Credit Brief — Aluminum Corporation of China Limited (中国铝业)
601600.SH · Shanghai Main Board · Data window: 2017–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 何文建
- Registered address: 中国北京市海淀区西直门北大街62号
- Office address: 中国北京市海淀区西直门北大街62号
- Controlling shareholder: 中国铝业集团有限公司
- Actual controller: 国务院国资委
- Employees: 60,814
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|
| Cash and bank balances | — | 2,165.3 | 1,305.8 | 22,210.5 | 29,238.1 | 44,286.2 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 2,003.6 | 4,409.2 | 6,008.4 |
| Accounts receivable | — | 5,209.5 | 0.0 | 5,231.1 | 5,172.2 | 7,402.3 |
| Other receivables | 6,531.3 | — | — | 1,610.4 | 1,425.1 | 1,278.5 |
| Inventories | — | — | — | 24,420.6 | 24,021.6 | 22,939.7 |
| Long-term equity investments | 70.5 | — | — | 11,548.7 | 12,361.1 | 12,356.5 |
| Fixed assets | 94,946.4 | -6,000.2 | 94,073.7 | 95,873.2 | 98,678.2 | 95,862.1 |
| Construction in progress | — | -228.8 | 13,036.0 | 10,578.1 | 5,258.2 | 5,985.4 |
| Intangible assets | 13,855.2 | 0.0 | 0.0 | 17,273.3 | 17,457.1 | 17,134.8 |
| Total assets | — | 6,929.1 | 107,777.4 | 215,941.5 | 227,021.7 | 244,577.3 |
Liabilities
| 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|
| Short-term borrowings | — | — | — | 3,076.7 | 7,385.4 | 5,231.9 |
| Notes payable | — | 5,439.2 | 0.0 | 6,779.5 | 5,783.9 | 3,994.9 |
| Accounts payable | — | 8,570.1 | 0.0 | 13,045.8 | 12,403.5 | 14,290.8 |
| Contract liabilities | 1,372.1 | — | — | 1,807.5 | 2,179.0 | 2,498.9 |
| Other payables | — | — | — | 8,305.4 | 8,352.8 | 10,087.6 |
| Current portion of non-current liabilities | — | 180.8 | 6,319.8 | 8,463.3 | 11,552.6 | 13,406.8 |
| Long-term borrowings | — | 35,027.2 | 35,496.2 | 34,761.7 | 27,214.7 | 24,522.8 |
| Bonds payable | — | — | — | 9,081.8 | 8,995.0 | 8,496.6 |
| Total liabilities | — | 6,929.1 | 8,984.1 | 103,887.1 | 104,450.1 | 104,584.8 |
Equity
| 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|
| Paid-in capital | 0.0 | 0.0 | 0.0 | 17,156.5 | 17,155.6 | 17,155.0 |
| Capital reserve | — | 0.0 | 0.0 | 23,286.7 | 21,219.3 | 21,240.3 |
| Retained earnings | — | — | — | 24,882.8 | 32,620.4 | 41,570.4 |
| Equity attributable to owners of the parent | — | — | — | 69,204.3 | 74,924.8 | 84,502.9 |
| Minority interests | 0.0 | — | — | 42,850.0 | 47,646.8 | 55,489.6 |
| Total equity | — | — | — | 112,054.4 | 122,571.7 | 139,992.5 |
Income statement
| 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|---|
| Revenue | 180,240.2 | 180,241.4 | 190,074.2 | 237,109.2 | 241,125.2 | 125,413.2 |
| Cost of sales | 164,535.2 | 176,388.0 | 176,256.1 | 199,765.4 | 197,654.8 | 91,626.2 |
| Selling expenses | 2,497.0 | 1,673.4 | 1,673.1 | 447.5 | 478.3 | 231.8 |
| Administrative expenses | 3,444.0 | 3,057.3 | 2,990.8 | 5,491.6 | 5,234.5 | 2,559.8 |
| Finance costs | 4,484.4 | 4,388.4 | 4,720.3 | 2,678.6 | 2,162.4 | 1,032.0 |
| Investment income | 740.0 | 740.0 | 1,160.7 | 996.1 | 693.3 | 87.6 |
| Operating profit | 2,424.3 | 2,385.3 | 1,957.4 | 22,310.0 | 25,805.9 | 26,292.1 |
| Profit before tax | 2,430.3 | 2,391.3 | 2,113.8 | 22,312.4 | 25,839.5 | 26,230.1 |
| Net profit | 1,607.8 | 1,568.8 | 1,488.1 | 19,372.3 | 21,524.9 | 21,496.2 |
5. Ratios
| Ratio | 2017 | 2018 | 2019 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|---|
| Current ratio | — | — | — | 1.28x | 1.36x | 1.62x |
| Quick ratio | — | — | — | 0.75x | 0.90x | 1.22x |
| Debt-to-asset ratio | — | 100.0% | 8.3% | 48.1% | 46.0% | 42.8% |
| Total debt / EBITDA | 0.00x | 5.13x | 3.07x | 1.70x | 1.53x | 1.48x |
| EBITDA interest coverage | 3.09x | 1.40x | 2.77x | 11.82x | 15.36x | 33.08x |
| Gross margin | 8.7% | 2.1% | 7.3% | 15.7% | 18.0% | 26.9% |
| Net margin | 0.9% | 0.9% | 0.8% | 8.2% | 8.9% | 17.1% |
| Return on equity (ROE) | — | — | — | 17.3% | 17.6% | 15.4% |
| Revenue growth | — | 0.0% | 5.5% | 24.7% | 1.7% | -48.0% |
| Net profit growth | — | -2.4% | -5.1% | 1201.8% | 11.1% | -0.1% |
| Receivable days | — | 11 | — | 8 | 8 | 22 |
| Cash received / revenue | 86.2% | 86.2% | 81.4% | 91.2% | 99.1% | 95.2% |
| Operating CF / net profit | 8.20x | 8.41x | 8.45x | 1.69x | 1.58x | 1.22x |
| Free cash flow | 7,489.8 | 7,503.0 | -918.8 | 35,855.0 | 40,391.4 | 21,665.7 |
Mechanical risk flags
- ⚠ Current ratio: 1.36 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.90 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.46 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2019 · Cash-flow statement net increase vs balance-sheet cash movement: -11,371.6 vs -859.5 CNY mn (deviation 92.44%, severity mid)
Sources: 2019年年度报告.pdf p.130 「五、现金及现金等价物净增加额」 vs 2019年年度报告.pdf 「货币资金」. CF-statement figure below the balance-sheet movement by 10,512.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 2,309.2 vs 20,904.7 CNY mn (deviation 88.95%, severity mid)
Sources: 2025年年度报告.pdf p.133 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.126 「货币资金」. CF-statement figure below the balance-sheet movement by 18,595.5 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 7,244.3 vs 7,027.6 CNY mn (deviation 2.99%, severity mid)
Sources: 2025年年度报告.pdf p.133 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.126 「货币资金」. CF-statement figure above the balance-sheet movement by 216.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 15,116.8 vs 15,048.2 CNY mn (deviation 0.45%, severity low)
Sources: 2026年半年度报告.pdf p.64 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.56 「货币资金」. CF-statement figure above the balance-sheet movement by 68.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
5 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 29,238.1 | 2025年年度报告.pdf | 126 | 货币资金 | 29238071.0 (千元) |
| Total assets | 2025 | 227,021.7 | 2025年年度报告.pdf | 126 | 资产总计 | 227021733.0 (千元) |
| Accounts receivable | 2025 | 5,172.2 | 2025年年度报告.pdf | 126 | 应收账款 | 5172220.0 (千元) |
| Fixed assets | 2025 | 98,678.2 | 2025年年度报告.pdf | 126 | 固定资产 | 98678173.0 (千元) |
| Short-term borrowings | 2025 | 7,385.4 | 2025年年度报告.pdf | 126 | 短期借款 | 7385390.0 (千元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.