Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's revenue for H1 2025 reached RMB 29.078 billion, a year-on-year increase of 17.98%, with a net profit attributable to shareholders of RMB 2.768 billion, up 9.88% year-on-year [7] - The company is expected to see significant growth in aluminum product output due to favorable electricity supply conditions in Yunnan province and an increase in overall production [7] - The decline in alumina prices is expected to enhance the company's gross margin, with further growth potential anticipated [7] - The company has significantly increased its dividend payout ratio, with a proposed mid-term dividend of approximately RMB 1.109 billion, representing about 40.10% of the net profit for H1 2025 [7] - The report maintains a positive outlook on the company's full industry chain layout from bauxite mining to aluminum processing [7] Financial Summary - The company's total revenue is projected to reach RMB 54.45 billion in 2024, with a year-on-year growth rate of 27.61% [8] - The net profit attributable to shareholders is expected to be RMB 6.9 billion in 2025, reflecting a year-on-year increase of 56.40% [8] - The earnings per share (EPS) is forecasted to be RMB 1.99 in 2025, with a price-to-earnings (P/E) ratio of 9.47 [8]