Group 1 - The company reported a revenue of approximately 116.39 billion yuan for the first half of 2025, representing a year-on-year increase of 5.12% [1] - The net profit attributable to shareholders was approximately 7.07 billion yuan, showing a year-on-year increase of 0.81% [1] - The basic earnings per share were 0.413 yuan, reflecting a year-on-year increase of 0.98% [1]

Core Viewpoint - The company has reported its half-year results, highlighting significant developments in its operations, including share buybacks and resource acquisition, which are expected to enhance its market competitiveness and operational efficiency [1][11][17]. Group 1: Company Overview - The company did not distribute cash dividends or issue bonus shares during the reporting period [3]. - The company’s controlling shareholder and actual controller did not change during the reporting period [5]. Group 2: Share Buyback - The company approved a share buyback plan on April 9, 2025, using both special loans and its own funds to repurchase part of its A-share stock [6]. - As of July 31, 2025, the company had repurchased a total of 17.56 million shares, accounting for 0.38% of its total share capital, with a total expenditure of approximately 139.96 million yuan [6]. Group 3: Resource Acquisition - The company’s wholly-owned subsidiary, Jingxi Tiangui, obtained a mining license on April 7, 2025, which is expected to enhance the company’s bauxite resource security and strengthen its competitive position [7]. Group 4: Environmental Initiatives - The company’s subsidiary, Tian Aluminum, is undertaking a green low-carbon energy efficiency upgrade for its 1.4 million tons of electrolytic aluminum capacity, utilizing advanced energy-saving technologies [8].

Group 1: Company Performance - In the first half of 2025, the company reported a revenue of 81.04 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 12.36 billion yuan, up 35% year-on-year [1] - The growth in performance is attributed to an increase in both volume and price of products, with aluminum alloy sales reaching approximately 2.906 million tons, a 2.4% increase year-on-year, and alumina sales at 6.368 million tons, a 15.6% increase year-on-year [1] - The average selling prices for aluminum alloy and alumina were 17,853 yuan/ton and 3,243 yuan/ton, reflecting year-on-year increases of 2.7% and 10.3% respectively [1] Group 2: Market Conditions - The domestic aluminum price as of August 25, 2025, was 20,820 yuan/ton, representing a 4.7% increase since the beginning of the year, supported by a declining US dollar index and sustained industry demand [1] - The forecast for domestic aluminum consumption in 2025 is 54.3549 million tons, with a year-on-year growth of 1.46%, and a projected growth of 3.06% when excluding export products [2] Group 3: Shareholder Returns and Corporate Actions - The company plans to repurchase shares worth no less than 3 billion Hong Kong dollars, demonstrating confidence in its future prospects and long-term value [2] - The company declared a dividend of 1.02 Hong Kong cents per share on June 13, 2025, with a total dividend payout of 1.61 Hong Kong cents per share for the 2024 fiscal year, compared to 0.63 Hong Kong cents per share in 2023, resulting in a dividend yield of 11% based on the closing price on the ex-dividend date [2] Group 4: Regulatory Environment - The aluminum smelting industry is approaching inclusion in the national carbon market, with guidelines for greenhouse gas emissions reporting and verification being publicly solicited for feedback [2] - The carbon emissions from producing electrolytic aluminum using thermal power are approximately 13 tons per ton of aluminum, while using hydropower results in only 1.8 tons, indicating potential cost pressures for thermal power aluminum production [2] Group 5: Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits for 2025, 2026, and 2027 at 24.73 billion yuan, 26.60 billion yuan, and 28.71 billion yuan respectively, reflecting increases of 5.8%, 5.6%, and 3.4% [3] - The current price-to-earnings ratios based on the adjusted profit forecasts are 8.8, 8.1, and 7.5 for the respective years, maintaining an "overweight" rating due to the company's leading position in the aluminum industry [3]

Core Viewpoint - Tianshan Aluminum's performance in the first half of 2025 shows stable growth in revenue and profit, driven by effective cost control and expansion strategies [1][2][3] Financial Performance - In H1 2025, Tianshan Aluminum achieved revenue of 15.328 billion yuan, a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders was 2.084 billion yuan, up 0.51% year-on-year, while the net profit after deducting non-recurring items was 1.961 billion yuan, showing a minimal increase of 0.01% [1] - Basic earnings per share stood at 0.45 yuan [1] - Operating cash flow significantly improved to 3.28 billion yuan, reflecting a year-on-year growth of 47.09% [1] Operational Efficiency - The sales volume of primary products, electrolytic aluminum and alumina, increased by 2% and 7% respectively [1] - The comprehensive electricity cost for electrolytic aluminum production decreased by approximately 17% due to favorable coal market conditions and new electricity purchase agreements [2] Growth Initiatives - Tianshan Aluminum is advancing a green low-carbon transformation project for 1.4 million tons of electrolytic aluminum capacity, expected to enhance total production by around 20% [2] - The project will utilize advanced technologies, including fully graphitized cathodes, aligning with national carbon reduction policies [2] Debt Management - The company is focused on reducing debt, with financial expenses in 2024 amounting to 707 million yuan, a decrease of 10.24% year-on-year, and a further reduction of 32.63% in H1 2025 [3] - The debt-to-asset ratio decreased by nearly 5 percentage points to 52.74% [3] Shareholder Value - Tianshan Aluminum has repurchased a total of 55.8623 million shares, utilizing 390 million yuan, to enhance shareholder value and confidence in future growth [3] - The company plans to integrate share buybacks and dividends with strategic development to create a positive cycle of internal growth and shareholder returns [4]

Core Viewpoint - Xingfa Aluminum (00098) reported a revenue of 9.323 billion RMB for the six months ending June 30, 2025, representing an increase of 11.66% year-on-year. However, the profit attributable to shareholders decreased by 28.41% to 271 million RMB, with basic earnings per share at 0.64 RMB [1]. Financial Performance - Revenue reached 9.323 billion RMB, marking an 11.66% increase compared to the previous year [1] - Profit attributable to shareholders was 271 million RMB, reflecting a decrease of 28.41% year-on-year [1] - Basic earnings per share stood at 0.64 RMB [1]

Group 1 - The company reported a revenue of 9.323 billion RMB for the six months ending June 30, 2025, representing an increase of 11.66% year-on-year [1] - The profit attributable to shareholders was 271 million RMB, a decrease of 28.41% compared to the previous year [1] - The basic earnings per share were 0.64 RMB [1]

Core Viewpoint - Tianshan Aluminum's performance in the first half of 2025 shows revenue growth driven by increased sales volume and higher aluminum prices, indicating resilience in its operations [1][2]. Financial Performance - In the first half of 2025, Tianshan Aluminum achieved operating revenue of 15.328 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 2.084 billion yuan, up 0.51% [1]. - The company's basic earnings per share were 0.45 yuan, with a profit growth of approximately 6% after excluding non-operating factors [1]. - Operating cash flow significantly improved to 3.28 billion yuan, reflecting a year-on-year increase of 47.09% [1]. Production and Cost Management - Tianshan Aluminum's production remained stable, with electrolytic aluminum output at 585,400 tons, essentially flat year-on-year, while alumina production increased by 9.76% to 1,199,900 tons [1]. - The comprehensive electricity cost for electrolytic aluminum production decreased by about 17% due to lower coal prices and new power purchase agreements [2]. - The company is advancing its global strategy for bauxite resources, with significant progress in its mining projects in Guangxi, Guinea, and Indonesia [2]. Strategic Initiatives - Tianshan Aluminum is actively pursuing a green low-carbon transformation project for its electrolytic aluminum capacity, aiming for a 20% increase in total output through technological upgrades [3]. - The company is focused on reducing its debt levels, with financial expenses decreasing by 32.63% year-on-year in the first half of 2025 [3]. Capital Management - Tianshan Aluminum has been implementing a share repurchase plan, having repurchased 17.559 million shares, representing 0.38% of its total share capital, with a total expenditure of 390 million yuan [4]. - The repurchased shares are intended for employee stock ownership plans or potential cancellation to optimize the capital structure [4]. - The company aims to integrate growth strategies with shareholder returns, creating a positive cycle of internal growth and shareholder value [4].

（文章来源：证券日报） 证券日报网讯 8月27日晚间，中国铝业发布公告称，公司第九届董事会第四次会议审议通过了《关于变 更公司董事会秘书的议案》等多项议案。 ...

Core Viewpoint - China Aluminum's mid-year performance report for 2025 indicates strong momentum in high-quality development, with record production and profit levels for key products [1][2] Financial Performance - The company achieved a revenue of 116.39 billion yuan and a total profit of 13.25 billion yuan, with a net profit attributable to shareholders of 7.07 billion yuan [1] - Production volumes for alumina, primary aluminum, and fine alumina increased by 4.88%, 9.37%, and 0.48% year-on-year, respectively [1] Operational Efficiency - China Aluminum has strengthened its operational efficiency by focusing on cost control, achieving the lowest production line costs and optimal supply chain costs [1] - The self-sufficiency rate for alumina ore increased by 6 percentage points since the beginning of the year [1] Technological Innovation - The company has enhanced its R&D capabilities, with 403 patents granted in the first half of the year, a 28.3% increase year-on-year, and 36 international patent applications, up 44% [2] - Key technological breakthroughs include advancements in CO capture and recovery, with 16 significant results applied in practice [2] Market Recognition - The company's strong performance has been recognized by the capital market, maintaining the highest credit ratings in the non-ferrous industry from S&P and Zhongxin Credit [2] - Morgan Stanley has rated China Aluminum as "overweight" [2] Future Outlook - China Aluminum plans to continue enhancing operational excellence and accelerating technological innovation to solidify its market leadership and build a world-class enterprise [2]

Group 1 - The EU is seeking to quickly advance legislation to eliminate tariffs on all US industrial goods, as requested by President Trump, in exchange for a reduction in tariffs on EU automotive exports [2][3] - The EU Commission acknowledges that the trade arrangement with Trump benefits the US but is necessary for providing stability and certainty to businesses [2] - Currently, EU automotive exports to the US face a 27.5% tariff, while a trade agreement aims to reduce US tariffs on nearly all European products to 15%, contingent on the EU's legislative action [2][3] Group 2 - If the EU proposes the legislation by the end of the month, the 15% tariff on European cars will be retroactive to August 1 [3] - The automotive sector is a crucial export for the EU, with Germany exporting $34.9 billion worth of cars and parts to the US in 2024 [3] - Trump's tariff policies are causing a significant shift of European scrap aluminum to the US, threatening the survival of local recycling facilities in Europe [3] Group 3 - The aluminum industry in Europe, with an annual turnover of €40 billion, directly employs 250,000 people and supports an additional 1 million jobs [3] - Exports of aluminum products to the US incur a 50% tariff, severely impacting sales, while scrap aluminum exports face no tariffs [3] - The EU Commission is considering emergency measures to support the struggling aluminum industry, including potential tariffs on all EU scrap aluminum exports [3]