Tianshan Aluminum Group (002532) H1 2025 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥17.51 billion, up 14.25% year-over-year; net profit attributable to shareholders was ¥4.18 billion, up 100.44% year-over-year.

• Core business segments saw significant volume and margin improvements, especially in electrolytic aluminum and aluminum foil.

• The company completed a major 1.4 million ton green electrolytic aluminum project, boosting capacity and efficiency.

• Overseas resource projects in Indonesia and Guinea advanced, strengthening upstream supply and cost advantages.

Financial highlights

• Operating income: ¥17.51 billion (+14.25% YoY); net profit: ¥4.18 billion (+100.44% YoY).

• Gross margin for self-produced aluminum ingots rose to 47.63% (+24 percentage points YoY).

• Operating cash flow: ¥4.02 billion (+22.43% YoY); basic/diluted EPS: ¥0.91 (+102.22% YoY).

• Total assets at period end: ¥51.77 billion; net assets: ¥32.11 billion.

• Asset-liability ratio decreased to 38.01%, down 7.39 percentage points from year-end.

Outlook and guidance

• The company expects continued growth from expanded capacity, improved cost structure, and overseas resource integration.

• Ongoing projects in Indonesia and Guinea are expected to further enhance supply chain stability and cost competitiveness.

• The company maintains a commitment to a minimum 50% dividend payout ratio for 2026.