Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 26.6 CNY per share, corresponding to a PE ratio of approximately 12 times for 2025 [3][5]. Core Insights - The company's revenue for the first three quarters of 2025 reached 31.005 billion CNY, representing a year-on-year increase of 9.5%. In Q3 2025, revenue was 10.576 billion CNY, showing a year-on-year increase of 4.8% but a quarter-on-quarter decrease of 2.03% [1]. - The increase in revenue is primarily driven by strong aluminum prices and a stabilization in coal prices. The average aluminum price in Q3 2025 was 20,728 CNY per ton, up 2.9% quarter-on-quarter and 5.65% year-on-year. The price of non-smoking coking coal slightly increased to 1,035 CNY per ton, up 0.19% quarter-on-quarter [1]. - The overall gross margin for the first three quarters was 17.47%, a decrease of 0.12 percentage points year-on-year, while the gross margin for Q3 was 24.19%, an increase of 6.15 percentage points year-on-year, mainly due to reduced electricity costs during the abundant water period in Yunnan [1]. Financial Performance - The company's expense ratio decreased to 4.49%, down 1.32 percentage points year-on-year. The sales expense ratio was 0.45%, down 0.41 percentage points, attributed to a decrease in the sales proportion of aluminum ingots and reduced transportation costs [2]. - The net profit for the first three quarters was 3.489 billion CNY, a year-on-year decrease of 1.38%. However, Q3 net profit was 1.585 billion CNY, reflecting a year-on-year increase of 26.39% and a quarter-on-quarter increase of 32.61% [2]. - The company reported a cash flow from operations of 6.898 billion CNY, an increase of 544 million CNY year-on-year, with a cash collection ratio of 1.07, up 2.71 percentage points [2]. Future Projections - The company is expected to achieve revenues of 41.34 billion CNY, 42.98 billion CNY, and 43.73 billion CNY for the years 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be 5.11 billion CNY, 6.05 billion CNY, and 6.37 billion CNY, with EPS of 2.27 CNY, 2.69 CNY, and 2.83 CNY per share [3][4].