Eagle Eye Warning: China Aluminum International's Revenue Declines

Sina Finance Listed Company Research Institute | Financial Report Eagle-Eye Early Warning

On March 28, Aluminum International issued its 2025 annual report, with an audit opinion of a standard unqualified (unmodified) audit opinion.

The report shows that the company’s operating revenue for the full year 2025 was 23.06 billion yuan, down 3.93% year over year; net profit attributable to shareholders was 258 million yuan, up 16.47% year over year; net profit after deducting non-recurring gains and losses attributable to shareholders was 61.796 million yuan, up 147.83% year over year; basic earnings per share were 0.0364 yuan per share.

Since listing in July 2018, the company has delivered cash dividends 2 times, with cumulative cash dividends implemented totaling 102 million yuan.

The listed company financial report eagle-eye early warning system conducts intelligent quantitative analysis of Aluminum International’s 2025 annual report from four major dimensions: performance quality, profitability, capital pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was 23.06 billion yuan, down 3.93% year over year; net profit was 381 million yuan, up 41.96% year over year; net cash flow from operating activities was 891 million yuan, up 133.08% year over year.

From the overall performance perspective, it is necessary to focus on:

• Revenue decline. During the reporting period, operating revenue was 23.06 billion yuan, down 3.93% year over year.

• Divergence between revenue and net profit changes. During the reporting period, operating revenue decreased 3.93% year over year, while net profit increased 41.96% year over year; the changes in operating revenue and net profit diverged.

From the matching between revenue, cost, and period expenses, it is necessary to focus on:

• Divergence between operating revenue and taxes and surcharges. During the reporting period, operating revenue changed by -3.93% year over year, while taxes and surcharges changed by 3.71% year over year; the changes in operating revenue and taxes and surcharges diverged.

In light of cash flow quality, it is necessary to focus on:

• Divergence between operating revenue and net cash flow from operating activities. During the reporting period, operating revenue decreased 3.93% year over year, net cash flow from operating activities increased 133.08% year over year, and the changes in operating revenue and net cash flow from operating activities diverged.

II. Profitability

During the reporting period, the company’s gross margin was 13.54%, up 10.9% year over year; net profit margin was 1.65%, up 47.77% year over year; return on net assets (weighted) was 3.85%, up 56.5% year over year.

Combining the company’s operating-side performance, it is necessary to focus on:

• A significant increase in gross margin from sales. During the reporting period, the gross margin from sales was 13.54%, up significantly by 10.91% year over year.

• Gross margin from sales increased, but inventory turnover declined. During the reporting period, the gross margin from sales rose from 12.21% in the same period last year to 13.54%, while the inventory turnover ratio fell from 9.25 times in the same period last year to 8.99 times.

• Gross margin from sales increased, but accounts receivable turnover decreased. During the reporting period, the gross margin from sales rose from 12.21% in the same period last year to 13.54%, while the accounts receivable turnover ratio fell from 1.5 times in the same period last year to 1.42 times.

From the asset side, it is necessary to focus on:

• Over the past three years, the average return on net assets was below 7%. During the reporting period, the weighted average return on net assets was 3.85%; over the most recent three accounting years, the weighted average return on net assets was on average below 7%.

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was 4.14%, and the average over the three reporting periods was below 7%.

III. Capital Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 77.46%, down 1.34% year over year; the current ratio was 1.31, and the quick ratio was 1.22; total debt was 12.753 billion yuan, of which short-term debt was 6.309 billion yuan, and short-term debt as a proportion of total debt was 49.47%.

From the perspective of short-term funding pressure, it is necessary to focus on:

• Cash ratio less than 0.25. During the reporting period, the cash ratio was 0.19, which is below 0.25.

From the perspective of long-term funding pressure, it is necessary to focus on:

• Broad monetary funds can cover short-term debt, but long-term debt cannot be covered. During the reporting period, the ratio of broad monetary funds to total debt was 0.57, and broad monetary funds were lower than total debt.

From the perspective of capital management and control, it is necessary to focus on:

• The ratio of total debt to total liabilities is greater than 20%, and the ratio of interest expense to net profit is greater than 30%. During the reporting period, the ratio of total debt to total liabilities was 30.34%, the ratio of interest expense to net profit was 72.79%, and the impact of interest expense on the company’s operating performance was relatively significant.

• Prepayments to suppliers changed significantly. During the reporting period, prepayments to suppliers were 630 million yuan, with a period-start change rate of 50.88%.

• The growth rate of prepayments to suppliers is higher than the growth rate of operating costs. During the reporting period, prepayments to suppliers increased 50.88% from the beginning of the period, operating costs decreased -5.39% year over year, and the growth rate of prepayments to suppliers was higher than that of operating costs.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 1.42, down 5.45% year over year; the inventory turnover ratio was 8.99, down 2.78% year over year; the total asset turnover ratio was 0.56, down 3.46% year over year.

From long-term assets, it is necessary to focus on:

• Construction in progress changed significantly. During the reporting period, construction in progress was 0.8 billion yuan, up 60.57% from the beginning of the period.

• Long-term deferred expenses changed significantly compared with the beginning of the period. During the reporting period, long-term deferred expenses were 100 million yuan, up 125.11% from the beginning of the period.

From the three expense categories, it is necessary to focus on:

• Finance expenses changed significantly. During the reporting period, finance expenses were 0.31 billion yuan, up 61.63% year over year.

Click the Aluminum International eagle-eye early warning to view the latest early warning details and a visual preview of financial reports.

Sina Finance Listed Company Financial Report Eagle-Eye Early Warning Introduction: The listed company financial report eagle-eye early warning is a specialized intelligent analysis system for listed company financial reports. The eagle-eye early warning system, by pooling a large number of authoritative financial experts including accounting firms and listed companies, tracks and interprets the latest financial reports of listed companies across multiple dimensions such as company performance growth, earnings quality, capital pressure and safety, and operating efficiency, and highlights potentially existing financial risk points in a picture-and-text format. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory authorities, and others to identify and issue alerts for financial risks of listed companies.

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Responsible editor: Xiaolang Express News