全产业链布局，高股息持续兑现

全产业链布局，高股息持续兑现 Layout of the entire industry chain& Continuous realization of high dividends 最新动态 ➢2025年公司归母净利润同比增长1.2%。2025年，集团收入约1623.54亿元，同比增加约4.0%，主要是由于集团铝合金产品销售价格、氧化铝销量以及铝合金加工产品销量与销售价格同比均上涨所致。公司股东应占净利润约226.36亿元，同比增加约1.2%，主要是由于铝合金产品销售价格同比上升所致。 ➢持续高派息兑现回馈股东。集团继续以稳定的全年派息来回馈广大股东。2025年，集团全年派息占集团归母净利润的88%，派息率为65%。2025年公司回购总金额约55.8亿港元，回购总股份约3.06亿股。我们认为，公司将保持长期稳定的分红政策，确保股东分享公司收益；我们预计，公司每年会准备资金用于回购，未来1-2年每年约50多亿用于回购，每年分红约150亿。 ➢业界领先“上下游一体化产业链”产业模式。集团通过合资公司高效运营优化产业链上游资源布局，巩固集团铝土矿采购的成本优势与价格稳定性。在几内亚、印尼及澳大利亚均建立起长期稳固的铝土矿供应体系，为集团持续生产提供坚实资源保障。2025年，集团生产耗用的铝土矿约74.6%来自几内亚，约8.5%来自印尼，约16.8%来自澳大利亚。 动向解读 ➢新材料、新技术和新工艺取得突破性进展。2025年，集团多个项目相继投产落地，在新材料、新技术及新工艺领域取得一系列突破性成果，进一步巩固了集团在全球铝合金材料与绿色制造领域的领先优势。其中，云南宏合新型材料有限公司全球首条规模化应用的NEUI600+超级电解槽生产线2025年顺利投产，该生产线全部采用集团自主知识产权的600kAPlus特大型铝电解槽并融入多项独创新技术。作为云南绿色铝创新产业园的核心标竿项目，集团旗下云南宏砚新材料有限公司年产25万吨高精铝合金扁锭项目正式投产。 ➢未来发展策略：集团依托持续成本优势与规模效应，坚持科技创新引领与生态优先，完善全产业链与全球化布局，巩固全球铝行业领先地位。1）铝电网一体化：致力增加清洁能源产能占比。持续完善铝电协同闭环产业链，强化成本与能源双优势。稳步提升绿电装机与低碳铝产量，推动能源结构多元化转型。2）上下游一体化不断巩固全产业链竞争优势：持续推进铝土矿-氧化铝-电解铝-铝加工全链条一体化布局，夯实资源保障能力。积极培育再生铝与高附加值铝材产业助力循环经济与产业升级。3）持续技术创新，深化绿色低碳与高端化应用：加速新旧动能置换，将节能减碳、智能冶炼技术融入生产运营。拓展高端铝材在新能源、交通轻量化等领域应用，提升产品附加值与绿色竞争力。4）全球一体化构建韧性共赢的全球产业生态：集团优化全球资源与产能布局，保障铝土矿等关键原料稳定供应，提升供应链韧性。深化国际市场与资本合作，积极嵌入全球产业链，实现互利共赢与长期发展。我们认为，公司继续推进铝电网一体化，提升绿电装机和低碳铝产量；完善全链条一体化布局，培育再生铝和高附加值加工产业；优化资本结构，降低融资成本。 ➢铝消费总量有望保持温和增长，长期看好铝行业。我们认为，未来两年中国铝消费将呈现新旧动能转换，储能、机器人、低空飞行器、以铝代铜将成为核心增长点，新能源汽车持续贡献稳定增量，消费总量有望保持温和增长。我们认为，公司未来盈利增长驱动包括依托国内铝产业链、对于铝价的预期（全年约23000元/吨）、氧化铝价格预期（2700-2750元/吨，上靠可达2800元/吨），以及长期看好铝行业。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research