铝产业链一体化发展，成本控制成效显著。2025 年上半年，公司自产电解铝平均销售价格约为20250 元/吨（含税），同比上升约2.8%；自产氧化铝平均销售价格约为3700 元/吨（含税），同比上升约 6%，公司电解铝一体化成本稳定在13900 元/吨。阳极碳素层面，公司凭借新疆地域优势，成本涨幅得 到有效控制，同时叠加阳极碳素售价同步上调，成功对冲了原料端成本压力。铝土矿采购方面，受2024 年末高位成本基数影响，上半年采购成本初期偏高，且二季度已高效消化大部分高位库存。公司140 万 吨电解铝绿色低碳能效提升项目推进顺利，采用行业先进节能技术，部分电解槽计划于2025 年11 月底 通电，最快12 月可产出首批铝锭，2026 年将全面释放产能。公司以"资源自给+技术领先"构建起多维壁 垒，上游原料保障与下游技术优势形成良性联动，持续强化在高端铝加工领域的成本优势与市场竞争 力。 投资建议：公司通过"资源自给+技术领先"，使得全产业链发展优势显著，为未来业绩稳定增长提供有 力保障。预计公司2025—2026年的每股收益分别为1.03元和1.21元，对应8月29日收盘价的PE分别为7.36 和6.24倍，维持对 ...

Core Viewpoint - Tianshan Aluminum Group held a performance briefing on August 28, 2023, discussing key areas such as costs, project progress, capacity planning, dividend policies, and market price trends, attracting over 80 institutions including Jiashi Fund and Guangfa Fund [1] Cost-Related Issues - In the first half of 2025, the integrated cost of electrolytic aluminum is expected to stabilize at 13,900 yuan/ton. Despite rising petroleum coke prices, the company maintains controllable cost increases due to its geographical advantages in Xinjiang, with normal profitability sustained through price adjustments [1] - The procurement cost of bauxite was initially high due to elevated costs at the end of 2024, but most of the high inventory was efficiently digested by the second quarter, with current procurement prices falling to around 75 USD/ton [1] Project Construction Progress - The Indonesian project, which includes alumina and bauxite projects, has completed resource layout and infrastructure planning, entering the detailed mining survey phase [2] - The green low-carbon energy efficiency enhancement project for 1.4 million tons of electrolytic aluminum is expected to have some electrolytic cells powered by the end of November 2025, with the first batch of aluminum ingots produced as early as December [2] Capacity and Dividend Planning - In the first half of 2025, aluminum ingot production is approximately 580,000 tons, and alumina production is about 1.2 million tons, both achieving full production and sales [3] - According to the shareholder return plan for the next three years, the company will distribute cash dividends of no less than 30% of the distributable profits each year. In May, a cash dividend of 2 yuan per 10 shares was distributed, totaling 922 million yuan (including tax) [3] Inventory and Price Trends - The inventory of Guinean bauxite at the port is at a normal turnover level. The price of alumina may be disturbed in the short term due to the planning and construction of multiple alumina plants domestically and internationally, leading to a competitive pricing environment [4] - The market prices, inventory, and transactions of electrolytic aluminum remain stable, with the company maintaining an optimistic view on the fundamentals of the aluminum industry [4] Cost Improvement and Business Outlook - The company expects to improve electrolytic aluminum costs in the second half of the year by eliminating the lag effect of raw material costs and optimizing electricity costs [5] - The high-purity aluminum market demand is expected to rebound, with the company aiming to solidify its position in the capacitor foil raw material market and explore applications in high-end fields such as military and aerospace [5] Asset-Liability and Financial Costs - As a capital-intensive integrated aluminum enterprise, the company has a relatively high asset-liability ratio due to industry chain expansion. Future efforts will focus on optimizing debt structure, improving operating cash flow, and controlling investment pace to reduce the asset-liability ratio to a reasonable level [6] - Financial costs are expected to decrease as interest-bearing debt scales down and financing costs decline, although the specific reduction will depend on multiple factors [6] Downstream Business Situation - The company's downstream plate and foil business is stable in production and sales, with the Xinjiang blank material production line and Jiangyin plate and foil production line in a critical ramp-up phase, aiming to achieve full production as planned [7] - The integrated advantages of the entire industry chain provide significant cost competitiveness in blank material processing, with comprehensive electricity costs notably lower than the industry average [7]