Tianshan Aluminum Group Co Ltd

The nonferrous metals sector on the Shenzhen Stock Exchange delivered a strong performance in the first half of 2026. As of August 24, among the 30 companies that had disclosed interim reports, 18 reported earnings growth exceeding 50 percent, and 16 exceeded 100 percent. Hongqiao Holdings achieved revenue of 86.504 billion yuan, up 11.95 percent year on year, with net profit attributable to shareholders of 15.645 billion yuan, up 77.02 percent. Yunnan Aluminium expects net profit attributable to shareholders of 7.5 billion to 7.8 billion yuan, up 170.98 percent to 181.82 percent. Shenhuo Coalfield Power posted net profit attributable to shareholders of 4.781 billion yuan, up 151.06 percent. Tianshan Aluminum reported net profit attributable to shareholders of 4.177 billion yuan, up 100.44 percent. Tongling Nonferrous Metals expects net profit attributable to shareholders of 2.65 billion to 3.15 billion yuan, up 84.13 percent to 118.87 percent. Shanjin International Gold posted net profit attributable to shareholders of 2.416 billion yuan, up 51.43 percent. China Tungsten and Hightech Materials reported net profit attributable to shareholders of 2.076 billion yuan, up 280.53 percent. Continued strength in precious metals prices such as gold and silver, tight supply and demand for industrial metals including copper, aluminum, tin and tungsten, and recovering demand for new energy metals such as lithium and rare earths combined to drive a substantial improvement in industry profitability. Many companies are optimistic about the second half of the year, believing the aluminum industry is likely to maintain a tight supply-demand balance and that electrolytic aluminum prices are expected to remain elevated and volatile.

Tianshan Aluminum released its 2026 interim report, with net profit attributable to the parent company at 4.177 billion yuan, up 100.44 percent from the same period last year. Total operating revenue was 17.511 billion yuan, up 14.25 percent year on year, marking a second consecutive year of growth. Net cash inflow from operating activities was 4.015 billion yuan, up 22.43 percent year on year, marking a third consecutive year of growth. The company's latest gross margin was 37.36 percent, up 17.14 percentage points from the same period last year, marking five consecutive quarters of increase. Latest return on equity was 13.01 percent, up 5.53 percentage points from the same period last year. Diluted earnings per share were 0.91 yuan, up 102.22 percent year on year.

On the evening of August 18, multiple listed companies on the Shanghai and Shenzhen stock exchanges released important announcements. Shenzhen Sunxing's wholly-owned subsidiary plans to invest in a high-end aluminum-based new materials project, with a planned capacity of 100,000 tons of high-end aluminum-based new materials and a first-phase investment of 400 million yuan to build an annual production line of 20,000 tons for demonstration. Luopu Skin plans to acquire a 51% stake in Mengying Technology to enter the equipment manufacturing sector. Jintian Copper is planning to spin off its controlling subsidiary Ketian Magnetics for listing. Yabang Chemical plans to publicly list and transfer 100% equity and creditor's rights of Daobo Chemical. In terms of performance, GigaDevice's net profit in the first half of the year was 6.857 billion yuan, up 1091.5% year-on-year; Puya Semiconductor's net profit attributable to the parent was 827 million yuan, up 1929.65%; Bluetrum's net profit was 480 million yuan, up 265.77%; Zhuzhou Smelter Group's net profit was 1.948 billion yuan, up 232.75%; Shandong Fiberglass's net profit was 29.2277 million yuan, up 234.89%; Yunhan Core City's net profit grew 207.69% year-on-year; Tunan Co., Ltd.'s net profit grew 167.92%; Tianshan Aluminum's net profit was 4.177 billion yuan, up 100.44%; China Securities's net profit was 7.639 billion yuan, up 69.44%; Haohua Energy's net profit grew 66.14%; Xingtong Co., Ltd.'s net profit grew 57.11%; Hengda New Materials' net profit grew 57.29%; Tianfu Communication's net profit grew 33.92%; Railway Track's net profit grew 32.38%; Guotai Haitong's net profit grew 28.74%; Huiquan Beer's net profit grew 23.26%; Jintian Copper's net profit grew 18.44%; Tibet Summit's net profit grew 18.03%; Focus Media's net profit grew 17.39%; Tebao Bio's net profit grew 11.37%; Jiangsu Financial Leasing's net profit grew 9.27%; Bank of Nanjing's net profit attributable to the parent was 13.65 billion yuan, up 8.17%; Rewei Co., Ltd.'s net profit grew 1.76%. China Unicom's net profit was 4.139 billion yuan, down 34.8% year-on-year; Huaneng Power International's net profit was 6.586 billion yuan, down 28.89%; Fuyao Glass's net profit was 3.97 billion yuan, down 17.37%; Shangtai Technology's net profit was 400 million yuan, down 16.6%; Shede Spirits' net profit was 145 million yuan, down 67.26%; Leyard's net profit was 69.1521 million yuan, down 59.74%; Zhongnan Culture's net profit was 30.587 million yuan, down 49.85%; Sunong Agricultural Development's net profit fell 32.48% year-on-year; H&T's net profit was 240 million yuan, down 32.23%; Guoguang Co., Ltd.'s net profit fell 20.39%; Jiahua Co., Ltd.'s net profit fell 9.03%; Tubao's net profit fell 7.67%; Hangmin Co., Ltd.'s net profit was 300 million yuan, down 4.59%. In terms of shareholding changes, Kangmeite shareholder Suzhou Yixing Tianxia plans to reduce its stake by no more than 1%; Jieya Co., Ltd.'s Mingyuan Fund and its concert parties plan to reduce their combined stake by no more than 4.99%; Espressif Systems' actual controller proposed a share buyback of 100 million to 200 million yuan; Huiyun Titanium obtained special financing support of no more than 22 million yuan for share repurchase. In terms of major contracts, Yakang Co., Ltd.'s subsidiary signed a computing power service procurement contract worth 868 million yuan; Hanhe Cable won a bid of about 717 million yuan for a China Southern Power Grid project; Beijing Creative Distribution Automation won a bid of about 304 million yuan for a China Southern Power Grid project; Dongwei Technology signed a sales contract worth 163 million yuan; PowerChina's newly signed contract value in the first seven months was 640.456 billion yuan, down 13% year-on-year.

Tianshan Aluminum has released an implementation announcement for its 2026 interim equity distribution, declaring a cash dividend of 3 yuan per 10 shares, tax inclusive. The record date is August 18, 2026, and the ex-dividend and ex-rights date is August 19, 2026. Tianshan Aluminum is a constituent of the Dividend Quality Index, which selects 50 listed company securities with consecutive cash dividends, relatively high dividend payout ratios, and strong profitability characteristics. As of August 11, the Dividend Quality Index had a trailing 12-month dividend yield of 2.87%.

The electrolytic aluminum sector has recently seen both earnings and share prices rise, with institutions broadly bullish on future opportunities. The Wind Aluminum Industry Index has gained 7.62% over the past month, while Yunnan Aluminum and Shenhuo Coal & Power rose 20.23% and 22.97% respectively over the same period. Yunnan Aluminum expects net profit attributable to shareholders of 7.5 billion to 7.8 billion yuan in the first half of 2026, up 170.98% to 181.82% year-on-year, with second-quarter net profit alone reaching a record high of 3.9 billion to 4.2 billion yuan. Zhongfu Industrial expects first-half net profit of 1.8 billion to 1.95 billion yuan, up 154.42% to 175.62% year-on-year. Tianshan Aluminum expects first-half net profit of 4.2 billion yuan, up 101.52% year-on-year. Soochow Securities noted that the supply-side reform cap of around 45 million tonnes of capacity limits supply, while demand grows steadily, supporting a long-term bull case for aluminum prices. CMB International expects the global electrolytic aluminum supply deficit to widen to 2% of global demand in 2026, mainly due to production disruptions at Middle Eastern smelters, with aluminum prices rising 15% year-on-year. Zhongtai Securities believes that the widening overseas supply deficit will prolong the industry's tight supply-demand situation, and recommends institutional investors actively position in the electrolytic aluminum sector for defense.

Concerns over aluminum supply triggered by the blockage of the Strait of Hormuz amid US-Iran tensions sent the non-ferrous aluminum sector swinging higher during the session on July 23. By the midday break, industry giant Hongqiao Holdings, with a market value exceeding 260 billion yuan, had hit its daily limit up, along with Nanshan Aluminum. Zhongfu Industrial, Tianshan Aluminum, Huafon Aluminum, and Yunnan Aluminum all surged more than 5 percent. On the news front, US President Trump said that every time Iran fires at ships in the Strait of Hormuz, the US will bomb and destroy an Iranian bridge or power plant. Iran responded by threatening to strike the power supplies of US allies if attacked, declared the strait remains closed, and warned it would not allow a single drop of oil to be exported from the region if the US takes action. The Middle East accounts for nearly 10 percent of global aluminum production capacity, and its raw materials and finished products are highly dependent on shipping through the Strait of Hormuz. The expectation of supply disruptions directly triggered the sector's move. In addition, international crude oil prices jumped again, with New York light sweet crude futures settling at 86.83 dollars a barrel and London Brent crude futures at 94.07 dollars a barrel. Zhongtai Securities noted that the widening overseas electrolytic aluminum supply gap may persist longer, advising active positioning in the electrolytic aluminum sector for defense. Guohai Securities maintained its recommend rating on the aluminum industry.

Shenzhen-listed companies intensively disclosed buyback and shareholding increase plans in July, totaling 54 plans for the month, with a combined cap exceeding 7.6 billion yuan, surpassing the monthly average of the first half. Among them, there were 33 buyback plans with a total cap of 6.038 billion yuan, and 21 shareholding increase plans with a total cap of 1.609 billion yuan. LiuGong plans to use up to 400 million yuan of its own funds to buy back shares for cancellation, while Tianshan Aluminum and iSoftStone both plan to use up to 300 million yuan to buy back shares for equity incentives or employee stock ownership plans. The actual controller of Bairun intends to increase shareholding by up to 100 million yuan, and Aisidi and Honglin Electric both disclosed shareholding increase plans of up to 40 million yuan.

As of July 19, 900 companies listed on the Shenzhen Stock Exchange have disclosed their earnings previews for the first half of 2026. The combined net profit forecast surged 147 percent year-on-year, with 57 percent of the companies expecting to be in the black. The nonferrous metals sector ranked first in projected net profit, with 38 companies that have issued previews reporting a total of approximately 64.5 billion yuan, up 161 percent from a year earlier, driven mainly by rising prices of aluminum, lithium, germanium, and tungsten. The electronics sector benefited from booming demand for AI computing infrastructure, with 85 companies posting a combined net profit of 58.5 billion yuan, a 176 percent increase. In addition, the lithium battery and pharmaceutical and biotech industries also staged a strong recovery. EVE Energy forecast a net profit of 3.13 billion to 3.37 billion yuan, up 95 to 110 percent year-on-year, while 53 innovative drug companies reported a combined net profit of about 7.27 billion yuan, a 60 percent rise.

Several non-ferrous metals companies have forecast significant year-on-year growth in first-half net profit, driving strong gains in related ETFs. As of the close on July 14, 2026, the ChinaAMC Non-Ferrous Metals ETF rose 5.36%, and the ChinaAMC Rare Metals ETF gained 4.31%. Companies such as Zhongfu Industrial, Chihong Zinc & Germanium, and Tianshan Aluminum have forecast sharp year-on-year increases in first-half net profit. From January to May this year, driven by demand from emerging industries like new energy and artificial intelligence, prices of products such as copper and aluminum remained elevated, boosting profit growth in the non-ferrous sector by 117.1%. Guotai Haitong Securities noted that the non-ferrous metals sector is benefiting from a dual catalyst of mid-year earnings forecast upgrades and valuation repair, and with the demand elasticity for metals like copper, tin, and tantalum from the AI supply chain, the sector's allocation value is becoming prominent.

Domestic electrolytic aluminum prices have remained elevated, prompting aluminum industry chain companies to issue positive profit forecasts for the first half of 2026. Zhongfu Industrial expects its first-half net profit attributable to the parent company to be between 1.8 billion and 1.95 billion yuan, a year-on-year increase of 154.42% to 175.62%. Tianshan Aluminum expects net profit attributable to the parent company of 4.2 billion yuan, up 101.52% year-on-year. Mi Yanbin, an aluminum analyst at Zhuochuang Information, noted that the average spot price of A00 aluminum in the first half was 24,200 yuan per ton, up 18.96% year-on-year, and the estimated average profit for electrolytic aluminum enterprises was around 8,293.46 yuan per ton, a year-on-year increase of 155.27%. Companies said the profit growth was mainly driven by high electrolytic aluminum prices, increased production and sales of high-value-added products, and cost reductions.

Dongfang Shenghong issued a profit forecast, estimating that net profit attributable to shareholders of the listed company for the first half of 2026 will be between 4.2 billion and 5 billion yuan, a year-on-year increase of 987.39% to 1,194.51%. The company said that the supply-demand landscape in the petrochemical and chemical industry has improved, and the upward shift in the central range of international crude oil prices has driven product prices higher, widening the price spread of major products. At the same time, the 16 million tonne per year Shenghong Refining and Chemical Integration Project is running smoothly, and the company has flexibly adjusted its product mix to enhance competitiveness. In addition, Oulide expects first-half net profit of 160 million to 190 million yuan, a year-on-year increase of 492.49% to 603.58%, mainly due to a substantial increase in equipment business revenue. China Merchants Energy Shipping expects first-half net profit of 6.6 billion to 7.3 billion yuan, a year-on-year increase of 214% to 248%, benefiting from a super boom cycle in international tanker shipping and a recovery in the dry bulk market. Tianshan Aluminum expects first-half net profit of 4.2 billion yuan, a year-on-year increase of 101.52%, driven by rising electrolytic aluminum prices and progress in energy efficiency improvement projects. Zhefu Holding expects first-half net profit of 1.25 billion to 1.45 billion yuan, a year-on-year increase of 120.78% to 156.11%, with steady growth in sales of resource-based comprehensive utilization products.

Tianshan Aluminum announced that it expects net profit attributable to shareholders of the listed company for the first half of 2026 to be 4.2 billion yuan, an increase of 101.52% year-on-year. The change in performance is mainly due to higher selling prices for electrolytic aluminum products during the reporting period, with volume-price synergy and integrated cost control driving a significant increase in profit. At the same time, both volume and price of high-purity aluminum and aluminum foil products in the aluminum deep-processing segment rose, boosting the company's profit. The company expects second-quarter net profit of 1.981 billion yuan, down 10% quarter-on-quarter.

Multiple A-share companies have released their 2026 first-half earnings forecasts. All of them — Aolede, Yongding Co., Tianshan Aluminum, China Merchants Energy Shipping, and Dongfang Shenghong — project significant profit growth for the first half. Aolede expects first-half net profit of 160 million to 190 million yuan, a year-on-year increase of 492 to 604 percent, mainly driven by a sharp rise in equipment business revenue. Yongding Co. forecasts net profit of 500 million to 700 million yuan, up 57 to 120 percent, benefiting from higher volumes and prices in the optical fiber market. Tianshan Aluminum projects net profit of 4.2 billion yuan, up 101.52 percent, with both volume and price increases for high-purity aluminum and aluminum foil products. China Merchants Energy Shipping expects net profit of 6.6 billion to 7.3 billion yuan, a jump of 214 to 248 percent, as the international tanker shipping market enters a super boom cycle. Dongfang Shenghong forecasts net profit of 4.2 billion to 5 billion yuan, surging 987 to 1,195 percent, as improving supply and demand in the petrochemical and chemical industry widens product spreads.

Several A-share listed companies have released their first-half 2026 earnings forecasts. Dongfang Shenghong expects net profit attributable to shareholders of 4.2 billion to 5 billion yuan, a year-on-year increase of 987.39% to 1,194.51%, the highest growth rate. Tianshan Aluminum expects net profit of 4.2 billion yuan, up 101.52%, mainly benefiting from higher aluminum prices and integrated cost management. Zhefu Holding expects net profit of 1.25 billion to 1.45 billion yuan, up 120.78% to 156.11%, with steady growth in hazardous waste disposal and renewable resources. China Merchants Energy Shipping expects net profit of 6.6 billion to 7.3 billion yuan, up 214% to 248%, as international tanker shipping enters a super boom cycle. Yongding Co. expects net profit of 500 million to 700 million yuan, up 57% to 120%, driven by volume and price increases in optical communications. Olightek expects net profit of 160 million to 190 million yuan, up 492% to 604%, with a sharp rise in equipment business revenue.