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China's largest producer of alumina and primary aluminum, also mining bauxite and coal.
China's largest producer of alumina and primary aluminum, also mining bauxite and coal.
Earns from selling aluminium ingot and alumina at prices that track Shanghai and London benchmarks, so the gap between those prices and its power, bauxite and carbon costs sets the result. This is the Hong Kong-listed share class; Chinalco, a central state-owned group, controls the company, and most sales are inside China.
In one line: China's largest state-owned aluminum producer, akin to a domestic Alcoa.
Moat: none (scale). Large-scale smelting capacity, but aluminum is a commodity with no pricing power.
Headquarters: Beijing, China · Founded: 2001 · Employees: 60,814
Size Aluminum Corporation of China (2600.HK) is a Hong Kong Materials company (Wholesale Distributors) with a market value of $20.9B, the 86th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$7.32 on 6 Nov 2026.
Performance Over six months the shares fell 36.6%, against -31.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 17 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +25.4%); the operating margin is 17.4% (peer median 22.6%).
Valuation It trades at 4.8× forward earnings against a peer median of 7.8× (2nd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -12% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.5 points above its cost of capital (8.8% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$280B | HK$262B | HK$257B | HK$249B | HK$338B |
| Revenue growth | — | +2% | +3% | -26% | — |
| Gross profit | HK$62.5B | HK$44.5B | HK$37.9B | HK$30.0B | HK$35.9B |
| EBITDA | HK$61.6B | HK$43.8B | HK$39.6B | HK$31.4B | HK$35.9B |
| Net income | HK$19.7B | HK$13.7B | HK$13.4B | HK$7.33B | HK$4.74B |
| Free cash flow | HK$37.4B | HK$22.0B | HK$19.2B | HK$20.0B | HK$24.2B |
| Capital expenditure | HK$9.20B | HK$10.0B | HK$11.2B | HK$7.41B | HK$5.45B |
| Total debt | n/a | HK$77.3B | HK$77.2B | HK$96.4B | HK$108B |
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 |
|---|---|---|---|---|---|---|
| Aluminum Corporation of China 2600.HK | $20.9B | -37% | +7% | 17% | 4.8× | -11.6% |
| Yunnan Aluminium 000807.SZ | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% |
| Alcoa AA | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2600.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -5.5% | 8th highest of 17 |
| 6-month return | -36.6% | -31.0% | 6th lowest of 17 |
| Distance from 52-week high | -53.0% | -48.5% | 7th lowest of 17 |
| Revenue growth (TTM) | +6.7% | +25.4% | 3rd lowest of 17 |
| Operating margin | 17.4% | 22.6% | 6th lowest of 17 |
| Forward P/E | 4.8× | 7.8× | 2nd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -11.6% | -7.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +4.6% | +15.6% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -16.1 pp | -20.4 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | +8.5 pp | +7.0 pp | 8th highest of 16 |
| EV / EBITDA | 4.0× | 5.2× | 3rd cheapest of 10 |
| Net debt / EBITDA | 0.2× | 0.1× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aluminum Corporation of China 2600.HK | Hong Kong | $20.9B | -37% | +7% | 17% | 4.8× | -11.6% | +4.6% |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Shandong Gold Mining 1787.HK | Hong Kong | $16.4B | -42% | +12% | 13% | 11.1× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| Anhui Conch Cement 0914.HK | Hong Kong | $13.9B | -11% | -7% | 8% | 16.0× | 1.0% | -14.7% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Chifeng Jilong Gold Mining 6693.HK | Hong Kong | $11.1B | -24% | +29% | 43% | 12.9× | 11.0% | +21.8% |
| CMOC 3993.HK | Hong Kong | $40.0B | -39% | +39% | 20% | 6.7× | -8.7% | +12.0% |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Zijin Gold International 2259.HK | Hong Kong | $46.6B | -19% | +106% | 54% | 15.7× | 17.3% | +43.4% |
| Tianqi Lithium 9696.HK | Hong Kong | $8.79B | -64% | +116% | 57% | 5.0× | -10.8% | +25.3% |
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Huaxin Building Materials 6655.HK | Hong Kong | $6.91B | +9% | +22% | 18% | 8.1× | -7.8% | +3.0% |
| China International Marine Containers (Group) 2039.HK | Hong Kong | $6.11B | -35% | +6% | 4% | 12.7× | -8.1% | +9.9% |
| Kingboard 0148.HK | Hong Kong | $5.78B | -17% | +19% | 15% | 5.0× | n/a | n/a |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |