基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

绿色铝龙头的存量突围：云铝股份22.67亿收购锁定核心产能

2025-11-26 14:55:48 来源：北方有色网责任编辑：王欣悦

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在国内电解铝产能总量刚性控制的行业背景下，通过股权整合抢占存量产能已成为铝业龙头的核心竞争策略。11月25日晚间，国内“绿色铝”领军企业云铝股份(000807.SZ，股价23.54元，市值816.36亿元)抛出重磅收购方案，拟以22.67亿元现金收购关联方所持三家控股子公司的少数股权，在不突破产能天花板的前提下实现权益产能的实质性扩张。

关联交易落地：22.67亿锁定核心资产

根据云铝股份公告，本次交易的标的为云南冶金集团股份有限公司(以下简称“云南冶金”)持有的三家子公司股权，具体包括云铝涌鑫28.7425%股权、云铝润鑫27.3137%股权及云铝泓鑫30%股权。由于交易双方同受中国铝业集团有限公司(中铝集团)控制，此次收购构成关联交易。

交易对价显示，扣除相关分红款后，云铝股份需支付的现金总额达22.67亿元，其中云铝涌鑫股权交易对价最高，达14.51亿元，云铝润鑫和云铝泓鑫分别为7.88亿元和0.28亿元。交易完成后，云铝股份将实现对云铝泓鑫的100%全资控股，对云铝润鑫和云铝涌鑫的持股比例也将提升至96%以上，进一步强化对核心资产的掌控力。

高溢价背后：景气周期支撑与资金底气

本次收购最引人关注的是标的资产的高溢价特征。以收益法评估结果显示，截至2024年12月31日评估基准日，云铝涌鑫股东全部权益评估值达53.08亿元，较26.86亿元的账面值增值97.60%;云铝润鑫评估增值率也高达89.95%。

评估机构对此解释称，高溢价源于标的资产的优质属性与行业景气预期。作为云铝股份的核心产能载体，云铝涌鑫与云铝润鑫合计拥有55万吨电解铝产能，且近年来随电解铝价格回升实现盈利持续增长。从行业前景看，国内电解铝产能“天花板”已明确，叠加新能源汽车、特高压等下游需求增长，行业将长期处于景气周期。

高溢价并未带来显著资金压力。根据协议，云铝股份需在协议生效后10个工作日内支付80%转让价款(约18.13亿元)，而公司2025年三季报显示，其账面货币资金达106.75亿元，资金储备充裕。公司表示，收购资金将部分来自变更及节余募集资金，不足部分以自有资金补足，不会对经营现金流造成实质性影响。

存量突围核心：产能、业绩与产业链的三重增益

在国内电解铝净增产能仅20万吨(2025年预计)的供给约束下，云铝股份的收购动作具有清晰的战略意图——通过股权整合实现存量产能的权益提升。本次交易将直接为公司增加超过15万吨电解铝权益产能，进一步巩固其国内绿色低碳铝供应商的领先地位。作为国内第一大绿色铝供应商，云铝股份当前绿色铝产能全球排名第二，此次权益产能提升将进一步拉大与同行的差距。

产能权益提升将直接转化为业绩增量。财务数据显示，2025年1—9月，云铝涌鑫与云铝润鑫分别实现净利润5.13亿元和3.76亿元，是名副其实的“现金奶牛”。收购完成后，这部分利润将更多归属上市公司母公司股东，直接增厚归母净利润与每股收益，提升投资者回报水平。

此次收购还为产业链延伸埋下伏笔。对于全资控股的云铝泓鑫，云铝股份明确将其作为拓展铝土矿开发运营业务的核心平台。这一布局将进一步完善公司“铝土矿—氧化铝—电解铝—铝合金”的全产业链架构，当前公司已实现阳极炭素100%自给、氧化铝自给率28%，铝土矿业务的拓展将进一步降低原料成本风险，强化成本优势。

绿色优势加持：高景气周期下的龙头红利

云铝股份的此次存量突围，更依托于其深厚的绿色产业基础。依托云南丰富的水电资源，公司生产用电中绿电占比超80%，生产的绿色铝碳排放仅为煤电铝的20%左右，不仅获得南方区域首批绿色电力“双证”，还完成全产业链ASI审核，成为国内唯一获此殊荣的企业。这种绿色优势在欧盟碳关税(CBAM)框架下形成显著竞争力，其绿色铝产品溢价已达1000元/吨。

行业分析显示，当前电解铝行业正进入“成本下行+价格上行”的盈利扩张周期。预计2025—2026年国内电解铝年均价将分别达20600元/吨、21500元/吨，而行业平均完全成本仅16000—16400元/吨。云铝股份通过此次收购锁定优质产能后，将凭借绿色成本优势(吨铝电耗成本较火电铝节省49%)进一步享受行业高利润红利，其龙头地位将在存量竞争中持续强化。

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[ SQL ] SELECT * FROM `tb_cate` WHERE `pid` = 14 AND ( `id` < 3871 AND `id` NOT IN (25,3243,3244) ) ORDER BY `sortid` ASC [ RunTime:0.002428s ]
[ SQL ] SELECT * FROM `tb_cate` WHERE `pid` = 19 AND ( `id` < 3871 AND `id` NOT IN (25,3243,3244) ) ORDER BY `sortid` ASC [ RunTime:0.002366s ]
[ SQL ] SELECT * FROM `tb_cate` WHERE `pid` = 15 AND ( `id` < 3871 AND `id` NOT IN (25,3243,3244) ) ORDER BY `sortid` ASC [ RunTime:0.002361s ]
[ SQL ] SELECT * FROM `tb_cate` WHERE `pid` = 16 AND ( `id` < 3871 AND `id` NOT IN (25,3243,3244) ) ORDER BY `sortid` ASC [ RunTime:0.002346s ]
[ SQL ] SELECT * FROM `tb_cate` WHERE `pid` = 17 AND ( `id` < 3871 AND `id` NOT IN (25,3243,3244) ) ORDER BY `sortid` ASC [ RunTime:0.002394s ]
[ SQL ] SELECT * FROM `tb_cate` WHERE `pid` = 3 AND ( `id` < 3871 AND `id` NOT IN (25,3243,3244) ) ORDER BY `sortid` ASC [ RunTime:0.002355s ]
[ SQL ] SELECT * FROM `tb_advert` WHERE `id` = 48 LIMIT 1 [ RunTime:0.000380s ]
[ SQL ] SELECT * FROM `tb_advert` WHERE `id` = 49 LIMIT 1 [ RunTime:0.000392s ]
[ SQL ] SELECT * FROM `tb_advert` WHERE `id` = 50 LIMIT 1 [ RunTime:0.000358s ]
[ SQL ] SELECT * FROM `tb_para` WHERE `id` = 1 LIMIT 1 [ RunTime:0.000454s ]

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