Import and Production - In the first half of 2024, China imported 77.35 million tons of bauxite, a year-on-year increase of 7.3%, with Guinea accounting for 72.8% of imports[7]. - The company reported a significant increase in the use of imported bauxite due to domestic supply shortages and poor ore quality[7]. - Domestic aluminum oxide production in China was 8.2 million tons, while consumption was 8.5 million tons, resulting in a supply shortage of 890,000 tons in the first half of 2024[9]. - The company’s aluminum production (including alloys) reached 3.63 million tons in the first half of 2024, with a significant increase in output across major products[12]. - The global aluminum production and consumption in the first half of 2024 were 35.87 million tons and 36.01 million tons, respectively, with China accounting for 59.4% and 61.4% of the totals[10]. Financial Performance - The company achieved a total profit of RMB 12.969 billion and a net profit of RMB 11.290 billion in the first half of 2024, with operating cash flow of RMB 13.485 billion[12]. - For the six months ending June 30, 2024, the company's revenue was RMB 110.718 billion, a decrease of 17.41% compared to the same period last year[25]. - The net profit attributable to the company's owners for the same period was RMB 7.016 billion, an increase of 105.33% year-on-year[25]. - The company's basic earnings per share for the first half of 2024 was RMB 0.409[25]. - The company's operating costs for the first half of 2024 were RMB 92.287 billion, a decrease of RMB 29.769 billion compared to RMB 122.056 billion in the same period last year[28]. Market and Pricing - In the first half of 2024, the domestic aluminum oxide spot price reached a maximum of RMB 3,917 per ton, with an average price of RMB 3,504 per ton, representing a year-on-year increase of 21.0%[8]. - The international aluminum oxide spot price averaged USD 403 per ton in the first half of 2024, with a year-on-year increase of 14.3%[8]. - The average price of SHFE three-month aluminum in the first half of 2024 was RMB 19,849 per ton, reflecting a year-on-year increase of 7.2%[10]. Environmental and Sustainability Initiatives - The company completed a carbon reduction of 660,000 tons in the first half of the year and restored over 3,600 acres of bauxite mining land[16]. - The intensity of nitrogen oxide emissions from alumina and electrolytic aluminum decreased by 6.4% and 14.6% year-on-year, respectively[16]. - The company has established eight national-level green mines and 13 green factories, promoting significant achievements in green low-carbon development[16]. Strategic Planning and Development - The company is advancing key projects, including a 2 million ton aluminum oxide project in Guangxi and a 420,000 ton electrolytic aluminum project in Inner Mongolia[13]. - The company’s strategic planning includes a focus on five traditional industries, six emerging industries, and three platform industries to enhance competitive advantages[13]. - The company is actively acquiring bauxite resources in regions like Henan, Shanxi, and Guizhou, and optimizing its alumina production layout[20]. Shareholder and Governance - The company expressed gratitude to shareholders for their support and concern during the reporting period[6]. - The company proposed an interim dividend of RMB 0.082 per share, totaling approximately RMB 1.407 billion, which accounts for 20.05% of the net profit attributable to shareholders for the first half of 2024[26]. - The company has implemented a restricted stock incentive plan in 2022, granting approximately 139 million shares to 1,206 individuals, linking performance and personal evaluations to incentive realization[61]. Research and Development - Research and development expenses for the first half of 2024 were RMB 1.693 billion, remaining stable compared to RMB 1.692 billion in the previous year[30]. - The company has made major breakthroughs in new magnesium smelting methods and is advancing high-end fine alumina projects[15]. - The company is focusing on the development of new products such as high-performance die-casting aluminum alloys and is accelerating the construction of smart factories[21]. Employee and Management Changes - The company appointed Mr. Lu Dong as the new Deputy General Manager effective August 28, 2024[60]. - The company’s board of directors saw a change with Mr. Shi Zhirong appointed as the new Chairman on June 25, 2024, following the resignation of Mr. Dong Jianxiong[56]. - The company has established 22 key training programs for 2024, focusing on various fields including production, marketing, finance, and digitalization[61]. Financial Position and Assets - As of June 30, 2024, the group's current assets amounted to RMB 62.626 billion, an increase of RMB 4.185 billion from RMB 58.441 billion at the end of the previous year, mainly due to increased inventory and accounts receivable[43]. - The company's total assets amounted to RMB 217.09 billion, an increase from RMB 211.76 billion as of December 31, 2023[110]. - The company's total equity increased to RMB 108.62 billion as of June 30, 2024, from RMB 98.89 billion as of December 31, 2023[111]. Liabilities and Financial Obligations - The total liabilities amounted to RMB 108,476,812 million, with the alumina segment's liabilities at RMB 41,933,175 million[149]. - The company reported a net cash outflow from financing activities of RMB 9,062,871 for the six months ended June 30, 2024, compared to RMB 10,652,341 in the same period of 2023, indicating a decrease of approximately 14.9%[122]. - The current portion of short-term loans and borrowings totaled 19,127,150 thousand RMB as of June 30, 2024, compared to 27,134,434 thousand RMB at the end of 2023, showing a significant decrease of approximately 29.6%[167].
中国铝业(02600) - 2024 - 中期财报