Aluminum Corporation of China Q1 net profit expected to increase by 50% to 58% year-on-year, setting a record for the best performance in the same period | Financial Report News

```

On April 8, Aluminum Corporation of China disclosed a performance preview announcement for the first quarter of 2026, expecting net profit attributable to shareholders of the listed company to be 5.302 billion to 5.585 billion yuan, year-on-year growth of 50% to 58%, with incremental gains of 1.767 billion to 2.05 billion yuan. This performance significantly exceeds market expectations for the aluminum industry’s traditional off-season, and the company characterizes it as “the best level in history for the same period”.

The quality of earnings is also resilient. Net profit excluding non-recurring gains and losses is expected to be 5.137 billion to 5.42 billion yuan, an increase of 49% to 58% year-on-year, basically in sync with the growth rate of net profit attributable, indicating that the performance is mainly driven by core business, not relying on one-off gains. Basic earnings per share correspondingly rise to 0.310 yuan to 0.326 yuan, more than a 50% increase compared to 0.206 yuan in the same period last year.

In comparison, net profit attributable after restatement in the same period last year (Q1 2025) was 3.535 billion yuan, the mid-point for this period is about 5.444 billion yuan, expanding nearly 1.9 billion yuan over one year. In the aluminum industry—a capital-intensive sector with strong cyclical attributes—such a substantial year-on-year leap not only benefits from a rising central aluminum price externally, but also reflects the company’s internal contributions in cost control and capacity release.

Full Production, Stable Production, Premium Production: Capacity Utilization Significantly Dilutes Marginal Cost

The announcement clearly points out that “full production, stable production, premium production of all capacity” is one of the core pillars of this period’s performance surge. For integrated enterprises like Aluminum Corporation of China, whose core assets are electrolytic aluminum and alumina, every one percent improvement in capacity utilization rate has a significant effect in diluting marginal cost.

Against the backdrop of relatively high aluminum prices, full production means maximizing the conversion of per-ton profit windows into actual profits. The company emphasizes “continuous optimization of all production and operation indicators," indicating that growth in performance relies not only on expansion in output, but also benefits from quality control and simultaneous improvement in production efficiency, further amplifying the synergy effect of both volume and price increases.

Increase in Self-Mined Ratio Boosts Bargaining Power on Raw Materials

The announcement specifically mentions further improvement in the self-mined ratio of resources. For aluminum smelting enterprises, bauxite is the core upstream raw material. Purchased ores not only cost more, but also face supply chain volatility risks. The increase in self-mined ratio means the company’s bargaining power on the raw materials end is strengthened and procurement costs are lowered, while also squeezing profit margins for third-party suppliers.

This logic is especially critical today amid intensifying global resource competition. By extending the industry chain upstream, Aluminum Corporation of China can obtain a greater share of value across the entire process from bauxite to alumina to electrolytic aluminum, rather than merely relying on price differences in the downstream smelting segment.

Risk Warning and DisclaimerThe market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account particular users’ specific investment objectives, financial status or needs. Users should consider whether any opinions, viewpoints or conclusions in this article suit their particular situation. Investments are made at your own risk. ```