aluminum ore reserves globally, accounting for 25.52% of total reserves [2] - Guinea, Australia, and China each contribute over 20% to global aluminum ore production, with respective shares of 28.99%, 22.22%, and 20.67% [5] Group 2 - The total global aluminum profile production is projected to be approximately 39.18 million tons in 2024, with China accounting for 50%-55% of this total [7] - There is an increasing demand for lightweight aluminum profiles, particularly in the automotive and aerospace sectors, driven by technological innovations and the rapid development of industries such as new energy vehicles and photovoltaics [9]

Investment Rating - The report maintains a "Most Preferred" rating for several companies in the APAC Tech sector, including TSMC, SK Hynix, and Samsung Electronics, all rated as "Buy" [11][12]. Core Views - The report highlights the significant impact of tariff outcomes on end-demand, indicating that while the effect is material, the exact degree is difficult to quantify [9]. - AI demand is confirmed to be on track, with Nvidia's supply chain accelerating [9]. - A weakening memory cycle is anticipated, with expectations of oversupply for NAND and DDR DRAM from Q3 2025 to Q2 2026 [9]. Summary by Sections Market Overview - The smartphone unit growth forecast has been lowered to flat YoY for 2025-2026, while PC growth is expected at +2% for both years [10]. - The report forecasts that the 3MMA YoY semiconductor revenue growth peaked in April 2025, with the next trough expected in Q2 2026 [10]. Key Stock Coverage - Top picks include TSMC and SK Hynix, both rated "Buy," with price targets indicating significant upside potential [11]. - Other recommended stocks include Samsung Electronics, SEMCO, and LG Innotek, all with favorable ratings and price targets suggesting substantial upside [12]. Sector Preferences - The report categorizes APAC Tech stocks into "Most Preferred" and "Least Preferred," with a clear bias towards value stocks in the technology sector [12]. - The report indicates an overweight position in leading-edge foundries and memory semiconductors, while being underweight in back-end equipment and displays [12]. Model Portfolio Performance - The "Most Preferred" portfolio has shown a year-to-date return of -8.5%, while the "Least Preferred" portfolio has returned 9.0% [13]. - Overall, the portfolio has achieved a significant return since inception, indicating strong long-term performance despite recent volatility [13].