Shandong Nanshan Aluminium (600219) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB 8.98 billion, up 24.32% year-over-year, driven by higher alumina and aluminum ingot prices.

• Net profit attributable to shareholders doubled to RMB 1.70 billion, a 100.19% increase year-over-year.

• Operating cash flow rose 94.26% year-over-year to RMB 2.25 billion.

Financial highlights

• Basic and diluted EPS were RMB 0.15, up 114.29% year-over-year.

• Gross margin improved as revenue growth outpaced cost increases.

• Total assets at quarter-end were RMB 72.25 billion, up 2.83% from year-end 2024.

• Shareholders’ equity increased 3.07% to RMB 51.86 billion.

Outlook and guidance

• Domestic alumina prices averaged RMB 3,983/ton, up 23.55% year-over-year, but showed a downward trend due to supply expansion.

• Overseas alumina prices averaged $518/ton, up 40.88% year-over-year, but declined sequentially due to increased supply.

• Aluminum ingot prices averaged RMB 20,378/ton, up 6.94% year-over-year, supported by recovering demand and global supply chain uncertainties.