Shandong Nanshan Aluminium (600219) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 9.07 billion, up 0.95% year-over-year, while net profit attributable to shareholders dropped 35.39% to RMB 1.10 billion.

• Operating cash flow decreased 53.19% year-over-year, mainly due to lower overseas alumina income and prior-year export tax rebates.

• The decline in profit was primarily driven by a roughly 50% year-over-year drop in overseas alumina prices.

Financial highlights

• Total assets at quarter-end were RMB 74.24 billion, up 3.22% from year-end 2025.

• Shareholders’ equity increased 2.75% to RMB 50.95 billion.

• Basic and diluted EPS were RMB 0.10, down 33.33% year-over-year.

• Gross margin pressure reflected in a 17% year-over-year increase in aluminum ingot prices, but a 35% drop in domestic alumina prices and 41% drop in overseas alumina prices.

Outlook and guidance

• Domestic alumina prices showed a mild rebound in March due to geopolitical tensions and export restrictions, but remained 35% lower year-over-year.

• Overseas alumina prices averaged $308/ton, down 41% year-over-year, with some support from supply disruptions in March.

• Aluminum ingot prices averaged RMB 23,898/ton, up 17% year-over-year, driven by supply disruptions and demand recovery.