Want to see HK:2600 full AI Analyst Report?
Top Page
Aluminum of China
(2600)
Select Model
Select Model
Rating:76Outperform
Price Target:
HK$10.00
â–²(16.55% Upside)
Action:Upgraded
Date:08/29/26
The score is driven primarily by strong financial performance—improving TTM growth, expanding margins, robust free cash flow, and reduced leverage. Valuation is also supportive with a low P/E and a solid dividend yield. Offsetting these positives, technicals are only moderate, with the stock still below longer-term moving averages, reflecting limited longer-term momentum.
Positive Factors
Revenue and Margin Expansion
Strong recent revenue growth alongside broader margin expansion indicates improved pricing, spreads, or operating leverage. If sustained, this can strengthen earnings capacity and provide a more resilient base for future investment across the integrated aluminum chain.
Negative Factors
Cyclical Revenue Exposure
Chalco operates in commodity-linked alumina and aluminum markets, so earnings remain exposed to industry pricing, demand, and input-cost cycles. The uneven historical growth record indicates that recent improvement may not persist through a weaker operating environment.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Expansion
Strong recent revenue growth alongside broader margin expansion indicates improved pricing, spreads, or operating leverage. If sustained, this can strengthen earnings capacity and provide a more resilient base for future investment across the integrated aluminum chain.
Read all positive factors
Aluminum of China (2600) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$190.00B
Dividend Yield5.57%
Average Volume (3M)38.72M
Price to Earnings (P/E)9.8
Beta (1Y)1.34
Revenue Growth6.65%
EPS Growth46.64%
CountryHK
Employees60,814
SectorBasic Materials
Sector Strength58
IndustryAluminum
Share Statistics
EPS (TTM)1.55
Shares Outstanding3,943,966,000
10 Day Avg. Volume39,609,066
30 Day Avg. Volume38,718,574
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$12.40Price Target Upside44.49% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)1.27
Revenue Forecast (FY)HK$265.85B
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 aluminum industry products across multiple stages of the value chain. (1) Alumina revenue: The company earns revenue from producing and selling alumina (refined from bauxite), which is used as the key input ...
Aluminum of China Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
73
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 300.67B | 234.88B | 237.07B | 225.07B | 290.99B | 298.89B |
| Gross Profit | 67.66B | 39.96B | 37.34B | 28.81B | 32.33B | 36.10B |
| EBITDA | 72.23B | 39.31B | 34.64B | 28.53B | 24.66B | 24.91B |
| Net Income | 26.55B | 12.35B | 12.40B | 6.72B | 4.19B | 5.76B |
Balance Sheet | ||||||
| Total Assets | 244.53B | 227.12B | 215.90B | 211.76B | 212.35B | 192.38B |
| Cash, Cash Equivalents and Short-Term Investments | 50.29B | 33.66B | 24.21B | 26.12B | 16.82B | 18.55B |
| Total Debt | 63.80B | 33.18B | 64.52B | 77.65B | 86.46B | 88.60B |
| Total Liabilities | 104.57B | 104.00B | 103.85B | 112.87B | 124.59B | 119.59B |
| Stockholders Equity | 84.49B | 74.96B | 69.19B | 60.60B | 54.40B | 57.26B |
Cash Flow | ||||||
| Free Cash Flow | 51.18B | 19.76B | 22.45B | 20.33B | 22.99B | 26.09B |
| Operating Cash Flow | 62.47B | 27.91B | 32.81B | 27.04B | 27.75B | 28.23B |
| Investing Cash Flow | -18.45B | -12.94B | -7.63B | -11.18B | -3.42B | -744.30M |
| Financing Cash Flow | -20.25B | -8.04B | -22.93B | -14.14B | -27.04B | -18.48B |
Aluminum of China Technical Analysis
Positive
8.58
Price Trends
8.00
Positive
8.99
Negative
10.34
Negative
Market Momentum
0.15
Negative
63.48
Neutral
50.14
Neutral
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 8.58 is above the 20-day moving average (MA) of 8.26, above the 50-day MA of 8.00, and below the 200-day MA of 10.34, indicating a neutral trend. The MACD of 0.15 indicates Negative momentum. The RSI at 63.48 is Neutral, neither overbought nor oversold. The STOCH value of 50.14 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$190.00B | 9.82 | 22.29% | 5.57% | 6.65% | 46.64% | |
76 Outperform | HK$240.18B | 7.17 | 20.69% | 7.04% | 6.88% | 7.63% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | HK$16.85B | 8.56 | 11.38% | 4.76% | -19.40% | -59.11% | |
58 Neutral | HK$2.33B | 3.71 | 8.48% | 9.17% | 9.79% | -24.00% | |
55 Neutral | HK$934.19M | 2.59 | 12.67% | 0.00% | 26.56% | 58.77% | |
49 Neutral | HK$160.72M | -1.24 | -19.40% | 7.14% | -64.85% | -1980.00% |
* Basic Materials Sector Average
HK:2600
Aluminum of China
8.76
2.06
30.67%
HK:0098
Xingfa Aluminium Holdings Ltd.
5.46
-1.88
-25.60%
HK:1378
China Hongqiao Group Ltd.
23.44
-0.30
-1.26%
HK:2078
PanAsialum Holdings Co. Ltd.
0.14
-0.01
-10.00%
HK:0505
Xingye Alloy Materials Group Limited
1.06
0.07
7.65%
HK:2610
Nanshan Aluminium International Holdings Limited
25.64
-16.73
-39.49%
Aluminum of China Corporate Events
Aluminum Corp of China Sets Date for Release of 2026 Interim Results
Aug 27, 2026
Aluminum Corporation of China Limited has released its unaudited interim results for the six months ended 30 June 2026, covering the performance of the company and its subsidiaries. The interim report, prepared in accordance with Hong Kong listing...
Aluminum Corp of China Sets 2026 Interim Dividend and H Share Record Date
Aug 27, 2026
Aluminum Corporation of China Limited has approved an interim cash dividend for 2026 of RMB0.276 per share, totaling approximately RMB4.73 billion, capped at 40% of net profit attributable to shareholders for the first half of 2026. Dividends will...
Aluminum Corporation of China Declares Interim 2026 Dividend and Details Tax Treatment
Aug 27, 2026
Aluminum Corporation of China Limited has declared an interim ordinary cash dividend of RMB 0.276 per share for the six months ended 30 June 2026, with payment to Hong Kong H-share holders in HKD at 0.319 per share based on a specified exchange ra...
Aluminum Corporation of China Sets Board Meeting to Review 2026 Interim Results and Dividend
Aug 17, 2026
Aluminum Corporation of China Limited has scheduled a board meeting for 27 August 2026 to review and approve the unaudited interim results for the six months ended 30 June 2026. The board will also consider whether to recommend the distribution of...
Chalco Updates Market on Controlling Shareholder’s Rising Stake
Aug 11, 2026
Aluminum Corporation of China Limited announced progress on a previously disclosed plan by its controlling shareholder, Chinalco, and its concert parties to increase their holdings in the company. The plan envisages purchases of A shares and H sha...
Chalco Delays Shareholder Circular on Guinea Alumina Project
Aug 7, 2026
Aluminum Corporation of China Limited has announced a delay in issuing a shareholder circular related to its major investment and construction of the Guinea Alumina Project, which includes an option for additional equity participation by the Guine...
Aluminum Corporation of China Sets September EGM to Amend Board Meeting Rules
Aug 6, 2026
Aluminum Corporation of China Limited has convened its second extraordinary general meeting of 2026 for 23 September in Beijing, where shareholders will vote on a special resolution to amend the rules of procedures for board meetings. The company ...
Aluminum of China Plans Governance Overhaul With New Board Meeting Rules
Jul 31, 2026
Aluminum Corporation of China Limited has proposed amendments to the rules governing its board meeting procedures, aiming to refine the delegation of authority from the board to management and strengthen overall corporate governance. The board bel...
Chalco Senior Executive Opts Not to Reduce Shareholding Under Approved Plan
Jul 27, 2026
Aluminum Corporation of China Limited announced the outcome of a planned shareholding reduction by senior management, specifically involving general counsel and chief compliance officer Liang Minghong. Before the plan, Liang held 170,200 A shares,...
Chinalco Secures Financing to Boost Stake in Aluminum Corporation of China
Jul 24, 2026
Aluminum Corporation of China Limited announced that its controlling shareholder, Chinalco, and concerted parties plan to increase their holdings of the company’s A and H shares by between RMB1 billion and RMB2 billion over up to twelve mont...
Chinalco Plans Up to RMB2 Billion Stake Increase in Chalco
Jul 20, 2026
Aluminum Corporation of China Limited announced that its controlling shareholder, Chinalco, together with parties acting in concert, plans to increase holdings of the company’s A and H shares through trading on the Shanghai and Hong Kong exc...
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 ...
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.