Aluminum Corporation of China (2600) Q2 2025 earnings summary

Executive summary

• Operating revenue for H1 2025 reached RMB116.39 billion, up 5.12% year-over-year, with net profit attributable to shareholders at RMB7.07 billion, up 0.81% year-over-year, marking record highs for the period.

• The company maintained strong operational momentum amid volatile markets, focusing on cost leadership, resource security, and technological innovation.

• Production of alumina and electrolytic aluminum rose 4.88% and 9.37% year-over-year, respectively, with improvements in cost control and operational efficiency.

• The company advanced digital transformation, high-end material upgrades, and maintained strong ESG and corporate governance ratings.

• Interim dividend of RMB0.123 per share (tax inclusive), totaling approximately RMB2.11 billion, was declared, representing about 30% of net profit.

Financial highlights

• Total profit for H1 2025 was RMB13.25 billion, up 2.16% year-over-year; operating cash flow was RMB14.19 billion, up 5.24% year-over-year.

• Basic earnings per share were RMB0.413; diluted EPS was RMB0.412.

• Gross profit margin remained stable, with gross profit at RMB18.22 billion; operating costs increased in line with higher production and sales volumes.

• Gearing ratio decreased to 46.88% from 48.11% at end-2024.

• Capital expenditure in H1 2025 was RMB5.17 billion, mainly for energy-saving upgrades and resource acquisition.

Outlook and guidance

• Full-year 2025 targets: 16.81 million tonnes metallurgical-grade alumina, 4.46 million tonnes refined alumina, 7.8 million tonnes primary aluminum, 14.1 million tonnes raw coal, and 41.2 billion kWh power generation.

• The company aims to further enhance cost control, operational resilience, and industry chain competitiveness in H2 2025.