Aluminum Corporation of China Limited (Chalco) released its unaudited 1H-2026 results, highlighting record earnings, stronger cash generation and a higher dividend payout.

Financial Performance • Revenue rose 7.74% year on year to RMB125.41 billion, driven mainly by stronger primary aluminum prices. • Profit attributable to shareholders jumped 67.91% to RMB11.87 billion. • Operating costs fell 5.43 % to RMB92.86 billion, reflecting lean-cost initiatives and lower raw-material prices. • Operating cash inflow expanded 84.91% to RMB26.24 billion, lifting cash and cash equivalents to RMB43.11 billion. • The gearing ratio declined to 42.76%, down 3.25 percentage points from end-2025.

Dividend The board approved a cash interim dividend of RMB0.276 per share (tax inclusive), totaling about RMB4.74 billion and representing 39.88% of first-half earnings. Payment is scheduled on or before 23 October 2026.

Segment Review • Primary Aluminum: Revenue increased to RMB90.93 billion, while segment profit soared to RMB26.62 billion (1H-2025: RMB8.11 billion) on higher metal prices and cost controls. • Alumina: Revenue fell to RMB23.67 billion; the segment swung to a RMB0.82 billion loss as alumina prices weakened and volumes declined 14.19%. • Marketing: Profit doubled to RMB1.06 billion on stronger sales of self-produced products. • Energy: Profit retreated to RMB0.09 billion, impacted by higher depreciation and coal-asset costs. • Corporate & Other: Loss widened to RMB0.72 billion.

Operational Metrics • Primary aluminum output reached 4.02 million tonnes, a 1.26% increase and record interim volume. • Metallurgical-grade alumina production dropped 14.19% to 7.38 million tonnes; refined alumina rose 12.50% to 2.34 million tonnes. • Coal output was stable at 6.62 million tonnes; power exports declined 7.06% to 7.9 billion kWh.

Investment & Balance Sheet • 1H-2026 capex was RMB3.45 billion, focused on energy saving, resources and R&D. • Capital expenditure commitments total RMB5.64 billion; outstanding equity investment commitments stand at RMB1.71 billion. • Net debt reduction and lower financing costs trimmed financial expenses by RMB0.14 billion to RMB0.99 billion.

Strategic Progress Chalco reported additional 18 million tonnes of domestic bauxite resources and continued ramp-up at the Guinea Boffa bauxite mine. Regulatory approvals for the Dalian coastal alumina project have been secured, while the Guinea alumina project and the planned acquisition of a 68.60 % stake in Brazil’s Companhia Brasileira de Alumínio S.A. (CBA) are advancing. S&P revised Chalco’s outlook to “Positive” and upgraded its stand-alone credit profile to “bbb”.

Shareholder Structure & Capital Actions State-owned Aluminum Corporation of China (Chinalco) remains the largest shareholder with a 30.52% direct stake and 33.55% on a consolidated basis. In July 2026 Chinalco and its affiliates began a share-purchase program to acquire up to 2 % of Chalco’s issued share capital within a 12-month window; by 11 August they had raised their holding by 0.45%, investing about RMB0.66 billion.

Chalco completed the third tranche unlock of 29.97 million restricted shares under its 2021 incentive scheme in June and repurchased 0.21 million restricted shares for cancellation.

Outlook Management plans to intensify cost discipline, optimise procurement and logistics, and advance green-energy capacity relocations in the second half. Key priorities include accelerating overseas resource integration, progressing major projects in Guinea and Brazil, and sustaining strong cash generation to underpin shareholder returns.