TIANSHAN ALUMINUM(SZ:002532)2025-08-29 13:17Cost Structure and Production - The integrated cost of electrolytic aluminum for the first half of 2025 is stable at 13,900 RMB/ton [3] - The procurement price of bauxite has decreased to around 75 USD/ton after effective inventory digestion [3] - The production volume for aluminum ingots in the first half of 2025 is approximately 580,000 tons, and for alumina, it is about 1.2 million tons [5] Project Development and Capacity Expansion - The 200,000 tons electrolytic aluminum project is expected to start production by the end of November 2025, with full capacity release in 2026 [4] - The Indonesian alumina project is progressing smoothly, currently in the detailed exploration phase [4] Financial Performance and Dividends - The company distributed a cash dividend of 2 RMB per 10 shares in May 2025, totaling 922,244,323 RMB [4] - Future cash dividends are planned to be no less than 30% of the distributable profits each year [4] Market Outlook and Demand - The domestic aluminum demand is expected to maintain steady growth, driven by emerging industries such as new energy and photovoltaics [6] - The global tariff disputes on aluminum products are anticipated to have limited impact on domestic business [5] Cost Improvement Strategies - Cost improvements for electrolytic aluminum are expected through the elimination of raw material cost lag effects and optimization of electricity costs [6] - The mining cost of Guangxi bauxite is significantly lower than current market prices, providing a cost advantage [6] High-Purity Aluminum Market - The high-purity aluminum market has shown recovery in 2025, with plans to focus on core markets and explore high-end applications [6]