CHINAHONGQIAO (01378) announced its full-year consolidated results for 2025 on March 20. During the year, the Group's revenue reached approximately RMB 162.354 billion, representing an increase of about 4.0% compared to the previous year. Profit attributable to shareholders was approximately RMB 22.636 billion, an increase of about 1.2% year-on-year. Basic earnings per share were approximately RMB 2.3842. The Board has recommended a final dividend for 2025 of 165 HK cents per share. The increase in revenue for the year was attributed to higher selling prices for aluminum products, and the Group continued to advance its green and low-carbon strategy. Throughout the year, the Group's sales volume of aluminum alloy products reached approximately 5.824 million tonnes, remaining largely flat compared to the previous year. Sales volume of alumina products was approximately 13.397 million tonnes, an increase of about 22.7% year-on-year. Sales volume of deep-processed aluminum alloy products amounted to approximately 716,000 tonnes, also largely unchanged from the prior year.
The following table presents a comparison of the Group's revenue by product category for the years ended December 31, 2025, and December 31, 2024: For the year ended December 31, 2025, revenue from aluminum alloy products was approximately RMB 106.096 billion, an increase of about 3.6% compared to the previous year, primarily due to higher selling prices. Revenue from alumina products was approximately RMB 38.834 billion, an increase of about 4.0% year-on-year, mainly driven by an increase in sales volume. Revenue from deep-processed aluminum alloy products was approximately RMB 14.956 billion, an increase of about 4.0% over the prior year, chiefly resulting from higher selling prices.
Leveraging its diverse application scenarios, the Group is actively utilizing digital and intelligent technologies to comprehensively upgrade its production and management systems. Focusing on technological innovation as a core driver, it is exploring the deep integration of "intelligent transformation" and "digital-intelligent transition," formulating precise enhancement strategies, and deepening its data governance framework to ensure the effective implementation of these strategies. The Group continues to deepen its focus on the aluminum industry, striving to enhance industrial efficiency and further improve its integrated industrial chain, which spans from bauxite mining and alumina production to primary aluminum smelting, deep processing of aluminum products, and recycling of recycled aluminum. It has continuously achieved breakthroughs in the construction of smart alumina plants and future-oriented electrolytic aluminum facilities. By pioneering the "AI+Electrolytic Aluminum" intelligent production paradigm through its "Zhi Aluminum Large Model," the Group is driving conceptual innovation and systemic upgrades in practical scenarios, thereby strengthening its core competitiveness.
During the year under review, the Group continued to advance its green and low-carbon strategy, diligently implementing the "three-step" approach outlined in its "Carbon Emission Reduction Action Report" released during the year. It is phasing in emission reduction targets and integrating carbon reduction actions throughout the entire process of investment, construction, production, and operations, while continuously increasing the proportion of clean energy to inject strong momentum into high-quality green development. Notably, the Yunnan Green Low-Carbon Demonstration Industrial Park, which includes the Wenshan Zhi Aluminum project, commenced official operation, serving as a significant benchmark for industrial upgrading and green transformation. The Group's integrated "wind-power-storage" new energy project in Yunnan, a core component of its green energy layout, is progressing steadily, with the first batch of photovoltaic projects already achieving full-capacity grid connection. Moving forward, the Group will continue to actively implement the "Dual Carbon" strategy and lead the transition of traditional manufacturing towards green and low-carbon development.
During the year, supported by diversified financing channels, excellent market performance, and solid financial strength, the Group continued to gain high recognition from domestic and international investors, with credit rating upgrades for both its onshore and offshore bond-issuing entities. Among these achievements, the Group's subsidiary, Shandong Hongqiao New Materials Co., Ltd., successfully issued short-term financing bills, medium-term notes, and corporate bonds with a total value of RMB 10.6 billion during the year. Another subsidiary, Shandong Weiqiao Aluminum & Power Co., Ltd., also successfully issued short-term financing bills and medium-term notes totaling RMB 2.0 billion, receiving strong recognition and a positive response from investors. Furthermore, the Group successfully issued two USD-denominated bonds with a total value of USD 600 million, and one USD 300 million convertible bond during the year, accompanied by a simultaneous share repurchase. Through its flexible and pragmatic capital strategy and outstanding market performance, it has set a quality benchmark in the capital markets. In terms of equity financing, the Group completed a USD 1.5 billion top-up placement, which attracted participation from several leading global long-term funds and achieved over 7 times oversubscription.
Looking ahead, the global economy continues to face numerous uncertainties, with intertwined trade barriers and policy fluctuations, creating a mix of growth resilience and downward pressure. Meanwhile, China's economy is persistently unleashing the potential of domestic demand through structural adjustments, and targeted policies are expected to provide ongoing support for industry development, presenting further opportunities within the aluminum sector's tight supply-demand balance. The Group will remain committed to its vision of "building a respected century-old manufacturing enterprise." It will continue to focus on its core aluminum business, proactively align with and deeply integrate into national strategies for the "16th Five-Year Plan" period, including technological self-reliance, industrial upgrading, and the domestic circulation strategy. By reinforcing its core competitiveness through digital-intelligent enablement and green transformation, the Group aims to respond to market challenges with innovation-driven and high-quality development, thereby charting a new blueprint for the industry amidst the waves of industrial transformation.