文 | 万联万象，作者｜时楠，编辑｜小峰 北京超12级的阵风，让全球首个人形机器人马拉松延期。 而大风吹不停的，是人形机器人的滚滚浪潮。 这种力学优势直接转化为商业价值。特斯拉Optimus Gen-2的研发数据显示，每降低1公斤整机重量，伺 服电机功率需求减少50瓦，日产能耗下降3.2千瓦时，综合制造成本缩减380美元。当整机重量从初代的 106公斤降至73公斤时，其续航时间从1.8小时延长至4.2小时，商业化可行性陡增。 中国市场验证了这一逻辑：2023年中国人形机器人出货量达5.2万台，其中轻量化设计评分前20%的产 品占据73%的市场份额。 另一组市场数据也印证着这场变革的规模：高工机器人研究所报告显示，2023年全球人形机器人用铝量 达12.8万吨，其中中国占比63%。在东莞机器人产业园，铝材现货交易价格已出现"机器人溢价"—— 7075航空铝现货价较建筑用6063铝材高出220%，但仍供不应求。 近年来，全球机器人产业风口正盛，仅中国便有超80万家相关公司。在这场技术革命中，机器人轻量化 需求催生了对新型材料的迫切需求。 铝合金凭借其独特的性能优势，使得铝产业正成为人形机器人产业链中的隐形赢家！ ...

First Quarter 2025 Earnings Conference Call April 24, 2025 © Kaiser Aluminum All Rights Reserved Forward Looking Statements The information contained in this presentation includes statements based on management's current expectations, estimates and projections that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, relate to future event ...

Financial Data and Key Metrics Changes - The company reported conversion revenue for Q1 2025 of $363 million, a decrease of approximately $4 million or 1% year-over-year [13] - Adjusted operating income for Q1 was $43 million, up $18 million year-over-year [16] - Reported net income for Q1 was $22 million or $1.31 per diluted share, compared to $18 million or $1.12 per diluted share in the prior year [17] - Adjusted EBITDA for Q1 was $73 million, an increase of approximately $19 million from the prior year period [18] - The effective tax rate for Q1 was 25%, compared to 23% in Q1 2024 [17] Business Line Data and Key Metrics Changes - Aerospace and high strength conversion revenue totaled $121 million, down $16 million or approximately 12%, reflecting a 10% decline in shipments [13] - Packaging conversion revenue totaled $127 million, up $9 million or approximately 8% year-over-year, despite a 9% decline in shipments [14] - General engineering conversion revenue for Q1 was $84 million, up $3 million or 4% year-over-year, with a 12% increase in shipments [15] - Automotive conversion revenue of $32 million increased modestly by 2% year-over-year, despite a 9% decrease in shipments [16] Market Data and Key Metrics Changes - The company noted strong demand in business jet, defense, and space sectors, while commercial aircraft OEM demand was down [13] - Trade policies have created a favorable environment for general engineering, driving higher demand and solid pricing [15] - The company expects to see continued orders in the aerospace sector as production ramps up [54] Company Strategy and Development Direction - The company is focused on optimizing overhead and maintaining its position as a low-cost producer [6] - Major investments include a new coating line at the Warwick rolling mill and the Trentwood Phase seven project, expected to drive EBITDA and margin performance [9][10] - The company is well-positioned to navigate market volatility due to its North American supply chain and metal-neutral contracts [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong momentum through 2025, despite ongoing trade policy volatility [6] - The outlook for all end markets remains consistent, with expectations of 5% to 10% growth year-over-year in conversion revenue for 2025 [27] - The company raised its full-year 2025 EBITDA expectations by 5% to 10% above recasted 2024 adjusted EBITDA [27] Other Important Information - The company changed its inventory valuation methodology from LIFO to weighted average cost effective January 1, impacting comparability of results [12] - The company generated solid cash flow from operations of $57 million during Q1, with capital expenditures totaling $38 million [20] - A quarterly dividend of $0.77 per common share was declared, reflecting confidence in long-term strategy [20] Q&A Session Summary Question: Margin progression and guidance - Management clarified that the margin progression was influenced by inventory changes and market price recognition, with expectations of returning to mid-20% margins as investments come online [31][35] Question: Shipments in packaging - Management indicated that the focus on coated and value-added products will continue, with significant increases expected in conversion revenue in the second half of the year [40] Question: Automotive market resilience - Management expressed confidence in the automotive segment, noting strong positions in light trucks and SUVs, and highlighted the relatively small impact of automotive on overall business [44][46] Question: Aerospace destocking cycle - Management believes the company is midway through the destocking cycle in aerospace, with expectations of continued orders as production ramps up [54]

Company Announcement - Constellium SE will host a conference call and webcast on April 30, 2025, at 10:00 AM (Eastern Time) to announce its first quarter 2025 results [1] - The press release regarding the results will be sent before market opening [1] Conference Call Details - The conference call will be led by CEO Jean-Marc Germain and CFO Jack Guo [1] - Details for accessing the conference call and webcast are available on the Constellium Investor Relations page [2] - A telephone participation option is provided with specific numbers for the United States, France, Germany, Switzerland, and the United Kingdom [2] - An archived recording of the conference call will be available for three weeks on the company’s website [2] Company Overview - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, including aerospace, packaging, and automotive [3] - The company generated $7.3 billion in revenue in 2024 [3]

April 7, 2025 03:22 PM GMT China Materials | Asia Pacific Trip Takeaways: Day 1 – Beijing On day one of our trip, we met with copper, coal, and aluminium producers. Copper: MMG highlighted DRC political instability, which has led to electricity rationing in the last few weeks, prompting more reliance on diesel power. We see some read-across for other DRC operations such as Glencore's Katanga/Mutanda. However, the conflict remains distant (>1,000km), constituting minimal risks of stoppages. Mining costs are ...

Core Viewpoint - Nanshan Aluminum reported a significant increase in net profit and is actively engaged in the domestic substitution of aviation aluminum materials [2][3]. Financial Performance - In 2024, Nanshan Aluminum achieved operating revenue of 33.48 billion yuan, a year-on-year increase of 16.06% [2] - The net profit reached 5.96 billion yuan, up 48.81% compared to the previous year [2] - The net profit attributable to shareholders was 4.83 billion yuan, reflecting a 39.03% increase year-on-year [2] Industry Position and Strategy - Nanshan Aluminum has developed an integrated aluminum processing industry chain, covering upstream products like electricity, alumina, and aluminum alloy ingots, and downstream products including aluminum plates, profiles, and foils [2] - The company is the only domestic supplier of aviation aluminum extrusions for major aircraft manufacturers such as COMAC, Airbus, and Boeing, supporting key projects like C919 and ARJ21 [3] - The demand for high-end aviation aluminum is expected to rise significantly due to the rapid development of China's aviation industry and the mass production of domestically developed aircraft [3] Future Outlook - The company plans to leverage its industry chain advantages to ensure quality control and support the domestic production of aviation aluminum materials [4] - Nanshan Aluminum aims to enhance its product coverage and deepen cooperation in the aviation supply chain market [4] Shareholder Returns - The company emphasizes value-based market management, planning to distribute a cash dividend of 0.90 yuan per 10 shares, totaling approximately 1.05 billion yuan [6] - Cumulatively, the company has distributed cash dividends amounting to approximately 1.98 billion yuan in the current year, with a cash dividend ratio of 40.92% [6]

Financial Data and Key Metrics Changes - Total net sales for 2024 were just over $3 billion, with conversion revenue at $1.46 billion, a decrease of $10 million or 1% compared to 2023 [8][10] - Adjusted EBITDA for 2024 was $217 million, up approximately $7 million from 2023, with adjusted EBITDA as a percentage of conversion revenue improving by approximately 60 basis points to 14.9% [11][12] - Reported net income for 2024 was $47 million, or $2.87 per diluted share, consistent with 2023 [11] Business Line Data and Key Metrics Changes - Aerospace and high strength conversion revenue totaled $530 million, down $4 million or approximately 1%, reflecting a 4% decline in shipments [9] - Packaging conversion revenue was $490 million, down $13 million or approximately 3%, with a 3% decline in shipments [9] - General engineering conversion revenue for 2024 was $313 million, up 3% year over year due to a 6% increase in shipments [9] - Automotive conversion revenue was $120 million, up 3% over 2023 despite a 3% decline in shipments [10] Market Data and Key Metrics Changes - The market backdrop in 2024 was complex and rapidly changing, with challenges in each end market, particularly in packaging [6][7] - The company expects market conditions to stabilize and become more favorable as it moves through 2025 [8] Company Strategy and Development Direction - The company is focused on niche areas in served markets with significant barriers to entry, building strong competitive positions through product differentiation [16] - Investments are being made to upgrade facilities and expand capacity, particularly in the packaging and aerospace sectors [17][21][23] - The company anticipates a transformational year in 2025, driven by strategic investments and strong market positions [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of customer contracts and the potential for increased demand in the second half of 2025 [41][42] - The company expects to see meaningful EBITDA and EBITDA margin uplift in the second half of 2025, with around 60% of full-year EBITDA expected to come in during that period [31][59] Other Important Information - The company returned approximately $51 million to shareholders through dividend payments in 2024, marking the eighteenth consecutive year of dividends [15] - The company is assessing alternative inventory accounting methods and expects to provide an update prior to the release of first-quarter 2025 results [15] Q&A Session Summary Question: What are the assumptions regarding scrap spreads and their impact on EBITDA? - The company modeled EBITDA improvement based on last year's performance, expecting 150 to 200 basis points of improvement from scrap spreads [35][36] Question: What is the outlook for the aerospace market and inventory levels? - Management expects build rates to increase with large OEM airframers, leading to a potential uptick in demand in the second half of the year [42] Question: What is the impact of pricing in the packaging segment? - The fourth quarter pricing decline was attributed to a mix impact, with strong demand anticipated for higher value-added products in the second half of the year [44][46] Question: What is the expected CapEx for 2025? - The company expects CapEx to be around $125 million for 2025, including finalizing investments in the RollCoat line and Trentwood expansion [61] Question: What is the status of NOLs and cash tax payments? - The company has utilized its NOLs and expects cash tax payments in 2025 to be in the range of $5 million to $7 million [62]

Financial Data and Key Metrics Changes - Revenue increased by 20% sequentially to $3.5 billion [10] - Net income attributable to Alcoa was $202 million, up from $90 million in the prior quarter, with earnings per share doubling to $0.76 [10] - Adjusted EBITDA rose by $222 million to $677 million, driven by higher alumina and aluminum prices, increased shipments, and lower energy costs [11] Business Line Data and Key Metrics Changes - In the alumina segment, third-party revenue increased by 45% due to higher average realized prices and higher shipments [10] - The aluminum segment saw a 5% increase in third-party revenue, primarily from higher average realized prices [10] - The alumina segment's adjusted EBITDA increased by $349 million, mainly due to higher alumina prices and volumes [11] Market Data and Key Metrics Changes - Alumina prices reached an all-time high in Q4 due to tight market conditions and lower-than-expected supply [26] - Global demand for aluminum remained resilient, particularly in the packaging and electrical sectors, while building and construction faced challenges [27] - The bauxite market is currently tight, with pricing into China at $120-$130 per ton, impacting alumina availability [56] Company Strategy and Development Direction - The company aims to enhance safety and operational excellence, particularly in Brazilian operations, and prioritize customer-focused decisions to become the supplier of choice [24] - Plans for targeted growth through organic and inorganic opportunities where returns exceed the cost of capital [25] - Deleveraging and repositioning debt are priorities for 2025, with expectations of generating sufficient cash for further debt reductions [25] Management's Comments on Operating Environment and Future Outlook - Management noted that alumina prices are expected to remain tight in the first half of 2025, with new production in India and Indonesia needed to balance the market [57] - The outlook for aluminum demand outside China is expected to rebound, supported by higher real incomes and lower interest rates [29] - Management expressed caution regarding potential tariffs and their impact on supply, demand, and trade flows [35] Other Important Information - The company completed a $385 million debt repayment while maintaining its quarterly dividend [9] - The profitability improvement program exceeded its $645 million target ahead of schedule, with significant savings from raw materials and productivity initiatives [8][14] - The company has a cash balance of $1.1 billion and expects capital expenditures of $700 million in 2025 [19] Q&A Session Summary Question: Impact of potential tariffs on Midwest premium and trade flows - Management indicated that the Midwest premium would likely increase significantly if tariffs are imposed, disrupting trade flows and potentially leading to higher costs for U.S. customers [43][45] Question: Net debt position and capital return timing - The company closed the year with $2.1 billion in adjusted net debt and will prioritize deleveraging in 2025, considering capital returns if excess cash is available [50][52] Question: Bauxite availability for new refineries - The bauxite market is tight, and alumina prices are expected to remain high, impacting the ramp-up of new refineries in India and China [56] Question: Cash balance and MOU progress at San Cyprian - Cash consumption is still depleting weekly, and while the MOU is a positive step, it does not guarantee a deal will be reached [62][64] Question: Monetizing excess energy offtake - The company has opportunities to monetize energy in Brazil and potentially in Wort, but these are currently being utilized for smelting operations [66] Question: Monetizing idle sites for data centers - The company has a history of successfully monetizing legacy assets and is in contact with developers for potential sales, but maximum value is the priority [70][73]