Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company, as a leading player in the green aluminum industry, has demonstrated steady growth in performance, with a revenue of 29.1 billion RMB for the first half of 2025, reflecting an 18% year-on-year increase, and a net profit of 2.77 billion RMB, up 10% year-on-year [1] - The company has increased its dividend payout ratio, indicating strong confidence in its operational performance, with a proposed cash dividend of 3.2 RMB per 10 shares, totaling 1.1 billion RMB, which represents approximately 40.1% of the net profit for the first half of 2025 [1] - The company is actively enhancing its resource acquisition capabilities and project development, with successful bids for mining rights and the launch of several projects aimed at improving production efficiency and environmental sustainability [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 29.1 billion RMB, with a breakdown of 14.4 billion RMB in Q1 and 14.7 billion RMB in Q2, showing a year-on-year growth of 27% and 10% respectively [1] - The production of aluminum products increased by 16% year-on-year to 1.61 million tons, while the average selling price of aluminum products was 19,508 RMB per ton, a 1% increase year-on-year [1] - The projected net profits for 2025-2027 are estimated at 5.9 billion RMB, 7.2 billion RMB, and 8.1 billion RMB respectively, with corresponding P/E ratios of 10.5, 8.7, and 7.7 [3][4] Project Development and Innovation - The company is focused on building a first-class green aluminum enterprise, enhancing its integrated industrial chain, and has made significant progress in resource acquisition and project construction [2] - Key projects include the trial operation of three deep governance projects for electrolytic aluminum smoke, the successful launch of a 50,000-ton aluminum resource comprehensive utilization project, and advancements in new product development [2] Market Position and Strategy - The company is positioned as a leader in the domestic green aluminum industry, leveraging its integrated layout across the aluminum value chain to enhance resource and cost advantages [3] - The strategic focus on capacity realization and cost reduction is expected to drive significant growth, with a dual resonance effect anticipated to facilitate leapfrog development [3]

Group 1: Resource Acquisition and Development Plans - The company plans to enhance its bauxite resource acquisition capabilities by accelerating the transition from exploration to mining and ensuring resource continuity [1] - Active participation in resource exploration within Yunnan Province and surrounding areas is a priority for the company [1] - Future industrial layout of alumina will be considered based on the acquisition of bauxite resources [1] Group 2: Dividend Policy - The company aims to maintain a "shareholder-centric" approach, gradually increasing the annual cash dividend ratio to no less than 30% of the distributable profits achieved in that year [1] - The dividend policy will be adjusted in line with the company's operational performance to enhance investor returns [1] Group 3: Alloy Industry Development - Future development of the aluminum alloy industry will be guided by national and regional policies, focusing on strengthening and extending the industry chain [2] - The company seeks to enhance its overall competitiveness and risk resistance in the aluminum alloy sector [2]