Core Viewpoint - China Hongqiao (01378) reported significant performance exceeding market expectations for the first half of 2025, with revenue of 81.039 billion yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 12.361 billion yuan, a year-on-year increase of 35.02%. The company also announced a share buyback of no less than 3 billion Hong Kong dollars [1]. Group 1: Financial Performance - The company's operating cash flow reached 22.306 billion yuan, a year-on-year increase of 56.38% [3]. - The sales volume of aluminum alloy products was 2.906 million tons, a year-on-year increase of 2.4%, with a sales price of 17,853 yuan/ton (excluding tax), a year-on-year increase of 2.7%, generating revenue of 51.878 billion yuan, a year-on-year increase of 5.2%, and a gross margin of 25.2%, up 0.6 percentage points [2]. - The sales volume of alumina products was 6.368 million tons, a year-on-year increase of 15.6%, with a sales price of 3,243 yuan/ton (excluding tax), a year-on-year increase of 10.3%, generating revenue of 20.655 billion yuan, a year-on-year increase of 27.5%, and a gross margin of 28.8%, up 3.4 percentage points [2]. - The sales volume of aluminum alloy processing products was 392,000 tons, a year-on-year increase of 3.5%, with a sales price of 20,615 yuan/ton (excluding tax), a year-on-year increase of 2.9%, generating revenue of 8.074 billion yuan, a year-on-year increase of 6.5%, and a gross margin of 23.3%, up 2.3 percentage points [2]. Group 2: Cost Management and Shareholder Returns - Selling expenses decreased by 3.4% to 354 million yuan, administrative expenses decreased by 5.4% to 2.322 billion yuan, and financial expenses decreased by 17.7% to 1.284 billion yuan, indicating improved cost management [3]. - As of the end of the first half of 2025, the company had repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which were canceled (approximately 18.7 million shares) [4]. - The company announced a new buyback plan of no less than 3 billion Hong Kong dollars and committed to maintaining the same dividend payout ratio in 2025 as in 2024, reflecting a strong emphasis on shareholder returns [4].