Summary of Key Points Core Viewpoint - China Hongqiao has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and potentially stabilize its stock price amidst market fluctuations [1][2][3]. Share Buyback Activity - On September 5, 2025, China Hongqiao repurchased 1.276 million shares at a price range of HKD 23.880 to HKD 24.960, totaling HKD 31.57 million [1]. - The stock closed at HKD 24.960 on the same day, reflecting a 5.14% increase with a total trading volume of HKD 760 million [1]. - Since August 28, 2025, the company has conducted buybacks for seven consecutive days, acquiring a total of 76.647 million shares for a cumulative amount of HKD 1.953 billion, despite a slight decline of 0.95% in the stock price during this period [2]. Cumulative Buyback Data - Year-to-date, the company has executed 48 buybacks, acquiring a total of 298 million shares for a total expenditure of HKD 5.371 billion [3]. - A detailed breakdown of recent buybacks shows varying amounts and prices, with the highest buyback price recorded at HKD 25.920 and the lowest at HKD 12.000 throughout the year [3].

中国宏桥(01378)发布公告，于2025年9月5日该公司斥资3157.1万港元回购127.6万股，回购价格为每股 23.88-24.96港元。 ...

智通财经APP讯，中国宏桥(01378)发布公告，于2025年9月5日该公司斥资3157.1万港元回购127.6万股， 回购价格为每股23.88-24.96港元。 ...

格隆汇9月5日丨中国宏桥(01378.HK)公告，9月5日耗资3157.1万港元回购127.6万股。 ...

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9月5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 。 FF305 FF305 確認 不適用 | 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 ...

格隆汇9月5日丨中国宏桥(01378.HK)发布公告，2025年9月4日耗资8356.21万港元回购349.6万股，回购 价格每股23.58-25港元。 相关事件 中国宏桥(01378.HK)9月4日耗资8356.21万港元回购349.6万股 中国宏桥(01378.HK)9月3日耗资1127.29万 港元回购45.15万股 ...

中国宏桥(01378)公布，2025年9月4日耗资约8356.21万港元回购349.6万股股份。 ...

Group 1 - The company China Hongqiao (01378) announced a share buyback plan, intending to repurchase approximately 3.496 million shares at a cost of about HKD 83.5621 million [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 公司名稱： 中國宏橋集團有限公司 呈交日期： 2025年9月5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 ...

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating on China Hongqiao (01378) and significantly raises the target price from HKD 17 to HKD 26.5, indicating substantial upside potential based on record earnings performance, industry-leading valuation advantages, and long-term value enhancement from strategic transformation [1] Financial Performance - In the first half of the 2025 fiscal year, China Hongqiao achieved revenue of RMB 81.039 billion, a year-on-year increase of 10%; net profit reached RMB 12.361 billion, surging 35% year-on-year, with a gross margin improvement to 25.7% [1] - The growth in profit was primarily driven by a slight increase of 3% in aluminum product sales, a 6% rise in gross profit per ton to RMB 4,540, and a significant 16% increase in alumina sales, with gross profit per ton rising to RMB 934 [1] Price Guidance and Market Outlook - Management provided an optimistic price guidance for the second half, expecting aluminum prices to range between RMB 20,600 and RMB 21,300 per ton, and alumina prices between RMB 3,200 and RMB 3,300 per ton, which aligns closely with current spot prices [1] - Despite a forecasted slowdown in revenue growth to 3.9%, -0.3%, and 1.2% for the fiscal years 2025-2027, net profit is expected to maintain single-digit growth, with EBITDA margin projected to continue rising to 29.7% [1] Financial Structure and Shareholder Returns - The company has a net debt ratio of only 23.8%, with financing costs down 18% year-on-year; annual capital expenditure is expected to stabilize between RMB 12 billion and RMB 13 billion, with a free cash flow yield of 15% [2] - Although the interim dividend for 2025 has been canceled, the annual payout ratio is expected to remain at 63%, alongside a share buyback plan of no less than HKD 3 billion, representing about 1.36% of market capitalization [2] Competitive Position and Strategic Initiatives - As the world's largest primary aluminum producer with a production volume of 6.3 million tons in 2023, China Hongqiao benefits from significant cost advantages through a vertical integration model (self-sufficient power plants and 70%-80% self-sufficiency in bauxite) [2] - The company's green transformation strategy aims for 24-25% of aluminum production to be powered by hydropower by 2024, with a long-term goal of achieving 50% green energy consumption, highlighting its long-term value in the context of ESG investment trends [2] Valuation and Market Comparison - Morgan Stanley's valuation model predicts a price-to-earnings ratio of 9 times and a price-to-book ratio of 1.8 times for 2026, with the target price of HKD 26.5 corresponding to a dividend yield of 7.7%-8.2% [2] - The current dynamic P/E ratio of 8 times for China Hongqiao remains below the global industry average of 11 times, indicating ample room for valuation recovery [2]