中国铝业 2024 年净利飙升 85% 创历史最佳 2025 年氧化铝市场或将转向过剩

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

中国铝业 2024 年净利飙升 85% 创历史最佳 2025 年氧化铝市场或将转向过剩

2025-03-27 09:04:57 来源：北方有色网责任编辑：管理员

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中国铝业于 2025 年 3 月 26 日披露的 2024 年度报告显示，公司全年实现营业收入 2370.66 亿元，同比增长 5.21%；归母净利润达 124 亿元，同比大幅增长 85.38%，创上市以来最佳业绩。这一突破主要得益于主营产品量价齐升及运营效率的提升。公司通过强化市场机遇把握与产能利用率优化，推动氧化铝与电解铝两大核心业务板块呈现差异化增长态势。

从产品结构看，氧化铝板块成为业绩增长的核心引擎。2024 年，公司氧化铝板块税前盈利高达 116.85 亿元，同比激增 1012.86%，主要源于产量与价格的双重利好：冶金级氧化铝产量达 1687 万吨，同比增长 1.2%，叠加氧化铝价格全年飙升 39.07%，共同推升利润水平。相比之下，原铝板块受原燃材料成本上升影响，税前利润同比下降 20.33% 至 89.66 亿元，但原铝（含合金）产量仍实现 12.08% 的显著增长，达 761 万吨，显示出公司在产能扩张方面的持续成效。

对于 2025 年行业趋势，中国铝业作出前瞻性判断。氧化铝领域，国内将迎来新建项目投运高峰，预计新增产能 1030 万吨 / 年，但铝土矿供应仍可能制约实际产出。需求端受限于国内电解铝产能 “天花板” 及西南地区电力紧张局势，氧化铝需求增长动力不足，供需格局预计将由短缺转向过剩。电解铝方面，受限于产能政策约束，新建产能规模显著收缩，产量增速趋于平缓；需求端则面临传统消费市场低迷与新兴领域增长分化的双重挑战，预计全年产需将维持弱平衡状态。

值得关注的是，中国铝业在 2024 年积极推进资产优化，计提长期资产减值 23.22 亿元，其中固定资产减值占比达 82.86%，主要涉及新项目实施、安全环保标准升级及低效资产退出等结构性调整，为未来高质量发展进一步夯实基础。

总体而言，中国铝业在 2024 年通过精准的市场策略与高效的运营管理实现了业绩跨越，而 2025 年则需在行业格局转变中把握新机遇，通过产能结构优化与成本管控持续提升竞争力。

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中国铝业 2024 年净利飙升 85% 创历史最佳 2025 年氧化铝市场或将转向过剩

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