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World's largest aluminum producer, making primary aluminum and alumina, privately controlled and Shandong-based.
World's largest aluminum producer, making primary aluminum and alumina, privately controlled and Shandong-based.
Sells aluminum alloy products and alumina, with prices following the exchange price for aluminum, so earnings turn on the gap between that and the cost of bauxite, alumina and power. It owns the alumina refining behind its smelters, with bauxite from Guinea and Indonesia, and has moved smelting capacity to Yunnan to use hydropower. Zhang Shiping's family controls the company.
In one line: China's Alcoa, but larger and privately owned.
Moat: narrow (scale, cost advantage). Largest global production scale and integrated alumina supply give a leading cost position.
Headquarters: Zouping, China · Founded: 1994 · Employees: 51,234
Size Chinahongqiao (1378.HK) is a Hong Kong Materials company (Aluminum) with a market value of $25.5B, the 65th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$20.40 on 6 Nov 2026.
Performance Over six months the shares fell 35.5%, against -22.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 10 in its peer set.
Growth Revenue grew 6.9% over the last twelve months (peer median +15.6%); the operating margin is 24.8% (peer median 26.2%).
Valuation It trades at 5.0× forward earnings against a peer median of 7.1× (cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.9 points above its cost of capital (8.7% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$189B | HK$176B | HK$169B | HK$148B | HK$153B |
| Revenue growth | — | +4% | +15% | -4% | — |
| Gross profit | HK$54.0B | HK$45.0B | HK$45.7B | HK$23.2B | HK$21.2B |
| EBITDA | HK$54.9B | HK$46.7B | HK$46.7B | HK$24.9B | HK$22.6B |
| Net income | HK$30.9B | HK$24.5B | HK$24.3B | HK$12.7B | HK$10.1B |
| Free cash flow | HK$38.6B | HK$29.7B | HK$20.9B | HK$14.1B | -HK$6.46B |
| Capital expenditure | HK$5.77B | HK$12.1B | HK$13.9B | HK$8.03B | HK$14.9B |
| Total debt | n/a | HK$80.8B | HK$76.5B | HK$70.3B | HK$67.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chinahongqiao 1378.HK | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% |
| Aluminum Corporation of China 601600.SS | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% |
| Alcoa AA | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| Norsk Hydro NHY.OL | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% |
| Yunnan Aluminium 000807.SZ | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% |
| Shandong Nanshan Aluminium 600219.SS | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% |
| South32 S32.AX | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% |
| Century Aluminum CENX | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1378.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.8% | -5.7% | 3rd highest of 11 |
| 6-month return | -35.5% | -22.9% | 2nd lowest of 10 |
| Distance from 52-week high | -47.9% | -39.6% | 3rd lowest of 11 |
| Revenue growth (TTM) | +6.9% | +15.6% | 4th lowest of 10 |
| Operating margin | 24.8% | 26.2% | 5th lowest of 10 |
| Forward P/E | 5.0× | 7.1× | cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -12.8% | -11.3% | 5th least demanding of 9 |
| Growth delivered (Del g) | +12.7% | +8.9% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | -25.5 pp | -14.8 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +11.9 pp | +10.4 pp | 6th highest of 11 |
| EV / EBITDA | 4.1× | 3.9× | 2nd most expensive of 4 |
| Net debt / EBITDA | 0.2× | 0.3× | 2nd least indebted of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |