股票代码：601600 股票简称：中国铝业 公告编号：临 2023-019 中国铝业股份有限公司 关于召开 2023 年第一季度业绩说明会的公告 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。 重要内容提示： （网址：http://roadshow.sseinfo.com/）。 一、说明会类型 中国铝业股份有限公司（以下简称"公司"）于 2023 年 4 月 26 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 年第一季度报告》。 为方便广大投资者更加全面深入地了解公司 2023 年第一季度业绩、生产经营情 况及未来发展战略，公司定于 2023 年 5 月 12 日（星期五）14：00-15:00 在上海证 券交易所上证路演中心（网址：http://roadshow.sseinfo.com/）通过网络互动方 式召开 2023 年第一季度业绩说明会，对公司 2023 年第一季度的经营业绩、生产经 营情况及未来发展战略等情况与广大投资者进行充分交流，解答投资者普遍关 ...

Financial Performance - The operating revenue for Q1 2023 was CNY 66,279,365, a decrease of 17.60% compared to CNY 80,437,278 in the same period last year[4] - The net profit attributable to shareholders was CNY 1,813,030, reflecting a decline of 9.78% from CNY 2,009,540 in the previous year[4] - The net cash flow from operating activities decreased by 61.28%, amounting to CNY 3,951,750 compared to CNY 10,206,815 last year[4] - The basic earnings per share for Q1 2023 was CNY 0.105, down 9.99% from CNY 0.116 in the same period last year[4] - The weighted average return on equity decreased by 0.23 percentage points to 3.27% compared to 3.50% in the previous year[4] - The company reported a total comprehensive income attributable to shareholders of CNY 1,884,309, compared to CNY 1,986,255 in the previous year, a decline of 5.2%[19] - The company’s gross profit margin for Q1 2023 was approximately 4.4%, down from 5.5% in Q1 2022[18] Assets and Liabilities - Total assets at the end of Q1 2023 were CNY 212,947,945, showing a slight increase of 0.28% from CNY 212,348,031 at the end of the previous year[6] - The equity attributable to shareholders increased by 3.63% to CNY 56,378,334 from CNY 54,403,012 at the end of the previous year[6] - The company's total liabilities decreased to CNY 122,128,704 from CNY 124,592,064, a reduction of 2%[17] - The total liabilities and shareholders' equity amounted to CNY 212,947,945, slightly up from CNY 212,348,031[17] - Total liabilities decreased to CNY 68,199,056 thousand as of March 31, 2023, down from CNY 75,663,980 thousand at the end of 2022, reflecting a reduction of approximately 9.8%[24] - The total equity increased to CNY 51,081,266 thousand as of March 31, 2023, compared to CNY 49,923,226 thousand at the end of 2022, reflecting a growth of approximately 2.3%[24] Production and Sales - In Q1 2023, the company produced 398,000 tons of alumina, a decrease of 10.13% compared to 443,000 tons in Q1 2022[11] - The production of refined alumina increased by 7.56% to 111,000 tons from 103,000 tons year-over-year[11] - The company sold 165,000 tons of self-produced alumina externally, up 4.81% from 157,000 tons in the same period last year[11] - The production of primary aluminum was 153,000 tons, slightly down by 0.94% from 154,000 tons in Q1 2022[11] - The external sales of self-produced primary aluminum rose by 5.36% to 158,000 tons compared to 150,000 tons in the previous year[11] - Coal production decreased by 5.59% to 270,000 tons from 286,000 tons year-over-year[11] - Power generation (excluding self-owned power plants) increased by 2.63% to 3.9 billion kWh from 3.8 billion kWh in Q1 2022[11] Investments and Acquisitions - The company plans to continue its market expansion and has completed the acquisition of a 19% stake in Yunnan Aluminum Co., Ltd. for approximately CNY 6.662 billion[6] - The company also acquired 100% of Pingguo Aluminum Co., Ltd. for approximately CNY 1.887 billion, further consolidating its market position[7] Cash Flow and Expenses - Cash and cash equivalents at the end of Q1 2023 were CNY 15,566,131, down from CNY 19,571,227 at the end of Q1 2022, a decrease of 20.4%[22] - The cash flow from financing activities showed a net outflow of CNY 4,386,822, compared to an outflow of CNY 4,615,143 in the previous year[22] - Cash flow from operating activities generated CNY 911,037 thousand in Q1 2023, a decrease of 26% from CNY 1,229,860 thousand in Q1 2022[26] - The cash flow from financing activities showed a net outflow of CNY 2,877,647 thousand in Q1 2023, compared to a net outflow of CNY 1,967,448 thousand in Q1 2022[26] - Research and development expenses increased to CNY 459,852, up from CNY 418,798, reflecting a growth of 9.8%[18] - Research and development expenses rose to CNY 155,324 thousand in Q1 2023, up 113.3% from CNY 72,683 thousand in Q1 2022[25] Shareholder Information - As of March 31, 2023, the total number of ordinary shareholders was 446,720[12] - China Aluminum Group held 5,050,376,970 shares, representing 29.43% of the total shares[12]

Financial Performance - Operating revenue for the first quarter was RMB 66,279,365, a decrease of 17.60% compared to the same period last year[2] - Net profit attributable to shareholders was RMB 1,813,030, down 9.78% year-on-year[2] - Net profit excluding non-recurring gains and losses was RMB 1,609,633, showing a slight increase of 0.11%[2] - Basic and diluted earnings per share were both RMB 0.105, a decrease of 9.99% compared to the previous year[2] - The company reported a net profit attributable to shareholders of RMB 2,166,761 thousand for Q1 2023, compared to a net profit of RMB 4,728,253 thousand in Q1 2022[19] - Net profit for Q1 2023 was 2,901,155 thousand RMB, down 20.9% from 3,663,943 thousand RMB in Q1 2022[20] - Basic and diluted earnings per share for Q1 2023 were both 0.105 RMB, compared to 0.116 RMB in Q1 2022, reflecting a decrease of 9.5%[21] - Total comprehensive income for Q1 2023 was 1,148,107 thousand RMB, compared to 481,543 thousand RMB in Q1 2022, reflecting a growth of 138.8%[30] Cash Flow and Investments - Net cash flow from operating activities decreased by 61.28% to RMB 3,951,750[2] - The net cash flow from operating activities decreased by 61.28%, impacted by increased procurement payments and profit decline[7] - Cash flow from operating activities in Q1 2023 was 3,951,750 thousand RMB, a decline from 10,206,815 thousand RMB in Q1 2022[22] - Cash and cash equivalents as of March 31, 2023, were RMB 18,015,837 thousand, a decrease from RMB 19,259,933 thousand at the end of 2022[16] - The company raised 8,030,277 thousand RMB from borrowings in Q1 2023, compared to 2,056,734 thousand RMB in Q1 2022[23] - The company experienced a net cash outflow from financing activities of 2,877,647 thousand RMB in Q1 2023, compared to an outflow of 1,967,448 thousand RMB in Q1 2022[32] Assets and Liabilities - Total assets at the end of the reporting period were RMB 212,947,945, an increase of 0.28% from the end of the previous year[2] - The company's total liabilities decreased to RMB 122,128,704 thousand from RMB 124,592,064 thousand over the same period[17] - Total assets as of March 31, 2023, were 119,280,323 thousand RMB, a decrease from 125,587,206 thousand RMB at the end of 2022[25] - Total liabilities as of March 31, 2023, were 68,199,056 thousand RMB, down from 75,663,980 thousand RMB at the end of 2022[26] - The company's total equity increased to 51,081,266 thousand RMB as of March 31, 2023, from 49,923,226 thousand RMB at the end of 2022[27] Acquisitions and Integrations - The company plans to acquire a 19% stake in Yunnan Aluminum Co., Ltd. for approximately RMB 6.662 billion[4] - The company also intends to acquire 100% of Pingguo Aluminum Co., Ltd. for approximately RMB 1.887 billion[5] - The company has successfully integrated Yunnan Aluminum and Pingguo Aluminum into its consolidated financial statements following the acquisitions[4][5] Production and Operational Metrics - The production of alumina decreased by 10.13% to 3,980,000 tons compared to the same period last year[8] - The company’s coal production decreased by 5.59% to 2,700,000 tons compared to the same period last year[8] - The company’s electricity generation increased by 2.63% to 3,900,000,000 kWh compared to the same period last year[8] Other Financial Metrics - Non-recurring gains and losses totaled RMB 203,397,000, primarily from government subsidies and asset disposal gains[6] - Prepayments increased by 36.56%, mainly due to an increase in trade prepayments[7] - Other income surged by 318.20%, primarily due to increased government subsidies received this year[7] - The company reported a 70.13% increase in asset impairment losses, reflecting a reduction in impairment provisions compared to last year[7] - The company’s R&D expenses for Q1 2023 were RMB 459,852 thousand, slightly higher than RMB 418,798 thousand in Q1 2022[19] - Research and development expenses increased to 155,324 thousand RMB, up 113.3% from 72,683 thousand RMB in Q1 2022[28] - Investment income for Q1 2023 was 529,914 thousand RMB, down 37.7% from 850,507 thousand RMB in Q1 2022[28] - Operating profit for Q1 2023 was 1,146,393 thousand RMB, an increase of 107.2% from 551,665 thousand RMB in Q1 2022[28] - The company reported a decrease in sales expenses to 2,268 thousand RMB, down 83.6% from 13,008 thousand RMB in Q1 2022[28]

Financial Performance - The company achieved operating revenue of RMB 290.99 billion in 2022, a decrease of 2.64% year-on-year[27]. - The net profit attributable to shareholders was RMB 4.19 billion, with earnings per share of RMB 0.239[27]. - Gross profit for the year was RMB 31.28 billion, down from RMB 34.72 billion in 2021[28]. - The company reported a pre-tax profit of RMB 13.21 billion, compared to RMB 14.19 billion in the previous year[28]. - The net profit attributable to the company's owners for 2022 was RMB 4,191,927 thousand, a decrease of 27.22% compared to RMB 5,759,422 thousand in 2021[29]. - The total assets as of December 31, 2022, were RMB 212,348,031 thousand, down 5.57% from RMB 224,862,823 thousand in 2021[30]. - The operating revenue for 2022 was RMB 290,987,942 thousand, reflecting a decline of 2.64% from RMB 298,885,350 thousand in 2021[32]. - The net cash flow from operating activities for 2022 was RMB 27,806,188 thousand, a decrease of 21.08% compared to RMB 35,232,217 thousand in 2021[32]. - The basic earnings per share for 2022 were RMB 0.239, down 26.69% from RMB 0.326 in 2021[32]. - The total liabilities as of December 31, 2022, were RMB 124,592,064 thousand, a decrease from RMB 135,165,255 thousand in 2021[30]. - The weighted average return on net assets for 2022 was 6.90%, down 2.96 percentage points from 9.86% in 2021[32]. - The profit attributable to the owners of the parent company after deducting non-recurring gains and losses was RMB 3,130,552 thousand, a significant decrease of 55.46% from RMB 7,028,314 thousand in 2021[32]. Research and Development - Research and development expenses increased to RMB 4.81 billion, up from RMB 2.42 billion in 2021, reflecting a focus on innovation[28]. - The company has established a three-tier technology team system and completed 65 key R&D projects, resulting in 356 patent authorizations[89]. - The company is investing in R&D, with a budget increase of I% to develop new technologies and improve existing products[40]. - The company aims to enhance its competitive advantage across the entire industrial chain and create new profit growth points through precise investments and high-quality development strategies[98]. Corporate Governance - The company emphasizes its commitment to corporate governance through the election of independent directors and supervisors[36]. - The total pre-tax remuneration for independent non-executive directors is RMB 20.58 million each for the year[35]. - The company has implemented a structured approach to management with clear roles and responsibilities among its executives[38]. - The company has a remuneration decision-making process based on market levels and company salary strategies[52]. - The company’s board of directors is responsible for approving the remuneration of directors and supervisors, which is then submitted to the shareholders' meeting for approval[52]. Market Strategy and Expansion - The company aims to become a world-class aluminum company with global competitiveness[24]. - The company is actively involved in international trade and logistics, enhancing its market expansion efforts[24]. - The company is expanding its market presence in regions E and F, aiming for a market share increase of G%[44]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[48]. - The company is exploring strategic partnerships to enhance its supply chain resilience and reduce dependency on single suppliers[48]. Environmental and Social Responsibility - The company is committed to developing low-carbon and zero-carbon technologies to align with green development goals[135]. - The company has established a comprehensive social responsibility management system to integrate sustainability into its daily operations[136]. - The company donated a total of RMB 29.91 million in cash and materials for social welfare projects in 2022, including RMB 19.90 million for aid to Qinghai and Tibet[144]. - The company established social responsibility committees at all levels to oversee ESG initiatives and ensure compliance with relevant laws and regulations[142]. - The company aims to peak carbon emissions by 2025 and reduce carbon emissions by 40% by 2035 through various strategic initiatives[154]. Employee and Workforce Management - The total number of employees in the group was 67,383, with production personnel accounting for 81.7% (55,076) of the workforce[54]. - The gender composition of employees showed that female employees made up 16.71% (11,257) of the total workforce[56]. - The company has a comprehensive employee training system to enhance work capabilities and career value[190]. - The company implemented a "Talent Strong Enterprise" strategy, focusing on employee training and talent development, optimizing the age and professional structure of its leadership team[143]. - The company contributed 16% of employee salaries to the basic pension insurance fund for the year ending December 31, 2022[189]. Financial Management and Dividends - The company’s board of directors approved the appointment of Xu Feng as vice president on March 21, 2023[53]. - The company plans to distribute a final dividend of RMB 0.036 per share, totaling approximately RMB 618 million based on the current total issued share capital of 17,161,591,551 shares[29]. - The company maintains a profit distribution policy that prioritizes cash dividends, distributing at least 10% of the distributable profits each year[158]. - The company has a stable profit distribution policy that considers long-term interests and sustainable development[157]. - The company completed the distribution of cash dividends for the fiscal year 2021 on August 19, 2022[159]. Operational Efficiency - The company has implemented a three-year cost reduction plan 2.0, focusing on enhancing core competitiveness and optimizing cost management[97]. - The company has integrated management of its resources through acquisitions and has optimized its operational efficiency, with labor productivity in alumina, electrolytic aluminum, and carbon materials increasing by 12.7%, 16.6%, and 14.8% respectively[90]. - The company is implementing cost-cutting measures aimed at reducing operational expenses by J% over the next year[42]. - The company has strengthened risk management and safety production standards, achieving a safety production standardization team compliance rate of over 90%[91]. Production and Capacity - The production of alumina in 2022 was 1,764,000 tons, up from 1,623,000 tons in 2021, representing an increase of 8.7%[149]. - The production of electrolytic aluminum surged to 688,000 tons in 2022, a significant increase of 78.4% compared to 386,000 tons in 2021[149]. - The company improved its electrolytic aluminum capacity utilization rate by 7.7 percentage points year-on-year[87]. - The company aims to strengthen its core industries, including bauxite, alumina, and electrolytic aluminum, while also focusing on high-purity aluminum and aluminum alloys[123]. Risk Management - The company is actively monitoring international market conditions to manage risks associated with international operations and currency fluctuations[134]. - The company aims to improve safety production standards and environmental protection measures in response to increasing regulatory pressures[133]. - The company is focusing on adjusting its energy structure to reduce carbon emissions and enhance the recycling of aluminum[135].

股票代码：601600 股票简称：中国铝业 公告编号：临 2023-015 中国铝业股份有限公司 关于召开 2022 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。 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 2023 年 3 月 22 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 2022 年度报告》及摘要和《中国铝业关于 2022 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 2022 年度业绩、生产经营情况及利 润分配方案，公司定于 2023 年 4 月 7 日（星期五）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 2022 年度业绩暨现金分红说明会，对公司 2022 年度的经营情况、现金 分红等具体情况与广大投资者进行充分交流，解答投资者普遍关注的问题。 二、说明会召开 ...

Financial Performance - The net profit for the parent company in 2022 was approximately RMB 1.683 billion, while the consolidated net profit attributable to shareholders was about RMB 4.192 billion[4]. - The net profit attributable to shareholders was CNY 4.19 billion, down 27.22% from CNY 5.76 billion in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 3.13 billion, a decline of 55.46% compared to CNY 7.03 billion in 2021[19]. - The total operating revenue for 2022 was CNY 291 billion, down CNY 7.9 billion from CNY 298.9 billion in the previous year, mainly due to a decrease in trade business volume[44]. - Operating costs for 2022 were CNY 257.6 billion, a reduction of CNY 4.6 billion from CNY 262.2 billion year-on-year, attributed to decreased costs related to reduced trade business volume[44]. - The company's net profit attributable to shareholders for 2022 was CNY 4.192 billion, a decrease of CNY 1.567 billion compared to last year's profit of CNY 5.759 billion, primarily due to a decline in profits from electrolytic aluminum and alumina products[43]. - The company achieved operating revenue of CNY 290.99 billion in 2022, a decrease of 2.64% compared to the previous year[80]. - Net profit attributable to shareholders was CNY 4.19 billion, with earnings per share of CNY 0.239[80]. Dividends and Profit Allocation - The company plans to allocate 10% of the parent company's net profit, amounting to RMB 168 million, to statutory reserves and distribute a cash dividend of RMB 0.36 per share, totaling approximately RMB 618 million, which represents 14.74% of the consolidated net profit[4]. - The company has completed the distribution of the 2021 annual dividend on August 19, 2022, with a cash dividend of 0.0318 CNY per share, totaling 544,891,195.38 CNY, which accounted for 10.73% of the net profit attributable to shareholders in 2021[200]. - The company’s cash dividend policy stipulates a minimum distribution of 10% of the available profit for the year or 30% of the average annual distributable profit over the last three years[200]. Risk Management and Compliance - The company has disclosed potential risks in the management discussion and analysis section, highlighting the importance of investor awareness regarding these risks[7]. - The company has established a comprehensive risk management and internal control system, with the board of directors overseeing its implementation and effectiveness[150]. - The audit committee emphasized the importance of internal control and risk management, urging the company to strengthen these areas[188]. - The company is addressing international operational risks, including supply chain challenges and regulatory compliance, by enhancing its global resource allocation capabilities[132]. - Safety and environmental risks are significant concerns, with the company implementing measures to enhance safety management and comply with increasing environmental standards[131]. Operational Efficiency and Strategy - The company plans to focus on market expansion and new product development in the upcoming year[19]. - The company is committed to expanding its product applications in high-end consumer sectors, including automotive, aerospace, and renewable energy[68]. - The company aims to enhance its cost competitiveness and operational performance through comprehensive benchmarking and management reforms[75]. - The company is exploring opportunities in green low-carbon transformation and the development of recycled aluminum[117]. - The company plans to optimize its industrial layout and energy structure to reduce energy consumption and enhance competitiveness[117]. Research and Development - Research and development expenses increased to CNY 4.805 billion in 2022, up CNY 2.388 billion from CNY 2.417 billion in the previous year, driven by investments in product process optimization and development of high-end products[47]. - The company completed 65 key R&D projects in 2022 and was granted 356 patents[39]. - The company is committed to innovation and aims to strengthen its technological capabilities, focusing on energy-saving and carbon-reduction technologies, as well as digital transformation initiatives[124]. Corporate Governance - 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[135]. - The board of directors consists of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors, ensuring a majority of external directors[139]. - The company has implemented strict internal controls and governance practices in compliance with relevant laws and regulations[135]. - The independent directors provided independent opinions on significant matters such as related party transactions and executive compensation[140]. Market and Industry Position - The company is a leading player in the non-ferrous metal industry in China, with a comprehensive strength ranking among the top in the global aluminum industry[69]. - The company has the largest production capacity for alumina, primary aluminum, high-purity aluminum, and fine alumina globally[72]. - The company is positioned to leverage its extensive experience in the aluminum industry to drive future growth and innovation[171]. Acquisitions and Investments - The company completed the acquisition of a 19% stake in Yun Aluminum for approximately CNY 6.66 billion, making it a controlling shareholder[89]. - The company also acquired 100% of Pingguo Aluminum for about CNY 1.89 billion, integrating it into the consolidated financial statements[89]. - The company plans to acquire a 19% stake in Yunnan Aluminum Co., Ltd. as part of its strategic expansion efforts[179]. - The company intends to acquire 100% of Pingguo Aluminum Co., which aligns with its strategic development plan and aims to enhance asset integrity and business independence[188]. Employee and Management - The total number of employees in the company is 67,383, with 55,076 in production, 1,071 in sales, and 3,893 in technical roles[196]. - The company has implemented a performance-based salary distribution system, linking salary increases to performance improvements and establishing a comprehensive assessment tool package[197]. - The company has a strong management team with extensive experience in finance and operations, including positions held in various subsidiaries and related companies[170]. Investor Relations - The company held 57 investor meetings throughout 2022, with a total of 1,132 analyst participants[146]. - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for four consecutive years[149]. - The company’s chairman is the primary responsible person for investor relations management, ensuring effective communication and information disclosure[146].

Financial Performance - The group achieved operating revenue of RMB 290.988 billion for the year ended December 31, 2022, a decrease of 2.64% year-on-year[27]. - The profit attributable to the owners of the parent company for the year was RMB 4.192 billion, with earnings per share of RMB 0.239[27]. - Gross profit for 2022 was RMB 31,283,858 thousand, down from RMB 34,716,577 thousand in 2021, reflecting a decline in profitability[28]. - Net profit attributable to the owners of the parent company was RMB 4,191,927 thousand, a significant decrease of 27.22% from RMB 5,759,422 thousand in the previous year[32]. - The company reported a net cash flow from operating activities of RMB 27,806,188 thousand, which is a decline of 21.08% compared to RMB 35,232,217 thousand in 2021[32]. - Total assets as of December 31, 2022, were RMB 212,348,031 thousand, down 5.57% from RMB 224,862,823 thousand in 2021[30]. - Total liabilities decreased to RMB 124,592,064 thousand in 2022 from RMB 135,165,255 thousand in 2021, indicating improved financial stability[30]. - The weighted average return on net assets decreased to 6.90% in 2022 from 9.86% in 2021, indicating a decline in efficiency[32]. - The company's operating revenue for 2022 was RMB 290,987,942 thousand, a decrease of 2.64% compared to RMB 298,885,350 thousand in 2021[32]. - The company plans to distribute a final dividend of RMB 0.036 per share for the year 2022, pending approval at the shareholders' meeting[29]. Strategic Goals and Development - The company aims to become a globally competitive world-class aluminum company, supported by a clear and pragmatic development strategy[24]. - The group possesses stable and reliable bauxite resources, ensuring sustainable development capabilities[24]. - The company has a complete industrial chain, which provides a significant overall competitive advantage[24]. - The group emphasizes continuous technological innovation, with notable achievements in the transformation of scientific and technological results[24]. - The company plans to expand its market presence and enhance its product offerings through ongoing research and development efforts[24]. - The company aims to enhance its competitive advantage across the entire industrial chain and create new profit growth points through precise investments and high-quality development strategies[98]. - The company is focusing on green low-carbon initiatives and accelerating the development of new energy projects, including wind and solar power[98]. - The company aims to strengthen its core industries, including bauxite, alumina, and electrolytic aluminum, while also focusing on high-purity aluminum and aluminum alloys[123]. Research and Development - Research and development expenses increased significantly to RMB 4,805,174 thousand in 2022, compared to RMB 2,417,448 thousand in 2021, highlighting a focus on innovation[28]. - The company has established a three-tier technology team system and completed 65 key R&D projects, obtaining 356 patent authorizations[89]. - The company is actively involved in the development of new technologies and products to enhance its market position in the aluminum industry[148]. Market and Industry Trends - The aluminum industry is undergoing structural adjustments due to government policies aimed at reducing carbon emissions and controlling new electrolytic aluminum capacity[125]. - The demand for aluminum in traditional sectors is declining, while applications in transportation, electronics, and renewable energy are increasing[128]. - The company anticipates that the global solar photovoltaic market will experience rapid growth, with China continuing to be a major supplier[129]. Environmental and Social Responsibility - The company is committed to developing low-carbon and zero-carbon technologies to align with green development goals[135]. - The company achieved a clean energy consumption ratio of 45% in its electrolytic aluminum production, with a comprehensive utilization rate of red mud at 10.7%[88]. - The company donated a total of RMB 29.91 million in cash and materials for social welfare projects in 2022, including RMB 19.90 million for aid to Qinghai and Tibet[144]. - The company established a comprehensive social responsibility management system to integrate sustainability into its daily operations[136]. Governance and Management - The company has a strong leadership team with extensive experience in finance and management, including the chairman of the supervisory board, Ye Guohua, who has held various senior financial roles[45]. - The company emphasizes performance evaluation in determining the remuneration of its directors and senior management[52]. - The company has a structured approach to governance, with clear roles and responsibilities for its board members and management team[52]. - The company’s board of directors included one female member, while the senior management team consisted entirely of male members, indicating a need for increased gender diversity in leadership roles[56]. Employee and Workforce Management - As of December 31, 2022, the total number of employees in the group was 67,383, with production personnel accounting for 81.7% (55,076 employees) of the workforce[54]. - The company has a comprehensive employee training system to enhance work capabilities and career value[190]. - The company implemented a "Talent Strong Enterprise" strategy, focusing on employee training and talent development, with 28 training programs conducted in 2022, benefiting 56,000 participants[143]. Financial Instruments and Shareholder Information - The company maintains a profit distribution policy that prioritizes cash dividends, distributing at least 10% of the distributable profits each year[158]. - The company completed the distribution of cash dividends for the fiscal year 2021 on August 19, 2022[159]. - The company plans to complete the dividend distribution for the fiscal year 2022 by August 18, 2023, pending shareholder approval[160]. - The company’s total bond balance at the end of the reporting period was RMB 0 due to the maturity and repayment of certain debt financing instruments[167].

Financial Performance - The company's operating revenue for the third quarter was RMB 60,668,730, a decrease of 18.23% compared to the same period last year[2]. - Net profit attributable to shareholders of the listed company was RMB 577,541, down 74.13% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 612,812, representing a decline of 78.03% compared to the previous year[2]. - Basic earnings per share were RMB 0.031, a decrease of 76.11% from the same period last year[2]. - The weighted average return on net assets was 0.96%, a decrease of 2.96 percentage points year-on-year[2]. - Total comprehensive income for the first three quarters of 2022 was RMB 6,333,993 thousand, a decrease of 21.6% compared to RMB 8,076,139 thousand in 2021[18]. - Net profit attributable to shareholders for the first three quarters of 2022 was RMB 4.57 billion, a decrease of 13.9% from RMB 5.31 billion in the same period of 2021[17]. - Net profit for the first three quarters of 2022 was RMB 129,829 thousand, a significant decrease from RMB 2,652,019 thousand in the same period of 2021[31]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 192,376,897, an increase of 3.12% compared to the end of the previous year[2]. - Total assets as of September 30, 2022, amounted to RMB 198.44 billion, up from RMB 192.43 billion at the end of 2021[15]. - Total liabilities decreased slightly to RMB 118.65 billion as of September 30, 2022, compared to RMB 119.59 billion at the end of 2021[14]. - Total liabilities decreased to RMB 71,946,108 thousand as of September 30, 2022, down from RMB 72,714,553 thousand at the end of 2021[28]. - The company reported a decrease in total non-current assets to RMB 135.35 billion as of September 30, 2022, from RMB 143.72 billion at the end of 2021[13]. Cash Flow - The net cash flow from operating activities was RMB 19,360,344, an increase of 8.81% compared to the previous year[2]. - Net cash flow from operating activities for the first three quarters of 2022 was RMB 19,360,344 thousand, an increase of 8.9% from RMB 17,792,063 thousand in 2021[20]. - Cash inflow from investment activities for the first three quarters of 2022 was RMB 10,483,961 thousand, up 28.0% from RMB 8,185,942 thousand in 2021[21]. - Cash outflow from financing activities for the first three quarters of 2022 was RMB 27,392,219 thousand, a decrease of 43.8% compared to RMB 48,703,211 thousand in 2021[22]. - The net cash flow from financing activities was -2,875,100 in 2022, an improvement from -4,435,432 in 2021[35]. Production and Operations - In the first nine months of 2022, the company produced 1,243,000 tons of alumina, a 2.16% increase from 1,217,000 tons in the same period of 2021[6]. - The company’s coal production surged by 50.56%, reaching 813,000 tons compared to 540,000 tons in the previous year[6]. - The company generated 123 billion kWh of electricity, marking a 9.82% increase from 112 billion kWh in the same period of 2021[6]. - The company reported a decrease in fine alumina production, which fell by 2.96% to 311,000 tons from 321,000 tons in the previous year[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 569,970[7]. - China Aluminum Group Co., Ltd. holds 5,050,376,970 shares, representing 29.47% of the total shares[8]. Research and Development - Research and development expenses increased significantly to RMB 2.65 billion in the first three quarters of 2022, compared to RMB 1.21 billion in the same period of 2021, reflecting a focus on innovation[16]. - Research and development expenses surged to RMB 360,807 thousand in 2022, compared to RMB 35,443 thousand in 2021, indicating a focus on innovation[30]. Market Conditions - The company experienced a significant decline in aluminum product market prices compared to the same period last year, impacting profitability[5]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16].

Market Performance - In the first half of 2022, the average price of alumina in the international market was $398 per ton, an increase of 38% year-on-year, with a minimum price of $345 per ton and a maximum price of $533 per ton[12]. - Domestic alumina prices peaked at RMB 3,305 per ton in mid-February 2022, reflecting an increase of approximately 18% from the beginning of the year, before stabilizing between RMB 2,800 and RMB 3,300 per ton in the first half of the year[13]. - In the first half of 2022, global alumina production was approximately 66.79 million tons, while consumption was about 67.19 million tons, representing a year-on-year decrease of 1.0% in production and an increase of 3.3% in consumption[14]. - China's alumina production reached approximately 37.97 million tons in the first half of 2022, with consumption at about 39.46 million tons, marking year-on-year growth of 0.6% in production and 5.4% in consumption[14]. - The average price of LME aluminum for the first half of 2022 was $3,079 per ton, representing a year-on-year increase of 37.1%[15]. - The average price of SHFE spot aluminum in the first half of 2022 was RMB 21,461 per ton, reflecting a year-on-year increase of 23.3%[15]. Financial Performance - In the first half of 2022, the company's operating revenue reached RMB 145.403 billion, an increase of 20.35% year-on-year, while total profit amounted to RMB 6.957 billion, up 14.82% year-on-year[17]. - The company's net cash flow from operations was RMB 14.983 billion, a significant increase of 57.98% year-on-year[17]. - The net profit attributable to the owners of the company was RMB 3.989 billion, with earnings per share of RMB 0.231[26]. - The operating revenue for the first half of 2022 reached RMB 145.403 billion, up RMB 24.586 billion from RMB 120.817 billion year-on-year, primarily due to increased trade business revenue and rising market prices of main products[30]. - The operating cost for the first half of 2022 was RMB 131.109 billion, an increase of RMB 22.556 billion from RMB 108.553 billion in the same period last year, mainly due to rising raw material prices and increased trade business costs[30]. - The company's total assets as of June 30, 2022, amounted to RMB 194,806,587 thousand, compared to RMB 192,434,339 thousand at the end of 2021[113]. - The company's total equity increased to RMB 77,901,367 thousand from RMB 72,840,939 thousand year-over-year[112]. Strategic Initiatives - The company plans to enhance its market expansion strategies and invest in new technologies to improve production efficiency and reduce costs[11]. - The company is committed to ongoing research and development of new products to meet market demands and enhance competitiveness[11]. - The company is focused on advancing green technology and energy-saving innovations, including the industrialization of high-end product development and comprehensive utilization of red mud[24]. - The company plans to accelerate structural adjustments and optimize its industrial layout, including the construction of a 2 million ton alumina project in Guangxi Huasheng[23]. - The company is actively pursuing overseas industrial layout research to establish alumina production bases abroad[23]. Environmental and Compliance Efforts - The company is focusing on environmental compliance and production recovery in response to pandemic-related disruptions in the alumina supply chain[13]. - The company achieved a comprehensive energy consumption reduction of 11.8% year-on-year in alumina production[19]. - The company is committed to enhancing its governance structure to align with world-class standards and improve operational efficiency[25]. - The company will strengthen risk prevention mechanisms and enhance environmental protection measures to ensure supply chain security[25]. Shareholder and Governance Information - The board expressed gratitude to shareholders for their support and emphasized the importance of strategic planning for future growth[11]. - The independent non-executive directors were re-elected on June 21, 2022, ensuring continuity in governance[58]. - The company’s board of directors and senior management underwent changes, with several members re-elected or appointed in 2022[58]. - The company has confirmed compliance with corporate governance codes and internal control guidelines during the reporting period[82]. - The company completed the distribution of the 2021 final dividend on August 19, 2022[96]. Research and Development - Research and development expenses for the first half of 2022 amounted to RMB 1.626 billion, a significant increase of RMB 967 million compared to RMB 659 million in the same period last year, reflecting the company's commitment to energy conservation and emission reduction initiatives[33]. - The company is focused on developing a high-level technology talent team to drive innovation and improve market competitiveness[24]. Operational Efficiency - The utilization rate of electrolytic aluminum production capacity increased by 2.7 percentage points year-on-year, with a total of 450,000 tons of production capacity restored[18]. - The company implemented a digital transformation plan, resulting in a 7.8% increase in labor productivity at its Guangxi Huasheng smart factory[19]. Cash Flow and Investments - The net cash outflow from investment activities for the first half of 2022 was RMB 5.929 billion, an increase of RMB 0.292 billion compared to RMB 5.637 billion in the same period last year[50]. - The net cash outflow from financing activities for the first half of 2022 was RMB 8.079 billion, an increase of RMB 1.761 billion compared to RMB 6.318 billion in the same period last year, mainly due to increased loan repayments[51]. - The company has committed RMB 1.001 billion in fixed asset investment that has been contracted but not yet allocated as of June 30, 2022[48]. Segment Performance - The aluminum oxide segment's operating revenue for the first half of 2022 was RMB 27.958 billion, an increase of RMB 3.715 billion from RMB 24.243 billion year-on-year, driven by higher sales prices[37]. - The primary aluminum segment's operating revenue for the first half of 2022 was RMB 41.928 billion, up RMB 9.364 billion from RMB 32.564 billion in the same period last year, mainly due to increased sales prices of electrolytic aluminum[39]. - The trading segment's operating revenue for the first half of 2022 was RMB 120.508 billion, an increase of RMB 22.571 billion from RMB 97.937 billion year-on-year, attributed to higher sales volumes and prices of imported coking coal[41]. - The energy segment's operating revenue for the first half of 2022 was RMB 4.819 billion, an increase of RMB 1.666 billion from RMB 3.153 billion in the same period last year, primarily due to increased coal production and sales[43].