TIANSHAN ALUMINUM(002532)2025-04-17 09:30Profit Distribution - The profit distribution plan approved by the board proposes a cash dividend of 2 RMB (including tax) for every 10 shares, totaling 922,716,423 RMB distributed during the 2024 interim profit distribution, which represents 41.42% of the net profit attributable to shareholders for the year [5]. - The company reported a total cash dividend of 1,845,432,846 RMB for the 2024 fiscal year, based on a base of 4,613,582,115 shares [5]. - The company distributed dividends totaling ¥1.615 billion in 2024, a substantial increase from ¥926 million in the previous year [76]. - The proposed cash dividend for 2024 is CNY 2 per 10 shares, totaling CNY 922,716,423.00 (including tax), which represents 43.66% of the net profit attributable to shareholders [166]. - The total dividend amount for 2024, including other methods, is CNY 1,945,435,246.00, accounting for 43.66% of the net profit attributable to shareholders [166]. - The company’s cash dividend policy complies with its articles of association and adequately protects the rights of minority shareholders [162]. Financial Performance - The company's operating revenue for 2024 was ¥28,089,427,344.57, a decrease of 3.06% compared to ¥28,974,772,367.83 in 2023 [6]. - Net profit attributable to shareholders increased by 102.03% to ¥4,455,407,938.46 in 2024 from ¥2,205,311,394.06 in 2023 [6]. - The net profit after deducting non-recurring gains and losses rose by 128.80% to ¥4,308,619,379.14 in 2024 compared to ¥1,883,104,476.20 in 2023 [6]. - Cash flow from operating activities increased by 33.29% to ¥5,220,175,251.35 in 2024 from ¥3,916,335,057.57 in 2023 [6]. - Basic and diluted earnings per share doubled to ¥0.96 in 2024 from ¥0.48 in 2023 [6]. - The weighted average return on equity improved to 17.38% in 2024 from 9.44% in 2023, an increase of 7.94 percentage points [6]. - The company achieved a net profit of 4.455 billion yuan in 2024, representing a year-on-year increase of 102.03% [117]. Business Transformation - The company has undergone a significant business transformation, shifting its main operations from the development, production, and sales of water pumps and control equipment to the production and sales of electrolytic aluminum, prebaked anodes, high-purity aluminum, bauxite, alumina, and battery aluminum foil [20]. - The company operates in the aluminum industry, focusing on the production and sales of electrolytic aluminum, alumina, prebaked anodes, and high-purity aluminum [32]. Production and Sales - The company achieved a record production of 1.1759 million tons of electrolytic aluminum, a year-on-year increase of approximately 1% [48]. - The company’s alumina production reached 2.2789 million tons, a year-on-year increase of 7.55% [48]. - The company’s high-purity aluminum sales volume increased by approximately 50% year-on-year, driven by domestic market demand recovery and successful new customer development [49]. - The production volume of electrolytic aluminum reached 1.1759 million tons, a year-on-year increase of approximately 1%, while alumina production was 2.2789 million tons, up 7.55% year-on-year [59]. - The average selling price of self-produced electrolytic aluminum was approximately CNY 19,800 per ton (including tax), up about 6% year-on-year [49]. - The sales volume of self-produced aluminum ingots decreased by 4.30% to 107.25 thousand tons, while production volume increased by 0.89% to 117.59 thousand tons [63]. - The company reported a significant increase in sales of aluminum foil and aluminum foil raw materials, with sales volume rising by 3,516.67% to 2.17 thousand tons [63]. Market Conditions - As of the end of 2024, China's electrolytic aluminum production capacity reached 44.62 million tons per year, hitting the national cap set by the Ministry of Industry and Information Technology [38]. - In 2024, China's electrolytic aluminum production was 43.46 million tons, a year-on-year increase of 4.3%, while the consumption volume was 45.18 million tons, growing by 5.5% [38]. - The average price of SHFE aluminum futures in March 2024 was 19,996 RMB per ton, reflecting an 8.2% year-on-year increase [39]. - The weighted average cost of electrolytic aluminum in China for 2024 was 17,717 RMB per ton, up 7.4% year-on-year, primarily due to a significant rise in alumina prices [39]. - By 2024, China's dependence on imported bauxite reached 70.8%, with approximately 70% of imports sourced from Guinea, indicating heightened supply risks [37]. - The global aluminum supply remains tight due to energy shortages outside of China, leading to production cuts in other regions [36]. - The aluminum industry is expected to see limited capacity growth in China due to strict supply-side reforms since 2017, with no new capacity approvals [36]. - The Chinese aluminum consumption accounts for about half of the global total, with significant demand growth anticipated in the renewable energy sector [36]. Environmental and Sustainability Efforts - The company is committed to green and low-carbon transformation in the electrolytic aluminum industry, continuously reducing energy consumption and emissions [117]. - The company has established a robust environmental management system certified to ISO 14001 standards, applicable to its production processes [195]. - The company invested a total of 188.9793 million yuan in environmental governance and protection during the reporting period, including 5.6846 million yuan in environmental protection tax [190]. - The company achieved a "zero" wastewater discharge goal through the use of integrated purifiers, with wastewater being recycled back into the circulation system [187]. - The company has implemented advanced technologies for carbon reduction, including large prebaked electrolytic cell technology and dry stacking of red mud, which are among the most advanced in the country [192]. - Tianshan Aluminum has implemented strict measures to ensure that all emissions are within regulatory limits, with no instances of exceeding discharge standards reported [178]. - The company is actively engaged in environmental protection and has established a comprehensive pollution control system across its operations [175]. Research and Development - R&D investment amounted to ¥1,472,703,200.42 in 2024, reflecting a 10.85% increase from ¥1,328,613,164.93 in 2023, with R&D investment accounting for 5.24% of operating revenue [75]. - R&D personnel increased to 1,103 in 2024, a rise of 16.72% from 945 in 2023, with the proportion of R&D personnel in the company reaching 16.33% [74]. - The company is focusing on developing energy-efficient aluminum electrolysis equipment to reduce energy consumption and emissions, contributing to green development [73]. - The project aims to achieve a production rate of AL99.9% above 95% for high-purity aluminum, enhancing the company's competitive edge in the market [73]. Governance and Management - The company has established a complete governance structure, adhering to relevant laws and regulations, and has conducted four shareholder meetings during the reporting period [123][124]. - The company has a robust governance framework that includes independent directors and various specialized committees to enhance decision-making efficiency [124]. - The company maintains independence from its controlling shareholders in business, personnel, assets, and financial systems, ensuring autonomous operational capabilities [128]. - The company has a clear and independent asset ownership structure, with complete control over its assets [131]. - The company has a fully independent organizational structure, ensuring no influence from controlling shareholders [132]. Employee and Community Engagement - The company has conducted various training programs, including 200 participants in the new apprentice training and 323 individuals receiving relevant certificates in vocational skills training [159]. - The company has successfully organized a skills competition with over 7,000 participants across the group [159]. - The company donated 200,000 yuan to Xinhe County First Primary School for the construction of a sports facility, significantly improving local youth sports activities [199]. - The company organized various cultural activities during the 2024 Spring Festival to enrich the spiritual and cultural life of employees and their families [200]. - A knowledge lecture on "Stress and Mental Health" was held for over 60 female employees, enhancing their well-being [200]. Risks and Challenges - The company faces risks from macroeconomic fluctuations and industry cycles, which could negatively impact sales and performance if economic downturns occur [109]. - Raw material and energy price volatility poses a risk, as significant price increases in alumina, petroleum coke, and electricity could adversely affect operational performance [109]. - The company is exposed to aluminum ingot price fluctuations, which could impact profitability if market prices decline significantly [110]. - Safety production risks exist due to the hazardous nature of aluminum production; however, the company has implemented strict safety management measures and has not faced major accidents during the reporting period [111].