As the disclosure of the third quarter reports of listed companies enters the final stage, the business situation of the aluminum industry is gradually becoming clear. As of October 31st, 34 listed aluminum companies have released their performance reports for the first three quarters of 2025, showing overall characteristics of “stable scale and concentrated profits”, with a total operating revenue of 551.131 billion yuan and a total net profit of 34.606 billion yuan, highlighting the overall resilience of the industry.

Overall performance stable with progress, over 80% of enterprises achieve profitability

From the disclosed data, the aluminum industry has shown stable operating performance in the first three quarters, with high profitability. Among the 34 listed aluminum companies, 28 have achieved profitability, accounting for 82.35% of the total. Only 6 companies have incurred losses, indicating a solid overall profit foundation in the industry. Against the backdrop of market demand fluctuations and raw material price adjustments, over 80% of enterprises have achieved profitability, confirming the improvement of the aluminum industry chain’s ability to resist risks.

From a dimensional perspective, the revenue scale presents a pattern of “top concentration and small to medium differentiation”. Out of 34 companies, 12 have achieved a revenue exceeding 10 billion yuan, with an increase of 2 companies in the 10 billion revenue tier compared to the same period last year. Among them, the leading enterprise, Aluminum Corporation of China, ranks first with a revenue scale of 176.516 billion yuan, far exceeding other companies in the industry, demonstrating its core advantages in resource integration, production capacity layout, and other aspects. Among small and medium-sized aluminum enterprises, there are also many companies that have achieved steady revenue growth through segmented field layouts, and the industry as a whole presents a development trend of “big and strong, small and refined”.

Leading enterprises have shown impressive performance, with significant profit concentration

In terms of net profit performance, the leading effect of leading enterprises is more prominent. Among the 28 profitable enterprises, Aluminum Corporation of China, Yunnan Aluminum Co., Ltd., and Nanshan Aluminum Industry formed the “first tier”, achieving net profits of 10.872 billion yuan, 4.398 billion yuan, and 3.772 billion yuan respectively. The total net profit of the three enterprises reached 19.042 billion yuan, accounting for 55.03% of the total net profit of the 34 enterprises, and nearly 60% of the market share, highlighting the characteristic of industry profits concentrating on top enterprises.

As an absolute leader in the industry, Aluminum Corporation of China ranks first in both revenue and net profit core indicators. Its revenue scale of 176.516 billion yuan is more than twice that of the second ranked enterprise, and its net profit of 10.872 billion yuan exceeds the total net profit of the other 29 profitable enterprises except for the second and third ranked ones. Its advantages in the layout of the entire industry chain such as bauxite, alumina, and electrolytic aluminum are fully released. Yunlv Group, with its energy cost advantage and green and low-carbon production capacity layout in Yunnan region, ranked second with a net profit of 4.398 billion yuan; Nanshan Aluminum Industry, relying on breakthroughs in high-end aluminum processing products in the automotive, aerospace and other fields, achieved a net profit of 3.772 billion yuan and continues to lead private aluminum enterprises.

The combination of demand support and structural optimization continues to highlight the resilience of the industry

Industry insiders have analyzed that the stable performance of the aluminum industry in the first three quarters is mainly due to the continuous support of downstream demand and the continuous optimization of the industry structure. From the demand side, emerging fields such as new energy vehicles, photovoltaics, and energy storage have seen rapid growth in demand for high-end aluminum processing materials. At the same time, the marginal improvement in demand in traditional infrastructure and real estate has provided a stable demand foundation for the aluminum industry. From the supply side, the industry continues to promote capacity replacement and green low-carbon transformation, while high energy consuming and inefficient outdated production capacity is gradually being phased out. Leading enterprises are further expanding their market share by leveraging their advantages in technology, resources, and energy, driving the overall profitability of the industry.

Looking ahead to the future, with the arrival of the traditional winter consumption off-season, aluminum prices may face short-term fluctuations. However, in the long run, the sustained release of demand in emerging fields and the optimization and upgrading of the industry’s supply structure will still provide strong support for the high-quality development of the aluminum industry. The advantages of top enterprises in the layout of the entire industry chain and the research and development of high-end products will be further expanded, and the industry concentration is expected to continue to increase.