Aluminum Corporation of China (Chinalco)

Aluminum Corporation of China (Chinalco) is China's largest state-owned aluminium producer, directly supervised by SASAC and the controlling shareholder of listed Aluminum Corporation of China Limited (601600.SH). It spans bauxite mining, alumina refining, primary aluminium smelting and processing, plus copper and rare-earth operations, with assets in Guinea and other overseas markets. FY2024 revenue was CN¥237.07 billion with about 130,416 employees. Strengths: Chinalco controls large bauxite resources at home and abroad, including the Boffa project in Guinea, which secures feedstock as Chinese alumina capacity expands. Its smelting scale gives it a leading position in a market where China sets global marginal cost, and state backing supports financing through cycles. The group's rare-earth and copper assets add exposure to electrification demand. Weaknesses: aluminium is a commodity with prices set by macro demand and energy costs, and Chinese smelting capacity is capped by policy, limiting volume growth. Power costs — especially in Yunnan during dry seasons — directly hit margins, and overseas bauxite assets carry political risk. Chinalco's returns remain cyclical and its listed arm carries a leveraged balance sheet.