China Hongqiao (01378) recently released its 2025 annual results. The group delivered strong performance during the period, with revenue increasing by 4% year-on-year to RMB 162.35 billion. Net profit attributable to shareholders grew by 1.2% year-on-year to RMB 22.64 billion. The financial structure continued to optimize, with the debt-to-asset ratio declining from 48.2% to 42.2%. Net debt decreased significantly by 21.7% year-on-year to RMB 19.92 billion. The proportion of long-term debt rose to 62.0%, while cash and cash equivalents increased by 14.3% year-on-year to RMB 51.19 billion. On the operational side, sales volume of electrolytic aluminum remained stable at over 5.8 million tons. The gross profit margin improved by 3.9 percentage points year-on-year to 28.5%, indicating a notable enhancement in profitability. Sales volume of alumina increased by 22.7% year-on-year to 13.397 million tons, driving segment revenue up by 4.0% year-on-year to RMB 38.83 billion.