Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$9.74, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 197% over the past three years. Announcement • Jun 09
Aluminum Corporation of China Limited Proposes Interim Profit Distribution Plan for the Year 2026 Aluminum Corporation of China Limited announced following consideration by the Board, the Board has agreed to propose to the AGM that the Board be authorised to determine the specific plan for the interim profit distribution for the year 2026 and to handle all matters relating to such distribution at its full discretion. Specifically, subject to the dividend distribution conditions set out in the Company's Articles of Association, the Board may determine the Company's interim profit distribution plan for the year 2026 within the limit of the total amount of the cash dividends not exceeding 40% of the net profit attributable to Shareholders of the Company as stated in the Company's consolidated financial statements for the first half of 2026. Whether to implement the interim profit distribution for the year 2026 and the specific distribution plan shall be determined by the Board based on the Company's interim results of 2026 and its capital requirements. The 2025 annual general meeting to be held on 26 June 2026. Declared Dividend • May 11
Dividend of CN¥0.15 announced Shareholders will receive a dividend of CN¥0.15. Ex-date: 30th June 2026 Payment date: 14th August 2026 Dividend yield will be 2.5%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 70% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Aluminum Corporation of China Limited, Annual General Meeting, Jun 26, 2026 Aluminum Corporation of China Limited, Annual General Meeting, Jun 26, 2026, at 14:00 China Standard Time. Location: companys conference room, no. 62 north xizhimen street, haidian district, beijing China Major Estimate Revision • Apr 30
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CN¥259.3b to CN¥263.5b. EPS estimate increased from CN¥1.30 to CN¥1.51 per share. Net income forecast to grow 69% next year vs 58% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target broadly unchanged at HK$15.24. Share price was steady at HK$11.36 over the past week. Announcement • Mar 30
Aluminum Corporation of China Limited to Report Q1, 2026 Results on Apr 24, 2026 Aluminum Corporation of China Limited announced that they will report Q1, 2026 results on Apr 24, 2026 Reported Earnings • Mar 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.74 (up from CN¥0.72 in FY 2024). Revenue: CN¥241.1b (up 1.7% from FY 2024). Net income: CN¥12.7b (up 2.9% from FY 2024). Profit margin: 5.3% (up from 5.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$11.49, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 209% over the past three years. Announcement • Jan 30
Aluminum Corporation of China Limited Announces Executive Changes, Effective January 29, 2026 Aluminum Corporation of China Limited announced that Mr. Ge Xiaolei proposed to resign as the company secretary of the Company due to work requirements, with effect from 29 January 2026. The appointment of Ms. Zhu Dan and Mr. Chow Tsz Ho as joint company secretaries of the Company has been approved at the tenth meeting of the ninth session of the Board of the Company held on 29 January 2026 with immediate effect. Ms. Zhu Dan, aged 47, was appointed as the chief financial officer and the secretary to the Board of the Company on 24 July 2025 and 27 August 2025, respectively. Ms. Zhu graduated from the University of International Business and Economics with a bachelor's degree in International Economics and Trade. She has over 20 years of professional experience in financial management and capital operations. Ms. Zhu has held various positions within the Company's Finance Department, including the Capital Management Division, Capital Operations Division, and Budget Analysis Division. She has successively served as the deputy manager of the Settlement Department and the deputy manager and manager of the Credit Investment Department of Chinalco Finance Company Limited, the director of the General Affairs Division of the Finance Department of Aluminum Corporation of China, the manager of the Capital Management Division of the Finance Department of the Company, the deputy general manager of the Financial Equity Department and director of the Capital Management Centre of Aluminum Corporation of China, the Party secretary, deputy general manager and a supervisor of Chinalco Finance Company, as well as the chairman of the supervisory committee of Chinalco Overseas Development Co. Ltd., a director of Beijing National Aluminum Investment Management Co. Ltd., a supervisor of Chinalco Tendering Company Limited, a member of the Investment Decision-making Committee of Beijing Silver Aluminum Rongfa Fund Partnership (Limited Partnership), the Party secretary, general manager and director of Chinalco Finance Company, and the Party secretary and chairman of Chinalco Finance Company. Mr. Chow Tsz Ho is an assistant manager of the Listing Services Department of TMF Hong Kong Limited and is responsible for provision of corporate secretarial and compliance services to listed company clients. He has around 7 years of working experience in the company secretarial field, and currently also serves as the company secretary of Fulu Holdings Limited. Mr. Chow is a member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$15.06, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 279% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$25.56 per share. Board Change • Jan 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Xiaobin Li was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 09
Aluminum Corporation of China Limited Announces Resignation of Jiang Tao as an Executive Director, Deputy General Manager and A Member of the Esg Committee, Effective 8 January 2025 The board of directors of Aluminum Corporation of China Limited announced that on 8 January 2025, the Board received a written resignation submitted by Mr. Jiang Tao.Due to work requirements, Mr. Jiang proposed to resign from his positions as an executive director, deputy general manager and a member of the ESG Committee under the Board, with effect 8 January 2025. Announcement • Dec 26
Aluminum Corporation of China Limited to Report Fiscal Year 2025 Results on Mar 28, 2026 Aluminum Corporation of China Limited announced that they will report fiscal year 2025 results on Mar 28, 2026 Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$11.60, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 312% over the past three years. Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: CN¥0.22 (vs CN¥0.12 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.22 (up from CN¥0.12 in 3Q 2024). Revenue: CN¥60.1b (down 4.7% from 3Q 2024). Net income: CN¥3.82b (up 86% from 3Q 2024). Profit margin: 6.4% (up from 3.3% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 8.8% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
Aluminum Corporation of China Limited to Report Q3, 2025 Results on Oct 28, 2025 Aluminum Corporation of China Limited announced that they will report Q3, 2025 results on Oct 28, 2025 New Risk • Sep 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Sep 02
Upcoming dividend of HK$0.13 per share Eligible shareholders must have bought the stock before 09 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Hong Kong dividend payers (6.6%). Higher than average of industry peers (2.1%). Reported Earnings • Aug 28
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: CN¥0.21 (down from CN¥0.28 in 2Q 2024). Revenue: CN¥60.6b (down 1.9% from 2Q 2024). Net income: CN¥3.51b (down 26% from 2Q 2024). Profit margin: 5.8% (down from 7.7% in 2Q 2024). Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$6.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 144% over the past three years. Announcement • Jun 30
Aluminum Corporation of China Limited to Report First Half, 2025 Results on Aug 28, 2025 Aluminum Corporation of China Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jun 24
Aluminum Corporation of China Limited(SHSE:601600) dropped from Shanghai Stock Exchange 180 Value Index Aluminum Corporation of China Limited has been removed from Shanghai Stock Exchange 180 Value Index. Upcoming Dividend • Jun 23
Upcoming dividend of CN¥0.14 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Hong Kong dividend payers (7.5%). Higher than average of industry peers (4.1%). Declared Dividend • May 10
Dividend of CN¥0.14 announced Shareholders will receive a dividend of CN¥0.14. Ex-date: 30th June 2025 Payment date: 8th August 2025 Dividend yield will be 5.3%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 89% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 5.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Aluminum Corporation of China Limited, Annual General Meeting, Jun 26, 2025 Aluminum Corporation of China Limited, Annual General Meeting, Jun 26, 2025, at 14:00 China Standard Time. Location: company`s conference room, no. 62 north xizhimen street, haidian district, beijing China Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: CN¥0.21 (vs CN¥0.13 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.21 (up from CN¥0.13 in 1Q 2024). Revenue: CN¥55.8b (up 14% from 1Q 2024). Net income: CN¥3.54b (up 59% from 1Q 2024). Profit margin: 6.3% (up from 4.6% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 08
Aluminum Corporation of China Limited Provides Earnings Guidance for the First Quarter Ended 31 March, 2025 Aluminum Corporation of China Limited provided earnings guidance for the first quarter ended 31 March, 2025. Based on preliminary calculations, the total profit is expected to be ranging from RMB 6.2 billion to RMB 6.7 billion for the first quarter of the year of 2025, representing a period-on-period increase of 30% to 40%. The net profit attributable to shareholders of the Company is expected to be ranging from RMB 3.4 billion to RMB 3.6 billion, representing a period-on-period increase of 53% to 63%. MAJOR REASONS FOR THE ESTIMATED PROFIT INCREASE FOR THE PERIOD: In the first quarter of the year of 2025, the Company adhered to the philosophy of operating with its best efforts by accurately researching and judging the fluctuation of market prices and all-around cost reduction and efficiency enhancement with its best efforts, achieving a significant period-on-period increase in operating results on the basis of period-on-period increase in output of its major products. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to HK$3.81, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total loss to shareholders of 6.6% over the past three years. Announcement • Mar 28
Aluminum Corporation of China Limited to Report Q1, 2025 Results on Apr 25, 2025 Aluminum Corporation of China Limited announced that they will report Q1, 2025 results on Apr 25, 2025 Reported Earnings • Mar 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.72 (up from CN¥0.39 in FY 2023). Revenue: CN¥237.1b (up 5.3% from FY 2023). Net income: CN¥12.4b (up 86% from FY 2023). Profit margin: 5.2% (up from 3.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to stay flat during the next 3 years compared to a 5.8% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$5.28, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 14% over the past three years. Announcement • Mar 01
Aluminum Corporation of China Limited Announces Board Changes The board of directors of the Aluminum Corporation of China Limited announced that, given the resignation of Mr. Shi Zhirong, in order to ensure the normal operation of the Company and the Board and in accordance with the Company Law of the People's Republic of China and the articles of association of the Company, all directors of the Company jointly recommend Mr. He Wenjian, a director, to act as the chairman and legal representative of the Company with immediate effect until the election of the new chairman by the Board of the Company. The Board announced that it has agreed to elect Mr. He Wenjian as a member of the nomination committee, the chairman of the development and planning committee and the chairman of the ESG committee of the eighth session of the Board of the Company; and agreed to elect Mr. Mao Shiqing as a member of the ESG committee of the eighth session of the Board of the Company. Announcement • Jan 23
Aluminum Corporation of China Limited Provides Earnings Guidance for the Year Ended 31 December 2024 Aluminum Corporation of China Limited provides earnings guidance for the year ended 31 December 2024. For the year, the company expects net profit attributable to shareholders of the Company to be ranging from RMB 12.0 billion to RMB 13.0 billion, representing an increase of RMB 5.3 billion to RMB 6.3 billion as compared with the corresponding period of the preceding year, or a year-on-year increase of 79% to 94%. The net profit attributable to shareholders of the Company after non- recurring profit or loss is expected to be ranging from RMB 11.5 billion to RMB 12.5 billion, representing an increase of RMB 4.9 billion to RMB 5.9 billion as compared with the corresponding period of the preceding year, or a year-on-year increase of 74% to 89%. The profit per share is expected to be ranging from RMB 0. 70 to RMB 0.76, representing an increase of RMB 0.315 to RMB 0.375 as compared with the corresponding period of the preceding year, or a year-on-year increase of 82% to 97%. Announcement • Dec 27
Aluminum Corporation of China Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Aluminum Corporation of China Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Announcement • Dec 14
Aluminum Corporation of China Limited Appoints He Wenjian as General Manager Upon consideration and approval at the 29th meeting of the eighth session of the Board of Aluminum Corporation of China Limited held on 13 December 2024, it is resolved to appoint Mr. He Wenjian ("Mr. He") as the general manager of the Company with immediate effect. Mr. He Wenjian, aged 55, is proposed to be an executive director, secretary of the Party committee and general manager of the Company. Mr. He graduated from Central South University of Technology majoring in industrial management engineering, holds a bachelor's degree in engineering and is a senior engineer with extensive experience in corporate management and production technology. Mr. He successively served as the deputy manager and manager of the planning management department of Qinghai branch of the Company, an assistant to the general manager and the head of the aluminum carbon plant of Qinghai branch of the Company, the senior manager and deputy general manager of the corporate management department of the Company, while concurrently serving as a director of Shanxi Huaze Aluminum & Power Co. Ltd. and a director of Zunyi Aluminum Co. Ltd. the deputy director of the corporate management department of Aluminum Corporation of China the general manager and secretary of the Party committee of Liancheng branch of the Company, the chairman of the board of directors of Lanzhou Liancheng Aluminum Co. Ltd. the general manager of the operation optimization department (reform office) of Aluminum Corporation of China ("Chinalco"), while concurrently serving as a director of Gansu Hualu Aluminum Co. Ltd. a supervisor of China Aluminum International Engineering Corporation Limited a director of China Rare Earth Group Co. Ltd. and a director of Chinalco Asset Management Co. Ltd. Mr. He is currently the general manager of the management innovation department (reform office and digitalization management department) of Chinalco, while concurrently serving as a director of China Rare Earth Group Co. Ltd. as well as a supervisor of China Aluminum International Engineering Corporation Limited. Announcement • Dec 13
Aluminum Corporation of China Limited Announces Resignation of Ou Xiaowu as Executive Director and Member of the ESG Committee Under the Board The board of directors of Aluminum Corporation of China Limited announced that Mr. Ou Xiaowu ("Mr. Ou") tendered his written resignation to the Board on 13 December 2024 due to work requirements. Mr. Ou resigned as an executive director of the Company and a member of the ESG Committee under the Board with immediate effect. Upcoming Dividend • Nov 14
Upcoming dividend of CN¥0.082 per share Eligible shareholders must have bought the stock before 21 November 2024. Payment date: 27 December 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Hong Kong dividend payers (8.0%). In line with average of industry peers (3.5%). Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: CN¥0.12 (vs CN¥0.11 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.12 (up from CN¥0.11 in 3Q 2023). Revenue: CN¥63.1b (up 16% from 3Q 2023). Net income: CN¥2.05b (up 3.4% from 3Q 2023). Profit margin: 3.3% (down from 3.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Oct 24
Upcoming dividend of CN¥0.082 per share Eligible shareholders must have bought the stock before 31 October 2024. Payment date: 27 December 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (3.1%). Announcement • Oct 16
Aluminum Corporation of China Limited Announces Resignation of Zhang Jilong as Non-Executive Director, Member of the Remuneration Committee and A Member of the Development and Planning Committee The board of directors (the "Board") of Aluminum Corporation of China Limited announced that Mr. Zhang Jilong ("Mr. Zhang") tendered his written resignation to the Board on 15 October 2024 due to reaching statutory retirement age. Mr. Zhang resigned as a non-executive director, a member of the Remuneration Committee and a member of the Development and Planning Committee under the Board with immediate effect. Announcement • Sep 30
Aluminum Corporation of China Limited to Report Q3, 2024 Results on Oct 30, 2024 Aluminum Corporation of China Limited announced that they will report Q3, 2024 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$5.92, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 4.6% over the past three years. Major Estimate Revision • Sep 04
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from CN¥0.592 to CN¥0.699. Revenue forecast steady at CN¥234.1b. Net income forecast to grow 13% next year vs 24% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target broadly unchanged at HK$6.22. Share price fell 4.5% to HK$4.68 over the past week. Reported Earnings • Aug 30
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: CN¥0.28 (up from CN¥0.093 in 2Q 2023). Revenue: CN¥61.8b (down 8.9% from 2Q 2023). Net income: CN¥4.73b (up 205% from 2Q 2023). Profit margin: 7.7% (up from 2.3% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 41%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Announcement • Aug 17
Chinalco Is Said to Eye Stake in Biggest Philippine Copper Mine Aluminum Corporation of China Limited (SEHK:2600) is considering investing in what is set to be the Philippines’ largest gold and copper mine as part of its efforts to boost its global footprint, according to people familiar with the matter. The state-run Chinese company known as Chinalco may acquire a stake worth around $2 billion in Indophil Resources Phils. Inc., which owns Sagittarius Mines Inc., the people said, asking not to be identified because discussions are private. Sagittarius Mines is the developer of the Tampakan project in the southern island of Mindanao. The Sy family - among the Philippines’ richest clans - is the majority shareholder in the Tampakan project, the people said. Once production begins, a target currently set for 2026, it will be the largest mine in the Philippines. An investment from Chinalco would help provide financial stability to the project and it would possibly purchase some of the mine’s output, one of the people said. Considerations are ongoing and the companies may still decide against pursuing a deal, the people said, adding that the project could also draw interest from other industry players. Geopolitical concerns represent another hurdle given recent tensions between China and the Philippines over territorial claims in the South China Sea. Chinalco, China’s largest state-owned aluminum producer, has investments in various mines from Guinea to Peru to secure raw material for the world’s biggest commodity consuming nation. Other Chinese companies including Zijin Mining Group Co. have been searching for assets globally for the past decade or so, eyeing core industrial metals including copper, a campaign that has occasionally triggered local resistance. A spokesperson for Sagittarius Mines declined to comment. A representative for Chinalco and officials at Indophil didn’t immediately respond to phone calls and emails seeking comment. When asked about a potential deal, a representative for the Sy family said “it is all rumors". Announcement • Aug 16
Aluminum Corporation of China Limited Proposes Implementation of Interim Dividend Distribution in 2024 Aluminum Corporation of China Limited has proposed to implement interim dividend distribution in 2024. In accordance with the relevant provisions of the Articles of Association of Aluminum Corporation of China Limited and based on its performance in the first half of 2024, the Company will formulate a specific interim dividend plan, by taking into consideration factors such as profit level, capital needs, and reasonable shareholder returns, which will be submitted to the board of directors and shareholders' meeting for consideration and approval. Board Change • Aug 13
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Non-Executive Director Guanzhou Qiu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jul 25
Aluminum Corporation of China Limited Announces Resignation of Ye Guohua as Chairman of the Supervisory Committee The supervisory committee of Aluminum Corporation of China Limited received a written resignation submitted by Mr. Ye Guohua (‘Mr. Ye’) on 25 July 2024. Mr. Ye resigned as the chairman of the Supervisory Committee and a shareholder representative supervisor of the Company due to work re-arrangement with immediate effect. Mr. Ye's resignation will not result in the number of supervisors being lower than the statutory minimum, affect the normal operation of the Supervisory Committee, nor have any impact on the Company's operation and management. Mr. Ye has confirmed that he has no disagreement with the board of directors of the Company and the Supervisory Committee and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. Announcement • Jun 28
Aluminum Corporation of China Limited to Report First Half, 2024 Results on Aug 29, 2024 Aluminum Corporation of China Limited announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • May 12
Aluminum Corporation of China Limited, Annual General Meeting, Jun 25, 2024 Aluminum Corporation of China Limited, Annual General Meeting, Jun 25, 2024, at 14:00 China Standard Time. Location: company`s conference room, no. 62 north xizhimen street, haidian district, beijing China Announcement • Mar 29
Aluminum Corporation of China Limited to Report Q1, 2024 Results on Apr 26, 2024 Aluminum Corporation of China Limited announced that they will report Q1, 2024 results on Apr 26, 2024 Announcement • Mar 27
Aluminum Corporation of China Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on August 20, 2024 Aluminum Corporation of China Limited proposed final dividend for the Year Ended 31 December 2023 of RMB 0.08 per share. Payment date is 20 August 2024. Announcement • Feb 07
Aluminum Corporation of China Limited Announces Resignation of Shan Shulan as Supervisor The supervisory committee of Aluminum Corporation of China Limited received a written resignation submitted by Ms. Shan Shulan (Ms. Shan) on 6 February 2024. Ms. Shan resigned as a shareholder representative supervisor of the Company due to work re-arrangement with immediate effect. Ms. Shan's resignation will not result in the number of supervisors being lower than the statutory minimum, affect the normal operation of the Supervisory Committee, norhave any impact on the Company's operation and management. Ms. Shan has confirmed that she has no disagreement with the board of directors of the Company and the Supervisory Committee and there are no matters relating to her resignation that need to be brought to the attention of the shareholders of the Company. Announcement • Jan 27
Aluminum Corporation of China Limited Provides Earnings Guidance for the Year Ended December 31, 2023 Aluminum Corporation of China Limited provided earnings guidance for the year ended December 31, 2023. Based on preliminary calculations, the net profit attributable to shareholders of the Company is expected to be ranging from RMB 6.3 billion to RMB 7.3 billion for the year of 2023, representing an increase of RMB 2.1 billion to RMB 3.1 billion as compared with the corresponding period of the preceding year, or a year-on-year increase of 50% to 74%. The net profit attributable to shareholders of the Company after nonrecurring profit or loss is expected to be ranging from RMB6.6 billion to RMB7.6 billion, representing an increase of RMB3.5 billion to RMB4.5 billion as compared with the corresponding period of the preceding year, or a year-on-year increase of 113% to 145%. The profit per share is expected to be ranging from RMB0.36 to RMB0.42, representing an increase of RMB0.121 to RMB0.181 as compared with the corresponding period of the preceding year, or a year-on-year increase of 51% to 76%. Announcement • Dec 29
Aluminum Corporation of China Limited to Report Fiscal Year 2023 Results on Mar 28, 2024 Aluminum Corporation of China Limited announced that they will report fiscal year 2023 results on Mar 28, 2024 Announcement • Sep 30
Aluminum Corporation of China Limited to Report Q3, 2023 Results on Oct 26, 2023 Aluminum Corporation of China Limited announced that they will report Q3, 2023 results on Oct 26, 2023 Announcement • Sep 21
Aluminum Corporation of China Limited Approves the Appointment of Dong Jianxiong as Executive Director and Chairman of the Ninth Session of the Board Aluminum Corporation of China Limited at its EGM held on September 19, 2023, approved the appointment of Mr. Dong Jianxiong as an executive director of the eighth session of the board of the company. The term of office of Mr. Dong Jianxiong will commence of the EGM and expire upon the election of the ninth session of the board of the company. Immediately following the conclusion of the EGM, the company held the 15th meeting of the eighth session of the board. and the board elected and approved Mr. Dong Jianxiong as the chairman of the ninth session of the board of the company and resolved that he would serve as the chairman of the development and planning committee and the member of the Nomination committee under the board. Announcement • Aug 11
Aluminum Corporation of China Limited Announces Change of Supervisor Aluminum Corporation of China Limited announced that the Supervisory Committee received a written resignation submitted by Mr. Yue Xuguang ("Mr. Yue") on 10 August 2023. Mr. Yue proposed to resign as an employee representative supervisor of the Company due to reaching the national statutory retirement age, with immediate effect. As elected at the employees' representatives meeting of the Company, Ms. Wang Jinlin ("Ms. Wang") was elected as an employee representative supervisor of the eighth session of the Supervisory Committee of the Company on 10 August 2023. Wang Jinlin, female, aged 37, is currently the business manager of the internal audit division of the internal audit department (office of the Supervisory Committee) of the Company, and has served as the employee representative supervisor of the Company from 10 August 2023. Ms. Wang graduated from Xi'an University of Finance and Economics, majoring in statistics with a bachelor's degree in economics. She has successively served as the business supervisor of the Party and mass work department, the business supervisor of the discipline inspection and supervision (audit) department, the assistant supervisor (deputy section level) of the Party and mass work department (discipline inspection and supervision department) and the assistant supervisor (deputy section level) of the Party and mass administration department of Gansu HualuAluminum Co. Ltd., and the business manager of the risk management division of the internal audit department of the Company. Announcement • Jul 22
Aluminum Corporation of China Limited Announces Director Changes Aluminum Corporation of China Limited announced that the Board received a written resignation submitted by Mr. Liu Jianping ("Mr. Liu") on 19 July 2023. Mr. Liu proposed to resign as the chairman and the executive director of the Company and from all other positions in each of the special committees under the Board due to work adjustment. The resignation of Mr. Liu took effect on the same day. Given the resignation of Mr. Liu, in order to ensure the normal operation of the Company and the Board and in accordance with the Company Law of the People's Republic of China and the articles of association of the Company, all directors of the Company jointly recommend Mr. Zhu Runzhou, a director, to act on behalf of the chairman and legal representative of the Company for a term upon the resignation of Mr. Liu until the election of the new chairman by the Board of the Company. As considered and approved by the 13th meeting of the eighth session of the Board of the Company, it is resolved to nominate Mr. Dong Jianxiong ("Mr. Dong") as a candidate for an executive director of the eighth session of the Board of the Company. Mr. Dong Jianxiong aged 55, is currently a member of the Party group and deputy general manager of Aluminum Corporation of China. Mr. Dong graduated from Xi'an University of Architecture and Technology, majoring in non-ferrous metallurgy, and is a senior engineer with extensive experience in non-ferrous metal metallurgy and corporate management, etc. Mr. Dong successively served as the deputy chief engineer, assistant general manager, deputy general manager and secretary of the Party Committee of Baotou Aluminum (Group) Co., Ltd; the secretary of the Party Committee and an executive director of China Great Wall Aluminum Corporation Limited; the general manager of Henan Branch of Aluminum Corporation of China Limited; the chairman of Chalco Mining Co. Ltd.; and the chairman The term of office of Mr. Dong will commence from the approval at the general meeting of the Company and expire on the election of the ninth session of the Board. The Company will enter into a service contract with Mr. Dong after his election as a director is approved at the general meeting of the Company. The remuneration of Mr. Dong will be determined according to the relevant remuneration policies and set out in the service contract. Announcement • Jun 21
Aluminum Corporation of China Limited Announces Final Dividend for the Year Ended 31 December 2022, Payable on 18 August 2023 Aluminum Corporation of China Limited announced final dividend of RMB 0.036 per share for the year ended 31 December 2022. Date of shareholders' approval is 20 June 2023; Ex-dividend date is 23 June 2023; Record date is 02 July 2023; Payment date is 18 August 2023. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 15% share price gain to HK$3.25, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 17% over the past three years. Reported Earnings • Aug 24
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: CN¥0.14 (up from CN¥0.12 in 2Q 2021). Revenue: CN¥69.8b (up 2.4% from 2Q 2021). Net income: CN¥2.41b (up 21% from 2Q 2021). Profit margin: 3.5% (up from 2.9% in 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 5.8% compared to a 3.7% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥0.46 to CN¥0.41 per share. Revenue forecast steady at CN¥286.8b. Net income forecast to grow 26% next year vs 23% growth forecast for Metals and Mining industry in Hong Kong. Consensus price target down from HK$5.83 to HK$5.65. Share price fell 3.8% to HK$2.81 over the past week. Upcoming Dividend • Jun 22
Upcoming dividend of CN¥0.032 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 22 August 2022. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Hong Kong dividend payers (7.8%). Lower than average of industry peers (4.5%). 
