Financial Performance - For the fiscal year ending December 31, 2024, the company achieved operating revenue of RMB 237.07 billion, an increase of 5.21% year-on-year[15]. - The net profit attributable to the owners of the parent company was RMB 12.40 billion, with basic earnings per share of RMB 0.723[15]. - The gross profit for 2024 was RMB 35.53 billion, compared to RMB 27.55 billion in 2023, indicating a significant improvement in profitability[16]. - The company's operating costs were RMB 201.54 billion, which is an increase from RMB 197.77 billion in the previous year[16]. - The company reported a net financial expense of RMB 2.63 billion, a decrease from RMB 2.94 billion in 2023, indicating improved financial management[16]. - The company's net profit for the year ended December 31, 2024, reached RMB 19,381,819 thousand, an increase of 54.3% compared to RMB 12,555,903 thousand in 2023[18]. - Revenue for 2024 was RMB 237,065,629 thousand, reflecting a growth of 5.21% from RMB 225,319,044 thousand in 2023[22]. - The profit attributable to the owners of the parent company was RMB 12,400,160 thousand, an increase of 85.38% from RMB 6,689,067 thousand in 2023[22]. - The basic earnings per share for 2024 was RMB 0.723, up 85.86% from RMB 0.389 in 2023[22]. - The total assets as of December 31, 2024, amounted to RMB 215,895,530 thousand, a slight increase of 1.89% from RMB 211,896,104 thousand in 2023[19]. - The company's total liabilities decreased to RMB 103,854,787 thousand in 2024, down 7.9% from RMB 112,866,670 thousand in 2023[19]. - The net cash flow from operating activities for 2024 was RMB 32,807,186 thousand, representing a 21.37% increase from RMB 27,030,025 thousand in 2023[22]. - The weighted average return on equity for 2024 was 19.26%, an increase of 7.33 percentage points from 11.93% in 2023[22]. Management and Governance - The company has a clear and pragmatic development strategy aimed at becoming a globally competitive aluminum company[6]. - The company maintains stable and reliable bauxite resources, ensuring sustainable development capabilities[6]. - The company is focused on expanding its market presence and enhancing its competitive advantages through a complete industrial chain[6]. - The company is actively pursuing technological innovation and the transformation of scientific achievements to support high-quality development[6]. - The total pre-tax remuneration for senior management during the reporting period amounted to RMB 1,575.44 million[26]. - The company achieved historical best performance in 2024, exceeding its challenge targets, leading to significant increases in senior management remuneration[28]. - The company has implemented a new compensation structure for senior management, which includes basic salary, performance pay, and incentives for exceeding targets[28]. - The company’s board of directors has seen changes, with Shi Zhirong taking over as chairman and executive director from June 25, 2024[28]. - The company has a diverse management team with extensive experience in various sectors, including He Wenjian, who has held multiple leadership roles within the organization[30]. - The company is actively involved in the management of subsidiaries and has board representation in several affiliated companies[30]. - The company is focused on expanding its market presence and enhancing operational efficiency through management innovation and digital transformation[30]. - The company is committed to maintaining a competitive remuneration structure to attract and retain talent in line with industry standards[58]. - The company’s governance structure underwent significant changes with the appointment and resignation of several key personnel in 2024[61][62]. Research and Development - Research and development expenses for the year amounted to RMB 3.06 billion, reflecting the company's commitment to innovation despite a decrease from RMB 3.73 billion in 2023[16]. - The company achieved 519 new patent authorizations in 2024, maintaining the industry lead[117]. - The company is committed to enhancing innovation capabilities by advancing technology breakthroughs and integrating smart manufacturing[129]. - The company is focused on accelerating key scientific research projects and their application to provide solid technological support for high-quality development[197]. Market and Industry Trends - In 2024, China imported approximately 159 million tons of bauxite, an increase of 12.3% year-on-year, setting a new historical high[98]. - The domestic and international alumina prices showed a rising trend in 2024[100]. - In 2024, the average domestic alumina price in China was RMB 4,084 per ton, an increase of 39.9% year-on-year[101]. - Internationally, the average alumina price (FOB) in 2024 was $502 per ton, reflecting a year-on-year increase of 46%[102]. - The company is a leading player in the Chinese aluminum industry, with the highest global production capacity for alumina, electrolytic aluminum, and other aluminum products[176]. - The rapid development of new applications for aluminum, such as in new energy vehicles and 5G technology, is expected to significantly increase demand for aluminum products[179]. Sustainability and Environmental Initiatives - The company is committed to implementing stringent safety and environmental standards, including a three-year action plan for ecological environment issues[189]. - The company aims to reduce carbon emissions and improve energy efficiency to mitigate the impacts of climate change, contributing to the establishment of a green, low-carbon society[200]. - The company has established a rigorous mining reclamation process to create green mines, ensuring maximum resource utilization and minimal environmental impact[200]. - The company is committed to enhancing its ESG management framework, with a dedicated committee to oversee social responsibility and environmental protection initiatives[193]. - The company has integrated sustainable development concepts into its daily operations, actively responding to urgent global sustainability needs and contributing to the United Nations Sustainable Development Goals (SDGs)[196]. Shareholder and Capital Structure - The total number of employees as of December 31, 2024, is 63,133, with production personnel accounting for 80.7% of the workforce[67]. - The company has a gender distribution of 53,947 male employees (85.5%) and 9,186 female employees (14.5%)[68]. - The total share capital at the beginning of the reporting period was 17,161,591,551 shares, which decreased to 17,156,498,909 shares by the end of the period, reflecting a reduction of 5,092,642 shares[70]. - The company aims to increase the proportion of female members in future appointments and promotions[68]. - As of December 31, 2024, the largest shareholder, China Aluminum Group, holds 29.95% of the company's shares directly and 32.43% in total[83].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Asia Materials, specifically copper and aluminium sectors - **Market Sentiment**: Easing of recession fears and a recent rally in shares of copper and aluminium companies, with declines of 11% and 10% respectively over the past five trading days, compared to -2% for the cement sector and -8% for HSCEI [1][5] Core Insights - **Recession Concerns**: Global recession fears appear overblown, especially after the US President's decision to pause reciprocal tariffs for 90 days, suggesting a potential rebound in commodity prices and share prices for copper and aluminium [1][5] - **Supply-Demand Dynamics**: Positive supply-demand dynamics expected to support a rebound in commodity prices, with month-on-month improvements in operating rates for copper and aluminium in March due to seasonal demand recovery [1][5] - **Government Stimulus**: New government stimulus in energy transition, consumption, or the property sector could further support demand growth for industrial metals [1][5] Company-Specific Insights - **MMG Limited**: Upgraded from Hold to Buy due to high earnings sensitivity to copper price movements. Expected year-on-year earnings growth in 2025 driven by the ramp-up of Chalcobamba [2][5] - **Zijin Mining**: Maintained Buy ratings for both H/A shares, with a target price of HKD21.00 for H-shares and RMB21.90 for A-shares, reflecting stable output growth and M&A efforts [2][29] - **CMOC**: Maintained Buy ratings with target prices unchanged at HKD7.60 for H-shares and RMB8.60 for A-shares, supported by strong fundamentals [2][29] - **Jiangxi Copper**: Maintained Reduce rating due to ongoing headwinds from lower TC/RC prices, with target prices of HKD10.10 for H-shares and RMB17.30 for A-shares [2][30] - **China Hongqiao**: Maintained Buy rating with a target price of HKD17.10, supported by strong fundamentals and an attractive dividend yield of approximately 10% [2][30] Additional Important Points - **Copper Supply Constraints**: Mine supply remains constrained, indicated by negative spot TC/RC prices. China's tariffs on the US are expected to reduce scrap copper imports, impacting refined copper production [1][5] - **Aluminium Operating Capacity**: Operating capacity for aluminium is nearing the 45 million tonnes cap, indicating potential shortages if demand increases due to new stimulus [1][5] - **Market Data**: Key market data and forecasts for copper and aluminium prices, sales, and production metrics were provided, indicating a positive outlook for the sector [6][31][33] Risks and Valuation - **Valuation Risks**: Risks include geopolitical conflicts, production delays, and fluctuations in metal prices. For Zijin Mining, downside risks include delays in new capacities and higher production costs due to inflation [29][30] - **Earnings Forecasts**: MMG is expected to deliver significant earnings growth, while Jiangxi Copper faces a decline in earnings due to lower contract TC/RC prices [31][32][30] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the copper and aluminium sectors within the Asia Materials industry.

中国铝业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《中国 铝业股份有限公司关于控股股东及其一致行动人增持公司股份计划的公告》（公告 编号：临 2025-022），基于对公司未来发展前景的信心，并为切实维护中小投资者 利益，公司控股股东中国铝业集团有限公司（以下简称"中铝集团"）及其一致行 动人拟通过上海证券交易所（以下简称"上交所"）及香港联合交易所有限公司（以 下简称"香港联交所"）交易系统增持公司 A 股及 H 股股份，增持金额不低于人民 币 10 亿元，不超过人民币 20 亿元，增持股份数量不超过公司总股本的 2%，期限自 本次增持计划公告披露之日起不超过 12 个月，本次增持资金来源为增持主体自有资 金或金融机构增持股票专项贷款。 一、取得股票增持专项贷款承诺函的情况 公司于 2025 年 4 月 14 日收到控股股东中铝集团关于取得股票增持专项贷款承 诺函及增持股份进展情况的通知，为积极响应并充分运用好有关监管部门"支持股 票增持"的政策工具，中铝集团与中国工商银行股份有限公司北京市分行（以下简 称"中国工商银行北京市分行"）达成合作意向，中国工商银行北京市分行已向中 铝 ...

金融界4月14日消息，上证指数高开高走，沪深300金属与采矿指数 (300金属与采矿，L11606)报2338.48 点。 从沪深300金属与采矿指数持仓的市场板块来看，上海证券交易所占比82.34%、深圳证券交易所占比 17.66%。 从沪深300金属与采矿指数持仓样本的行业来看，贵金属占比44.88%、工业金属占比20.97%、稀有金属 占比18.85%、钢铁占比12.18%、其他非金属材料占比3.12%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数样本进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发 生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪深300指数调整样本时，沪深300行 业指数样本随之进行相应调整。在样本有特殊事件发生，导致其行业归属发生变更时，将对沪深300行 业指数样本进行相应调整。 数据统计显示，沪深300金属与采矿指数近一个月下跌3.45%，近三个月上涨3.83%，年至今上涨 5.59%。 据了解，为反映沪深300指数样本中不同细分行业公司证券的整体表现，为投资者提供分析工具，将沪 ...

Core Viewpoint - The price of gold has reached a new historical high of $3,245.45 per ounce, driven by various factors including geopolitical tensions and economic conditions [2] Precious Metals - Gold prices are being supported by strong demand for safe-haven assets due to fluctuating U.S. tariff policies and a declining trend in real interest rates as the Federal Reserve enters a rate-cutting cycle [2] - Recent U.S. CPI data was below expectations, and rising unemployment rates have increased expectations for interest rate cuts, further supporting gold prices [2] - The People's Bank of China has increased its gold holdings for the fifth consecutive month, boosting market confidence [2] Industrial Metals - HSBC reports that concerns over a global recession have been overstated, leading to a reassessment of investment preferences towards copper and aluminum assets [2] - The decision by the U.S. to delay aggressive tariffs for 90 days is expected to provide upward price momentum for copper and aluminum commodities, along with related company stocks [2] - Anticipated new stimulus policies in China are expected to further drive price increases in industrial metals [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the materials sector in Asia Pacific, specifically discussing copper, coal, and aluminum producers [1][6]. Copper Industry Insights - **MMG's Operations**: - Political instability in the Democratic Republic of Congo (DRC) has led to electricity rationing, increasing reliance on diesel power. However, the conflict is over 1,000 km away, posing minimal risks to operations [2]. - Mining costs are rising due to deeper mining operations, but MMG aims to reduce unit costs as production volumes increase [2]. - Las Bambas produced 320,000 tons of copper in 2024, with a target of 360,000-400,000 tons for 2025. Tax disputes in Peru are currently favorable for the company [9]. - Kinsevere targets 63,000-69,000 tons of copper production in 2025, ramping up to full capacity of 80,000 tons [10]. Thermal Coal Industry Insights - **Shenhua Energy**: - Long-term price contracts are expected to be honored despite falling spot prices. The coal association has proposed import restrictions to shift towards higher-quality products [3]. - Power prices have decreased by an average of Rmb 0.01/kWh, with further reductions expected, particularly in Guangdong Province, which may see a 15% cut [3][16]. - The Xinjie project is under construction, expected to start production in 2029 with a capacity of 7-8 million tons [3]. Aluminum Industry Insights - **Chalco**: - The company maintains a hard cap of 45.2 million tons for aluminum capacity and has no plans for expansion outside China [4]. - Current production costs are Rmb 17,000-17,500 per ton for aluminum and Rmb 2,500-2,800 per ton for alumina [21]. - Chalco aims to increase its green power consumption to 52-53% by the end of 2025, up from 45.5% [25]. Local Government Debt Restructuring - Total local government debt exceeds Rmb 40 trillion, with hidden liabilities estimated at Rmb 50-60 trillion. The central government is implementing debt swaps to lower effective interest rates from 4-5% to 2-3% [5]. Key Risks and Opportunities - **Copper**: - Risks include potential disruptions in Peru and changes in mining laws that could increase tax rates [33]. - Opportunities arise from tighter copper concentrate supply and stronger-than-expected demand due to stimulus plans [33]. - **Coal**: - Risks include slower-than-expected coal demand and lower domestic coal prices [39]. - Upside risks include stronger-than-expected coal demand and higher realized prices [39]. - **Aluminum**: - Risks include weaker-than-expected demand and supply cuts [40]. - Opportunities may arise from better-than-expected demand and faster production resumption [40]. Conclusion - The conference call provided insights into the current state and future outlook of the copper, coal, and aluminum industries in Asia Pacific, highlighting operational challenges, production targets, and market dynamics that could influence investment decisions in these sectors.

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

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。 葛小雷 聯席公司秘書 中國‧北京 2025年4月10日 於 本 公 告 刊 發 日 期，董 事 會 成 員 包 括 執 行 董 事 何 文 建 先 生、毛 世 清 先 生 及 蔣 濤 先 生，非 執 行 董 事 李 謝 華 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 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2025年4月24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2025年3月31日止三個月期間之未經審計季度 業 績。 承董事會命 中國鋁業股份有限公司 ...

中国铝业股份有限公司 2025 年第二次临时股东会会议资料 中国铝业股份有限公司 2025 年第二次临时股东会 会议资料 2025 年 4 月 24 日 1 中国铝业股份有限公司 2025 年第二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：2025 年 4 月 24 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：代行董事长何文建先生 （一）通过监票人、记票人名单； （二）审议如下议案： 1.关于包头铝业有限公司拟吸收合并内蒙古华云新材料有限公司 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 2025 年第二次临时股东会会议资料 议案一：关于包头铝业有限公司拟吸收合并 内蒙古华云新材料有限公司的议案 各位股东： 包头铝业有限公司（简称包头铝业）现为公司的全资子公司， 内蒙古华云新材料有限公司（简称内蒙古华云）现为包头铝业的控 股子公司，包头铝业及公司控股股东中国铝业集团有限公司（简称 中铝集团）各持有内蒙古华云 ...

中国铝业股份有限公司 关于控股股东及其一致行动人首次增持公司股份的公告 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。 股票代码：601600 股票简称：中国铝业 公告编号：临 2025-023 中国铝业股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日披露了《中国 铝业股份有限公司关于控股股东及其一致行动人增持公司股份计划的公告》（公告 编号：临 2025-022），基于对公司未来发展前景的信心，并为切实维护中小投资者 利益，公司控股股东中国铝业集团有限公司（以下简称"中铝集团"）及其一致行 动人拟通过上海证券交易所（以下简称"上交所"）及香港联合交易所有限公司（以 下简称"香港联交所"）交易系统增持公司 A 股及 H 股股份，增持金额不低于人民 币 10 亿元，不超过人民币 20 亿元，增持股份数量不超过公司总股本的 2%，期限自 本次增持计划公告披露之日起不超过 12 个月。 公司于 2025 年 4 月 9 日收市后收到控股股东中铝集团的通知，中铝集团及其一 致行动人于 2025 年 4 月 9 日 ...