（在中華人民共和國註冊成立的股份有限公司） 股份代號：02600 2024 年度報告 目 錄 | 2 | 公司簡介 | | --- | --- | | 6 | 財務摘要 | | 12 | 董事、監事、高級管理人員及員工 | | 35 | 股本結構、變動及主要股東持股情況 | | 46 | 董事長報告 | | 61 | 管理層對財務狀況和經營業績的討論與分析 | | 71 | 董事會報告 | | 113 | 監事會報告 | | 119 | 企業管治及內部控制報告 | | 153 | 重要事項 | | 168 | 關連交易 | | 196 | 獨立核數師報告 | | 203 | 合併財務狀況表 | | 206 | 合併損益及其他綜合收益表 | | 208 | 合併權益變動表 | | 210 | 合併現金流量表 | | 212 | 財務報表附註 | | 402 | 公司資料 | 公司簡介 中國鋁業股份有限公司（簡稱「中國鋁業」、「公司」或「本公司」）是在中華人民共和國（「中國」）註冊成 立的股份有限公司；其股份分別在香港聯合交易所有限公司（「香港聯交所」）及上海證券交易所（「上 交所」）掛牌上市。 本公司及其附屬公 ...

Financial Performance - For the fiscal year ending December 31, 2024, the group achieved operating revenue of RMB 237.066 billion, an increase of 5.21% year-on-year[15]. - The net profit attributable to the owners of the parent company was RMB 12.4 billion, with basic earnings per share of RMB 0.723[15]. - The company's operating revenue for 2024 reached RMB 237,065,629 thousand, representing a 5.21% increase from RMB 225,319,044 thousand in 2023[22]. - The pre-tax profit for 2024 was RMB 22,321,902 thousand, an increase of 48.19% compared to RMB 15,062,650 thousand in 2023[22]. - Net profit attributable to the company's owners for 2024 was RMB 12,400,160 thousand, an 85.38% increase from RMB 6,689,067 thousand in 2023[22]. - The company's total assets as of December 31, 2024, were RMB 215,895,530 thousand, a slight increase of 1.89% from RMB 211,896,104 thousand in 2023[19]. - The total liabilities decreased to RMB 103,854,787 thousand in 2024 from RMB 112,866,670 thousand in 2023, indicating a reduction of approximately 8.94%[19]. - The net cash flow from operating activities for 2024 was RMB 32,807,186 thousand, which is a 21.37% increase from RMB 27,030,025 thousand in 2023[22]. - The basic earnings per share for 2024 were RMB 0.723, reflecting an 85.86% increase from RMB 0.389 in 2023[22]. - The gross profit for 2024 was RMB 35.529 billion, an increase of RMB 7.981 billion or 28.97% compared to RMB 27.548 billion in the previous year[141]. Corporate Strategy and Goals - The company aims to become a world-class aluminum company with global competitiveness, supported by a clear and pragmatic development strategy[6]. - The company plans to expand its market presence and enhance operational efficiency through an experienced management team[6]. - The company is focused on enhancing its management structure and optimizing operations through experienced leadership[30]. - The company aims to enhance value creation through optimized production operations and cost reduction initiatives[126]. - The company is focusing on resource development and supply assurance, including domestic mineral rights exploration and overseas resource acquisition[127]. - The company plans to accelerate the upgrade of traditional industries and develop emerging industries, including a 1200MW renewable energy project expected to be fully operational within the year[127]. - The company aims to strengthen risk prevention and control measures to ensure high-quality development and environmental protection[131]. Research and Development - The group emphasizes continuous technological innovation, with notable achievements in the transformation of scientific and technological results[6]. - The company's research and development expenses for 2024 were RMB 3,063,735 thousand, a decrease from RMB 3,729,423 thousand in 2023[18]. - The company obtained 519 new patent authorizations in 2024, maintaining the industry lead[117]. - The company is focused on technological innovation to improve resource utilization and production efficiency, aiming for a digitalized management approach[179]. Management and Governance - The company has a diverse board with independent directors, including Qiu Guanzhou, Yu Jinsong, and Chen Yuanxiu, each receiving RMB 21.84 million in remuneration[26]. - The company is committed to corporate governance, with independent directors and a well-structured board overseeing its operations[40]. - The company’s remuneration committee ensures that the remuneration standards for directors and senior management align with industry benchmarks and company performance[58]. - The company is committed to enhancing corporate governance and ensuring transparency in operations[200]. Market and Industry Trends - In 2024, China's aluminum production and consumption are expected to continue growing, maintaining its position as the world's largest producer for 23 consecutive years[179]. - The domestic aluminum price in 2024 saw an average increase of 8.2% for SHFE three-month aluminum and 6.7% for the average monthly aluminum price, reaching RMB 19,996 per ton and RMB 19,959 per ton, respectively[108]. - The company is addressing risks related to international operations and resource supply by closely monitoring global economic changes and enhancing resource security[187]. - The company anticipates significant fluctuations in the domestic and international bulk raw materials and non-ferrous metals markets by 2025, potentially narrowing the profit margins for its products[187]. Environmental and Social Responsibility - The company is actively involved in environmental management and safety, with a dedicated team led by Ms. Xu Shuxiang, focusing on energy conservation and environmental protection[44]. - The company is committed to implementing stringent safety and environmental standards, including a three-year action plan for ecological environment issues[189]. - The company is focused on enhancing its ESG management framework, with a dedicated committee to oversee social responsibility and environmental protection initiatives[193]. - The company actively participates in rural revitalization and charity activities, contributing to poverty alleviation efforts[196]. Human Resources - The total number of employees as of December 31, 2024, is 63,133, with production personnel accounting for 80.7% of the workforce[67]. - The company has a gender distribution of 53,947 male employees (85.5%) and 9,186 female employees (14.5%)[68]. - The company aims to enhance gender diversity in future hiring and promotions[68]. - The company’s management team includes professionals with advanced degrees in economics and management, ensuring a strong foundation for strategic decision-making[40]. Shareholder Information - The company expressed gratitude to shareholders for their support and concern during the fiscal year ending December 31, 2024[97]. - The proposed final dividend for the year 2024 is RMB 0.135 per share, amounting to approximately RMB 2.316 billion, pending approval at the annual general meeting[122]. - The total share capital at the beginning of the reporting period was 17,161,591,551 shares, which decreased to 17,156,498,909 shares by the end of the period, reflecting a reduction of 5,092,642 shares[70].

Financial Performance - Revenue for the third quarter reached RMB 63,060,133 thousand, an increase of 16.04% year-on-year[3] - Net profit attributable to shareholders was RMB 2,000,316 thousand, reflecting a growth of 3.34% compared to the same period last year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1,859,089 thousand, a decrease of 9.12% year-on-year[3] - Basic earnings per share for the period was RMB 0.116, up 4.50% from the previous year[3] - Total revenue for the first three quarters of 2024 was RMB 173.78 billion, a decrease of 7.75% compared to RMB 188.40 billion in the same period of 2023[15] - Operating profit for the first three quarters of 2024 increased to RMB 17.41 billion, up 55.5% from RMB 11.20 billion in 2023[16] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 9.02 billion, a significant increase of 68.8% compared to RMB 5.35 billion in 2023[17] - The company reported a basic earnings per share of RMB 0.525 for the first three quarters of 2024, compared to RMB 0.309 in 2023[17] - Net profit for the first three quarters of 2024 was RMB 5,059,702 thousand, significantly up from RMB 2,816,198 thousand in the same period of 2023, representing an increase of 79.3%[26] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 214,250,471 thousand, an increase of 1.18% from the previous year[3] - Total assets as of September 30, 2024, amounted to RMB 214.25 billion, compared to RMB 211.76 billion at the end of 2023[14] - Total liabilities decreased to RMB 104.29 billion as of September 30, 2024, down from RMB 112.87 billion at the end of 2023[14] - The company's total liabilities decreased to RMB 69,302,913 thousand as of September 30, 2024, down from RMB 75,017,311 thousand at the end of 2023[23] - The company's total liabilities and equity decreased to RMB 124,909,323 thousand as of September 30, 2024, from RMB 127,785,183 thousand at the end of 2023, a reduction of 2.2%[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 333,361[8] - China Aluminum Group Co., Ltd. holds 5,139,204,916 shares, accounting for 29.95% of the total shares[8] - Hong Kong Central Clearing Limited (H shares) holds 3,935,273,789 shares, representing 22.93% of the total shares[8] - The total shares held by China Aluminum Group and its subsidiaries amount to 5,563,312,965 shares, representing approximately 32.42% of the total issued shares[11] - The top ten shareholders include various state-owned and foreign entities, with significant stakes held by China Aluminum Group and Hong Kong Central Clearing[10] Cash Flow - The company reported a net cash flow from operating activities of RMB 10,069,118 thousand, a decrease of 0.25% compared to the previous year[3] - Operating cash flow for the first three quarters of 2024 was RMB 23,618,433 thousand, an increase of 10.8% compared to RMB 20,402,359 thousand in the same period of 2023[18] - Cash inflow from investment activities increased to RMB 8,668,710 thousand in 2024 from RMB 4,418,006 thousand in 2023, representing a growth of 96.5%[19] - Net cash flow from financing activities showed a significant decline, with a net outflow of RMB 19,265,520 thousand in 2024 compared to RMB 14,870,742 thousand in 2023[20] - Cash flow from operating activities generated a net amount of RMB 4,702,706 thousand in the first three quarters of 2024, compared to RMB 2,765,880 thousand in the same period of 2023, indicating a 70.0% increase[27] Production and Operations - Alumina production for the first nine months of 2024 was 1,257 thousand tons, a slight increase of 0.88% compared to 2023[7] - The production of primary aluminum (including alloys) reached 562 thousand tons, marking a 14.00% increase year-on-year[7] - The company expects continued growth in production and sales volumes for the upcoming quarters, driven by increased demand in the market[3] Research and Development - Research and development expenses for the first three quarters of 2024 were RMB 2.49 billion, down 25.5% from RMB 3.33 billion in 2023[15] - Research and development expenses for the first three quarters of 2024 were RMB 108,920 thousand, significantly lower than RMB 558,518 thousand in the same period of 2023, indicating a decrease of 80.5%[25] - The company reported an increase in investment income to RMB 3,764,595 thousand in the first three quarters of 2024, compared to RMB 1,456,963 thousand in the same period of 2023, representing a growth of 158.1%[25] Cash and Current Assets - The total current assets as of September 30, 2024, amount to 60,642,395,000 RMB, an increase from 58,440,534,000 RMB in the previous year[12] - Cash and cash equivalents increased to 22,953,843,000 RMB from 21,103,581,000 RMB year-over-year[12] - Accounts receivable rose to 5,759,112,000 RMB from 4,024,325,000 RMB in the previous year[12] - Inventory increased to 24,465,704,000 RMB from 22,847,135,000 RMB year-over-year[12] - Cash and cash equivalents at the end of Q3 2024 were RMB 21,537,883 thousand, up from RMB 16,477,565 thousand in the same period of 2023[21] - The company's cash and cash equivalents decreased to RMB 3.60 billion as of September 30, 2024, from RMB 7.97 billion at the end of 2023[13] - The cash and cash equivalents at the end of the third quarter of 2024 were RMB 6,457,235 thousand, slightly down from RMB 5,900,244 thousand at the end of the same period in 2023[30] Borrowings - The company reported a decrease in short-term borrowings to RMB 504,761 thousand in 2024 from RMB 4,502,718 thousand in 2023, indicating a reduction in short-term debt[23] - Long-term borrowings increased to RMB 22,796,375 thousand in 2024 from RMB 20,603,000 thousand in 2023, reflecting a strategy to secure long-term financing[23] Board of Directors - The board of directors includes executive directors Shi Zhi Rong, Ou Xiao Wu, and Jiang Tao, as well as non-executive director Chen Peng Jun and independent non-executive directors Qiu Guan Zhou, Yu Jing Song, and Chen Yuan Xiu[31]

Import and Production - In the first half of 2024, China imported 77.35 million tons of bauxite, a year-on-year increase of 7.3%, with Guinea accounting for 72.8% of imports[7]. - The company reported a significant increase in the use of imported bauxite due to domestic supply shortages and poor ore quality[7]. - Domestic aluminum oxide production in China was 8.2 million tons, while consumption was 8.5 million tons, resulting in a supply shortage of 890,000 tons in the first half of 2024[9]. - The company’s aluminum production (including alloys) reached 3.63 million tons in the first half of 2024, with a significant increase in output across major products[12]. - The global aluminum production and consumption in the first half of 2024 were 35.87 million tons and 36.01 million tons, respectively, with China accounting for 59.4% and 61.4% of the totals[10]. Financial Performance - The company achieved a total profit of RMB 12.969 billion and a net profit of RMB 11.290 billion in the first half of 2024, with operating cash flow of RMB 13.485 billion[12]. - For the six months ending June 30, 2024, the company's revenue was RMB 110.718 billion, a decrease of 17.41% compared to the same period last year[25]. - The net profit attributable to the company's owners for the same period was RMB 7.016 billion, an increase of 105.33% year-on-year[25]. - The company's basic earnings per share for the first half of 2024 was RMB 0.409[25]. - The company's operating costs for the first half of 2024 were RMB 92.287 billion, a decrease of RMB 29.769 billion compared to RMB 122.056 billion in the same period last year[28]. Market and Pricing - In the first half of 2024, the domestic aluminum oxide spot price reached a maximum of RMB 3,917 per ton, with an average price of RMB 3,504 per ton, representing a year-on-year increase of 21.0%[8]. - The international aluminum oxide spot price averaged USD 403 per ton in the first half of 2024, with a year-on-year increase of 14.3%[8]. - The average price of SHFE three-month aluminum in the first half of 2024 was RMB 19,849 per ton, reflecting a year-on-year increase of 7.2%[10]. Environmental and Sustainability Initiatives - The company completed a carbon reduction of 660,000 tons in the first half of the year and restored over 3,600 acres of bauxite mining land[16]. - The intensity of nitrogen oxide emissions from alumina and electrolytic aluminum decreased by 6.4% and 14.6% year-on-year, respectively[16]. - The company has established eight national-level green mines and 13 green factories, promoting significant achievements in green low-carbon development[16]. Strategic Planning and Development - The company is advancing key projects, including a 2 million ton aluminum oxide project in Guangxi and a 420,000 ton electrolytic aluminum project in Inner Mongolia[13]. - The company’s strategic planning includes a focus on five traditional industries, six emerging industries, and three platform industries to enhance competitive advantages[13]. - The company is actively acquiring bauxite resources in regions like Henan, Shanxi, and Guizhou, and optimizing its alumina production layout[20]. Shareholder and Governance - The company expressed gratitude to shareholders for their support and concern during the reporting period[6]. - The company proposed an interim dividend of RMB 0.082 per share, totaling approximately RMB 1.407 billion, which accounts for 20.05% of the net profit attributable to shareholders for the first half of 2024[26]. - The company has implemented a restricted stock incentive plan in 2022, granting approximately 139 million shares to 1,206 individuals, linking performance and personal evaluations to incentive realization[61]. Research and Development - Research and development expenses for the first half of 2024 were RMB 1.693 billion, remaining stable compared to RMB 1.692 billion in the previous year[30]. - The company has made major breakthroughs in new magnesium smelting methods and is advancing high-end fine alumina projects[15]. - The company is focusing on the development of new products such as high-performance die-casting aluminum alloys and is accelerating the construction of smart factories[21]. Employee and Management Changes - The company appointed Mr. Lu Dong as the new Deputy General Manager effective August 28, 2024[60]. - The company’s board of directors saw a change with Mr. Shi Zhirong appointed as the new Chairman on June 25, 2024, following the resignation of Mr. Dong Jianxiong[56]. - The company has established 22 key training programs for 2024, focusing on various fields including production, marketing, finance, and digitalization[61]. Financial Position and Assets - As of June 30, 2024, the group's current assets amounted to RMB 62.626 billion, an increase of RMB 4.185 billion from RMB 58.441 billion at the end of the previous year, mainly due to increased inventory and accounts receivable[43]. - The company's total assets amounted to RMB 217.09 billion, an increase from RMB 211.76 billion as of December 31, 2023[110]. - The company's total equity increased to RMB 108.62 billion as of June 30, 2024, from RMB 98.89 billion as of December 31, 2023[111]. Liabilities and Financial Obligations - The total liabilities amounted to RMB 108,476,812 million, with the alumina segment's liabilities at RMB 41,933,175 million[149]. - The company reported a net cash outflow from financing activities of RMB 9,062,871 for the six months ended June 30, 2024, compared to RMB 10,652,341 in the same period of 2023, indicating a decrease of approximately 14.9%[122]. - The current portion of short-term loans and borrowings totaled 19,127,150 thousand RMB as of June 30, 2024, compared to 27,134,434 thousand RMB at the end of 2023, showing a significant decrease of approximately 29.6%[167].

Financial Performance - For the six months ending June 30, 2024, the company's revenue was RMB 110.718 billion, a decrease of 17.41% compared to the same period last year[25]. - The net profit attributable to the company's owners for the same period was RMB 7.016 billion, an increase of 105.33% year-on-year[25]. - The company's basic earnings per share for the first half of 2024 was RMB 0.409[25]. - The company achieved a total profit of RMB 12.969 billion and a net profit of RMB 11.290 billion in the first half of 2024, with operating cash flow of RMB 13.485 billion[12]. - The total comprehensive income for the period was RMB 11,284,802 thousand, compared to RMB 5,311,454 thousand in the prior year, indicating an increase of approximately 112.8%[116]. - The company reported a profit before tax of RMB 12,969,157 thousand, a significant increase from RMB 6,719,693 thousand in the same period of 2023, representing an increase of approximately 93.5%[115]. - The company's net profit for the fiscal year 2023 was approximately RMB 3.74 billion, while the consolidated net profit attributable to shareholders was about RMB 6.72 billion[91]. Production and Sales - The company’s alumina production was 8.2 million tons, fine alumina production was 2.07 million tons, and primary aluminum production was 3.63 million tons in the first half of 2024[12]. - The alumina segment's revenue for the first half of 2024 was RMB 31.454 billion, an increase of RMB 9.927 billion compared to RMB 21.527 billion in the same period last year[34]. - The primary aluminum segment achieved an operating revenue of RMB 68.206 billion, up RMB 11.613 billion from RMB 56.593 billion year-on-year, mainly driven by the increase in sales prices of electrolytic aluminum products[36]. - The primary aluminum segment's total profit reached RMB 7.595 billion, an increase of RMB 3.723 billion from RMB 3.872 billion in the previous year, attributed to higher sales prices and increased production and sales volume of electrolytic aluminum products[37]. - The marketing segment's operating revenue decreased to RMB 93.432 billion, down RMB 30.873 billion from RMB 124.305 billion year-on-year, mainly due to reduced sales of externally procured products[38]. - Revenue from product sales was RMB 109,581,715, down from RMB 132,928,500, indicating a decline of 17.5% year-over-year[130]. Market and Strategic Focus - The company is focusing on increasing the use of imported bauxite due to domestic supply shortages and poor ore quality[7]. - The company is actively monitoring market conditions and adjusting strategies accordingly to enhance operational efficiency[2]. - The management team is committed to exploring new product development and market expansion opportunities[2]. - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the upcoming periods[118]. - The company is committed to ongoing research and development to support its operational segments, particularly in alumina and energy[136]. Environmental and Sustainability Initiatives - The company completed a carbon reduction of 660,000 tons in the first half of the year and restored over 3,600 acres of bauxite mining land[16]. - The intensity of nitrogen oxide emissions from alumina and electrolytic aluminum decreased by 6.4% and 14.6% year-on-year, respectively[16]. - The company has established eight national-level green mines and 13 green factories, demonstrating significant progress in green and low-carbon development[16]. - The company is committed to enhancing the utilization rate of red mud and has achieved a historical high in comprehensive utilization[16]. Corporate Governance and Leadership Changes - The company has undergone a leadership change, with Shi Zhirong appointed as the new executive director and chairman following the resignation of Dong Jianxiong[5]. - The company appointed Mr. Lu Dong as the new Deputy General Manager effective August 28, 2024[60]. - The company’s board of directors underwent significant changes, with Mr. Shi Zhirong appointed as the new Chairman on June 25, 2024, following the resignation of Mr. Dong Jianxiong[56]. - The company’s board of supervisors saw changes with Ms. Lin Ni elected as the new Chairperson on August 28, 2024, following the resignation of Mr. Ye Guohua[58]. Shareholder and Stock Information - The company proposed an interim dividend of RMB 0.082 per share, totaling approximately RMB 1.407 billion, which accounts for 20.05% of the net profit attributable to shareholders for the first half of 2024[26]. - The company’s largest shareholder, Chalco Group, directly holds 5,139,204,916 A shares, accounting for about 29.95% of the total issued share capital as of June 30, 2024[62]. - The company has implemented a restricted stock incentive plan in 2022, granting approximately 139 million shares to 1,206 individuals, linking performance and personal evaluations to incentive realization[61]. - The company has approved the repurchase and cancellation of 3,210,323 restricted shares at adjusted prices of RMB 3.01 per share and RMB 2.17 per share, totaling RMB 9,552,922.17 paid to all 43 incentive recipients[74]. Financial Position and Assets - As of June 30, 2024, total assets amounted to RMB 217.09 billion, an increase from RMB 211.76 billion as of December 31, 2023[110]. - The company reported a significant increase in cash and cash equivalents, reaching RMB 24.46 billion, up from RMB 19.04 billion[110]. - The company’s total equity increased to RMB 108.62 billion as of June 30, 2024, compared to RMB 98.89 billion at the end of 2023[111]. - The company's asset-liability ratio decreased to 49.97%, the first time below 50% in a decade, indicating improved asset quality[12]. Research and Development - Research and development expenses for the first half of 2024 were RMB 1.693 billion, remaining stable compared to RMB 1.692 billion in the previous year[30]. - The company has made major breakthroughs in new magnesium smelting research and is advancing high-end fine alumina projects[15]. - The company has appointed three top industry experts as technical advisors and has strengthened collaboration with universities for advanced materials research[15]. Risk Management and Compliance - The company is focused on enhancing risk management and compliance systems to ensure high-quality development and mitigate potential risks[24]. - The company has revised its governance and regulatory compliance systems in accordance with the latest laws and regulations, enhancing its internal control framework[90].

Financial Performance - Operating revenue for Q1 2024 was RMB 48,955,678 thousand, a decrease of 26.14% compared to the same period last year[2] - Net profit attributable to shareholders was RMB 2,230,265 thousand, an increase of 23.01% year-on-year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 2,182,750 thousand, up 35.61% from the previous year[2] - Total revenue for Q1 2024 was CNY 48,955,678, a decrease of 26.1% compared to CNY 66,279,365 in Q1 2023[19] - Operating profit for Q1 2024 increased to CNY 4,744,924, up 40.5% from CNY 3,378,517 in Q1 2023[20] - Net profit for Q1 2024 was CNY 4,048,498, representing a 39.3% increase from CNY 2,901,155 in Q1 2023[20] Cash Flow and Assets - The net cash flow from operating activities was RMB 3,578,062 thousand, down 9.46% year-on-year[2] - Operating cash flow for Q1 2024 was $3,578,062, a decrease of 9.5% compared to $3,951,750 in Q1 2023[23] - Cash inflow from investment activities in Q1 2024 was $5,518,702, significantly higher than $257,127 in Q1 2023[24] - Net cash flow from financing activities in Q1 2024 was -$5,104,152, compared to -$4,386,822 in Q1 2023, indicating increased cash outflows[25] - The total cash and cash equivalents at the end of Q1 2024 amounted to $18,683,129, up from $15,566,131 at the end of Q1 2023[26] - Total current assets as of March 31, 2024, amount to 60,238,148,000 RMB, an increase from 58,440,534,000 RMB as of December 31, 2023[15] - Cash and cash equivalents decreased to 20,403,345,000 RMB from 21,103,581,000 RMB[15] - Accounts receivable increased to 5,385,290,000 RMB from 4,024,325,000 RMB[15] - The company has 2,002,546,000 RMB in trading financial assets, down from 5,012,779,000 RMB[15] - The company’s inventory increased to 26,504,736,000 RMB from 22,847,135,000 RMB[15] - Total assets at the end of the reporting period were RMB 213,616,732 thousand, an increase of 0.88% from the previous year[2] - Total assets as of March 31, 2024, were CNY 213,616,732, up from CNY 211,755,809 as of December 31, 2023[18] Shareholder Information - China Aluminum Group holds 5,139,204,916 shares, representing 29.95% of total shares[10] - Hong Kong Central Clearing and Settlement Limited (H shares) owns 3,934,826,749 shares, accounting for 22.93%[10] - The company has no shares under pledge, marking a stable ownership structure[10] - The top ten shareholders collectively hold a significant portion of the company, ensuring strong governance and oversight[10] Production and Operations - The production of metallurgical alumina reached 4,250,000 tons, an increase of 6.78% compared to 3,980,000 tons in the same period last year[7] - The production of primary aluminum (including alloys) was 1,780,000 tons, a 16.34% increase from 1,530,000 tons year-on-year[7] - The company reported a decrease in the sales volume of self-produced metallurgical alumina, which was 1,500,000 tons, down 9.09% from 1,650,000 tons last year[7] Research and Development - Research and development expenses for Q1 2024 were CNY 574,176, an increase of 24.8% compared to CNY 459,852 in Q1 2023[19] - The company reported a decrease in R&D expenses to RMB 103,125 thousand in Q1 2024 from RMB 155,324 thousand in Q1 2023, a reduction of 33.6%[33] Equity and Liabilities - Total liabilities decreased to CNY 110,252,285 as of March 31, 2024, from CNY 112,866,670 as of December 31, 2023[17] - Shareholders' equity increased to CNY 103,364,447 as of March 31, 2024, compared to CNY 98,889,139 as of December 31, 2023[18] - Current liabilities decreased to CNY 53,294,771 as of March 31, 2024, from CNY 58,705,772 as of December 31, 2023[17] - The company’s total liabilities and equity as of March 31, 2024, were RMB 124,909,129 thousand, down from RMB 127,785,183 thousand as of December 31, 2023[31] Earnings Per Share - Basic earnings per share for Q1 2024 were CNY 0.130, up from CNY 0.105 in Q1 2023[21]

Financial Performance - The company reported a revenue of RMB 225.07 billion for the year ending December 31, 2023, a decrease of 22.65% compared to RMB 290.99 billion in 2022[6]. - The net profit attributable to shareholders for the year was RMB 6.72 billion, with earnings per share of RMB 0.391[6]. - The gross profit for 2023 was RMB 27.57 billion, down from RMB 31.28 billion in the previous year[7]. - Operating costs decreased to RMB 197.50 billion from RMB 259.70 billion in 2022, reflecting a reduction in expenses[7]. - The company reported a significant increase in other income to RMB 678.71 million from RMB 235.79 million in 2022, indicating improved financial performance in this area[7]. - The company's net profit for the year 2023 reached RMB 12,583,781 thousand, an increase of 16.06% compared to RMB 10,843,470 thousand in 2022[8]. - The profit attributable to the owners of the parent company was RMB 6,716,945 thousand, representing a significant increase of 60.23% from RMB 4,192,068 thousand in the previous year[12]. - The total assets as of December 31, 2023, were RMB 211,755,809 thousand, a slight decrease of 0.28% from RMB 212,347,896 thousand in 2022[9]. - The total liabilities decreased to RMB 112,866,670 thousand, down 9.43% from RMB 124,593,412 thousand in 2022[9]. - Operating income for 2023 was RMB 225,070,880 thousand, reflecting a decrease of 22.65% compared to RMB 290,987,942 thousand in 2022[12]. - The basic earnings per share for 2023 was RMB 0.391, an increase of 63.60% from RMB 0.239 in 2022[12]. - The net cash flow from operating activities was RMB 27,040,981 thousand, a slight decrease of 2.76% from RMB 27,806,188 thousand in 2022[12]. - The company proposed a final dividend of RMB 0.08 per share for the year 2023, up from RMB 0.036 in 2022[8]. - The weighted average return on equity increased to 12.02%, up by 5.12 percentage points from 6.90% in 2022[12]. - The profit attributable to the owners of the parent company after deducting non-recurring gains and losses was RMB 6,614,183 thousand, a substantial increase of 111.27% from RMB 3,130,693 thousand in 2022[12]. Leadership and Governance - Liu Jianping resigned as Chairman and Executive Director on July 19, 2023, with a total pre-tax remuneration of RMB 0 during the reporting period[17]. - Dong Jianxiong is the current Chairman and Executive Director, with a term starting on September 19, 2023, and ending on June 30, 2025, also with a total pre-tax remuneration of RMB 0[19]. - Zhu Runzhou, Executive Director and President, received a total pre-tax remuneration of RMB 127.78 million during the reporting period[16]. - The total pre-tax remuneration for all directors and senior management during the reporting period amounted to RMB 862.53 million[16]. - Wu Maosen, former Vice President, will retire in December 2023 after serving until October 25, 2023, with a total pre-tax remuneration of RMB 81.31 million for the period from January to November 2023[18]. - Xu Shuxiang, Supervisor, received a total pre-tax remuneration of RMB 53.55 million during the reporting period[16]. - The company has appointed new executives, including Xu Feng as Vice President and Liang Minghong as Chief Legal Counsel, with their remuneration included in the total[18]. - Chen Pengjun, Non-Executive Director, voluntarily waived his remuneration, resulting in RMB 0 received during the reporting period[17]. - The company has a diverse board with members having extensive experience in metallurgy and corporate management[19]. - The total number of directors and supervisors at the reporting date includes 12 individuals, with varying roles and remuneration structures[19]. - The company has a strong leadership team with extensive experience in power generation, financial management, and technology development[20][21][22][23][24]. - The company is committed to enhancing its corporate governance through the expertise of its independent directors and supervisory board members[27]. - The company has a structured approach to employee remuneration, which is reviewed by the Board's Remuneration Committee before being submitted for approval[36]. Strategic Goals and Market Position - The company aims to become a world-class aluminum company with global competitiveness as part of its strategic goals[2]. - The company has a complete industrial chain, which provides a significant competitive advantage in the market[2]. - The company is focusing on research and development in low-grade and complex metal ore processing, achieving significant results in bioleaching of low-grade sulfide ores[24]. - The company has plans for market expansion and strategic acquisitions to enhance its competitive position in the industry[20][21]. - The company aims to improve operational efficiency and production technology through the expertise of its management team[21][22]. - The company is positioned to capitalize on emerging market opportunities through its strategic initiatives and experienced leadership[21][22]. - The company is actively involved in the development of new products and technologies to meet market demands[22][24]. - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic management[28]. Sustainability and Environmental Initiatives - The company is committed to sustainable practices and innovation in aluminum production and processing technologies[24]. - The company has made significant advancements in green development, with a 50% reduction in chemical oxygen demand and a 57% reduction in ammonia nitrogen emissions[75]. - The company has been recognized for its green initiatives, with several products awarded "green design product" status and becoming the first aluminum enterprise to receive ASI certification[75]. - The company is focusing on developing green and low-carbon technologies, recycling aluminum, and expanding into high-end industries[122]. - The company anticipates that the consumption of aluminum will continue to grow in emerging fields such as aluminum-air batteries and nano-ceramic aluminum products[120]. - The company has established a comprehensive social responsibility management system, covering governance, employee rights, environmental protection, fair operations, and community support[131]. - The company has set up a dedicated committee to implement ESG policies and regularly report progress to the board[131]. - The company emphasizes responsible mining practices and environmental protection, ensuring maximum resource utilization and minimal environmental impact[135]. - The company has implemented advanced water recycling systems to achieve "zero discharge" of production wastewater, contributing to green and sustainable development[135]. Employee and Community Engagement - The company organized training for 255 employees in 2023, with a total of over 3,000 training sessions completed across various departments[137]. - The company established a comprehensive welfare system, including corporate annuities for 86 eligible enterprises and supplementary medical insurance for employees[137]. - The company implemented a safety management enhancement plan in 2023, with 231 employees participating in safety management training sessions[138]. - The company emphasized equal employment principles, ensuring equal pay for equal work and gender equality in hiring practices[136]. - The company conducted a series of health and wellness activities for employees, enhancing workplace culture and collaboration[138]. - The company has established 86 youth volunteer service organizations with a total of 8,964 registered volunteers, contributing over 200,000 hours of volunteer service in 2023[149]. - The company has undertaken rural revitalization tasks in 11 provinces and regions, involving 16 towns and 24 villages[149]. Risk Management and Compliance - The company is focused on compliance and risk management, as evidenced by the diverse backgrounds of its supervisory and management teams[29]. - The company is addressing carbon emission risks by enhancing energy efficiency in electrolytic aluminum production and developing a waste aluminum recycling system to support sustainable practices[130]. - The company has integrated sustainable development concepts into its daily operations, responding to both national and global demands for sustainability[132]. - The company is committed to achieving the United Nations Sustainable Development Goals, including poverty alleviation and promoting quality education[133]. - The company plans to enhance supervision over operations, financial reporting, related party transactions, and internal controls in 2024[200]. Shareholder and Financial Management - As of December 31, 2023, the largest shareholder, Chinalco Group, holds 29.82% of the company's shares directly and 32.29% in total including subsidiaries[42]. - Chinalco Group plans to increase its stake in the company by no less than RMB 250 million and no more than RMB 500 million within six months, with a total increase of 88,827,946 shares completed by January 26, 2024[42]. - The company’s profit distribution policy emphasizes stable returns to shareholders while considering long-term interests and sustainable development[151]. - The company’s board of directors has proposed a cash dividend distribution plan that is subject to approval at the shareholders' meeting[155]. - The company has issued various debt financing instruments, including medium-term notes and ultra-short-term financing bonds, to support its liquidity needs[161].

Financial Performance - For the fiscal year ending December 31, 2023, the group achieved a revenue of RMB 225.071 billion, a decrease of 22.65% year-on-year[7]. - The profit attributable to the owners of the parent company for the year was RMB 6.717 billion, with earnings per share of RMB 0.391[7]. - Operating revenue for 2023 was RMB 225,070,880 thousand, a decrease of 22.65% compared to RMB 290,987,942 thousand in 2022[13]. - Gross profit for 2023 was RMB 27,570,294 thousand, down from RMB 31,283,858 thousand in 2022[8]. - Net profit attributable to the owners of the parent company increased by 60.23% to RMB 6,716,945 thousand in 2023 from RMB 4,192,068 thousand in 2022[13]. - The company reported a pre-tax profit of RMB 15,090,528 thousand, an increase of 14.24% from RMB 13,208,968 thousand in 2022[9]. - The company’s net cash flow from operating activities was RMB 27,040,981 thousand, a decrease of 2.76% compared to RMB 27,806,188 thousand in 2022[13]. - Basic earnings per share for 2023 were RMB 0.391, representing a 63.60% increase from RMB 0.239 in 2022[13]. - The weighted average return on net assets increased by 5.12 percentage points to 12.02% in 2023 from 6.90% in 2022[13]. - The total equity attributable to the parent company as of December 31, 2023, was RMB 60,457,735 thousand, compared to RMB 54,401,529 thousand in 2022, indicating an increase of about 11%[15]. Corporate Strategy and Development - The company maintains a leading position in the global aluminum industry, with first-place production capacity in alumina, electrolytic aluminum, and high-purity aluminum[2]. - The company has a clear and pragmatic development strategy aimed at becoming a globally competitive world-class aluminum company[3]. - The group operates a complete industrial chain, providing a clear overall competitive advantage[3]. - The company is involved in various sectors including bauxite mining, alumina production, and international trade, enhancing its market presence[2]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the provided content[15]. - The company is committed to research and development, particularly in low-grade and complex metal ore processing technologies[25]. - The company aims to leverage its technological advancements to improve operational efficiency and product quality[23][25]. - The company is focusing on high-value-added deep processing products and green low-carbon transformation in response to industry trends[123]. Leadership and Management - The company has a strong management team and skilled workforce, contributing to efficient operations and increased labor productivity[3]. - The company has appointed Dong Jianxiong as the new chairman and executive director, effective September 19, 2023, following the resignation of Liu Jianping on July 19, 2023[18]. - The company has experienced significant leadership changes, with several executives transitioning to new roles or leaving their positions in 2023[32][33][34][35]. - The company has a strong leadership team with extensive experience in the aluminum industry, which is expected to drive future growth and strategic initiatives[20]. - The management team includes professionals with backgrounds in engineering, finance, and asset management, contributing to a well-rounded strategic approach[21][22][24][25]. Environmental and Social Responsibility - The company is committed to enhancing its innovation system, aiming to strengthen core technology capabilities and increase R&D investment[88]. - The company has established a comprehensive social responsibility management system, integrating ESG management into its business operations[132]. - The company actively promotes poverty alleviation measures, focusing on education, healthcare, and employment for impoverished children[134]. - The company is committed to increasing the proportion of clean energy in its energy structure by developing renewable energy industries such as photovoltaic and wind power[135]. - The company aims to achieve "zero emissions" of production wastewater by adopting advanced water recycling systems[136]. - The company emphasizes responsible mining practices and environmental protection, ensuring minimal impact on the environment[136]. - The company has initiated a three-year action plan for ecological and environmental problem remediation, focusing on eliminating existing issues and preventing new ones[141]. Employee and Workforce Management - As of December 31, 2023, the company had a total of 64,504 employees, with 52,816 in production roles, 827 in sales, and 3,609 in technical positions[40]. - The gender composition of employees included 54,346 male employees and 10,158 female employees, with female employees making up 15.75% of the total workforce[42]. - The company emphasizes gender equality in employment, ensuring that the proportion of female employees does not fall below 15%[42]. - The company has established a comprehensive welfare system, including corporate annuities for 86 eligible enterprises and supplementary medical insurance for employees[138]. - The company organized training for 255 employees in 2023, with a total of over 3,000 training sessions completed across various departments[138]. - The company implemented a training model focusing on "party spirit cultivation + management knowledge + practical ability enhancement" to improve employee skills[138]. Financial Management and Shareholder Information - The company plans to propose a final dividend of RMB 0.08 per share for the 2023 fiscal year, pending shareholder approval[9]. - The company completed a cash dividend distribution of RMB 617.82 million for the fiscal year 2022, representing 14.74% of the net profit attributable to shareholders[155]. - For the fiscal year 2023, the company plans to distribute a cash dividend of RMB 0.08 per share, totaling approximately RMB 1.373 billion, which accounts for 20.44% of the net profit attributable to shareholders[156]. - As of December 31, 2023, the largest shareholder, Chinalco Group, directly held 29.82% of the company's shares, increasing its total stake to 32.29% when including subsidiaries[43]. - The total number of shareholders as of December 31, 2023, is 392,145[56]. Market and Industry Trends - The global aluminum prices experienced significant fluctuations in 2023, influenced by macroeconomic conditions and supply-demand dynamics[64]. - The company faced challenges in 2023 due to global economic growth expectations and restrictive monetary policies from major central banks[64]. - The demand for aluminum in traditional construction is declining, while demand in transportation, electronics, and photovoltaic sectors is increasing[123]. - The aluminum industry is expected to maintain a balanced supply and demand situation in 2024, with production growth slowing down[124]. - The company anticipates that the demand for aluminum will continue to grow in sectors such as new energy vehicles and solar photovoltaic applications[124]. Risk Management - The company faces significant risks in resource acquisition and supply security due to the declining quality and quantity of domestic bauxite resources, with increased competition and regulatory challenges impacting mining project progress[126]. - Safety and environmental risks are heightened due to the high-risk nature of the company's operations, with a need for improved automation and environmental management practices to address historical deficiencies[127]. - Market competition risks arise from price volatility in alumina and electrolytic aluminum products, prompting the company to enhance market research and customer development to maintain market share and pricing power[130]. - The company is addressing carbon emission risks associated with its energy structure, focusing on energy efficiency improvements and the development of a recycling system for aluminum to mitigate potential losses in the recycled aluminum market[131].

Core Viewpoint - China Aluminum Corporation announced a share buyback plan by its controlling shareholder, aiming to enhance shareholder value and confidence in the company [1] Summary by Relevant Sections Buyback Plan Overview - The controlling shareholder, China Aluminum Group Co., Ltd., plans to increase its stake in China Aluminum Corporation within six months from the announcement date, with a total investment amount ranging from RMB 250 million to RMB 500 million [1] Implementation Status - From October 20, 2023, to January 26, 2024, China Aluminum Group has cumulatively acquired 88.8279 million A-shares, representing approximately 0.52% of the company's total issued share capital as of the announcement date [1] - The total amount spent on the share buyback reached approximately RMB 499.8 million, completing the buyback plan [1]

Revenue and Profit - Revenue for the third quarter was CNY 54.34 billion, a decrease of 20.85% compared to the same period last year[2] - Net profit attributable to shareholders increased by 105.35% year-on-year to CNY 1.94 billion[2] - The basic earnings per share rose to CNY 0.111, reflecting a 113.46% increase compared to the previous year[2] - Total operating revenue for the first three quarters of 2023 was RMB 188.40 billion, a decrease of 17.2% compared to RMB 227.62 billion in the same period of 2022[18] - Operating profit for the first three quarters of 2023 was RMB 11.20 billion, down 16.3% from RMB 13.39 billion in the same period of 2022[19] - Net profit attributable to shareholders of the parent company for the first three quarters of 2023 was RMB 5.35 billion, slightly down from RMB 5.40 billion in the same period of 2022[20] - The total comprehensive income for the first three quarters of 2023 was RMB 8.98 billion, down from RMB 10.33 billion in the same period of 2022[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 210.34 billion, a decrease of 0.95% from the previous year[4] - The total current assets as of September 30, 2023, amount to RMB 55,596,471,000, an increase from RMB 54,535,973,000 as of December 31, 2022[14] - The total non-current assets as of September 30, 2023, are RMB 154,743,864,000, down from RMB 157,811,923,000 as of December 31, 2022[15] - Total liabilities decreased to RMB 114,299,175,000 as of September 30, 2023, from RMB 124,593,412,000 as of December 31, 2022[16] - The company’s total liabilities to equity ratio improved to 1.19 as of September 30, 2023, compared to 1.42 as of December 31, 2022[16][17] - The company's total assets amounted to CNY 124,089,350 as of September 30, 2023, slightly down from CNY 125,587,206 at the end of 2022, a decrease of 1.2%[27] - Total liabilities decreased to CNY 71,955,115 as of September 30, 2023, down from CNY 75,663,980 at the end of 2022, reflecting a reduction of 4.7%[27] - Long-term borrowings decreased to CNY 16,732,970 from CNY 19,411,000, a decline of 13.8%[27] Cash Flow - The company reported a net cash flow from operating activities of CNY 20.40 billion for the year-to-date period[2] - Cash flow from operating activities for the first three quarters of 2023 was RMB 20.40 billion, a decrease of 15.4% compared to RMB 24.14 billion in the same period of 2022[21] - Cash flow from investing activities resulted in a net outflow of RMB 5.88 billion in the first three quarters of 2023, an improvement from a net outflow of RMB 7.27 billion in the same period of 2022[22] - Cash flow from financing activities showed a net outflow of RMB 14.87 billion in the first three quarters of 2023, compared to a net outflow of RMB 13.23 billion in the same period of 2022[23] Production and Sales - The production of metallurgical alumina decreased by 7.35% to 12.46 million tons compared to the same period last year[8] - The sales volume of self-produced metallurgical alumina increased by 7.84% to 5.01 million tons[8] - The production of coal increased by 19.19% to 9.69 million tons compared to the previous year[8] Research and Development - Research and development expenses increased to RMB 3.33 billion in the first three quarters of 2023, up 22.7% from RMB 2.72 billion in the same period of 2022[18] - Research and development expenses increased to CNY 558,518 in the first three quarters of 2023, up from CNY 360,807 in the same period of 2022, representing a growth of 54.7%[28] Shareholder Information - As of September 30, 2023, China Aluminum Group holds a total of 5,474,485,019 shares, representing approximately 31.90% of the company's total issued share capital[13] - The total equity attributable to shareholders as of September 30, 2023, is RMB 59,095,867,000, compared to RMB 54,401,529,000 as of December 31, 2022[17] - The company has a total of 5,050,376,970 shares of RMB ordinary shares held by China Aluminum Group as of September 30, 2023[12] - The total equity of the company increased to CNY 52,134,235 as of September 30, 2023, up from CNY 49,923,226 at the end of 2022, an increase of 4.4%[27]