中国铝业股份有限公司监事会 关于公司第八届监事会第十五次会议审议事项的核查意见 中国铝业股份有限公司(以下简称"公司")监事会依据《中华人民共和国公 司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》《上市公司股 权激励管理办法》(以下简称"《管理办法》")《中央企业控股上市公司实施股 权激励工作指引》和《中国铝业股份有限公司章程》等有关规定,对公司第八届监 事会第十五次会议审议的《关于公司 2021 年限制性股票激励计划预留授予部分第一 个解除限售期的解除限售条件已成就的议案》《关于回购注销 2021 年限制性股票激 励计划部分激励对象已获授但尚未解除限售的限制性股票及调整回购价格的议案》 进行了核查,发表核查意见如下: 一、根据《激励计划》《中国铝业股份有限公司 2021 年限制性股票激励计划实 施考核管理办法》的相关规定,公司 2021 年限制性股票激励计划(以下简称"本次 激励计划")预留授予部分第一个解除限售期的解除限售条件已成就,解除限售的 激励对象主体资格合法、有效,可以按照相关规定解除限售。因此,同意公司为本 次激励计划预留授予部分的 270 名激励对象第一个解除限售期的 10, 4 ...

北京金诚同达律师事务所 关于 中国铝业股份有限公司 二〇二四年第一次临时股东会的 法律意见书 金证法意[2024]字 1114 第 0643 号 北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于中国铝业股份有限公司 二〇二四年第一次临时股东会的 法律意见书 金证法意[2024]字 1114 第 0643 号 致：中国铝业股份有限公司 受中国铝业股份有限公司（以下简称"中国铝业"或"公司"）聘请和北京 金诚同达律师事务所（以下简称"本所"）委派，本所律师出席中国铝业二〇二 四年第一次临时股东会并对会议的相关事项出具法律意见书。 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》《律 师事务所证券法律业务执业规则（试行）》等法律、法规和规范性文件的要求以 及《中国铝业股份有限公司章程》（以下简称"《公司章程》"）的规定，在会 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-067 中国铝业股份有限公司 关于 2021 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就的公告 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： 公司于 2024 年 11 月 19 日分别召开第八届董事会第二十八次会议、第八届监事 会第十五次会议，审议通过了《关于公司 2021 年限制性股票激励计划预留授予部分 第一个解除限售期的解除限售条件已成就的议案》。根据《上市公司股权激励管理 办法》（以下简称"《管理办法》"）及《中国铝业股份有限公司 2021 年限制性股 票激励计划》（以下简称"《激励计划》"）的相关规定，董事会认为公司 2021 年 限制性股票激励计划预留授予部分第一个解除限售期解除限售条件已经达成。具体 情况如下： 一、激励计划批准及实施情况 1.2021 年 12 月 21 日，公司召开第七届董事会第二十四次会议，审议通过了关 于制定《中国铝业股份有限公司 2021 年限制性股票激励计划（草案）》及 ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024- 064 1 中国铝业股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监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法律责任。 中国铝业股份有限公司（以下简称"公司"）于 2024 年 11 月 19 日召开第八届 监事会第十五次会议。会议应到监事 4 人，实到监事 4 人，有效表决人数 4 人。会 议由公司监事会主席林妮女士主持。本次会议的召集、召开和表决程序符合《中华人 民共和国公司法》等有关法律、法规和《中国铝业股份有限公司章程》的规定。会议 审议通过以下 2 项议案，并形成决议： 一、关于公司 2021 年限制性股票激励计划预留授予部分第一个解除限售期的 解除限售条件已成就的议案 经审议，公司监事会认为，根据《中国铝业股份有限公司 2021 年限制性股票激 励计划》（以下简称"《激励计划》"）《中国铝业股份有限公司 2021 年限制性股 票激励计划实施考核管理办法》的相关规定，公司 2021 年限制性股票激励计划（以 下简称"本次激励计划"）预留授予部分第一个解 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company has established a comprehensive aluminum industry chain, enhancing its competitive advantage and resource utilization [1][22]. - The company is positioned to benefit from the transition to green energy and lower production costs, particularly through its operations in Yunnan [1][22]. - The domestic supply of electrolytic aluminum is becoming rigid, and improvements in demand structure are expected to drive aluminum prices higher [1][22]. Summary by Sections Section 1: Company Overview - The company has over 20 years of experience in the aluminum industry and has a complete industry chain from bauxite to aluminum products, with significant production capacities [1][22]. - As of the end of 2023, the company has an annual production capacity of 2.226 million tons of alumina and 7.46 million tons of electrolytic aluminum, making it a global leader [1][22]. - The company has achieved a 100% self-sufficiency rate in alumina and a 70% self-sufficiency rate in bauxite [1][22]. Section 2: Market Dynamics - The supply-side reforms and macroeconomic benefits are expected to support aluminum prices, with a shift towards marginal cost pricing [1][22]. - The demand for electrolytic aluminum is expected to grow due to structural changes in downstream industries, particularly in construction and transportation [1][22]. Section 3: Green Development - The company is actively pursuing green development initiatives, leveraging its acquisition of Yunnan Aluminum to enhance its green energy capabilities [1][22]. - The company aims to increase its green electricity usage, which is currently at 22%, through new energy projects [1][22]. Section 4: Financial Projections and Valuation - The report forecasts the company's net profit to reach 12.3 billion, 15.4 billion, and 16.5 billion yuan for the years 2024, 2025, and 2026, respectively [2]. - The projected P/E ratios for the same years are 11.9, 9.4, and 8.8 times [2].

Summary of the Conference Call Company and Industry Overview - The conference call pertains to China Liyuan's Q3 2024 earnings report, focusing on the electrolytic aluminum and alumina industries [1][2]. Key Points and Arguments Market Conditions - Global electrolytic aluminum capacity reached 79.02 million tons, a year-on-year increase of 0.3% [2]. - Production was 18.41 million tons, up 1.2% year-on-year, while demand rose by 3.8% to 18.51 million tons [2]. - The average LME spot price for aluminum was $2,382 per ton, reflecting a 4.6% increase year-on-year [2]. - Domestic electrolytic aluminum capacity was 44.62 million tons, with production at 11.03 million tons, marking a 2.1% increase [3]. Financial Performance - For the first nine months of 2024, the company reported revenue of 173.8 billion yuan, a decrease of 7.76% from the previous year [4]. - Profit before tax was 17.5 billion yuan, up 58.6% year-on-year, while net profit reached 15 billion yuan, a 63% increase [4][5]. - The scale net profit was 9 billion yuan, reflecting a 68% increase compared to the same period last year [5]. Production and Sales - Alumina production for the first nine months was 12.57 million tons, with electrolytic aluminum production at 5.62 million tons, both showing increases from the previous year [5][6]. - The company exported 1.74 million tons of aluminum in the first three quarters, a 15.3% year-on-year increase [3]. Cost and Pricing Dynamics - The average spot price for alumina was $436.9, a significant increase of 25.5% year-on-year [2]. - The total cost of domestic electrolytic aluminum was approximately 17,500 yuan per ton [3]. - The company faced challenges with trade-related business reductions impacting revenue [4]. Strategic Initiatives - The company plans to enhance its strategic focus on key projects and technological innovation to improve competitiveness [9][10]. - Emphasis on risk management and sustainable development practices to ensure long-term growth [10]. Research and Development - R&D expenditure for the first nine months was approximately 4 billion yuan, representing 3.7% of revenue [20][36]. - Future R&D efforts will focus on improving the efficiency of alumina extraction and exploring new technologies [20][21]. Challenges and Risks - The company acknowledged potential risks related to market fluctuations and regulatory changes impacting operational costs [10][12]. - There were discussions about one-time factors affecting Q3 profits, including depreciation and environmental compliance costs [14][16]. Future Outlook - The company aims to complete key projects and enhance production capabilities by 2025, with a focus on maintaining high-quality output [9][23]. - Plans to optimize resource allocation and improve operational efficiency in response to market demands [10][26]. Additional Important Information - The company is actively managing its debt levels, with a reduction in interest-bearing liabilities by 13 billion yuan since the beginning of the year [8]. - The asset-liability ratio decreased to 48.68%, down from 53.3% at the start of the year [8]. - The management team is committed to transparent communication with investors regarding financial performance and strategic direction [11][19].

中国铝业股份有限公司 2024 年第一次临时股东会 中国铝业股份有限公司 2024 年第一次临时股东会会议资料 会议资料 2024 年 11 月 1 中国铝业股份有限公司 2024 年第一次临时股东会会议资料 会议议程 参加人：股东及股东代表、董事、监事、高级管理人员、律师等 四、会议议程： 1 一、会议时间：2024 年 11 月 19 日下午 2:00 二、会议地点：北京市海淀区西直门北大街 62 号中国铝业股份有限公 司总部办公楼 1606 会议室 三、主持人：董事长史志荣先生 （一）通过监票人、记票人名单； （二）审议如下议案： 1. 关于公司 2024 年中期利润分配方案的议案 2. 关于公司拟增加与中国铝业集团有限公司在《产品和服务互供 总协议》项下支出交易 2024 年和 2025 年年度上限的议案 3. 关于公司拟变更会计师事务所的议案 4. 关于选举李谢华先生为公司第八届董事会非执行董事的议案 5. 关于选举丁超先生为公司第八届监事会股东代表监事的议案 （三）统计并宣布表决结果； （四）律师发表见证意见。 中国铝业股份有限公司 2024 年第一次临时股东会会议资料 https://stati ...

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 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10月31日 狀態: 新提交 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 (如上市) | 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 (-) | | | -1,882,319 | | | RMB | | -1,882,319 | | 本月底結存 | | | 13,212,532,941 | RMB | | 1 RMB | | 13,212,532,941 | | 2. 股份分類 | 普通股 | ...

股票代码：601600 股票简称：中国铝业 公告编号：临 2024-061 中国铝业股份有限公司 关于 2024 年第一次临时股东会增加临时提案的公告 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法律责任。 一、股东会有关情况 1. 股东大会的类型和届次：2024 年第一次临时股东会 2. 股东会召开日期：2024 年 11 月 19 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601600 | 中国铝业 | 2024/10/23 | 二、增加临时提案的情况说明 1. 提案人：中国铝业集团有限公司 2. 提案程序说明 公司已于 2024 年 9 月 13 日披露了《中国铝业股份有限公司关于召开 2024 年第一次 临时股东会的通知》（公告编号：临 2024-047），并于 2024 年 10 月 25 日披露了《中 国铝业股份有限公司关于2024年第一次临时股东会延期的公告》（公告编号：临2024- 054），单独持有公司 29. ...

Investment Rating - The report maintains an "Outperform" rating for Chalco (601600 SH) [1][3][14] Core Views - Chalco's Q3 2024 net profit declined QoQ due to cost increases, while main business production showed steady growth [1] - The company's revenue for the first three quarters of 2024 decreased by 7 76% YoY, but net profit attributable to shareholders increased by 68 46% YoY [1][4] - Chalco's profitability adjusted QoQ, with continuous optimization of debt-to-asset ratio [1][7] - Aluminum and alumina production increased QoQ in Q3 2024 [1][10] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue reached 173 78 billion yuan, down 7 76% YoY [1][4] - Net profit attributable to shareholders was 9 017 billion yuan, up 68 46% YoY [1][4] - Q3 2024 revenue was 63 06 billion yuan, up 16 04% YoY and 2 10% QoQ [1][4] - Q3 2024 net profit attributable to shareholders was 2 billion yuan, up 3 34% YoY but down 58 21% QoQ [1][4] Profitability - Q1-Q3 2024 gross margin was 15 23%, up 5 70 percentage points YoY [1][7] - Q1-Q3 2024 net margin was 8 65%, up 4 48 percentage points YoY [1][7] - Q3 2024 gross margin was 11 67%, down 4 11 percentage points YoY and 7 11 percentage points QoQ [1][7] - Q3 2024 net margin was 5 93%, down 0 73 percentage points YoY and 5 80 percentage points QoQ [1][7] Production and Sales Alumina - Q1-Q3 2024 metallurgical alumina production was 12 57 million tons, up 0 88% YoY [1][10] - Q1-Q3 2024 fine alumina production was 3 25 million tons, up 14 84% YoY [1][10] - Q3 2024 metallurgical alumina production was 4 37 million tons, up 3 3% YoY and 10 6% QoQ [1][10] - Q3 2024 fine alumina production was 1 18 million tons, up 24 2% YoY and 9 3% QoQ [1][10] Aluminum - Q1-Q3 2024 primary aluminum production was 5 62 million tons, up 14 00% YoY [1][10] - Q1-Q3 2024 primary aluminum sales volume was 5 60 million tons, up 13 36% YoY [1][10] - Q3 2024 primary aluminum production was 1 99 million tons, up 6 4% YoY and 7 6% QoQ [1][10] - Q3 2024 primary aluminum sales volume was 2 01 million tons, up 6 9% YoY and 9 8% QoQ [1][10] Coal - Q1-Q3 2024 coal production was 9 74 million tons, up 0 52% YoY [1][10] - Q3 2024 coal production was 3 36 million tons, down 3 2% YoY and 4 0% QoQ [1][10] Subsidiaries Performance - Chalco New Materials (100% owned) achieved 695 million yuan net profit in Q3 2024 [1][7] - Yunnan Aluminium (29 1% owned) achieved 1 301 billion yuan net profit in Q3 2024 [1][7] - Combined net profit contribution from these subsidiaries was approximately 1 07 billion yuan in Q3 2024 [1][7][9] Financial Forecast - 2024-2026 revenue forecast: 203 503/204 020/204 732 billion yuan [1][14] - 2024-2026 net profit forecast: 11 803/13 795/15 513 billion yuan [1][14] - 2024-2026 EPS forecast: 0 69/0 80/0 90 yuan [1][14] - Current PE ratio: 11 2x/9 6x/8 5x for 2024-2026 [1][14] Industry Position - Chalco is a leading state-owned enterprise in the non-ferrous metals industry with a complete aluminum industry chain [14] - The company maintains certain capacity expansion capabilities despite industry capacity ceilings [14]