Aluminum Corporation of China (2600) Q4 2025 earnings summary

Executive summary

• Revenue reached RMB241.1 billion in 2025, up 1.69% year-over-year; net profit attributable to owners was RMB12.67 billion, up 2.25% year-over-year.

• Gross profit increased 16.69% to RMB41.45 billion, driven by higher primary aluminum margins.

• Operating cash flow hit a record RMB33.84 billion; basic EPS was RMB0.74.

• Final dividend proposed at RMB0.147 per share, total annual dividend RMB0.27 per share, payout ratio 36.55%.

Financial highlights

• Operating revenue: RMB241.1 billion (+1.69% YoY); net profit: RMB21.52 billion (+11.1% YoY).

• Net profit attributable to owners: RMB12.67 billion (+2.25% YoY); basic EPS: RMB0.74 (+2.49% YoY).

• Gross margin improved to 17.2% from 15% in 2024.

• Net cash from operating activities: RMB33.84 billion (+3.91% YoY).

• Debt-to-asset ratio decreased to 46.01% from 48.11% in 2024.

Outlook and guidance

• Focus on high-end transformation, global supply chain resilience, and green development in 2026.

• Plans to enhance product competitiveness, expand overseas bauxite resources, and accelerate intelligent manufacturing.

• Market expects stable domestic supply, volatile global prices, and continued demand growth in new energy and electronics sectors.