Is Hongqiao becoming more of an income stock than a metal trade?

I usually look at aluminium names with caution because earnings can move hard with the cycle. Hongqiao is a bit different to me because the shareholder return side keeps getting harder to ignore.

The company has been earning real money, not just telling a nice story. Net profit has stayed strong, dividends are meaningful, and buybacks show management is not acting like shareholders are an afterthought.

Still, if a stock can sit in a tight aluminium market while paying investors along the way, I think it deserves a different lens.