2025H1业绩显著超出市场预期，且经营性净现金流、期间费用均有改善 1)铝合金产品：销量为290.6万吨，同比增长2.4%;销售价格为17853元/吨(不含税)，同比增长2.7%;实现 收入518.78亿元，同比增长5.2%;毛利率为25.2%，同比提升0.6个百分点。 西部证券（002673）发布研报称，中国宏桥(01378)公告2025年半年报，实现收入810.39亿元、同比增长 10.12%;归母净利润123.61亿元、同比增长35.02%，业绩显著超出市场预期;回购不低于30亿港币的股 份。该行预计2025-2027年公司EPS分别为2.32、2.51、2.64元，PE分别为9、9、8倍，维持"买入"评级。 4)经营性净现金流为223.06亿元，同比增长56.38%。 西部证券主要观点如下： 5)费用端，销售费用为3.54亿元，同比下降3.4%;行政开支为23.22亿元，同比下降5.4%;财务费用为12.84 亿元，同比下降17.7%，总体来看，公司上半年业绩显著超出市场预期，且盈利质量持续提升。 2)氧化铝产品：销量为636.8万吨，同比增长15.6%;销售价格为3243元/吨(不含税)，同比增长 ...

智通财经APP获悉，西部证券发布研报称，中国宏桥(01378)公告2025年半年报，实现收入810.39亿元、 同比增长10.12%;归母净利润123.61亿元、同比增长35.02%，业绩显著超出市场预期;回购不低于30亿港 币的股份。该行预计2025-2027年公司EPS分别为2.32、2.51、2.64元，PE分别为9、9、8倍，维持"买 入"评级。 3)铝合金加工产品：销量为39.2万吨，同比增长3.5%;销售价格为20615元/吨(不含税)，同比增长2.9%;实 现收入80.74亿元，同比增长6.5%;毛利率为23.3%，同比提升2.3个百分点。 4)经营性净现金流为223.06亿元，同比增长56.38%。 5)费用端，销售费用为3.54亿元，同比下降3.4%;行政开支为23.22亿元，同比下降5.4%;财务费用为12.84 亿元，同比下降17.7%，总体来看，公司上半年业绩显著超出市场预期，且盈利质量持续提升。 2025H1已回购注销26.1亿港元，新一轮回购不低于30亿港元，承诺2025派息比率与2024年相同，充分 重视股东回报 1)根据公司公告，截至2025上半年年末，公司已回购约26.1亿港 ...

[Table_StockNameRptType] 中国宏桥（01378） 港股公司点评 25H1 归母净利同增 35%，新一轮回购彰显信心 | | | 报告日期： 2025-08-21 | [Table_BaseData] 收盘价（港元） | 23.70 | | --- | --- | | 近 12 个月最高/最低（港元） 24.22/9.17 | | | 总股本（百万股） | 9,617 | | 流通股本（百万股） | 9,617 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 2,279 | | 流通市值（亿港元） | 2,279 | [公司价格与恒生指数走势比较 Table_Chart] -22% 23% 68% 113% 158% 8/24 11/24 2/25 5/25 中国宏桥 恒生指数 [Table_Author] 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 主要观点： ⚫[Table_Summary] 中国宏桥发布 2025 ...

Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]

Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Insights - The company reported a 35% year-on-year increase in net profit for the first half of 2025, driven by higher sales prices and volumes of aluminum alloy and alumina products, along with a decrease in electricity costs due to falling coal prices [7]. - The acquisition of the remaining 25% stake in Yunnan Hongtai is expected to enhance the company's electrolytic aluminum capacity by 484,000 tons, significantly boosting future net profits [7]. - A new share buyback plan has been announced, with a minimum repurchase amount of HKD 3 billion, reflecting the company's confidence in its future performance [7]. Financial Data and Profit Forecast - Revenue projections for 2025 are estimated at RMB 160.76 billion, with a year-on-year growth rate of 2.9% [6][8]. - The net profit attributable to shareholders is forecasted to reach RMB 24.53 billion in 2025, representing a 9.7% increase from the previous year [6][8]. - Earnings per share are expected to be RMB 2.55 in 2025, with a return on equity of 20.8% [6][8].

Investment Rating - The report maintains an "Outperform" rating for China Hongqiao [6][5][16] Core Views - The company's mid-year performance for 2025 shows a significant increase in net profit by 35% year-on-year, driven by higher sales prices and increased sales volume of aluminum alloy and alumina products [6][5] - The acquisition of the remaining 25% stake in Yunnan Hongtai is expected to enhance the company's equity capacity by 484,000 tons, which could substantially increase net profit [6][5] - A new share buyback plan of at least HKD 3 billion reflects the company's confidence in its future performance [6][5] Financial Data and Profit Forecast - Revenue for 2023 is projected at RMB 133.624 billion, with a growth rate of 1%, and is expected to reach RMB 160.760 billion by 2025, reflecting a 2.9% increase [5][7] - Net profit attributable to shareholders is forecasted to grow from RMB 11.461 billion in 2023 to RMB 24.533 billion in 2025, representing a 9.7% increase [5][7] - Earnings per share are expected to rise from RMB 1.21 in 2023 to RMB 2.55 in 2025 [5][7] - The company's return on equity is projected to remain strong, with rates of 20.8% in 2025 [5][7]

Group 1: Insurance Asset Management - The development trend of China's insurance asset management is anchored by insurance capital and supported by third-party services, focusing on enhancing equity research capabilities and alternative investments in high-dividend and national strategic areas [5][7] - The insurance asset management industry in China has gone through three stages: initial establishment in 2003, policy relaxation from 2012 to 2017, and accelerated market-oriented reforms since 2018, leading to increased competitiveness [5][6] - The current state of the industry shows continuous scale expansion but a decline in concentration, with insurance capital accounting for 74% of funding sources and a preference for fixed-income assets [6][7] Group 2: Midea Group - Midea Group is positioned as a leading player in the home appliance industry, with flexible mechanisms and a focus on global expansion and supply chain efficiency, which are expected to enhance its competitive edge [9][10] - The company has a strong dividend policy, with a current dividend yield of 4.8%, and is projected to achieve net profits of 43.9 billion, 47.6 billion, and 51.8 billion yuan from 2025 to 2027, corresponding to PE ratios of 13, 12, and 11 [9][10] - Midea's strategic focus on B-end business and continuous investment in core components and integrated solutions is expected to contribute to long-term growth [10] Group 3: Sifen Technology - Sifen Technology's industrial purification business is rapidly growing, with a projected revenue of 384.2 million, 464.7 million, and 558.3 million yuan from 2025 to 2027, reflecting a year-on-year growth of 21.8%, 21.0%, and 20.1% [12][13] - The company achieved a revenue of 183 million yuan in the first half of 2025, with a net profit of 54 million yuan, indicating a year-on-year growth of 19.8% and 40.9% respectively [12][13] - The growth in the GLP-1 related products segment is particularly notable, with a revenue increase of 177.5% [12][13] Group 4: Huafeng Aluminum - Huafeng Aluminum's performance in the first half of 2025 showed resilience despite industry challenges, with revenue of 5.964 billion yuan, a year-on-year increase of 20.87% [15][16] - The company is awaiting the launch of its Chongqing Phase II project, which is expected to alleviate bottlenecks in hot-rolled production and drive future growth [16][17] - Adjustments to the company's EPS forecasts for 2025-2027 are made to 1.29, 1.50, and 1.88 yuan, with corresponding PE ratios of 14, 12, and 10, maintaining a "buy" rating [16][17] Group 5: Tongcheng Travel - Tongcheng Travel reported a revenue of 9.05 billion yuan in the first half of 2025, reflecting an 11.5% year-on-year increase, with adjusted EBITDA growing by 35.2% [19][20] - The core online travel platform business is experiencing rapid growth, with significant contributions from hotel management services [19][20] - The company aims to enhance its international market presence and strengthen its hotel management business as a second growth curve [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a significant performance in H1 2025, achieving revenue of 81.039 billion yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 12.361 billion yuan, up 35.02% year-on-year [2][4]. - The company has initiated a new share repurchase plan of no less than 3 billion Hong Kong dollars, emphasizing its commitment to shareholder returns [4][6]. - The operational cash flow improved significantly, with a year-on-year growth of 56.38%, reaching 22.306 billion yuan [3]. Summary by Relevant Sections Revenue and Profitability - Revenue from aluminum alloy products reached 51.878 billion yuan, a 5.2% increase year-on-year, with a gross margin of 25.2%, up 0.6 percentage points [3]. - Revenue from alumina products was 20.655 billion yuan, reflecting a 27.5% year-on-year growth, with a gross margin of 28.8%, an increase of 3.4 percentage points [3]. - Revenue from aluminum processing products amounted to 8.074 billion yuan, a 6.5% increase year-on-year, with a gross margin of 23.3%, up 2.3 percentage points [3]. Cash Flow and Expenses - The operating cash flow for H1 2025 was 22.306 billion yuan, marking a 56.38% increase compared to the previous year [3]. - The company successfully reduced its selling expenses by 3.4% to 354 million yuan, administrative expenses by 5.4% to 2.322 billion yuan, and financial expenses by 17.7% to 1.284 billion yuan [3]. Shareholder Returns - The company has repurchased approximately 2.61 billion Hong Kong dollars worth of shares, all of which have been canceled, and has committed to maintaining the same dividend payout ratio in 2025 as in 2024 [4][6].

Core Viewpoint - China Hongqiao Group Limited reported record-high revenue and profit for the first half of 2025, driven by increased sales prices and volumes of aluminum products and alumina, despite challenges in the real estate sector [2][3]. Financial Performance - In the first half of 2025, China Hongqiao achieved revenue of approximately 81.039 billion yuan, a year-on-year increase of 10.10%, marking the highest performance since its listing [2] - The net profit attributable to shareholders was approximately 12.361 billion yuan, up 35.02% year-on-year, with basic earnings per share of 1.31 yuan, reflecting a 36.02% increase [2] Product Sales and Pricing - The sales volume of aluminum alloy products reached approximately 2.906 million tons, a 2.40% increase year-on-year, with an average selling price rising by 2.70% to about 17,853 yuan per ton [3] - Alumina product sales were approximately 6.368 million tons, up 15.60% year-on-year, with an average selling price increasing by 10.30% to 3,243 yuan per ton [3] - Sales of aluminum alloy processing products were about 392,000 tons, a 3.50% increase year-on-year, with an average selling price rising by 2.9% to 20,615 yuan per ton [3] Industry Demand - China's aluminum consumption continued to grow in the first half of 2025, driven by sectors such as power grids, photovoltaics, and new energy vehicles, despite weakness in the real estate market [3] Raw Material Cost Management - The company has a 45-day coal reserve to mitigate the impact of short-term coal price fluctuations, and it has been increasing the proportion of green electricity in its energy mix [4] - The self-supply rate of electricity from the company's own power plants was approximately 45% in the first half of 2025, with ongoing collaborations with major power generation institutions to enhance the use of renewable energy [4][5] Green Energy Strategy - China Hongqiao is advancing its green energy strategy, focusing on a diversified and complementary new power supply model to ensure a continuous increase in the proportion of clean energy [5]

Core Viewpoint - China Hongqiao Group (01378) continues to demonstrate strong growth in its financial performance, with a significant increase in revenue and net profit in the first half of the year [1][9]. Financial Performance - In the first half of the year, China Hongqiao reported revenue of 81.039 billion yuan and a net profit attributable to shareholders of 12.361 billion yuan, representing year-on-year increases of 10.1% and 35%, respectively [1]. - The company has also initiated a new share buyback plan with a total amount not less than 3 billion HKD, reflecting confidence in its future business prospects [3]. Industry Context - The global commodity market has shown a "divergent" trend, but aluminum consumption remains robust, particularly in sectors like new energy vehicles and renewable energy [4]. - The average price of aluminum on the London Metal Exchange increased by 6% year-on-year to approximately 2,546 USD/ton, while the average price on the Shanghai Futures Exchange rose by about 1.9% to 20,226 CNY/ton [4]. Product Performance - China Hongqiao's aluminum alloy product sales increased by 2.4% to 2.906 million tons, with an average price rise of 2.7% to 17,853 CNY/ton [5]. - The sales volume of alumina products grew by 15.6% to 6.368 million tons, with a sales price increase of 10.3% to 3,243 CNY/ton [5]. Cost Management - The company's self-generated electricity cost in Shandong decreased by 31% year-on-year to 0.33 CNY/kWh, contributing to profit growth [5]. Strategic Moves - China Hongqiao is accelerating the transfer of its electrolytic aluminum production capacity to Yunnan, enhancing its operational efficiency [6]. - The company has increased its equity stake in Yunnan Hongtai to 100%, which will add 45.7 thousand tons to its electrolytic aluminum capacity [7]. Future Growth Potential - The West Simandou project in Guinea, which China Hongqiao has a stake in, is expected to start production soon, potentially boosting the company's profits [8]. - The ongoing acquisition of Hongtu Industrial's 100% equity by Hongchuang Holdings is anticipated to enhance the asset securitization level and market influence of China Hongqiao [8]. Conclusion - The latest financial report from China Hongqiao confirms strong growth expectations, and the company's ongoing share buyback plan signals confidence in its future performance [9].