Jiaozuo Wanfang's 31.9 Billion Acquisition of Sanmenxia Aluminum May Reshape Aluminum Industry Landscape

[SMM Aluminum Express] According to reports, Jiaozuo Wanfang's fourth interim shareholders' meeting in 2025 overwhelmingly approved a major asset restructuring proposal—the company plans to acquire a 99.4375% stake in Kaiman Aluminum (Sanmenxia) Co., Ltd. through a 31.949 billion yuan share issuance. This "snake swallowing an elephant" type of merger marks the acceleration of vertical integration among domestic aluminum giants, opening a new chapter of synergy in the alumina-aluminum industry chain.

According to disclosures by Jiaozuo Wanfang's management at the scene, following the completion of this transaction, the total assets of the publicly listed firm will exceed 50 billion yuan, placing it in the top tier of the domestic aluminum industry. More importantly, as one of China's largest monomer alumina producers with an annual capacity of 12 million mt, Sanmenxia Aluminum's alumina products perfectly align with Jiaozuo Wanfang's existing aluminum business—each metric ton of aluminum produced requires 1.9 mt of alumina. This acquisition will directly establish a closed-loop "alumina-aluminum" industry chain, with expected annual procurement cost savings exceeding 1.5 billion yuan and a gross margin increase of 3–5 percentage points.