Core Viewpoint - Bank of America Securities reaffirms "Buy" rating for China Hongqiao (01378) with a target price of HKD 26 [1] Company Summary - China Hongqiao's net profit for the first half of 2025 is projected to be RMB 12.36 billion, representing a 35% year-on-year increase, in line with expectations [1] - The profit composition for the first half of 2025 is estimated to be 63% from aluminum alloys, 29% from alumina, and 9% from aluminum products [1] - The company plans to maintain a dividend payout ratio of 65% for the fiscal year 2025, resulting in a dividend yield of 8% [1] - China Hongqiao intends to repurchase at least HKD 3 billion of its shares [1] Industry Summary - Bank of America Securities forecasts aluminum prices in China to be RMB 20,500 per ton for the fiscal years 2025-2026, with a long-term price of RMB 20,000 per ton [1] - Due to a cost advantage of approximately 5% compared to global peers, Chinese aluminum companies are expected to achieve profits of RMB 3,000 to RMB 4,000 per ton, significantly above historical averages of RMB 1,000 to RMB 2,000 per ton [1] - Given the low cyclicality, strong cash flow, and attractive dividend yield, Chinese aluminum companies are projected to attain a price-to-earnings ratio of at least 10 times, comparable to the global average [1] - The West Mound project is expected to commence production by the end of 2025, contributing positively to the company's outlook [1]

美银证券的模型假设中国宏桥2025财年的股息支付率为65%，意味着股息收益率为8%。同时，中国宏 桥还计划回购不低于30亿港元的公司股份。 美银证券预测，2025-2026财年中国铝价为每吨20500元人民币，长期价格为每吨20000元人民币。得益 于相对全球同业约5%的成本优势，中国铝企利润将达到3000-4000元/吨，远超历史均值(1000-2000元/ 吨)。鉴于较低的周期性、强劲的现金流以及可观的股息收益率，中国铝企至少获得与全球平均水平相 当的10倍市盈率。 美银证券维持对中国宏桥的"买入"评级，主要基于：8%的股息收益率、西芒杜项目预计于2025年底投 产，以及市盈率仅8倍。 美银证券发布研报，重申中国宏桥(01378)"买入"评级，目标价为26港元。 美银证券表示，中国宏桥2025年上半年净利润为123.6亿元人民币，同比增长35%，符合预期。根据美 银证券的计算，在中国宏桥2025年上半年的毛利润构成中，铝合金占63%，氧化铝占29%，铝制品占 9%。 ...

Core Viewpoint - The company reported significant financial performance in the first half of 2025, exceeding market expectations with a revenue of 81.039 billion yuan and a net profit of 12.361 billion yuan, alongside a share buyback plan of no less than 3 billion Hong Kong dollars [1][2] Financial Performance - Revenue for H1 2025 reached 81.039 billion yuan, representing a year-on-year growth of 10.12% [1] - Net profit attributable to shareholders was 12.361 billion yuan, showing a year-on-year increase of 35.02% [1] - Operating cash flow improved significantly, amounting to 22.306 billion yuan, a year-on-year growth of 56.38% [2] Product Segment Performance - **Aluminum Alloy Products**: - Sales volume was 2.906 million tons, up 2.4% year-on-year - Average selling price was 17,853 yuan/ton (excluding tax), an increase of 2.7% year-on-year - Revenue generated was 51.878 billion yuan, a growth of 5.2% year-on-year - Gross margin improved to 25.2%, up 0.6 percentage points [1] - **Alumina Products**: - Sales volume reached 6.368 million tons, a rise of 15.6% year-on-year - Average selling price was 3,243 yuan/ton (excluding tax), increasing by 10.3% year-on-year - Revenue was 20.655 billion yuan, reflecting a year-on-year growth of 27.5% - Gross margin increased to 28.8%, up 3.4 percentage points [1] - **Aluminum Alloy Processing Products**: - Sales volume was 392,000 tons, up 3.5% year-on-year - Average selling price was 20,615 yuan/ton (excluding tax), a 2.9% increase year-on-year - Revenue amounted to 8.074 billion yuan, a growth of 6.5% year-on-year - Gross margin improved to 23.3%, up 2.3 percentage points [1] Cost Management - Selling expenses decreased to 354 million yuan, down 3.4% year-on-year - Administrative expenses were 2.322 billion yuan, a decline of 5.4% year-on-year - Financial expenses reduced to 1.284 billion yuan, down 17.7% year-on-year [2] Shareholder Returns - The company has repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which have been canceled (approximately 187 million shares) [2] - A new share buyback plan is announced, with a minimum amount of 3 billion Hong Kong dollars [2] - The company commits to maintaining the same dividend payout ratio in 2025 as in 2024, which has been 48%, 49%, 47%, and 63% from 2021 to 2024 respectively [2] Earnings Forecast - The company projects earnings per share (EPS) for 2025, 2026, and 2027 to be 2.32 yuan, 2.51 yuan, and 2.64 yuan respectively, with price-to-earnings (PE) ratios of 9, 9, and 8 times [2]

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 81.04 billion RMB, a year-on-year increase of 10.1% [1] - The net profit attributable to shareholders for the same period was 12.36 billion RMB, reflecting a year-on-year growth of 35.0% [1] - The growth in performance was primarily driven by increased sales prices and volumes of aluminum alloy and alumina products, along with a decrease in electricity costs due to falling thermal coal prices [1] Group 2: Product Sales and Margins - Aluminum alloy products (electrolytic aluminum) saw sales volume of 2.906 million tons, up 2.4% year-on-year, with an average selling price of 17,853 RMB/ton, a 2.7% increase [1] - Alumina products achieved a sales volume of 6.368 million tons, a 15.6% increase year-on-year, with an average selling price of 3,243 RMB/ton, up 10.3% [1] - Aluminum alloy processing products had a sales volume of 392,000 tons, increasing by 3.5% year-on-year, with an average selling price of 20,615 RMB/ton, a 2.9% rise [1] Group 3: Strategic Acquisitions and Share Buybacks - The company acquired the remaining 25% stake in Yunnan Hongtai, increasing its ownership to 100%, which is expected to enhance its electrolytic aluminum capacity by 484,000 tons [2] - A new share buyback plan was announced, with a minimum amount of 3 billion HKD, and the company has already repurchased 10.151 million shares for cancellation, accounting for 0.11% of total issued shares [2][3] - As of June 30, 2025, the company had repurchased 1.87 million shares for a total of 2.6 billion HKD, all of which were canceled [3] Group 4: Future Outlook and Profit Forecast - The company is expected to see significant profit growth due to increased equity capacity and a new supply-demand balance in the electrolytic aluminum market, with revised net profit forecasts of 24.5 billion RMB, 25.5 billion RMB, and 26.5 billion RMB for 2025, 2026, and 2027 respectively [3] - The company maintains a "buy" rating, supported by its integrated advantages in electrolytic aluminum production and high self-sufficiency in alumina and electricity [3]

Core Viewpoint - The company has demonstrated significant profit growth in the first half of 2025, driven by revenue increase, margin expansion, and strict cost control [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 81.039 billion yuan, a year-on-year increase of 10.1% [1] - Gross profit reached 20.805 billion yuan, with a substantial year-on-year growth of 16.9%, and gross margin improved by 1.5 percentage points to 25.7% [1] - Net profit attributable to shareholders was 12.361 billion yuan, reflecting a strong year-on-year growth of 35.0%, with net margin increasing by 3.1 percentage points to 16.7% [1] - Basic earnings per share surged by 36.0% to 1.31 yuan [1] Group 2: Operational Efficiency - The company benefits from a stable supply of bauxite, with 75.3% sourced from Guinea, ensuring raw material cost advantages [1] - The midstream electrolytic aluminum sales reached 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2%, attributed to optimized energy structure, low-carbon technology reducing energy consumption, and digital empowerment [1] - Downstream aluminum alloy processing sales were 392,000 tons, with revenue growth of 6.5% to 8.074 billion yuan, highlighting the successful delivery of high value-added products [1] - The entire supply chain collaboration significantly enhanced efficiency and cost control [1] Group 3: Market Outlook - The global electrolytic aluminum market showed a tight balance in supply and demand in the first half of 2025, with China's primary aluminum production accounting for approximately 59.7% of global output and consumption at about 62.6% [2] - The demand from sectors such as power grids, photovoltaics, and new energy vehicles contributed significantly to domestic demand growth [2] - It is expected that electrolytic aluminum prices will remain in the range of 20,600 to 21,300 yuan per ton, while alumina prices will stay between 3,200 and 3,300 yuan, indicating an overall upward price trend [2] Group 4: Shareholder Returns - The company emphasized shareholder returns by repurchasing 1.87 million shares for 2.61 billion HKD in the first half of the year, which directly enhanced earnings per share [2] - The company committed to maintaining the dividend payout ratio at the 2024 level for 2025 and announced a new repurchase plan of no less than 3 billion HKD, showcasing management's confidence in future development [2] Group 5: Investment Rating - The company is projected to achieve revenues of 156 billion yuan, 161.1 billion yuan, and 167.4 billion yuan for 2025-2027, with net profits attributable to shareholders of 24.5 billion yuan, 25 billion yuan, and 25.8 billion yuan respectively [2] - A target price of 29.0 HKD is set, reflecting a 24% upside potential from the current price, with a buy rating assigned [2]

8月21日，中国宏桥(01378)盘中上涨3.29%，截至10:23，报24.48元/股，成交3.02亿元。 中国宏桥集团有限公司是一家涵盖热电、采矿、氧化铝、液态铝合金、铝合金锭、铝合金铸轧产品、铝 母线、高精铝板带箔、新材料的全产业链产铝特大型企业。截至2023年，其总资产达到2003.2亿元，是 全球领先的铝产品制造商之一。 截至2025年中报，中国宏桥营业总收入810.39亿元、净利润123.61亿元。 8月20日，公司以每股23.38-23.46港元回购398.2万股,回购金额9329万港元。 本文源自：金融界 作者：行情君 ...

格隆汇8月21日丨中国宏桥(01378.HK)发布公告，2025年8月20日耗资7840.33万港元回购331.8万股，回 购价格每股23.28-23.7港元。 ...

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21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（不包括庫存股份）數 目 | | 佔有關 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 29.0, indicating a potential upside of 24% from the current price [4]. Core Insights - The company experienced significant profit growth in the first half of 2025, with revenue reaching RMB 81.039 billion, a year-on-year increase of 10.1%. Gross profit rose to RMB 20.805 billion, up 16.9%, and net profit attributable to shareholders surged by 35.0% to RMB 12.361 billion [2]. - The company's integrated cost advantages are highlighted, with 75.3% of bauxite supply sourced from Guinea, ensuring stable raw material costs. The electrolytic aluminum sales volume was 2.906 million tons, with a gross margin increase of 0.6 percentage points to 25.2% [2]. - The global supply-demand balance for aluminum remains tight, with China's primary aluminum production accounting for approximately 59.7% of global output. The report anticipates that aluminum prices will maintain a range of RMB 20,600 to 21,300 per ton in the second half of 2025 [3]. - The company has committed to a share buyback plan of no less than HKD 3 billion, reflecting management's confidence in future growth and shareholder returns [3]. Financial Summary - The projected revenues for the company from 2025 to 2027 are RMB 156 billion, RMB 161.1 billion, and RMB 167.4 billion, respectively. The net profit attributable to shareholders is expected to be RMB 24.5 billion, RMB 25 billion, and RMB 25.8 billion for the same period [4]. - Key financial metrics include a gross margin of 25.7% and a net margin of 16.7% for the first half of 2025, with basic earnings per share increasing by 36.0% to RMB 1.31 [2].

Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Insights - The company reported a 35% year-on-year increase in net profit for the first half of 2025, driven by higher sales prices and volumes of aluminum alloy and alumina products, along with a decrease in electricity costs due to falling coal prices [7]. - The acquisition of the remaining 25% stake in Yunnan Hongtai is expected to enhance the company's electrolytic aluminum capacity by 484,000 tons, significantly boosting future net profits [7]. - A new share buyback plan has been announced, with a minimum repurchase amount of HKD 3 billion, reflecting the company's confidence in its future performance [7]. Financial Data and Profit Forecast - Revenue projections for 2025 are estimated at RMB 160.76 billion, with a year-on-year growth rate of 2.9% [6][8]. - The net profit attributable to shareholders is forecasted to reach RMB 24.53 billion in 2025, representing a 9.7% increase from the previous year [6][8]. - Earnings per share are expected to be RMB 2.55 in 2025, with a return on equity of 20.8% [6][8].