Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's revenue for H1 2025 reached 20.43 billion yuan, a year-on-year increase of 12.1%, while the net profit attributable to shareholders was 1.90 billion yuan, a decrease of 16.6% year-on-year [1]. - The report highlights that the performance was primarily impacted by coal prices, while the electrolytic aluminum segment saw both volume and price increases [1][2]. - The company is expected to achieve net profits of 5.18 billion yuan, 6.20 billion yuan, and 6.57 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 8, 7, and 7 times [4]. Summary by Sections Financial Performance - In H1 2025, the company produced 871,000 tons of electrolytic aluminum, a 16.2% increase year-on-year, and achieved a market price of 20,300 yuan per ton, up 2.6% year-on-year [2]. - The coal segment produced 3.708 million tons, a 14.9% increase year-on-year, but the selling price dropped to 773 yuan per ton, a decline of 30.6% [3]. - The company reported investment income of 250 million yuan in H1 2025, mainly due to increased profits from associated companies [3]. Future Outlook - The report emphasizes the cost advantages of electrolytic aluminum production in Xinjiang due to stable electricity prices and low coal prices, which are expected to enhance profitability [4]. - The company is positioned to benefit from a recovery in coal prices, which could reduce the performance drag from the coal segment [3][4]. - The low valuation and high earnings elasticity of the company are expected to catalyze stock price appreciation [4].