Core Viewpoint - Jefferies maintains a "Buy" rating on China Hongqiao (01378) and raises the target price to HKD 26.9, citing strong performance and confidence in future earnings growth [1][2]. Financial Performance - China Hongqiao reported a net profit of RMB 12.4 billion for the first half of 2025, representing a year-on-year increase of 35% [2]. - The average selling price (ASP) of aluminum increased by 2.7% to RMB 17,853 per ton, while the ASP of alumina rose by 10.3% to RMB 3,243 per ton, significantly outpacing overall market trends [2]. - Unit gross profit for aluminum and alumina increased by RMB 225 and RMB 185 per ton, respectively, due to higher average selling prices [1]. Cost Management - The company effectively controlled its cost of goods sold (COGS), with aluminum costs rising slightly by 2% to RMB 13,300 per ton, influenced by higher carbon anode prices [2]. - Alumina costs increased by 5% to RMB 2,300 per ton, primarily due to rising caustic soda prices, while bauxite benefited from vertical integration [2]. Shareholder Returns - China Hongqiao announced a stock buyback plan of at least HKD 3 billion, in addition to the HKD 2.6 billion already repurchased, reflecting management's confidence in the company's performance [3]. - The company shifted its dividend payment from semi-annual to annual, maintaining a commitment to pay at least 60% of last year's dividends, which is expected to stabilize dividend expectations [3]. - If the HKD 3 billion buyback is completed in the second half of 2025, the total buyback for the year will reach at least HKD 5.6 billion, allowing for an additional 20% dividend payment on top of the 60% base [3].

Core Viewpoint - HSBC Holdings reports that China Hongqiao's strong performance in the first half of 2025 is driven by rising demand and increases in both alumina and aluminum prices and sales [1] Group 1: Financial Performance - China Hongqiao achieved a net profit of 12.4 billion RMB in the first half of 2025, representing a year-on-year increase of 35%, in line with previous earnings forecasts [1] - The strong profit performance is attributed to a 10% year-on-year increase in alumina prices and a 3% increase in aluminum prices [1] - Sales volumes for aluminum alloys, processed products, and alumina increased by approximately 2%, 3%, and 16% respectively, benefiting from strong downstream demand and an increase in market share [1] Group 2: Future Outlook - HSBC expects aluminum prices to remain robust in the second half of 2025, projected to be between 20,600 and 21,300 RMB per ton, while alumina prices are expected to be between 3,200 and 3,300 RMB per ton [2] - The company plans capital expenditures of 12 to 13 billion RMB for 2025, consistent with 2024 levels [2] - Additional capacity is expected to be relocated to Yunnan in the second half of 2025, with Yunnan's capacity projected to reach 2.2 million tons by year-end [2] Group 3: Dividend and Share Buyback - Although the company has not announced an interim dividend, guidance indicates that the annual payout ratio will remain at 63%, equivalent to an attractive dividend yield of approximately 8.5% [1] - The board has announced a new share buyback plan with a total repurchase amount of no less than 3 billion HKD [1] Group 4: Market Conditions - Despite a potential decline in profit growth year-on-year in the second half of 2025 due to a high comparative base from record alumina prices in Q4 2024, multiple favorable factors remain [2] - The 45 million ton production capacity cap is a key measure to maintain supply discipline [2] - Investments in the power grid, electric vehicle sales, and export recovery are expected to continue supporting demand [2]

杰富瑞还指出，进一步强调对股东回报的重视。与中期业绩一同公布的还有另一项至少30亿港元的股票 回购计划，这表明管理层对公司业绩充满信心。在2025年上半年，公司已回购并随后注销了超过1.87亿 股(约占已发行股份的2%)，总价值约为26亿港元。另一方面，中国宏桥将其股息支付方式从半年一次调 整为每年一次，即今年不再发放中期股息。然而，对股东回报的重视程度并未改变，最终股息支付将至 少与去年的60%以上持平。据管理层称，每年支付一次股息而非两次的原因是为了稳定预期的股息水 平，并避免上半年和下半年之间股息的差异(例如，2024全年为63%，1H24为56%，2H24为67%)。这对 长期投资者来说不应产生太大影响，因为股息保持稳定。更重要的是，如果在2025年下半年完成30亿港 元的回购，2025年的总回购额将至少达到56亿港元，这意味着在60%以上的基础上至少还能再支付20% 的股息。 杰富瑞认为，中国宏桥稳健的运营业绩。中国宏桥公布2025年上半年净利润为124亿元，同比增长 35%。铝的ASP同比增长2.7%至17853元/吨，与市场走势一致，而氧化铝的ASP增长了10.3%至3243元/ 吨，这一增长幅 ...

Core Viewpoint - HSBC Holdings reports that China Hongqiao's strong performance in the first half of 2025 is driven by rising demand and increases in both alumina and aluminum prices and sales [1] Group 1: Financial Performance - China Hongqiao achieved a net profit of 12.4 billion RMB in the first half of 2025, representing a year-on-year increase of 35%, aligning with previous earnings forecasts [1] - The strong profit performance is attributed to a 10% year-on-year increase in alumina prices and a 3% increase in aluminum prices [1] - Sales volumes for aluminum alloys, processed products, and alumina increased by approximately 2%, 3%, and 16% respectively, benefiting from strong downstream demand and an increase in market share [1] Group 2: Future Outlook - HSBC expects aluminum prices to remain robust in the second half of 2025, projected to be between 20,600 and 21,300 RMB per ton, while alumina prices are anticipated to be between 3,200 and 3,300 RMB per ton [2] - The company plans capital expenditures of 12 to 13 billion RMB for 2025, consistent with 2024 levels, with additional capacity expected to be relocated to Yunnan, reaching 2.2 million tons by year-end [2] - Despite a forecasted decline in profit growth for the second half of 2025 due to a high comparative base from record alumina prices in Q4 2024, multiple favorable factors remain, including a 45 million ton production cap to maintain supply discipline and continued demand support from electric vehicle sales and export recovery [2]

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。 ...