Earnings release
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– 1 – Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 2025 FIRST QUARTERLY REPORT This announcement is made by Aluminum Corporation of China Limited* (the “Company ”, together with its subsidiaries, the “ Group ”) pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) and Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. IMPORTANT NOTICE The board of directors, the supervisory committee, the directors, supervisors and senior management members of the Company guarantee the truthfulness, accuracy and completeness of this quarterly report, and that there are no false representation or misleading statement contained in or material omission from this report, and assume several and joint liabilities. The Legal Representative, the Chief Financial Officer and the Head of the Accounting Department of the Company warrant the truthfulness, accuracy and completeness of the financial information in this quarterly report. Has the first quarterly report of the Company been audited Yes ✓ No
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– 2 – I. PRINCIPAL FINANCIAL DATA (I) Principal accounting data and financial indicators Unit: ’000 Currency: RMB Item The Reporting Period Corresponding period of last year Increase/ decrease (%) Before adjustment After adjustment After adjustment Revenue 55,783,601 48,955,678 48,955,678 13.95 Net profit attributable to shareholders of the listed company 3,537,681 2,230,265 2,228,067 58.78 Net profit attributable to shareholders of the listed company after excluding extraordinary gains and losses 3,443,871 2,182,750 2,180,552 57.94 Net cash flow from operating activities 6,259,774 3,578,062 3,575,862 75.06 Basic earnings per share (RMB per share) 0.207 0.130 0.130 59.23 Diluted earnings per share (RMB per share) 0.207 0.130 0.130 59.23 Weighted average return on net assets (%) 4.97 3.62 3.62 Increased by 1.35 percentage points At the end of the Reporting Period At the end of the previous year Increase/ decrease (%) Before adjustment After adjustment After adjustment Total assets 226,128,953 215,895,530 215,895,530 4.74 Owner’s equity attributable to shareholders of the listed company 73,227,737 69,191,321 69,191,321 5.83 Reason for retrospective adjustment or restatement On 28 November 2024, the Company and its three Branches entered into an asset acquisition agreement with Chinalco High-end Manufacturing Co., Ltd.* (ʮ̡ , hereinafter referred to as “Chalco High-End”) to acquire part of Chalco High-End’s ingot business. This transaction constituted a business combination under common control. This report restates the transactions related to this business with the same period of the previous year.
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– 3 – (II) Gains and losses arising from extraordinary items and amount ✓ Applicable N/A Unit: ’000 Currency: RMB Extraordinary items The Reporting Period Gains/(Losses) from disposal and retirement of non-current assets 38,628 Government subsidies included in the gains and losses for the current period (excluding government subsidies closely related to the ordinary business and granted under the state’s policies according to certain standard that has a continuous impact on the profit or loss of the Company) 100,658 Except for the hedging business that is related to the ordinary business, the gains or losses arising from fair value changes of the financial assets and financial liabilities held, and gains or losses from the disposal of financial assets and financial liabilities -28,473 Other non-operating income and expenses other than above items 61,246 Less: Impact of income taxes -54,723 Impact of minority interests (after tax) -23,528 Total 93,810 Explanation on the reasons for determination of items that are not set out in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers – Extraordinary Profit or Loss Items (ڦ ʮѓୋ 1ฦू ) in significant amounts as non-recurring profit or loss items and determination of the extraordinary profit or loss items set out in the Explanatory Announcement No. 1 on Information Disclosure by Public Issuers – Extraordinary Profit or Loss Items as recurring profit or loss items. Applicable ✓ N/A
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– 4 – (III) Changes in principal accounting data, financial indicators and reasons for the changes ✓ Applicable N/A Items Percentage of change Main reason (%) Net profit attributable to shareholders of the listed company 58.78 This was mainly due to the year-on-year increase in product sales volume and profit achieved by the Company’s adherence to extreme operations and proactive response to market price fluctuations. Net profit attributable to shareholders of the listed company after excluding extraordinary gains and losses 57.94 Same as above. Net cash flows from operating activities 75.06 This was mainly due to the year-on-year increase in operating profit as well as the increase in cash inflow resulting from the strengthening of control of accounts receivable and inventory. Basic earnings per share (RMB/share) 59.23 This was mainly due to the year-on-year increase in product sales volume and profit achieved by the Company’s adherence to extreme operations and proactive response to market price fluctuations. Diluted earnings per share (RMB/share) 59.23 Same as above.
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– 5 – (IV) Key operational data of the Company for the first quarter of 2025 2025 January– March 2024 January– March Increase/ decrease during the Reporting Period as compared with the corresponding period of last year (%) Information on the production and sales of major products Alumina Output of metallurgical-grade alumina (10,000 tonnes) 448 425 5.41 Output of refined alumina (10,000 tonnes) 95 89 6.74 Exported volume of self-produced metallurgical-grade alumina (10,000 tonnes) 168 150 12.00 Aluminum products Output of primary aluminum (including alloys) (10,000 tonnes) 194 178 8.99 Exported volume of self-produced primary aluminum (including alloys) (10,000 tonnes) 190 176 7.95 Coal Output of coal (10,000 tonnes) 322 288 11.81 Electricity power Sales volume of external power plants (100 million kwh) 41 41 –
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– 6 – II. INFORMATION ON SHAREHOLDERS (I) Total number of shareholders of ordinary shares and shareholders of preference shares with restored voting rights and shareholdings of the top ten shareholders Unit: share Total number of shareholders of ordinary shares as at 31 March 2025 349,173 Total number of shareholders of preference shares with restored voting right as at the end of the Reporting Period (if any) N/A Shareholding of top ten shareholders (excluding shares lent through refinancing) Name of shareholders Nature of shareholders Number of shares held Percentage of shareholding Number of shares held subject to trading moratorium Shares pledged, marked or frozen Status of shares Number (%) Aluminum Corporation of China State-owned legal person 5,139,204,916 29.96 0 None 0 Hong Kong Securities Clearing Company Limited (H Shares) Overseas legal person 3,935,873,789 22.94 0 Unknown Unknown Hong Kong Securities Clearing Company Limited (A Shares) Overseas legal person 539,989,876 3.15 0 None 0 China Securities Finance Corporation Limited* ( ʕ ࠢ ʮ̡ ) State-owned legal person 448,284,993 2.61 0 None 0 China Life Insurance Company Limited* (΅ ʮ̡ ) State-owned legal person 289,275,184 1.69 0 None 0 Baotou Aluminum (Group) Co., Ltd. State-owned legal person 238,377,795 1.39 0 None 0
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– 7 – Shareholding of top ten shareholders (excluding shares lent through refinancing) Name of shareholders Nature of shareholders Number of shares held Percentage of shareholding Number of shares held subject to trading moratorium Shares pledged, marked or frozen Status of shares Number (%) CITIC Securities – Huarong Ruitong Equity Investment Management Co., Ltd. – CITIC Securities – Changfeng Single Asset Management Plan* (ڦ ᛆҳ ڦ ఊɓ༟ପ၍ ྌ ) Other 178,290,000 1.04 0 None 0 Industrial and Commercial Bank of China Limited – Huatai-PB CSI 300 Open-ended Index Fund* (΅Ϟ လଉ 300ᅰ ږ) Other 129,720,629 0.76 0 None 0 National Social Security Fund 118 portfolio* (ڭٟ ɓɓɞଡ଼Υ ) State 119,219,378 0.69 0 None 0 Shanghai Gaoyi Asset Management Partnership (Limited Partnership) – Gaoyi Xiaofeng No. 2 Zhixin Fund*( ɪऎ৷ᆇ ༟ପ၍ଣΥྫΆุ Ϟ Υྫ )–ࢤ2 ږ) Other 110,365,900 0.64 0 None 0
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– 8 – Shareholding of top ten shareholders not subject to trading moratorium (excluding shares lent through refinancing) Name of shareholders Number of tradable shares not subject to trading moratorium held Class and number of shares Class Number Aluminum Corporation of China 5,139,204,916 RMB ordinary shares 5,139,204,916 Hong Kong Securities Clearing Company Limited (H Shares) 3,935,873,789 Overseas listed foreign shares 3,935,873,789 Hong Kong Securities Clearing Company Limited (A Shares) 539,989,876 RMB ordinary shares 539,989,876 China Securities Finance Corporation Limited* (ࠢ ʮ̡ ) 448,284,993 RMB ordinary shares 448,284,993 China Life Insurance Company Limited* (ʮ̡ ) 289,275,184 RMB ordinary shares 289,275,184 Baotou Aluminum (Group) Co., Ltd. 238,377,795 RMB ordinary shares 238,377,795 CITIC Securities – Huarong Ruitong Equity Investment Management Co., Ltd. – CITIC Securities – Changfeng Single Asset Management Plan* (ڦ ᛆҳ༟၍ଣϞ ఊɓ༟ ྌ ) 178,290,000 RMB ordinary shares 178,290,000 Industrial and Commercial Bank of China Limited – Huatai-PB CSI 300 Open-ended Index Fund* ( ʕʈਠ လ ଉ 300ᅰᗇՎҳ ږ) 129,720,629 RMB ordinary shares 129,720,629 National Social Security Fund 118 portfolio* (ɓɓɞ ଡ଼Υ ) 119,219,378 RMB ordinary shares 119,219,378 Shanghai Gaoyi Asset Management Partnership (Limited Partnership) – Gaoyi Xiaofeng No. 2 Zhixin Fund* ( ɪऎ৷ᆇ༟ପ၍ଣΥྫΆุ Ϟ Υྫ )ࢤ2ږ) 110,365,900 RMB ordinary shares 110,365,900
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– 9 – Related relationship or acting in concert in respect of the above shareholders 1. In the above table, the number of shares of the Company held by Aluminum Corporation of China (“Chinalco”) are A shares of the Company directly held by it, and does not include the A shares of the Company indirectly held by it through its subsidiaries Baotou Aluminum (Group) Co., Ltd. and Chinalco Asset Operation and Management Co., Ltd.* ( ʕ༟ପᐄ ʮ̡ ) and the H shares of the Company indirectly held by it through its subsidiary Aluminum Corporation of China Overseas Holdings Limited* (Ϟ ʮ̡ ). As of 31 March 2025, Chinalco together with its subsidiaries held an aggregate of 5,563,312,965 shares, among which 5,384,722,965 shares were A shares and 178,590,000 shares were H shares, accounting for approximately 32.43% of the total issued share capital of the Company as at 31 March 2025. 2. The 3,935,873,789 H shares of the Company held by Hong Kong Securities Clearing Company Limited include 178,590,000 H shares it holds on behalf of Aluminum Corporation of China Overseas Holdings Limited, a subsidiary of Chinalco. Participation in securities margin trading and refinancing (if any) by top ten shareholders and top ten shareholders not subject to trading moratorium N/A Participation in refinancing to lend shares by shareholders holding 5% of the shares, top ten shareholders and top ten shareholders not subject to trading moratorium Applicable ✓ N/A Any changes of top ten shareholders and top ten shareholders not subject to trading moratorium due to the lending/returning through refinancing as compared to the previous period Applicable ✓ N/A
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– 10 – III. OTHER REMINDER Other material information in relation to operation of the Company in the Reporting Period that the investors shall pay attention to Applicable ✓ N/A IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion Applicable ✓ N/A (II) Financial statements Consolidated Balance Sheet 31 March 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items 31 March 2025 31 December 2024 Current assets: Monetary capital 26,084,662 22,210,445 Held-for-trading financial assets 994,512 2,003,583 Derivative financial assets 70,666 90,665 Notes receivable – – Accounts receivable 6,780,375 5,231,099 Accounts receivable financing 4,195,727 1,908,658 Prepayments 447,166 508,350 Other receivables 1,748,082 1,609,430 Including: Interests receivables 41,895 16,473 Dividend receivables 367,232 375,361 Inventories 27,549,875 24,419,587 Other current assets 1,667,074 1,069,305 Total current assets 69,538,139 59,051,122
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– 11 – Items 31 March 2025 31 December 2024 Non-current assets: Long-term receivables 70,193 70,193 Long-term equity investments 11,780,538 11,548,690 Investments in other equity instruments 1,776,197 1,773,968 Investment properties 2,024,372 2,039,141 Fixed assets 95,766,891 95,859,553 Construction in progress 10,301,198 10,571,792 Right-of-use assets 8,359,266 8,598,638 Intangible assets 17,190,346 17,258,432 Goodwill 3,494,894 3,494,894 Long-term deferred expenditures 1,271,429 1,157,639 Deferred income tax assets 3,216,185 3,242,649 Other non-current assets 1,339,305 1,228,819 Total non-current assets 156,590,814 156,844,408 Total assets 226,128,953 215,895,530 Current liabilities: Short-term borrowings 5,973,921 3,076,708 Derivative financial liabilities 32,291 – Notes payable 8,029,917 6,779,505 Accounts payable 14,896,470 13,044,476 Payments received in advance 138,699 144,136 Contract liabilities 2,389,928 1,807,398 Staff remuneration payable 1,117,730 882,756 Taxes payable 2,695,368 2,404,327 Other payables 8,050,790 8,278,219 Including: Dividend payables 122,413 195,329 Non-current liabilities due within one year 5,123,119 8,462,420 Other current liabilities 1,570,013 1,318,175 Total current liabilities 50,018,246 46,198,120
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– 12 – Items 31 March 2025 31 December 2024 Non-current liabilities: Long-term borrowings 33,615,100 34,761,672 Debentures payable 11,078,083 9,081,805 Lease liabilities 8,134,512 8,213,052 Long-term payables 1,053,972 1,092,887 Long-term staff remuneration payable 494,049 494,631 Estimated liabilities 2,204,926 2,246,263 Deferred gains 463,265 391,279 Deferred income tax liabilities 1,264,086 1,312,395 Other non-current liabilities 62,528 62,683 Total non-current liabilities 58,370,521 57,656,667 Total liabilities 108,388,767 103,854,787
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– 13 – Items 31 March 2025 31 December 2024 Owner’s equity (or shareholders’ equity): Paid-in capital (or share capital) 17,155,632 17,156,499 Other equity instruments 1,000,000 1,000,000 Including: Perpetual debentures 1,000,000 1,000,000 Capital reserve 23,269,685 23,272,504 Less: Treasury Shares -209,995 -212,280 Other comprehensive income -68,716 -68,412 Special reserve 524,291 323,851 Surplus reserve 2,835,170 2,835,170 Retained earnings 28,721,670 24,883,989 Total owner’s equity (or shareholders’ equity) attributable to the parent 73,227,737 69,191,321 Non-controlling interest 44,512,449 42,849,422 Total owner’s equity (or shareholders’ equity) 117,740,186 112,040,743 Total liabilities and owner’s equity (or shareholders’ equity) 226,128,953 215,895,530 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Ge Xiaolei Han Kun
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– 14 – Consolidated Income Statement January to March 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First quarter of 2025 First quarter of 2024 (Restated) I. Total operating revenue 55,783,601 48,955,678 Including: Operating revenue 55,783,601 48,955,678 II. Total operating cost 49,887,707 44,532,735 Including: Operating cost 46,935,868 41,446,697 Tax and surcharges 800,305 719,550 Selling expenses 92,525 90,574 Administrative expenses 1,112,753 1,004,281 Research and development expenses 365,228 574,176 Finance expenses 581,028 697,457 Including: Interest expense 621,127 765,186 Interest income 85,876 139,991 Add: Other income 310,450 258,148 Investment income (loss stated with “-”) 454,470 85,664 Including: In vestment income from associated companies and joint ventures 421,698 103,494 Gains on fair value changes (loss stated with “-”) -61,245 -16,302 Credit impairment loss (loss stated with “-”) -8,540 11,181 Loss on assets impairment (loss stated with “-”) -145,656 -35,469 Gains on disposal of assets (loss stated with “-”) 38,610 16,561
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– 15 – Items First quarter of 2025 First quarter of 2024 (Restated) III. Operating profit (loss stated with “-”) 6,483,983 4,742,726 Add: Non-operating income 73,515 51,197 Less: Non-operating expenses 25,095 4,160 IV. Total profit (total loss stated with “-”) 6,532,403 4,789,763 Less: Income tax expenses 1,061,102 743,463 V. Net profit (net loss stated with “-”) 5,471,301 4,046,300 (I) Cl assified on a going concern basis 1. Ne t profit from continuing operations (net loss stated with “-”) 5,471,301 4,046,300 (II) Cl assified according to the ownership 1. Ne t profit attributable to owners of the parent (net loss stated with “-”) 3,537,681 2,228,067 2. No n-controlling interests (net loss stated with “-”) 1,933,620 1,818,233 VI. Ot her comprehensive income net of tax (I) Ot her comprehensive income net of tax attributable to the owners of the parent -304 -5,354 1. Ot her comprehensive income that cannot be reclassified to profit or loss 2,145 -162 (1) Ch anges in fair value of investments in other equity instruments 2,145 -162 2. Ot her comprehensive income that will be reclassified to profit or loss -2,449 -5,192 (1) Ex change differences on foreign currency translation -2,449 -5,192
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– 16 – Items First quarter of 2025 First quarter of 2024 (Restated) VII. Total comprehensive income (I) To tal comprehensive income attributable to the owners of the parent 3,537,377 2,222,713 (II) To tal comprehensive income attributable to non-controlling shareholders 1,933,620 1,818,233 VIII. Earnings per share: (I) Ba sic earnings per share (RMB/share) 0.207 0.130 (II) Di luted earnings per share (RMB/share) 0.207 0.130 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Ge Xiaolei Han Kun
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– 17 – Consolidated Cash Flow Statement January to March 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First quarter of 2025 First quarter of 2024 (Restated) I. Cash flows from operating activities: Cash received from sales of products and rendering of services 51,369,711 45,688,696 Refund of tax and levies received 52,783 72,994 Other cash received relating to operating activities 706,861 608,131 Sub-total of cash inflow from operating activities 52,129,355 46,369,821 Cash paid for purchase of goods and receipt of services 37,755,688 35,077,267 Cash paid to and on behalf of employees 3,232,635 2,875,647 Taxes and surcharges paid 2,967,923 2,906,485 Other cash paid relating to operating activities 1,913,335 1,934,560 Sub-total of cash outflow from operating activities 45,869,581 42,793,959 Net cash flows from operating activities 6,259,774 3,575,862
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– 18 – Items First quarter of 2025 First quarter of 2024 (Restated) II. Cash flows from investment activities: Cash received from disposal of investments 2,000,000 5,000,000 Cash received from returns on investments 102,887 44,257 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 2,555 61,255 Net cash received from disposal of subsidiaries and other business units 108,347 – Other cash received relating to investment activities 56,509 413,190 Su b-total of cash inflow from investment activities 2,270,298 5,518,702 Cash paid for purchase of fixed assets, intangible assets and other long-term assets 2,460,968 927,946 Cash paid for investment 1,000,000 2,886,649 Other cash paid relating to investment activities 352,214 – Sub-total of cash outflow from investment activities 3,813,182 3,814,595 Net cash flows from investment activities -1,542,884 1,704,107
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– 19 – Items First quarter of 2025 First quarter of 2024 (Restated) III. Cash flows from financing activities: Cash received from investments – 340,315 Cash received from borrowings 7,312,708 4,635,458 Other cash received relating to financing activities – 30,000 Sub-total of cash inflow from financing activities 7,312,708 5,005,773 Cash paid for repayment of debts 7,591,720 9,359,024 Cash paid for dividend and profit distribution or interest repayment 252,009 416,856 Other cash paid relating to financing activities 332,289 334,045 Sub-total of cash outflow from financing activities 8,176,018 10,109,925 Net cash flows from financing activities -863,310 -5,104,152 IV. Ef fect on cash and cash equivalents due to change in foreign currency exchange rate -15,159 65,577 V. Net increase in cash and cash equivalents 3,838,421 241,394 Add: Ba lance of cash and cash equivalents at the beginning of the period 20,748,681 18,439,535 VI. Ba lance of cash and cash equivalents at the end of the period 24,587,102 18,680,929 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Ge Xiaolei Han Kun
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– 20 – Balance Sheet of the Parent Company 31 March 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items 31 March 2025 31 December 2024 Current assets: Monetary capital 8,266,890 7,556,411 Held-for-trading financial assets – – Derivative financial assets – 46,900 Accounts receivables 446,672 92,888 Accounts receivables financing 479,205 526,980 Prepayments 158,322 95,990 Other receivables 19,982,685 16,493,124 Including: Interests receivables 41,895 16,473 Dividend receivables 7,879,721 6,706,675 Inventories 2,333,107 2,164,511 Other current assets 175,244 165,322 Total current assets 31,842,125 27,142,126
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– 21 – Items 31 March 2025 31 December 2024 Non-current assets: Long-term receivables 6,989,524 6,989,524 Long-term equity investments 82,384,192 82,103,541 Investments in other equity instruments 319,505 319,154 Investment properties 29,998 34,315 Fixed assets 7,092,415 6,965,694 Construction in progress 2,023,727 1,843,328 Right-of-use assets 4,193,248 4,246,848 Intangible assets 1,639,629 1,662,461 Goodwill 406,686 406,686 Long-term deferred expenditures 135,544 142,893 Deferred income tax assets 845,730 797,911 Other non-current assets 48,091 47,954 Total non-current assets 106,108,289 105,560,309 Total assets 137,950,414 132,702,435 Current liabilities: Short-term borrowings 2,149,255 175,033 Derivative financial liabilities 32,174 – Accounts payable 1,606,437 1,320,576 Payments received in advance 26,657 28,410 Contract liabilities 110,808 156,015 Staff remuneration payable 168,667 118,854 Taxes payable 541,609 538,075 Other payables 37,429,771 35,138,737 No n-current liabilities due within one year 1,358,984 4,273,585 Other current liabilities 1,111,213 1,024,775 Total current liabilities 44,535,575 42,774,060
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– 22 – Items 31 March 2025 31 December 2024 Non-current liabilities: Long-term borrowings 24,336,281 25,038,000 Debentures payable 7,494,898 5,494,573 Lease liabilities 4,391,981 4,418,215 Long-term payables 1,060 1,060 Long-term staff remuneration payable 26,564 26,564 Estimated liabilities 891,399 885,620 Deferred gains 133,317 91,317 Total non-current liabilities 37,275,500 35,955,349 Total liabilities 81,811,075 78,729,409 Owner’s equity (or shareholders’ equity): Paid-in capital (or share capital) 17,155,632 17,156,499 Other equity instruments 1,000,000 1,000,000 Including: Perpetual debentures 1,000,000 1,000,000 Capital reserve 26,044,679 26,041,763 Less: Treasury Shares -209,995 -212,280 Other comprehensive income -64,626 -64,977 Special reserve 55,719 28,750 Surplus reserve 2,835,170 2,835,170 Retained earnings 9,322,760 7,188,101 Total owner’s equity (or shareholders’ equity) 56,139,339 53,973,026 Total liabilities and owner’s equity (or shareholders’ equity) 137,950,414 132,702,435 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Ge Xiaolei Han Kun
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– 23 – Income Statement of the Parent Company January to March 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First quarter of 2025 First quarter of 2024 I. Operating revenue 8,253,766 7,327,531 Less: Operating cost 6,623,084 5,838,676 Tax and surcharges 144,768 120,221 Selling expenses 7,808 6,200 Administrative expenses 284,531 247,596 Research and development expenses 24,074 103,125 Finance expenses 320,387 317,729 Including: Interest expense 472,361 495,321 Interest income 154,438 177,909 Add: Other income 7,014 463 Investment income (loss stated with “-”) 1,456,005 82,747 Including: In vestment income from associated companies and joint ventures 276,316 66,777 Gains on changes in fair value (loss stated with “-”) -79,074 -7,568 Credit impairment loss (loss stated with “-”) 1,919 729 Loss on assets impairment (loss stated with “-”) -86 -89
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– 24 – Items First quarter of 2025 First quarter of 2024 II. Operating profit (loss stated with “-”) 2,234,892 770,265 Add: Non-operating income 10,134 2,204 Less: Non-operating expenses 494 2,858 III. Total profit (total loss stated with “-”) 2,244,532 769,611 Less: Income tax expenses 109,873 – IV. Net profit (net loss stated with “-”) 2,134,659 769,611 (I) Net profit from continuing operations (net loss stated with “-”) 2,134,659 769,611 V. Ot her comprehensive income net of tax 351 -161 (I) Other comprehensive income that cannot be reclassified to profit or loss 351 -161 1. Changes in fair value of investments in other equity instruments 351 -161 VI. Total comprehensive income 2,135,010 769,450 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Ge Xiaolei Han Kun
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– 25 – Cash Flow Statement of the Parent Company January to March 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First quarter of 2025 First quarter of 2024 I. Cash flows from operating activities: Cash received from sales of products and rendering of services 7,767,319 5,833,007 Refund of tax and levies received 5,840 253 Other cash received relating to operating activities 148,938 83,546 Sub-total of cash inflow from operating activities 7,922,097 5,916,806 Cash paid for purchase of goods and receipt of services 5,286,720 3,405,164 Cash paid to and on behalf of employees 699,226 562,666 Taxes and surcharges paid 566,159 368,630 Other cash paid relating to operating activities 268,593 186,916 Sub-total of cash outflow from operating activities 6,820,698 4,523,376 Net cash flows from operating activities 1,101,399 1,393,430
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– 26 – Items First quarter of 2025 First quarter of 2024 II. Cash flows from investment activities: Cash received from disposal of investments – 5,000,000 Cash received from returns on investments – 61,088 Net cash received from disposal of fixed assets, intangible assets and other long-term assets – 299 Other cash received relating to investment activities 1,020,134 1,769,164 Sub-total of cash inflow from investment activities 1,020,134 6,830,551 Cash paid for purchase of fixed assets, intangible assets and other long-term assets 439,098 511,030 Cash paid for investment – 3,265,138 Other cash paid relating to investment activities 919,332 325,887 Sub-total of cash outflow from investment activities 1,358,430 4,102,055 Net cash flows from investment activities -338,296 2,728,496
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– 27 – Items First quarter of 2025 First quarter of 2024 III. Cash flows from financing activities: Cash received from borrowings 5,990,000 3,490,000 Sub-total of cash inflow from financing activities 5,990,000 3,490,000 Cash paid for repayments of debts 5,869,512 7,800,000 Cash paid for dividend and profit distribution or interest repayment 100,131 208,188 Other cash paid relating to financing activities 72,898 78,016 Sub-total of cash outflow from financing activities 6,042,541 8,086,204 Net cash flows from financing activities -52,541 -4,596,204
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– 28 – Items First quarter of 2025 First quarter of 2024 IV. Ef fect on cash and cash equivalents due to change in foreign currency exchange rate 25,918 10 V. Net increase in cash and cash equivalents 736,480 -474,268 Add: Ba lance of cash and cash equivalents at the beginning of the period 7,350,763 6,472,013 VI. Ba lance of cash and cash equivalents at the end of the period 8,087,243 5,997,745 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Ge Xiaolei Han Kun (III) Adjustments to the Financial Statements at the Beginning of the Year upon Initial Adoption of the New Accounting Standards or Interpretation of Standards since 2025 Applicable ✓ N/A Announcement is hereby given. By order of the Board Aluminum Corporation of China Limited* Ge Xiaolei Joint Company Secretary Beijing, the PRC 24 April 2025 As at the date of this announcement, the members of the Board comprise Mr. He Wenjian, Mr. Mao Shiqing and Mr. Jiang Tao (Executive Directors); Mr. Li Xiehua and Mr. Chen Pengjun (Non-executive Directors); Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly (Independent Non-executive Directors). * For identification purpose only