天山铝业2025年三季度分红方案出炉，累计分红比例预计达50%

Core Viewpoint - Tianshan Aluminum plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 459 million yuan, based on its solid performance in the first three quarters of 2025, with a net profit of 3.34 billion yuan, an increase of 8.31% year-on-year [1] Financial Performance - Revenue for the first three quarters of 2025 reached 22.32 billion yuan, reflecting a year-on-year growth of 7.34% [3] - Operating cash flow amounted to 5.23 billion yuan, up 38% year-on-year, providing a solid foundation for dividends [3] - The debt-to-asset ratio improved to 52.7%, a decrease of 5.3 percentage points year-on-year, while financial expenses dropped by 30.8% to 382 million yuan, enhancing the sustainability of dividends [3] Dividend Policy - The latest dividend plan is based on a total share count of 459 million shares after deducting repurchased shares, with an expected cumulative dividend payout ratio of 50% for 2025, positioning it among the top in the A-share non-ferrous sector [2] - The current dividend yield is approximately 0.56% based on the current share price of 17.97 yuan, with an expected cumulative yield exceeding 2.76% after including the mid-year dividend [4] - Since its listing, the company has distributed over 7.48 billion yuan in dividends, reinforcing long-term shareholder returns [4] Valuation - The current price-to-earnings (P/E) ratio is 17.65, and the price-to-book (P/B) ratio is 3.02, both below the industry average P/E of approximately 18, suggesting that the dividend policy may support valuation recovery [5] Industry Context - The company’s high dividend policy highlights its cost advantages across the entire industry chain and financial stability, which enhances short-term shareholder returns [6] - The company is focused on achieving counter-cyclical growth through product structure optimization and cost control, providing ongoing support for dividends [6]