Aluminum smelting leader Tianshan Aluminum reports good news: net profit of 2.185 billion yuan, up 110.45% year-on-year

Headline: Aluminum Electrolysis Leader, Good News

On March 29, Tianshan Aluminum Industry announced that it expects net profit attributable to shareholders of the listed company for the first quarter of 2026 to be 2.2 billion yuan, up 107.92% year over year; it also expects net profit after deducting non-recurring gains and losses to be 2.185 billion yuan, up 110.45% year over year.

Tianshan Aluminum Industry said that the main reasons for the company’s performance growth are that some capacity of the 1.4-million-ton green and low-carbon energy-efficiency improvement project for aluminum electrolysis has been put into operation, and the volume of aluminum electrolysis products sold and produced has increased by about 10% year over year. At the same time, the sales price of aluminum electrolysis products increased by about 17% year over year, production costs were effectively controlled and declined year over year, and the efforts on volume and price have worked in tandem.

On the same day, Tianshan Aluminum Industry released its 2025 annual report. The financial report shows that in 2025, the company’s output of aluminum electrolysis, output of alumina, self-generated power, output of aluminum foil, and other key figures reached new historical highs. The company’s average internal sales price of aluminum electrolysis was about 20,600 yuan/ton (including tax), up about 4% year over year, with a gross margin of 30.46%. Regarding projects, in 2025, some aluminum electrolysis cells of the 1.4-million-ton green and low-carbon energy-efficiency improvement project for aluminum electrolysis were completed and switched on for startup; the remaining portion is planned to be put into operation in the first half of 2026. At that time, the company’s aluminum electrolysis production capacity will increase to 1.4 million tons per year.

Tianshan Aluminum Industry said that the company has built industrial bases in regions rich in resources and energy, forming an upstream-to-downstream integrated layout for research, development, manufacturing, and production from bauxite ore to alumina, and then to aluminum electrolysis, high-purity aluminum, and aluminum foil. The company is also equipped with a complete aluminum industry chain layout including its own captive power plants and pre-baked anodes. As bauxite projects in Guangxi and overseas bauxite projects gradually enter the development and mining stages, the Jiangyin battery aluminum foil project has been put into operation and its production capacity has gradually ramped up. The company’s advantages in its industrial chain have thus been strengthened and improved, enabling a complete industrial chain layout from upstream mineral resources to metal aluminum ingots and then to terminal aluminum deep-processing products. Meanwhile, the company is accelerating its overseas aluminum resource strategy by investing in Indonesia to build a 2-million-ton alumina project, constructing a low-cost supply chain centered on its own bauxite resources.

Tianshan Aluminum Industry’s main businesses are the production and sales of aluminum electrolysis, alumina, pre-baked anodes, high-purity aluminum, and aluminum deep-processing products and materials. A research report from Huayuan Securities believes that with overseas supply disruptions layered on top of a stagflation trading backdrop, the aluminum price is expected to remain at high levels with ongoing fluctuations. Looking over the long term, on the supply side, domestic aluminum electrolysis operating capacity is close to the ceiling; overseas projects under construction are progressing slowly. On the demand side, demand is expected to maintain stable growth and could even exceed expectations. In this case, aluminum electrolysis this year may face a shortage pattern, and aluminum prices are expected to enter an upward cycle.

Author: Feng Xinyi

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