Core Viewpoint - The company reported significant financial performance in the first half of 2025, exceeding market expectations with a revenue of 81.039 billion yuan and a net profit of 12.361 billion yuan, alongside a share buyback plan of no less than 3 billion Hong Kong dollars [1][2] Financial Performance - Revenue for H1 2025 reached 81.039 billion yuan, representing a year-on-year growth of 10.12% [1] - Net profit attributable to shareholders was 12.361 billion yuan, showing a year-on-year increase of 35.02% [1] - Operating cash flow improved significantly, amounting to 22.306 billion yuan, a year-on-year growth of 56.38% [2] Product Segment Performance - Aluminum Alloy Products: - Sales volume was 2.906 million tons, up 2.4% year-on-year - Average selling price was 17,853 yuan/ton (excluding tax), an increase of 2.7% year-on-year - Revenue generated was 51.878 billion yuan, a growth of 5.2% year-on-year - Gross margin improved to 25.2%, up 0.6 percentage points [1] - Alumina Products: - Sales volume reached 6.368 million tons, a rise of 15.6% year-on-year - Average selling price was 3,243 yuan/ton (excluding tax), increasing by 10.3% year-on-year - Revenue was 20.655 billion yuan, reflecting a year-on-year growth of 27.5% - Gross margin increased to 28.8%, up 3.4 percentage points [1] - Aluminum Alloy Processing Products: - Sales volume was 392,000 tons, up 3.5% year-on-year - Average selling price was 20,615 yuan/ton (excluding tax), a 2.9% increase year-on-year - Revenue amounted to 8.074 billion yuan, a growth of 6.5% year-on-year - Gross margin improved to 23.3%, up 2.3 percentage points [1] Cost Management - Selling expenses decreased to 354 million yuan, down 3.4% year-on-year - Administrative expenses were 2.322 billion yuan, a decline of 5.4% year-on-year - Financial expenses reduced to 1.284 billion yuan, down 17.7% year-on-year [2] Shareholder Returns - The company has repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which have been canceled (approximately 187 million shares) [2] - A new share buyback plan is announced, with a minimum amount of 3 billion Hong Kong dollars [2] - The company commits to maintaining the same dividend payout ratio in 2025 as in 2024, which has been 48%, 49%, 47%, and 63% from 2021 to 2024 respectively [2] Earnings Forecast - The company projects earnings per share (EPS) for 2025, 2026, and 2027 to be 2.32 yuan, 2.51 yuan, and 2.64 yuan respectively, with price-to-earnings (PE) ratios of 9, 9, and 8 times [2]
中国宏桥(01378.HK)：2025H1业绩显著超预期 新一轮回购不低于30亿港元