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3.15亿港元回购1302.7万股，回购 价格每股24.16港元。 中国宏桥(01378.HK)8月22日耗资3.15亿港元回购1302.7万股 中国宏桥(01378.HK)8月22日耗资3516.03万 港元回购146.95万股 相关事件 ...

中国宏桥(01378)公布，2025年8月22日耗资约3.15亿港元回购1302.7万股股份。 ...

智通财经APP讯，中国宏桥(01378)公布，2025年8月22日耗资约3.15亿港元回购1302.7万股股份。 ...

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 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company has demonstrated strong performance with a significant increase in revenue and profit, attributed to rising aluminum product prices and sales volume [1][2]. - The company has optimized its cost structure, leading to improved margins and profitability, particularly in its aluminum and alumina segments [2][3]. - A substantial share buyback program has been initiated, reflecting the company's confidence in its future growth prospects [4]. Financial Performance - For the first half of 2025, the company achieved revenue of 81.039 billion yuan, a year-on-year increase of 10.1%, and a net profit of 12.361 billion yuan, up 35% [1]. - The aluminum alloy segment contributed revenue and gross profit of 51.88 billion yuan and 13.09 billion yuan, respectively, with sales volume increasing by 2.4% [2]. - The alumina segment saw revenue and gross profit of 20.65 billion yuan and 5.95 billion yuan, respectively, with sales volume up 15.6% [2]. Cost Management - The company has effectively controlled costs, with a notable decrease in sales and administrative expenses, and a significant reduction in financial expenses by 17.7% [3]. - The gross margin for aluminum products has improved due to a combination of rising prices and effective cost management strategies [2][3]. Shareholder Returns - The company reported a basic earnings per share of 1.31 yuan, a 36% increase year-on-year, and has adjusted its dividend distribution strategy, opting not to declare an interim dividend [4]. - A share buyback of approximately 2.6 billion Hong Kong dollars was executed, with plans for further buybacks of at least 3 billion Hong Kong dollars, indicating strong confidence in future performance [4].

8月21日，公司以每股23.28-23.7港元回购331.8万股,回购金额7840万港元。 8月22日，中国宏桥(01378)盘中上涨2.07%，截至14:14，报24.6元/股，成交8.41亿元。 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。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - The number of indices a listed company is included in, along with the market recognition of these indices, serves as an important reference for evaluating the investment value of the company [1] Group 1: Market Context - Since August, the bullish atmosphere in the Chinese capital market has intensified, with major A and H-share indices reaching new highs, indicating a potential acceleration in index performance [1] - High-quality stocks that are included in multiple indices and index-linked funds are particularly noteworthy, as they are likely to attract more buying interest from external investors during a bull market [1] Group 2: Company Profile - China Hongqiao - China Hongqiao (01378) is highlighted as a representative company with significant potential, having been included in a total of 216 indices, with 16 of these indices linked to fund products, amounting to a total fund size of approximately 42.6 billion yuan [1] - The average market value of China Hongqiao shares held by each index fund is about 946 million yuan [1] Group 3: Investment Value Recognition - China Hongqiao has a substantial weight in several actively managed index funds, reflecting its recognized investment value among professional investors [2] - In the CSI Hong Kong 100 Equal Weight Index, China Hongqiao accounts for approximately 1.41% of the fund, making it the second-largest holding by market value [2] - The company has been newly included in 24 indices this year, with the latest inclusion being in the Hang Seng Hong Kong Stock Connect Resource Series Index on August 11 [2] Group 4: Dividend and Share Buyback Strategy - China Hongqiao has been enhancing its shareholder return mechanism by increasing its dividend payout ratio and implementing share buybacks, with dividends projected to rise from 0.51 HKD per share in 2022 to 1.61 HKD in 2024 [3] - The company has spent 2.61 billion HKD to repurchase approximately 18.7 million shares in the first half of the year, with plans to initiate a new buyback program of at least 3 billion HKD [3] Group 5: Financial Performance - The latest financial report shows that China Hongqiao's revenue and net profit attributable to shareholders reached 81.039 billion yuan and 12.361 billion yuan, respectively, representing year-on-year increases of 10.1% and 35% [3][4] - The company is also expanding its production capacity through strategic acquisitions and international projects, which are expected to enhance its competitive advantage and profitability [4] Group 6: Future Outlook - With the increasing number of indices including China Hongqiao, the number of index funds holding the company is expected to grow, enhancing its attractiveness to external investors [4] - Given its strong growth potential and high dividend characteristics, the company's stock price is anticipated to maintain robust support, with expectations for continued upward momentum in a bullish market environment [4]

Core Viewpoint - The number of indices a listed company is included in, along with the market recognition of these indices, serves as an important reference for evaluating the investment value of the company. A higher number of inclusions in well-recognized indices typically indicates greater investment value for the company [1]. Group 1: Index Inclusion and Market Performance - Since August, the bullish atmosphere in the Chinese capital market has intensified, with major A and H-share indices reaching new highs, indicating a potential acceleration in index performance [1]. - Companies that are included in multiple indices and index-linked funds are particularly noteworthy, as they are likely to attract more buying interest from investors, especially during a bull market [1]. - China Hongqiao (01378) is highlighted as a representative company with significant potential, having been included in a total of 216 indices, with 16 of these having linked fund products [1][2]. Group 2: Fund Statistics and Weighting - Among the 216 indices, there are 45 linked fund products, with a total estimated scale of approximately 42.6 billion yuan, and an average market value of about 946 million yuan held in China Hongqiao shares per fund [2]. - China Hongqiao has a significant weight in several actively managed index funds, reflecting its recognized investment value among professional investors. For instance, it accounts for approximately 1.41% of the China Securities Hong Kong 100 Equal Weight Index, making it the second-largest holding in that fund [2]. Group 3: Recent Index Additions and Dividend Focus - In 2023, China Hongqiao has been newly included in 24 indices, with the latest being the Hang Seng Hong Kong Stock Connect Resource Series Index on August 11 [3]. - Many of the indices that have included China Hongqiao focus on "dividend" and "high dividend yield" themes, indicating a strong emphasis on shareholder returns [3]. Group 4: Financial Performance and Growth Strategy - China Hongqiao's recent mid-year financial report shows robust growth, with revenue and net profit attributable to shareholders reaching 81.039 billion yuan and 12.361 billion yuan, respectively, representing year-on-year increases of 10.1% and 35% [5]. - The company is enhancing its growth strategy through acquisitions and international projects, such as the 90 billion yuan investment in acquiring a 25% stake in Yunnan Hongtai, which will increase its electrolytic aluminum capacity [5]. Group 5: Future Outlook - With the increasing number of indices including China Hongqiao, the number of index funds, both active and passive, holding the company is expected to rise [6]. - Given the company's strong growth potential and high dividend characteristics, along with the bullish market conditions, China Hongqiao is likely to attract significant buying interest from external investors, potentially leading to sustained upward momentum in its stock price [6].

Group 1 - The core viewpoint of the report is that China Hongqiao's performance in the first half of 2025 exceeded expectations, with a positive outlook on aluminum prices, leading to a maintained "buy" rating and an increased target price from HKD 22 to HKD 29 [1] - In the first half of 2025, China Hongqiao's revenue rose to RMB 81 billion, a year-on-year increase of 10.1%, driven by higher average selling prices (ASP) of alumina and aluminum products, as well as increased sales volume [1] - The company's gross margin improved by 1.5 percentage points to 25.7%, and net attributable profit grew by 35% to RMB 12.36 billion, with a net profit margin increase of 3 percentage points to 17% [1] Group 2 - The financial health of China Hongqiao is improving, with a significant increase in interest coverage ratio to 17.6 times due to optimized debt structure and improved interest rates, alongside plans to continuously reduce debt levels [1] - Although no interim dividend was declared for the first half of 2025, management expects the annual dividend payout ratio to remain stable at 63% for the fiscal year 2024 [1] - Based on the expected earnings per share of HKD 2.60 for the fiscal year 2025 and a 63% potential dividend payout ratio, the implied dividend yield is projected to be 7%, which is attractive for investors [1] Group 3 - Looking ahead, DBS Bank anticipates that strong aluminum prices will continue, highlighting China Hongqiao's competitive advantages [2] - The management of China Hongqiao expects the average selling price of electrolytic aluminum to be between RMB 20,600 and RMB 21,300 per ton, and the average selling price of alumina to be between RMB 3,200 and RMB 3,300 per ton, indicating a sustained strong outlook for aluminum prices [2] - Global aluminum demand is projected to grow by 3.1% in 2025, outpacing a supply growth of 1.8% [2]

Core Viewpoint - DBS Bank maintains a "Buy" rating for China Hongqiao (01378) after a strong performance in the first half of 2025, raising the 12-month target price from HKD 22 to HKD 29, supported by an optimistic aluminum price outlook [1] Financial Performance - In the first half of 2025, China Hongqiao's revenue increased to RMB 81 billion, a year-on-year growth of 10.1%, driven by higher average selling prices (ASP) of alumina and aluminum products, as well as increased sales volume [1] - The company's gross margin improved by 1.5 percentage points to 25.7%, while net attributable profit rose by 35% to RMB 12.36 billion, with a net profit margin increase of 3 percentage points to 17% [1][2] Financial Health - China Hongqiao's financial condition is improving, with interest coverage ratio significantly rising to 17.6 times due to optimized debt structure and improved interest rates [2] - Although no interim dividend was declared for the first half of 2025, management expects the annual dividend payout ratio to remain stable at 63% for the fiscal year 2024, leading to an implied dividend yield of 7% based on the projected earnings per share of HKD 2.60 for fiscal year 2025 [2] Market Outlook - DBS Bank anticipates strong aluminum prices to continue through 2026-2027, highlighting China Hongqiao's competitive advantages [2] - Management projects the average selling price for electrolytic aluminum in 2025 to be between RMB 20,600 and RMB 21,300 per ton, and for alumina between RMB 3,200 and RMB 3,300 per ton, indicating a robust price outlook [2] - Global aluminum demand is expected to grow by 3.1% in 2025, outpacing supply growth of 1.8% [2] Competitive Position - Under China's "anti-involution" guidelines, supply control is expected to strengthen, benefiting leading companies like China Hongqiao from rising average prices and market consolidation [3] - China Hongqiao aims to complete the transfer of approximately 2.2 million tons of capacity to Yunnan by the end of fiscal year 2025, representing 34% of total capacity, enhancing its production cost advantages through an integrated supply chain and increased use of green power [3]