CHINA HONGQIAO(1378.HK)：LACK OF INTERIM DIVIDENDS BUT NEW BUYBACK SCHEME TO BOOST CONFIDENCE
Ge Long Hui·2025-08-19 10:49
机构：招银国际 研究员：Wayne FUNG Alumina segment (26% of revenue): The segment revenue surged ~28% YoY to RMB20.7bn (sales volume +10% YoY to 6.37mn tonnes; ASP +5% to RMB3,243/t). We calculated that the unit gross profit surged 25% YoY to RMB933/t. Aluminum fabrication products (10% of revenue): The segment revenue increased 6.5% YoY to RMB8bn (sales volume +3.4% YoY to 392mn tonnes; ASP +2.9% to RMB20,615/t). Helped by a stable unit cost, the unit gross profit grew 14% YoY to RMB4,815/t. Continuous share buyback th ...