创新实业通过港交所聆讯 电解铝业绩增长强劲

Core Viewpoint - Innovation Industry Group Limited is preparing for a listing on the Hong Kong Stock Exchange, focusing on the upstream aluminum industry, particularly alumina refining and electrolytic aluminum smelting, and is positioned as the 12th largest electrolytic aluminum producer in China by 2024 production capacity [1][4]. Company Overview - Innovation Industry specializes in the upstream aluminum supply chain, which includes bauxite mining, alumina refining, and electrolytic aluminum smelting. The company has developed capabilities across energy, alumina refining, and electrolytic aluminum smelting, achieving a high self-sufficiency rate in alumina and electricity supply, which is strategically significant for its operations [4]. - As of December 31, 2024, the company has a designed production capacity of 788.1 thousand tons per year for electrolytic aluminum and 1200 thousand tons per year for alumina, with production lines already operational [5]. Production Capacity and Performance - The alumina production volumes for Innovation Industry from 2022 to 2024 are approximately 706.2 thousand tons, 1546.1 thousand tons, and 1539.9 thousand tons, respectively, with a self-sufficiency rate of about 84% in 2024 [4]. - The company has also received approval for an annual production capacity of 2980 thousand tons of aluminum hydroxide, with 1480 thousand tons already in production and an additional 1500 thousand tons expected to start trial production in December 2024 [5]. Industry Context - According to CRU's report, global electrolytic aluminum consumption is expected to grow at a compound annual growth rate (CAGR) of 1.6% from 2025 to 2028. China is projected to have an annual demand gap of over 1 million tons of electrolytic aluminum, continuing until 2034 due to production capacity limits set by the Ministry of Industry and Information Technology [5]. Financial Performance - The company reported revenues of 13.49 billion RMB, 13.81 billion RMB, and 15.16 billion RMB for the fiscal years 2022, 2023, and 2024, respectively, with a profit of approximately 9.13 billion RMB, 10.81 billion RMB, and 26.3 billion RMB during the same periods [7][8]. - For the five months ending May 31, 2025, the company recorded a revenue of 7.21 billion RMB and a profit of approximately 1.04 billion RMB [8].