Aluminum Corporation of China Limited (CHALCO) reported a strong first-quarter performance for 2026, driven by disciplined cost control and operational efficiency measures.
Financial highlights (YoY, restated comparison): • Revenue rose 4.85% to RMB 58.49 billion. • Total profit jumped 82.50% to RMB 11.92 billion. • Net profit attributable to shareholders advanced 56.35% to RMB 5.53 billion. • Net profit after extraordinary items increased 55.81% to RMB 5.36 billion. • Basic EPS climbed 56.80% to RMB 0.323.
Cost discipline bolstered margins. Operating costs declined 7.58% to RMB 43.39 billion despite higher sales, lifting operating profit to RMB 11.90 billion—up 83.5% year on year. Management attributed the improvement to “extreme operation and management” and broader initiatives on cost reduction and efficiency.
Cash flow and balance-sheet position: • Net cash from operating activities surged 73.84% to RMB 10.88 billion, supported by stronger operating profits and higher cash inflows. • Free cash generation helped trim total liabilities to RMB 100.94 billion, down 3.36% from end-2025. • Cash and cash equivalents closed the quarter at RMB 30.66 billion, up RMB 2.66 billion since year-end 2025. • Total assets stood at RMB 233.31 billion (+2.77%), with shareholders’ equity attributable to CHALCO owners reaching RMB 80.65 billion (+7.63%).
Operational metrics (January–March 2026 vs. 2025): • Metallurgical-grade alumina output fell 9.60% to 4.05 million tonnes; exports dropped 15.48% to 1.42 million tonnes. • Refined alumina production expanded 28.42% to 1.22 million tonnes. • Primary aluminum (incl. alloys) output rose 3.61% to 2.01 million tonnes; exports increased 3.68% to 1.97 million tonnes. • Coal production declined 10.87% to 2.87 million tonnes. • External power sales grew 9.76% to 4.5 billion kWh.
Capital structure and shareholders: As of 31 March 2026, CHALCO had 659,143 ordinary shareholders. Parent company Aluminum Corporation of China directly owned 30.52% of outstanding shares and, together with subsidiaries, controlled 33.55%.
Extraordinary items: Non-recurring gains contributed RMB 0.17 billion to net profit, mainly from government subsidies (RMB 0.07 billion) and reversal of impairment provisions (RMB 0.12 billion), partly offset by fair-value losses on financial instruments.
Outlook considerations: Management cites ongoing cost-efficiency programs and disciplined operations as key profit drivers. While alumina and coal volumes softened, higher-margin refined alumina and primary aluminum output gained, supporting earnings resilience. The unaudited results position the company with improved liquidity and a lighter debt load entering the rest of 2026.