明泰铝业面临欧盟碳税挑战，再生铝技术或成优势

Core Viewpoint - Ming Tai Aluminum faces challenges from the EU Carbon Border Adjustment Mechanism (CBAM) but is expected to gain a green premium due to its low-carbon advantages from recycled aluminum [1][2]. Industry Policy and Environment - The EU Carbon Border Adjustment Mechanism will officially take effect in 2026, potentially increasing export costs for aluminum products. The China Nonferrous Metals Industry Association indicates that this mechanism will pose compliance cost challenges for the industry, but Ming Tai Aluminum has proactively positioned itself with recycled aluminum technology, which may allow it to obtain a green premium [2]. Company Status - According to the company's three-year plan disclosed in November 2025, Ming Tai Aluminum will increase its annual dividend payout ratio to no less than 30% starting in 2026 to enhance investor returns. A cash dividend of 10 for every 1 share has already been implemented in the third quarter of 2025, marking two consecutive years of interim dividends [3]. Company Project Progress - The company is advancing its new project for an annual production capacity of 720,000 tons of aluminum-based new materials, primarily targeting the fields of new energy batteries and low-altitude economy. The construction period is expected to be two years, and upon production, it will enhance high-end capacity. The first production line of its subsidiary Hongsheng New Materials' aluminum industrial park for automotive and green energy applications was put into operation in October 2025 [4]. Performance and Operating Conditions - The company forecasted a year-on-year increase of 12% to 14% in net profit attributable to shareholders for 2025, with a complete annual report expected to be disclosed soon [5].