宏桥控股7月31日晚宣布启动120亿元定增融资方案[1]。其中79亿元投向风电光伏项目、23亿元用于铝深加工业务拓展、18亿元用于还债补充流动资金[1]。该融资在绿电消纳制度8月1日执行前夕发布，通过在云南和山东建设风光项目补充枯水期电力缺口，推动公司从传统周期品向绿电铝一体化平台的战略转变[1]。
绿电替代的经济价值成为公司转型的核心驱动力[1]。根据测算，采用绿电的电解铝相比火电铝在出口端可节省超过130欧元，折合人民币逾千元[1]。这一优势源于碳排放差异：火电铝每吨碳排放约2.2吨二氧化碳当量，按2026年一季度碳边界调整机制证书拍卖均价75.36欧元/吨计算，对应碳关税成本约166欧元；而绿电铝通过压降碳排放80%，碳关税成本仅约33欧元[1]。截至2025年底，宏桥绿电占比已达40%，本轮投产后预计两三年突破五成[1]。
此次融资采取询价发行方式，面向不超过35名专业机构投资者，控股股东不参与认购[1]。宏桥当前拥有电解铝产能654万吨，2025年加权ROE达34.63%，一季度年化收益率超过50%；动态PE仅8.73倍，为同业均值的六成出头[1]。上半年公司归母净利润达150至160亿元，同比增长70%至81%，全年净利润预期约310亿元[1]。
Hongqiao Holding unveiled a 12 billion yuan capital increase plan on July 31, marking a strategic shift toward renewable energy integration [1]. The financing allocation reflects this pivot: 7.9 billion yuan will fund wind and solar projects, 2.3 billion yuan will support aluminum deep processing, and 1.8 billion yuan will reduce debt and strengthen liquidity [1].
The timing proved strategic, arriving just hours before China's green electricity consumption system took effect on August 1 [1]. This new framework opens three compliance pathways for electrolytic aluminum producers: purchasing green power directly, acquiring green certificates, or developing renewable energy capacity [1]. Hongqiao's approach centers on the third route, planning to construct 1,055 megawatts of wind capacity and 615 megawatts of solar capacity across 17 sub-projects located in Yunnan and Shandong [1].
The company's green electricity mix has already reached 40 percent as of the end of 2025, with the latest investments expected to push that share above 50 percent within two to three years [1]. Economics of the transition prove compelling: land-based wind power achieves levelized costs between 0.10 and 0.15 yuan per kilowatt-hour, while solar remains below 0.25 yuan [1]. More critically, green electricity aluminum reduces carbon emissions by approximately 80 percent compared to coal-fired production, translating to carbon tariff savings exceeding 130 euros per ton of exported aluminum—equivalent to more than 1,000 yuan [1].
Hongqiao operates 6.54 million tons of electrolytic aluminum capacity [1]. The company reported consolidated net profit of 15 to 16 billion yuan in the first half of this year, representing growth of 70 to 81 percent year-over-year, with full-year net profit projected at approximately 31 billion yuan [1]. Its weighted return on equity reached 34.63 percent in 2025, with first-quarter annualized returns exceeding 50 percent, while its current dynamic price-to-earnings ratio stands at only 8.73 times, roughly 60 percent of industry average [1]. The offering will be conducted through institutional placement to no more than 35 professional investors, with the controlling shareholder not participating [1].
