格隆汇9月4日丨立中集团(300428.SZ)于投资者互动平台表示，公司多款产品可直接或间接地应用于电 池领域。公司生产的铝基功能中间合金产品目前已成功应用于新能源电池箔的制造，凭借成分均匀稳 定、杂质含量低等特点，可以有效提高电池箔的力学强度等应用性能。 ...

9月2日，立中四通轻合金集团股份有限公司接待了开源证券徐剑锋、华夏久盈周峥的现场参观调研。上 市公司接待人员包括立中集团副总裁、董事会秘书李志国，立中车轮集团国内销售总监蔡国辉，以及立 中集团证券事务代表冯禹淇 。以下为本次投资者关系活动的主要内容： 保持和突破盈利水平的策略 高端铝合金车轮业务布局 公司积极扩展锻造和铸旋等高端铝合金车轮在泰国和墨西哥的海外产能建设。项目建成后，全球范围内 锻造铝合金车轮产能超100万只，铸旋铝合金车轮产能超1000万只。凭借领先工艺与全产业链制造优 势，提升生产效率、质量性能，降低成本与碳排放，获高端客户认可。 新兴领域业务布局 公司依托创新研发与产业协同，加速新兴市场布局与产品结构升级，聚焦新能源汽车等人形机器人等领 域，推进铝合金新材料应用。 -免热处理合金：在新能源汽车一体压铸领域规模化量产，高强高屈服免 热处理压铸铝合金在机器人关节转轴及无人机结构件验证。 -再生低碳A356合金：75%废旧铝替代电解 铝，应用于汽车零部件生产。 -高导热/高导电材料：在新能源汽车、5G基站等结构部件量产应用。 -可 钎焊压铸铝合金：低导热产品在汽车热管理系统验证应用，高导热产品拓展 ...

投资者关系活 动类别 □特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 □其他 参与单位名称 及人员姓名 开源证券 徐剑锋、华夏久盈 周峥 时间 2025 年 9 月 2 日 上市公司接待 人员姓名 立中集团副总裁、董事会秘书李志国；立中车轮集团国内销售总监 蔡国辉；立中集团证券事务代表冯禹淇。 投资者关系活 动主要内容介 绍 1、公司未来将如何保持和突破当前的盈利水平？ 答：公司未来将继续发挥产业链协同优势，聚焦主营业务，持 续深化全球产业链布局，加强与客户的战略合作，重点推进新兴产 业布局，有力推动公司的销售收入稳步增长，盈利能力持续提升。 具体来看： ①在铸造铝合金方面，公司重点推进一体化压铸免热处理合 金、低碳 A356、可钎焊压铸铝合金、高导电/高导热铝合金、超高 强铸造铝合金、硅铝弥散合金等新材料在新能源汽车、人形机器人、 低空经济、储能及半导体等领域的市场应用，上述新材料的持续放 量将为公司打开更广阔的盈利增长空间。 ②在铝合金车轮方面，公司凭借行业领先的闭式直锻成型工艺 技术、铸造旋压复合工艺，叠加低碳绿色铝合金车轮全产业链制造 优势，实现了大直径锻造、铸旋 ...

融券方面，立中集团9月1日融券偿还7800.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量6.13万股，融券余额131.55万元，超过近一年70%分位水平，处于较高位。 9月1日，立中集团涨1.18%，成交额5.80亿元。两融数据显示，当日立中集团获融资买入额7141.53万 元，融资偿还5490.99万元，融资净买入1650.54万元。截至9月1日，立中集团融资融券余额合计3.00亿 元。 融资方面，立中集团当日融资买入7141.53万元。当前融资余额2.98亿元，占流通市值的2.17%，融资余 额超过近一年50%分位水平，处于较高位。 截至8月8日，立中集团股东户数2.69万，较上期增加0.65%；人均流通股20711股，较上期减少0.64%。 2025年1月-6月，立中集团实现营业收入144.43亿元，同比增长15.41%；归母净利润4.01亿元，同比增长 4.97%。 分红方面，立中集团A股上市后累计派现7.30亿元。近三年，累计派现3.39亿元。 责任编辑：小浪快报 资料显示，立中四通轻合金集团股份有限公司位于河北省保定市清苑区发展西街359号，成立日期1998 年7月 ...

调研纪要：2025年上半年，立中集团充分发挥产业链协同优势，推动销售收入稳步增长，实现营业收入 1,444,339万元，同比增长15.41%，净利润40,129万元，同比增长4.97%。公司推进铝合金新材料在新能 源汽车、人形机器人、储能及半导体等领域的应用，多项新材料已实现量产或验证。公司在泰国和墨西 哥建立生产基地，泰国新增第三工厂，墨西哥扩建车轮产能，享受'零关税'政策。公司成为首单成交单 位，通过期货市场实现再生铝产品标准化流通，提升市场认可度。公司聚焦高端锻造、铸旋和低碳铝合 金车轮，扩展海外产能，提升全球供应能力。 根据市场公开信息及8月27日披露的机构调研信息，知名私募幻方量化近期对1家上市公司进行了调研， 相关名单如下： 1）立中集团 （宁波幻方量化投资参与公司业绩说明会） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 机构简介： 幻方量化(九章资产)是一家依靠数学与计算机科学进行量化投资的对冲基金公司。创始团队于2008年开 始致力于量化对冲领域的研究、创新与实践，依靠强大的系统、独特的模型、严谨的风控，始终保持令 ...

根据市场公开信息及8月27日披露的机构调研信息，知名私募凯丰投资近期对1家上市公司进行了调研， 相关名单如下： 1）立中集团 （深圳凯丰投资参与公司业绩说明会） 调研纪要：2025年上半年，立中集团充分发挥产业链协同优势，推动销售收入稳步增长，实现营业收入 1,444,339万元，同比增长15.41%，净利润40,129万元，同比增长4.97%。公司推进铝合金新材料在新能 源汽车、人形机器人、储能及半导体等领域的应用，多项新材料已实现量产或验证。公司在泰国和墨西 哥建立生产基地，泰国新增第三工厂，墨西哥扩建车轮产能，享受'零关税'政策。公司成为首单成交单 位，通过期货市场实现再生铝产品标准化流通，提升市场认可度。公司聚焦高端锻造、铸旋和低碳铝合 金车轮，扩展海外产能，提升全球供应能力。 机构简介： 深圳市凯丰投资管理有限公司，是一家投资于全球大宗商品、债券、权益类资产及其衍生品的宏观对冲 基金管理公司。凯丰投资是中国基金业协会会员、中国期货业协会会员，具有中国证券基金业协会批准 的私募基金管理人资格。公司管理的多只阳光化基金产品的业绩与规模均居于国内同类产品前列，并荣 获"2014年度金牛私募管理公司（宏观期 ...

Core Viewpoint - The recent financial report of Lichung Group (300428) shows a solid performance with a revenue increase of 15.41% year-on-year and a net profit growth of 4.97% for the first half of 2025, indicating a positive trend in the company's operations and market positioning [1][6]. Financial Performance - Total revenue for the first half of 2025 reached 14.443 billion yuan, up 15.41% from 12.515 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 401 million yuan, a 4.97% increase from 382 million yuan in the previous year [1]. - The second quarter alone saw a revenue of 7.26 billion yuan, reflecting a 10.87% year-on-year increase, and a net profit of 239 million yuan, which is a significant 121.66% increase compared to the same quarter last year [1][6]. - The gross margin decreased to 9.22%, down 7.00% year-on-year, while the net margin fell to 2.81%, a decrease of 10.06% [1]. Cash Flow and Debt Management - The company reported a significant increase in operating cash flow, with a year-on-year growth of 105.75%, reaching 0.03 yuan per share [1]. - The total receivables increased by 21.41% to 6.042 billion yuan, raising concerns as they accounted for 854.4% of the net profit [1][5]. - The company’s interest-bearing debt rose by 17.80% to 12.166 billion yuan, indicating a growing leverage position [1]. Business Segments and Growth Drivers - The company has focused on enhancing its core business and expanding its global supply chain, which has positively impacted sales and profitability [6]. - The functional intermediate alloy business has seen growth due to increased demand in sectors like new energy vehicles and aerospace, with a focus on high-performance materials [6]. - The recycled aluminum alloy business benefited from rising demand in emerging markets, with strategic partnerships enhancing its market position [6]. - The aluminum alloy wheel segment is evolving towards high-end and lightweight products, leveraging international production bases to maintain competitiveness [6]. Market Outlook - Analysts project the company's performance for 2025 to reach a net profit of 802 million yuan, with an expected earnings per share of 1.25 yuan [5].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints - In H1 2025, the company leveraged its industrial chain synergy, focused on its main business, and advanced its global industrial chain layout, leading to steady revenue growth and enhanced profitability [26]. - Each business segment of the company showed positive performance in Q2 2025, with significantly improved profitability [26]. - The company is accelerating its layout in emerging markets and upgrading its product structure, with notable progress in new material projects [32]. - Overseas projects are under construction, which will increase the company's production capacity and competitiveness [36]. - The listing of cast aluminum alloy futures will bring multiple benefits to the company, including expanding sales channels and enabling more precise hedging [38]. - The company's high - end aluminum alloy wheel business has a clear strategic layout, aiming to meet global high - end customer demands [39]. 3. Summary by Relevant Catalogs 3.1. Research Basic Information - Research object: Lizhong Group [16] - Industry: Auto parts [16] - Reception time: August 27, 2025 [16] - Company reception personnel: Li Zhiguo, Vice President and Secretary of the Board of Directors of Lizhong Group; Feng Yuqi, Securities Affairs Representative of Lizhong Group [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (such as CICC, Huachuang Securities), fund management companies (such as Chang Sheng Fund, Tong Tai Fund), insurance asset management companies (such as Cigna Asset Management), and other investment and asset management institutions [17][18][19] 3.3. Research Institution Proportion No information provided in the document. 3.4. Main Content Data - **Company Performance in H1 2025**: The company achieved a cumulative operating income of 1,444,339 million yuan, a year - on - year increase of 15.41%. The cumulative net profit attributable to shareholders of the listed company was 40,129 million yuan, a year - on - year increase of 4.97%. Excluding the impact of accounting estimate changes, it increased by 62.43% year - on - year. In Q2 2025, the net profit attributable to shareholders of the listed company was 23,934 million yuan, a year - on - year increase of 121.66% and a quarter - on - quarter increase of 47.79% [26]. - **Business Segment Performance** - **Functional Master Alloy Business**: The company focused on high - end material demand in emerging fields, increased R & D and market expansion, and improved production efficiency, resulting in dual growth of revenue and profit [27]. - **Recycled Cast Aluminum Alloy Business**: Driven by the growing demand in new energy vehicles and other emerging markets, product sales increased steadily. New materials such as heat - treatment - free alloys contributed new growth points. The company expanded its international market in recycled aluminum through strategic cooperation [28][29]. - **Aluminum Alloy Wheel Business**: The business developed towards scale, globalization, high - end, and lightweight. The company optimized production and sales networks, increased the proportion of high - value - added products, and improved profitability [30]. - **New Energy Lithium - Battery New Material Business**: The company advanced customer certification, market development, and trial production of hexafluorophosphate lithium products, and supplied high - quality fluoride salts for its master alloy products [31]. - **New Material Layout in Emerging Industries**: The company focused on emerging fields such as new energy vehicles and humanoid robots. New materials like heat - treatment - free alloys, recycled low - carbon A356 alloy, and high - thermal - conductivity materials achieved mass production or were under verification in relevant applications [32][33]. - **Overseas Key Layout and Progress**: The company established production bases in Thailand and Mexico and sales service institutions in other countries. In Thailand, a third aluminum alloy wheel factory is under construction. In Mexico, the second - phase project of a 360 - million - piece ultra - lightweight aluminum alloy wheel project is expected to be completed in Q3 2025, and a 50 - million - piece forged aluminum alloy wheel production capacity is under construction [36]. - **Impact of Cast Aluminum Alloy Futures Listing**: The company participated deeply as the first - order trading unit, registered its brand as a futures delivery brand, and will adopt a more precise hedging strategy [38]. - **High - End Aluminum Alloy Wheel Business Layout**: The company focused on high - end forged, cast - spun, and low - carbon aluminum alloy wheels, expanded overseas production capacity, and improved production efficiency and product quality [39].

Financial Performance - In the first half of 2025, the company achieved a total revenue of 1,444,339 million yuan, a year-on-year increase of 15.41% [1] - The net profit attributable to shareholders was 40,129 million yuan, up 4.97% year-on-year, with a significant increase of 62.43% when excluding accounting estimate changes [1] - In Q2 2025, the net profit reached 23,934 million yuan, reflecting a year-on-year growth of 121.66% and a quarter-on-quarter increase of 47.79% [1] Business Segments Performance Functional Intermediate Alloy Business - The company focused on high-performance intermediate alloys for sectors like new energy vehicles and aerospace, leading to revenue and profit growth [2] Recycled Aluminum Alloy Business - The demand for cast aluminum alloys surged due to the growth in new energy vehicles, with the company expanding its international market presence in recycled aluminum [2] Aluminum Alloy Wheel Business - The business is evolving towards scale, globalization, and high-end production, with increased production efficiency and enhanced international competitiveness [3] New Energy Lithium Battery Materials - The company is advancing customer certification and market development for lithium hexafluorophosphate products, leveraging its production line advantages [4] New Materials and Product Development - The company is accelerating the development of new materials in emerging markets, focusing on applications in new energy vehicles and robotics [4] - Key developments include: - Series of non-heat-treated alloys achieving mass production in the automotive sector [5] - Recycled low-carbon A356 alloy with 75% recycled aluminum, showing advantages in performance and cost [5] - High thermal and electrical conductivity materials being applied in various high-tech sectors [5] International Expansion - The company has established production bases in Thailand and Mexico, with plans for a third factory in Thailand to enhance production capacity [6] - The Mexican facility is projected to produce 360 million lightweight aluminum wheels annually, benefiting from zero tariffs under the USMCA [6] Impact of Aluminum Alloy Futures - The listing of aluminum alloy futures on June 10, 2025, allows the company to engage in more precise hedging strategies, enhancing market liquidity and setting industry benchmarks [7] High-End Aluminum Alloy Wheel Strategy - The company is focusing on low-carbon, lightweight manufacturing in the high-end aluminum alloy wheel market, with significant capacity expansion planned in Thailand and Mexico [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 27.2 yuan [2][8]. Core Views - The company's Q2 performance exceeded expectations, with revenue of 14.44 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 401 million yuan, up 5% year-on-year [2][3]. - The company is making breakthroughs in new fields, particularly in the production of non-heat materials, which have been validated in the market and are expected to drive future growth [8]. - The report adjusts the company's net profit forecasts for 2025-2027, reflecting a growth rate of 12% for 2025 and 11% for 2027, with a corresponding PE ratio adjustment from 16.5 to 22 times [8]. Financial Summary - For 2024A, total revenue is projected at 27.25 billion yuan, with a year-on-year growth rate of 16.6%. The net profit attributable to shareholders is expected to be 707 million yuan, with a growth rate of 16.8% [4][9]. - The company’s total assets are estimated to reach 21.43 billion yuan in 2024, with a debt-to-equity ratio of 151.3% [9]. - The report highlights a significant increase in cash flow from operating activities in 2025, projected at 522 million yuan, compared to a negative cash flow in 2024 [9].