Shandong Nanshan Aluminium (600219) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months reached ¥26.33 billion, up 8.66% year-over-year, while net profit attributable to shareholders was ¥3.77 billion, a 8.09% increase year-over-year.

• Q3 revenue was ¥9.05 billion, up 5.75% compared to the same quarter last year, with net profit attributable to shareholders at ¥1.15 billion, up 8.66% year-over-year.

Financial highlights

• Operating cash flow for the first nine months was ¥6.22 billion, up 32.09% year-over-year, mainly due to increased Indonesian alumina sales.

• Basic and diluted EPS for the first nine months were both ¥0.33, up 10% year-over-year.

• Gross margin and operating profit improved, with total assets at ¥73.29 billion and shareholders’ equity at ¥52.02 billion as of September 30, 2025.

Outlook and guidance

• Domestic alumina prices in Q3 2025 averaged ¥3,124/ton, down 20% year-over-year, while overseas alumina prices averaged $357/ton, down 29% year-over-year.

• Aluminum ingot prices averaged ¥20,712/ton, up 6% year-over-year, with market volatility expected to continue due to supply-demand dynamics.