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China's largest state-owned producer of alumina and primary aluminum.
China's largest state-owned producer of alumina and primary aluminum.
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. Chinalco, a central state-owned group, controls it, and most sales are made inside China.
In one line: China's Alcoa.
Moat: narrow (scale, regulatory licence). State-owned scale and captive bauxite/alumina resources support a leading domestic cost position.
Headquarters: Beijing, China · Founded: 2001 · Employees: 60,814
Size Aluminum Corporation of China (601600.SS) is a China Industrials company (Wholesale Distributors) with a market value of $20.7B, the 105th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.59 on 6 Nov 2026.
Performance Over six months the shares fell 26.3%, against -4.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +7.8%); the operating margin is 18.1% (peer median 8.7%).
Valuation It trades at 6.7× forward earnings against a peer median of 14.9× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.4 points above its cost of capital (7.6% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥251B | CN¥240B | CN¥236B | CN¥225B | CN¥290B |
| Revenue growth | — | +2% | +5% | -23% | — |
| Gross profit | CN¥71.5B | CN¥42.0B | CN¥35.9B | CN¥27.7B | CN¥31.9B |
| EBITDA | n/a | CN¥41.3B | CN¥37.8B | CN¥29.3B | CN¥31.2B |
| Net income | CN¥19.7B | CN¥12.6B | CN¥12.3B | CN¥6.60B | CN¥4.07B |
| Free cash flow | CN¥43.0B | CN¥25.3B | CN¥22.4B | CN¥20.5B | CN¥24.5B |
| Capital expenditure | CN¥6.93B | CN¥9.24B | CN¥10.4B | CN¥6.71B | CN¥4.75B |
| Total debt | CN¥61.4B | CN¥69.4B | CN¥72.5B | CN¥87.5B | CN¥96.0B |
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 601600.SS | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% |
| Chinahongqiao 1378.HK | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% |
| Alcoa AA | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 10.3× | 5.6% |
| 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% |
| Norsk Hydro NHY.OL | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% |
| Hindalco Industries HINDALCO.NS | $22.7B | -9% | +20% | 11% | 8.6× | n/a |
| South32 S32.AX | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% |
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 | 601600.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.8% | +0.2% | 10th lowest of 21 |
| 6-month return | -26.3% | -4.8% | 4th lowest of 21 |
| Distance from 52-week high | -45.8% | -21.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +4.8% | +7.8% | 9th lowest of 21 |
| Operating margin | 18.1% | 8.7% | 4th highest of 21 |
| Forward P/E | 6.7× | 14.9× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -16.2% | 9.8% | least demanding of 20 |
| Growth delivered (Del g) | +5.3% | +9.5% | 5th lowest of 20 |
| Hurdle (Req g minus delivered) | -21.6 pp | -1.3 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | +12.4 pp | +2.3 pp | 4th highest of 21 |
| Net debt / EBITDA | 0.2× | 2.1× | 3rd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aluminum Corporation of China 601600.SS | China | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% | +5.3% |
| Kyocera 6971.T | Japan | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% | +6.3% |
| Rongsheng Petrochemical 002493.SZ | China | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% | +22.1% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| Toyota Tsusho 8015.T | Japan | $36.8B | +2% | +25% | 5% | 13.0× | 9.8% | +12.9% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| CMOC 603993.SS | China | $41.0B | -29% | +32% | 20% | 8.7× | -5.4% | +12.8% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| Ferguson Enterprises FERG | United States | $45.2B | -3% | +8% | 10% | 19.4× | 9.9% | +9.1% |
| Sumitomo 8053.T | Japan | $47.7B | +9% | +6% | 5% | 11.3× | 15.2% | +9.5% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |