格隆汇8月27日丨中国宏桥(01378.HK)发布公告，2025年8月26日耗资5007.71万港元回购203.4万股，回 购价格每股24.62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27日 | 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 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年8月22日 | | 9,621,087,327 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [5]. Core Views - The company reported a 35% year-on-year increase in net profit for the first half of 2025, with revenue reaching 81.04 billion yuan, a 10.1% increase [1]. - The growth in performance is attributed to an increase in both sales volume and prices of aluminum products, alongside a decline in raw material costs [1]. - The domestic aluminum price showed resilience, increasing by 4.7% since the beginning of the year, with expectations for continued growth in aluminum consumption driven by sectors like new energy vehicles and construction [2]. - The company has announced a share buyback plan of at least 3 billion HKD, reflecting confidence in its long-term prospects [2]. - The report projects net profits for 2025-2027 to be 24.73 billion yuan, 26.60 billion yuan, and 28.71 billion yuan respectively, with corresponding P/E ratios of 8.8, 8.1, and 7.5 [3][4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 81.04 billion yuan and a net profit of 12.36 billion yuan, marking increases of 10.1% and 35% year-on-year respectively [1]. - The sales volume for aluminum alloy products was approximately 2.906 million tons, up 2.4% year-on-year, while alumina sales volume reached 6.368 million tons, up 15.6% [1]. Market Outlook - The domestic aluminum consumption is expected to reach 54.35 million tons in 2025, with a year-on-year growth of 1.46% [2]. - Key growth areas include new energy vehicles, power transmission lines, and air conditioning, which are anticipated to support aluminum consumption [2]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 24.73 billion yuan, 26.60 billion yuan, and 28.71 billion yuan respectively, with growth rates of 10.53%, 7.57%, and 7.91% [4]. - The projected P/E ratios for the same years are 8.8, 8.1, and 7.5, reflecting the company's strong position in the aluminum industry [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The report highlights that the electrolytic aluminum sector is expected to experience a dual boost in profitability and valuation, with China Hongqiao as a leading integrated player driving this trend [5][7] - The company has shown remarkable performance, with a cumulative increase of 1316.85% since the low point in March 2020, and a year-to-date increase of 124.49% as of August 22, 2025 [5] - The company's net profit attributable to shareholders for the first half of the year increased by 35.02% year-on-year, benefiting from lower coal prices and a low base from last year's impairment profits [5][6] - The average dividend yield from 2020 to 2024 is projected to be 10.48%, with a high of 13.69% in 2024, showcasing the company's strong dividend attributes [6][7] Summary by Sections Company Performance - The company has a robust cash flow, with net cash flow from operating activities increasing from 17.779 billion to 33.983 billion from 2020 to 2024 [6] - The integrated supply chain from bauxite to aluminum processing helps mitigate price fluctuations across different products [6] Future Outlook - The report suggests that the electrolytic aluminum sector is entering a phase of profitability and valuation recovery, with potential for further growth in dividend yields as aluminum prices rise [7] - The anticipated annualized net profit for the first half of the year is projected at 24.72 billion, with a reference dividend payout ratio of 62.03%, leading to a dividend yield of 7.09% [7]

Core Viewpoint - Morgan Stanley's report indicates that China Hongqiao's stock price has over an 80% chance of rising in the next 30 days due to favorable market conditions and company actions [1] Group 1: Market Conditions - Federal Reserve Chairman Jerome Powell hinted at potential interest rate cuts, which positively impacted commodity prices [1] - The upcoming end of the consumption off-season is expected to lead to increased demand during the consumption peak season [1] - Lower inventory levels and the potential for U.S. interest rate cuts are anticipated to support aluminum prices at high levels [1] Group 2: Company Actions - China Hongqiao recently announced a stock buyback, which is expected to drive the stock price up in the short term [1]

瑞银发表报告指，中国宏桥中期核心盈利表现好过该行及市场预期，并有望于2026年起减少杠杆，因主 要项目建设将于届时完工。同时，公司指引派息比率不低于63%，并追加30亿港元股份回购计划，料将 增强市场信心。该行将2025及26年每股盈利预测分别上调22%及5%，目标价由21港元上调至26.8港元， 重申"买入"评级。 ...

Group 1 - The core viewpoint of the report indicates that China Hongqiao (01378) achieved a revenue of 81.039 billion yuan in H1 2025, representing a year-on-year increase of 8.48%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02%, primarily due to the rise in alumina and electrolytic aluminum prices [1] - The company is expected to see net profits of 24.259 billion, 26.739 billion, and 29.186 billion yuan from 2025 to 2027, with year-on-year growth rates of 8.43%, 10.22%, and 9.15% respectively, and EPS projected at 2.56, 2.82, and 3.07 yuan per share [1] - In H1 2025, the company reported stable production and sales, with aluminum alloy product sales of 2.906 million tons (up 2.4% year-on-year), aluminum processing product sales of 392,000 tons (up 3.4%), and alumina sales of 6.368 million tons (up 15.6%) [1] Group 2 - The acquisition of the remaining 25% stake in Yunnan Hongtai increased the electrolytic aluminum equity capacity, with the company's stake rising from 67.55% to 90.07%, enhancing equity capacity by 457,000 tons [2] - The company plans to repurchase shares with a total amount not less than 3 billion Hong Kong dollars, reflecting confidence in its development [2]

智通财经APP获悉，开源证券发布研报称，中国宏桥(01378)2025H1实现营收810.39亿元，同比+8.48%; 归母净利润123.61亿元，同比+35.02%，主要系2025H1氧化铝、电解铝价格同比均有所上涨。考虑到公 司2025年电解铝权益产能的提升以及铝价高位运行，预计公司2025~2027年实现归母公司净利润 242.59、267.39、291.86亿元，同比+8.43%、+10.22%、+9.15%，EPS分别为2.56、2.82、3.07元/股。该 行维持公司"买入"评级。 开源证券主要观点如下： 2025年7月23日，文山州财信实业投资有限公司退出云南宏泰，云南宏桥以90亿元的认缴出资额100%持 有云南宏泰，至此中国宏桥对云南宏泰的持股比例由67.55%上升至90.07%，云南宏泰拥有203万吨电解 铝产能，对应权益产能将提升45.7万吨;此外，公司拟进行股份回购，计划回购总金额不低于30亿港 元，彰显公司的发展信心。 风险提示：(1)煤炭、铝价、氧化铝价格大幅波动;(2)云南限产超预期等。 收购云南宏泰剩余25%股权提高电解铝权益产能，回购股份彰显发展信心 2025年上半年量价齐升， ...

Core Viewpoint - The company maintains a "Buy" rating and has revised its target price (TP) to HK$26.10, reflecting a positive outlook based on peer valuation multiples and long-term cost advantages from capacity relocation [1] Financial Performance - The company's earnings for 1H2025 grew by 35.0% year-on-year, aligning with previous profit alerts [2] - Profit growth was driven by margin improvements from higher primary aluminum and alumina prices, enhanced operational efficiency with SG&A expenses down by 5.1% year-on-year to RMB2.68 billion, and an optimized debt structure with finance costs reduced by 17.7% year-on-year to RMB1.28 billion [2] Shareholder Actions - Management announced a share buyback plan of no less than HK$3.00 billion, following HK$2.61 billion already spent on share repurchases in 1H2025, indicating strong confidence in future development [2] Cost Optimization - Capacity relocation to Yunnan Province is expected to drive further cost optimization, particularly due to lower power costs during the second half of the year [2] - The company transferred 241,000 tons of capacity from Shandong to Yunnan Hongtai, with operations starting at the end of March 2025, and plans to permanently retire 448,000 tons of capacity in Shandong [2] Market Catalysts - Potential catalysts for growth include rising aluminum prices, increased stimulus policies for downstream aluminum products in China, and the company's asset listing on the A-share market [3]

（原标题：中国宏桥(01378.HK)8月22日回购3.15亿港元，已连续5日回购） 证券时报•数据宝统计，中国宏桥在港交所公告显示，8月22日以每股24.16港元的价格回购1302.70万股，回购金额达3.15亿港元。该股当日收盘价 24.640港元，上涨2.24%，全天成交额11.34亿港元。 自8月18日以来公司已连续5日进行回购，合计回购3194.70万股，累计回购金额7.56亿港元。 其间该股累计上涨5.39%。 今年以来该股累计进行40次回购，合计回购2.19亿股，累计回购金额33.68亿港元。（数据宝） 中国宏桥回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.08.22 1302.70 | | 24.160 | 24.160 | 31473.23 | | 2025.08.21 | 146.95 | 23.940 | 23.860 | 3516.03 | | 2025.08.20 | 331.80 | 23.700 | ...