Financial Performance - The net profit attributable to shareholders for the year 2020 was -1,976,138,436.83 RMB, indicating a significant loss[3]. - The net profit attributable to shareholders of the listed company for 2020 was -RMB 197,613.84 million, a decline of 5,769.99% year-on-year, largely due to reduced operating revenue and the provision for asset impairment of RMB 1,625 million[57]. - The company reported a basic earnings per share of -RMB 0.71 for 2020, compared to -RMB 0.02 in 2019[56]. - The weighted average return on net assets was -28.78% in 2020, a decrease of 28.12 percentage points from the previous year[56]. - The company faced its first loss since establishment due to the severe impact of the COVID-19 pandemic and a significant decline in new contracts[129]. - The company recorded a net loss of 185,639.75 million RMB, compared to a profit of 22,252.48 million RMB in the same period last year[138]. Revenue and Operating Results - In 2020, the company achieved operating revenue of RMB 2,302,595.10 million, a decrease of 25.87% compared to the previous year, primarily due to the impact of the COVID-19 pandemic[57]. - The net cash flow from operating activities was RMB 61,073.56 million, down 44.27% from the previous year, attributed to delayed collection plans due to the pandemic[58]. - The company reported a revenue of 2,302,595.10 million RMB, a decrease of 25.87% compared to the same period last year[138]. - Revenue from engineering design and consulting was 2,210,565.88 million RMB, down 5.98% year-over-year[143]. - Revenue from engineering construction and contracting was 17,869,639.91 million RMB, a decrease of 14.87% compared to the previous year[144]. - The equipment manufacturing segment generated revenue of 1,602,715.70 million RMB, down 20.07% year-over-year[145]. - Trade business revenue plummeted by 73.29% to 1,589,019.47 million RMB[146]. Assets and Liabilities - Total assets at the end of 2020 were RMB 5,451,402.43 million, down 2.65% from the end of 2019[55]. - The net assets attributable to shareholders of the listed company decreased to RMB 873,307.42 million, a decline of 22.87% year-on-year, reflecting significant drops in operating performance[58]. - The asset-liability ratio as of December 31, 2020, was 71.32%, a decrease of 1.19 percentage points from the end of 2019[161]. - The total interest-bearing debt was RMB 1,577,361.14 million, a decrease of RMB 49,230.24 million from the end of 2019[161]. - The net interest-bearing debt increased to RMB 922,361.65 million, up RMB 207,819.81 million compared to 2019[161]. Risk Management - The company faces several risks including health risks from COVID-19, cash flow risks, business structure and transformation risks, overseas operation risks, and PPP business risks[4]. - The company is establishing a comprehensive internal control system to manage various risks embedded in business processes[200]. - The company is implementing strict project risk control measures, ensuring that each project is completed successfully and efficiently[193]. Corporate Governance and Compliance - The company received a standard unqualified audit report from Da Xin Accounting Firm[3]. - The board and senior management have confirmed the authenticity and completeness of the financial report[3]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders and their related parties[4]. - The company has complied with OFAC commitments during the reporting period, ensuring no funds are used for projects in sanctioned countries[119]. Strategic Focus and Future Plans - The company will continue to focus on its operational stability and long-term interests of shareholders in its 2021 business plan[3]. - The chairman emphasized the importance of expanding overseas markets and leveraging domestic opportunities in 2021, aiming for a robust recovery and growth[72]. - The company aims to sign new contracts worth RMB 58 billion in 2021, focusing on reform and risk control while driving innovation[189]. - The company plans to maintain a reasonable level of R&D investment to ensure industry leadership in non-ferrous metal processing and environmental monitoring[153]. Research and Development - Research and development expenses increased by 15.23% to 60,416.28 million RMB[138]. - Total R&D investment reached RMB 642.88 million, accounting for 2.79% of operating revenue, with 15.62% of the workforce dedicated to R&D[151]. - The company is focusing on five key areas for R&D: waste management, critical process technology in the non-ferrous industry, big data services, resource utilization, and public services[152]. Employee Development and Corporate Social Responsibility - The company trained a total of 12,546 employees, including 4,077 management personnel and 5,807 engineering technicians, emphasizing employee development and skills enhancement[97]. - The company has actively engaged in charitable donations, contributing approximately RMB 0.38 million during the reporting period[98]. - The company emphasizes harmonious relationships with stakeholders, balancing employee interests and shareholder returns while promoting a healthy and safe work environment[97]. Market Position and Competitive Strategy - The company is actively expanding its market presence both domestically and internationally, particularly in the aluminum industry[76]. - The company is committed to high-quality development, emphasizing value creation and sustainable profitability through comprehensive reforms[190]. - The company is focusing on green development and expanding into energy-saving and ecological industries to find new profit growth points[188].

Financial Performance - The company's operating revenue for the first half of the year was CNY 9,946,610,462.50, a decrease of 26.41% compared to CNY 13,516,498,871.86 in the same period last year [20]. - The net profit attributable to shareholders of the listed company was a loss of CNY 143,153,691.94, compared to a profit of CNY 10,061,243.36 in the previous year [20]. - The net cash flow from operating activities was a negative CNY 1,566,940,887.41, worsening from a negative CNY 1,086,851,099.52 in the same period last year, representing a 44.17% increase in cash outflow [20]. - The basic earnings per share for the first half of the year was -CNY 0.07, a decrease of 600.00% compared to the previous year [21]. - The weighted average return on net assets was -2.55%, a decrease of 2.13 percentage points from -0.42% in the previous year [21]. - The total assets decreased by 3.35% to CNY 54,124,028,453.76 from CNY 55,999,463,120.62 at the end of the previous year [18]. - The net assets attributable to shareholders of the listed company decreased by 6.14% to CNY 10,626,746,799.44 from CNY 11,322,059,940.65 [18]. - Non-recurring gains and losses totaled CNY 57,413,162.33, including government subsidies and other income [23]. - The company reported a net profit attributable to shareholders of RMB -0.143 billion for the first half of 2020, a decrease of RMB 0.153 billion compared to the same period last year [58]. - The company reported a total of 161,914.5 thousand RMB in engineering services provided to the Aluminum Corporation of China Group, within the annual limit of 700,000 thousand RMB [125]. Operational Challenges - The company faces risks including COVID-19, policy, market, operational, financial, and overseas operational risks [6]. - The company emphasized its commitment to employee safety and health during the COVID-19 pandemic, with no infections reported among its 14,000 domestic employees and over 40,000 contract workers [24]. - The company faced significant operational challenges due to the COVID-19 pandemic, with projects largely suspended in January and February 2020 [36]. - The company has established a special task force to address historical project issues, employing various methods to mitigate related risks [43]. - The company is currently engaged in various construction projects, with ongoing disputes affecting its operations [118]. Strategic Initiatives - The company aims to strengthen core technology research and innovation, improve quality and efficiency, and stabilize growth while managing risks [25]. - The company is committed to high-quality development and transitioning its development momentum towards intensive and refined management [25]. - The company has implemented a centralized procurement strategy to enhance cost and risk control since 2013, expanding its trade business related to equipment and raw materials [30]. - The company plans to focus on technological innovation as a key to intensive development, addressing industry pain points through targeted research [51]. - The company aims to achieve its annual targets while focusing on deepening reforms and precise management in the second half of the year [46]. Market Position and Industry Impact - The company is a leading provider of technology, engineering services, and equipment in the non-ferrous metals industry, offering comprehensive engineering solutions across various stages of the industry chain [26]. - The engineering and construction contracting business accounts for 83% of the company's operations, with EPC projects making up 7% [31]. - The company has undertaken over 2,000 key national and industry construction projects in engineering design and consulting, along with more than 100 international projects [27]. - The company is actively pursuing market expansion in sectors such as non-ferrous metallurgy, chemical engineering, and municipal projects, with a focus on aluminum applications [48]. Financial Management and Governance - The board of directors and senior management confirm the accuracy and completeness of the financial report [5]. - The company has established a comprehensive internal control system to manage various risks, embedding risk management into business processes [101]. - The company has appointed Da Xin Certified Public Accountants as the auditing firm for the 2020 fiscal year, with a mid-term review fee of RMB 1.17 million [111]. - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2020 [146]. - The company has established an audit committee to oversee communication with external auditors and internal audit functions, ensuring effective internal control systems [149]. Employee and Social Responsibility - The total salary expenditure for the first half of 2020 was RMB 703 million [172]. - The company has established various social insurance schemes, including pension, medical, unemployment, maternity, and work injury insurance [174]. - The company invested RMB 20.92 million in various forms to support poverty alleviation efforts [136]. - A total of 407 registered poor households, comprising 1,576 individuals, have been lifted out of poverty [136]. - The company has provided vocational skills training to 109 individuals during the reporting period [138]. Legal and Compliance Matters - The company has ongoing significant litigation and arbitration matters, with details disclosed in previous announcements [113]. - The company is involved in multiple ongoing legal disputes, including a construction contract dispute with a claim amount of 7,461.06 thousand RMB [118]. - The company has a pending arbitration case related to a construction contract with a claim amount of 8,282.37 thousand RMB [118]. - The company has a legal obligation to pay 5,360.72 thousand RMB plus interest as per a court ruling in a construction dispute [119]. - The company has not engaged in any new business with sanctioned countries during the reporting period [103].

Financial Performance - The net profit attributable to shareholders for 2019 was RMB 34,852,562.55, with undistributed profits of RMB 19,930,329.36[3]. - The company's operating revenue for 2019 was CNY 3,105,979.16 million, a decrease of 7.66% compared to 2018[56]. - The net profit attributable to shareholders of the listed company in 2019 was CNY 3,485.26 million, down 88.61% from the previous year[56]. - The net profit after deducting non-recurring gains and losses was CNY -3,882.83 million, a decrease of 117.68% compared to 2018[56]. - The total profit for 2019 was CNY 34,477.33 million, down 47.6% compared to the previous year[96]. - The company's cash flow from operating activities increased by 94.02%, reaching CNY 109,597.68 million[97]. - The basic earnings per share for 2019 was CNY -0.02, a decrease of 125% compared to 2018[57]. - The weighted average return on net assets for 2019 was -0.66%, a decrease of 3.5 percentage points from 2018[57]. Dividend Policy - The proposed cash dividend is RMB 0.036 per share, totaling RMB 10,652,640.00, which accounts for 30.56% of the net profit attributable to shareholders[3]. - The company aims for a minimum cash dividend ratio of 80% during profit distribution when in a mature stage without significant capital expenditure[198]. - The cash distribution ratio should not be less than 20% of the distributable profit in the event of significant capital expenditures[198]. - The company prioritizes cash dividends and plans to distribute at least once a year if conditions are met[197]. - The company will not distribute cash dividends if there are negative operating cash flows or significant investment plans[197]. - The cash dividend policy is designed to ensure sustainable development while considering the interests of all shareholders[197]. - The company plans to roll over the remaining undistributed profits of RMB 9,277,689.36 to the next fiscal year[199]. Risk Management - The company faces various risks including pandemic risk, policy risk, price risk, interest rate risk, operational risk, financial risk, overseas operation risk, and exchange rate risk[6]. - The ongoing COVID-19 pandemic has severely impacted contract signing and project resumption, particularly affecting international business expansion[171]. - The company is exposed to price risks related to materials, subcontracting, and labor costs, which may fluctuate significantly due to various market factors[172]. - The company's large financing scale makes it sensitive to interest rate changes, which could affect financial expenses and economic benefits[173]. - The company has established a robust internal control system to embed risk management into business processes, ensuring effective identification and mitigation of risks[174]. - The company is accelerating risk management by categorizing key project risks and implementing precise measures for real-time tracking, including legal actions and asset disposal to enhance risk resolution and expedite capital recovery[168]. Market Strategy and Expansion - The company aims to establish a market development focus on 30 key cities over five years, targeting a contract amount of RMB 5 billion per city annually, with a revenue goal of RMB 3 billion and a profit target of RMB 100 million[48]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year[59]. - The company is strategically expanding into several overseas markets, aiming to generate substantial revenue and profits from international projects despite potential political and economic uncertainties[174]. - The company is expanding its international business by aligning with the overseas investment strategy of its parent group and leveraging the Belt and Road Initiative[160]. - The company plans to deepen its industry and regional focus, particularly in key areas such as the Beijing-Tianjin-Hebei region, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, to drive project implementation[159]. Corporate Governance and Compliance - The company received the "Best Corporate Governance Listed Company" award for five consecutive years, highlighting its commitment to governance[64]. - The company emphasizes compliance management by establishing a negative list for production and operations, integrating various supervisory resources to form a comprehensive compliance framework[169]. - The company has complied with OFAC commitments, ensuring no funds are used for projects in sanctioned countries[194]. Research and Development - The company applied for 313 domestic patents in 2019, including 138 invention patents, and received 176 domestic patent grants[84]. - The total R&D investment in 2019 was CNY 861.01 million, accounting for 2.77% of total revenue, with R&D personnel comprising 16.90% of the total workforce[114]. - The company initiated 10 key research projects in 2019, focusing on aluminum electrolysis and environmental monitoring technologies[116]. - The company plans to maintain a reasonable level of R&D investment to ensure industry leadership in non-ferrous metal processing and environmental management[116]. - The company has made substantial progress in developing key technologies for aluminum electrolysis and intelligent mining systems[116]. Operational Performance - The total assets at the end of 2019 were CNY 5,599,946.31 million, reflecting a 14.12% increase from 2018[56]. - The net assets attributable to shareholders of the listed company at the end of 2019 were CNY 1,132,205.99 million, up 11.45% from the previous year[56]. - The company completed 1,476 contracts during the reporting period, generating revenue of RMB 2.576 billion[80]. - The company has established a leading position in the aluminum engineering contracting sector in China, undertaking several large EPC projects in recent years[68]. - The company has a total of 224 qualifications covering all major aspects of the industry, with 3 comprehensive Class A qualifications in surveying and 4 Class A qualifications in design[137]. Human Resources and Training - The company provided training for a total of 15,086 employees in 2019, including 5,033 management personnel, 8,347 engineering technicians, 1,377 production operators, and 329 service and other personnel[180]. - The company is committed to fostering high-end talent and ensuring that its human resources contribute to sustained value creation[163]. Environmental and Safety Standards - The company maintained a zero-accident record in safety, environmental protection, and quality for the year, marking a significant achievement[92]. - The company is committed to green development and expanding into energy-saving and ecological industries to find new profit growth points[155]. - The company reported no safety production accidents throughout 2019, indicating a stable safety production situation[146].

Financial Performance - The company's operating revenue for the first half of 2019 was RMB 13,516,499, a decrease of 4.3% compared to RMB 14,120,015 in the same period of 2018[11]. - Gross profit for the first half of 2019 was RMB 1,256,882, down 5.3% from RMB 1,327,069 in the previous year[11]. - Operating profit decreased by 39.7% to RMB 412,677 from RMB 684,348 in the first half of 2018[11]. - Total profit for the first half of 2019 was RMB 148,494, a significant decrease of 67.5% compared to RMB 457,187 in the same period of 2018[11]. - Net profit attributable to shareholders was RMB 39,328, down 84.3% from RMB 250,608 in the first half of 2018[11]. - For the six months ended June 30, 2019, the group achieved revenue of RMB 13,516.5 million, a decrease of RMB 603.5 million or 4.3% compared to the same period last year[37]. - Gross profit for the same period was RMB 1,256.9 million, down RMB 70.2 million year-on-year[37]. - Net profit for the period was RMB 130.0 million, a decrease of RMB 223.1 million or 63.2% compared to the previous year[37]. - The group's profit attributable to equity holders for the six months was RMB 39.3 million, down RMB 211.3 million or 84.3% year-on-year, mainly due to reduced gross profit and increased expenses[50]. Assets and Liabilities - The total assets of the company as of June 30, 2019, were RMB 50,190,459, an increase of 2.3% from RMB 49,069,002 at the end of 2018[14]. - Total liabilities increased by 3.4% to RMB 37,077,830 from RMB 35,867,479 at the end of 2018[14]. - The equity attributable to equity holders of the company was RMB 10,045,457 thousand, down from RMB 10,158,695 thousand, a decrease of about 1.1%[92]. - The total liabilities as of June 30, 2019, were RMB 37,077,830 thousand, compared to RMB 35,867,479 thousand as of December 31, 2018[131]. - Non-current liabilities totaled RMB 5,039,383 thousand, up from RMB 3,058,113 thousand, indicating a significant increase of approximately 64.8%[93]. - The company's debt-to-capital ratio increased to approximately 74.8% as of June 30, 2019, compared to 73.4% as of December 31, 2018, due to an increase in interest-bearing liabilities[68]. Strategic Initiatives - The company aims to enhance its core competitiveness by focusing on high-quality development and expanding overseas business[6]. - The company plans to deepen reforms in the second half of 2019, emphasizing a "one main, one expansion" business positioning strategy[6]. - The company is committed to building a world-class engineering technology group, focusing on technology and internationalization[6]. - The company has accelerated internal reforms, focusing on core business and expanding its market presence[17]. - The "3531" strategic layout has been initiated, enhancing regional market development in Chengdu, Inner Mongolia, and Xi'an[19]. - The company plans to accelerate overseas expansion, focusing on countries along the "Belt and Road" initiative with abundant non-ferrous resources[33]. Project Management and Contracts - The company's total contract amount signed from January to June 2019 was RMB 18.577 billion, with a total of 3,105 contracts signed[23]. - As of June 30, 2019, the total amount of uncompleted contracts was RMB 64.037 billion, with 4,888 contracts in total[25]. - The company has successfully signed contracts for key projects, including the PPP investment agreement for the Miyu Expressway project[19]. - The company has implemented project management measures to enhance project control and risk prevention, improving overall project management efficiency[20]. Research and Development - The company has established 6 national engineering technology research centers and 2 national enterprise postdoctoral research stations as of June 30, 2019[26]. - The company filed 91 domestic patents and was granted 59 domestic patents in the first half of 2019, with a total of 7,021 domestic patent applications cumulatively[26]. - The company has emphasized technological innovation, with several projects receiving awards and promoting new technologies in the industry[21]. Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2019, showed a net outflow of RMB 1,086.9 million, an increase in outflow of RMB 297.5 million or 37.7% year-on-year[66]. - The net cash inflow from financing activities for the six months ended June 30, 2019, was RMB 998.4 million, an increase of RMB 1,191.9 million compared to the same period last year[66]. - The company’s cash and cash equivalents at the end of June 30, 2019, were RMB 5,606,346 thousand, an increase from RMB 5,119,711 thousand at the end of June 30, 2018[99]. Employee and Operational Data - The company had a total of 12,955 employees, with 82% being male and 18% female[81]. - Employee expenses for the first half of 2019 amounted to RMB 737 million[84]. - The company employs 3,945 management personnel, 6,593 engineering technicians, and 2,052 production operators[82]. Risks and Internal Controls - The company faces various risks including policy risk, market risk, operational risk, financial risk, and overseas operational risk[72]. - The company has established a comprehensive internal control system to manage risks embedded in business processes[80].

Financial Performance - In 2018, the company achieved a revenue of RMB 33.6 billion and an operating profit of RMB 1 billion, with a net cash inflow from operating activities of RMB 600 million[5]. - In 2018, the company achieved revenue of RMB 33,572.1 million, a decrease of RMB 2,493.2 million or 6.9% compared to 2017's RMB 36,065.3 million[37]. - The operating profit for 2018 was RMB 1,020.5 million, down 28.0% from RMB 1,418.1 million in 2017[43]. - The net profit for 2018 was RMB 538.9 million, representing a decline of 36.6% from RMB 849.7 million in 2017[46]. - The pre-tax profit for 2018 was RMB 684.8 million, down 36.4% from RMB 1,077.3 million in 2017[44]. - The profit attributable to equity holders of the company was RMB 329.2 million in 2018, a decrease of 46.6% from RMB 616.9 million in 2017[46]. - The company reported a net financial expense of RMB 464.5 million in 2018, an increase of 23.7% from RMB 375.6 million in 2017[42]. - The administrative expenses for 2018 rose to RMB 2,091.9 million, up 14.1% from RMB 1,832.7 million in 2017[40]. - The company reported a total of RMB 5.331 million involved in a construction dispute with Taiyuan Jiaxin Palm Real Estate[159]. - The company is facing a construction contract dispute with Shaanxi Huangling Coking Coal Chemical Group, involving RMB 6.869 million[159]. Market Expansion and Strategy - The company successfully completed its A-share listing on August 31, 2018, becoming the first A+H listed company in the non-ferrous engineering sector, establishing a foundation for future rapid development[22]. - The company has actively expanded its market presence, particularly in the southwest and Inner Mongolia regions, following the implementation of the "3531" market strategy[23]. - Significant projects include the "2+8+1" domestic and international highway project in collaboration with Yunnan Province, which is the largest investment project undertaken by the company[24]. - The company has accelerated its overseas business development, signing contracts for multiple projects in Saudi Arabia, Laos, Indonesia, Guinea, Zambia, and Kazakhstan[24]. - The company aims to enhance its international business by expanding into heavy non-ferrous metallurgy and mineral resource sectors, particularly in regions like the Belt and Road Initiative and Africa[78]. - The company plans to expand its traditional market by seizing opportunities from capacity replacement and technological upgrades in the non-ferrous sector[76]. Research and Development - The company is committed to enhancing its market competitiveness through increased R&D investment and improved project management[5]. - The company has established 6 national-level research platforms and 1 provincial-level research platform as of 2018[25]. - In 2018, the company applied for 304 domestic patents, including 149 invention patents, and authorized 207 domestic patents[32]. - The company received 17 industry awards, including 7 first-class awards, in the field of science and technology[33]. - The company is committed to accelerating technological innovation, focusing on key technical breakthroughs and developing a standardized service system across consulting, design, construction, and equipment[75]. - The company will increase R&D investment to promote technological advancements and support major research projects, aiming for greater profitability from technological achievements[76]. Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as per the listing rules, ensuring a high level of corporate governance throughout the year ending December 31, 2018[153]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, ensuring compliance with governance standards[172]. - The company has established a board diversity policy, which has been approved by the nomination committee[174]. - The company has received annual confirmations of independence from each independent non-executive director as per the listing rules[121]. - The company has complied with the "Avoidance of Competition Agreement" with its controlling shareholder, ensuring no breaches occurred during the reporting period[150]. Risk Management - The group faces operational risks including cost overruns and project delays, which could adversely affect profitability[64]. - The group is exposed to foreign exchange risks due to overseas operations, which may impact profit margins and asset values[67]. - Cash flow risks arise from the need to pay deposits and advance payments for projects, potentially leading to liquidity issues if contracts are not won[70]. - The company’s governance structure will separate the roles of Chairman and CEO after the election of a new Chairman[153]. Employee Welfare and Training - The company has maintained a focus on employee welfare, providing competitive remuneration and career development opportunities[103]. - In 2018, the company trained a total of 21,046 employees, including 6,616 management personnel and 12,420 engineering technicians[102]. - The company has established various employee welfare plans, including retirement and medical insurance, in accordance with applicable regulations[152]. Financial Management and Capital Structure - The total assets as of December 31, 2018, were RMB 49,031.0 million, while total liabilities were RMB 35,845.5 million[58]. - The debt-to-capital ratio as of December 31, 2018, was 73.4%, compared to 72.8% as of December 31, 2017[60]. - The company raised RMB 102,087.8 million through the issuance of A-shares, with a net amount of RMB 97,958.3 million after expenses[116]. - The company plans to distribute dividends at least once a year, ensuring a minimum cash dividend ratio of 20% of distributable profits under normal circumstances[113]. Awards and Recognition - The company was recognized as one of the top 1,000 global innovative enterprises in 2018[25]. - Chinalco International ranked 186th in the "Top 250 International Contractors" and 87th in the "Top 250 Global Contractors" by ENR magazine, marking a rise of 59 and 34 positions respectively compared to 2017[86][87]. - The company received 58 awards from the China Nonferrous Metals Construction Association for outstanding engineering exploration, design, consulting achievements, and information technology in 2018[93]. Environmental Management - The company has established an environmental management system and conducts annual training to promote environmental protection, with third-party certification for compliance[105]. - The company has implemented various energy-saving and emission-reduction measures in its operations to minimize resource consumption and promote the use of environmentally friendly products[104]. - The "Zinc Leaching Residue Direct Lead Resource Recycling Project" was selected as a typical case of resource recycling in Hunan Province, promoting cleaner production in lead-zinc smelting[84].