Core Insights - The company reported a third-quarter revenue of 8.478 billion, representing a year-on-year increase of 23.69% [1] - The net profit for the third quarter was 224 million, showing a significant year-on-year growth of 101.82% [1] - For the first three quarters, the total revenue reached 22.921 billion, with a year-on-year growth of 18.34% [1] - The net profit for the first three quarters amounted to 625 million, reflecting a year-on-year increase of 26.77% [1]

立中四通轻合金集团股份有限公司 2025 年第三季度报告 证券代码：300428 证券简称：立中集团 公告编号：2025-075 号 债券代码：123212 债券简称：立中转债 立中四通轻合金集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 立中四通轻合金集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | ...

Core Insights - The conference focused on the theme of "Deepening Industry-Education Integration and Promoting International Cooperation" to explore new paths for high-quality development in vocational education [1][2] Group 1: Industry-Education Integration - The Baoding vocational education model emphasizes "characteristic foundation and international empowerment," receiving positive feedback from attendees [1] - Baoding showcased six characteristic industry colleges, including traditional Chinese medicine and textiles, and signed over ten projects, including the "Sino-German (Baoding) Automotive Production Technology Integration Training Center" [1] - Longhua Automobile's collaboration with local vocational schools integrates real production scenarios into teaching, with engineers acting as "industry mentors" [2] Group 2: Skills Development and Employment - The partnership has led to the development of 12 specialized courses, achieving a 1:1 match between teaching content and job requirements, significantly reducing training time for new employees [2] - The employment rate for graduates in automotive majors has risen to 92% due to this deep collaboration [2] - Lichong Group's establishment of a "Digital Skills Talent Training Base" addresses the shortage of skilled workers amid its digital transformation [4] Group 3: Regional Development and Innovation - Baoding is recognized as a regional center in the Beijing-Tianjin-Hebei world-class city cluster, innovating in vocational education through "characteristic foundation and international empowerment" [6] - The city has transformed its donkey meat industry college into a cultural tourism and skills training hub, promoting local specialties [6] - The integration of vocational education with regional development strategies is seen as essential for finding breakthroughs in educational reform [6]

Investment Rating - The report maintains a positive outlook on the aluminum recycling industry, driven by resource supply security and dual carbon goals, indicating a favorable investment environment for recycled aluminum [1]. Core Insights - The recycled aluminum industry is becoming a significant growth area in China's aluminum supply, with an expected production of approximately 10.5 million tons in 2024, accounting for about 19% of total aluminum supply. The target is to exceed 15 million tons by 2027, reflecting a CAGR of 13% from 2024 to 2027 [2][11]. - The demand for resource supply security is increasing, with recycled aluminum seen as a key solution to reduce reliance on imported bauxite, which had a dependency rate of over 77.6% in the first eight months of 2025. The domestic supply of recycled aluminum is primarily sourced from social waste aluminum, which is expected to exceed 80% in 2024 [2][4]. - The dual carbon constraints and the establishment of a carbon market are accelerating the visibility of the green premium associated with recycled aluminum. The carbon emissions from producing one ton of electrolytic aluminum are approximately 11.2 tons, while recycled aluminum only emits 0.23 tons, making it a significantly lower carbon option [2][4]. - The potential of urban mining is substantial, with accelerated development of recycling systems. Policies are being implemented to support small recycling enterprises, and a national recycling platform is being established to enhance the recycling infrastructure [2][5]. Summary by Sections 1. Recycled Aluminum as a Key Supply Source - Recycled aluminum, derived from waste aluminum through melting and refining, is a crucial component of the aluminum supply chain, with a short industrial chain and high recovery value [2][11]. - The industry is expected to grow significantly, with a target of 15 million tons by 2027, supported by government policies promoting high-quality development in the aluminum sector [2][11]. 2. Resource Supply Security and Dual Carbon Goals - The increasing demand for resource supply security positions recycled aluminum as a critical strategy to mitigate reliance on foreign bauxite, especially as domestic bauxite reserves are limited [2][4]. - The green value of recycled aluminum is becoming more apparent, with the anticipated tightening of carbon quotas in the national carbon market expected to drive up carbon prices and enhance the green premium for recycled products [2][4]. 3. Urban Mining Potential and Recycling System Development - The recycling system is being rapidly developed, with policies favoring small recycling enterprises and the establishment of a national recycling platform to improve the efficiency of aluminum recovery [2][5]. - The peak of automobile scrappage is expected to occur around 2026, which will significantly increase the supply of waste aluminum, alleviating raw material bottlenecks [2][5]. 4. Investment Recommendations - The report suggests focusing on companies with high raw material security, advanced recycling technologies, and the ability to produce high-premium products, such as Ming Tai Aluminum, Shunbo Alloy, Yiqiu Resources, Lizhong Group, and Yongmaotai [2][3].

Core Viewpoint - The company is undergoing significant governance changes, including the cancellation of the supervisory board and an increase in commodity futures hedging business limits, which will be discussed in upcoming shareholder meetings [3][4][5]. Trading Information Summary - As of October 14, 2025, the company's stock closed at 22.82 yuan, down 5.47%, with a turnover rate of 3.62%, a trading volume of 201,900 lots, and a transaction amount of 475 million yuan [1]. - On the same day, there was a net outflow of 53.0687 million yuan from institutional investors, while retail investors saw a net inflow of 42.3925 million yuan [1][6]. Company Announcements Summary - The company will hold the first bondholders' meeting for "Lichong Convertible Bonds" on October 30, 2025, to discuss a proposal for amendments [2]. - The fifth board meeting on October 14, 2025, approved several proposals, including increasing the total margin for commodity futures hedging from no more than 580 million yuan to no more than 710 million yuan, and increasing the trading limit from no more than 7.45 billion yuan to no more than 9.45 billion yuan [3][4]. - The supervisory board will be abolished, with its functions transferred to the audit committee of the board, and related governance documents will be revised accordingly [4][5][6].

Core Points - The company announced an increase in the funding for its commodity futures hedging business from a maximum of 580 million yuan to a maximum of 710 million yuan [1] - The trading limit for the hedging business will rise from a maximum of 7.45 billion yuan to a maximum of 9.45 billion yuan [1] - The new limits will be effective from the date of approval at the second extraordinary shareholders' meeting in 2025 until the annual shareholders' meeting in 2025, allowing for rolling use during this period [1]

关于召开"立中转债"2025 年第一次债券持有人大会 的通知 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、根据《立中四通轻合金集团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《立中四通轻合金集团 股份有限公司可转换公司债券持有人会议规则》（以下简称"《持有人会议规 则》"）的规定，债券持有人会议作出的决议，须经出席（包括现场、网络或 其他表决方式参加会议）会议的二分之一以上享有表决权的未偿还债券面值的 持有人（或债券持有人代理人）同意方为有效。 2、债券持有人会议决议自表决通过之日起生效，但其中需经有权机构批准 的，经有权机构批准后方为生效。依照有关法律、法规、《募集说明书》和 《持有人会议规则》的规定，经表决通过的债券持有人会议决议对本次可转债 全体债券持有人（包括未参加会议或明示不同意见的债券持有人）具有法律约 束力。 立中四通轻合金集团股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日召开第五届董事会第三十次会议，审议通过了《关于提请召开"立中转债" 2025 年第一次债 ...

Group 1 - The company, Lichong Group, announced that its fifth board meeting was held on October 14, 2025, to discuss increasing the quota for commodity futures hedging business [1] - For the first half of 2025, Lichong Group's revenue composition was 100% from industrial operations [1] - As of the report date, Lichong Group's market capitalization was 14.6 billion yuan [1]

债券代码：123212 债券简称：立中转债 证券代码：300428 证券简称：立中集团 立中四通轻合金集团股份有限公司 向不特定对象发行可转换公司债券 2025 年第二次临时受托管理事务报告 债券受托管理人 （郑州市郑东新区商务外环路 10 号中原广发金融大厦） 二○二五年十月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《立中 四通轻合金集团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协议》 （以下简称"《受托管理协议》"）、《立中四通轻合金集团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》"）等相关公开 信息披露文件、第三方中介机构出具的专业意见以及发行人出具的相关说明和提 供的相关资料等，由本次债券受托管理人中原证券股份有限公司（以下简称"中 原证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的内容据以作为中原证券所作的承诺或声 明。请投资者独立征询专业机构意见，在任何情况下，投资者依据本报告所进行 的任何作为或不作为，中原证券不承担任何责任。 如无特别说明，本 ...

公司及控股子公司主要原材料为铝（含 ADC12 铝合金）、铜、硅、碳酸锂 等相关产品，其价格受市场波动的影响较大。公司及控股子公司拟继续开展套 期保值业务，充分利用期货市场功能，合理应对原料价格波动给经营带来的不 利影响，提升企业经营水平，保障企业健康持续运行。 （二）交易金额 中原证券股份有限公司 关于立中四通轻合金集团股份有限公司 增加商品期货套期保值业务额度 的核查意见 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为立 中四通轻合金集团股份有限公司（以下简称"立中集团"或"公司"）向不特 定对象发行可转换公司债券并在创业板上市的保荐机构，根据《证券发行上市 保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》和《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关法律法规和规范性 文件的要求，对立中集团新增商品期货套期保值业务额度进行了核查，并发表 核查意见如下： 一、开展商品期货套期保值业务的基本情况 （一）交易目的 根据业务实际需要，拟将公司开展套期保值业务中投入的资金（保证金） 总额由不超 ...