Core Viewpoint - China Hongqiao has reported significant growth in its mid-year performance, driven by rising aluminum prices and effective global operations, leading to substantial increases in revenue and profit [1][2]. Financial Performance - Revenue for the period reached approximately 81.04 billion RMB, a year-on-year increase of 10.1% [1] - Gross profit was about 20.81 billion RMB, up 16.9% year-on-year [1] - Net profit surged by 35.4% to 13.55 billion RMB, with shareholders' net profit rising 35% to approximately 12.36 billion RMB [1] - The overall gross margin increased by 1.5 percentage points to 25.7%, indicating top-tier industry performance [4] Market and Industry Trends - The global aluminum price is expected to rise due to tight supply and increasing demand, with LME three-month aluminum averaging around $2,546 per ton, a 6% year-on-year increase [2] - China's aluminum consumption accounts for approximately 62.6% of global demand, highlighting the importance of domestic growth for aluminum companies [3] Product Performance - Sales volume of aluminum alloy products reached about 2.91 million tons, a 2.4% increase year-on-year, with average prices rising 2.7% to 17,853 RMB per ton [3] - Sales volume of alumina products was approximately 6.37 million tons, up 15.6%, with average prices increasing 10.3% to 3,243 RMB per ton [3] - Revenue from alumina was about 20.66 billion RMB, a 27.5% increase, while aluminum alloy revenue was 51.88 billion RMB, up 5.2% [3] Cost Management and Efficiency - The company has improved operational efficiency, with selling expenses decreasing by 3.4% due to lower freight costs [6] - Financial expenses dropped by 17.7% due to reduced financing rates, contributing to a significant increase in operating cash flow, which rose 8.9% to 44.77 billion RMB [6] Shareholder Returns - The company has repurchased shares worth 2.61 billion HKD, totaling approximately 187 million shares, and plans to continue with a new buyback program of no less than 3 billion HKD [8] - The stock price has doubled since the beginning of the year, reflecting investor confidence and the company's commitment to shareholder returns [8]
中国宏桥中期业绩再创新高 股价大涨拟超30亿大手笔回购