Group 1 - The core viewpoint of the article indicates that Kefa Investment has conducted research on a listed company, Shenhuo Co., expressing a cautious outlook on the coal market, predicting a potential but limited rebound in the second half of 2025 [1] - Shenhuo Co. believes that the changes in Guinea's mining rights will have minimal impact on bauxite supply, and the company plans to reduce cost volatility risks through joint ventures in alumina production [1] - The company has observed a significant decrease in electrolytic aluminum costs in Yunnan, with electricity prices slightly lower compared to last year [1] Group 2 - Shenhuo Co. is exploring the feasibility of expanding production in the Xinjiang region but currently has no plans for international expansion while closely monitoring global market trends [1] - The company acknowledges the green advantages of recycled aluminum but has no immediate plans for investment in this area [1] - Shenhuo Co. is committed to an integrated coal-electricity-aluminum industry chain, aiming to continuously enhance profitability and maintain a stable dividend distribution policy [1]