TacticScaleWhat Aluminum Corporation of China (中国铝业) Does & How It Makes Money (601600.SS)
Updated October 2026 · reflects Aluminum Corporation of China's latest reported financials
China's largest aluminum producer, from bauxite mining to smelting. It earns most of its revenue by selling alumina, primary aluminum, and aluminum alloys produced across its integrated mine-to-smelter chain.
How Aluminum Corporation of China makes money
It earns most of its revenue by selling alumina, primary aluminum, and aluminum alloys produced across its integrated mine-to-smelter chain. It also makes money from trading metals, coal, and raw materials, and from selling electricity to regional power grids.
What Aluminum Corporation of China does
Aluminum Corporation of China (Chalco) is an integrated aluminum producer headquartered in Beijing and incorporated in 2001. It reports five segments. Alumina covers bauxite mining and refining, plus by-products such as gallium. Primary Aluminum covers smelting into electrolytic aluminum, alloys, and carbon products. Energy covers coal mining, thermal, wind, and solar power generation, and power equipment. Marketing trades metals, coal, and raw materials and provides logistics. Corporate and Other covers R&D and other aluminum-related work. Because Chalco controls the chain from ore to metal, and owns much of the power that smelting uses, its earnings depend mainly on alumina and aluminum prices and on the cost of energy and raw materials. Its trading and logistics business adds revenue on top of its own production.
Products & services
- Alumina
- Primary aluminum (electrolytic aluminum)
- Aluminum alloys
- Gallium
- Carbon anode and cathode products
- Electricity (thermal, wind, solar)
中国铝业是做什么的？
中国铝业股份有限公司成立于2001年，总部在北京，是一家从矿石到金属的一体化铝业公司。业务分五个板块：氧化铝板块开采和采购铝土矿、生产氧化铝，并产出镓等副产品；原铝板块生产电解铝、铝合金和炭素制品；能源板块经营煤炭开采、火电、风电和光伏发电，并制造电力设备；贸易板块经营有色金属、煤炭和原材料贸易，并提供物流服务；总部及其他板块负责研发和其他铝相关业务。 公司自有资源，还有配套电力，因此业绩主要取决于氧化铝和铝的价格，以及能源和原材料成本。
What is Aluminum Corporation of China worth?
On an owner-earnings DCF, Aluminum Corporation of China's most-likely value is about ¥17 versus a recent price near ¥9 (47% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥11) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $9 is below even the no-growth floor ($11); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -3.1%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Aluminum Corporation of China trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 601600.SS | ¥8.95 | 8.9× |
| Hong Kong (H shares) | 2600.HK | HK$7.72 | 6.8× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.