FF305 第 1 頁 共 7 頁 v 1.3.0 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9月17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 | | ...

Group 1 - The stock price of China Hongqiao has decreased by 5%, reaching HKD 25.26, with a trading volume of HKD 309 million [1] - The total market capitalization of China Hongqiao is HKD 240.33 billion [1] - Year-to-date, China Hongqiao has experienced a cumulative increase of 130.14% [1]

Financial Performance - Revenue for the six months ended June 30, 2025, was approximately RMB 81,039,092,000, representing a year-on-year increase of 10.1%[12] - Gross profit for the same period was approximately RMB 20,805,191,000, with a year-on-year increase of 16.9%[12] - Net profit attributable to shareholders was approximately RMB 12,361,046,000, reflecting a year-on-year increase of 35.0%[12] - Basic earnings per share were approximately RMB 1.314, compared to RMB 0.966 for the same period in 2024, marking a 36.0% increase[12] - For the six months ended June 30, 2025, the company's revenue was approximately RMB 81,039 million, an increase of about 10.1% year-on-year, driven by higher sales prices and increased sales volume of aluminum alloy and alumina products[28] - The net profit attributable to shareholders for the same period was approximately RMB 12,361 million, representing a year-on-year increase of about 35.0%, primarily due to increased sales prices and volumes of aluminum alloy and alumina products[30] - The overall gross profit margin for the company's products was approximately 25.7%, an increase of about 1.5 percentage points compared to the previous year[33] - The company reported a total comprehensive income of RMB 13,758,342 thousand for the period, compared to RMB 9,721,722 thousand in 2024[93] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 228,463,164,000, a 6.9% increase from RMB 213,707,665,000 in 2024[12] - The total liabilities of the group were approximately RMB 112,138,581,000, with a debt-to-asset ratio of about 49.1%, up from 48.2% as of December 31, 2024[44] - The group’s bank borrowings totaled approximately RMB 47,083,912,000, a decrease of about 2.5% from RMB 48,302,429,000 as of December 31, 2024[45] - The company's total liabilities included bank loans due after one year amounting to RMB 10,783,231 thousand as of June 30, 2025, down from RMB 14,134,227 thousand at the end of 2024, a decrease of about 23.5%[96] - The company’s total equity as of June 30, 2025, was RMB 116,324,583 thousand, a decrease from RMB 118,613,498 thousand at the end of 2024, representing a decline of approximately 1.9%[96] Cash Flow and Liquidity - The company maintained a cash and cash equivalents balance of RMB 48,744,597,000, which is a 30.0% increase from RMB 37,501,630,000 in the previous year[12] - The company's cash and cash equivalents increased to approximately RMB 48,745 million, up about 8.9% from RMB 44,770 million at the end of 2024, mainly due to increased profits during the period[37] - The net cash generated from operating activities was RMB 28,221,334 thousand, compared to RMB 17,875,708 thousand for the same period in 2024, representing a year-over-year increase of approximately 58.5%[101] - The net cash generated from operating activities after tax payments was RMB 22,305,743 thousand for the first half of 2025, up from RMB 14,263,699 thousand in 2024, indicating a growth of about 56.3%[101] Strategic Initiatives - The company is focusing on high-performance, high-technology, and high-value-added aluminum products as part of its strategic development[14] - The company has set a "25 • 55 dual carbon" goal, aiming to peak carbon emissions by 2025 and achieve carbon neutrality by 2055, as outlined in its Carbon Reduction Action Report[18] - The company is focused on optimizing traditional industries and exploring new industries, enhancing its operational efficiency and promoting sustainable development[17] - The company aims to focus on high-quality development in the aluminum industry, emphasizing technological innovation and green transformation[54] Market Conditions - The Chinese aluminum market showed strong performance, with demand growth in sectors such as new energy vehicles and renewable energy despite weakness in the real estate sector[14] - The global economic growth is projected to slow to 2.3% in 2025, impacting market conditions[13] - The global economy faces challenges such as geopolitical tensions and high trade barriers, but China's economy shows strong resilience with a continuous recovery in manufacturing PMI[54] Shareholder Returns and Dividends - The company emphasizes a stable annual dividend to reward shareholders and aims to create a new era of value growth through collaboration with stakeholders[22] - The company recognized dividends of RMB 8,666,133,000 for the year-end dividend of 2024, significantly higher than RMB 2,497,093,000 for the year-end dividend of 2023[15] Financing Activities - The company successfully issued short-term financing bonds and medium-term notes worth a total of RMB 8.1 billion, receiving positive responses from investors[21] - The company launched a convertible bond worth USD 300 million with a subscription multiple exceeding 8 times and an interest rate as low as 1.5%, showcasing strong market confidence[21] - The company issued USD 300 million of 1.50% convertible bonds due in 2030, with an initial conversion price of HKD 20.88, net proceeds amounting to approximately USD 294.58 million for refinancing existing offshore debt and general corporate purposes[76] Research and Development - The company incurred research and development expenses of RMB 339,320,000 for the six months ended June 30, 2025, a decrease of 63.2% from RMB 920,736,000 for the same period in 2024[14] - The company has made breakthroughs in lightweight materials, successfully delivering lightweight chassis components in bulk, which have gained market recognition[19] Related Party Transactions - The company engaged in related party transactions, with purchases of bauxite from GTS amounting to RMB 13,128,427,000, up from RMB 8,846,224,000 in the previous year[197] - The company’s total sales to related parties reflect a strategic focus on leveraging existing relationships to enhance revenue streams[196]

Group 1 - China Hongqiao's stock price rose by 6.86% to HKD 26.8, reaching a historical high, with a year-to-date increase of 149.53% and a market capitalization of HKD 256.5 billion [1] - The company announced a share buyback plan, spending HKD 2.4636 million to repurchase 100,500 shares at a price range of HKD 24.2 to 24.8 per share [1] - Jefferies highlighted that the mid-term performance is strong, with HKD 2.6 billion already repurchased in the first half of 2025 and plans for at least HKD 3 billion in stock buybacks, alongside an annual dividend yield exceeding 60% [1] Group 2 - Morgan Stanley indicated that there is over an 80% chance of China Hongqiao's stock price increasing in the next 30 days [1] - The potential interest rate cuts hinted by Federal Reserve Chairman Jerome Powell could benefit commodity prices, and the upcoming end of the consumption off-season is expected to support aluminum prices, which is favorable for China Hongqiao [1] - The announced stock buyback is anticipated to drive the stock price up in the short term [1]

Group 1 - China Hongqiao's stock price increased by over 6%, currently up 5.74% at HKD 26.52, with a trading volume of HKD 565 million [1] - On September 11, London base metals rose across the board, with LME aluminum up 2.06% at USD 2,679.00 per ton [1] - Market expectations for a 25 basis point rate cut by the Federal Reserve on September 17 are strong, with an increased probability for a 50 basis point cut, leading to a weaker dollar and higher aluminum prices [1] Group 2 - China Hongqiao is a leading integrated electrolytic aluminum producer with significant advantages in bauxite resource layout and high self-sufficiency in alumina and electricity [1] - The company benefits from low coal prices, enhancing its cost advantages amid rising dependence on imported bauxite in China [1] - Expectations for increased profit from rising equity capacity and a new supply-demand balance as domestic electrolytic aluminum capacity approaches its ceiling support a bullish outlook for aluminum prices [1]

Core Viewpoint - China Hongqiao (01378) saw a significant intraday increase of over 6%, closing up 5.74% at HKD 26.52, with a trading volume of HKD 565 million [1] Group 1: Market Conditions - On September 11, London base metals experienced a broad increase, with LME aluminum rising by 2.06% to USD 2,679.00 per ton [1] - The CME FedWatch tool indicates a strong market expectation for a 25 basis point rate cut by the Federal Reserve at the conclusion of its meeting on September 17, with an increased probability for a 50 basis point cut [1] - The anticipation of rate cuts is contributing to a weaker dollar, which is favorable for aluminum prices [1] Group 2: Demand and Supply Dynamics - There is a gradual recovery in downstream demand, coupled with market expectations for a peak season, which is likely to create a positive feedback loop for aluminum prices [1] - Shenwan Hongyuan highlights that China Hongqiao has significant integrated advantages as an electrolytic aluminum producer, with a leading position in overseas bauxite resource allocation and high self-sufficiency in alumina and electricity [1] - The company benefits from a low dependency on imported bauxite amid rising domestic reliance, along with low coal prices enhancing its cost advantages [1] Group 3: Profitability and Future Outlook - The anticipated increase in the company's equity production capacity is expected to bolster profits [1] - With domestic electrolytic aluminum capacity nearing its ceiling, a new supply-demand dynamic is expected to drive aluminum prices upward [1] - Minsheng Securities asserts that with the Fed's clear rate cut in September and aluminum capacity reaching its limits, long-term value for the company is promising [1]

Group 1 - The company China Hongqiao (01378) announced a share buyback plan [1] - The total amount allocated for the buyback is HKD 2.4636 million [1] - The company plans to repurchase 100,500 shares at a price range of HKD 24.2 to HKD 24.8 per share [1]

Core Viewpoint - China Hongqiao (01378) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend HKD 2.4636 million to repurchase 100,500 shares [1] - The buyback price per share ranges from HKD 24.2 to HKD 24.8 [1]

Group 1 - The company, China Hongqiao (01378.HK), announced a share buyback on September 11, 2025, costing HKD 2.4636 million for the repurchase of 100,500 shares [1] - The buyback price ranged from HKD 24.2 to HKD 24.8 per share [1]

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 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 ...