Zheng Quan Shi Bao·2025-11-10 01:21Core Viewpoint - The company has successfully passed the Hong Kong Stock Exchange main board listing hearing, with CICC and Huatai International as joint sponsors. The company focuses on the upstream aluminum industry chain, specifically alumina refining and electrolytic aluminum smelting [1] Group 1: Business Operations - The company has achieved an alumina self-sufficiency rate of approximately 84% by the end of 2024 and has secured a high self-sufficiency rate in power supply [1] - The company possesses a designed production capacity of 788.1 thousand tons per year for electrolytic aluminum and 1,200 thousand tons per year for alumina, with relevant production lines already in operation [1] - The company is gradually expanding its capacity for both aluminum hydroxide and alumina, with plans for further expansion of alumina capacity in the future [1] Group 2: Market Position and Strategy - Global consumption of electrolytic aluminum is expected to continue growing, with a persistent annual demand gap for electrolytic aluminum in China [1] - According to a CRU report, the company's electrolytic aluminum smelting plant in Hohhot, Inner Mongolia, is the fourth largest electrolytic aluminum production base in North China, making the company the twelfth largest electrolytic aluminum producer in China [1] - The company strategically positions itself in Hohhot and Binzhou, Shandong Province, leveraging local abundant power resources and geographical advantages to achieve high self-sufficiency in alumina and power supply [1] Group 3: Competitive Advantages - The company has built an integrated ecosystem of "energy - alumina refining - electrolytic aluminum smelting," ensuring stability in raw material supply and cost advantages [1] - The company has significant advantages in power supply and raw material procurement, with a power self-sufficiency rate higher than the industry average, effectively reducing production costs [1] - The company ranks in the top 5% in China for managing cash costs per ton of aluminum [1]