Core Viewpoint - China Hongqiao Group Limited reported record-high revenue and profit for the first half of 2025, driven by increased sales prices and volumes of aluminum products and alumina, despite challenges in the real estate sector [2][3]. Financial Performance - In the first half of 2025, China Hongqiao achieved revenue of approximately 81.039 billion yuan, a year-on-year increase of 10.10%, marking the highest performance since its listing [2] - The net profit attributable to shareholders was approximately 12.361 billion yuan, up 35.02% year-on-year, with basic earnings per share of 1.31 yuan, reflecting a 36.02% increase [2] Product Sales and Pricing - The sales volume of aluminum alloy products reached approximately 2.906 million tons, a 2.40% increase year-on-year, with an average selling price rising by 2.70% to about 17,853 yuan per ton [3] - Alumina product sales were approximately 6.368 million tons, up 15.60% year-on-year, with an average selling price increasing by 10.30% to 3,243 yuan per ton [3] - Sales of aluminum alloy processing products were about 392,000 tons, a 3.50% increase year-on-year, with an average selling price rising by 2.9% to 20,615 yuan per ton [3] Industry Demand - China's aluminum consumption continued to grow in the first half of 2025, driven by sectors such as power grids, photovoltaics, and new energy vehicles, despite weakness in the real estate market [3] Raw Material Cost Management - The company has a 45-day coal reserve to mitigate the impact of short-term coal price fluctuations, and it has been increasing the proportion of green electricity in its energy mix [4] - The self-supply rate of electricity from the company's own power plants was approximately 45% in the first half of 2025, with ongoing collaborations with major power generation institutions to enhance the use of renewable energy [4][5] Green Energy Strategy - China Hongqiao is advancing its green energy strategy, focusing on a diversified and complementary new power supply model to ensure a continuous increase in the proportion of clean energy [5]

Group 1 - The core viewpoint of the article is that China Hongqiao's 2025 interim results show strong profit growth, supported by improved aluminum business performance and a commitment to shareholder returns through dividends and stock buybacks [1][2] Group 2 - China Hongqiao reported a net profit of approximately 12.4 billion RMB for the first half of 2025, representing a year-on-year increase of 35%, which aligns with previous guidance [1] - The increase in profit is attributed to several factors: a rise in aluminum business profits, a decrease in production costs due to lower electricity prices, and an increase in sales volumes of aluminum and alumina, which grew by 2.4% and 15.6% respectively [1] - The gross profit from the alumina business increased by 44% year-on-year, with the gross margin rising by 1.5 percentage points to 25.7% [1] Group 3 - Morgan Stanley noted that China Hongqiao's balance sheet is improving, with the net debt ratio decreasing to 23% in the first half of 2025 from 26% in the first half of 2024 [1] - The total financing cost decreased by 18% year-on-year to 1.3 billion RMB due to optimized debt structure and lower interest rates [1] Group 4 - The company has announced a new stock buyback plan with a total amount of no less than 3 billion HKD, and it guarantees that the dividend payout for the entire year will not be lower than the level of 2024, which was approximately 63% [2] - Despite a slowdown in consumer demand, aluminum prices are expected to remain stable due to low inventory levels, and the combination of high aluminum prices and lower costs for bauxite and electricity will help maintain profit resilience into the second half of 2025 [2]

Core Viewpoint - China Hongqiao Group reported a strong performance in the first half of 2025, with significant growth in revenue, gross profit, and net profit, indicating robust operational resilience and effective risk management strategies [1][3][4]. Financial Performance - The company achieved a revenue of 81.04 billion yuan, a year-on-year increase of 10.1%, with gross profit and net profit reaching 20.805 billion yuan and 12.361 billion yuan, respectively, reflecting growth rates of 16.9% and 35% [1][4]. - The basic earnings per share were 1.314 yuan, marking a 36% increase compared to the previous year [1]. Business Segments - The three core business segments—aluminum alloy, alumina, and aluminum processing—saw revenue growth of 5.2%, 27.5%, and 6.5%, respectively, with total sales contributions of 64%, 25.5%, and 10% [3]. - Sales volumes for aluminum alloy, alumina, and aluminum processing were approximately 2.906 million tons, 6.368 million tons, and 392,000 tons, showing year-on-year increases of 2.4%, 15.6%, and 3.5% [3]. Strategic Initiatives - The company is focused on building an integrated upstream and downstream industrial chain, actively securing overseas bauxite resources, and enhancing its global cooperative model [3]. - China Hongqiao is committed to sustainable development, emphasizing low-carbon transformation and integrating advanced technologies into daily operations [3][4]. Green Energy Strategy - The company is advancing its green energy strategy by diversifying its power supply model and increasing the proportion of clean energy [4]. - A phased approach to carbon reduction is being implemented, aiming to achieve net-zero emissions in collaboration with stakeholders across the value chain [4]. Financial Stability and Market Confidence - The company successfully issued two bonds totaling 600 million USD, with a subscription rate of 12 times, and a 300 million USD convertible bond with an 8 times subscription rate and a low interest rate of 1.5% [4]. - China Hongqiao's subsidiaries received AAA credit ratings, and the company issued short-term financing bonds and medium-term notes worth 8.1 billion yuan, reflecting strong investor confidence [4]. Market Outlook - Despite uncertainties in the global economic landscape, demand for aluminum remains robust, and the company is expected to benefit from continued growth in both volume and price in the second half of the year [5]. - A new share buyback plan has been announced, aiming to repurchase at least 3 billion HKD worth of shares over the next nine months, which is anticipated to boost market confidence and drive up the company's market value [5].

港股铝业龙头中国宏桥(01378.HK)8月15日披露了2025年上半年财报。报告显示，在去年较高的基数 下，中国宏桥今年上半年收入、利润继续保持稳健增长，并双双创下同期历史新高。 2025年上半年，中国宏桥实现收入约810.4亿元，较上年同期的735.9亿元增长10.1%；公司实现归母净 利润123.6亿元，较上年同期的91.6亿元同比大幅增长35%。公司每股基本盈利较上年同期增加约36%至 1.314元。 港股上市的中国宏桥是全球领先的铝产品制造商，也是集热电、采矿、氧化铝、铝合金、新材料等于一 体的铝业龙头企业。得益于铝产业进入景气周期及公司经营不断优化，中国宏桥近年来业绩不断上升。 2024年上半年，中国宏桥收入及净利润均已创历史新高。而在较高的基数基础上，中国宏桥今年上半年 的收入及净利润均创下同期历史新高。 中国宏桥表示，公司上半年收入增长，主要由于期内铝合金产品及氧化铝产品销售价格，较去年同期上 涨，同时销售数量亦有所增加所致。上半年，中国宏桥的铝合金产品销量290.6万吨，较上年同期增长 约2.4%，其平均售价也同比上升2.7%至17853元/吨。中国宏桥的氧化铝产品、铝合金加工产品等，也均 ...

格隆汇8月19日丨中国宏桥(01378.HK)发布公告，2025年8月18日耗资2.34亿港元回购1015.1万股，回购 价格每股22.1-23.24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19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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][13] Core Views - The company has benefited significantly from the rise in aluminum prices, with a notable increase in revenue and net profit for the first half of 2025. Revenue reached 81.039 billion yuan, up 8.48% year-on-year, while net profit was 12.361 billion yuan, an increase of 35.02% year-on-year [5][6] - The company's electrolytic aluminum production capacity is expected to increase, which will further enhance profitability. The acquisition of the remaining 25% stake in Yunnan Hongtai will raise the company's ownership to 90.07%, adding 45.7 thousand tons of electrolytic aluminum capacity [7] - The company plans to repurchase shares worth no less than 3 billion Hong Kong dollars, reflecting confidence in its future development [7] Financial Summary and Valuation Indicators - For the years 2025 to 2027, the company is projected to achieve net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan, respectively, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% [5][9] - The earnings per share (EPS) for the same period are expected to be 2.56, 2.82, and 3.07 yuan per share, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.6, and 7.0 times [5][9] - The company's gross margin is projected to be 24.83% in 2025, with a net margin of 15.40% [9]

中国宏桥(01378)发布公告，于2025年8月18日，根据由公司股东于2025年5月7日举行的股东周年大会上 授出的股份购回授权，公司已分别按每股股份的最高及最低价格23.24港元及22.10港元购买公司1015.1 万股普通股。就股份购回支付的总购买价(不包括佣金及其他支出)约为2.34亿港元。 ...

Core Viewpoint - China Hongqiao (01378) announced a share buyback plan, purchasing 10.151 million ordinary shares at prices ranging from HKD 22.10 to HKD 23.24 per share, totaling approximately HKD 234 million excluding commissions and other expenses [1] Summary by Relevant Sections - **Share Buyback Details** - The company executed the buyback on August 18, 2025, under the authorization granted by shareholders during the annual general meeting held on May 7, 2025 [1] - The total purchase price for the shares was approximately HKD 234 million [1] - **Share Price Range** - The shares were bought back at a maximum price of HKD 23.24 and a minimum price of HKD 22.10 per share [1] - **Volume of Shares Purchased** - A total of 10.151 million ordinary shares were repurchased by the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 China Hongqiao Group Limited 中國宏橋集團有限公司 （根據開曼群島法例註冊成立的有限公司） （股份代號：1378） 自願公告 根據購回授權於市場上購回股份 本公告乃中國宏橋集團有限公司（「本公司」）自願作出。本公司董事會（「董事會」）謹此宣佈，於二零 二五年八月十八日，根據由本公司股東於二零二五年五月七日舉行的股東週年大會上授出的股份購 回授權，本公司已分別按每股股份的最高及最低價格23.24港元及22.10港元購買本公司10,151,000股 普通股（「股份購回」）。 就股份購回支付的總購買價（不包括佣金及其他支出）約為234,435,314.80港元。所購回股份相當於本 公告日期本公司現有已發行股份總數約0.11%。本公司將於隨後註銷所購回股份，預期註銷所有購 回股份後，經減少本公司已發行股份總數將為9,606,841,433股，其中(i) 6,090,031,073股預 ...