Aluminum Corporation of China Limited Class H (HK:2600)
:2600
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Aluminum of China
(2600)
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Rating:72Outperform
Price Target:
HK$13.50
â–²(4.73% Upside)
Action:UpgradedDate:04/25/26
Score is driven primarily by strengthening financial performance (margin expansion, stronger cash generation, and sharply improved leverage) and supportive valuation (low P/E with a meaningful dividend). Technicals are a moderating factor due to weaker intermediate-term trend signals and negative MACD, consistent with mixed near-term momentum.
Positive Factors
Strong cash generation
Consistent, large operating and free cash flow provides durable internal funding for capex, dividends, and debt reduction. Over a 2–6 month horizon this strengthens liquidity, funds strategic investments without external financing, and cushions the business through commodity cycles.
Negative Factors
Top-line volatility
The company's revenue has shown meaningful year-to-year swings, reflecting industry cyclicality. Such top-line volatility undermines predictability for earnings and cash flow, complicates multi-quarter planning for capex and dividends, and raises the risk of profit reversals if conditions worsen.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, large operating and free cash flow provides durable internal funding for capex, dividends, and debt reduction. Over a 2–6 month horizon this strengthens liquidity, funds strategic investments without external financing, and cushions the business through commodity cycles.
Read all positive factors
Aluminum of China (2600) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$228.72B
Dividend Yield3.32%
Average Volume (3M)56.02M
Price to Earnings (P/E)7.7
Beta (1Y)1.20
Revenue Growth1.76%
EPS Growth2.25%
CountryHK
Employees63,133
SectorBasic Materials
Sector Strength58
IndustryAluminum
Share Statistics
EPS (TTM)0.37
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$15.79Price Target Upside22.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.26
Revenue Forecast (FY)HK$257.99B
Aluminum of China Business Overview & Revenue Model
Company Description
Aluminum Corporation of China Limited, together with its subsidiaries, manufactures and sells alumina, primary aluminum, aluminum alloys, and carbon products in the People's Republic of China and internationally. The company operates through five ...
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 | 241.75B | 234.88B | 237.07B | 225.07B | 290.99B | 298.89B |
| Gross Profit | 48.62B | 39.96B | 37.34B | 28.81B | 32.33B | 36.10B |
| EBITDA | 35.06B | 39.31B | 34.64B | 28.53B | 24.66B | 24.91B |
| Net Income | 14.57B | 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 | 25.99B | 19.76B | 22.45B | 20.33B | 22.99B | 26.09B |
| Operating Cash Flow | 33.95B | 27.91B | 32.81B | 27.04B | 27.75B | 28.23B |
| Investing Cash Flow | -13.31B | -12.94B | -7.63B | -11.18B | -3.42B | -744.30M |
| Financing Cash Flow | -14.63B | -8.04B | -22.93B | -14.14B | -27.04B | -18.48B |
Aluminum of China Technical Analysis
Positive
12.89
Price Trends
12.80
Positive
12.41
Positive
9.90
Positive
Market Momentum
0.03
Negative
54.88
Neutral
83.57
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2600, the sentiment is Positive. The current price of 12.89 is above the 20-day moving average (MA) of 11.85, above the 50-day MA of 12.80, and above the 200-day MA of 9.90, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 54.88 is Neutral, neither overbought nor oversold. The STOCH value of 83.57 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$228.72B | 7.66 | 19.96% | 3.32% | 1.76% | 2.25% | |
70 Outperform | HK$347.70B | 12.62 | 24.18% | 5.10% | 3.98% | 0.89% | |
62 Neutral | HK$27.11B | ― | 25.82% | 1.46% | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | HK$817.42M | 7.07 | 6.88% | ― | 15.05% | -45.24% | |
58 Neutral | HK$3.12B | 4.60 | 10.28% | 8.68% | 9.91% | -23.35% | |
42 Neutral | HK$141.53M | -2.68 | -0.58% | ― | -60.77% | -310.68% |
* Basic Materials Sector Average
HK:2600
Aluminum of China
11.88
7.90
198.72%
HK:0098
Xingfa Aluminium Holdings Ltd.
7.43
0.38
5.39%
HK:1378
China Hongqiao Group Ltd.
34.28
21.25
163.09%
HK:2078
PanAsialum Holdings Co. Ltd.
0.12
>-0.01
-0.83%
HK:0505
Xingye Alloy Materials Group Limited
0.91
-0.08
-8.08%
HK:2610
Nanshan Aluminium International Holdings Limited
40.20
16.08
66.67%
Aluminum of China Corporate Events
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...
Chalco Forecasts Profit Surge of Up to 58% for Q1 2026
Apr 8, 2026
Aluminum Corporation of China Limited has announced a sharp improvement in its preliminary first-quarter 2026 results, projecting net profit attributable to shareholders of between RMB5.30 billion and RMB5.59 billion, a year-on-year rise of 50% to...
Chinalco Boosts Stake in Chalco With RMB1.015 Billion Share Purchase
Apr 8, 2026
Aluminum Corporation of China Limited announced the completion of a shareholding increase plan by its controlling shareholder, Aluminum Corporation of China (Chinalco), and parties acting in concert. The plan, launched in April 2025 to demonstrate...
Chalco Logistics Takes Control of Yunlv Logistics in Connected Deal
Apr 2, 2026
Aluminum Corporation of China has announced that its logistics subsidiary, Chalco Logistics, will acquire a 51% equity interest in Yunlv Logistics from Yunnan Aluminum via a cash, non-public agreement. After completion, Chalco Logistics will hold ...
Chalco Executive Plans Modest Reduction of Personal Shareholding
Apr 2, 2026
Aluminum Corporation of China Limited announced that senior executive Liang Minghong, the company’s general counsel and chief compliance officer, plans a small reduction in his personal A-share holdings. Liang currently holds 170,200 A share...
Chalco Books RMB3.6 Billion Asset Impairment for 2025
Mar 29, 2026
Aluminum Corporation of China Limited has approved provisions for asset impairment totaling RMB3.612 billion in its 2025 consolidated financial statements, following a year-end review of indicators under PRC and international accounting standards....
Chalco Proposes 2025 Dividend Payout Equal to 36.55% of Net Profit
Mar 29, 2026
Aluminum Corporation of China Limited has proposed a profit distribution plan for 2025 that will deliver a total cash dividend of RMB0.270 per share, including an interim dividend of RMB0.123 already paid and a proposed final dividend of RMB0.147 ...
Aluminum Corporation of China Sets Schedule for Release of 2025 Audited Results
Mar 27, 2026
Aluminum Corporation of China Limited has released its audited annual results for the year ended 31 December 2025, confirming that the figures comply with Hong Kong listing requirements for preliminary annual results disclosures. The company plans...
Aluminum Corporation of China Wins Full Shareholder Backing at 2026 Extraordinary Meeting
Mar 27, 2026
Aluminum Corporation of China Limited announced that all resolutions proposed at its first extraordinary general meeting of 2026, held on March 27 in Beijing, were duly passed. The meeting, convened by the board and chaired by He Wenjian, was cond...
Aluminum Corporation of China Details Board and Committee Structure
Mar 27, 2026
Aluminum Corporation of China Limited announced the current composition of its board of directors, which includes three executive directors, two non-executive directors, and three independent non-executive directors. The disclosure confirms He Wen...
Aluminum Corporation of China Plans Final 2025 Cash Dividend of RMB 0.147 per Share
Mar 27, 2026
Aluminum Corporation of China Limited has proposed a final ordinary cash dividend of RMB 0.147 per share for the financial year ended 31 December 2025, with payment scheduled for 14 August 2026, subject to shareholders’ approval and further ...
Aluminum Corporation of China Sets March Board Meeting to Approve 2025 Results
Mar 17, 2026
Aluminum Corporation of China Limited has scheduled a board meeting for 27 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider a recommendation on the distribution of a final divide...
Chalco Discloses Minimal Share Sale by Former Executive Director
Mar 6, 2026
Aluminum Corporation of China Limited announced the results of a small shareholding reduction by former executive director and vice president Jiang Tao, who resigned in January 2026. Before the plan, Jiang held 230,000 A shares, or about 0.0013% o...
Chalco Calls 2026 Extraordinary Meeting to Elect New Board Members
Feb 6, 2026
Aluminum Corporation of China Limited has called its first extraordinary general meeting of 2026 for 27 March in Beijing, where shareholders will vote on changes to the composition of the company’s board. The agenda includes the proposed ele...
Aluminum Corporation of China to Repurchase and Cancel Portion of Restricted Shares
Jan 30, 2026
Aluminum Corporation of China Limited has approved and is implementing the repurchase and cancellation of 660,751 restricted shares previously granted under its 2021 Restricted Share Incentive Scheme to 15 participants who have retired, resigned, ...
Chalco to Lead BRL4.7 Billion Joint Acquisition of Control in Brazil’s CBA
Jan 29, 2026
Aluminum Corporation of China has agreed with Rio Tinto and Brazil’s Votorantim S.A. to acquire a controlling 68.596% stake in Companhia Brasileira de Alumínio S.A. via a new Brazilian joint venture, in a cash deal valued at about BRL4....
Aluminum Corporation of China Names Joint Company Secretaries After Resignation
Jan 29, 2026
Aluminum Corporation of China Limited has announced the resignation of its company secretary, Mr. Ge Xiaolei, effective 29 January 2026, citing work requirements, with the board noting there is no disagreement or outstanding matter related to his ...
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.