Core Viewpoint - China Hongqiao Group Limited reported record-high revenue and profit for the first half of 2025, driven by increased sales prices and volumes of aluminum products and alumina, despite challenges in the real estate sector [2][3]. Financial Performance - In the first half of 2025, China Hongqiao achieved revenue of approximately 81.039 billion yuan, a year-on-year increase of 10.10%, marking the highest performance since its listing [2] - The net profit attributable to shareholders was approximately 12.361 billion yuan, up 35.02% year-on-year, with basic earnings per share of 1.31 yuan, reflecting a 36.02% increase [2] Product Sales and Pricing - The sales volume of aluminum alloy products reached approximately 2.906 million tons, a 2.40% increase year-on-year, with an average selling price rising by 2.70% to about 17,853 yuan per ton [3] - Alumina product sales were approximately 6.368 million tons, up 15.60% year-on-year, with an average selling price increasing by 10.30% to 3,243 yuan per ton [3] - Sales of aluminum alloy processing products were about 392,000 tons, a 3.50% increase year-on-year, with an average selling price rising by 2.9% to 20,615 yuan per ton [3] Industry Demand - China's aluminum consumption continued to grow in the first half of 2025, driven by sectors such as power grids, photovoltaics, and new energy vehicles, despite weakness in the real estate market [3] Raw Material Cost Management - The company has a 45-day coal reserve to mitigate the impact of short-term coal price fluctuations, and it has been increasing the proportion of green electricity in its energy mix [4] - The self-supply rate of electricity from the company's own power plants was approximately 45% in the first half of 2025, with ongoing collaborations with major power generation institutions to enhance the use of renewable energy [4][5] Green Energy Strategy - China Hongqiao is advancing its green energy strategy, focusing on a diversified and complementary new power supply model to ensure a continuous increase in the proportion of clean energy [5]

上半年，该公司持续深耕铝产业，着力提升产业效能，进一步完善了从铝土矿、氧化铝精炼、原铝冶炼、铝材精深加工到再生铝的完整产业链结构，通过加 速新旧动能转换并将先进技术融入日常运营，为可持续发展注入新活力，强化企业发展的"绿色"特质，持续推动低碳转型。 此外，该公司深入推进绿色能源战略转型，不断丰富多源共存和多能互补的新型电力供应模式，确保清洁能源比例不断上升，并在投资、建设、生产及经营 全过程中启动碳减排行动，按照"三步走"策略，通过分阶段实施，确保减排目标实现，携手价值链上下游打造净零生态联盟。 该公司核心的三大业务产品包括铝合金、氧化铝及铝合金加工均实现了增长，期间收入分别为518.78亿元、206.55亿元及80.74亿元，同比增长分别为5.2%、 27.5%及6.5%，销售额占比分别为64%、25.5%及10%，合计99.5%。三大产品实现"量价齐升"，铝合金产品销量约290.6万吨，同比增长2.4%，氧化铝产品销 量约636.8万吨，同比增长约15.6%，及铝合金加工产品销量约39.2万吨，同比增长3.5%。 中国宏桥一直致力构建上下游一体化产业链，主动布局海外铝土矿资源，构筑全球化的互利模式，前瞻性 ...