Profit warning
On 7 August 2026, Nanshan Aluminum International (02610.HK) issued a profit warning, expecting net profit attributable to equity shareholders for the first half of 2026 of approximately US$58 million to US$68 million, down 72.6% to 76.6% from US$248 million in the same period of 2025. The company attributed the decline mainly to continued falls in international alumina market prices, with average product selling prices of approximately US$320 per tonne in H1 2026, well below US$529 per tonne in H1 2025. As of the close on Aug 7, the share price stood at HK$27.82, down more than 60% from its January 2026 high of HK$73. The company listed on 25 March 2025 at an issue price of HK$26.6 and primarily operates Indonesian alumina projects.
Electrolytic aluminum expansion
In H1 2025, revenue was US$597 million, up 41% year-on-year; net profit attributable to shareholders was US$248 million, up 124.2% year-on-year. For full-year 2025, revenue was US$1.142 billion, with net profit attributable to the parent of US$408 million. To smooth cyclical fluctuations, the company announced on 19 January 2026 a plan to build a 250,000 t/y electrolytic aluminum project, with initial estimated investment of approximately US$440 million and a two-year construction period, located in the Galang Batang Special Economic Zone on Bintan Island. It also plans to add 500,000 t/y of electrolytic aluminum capacity. However, the project is not expected to start production until 2028 at the earliest, leaving near-term results highly correlated with alumina prices.