Financial Performance - The company's operating revenue for Q1 2024 was CNY 48,955,678, a decrease of 26.14% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 2,230,265, representing an increase of 23.01% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,182,750, up 35.61% from the previous year, mainly due to increased profits from alumina and primary aluminum products[7] - The net profit for Q1 2024 reached CNY 4,048,498, representing an increase of 39.4% from CNY 2,901,155 in Q1 2023[15] - The net profit for Q1 2024 was CNY 769,611, down 32.9% from CNY 1,147,649 in Q1 2023[22] Cash Flow and Assets - The net cash flow from operating activities was CNY 3,578,062, down 9.46% year-on-year[4] - Cash flow from operating activities for Q1 2024 was CNY 3,578,062, a decrease of 9.5% compared to CNY 3,951,750 in Q1 2023[17] - The company's investment activities generated a net cash flow of CNY 1,704,107, compared to a negative cash flow of CNY -749,482 in Q1 2023[17] - Cash flow from operating activities generated a net amount of CNY 1,393,430 in Q1 2024, compared to CNY 911,037 in Q1 2023, an increase of 53.1%[24] - The cash and cash equivalents decreased to RMB 20,403,345 thousand from RMB 21,103,581 thousand, a decline of approximately 3.30%[13] - The cash and cash equivalents at the end of Q1 2024 were CNY 5,997,745, compared to CNY 5,338,297 at the end of Q1 2023, an increase of 12.4%[25] Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 213,616,732, an increase of 0.88% from the end of the previous year[5] - Total assets as of March 31, 2024, were CNY 124,909,129, down from CNY 127,785,183 at the end of 2023[19] - Current assets totaled RMB 60,238,148 thousand, up from RMB 58,440,534 thousand, indicating an increase of about 3.08%[13] - Inventory increased significantly to RMB 26,504,736 thousand from RMB 22,847,135 thousand, representing a rise of approximately 16.06%[13] - Total liabilities decreased to RMB 110,252,285 thousand from RMB 112,866,670 thousand, a reduction of about 2.31%[14] - The company’s total liabilities decreased to CNY 32,320,418 from CNY 32,766,650 in the previous year[19] - The total liabilities decreased to CNY 71,351,353 in Q1 2024 from CNY 75,017,311 in Q1 2023, a reduction of 4.4%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 356,968[9] - The company reported a total of 5,563,312,965 shares held by China Aluminum Group, which constitutes about 32.42% of the total issued shares[10] Research and Development - Research and development expenses increased to CNY 574,176, up 24.8% from CNY 459,852 in the same period last year[15] - Research and development expenses for Q1 2024 were CNY 103,125, a decrease of 33.6% from CNY 155,324 in Q1 2023[22] Production and Operations - The production of metallurgical alumina reached 4,250,000 tons, a 6.78% increase from Q1 2023[8] - The output of primary aluminum (including alloys) was 1,780,000 tons, up 16.34% year-on-year[8] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]

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].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a net profit attributable to shareholders of 6.717 billion yuan in 2023, a year-on-year increase of 60.23%. The net profit after deducting non-recurring gains and losses was 6.614 billion yuan, up 111.27% year-on-year. In Q4 2023, the net profit attributable to shareholders was 1.364 billion yuan, a quarter-on-quarter decrease of 29.51%, but a turnaround from a loss in the same period last year [5][6] - The company has a robust integrated layout in the aluminum industry, with ongoing projects such as the 2 million-ton alumina project in Guangxi and a 1,200 MW source-network-load-storage project in Baotou [6] - The company aims to optimize its asset structure, achieving a reduction in carbon emissions by 1.25 million tons in 2023, with a debt-to-asset ratio of 53.30%, down 5.37% from the beginning of the year [6][12] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 225.071 billion yuan, a decrease of 22.7% year-on-year. The net profit was 6.717 billion yuan, reflecting a 60.2% increase year-on-year. The EPS for 2023 was 0.39 yuan [7][12] - The gross profit margin improved to 12.9% in 2023, compared to 11.5% in 2022, while the net asset return rate increased to 11.1% [7][12] Production and Pricing - The production of primary aluminum (including alloys) and alumina in 2023 was 6.79 million tons and 16.67 million tons, respectively, showing a year-on-year decrease of 1.3% and 5.5%. The average price of A00 aluminum was 18,696 yuan per ton, down 6.5% year-on-year [5][6] - The company expects stable growth in aluminum production, with projected sales of 6.99 million tons in 2024, 7.13 million tons in 2025, and 7.20 million tons in 2026 [8][9] Future Outlook - The company is expected to benefit from its integrated layout in the aluminum industry, with projected EPS of 0.54, 0.65, and 0.79 yuan per share for 2024, 2025, and 2026, respectively. The estimated reasonable value range for 2024 is between 8.1 and 9.18 yuan per share, based on a PE ratio of 15-17 times [6][10][12]

中國鋁業股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 董事會召開日期 中 國 鋁 業 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈 本 公 司 將 於2024年4月25日（星 期 四）召 開 董 事 會 會 議，藉 以（其 中 包 括）審 議 及 批 准 本公司及其附屬公司截至2024年3月31日止3個月期間之未經審計季度業績。 承董事會命 联席公司秘書 中國‧北京 2024年4月15日 於本公告刊發日期，董事會成員包括執行董事董建雄先生、朱潤洲先生、 歐 小 武 先 生 及 蔣 濤 先 生，非 執 行 董 事 張 吉 龍 先 生 及 陳 鵬 君 先 生，獨 立 非 執 行 董 事 邱 冠 周 先 生、余 勁 松 先 生 及 陳 遠 秀 女 士。 * 僅供識別 葛小雷 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 15% within the next 6 to 12 months [4][13]. Core Views - The company achieved a revenue of 225.07 billion yuan in 2023, a decrease of 22.65% year-on-year, while net profit increased by 60.23% to 6.717 billion yuan [2]. - The production of alumina was 16.67 million tons in 2023, a decrease of 5.5% year-on-year, while the sales of alumina increased by 24.67% [2]. - The report highlights the gradual elimination of outdated production capacity and a significant reduction in asset impairment losses, improving asset quality [2]. - Key projects are progressing as planned, with new production capacities expected to enhance the company's output in both electrolytic aluminum and alumina [2]. - The company has strengthened its resource security, adding 21 million tons of bauxite resources in 2023, leading to a self-sufficiency rate of 64.7% [2]. Financial Performance Summary - Revenue is projected to increase from 225.07 billion yuan in 2023 to 354.604 billion yuan in 2024, with a year-on-year growth rate of 58% [1]. - Net profit is expected to rise from 6.717 billion yuan in 2023 to 10.824 billion yuan in 2024, reflecting a growth rate of 61% [1]. - Earnings per share (EPS) is forecasted to grow from 0.39 yuan in 2023 to 0.63 yuan in 2024 [1]. - The price-to-earnings (P/E) ratio is projected to decrease from 18.5 in 2023 to 11.5 in 2024, indicating improved valuation [1]. Industry Insights - The report suggests that 2024 will be a transformative year for the electrolytic aluminum industry, driven by changes in supply and demand dynamics [3]. - The demand for electrolytic aluminum is expected to recover due to the growth in new energy sectors such as electric vehicles and photovoltaics [3]. - The report anticipates that the price of electrolytic aluminum will stabilize around 25,000 yuan per ton, influenced by increased capital expenditure and resource competition [5].

证券研究报告：有色金属 | 公司点评报告 2024年4月10日 股票投资评级 中国铝业(601600) 买入|维持 完整铝产业链优势明显，期待 2024 年量利齐升 个股表现 ⚫ 事件 公司发布 2023 年年报，公司实现营业收入 2250.71 亿元，同比 中国铝业 有色金属 减少 22.65%；归母净利润 67.17 亿元，同比增长 60.23%；扣非归母 24% 18% 净利润66.14亿元，同比增长111.27%。 12% ⚫ 点评 6% 0% 业绩符合预期，资产减值影响Q4业绩。2023Q4公司实现营业收 -6% -12% 入495.53亿元，环比下降32.53%，同比下降56.82%；实现归母净利 -18% 润13.64亿元，环比下降29.51%，去年同期为亏损3.75亿；实现扣 -24% -30% 非归母净利润 16.85 亿元，环比下降 17.65%。2023 年公司资产减值 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 损失 7.55 亿，主要是对产业结构调整中落后产能资产计提减值同比 资料来源：聚源，中邮证券研究所 减少。 铝土矿、电解铝生 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鋁業股份有限公司 呈交日期: 2024年4月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 601600 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 13,214,415,260 | RMB | | | 1 RMB | | 13,214,415,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 13,214,415,260 | RMB | | | 1 RMB | | 13,214,415,260 | | 2. 股份 ...

Stock Code: 601600 Stock Short Name: Chalco Announcement No.: Lin 2024-018 ALUMINUM CORPORATION OF CHINA LIMITED ANNOUNCEMENT ON THE SPECIAL ACTION PLAN TO "IMPROVE QUALITY AND EFFICIENCY AND INCREASE RETURNS" FOR 2024 The board of directors and all directors of the Company warrant that there are no false representations or misleading statements contained in, or material omissions from the contents of this announcement, and jointly and severally accept responsibilities for the truthfulness, accuracy and com ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-018 中国铝业股份有限公司 关于 2024 年度"提质增效重回报"专项行动方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 近年来，在各方的大力支持下，中国铝业股份有限公司（以下简称中国铝业或公 司）锚定打造"四个特强"、建设世界一流战略目标，持续深化提质增效，提升价值 创造能力，经营质量和经营业绩稳步提升。为深入落实上海证券交易所关于上市公司 开展"提质增效重回报"专项行动公开倡议，践行以"投资者为中心"的发展理念， 进一步提高上市公司质量，树立良好的资本市场形象，中国铝业聚焦生产经营管理、 科技创新发展、价值创造提升、信息披露和投资者关系管理等方面，制定"提质增效 重回报"专项行动方案。 一、强化战略引领，持续优化产业布局 战略引领把舵定向，中国铝业围绕建设具有全球竞争力的世界一流铝业公司战 略目标，坚定打造矿产资源特强的压舱石、科技创新特强的主力军、高端先进材料特 强的顶梁柱、绿色低碳低成本数智化特强的引领者，不断做优铝土矿、氧化铝、电 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-017 中国铝业股份有限公司 关于召开 2023 年度业绩暨现金分红说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 三、出席会议人员 董事长：董建雄先生 执行董事、总裁：朱润洲先生 财务总监兼董事会秘书：葛小雷先生 独立非执行董事：陈远秀女士 重要内容提示： 一、说明会类型 中国铝业股份有限公司（以下简称"公司"）已于 2024 年 3 月 28 日在上海证 券交易所网站（www.sse.com.cn）和《证券日报》披露《中国铝业股份有限公司 2023 年度报告》及摘要和《中国铝业关于 2023 年度利润分配方案的公告》。 为方便广大投资者更加全面深入地了解公司 2023 年度业绩、生产经营情况及利 润分配方案，公司定于 2024 年 4 月 15 日（星期一）15：00-16:30 在上海证券交易 所上证路演中心（网址：http://roadshow.sseinfo.com/）通过视频直播和网络互 动方式召开 2023 年度业绩暨现金分红 ...