云南铝业股份有限公司投资者关系活动记录表 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | □其他 | （请文字说明其他活动内容） | | 参与单位名称 | 长江证劵、嘉实基金等机构投资者。 | | 时 间 2025 | 年 9 月 24 日上午 | | 地 点 | 云南铝业股份有限公司一楼会议室。 | | 上市公司接待 | 董事会秘书、财务总监：郑利海先生 | | 人员姓名 | 证券事务代表：王冀奭先生 | | | 投资者提出的主要问题及公司回复情况如下： | | | 1.公司如何拓展销售渠道？ | | | 回复：公司持续开拓汽车轻量化、航天航空、电力、国防军工、电 | | | 子等领域的市场渠道，充分发挥绿色品牌效益、规模化效应，加强绿色 | | | 铝营销，加大市场培育力度。 | | | 2.公司再生铝项目情况？ | | | 回复：公司积极拓展再生铝等循环经济业务，阳宗海 万吨铝资源 5 | | 投资者关系活 动主要内容介 | 综合利用项目顺利投产，建成"全自 ...

Group 1: Dividend Policy - The company plans to implement a mid-term dividend in 2025, amounting to approximately CNY 1.11 billion, which represents about 40.10% of the net profit attributable to shareholders for the first half of 2025 [1] Group 2: Resource Expansion - The company is enhancing its resource assurance capabilities by successfully bidding for exploration rights at the Zhaotong Sunbaba bauxite mine and actively pursuing exploration rights in Wenshan and Heqing [2] - Future plans include accelerating the transition from exploration to mining and participating in resource exploration in Yunnan Province and neighboring regions such as Laos and Vietnam [2] Group 3: Production Capacity - The current production capacity for electrolytic aluminum is 3.08 million tons, with no expansion plans at this time [2] - The company has successfully launched a 50,000-ton aluminum resource comprehensive utilization project, establishing an automated integrated recycling aluminum demonstration line [2] Group 4: Inventory and Capital Expenditure - The company maintains a low inventory strategy for alumina, leveraging its position as a major supplier in the region to keep inventory at reasonable levels based on market conditions [2] - Future capital expenditures will focus on technological innovation, mineral resources, high-end advanced materials, and green low-carbon initiatives, with an emphasis on resource acquisition and upgrading equipment technology [2] Group 5: Power Supply - The power supply situation in Yunnan Province is favorable this year, with the company operating at full production capacity [2] - Electricity is procured through market-based transactions, and the overall cost of electricity remains controllable [2]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company's performance in the first half of 2025 met expectations, with a significant increase in the dividend payout ratio. The company achieved a revenue of 29.08 billion yuan in H1 2025, representing an 18.0% year-on-year growth, and a net profit attributable to shareholders of 2.77 billion yuan, up 9.9% year-on-year. In Q2 2025, the net profit reached 1.79 billion yuan, showing a 32.3% year-on-year increase and an 84.1% quarter-on-quarter increase [6] - The company plans to implement a mid-term dividend in 2025, with a payout ratio of approximately 40.10%. The proposed cash dividend is 3.20 yuan per 10 shares, amounting to about 1.11 billion yuan, which is an increase of 7.87 percentage points compared to 2024 [6] - The company is advancing its project construction and resource expansion, enhancing its integrated green aluminum supply chain. New production capacity for electrolytic aluminum has been launched, and the company has successfully acquired bauxite mining rights, contributing to increased sales volume [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 59.018 billion yuan, with a year-on-year growth rate of 8.4%. The net profit attributable to shareholders is projected to be 6.676 billion yuan, reflecting a significant increase of 51.3% year-on-year [5] - The company’s gross margin is expected to improve from 14.1% in H1 2025 to 16.7% in 2025E, with a return on equity (ROE) of 19.4% [5] - The company’s net profit forecasts for 2025, 2026, and 2027 are 6.676 billion yuan, 7.747 billion yuan, and 8.526 billion yuan respectively, with corresponding price-to-earnings ratios of 10, 8, and 8 [6][5]

Group 1: Production and Supply - The company's electrolytic aluminum production line is operating at full capacity, with no expected impact from power restrictions due to favorable water supply in Yunnan province this year [1] - The electricity procurement cost remains controllable as it is determined through market-based pricing [1] - The company adopts a market-based pricing model for alumina procurement, maintaining reasonable inventory levels based on production needs [1] Group 2: Financial Performance and Dividends - In 2024, the total dividend amount is approximately CNY 1.422 billion, accounting for 32.23% of the net profit attributable to shareholders [2] - The company aims to maintain a cash dividend ratio of no less than 30% of the distributable profits each year, with plans to increase the dividend amount as operational performance improves [2] Group 3: Resource Acquisition and Sustainability - The company plans to accelerate the process of converting exploration to mining and enhance the acquisition of bauxite resources, while also participating in resource exploration within Yunnan province [2] - There is a focus on developing a green aluminum integrated industrial chain to ensure long-term returns for shareholders [2] Group 4: Green Aluminum Market - The company is the largest supplier of green low-carbon aluminum in China, with some downstream enterprises accepting a premium for its green aluminum products [3] - Future strategies include leveraging the green aluminum brand advantage to expand into high-end markets such as photovoltaic power, national defense, rail transportation, and electronics [3]