Shandong Nanshan Aluminium (600219) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥18.57 billion, up 7.53% year-over-year, but net profit attributable to shareholders fell 14.40% to ¥2.25 billion due to overseas market volatility and lower alumina prices.

• Cash flow from operations dropped 56.16% year-over-year, mainly due to lower overseas alumina business income and a high base from prior-year export tax rebates.

• The board proposed a cash dividend of ¥2.65 per 10 shares, totaling approximately ¥3.04 billion.

Financial highlights

• Operating income: ¥18.57 billion (+7.53% YoY); net profit: ¥2.25 billion (-14.40% YoY); total profit: ¥2.71 billion (-28.99% YoY).

• Net cash from operating activities: ¥2.11 billion (-56.16% YoY).

• Basic and diluted EPS: ¥0.20 (-13.04% YoY); ROE: 4.41% (down 0.72pp YoY).

• Total assets: ¥74.10 billion (+3.04% from year-end 2025); net assets: ¥49.85 billion (+0.53%).

• Non-recurring gains: ¥58.71 million, mainly from government subsidies and reversal of impairment.

Outlook and guidance

• The company continues to expand high-end aluminum product capacity, especially in automotive and aerospace sectors.

• Ongoing investment in Indonesian integrated projects to enhance global supply chain resilience.

• High-end product sales accounted for 17% of total aluminum sales and 22% of gross profit, with further growth expected as new capacity ramps up.