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 THIRD 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 Rules 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 directors 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 third quarterly report of the Company been audited Yes ✓ No
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– 2 – I. PRINCIPAL FINANCIAL DATA (I) Principal accounting data sand financial indicators Unit: ’000 Currency: RMB Items The Reporting Period Corresponding period of last year Increase/ decrease (%) 2025 (January – September) Corresponding period of last year Increase/ decrease (%) Before adjustment After adjustment After adjustment Before adjustment After adjustment After adjustment Revenue 60,123,601 63,060,133 63,060,291 -4.66 176,515,725 173,777,879 173,779,231 1.57 Total profit 7,527,729 4,571,885 4,569,022 64.76 20,774,999 17,541,042 17,535,686 18.47 Net profit attributable to shareholders of the listed company 3,801,332 2,000,316 1,997,453 90.31 10,872,083 9,016,808 9,011,452 20.65 Net profit attributable to shareholders of the listed company after excluding extraordinary gains and losses 3,774,951 1,859,089 1,856,226 103.37 10,716,152 8,715,901 8,710,545 23.03 Net cash flow from operating activities 11,115,473 10,069,118 10,066,301 10.42 25,380,218 23,618,433 23,613,076 7.48 Basic earnings per share (RMB per share) 0.222 0.116 0.116 91.38 0.635 0.525 0.525 20.95 Diluted earnings per share (RMB per share) 0.221 0.116 0.116 90.52 0.634 0.524 0.524 20.99 Weighted average return on net assets (%) 5.21 2.99 2.99 Increased by 2.22 percentage points 15.25 14.09 14.09 Increased by 1.16 percentage points
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– 3 – At the end of the Reporting Period At the end of the previous year Increase/decrease (%) Before adjustment After adjustment After adjustment Total assets 230,398,939 215,895,530 215,928,339 6.70 Owner’s equity attributable to shareholders of the listed company 73,406,524 69,191,321 69,192,138 6.09 Note: The “Reporting Period” refers to the three months from the beginning to the end of the quarter, the same below. Reason for retrospective adjustment or restatement In November 2024, the Company’s three b ranches acquired part of Chalco High-End’s ingot business from Chinalco High-end Manufacturing Co., Ltd.* ( ʕุණྠ৷ ʮ̡ ). This transaction constituted a business combination under common control. In June 2025, Chalco Zhengzhou Nonferrous Metals Research Institute Co., Ltd., a subsidiary of the Company, acquired 56.6% of the equity interests of Ningbo Algra Energy Co., Ltd. from China Aluminum Innovation Development Investment Co., Ltd., a subsidiary of Aluminum Corporation of China (“Chinalco ”). This transaction constituted a business combination under common control. This report restates the transactions related to the aforementioned businesses with the same period of the previous year.
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– 4 – (II) Gains and losses arising from extraordinary items and amount ✓ Applicable N/A Unit: ’000 Currency: RMB Extraordinary items The Reporting Period 2025 (January – September) Gains/(Losses) from disposal of non-current assets, including the offsetting portion of the provision for impairment of assets 39,591 75,245 Government subsidies included in the gains and losses for the current period (excluding government subsidies closely related to the ordinary business of the Company and granted under the state’s policies according to certain standard that has a continuous impact on the profit or loss of the Company) 20,914 129,801 Investment income from disposal of long-term equity investments – -21,413 Except for the hedging business that is related to the ordinary business of the Company, the gains or losses arising from fair value changes of the financial assets and financial liabilities held by non-financial enterprises, and gains or losses from the disposal of financial assets and financial liabilities -30,937 72,722 Reversal of the provisions for impairment of receivables subject to impairment test separately – 12,085 Current net gains or losses of subsidiaries arising from business combination under common control from the beginning of the period to the date of combination -2,395 -5,569 Other non-operating income and expenses other than above items -6,306 29,143 Less: Impact of income taxes 1,184 -103,675 Impact of minority interests (after tax) 4,320 -32,408 Total 26,371 155,931
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– 5 – 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 Unit: ’000 Currency: RMB Items Amount involved Reason Value-added tax levied immediately returned, refund of individual income tax handling fee 38,727 Closely related to the ordinary business of the Company Carbon emissions quota trading fees 79,066 Closely related to the ordinary business of the Company Carbon emissions quota trading revenue 398 Closely related to the ordinary business of the Company
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– 6 – (III) Changes in principal accounting data, financial indicators and reasons for the changes ✓ Applicable N/A Items Percentage of change Main reason (%) Total profit (the Reporting Period) 64.76 This was mainly due to the year-on-year increase in production and sales volume and profit achieved by the Company’s adherence to extreme operations, seizing market opportunities through timely adjustments to operational strategies, rigorous cost control, and resource allocation. Net profit attributable to shareholders of the listed company (the Reporting Period) 90.31 Net profit attributable to shareholders of the listed company after excluding extraordinary gains and losses (the Reporting Period) 103.37 Basic earnings per share (RMB per share) (the Reporting Period) 91.38 Diluted earnings per share (RMB per share) (the Reporting Period) 90.52
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– 7 – (IV) Key operational data of the Company for the third quarter of 2025 2025 January– September 2024 January– September 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) 1,304 1,257 3.74 Output of refined alumina (10,000 tonnes) 327 325 0.62 Exported volume of self-produced metallurgical-grade alumina (10,000 tonnes) 491 477 2.94 Aluminum products Output of primary aluminum (including alloys) (10,000 tonnes) 600 562 6.76 Exported volume of self-produced primary aluminum (including alloys) (10,000 tonnes) 599 560 6.96 Coal Output of coal (10,000 tonnes) 985 974 1.13 Electricity power Power generation output of external power plants (100 million kwh) 128 119 7.56
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– 8 – 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 30 September 2025 356,252 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 (note) State-owned legal person 5,235,235,416 30.52 – None – Hong Kong Securities Clearing Company Limited (H Shares) Overseas legal person 3,936,187,689 22.94 – Unknown Unknown Hong Kong Securities Clearing Company Limited (A Shares) Overseas legal person 449,059,071 2.62 – None – China Securities Finance Corporation Limited* (΅ ʮ̡ ) State-owned legal person 448,284,993 2.61 – None – Baotou Aluminum (Group) Co., Ltd. State-owned legal person 238,377,795 1.39 – None – China Life Insurance Company Limited* (΅ ʮ̡ ) State-owned legal person 159,275,184 0.93 – None –
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– 9 – 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 (%) Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Open-end Index Securities Investment Fund* ( ʕʈਠვ БÑɪ ᗇ 50ᅰ ږ) Other 151,384,397 0.88 – None – Industrial and Commercial Bank of China Limited – Huatai PineBridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund* ( ʕʈਠვ လ ଉ 300ᅰᗇՎ ږ) Other 135,036,632 0.79 – None – National Social Security Fund – Portfolio 118* (ږ ɓɓɞଡ଼Υ ) State 125,530,978 0.73 – None – China Construction Bank Co., Ltd. – E Fund CSI 300 Trading Open-ended Index Initiated Securities Investment Fund* (ணვ ˙༺လଉ 300ᅰ೯ৎό ږ) Other 97,557,768 0.57 – None –
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– 10 – Shareholding of top ten shareholders (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 (note) 5,189,333,416 RMB ordinary shares 5,189,333,416 45,902,000 Overseas listed foreign shares 45,902,000 Hong Kong Securities Clearing Company Limited (H Shares) 3,936,187,689 Overseas listed foreign shares 3,936,187,689 Hong Kong Securities Clearing Company Limited (A Shares) 449,059,071 RMB ordinary shares 449,059,071 China Securities Finance Corporation Limited* (ʮ̡ ) 448,284,993 RMB ordinary shares 448,284,993 Baotou Aluminum (Group) Co., Ltd. 238,377,795 RMB ordinary shares 238,377,795 China Life Insurance Company Limited* (ʮ̡ ) 159,275,184 RMB ordinary shares 159,275,184 Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Open-end Index Securities Investment Fund* ( ʕʈਠვБ Ñ ɪᗇ 50 ږ) 151,384,397 RMB ordinary shares 151,384,397 Industrial and Commercial Bank of China Limited – Huatai PineBridge CSI 300 Exchange Traded Open-ended Index Securities Investment Fund* (လ ଉ 300ږ) 135,036,632 RMB ordinary shares 135,036,632 National Social Security Fund – Portfolio 118* (ɓɓɞଡ଼Υ ) 125,530,978 RMB ordinary shares 125,530,978 China Construction Bank Co., Ltd. – E Fund CSI 300 Trading Open-ended Index Initiated Securities Investment Fund* (ʮ ˙༺လଉ 300ᅰ೯ৎ ږ) 97,557,768 RMB ordinary shares 97,557,768
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– 11 – 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 Chinalco are shares of the Company directly held by it (including 5,189,333,416 A shares and 45,902,000 H shares), and does not include the A shares and H shares of the Company indirectly held by it through its subsidiaries Baotou Aluminum (Group) Co., Ltd., Chinalco Asset Operation and Management Co., Ltd. ( ʕ༟ ʮ̡ ) and Aluminum Corporation of China Overseas Holdings Limited (ʮ̡ ). As of 30 September 2025, Chinalco together with its subsidiaries held an aggregate of 5,756,342,548 shares, among which 5,482,072,548 shares were A shares and 274,270,000 shares were H shares, representing approximately 33.55% of the total issued share capital of the Company as at 30 September 2025. 2. The 3,936,187,689 H shares of the Company held by Hong Kong Securities Clearing Company Limited include H shares of the Company directly and indirectly held by 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 Note: The Company disclosed the Announcement of Aluminum Corporation of China Limited* on the Plan for Controlling Shareholder and Its Parties Acting in Concert to Increase Their Shareholdings in the Company (Announcement No.: Lin 2025-022) on 9 April 2025. Based on the confidence in the future development prospects of the Company and in order to practically safeguard the interests of minority investors, Chinalco, the controlling shareholder of the Company, and its parties acting in concert proposed to increase their shareholdings of A shares and H shares in the Company via the trading systems of the SSE and the Hong Kong Stock Exchange in an amount of not less than RMB1,000 million and not more than RMB2,000 million, with the number of shares to be increased not exceeding 2% of the total share capital of the Company, for a period of not more than twelve months from the date of disclosure of the announcement on the plan on increase in shareholdings. As of the end of the Reporting Period, Chinalco and its parties acting in concert increased their shareholdings in the Company by a total of 193,029,583 shares (including 97,349,583 A shares and 95,680,000 H shares), representing approximately 1.13% of the total issued share capital of the Company as at the end of the Reporting Period, with a cumulative amount of such increase in shareholding of approximately RMB1,015 million.
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– 12 – 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 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
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– 13 – (II) Financial statements Consolidated Balance Sheet 30 September 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items 30 September 2025 31 December 2024 (Restated) Current assets: Monetary capital 30,331,630 22,210,452 Held-for-trading financial assets 4,011,644 2,003,583 Derivative financial assets 4,399 90,665 Accounts receivable 7,055,231 5,231,127 Accounts receivable financing 3,838,776 1,908,658 Prepayments 960,558 508,829 Other receivables 1,620,716 1,610,417 Including: Interests receivables 41,895 16,473 Dividend receivables 363,097 375,361 Inventories 24,894,012 24,420,614 Other current assets 1,060,385 1,069,694 Total current assets 73,777,351 59,054,039
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– 14 – Items 30 September 2025 31 December 2024 (Restated) Non-current assets: Long-term receivables 70,193 70,193 Long-term equity investments 11,913,352 11,548,690 Investments in other equity instruments 2,099,771 1,773,968 Investment properties 1,998,063 2,039,141 Fixed assets 98,707,349 95,863,182 Construction in progress 7,175,015 10,578,085 Right-of-use assets 8,180,133 8,602,219 Intangible assets 17,465,978 17,273,268 Goodwill 3,494,894 3,494,894 Long-term deferred expenditures 1,318,855 1,159,192 Deferred income tax assets 3,189,310 3,242,649 Other non-current assets 1,008,675 1,228,819 Total non-current assets 156,621,588 156,874,300 Total assets 230,398,939 215,928,339 Current liabilities: Short-term borrowings 3,683,822 3,076,708 Derivative financial liabilities 3,356 – Notes payable 6,680,448 6,779,505 Accounts payable 15,827,069 13,044,781 Payments received in advance 77,565 144,136 Contract liabilities 2,605,227 1,807,550 Staff remuneration payable 1,611,184 883,009 Taxes payable 2,847,011 2,404,327 Other payables 10,003,868 8,305,366 Including: Dividend payables 2,290,006 195,329 Non-current liabilities due within one year 4,508,927 8,463,288 Other current liabilities 423,496 1,318,195 Total current liabilities 48,271,973 46,226,865
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– 15 – Items 30 September 2025 31 December 2024 (Restated) Non-current liabilities: Long-term borrowings 32,717,560 34,761,672 Debentures payable 12,556,674 9,081,805 Lease liabilities 8,017,934 8,215,673 Long-term payables 1,013,347 1,092,887 Long-term staff remuneration payable 479,335 494,631 Estimated liabilities 2,150,617 2,246,263 Deferred gains 402,262 391,279 Deferred income tax liabilities 1,204,048 1,312,395 Other non-current liabilities 40,212 62,683 Total non-current liabilities 58,581,989 57,659,288 Total liabilities 106,853,962 103,886,153 Shareholders’ equity Share capital 17,155,632 17,156,499 Other equity instruments – 1,000,000 Including: Perpetual debentures – 1,000,000 Capital reserve 21,404,740 23,286,654 Less: Treasury Shares -112,336 -212,280 Other comprehensive income 57,914 -68,412 Special reserve 534,591 323,851 Surplus reserve 3,224,915 2,835,170 Retained earnings 31,141,068 24,870,656 Total shareholders’ equity attributable to the parent 73,406,524 69,192,138 Non-controlling interest 50,138,453 42,850,048 Total shareholders’ equity 123,544,977 112,042,186 Total liabilities and shareholders’ equity 230,398,939 215,928,339 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Zhu Dan Han Kun
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– 16 – Consolidated Income Statement January to September 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) I. Total operating revenue 176,515,725 173,779,231 Including: Operating revenue 176,515,725 173,779,231 II. Total operating cost 156,667,089 157,849,455 Including: Operating cost 145,961,230 147,312,203 Tax and surcharges 2,622,403 2,209,622 Selling expenses 293,271 305,421 Administrative expenses 3,307,443 3,429,123 Research and development expenses 2,821,906 2,486,695 Finance expenses 1,660,836 2,106,391 Including: Interest expense 1,800,292 2,159,462 Interest income 255,898 344,336 Add: Other income 619,048 820,392 Investment income (loss stated with “-”) 981,897 739,514 Including: In vestment income from associated companies and joint ventures 601,535 674,755 Gains on fair value changes (loss stated with “-”) -80,670 -41,359 Credit impairment loss (loss stated with “-”) -73,780 42,810 Loss on assets impairment (loss stated with “-”) -546,562 -106,046 Gains on disposal of assets (loss stated with “-”) 38,616 18,523
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– 17 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) III. Operating profit (loss stated with “-”) 20,787,185 17,403,610 Add: Non-operating income 206,979 310,624 Less: Non-operating expenses 219,165 178,548 IV. Total profit (total loss stated with “-”) 20,774,999 17,535,686 Less: Income tax expenses 3,478,966 2,514,537 V. Net profit (net loss stated with “-”) 17,296,033 15,021,149 Including: Pr ofit achieved by the merger of the business combination under common control before the combination (net loss stated with “-”) -5,569 -5,356 (I) Classified on a going concern basis 1. N et profit from continuing operations (net loss stated with “-”) 17,296,033 15,021,149 (II) Classified according to the ownership 1. N et profit attributable to owners of the parent (net loss stated with “-”) 10,872,083 9,011,452 2. N on-controlling interests (net loss stated with “-”) 6,423,950 6,009,697 VI. Other comprehensive income net of tax 254,869 36,293 (I) Other comprehensive income net of tax attributable to the owners of the parent 126,326 24,206 1. Other comprehensive income that cannot be reclassified to profit or loss 247,906 9,619 (1) Changes in fair value of investments in other 247,906 9,619
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– 18 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) 2. Other comprehensive income that will be reclassified to profit or loss -121,580 14,587 (1) Exchange differences on foreign currency translation -121,580 14,587 (II) Other comprehensive income net of tax attributable to non-controlling shareholders 128,543 12,087 VII. Total comprehensive income 17,550,902 15,057,442 (I) Total comprehensive income attributable to the owners of the parent 10,998,409 9,035,658 (II) Total comprehensive income attributable to non-controlling shareholders 6,552,493 6,021,784 VIII. Earnings per share: (I) Basic earnings per share (RMB/ share) 0.635 0.525 (II) Diluted earnings per share (RMB/ share) 0.634 0.524 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Zhu Dan Han Kun
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– 19 – Consolidated Cash Flow Statement January to September 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) I. Cash flows from operating activities: Cash received from sales of products and rendering of services 153,151,695 152,480,509 Refund of tax and levies received 280,368 256,152 Other cash received relating to operating activities 1,249,691 1,173,076 Sub-total of cash inflow from operating activities 154,681,754 153,909,736 Cash paid for purchase of goods and receipt of services 107,186,135 111,143,390 Cash paid to and on behalf of employees 9,076,816 8,101,894 Taxes and surcharges paid 11,005,881 9,041,302 Other cash paid relating to operating activities 2,032,704 2,010,074 Sub-total of cash outflow from operating activities 129,301,536 130,296,660 Net cash flows from operating activities 25,380,218 23,613,076
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– 20 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) II. Cash flows from investment activities: Cash received from disposal of investments 5,000,000 7,007,751 Cash received from returns on investments 556,209 345,662 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 75,042 477,315 Net cash received from disposal of subsidiaries and other business units 126,254 337,982 Other cash received relating to investment activities 284,492 512,599 Sub-total of cash inflow from investment activities 6,041,997 8,681,309 Cash paid for purchase of fixed assets, intangible assets and other long-term assets 6,814,539 6,536,672 Cash paid for investment 7,076,078 2,936,739 Other cash paid relating to investment activities 97,195 363,723 Sub-total of cash outflow from investment activities 13,987,812 9,837,133 Net cash flows from investment activities -7,945,815 -1,155,824
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– 21 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) III. Cash flows from financing activities: Cash received from investments 115,200 583,793 Cash received from borrowings 11,094,782 8,898,646 Other cash received relating to financing activities – 43,000 Sub-total of cash inflow from financing activities 11,209,982 9,525,439 Cash paid for repayment of debts 14,136,736 22,470,173 Cash paid for dividend and profit distribution or interest repayment 5,148,788 5,299,162 Including: Di vidends or profits paid to non-controlling interests by subsidiaries 660,884 1,840,199 Consideration paid for business combination under common control 14,825 – Other cash paid relating to financing activities 1,074,146 1,016,876 Sub-total of cash outflow from financing activities 20,374,495 28,786,211 Net cash flows from financing activities -9,164,513 -19,260,772
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– 22 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (Restated) IV. Effect on cash and cash equivalents due to change in foreign currency exchange rate -103,552 -98,132 V. Net increase in cash and cash equivalents 8,166,338 3,098,348 Add: Ba lance of cash and cash equivalents at the beginning of the period 20,748,681 18,439,537 VI. Balance of cash and cash equivalents at the end of the period 28,915,019 21,537,885 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Zhu Dan Han Kun
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– 23 – Balance Sheet of the Parent Company 30 September 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items 30 September 2025 31 December 2024 Current assets: Monetary capital 7,334,743 7,556,411 Held-for-trading financial assets 1,000,000 – Derivative financial assets – 46,900 Accounts receivables 357,862 92,888 Accounts receivables financing 739,990 526,980 Prepayments 134,806 95,990 Other receivables 18,642,534 16,493,124 Including: Interests receivables 41,895 16,473 Dividend receivables 6,742,871 6,706,675 Inventories 2,253,274 2,164,511 Other current assets 74,926 165,322 Total current assets 30,538,135 27,142,126 Non-current assets: Long-term receivables 5,989,524 6,989,524 Long-term equity investments 82,537,240 82,103,541 Investments in other equity instruments 390,297 319,154 Investment properties 29,240 34,315 Fixed assets 8,495,307 6,965,694 Construction in progress 1,097,045 1,843,328 Right-of-use assets 4,063,371 4,246,848 Intangible assets 1,590,695 1,662,461 Goodwill 406,686 406,686 Long-term deferred expenditures 129,567 142,893 Deferred income tax assets 934,209 797,911 Other non-current assets 48,402 47,954 Total non-current assets 105,711,583 105,560,309 Total assets 136,249,718 132,702,435
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– 24 – Items 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings 2,161,624 175,033 Derivative financial liabilities 439 – Notes payable 60,000 – Accounts payable 1,690,663 1,320,576 Payments received in advance 15,333 28,410 Contract liabilities 208,629 156,015 Staff remuneration payable 285,354 118,854 Taxes payable 231,823 538,075 Other payables 37,108,469 35,138,737 Non-current liabilities due within one year 1,339,631 4,273,585 Other current liabilities 28,285 1,024,775 Total current liabilities 43,130,250 42,774,060 Non-current liabilities: Long-term borrowings 24,396,100 25,038,000 Debentures payable 9,002,719 5,494,573 Lease liabilities 4,325,357 4,418,215 Long-term payables 1,060 1,060 Long-term staff remuneration payable 24,614 26,564 Estimated liabilities 854,544 885,620 Deferred gains 135,493 91,317 Total non-current liabilities 38,739,887 35,955,349 Total liabilities 81,870,137 78,729,409
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– 25 – Items 30 September 2025 31 December 2024 Shareholders’ equity: Share capital 17,155,632 17,156,499 Other equity instruments – 1,000,000 Including: Perpetual debentures – 1,000,000 Capital reserve 26,089,476 26,041,763 Less: Treasury Shares -112,336 -212,280 Other comprehensive income -9,635 -64,977 Special reserve 90,406 28,750 Surplus reserve 3,224,915 2,835,170 Retained earnings 7,941,123 7,188,101 Total shareholders’ equity 54,379,581 53,973,026 Total liabilities and shareholders’ equity 136,249,718 132,702,435 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Zhu Dan Han Kun
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– 26 – Income Statement of the Parent Company January to September 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) I. Operating revenue 24,950,799 23,067,887 Less: Operating cost 20,030,010 19,519,775 Tax and surcharges 432,404 405,121 Selling expenses 15,508 13,163 Administrative expenses 806,167 679,741 Research and development expenses 81,787 108,920 Finance expenses 932,456 1,007,250 Including: Interest expense 1,401,597 1,472,962 Interest income 471,680 472,704 Add: Other income 17,702 10,488 Investment income (loss stated with “-”) 3,405,757 3,764,595 Including: Investment income from associated companies and joint ventures 506,862 418,042 Gains on changes in fair value (loss stated with “-”) -47,339 -37,409 Credit impairment loss (loss stated with “-”) 3,256 215 Loss on assets impairment (loss stated with “-”) – -3
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– 27 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) II. Operating profit (loss stated with “-”) 6,031,842 5,071,804 Add: Non-operating income 29,764 62,619 Less: Non-operating expenses 29,085 58,267 III. Total profit (total loss stated with “-”) 6,032,521 5,076,156 Less: Income tax expenses 435,092 16,454 IV. Net profit (net loss stated with “-”) 5,597,430 5,059,702 (I) Net profit from continuing operations (net loss stated with “-”) 5,597,430 5,059,702 V. Other comprehensive income net of tax 55,341 -1,415 (I) Other comprehensive income that cannot be reclassified to profit or loss 55,341 -1,415 1. Changes in fair value of investments in other equity instruments 55,341 -1,415 VI. Total comprehensive income 5,652,771 5,058,287 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Zhu Dan Han Kun
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– 28 – Cash Flow Statement of the Parent Company January to September 2025 Prepared by: Aluminum Corporation of China Limited* Unit: ’000 Currency: RMB Audit type: unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) I. Cash flows from operating activities Cash received from sales of products and rendering of services 23,480,287 19,620,398 Refund of tax and levies received 20,365 55,142 Other cash received relating to operating activities 384,944 256,186 Sub-total of cash inflow from operating activities 23,885,596 19,931,726 Cash paid for purchase of goods and receipt of services 15,339,612 11,831,774 Cash paid to and on behalf of employees 1,933,808 1,499,167 Taxes and surcharges paid 2,105,765 1,264,116 Other cash paid relating to operating activities 687,083 633,963 Sub-total of cash outflow from operating activities 20,066,268 15,229,020 Net cash flows from operating activities 3,819,328 4,702,706
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– 29 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) II. Cash flows from investment activities: Cash received from disposal of investments – 7,000,000 Cash received from returns on investments 3,276,534 2,835,209 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 314 11,892 Net cash received from disposal of subsidiaries and other business units – 327,607 Other cash received relating to investment activities 4,421,417 3,211,012 Sub-total of cash inflow from investment activities 7,698,265 13,385,720 Cash paid for purchase of fixed assets, intangible assets and other long-term assets 1,326,498 1,555,174 Cash paid for investment 1,272,800 3,336,238 Other cash paid relating to investment activities 5,113,454 3,403,576 Sub-total of cash outflow from investment activities 7,712,752 8,294,988 Net cash flows from investment activities -14,487 5,090,732
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– 30 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) III. Cash flows from financing activities: Cash received from borrowings 7,728,319 5,090,000 Sub-total of cash inflow from financing activities 7,728,319 5,090,000 Cash paid for repayments of debts 7,508,832 12,282,612 Cash paid for dividend and profit distribution or interest repayment 3,942,313 2,324,686 Other cash paid relating to financing activities 302,461 290,820 Sub-total of cash outflow from financing activities 11,753,606 14,898,118 Net cash flows from financing activities -4,025,287 -9,808,118 IV. Effect on cash and cash equivalents due to change in foreign currency exchange rate 24,550 -100 V. Net increase in cash and cash equivalents -195,896 -14,780 Add: Balance of cash and cash equivalents at the beginning of the period 7,350,763 6,472,015 VI. Balance of cash and cash equivalents at the end of the period 7,154,867 6,457,235 Legal Representative: Chief Financial Officer: Head of Accounting Department: He Wenjian Zhu Dan Han Kun
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– 31 – 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 Company Secretary Beijing, the PRC 27 October 2025 As at the date of this announcement, the members of the Board comprise Mr. He Wenjian, Mr. Mao Shiging and Mr. Jiang Tao (Executive Directors); Mr. Li Xiehua and Mr. Jiang Hao (Non-executive Directors); Mr. Yu Jinsong, Ms. Chan Yuen Sau Kelly and Mr. Li Xiaobin (Independent Non-executive Directors). * For identification purpose only