瑞银发表报告指，中国宏桥中期核心盈利表现好过该行及市场预期，并有望于2026年起减少杠杆，因主 要项目建设将于届时完工。同时，公司指引派息比率不低于63%，并追加30亿港元股份回购计划，料将 增强市场信心。该行将2025及26年每股盈利预测分别上调22%及5%，目标价由21港元上调至26.8港元， 重申"买入"评级。 ...

Group 1 - The core viewpoint of the report indicates that China Hongqiao (01378) achieved a revenue of 81.039 billion yuan in H1 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02%, primarily due to the rise in alumina and electrolytic aluminum prices [1] - The company is expected to see net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% respectively, and EPS projected at 2.56, 2.82, and 3.07 yuan per share [1] - In H1 2025, the company reported stable production and sales, with aluminum alloy product sales of 2.906 million tons (up 2.4% year-on-year), aluminum processing product sales of 392,000 tons (up 3.4%), and alumina sales of 6.368 million tons (up 15.6%) [1] Group 2 - The acquisition of the remaining 25% stake in Yunnan Hongtai increased the electrolytic aluminum equity capacity, with the company's stake rising from 67.55% to 90.07%, enhancing equity capacity by 457,000 tons [2] - The company plans to repurchase shares with a total amount not less than 3 billion Hong Kong dollars, reflecting confidence in its development [2]

Group 1 - The core viewpoint of the report indicates that China Hongqiao (01378) achieved a revenue of 81.039 billion yuan in H1 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02% year-on-year, primarily due to the rise in alumina and electrolytic aluminum prices [1] - The company is expected to see net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% respectively, and EPS projected at 2.56, 2.82, and 3.07 yuan per share [1] - In H1 2025, the company reported stable production and sales, with aluminum alloy product sales of 2.906 million tons (up 2.4% year-on-year), aluminum processing product sales of 392,000 tons (up 3.4% year-on-year), and alumina sales of 6.368 million tons (up 15.6% year-on-year) [1] Group 2 - The acquisition of the remaining 25% stake in Yunnan Hongtai increased the electrolytic aluminum equity capacity, with the company's stake rising from 67.55% to 90.07%, corresponding to an increase of 457,000 tons in equity capacity [2] - The company plans to repurchase shares with a total amount not less than 3 billion Hong Kong dollars, demonstrating confidence in its development [2]

Core Viewpoint - The company maintains a "Buy" rating and has revised its target price (TP) to HK$26.10, reflecting a positive outlook based on peer valuation multiples and long-term cost advantages from capacity relocation [1] Financial Performance - The company's earnings for 1H2025 grew by 35.0% year-on-year, aligning with previous profit alerts [2] - Profit growth was driven by margin improvements from higher primary aluminum and alumina prices, enhanced operational efficiency with SG&A expenses down by 5.1% year-on-year to RMB2.68 billion, and an optimized debt structure with finance costs reduced by 17.7% year-on-year to RMB1.28 billion [2] Shareholder Actions - Management announced a share buyback plan of no less than HK$3.00 billion, following HK$2.61 billion already spent on share repurchases in 1H2025, indicating strong confidence in future development [2] Cost Optimization - Capacity relocation to Yunnan Province is expected to drive further cost optimization, particularly due to lower power costs during the second half of the year [2] - The company transferred 241,000 tons of capacity from Shandong to Yunnan Hongtai, with operations starting at the end of March 2025, and plans to permanently retire 448,000 tons of capacity in Shandong [2] Market Catalysts - Potential catalysts for growth include rising aluminum prices, increased stimulus policies for downstream aluminum products in China, and the company's asset listing on the A-share market [3]

Core Viewpoint - China Hongqiao has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and potentially signal confidence in its financial health [1][2][3]. Group 1: Share Buyback Details - On August 22, China Hongqiao repurchased 13.027 million shares at a price of HKD 24.16 per share, totaling HKD 315 million [1]. - The stock closed at HKD 24.64 on the same day, reflecting a 2.24% increase, with a total trading volume of HKD 1.134 billion [1]. - Since August 18, the company has conducted buybacks for five consecutive days, acquiring a total of 31.947 million shares for a cumulative amount of HKD 756 million, with the stock rising 5.39% during this period [2]. Group 2: Year-to-Date Buyback Summary - Year-to-date, China Hongqiao has executed 40 buyback transactions, repurchasing a total of 219 million shares for a cumulative amount of HKD 3.368 billion [3]. - The buyback details include various dates, share quantities, and prices, showcasing a consistent commitment to returning capital to shareholders [3].

Group 1 - China Hongqiao Group Limited is a large enterprise listed on the Hong Kong Stock Exchange, primarily engaged in the aluminum industry with extensive involvement across various segments of the aluminum supply chain [2] - The company has significant capabilities in bauxite mining, alumina production, and electrolytic aluminum smelting, establishing a strong presence in the industry [2] - China Hongqiao is recognized as one of the major suppliers of aluminum products globally, with a notable reputation in the market [2] Group 2 - The company has been actively repurchasing its shares, with a total of 21.9 million shares repurchased this year, accounting for 2.27% of its total share capital [1] - On August 22, the company repurchased 13.027 million shares at an average price of 24.16 HKD per share, totaling approximately 315 million HKD [1] - Share buybacks are often interpreted as a positive signal from management regarding the company's valuation, indicating that the stock may be undervalued in the market [1]

格隆汇8月22日丨中国宏桥(01378.HK)发布公告，2025年8月22日耗资3.15亿港元回购1302.7万股，回购 价格每股24.16港元。 中国宏桥(01378.HK)8月22日耗资3.15亿港元回购1302.7万股 中国宏桥(01378.HK)8月22日耗资3516.03万 港元回购146.95万股 相关事件 ...

中国宏桥(01378)公布，2025年8月22日耗资约3.15亿港元回购1302.7万股股份。 ...

智通财经APP讯，中国宏桥(01378)公布，2025年8月22日耗资约3.15亿港元回购1302.7万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年8月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01378 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...