Core Viewpoint - China Hongqiao (01378) reported significant earnings 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, up 35.02%, exceeding market expectations [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), up 2.7%, generating revenue of 51.878 billion yuan, a 5.2% increase [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), up 10.3%, generating revenue of 20.655 billion yuan, a 27.5% increase [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), up 2.9%, generating revenue of 8.074 billion yuan, a 6.5% increase [2] Group 2: Cost Management - Selling expenses decreased by 3.4% to 354 million yuan; administrative expenses decreased by 5.4% to 2.322 billion yuan; financial expenses decreased by 17.7% to 1.284 billion yuan, indicating improved cost management [3] Group 3: Shareholder Returns - The company has repurchased and canceled shares worth approximately 2.61 billion Hong Kong dollars (about 1.87 million shares) and announced a new buyback plan of no less than 3 billion Hong Kong dollars [3] - 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, emphasizing shareholder returns [3]