SHMET 网讯：2025年8月25日，明泰铝业披露接待调研公告，公司于8月24日接待长江证券、同泰 基金、浦银安盛、汇丰晋信、招商基金等20家机构调研。 公告显示，明泰铝业参与本次接待的人员共4人，为副总经理、董事会秘书雷鹏，副总经理、财务 总监孙军训，副总经理、高端化产品开发负责人贺志刚，证券事务代表景奇浩。调研接待地点为线上会 议。 据了解，2025 年半年度明泰铝业销量约 78 万吨，营收约 170 亿元同比增 11%，归母净利润 9.4 亿 元，单吨净利润提升，虽较 2024 年半年度净利润略有下滑，但剔除库存升值影响同比仍有增长，预计 全年净利润将增长。公司还制定披露了《未来三年股东分红回报规划（2026 - 2028 年）》，承诺三年 每年分红比例不低于 30%。 据了解，明泰铝业确立聚焦"高端智能制造"及"低碳循环经济"的思路。新能源材料布局收获，高端 智能制造领域全铝立柱机器人推广见成效，鸿晟新材在建高端热处理设备；低碳循环经济领域引进激光 诱导击穿光谱精分产线促进再生铝产业升级。海外子公司订单饱满、利润提升，拟再投资扩产 3 - 4 万 吨。 据了解，本年度铝锭价格高位震荡、夏季淡季不淡， ...

Group 1 - The company focuses on "high-end intelligent manufacturing" and "low-carbon circular economy," with plans to enhance product quality and expand into sectors such as new energy, automotive materials, semiconductors, industrial robots, and low-altitude flight [1] - Current orders are stable, sufficient for one and a half months of production, and processing fees for products like CTP/PS boards and aluminum can materials have been adjusted upwards in the first quarter [1] - The wholly-owned subsidiary, Hongsheng New Materials, is constructing an "automotive and green energy aluminum industrial park," which will invest in high-end equipment to capture future market opportunities and enhance profit margins [1] Group 2 - In 2024, the company implemented two dividend distributions, increasing the frequency and proportion of profit distribution to enhance investor returns, supported by a solid cash reserve and reduced capital expenditures [2]

Core Viewpoint - The enthusiasm for second-hand (中古) items among young consumers is declining, leading to a significant drop in market activity and business closures in the sector [2][4][20]. Group 1: Decline in Young Consumers' Interest - An increasing number of young people, including individuals like Miaojie, have lost interest in second-hand shopping, realizing it no longer holds the same appeal [5][6]. - Miaojie, once a fervent second-hand shopper, has shifted her focus to more unique and culturally significant items, indicating a change in consumer preferences [7][8]. - Social media platforms have seen a decline in second-hand content, with more discussions centered around avoiding pitfalls rather than promoting purchases [8][9]. Group 2: Business Impact - Businesses in the second-hand market, like Dazhao's store, have felt the impact of declining consumer interest, leading to closures and shifts in business strategy [3][10]. - Dazhao initially thrived in the booming second-hand market but began to experience a significant drop in revenue and customer retention by late 2023 [15][16]. - The competitive landscape has become challenging, with issues such as counterfeit products exacerbating the decline in consumer trust and business viability [17][30]. Group 3: Industry Trends - The second-hand market experienced rapid growth from 2019 to 2024, with significant increases in transaction volumes and capital investment [21][22]. - However, the market has since cooled, with major luxury brands also reporting declines in sales, indicating a broader trend affecting the luxury and second-hand sectors [25][26][27]. - The perception of second-hand items as valuable has been undermined by concerns over authenticity and quality, leading to a general skepticism among consumers [29][32]. Group 4: Future Outlook - Despite the current downturn, there remains a belief that a niche market for second-hand items still exists, albeit at a reduced scale compared to previous years [35][36]. - The luxury goods industry is facing a need for innovation and adaptation to new consumer demands, which may also influence the future of the second-hand market [37][38].