云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-005 关于召开 2025 年第一次临时股东大会的通知 （二）股东大会的召集人：云南铝业股份有限公司（以下简称"云铝股份"或"公司"） 董事会。 2025 年 2 月 17 日召开的第九届董事会第十次会议审议通过了《关于召开 2025 年第一次 临时股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会会议的召集、召开符合《公司法》、《证 券法》及中国证监会、深圳证券交易所相关规章、指引及云铝股份《公司章程》的规定和要 求。 （四）会议召开的日期、时间： 1.现场会议召开时间为：2025 年 3 月 7 日（星期五）上午 10:00 2.网络投票时间为：2025 年 3 月 7 日上午 09:15-下午 15:00 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 3 月 7 日上午 09:15-09:25，09:30-11:30 和下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票 的具体时 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-003 云南铝业股份有限公司 第九届监事会第六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 二、监事会会议审议情况 会议以通讯表决方式审议通过了《关于接续购买公司董事、监事、高级管理人员责任险 的预案》，具体内容如下： 为进一步完善公司风险管理体系，降低董事、监事及高级管理人员正常履行职责时可能 导致的风险以及引发的法律责任所造成的损失，根据《上市公司治理准则》等相关规定，公 司拟为全体董事、监事及高级管理人员接续购买责任保险。投保额度每年不超过人民币 15,000 万元（具体以与保险公司协商确定的数额为准），保险费用不超过人民币 80 万元（含增值税， 具体以与保险公司协商确定的数额为准），保险期限为 12 个月。具体内容详见公司在指定信 息披露媒体上披露的《云南铝业股份有限公司关于接续购买董事、监事、高级管理人员责任 险的公告》（公告编号：2025-004）。 监事会认为：公司接续购买董事、监事、高级管理人员责任险，有利于完善公司风险管 理体系，有助于保障公司董事 ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2025-001 云南铝业股份有限公司 第九届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 十次会议通知于 2025 年 2 月 7 日（星期五）以书面、传真或电子邮件的方式发出。 （二）会议于 2025 年 2 月 17 日（星期一）以通讯表决方式召开。 （三）会议应出席董事 9 人，实际出席董事 9 人。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 （四）公司第九届董事会第十次会议的召开符合《公司法》、《证券法》、《深圳证 券交易所股票上市规则》和云铝股份《公司章程》等有关规定。 二、董事会会议审议情况 会议以通讯表决方式审议通过了以下议案： （一）《关于接续购买公司董事、监事、高级管理人员责任险的预案》 为进一步完善公司风险管理体系，降低董事、监事及高级管理人员正常履行职责时可 能导致的风险以及引发的法律责任所造成的损失，根据《上市公司治理准则》等相关规定 ...

Investment Rating - The report assigns a "Hold" rating for the company with a target price of 18.37 CNY based on a 2025 PE of 11x [4]. Core Views - The company is a leading player in the green aluminum sector, benefiting from its integration across the aluminum value chain, including bauxite mining, alumina production, and aluminum processing [1][12]. - The company's profitability has been steadily improving, with net profit increasing from 500 million CNY in 2019 to 3.96 billion CNY in 2023, driven by high aluminum prices and increased production [2][28]. - The demand for electrolytic aluminum remains robust, with traditional sectors showing resilience and new energy applications driving growth [2][46]. Summary by Sections Company Overview - Yun Aluminum Co., Ltd. has been deeply involved in the electrolytic aluminum industry for many years and is recognized as a green aluminum leader in Western China [1][12]. - The company has a production capacity of 3.05 million tons of green aluminum and is the largest green low-carbon aluminum supplier in China [1][12]. Financial Performance - The company's revenue from electrolytic aluminum rose from 14 billion CNY in 2019 to 21.6 billion CNY in 2023, with a compound annual growth rate of 15.13% [23]. - The operating cash flow has remained strong, with net cash flow from operating activities exceeding net profit, indicating a healthy financial position [29][33]. Market Demand - The demand for electrolytic aluminum is primarily driven by traditional sectors such as construction, transportation, and electricity, which accounted for 23.9%, 22.7%, and 21.5% of demand in 2023, respectively [2][48]. - The new energy sector, particularly solar and electric vehicles, is expected to provide significant growth in aluminum demand [2][46]. Competitive Advantages - The company benefits from a high proportion of green electricity (approximately 80% in 2023) in its production process, which reduces costs and enhances its competitive position [3][12]. - The establishment of carbon tariffs and increasing market focus on energy consumption and carbon emissions are expected to boost the demand for green aluminum [3][12]. Profitability Forecast - The company is projected to achieve net profits of 4.6 billion CNY, 5.8 billion CNY, and 6.7 billion CNY for 2024, 2025, and 2026, respectively, reflecting growth rates of 16.33%, 25.77%, and 15.81% [3][40].

Summary of Conference Call Notes Company and Industry Involved - The discussion primarily revolves around the **non-ferrous metals sector**, specifically focusing on companies **Yunlv (云旅)** and **Shenhuo (神火)** Core Points and Arguments 1. **Performance of Non-Ferrous Metals Sector**: - The non-ferrous metals sector ranked low from September 24 to the end of December, with a rise of only 10 points, making it one of the worst-performing sectors during this period [2][3][4] 2. **Market Style Shift**: - Post-New Year, there is a strong bullish outlook for the non-ferrous metals sector due to a shift in market style favoring defensive attributes and cyclical stocks [4][6] 3. **Valuation and Investment Opportunities**: - Companies like Yunlv and Shenhuo are highlighted for their attractive valuation, with potential upside of 30-40% as they have returned to pre-September 24 price levels [5][6][18] 4. **Aluminum Supply and Demand Dynamics**: - The supply-demand balance for aluminum is tightening, with production capacity constraints and increasing demand from sectors like new energy and construction [7][11] - The global supply growth for electrolytic aluminum is expected to slow down, while demand is projected to increase, particularly in the new energy sector [7][12] 5. **Cost Structure and Competitive Advantage**: - Yunlv has a low alumina self-sufficiency rate of 25%, which previously posed a disadvantage but is now becoming an advantage as costs decline [9][14] - The long-term low-carbon advantage of Yunlv, with 80% of its production from hydropower, positions it favorably against carbon tariffs [12][14] 6. **Market Concerns and Misconceptions**: - There is a common market concern that falling alumina prices will negatively impact electrolytic aluminum prices; however, the two are considered to have independent pricing mechanisms [15][18] 7. **Financial Projections**: - Yunlv's projected profits for 2024-2026 are 4.5 billion, 6.7 billion, and 7.9 billion respectively, with corresponding PE ratios indicating significant growth potential [17][18] - Shenhuo's projected profits for the same period are 4.2 billion, 5.4 billion, and 6.2 billion, with a notably low PE ratio compared to industry averages [18] Other Important but Possibly Overlooked Content 1. **Risk Factors**: - Potential risks include lower-than-expected demand for electrolytic aluminum and unexpected production limitations due to power restrictions in Yunnan [18] 2. **Market Timing**: - The recommendation is to invest in Yunlv and Shenhuo immediately, as the current market conditions present a favorable entry point [18] 3. **Long-term Trends**: - The ongoing energy transition and the push for carbon neutrality are expected to create long-term opportunities in the aluminum sector, particularly for companies with sustainable practices [11][12]

Summary of Conference Call on Yun Aluminum and Shenhuo Co. Industry Overview - The non-ferrous metals sector performed poorly in Q4 2023, ranking third from the bottom among Shenwan's first-level industries, with only a 10% increase, while the industrial metals sub-sector rose by 5% and precious metals fell by 8% [3][4] - Market sentiment shifted towards risk aversion after the New Year, favoring large-cap and dividend stocks, which improved the valuation attractiveness of Yun Aluminum and Shenhuo Co. [3][5] Core Insights - The easing of fiscal policies in China and the U.S. is expected to boost domestic demand, benefiting cyclical metals like aluminum, steel, and copper. Aluminum, due to its domestic pricing and tight supply-demand dynamics, is particularly attractive for investment [3][4] - The projected electrolytic aluminum deficit is 210,000 tons in 2024 and will expand to 930,000 tons by 2025, indicating a tightening supply-demand situation [5] - Both Yun Aluminum and Shenhuo Co. have low alumina self-sufficiency rates, which enhances their cost advantages when alumina prices decline. Their operational efficiency allows them to benefit from profit transfers down the supply chain [3][6] Investment Timing and Strategy - The current timing for purchasing shares of Yun Aluminum and Shenhuo Co. is favorable due to declining alumina prices, which will alleviate cost pressures. February is typically a low season, making it a good time to buy [7] - Institutional investors are already positioning themselves in these core stocks, suggesting that early investment is advisable to avoid missing potential gains [7] Beta and Alpha Factors - The beta factors for the aluminum industry include rising aluminum prices and falling alumina prices. The upward trend in aluminum prices is driven by global supply chain shifts and China's supply-side reforms [8] - Yun Aluminum's alpha factors include strong fundamentals, production expansion, and carbon reduction advantages. The company's debt-to-asset ratio has decreased to 26%, with cash on hand reaching 8.2 billion, a 106% year-on-year increase [8][9] - Shenhuo Co. benefits from three beta factors: rising aluminum prices, stabilizing coal prices, and falling alumina prices. Its dual presence in Xinjiang and Yunnan enhances its competitive edge [9] Market Concerns - Concerns regarding alumina price declines leading to lower electrolytic aluminum prices are deemed unnecessary, as the pricing systems for alumina and electrolytic aluminum are relatively independent [10] - The market has underestimated the value of Shenhuo Co.'s coal segment, which provides stable cash flow and high dividends, ensuring relative stability in coal prices [11] - Yun Aluminum is perceived to face competitive pressures in Yunnan's hydropower sector, but improvements in the competitive landscape and stable wind and solar base construction are expected to enhance profitability [12] Financial Projections - Yun Aluminum's projected net profits for 2024-2026 are 4.5 billion, 6.7 billion, and 7.9 billion, respectively, with significant growth in price-to-earnings ratios [12] - Shenhuo Co. is expected to achieve profits of 4.2 billion, 5.4 billion, and 6.2 billion for the same period, with its valuation still significantly below the industry average [12]

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-062 云南铝业股份有限公司 第九届董事会第九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 一、董事会会议召开情况 （一）云南铝业股份有限公司（以下简称"云铝股份"或"公司"）第九届董事会第 九次会议通知于 2024 年 12 月 20 日（星期五）以书面、传真或电子邮件的方式发出。 （二）会议于 2024 年 12 月 30 日（星期一）以现场结合通讯方式召开。 （三）会议应出席董事 10 人，实际出席董事 10 人。 （四）公司第九届董事会第九次会议的召开符合《公司法》、《证券法》、《深圳证 券交易所股票上市规则》和云铝股份《公司章程》等有关规定。 二、董事会会议审议情况 会议以现场结合通讯方式审议通过了以下议案： （一）《关于补选张际强先生为公司董事的预案》 鉴于许晶先生已辞去公司董事和董事会薪酬与考核委员会委员职务，根据工作需要， 经董事会提名委员会进行资格审查，公司董事会同意提名张际强先生为公司第九届董事会 非独立董事，并经公司股东大会选举为非独立董事后补选为 ...

云铝股份 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 2024 年 12 月 27 日，云南铝业股份有限公司（以下简称"云铝股份"或"公司"）董 事会收到许晶先生以书面形式提交的辞职报告。因退休原因，许晶先生辞去公司董事和董 事会薪酬与考核委员会委员职务，辞任后不再担任公司任何职务。根据《公司法》、云铝 股份《公司章程》等有关规定，许晶先生的辞职报告自送达董事会之日起生效。许晶先生 的辞职未导致公司董事会成员人数低于法定最低人数，其辞职不会影响公司董事会的正常 运行。截至本公告披露日，许晶先生未持有公司股票。 许晶先生担任公司董事期间，恪尽职守，勤勉尽责，公司董事会对许晶先生表示衷心 感谢！ 特此公告。 云南铝业股份有限公司董事会 2024 年 12 月 30 日 国家环境友好企业 绿色铝·在云铝 1 证券代码：000807 证券简称：云铝股份 公告编号：2024-060 云南铝业股份有限公司 关于董事辞职的公告 ...

云南海合律师事务所 见证意见书 云南海合律师事务所 关于云南铝业股份有限公司 2024 年第三次临时股东大会的 见 证 意 见 书 海合综（2024）第【934】号 云南铝业股份有限公司： 依照贵公司与本所签订的《常年法律顾问服务合同》，本所 指派郭晓龙、周张悦律师出席贵公司于 2024 年 12 月 30 日召开 的 2024 年第三次临时股东大会（以下简称：本次大会）。本所 律师基于对本次大会的现场见证，依据《公司法》、《证券法》、 《上市公司股东大会规则》等法律、法规的规定，按照《律师 事务所从事证券法律业务管理办法》和《律师事务所证券法律 业务执业规则（试行）》，就本次大会的相关事项发表见证意见 如下： 一、本次大会的召集及通知 本次大会系贵公司 2024 年第三次临时股东大会，由贵公司 董事会召集。贵公司董事会召集本次大会的书面通知于 2024 年 12 月 13 日刊登在《中国证券报》、《证券时报》、《证券日报》 及巨潮资讯网上。会议通知中列明了本次大会的基本情况、议 地址：昆明市五华区新闻路云报大厦 8 楼 电话：0871-63636121 ___________________________ ...

云铝股份 证券代码：000807 证券简称：云铝股份 公告编号：2024-061 云南铝业股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重 大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）召开时间 1.现场会议召开时间为：2024 年 12 月 30 日（星期一）上午 10:00 2.网络投票时间为：2024 年 12 月 30 日上午 09:15-下午 15:00 （三）会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式。公司通过 深圳证券交易所交易系统和互联网投票系统向全体股东提供网络形式的投票平台，股东可以 在网络投票时间内通过上述系统行使表决权。 （四）会议召集人：公司董事会 （五）会议主持人：董事长冀树军先生 （六）会议召开的合法、合规性：本次股东大会会议的召集、召开符合《公司法》、《证 券法》及中国证券监督管理委员会、深圳证券交易所相关规章、指引和云铝股份《公司章程》 的规定。 （七）会议出席情况 ...