63.5 Billion M&A Deal Completed, Hongqiao Holding's Net Profit Reaches 17.864 Billion Yuan, Tops A-Share Aluminum Industry Market Cap Rankings

Business Daily News On March 20 after market close, the A-share aluminum industry sector reached a key milestone—Hongqiao Holding (002379.SZ) released its 2025 annual report, delivering the first full-year performance report after a major acquisition exceeding 63.5 billion yuan. The company’s total market value of 351.8 billion yuan surpassed China Aluminum, making it the largest A-share listed aluminum company by market capitalization, officially reshaping the industry landscape.

The annual report shows that in 2025, Hongqiao Holding achieved total operating revenue of 156.721 billion yuan, a year-on-year increase of 4.25%; net profit attributable to shareholders of the listed company was 17.864 billion yuan, up 3.69%. The core performance support comes from a major asset restructuring completed on December 31, 2025, with Shandong Hongtuo Industrial’s 100% equity officially consolidated.

This acquisition began at the end of 2024. The company acquired 100% equity of Hongtuo Industrial held by Shandong Weiqiao Aluminum & Electric through issuing shares, with a transaction value exceeding 63.5 billion yuan, making it the largest private enterprise merger and acquisition case under the new “Six Rules for M&A” in A-shares. After the transaction, the company transformed from a single aluminum deep-processing enterprise into a full industry chain giant covering alumina, electrolytic aluminum, and aluminum deep processing.

Production capacity data shows that in 2025, Hongqiao Holding’s electrolytic aluminum output was 6.545 million tons, accounting for 14.80% of the national total; alumina output was 20.1378 million tons, accounting for 21.67% of the national total. In terms of revenue structure, liquid aluminum and alumina are the core pillars, generating revenues of 96.589 billion yuan and 30.032 billion yuan respectively, accounting for 61.63% and 19.16% of total revenue, with gross profit margins of 22.34% and 12.15%.

It is noteworthy that this acquisition is a merger under the same control. The initial net profit or loss of the target company from the beginning of the period to the merger date was recorded as non-recurring gains and losses, which could not be included in net profit after deducting non-recurring items, resulting in a net loss of 369 million yuan attributable to the parent company in 2025.

In the capital market, the benefits of restructuring and the industry’s upward cycle drove the company’s stock price to continue rising. The full-year increase in 2025 exceeded 166%, reaching a historical high at one point in 2026. As of the close on March 20, the stock price was 27 yuan per share, with a cumulative increase of 201% since the beginning of 2025. The total market value reached 351.8 billion yuan, far surpassing China Aluminum’s market value of 191 billion yuan during the same period.

For 2026, the company has clarified plans to transfer electrolytic aluminum capacity to Yunnan, increase the proportion of clean energy use, and steadily grow low-carbon aluminum production. This acquisition not only rewrites the landscape of the A-share aluminum industry but also marks a leap in the full industry chain for private aluminum enterprises through capital operations, entering a new stage of industry competition.

Shandong Business Daily · Shanhai News Reporter Ding Yifang

Source: Shandong Business Daily · Shanhai News