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    Non-energy minerals

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    Aluminum
Tianshan Aluminum Group Co., Ltd. Class A

Tianshan Aluminum Group Co., Ltd. Class A

SSZSE:002532
11.29
CNY
+0.24
(+2.17%)
1.45EPS
7.39P/E
49.67BMarket Cap
Oct 28Next Earn
Tianshan Aluminum Group Co., Ltd. Class A
SZSE:002532
(Shenzhen Stock Exchange)

Recent

price

11.29

P/E

ratio

7.39

div

yld

7.42%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
1.47
1.51
1.84
2.21
2.2
2.25
2.6
2.9
2.98
9.55
7.32
6.15
7.1
6.31
6.05
6.43
6.98
Revenue per Share
0.15
0.12
0.17
0.24
0.17
0.23
0.23
0.25
0.26
0.44
0.51
0.82
0.57
0.48
0.96
1.05
1.45
Basic EPS, GAAP
0.05
-0.27
-0.03
-0.18
0.17
-0.05
-0.08
-0.03
0.01
0.61
0.24
-0.19
0.22
0.34
0.85
1.42
- -
Free Cash Flow per Basic Share
0.11
0.02
0.04
0.03
0.03
0.03
0.04
0.04
0.22
0.34
0.32
0.62
0.4
0.39
0.5
0.51
0.84
Dividend per Share
1.52
1.62
1.76
1.97
2.12
2.35
2.52
2.74
2.74
24.89
4.15
4.57
4.92
5.18
5.77
6.39
6.94
Book Value per Share
1.44
1.49
1.56
1.53
1.68
1.91
1.93
2.17
2.18
22.84
3.91
4.33
4.6
4.86
5.39
6.06
6.61
Tangible Book Value per Share
386
507
511
510
520
510
507
519
503
3,411
3,750
4,674
4,650
4,594
4,641
4,588
4,601
Basic Weighted Avg Shares
567
765
942
1,126
1,145
1,146
1,318
1,507
1,499
32,587
27,460
28,745
33,008
28,975
28,089
29,502
32,095
Sales/Revenue/Turnover
10.98
7.58
10.15
9.45
8.28
9.03
9.41
9.79
11.32
8.74
11.24
20.28
12.53
11.83
21.15
21.03
28.59
Operating Margin (%)
9
11
21
41
50
54
59
70
79
987
1,115
1,326
1,494
1,651
1,713
1,817
- -
Depreciation Expense
59
60
86
121
88
118
117
130
131
1,501
1,912
3,833
2,650
2,205
4,455
4,818
6,681
Net Income, GAAP
11.36
13.12
18.77
16.34
12.65
12.18
15.43
14.08
16.15
21.82
20.2
22.51
21.24
16.83
14.68
13.97
23.1
Effective Tax Rate (%)
10.43
7.87
9.16
10.76
7.66
10.28
8.85
8.61
8.73
4.61
6.96
13.33
8.03
7.61
15.86
16.33
20.82
Profit Margin (%)
652
539
381
211
266
301
295
357
230
-9,012
-4,843
-2,995
-1,375
-3,110
-349
-37
37
Working Capital
- -
- -
- -
- -
- -
- -
62
51
- -
4,962
3,785
5,445
6,643
7,021
7,674
6,080
3,503
LT Debt
778
845
959
1,070
1,152
1,284
1,376
1,454
1,422
12,526
19,299
21,269
22,906
24,109
26,834
29,563
32,092
Total Equity
10.15
6.33
9.38
11.2
6.8
7.95
7.25
9.65
8.45
10.91
6.51
11.05
7.02
5.14
9.86
10.93
15.18
Return on Invested Capital (%)
11.89
7.26
9.5
11.74
7.43
9.87
9.11
8.32
8.83
11.28
9.05
13.98
9.37
7.16
11.85
12.42
16.73
Return on Capital (%)
12.86
7.5
9.99
12.68
8.37
10.27
9.3
9.55
9.36
21.59
12.02
18.9
12
9.38
17.49
17.08
22.28
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
6,864
7,001
6,525
LT Borrowings
6,078
4,486
3,502
LT Finance Leases
2
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
4,629
4,629
4,629
Market Capitalization
74,893
82,345
49,666

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
17,865
15,865
15,657
Cash, Cash Equivalents & STI
6,540
4,911
4,471
Accounts Receivable, Net
473
628
488
Inventories
7,187
7,035
7,694
Total Current Liabilities
17,902
15,772
15,620
Payables & Accruals
- -
- -
- -
ST Debt
6,864
7,001
6,525
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
89.02%
8.93%
10.17%
Free Cash Flow
3,368.21%
-27.26%
65.35%
Net Income, GAAP
124.86%
32.59%
8.13%
Sales/Revenue/Turnover
209.66%
1.85%
5.03%
Total Cash Common Dividend
156.2%
27.33%
0.7%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,825
6,960
7,011
7,294
28,089
2025
7,925
7,403
- -
7,181
29,502
2026
8,444
9,067
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.16
0.29
0.22
0.3
0.96
2025
0.23
0.22
- -
0.32
1.05
2026
0.48
0.43
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.04
0.19
0.03
0.24
0.5
2025
0.04
0.23
- -
0.22
0.51
2026
0.12
0.26
- -
- -
- -
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Business
Tianshan Aluminum Group Co., Ltd. (002532.SZ) engages primarily in the production and sale of aluminum products across the full industry chain, including bauxite mining; alumina refining; electrolytic aluminum and primary aluminum; prebaked anodes and anode carbon blocks; high-purity aluminum; aluminum deep-processed products such as aluminum foil, aluminum foil blanks, power battery aluminum foil, aluminum plates, strips, ingots, alloy, and hydroxide; as well as power generation services, energy industry chain services, aluminum engineering technical services, vocational training, railway construction and operation, metal ores trading, and international trade activities. The company, founded in 1997 and headquartered in Shihezi, Xinjiang, China, with additional offices in Shanghai, operates mainly in China and internationally, targeting sectors including construction, transportation, electricity, packaging, home appliances, electronics, aerospace, new energy vehicles, photovoltaics, and wind power. Recent developments include the acquisition of mining rights for three bauxite mines in Indonesia via PT Inti Tambang Makmur for USD30.25 million in early 2023 and full ownership completion in November 2024; plans to invest nearly USD1.6 billion in a 2 million tons per year alumina plant in Indonesia's Riau Islands announced in March 2023; acquisition of a 50% stake in Elite Mining Guinea S.A. within the past 2-3 years; agreement to acquire Xinjiang Tianzu Investment Co., Ltd. for CNY65.5 million; and obtaining a mining license for a 1 million tonnes per year bauxite mine in Guangxi, China, as reported in late 2025.