Core Viewpoint - CICC has raised the net profit estimates for Nanshan Aluminum International (02610) for 2025 and 2026 by 7% and 9% to $374 million and $500 million respectively, due to increased production and sales along with rising prices [1] Group 1: Financial Performance - The company reported a revenue of approximately $597 million for 1H25, representing a year-on-year increase of 41.0% [1] - Shareholder profit for 1H25 was approximately $248 million, showing a significant year-on-year growth of 124.2% [1] - The 1H25 performance slightly exceeded CICC's expectations, driven by the increase in both volume and price of alumina [1] Group 2: Production and Pricing - In 1H25, alumina sales volume reached 1.127 million tons, up 3.0% year-on-year, while the average selling price was $529 per ton, reflecting a 36.9% increase year-on-year [1] - The operating cost per ton of alumina in 1H25 was $260, which is a 16.3% increase year-on-year, primarily due to the impact of the OECD's Pillar Two tax rules [1] Group 3: Future Outlook and Expansion - The company is a leading alumina producer in Southeast Asia, with a total alumina production capacity of 3 million tons per year as of August 2025, and a new project expected to add another 1 million tons of capacity by late 2025 or early 2026 [1] - CICC believes that the company's cost advantages, including access to abundant bauxite and coal resources in Indonesia, will support its expansion [1] - The company is also expanding its logistics capabilities by constructing a 70,000-ton deep-water port to enhance efficiency and reduce costs [1]