Company Overview - Chongqing Shunbo Aluminum Alloy Co., Ltd. was established on March 21, 2003, and listed on August 28, 2020. The company is located in the Caojie Expansion Park, Hechuan District, Chongqing [2] - The main business involves the production and sales of recycled aluminum alloy ingots (liquid) series products, with revenue composition as follows: aluminum alloy ingots (liquid) 93.30%, rolled aluminum materials 5.28%, others 1.11%, entrusted processing fees for aluminum alloy ingots 0.31%, and aluminum particles 0.01% [2] Financial Performance - For the period from January to June 2025, the company achieved operating revenue of 7.126 billion yuan, representing a year-on-year growth of 11.75%. The net profit attributable to the parent company was 177 million yuan, showing a significant year-on-year increase of 110.56% [2] - Since its A-share listing, the company has distributed a total of 194 million yuan in dividends, with 106 million yuan distributed over the past three years [3] Stock Performance - As of September 19, the stock price of Shunbo Aluminum Alloy decreased by 2.04%, trading at 7.21 yuan per share, with a total market capitalization of 4.827 billion yuan [1] - Year-to-date, the stock price has increased by 9.39%, but it has seen declines of 8.62% over the past five trading days, 6.49% over the past 20 days, and 2.04% over the past 60 days [2] - The stock has a turnover rate of 1.01%, with a trading volume of 30.5888 million yuan on the same day [1] Capital Flow - On September 19, the net inflow of main funds was 1.4687 million yuan, with large orders buying 4.1635 million yuan (13.61% of total) and selling 2.6948 million yuan (8.81% of total) [1]

Core Viewpoint - Shunbo Alloy's stock price has experienced a decline of 5.03% on September 18, with a total market capitalization of 4.927 billion yuan, indicating a continuous downward trend over the past three days [1] Company Overview - Chongqing Shunbo Aluminum Alloy Co., Ltd. was established on March 21, 2003, and went public on August 28, 2020. The company specializes in the production and sale of recycled aluminum alloy ingots (liquid) [1] - The main revenue composition includes aluminum alloy ingots (liquid) at 93.30%, rolled aluminum products at 5.28%, other supplementary products at 1.11%, entrusted processing fees for aluminum alloy ingots at 0.31%, and aluminum particles at 0.01% [1] Fund Holdings - Huatai-PB Fund holds a significant position in Shunbo Alloy, with the Huatai-PB CSI 2000 Index Enhanced A Fund (019923) owning 371,200 shares, accounting for 0.67% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 144,800 yuan today, with a total floating loss of 52,000 yuan during the three-day decline [2] Fund Manager Performance - The fund managers of Huatai-PB CSI 2000 Index Enhanced A include Sheng Hao, Lei Wenyuan, and Kong Lingye, with varying tenures and performance metrics [3] - Sheng Hao has a tenure of 9 years and 344 days, managing assets totaling 3.093 billion yuan, with the best return of 123.22% during his tenure [3] - Lei Wenyuan and Kong Lingye both have a tenure of 3 years and 46 days, managing assets of 1.042 billion yuan and 921 million yuan respectively, with Lei achieving a best return of 74.46% [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 712,627.98 million yuan, a year-on-year increase of 11.75% [1] - The net profit attributable to shareholders of the parent company was 17,663.48 million yuan, reflecting a significant year-on-year growth of 110.56% [1] Group 2: Production Capacity and Expansion - The release of 400,000 tons of casting aluminum alloy capacity in Anhui in the first half of 2025 contributed to a 7.27% increase in product sales [3][2] - The company has established four production bases in Chongqing, Guangdong, Hubei, and Anhui, with a total capacity of 1,050,000 tons in the casting aluminum alloy sector [4] - The deformable aluminum alloy sector has a capacity of 50,000 tons in Anhui, expected to gradually commence production in 2026 [4] Group 3: Product and Market Overview - The main products include various grades of recycled aluminum alloy ingots, with ADC12 being the most widely used [5] - The company serves various industries, including automotive, general machinery, communication equipment, and electronics, with products distributed across Southwest, South China, East China, and Central China [5] Group 4: Competitive Landscape - The Ministry of Industry and Information Technology aims for a 3%-5% increase in domestic aluminum resources and a recycled aluminum output of over 15 million tons by 2027 [6] - The company benefits from a diversified regional layout, enhancing local supplier relationships and reducing transportation costs [7] - The product application spans multiple industries, strengthening the company's risk resistance [7] Group 5: Impact of Trade Policies - The company's products are primarily sold domestically, with no direct exports, thus minimizing the impact of trade wars on performance [7]

Core Viewpoint - The report highlights the financial performance and operational strategies of Chongqing Shunbo Aluminum Alloy Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and net profit, alongside a focus on sustainable practices in the recycling aluminum industry [5][10]. Financial Performance - The company's operating revenue for the reporting period reached CNY 7,126,279,774.01, representing an increase of 11.75% compared to CNY 6,376,853,691.63 in the same period last year [6][18]. - The net profit attributable to shareholders was CNY 151,055,661.76, a substantial increase of 114.05% from CNY 70,570,447.33 year-on-year [6][18]. - Basic earnings per share rose to CNY 0.27, up 58.82% from CNY 0.17 [6][18]. Business Overview - The company operates primarily in the recycling aluminum alloy ingot production and sales, contributing to resource conservation and environmental sustainability [8][9]. - The main business segments include casting aluminum alloy, deformed aluminum alloy, and hazardous waste disposal [8][9]. Production Capacity and Expansion - The company has established four production bases in Chongqing, Guangdong, Hubei, and Anhui, with a total capacity of 1.05 million tons, targeting major consumption markets in Southwest, South, East, and Central China [7][13]. - The Anhui Shunbo Phase I project has released 400,000 tons of casting aluminum alloy capacity, with ongoing capacity ramp-up [7][9]. Market Position and Strategy - As a leading player in the recycling aluminum industry, the company aims to enhance its market share through strategic regional expansions and customer relationship management [9][16]. - The company’s products are widely used in various industries, including automotive, machinery, and electronics, with a growing focus on lightweight materials for new energy vehicles [15][16]. Technological Advancements - The company has developed a comprehensive core technology system covering the entire industry chain, emphasizing cost reduction and quality improvement [15][16]. - Continuous innovation in production processes and technology is a priority, with a focus on high-value, intelligent, and low-carbon solutions [15][16].

Core Viewpoint - The launch of casting aluminum alloy futures and options on June 10 marks the first recycled metal commodity in China's futures market, with strong initial trading performance and participation from leading aluminum companies [1][2][3]. Market Performance - On the first trading day, all seven contracts for casting aluminum alloy futures closed higher, with the main contract AD2511 opening at 19,400 yuan/ton and closing at 19,190 yuan/ton, a rise of 825 yuan/ton or 4.49% from the listing benchmark price of 18,365 yuan/ton [3][4]. - The total trading volume for the seven contracts reached 57,300 lots, with a transaction value of 11.011 billion yuan, and the main contract AD2511 accounted for 52,300 lots and 10.1 billion yuan in transaction value [3][4]. Industry Participation - Major aluminum companies such as Shunbo Alloy, Lichong Group, and Judong Co. actively participated in the trading on the first day, indicating strong industry interest [1][6][8]. - The recycled aluminum alloy industry is primarily composed of private enterprises, with a market concentration of about 30% among the top five companies [7]. Price Dynamics and Future Outlook - Analysts suggest that the initial price performance aligns with expectations, but caution that the market may experience significant price fluctuations due to seasonal demand changes and supply dynamics [4][5]. - The industry faces challenges such as overcapacity and low profit margins, with a projected operating rate of only 53% in 2024, which may limit future price increases [4][5]. Impact on Related Companies - The launch of casting aluminum alloy futures has positively impacted stock prices of related companies, with Shunbo Alloy rising by 10.01% and Lichong Group by 7.60% as of June 11 [8]. - Shunbo Alloy's projected revenue for 2024 is 13.977 billion yuan, a year-on-year increase of 17%, although its net profit is expected to decrease by 47.96% [8]. Strategic Importance - The introduction of these futures is expected to enhance risk management for industry players, providing a more effective hedging tool compared to existing aluminum futures [8][9]. - The futures market is anticipated to play a significant role in the pricing mechanism for aluminum alloys, contributing to a more transparent and fair market environment [8][9][10].