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Aluminum of China
(2600)
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Rating:66Neutral
Price Target:
HK$8.00
â–¼(-37.94% Downside)
Action:Reiterated
Date:06/16/26
The score is driven primarily by improved fundamentals—stronger margins, robust TTM free cash flow, and substantially reduced leverage—partly offset by pronounced technical weakness (price below key moving averages with bearish MACD). Reasonable valuation and dividend yield provide additional support, but cyclicality and recent price downtrend remain key risks.
Positive Factors
Margin Improvement
Sustained margin expansion to TTM gross ~20.1% and EBIT ~13.5% reflects improved operating efficiency and pricing capture across the value chain. Higher and more stable margins increase resilience to commodity swings, supporting durable cash generation and reinvestment capacity over months.
Negative Factors
Top-line Cyclicality
Revenue volatility and flat recent top-line underline the company’s exposure to cyclical demand and pricing in metals markets. Persistent top-line swings constrain predictability of earnings and returns, complicate long-term capacity planning, and can pressure margins during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Improvement
Sustained margin expansion to TTM gross ~20.1% and EBIT ~13.5% reflects improved operating efficiency and pricing capture across the value chain. Higher and more stable margins increase resilience to commodity swings, supporting durable cash generation and reinvestment capacity over months.
Read all positive factors
Aluminum of China (2600) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$157.64B
Dividend Yield3.32%
Average Volume (3M)56.02M
Price to Earnings (P/E)9.8
Beta (1Y)1.41
Revenue Growth1.76%
EPS Growth2.25%
CountryHK
Employees63,133
SectorBasic Materials
Sector Strength58
IndustryAluminum
Share Statistics
EPS (TTM)1.07
Shares Outstanding3,943,966,000
10 Day Avg. Volume58,058,802
30 Day Avg. Volume56,022,630
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.49
Price to Sales (P/S)0.80
P/FCF Ratio9.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$13.48Price Target Upside4.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.25
Revenue Forecast (FY)HK$257.66B
Aluminum of China Business Overview & Revenue Model
Company Description
Aluminum Corporation of China Limited (Chalco), established in Beijing in 2001, is a prominent industrial entity specializing in the manufacturing and global distribution of alumina, primary aluminum, aluminum alloys, and carbon products. The comp...
How the Company Makes Money
Chalco primarily makes money by selling nonferrous metal products and related materials across the aluminum value chain. Key revenue streams typically include: (1) Alumina and bauxite: revenue from mining bauxite and refining it into alumina, whic...
Aluminum of China Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 237.60B | 234.88B | 237.07B | 225.07B | 290.99B | 298.89B |
| Gross Profit | 46.22B | 39.96B | 37.34B | 28.81B | 32.33B | 36.10B |
| EBITDA | 48.97B | 39.31B | 34.64B | 28.53B | 24.66B | 24.91B |
| Net Income | 18.37B | 12.35B | 12.40B | 6.72B | 4.19B | 5.76B |
Balance Sheet | ||||||
| Total Assets | 233.31B | 227.12B | 215.90B | 211.76B | 212.35B | 192.38B |
| Cash, Cash Equivalents and Short-Term Investments | 36.86B | 33.66B | 24.21B | 26.12B | 16.82B | 18.55B |
| Total Debt | 47.65B | 33.18B | 64.52B | 77.65B | 86.46B | 88.60B |
| Total Liabilities | 100.94B | 104.00B | 103.85B | 112.87B | 124.59B | 119.59B |
| Stockholders Equity | 80.65B | 74.96B | 69.19B | 60.60B | 54.40B | 57.26B |
Cash Flow | ||||||
| Free Cash Flow | 34.99B | 19.76B | 22.45B | 20.33B | 22.99B | 26.09B |
| Operating Cash Flow | 45.06B | 27.91B | 32.81B | 27.04B | 27.75B | 28.23B |
| Investing Cash Flow | -16.46B | -12.94B | -7.63B | -11.18B | -3.42B | -744.30M |
| Financing Cash Flow | -18.99B | -8.04B | -22.93B | -14.14B | -27.04B | -18.48B |
Aluminum of China Technical Analysis
Negative
12.89
Price Trends
9.76
Negative
11.07
Negative
10.78
Negative
Market Momentum
-0.69
Negative
34.35
Neutral
48.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2600, the sentiment is Negative. The current price of 12.89 is above the 20-day moving average (MA) of 8.11, above the 50-day MA of 9.76, and above the 200-day MA of 10.78, indicating a bearish trend. The MACD of -0.69 indicates Negative momentum. The RSI at 34.35 is Neutral, neither overbought nor oversold. The STOCH value of 48.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2600.
Aluminum of China Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$15.70B | 4.36 | 25.82% | 1.46% | 11.80% | 1.64% | |
71 Outperform | HK$203.65B | 7.52 | 18.61% | 5.10% | 3.98% | 0.89% | |
66 Neutral | HK$157.64B | 9.82 | 19.44% | 3.32% | 1.76% | 2.25% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | HK$2.72B | 3.72 | 10.36% | 8.68% | 9.91% | -23.35% | |
52 Neutral | HK$853.35M | 9.14 | 3.48% | ― | 15.05% | -45.24% | |
46 Neutral | HK$137.93M | -1.83 | -0.58% | ― | -60.77% | -310.68% |
* Basic Materials Sector Average
HK:2600
Aluminum of China
7.62
2.37
45.25%
HK:0098
Xingfa Aluminium Holdings Ltd.
6.47
-1.20
-15.63%
HK:1378
China Hongqiao Group Ltd.
20.74
3.68
21.59%
HK:2078
PanAsialum Holdings Co. Ltd.
0.12
-0.02
-11.54%
HK:0505
Xingye Alloy Materials Group Limited
0.95
-0.10
-9.52%
HK:2610
Nanshan Aluminium International Holdings Limited
25.30
-9.00
-26.25%
Aluminum of China Corporate Events
Aluminum Corporation of China Projects Up to 73% Surge in First-Half 2026 Profit
Jul 13, 2026
Aluminum Corporation of China Limited has forecast a sharp rise in interim profitability for 2026, projecting net profit attributable to shareholders of between RMB11.2 billion and RMB12.2 billion for the first half of the year. This represents a ...
Aluminum Corporation of China Sets Final 2025 Dividend and Details Tax Treatment
Jun 26, 2026
Aluminum Corporation of China Limited has declared a final ordinary cash dividend of RMB 0.147 per share for the financial year ended 31 December 2025, following shareholder approval on 26 June 2026. For Hong Kong investors, the dividend will be p...
Aluminum Corp of China Shareholders Approve All Resolutions and 2025 Final Dividend
Jun 26, 2026
Aluminum Corporation of China Limited announced that shareholders at its 2025 annual general meeting and accompanying 2026 class meetings for A and H shares, all held in Beijing on 26 June 2026, approved every resolution put forward by the board. ...
Aluminum Corporation of China Unlocks Third Tranche of 2021 Restricted Share Incentive Scheme
Jun 16, 2026
Aluminum Corporation of China Limited announced the unlocking of the third unlocking period under the first grant of its 2021 Restricted Share Incentive Scheme, with the relevant restricted A shares becoming eligible for listing. This step follows...
Aluminum Corporation of China Adds Governance Items to 2025 AGM Agenda
Jun 9, 2026
Aluminum Corporation of China Limited has issued a supplemental notice for its 2025 annual general meeting, confirming that the session will proceed as scheduled in Beijing on 26 June 2026. The update follows extraordinary proposals submitted by i...
Aluminum Corp of China Clears Third Unlocking for 2021 Restricted Shares
Jun 2, 2026
Aluminum Corporation of China Limited announced that the conditions for the third unlocking period of restricted A shares granted under its 2021 restricted share incentive scheme have been satisfied. The company has previously conducted multiple r...
Aluminum Corp of China Tightens 2021 Equity Incentive Plan With New Share Cancellations
Jun 2, 2026
Aluminum Corporation of China Limited has approved further adjustments to its 2021 Restricted Share Incentive Scheme, refining how it manages stock-based rewards for employees. The board and its remuneration committee agreed in late May and early ...
Chalco Advances Guinea Alumina Project With New Pact and Guinean Equity Option
May 22, 2026
Aluminum Corporation of China’s Hong Kong unit and its partners have signed an amended and restated mining convention with the Guinean government to establish a project company for the construction and operation of a Guinean alumina project ...
Aluminum Corporation of China Updates 2025 Final Dividend Schedule
May 8, 2026
Aluminum Corporation of China Limited has updated details of its final cash dividend for the financial year ended 31 December 2025, declaring a payout of RMB 0.147 per share. The company will announce the Hong Kong dollar equivalent and applicable...
Aluminum Corporation of China Sets 2025 AGM to Seek Fresh Capital Mandates and Share Buyback Powers
May 8, 2026
Aluminum Corporation of China Limited has convened its 2025 annual general meeting for June 26, 2026 in Beijing, where shareholders will review the 2025 board and supervisory reports, audited financial statements, and a proposed profit distributio...
Aluminum Corporation of China Seeks Mandate for 10% Share Buy-back at 2026 H Shareholders Meeting
May 8, 2026
Aluminum Corporation of China has called a 2026 first class meeting of H shareholders in Beijing on 26 June 2026, to be held immediately after its annual general meeting and the A shareholders class meeting. H shareholders registered by 22 June 20...
Aluminum Corporation of China Posts Strong Profit and Cash Flow Growth in Q1 2026
Apr 23, 2026
Aluminum Corporation of China Limited reported a solid start to 2026, with first-quarter revenue rising 4.85% year on year to RMB 58.49 billion and total profit surging 82.5%. Net profit attributable to shareholders climbed 56.35% to RMB 5.53 bill...
Chalco Schedules Online Briefing to Discuss 2025 Annual Results and Strategy
Apr 13, 2026
Aluminum Corporation of China Limited has announced it will hold an online briefing to discuss its 2025 annual results, following the publication of its annual report and summary on several major Chinese securities platforms in late March 2026. Th...
Aluminum Corporation of China Sets Board Meeting to Review Q1 2026 Results
Apr 13, 2026
Aluminum Corporation of China Limited has scheduled a board meeting for 23 April 2026 to review and approve its unaudited first-quarter results for the period ended 31 March 2026. The announcement signals the upcoming release of key financial data...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.