Core Viewpoint - The company reported a loss in operating profit for 2024 due to various factors including decreased processing fees in the aluminum processing industry and increased financial expenses, but showed improvement in Q1 2025 with a revenue increase of 14% year-on-year [2][9]. Financial Performance - In Q1 2025, the company achieved operating revenue of 1.462 billion yuan, a year-on-year increase of 14% [2][9]. - The net profit attributable to shareholders was -6.643 million yuan, a year-on-year reduction in loss by 62% [2][9]. - The gross profit margin for the company was reported at 6.56% [9]. Business Segments - The company operates in three main business segments: aluminum processing, paper packaging materials, and functional films [3][9]. - The aluminum processing segment saw an increase in sales volume, with aluminum foil sales reaching 27,000 tons, a 9% year-on-year increase [2][9]. - The paper packaging materials segment reported sales of 8,403 tons, a 23% year-on-year increase [2]. Future Growth Points - The company plans to focus on the new materials sector, optimizing its business structure and expanding its market share in high-value products such as battery aluminum foil and sterile packaging aluminum foil [4]. - The company aims to enhance profitability through quality improvement, cost reduction, and efficiency enhancement [4]. Industry Outlook - The aluminum foil segment, which is the largest business area, is expected to see steady growth in industry scale and consumer demand [6]. Project Updates - The Anhui Zhongji third-phase battery aluminum foil project is progressing, with 8 out of 12 aluminum foil rolling machines in the load testing phase, aiming for full production by the end of the year [7]. Dividend Plan - The company has proposed a cash dividend distribution plan for the 2024 fiscal year, intending to distribute 0.1 yuan per 10 shares [8].

Group 1: Financial Performance - In 2024, the company experienced a loss in operating profit due to decreased processing fees in the aluminum processing industry, fluctuations in aluminum prices, and increased financial expenses, resulting in a net profit of -6.643 million yuan, a year-on-year reduction in losses by 62% [1] - In Q1 2025, the company achieved a revenue of 1.462 billion yuan, a year-on-year increase of 14% [1] - The sales volume of aluminum foil reached 27,000 tons, a year-on-year increase of 9%, with specific sales from Jiangsu and Anhui bases being 18,000 tons and 9,000 tons respectively; paper packaging materials sales were 8,403 tons, up 23% year-on-year [1] Group 2: Industry Comparison and Strategy - The company's performance trends are similar to those of other companies in the aluminum processing and paper packaging materials sectors, with a focus on integrated industrial chain advantages [2] - Future growth points include expanding high-value products such as battery aluminum foil and sterile packaging aluminum foil, while optimizing business structure and enhancing profitability [2] - The company is closely monitoring market trends and customer needs to seize new opportunities [2] Group 3: Product Applications and Developments - The company's battery aluminum foil products are already applied in sodium-ion battery electrodes [2] - The Anhui Zhongji Phase III project for 100,000 tons of power and energy storage battery foil is progressing, with 8 out of 12 aluminum foil rolling machines in load testing, aiming for full completion by the end of the year [2] Group 4: Dividend Policy - The company has announced a profit distribution plan for 2024, proposing a cash dividend of 0.1 yuan per 10 shares (tax included) [3]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0400 | 0.0600 | -33.33 | 0.0900 | | 每股净资产（元） | 6.15 | 6.05 | 1.65 | 8.05 | | 每股公积金(元) | 2.25 | 2.28 | -1.32 | 3.6 | | 每股未分配利润(元) | 2.58 | 2.56 | 0.78 | 3.27 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7.41 | 7.1 | 4.37 | 5.31 | | 净利润(亿元) | 0.12 | 0.17 | -29.41 | 0.25 | | 净资产收益率(%) | 0.70 | 1.01 | -30.69 | 1.55 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 8518.24万股，累计占流通股比： 45.03%，较上期变化： 38.17 万股。 | 名称 ...

Group 1 - The celebration of the 100th anniversary of the All-China Federation of Trade Unions took place on April 28, highlighting the recognition of labor models and advanced workers across various sectors in Guangxi [1] - A total of 58 individuals from Guangxi were honored, including 39 national labor models and 19 advanced workers, showcasing a diverse representation from government, enterprises, and various professional fields [1] - The selection process for the awards emphasized transparency, fairness, and public participation, reflecting the importance of recognizing contributions to economic and social development in Guangxi over the past five years [1] Group 2 - The list of national labor models includes professionals from different industries, such as engineering, healthcare, and agriculture, indicating a broad spectrum of expertise and contributions [2][3][4] - Notable awardees include managers and engineers from prominent companies like Guangxi Nannan Aluminum Processing Co., Ltd. and SAIC-GM Wuling Automobile Co., Ltd., highlighting the role of industry leaders in driving innovation and productivity [2][3] - The recognition of advanced workers also features individuals from various sectors, including education, law enforcement, and healthcare, emphasizing the critical roles these professionals play in their communities [4][5]

本次公司不分配不转赠。 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0600 | 0.0100 | -700 | 0.0700 | | 每股净资产（元） | 7.4 | 7.72 | -4.15 | 7.59 | | 每股公积金(元) | 2.64 | 2.64 | 0 | 2.64 | | 每股未分配利润(元) | 3.29 | 3.62 | -9.12 | 3.52 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 4.11 | 3.09 | 33.01 | 3.7 | | 净利润(亿元) | -0.12 | 0.01 | -1300 | 0.15 | | 净资产收益率(%) | -0.78 | 0.07 | -1214.29 | 0.93 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 14108.01万股，累计占流通 ...

Group 1: Financial Performance - The net profit for Q1 2025 showed a significant year-on-year increase due to higher sales volume and improved profit per ton, driven by increased production capacity in Anhui and rising aluminum prices [2] - The company's gross profit margin improved as a result of cost reduction and efficiency enhancement measures [2] - Tax policy advantages contributed to revenue growth, with increased VAT deductions and refunds stabilizing income [2] Group 2: Market and Pricing Dynamics - The rising aluminum prices positively impacted the company's profitability, as the sales prices are aligned with aluminum price fluctuations [2] - The company effectively managed inventory to mitigate the impact of aluminum price volatility on production costs [2] Group 3: Project Development - The company is progressing on its 630,000 tons aluminum ingot and 500,000 tons aluminum plate project, which commenced construction in 2024 and is expected to complete equipment debugging by 2025, with gradual production starting in 2026 [2] Group 4: Financial Strategy - The increase in short-term borrowings is attributed to adjustments in bank interest rate policies and optimization of fund usage, alongside an increase in bill settlement and discounting [2]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE of 11/10/8X for the years 2025-2027 respectively [3][5]. Core Insights - The company achieved a revenue of 80.942 billion yuan in 2024, representing a year-on-year growth of 11.12%, and a net profit attributable to shareholders of 1.010 billion yuan, up 5.48% year-on-year [1]. - The product structure continues to optimize, leading to improved profitability, with significant increases in aluminum rod and cable production by 48.38% year-on-year [2]. - The company holds a significant market share in various segments, including 18.6% in aluminum wire domestically and 16.0% globally, ranking first in both categories [3]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 21.406 billion yuan, a 10.51% increase year-on-year, while the net profit decreased by 8.26% to 220 million yuan [1]. - For Q1 2025, the revenue was 19.164 billion yuan, reflecting a 7.79% year-on-year growth, but the net profit fell by 26.55% to 207 million yuan [1]. - The overall gross margin for 2024 was 3.39%, an increase of 0.17 percentage points year-on-year, while the net margin was 1.24%, a slight decrease of 0.07 percentage points [2]. Production and Pricing Metrics - In 2024, the production of aluminum rods was 327.97 million tons, down 3.80% year-on-year, while aluminum rod and cable processing fees averaged 499 and 732 yuan per ton, respectively [2]. - The average price of aluminum ingots in 2024 was 19,921 yuan per ton, up 6.53% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 1.455 billion yuan in 2025, 1.622 billion yuan in 2026, and 1.850 billion yuan in 2027, with corresponding PE ratios of 11, 10, and 8 [3][4].

Financial Performance - The company's basic earnings per share decreased by 17.65% to 0.1400 yuan in Q1 2025 compared to Q1 2024, which was 0.1700 yuan [1] - The net profit for Q1 2025 was 0.35 billion yuan, a decline of 14.63% from 0.41 billion yuan in Q1 2024 [1] - The return on equity (ROE) fell to 1.15% in Q1 2025 from 1.33% in Q1 2024, representing a decrease of 13.53% [1] - The company's revenue increased by 12.05% to 19.81 billion yuan in Q1 2025, compared to 17.68 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 59.6078 million shares, accounting for 35.23% of the circulating shares, which is a decrease of 7.1724 million shares from the previous period [2] - Notable shareholders include Tang Kaijian with 19.7479 million shares (11.67%), and Nanjing Tianding Venture Capital Partnership with 8.8832 million shares (5.25%), both of which remained unchanged [3] - The company did not distribute dividends or bonus shares in this period [3]

Financial Performance - The company's basic earnings per share decreased by 43.14% from 0.51 to 0.29 yuan in 2024 compared to 2023 [1] - Net profit fell by 43.66% from 1.42 billion yuan in 2023 to 0.8 billion yuan in 2024 [1] - Revenue increased by 14.73% from 29.05 billion yuan in 2023 to 33.33 billion yuan in 2024 [1] - Return on equity decreased by 45.24% from 8.71% in 2023 to 4.77% in 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 84.8007 million shares, accounting for 44.83% of the circulating shares, with a change of 0.098 million shares from the previous period [1] - New entrants in the top ten shareholders include Changcheng Life Insurance Co., Ltd. with 1.8 million shares (0.95%) and Zhang Liang with 1.1082 million shares (0.59%) [2] - The previous top ten shareholders that exited include Hong Kong Central Clearing Limited with 1.8079 million shares (0.96%) and Xu Tiehui with 1.0023 million shares (0.53%) [2] Dividend Distribution - The company announced a dividend distribution plan of 1.7 yuan per share (including tax) [3]

Group 1 - The company plans to distribute a cash dividend of 1.19 RMB per 10 shares (including tax) for the fiscal year 2024, pending approval at the annual shareholders' meeting [4][20][81] - The total cash dividend for 2024, including previously distributed dividends, is projected to be 210,185,980.56 RMB, which represents 12.02% of the net profit attributable to shareholders [80][81] - The company has maintained a cumulative cash dividend of 532,857,275.34 RMB over the past three years, exceeding the average net profit distribution requirement of 30% [82] Group 2 - The company reported a consolidated revenue of 32,320,871.9 thousand RMB and a net profit of 1,748,479.0 thousand RMB for the reporting period, with a return on equity of 10.65% and basic earnings per share of 1.46 RMB [12] - The company has established itself as a leader in the aluminum processing industry, focusing on high-end manufacturing and low-carbon economy strategies, with a diverse product range and over 4,000 customers [5][6] - The company has advanced capabilities in recycling aluminum, with an annual processing capacity of over 1 million tons of scrap aluminum and 120,000 tons of aluminum ash [6] Group 3 - The company has adopted a production model based on customer orders, ensuring efficient production and cost management [9] - The sales strategy includes direct sales to large users and distribution through dealers, optimizing the sales network and enhancing operational efficiency [10] - The company has a stable procurement model, primarily sourcing aluminum ingots and recycled aluminum based on market prices and long-term agreements with suppliers [8] Group 4 - The company is committed to sustainable development and innovation, focusing on high-value-added products in sectors such as new energy and lightweight materials for vehicles [6][84] - The company aims to enhance its competitive edge by maintaining sufficient operational funds, which helps reduce financial costs [20][84] - The company is actively engaging with shareholders, particularly minority shareholders, to gather feedback on dividend policies and ensure transparency [85][86]