Financial Performance - China Aluminum reported a revenue of RMB 100 billion for the first half of 2022, representing a year-on-year increase of 15%[2] - The company achieved a net profit of RMB 5 billion, up 20% compared to the same period last year[2] - The company's operating revenue for the first half of 2022 reached CNY 145.40 billion, an increase of 20.35% compared to CNY 120.82 billion in the same period last year[14] - Net profit attributable to shareholders was CNY 3.99 billion, up 28.93% from CNY 3.09 billion in the previous year[14] - The total profit for the first half of 2022 was 6.957 billion yuan, reflecting a year-on-year growth of 14.82%[34] - The company reported a decrease of 11.89% in net profit after deducting non-recurring gains and losses, totaling CNY 3.84 billion compared to CNY 4.36 billion in the previous year[14] - Basic earnings per share increased to CNY 0.230, a rise of 30.68% from CNY 0.176 in the same period last year[16] - The company’s net profit for the first half of 2022 is expected to show a positive trend, driven by operational efficiency and market expansion strategies[157] Production and Operations - The total aluminum production volume reached 1.5 million tons, an increase of 10% year-on-year[2] - The production of alumina reached 8.35 million tons, a 1.27% increase from 8.25 million tons in the same period last year[19] - The production of coal surged by 82.03%, reaching 5.57 million tons compared to 3.06 million tons in the previous year[19] - The company's total assets at the end of the reporting period were CNY 194.81 billion, a slight increase of 1.23% from CNY 192.43 billion at the end of the previous year[15] - The company has the largest alumina production capacity globally, high-purity aluminum capacity globally, and is the second-largest in primary aluminum production, with a total of 18 billion tons of bauxite resources overseas[22][23] Market and Strategic Initiatives - User data indicates a 25% increase in demand for aluminum products in the automotive sector[2] - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[2] - The company has allocated RMB 2 billion for research and development in new technologies for aluminum recycling[2] - The company is exploring potential acquisitions of smaller aluminum producers to enhance its production capacity[2] - The company aims to optimize its industrial structure and enhance cost competitiveness through continuous innovation and resource allocation[22] Environmental and Sustainability Efforts - The company emphasizes sustainable development by actively acquiring overseas bauxite resources while ensuring high resource assurance domestically[23] - The company aims to peak carbon emissions by 2025 and achieve carbon neutrality by 2055, with specific pathways outlined for reducing emissions in aluminum production[111] - The company has implemented a management model to reduce energy consumption in aluminum production, focusing on performance tracking and flexible production plans[111] - The company has established a quarterly ecological risk assessment system to monitor and address environmental risks[110] - The company is actively promoting new technologies and processes to reduce carbon emissions in alumina production[112] Financial Management and Governance - The company has implemented a management system that integrates party leadership into corporate governance, enhancing operational efficiency and strategic direction[29] - The company plans to enhance value management and implement a three-year cost reduction initiative to improve cost competitiveness and risk resistance[41] - The company has made changes to its board and supervisory committee, with new representatives elected to enhance governance[93] - The company reported a maximum daily deposit limit of 120 billion RMB with a deposit interest rate range of 0.525%-1.82%, resulting in a period-end balance of 102.59 billion RMB after a total deposit of 1,565.22 billion RMB during the period[127] Research and Development - New product development includes a lightweight aluminum alloy aimed at the aerospace industry, expected to launch in Q4 2022[2] - Research and development expenses in the first half of 2022 were CNY 1.626 billion, an increase of CNY 0.967 billion compared to CNY 0.659 billion in the same period last year, reflecting the company's commitment to energy conservation and emission reduction initiatives[52] - The company is focusing on new product development and technological advancements to enhance market competitiveness and drive future growth[157] Related Party Transactions - The company has conducted significant related party transactions, including purchasing alumina and aluminum products amounting to CNY 4.63 billion, accounting for 13.63% of similar transactions[119] - The total amount of major and regular related party transactions during the reporting period was 33.928 billion yuan, with purchases amounting to 10.662 billion yuan and sales amounting to 23.266 billion yuan[121] - The company’s related party transactions are conducted at market prices, ensuring compliance with regulatory standards[122] Risk Management - Risks associated with fluctuating raw material prices and regulatory changes have been identified and addressed in the report[2] - The company faces market risks due to factors such as the Russia-Ukraine conflict and inflation, but expects domestic policies to stabilize the economy in the second half of the year[81] - The company has identified safety and environmental protection as significant risks and is implementing measures to enhance safety and compliance with environmental regulations[83] - The company is addressing supply risks related to bauxite by improving resource supply capabilities and enhancing production management[83]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 75,621,399 thousand, representing a 43.62% increase compared to RMB 52,652,764 thousand in the same period last year[2] - Net profit attributable to shareholders was RMB 1,574,894 thousand, a 60.52% increase from RMB 981,144 thousand year-on-year[2] - The basic earnings per share for Q1 2022 was RMB 0.091, up 65.34% from RMB 0.055 in the same period last year[3] - Total comprehensive income for Q1 2022 was RMB 2,241,633 thousand, compared to RMB 1,518,893 thousand in Q1 2021, indicating a 47.5% growth[16] - The company’s total costs for Q1 2022 were RMB 72,523,517 thousand, which is a 45.6% increase from RMB 49,826,193 thousand in the same period last year[15] Cash Flow and Liquidity - The net cash flow from operating activities reached RMB 8,556,022 thousand, marking a significant increase of 260.28% compared to RMB 2,374,812 thousand in the previous year[2] - Cash flow from operating activities generated RMB 8,556,022 thousand, a substantial increase from RMB 2,374,812 thousand in Q1 2021[18] - The company's cash and cash equivalents were RMB 17,961,408,000, a decrease from RMB 19,177,992,000 in the previous year[13] - The cash and cash equivalents at the end of Q1 2022 were RMB 16,783,415 thousand, a decrease from RMB 17,853,244 thousand at the beginning of the quarter[19] - The cash and cash equivalents at the end of Q1 2022 were CNY 7,531,981 thousand, down from CNY 4,037,015 thousand in Q1 2021, reflecting changes in liquidity[25] Assets and Liabilities - The total assets at the end of the reporting period were RMB 196,623,258 thousand, reflecting a 2.21% increase from RMB 192,376,897 thousand at the end of the previous year[3] - Current assets totaled RMB 55,228,094,000, up from RMB 48,714,043,000 year-over-year[13] - Total liabilities as of March 31, 2022, were RMB 121,489,466,000, compared to RMB 119,593,400,000 at the end of 2021[14] - The total liabilities increased to CNY 73,487,539 thousand in Q1 2022 from CNY 72,714,553 thousand in Q1 2021, reflecting a slight rise in financial obligations[22] - The equity attributable to shareholders of the parent company increased to RMB 58,901,149,000 from RMB 57,264,687,000 year-over-year[14] Research and Development - The company reported a 161.30% increase in R&D expenses, primarily due to investments in optimizing electrolytic aluminum processes and developing high-end products[8] - Research and development expenses increased significantly to RMB 400,141 thousand, compared to RMB 153,135 thousand in the same period last year, marking a 161.5% rise[15] - Research and development expenses surged to CNY 72,683 thousand in Q1 2022, up from CNY 8,098 thousand in Q1 2021, indicating a focus on innovation[23] Shareholder Information - As of March 31, 2022, the total number of ordinary shareholders was 546,638, with the top ten shareholders holding a combined 66.65% of the shares[10] - China Aluminum Group holds 5,050,376,970 shares, representing 29.67% of the total shares outstanding[10] Investment Activities - The company completed the acquisition of metal gallium assets from China Rare Earth Holdings for a transaction value of RMB 392,411.6 thousand[3] - The total cash outflow from investing activities was CNY 7,888,283 thousand in Q1 2022, compared to CNY 6,533,142 thousand in Q1 2021, highlighting increased investment activity[24] Financial Expenses - The company’s financial expenses decreased to RMB 903,030 thousand in Q1 2022 from RMB 972,671 thousand in Q1 2021, a reduction of 7.1%[15] - The company incurred financial expenses of CNY 331,053 thousand in Q1 2022, slightly up from CNY 321,499 thousand in Q1 2021, indicating stable financing costs[23] Production Metrics - The production of alumina remained stable at 4,090,000 tons, while the production of fine alumina increased by 7.50% to 1,030,000 tons[7] Borrowings - The long-term borrowings stood at RMB 36,678,393,000, slightly up from RMB 36,266,071,000[14] - The company experienced a 47.69% decrease in current liabilities due to loan repayments[8]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 75,621,399 thousand, representing a 43.62% increase compared to RMB 52,613,929 thousand in the same period last year[2] - Net profit attributable to shareholders for Q1 2022 was RMB 1,574,894 thousand, a 60.52% increase from RMB 966,709 thousand year-on-year[2] - The diluted earnings per share for Q1 2022 was RMB 0.091, a 65.34% increase from RMB 0.054 in the same period last year[2] - Total revenue for Q1 2022 reached RMB 75,621,399 thousand, a significant increase of 43.5% compared to RMB 52,652,764 thousand in Q1 2021[19] - Operating profit for Q1 2022 was RMB 2,952,878 thousand, up 43.4% from RMB 2,057,089 thousand in Q1 2021[20] - Net profit attributable to shareholders of the parent company for Q1 2022 was RMB 1,574,894 thousand, an increase of 60.5% compared to RMB 981,144 thousand in Q1 2021[20] Cash Flow and Liquidity - The net cash flow from operating activities reached RMB 8,556,022 thousand, marking a significant increase of 260.28% compared to RMB 2,333,361 thousand in the previous year[2] - Cash flow from operating activities increased by 260.28%, attributed to a significant rise in cash receipts[7] - Cash and cash equivalents decreased to RMB 17,961,408 thousand from RMB 19,177,992 thousand at the end of 2021, representing a decline of 6.3%[15] - Cash and cash equivalents at the end of Q1 2022 totaled RMB 16,783,415 thousand, up from RMB 8,251,748 thousand at the end of Q1 2021[25] - The company reported a net cash outflow from operating activities of 3,829,581 thousand RMB in Q1 2022, compared to 2,555,992 thousand RMB in Q1 2021[34] - The company reported a net cash flow from financing activities of RMB -4,013,376 thousand in Q1 2022, compared to RMB -1,490,658 thousand in Q1 2021, reflecting higher debt repayments[24] Assets and Liabilities - The total assets at the end of the reporting period were RMB 196,623,258 thousand, reflecting a 2.21% increase from RMB 196,293,187 thousand at the end of the previous year[2] - Total liabilities increased to RMB 121,489,466 thousand as of March 31, 2022, compared to RMB 119,593,400 thousand at the end of 2021[17] - Total liabilities as of March 31, 2022, were RMB 73,487,539 thousand, slightly up from RMB 72,714,553 thousand at the end of 2021[28] - The company’s long-term borrowings increased to RMB 36,678,393 thousand as of March 31, 2022, compared to RMB 36,266,071 thousand at the end of 2021, reflecting a growth of 1.1%[17] Production and Operations - The company produced 409,000 tons of alumina in Q1 2022, maintaining the same production level as in Q1 2021[5] - The production of coal increased significantly to 286,000 tons in Q1 2022, representing an 86.93% increase compared to 153,000 tons in the same period last year[5] - The company experienced a decrease in electricity generation, with a total of 38 billion kWh in Q1 2022, down 7.32% from 41 billion kWh in the same period last year[5] Research and Development - Research and development expenses surged by 161.30%, driven by investments in optimizing electrolytic aluminum technology and developing high-end products[6] - Research and development expenses for Q1 2022 were RMB 400,141 thousand, significantly higher than RMB 153,135 thousand in Q1 2021, reflecting a growth of 161.5%[19] - Research and development expenses surged to 72,683 thousand RMB in Q1 2022, up from 8,098 thousand RMB in Q1 2021, indicating a focus on innovation[31] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 546,638[8] - The largest shareholder, China Aluminum Group, holds 5,050,376,970 shares, accounting for 29.67% of total shares[9] - The total equity attributable to shareholders of the parent company was RMB 58,901,149 thousand as of March 31, 2022, compared to RMB 57,264,687 thousand at the end of 2021[18] - The company’s total equity increased to 53,894,564 thousand RMB as of March 31, 2022, compared to 53,391,586 thousand RMB at the end of 2021[29] Investment Activities - Cash outflow from investing activities was RMB 5,905,898 thousand in Q1 2022, compared to RMB 2,492,816 thousand in Q1 2021, indicating increased investment activity[24] - Investment activities generated a net cash outflow of 3,249,824 thousand RMB in Q1 2022, compared to a net outflow of 2,879,318 thousand RMB in Q1 2021[35] Future Outlook - The company plans to acquire metal gallium assets from China Rare Earth Holdings Limited for a transaction price of RMB 392,411.6 thousand[3] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30]

Financial Performance - The group achieved a revenue of RMB 269.748 billion for the year ended December 31, 2021, representing a year-on-year increase of 45.03%[16] - The profit attributable to the owners of the parent company for the year was RMB 5.08 billion, with earnings per share of RMB 0.286[16] - Operating revenue for 2021 reached RMB 269.75 billion, a 45% increase from RMB 186.00 billion in 2020[17] - Gross profit for 2021 was RMB 26.48 billion, up from RMB 12.32 billion in 2020, representing a 115% increase[17] - Net profit attributable to owners of the company for 2021 was RMB 5.08 billion, compared to RMB 764.31 million in 2020, marking a significant increase of 566%[18] - The company's operating revenue for 2021 was RMB 269,748,232 thousand, representing a year-on-year increase of 45.03% compared to RMB 185,990,577 thousand in 2020[22] - Profit before tax surged to RMB 10,178,780 thousand in 2021, a remarkable increase of 364.94% from RMB 2,189,271 thousand in 2020[22] - The basic earnings per share (EPS) increased to RMB 0.286, reflecting an increase of 853.33% compared to RMB 0.030 in 2020[22] - The weighted average return on net assets rose to 9.28%, an increase of 7.88 percentage points from 1.40% in 2020[22] - The company reported a significant increase in net profit after excluding non-recurring gains, which reached RMB 7,029,856 thousand, a staggering increase of 1,586.93% from RMB 416,725 thousand in 2020[22] Research and Development - The company emphasizes continuous technological innovation, with notable achievements in the transformation of technological results[11] - Research and development expenses increased to RMB 2.36 billion in 2021, up from RMB 1.43 billion in 2020, indicating a 65% rise[17] - The company emphasizes the importance of technology research and product development, with directors having backgrounds in these areas[31] - The company is actively involved in research and development in metallurgical engineering, contributing to advancements in mineral processing technologies[33] - A total of 36 major R&D projects were implemented, resulting in 35 new authorized invention patents[85] Strategic Goals and Development - The company aims to become a globally competitive world-class aluminum company, supported by stable and reliable bauxite resources[10] - The company has a clear and pragmatic development strategy to ensure sustainable growth[10] - The company aims to enhance its value creation by implementing a comprehensive cost reduction and efficiency improvement strategy, focusing on optimizing key performance indicators and production organization management[93] - The company is committed to green and low-carbon development, increasing the proportion of clean energy usage, and expanding overseas bauxite resource supply channels[95] - The company will accelerate the construction of smart factories and promote a management model that can be replicated across its operations[94] Corporate Governance - The company has a diverse board with members having extensive experience in human resources, corporate management, and financial management[28][30][32] - The independent non-executive directors bring extensive experience in finance, law, and engineering, enhancing corporate governance and strategic decision-making[34] - The company emphasizes risk management and corporate governance, with directors holding key positions in various financial and academic institutions[34] - The company maintains compliance with corporate governance standards as per the Hong Kong Listing Rules and internal control guidelines[180] - The audit committee is composed entirely of independent non-executive directors, ensuring a high level of financial oversight[192] Environmental Responsibility - The company is committed to enhancing safety and environmental responsibility, improving risk control capabilities, and creating a stable operating environment[99] - The company has established a comprehensive occupational health management system and conducted regular health check-ups for employees, enhancing workplace safety measures[137] - The company is committed to environmental protection, with several subsidiaries listed as key pollutant discharge units, indicating ongoing efforts to manage emissions in a high-pollution industry[139] - The company has implemented a "zero report" system for COVID-19, prioritizing employee health and safety through enhanced monitoring and preventive measures[137] - The company achieved a significant improvement in environmental quality, with a continuous decrease in major pollutant emissions and no environmental incidents reported in 2021[147] Market and Industry Trends - The global aluminum market experienced a significant recovery in 2021, driven by strong demand across various sectors, despite supply chain disruptions and rising production costs[67] - The ongoing "dual carbon" policy is driving the industry towards green and low-carbon transformation, creating new development opportunities[124] - The aluminum industry is expected to benefit from the growth in high-end consumption areas such as packaging, transportation, and renewable energy applications[124] - The company faces market fluctuation risks due to the volatility of raw material prices influenced by macroeconomic conditions and industry policies[128] - International operational risks include uncertainties in overseas resource acquisition and potential foreign exchange losses due to currency fluctuations[129] Employee and Social Responsibility - The company has focused on employee development by providing various training programs, fostering a culture of growth and mutual achievement[138] - The company actively participates in social welfare projects, contributing to infrastructure development and poverty alleviation in underprivileged areas[138] - The company donated a total of RMB 40.26 million in 2021, an increase of RMB 8.76 million compared to RMB 31.50 million in 2020, reflecting a growth of approximately 27.9%[138] - The company has established a feedback mechanism for after-sales service to promptly address customer complaints[177] Financial Management - The company improved its debt structure, reducing interest-bearing financing by RMB 14.7 billion and decreasing the asset-liability ratio by 1.27 percentage points[81] - The company's financial expenses for 2021 were RMB 3.667 billion, a decrease of RMB 526 million from RMB 4.193 billion in the previous year, achieved through debt reduction and financing cost optimization[106] - The company has a profit distribution policy that prioritizes cash dividends, aiming to distribute at least 10% of the distributable profit each year[152] - The company has established a marketing management system and a nationwide sales network, focusing on providing high-quality products and services to customers[177] Shareholder Information - The company plans to distribute a final dividend of RMB 0.032 per share for the 2021 fiscal year, totaling approximately RMB 544.73 million based on the current total issued share capital of 17,022,672,951 shares[90] - Total dividends distributed amounted to RMB 544.73 million, representing 10.72% of the profit attributable to equity holders[156] - The largest shareholder, Chalco Group, held 29.67% of the company's shares directly and a total of 32.16% when including its subsidiaries as of December 31, 2021[54] Risk Management - The company aims to enhance supplier management and optimize marketing strategies to mitigate market risks[128] - Safety and environmental risks are present due to potential lapses in safety production responsibilities and high energy consumption in electrolytic aluminum production[131] - The company is committed to enhancing its social responsibility management system, focusing on governance, employee rights, environmental protection, fair operations, and community support[133]

Financial Performance - The net profit of the parent company for 2021 was RMB 2,546,421 thousand, while the consolidated net profit attributable to shareholders was RMB 5,079,562 thousand[3]. - The company plans to distribute a cash dividend of RMB 0.32 per 10 shares, totaling approximately RMB 544,726 thousand, which accounts for 10.72% of the consolidated net profit for 2021[3]. - The company will allocate 10% of the parent company's net profit, amounting to RMB 254,642 thousand, to statutory reserves[3]. - The audit report issued by PwC Zhong Tian is a standard unqualified opinion[3]. - In 2021, the company's operating revenue reached RMB 269.75 billion, a 45.03% increase compared to RMB 185.99 billion in 2020[17]. - The net profit attributable to shareholders was RMB 5.08 billion, representing a significant increase of 564.60% from RMB 764.31 million in the previous year[17]. - The net cash flow from operating activities was RMB 28.31 billion, up 89.28% from RMB 14.96 billion in 2020[17]. - The basic earnings per share rose to RMB 0.286, an increase of 853.33% compared to RMB 0.030 in 2020[18]. - The weighted average return on equity increased to 9.28%, up 7.88 percentage points from 1.40% in the previous year[18]. - The company's total assets at the end of 2021 were RMB 192.38 billion, a slight decrease of 1.37% from RMB 195.04 billion in 2020[17]. - The net assets attributable to shareholders increased to RMB 57.26 billion, a growth of 5.17% from RMB 54.45 billion in 2020[17]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching RMB 7.03 billion, up 1,586.93% from RMB 416.73 million in 2020[17]. Revenue and Cost Analysis - The total operating revenue for 2021 reached CNY 269.7 billion, up CNY 83.7 billion or 44.93% from CNY 186 billion in the previous year, mainly driven by rising prices of alumina and electrolytic aluminum[45]. - Operating costs for 2021 amounted to CNY 241.6 billion, an increase of CNY 69.8 billion or 40.56% from CNY 171.8 billion, primarily due to rising raw material prices[46]. - The aluminum industry segment generated revenue of 266.365 billion RMB, with a gross margin of 10.55%, reflecting a 3.13 percentage point increase year-over-year[88]. - The alumina segment's operating revenue for 2021 was CNY 56.546 billion, an increase of CNY 14.168 billion or 33.43% from CNY 42.378 billion, driven by increased production from new projects and rising alumina prices[64]. - The primary aluminum segment's operating revenue for 2021 was CNY 72.644 billion, an increase of CNY 20.755 billion or 39.94% from CNY 51.889 billion, primarily due to rising primary aluminum prices[65]. Market and Industry Trends - The global aluminum production reached approximately 67.78 million tons in 2021, with a consumption of about 69.15 million tons, marking a year-on-year growth of 3.8% and 9.1% respectively[33]. - The average price of alumina in China for 2021 was ¥2,798 per ton, an increase of 19.7% compared to 2020, with the highest price reaching ¥4,101 per ton[28]. - The international average price of alumina in 2021 was $331 per ton, which represents a 21.8% increase from the previous year[27]. - The average price of LME aluminum in 2021 was approximately USD 2,480 per ton, representing a 45.5% increase compared to 2020[30]. - The demand for aluminum is expected to remain stable, driven by growth in sectors such as new energy, electronics, and lightweight automotive applications[120]. Strategic Initiatives and Future Plans - The company plans to continue expanding its market presence and invest in new technologies and products to drive future growth[17]. - The company is focused on enhancing its operational efficiency and exploring potential mergers and acquisitions to strengthen its market position[17]. - The company aims to enhance its global competitiveness and become a world-class aluminum company, with the highest alumina production capacity globally and the second-highest primary aluminum production capacity[75]. - The company is committed to technological innovation and green development, establishing a green metallurgy research institute to focus on energy-saving and emission-reduction technologies[80]. - The company plans to enhance production efficiency and capacity utilization, aiming for stable and full production of electrolytic aluminum[123]. - The company is committed to achieving carbon neutrality by 2025, with significant investments in green technologies[158]. Governance and Compliance - The company has established a comprehensive corporate governance structure, ensuring clear responsibilities and effective operation among the shareholders' meeting, board of directors, supervisory board, and management team[137]. - The company’s controlling shareholder is China Aluminum Group, with the actual controller being the State-owned Assets Supervision and Administration Commission, ensuring independence in operations[139]. - The board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, meeting legal requirements for composition[139]. - The company has implemented a performance-based salary distribution system, linking salary increases to performance outcomes[185]. - The company’s independent directors fulfilled their responsibilities and ensured the protection of minority shareholders' rights[191]. Research and Development - The company implemented 36 major R&D projects and added 35 authorized invention patents, focusing on key technological breakthroughs[38]. - Research and development expenses for 2021 were CNY 2.362 billion, an increase of CNY 928 million or 64.73% from CNY 1.434 billion, reflecting increased investment in product process optimization and development of high-end products[49]. - The total R&D investment in 2021 was 2,492.95 million yuan, representing 0.92% of operating revenue[96]. - Research and development investments increased by 20%, focusing on sustainable materials and production processes[157]. Risk Management - The company has established risk management strategies to address market fluctuations and international operational risks, including supply chain management[132][133]. - The company is facing resource acquisition risks due to low domestic bauxite resources and increased costs, prompting strategies to engage in quality mining rights transfers[135]. - The audit committee emphasized the importance of internal control and risk management, urging continuous improvement in these areas[176]. Environmental and Social Responsibility - The company is actively addressing safety and environmental risks by enhancing safety standards and promoting green development initiatives[134]. - The company improved its MSCI ESG rating from "CCC" to "B" and was ranked fourth in the "Central Enterprises ESG Pioneer 50 Index" in 2021[144]. - The company is committed to improving its ecological and environmental protection mechanisms to enhance management efficiency and compliance with environmental standards[134].

Market Performance - In the first half of 2021, the average price of alumina in the domestic market was RMB 2,399 per ton, an increase of 2.9% year-on-year[10]. - The international average FOB price of alumina was $288 per ton, up 9.09% year-on-year, with a range between $269 and $307 per ton[10]. - Global alumina production reached approximately 69.72 million tons, with a consumption of about 65.31 million tons, representing year-on-year growth of 7.2% and 2.8% respectively[11]. - China's alumina production was approximately 37.73 million tons, with consumption at about 37.44 million tons, showing year-on-year increases of 10.7% and 2.8% respectively[11]. - By the end of June 2021, the transaction price of alumina had risen to between RMB 2,480 and RMB 2,500 per ton due to rising costs of raw materials[10]. - The company reported a significant increase in user data and market activity, driven by the rising prices of electrolytic aluminum[10]. - The outlook for the second half of 2021 remains positive, with expectations of continued demand growth in the alumina market[9]. - In the first half of 2021, the average price of LME aluminum was $2,269/ton and $2,258/ton, representing year-on-year increases of 37.4% and 39.0% respectively[13]. - Domestic aluminum prices peaked at RMB 20,445/ton in early May 2021, the highest in nearly 13 years, driven by supply tightening and significant capital inflow from the US stimulus plan[14]. Financial Performance - The company achieved operating revenue of RMB 120.736 billion in the first half of 2021, a year-on-year increase of 43.55%, with total profit rising by RMB 5.639 billion to RMB 6.031 billion[17]. - The company's sales revenue for the six months ended June 30, 2021, was RMB 120.736 billion, an increase of 43.55% compared to the same period last year[26]. - The net profit attributable to the owners of the company was RMB 3.075 billion, with earnings per share of RMB 0.174[26]. - The operating revenue for the first half of 2021 reached RMB 120.736 billion, an increase of RMB 36.627 billion from RMB 84.109 billion in the same period last year, primarily driven by growth in trade revenue and rising market prices of main products[34]. - The operating cost for the first half of 2021 was RMB 107.759 billion, an increase of RMB 28.546 billion compared to RMB 79.213 billion in the same period last year, mainly due to increased trade procurement costs[35]. - The company reported a net profit of RMB 7.58 billion for the year 2020, with accumulated undistributed profits of RMB -42.3 billion according to Chinese accounting standards[127]. - The company’s accumulated undistributed profits as of June 30, 2021, were RMB -19.4 billion according to international financial reporting standards[127]. - The company reported a basic and diluted earnings per share of RMB 0.174, a turnaround from a loss of RMB 0.006 per share in the prior year[158]. Production and Operations - The production of major products such as bauxite, alumina, and electrolytic aluminum increased by 34.9%, 14.3%, and 5.5% year-on-year respectively[17]. - The production of primary aluminum was 1.96 million tons, a 5.5% increase from 1.86 million tons in the same period last year[66]. - In the first half of 2021, alumina production reached 8.25 million tons, a 14.3% increase from 7.21 million tons in the same period of 2020[66]. - The average selling price of self-produced primary aluminum for export was RMB 17,293 per ton, a significant increase of 31.2% compared to RMB 13,176 per ton in the previous year[66]. - The average selling price of self-produced alumina for export was RMB 2,495 per ton, a slight decrease of 0.04% compared to RMB 2,496 per ton in the previous year[66]. Research and Development - The company implemented a digital transformation in procurement, launching an online procurement platform that improved procurement efficiency[19]. - The company initiated 21 technology research projects focusing on key areas such as carbon neutrality and hazardous waste treatment, enhancing its innovation capabilities[20]. - Research and development expenses for the first half of 2021 amounted to RMB 659 million, an increase of RMB 287 million from RMB 372 million in the same period last year, primarily due to increased investment in high-end aluminum alloys and production process improvements[38]. - The company is focused on new product development and technological advancements to improve operational efficiency[9]. Cash Flow and Investments - The company’s cash flow reached RMB 9.467 billion, marking the best historical performance for the same period[17]. - For the six months ending June 30, 2021, the net cash inflow from operating activities was RMB 9.467 billion, an increase of RMB 3.463 billion compared to RMB 6.004 billion in the same period last year, primarily due to increased profits from main products[60]. - The net cash outflow from investing activities for the same period was RMB 5.637 billion, an increase of RMB 3.126 billion compared to RMB 2.511 billion in the previous year, mainly due to a decrease in the recovery of structured deposits[61]. - The net cash outflow from financing activities was RMB 6.318 billion, an increase of RMB 3.554 billion compared to RMB 2.764 billion in the same period last year, primarily due to increased net debt repayment[63]. - The company’s investment in property, plant, and equipment for the six months ended June 30, 2021, was RMB 788,975 thousand, a decrease from RMB 3,083,197 thousand in the same period of 2020, indicating a reduction in capital expenditures[170]. Corporate Governance and Shareholding - The company has maintained strict compliance with corporate governance regulations as per the requirements of the China Securities Regulatory Commission and the Hong Kong Stock Exchange[125]. - The total number of shareholders for A-shares and H-shares as of June 30, 2021, is 392,018[92]. - Chinalco Group and its subsidiaries collectively hold 5,474,485,019 shares, accounting for approximately 32.16% of the total issued share capital[99]. - The company has not experienced any changes in shareholding during the reporting period[88]. - The company has no external guarantees, except for guarantees to subsidiaries, with a total guarantee amount of approximately RMB 15.646 billion[100]. Future Outlook and Strategy - The company plans to expand its market presence and enhance its product offerings in response to the growing demand for alumina[10]. - The management discussed strategies for future growth, including potential mergers and acquisitions to strengthen market position[9]. - The company aims to enhance value creation capabilities and strengthen cost control and value creation ability through continuous benchmarking management[22]. - The company plans to optimize its industrial layout and energy structure while promoting green low-carbon development to achieve carbon peak and carbon neutrality goals[23]. - The company is focusing on digital transformation and the establishment of a digital factory to enhance core competitiveness and improve management models[24]. - The group expects a net cash inflow from operating activities from July 1, 2021, to June 30, 2022, with unused bank credit of approximately RMB 177,126 million as of June 30, 2021, of which about RMB 133,292 million is expected to be renewed within the next twelve months[184].

回国铝业股份有限公司 ALUMINUM CORPORATION OF CHINA LIMITED CHALCO 股份代號B2600(香港) ACH(美國) 601600(中國) 2020 年度報告 WALATATATA TATATATA a Page the stage 174 2011 Resear tt 6.0 TVE and Pu 776 e 11 1 SULTATATATATATATATATATA the FARE rest and 780 20 0 00 and and on 目 錄 | --- | --- | |-------|----------------------------------------| | | | | 2 | 公司簡介 | | 7 | 財務摘要 | | 13 | 董事、監事、高級管理人員及員工 | | 30 | 股本結構、變動及主要股東持股情況 | | 38 | 董事長報告 | | 56 | 管理層對財務狀況和經營業績的討論與分析 | | 67 | 董事會報告 | | 101 | 監事會報告 | | 107 | 企業管治及內部控制報告 | | 135 | 重要事項 | | ...