天山铝业2025年前三季度业绩亮眼 提升年度分红比例凸显投资价值

Core Insights - Tianshan Aluminum reported a revenue of 22.321 billion yuan for Q3 2025, marking a year-on-year increase of 7.34% and a net profit of 3.340 billion yuan, up 8.31% year-on-year [1] - The company achieved a basic earnings per share of 0.73 yuan, with core product electrolytic aluminum sales prices showing a steady increase [1] - The company is actively pursuing a green low-carbon transformation project for 1.4 million tons of electrolytic aluminum capacity, expected to increase total output by nearly 20% [2] Financial Performance - In Q3 2025, Tianshan Aluminum's net profit reached 1.256 billion yuan, with a non-recurring net profit of 1.239 billion yuan, reflecting a quarter-on-quarter growth of approximately 34% [1] - The company’s financial expenses for the first three quarters of the year were 382 million yuan, a decrease of 30.8% year-on-year, indicating an improved financial structure [1] Production and Cost Management - The average sales price of electrolytic aluminum increased by about 2% quarter-on-quarter due to improved macro sentiment and fundamentals [1] - Production costs have steadily declined, aided by the consumption of high-priced alumina inventory and advantages in coal prices in the Xinjiang region [1] Shareholder Returns - Tianshan Aluminum announced a mid-year dividend plan, distributing 2 yuan per 10 shares (including tax), totaling 920 million yuan, which has been approved by the shareholders' meeting [2] - The company committed to a cumulative cash dividend of no less than 50% of the net profit attributable to shareholders for 2025, an increase from 41% in 2024 [2] Share Buyback - As of September 30, 2025, Tianshan Aluminum completed a new round of share buybacks, acquiring 23.7052 million shares, representing 0.51% of the total share capital, with a total expenditure exceeding 200 million yuan [3] - The company plans to cancel 23.148 million shares repurchased earlier this year, corresponding to a total buyback fund of 150 million yuan [3]