HUAXI Securities·2026-01-25 09:26Investment Rating - Industry Rating: Recommended [5] Core Insights - The report indicates that the production of bauxite remained stable at 15.4 million tons in Q4 2025, with a year-on-year increase of 6% for the entire year, totaling 62.4 million tons [17] - Alumina production in Q4 2025 was 196.9 thousand tons, showing a slight year-on-year decrease of 1% but a 4% increase compared to the previous quarter, with an annual total of 759.3 thousand tons, reflecting a 4% increase year-on-year [2][3] - The report highlights that aluminum production in Q4 2025 reached 85.2 thousand tons, a 2% increase year-on-year, while the total for 2025 was 338.0 thousand tons, marking a 3% increase [3][4] - Copper production in Q4 2025 was 240 thousand tons, representing a 5% year-on-year increase, with an annual total of 883 thousand tons, which is an 11% increase [8][9] - Lithium carbonate equivalent production for Q4 2025 was 15 thousand tons, a 23% increase from the previous quarter, with an annual total of 57 thousand tons [10][11] - The report notes that recycled aluminum production in Q4 2025 was 62 thousand tons, a 7% year-on-year increase, with an annual total of 269 thousand tons, reflecting a 2% increase [6][7] - Iron ore production from the Pilbara region in Q4 2025 was 89.7 million tons, a 4% year-on-year increase, with an annual total of 327.3 million tons, remaining stable compared to the previous year [14][17] Summary by Sections Bauxite - Q4 2025 bauxite production: 15.4 million tons, year-on-year increase of 6% [17] - Total bauxite production for 2025: 62.4 million tons [17] Alumina - Q4 2025 alumina production: 196.9 thousand tons, year-on-year decrease of 1% [2] - Total alumina production for 2025: 759.3 thousand tons, year-on-year increase of 4% [3] Aluminum - Q4 2025 aluminum production: 85.2 thousand tons, year-on-year increase of 2% [3] - Total aluminum production for 2025: 338.0 thousand tons, year-on-year increase of 3% [4] Copper - Q4 2025 copper production: 240 thousand tons, year-on-year increase of 5% [8] - Total copper production for 2025: 883 thousand tons, year-on-year increase of 11% [9] Lithium - Q4 2025 lithium carbonate equivalent production: 15 thousand tons, quarter-on-quarter increase of 23% [10] - Total lithium carbonate equivalent production for 2025: 57 thousand tons [11] Recycled Aluminum - Q4 2025 recycled aluminum production: 62 thousand tons, year-on-year increase of 7% [6] - Total recycled aluminum production for 2025: 269 thousand tons, year-on-year increase of 2% [7] Iron Ore - Q4 2025 iron ore production: 89.7 million tons, year-on-year increase of 4% [14] - Total iron ore production for 2025: 327.3 million tons, year-on-year stable [14]