# Aluminum Corp of China (601600.SHG)

Canonical: https://gigainvestors.com/s/601600.SHG

Analysis as of: 2026-10-16T07:34:36.508Z. Financial observations: FY2000–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 8.68 per share; close as of 2026-10-15.

Estimated value: low CNY 6.50 per share, central CNY 7.19 per share, high CNY 8.11 per share. Buy at or below the central value CNY 7.19 per share. Valuation as of 2026-10-16T07:34:36.508Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.88×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.00×

- FY2017: 0.02×

- FY2018: 0.01×

- FY2019: 0.01×

- FY2020: 0.01×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.07×

- FY2024: 0.09×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.7%

- ROIC, second-lowest year: 1.0%

- Typical minus recent gross margin: -5.8 pp

- Typical gross margin (annual median): 9.7%

- Recent gross margin (lower of latest and 3-year median): 15.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.8%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.4%

- FY2017: 2.2%

- FY2018: 1.2%

- FY2019: 1.0%

- FY2020: 1.3%

- FY2021: 9.1%

- FY2022: 9.5%

- FY2023: 11.7%

- FY2024: 19.9%

- FY2025: 23.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 47B

- Net income, five-year total: CNY 42B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -8.3 pp

- Working capital / revenue, final three-year average: 6.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.68×

- FY2022: 1.24×

- FY2023: 1.11×

- FY2024: 0.93×

- FY2025: 1.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.2% vs 19.9%

- Per-share earnings: 0.02 to 0.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: CNY 146B

- Cumulative retained earnings: CNY 37B

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 52.7%

- Per-share value change: CNY 0.70

- Per-share value, starting three-year median: CNY 0.02

- Per-share value, ending three-year median: CNY 0.73

- Buybacks concentrated in cheaper years (correlation): 0.03

- Average buyback yield: 3.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 34B

- Cumulative net income, 10 years: CNY 46B

- ROIC, first three-year median: 1.2%

- ROIC, last three-year median: 19.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.02

- FY2017: CNY 0.09

- FY2018: CNY 0.06

- FY2019: CNY 0.05

- FY2020: CNY 0.04

- FY2021: CNY 0.34

- FY2022: CNY 0.25

- FY2023: CNY 0.39

- FY2024: CNY 0.73

- FY2025: CNY 0.74

### accounting: pass

- Sloan accruals: -9.5%

- Receivables to sales index (DSRI): 1.36×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: -5.9%

- FY2018: -6.1%

- FY2019: -5.7%

- FY2020: -7.2%

- FY2021: -13.1%

- FY2022: -11.1%

- FY2023: -9.6%

- FY2024: -9.5%

- FY2025: -9.5%

## Holders

## Price story

Down 39% since Jan 2026 · sales +1.4%

Story as of 2026-10-16T10:00:01.558Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2024–2025

sales +1.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 144B 

- FY2017: CNY 181B 

- FY2018: CNY 180B 

- FY2019: CNY 190B 

- FY2020: CNY 186B 

- FY2021: CNY 299B 

- FY2022: CNY 291B 

- FY2023: CNY 225B 

- FY2024: CNY 237B 

- FY2025: CNY 240B 

### Gross margin · FY2025

gross margin 17.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 7.5% 

- FY2017: 8.4% 

- FY2018: 7.6% 

- FY2019: 6.6% 

- FY2020: 6.9% 

- FY2021: 12.1% 

- FY2022: 11.1% 

- FY2023: 12.8% 

- FY2024: 15.5% 

- FY2025: 17.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aluminum; annual sales are CNY 240.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2025: revenue 240418825000; grossProfit 41951962000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601600.SHG: Aluminum Corporation of China Limited, together with its subsidiaries, primarily engages in the exploration and mining of bauxite, coal, and other resources in the People's Republic of China and internationally. It operates through five segments: Alumina, Primary Aluminum, Energy, Marketing, and Corporate and Other Operating. The Alumina segment mines for and purchases bauxite and other raw materials; refines bauxite into alumina; and sells alumina, as well as produces and sells refined alumina, gallium, and multi-form alumina bauxite. Its Primary Aluminum segment procures alumina and other raw materials, auxiliary materials, and electricity power; and produces and sells carbon, aluminum alloy, and other electrolytic aluminum products. The Energy segment mines for coal deposits; generates and sells electricity using thermal, wind, and solar power sources to regional power grid corporations; and manufactures power related equipment. Its Marketing segment trades in alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products, and raw and supplemental materials; and provides logistics and transport services. The Corporate and Other Operating segment provides research and development services; and engages in other aluminum-related business activities. The company is involved in the acquisition, manufacturing, and distribution of bauxite mines and limestone ore; engineering project; thermoelectric supply and investment management; and import and export activities, as well as manufacturing and distribution of anode and cathode carbon products. Aluminum Corporation of China Limited was incorporated in 2001 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 12.8% to 17.4% during 2023–25; it earns 5.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2023: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2024: grossProfit / revenue = 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2025: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); 10-year return on capital observations [[2016,0.004282675811843005],[2017,0.0223528226931156],[2018,0.011950140326377682],[2019,0.009843471263456183],[2020,0.01289939902404941],[2021,0.09141100722290273],[2022,0.09510384653992918],[2023,0.11714999445538822],[2024,0.19879950718105469],[2025,0.23412593805539214]]; median 0.056881914958009164. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 11% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); Gross margin observations: [[2021,0.12078649221181299],[2022,0.11111401310230236],[2023,0.12777661172750227]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2016: growth capex 0; upkeep 6548841000; owner earnings 742006000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2017: growth capex 2378605000; upkeep 6936336000; owner earnings 1413028000. Growth capex / owner earnings = 1.6833389005738033.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2018: growth capex 0; upkeep 6852022000; owner earnings 1904796000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2019: growth capex 1412664000; upkeep 7634655000; owner earnings 853102000. Growth capex / owner earnings = 1.6559145330804523.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2020: growth capex 0; upkeep 5038896000; owner earnings 3536453000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2021: growth capex 0; upkeep 3411736000; owner earnings 9697531000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2022: growth capex 0; upkeep 4751196000; owner earnings 5199156050.53924. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2023: growth capex 0; upkeep 6709495000; owner earnings 7414170874.03802. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2024: growth capex 0; upkeep 10359800000; owner earnings 11531576789.135014. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); FY2025: growth capex 0; upkeep 9244017000; owner earnings 12821245354.81237. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); Dividend observations: [[2016,434762000],[2017,501933000],[2018,410548000],[2019,352648000],[2020,421416000],[2021,4111165000],[2022,3884071000],[2023,3473749000],[2024,4716618000],[2025,4426153000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 43.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601600.SHG SharesStats.PercentInsiders = 43.752 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:36.508Z); Ten-year compound average after fade. Initial solved rate 0.0414374365939727. Price 8.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.0998184858566172 → FY2025 0.7505599151078812. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 3.98 per share

- 2016-11: CNY 4.66 per share

- 2016-12: CNY 4.22 per share

- 2017-01: CNY 5.13 per share

- 2017-02: CNY 4.94 per share

- 2017-03: CNY 4.65 per share

- 2017-04: CNY 4.85 per share

- 2017-05: CNY 4.23 per share

- 2017-06: CNY 4.52 per share

- 2017-07: CNY 5.98 per share

- 2017-08: CNY 8.01 per share

- 2017-09: CNY 8.09 per share

- 2017-10: CNY 8.09 per share

- 2017-11: CNY 8.09 per share

- 2017-12: CNY 8.09 per share

- 2018-01: CNY 8.09 per share

- 2018-02: CNY 5.90 per share

- 2018-03: CNY 4.73 per share

- 2018-04: CNY 4.69 per share

- 2018-05: CNY 4.17 per share

- 2018-06: CNY 3.84 per share

- 2018-07: CNY 3.87 per share

- 2018-08: CNY 4.04 per share

- 2018-09: CNY 4.03 per share

- 2018-10: CNY 3.80 per share

- 2018-11: CNY 3.64 per share

- 2018-12: CNY 3.55 per share

- 2019-01: CNY 3.53 per share

- 2019-02: CNY 4.26 per share

- 2019-03: CNY 4.19 per share

- 2019-04: CNY 4.16 per share

- 2019-05: CNY 4.02 per share

- 2019-06: CNY 3.92 per share

- 2019-07: CNY 3.75 per share

- 2019-08: CNY 3.60 per share

- 2019-09: CNY 3.52 per share

- 2019-10: CNY 3.39 per share

- 2019-11: CNY 3.28 per share

- 2019-12: CNY 3.54 per share

- 2020-01: CNY 3.30 per share

- 2020-02: CNY 3.06 per share

- 2020-03: CNY 2.88 per share

- 2020-04: CNY 2.85 per share

- 2020-05: CNY 2.80 per share

- 2020-06: CNY 2.76 per share

- 2020-07: CNY 3.29 per share

- 2020-08: CNY 3.16 per share

- 2020-09: CNY 2.91 per share

- 2020-10: CNY 2.87 per share

- 2020-11: CNY 4.13 per share

- 2020-12: CNY 3.63 per share

- 2021-01: CNY 3.20 per share

- 2021-02: CNY 4.25 per share

- 2021-03: CNY 3.77 per share

- 2021-04: CNY 4.44 per share

- 2021-05: CNY 5.23 per share

- 2021-06: CNY 5.30 per share

- 2021-07: CNY 5.97 per share

- 2021-08: CNY 7.80 per share

- 2021-09: CNY 7.75 per share

- 2021-10: CNY 6.14 per share

- 2021-11: CNY 5.20 per share

- 2021-12: CNY 6.09 per share

- 2022-01: CNY 5.26 per share

- 2022-02: CNY 6.48 per share

- 2022-03: CNY 5.82 per share

- 2022-04: CNY 4.76 per share

- 2022-05: CNY 5.15 per share

- 2022-06: CNY 4.75 per share

- 2022-07: CNY 4.67 per share

- 2022-08: CNY 4.51 per share

- 2022-09: CNY 4.13 per share

- 2022-10: CNY 3.86 per share

- 2022-11: CNY 4.47 per share

- 2022-12: CNY 4.47 per share

- 2023-01: CNY 5.29 per share

- 2023-02: CNY 5.53 per share

- 2023-03: CNY 5.52 per share

- 2023-04: CNY 6.39 per share

- 2023-05: CNY 5.41 per share

- 2023-06: CNY 5.49 per share

- 2023-07: CNY 6.37 per share

- 2023-08: CNY 5.92 per share

- 2023-09: CNY 6.28 per share

- 2023-10: CNY 6.20 per share

- 2023-11: CNY 5.54 per share

- 2023-12: CNY 5.64 per share

- 2024-01: CNY 5.69 per share

- 2024-02: CNY 6.05 per share

- 2024-03: CNY 7.40 per share

- 2024-04: CNY 7.42 per share

- 2024-05: CNY 8.19 per share

- 2024-06: CNY 7.63 per share

- 2024-07: CNY 6.90 per share

- 2024-08: CNY 6.83 per share

- 2024-09: CNY 8.90 per share

- 2024-10: CNY 7.63 per share

- 2024-11: CNY 7.52 per share

- 2024-12: CNY 7.35 per share

- 2025-01: CNY 7.76 per share

- 2025-02: CNY 7.15 per share

- 2025-03: CNY 7.46 per share

- 2025-04: CNY 6.40 per share

- 2025-05: CNY 6.54 per share

- 2025-06: CNY 7.04 per share

- 2025-07: CNY 7.43 per share

- 2025-08: CNY 7.83 per share

- 2025-09: CNY 8.24 per share

- 2025-10: CNY 9.99 per share

- 2025-11: CNY 10.51 per share

- 2025-12: CNY 12.22 per share

- 2026-01: CNY 14.13 per share

- 2026-02: CNY 13.72 per share

- 2026-03: CNY 11.40 per share

- 2026-04: CNY 11.65 per share

- 2026-05: CNY 11.42 per share

- 2026-06: CNY 8.22 per share

- 2026-07: CNY 9.57 per share

- 2026-08: CNY 9.77 per share

- 2026-09: CNY 8.93 per share

- 2026-10: CNY 9.05 per share

## Annual estimated value (CNY per share)

- FY2017: low CNY 2.37 per share, central CNY 2.46 per share, high CNY 2.59 per share

- FY2018: low CNY 2.06 per share, central CNY 2.45 per share, high CNY 2.67 per share

- FY2019: low CNY 1.17 per share, central CNY 1.41 per share, high CNY 1.57 per share

- FY2020: low CNY 1.39 per share, central CNY 1.57 per share, high CNY 1.76 per share

- FY2021: low CNY 3.15 per share, central CNY 3.77 per share, high CNY 4.25 per share

- FY2022: low CNY 3.64 per share, central CNY 4.10 per share, high CNY 4.72 per share

- FY2023: low CNY 3.43 per share, central CNY 3.81 per share, high CNY 4.31 per share

- FY2024: low CNY 5.68 per share, central CNY 6.36 per share, high CNY 7.27 per share

- FY2025: low CNY 6.06 per share, central CNY 6.75 per share, high CNY 7.68 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:19.984Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.