Nanshan Aluminium International (2610) investor relations material

Executive summary

• Achieved significant milestones including IPO on 25 March 2025 and inclusion in the Hang Seng Composite Index effective 8 September 2025.

• Revenue for the six months ended 30 June 2025 rose 41.0% year-over-year to US$596.8 million, driven by higher average selling prices and increased sales volume.

• Profit attributable to shareholders surged 124.2% year-over-year to US$248.2 million, reflecting improved gross margins and operational efficiency.

• First one million tons per annum of the New Alumina Production Project commenced operation, raising designed annual capacity to three million tons; the second phase is ahead of schedule.

• Expanded customer base with first sales to India, demonstrating geographic reach.

Financial highlights

• Gross profit increased 70.1% year-over-year to US$303.9 million, with gross margin improving to 50.9%.

• EBITDA for the period was US$326.97 million, up from US$200.56 million in the prior year.

• Net profit attributable to shareholders was US$248.2 million, up from US$110.7 million year-over-year.

• Basic earnings per share increased to US$0.46 from US$0.30.

• Interim dividend of HK$0.65 per share declared for the first time post-listing.

Outlook and guidance

• Targeting expansion of annual alumina production capacity to four million tons by end of 2025 or early 2026, with further deep-water port enhancements planned.

• Focus remains on operational performance, upstream business opportunities, and leveraging Hong Kong listing for long-term growth.

• Majority of net proceeds from IPO to be used for capacity expansion and related infrastructure by 2028, with most expected to be utilized in 2025 and 2026.