Core Viewpoint - China Aluminum (601600)(02600) reported a mid-year performance for 2025, showing a revenue of RMB 116.39 billion, reflecting a year-on-year growth of 5.12% [1] - The net profit attributable to shareholders was RMB 7.07 billion, with a slight increase of 0.81% year-on-year [1] - The company achieved its best mid-year performance since its establishment, with operating cash flow reaching RMB 14.19 billion, up 5.24% [1] Financial Performance - Revenue for the first half of 2025 was RMB 1163.92 billion, marking a 5.12% increase compared to the same period last year [1] - Net profit attributable to shareholders was RMB 70.71 billion, showing a year-on-year growth of 0.81% [1] - Basic earnings per share were RMB 0.413, with an interim dividend of RMB 0.123 per share [1] - Operating cash flow was RMB 141.88 billion, which is a 5.24% increase year-on-year, representing the best performance in the company's history for the same period [1] Factors Influencing Performance - The increase in net profit was primarily driven by higher production and sales volumes of primary aluminum and alumina [1] - The profit growth was also affected by a decline in gross profit from self-produced coal and reduced profitability in marketing operations [1]

智通财经APP讯，中国铝业(02600)公布2025年中期业绩，营业收入为人民币1163.92亿元，比上年同期 增长5.12%;归属于上市公司股东的净利润人民币70.71亿元，同比增长0.81%;每股基本收益为人民币 0.413元，中期股息每股0.123元。经营性现金流人民币141.88亿元，同比增长 5.24%，创造了公司成立 以来的同期最佳业绩。 公告称，净利增长主要受到公司原铝、氧化铝产销量提升增利，以及自产煤炭毛利下降及营销业务减利 共同影响。 ...

自願公告 成立合資公司 本 公 告 乃 由 中 國 鋁 業 股 份 有 限 公 司（「本公司」）自 願 作 出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國鋁業股份有限公司 葛小雷 公司秘書 中國‧北京 2025年8月27日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括 執 行 董 事 何 文 建 先 生、毛 世 清 先 生 及 蔣 濤 先 生，非 執 行 董 事 李 謝 華 先 生 及 江 皓 先 生，獨 立 非 執 行 董 事 余 勁 松 先 生、陳 遠 秀 女 士 及 李 小 斌 先 生。 * 僅供識別 於2025年8月27日，經本公司第九屆董事會（「董事會」）第四次會議審議通過， 本 公 司 擬 與 中 國 鋁 業 集 團 有 限 公 司（「中鋁集團」）、雲南銅業股份有限公 司（「雲南銅業」）、雲 南 馳 宏 鋅 鍺 股 份 有 限 公 司（「馳宏鋅鍺 ...

天山铝业公告，2025年上半年营业收入153.28亿元，同比增长11.19%；净利润20.84亿元，同比增长 0.51%。 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2025-052 中国铝业股份有限公司 关于 2025 年中期利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ? 每股分配比例：每股派发现金红利人民币 0.123 元（含税）。 ? 本次分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权 益分派实施公告中明确。 ? 在实施权益分派的股权登记日前如公司总股本发生变动，公司将维持每股分 配比例不变，相应调整分配总金额，并将另行公告具体调整情况。 ? 根据公司股东会对董事会的授权，本次中期利润分配方案无需提交股东会审 议批准。 一、利润分配方案内容 根据中国铝业股份有限公司（以下简称"公司"）2025 年半年度报告（未经审计）， 公司 2025 年上半年母公司财务报表净利润为人民币 3,897,452 千元，合并财务报表 归属于上市公司股东的净利润为人民币 7,070,761 千元。经公司董事会审议通过， 公 司 将 按 2025 年上 半年 母公司 财务 报表 净 利润 ...

Group 1 - The threat of increasing tariffs on Indian imports to 50% by the Trump administration has become a reality, potentially jeopardizing US-India relations and raising consumer prices [2] - The tariffs are part of a strategy to penalize India for importing Russian oil and funding Russia, amidst ongoing negotiations to resolve the conflict in Ukraine [3] - The US trade deficit with India has significantly widened over the past decade, with total imports from India reaching $87 billion last year, while exports were approximately $42 billion [6] Group 2 - Major imports from India include pharmaceuticals, smartphones, and clothing, with smartphones exempt from the new tariffs, while steel and aluminum products will face the full 50% tariff [6] - The sectors most vulnerable to retaliatory tariffs from India include oil and gas products, chemicals, and aerospace components, which are the top exports from the US to India [6] - India has accused the Trump administration of unfairly targeting it with tariffs, noting that other countries importing Russian oil do not face similar penalties [5]

格隆汇8月27日丨中国铝业(601600.SH)公告称，2025年上半年营业收入1163.92亿元，同比增长5.12%。 净利润70.71亿元，同比增长0.81%。公司拟以现金方式按每股人民币0.123元(含税)向全体股东派发2025 年中期股息，总计派息金额约人民币21.1亿元(含税)，约占本公司2025年上半年合并财务报表归属于上 市公司股东净利润的30%。 ...

Group 1 - The core viewpoint of the announcement is that China Aluminum reported a revenue of 116.392 billion RMB for the first half of 2025, reflecting a year-on-year growth of 5.12% [1] - The net profit for the same period was 7.071 billion RMB, showing a slight increase of 0.81% year-on-year [1] - The company plans to distribute an interim dividend of 0.123 RMB per share (including tax) to all shareholders, totaling approximately 2.11 billion RMB (including tax), which accounts for about 30% of the net profit attributable to shareholders for the first half of 2025 [1]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views - For building materials, it is expected to move in a volatile and consolidating manner [2]. - For aluminum ingots, the price is expected to be strongly volatile in the short - term, and attention should be paid to macro - sentiment and mining news [3]. 3) Summary by Related Content Building Materials - **Production suspension situation**: In the Yunnan - Guizhou region, short - process construction steel producers' suspension time during the Spring Festival is mostly in mid - to late January, with resumption expected between the 11th and 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 out of 6 short - process steel mills stopped production on January 5, and most of the rest will stop around mid - January, with an expected daily output impact of about 16,200 tons during the suspension [1][2]. - **Real estate transaction data**: From December 30, 2024, to January 5, 2025, the total transaction (signing) area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2]. - **Market situation**: The price of building materials continued to decline and reached a new low recently. In the pattern of weak supply and demand, market sentiment was pessimistic, and the price center continued to move down. This year's winter storage was sluggish, with weak price support [2]. - **Follow - up focus**: Macro - policies and downstream demand [2]. Aluminum Ingots - **Macro - situation**: After US President Trump dismissed a Federal Reserve governor, market confidence in the Fed wavered. Fed Chair Powell hinted at a possible rate cut in September, and the market currently expects an over 87% chance of a 25 - basis - point rate cut in September [1]. - **Demand situation**: The demand side is the core concern. Some enterprises have started to stock up for the peak - season orders. The overall operating rate of domestic aluminum downstream processing leading enterprises increased by 0.8 percentage points to 59.5% last week. Different sub - sectors showed varying degrees of change, with some increasing and the regenerative aluminum operating rate slightly decreasing by 0.1 percentage points to 53.0% [2]. - **Inventory situation**: The social inventory of aluminum ingots in the main consumption areas increased by 4,500 tons to 463,500 tons on Tuesday. The traditional off - season led to weak demand and continuous inventory accumulation. Holders were not optimistic about the future premium and actively sold, suppressing the spot premium [2]. - **Market outlook**: The price is expected to run at a high level recently, and attention should be paid to the inventory - consumption trend. The off - season and its actual impact will still put pressure on the upside [3]. - **Follow - up focus**: Macro - expectation changes, geopolitical crisis development, mining resumption, and consumption release [3].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For alumina, the rising prices of alumina, domestic and imported bauxite push up production costs. The decline in domestic alumina operating capacity cannot change the loose supply - demand expectation, suggesting limited upside for alumina prices. Investors are advised to wait and watch, focusing on the support level around 2800 - 3000 and the resistance level around 3300 - 3600 [2]. - For electrolytic aluminum, the increasing expectation of the Fed's interest rate cut in September, the expected shift from the traditional domestic consumption off - season, and the low domestic electrolytic aluminum social inventory may lead to a strong upward trend in electrolytic aluminum prices. Investors are recommended to go long on the main contract with a light position on dips, paying attention to the support level around 20200 - 20400 and the resistance level around 21000 - 21500. For LME aluminum, focus on the support level around 2300 - 2500 and the resistance level around 2700 - 2800 [2]. - For aluminum alloy, the increasing expectation of the Fed's interest rate cut in September and the tight supply of scrap aluminum leading to near - loss in recycled aluminum alloy production may cause aluminum alloy prices to be cautiously strong. Investors are advised to go long on the main contract with a light position on dips or short the spread between electrolytic aluminum and aluminum alloy on rallies, focusing on the support level around 19800 - 20000 and the resistance level around 20300 - 20500 [2]. 3. Summary by Related Catalogs Market Data - **Aluminum Futures in Shanghai**: On August 26, 2025, the closing price of the active contract was 20715 yuan/ton, down 55 yuan from the previous day. The trading volume was 103054 lots, a decrease of 43106 lots, and the open interest was 251409 lots, an increase of 3066 lots. The inventory was 56274 tons, a decrease of 396 tons. The basis of Shanghai aluminum was 65 yuan/ton, an increase of 55 yuan [2]. - **Alumina Futures**: The trading volume was 421870 lots, a decrease of 33265 lots, and the inventory was 84628 tons, an increase of 1496 tons. The price difference between the near - month and the first - continuous contract of alumina was - 1, an increase of 5 [2]. - **LME Aluminum**: The closing price of the 3 - month LME aluminum futures (electronic trading) was 9837, up 40.5 from the previous day. The price difference between the 3 - 15 - month contracts of LME aluminum futures was 0, an increase of 158.98. The ratio of Shanghai - LME aluminum prices was 7.8511, a decrease of 0.021 [2]. Industry News - An aluminum production capacity green and low - carbon transformation project is expected to have a construction period of about 10 months. After completion, the company's annual electrolytic aluminum output is expected to reach about 1.4 million tons [2]. - On August 22, Anhui Weiyu Intelligent Manufacturing Co., Ltd. signed a contract with the People's Government of Shiliang Town, Tianchang City, Chuzhou City for a "200,000 - ton annual aluminum - based new material and energy storage equipment project" with a total investment of 1.5 billion yuan [2]. - Henan Siweite Welding and Repair Co., Ltd. is building a project to reconstruct an annual output of 1200 tons of aluminum wire with a total investment of 6 million yuan, currently in the publicity stage of environmental impact report approval [2]. - The energy - saving report of the Wenshan Green and Low - Carbon Casting Project of Zhongyan (Yunnan) Green Advanced Aluminum - based Materials Co., Ltd. was approved. The project covers an area of about 104 mu with an annual output of 200,000 tons of deformed aluminum and aluminum alloy cast - rolled strips [2]. - Asia - Pacific Technology's wholly - owned subsidiary, Anxinda, plans to invest 210 million yuan in a "Automobile Lightweight Aluminum Material Production Line Transformation Project". After completion, it will have an annual production capacity of 80,000 tons of aluminum alloy melting and processing [2]. Market Analysis - In the alumina market, U.S. companies are actively buying scrap aluminum due to tariff exemptions, leading to fierce competition in overseas scrap aluminum procurement. Geopolitical conflicts and illegal smuggling in Southeast Asia may cause a continuous decline in scrap aluminum exports to China until the end of 2025 or early 2026. The domestic price difference of precision aluminum is positive and decreasing month - on - month, which may lead to a decrease (increase) in China's scrap aluminum production (import) in August [2]. - In the electrolytic aluminum market, the domestic electrolytic aluminum social inventory is still at a low level, and the price trend is expected to be strong [2]. - In the aluminum alloy market, the tight supply of scrap aluminum makes the production of recycled aluminum alloy close to a loss, and the price trend is expected to be cautiously strong [2].