证券代码:601600 证券简称:中国铝业 公告编号:临2026-002 中国铝业股份有限公司 关于公司董事、副总经理离任及提名董事候选人的公告 蒋涛辞去中国铝业股份有限公司（以下简称"中国铝业"）执行董事、副总经理等职务。 1月8日，中国铝业发布公告称，公司董事会当天收到蒋涛的书面辞呈，因工作需要，蒋涛辞去公司执行董事、副总经理等职务。辞任后，蒋涛不再担任公 司及其控股子公司的任何职务。 公司董事会同意提名张瑞忠为公司第九届董事会执行董事候选人，提名郭刚为公司第九届董事会非执行董事候选人，并提交公司股东会履行选举程序。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者更大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 (二)离任对公司的影响 蒋涛先生确认,其与公司董事会概无任何意见分歧,亦无有关其辞任之任何事 宜须知会公司股东。 蒋涛先生的离任不会导致公司董事会人数低于法定最低人数,不会影响公司董 事会的正常运作和公司生产经营。蒋涛先生已按照相关规定做好工作交接,不存在 未履行完毕的公开承诺。公司将按照相关法定程序尽快完成董事补选工作,并及时 1 重要内容提示: 1. 中国铝 ...

Core Viewpoint - Jiang Tao has resigned from his positions as Executive Director and Deputy General Manager of China Aluminum Corporation (referred to as "China Aluminum") due to work requirements, and he will no longer hold any positions in the company or its subsidiaries [1][4]. Group 1: Resignation Details - On January 8, 2026, China Aluminum's board received Jiang Tao's written resignation, which was accepted, and he will not continue in any roles within the company or its subsidiaries [4][5]. - Jiang Tao's resignation will not affect the minimum number of directors required by law, nor will it impact the normal operations of the board or the company's production and management [7]. Group 2: Board Candidate Nominations - The board has nominated Zhang Ruizhong as a candidate for Executive Director and Guo Gang as a candidate for Non-Executive Director, which will be submitted for election at the shareholders' meeting [4][9]. - Both candidates have been reviewed and approved by the board's nomination committee, confirming their qualifications and absence of any disqualifying conditions under the Company Law of the People's Republic of China [9]. Group 3: Candidate Profiles - Zhang Ruizhong, 53, is currently the General Manager and Deputy Secretary of the Party Committee of China Aluminum, with extensive experience in non-ferrous metal smelting and management [14]. - Guo Gang, 56, has a Ph.D. in Management Science and Engineering and has held various positions in auditing and corporate management, currently serving as a dedicated director in a subsidiary of China Aluminum [15].

中国铝业（601600）1月8日晚间发布公告，因工作需要，蒋涛辞去公司执行董事、副总经理及董事会 ESG委员会委员职务；另外，提名两位董事候选人。 同日，公司召开第九届董事会第九次会议，审议通过了《关于提名公司第九届董事会董事候选人的议 案》，同意提名张瑞忠为公司第九届董事会执行董事候选人，提名郭刚为公司第九届董事会非执行董事 候选人，并提交公司股东会履行选举程序。 其中，张瑞忠，现任本公司总经理、党委副书记，在有色金属冶炼、材料工程合金技术及企业管理方面 拥有丰富经验，曾担任过山东华宇合金材料有限公司铝加工事业部直属党支部书记、经理，中铝山西新 材料有限公司副总经理，包头铝业（600472）有限公司副总经理、执行董事、党委书记、董事长，内蒙 古华云新材料有限公司董事长，包头铝业(集团)有限责任公司董事长。 郭刚在审计、企业管理等方面拥有丰富经验，曾在鑫宏轻金属有限公司、中国有色金属工业总公司、国 家有色金属工业局等任职，担任过中国铝业公司办公厅秘书处副处长等职务，现任中国铝业集团有限公 司所属企业专职董事、包头铝业有限公司董事及中铝海外发展有限公司董事。 目前张瑞忠持有公司A股股份14.71万股，为公司20 ...

1月2日，省委书记刘宁到焦作市修武县，检查指导节日期间文旅服务、交通保畅、安全生产等工作，强 调要深入学习党的二十届四中全会和中央经济工作会议精神，贯彻落实习近平总书记在河南考察时重要 讲话精神，按照中办、国办关于做好元旦春节期间有关工作通知要求和我省具体安排部署，坚持人民至 上，强化底线思维，统筹做好保安全、护稳定、惠民生、促消费各项工作，确保人民群众欢乐平安祥和 过节。 刘宁听取修武县经济社会发展情况汇报，强调要聚焦"1+2+4+N"目标任务体系，谋划好明年工作和"十 五五"规划编制，坚持智能化、绿色化、融合化方向，培育壮大重点产业链群，因地制宜发展新质生产 力，持续擦亮云台山、竹林七贤、太极拳等文化名片，进一步提升城市知名度和美誉度。岁末年初，要 保持"时时放心不下"的责任感和"事事心中有底"的行动力，盯紧交通、煤矿、危化、高层建筑、烟花爆 竹等重点领域加强隐患排查整治，强化旅游景区、大型商超等人员密集场所安全防范，坚决遏制重特大 事故发生，切实维护人民群众生命财产安全和社会大局稳定。 陈星参加。（记者 刘婵 张笑闻） 责任编辑： 郭栩汝 修武县是首批国家全域旅游示范区，元旦假期各大景区游人如织，洋溢着 ...

Core Viewpoint - China Aluminum's stock price has increased significantly, rising from HKD 3.98 to HKD 10.48, a gain of over 160% in seven months, indicating a potential continuation of this bullish trend [1] Acquisition Details - Yunnan Aluminum, a subsidiary of China Aluminum, plans to acquire stakes in three companies from Yunnan Metallurgy for a total consideration of CNY 2.267 billion, to be paid in two installments [1][5] - The acquisition aims to enhance the net profit attributable to shareholders and optimize the equity structure of Yunnan Aluminum [1][5] Financial Performance of Target Companies - The three target companies have varying performance; Yunnan Aluminum Yongxin is expected to have a net profit of CNY 608 million in 2024, while Yunnan Aluminum Runxin's profit is projected to drop by 72.3% to CNY 104 million, and Yunnan Aluminum Hongxin is expected to incur a loss of CNY 3 million [1][5] Valuation Methods - The valuation of the target companies was conducted using asset-based and income approaches, with significant discrepancies noted; for instance, Yunnan Aluminum Yongxin's valuation ranged from CNY 3.038 billion to CNY 5.308 billion [2][4] - The acquisition will result in a total goodwill of CNY 1.099 billion, representing 48.5% of the acquisition price [2][4] Financial Impact on China Aluminum - Post-acquisition, the net asset value of Yunnan Aluminum will increase by CNY 1.255 billion, and goodwill will rise by CNY 1.099 billion, impacting China Aluminum's financial statements positively [5][6] - The acquisition resolves competition issues within China Aluminum's subsidiaries and allows for a more focused expansion in aluminum products [6][7] Market Outlook and Shareholder Returns - China Aluminum has a history of generous dividends, with cumulative payouts reaching CNY 9.2 billion since 2021, and a dividend payout ratio of 21% [8] - Institutional investors, including CITIC Securities, have shown confidence in the company, increasing their holdings significantly [8][9] - Analysts predict continued growth in net profit, with estimates for 2025-2027 ranging from CNY 146.35 billion to CNY 177.2 billion, reflecting a positive outlook for the company [9]

Group 1 - The company elected He Wenjian as the chairman of the ninth board of directors on November 6, 2025, with a term lasting until the board's term ends [1][4] - He Wenjian resigned from the position of general manager on the same day due to work requirements, but will continue to serve as chairman [3][5][6] - Zhang Ruizhong was appointed as the new general manager, effective immediately, after passing the qualifications review by the board's nomination committee [7][8] Group 2 - The company has maintained a profit level in the hundred billion range in recent years, supporting the China Aluminum Group in building a world-class non-ferrous metal enterprise [12]

Core Insights - The company reported a revenue of 176.5 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.6%, with a net profit attributable to shareholders of 10.87 billion yuan, up 20.7% year-on-year [1] - In Q3 2025, the company achieved revenues of 60.1 billion yuan, a decrease of 5% year-on-year, while net profit for the quarter was 3.8 billion yuan, reflecting a significant year-on-year increase of 90% [1][2] - The rise in alumina and primary aluminum prices contributed to enhanced profitability, with Q3 average prices for electrolytic aluminum at 20,711 yuan/ton, up 6% year-on-year, and alumina prices at 3,165 yuan/ton, down 19% year-on-year [1][2] Revenue and Profit Analysis - For Q3 2025, the company produced 4.44 million tons of metallurgical-grade alumina, a 2% increase year-on-year, and 2.03 million tons of primary aluminum, also up 2% year-on-year [1] - The company’s profit per ton in the electrolytic aluminum sector was 4,125 yuan, a substantial increase of 128% year-on-year, while the alumina sector saw a profit of 292 yuan per ton, down 73% year-on-year [2] Operational Efficiency - The company has strengthened its supply chain management and established a dynamic cost control system to effectively respond to industry supply-demand adjustments and aluminum price fluctuations [2] - Resource security has improved, with mining and shipping volumes of overseas bauxite increasing by 27.9% and 55.3% year-on-year, respectively [2] - The company has implemented comprehensive reforms and digital transformation initiatives, resulting in significant improvements in management and labor efficiency [3] Strategic Developments - The company accelerated the upgrade of traditional industries, achieving key breakthroughs in major projects, including the full production of a 600 kA electrolytic aluminum project in Qinghai and the full capacity grid connection of a 1.2 million kW green electricity project in Baotou [3] - The company is recognized for its advancements in smart manufacturing, with facilities being selected for national excellence in smart factories and 5G factory listings [3] Investment Outlook - As a leading player in the global aluminum industry, the company’s integrated layout across the aluminum value chain highlights its strong resource and cost advantages [3] - Projections for net profit attributable to shareholders for 2025-2027 are 14.4 billion, 16.2 billion, and 18.4 billion yuan, with corresponding price-to-earnings ratios of 11.2, 10.0, and 8.8 times [3]

Core Viewpoint - The implementation plan for the high-quality development of the aluminum industry in Henan from 2025 to 2027 aims to support the extension of the industrial chain and promote the integration of recycled aluminum with aluminum processing, providing significant guidance for the province's transition to a high-end and green aluminum industry [1] Group 1: Industry Overview - Henan is a major aluminum production province in China, with an aluminum output exceeding 12 million tons in 2024, ranking second in the country after Shandong [1] - The province has a complete aluminum processing industrial chain, with advantages increasingly evident in the mid and downstream processing sectors, which are extending into deep processing of aluminum [1][3] - Despite a complete industrial foundation, over 80% of aluminum products in Henan are used in low-end applications such as construction materials and packaging, contributing only a quarter of the downstream industry's total output value [2] Group 2: Future Development Goals - By 2025, Henan aims to achieve an advanced aluminum-based materials industry scale of 400 billion yuan, ranking among the top three in the country in terms of comprehensive competitiveness [3] - The total aluminum production in Henan is projected to reach approximately 14 million tons by 2030, with aluminum-based new materials consumption expected to account for half of this total [3] Group 3: Strategic Recommendations - The province should focus on deep processing to enhance innovation and cluster development, particularly in the aluminum foil and aluminum products sectors, while promoting high-performance aluminum materials [4] - There is a need to scale up the recycled aluminum industry and improve its high-value utilization, establishing resource recycling centers and enhancing the recycling and processing chain [5] - Accelerating the adoption of clean energy in the aluminum industry and establishing a carbon emission accounting system is crucial for promoting green transformation and enhancing competitiveness [6]

Core Viewpoint - China Aluminum (601600) has launched a special action plan for 2025 aimed at enhancing quality and efficiency while returning value to shareholders, aligning with various governmental guidelines and market initiatives [1][2]. Group 1: 2025 Work Goals - The company aims to produce 16.81 million tons of metallurgical-grade alumina, 4.46 million tons of fine alumina, 7.8 million tons of primary aluminum (including alloys), 14.1 million tons of raw coal, and generate 41.2 billion kWh of electricity by 2025 [2]. - The strategic focus includes building a world-class aluminum company through resource mining, technological innovation, advanced materials, and green low-carbon initiatives [2][3]. Group 2: Performance in the First Half of 2025 - In the first half of 2025, the company achieved production of 8.6 million tons of metallurgical-grade alumina, 3.97 million tons of electrolytic aluminum, and 6.61 million tons of coal, representing year-on-year increases of 4.88%, 9.37%, and 3.61% respectively [3]. - The company reported revenue of 116.4 billion yuan, a year-on-year growth of 5.12%, and a total profit of 13.2 billion yuan, with net profit attributable to shareholders reaching 7.1 billion yuan, marking increases of 2.16% and 0.81% respectively [3]. Group 3: Future Work Measures - The company plans to enhance production operations, upgrade management, and drive technological innovation to improve profitability and value creation [4][5]. - Key initiatives include rigorous cost control, project implementation, and optimizing traditional industry structures to support sustainable development [4][5]. Group 4: Enhancing Market Recognition - The company will improve information disclosure to enhance transparency and maintain high-quality communication with investors [5][6]. - Strengthening investor relations through multiple engagement channels and enhancing shareholder returns through cash dividends and share buybacks are also prioritized [5][6]. Group 5: ESG and Value Management - The company aims to lead in green and sustainable development within the aluminum industry by enhancing its ESG governance and performance [6]. - A focus on value management will be established to improve investment value and shareholder returns through various strategic tools [6].

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]