本报讯(记者向炎涛)8月27日，中国铝业（601600）股份有限公司(以下简称"中国铝业")发布2025年中期 业绩报告。报告显示，公司上半年高质量发展动能强劲，主要产品产量及利润指标均创历史同期最佳水 平。氧化铝、原铝、精细氧化铝产量同比进一步提升4.88%、9.37%、0.48%，实现营业收入1163.92亿 元、利润总额132.47亿元、归母净利润70.71亿元。公司拟实施2025年中期分红，分红比例约30%。 上半年，中国铝业持续强化极致经营，狠抓"两最"成本(产线最低成本和产业链最优成本)管控，资源保 障能力、成本竞争优势、供应链韧性实现系统性提升。通过实施全级次价值链穿透管理，快速响应市场 变化，公司主要生产指标全面优化，创历史同期最优，持续巩固行业领先的成本竞争优势。 公司资源保障能力持续增强，国内自有矿权挖潜与新增矿权获取同步突破，氧化铝矿石自给率较年初提 升6个百分点。产业结构纵深优化调整，广西华昇二期全面投产，包头铝业（600472）源网荷储项目风 电装机达96%，青海分公司600kA电解铝项目截至目前已全部投产。数转智改深度推进，"绿星链 通"2.0、"贸易系统1.0"平台深度赋能经营。 ...

格隆汇8月27日丨中国铝业(02600.HK)发布公告，2025年上半年，集团实现营业收入人民币1,163.92亿 元，较去年同期的人民币1,107.19亿元增加人民币56.73亿元，主要为原铝、氧化铝产销量同比上升影 响。2025年上半年归属于公司股东的净利润为人民币70.71亿元，较去年同期的人民币70.14亿元增加人 民币0.57亿元，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。公司将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。 ...

中国铝业（601600）(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。 ...

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。 ...

证券研究报告 | 2025年08月27日 云铝股份（000807.SZ） 优于大市 二季度业绩同比增长 32%，中期分红比例超 40% 2025H1 公司归母净利润同比增长 10%。2025H1 归母净利润 27.7 亿元，同比 +9.9%, 扣非归母净利润 27.6 亿元，同比+15.4%，经营性净现金流 37.2 亿 元，同比+35.5%。2025Q2 归母净利润 17.9 亿元（同比+32.3%，环比+84.1%）， 主因上半年氧化铝价格大幅下跌，公司铝冶炼成本下降。公司公布 2025 年 中期分红预案，每 10 股派发现金红利 3.2 元，合计派发 11.1 亿元，占上半 年归母净利润 40%。 原铝产量连续 4 个季度满产。公司电解铝产能 308 万吨，公司半年报没有公 布原铝产量，由于去年 3/4 季度单季度产量都在 79 万吨左右，考虑到不同 季度天数不同，预计今年上半年公司原铝产量在 157 万吨左右。2025H1 公司 的氧化铝、炭素等产品产量均符合年度计划。 财务负担显著减轻，现金流强劲。截至 2025 年 6 月末，公司短期借款为零， 长期借款不到 5 亿元。云铝股份借助近几年电解铝行业 ...

8月27日，中国铝业盘中下跌2.08%，截至13:54，报8.01元/股，成交15.52亿元，换手率1.45%，总市值 1374.17亿元。 资金流向方面，主力资金净流出1.21亿元，特大单买入2.69亿元，占比17.33%，卖出3.81亿元，占比 24.55%；大单买入4.17亿元，占比26.87%，卖出4.26亿元，占比27.45%。 中国铝业今年以来股价涨11.02%，近5个交易日涨4.43%，近20日涨5.46%，近60日涨22.38%。 资料显示，中国铝业股份有限公司位于北京市海淀区西直门北大街62号，成立日期2001年9月10日，上 市日期2007年4月30日，公司主营业务涉及铝土矿、煤炭等资源的勘探开采,氧化铝、原铝和铝合金产品 生产、销售、技术研发,国际贸易,物流产业,火力及新能源发电等。主营业务收入构成为：营销72.86%， 原铝57.52%，氧化铝31.22%，能源3.67%，总部及其他1.12%。 中国铝业所属申万行业为：有色金属-工业金属-铝。所属概念板块包括：央企改革、中字头、中特估、 H股、小金属等。 截至3月31日，中国铝业股东户数34.92万，较上期减少5.28%；人均流通股0 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 8 月 24 日 [Table_Title] 俄铝 2025H1 公司原铝产量同比减少 1.7%至 192.4 万吨，报告期内调整后净利润为-1.94 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1、铝土矿 2025H1，公司铝土矿产量为 966.8 万湿吨，同比增长 21.8%。 2、氧化铝 2025H1，公司氧化铝产量为 340.0 万吨，同比增长 13.5%。 3、原铝 2025H1，公司原铝产量为 192.4 万吨，同比减少 1.7%。 2025H1，公司原铝及合金外销量为 228.6 万吨，同比增长 21.7%； 2025H1，平均销售价格为 2,538 美元/吨，同比上涨 7.5%。 2025H1，铝单位成本为 2,265 美元/吨，同比上涨 14.7%。 ►财务业绩情况 2025H1 公司实现营收 75.20 亿美元，同比增长 32.0%。 2025H1 销售成本为 61.10 亿美元，同比增长 39.3%。 2025H1 公司毛利为 14.10 亿 ...

1H2025 earnings grew by 35.0% YoY, in line with the previous positive profit alert. The profit growth in 1H2025 was mainly attributable to three factors: 1) margin improvement driven by higher prices of primary aluminum and alumina; 2) improved operational efficiency (SG&A expenses declined by 5.1% YoY to RMB2.68 bn); and 3) optimized debt structure with lower finance costs (down by 17.7% YoY to RMB1.28 bn). Demonstrating strong confidence in future development, the management announced a share buyback plan ...

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report indicates a strong production momentum in the phosphate segment, with DAP production expected to be between 5.9 to 6.2 million tons in 2025. Market conditions for DAP improved in Q2 2025 due to stable demand and supply constraints from China [7] - The aluminum segment maintains its production guidance for 2025, with primary aluminum production expected between 850,000 to 1,150,000 tons. However, aluminum prices are under pressure due to geopolitical tensions and changing trade flows [7] - The gold segment is projected to meet its production guidance for 2025, with production expected between 475,000 to 560,000 ounces. The gold price remains high, supported by geopolitical uncertainties and demand from global central banks [7] Financial Performance - Q2 2025 revenue reached 94.16 billion Saudi Riyals, an 11% increase quarter-on-quarter, driven by overall sales volume growth across all business segments [3] - Q2 2025 EBITDA was 37.85 billion Saudi Riyals, reflecting a 9% quarter-on-quarter growth [3] - Q2 2025 net profit was 19.22 billion Saudi Riyals, marking a 24% increase quarter-on-quarter [3] - Q2 2025 earnings per share (EPS) stood at 0.51 Saudi Riyals, also a 24% increase quarter-on-quarter [3] Production and Sales Overview - Phosphate segment: Q2 2025 DAP production was 1.705 million tons, an 8% increase quarter-on-quarter, with sales volume at 1.761 million tons, a 15% increase [11] - Aluminum segment: Q2 2025 alumina production was 461,000 tons, a 4% decrease quarter-on-quarter, with aluminum production at 247,000 tons, a 1% decrease. Average realized price for alumina was $381 per ton, down 32% [12] - Gold segment: Q2 2025 gold production was 108,000 ounces, a 12% decrease quarter-on-quarter, while sales volume increased by 6% to 118,000 ounces. Average realized price for gold was $3,316 per ounce, a 16% increase [13] 2025 Outlook - The company maintains a capital expenditure guidance range of $7.55 billion to $9.55 billion for 2025, with approximately 70% allocated for growth capital expenditures [9] - The company is advancing its long-term growth objectives, aiming for an 8 to 10 times increase in EBITDA by 2040 [9] - Recent strategic acquisitions and partnerships are expected to strengthen the company's market position and capitalize on regional demand growth opportunities [9]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Rusal (00486), which rose over 13% and is currently trading at 4.7 HKD with a transaction volume of 17.273 million HKD [1] - U.S. President Trump announced a meeting with Russian President Putin on August 15 in Alaska, which may influence the future of U.S.-Russia trade relations, particularly regarding aluminum imports [1] - In February, President Putin indicated that Russia would be willing to resume aluminum exports to the U.S. if sanctions on Russian metal imports were lifted, with an estimated 2 million tons of aluminum potentially available for export [1] Group 2 - According to research from Open Source Securities, Russia is the third-largest primary aluminum producer globally, with Rusal contributing significantly to this output [1] - Rusal's primary aluminum production is projected to reach 3.847 million tons in 2023, with expectations to increase to 3.9 million tons in 2024 due to the ramp-up of Taishet's production capacity [1] - The global aluminum supply is expected to see Rusal contributing approximately 5% of the total production, while the U.S. remains the second-largest aluminum consumer, indicating potential for stable orders if exports resume [1]