Key takeaway

1. In 2025, the company achieved an operating revenue of RMB156.7bn, +4.25% YoY (adjusted, the same below); it achieved a net profit attributable to shareholders of the parent company of RMB17.864bn, +3.69% YoY.

2. In 2025, the company's electrolytic aluminum output was 6.545 million tons, and alumina output was 20.1378 million tons. Benefiting from the rise in electrolytic aluminum prices, the company's overall performance showed a steady growth trend.

3. As overseas supply disruptions widen and domestic inventories approach an inflection point, the price spread between domestic and international primary aluminum is beginning to normalize. We are now awaiting an acceleration in domestic aluminum product exports, which supports the continued upward shift of the aluminum price center.

4. The special dividend after restructuring was RMB3.26bn, and the company will continue to reward shareholders with high dividend payouts.

Event

The company released its 2025 financial results

In 2025, the company achieved an operating revenue of RMB156.7bn, +4.25% YoY (adjusted, the same below); it achieved a net profit attributable to shareholders of the parent company of RMB17.864bn, +3.69% YoY. It plans to distribute a cash dividend of RMB2.5 (including tax) for every 10 shares to all shareholders.

Brief analysis

Successfully implemented major asset restructuring and purchased 100% equity of Hongtuo Industrial by issuing shares

In 2025, the company implemented a major asset restructuring and purchased 100% equity of Hongtuo Industrial by issuing shares. It completed asset delivery and equity industrial and commercial registration changes on December 31, and Hongtuo Industrial was included in the company's consolidated financial statements. Through a transformative major asset restructuring,the company has evolved into a dominant 'chain-leader' integrating the production and sale of alumina, primary aluminum, and downstream processing. With a product portfolio spanning the entire aluminum value chain, the company leverages world-leading economies of scale and a commanding market presence to secure its unshakeable industry leadership. In 2025, the company's electrolytic aluminum output was 6.545 million tons, and alumina output was 20.1378 million tons, accounting for approximately 14.80% and 21.67% of the national output that year, respectively. It is one of the world's largest electrolytic aluminum production enterprises.