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 owners/shareholders at RMB7.07 billion, up 0.81% year-over-year, marking record interim results.

• Alumina and electrolytic aluminum output increased 4.88% and 9.37% year-over-year, respectively, with improvements in cost control and operational efficiency.

• Strategic focus included resource security, cost control, digital transformation, high-end material development, and strong ESG and corporate governance ratings.

• Interim dividend of RMB0.123 per share (tax inclusive), totaling approximately RMB2.11 billion, representing about 30% of net profit for H1 2025.

Financial highlights

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

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

• Gross profit for H1 2025 was RMB18.22 billion, with a gross margin of 15.7%; operating costs increased with higher production and sales.

• Cash and cash equivalents at 30 June 2025 stood at RMB25.41 billion.

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 maintain cost leadership, enhance industry chain resilience, and achieve high-quality annual operational goals.