长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 2025-11-24 【产业服务总部 | 有色金属团队】 研究员：汪国栋 执业编号：F03101701 投资咨询号：Z0021167 咨询电话：027-65777106 铝产业链周报 01 周度观点 ◆ 基本面分析 山西、河南铝土矿价格暂稳，几内亚散货矿主流成交价格周度环比下降1美元/干吨至70.5美元/干吨。12月开始进口矿现货供应预 期会增加，矿价预计将承压。氧化铝运行产能周度环比上升30万吨至9610万吨，全国氧化铝库存周度环比增加4.3万吨至434.4万 吨。大多数氧化铝企业依然维持高产满产运行，少部分氧化铝企业以检修、环保管控、技改设备并线、生产线工艺切换为主的压减 产仍在继续。电解铝运行产能周度环比持平于4442.4万吨。减复产能方面，为进一步降低电耗，山西朔州能源对部分电解槽进行 停槽技改升级，涉及产能4万吨左右；新疆个别铝厂因环保管控有所减产。新投产能方面，近期天山铝业将逐步投产，扎铝将于12 月建成投产。需求方面，国内铝下游加工龙头企业开工率周度环比持稳于至62%。中原地区环保影响消退及两大电网订单重新匹 配支撑开工，但整体 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The domestic aluminum market is in a transition from peak season to off - season. The supply and demand situation is complex, with changes in production capacity, consumption, and inventory. The recent sharp rise in aluminum stocks and the influx of funds into the Shanghai Aluminum market are based on expectations of supply shortages in the US, but there are risks of over - trading. Short - term observation is recommended [4]. 3. Summary by Directory 3.1. Week - on - Week View - **Fundamental Analysis**: Domestic bauxite supply in Shanxi and Henan is expected to improve, while the price of Guinea bauxite has declined. Alumina production capacity has increased slightly, and inventory has risen. Electrolytic aluminum production capacity has decreased slightly, with some reduction due to technical upgrades and environmental protection. Domestic downstream processing enterprise operating rates have declined, and aluminum ingot inventory has increased slightly. In the recycled casting aluminum alloy sector, the production of leading enterprises has not been affected for the time being [4]. - **Strategy Recommendations**: For alumina, it is recommended to take profit on long positions and sold out - of - the - money put options. For Shanghai Aluminum and casting aluminum alloy, it is recommended to strengthen observation [5]. 3.2. Macroeconomic Indicators - The report presents data on US Treasury bond yields (10 - year and 2 - year), the US dollar index, inflation expectations, and the RMB exchange rate against the US dollar, but no specific analysis is provided [7][8]. 3.3. Bauxite - The prices of bauxite in Shanxi and Henan are stable, and the supply of domestic ore is expected to improve. The mainstream transaction price of Guinea bauxite has decreased by $1 per dry ton to $71.5 per dry ton. The end of the rainy season in Guinea and the weakening of alumina prices have put downward pressure on bauxite prices [11]. 3.4. Alumina - As of last Friday, the built - in production capacity of alumina remained unchanged week - on - week at 11,462 million tons, the operating capacity increased by 100,000 tons to 9,685 million tons, and the operating rate was 84.5%. The weighted price of domestic spot alumina decreased by 33.7 yuan/ton to 2,837.5 yuan/ton. National alumina inventory increased by 88,000 tons to 4.218 million tons. Some enterprises in the north have reduced production due to heavy pollution weather, while some have slightly increased production after stable operation [14]. 3.5. Important High - Frequency Data of Alumina - The report presents data on alumina basis, port inventory, north - south price difference, and transportation volume, but no specific analysis is provided [16][17][18][19]. 3.6. Electrolytic Aluminum - As of last Friday, the built - in production capacity of electrolytic aluminum remained unchanged week - on - week at 4.5232 million tons, and the operating capacity decreased by 10,000 tons to 4.4424 million tons. Some enterprises have reduced production for technical upgrades and environmental protection reasons, while new production capacity is expected to be put into operation [23]. 3.7. Important High - Frequency Data of Electrolytic Aluminum - The report presents data on aluminum import profit, Shanghai Aluminum forward curve, aluminum rod processing fee, and thermal coal price, but no specific analysis is provided [25][26][27]. 3.8. Inventory - The report presents data on aluminum rod social inventory, aluminum ingot social inventory, Shanghai Futures Exchange aluminum futures inventory, and LME aluminum inventory, but no specific analysis is provided [29][30][31][32]. 3.9. Casting Aluminum Alloy - The operating rate of leading recycled aluminum alloy enterprises remained stable at 59.1% week - on - week. The supply of scrap aluminum is tight and the price is high. The demand from the automotive end has resilience, but the high aluminum price has led to a decline in downstream purchasing enthusiasm. The production of leading enterprises has not been affected for the time being [37]. 3.10. Important High - Frequency Data of Casting Aluminum Alloy - The report presents data on the price of aluminum profiles, the forward curve of aluminum alloy futures, the price difference between ADC12 and A00 aluminum, and the import profit of ADC12 aluminum alloy ingots, but no specific analysis is provided [39][40][41][42][43]. 3.11. Downstream Operating Rate (First Part) - The operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.6% to 61.6% week - on - week. The operating rate of aluminum profile leading enterprises decreased by 0.9% to 52.6%, with different performance in industrial and construction profiles. The operating rate of aluminum plate and strip leading enterprises decreased by 0.4% to 66%, affected by high aluminum prices and the transition to the off - season [49]. 3.12. Downstream Operating Rate (Second Part) - The operating rate of domestic cable leading enterprises decreased by 1% to 61.4% week - on - week, mainly due to heavy pollution weather control in some areas of Henan and slow order progress. The operating rate of primary aluminum alloy leading enterprises increased by 0.2% to 59.4%, with stable production and increased downstream demand [52].

Core Viewpoint - The domestic non-ferrous metal market is experiencing a downturn, particularly in the casting aluminum alloy futures, which have seen a slight decline of 0.25% to 20,320 yuan/ton as of September 29 [1] Supply - According to Ruida Futures, the tightening of raw material supply is providing support for the spot price of cast aluminum while simultaneously limiting the production capacity of cast aluminum, leading to a slowdown in the growth rate of domestic cast aluminum supply [1] Demand - New Lake Futures indicates that while the automotive market is recovering, the benefits for recycled casting aluminum alloys are limited, particularly as the recovery in overall consumption remains weak [1] Inventory - As of September 29, the total daily social inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi reached 50,050 tons, an increase of 104 tons from the previous trading day and up 382 tons from the previous week (September 22) [1] Market Outlook - Yide Futures suggests that supply disruptions and tight scrap aluminum supply, along with the withdrawal of tax rebates, are influencing the market. Although downstream die-casting operations are gradually recovering, high-price procurement remains cautious. The registration of warehouse receipts began on September 22, indicating a potential further increase in social inventory [1] - The investment strategy recommends reducing positions ahead of the holiday to mitigate overseas risks, with a suggestion to buy on dips for aluminum alloy [1]

Group 1 - The company, Shunbo Alloy, has indicated that its existing recycled cast aluminum alloy products are primarily used in the automotive, motorcycle, machinery manufacturing, and home appliance sectors [2] - The company is currently constructing a project in Anhui for recycled deformed aluminum alloy products, which will mainly be applied in battery foil blank materials, battery casings, and can materials, including 3C products such as mobile phones [2]

Core Viewpoint - The recent financial report of Lichung Group (300428) shows a solid performance with a revenue increase of 15.41% year-on-year and a net profit growth of 4.97% for the first half of 2025, indicating a positive trend in the company's operations and market positioning [1][6]. Financial Performance - Total revenue for the first half of 2025 reached 14.443 billion yuan, up 15.41% from 12.515 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 401 million yuan, a 4.97% increase from 382 million yuan in the previous year [1]. - The second quarter alone saw a revenue of 7.26 billion yuan, reflecting a 10.87% year-on-year increase, and a net profit of 239 million yuan, which is a significant 121.66% increase compared to the same quarter last year [1][6]. - The gross margin decreased to 9.22%, down 7.00% year-on-year, while the net margin fell to 2.81%, a decrease of 10.06% [1]. Cash Flow and Debt Management - The company reported a significant increase in operating cash flow, with a year-on-year growth of 105.75%, reaching 0.03 yuan per share [1]. - The total receivables increased by 21.41% to 6.042 billion yuan, raising concerns as they accounted for 854.4% of the net profit [1][5]. - The company’s interest-bearing debt rose by 17.80% to 12.166 billion yuan, indicating a growing leverage position [1]. Business Segments and Growth Drivers - The company has focused on enhancing its core business and expanding its global supply chain, which has positively impacted sales and profitability [6]. - The functional intermediate alloy business has seen growth due to increased demand in sectors like new energy vehicles and aerospace, with a focus on high-performance materials [6]. - The recycled aluminum alloy business benefited from rising demand in emerging markets, with strategic partnerships enhancing its market position [6]. - The aluminum alloy wheel segment is evolving towards high-end and lightweight products, leveraging international production bases to maintain competitiveness [6]. Market Outlook - Analysts project the company's performance for 2025 to reach a net profit of 802 million yuan, with an expected earnings per share of 1.25 yuan [5].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints - In H1 2025, the company leveraged its industrial chain synergy, focused on its main business, and advanced its global industrial chain layout, leading to steady revenue growth and enhanced profitability [26]. - Each business segment of the company showed positive performance in Q2 2025, with significantly improved profitability [26]. - The company is accelerating its layout in emerging markets and upgrading its product structure, with notable progress in new material projects [32]. - Overseas projects are under construction, which will increase the company's production capacity and competitiveness [36]. - The listing of cast aluminum alloy futures will bring multiple benefits to the company, including expanding sales channels and enabling more precise hedging [38]. - The company's high - end aluminum alloy wheel business has a clear strategic layout, aiming to meet global high - end customer demands [39]. 3. Summary by Relevant Catalogs 3.1. Research Basic Information - Research object: Lizhong Group [16] - Industry: Auto parts [16] - Reception time: August 27, 2025 [16] - Company reception personnel: Li Zhiguo, Vice President and Secretary of the Board of Directors of Lizhong Group; Feng Yuqi, Securities Affairs Representative of Lizhong Group [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (such as CICC, Huachuang Securities), fund management companies (such as Chang Sheng Fund, Tong Tai Fund), insurance asset management companies (such as Cigna Asset Management), and other investment and asset management institutions [17][18][19] 3.3. Research Institution Proportion No information provided in the document. 3.4. Main Content Data - **Company Performance in H1 2025**: The company achieved a cumulative operating income of 1,444,339 million yuan, a year - on - year increase of 15.41%. The cumulative net profit attributable to shareholders of the listed company was 40,129 million yuan, a year - on - year increase of 4.97%. Excluding the impact of accounting estimate changes, it increased by 62.43% year - on - year. In Q2 2025, the net profit attributable to shareholders of the listed company was 23,934 million yuan, a year - on - year increase of 121.66% and a quarter - on - quarter increase of 47.79% [26]. - **Business Segment Performance** - **Functional Master Alloy Business**: The company focused on high - end material demand in emerging fields, increased R & D and market expansion, and improved production efficiency, resulting in dual growth of revenue and profit [27]. - **Recycled Cast Aluminum Alloy Business**: Driven by the growing demand in new energy vehicles and other emerging markets, product sales increased steadily. New materials such as heat - treatment - free alloys contributed new growth points. The company expanded its international market in recycled aluminum through strategic cooperation [28][29]. - **Aluminum Alloy Wheel Business**: The business developed towards scale, globalization, high - end, and lightweight. The company optimized production and sales networks, increased the proportion of high - value - added products, and improved profitability [30]. - **New Energy Lithium - Battery New Material Business**: The company advanced customer certification, market development, and trial production of hexafluorophosphate lithium products, and supplied high - quality fluoride salts for its master alloy products [31]. - **New Material Layout in Emerging Industries**: The company focused on emerging fields such as new energy vehicles and humanoid robots. New materials like heat - treatment - free alloys, recycled low - carbon A356 alloy, and high - thermal - conductivity materials achieved mass production or were under verification in relevant applications [32][33]. - **Overseas Key Layout and Progress**: The company established production bases in Thailand and Mexico and sales service institutions in other countries. In Thailand, a third aluminum alloy wheel factory is under construction. In Mexico, the second - phase project of a 360 - million - piece ultra - lightweight aluminum alloy wheel project is expected to be completed in Q3 2025, and a 50 - million - piece forged aluminum alloy wheel production capacity is under construction [36]. - **Impact of Cast Aluminum Alloy Futures Listing**: The company participated deeply as the first - order trading unit, registered its brand as a futures delivery brand, and will adopt a more precise hedging strategy [38]. - **High - End Aluminum Alloy Wheel Business Layout**: The company focused on high - end forged, cast - spun, and low - carbon aluminum alloy wheels, expanded overseas production capacity, and improved production efficiency and product quality [39].

Financial Performance - In the first half of 2025, the company achieved a total revenue of 1,444,339 million yuan, a year-on-year increase of 15.41% [1] - The net profit attributable to shareholders was 40,129 million yuan, up 4.97% year-on-year, with a significant increase of 62.43% when excluding accounting estimate changes [1] - In Q2 2025, the net profit reached 23,934 million yuan, reflecting a year-on-year growth of 121.66% and a quarter-on-quarter increase of 47.79% [1] Business Segments Performance Functional Intermediate Alloy Business - The company focused on high-performance intermediate alloys for sectors like new energy vehicles and aerospace, leading to revenue and profit growth [2] Recycled Aluminum Alloy Business - The demand for cast aluminum alloys surged due to the growth in new energy vehicles, with the company expanding its international market presence in recycled aluminum [2] Aluminum Alloy Wheel Business - The business is evolving towards scale, globalization, and high-end production, with increased production efficiency and enhanced international competitiveness [3] New Energy Lithium Battery Materials - The company is advancing customer certification and market development for lithium hexafluorophosphate products, leveraging its production line advantages [4] New Materials and Product Development - The company is accelerating the development of new materials in emerging markets, focusing on applications in new energy vehicles and robotics [4] - Key developments include: - Series of non-heat-treated alloys achieving mass production in the automotive sector [5] - Recycled low-carbon A356 alloy with 75% recycled aluminum, showing advantages in performance and cost [5] - High thermal and electrical conductivity materials being applied in various high-tech sectors [5] International Expansion - The company has established production bases in Thailand and Mexico, with plans for a third factory in Thailand to enhance production capacity [6] - The Mexican facility is projected to produce 360 million lightweight aluminum wheels annually, benefiting from zero tariffs under the USMCA [6] Impact of Aluminum Alloy Futures - The listing of aluminum alloy futures on June 10, 2025, allows the company to engage in more precise hedging strategies, enhancing market liquidity and setting industry benchmarks [7] High-End Aluminum Alloy Wheel Strategy - The company is focusing on low-carbon, lightweight manufacturing in the high-end aluminum alloy wheel market, with significant capacity expansion planned in Thailand and Mexico [8]

Core Viewpoint - Lichung Group has secured significant orders for aluminum alloy wheel projects, indicating its strong position in the global automotive supply chain and expected sales of approximately 1.643 billion yuan over the project lifecycle [1][2][3] Group 1: Recent Orders and Financial Impact - The company announced that its subsidiaries, New Thai Wheel and Lizhong Mexico, received project confirmations from international clients, with expected sales of about 833 million yuan and 810 million yuan respectively [2] - Cumulatively, the company has secured project confirmations worth 1.83 billion yuan in 2025, showcasing its competitive edge in the aluminum alloy wheel sector [4] - The new orders are anticipated to positively impact the company's future operating performance and enhance overall profitability and market share [3] Group 2: Company Performance and Growth - Lichung Group has experienced substantial growth over the past decade, with revenue increasing from 746 million yuan in 2015 to 27.25 billion yuan in 2024, and net profit rising from 62.13 million yuan to 707 million yuan [6][7] - The company has maintained a robust growth trajectory, with a revenue increase of over 16% in 2024, driven by its core businesses in functional intermediate alloys, recycled casting aluminum alloys, and aluminum alloy wheels [6][7] - The recycled casting aluminum alloy business has seen explosive growth, contributing 57.6% of total revenue in 2024, with sales reaching 15.696 billion yuan, a year-on-year increase of 25.84% [7] Group 3: Research and Development - The company has consistently increased its R&D investment, totaling 3.233 billion yuan from 2020 to 2024, with a focus on enhancing technological innovation capabilities [7] - As of the end of 2024, Lichung Group holds a total of 964 patents, including 170 invention patents, which supports its industry-leading position [7] - The company has achieved a global first with the mass production of integrated die-casting heat treatment-free alloys, reinforcing its technological foundation for business development [7]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The mainstream transaction price of bauxite in Guinea decreased by $0.4 per dry ton to $72.5 per dry ton. The rainy season in Guinea has affected bauxite mining and transportation, leading to a decline in bauxite shipments, which supports the ore price. However, market rumors of the resumption of a large mine in Guinea may reverse the expected structural shortage of imported ore supply in the third quarter, so the upward range of the ore price is expected to be limited [3][10]. - The operating capacity of alumina increased by 1.1 million tons week - on - week to 94.95 million tons, and the national alumina inventory increased by 19,000 tons week - on - week to 3.207 million tons. With the gradual resumption of production of reduced - capacity and the release of new capacity, the operating capacity of alumina is gradually recovering. Bullish sentiment has cooled, and alumina may face an adjustment [3][14]. - The operating capacity of electrolytic aluminum increased steadily, with a week - on - week increase of 10,000 tons to 44.214 million tons. Some remaining capacity in Guizhou Anshun is being resumed, the replacement capacity of Yunlv Yixin is being put into production, and the technical renovation project of Baise Yinhai is gradually resuming production. The downstream demand of aluminum is weakening, with the weekly average operating rate of domestic aluminum downstream processing leading enterprises decreasing by 0.1% to 58.8%. The inventory of aluminum ingots decreased, while the inventory of aluminum rods increased [3]. - In the case of recycled cast aluminum alloy, downstream enterprises are gradually entering the high - temperature holiday, with insufficient new orders. High scrap aluminum prices and a sharp increase in industrial silicon prices have led to great loss pressure on enterprises, and the operating rate of recycled aluminum enterprises will continue the downward trend [3]. - The short - term risk of aluminum prices is still high, and it is recommended to wait and see, paying attention to market changes. The Fed's interest - rate meeting and the China - US London talks are about to take place, and attention should be paid to the meeting results and negotiation outcomes [3]. 3. Summary According to Relevant Catalogs 3.1. Strategy Suggestions - Alumina: It is recommended to lay out short positions at high levels when the price rebounds [4]. - Shanghai Aluminum: It is recommended to wait and see [4]. - Cast Aluminum Alloy: It is recommended to wait and see [4]. 3.2. Bauxite - The supply of domestic bauxite is tightening, and the price is temporarily stable. Stricter safety production supervision and environmental inspections in Shanxi and Henan have restricted bauxite mining activities, and some mines have suspended production. Frequent rainfall in major domestic producing areas has also restricted ore mining [10]. - The mainstream transaction price of Guinea's bulk bauxite decreased by $0.4 per dry ton to $72.5 per dry ton. The rainy season in Guinea has affected bauxite mining and transportation, and the bauxite shipment volume has shown a downward trend. The expected tightening of spot supply supports the upward movement of the ore price, but the expected structural shortage of imported ore supply in the third quarter may be reversed, so the upward range of the ore price is limited [3][10]. 3.3. Alumina - As of last Friday, the built - up capacity of alumina was 113.02 million tons, with a week - on - week increase of 100,000 tons, the operating capacity was 94.95 million tons, with a week - on - week increase of 1.1 million tons, and the operating rate was 84.01%. The domestic spot weighted price was 3,257 yuan per ton, with a week - on - week increase of 37.9 yuan per ton. The national alumina inventory was 3.207 million tons, with a week - on - week increase of 19,000 tons [14]. - Newly invested capacity in Shandong, Guangxi, and other regions is gradually contributing to alumina production. A medium - sized alumina enterprise in Shandong has expanded and upgraded its capacity, and it is expected to reach full production this week. Although a red mud reservoir in a south - western alumina enterprise has a landslide risk due to heavy rain, the current production has not been affected [14]. 3.4. Electrolytic Aluminum - As of last Friday, the built - up capacity of electrolytic aluminum was 45.232 million tons, remaining unchanged week - on - week, and the operating capacity was 44.214 million tons, with a week - on - week increase of 10,000 tons [23]. - The operating capacity of electrolytic aluminum is increasing steadily. Some remaining capacity in Guizhou Anshun is being resumed, the replacement capacity of Yunlv Yixin is being put into production, contributing a net increase of 35,000 tons of capacity, and the 120,000 - ton capacity of the Baise Yinhai technical renovation project will be gradually powered on and resumed production in the third quarter [3][23]. 3.5. Cast Aluminum Alloy - The operating rate of recycled aluminum alloy leading enterprises decreased by 0.3% week - on - week to 53.1%. Downstream enterprises are gradually entering the high - temperature holiday, with insufficient new orders. High scrap aluminum prices and a sharp increase in industrial silicon prices have led to great loss pressure on enterprises, and the operating rate will continue the downward trend. However, recent concentrated shipments from delivery brand enterprises to spot - futures traders support the operating rate to remain relatively high in the off - season [34]. 3.6. Downstream开工率 - The weekly average operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.1% to 58.7%. - Aluminum profiles: The operating rate of aluminum profile leading enterprises remained stable at 50.5% week - on - week. In the industrial profile segment, the operating rate remained unchanged. In the building profile segment, affected by the downturn in the real estate industry and seasonal factors, sample enterprises reported average existing orders and weak new orders, and the operating rate remained unchanged [43]. - Aluminum plates and strips: The operating rate of aluminum plate and strip leading enterprises remained stable at 63.2% week - on - week. With high aluminum prices, downstream customers are waiting and watching, and the finished product inventory of each aluminum plate and strip enterprise is high. Enterprises reported that it is the off - season for exports, and there is little hope for the recovery of export orders. In addition, aluminum plate and strip enterprises in various regions have not reduced production due to high - temperature power rationing [43]. - Aluminum cables: The operating rate of domestic cable leading enterprises decreased by 0.4% week - on - week to 61.6%. Although the operating rate of some enterprises has improved marginally due to order scheduling and the delivery of UHV and power transmission and transformation orders, some enterprises' strategy of reducing raw material and finished product inventories has led to a weakening of the overall operating rate. Attention should be paid to whether the matching of power grid orders in August can reopen the industry's concentrated delivery cycle [46]. - Primary aluminum alloy: The operating rate of primary aluminum alloy leading enterprises remained stable at 54% week - on - week. Although the task of aluminum - water alloying and the strategy of aluminum rod conversion continue to provide marginal support, most sample enterprises are restricted by weak terminal demand, insufficient new orders, thin profit margins, and high - temperature holidays, and the operating rate is weakly stable [46].

Core Viewpoint - The credit rating agency has maintained a stable credit rating outlook for the company, indicating its strong market position and diversified regional layout, while also highlighting potential risks related to raw material price fluctuations and increasing debt levels [3][7]. Company Overview - The company, known as Lichong Group, operates in three major business segments: recycled aluminum alloy, aluminum alloy wheels, and functional intermediate alloys, all of which are leaders in their respective niche markets [3][5]. - The company has a diverse production base across multiple regions in China and has established subsidiaries in countries such as Thailand, the USA, South Korea, Brazil, and Mexico, which helps mitigate operational and marketing costs [5][16]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 272.46 billion yuan, a significant increase from 233.65 billion yuan in 2023, reflecting a growth rate of approximately 16.54% [4][12]. - The net profit for 2024 was recorded at 7.16 billion yuan, up 16.45% from the previous year [4][12]. - The company's total debt increased to 133.78 billion yuan in March 2025, compared to 119.02 billion yuan in 2024, indicating a rapid growth in debt levels [4][12]. Operational Challenges - The company faces increased cost pressures due to fluctuations in raw material prices, particularly for electrolytic aluminum and recycled aluminum, which could impact sales revenue and profitability [5][6]. - The scale of accounts receivable and inventory has significantly increased, reaching a combined total of 119.72 billion yuan by March 2025, which constitutes 51.82% of total assets, raising concerns about working capital management [6][13]. Market Environment - The automotive industry in China is expected to continue growing, with the company benefiting from strong demand in the downstream automotive supply chain [10][11]. - The company has a strong customer base, including major clients like Great Wall Motors and General Motors, with the top five customers accounting for 22.63% of total sales in 2024, indicating a relatively low concentration risk [14][16]. Future Outlook - The company is expected to expand its business further as new production capacities come online, although the utilization rates for some segments remain uncertain [7][17]. - The company is actively involved in the recycling of aluminum and has developed a dual-cycle procurement system for recycled aluminum, enhancing its competitive edge in the market [15][16].