TIANSHAN ALUMINUM(SZ:002532) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-11-27 02:49Core Viewpoint - Tianshan Aluminum Group has initiated the first batch of electrolytic cells for its 1.4 million tons green low-carbon energy efficiency enhancement project, aiming to comply with national energy-saving and low-carbon policies [1][2]. Group 1: Project Overview - The project involves upgrading the company's electrolytic aluminum production capacity using advanced energy-saving technology, which includes full graphitization cathode blocks and new energy-saving cathode structures [1]. - Upon completion, the company's electrolytic aluminum production capacity will reach the approved capacity of 1.4 million tons per year, with electricity consumption for aluminum liquid expected to achieve industry-leading levels [2]. Group 2: Competitive Advantage - The project will rely on external green electricity as an energy source, which will increase the proportion of green electricity in the company's energy mix, thereby enhancing its competitive advantage in electricity costs and accelerating the green transformation of its electrolytic aluminum business [2]. Group 3: Bond Redemption and Share Pledge - The controlling shareholder, Jincheng Energy, has fully redeemed and delisted two series of exchangeable bonds, with the redemption prices being RMB 100.4808 and RMB 100.4466 per bond for the first and second series, respectively [4][5]. - Following the redemption, Jincheng Energy has also released part of its pledged shares, indicating a stable financial situation and no immediate risk of forced liquidation or transfer of control over the company [6].