汇丰指出，中国宏桥2025年上半年实现净利润124亿元人民币，同比增长35%，符合此前的业绩预告。 强劲的盈利表现主要得益于：(1)氧化铝价格上涨(同比上涨10%)以及铝价上涨(同比上涨3%);(2)受益于 下游需求强劲以及铝加工产品市场份额提升，铝合金、加工产品和氧化铝销量分别提升约2%、3%和 16%。 展望未来，汇丰预计，该公司2025年下半年盈利同比涨幅将有所回落，主要是由于2024年第四季度创纪 录的氧化铝价格带来了较高的盈利同比基数。尽管如此，该公司仍具备多重利好因素，包括：4500万吨 产能上限仍是维持供给纪律的关键措施;电网投资、电动车销量以及出口复苏将继续支撑需求;汽车以旧 换新补贴仍在提供需求支撑。该行表示，在低库存和严格产能上限的背景下，下半年铝价存在上行风 险。此外，更广泛的"反内卷"政策可能强化铝行业产能上限，从而帮助维持市场纪律。 汇丰控股发布研报称，受益于需求上升、氧化铝和铝的价格和销量均实现增长，中国宏桥(01378)2025 年上半年业绩强劲。该行预计，尽管2025年下半年氧化铝价格同比下跌可能导致盈利增速暂时回落，但 在强劲需求的支撑下铝价存在上行风险。该行还指出，尽管该股 ...

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3516.03万港元回购146.95万股，回 购价格每股23.86-23.94港元。 相关事件 中国宏桥(01378.HK)8月22日耗资3516.03万港元回购146.95万股 大行评级｜大摩：上调中国宏桥目标价 至26.4港元 维持"增持"评级 ...

中国宏桥(01378)发布公告，该公司将于2025年8月21日斥资3516.03万港元回购146.95万股股份，每股回 购价格为23.86-23.94港元。 ...

Core Viewpoint - China Hongqiao (01378) announced a share buyback plan, intending to repurchase 1.4695 million shares at a total cost of HKD 35.1603 million, with a per-share buyback price ranging from HKD 23.86 to HKD 23.94 [1] Summary by Category - **Company Actions** - The company plans to execute a share buyback on August 21, 2025 [1] - The total expenditure for the buyback is set at HKD 35.1603 million [1] - The number of shares targeted for repurchase is 1.4695 million [1] - **Financial Details** - The buyback price per share is between HKD 23.86 and HKD 23.94 [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 FF305 第 2 頁 共 7 頁 v 1.3.0 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [8]. Core Insights - The company reported a 10.12% year-on-year increase in revenue for the first half of 2025, reaching 81.039 billion yuan, and a 35.02% increase in net profit attributable to shareholders, totaling 12.361 billion yuan [5][6]. - The revenue from major products showed growth in both volume and price, with aluminum alloy products generating 51.878 billion yuan (up 5.2%), alumina products at 20.654 billion yuan (up 27.5%), and aluminum alloy processing products at 8.074 billion yuan (up 6.5%) [6]. - The company has initiated a new round of share buybacks, planning to repurchase shares worth no less than 3 billion HKD, which reflects confidence in its long-term development [7]. Financial Performance - For the first half of 2025, the company achieved a sales volume of 2.906 million tons for aluminum alloy products (up 2.4%), 6.368 million tons for alumina products (up 15.6%), and 392,000 tons for aluminum alloy processing products (up 3.5%) [6]. - The average selling price for aluminum alloy products was 17,853 yuan/ton (up 2.7%), and for alumina products, it was 3,243 yuan/ton (up 10.3%) [6]. - The company’s projected net profits for 2025-2027 are 23.229 billion yuan, 24.167 billion yuan, and 25.053 billion yuan, respectively, with corresponding P/E ratios of 9.0, 8.7, and 8.4 [8].

摩根士丹利发表研报指，鉴于9月和10月进入消费旺季的更好价格展望，该行上调了铝价假设；将铝价 按市值调整为每吨平均3287元，导致氧化铝板块的盈利贡献改善。大摩对中国宏桥2025至2027年的每股 盈利预测分别上调6%，目标价从24.8港元上调至26.4港元，维持"增持"评级。大摩又提高联营公司的盈 利贡献，反映出几内亚铝土矿合资企业以及电厂的更好盈利，并预计这一趋势将在2025年下半年持续。 ...

Core Viewpoint - The company is expected to achieve a net profit of 225.4 billion, 230.9 billion, and 238.7 billion CNY for the years 2023, 2024, and 2025 respectively, reflecting a year-on-year growth of 0.7%, 2.5%, and 3.4% [1] Financial Performance - In the first half of 2025, the company reported operating revenue of 810.4 billion CNY, an increase of 10.1% year-on-year; net profit attributable to shareholders reached 123.6 billion CNY, up 35% year-on-year [2] - The net profit is a historical high, driven by increased sales prices and volumes of aluminum alloy and alumina products, leading to higher gross margins [2] Business Segmentation 1. **Aluminum Alloy**: - Sales volume of 2.906 million tons, up 2.4% year-on-year; revenue of 518.8 billion CNY, an increase of 5.2%; average selling price of 17,853 CNY/ton, up 2.7%; unit cost of 13,347 CNY/ton, up 1.9%; unit gross profit of 4,506 CNY/ton, up 5.4% [3] 2. **Alumina**: - Sales volume of 6.368 million tons, up 15.6% year-on-year; revenue of 206.55 billion CNY, an increase of 27.5%; average selling price of 3,243 CNY/ton, up 10.3%; unit cost of 2,310 CNY/ton, up 5.3%; unit gross profit of 933 CNY/ton, up 24.7% [3] 3. **Aluminum Alloy Processing**: - Sales volume of 392,000 tons, up 3.5% year-on-year; revenue of 80.7 billion CNY, an increase of 6.5%; average selling price of 20,615 CNY/ton, up 2.9%; unit cost of 15,800 CNY/ton, up 0.01%; unit gross profit of 4,815 CNY/ton, up 13.9% [3] Cost Management - The company achieved capital expenditure of 98.93 billion CNY, up 77.9% year-on-year, primarily for quality assurance deposits and new project developments; despite increased capital expenditure, the company improved cost efficiency with a significant reduction in expense ratios [4] - Total sales and management plus financial expenses amounted to 39.6 billion CNY, down 10% year-on-year, with reductions in sales, management, and financial expenses contributing to this improvement [4] Strategic Initiatives - The company is recognized as a leading global aluminum alloy producer, leveraging its integrated supply chain and scale advantages to create a competitive edge; high self-sufficiency in bauxite and power reduces production costs [5] - The company has repurchased shares totaling 26.12 billion CNY since 2025 and plans to continue repurchases of at least 30 billion CNY, reflecting confidence in future growth [5]

Core Viewpoint - The report from Huachuang Securities indicates that China Hongqiao (01378) is expected to achieve a net profit attributable to shareholders of 22.54 billion yuan, 23.09 billion yuan, and 23.87 billion yuan for the years 2023, 2024, and 2025 respectively, reflecting year-on-year growth of 0.7%, 2.5%, and 3.4% [1] Financial Performance - In the first half of 2025, the company reported operating revenue of 81.04 billion yuan, an increase of 10.1% year-on-year, and a net profit attributable to shareholders of 12.36 billion yuan, up 35% year-on-year, achieving a historical high [2][3] - The company’s earnings per share for the first half of 2025 reached 1.314 yuan, representing a 36% increase year-on-year [1] Business Segments 1. **Aluminum Alloy**: - Sales volume reached 2.906 million tons, a year-on-year increase of 2.4%, generating revenue of 51.88 billion yuan, up 5.2% year-on-year, with an average selling price of 17,853 yuan/ton, a 2.7% increase [3] 2. **Alumina**: - Sales volume was 6.368 million tons, up 15.6% year-on-year, with revenue of 20.655 billion yuan, a 27.5% increase, and an average selling price of 3,243 yuan/ton, up 10.3% [3] 3. **Aluminum Alloy Processing**: - Sales volume reached 392,000 tons, a 3.5% increase year-on-year, with revenue of 8.07 billion yuan, up 6.5%, and an average selling price of 20,615 yuan/ton, a 2.9% increase [3] Cost Management - The company achieved capital expenditures of 9.893 billion yuan in the first half of 2025, a 77.9% increase year-on-year, primarily for various projects [4] - Despite increased capital expenditures, the company improved cost efficiency, with total sales and management expenses decreasing by 10% year-on-year to 3.96 billion yuan [4] Strategic Initiatives - The company is recognized as a leading global aluminum alloy producer, leveraging its integrated supply chain and scale advantages to create a competitive edge [5] - The company has repurchased shares totaling 2.612 billion yuan since 2025 and plans to continue repurchasing shares with a total amount of no less than 3 billion yuan, reflecting confidence in future growth [5]

中国宏桥（01378.HK）涨超3%，最高价达24.56港元，刷新上市以来新高。 （文章来源：证券时报网） ...