[Part I Important Notes, Table of Contents and Definitions](index=2&type=section&id=Part%20I%20Important%20Notes%2C%20Table%20of%20Contents%20and%20Definitions) This section provides crucial disclaimers, outlines the report's structure, lists reference documents, and defines key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility - The company's board of directors, supervisory board, and senior management guarantee the report is **true, accurate, and complete**, and bear legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of the accounting department declare the financial report is **true, accurate, and complete**[4](index=4&type=chunk) - The company plans not to distribute **cash dividends**, **bonus shares**, or convert **capital reserves into share capital**[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's nine main chapters and their starting page numbers, guiding investors through the content - The report comprises **nine main chapters**, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[9](index=9&type=chunk) [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section discloses the company's reference documents for the reporting period, including signed financial statements and publicly disclosed company files - Reference documents include financial statements signed and sealed by the **company's head, chief accountant, and head of the accounting department**[11](index=11&type=chunk) - Reference documents include original drafts of all company files publicly disclosed on the **CSRC-designated website** during the reporting period[12](index=12&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, ensuring clear understanding of its content - Defines institutions and company names such as the **China Securities Regulatory Commission (CSRC)**, **Shenzhen Stock Exchange (SZSE)**, and **Tianshan Aluminum**[14](index=14&type=chunk) - Clarifies the reporting period as **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Explains professional aluminum industry terms including **primary aluminum, electrolysis, aluminum electrolysis, electrolytic cell, remelting aluminum ingots, high-purity aluminum, carbon, prebaked, and prebaked anode**[14](index=14&type=chunk) [Part II Company Profile and Key Financial Indicators](index=6&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and summarizes its key financial performance metrics [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section introduces the company's basic information, including its stock details and legal representative - Stock abbreviation: **Tianshan Aluminum**, Stock code: **002532**[16](index=16&type=chunk) - Listing exchange: **Shenzhen Stock Exchange**[16](index=16&type=chunk) - Legal representative: **Zeng Chaolin**[16](index=16&type=chunk) [II. Contact Person and Contact Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides detailed contact information for the company's investor relations personnel - Board Secretary: **Zhou Jianliang**, Securities Affairs Representative: **Li Xiaohai**[17](index=17&type=chunk) - Contact address: **9th Floor, ProLogis Building 3, No. 2389 Zhangyang Road, Pudong New Area, Shanghai**[17](index=17&type=chunk) [III. Other Information](index=6&type=section&id=III.%20Other%20Information) This section discloses the company's official addresses and contact details, noting recent changes to its website and email - Company registered address: **Dayangcheng Industrial Zone, Daxi Town, Wenling City, Zhejiang Province**[18](index=18&type=chunk) - Company office address: **9th Floor, ProLogis Building 3, No. 2389 Zhangyang Road, Pudong New Area, Shanghai**[18](index=18&type=chunk) - Company website and email changed on **March 8, 2025**, as disclosed in the announcement on Juchao Information Network[18](index=18&type=chunk) - Information disclosure and storage locations remained **unchanged** during the reporting period[19](index=19&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key financial performance for the current and prior periods, highlighting growth in revenue and cash flow Key Accounting Data and Financial Indicators (H1 2025 vs Prior Year) | Indicator | Current Period (Yuan) | Prior Year (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 15,327,829,634.82 | 13,784,794,622.19 | 11.19% | | Net Profit Attributable to Shareholders of Listed Company | 2,084,149,205.86 | 2,073,509,037.38 | 0.51% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 1,961,028,856.18 | 1,960,833,691.45 | 0.01% | | Net Cash Flow from Operating Activities | 3,279,535,845.59 | 2,229,551,915.52 | 47.09% | | Basic Earnings Per Share (Yuan/share) | 0.45 | 0.45 | 0.00% | | Diluted Earnings Per Share (Yuan/share) | 0.45 | 0.45 | 0.00% | | Weighted Average Return on Net Assets | 7.52% | 8.34% | -0.82% | | Total Assets | 55,233,878,280.34 | 56,780,292,031.26 | -2.72% | | Net Assets Attributable to Shareholders of Listed Company | 27,874,421,628.77 | 26,831,388,895.23 | 3.89% | [V. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section confirms the absence of discrepancies in net profit and net assets between financial reports prepared under different accounting standards - The company had **no differences** in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) - The company had **no differences** in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the specific non-recurring items and their financial impact during the reporting period Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses on disposal of non-current assets (including the reversal of impairment provisions already made) | 4,853.90 | | Government grants recognized in profit or loss for the current period (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to established standards, and having a sustained impact on the company's profit or loss) | 149,427,039.17 | | Other non-operating income and expenses apart from the above items | -3,952,322.67 | | Less: Income tax impact | 22,121,454.82 | | Impact on minority interests (after tax) | 237,765.90 | | Total | 123,120,349.68 | - The company had **no other profit or loss items** that meet the definition of non-recurring gains and losses[25](index=25&type=chunk) [Part III Management Discussion and Analysis](index=9&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the company's operations, financial performance, core strengths, and future outlook [I. Company's Main Business Activities During the Reporting Period](index=9&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company has focused on the aluminum industry for thirty years, forming a complete industrial chain from bauxite and alumina to electrolytic aluminum, high-purity aluminum, and aluminum foil R&D and manufacturing, supported by captive power plants and prebaked anodes, demonstrating significant cost and integrated competitive advantages. During the reporting period, the company continued to optimize its industrial layout, strengthen resource guarantees, and advance green and low-carbon transformation projects - The company possesses a **fully integrated upstream and downstream aluminum industrial chain**, from bauxite and alumina to electrolytic aluminum, high-purity aluminum, and aluminum foil R&D and manufacturing[27](index=27&type=chunk) - The company has a **strong cost competitive advantage and integrated competitive advantage** by establishing industrial bases in resource and energy-rich regions[27](index=27&type=chunk) - The gradual development and mining of **Guangxi's local bauxite and overseas bauxite projects**, along with the commissioning and ramp-up of the **Jiangyin battery aluminum foil project**, further strengthen the industrial chain advantage[27](index=27&type=chunk) [(I) Company's Main Business, Products, and Uses](index=9&type=section&id=%EF%BC%88I%EF%BC%89Company%27s%20Main%20Business%2C%20Products%2C%20and%20Uses) This section details the company's integrated business operations, capacities, and product applications across the aluminum value chain - The electrolytic aluminum production base in Shihezi Economic and Technological Development Zone has a **1.4 million-ton electrolytic aluminum capacity quota**, with **1.2 million tons already built** and undergoing green, low-carbon energy efficiency upgrades[27](index=27&type=chunk) - The captive power plant in Shihezi Economic and Technological Development Zone has **6 units of 350MW generators**, capable of meeting **80%-90% of the electricity demand** for existing electrolytic aluminum production annually[28](index=28&type=chunk) - The prebaked anode production bases have a combined annual capacity of **600,000 tons**, sufficient to meet the entire anode carbon demand for existing electrolytic aluminum capacity[28](index=28&type=chunk) - The alumina production base in Baise, Guangxi, has a **2.5 million-ton alumina production line**, and has obtained bauxite mining rights, entering the substantive mining stage[28](index=28&type=chunk) - Downstream aluminum foil deep processing bases include a **180,000-ton annual capacity aluminum foil blank production line in Shihezi** and a **Phase I 160,000-ton design capacity aluminum foil deep processing line in Jiangyin**, primarily producing power battery aluminum foil, energy storage battery aluminum foil, and food aluminum foil[29](index=29&type=chunk)[31](index=31&type=chunk) - Overseas investments include **Indonesian bauxite** (100% equity transfer completed, mining operations gradually commencing in 2025), **Indonesian alumina** (2 million-ton production line planned, Phase I 1 million tons listed as an Indonesian national strategic project), and **Guinean bauxite** (already in production and mining stage)[31](index=31&type=chunk)[32](index=32&type=chunk) [(II) Company's Main Business Model](index=10&type=section&id=%EF%BC%88II%EF%BC%89Company%27s%20Main%20Business%20Model) This section outlines the company's operational strategies for procurement, production, and sales, emphasizing efficiency and cost control - Procurement model: The procurement management center is responsible for **centralized procurement of raw materials and trade aluminum ingots**, adopting a **"payment in advance"** approach, with prices determined by market rates at contract signing[33](index=33&type=chunk) - Production model: Annual production plans for main products are formulated based on **capacity and efficiency considerations**, with reasonable arrangements for supporting production to enhance efficiency[33](index=33&type=chunk) - Sales model: The sales center handles external sales of electrolytic aluminum and alumina, primarily through **long-term and spot contracts**, with aluminum ingot sales settled via **"payment in advance"**[34](index=34&type=chunk)[35](index=35&type=chunk) [(III) Analysis of Company's Operating Performance During the Reporting Period](index=11&type=section&id=%EF%BC%88III%EF%BC%89Analysis%20of%20Company%27s%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's operational achievements, highlighting stable production, increased sales, and improved financial health H1 2025 Main Product Production, Sales Volume, and Price Changes | Indicator | H1 2025 Output | YoY Change | Average Sales Price (incl. tax) | YoY Change | External Sales YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electrolytic Aluminum | 585,400 tons | Largely stable | 20,250 Yuan/ton | Up approx. 2.8% | Up approx. 2% | | Alumina | 1,199,900 tons | Increased 9.76% | 3,700 Yuan/ton | Up approx. 6% | Up approx. 7% | | Captive Power Generation | 6.602 billion kWh | - | - | - | - | | Anode Carbon | 272,600 tons | Increased 1.38% | - | - | - | | High-Purity Aluminum | 2,100 tons | - | - | Slightly increased | | Aluminum Foil and Blanks | 73,300 tons | - | - | Significantly increased | - Net operating cash flow reached **3.28 billion Yuan**, a **47.09% year-on-year increase**[36](index=36&type=chunk) - Financial expenses decreased by **32.63% year-on-year**, and the asset-liability ratio dropped to **49.53%**, further strengthening risk resistance[37](index=37&type=chunk) - The company's Guangxi bauxite mine obtained a mining license, bauxite from the Guinea acquisition project is being shipped back, and Indonesian bauxite mining is progressing, with **bauxite self-sufficiency expected to gradually increase**[37](index=37&type=chunk) - The company initiated a **1.4 million-ton electrolytic aluminum green and low-carbon transformation project**, expected to take about 10 months, which will increase annual electrolytic aluminum output to approximately **1.4 million tons**[37](index=37&type=chunk) [(IV) Company's Industry Position](index=11&type=section&id=%EF%BC%88IV%EF%BC%89Company%27s%20Industry%20Position) This section highlights the company's recognition and achievements, underscoring its leadership and technological prowess in the aluminum sector - In September 2024, Tianshan Aluminum Co., Ltd. was again listed among **China's Top 500 Private Enterprises** at 470th, and for the ninth consecutive year, among **China's Top 500 Manufacturing Private Enterprises** at 312th[38](index=38&type=chunk) - In October 2024, Tianshan Aluminum Co., Ltd.'s "Key Technologies and Engineering Applications for Energy Saving and Consumption Reduction in Large Prebaked Electrolytic Cells" received the **Second Prize for Science and Technology Progress from the Xinjiang Production and Construction Corps**[38](index=38&type=chunk) - In July 2025, Tianshan Aluminum was again selected for the **Fortune China 500 list**, ranking 465th[38](index=38&type=chunk) [(V) Completion of Key Operating Indicators During the Reporting Period](index=11&type=section&id=%EF%BC%88V%EF%BC%89Completion%20of%20Key%20Operating%20Indicators%20During%20the%20Reporting%20Period) This section summarizes the company's performance against key operational metrics, showing stable growth in production and revenue H1 2025 Key Operating Indicators Completion | Indicator | Output/Amount | | :--- | :--- | | Electrolytic Aluminum Output | 585,400 tons | | Alumina Output | 1,199,900 tons | | Power Generation | 6.602 billion kWh | | Prebaked Anode Output | 272,600 tons | | High-Purity Aluminum Output | 2,100 tons | | Aluminum Foil and Blanks Output | 73,300 tons | | Revenue | 15.328 billion Yuan | | Net Profit Attributable to Parent Company | 2.084 billion Yuan (YoY increase of 0.51%) | | Net Profit Attributable to Parent Company After Deducting Non-Recurring Gains and Losses | 1.961 billion Yuan (YoY increase of 0.01%) | [II. Analysis of Core Competencies](index=12&type=section&id=II.%20Analysis%20of%20Core%20Competencies) This section outlines the company's fundamental strengths, including its integrated value chain, cost advantages, advanced technology, and experienced management, which drive sustained growth and competitiveness - The company possesses a **full industrial chain** covering bauxite, alumina, prebaked anodes, power generation, electrolytic aluminum, high-purity aluminum, and aluminum deep processing, achieving **self-sufficiency in major raw materials** and enhancing risk resistance[40](index=40&type=chunk) - The company's electrolytic aluminum capacity in Xinjiang is supported by **captive power generation units** with abundant local coal reserves, ensuring **long-term stable electricity costs below industry average** and significant potential for green power enhancement[41](index=41&type=chunk) - The alumina project in Guangxi has **well-established upstream bauxite resource guarantees**, bauxite from the Guinea project is being shipped, and the Indonesian bauxite project is finalized, ensuring **greater cost stability for alumina products**[41](index=41&type=chunk) - The company has introduced **internationally leading high-purity aluminum segregation technology and processes** and built high-end aluminum foil production lines in aluminum foil deep processing, possessing **leading technical and cost competitive advantages**[42](index=42&type=chunk) - The company employs **advanced production and environmental technologies** such as large prebaked electrolytic cell processes and large-scale pipeline Bayer processes, was selected for the **Ministry of Industry and Information Technology's 2022 Green Factory list**, and holds **284 patents and 27 software copyrights**[43](index=43&type=chunk)[44](index=44&type=chunk) - The management team has **over 30 years of experience** in the aluminum industry, with rich construction and operation expertise, flexible and effective decision-making, and a foundation for overseas replication, aiding the company's international project expansion[45](index=45&type=chunk) [III. Analysis of Main Business](index=13&type=section&id=III.%20Analysis%20of%20Main%20Business) This section analyzes the company's primary business performance, detailing revenue and cost drivers, and highlighting significant growth in specific product segments and overseas markets Major Financial Data Year-on-Year Changes | Item | Current Period (Yuan) | Prior Year (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 15,327,829,634.82 | 13,784,794,622.19 | 11.19% | Primarily due to increased sales volume of self-produced aluminum ingots and aluminum foil products, and higher aluminum ingot selling prices compared to the prior year | | Operating Cost | 12,228,194,123.91 | 10,775,856,504.92 | 13.48% | Due to increased sales volume of self-produced aluminum ingots and aluminum foil products, and higher production costs compared to the prior year | | Selling Expenses | 10,680,218.09 | 8,037,933.00 | 32.87% | Primarily due to increased employee compensation and other expenses for battery aluminum foil sales personnel | | Administrative Expenses | 222,893,620.08 | 177,649,183.69 | 25.47% | Primarily due to increased employee numbers and compensation for management personnel in new business segments | | Financial Expenses | 250,939,103.58 | 372,486,682.80 | -32.63% | Due to a decrease in interest-bearing debt balance and reduced interest expenses compared to the prior year | | R&D Expenditure | 94,872,317.83 | 104,326,422.85 | -9.06% | Largely stable with slight fluctuations due to changes in resource allocation for R&D projects at different stages | | Net Cash Flow from Operating Activities | 3,279,535,845.59 | 2,229,551,915.52 | 47.09% | Primarily due to decreased inventory and reduced inventory capital occupation, leading to increased operating cash inflow compared to the prior year | | Net Cash Flow from Investing Activities | -551,938,807.58 | -1,070,578,763.75 | 48.44% | Primarily due to payment of project acquisition tail payments in the prior year, resulting in reduced investment payments in the current period | | Net Cash Flow from Financing Activities | -2,578,583,274.45 | -1,591,794,030.82 | -61.99% | Due to the company's reduction in interest-bearing debt scale in the current period | | Net Increase in Cash and Cash Equivalents | 133,744,604.15 | -421,965,183.40 | 131.70% | Resulting from the combined impact of the above factors | Operating Revenue Composition (by Product and Region) | Category | Item | Current Period Amount (Yuan) | % of Operating Revenue | Prior Year Amount (Yuan) | % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | Sales of Self-Produced Aluminum Ingots | 10,002,509,347.07 | 65.26% | 9,530,135,885.58 | 69.14% | 4.96% | | | Sales of High-Purity Aluminum | 321,746,451.31 | 2.10% | 220,392,294.89 | 1.60% | 45.99% | | | Sales of Purchased Aluminum Ingots | 0.00 | 0.00% | 544,044,632.86 | 3.95% | -100.00% | | | Sales of Alumina | 3,709,109,497.49 | 24.20% | 3,267,140,092.39 | 23.70% | 13.53% | | | Sales of Aluminum Foil and Blanks | 1,056,259,786.53 | 6.89% | 95,599,700.85 | 0.69% | 1,004.88% | | | Other Businesses | 238,204,552.42 | 1.55% | 127,482,015.62 | 0.92% | 86.85% | | By Region | Domestic | 15,265,379,441.16 | 99.59% | 13,774,817,581.49 | 99.93% | 10.82% | | | Overseas | 62,450,193.66 | 0.41% | 9,977,040.70 | 0.07% | 525.94% | - The aluminum industry's gross profit margin was **20.22%**, a year-on-year decrease of **1.61%**[53](index=53&type=chunk) - The gross profit margin for sales of self-produced aluminum ingots was **23.55%**, a year-on-year increase of **0.93%**[53](index=53&type=chunk) - The gross profit margin for sales of alumina was **14.61%**, a year-on-year decrease of **8.63%**[53](index=53&type=chunk) [IV. Analysis of Non-Main Business](index=14&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business) This section states that the company had no non-main business activities requiring analysis during the reporting period - The company had **no non-main business analysis** during the reporting period[54](index=54&type=chunk) [V. Analysis of Assets and Liabilities](index=15&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section provides an overview of the company's financial position, detailing changes in asset and liability components and their implications for financial health Significant Changes in Asset Composition | Item | Period-End Amount (Yuan) | % of Total Assets | Prior Year-End Amount (Yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 6,703,398,598.88 | 12.14% | 9,107,758,120.88 | 16.04% | -3.90% | Primarily due to a decrease in notes and bill deposits at the end of the reporting period compared to the prior year-end | | Notes Receivable | 1,649,209,276.34 | 2.99% | 607,853,513.79 | 1.07% | 1.92% | Primarily due to the company increasing its settlement methods for notes receivable in the current period, leading to an increase in the amount of endorsed but unexpired notes not derecognized | | Accounts Receivable | 581,070,727.20 | 1.05% | 290,678,043.75 | 0.51% | 0.54% | Primarily due to an increase in outstanding payments for aluminum foil sales at the end of the reporting period | | Inventories | 8,134,520,539.55 | 14.73% | 8,823,932,964.24 | 15.54% | -0.81% | Primarily due to a decrease in the company's inventory goods at the end of the reporting period | | Construction in Progress | 3,106,252,199.71 | 5.62% | 2,861,899,674.11 | 5.04% | 0.58% | Due to the new 1.4 million-ton electrolytic aluminum green and low-carbon energy efficiency improvement project in the current period | | Short-Term Borrowings | 3,050,339,852.56 | 5.52% | 3,432,847,391.54 | 6.05% | -0.53% | Due to the company reducing short-term borrowings based on funding needs and operational arrangements | | Contract Liabilities | 76,322,844.12 | 0.14% | 211,842,220.69 | 0.37% | -0.23% | Primarily due to a decrease in advance payments received for future sales at the end of the reporting period | | Other Current Liabilities | 1,077,546,401.53 | 1.95% | 331,663,922.66 | 0.58% | 1.37% | Primarily due to the company increasing its settlement methods for notes receivable in the current period, leading to an increase in the amount of endorsed but unexpired notes not derecognized | | Long-Term Borrowings | 7,228,858,568.71 | 13.09% | 7,668,169,661.41 | 13.50% | -0.41% | Due to the company reducing long-term borrowings based on funding needs and operational arrangements | | Treasury Stock | 350,932,610.40 | 0.64% | 250,026,723.18 | 0.44% | 0.20% | Due to new share repurchases in the current period | - The company had **no major overseas assets** during the reporting period[57](index=57&type=chunk) - Assets and liabilities measured at fair value primarily consist of **receivables financing**, with a period-end balance of **114,288,819.81 Yuan**[58](index=58&type=chunk) - As of the end of the reporting period, total restricted assets amounted to **15,900,312,837.13 Yuan**, mainly comprising **monetary funds** (notes and bill deposits) and **fixed assets and intangible assets** (mortgage for borrowings)[59](index=59&type=chunk) [VI. Analysis of Investment Status](index=16&type=section&id=VI.%20Analysis%20of%20Investment%20Status) This section confirms the absence of significant investment activities or use of raised funds during the reporting period - The company had **no securities investments** during the reporting period[61](index=61&type=chunk) - The company had **no derivative investments** during the reporting period[62](index=62&type=chunk) - The company had **no use of raised funds** during the reporting period[63](index=63&type=chunk) [VII. Significant Asset and Equity Sales](index=17&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) This section states that the company did not engage in any major asset or equity sales during the reporting period - The company did **not sell significant assets** during the reporting period[64](index=64&type=chunk) - The company did **not sell significant equity** during the reporting period[65](index=65&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=17&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section reviews the performance of the company's key subsidiaries and associates, noting their contributions to overall results and the impact of new entities Major Subsidiaries and Associates with >10% Impact on Net Profit (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (10,000 Yuan) | Total Assets (10,000 Yuan) | Net Assets (10,000 Yuan) | Operating Revenue (10,000 Yuan) | Operating Profit (10,000 Yuan) | Net Profit (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Production and Construction Corps Eighth Division Tianshan Aluminum Co., Ltd. | Subsidiary | Aluminum ingot production and sales | 630,842.11 | 3,659,007.78 | 2,080,209.58 | 1,123,537.87 | 128,201.36 | 110,806.81 | | Shihezi Tianrui Energy Co., Ltd. | Subsidiary | Power generation | 50,000.00 | 822,092.80 | 541,775.66 | 190,081.05 | 41,041.44 | 34,784.91 | | Xinjiang Tianshan Yingda Carbon Co., Ltd. | Subsidiary | Carbon and carbon products and furnace materials | 6,000.00 | 154,454.57 | 72,809.44 | 60,588.90 | 17,445.22 | 14,623.70 | | Xinjiang Tianzhan New Material Technology Co., Ltd. | Subsidiary | High-purity aluminum and aluminum product production and sales | 20,000.00 | 144,318.64 | 88,415.63 | 25,351.40 | 2,623.45 | 2,281.53 | | Alar Nanjiang Carbon New Material Co., Ltd. | Subsidiary | Carbon and carbon products and furnace materials | 32,700.00 | 217,744.28 | 108,240.06 | 69,867.67 | 21,468.52 | 18,304.62 | | Jingxi Tiangui Aluminum Co., Ltd. | Subsidiary | Alumina, aluminum hydroxide smelting, production, sales | 180,000.00 | 1,048,327.95 | 550,625.33 | 418,917.76 | 55,415.91 | 47,105.93 | - Acquisition and disposal of subsidiaries during the reporting period: **Jingxi Xinsheng Mining Technology Co., Ltd.** (business combination not under common control) and **Shihezi Tianshan Aluminum Industrial Service Co., Ltd.** (newly established) were added, with no significant impact on overall production, operations, or performance[67](index=67&type=chunk)[122](index=122&type=chunk) [IX. Structured Entities Controlled by the Company](index=18&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section confirms that the company did not control any structured entities during the reporting period - The company had **no structured entities under its control** during the reporting period[69](index=69&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=18&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) This section identifies key risks, including economic volatility, price fluctuations, and operational challenges, along with the company's strategies to mitigate them - The company faces risks from **macroeconomic fluctuations and industry cyclical changes**, as market demand is highly correlated with the macroeconomy, and product prices exhibit cyclical variations[69](index=69&type=chunk) - The company faces **raw material and energy price fluctuation risks**, where volatility in prices of alumina, prebaked anodes, and electricity could adversely affect operating performance[70](index=70&type=chunk) - The company faces **aluminum ingot price fluctuation risks**, as a significant drop in aluminum ingot prices, a standardized commodity, could negatively impact profitability[71](index=71&type=chunk) - The company faces **production safety risks**, as primary aluminum production processes involve high temperatures and other hazardous factors, prone to accidents[72](index=72&type=chunk) - The company faces **overseas operational risks**, as projects in Indonesia and Guinea may be affected by changes in local policies, political situations, community dynamics, and exchange rate fluctuations in different countries[73](index=73&type=chunk) - Key countermeasures include: **rigorously implementing continuous safe production**; **precisely focusing on improving operating performance**; **meticulously organizing and accelerating construction of projects**; **strengthening internal management and optimizing talent strategy**; **closely monitoring overseas political situations and industry policy dynamics**, preparing emergency plans, and engaging in appropriate hedging[74](index=74&type=chunk)[75](index=75&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section details the company's adoption of a market value management system to enhance shareholder value, while noting the absence of a specific valuation enhancement plan - The company has formulated a **market value management system**[76](index=76&type=chunk) - The company has **not disclosed a valuation enhancement plan**[77](index=77&type=chunk) - The company approved the "Market Value Management System" on **April 17, 2025**, aiming to align market value with intrinsic value and maximize overall company interests and shareholder wealth through strategic planning, improved governance, standardized operations, and sustainable value creation[77](index=77&type=chunk) [XII. Implementation of "Dual Improvement in Quality and Returns" Action Plan](index=20&type=section&id=XII.%20Implementation%20of%20%E2%80%9CDual%20Improvement%20in%20Quality%20and%20Returns%E2%80%9D%20Action%20Plan) This section outlines the company's comprehensive strategy to enhance development quality and investor returns through core business focus, improved disclosure, governance, and shareholder distributions - The company has disclosed its **"Dual Improvement in Quality and Returns" action plan announcement**[78](index=78&type=chunk) - Focusing on main business to strengthen core competitiveness: The company has dedicated **thirty years to the aluminum industry**, optimizing its industrial layout to form a **complete integrated aluminum industrial chain**, consolidating cost advantages, and enhancing its ability to withstand market fluctuations[78](index=78&type=chunk) - Improving information disclosure quality and strengthening investor communication: The company firmly adheres to the principle that "information disclosure is a core task for listed companies," ensuring information disclosure is **true, accurate, complete, timely, and fair**, and maintains continuous, in-depth, and effective communication with investors through various channels[80](index=80&type=chunk) - Continuously improving governance structure and enhancing the level of standardized operations: The company strictly adheres to legal and regulatory requirements, establishing and improving internal control systems to form a modern corporate governance system with **legally defined rights and responsibilities, transparent powers, coordinated operations, and effective checks and balances**[81](index=81&type=chunk) - Emphasizing shareholder returns, with both dividends and share repurchases: Since listing, the company has consistently distributed **cash dividends for 6 consecutive years**, totaling approximately **6.254 billion Yuan**; it implemented share repurchase plans in 2022, 2024, and 2025, with cumulative repurchases of **51.5123 million shares** totaling over **350 million Yuan** as of the end of the reporting period[83](index=83&type=chunk) [Part IV Corporate Governance, Environment and Society](index=22&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section covers the company's governance structure, environmental performance, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=22&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section confirms that there were no changes in the company's leadership during the reporting period - The company's directors, supervisors, and senior management experienced **no changes** during the reporting period[85](index=85&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital for the Current Reporting Period](index=22&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20for%20the%20Current%20Reporting%20Period) This section states the company's decision regarding profit distribution for the half-year period - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital** for the half-year period[86](index=86&type=chunk) [III. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&type=section&id=III.%20Implementation%20of%20Company%27s%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section confirms the absence of any equity incentive or employee stock ownership plans during the reporting period - The company had **no equity incentive plans, employee stock ownership plans, or other employee incentive measures** and their implementation during the reporting period[87](index=87&type=chunk) [IV. Environmental Information Disclosure](index=22&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section details the company's environmental reporting status, including subsidiaries subject to disclosure requirements - The company and its **six major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[88](index=88&type=chunk) - The environmental information disclosure report for **Jingxi Tiangui Aluminum Co., Ltd.** can be found at https://bqfq.sthjt.gxzf.gov.cn[88](index=88&type=chunk) [V. Social Responsibility](index=22&type=section&id=V.%20Social%20Responsibility) This section highlights the company's active engagement in social welfare, cultural enrichment, and talent development initiatives during the reporting period - On March 5, 2025, the Youth League Committee of the company's wholly-owned subsidiary, Tianshan Aluminum Co., Ltd., organized young volunteers to participate in the **"Learn from Lei Feng Volunteer Market Activity"** in Shihezi City, Xinjiang Production and Construction Corps Eighth Division, offering free home appliance repair and haircut services[89](index=89&type=chunk) - During the 2025 Spring Festival, the company's labor union meticulously planned and organized various cultural and sports activities for employees, including **dumpling making, lantern riddles, and table tennis competitions**[90](index=90&type=chunk) - On March 8, 2025, the company's labor union and women's workers committee invited a psychological counselor to conduct a lecture on **"Stress and Mental Health"** for female employees[90](index=90&type=chunk) - During the reporting period, the company intensified employee training, successfully hosting **"New Apprenticeship System" training**, cultivating **260 advanced-level** aluminum electrolyzers, boiler operators, and crane operators, and **2,350 intermediate-level** trainees[92](index=92&type=chunk) - The company organized **"study tour" benchmarking activities** to outstanding enterprises, rewarding and commending outstanding employees and key personnel from 2024[92](index=92&type=chunk) [Part V Significant Matters](index=24&type=section&id=Part%20V%20Significant%20Matters) This section addresses critical events and compliance issues, including commitments, related party transactions, and legal proceedings [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) This section confirms that no commitments by the actual controller, shareholders, or related parties were unfulfilled or overdue during the reporting period - The company had **no commitments** made by the actual controller, shareholders, related parties, acquirers, or the company that were fulfilled during the reporting period or overdue and unfulfilled as of the end of the reporting period[94](index=94&type=chunk) [II. Non-Operating Funds Occupied](index=24&type=section&id=II.%20Non-Operating%20Funds%20Occupied) This section states that there were no instances of non-operating funds being occupied by controlling shareholders or other related parties - The company had **no non-operating funds occupied** by controlling shareholders or other related parties during the reporting period[95](index=95&type=chunk) [III. Irregular External Guarantees](index=24&type=section&id=III.%20Irregular%20External%20Guarantees) This section confirms the absence of any irregular external guarantees by the company during the reporting period - The company had **no irregular external guarantees** during the reporting period[96](index=96&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=24&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section clarifies that the company's semi-annual report was not subject to an audit - The company's semi-annual report was **not audited**[97](index=97&type=chunk) [V. Explanation by the Board of Directors and Supervisory Board on "Non-Standard Audit Report"](index=24&type=section&id=V.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D) This section confirms the absence of any non-standard audit reports for the current reporting period - The company had **no non-standard audit report** during the reporting period[98](index=98&type=chunk) [VI. Explanation by the Board of Directors on Matters Related to "Non-Standard Audit Report" for the Previous Year](index=25&type=section&id=VI.%20Explanation%20by%20the%20Board%20of%20Directors%20on%20Matters%20Related%20to%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Previous%20Year) This section confirms the absence of any non-standard audit reports for the previous year - The company had **no non-standard audit report** during the reporting period[99](index=99&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section states that the company was not involved in any bankruptcy or reorganization proceedings during the reporting period - The company had **no bankruptcy and reorganization matters** during the reporting period[99](index=99&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) This section confirms the absence of any significant litigation or arbitration cases for the company during the current reporting period - The company had **no significant litigation or arbitration matters** during the current reporting period[100](index=100&type=chunk) [IX. Penalties and Rectification](index=25&type=section&id=IX.%20Penalties%20and%20Rectification) This section states that the company was not subject to any penalties or rectification requirements during the reporting period - The company had **no penalties or rectification situations** during the reporting period[100](index=100&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=25&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section affirms the good integrity of the company, its controlling shareholder, and actual controller, with no unfulfilled judgments or overdue debts - The company, its controlling shareholder, and actual controller have **no unfulfilled court judgments** and **no large overdue debts**, maintaining a good integrity status[101](index=101&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) This section details the company's related party transactions, including non-operating fund transfers, and confirms the absence of other major related party dealings - The company had **no related party transactions related to daily operations** during the reporting period[102](index=102&type=chunk) - The company had **no related party transactions involving asset or equity acquisitions/disposals** during the reporting period[103](index=103&type=chunk) - The company had **no related party transactions involving joint external investments** during the reporting period[104](index=104&type=chunk) Accounts Payable to Related Parties | Related Party | Relationship | Reason for Formation | Beginning Balance (10,000 Yuan) | Amount Added This Period (10,000 Yuan) | Amount Repaid This Period (10,000 Yuan) | Interest Rate | Interest This Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Jinlong Energy Industrial Chain Co., Ltd. | Under common ultimate control | Fund borrowing | 94,310.00 | 10,826.76 | 1,336.76 | 2.50% | 1,336.76 | 103,800.00 | - The company has **no deposits, loans, credit lines, or other financial business** with related financial companies[106](index=106&type=chunk) - The company's controlled financial company has **no deposits, loans, credit lines, or other financial business** with related parties[107](index=107&type=chunk) - The company had **no other significant related party transactions** during the reporting period[108](index=108&type=chunk) [XII. Significant Contracts and Their Performance](index=27&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) This section outlines the company's significant contractual arrangements, including a housing lease and extensive guarantees for its subsidiaries - The company had **no entrustment situations** during the reporting period[109](index=109&type=chunk) - The company had **no contracting situations** during the reporting period[110](index=110&type=chunk) - The company leases premises at **9th Floor, ProLogis Building 3, No. 2389 Zhangyang Road, Pudong New Area, Shanghai**, with a lease term from **March 1, 2024, to February 28, 2027**, and enjoys a rent-free period[112](index=112&type=chunk) - The company had **no lease projects** that generated profit or loss exceeding 10% of the company's total profit during the reporting period[113](index=113&type=chunk) - The company and its subsidiaries' external guarantees (excluding guarantees for subsidiaries) are **not applicable**[114](index=114&type=chunk) Company Guarantees for Subsidiaries (Partial) | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jingxi Tiangui | January 27, 2021 | 100,000 | January 26, 2021 | 100,000 | Joint and several liability guarantee | 3 years | No | | Tianshan Aluminum Co., Ltd. | February 25, 2021 | 60,000 | February 23, 2021 | 60,000 | Joint and several liability guarantee | 3 years | Yes | | Tianrui Energy | July 20, 2022 | 50,000 | July 19, 2022 | 50,000 | Joint and several liability guarantee | 3 years | No | | Total approved guarantee limit for subsidiaries in current period (B1) | - | 934,050.00 | - | 934,050.00 | - | - | - | | Total actual guarantee balance for subsidiaries at period-end (B4) | - | - | - | 2,803,291.10 | - | - | - | Subsidiary Guarantees for Subsidiaries (Partial) | Guaranteed Entity Name | Announcement Date of Guarantee Limit | Guarantee Limit (10,000 Yuan) | Actual Occurrence Date | Actual Guarantee Amount (10,000 Yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yingda Carbon | April 20, 2021 | 20,000 | April 16, 2021 | 20,000 | Joint and several liability guarantee | 3 years | Yes | | Tianzhan New Material | July 20, 2022 | 10,000 | July 19, 2022 | 10,000 | Joint and several liability guarantee | July 18, 2022 - July 18, 2025 | No | | Nanjiang Carbon | August 08, 2023 | 30,000 | August 07, 2023 | 30,000 | Joint and several liability guarantee | 3 years | No | | Total approved guarantee limit for subsidiaries in current period (C1) | - | 48,995 | - | 48,995 | - | - | - | | Total actual guarantee balance for subsidiaries at period-end (C4) | - | - | - | 447,171.1 | - | - | - | - The total guarantee amount (i.e., A4+B4+C4) accounts for **116.61%** of the company's net assets[126](index=126&type=chunk) - The company had **no entrusted wealth management** during the reporting period[128](index=128&type=chunk) - The company had **no other significant contracts** during the reporting period[128](index=128&type=chunk) [XIII. Explanation of Other Significant Matters](index=35&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section details the company's share repurchase program, approved for employee incentives, and its progress as of the reporting period - On April 9, 2025, the company's Sixth Board of Directors' Twelfth Meeting approved the "Proposal on Repurchasing Company Shares through Centralized Bidding Transactions," with repurchased shares intended for **employee stock ownership plans or equity incentive plans**[129](index=129&type=chunk) - As of July 31, 2025, the company had cumulatively repurchased **17.559 million shares** through centralized bidding via its dedicated securities account, representing **0.38% of the company's total share capital**[130](index=130&type=chunk) - The total funds used amounted to **139.9565 million Yuan** (excluding transaction fees)[130](index=130&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=35&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section highlights key developments within the company's subsidiaries, including resource acquisition and capacity upgrades - On April 7, 2025, **Jingxi Tiangui**, a wholly-owned subsidiary, obtained a **"Mining License of the People's Republic of China"** from the Guangxi Provincial Department of Natural Resources, enhancing the company's bauxite resource security[131](index=131&type=chunk) - **Tianshan Aluminum Co., Ltd.**, a wholly-owned subsidiary, initiated a **1.4 million-ton electrolytic aluminum green and low-carbon energy efficiency improvement project**, utilizing advanced domestic energy-saving technology, which upon completion is expected to increase annual electrolytic aluminum output to approximately **1.4 million tons** and achieve industry-leading comprehensive AC power consumption for aluminum liquid[132](index=132&type=chunk) [Part VI Share Changes and Shareholder Information](index=36&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder composition, and any changes in ownership or control [I. Share Changes](index=36&type=section&id=I.%20Share%20Changes) This section outlines the company's share capital structure, confirming stability in total shares and the ongoing share repurchase program Share Changes (as of Reporting Period End) | Item | Quantity Before Change (shares) | Proportion | Increase/Decrease This Change (shares) | Quantity After Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 521,879,963 | 11.22% | 0 | 521,879,963 | 11.22% | | II. Unrestricted Shares | 4,130,005,452 | 88.78% | 0 | 4,130,005,452 | 88.78% | | III. Total Shares | 4,651,885,415 | 100.00% | 0 | 4,651,885,415 | 100.00% | - The reasons for share changes, approval status, and transfer status are **not applicable**[135](index=135&type=chunk) - On April 9, 2025, the company's Sixth Board of Directors' Twelfth Meeting approved the "Proposal on Repurchasing Company Shares through Centralized Bidding Transactions," where the company uses a **special share repurchase loan and its own funds** to repurchase a portion of its outstanding A-shares through centralized bidding[136](index=136&type=chunk) - As of July 31, 2025, the company had cumulatively repurchased **17.559 million shares** through centralized bidding via its dedicated securities account, representing **0.38% of the company's total share capital**, with a total expenditure of **139.9565 million Yuan** (excluding transaction fees)[137](index=137&type=chunk) [II. Securities Issuance and Listing](index=37&type=section&id=II.%20Securities%20Issuance%20and%20Listing) This section confirms that the company did not engage in any securities issuance or listing activities during the reporting period - The company had **no securities issuance or listing** during the reporting period[137](index=137&type=chunk) [III. Number of Shareholders and Shareholding Status](index=37&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) This section provides details on the company's shareholder base, including the top shareholders and their ownership structures - The total number of common shareholders at the end of the reporting period was **49,654**[138](index=138&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Shares Held at Period-End (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | Pledged, Marked, or Frozen Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi Jinlong Energy Industrial Chain Co., Ltd. | Domestic Non-State-Owned Legal Person | 19.63% | 913,175,412 | 0 | 913,175,412 | Pledged 370,000,000 | | Zeng Chaoyi | Domestic Natural Person | 8.46% | 393,778,364 | 295,333,773 | 98,444,591 | Pledged 175,000,000 | | Shihezi Jinhui Energy Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 7.42% | 345,357,966 | 0 | 345,357,966 | Pledged 86,340,000 | | Zeng Chaolin | Domestic Natural Person | 6.49% | 302,061,587 | 226,546,190 | 75,515,397 | Pledged 141,400,000 | | Huarong Zhicheng No. 7 (Shenzhen) Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 5.00% | 232,594,216 | 0 | 232,594,216 | Not applicable 0 | - **Shihezi Jinlong Energy Industrial Chain Co., Ltd., Shihezi Jinhui Energy Investment Co., Ltd., Zeng Chaoyi, and Zeng Chaolin** are parties acting in concert[139](index=139&type=chunk) - The company's top 10 common shareholders and top 10 unrestricted common shareholders did **not engage in agreed repurchase transactions** during the reporting period[140](index=140&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=39&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section confirms that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - The company's directors, supervisors, and senior management experienced **no changes in shareholdings** during the reporting period[141](index=141&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=39&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder experienced **no changes** during the reporting period[142](index=142&type=chunk) - The company's actual controller experienced **no changes** during the reporting period[142](index=142&type=chunk) [VI. Preferred Share Information](index=39&type=section&id=VI.%20Preferred%20Share%20Information) This section confirms the absence of preferred shares in the company during the reporting period - The company had **no preferred shares** during the reporting period[143](index=143&type=chunk) [Part VII Bond-Related Information](index=40&type=section&id=Part%20VII%20Bond-Related%20Information) This section states that the company had no bond-related information to disclose during the reporting period - The company had **no bond-related information** during the reporting period[145](index=145&type=chunk) [Part VIII Financial Report](index=41&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's financial statements and detailed notes, offering a comprehensive view of its financial health and performance [I. Audit Report](index=41&type=section&id=I.%20Audit%20Report) This section clarifies that the company's semi-annual financial report was not audited - The company's semi-annual financial report was **not audited**[147](index=147&type=chunk) [II. Financial Statements](index=41&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for H1 2025, detailing its financial position, operating results, and cash flows - The consolidated balance sheet shows total assets of **55.234 billion Yuan**, total liabilities of **27.357 billion Yuan**, and owners' equity attributable to the parent company of **27.874 billion Yuan** at period-end[151](index=151&type=chunk) - The consolidated income statement shows total operating revenue of **15.328 billion Yuan** and net profit attributable to parent company shareholders of **2.084 billion Yuan** for H1 2025[157](index=157&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **3.280 billion Yuan**, net cash flow from investing activities of **-0.552 billion Yuan**, and net cash flow from financing activities of **-2.579 billion Yuan** for H1 2025[161](index=161&type=chunk)[162](index=162&type=chunk) [III. Company Basic Information](index=65&type=section&id=III.%20Company%20Basic%20Information) This section provides an overview of the company's history, core business, and consolidation scope - The company, originally named Xinjie Pump Industry Group Co., Ltd., was renamed **Tianshan Aluminum Group Co., Ltd.** after a major asset restructuring in 2020[184](index=184&type=chunk) - As of June 30, 2025, the company's registered capital and share capital both amounted to **4,651,885,415.00 Yuan**[184](index=184&type=chunk) - The company and its subsidiaries primarily engage in the **production and sales of primary aluminum, aluminum deep processing products and materials, prebaked anodes, high-purity aluminum, alumina, and aluminum foil and aluminum foil blanks**[184](index=184&type=chunk) - As of June 30, 2025, the group's consolidation scope included **35 subsidiaries and sub-subsidiaries**, an increase of 2 from the previous year[185](index=185&type=chunk) [IV. Basis of Financial Statement Preparation](index=65&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section outlines the fundamental principles and standards used in preparing the financial statements, emphasizing the going concern assumption and adherence to accounting regulations - The group's financial statements are prepared on a **going concern basis**, in accordance with the **Enterprise Accounting Standards** issued by the Ministry of Finance and the disclosure requirements of the **China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"**[186](index=186&type=chunk) - In accordance with relevant provisions of enterprise accounting standards, the group's accounting is based on the **accrual basis**; except for certain financial instruments, these financial statements are measured at **historical cost**, with corresponding impairment provisions made for assets if impairment occurs[186](index=186&type=chunk) - The company has **no matters or circumstances** that raise significant doubt about its ability to continue as a going concern for the 12 months from the end of the reporting period[187](index=187&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=65&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the company's critical accounting judgments, estimates, and policies, covering areas from revenue recognition to financial instruments, and confirms no changes during the period - In applying accounting policies, the group needs to make judgments, estimates, and assumptions for the carrying amounts of financial statement items that cannot be measured accurately, particularly in **revenue recognition, leases, impairment of financial assets, inventory write-downs, impairment of long-term assets, depreciation and amortization, deferred income tax assets, and income tax**[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's and the group's **financial position as of June 30, 2025**, and **operating results and cash flows for January-June 2025**[193](index=193&type=chunk) - The group's accounting period is divided into annual and interim periods, with the accounting year adopting the **calendar year**, from January 1 to December 31 annually[194](index=194&type=chunk) - The **Renminbi** is the functional currency for the company and its domestic subsidiaries in their primary economic environments, while the company's overseas subsidiaries determine **USD, JPY, IDR**, etc., as their functional currencies based on their primary economic environments[196](index=196&type=chunk) - Business combinations are classified into **business combinations under common control and business combinations not under common control**, each adopting different accounting treatment methods[198](index=198&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk) - The group classifies financial assets based on the **business model for managing financial assets** and the **contractual cash flow characteristics of the financial assets** into: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; and financial assets measured at fair value through profit or loss[213](index=213&type=chunk)[214](index=214&type=chunk) - The company had **no significant changes in accounting policies or significant changes in accounting estimates** during the reporting period[284](index=284&type=chunk) [VI. Taxation](index=85&type=section&id=VI.%20Taxation) This section details the company's applicable tax types and rates, including various preferential tax policies enjoyed by its subsidiaries Main Tax Categories and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Taxable income calculated at 6% or 13% for output tax, and VAT paid on the difference after deducting deductible input tax for the current period | 6%, 13% | | Urban Maintenance and Construction Tax | Calculated at 7% of actual turnover tax paid | 7% | | Education Surcharge | 3% of the payable turnover tax amount | 3% | | Local Education Surcharge | 2% of the payable turnover tax amount | 2% | | Property Tax | 1.2% of the taxable property residual value and 12% of the taxable rental income | 1.2%, 12% | | Land Use Tax | Calculated at 3.00 Yuan/sqm or 4.00 Yuan/sqm based on land use area | 3.00 Yuan/sqm, 4.00 Yuan/sqm | | Government Funds and Surcharges for Self-Generated Electricity | Agricultural grid repayment funds levied at 0.02 Yuan/kWh for self-generated and self-consumed electricity by captive power plants | 0.02 Yuan/kWh | | Resource Tax | Levied ad valorem on sales or ad rem on sales volume | Self-use 2.5 Yuan/ton, external sales 6% | - **Shihezi Tianrui Energy Co., Ltd.** is subject to a **15% corporate income tax rate** from January 1, 2021, to December 31, 2030 (Western Development policy)[286](index=286&type=chunk) - **Xinjiang Tianshan Yingda Carbon Co., Ltd., Xinjiang Tianzhan New Material Technology Co., Ltd., Jingxi Tiangui Aluminum Co., Ltd., and Xinjiang Production and Construction Corps Eighth Division Tianshan Aluminum Co., Ltd.**, as high-tech enterprises, are subject to a **15% corporate income tax rate** from January 1, 2023, to December 31, 2025[286](index=286&type=chunk)[287](index=287&type=chunk)[289](index=289&type=chunk) - **Hainan Runkun Supply Chain Management Co., Ltd. and Hainan Taikun Technology Co., Ltd.** are subject to a **15% corporate income tax rate** from January 1, 2022, to December 31, 2027 (Hainan Free Trade Port corporate income tax preferential policy)[288](index=288&type=chunk) - **Xinjiang Production and Construction Corps Eighth Division Tianshan Aluminum Co., Ltd., Xinjiang Tianshan Yingda Carbon Co., Ltd., Jingxi Tiangui Aluminum Co., Ltd., Xinjiang Tianzhan New Material Technology Co., Ltd., and Alar Nanjiang Carbon New Material Co., Ltd.** enjoy a **5% VAT additional deduction policy** for advanced manufacturing enterprises[289](index=289&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=87&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed explanations for each major item in the consolidated financial statements, including period-end balances, changes, and significant movements - Monetary funds period-end balance is **6,703,398,598.88 Yuan**, of which **5,161,641,824.40 Yuan** is restricted, primarily for notes and bill deposits and borrowings[291](index=291&type=chunk) - Notes receivable period-end balance is **1,649,209,276.34 Yuan**, including **1,433,205,943.62 Yuan** in bank acceptance bills and **219,245,613.39 Yuan** in commercial acceptance bills[293](index=293&type=chunk) - Accounts receivable period-end balance is **581,070,727.20 Yuan**, p

天山铝业公告，2025年上半年营业收入153.28亿元，同比增长11.19%；净利润20.84亿元，同比增长 0.51%。 ...

1. Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating. However, for individual metals, the ratings include: - Copper: Expected to be in a "震荡" (oscillation) pattern [5][6] - Alumina: Expected to be "震荡偏弱" (oscillating weakly) [6] - Aluminum: Expected to be in an "震荡" (oscillation) range [8][9] - Aluminum Alloy: Expected to have short - term "震荡" (oscillation) and potential upward movement for ADC12 and ADC12 - A00 in the future [9][10] - Zinc: Expected to be "震荡偏弱" (oscillating weakly) in the medium - to - long term [13] - Lead: Expected to be in an "震荡" (oscillation) state [14][15][16] - Nickel: Expected to be "偏强" (strong) in the short term and "空头离场" (short - sellers exit) in the medium - to - long term [19] - Stainless Steel: Expected to be in an "震荡" (oscillation) range in the short term [21] - Tin: Expected to be in an "震荡" (oscillation) state, with potential increased volatility in August [22][23] 2. Core Viewpoints of the Report - **Macro - level**: Recent economic data are mixed. European investor and consumer confidence indices in August are weak, but US August existing - home sales and August Euro - US manufacturing PMI flash values are better than expected. Powell's dovish remarks at the Jackson Hole Annual Meeting have kept the US dollar weak, which has boosted base metals to some extent. However, Trump's new "tariff stick" on August 26 has cooled investors' optimism, causing base metals to rise first and then fall [1]. - **Supply - demand level**: The reverse invoicing problem has tightened scrap supply, which has disrupted the supply side, but the terminal demand outlook is weak. In the short - to - medium term, the weak US dollar supports prices, but the demand outlook is weak. Whether the inventory will start to decline again in the peak season in September remains to be observed. It is recommended to be cautious about short - selling copper and zinc at high prices. In the long term, the expectation of potential incremental stimulus policies in China still exists, and supply disruptions in copper, aluminum, and tin still exist, with an expectation of tightening supply - demand, which supports base metal prices [1]. 3. Summary by Relevant Catalogs 3.1行情观点 - **Copper**: Powell's dovish speech has increased the probability of a Fed rate cut in September, boosting copper prices. The supply of copper ore and raw materials is still tight, and the risk of smelter production cuts has increased. Currently in the off - season of downstream demand, the inventory accumulation is not obvious. It is expected that copper prices will be supported in the short term due to low inventory. In the future, copper may show an oscillating pattern [5][6]. - **Alumina**: The smelter's operating capacity has recovered to a high level, the supply - demand balance shows an obvious surplus, and the inventory accumulation trend has expanded. The fundamentals are relatively weak. The spot price has accelerated its decline, and the futures price has significantly decreased to repair the basis. It is expected to be oscillating and under pressure in the future [6]. - **Aluminum**: The short - term US rate cut expectation has increased, and the US dollar index is weak. The domestic policy is in a vacuum period. The supply side has new production capacity coming on stream, and the operating capacity and utilization rate are at a high level. The demand side has an increasing expectation of improved orders as the peak season approaches, but the terminal consumption has not strengthened significantly. The inventory accumulation rhythm has been unstable. It is expected that aluminum prices will be in an oscillating range [8][9]. - **Aluminum Alloy**: The short - term supply - demand is weak. The cost side is strongly supported as scrap aluminum follows aluminum ingots. The supply side's off - season production has continued to decline, and some recycling aluminum plants have reduced or stopped production. The demand side is still in a strong off - season atmosphere, and downstream procurement is weak. The factory inventory has continued to decline, and the social inventory has increased. The price is expected to be in an oscillating range in the short term, and there is an expectation of an upward movement in the future for ADC12 and ADC12 - A00 [9][10]. - **Zinc**: The macro - level is negative due to the decline in black - series prices, although Powell's speech has put pressure on the US dollar. The short - term zinc ore supply has become looser, and smelters' profitability is good, with strong production willingness. The demand is in the traditional off - season, and the demand outlook is average. In the short term, zinc prices may be in a high - level oscillation, and in the medium - to - long term, they are expected to decline [13]. - **Lead**: The spot discount has slightly narrowed, the supply has slightly tightened due to the reduction in production by some recycling lead plants and transportation restrictions, and the demand has rebounded as some battery factories have ended their high - temperature holidays. It is expected that there will be a slight shortage of supply - demand this week, and the price will be in an oscillating state [14][15][16]. - **Nickel**: The market sentiment dominates the market, and the industrial fundamentals are marginally weakening. The raw material supply may become looser after the rainy season, and the intermediate product output has recovered. The inventory has accumulated significantly, and the price is under pressure. In the short term, nickel prices are expected to be strong due to the strong performance of the equity market, and short - sellers are expected to exit in the medium - to - long term [19]. - **Stainless Steel**: The nickel - iron price has rebounded, and the chromium - iron price has remained stable. The stainless - steel production has continued to decline, and the inventory pressure has been slightly relieved. It is necessary to pay attention to the realization of demand in the peak season. In the short term, it is expected to be in an oscillating range [21]. - **Tin**: The supply of tin ore is still tight, which strongly supports the bottom of tin prices. However, the terminal demand has weakened marginally in the second half of the year, and the inventory reduction is difficult. It is expected that tin prices will be in an oscillating state, and the volatility may increase in August [22][23]. 3.2行情监测 - The report only lists the names of various metals (copper, alumina, aluminum, aluminum alloy, zinc, lead, nickel, stainless steel, tin) under this section but does not provide specific monitoring content [25][39][51]. 3.3商品指数 - **综合指数**: The commodity index on August 26, 2025, was 2222.35, a decrease of 0.59%; the commodity 20 index was 2472.77，a decrease of 0.54%; the industrial products index was 2257.74, a decrease of 0.78% [138]. - **特色指数**: No specific content is provided [139]. - **板块指数**: The non - ferrous metals index on August 26, 2025, was 2377.52, with a daily decline of 0.65%, a 5 - day increase of 0.40%, a 1 - month decline of 0.49%, and a year - to - date increase of 3.00% [140].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For alumina, the rising prices of alumina, domestic and imported bauxite push up production costs. The decline in domestic alumina operating capacity cannot change the loose supply - demand expectation, suggesting limited upside for alumina prices. Investors are advised to wait and watch, focusing on the support level around 2800 - 3000 and the resistance level around 3300 - 3600 [2]. - For electrolytic aluminum, the increasing expectation of the Fed's interest rate cut in September, the expected shift from the traditional domestic consumption off - season, and the low domestic electrolytic aluminum social inventory may lead to a strong upward trend in electrolytic aluminum prices. Investors are recommended to go long on the main contract with a light position on dips, paying attention to the support level around 20200 - 20400 and the resistance level around 21000 - 21500. For LME aluminum, focus on the support level around 2300 - 2500 and the resistance level around 2700 - 2800 [2]. - For aluminum alloy, the increasing expectation of the Fed's interest rate cut in September and the tight supply of scrap aluminum leading to near - loss in recycled aluminum alloy production may cause aluminum alloy prices to be cautiously strong. Investors are advised to go long on the main contract with a light position on dips or short the spread between electrolytic aluminum and aluminum alloy on rallies, focusing on the support level around 19800 - 20000 and the resistance level around 20300 - 20500 [2]. 3. Summary by Related Catalogs Market Data - **Aluminum Futures in Shanghai**: On August 26, 2025, the closing price of the active contract was 20715 yuan/ton, down 55 yuan from the previous day. The trading volume was 103054 lots, a decrease of 43106 lots, and the open interest was 251409 lots, an increase of 3066 lots. The inventory was 56274 tons, a decrease of 396 tons. The basis of Shanghai aluminum was 65 yuan/ton, an increase of 55 yuan [2]. - **Alumina Futures**: The trading volume was 421870 lots, a decrease of 33265 lots, and the inventory was 84628 tons, an increase of 1496 tons. The price difference between the near - month and the first - continuous contract of alumina was - 1, an increase of 5 [2]. - **LME Aluminum**: The closing price of the 3 - month LME aluminum futures (electronic trading) was 9837, up 40.5 from the previous day. The price difference between the 3 - 15 - month contracts of LME aluminum futures was 0, an increase of 158.98. The ratio of Shanghai - LME aluminum prices was 7.8511, a decrease of 0.021 [2]. Industry News - An aluminum production capacity green and low - carbon transformation project is expected to have a construction period of about 10 months. After completion, the company's annual electrolytic aluminum output is expected to reach about 1.4 million tons [2]. - On August 22, Anhui Weiyu Intelligent Manufacturing Co., Ltd. signed a contract with the People's Government of Shiliang Town, Tianchang City, Chuzhou City for a "200,000 - ton annual aluminum - based new material and energy storage equipment project" with a total investment of 1.5 billion yuan [2]. - Henan Siweite Welding and Repair Co., Ltd. is building a project to reconstruct an annual output of 1200 tons of aluminum wire with a total investment of 6 million yuan, currently in the publicity stage of environmental impact report approval [2]. - The energy - saving report of the Wenshan Green and Low - Carbon Casting Project of Zhongyan (Yunnan) Green Advanced Aluminum - based Materials Co., Ltd. was approved. The project covers an area of about 104 mu with an annual output of 200,000 tons of deformed aluminum and aluminum alloy cast - rolled strips [2]. - Asia - Pacific Technology's wholly - owned subsidiary, Anxinda, plans to invest 210 million yuan in a "Automobile Lightweight Aluminum Material Production Line Transformation Project". After completion, it will have an annual production capacity of 80,000 tons of aluminum alloy melting and processing [2]. Market Analysis - In the alumina market, U.S. companies are actively buying scrap aluminum due to tariff exemptions, leading to fierce competition in overseas scrap aluminum procurement. Geopolitical conflicts and illegal smuggling in Southeast Asia may cause a continuous decline in scrap aluminum exports to China until the end of 2025 or early 2026. The domestic price difference of precision aluminum is positive and decreasing month - on - month, which may lead to a decrease (increase) in China's scrap aluminum production (import) in August [2]. - In the electrolytic aluminum market, the domestic electrolytic aluminum social inventory is still at a low level, and the price trend is expected to be strong [2]. - In the aluminum alloy market, the tight supply of scrap aluminum makes the production of recycled aluminum alloy close to a loss, and the price trend is expected to be cautiously strong [2].

Group 1 - The core viewpoint of the articles highlights the positive performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a favorable market outlook for A-shares driven by various supportive factors [1][2]. - The CSI 500 Quality Growth ETF has seen a significant increase in scale, reaching 505 million yuan, marking a recent high, with a notable growth of 9 million shares in the past two weeks [1][2]. - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 20.47% of the index, with notable performers including East Wu Securities and Kaiying Network [2][4]. Group 2 - The positive changes in domestic fundamentals, liquidity, and overseas liquidity are identified as key pillars for the market's upward trend, with all three factors currently showing improvement [2]. - The CSI 500 Quality Growth Index is composed of 100 stocks selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2]. - The recent inflow of 12.65 million yuan into the CSI 500 Quality Growth ETF over the last ten trading days reflects growing investor interest [1].

Core Insights - The article discusses the growth forecast for China's primary aluminum (electrolytic aluminum) industry, highlighting a projected production increase in the coming years [1][3]. Industry Overview - According to the National Bureau of Statistics, China's primary aluminum (electrolytic aluminum) production is expected to reach 3.81 million tons by June 2025, representing a year-on-year growth of 3.4% [1]. - For the first half of 2025, the cumulative production of primary aluminum (electrolytic aluminum) in China is projected to be 22.379 million tons, with a cumulative growth rate of 3.3% [1]. Companies Involved - Listed companies in the aluminum sector include China Aluminum (601600), Nanshan Aluminum (600219), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Shenhuo Co., Ltd. (000933), Zhongfu Industrial (600595), Jiaozuo Wanfang (000612), Dongyangguang (600673), Tianshan Aluminum (002532), and Minfa Aluminum (002578) [1].

Summary of Conference Call Records Industry Overview - The conference call discusses the non-ferrous metals industry, particularly focusing on copper and aluminum markets, as well as the rare earth sector. [1][2][3] Key Points and Arguments Monetary Policy Impact - The Federal Reserve's dovish signals have increased expectations for interest rate cuts, which are anticipated to benefit industrial metals like copper and aluminum due to a potential weakening of the dollar and increased economic growth. [2][9] - The expected interest rate cut in September is projected to significantly impact the prices of copper and aluminum, enhancing demand for these metals. [2][11] Rare Earth Market Developments - A new regulatory framework for rare earth management has been introduced, shifting from two major smelting groups to designated enterprises, which is expected to tighten supply and drive up prices for rare earth elements like neodymium and praseodymium. [3][4] - The price of neodymium and praseodymium has surged past 600,000 yuan per ton, supported by seasonal demand and recovering export orders. [4] Aluminum Market Dynamics - The aluminum market has shown signs of a fundamental reversal, with LME and COMEX inventories at historical lows, indicating a tightening supply situation. [6][8] - Domestic electrolytic aluminum inventories have also decreased, and downstream operating rates are recovering, suggesting an improving supply-demand structure. [6] - Long-term projections indicate a decline in global aluminum supply growth due to project delays in Indonesia and production cuts in Africa, while demand from power and infrastructure sectors is expected to rise. [6][8] Investment Recommendations - Recommended stocks include: 1. **China Nonferrous Mining**: Expected to double its self-owned mineral output in five years, with a projected profit of 4 billion yuan this year. Current market cap is 29.9 billion yuan, with a potential 50% upside if valuations align with peers. [5] 2. **Jiangxi Copper H Shares**: Valued at 8 times earnings, with a potential 50% upside. Benefits from a 19% stake in First Quantum, which is expected to enhance copper production. [5] 3. **Nangang Steel**: Projected annual profit exceeding 2.9 billion yuan, with a stable dividend yield of 5%. [5] Seasonal Trends in Construction and Aluminum Demand - The construction industry is expected to experience a seasonal rebound from summer lows to stable autumn activity, which will positively impact aluminum demand. [8] - The upcoming months (September to October) are anticipated to see increased operating rates and significant price volatility in aluminum due to low inventory levels. [8] Risks to Consider - Potential risks include the possibility of rising commodity prices leading to inflation exceeding expectations, which could alter future interest rate cut projections. [13] Additional Important Insights - The overall market valuation is currently low at around 8 times earnings, suggesting potential for growth in dividend-paying stocks with defensive characteristics. [7] - The copper market is expected to benefit from macroeconomic improvements, with supply tightening and demand shifting towards a seasonal peak. [12]

Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Group 1: Copper Market - The expectation of a Federal Reserve rate cut in September has increased, which is likely to support copper prices [1][2] - This week, the price changes for copper were -0.05% for LME copper, -0.47% for SHFE copper, and -0.62% for COMEX copper, indicating a period of fluctuation [2] - Domestic copper inventory has increased, with LME copper at 156,000 tons, COMEX copper at 271,000 short tons, and SHFE copper at 82,000 tons, showing a month-on-month change of +0.11%, +1.60%, and -5.4% respectively [2] - The downstream demand for copper has rebounded, with the copper rod operating rate at 71.8%, up by 1.19 percentage points [2] Group 2: Aluminum Market - The aluminum market is expected to maintain a fluctuating trend due to rising inventory levels [3] - The price of alumina has decreased by 0.15% to 3,225 CNY/ton, while the main futures contract for alumina fell by 0.41% to 3,192 CNY/ton [3] - The operating capacity for metallurgical-grade alumina reached 91.57 million tons per year, with a weekly operating rate down by 0.2 percentage points to 83.0% due to routine maintenance [3] - Domestic electrolytic aluminum prices fell by 0.34% to 20,700 CNY/ton, with a profit margin of 4,405 CNY/ton, up by 1.84% [3] Group 3: Lithium Market - Lithium salt prices are expected to rise due to seasonal demand, with carbonate lithium prices increasing by 1.45% to 84,000 CNY/ton [4][5] - The production of carbonate lithium this week was 19,000 tons, a decrease of 4.2% month-on-month [5] - SMM weekly inventory for carbonate lithium is at 142,000 tons, down by 0.5% [5] Group 4: Cobalt Market - The import volume of cobalt raw materials has continued to decline, which may accelerate the digestion of raw material inventory, leading to potential price increases [5] - Domestic cobalt prices fell by 0.38% to 261,000 CNY/ton [5] - The extension of the cobalt export ban by the Democratic Republic of Congo is expected to accelerate the reduction of cobalt raw material inventory, potentially leading to a tight supply situation in Q4 [5]

证券研究报告 | 行业定期报告 2025 年 08 月 24 日 总量管控政策落地助力稀土 看好钴锑钨 金属行业周报 周期/金属及材料 下周关注美 PCE 和国内外 PMI 数据。美联储政策不确定扰动近期市场节奏。 全球流动性宽松大周期，近期为金属价格提供底部支持，远期提供上涨动力和 空间。稀土总量管控政策落地，加上稀土战略金属地位提升，我们继续看好稀 土价格和稀土板块估值提升。近期重点关注，稀土和钨依然在主升浪，钴锑有 望再迎上涨。此外，关注自主可控相关以及时间友好的科技、机器人、可控核 聚变等相关材料标的。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 235 | 4.6 | | 总市值（十亿元） | 5040.8 | 5.0 | | 流通市值（十亿元） | 4680.7 | 5.1 | 敬请阅读末页的重要说明 ❑ 有色金属（801050）申万一级行业指数本周涨幅 1.33%，排名第 26。本周 申万二级行业指数，能源金属（1.48%），工业金属（-1.16%），小金属 （10.53%），贵金属（-0.43%）。 ❑ 本周最大涨幅个股：宜安 ...