Chang Jiang Shang Bao·2025-08-31 22:49Core Viewpoint - China Aluminum's operating performance shows steady growth despite a challenging market environment, achieving record highs in revenue and net profit for the first half of 2025 [1][4][6]. Financial Performance - In the first half of 2025, China Aluminum reported revenue of approximately 1164 billion yuan, a year-on-year increase of over 5% [1][4]. - The net profit attributable to shareholders was 70.71 billion yuan, reflecting a slight increase of 0.81% year-on-year [1][4]. - The operating cash flow reached 142.65 billion yuan, marking the best level for the same period since the company's establishment [1][12]. Production and Supply Chain - The production of key products such as alumina, primary aluminum, and fine alumina all saw year-on-year growth [1]. - The self-sufficiency rate of alumina ore reached a five-year high, increasing by 6 percentage points since the beginning of the year [2]. - The production volumes for alumina and electrolytic aluminum increased by 4.88% and 9.37% respectively compared to the previous year [6]. Debt and Financial Health - The company's debt-to-asset ratio decreased to 46.88% by the end of June 2025, continuing a downward trend [2][12]. - Financial expenses for the first half of 2025 were 11.89 billion yuan, marking a continued decline [2][12]. Dividend Distribution - China Aluminum plans to distribute a cash dividend of 21.10 billion yuan for the first half of 2025, which accounts for approximately 30% of the net profit attributable to shareholders [3][13]. Strategic Focus and Innovation - The company is focusing on resource security, technological innovation, and high-end materials to enhance its competitive edge [6][9]. - Significant investments in research and development have been made, with R&D expenditures from 2021 to 2024 being 24.93 billion yuan, 66.66 billion yuan, 54.44 billion yuan, and 31.70 billion yuan respectively [11].