8月27日，中国铝业(601600)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。经营 业绩持续稳健增长主要得益于极致经营和科技创新等关键举措，体现了公司应对复杂环境的韧性和战略 转型的成效。 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，中铝几内亚上半年矿石回国 量同比增长42%，各项生产指标再创历史新高，公司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。 公司科技创新效能充分释放，研发投入与平台建设不断加强。新增国家级科研平台2个，郑州研究院连 续三年获国资委科改示范"标杆"。关键技术攻关实现重要突破，CO捕集回收等16项标志性成果已落地 应用。科技成果转化成 ...

中国铝业（601600）今日晚间公告，公司营业收入1163.92亿元，同比增长5.12%；净利润70.71亿元， 同比增长0.81%；扣非净利润69.41亿元，同比增长1.27%；经营活动产生的现金流量净额142.65亿元， 同比增长5.30%。2025年上半年氧化铝矿石自给率较年初提升6个百分点。 上半年中国铝土矿进口量创历史新高，进口1.03亿吨，同比增长33.6%，其中自几内亚进口7967万吨， 同比增长41.3%，占总进口量的77.2%；自澳大利亚进口1648万吨，同比下降7.1%，占总进口量的 16.0%。 科技创新与产业升级成为公司发展的重要驱动力。报告期内，公司围绕资源能源综合利用、氧化铝、电 解铝等十大领域开展技术攻关，1项技术获日内瓦国际发明金奖，2项专利获中国专利优秀奖。在绿色低 碳转型方面，公司积极推广铝电解深度节能技术、赤泥综合利用技术，推动火电锅炉及工业炉窑提标改 造，清洁能源使用比例持续提升；数智化转型加速，数字化、智能化技术在全产业链协同推进，绿星链 通2.0、贸易系统1.0顺利上线，多个智能工厂建设有序推进。 产业布局优化方面，公司重点项目建设进展顺利，广西华昇二期、内蒙古华云 ...

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。 ...

Core Viewpoint - The company is preparing for its 2024 annual general meeting and the first A and H share meetings of 2025, focusing on governance, board elections, and operational performance improvements [2][3][5]. Meeting Agenda - The meetings will cover various proposals including the election of board members, approval of the annual report, and financial plans for 2024 [3][4][5]. - The agenda includes the election of executive directors and independent non-executive directors [4][5]. Board Composition and Performance - The board consists of 9 members, with recent changes in leadership and the addition of new independent directors [5][6]. - The board has held multiple meetings, approving 58 proposals related to financial management, risk assessment, and strategic partnerships [6][7]. Financial Performance - In 2024, the company achieved a net profit of RMB 12.4 billion, a year-on-year increase of 85.38%, with operating cash flow of RMB 32.8 billion, up 21.37% [20]. - The return on equity reached 19.26%, an increase of 7.33 percentage points, and the debt-to-asset ratio fell to 48.10%, the lowest in a decade [20]. Operational Highlights - The company has focused on resource exploration, achieving an additional resource volume of 73.55 million tons in 2024 [21]. - Significant production increases were noted in alumina, electrolytic aluminum, and gallium, with capacity utilization at historical highs [20][21]. ESG and Compliance - The company has enhanced its ESG governance structure, integrating it into overall strategic goals and achieving recognition in the market [16][17]. - Compliance management has been strengthened, with updated policies and procedures to ensure legal adherence and risk mitigation [18][19]. Future Plans - The company aims to continue optimizing production and resource management, with a focus on sustainable practices and technological innovation [26][27]. - Plans include expanding domestic and international resource acquisition and enhancing operational efficiency through digital transformation [26][27].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant increases in revenue and net profit, driven by higher production and sales of aluminum products [1][2]. Financial Performance - Q1 2025 revenue reached 55.784 billion yuan, a year-on-year increase of 13.95% [1] - Net profit attributable to shareholders was 3.538 billion yuan, up 58.78% year-on-year [1] - Net profit after deducting non-recurring gains and losses was 3.444 billion yuan, reflecting a 57.94% increase year-on-year [1] Production and Sales - The company achieved a metallurgical-grade alumina production of 4.48 million tons, a year-on-year increase of 5.41% [2] - Fine alumina production reached 950,000 tons, up 6.74% year-on-year [2] - The company sold 1.68 million tons of self-produced metallurgical alumina, a 12.0% increase year-on-year [2] - Raw aluminum (including aluminum alloys) production was 1.94 million tons, an 8.99% increase year-on-year [2] - The company sold 1.90 million tons of self-produced raw aluminum (including alloys), a 7.95% increase year-on-year [2] - Coal production reached 3.22 million tons, up 11.81% year-on-year [2] Pricing Trends - The average price of A00 aluminum in the Chinese market was 20,429 yuan/ton, a year-on-year increase of 7.39% [2] - The average price of alumina was 4,116 yuan/ton, up 21.83% year-on-year [2] - The average price of bauxite in Guangxi was 510 yuan/ton, reflecting a 30.77% year-on-year increase [2] Cash Flow and Financial Health - The company reported a net cash flow from operating activities of 6.260 billion yuan, a 75.06% increase year-on-year [2] - The asset-liability ratio reached 48.10%, the lowest level in nearly a decade [2] Strategic Developments - The company optimized its industrial chain layout with the commissioning of the Guangxi Huasheng and Inner Mongolia Huayun Phase III projects [3] - In 2024, the company added 73.55 million tons of new resource capacity [3] - The Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project were fully operational [3] Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 227.666 billion, 234.656 billion, and 239.746 billion yuan, respectively [4] - Expected net profits for the same years are 11.347 billion, 11.627 billion, and 12.093 billion yuan, respectively [4] - The current stock price corresponds to a PE ratio of 9.8, 9.6, and 9.2 for the years 2025, 2026, and 2027 [4] Investment Outlook - The company, as a leading player in the domestic aluminum industry, is expected to benefit from high electrolytic aluminum prices, maintaining a "buy" investment rating [5]