Tianshan Aluminum Group (002532) Q4 2025 earnings summary

Executive summary

• Achieved record operating results in 2025, with net profit attributable to shareholders up 8.13% year-over-year, driven by higher aluminum prices and lower costs.

• Maintained industry-leading vertical integration, cost advantages, and expanded overseas resource projects, strengthening supply chain resilience.

• Completed major capital projects, including green upgrades to 140,000 tons of electrolytic aluminum capacity and significant ramp-up in aluminum foil production.

• Implemented robust cash dividend policy, with cash dividends accounting for 52.4% of annual net profit.

Financial highlights

• Operating revenue reached ¥29.50 billion, up 5.03% year-over-year; net profit attributable to shareholders was ¥4.82 billion, up 8.13%.

• Operating cash flow increased 54.26% to ¥8.05 billion; basic and diluted EPS both at ¥1.05, up 9.38%.

• Gross margin for self-produced aluminum ingots was 30.46%; aluminum foil and foil stock sales surged 354.68%.

• Total assets at year-end were ¥54.15 billion; net assets attributable to shareholders rose 10.2% to ¥29.57 billion.

Outlook and guidance

• 2026 production targets: 1.35 million tons of primary aluminum, 13 billion kWh power, 2.6 million tons alumina, 600,000 tons anodes, 20,000 tons high-purity aluminum, 250,000 tons aluminum foil and foil stock.

• Focus on completing green upgrades, expanding upstream resource projects, and scaling up downstream high-value products.

• Continued deleveraging and financial optimization to enhance risk resilience.