Tianshan Aluminum Group (002532) H2 2024 earnings summary

Executive summary

• Achieved record net profit attributable to shareholders of ¥4.46 billion, up 102.03% year-over-year, driven by higher aluminum and alumina prices and improved cost control.

• Operating cash flow increased 33.29% year-over-year to ¥5.22 billion, with reduced financial expenses and lower debt levels.

• Maintained a vertically integrated aluminum value chain, with significant expansion in alumina and aluminum foil production capacity.

• Overseas resource projects in Guinea and Indonesia advanced, securing upstream raw material supply and cost advantages.

Financial highlights

• Revenue: ¥28.09 billion, down 3.06% year-over-year due to reduced trading volume, but core product sales and prices increased.

• Net profit attributable to shareholders: ¥4.46 billion, up 102.03% year-over-year.

• Net profit after non-recurring items: ¥4.31 billion, up 128.80% year-over-year.

• Gross margin: 23.27%, up 9.17 percentage points year-over-year.

• Basic and diluted EPS: ¥0.96, up 100% year-over-year.

• Net assets attributable to shareholders: ¥26.83 billion, up 11.30% from prior year-end.

• Total assets: ¥56.78 billion, slightly down 0.55% from prior year-end.

Outlook and guidance

• 2025 production targets: 1.16 million tons of primary aluminum, 2.4 million tons of alumina, 0.55 million tons of anode carbon, 0.3 million tons of bauxite, 20,000 tons of high-purity aluminum, and 150,000 tons of aluminum foil and foil stock.

• Focus on expanding overseas resource base, increasing downstream high-end processing, and further reducing costs.

• Plans to strengthen green energy use, ESG practices, and financial stability.