2

3.

Legal representative

:

Yu Dehui

Company (Board) secretary

:

Zhang Zhankui

Telephone

:

(8610) 8229 8322

Fax

:

(8610) 8229 8158

E-mail

:

IR@chalco.com.cn

Address

:

No. 62 North Xizhimen Street,

Haidian District,

Beijing, the PRC

(Postal Code: 100082)

Representative for the Company's securities related affairs

:

Yang Ruijun

Telephone

:

(8610) 8229 8322

Fax

:

(8610) 8229 8158

E-mail

:

IR@chalco.com.cn

Address

:

No. 62 North Xizhimen Street,

Haidian District,

Beijing, the PRC

(Postal Code: 100082)

Department for corporate information and inquiry

:

Office to the Board

Telephone for corporate information and inquiry

:

(8610) 8229 8322/8229 8560

3

4.

Share registrar and transfer office

A shares

:

China Securities Depository and Clearing Company Limited,

Shanghai Branch

3/F, China Insurance Building,

No. 166, Lujiazui Road (East),

Shanghai, the PRC

H shares

:

Hong Kong Registrars Limited

17M Floor, Hopewell Centre,

183 Queen's Road East, Wanchai, Hong Kong

American Depositary Receipt

:

The Bank of New York Corporate Trust Office

101 Barclay Street, New York,

10286 USA

5.

Places of listing

:

Shanghai Stock Exchange

The Stock Exchange of Hong Kong Limited

New York Stock Exchange

Stock name

:

CHALCO

Stock code

:

601600 (PRC)

2600 (HK)

ACH (US)

6.

Principal bankers

:

Industrial and Commercial Bank of China

China Construction Bank

7.

Registration number of license of enterprise legal person

:

911100007109288314

4

8.

Independent auditors

:

Ernst & Young

Certified Public Accountants

22/F, CITIC Tower, 1 Tim Mei Avenue, Central,

Hong Kong

Ernst & Young Hua Ming LLP

16/F, Ernst & Young Tower, Oriental Plaza,

1 East Chang'an Avenue, Dongcheng District,

Beijing, the PRC

(Postal Code: 100738)

9.

Legal advisers

:

as to Hong Kong law:

Baker & McKenzie

14/F, Hutchison House,

10 Harcourt Road,

Central, Hong Kong

as to United States law:

Baker & McKenzie

14/F, Hutchison House,

10 Harcourt Road,

Central, Hong Kong

as to PRC law:

Jincheng Tongda & Neal Law Firm

10/F, China World Trade Tower 3,

1 Jianguomenwai Avenue, Chaoyang District,

Beijing, the PRC

10.

Corporate information database

:

Office to the Board of the Company

5

The board of directors (the "Board") of Aluminum Corporation of China Limited* (the "Company") announces the unaudited interim results of the Company and its subsidiaries (together, the "Group") for the six months ended June 30, 2016. On behalf of the Board and all of its employees, the Board would like to express its gratitude to all shareholders for their attention and support to the Company.

MARKET REVIEW

PRIMARY ALUMINUM MARKET

In the first half of 2016, the international and domestic price of primary aluminum steadily went upwards, picking up a little from the fourth quarter of 2015, but overall, it has been retreating as compared with the same period last year.

In terms of international market, aluminum supply and demand was relatively stable where aluminum price was largely subject to change in macroeconomic situation. At the beginning of 2016, as affected by another round of interest rate rise by the US Federal Reserve and the steep drops both in China's stock market and international crude oil prices, aluminum price trended down in the sluggish market. Afterwards, driven by the growth of primary aluminum price in China, international aluminum price witnessed continuous hikes to break through the USD1,600 per tonne level in early March, which then posted a dip amid price correction of commodities before regained growth momentum with strong upside supports after a period of rectification. In the first half of 2016, the average prices of spot aluminum and three-month aluminum futures at LME amounted to USD1,543 per tonne and USD1,548 per tonne, respectively, representing a decrease of 13.5% and 14%, respectively, as compared with the same period last year.

In terms of domestic market, in the first half of 2016, price of domestic aluminum saw growth, with increase and continuity all exceeding market expectation. Following the flexible production implemented by primary aluminum enterprises in response to price plunge of electrolytic aluminum at the end of 2015, China's primary aluminum output increased at a slow pace in the first half of 2016, with growth rate hitting the lowest level for the recent decade. Meanwhile, the loose credit environment and recovery of the real estate industry thanks to government efforts to strengthen its policy on "stabilizing growth", coupled with the coming peak season, contributed to the rise in consumption of primary aluminum. Supply and demand of aluminum products remained positive, leading to constant price surge. Three-month aluminum futures at SHFE peaked at RMB13,035 per tonne in April after it broke through the integer point of RMB11,000 per tonne level in March. In the first half of 2016, the average prices of spot aluminum and three-month aluminum futures at SHFE amounted to RMB11,511 per tonne and RMB11,481 per tonne, respectively, representing a decrease of 11.8% and 12.5%, respectively, as compared with the same period last year.

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According to the statistics, the global output and consumption of primary aluminum for the first half of 2016 were approximately 28.74 million tonnes and approximately 28.84 million tonnes, respectively. The domestic output and consumption of primary aluminum were approximately 15.34 million tonnes and approximately 15.70 million tonnes, respectively. As of the end of June 2016, the capacity utilization rate of primary aluminum in the world (inclusive of the PRC) was 78%, while that of the PRC was 76%.

ALUMINA MARKET

In the first half of 2016, the domestic and international price of alumina displayed a zigzag performance from a rebound at the beginning of the year to rapid growth and then slight slowdown. However, the average price was significantly lower than that of the same period last year.

In terms of international market, the international alumina price trend generally followed that in the domestic market. In the first half of 2016, the average import price of international alumina was USD237 per tonne, representing a decrease of 30% from the same period last year.

In terms of domestic market, dragged by the plummeting price of electrolytic aluminum at the end of 2015, alumina price decreased to the lowest level in the past few years. Besides, as a result of the relatively low alumina inventory maintained by primary aluminum enterprises caused by the funding pressure and the expectation of low market price, alumina enterprises reduced the production. Since early 2016, the price of alumina stabilized following a dip. Especially after the Spring Festival, it staged a significant price increase benefited from the price rise of primary aluminum and increased demand from primary aluminum enterprises till May, and due to production recovery of alumina enterprises, price of alumina declined thereafter. In the first half of 2016, the average domestic alumina price was RMB1,847 per tonne, representing a decrease of 28.32% from the same period last year, with the lowest at RMB1,540 per tonne in early January and the highest at RMB2,080 per tonne in mid-May.

According to the statistics, the global output and consumption of alumina for the first half of 2016 were approximately 55.67 million tonnes and approximately 57.50 million tonnes, respectively. The domestic output and consumption of alumina were approximately 28.26 million tonnes and approximately 30.60 million tonnes, respectively. Net imported alumina in the PRC amounted to approximately 1.63 million tonnes. As of the end of June 2016, the alumina capacity utilization rate in the world (inclusive of the PRC) was approximately 75%, while that of the PRC was approximately 79%.

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BUSINESS REVIEW

In the first half of 2016, the Company centered on economic benefits, focused on "quality and efficiency improvement, reform and innovation, transformation and upgrading", scientifically applied various methods to become "larger, efficient, stronger and dynamic", and substantially reduced its product costs. Meanwhile, the Company implemented precise management in a comprehensive way and continuously deepened reform and restructuring, thus effectively addressed the severe challenges in the market and achieved evident improvement of operating conditions.

The Company comprehensively boosted the special action for improvement of quality and efficiency, in which the top priority was given to operating goals. "To reason out the costs based on the market conditions and promote reform with costs", the all-around special action for improvement of quality and efficiency was carried out throughout the process, involving all staff and covering all subsidiaries, departments, specific business segments and production procedures of the Company. The action perfected every technological process and optimised every production indicator in details. In addition, with a global view at the macro level, the Company implemented every cost reduction and benefit enhancement projects based on the strategic vision, scientific planning, advanced idea and precise management. Accordingly, the Company's core competitiveness was enhanced.

In terms of production management, the Company made innovations in management and control method for production and operation. The management at headquarters convened the "morning scheduling meeting" ("") every day. Through analysis of abundant data and information on the production site, identifying and solving problems immediately, the executive ability and work efficiency were improved, thus guaranteeing the balance, continuity and stability of production and contributing to the significant enhancement of meticulous production management; in terms of cost reduction and optimisation, the Company significantly reduced the full cost of products through several special actions including reducing cost of electric power, by way of technological improvement and reducing cost from mine and carbon. Meanwhile, the main product indicators have been fully optimised. 15 out of the 16 key indicators of alumina and all the 4 key indicators of primary aluminum were consolidated and optimised. The full cost of the products of certain subsidiaries of the Company has been in leading position in the industry.

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In terms of investment management, the Company laid the emphasis on strategic layout and exerted great efforts for the construction of key transformation and upgrading projects. It proactively determined the boundary conditions of key projects and a batch of key projects including the light alloy base in Lvliang, Shanxi, Huayun Phase II project in Inner Mongolia and Huayu calcined coke project in Shandong made smooth progress; and it implemented stricter and tighter arrangement of capital expenditure and efficiently utilised limited funds to complete investment plans. A batch of projects including Shanxi Huaxing Alumina Phase II and Guizhou Maochang mine project have been completed and put into production in advance or as scheduled.

In terms of marketing and procurement, the Company carefully analysed the market changes to proactively seize market opportunities. Appropriate procurement strategies were taken according to different market trends, so as to give full play to the advantages of united negotiation and separate signing as well as centralized procurement. The Company effectively reduced its procurement costs of bulk raw materials by adopting delayed price enquiry and comparison, quantity for price and other strategies; a marketing, trade and logistics linkage mechanism was established to speed up the integration of the Company's internal logistics assets and business, improve the upstream, midstream and downstream logistics efficiency of the entire industry chain, and proactively promote the strategic cooperation with railway bureaus, port offices and large transport enterprises, striving to develop new profit growth points.

In terms of capital operation, the Company made innovations in the capital operation mode with a view to enlarge its profit space and disposed certain assets of Chalco Shandong Co., Ltd.,* (), Henan Branch and Shanxi Branch to the subsidiaries of Aluminum Corporation of China. Assets operation efficiency was enhanced by virtue of the synergistic effects between enterprises; cooperation between the environmental protection assets of 5 enterprises including Lanzhou Branch and Baotou Aluminum Co., Ltd.* () and social capital revitalised the Company's stock assets and developed new profit growth points; the Company established an idle equipment database, from which the equipment required for new projects will be preferentially selected. While revitalizing idle assets, the expenditure arising from repeated purchase of equipment was reduced efficiently.

In terms of financial management, the Company devoted more efforts to solve the problem in relation to capital misappropriation, carry out loss-control special project for loss-generating enterprises and achieved favorable results in the special action for "compressing stock and reducing quota" (""). Moreover, the Company strengthened capital management and proactively expanded its financing channels to ensure safe and stable cash flow. It innovated in financing methods and adjusted the interest-bearing debt structure, which substantially reduced financing cost and saved financial expenses.

9

In terms of reform on human resource, the Company innovated the performance assessment and distribution system to regard cost as the primary assessment indicator and linked it with the position and remuneration of the management and total remuneration of enterprise. The Company's market competition consciousness, cost control consciousness and responsibility assumption consciousness were enhanced significantly; the position allocation was further optimised to promote job reassignment for employees and reduce redundant personnel on production lines, and an online and offline competition mechanism was established; the Company also deepened the distribution incentive reform and insisted on giving preference to the enterprises with profitability in respect of total remuneration and to key personnel in respect of salary increment, so as to effectively stimulate motivation of employees.

OUTLOOK AND PROSPECTS

At present, due to the complex and severe world economic situation, especially the uncertainties in the global economy increased by Brexit, macro economy is still under heavy downward pressure. In terms of product market, with the continuous rebound of aluminum price, the domestic resumption of production of alumina and primary aluminum, and new capacity's continuous entry into the market, oversupply pressure may mount again in the second half of the year, thus suppressing the product price. Therefore the market situation is still not optimistic. Facing the complex and volatile economic and market environment, the Company will keep centering on economic benefits and further advance the special action for quality and efficiency enhancement to improve the Company's competitiveness in the product market. In the second half of 2016, the Company will focus on the following tasks:

The Company will intensify precise management and deeply tap potentials to comprehensively improve quality and benefits. In an effort to strengthen special governance over loss-generating enterprises, the Company will revitalise their assets of low and no efficiency by category; specific analysis will be made on the actual conditions of enterprises in difficulties. The Company will insist on one policy for one enterprise to propel enterprises in difficulties to turn losses and extricate from the difficult position as soon as possible and block the "loss-generating points". Cost reduction will be continuously deepened throughout all processes and for all elements to comprehensively improve the cost control capacity. The Company will strengthen production and operation management and adhere to learning from advanced enterprises, and continually optimise process and technical indicators, striving to further reduce the costs of main products.

10

The application and promotion of scientific and technological achievements will be accelerated to give play to the driving force of scientific and technological innovation. In order to provide more power for cost reduction, the Company will exert its overall scientific and technical advantages in terms of talents, technology and research and development and speed up industrialized application and promotion of existing scientific and technological achievements to achieve organic combination of scientific and technological achievements with the special action for quality and efficiency improvement of the Company; further investment will be made in science and technology to accelerate the integration of internal scientific and technological innovation resources, and science and technology will be applied in production management, market analysis, environmental protection and energy saving, and other sectors, making scientific and technological innovation the real first driving force for the Company's transformation and upgrading.

Transformation and upgrading will be speeded up for the purpose of tapping benefits of key investment projects. In the second half year, the Company will quicken the construction of a number of key projects including the Zhongzhou Duancun Leigou project (), Yinxing Power Plant project of Ningxia Energy () and Huayun Phase II project in Inner Mongolia () to enable these projects to revitalise stocks by leverage of increment, increase increment with stocks and give scope to the synergistic effects of increment and stocks, creating more benefits for the Company. Meanwhile, the Company will take advantage of the national "one belt and one road" strategy to proactively acquire overseas bauxite resources and prepare well for the resource storage and project implementation of the Company.

The Company will reinforce risk management in an all-round way to guarantee safe and stable production and operation. The management of security and environmental protection will be intensified to practically enhance all employees' safety consciousness. Safety responsibility in production will be divided and assigned to each level and employee. Besides, the Company will carry out troubleshooting and remediation activities in production safety to eliminate potential safety hazards in a comprehensive manner; the transformation plans and funds will be arranged in a scientific and reasonable way in accordance with the national requirements on ultra-low emission and transformation of environmental protection and energy conservation, aiming at ensuring completion of upgrading and reconstruction as scheduled. While throughly implementing standardized management, the Company will also improve its capacities in respect of prevention and control of operational risks, and establish and improve various business management systems and standardized processes to strengthen the management and control over high risk business fields. Furthermore, irregular spot check and test will be carried out for the critical control points of important business processes

11

to realise more scientific and standardized business operations while more efforts will be put into legal review, legal support and legal risk prevention and control, providing guarantee for the sustained and sound development of the Company.

INTERIM RESULTS

The revenue of the Group was RMB49,705 million for the six months ended June 30, 2016, representing a decrease of 24.85% compared with the corresponding period of the preceding year. The net profit attributable to the owners of the Company amounted to RMB57 million. Earnings per share attributable to the ordinary equity holders of the Company was RMB0.0002.

INTERIM DIVIDEND

The Company will not distribute interim dividend for the six months ended June 30, 2016.

12

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

The following discussion should be read together with the financial information of the Group and its notes included in this interim report and other chapters.

BUSINESS SEGMENTS

The Group principally engages in the mining of bauxite; the production and sales of alumina, primary aluminum and aluminum alloy products; operating of coal and electricity businesses as well as trading and logistics of non-ferrous metal products.

Alumina segment consists of mining and purchasing bauxite products and other raw materials, refining bauxite into alumina, and selling alumina both internally to the Group's primary aluminum enterprises and externally to customers outside the Group. This segment also includes the production and sales of alumina chemicals and metal gallium.

Primary aluminum segment consists of procuring alumina, other raw materials, supplemental materials and electricity power, smelting alumina to produce primary aluminum, and selling them to external customers outside the Group. This segment also includes the production and sales of carbon products, alloy products, and other primary aluminum products.

Trading segment is mainly engaged in the trading and logistics of alumina, primary aluminum and other non-ferrous metal products, and crude fuels such as coal products, as well as raw and auxiliary materials to the internal manufacture plants and external customers.

Energy segment is mainly engaged in the research, development, production and operation of energy products. The major business consists of, inter alia, coal, electricity generation from coal, wind power, photovoltaic power and new energy equipment production. Among its major products, coals are sold to the internal manufacturers of the Group and external customers while electricity is supplied to our own operations or sold to local grid companies.

Corporate and other operating segments include corporate and other aluminum-related research, development, and other activities of the Group.

13

RESULTS OF OPERATIONS

The Group's net profit attributable to the owners of the Company for the first half of 2016 was RMB57 million, representing an increase of RMB55 million in gains from RMB2 million of profit for the corresponding period of the preceding year. The profit increase of the Company was mainly attributable to the increase in the gross profit margin from the Group's principal products resulting from the substantial decrease of production cost of principal products in current period as compared with the corresponding period of the preceding year, strict expenditure control as well as gains from assets disposal.

REVENUE

The Group's revenue for the first half of 2016 was RMB49,705 million, representing a decrease of RMB16,436 million or 24.85% from RMB66,141 million of the corresponding period of the preceding year. This was mainly attributable to the fact that the Company shut down certain production lines with outdated capacity on a voluntary basis for technical improvement to optimize its industry structure as well as the decrease in the prices of principal products as compared with the corresponding period of the preceding year.

OPERATING COST

Operating cost of the Group was RMB45,745 million for the first half of 2016, representing a decrease of RMB17,066 million or 27.17% from RMB62,811 million of the corresponding period of the preceding year. This was mainly attributable to strict control of costs and expenses in various aspects of the Group, resulting in a decrease in production cost of the principal products to some extent as compared with the corresponding period of the preceding year, as well as shutting down certain production lines with outdated capacity on a voluntary basis for technical improvement.

SELLING AND DISTRIBUTION EXPENSES

The Group's selling and distribution expenses for the first half of 2016 were RMB946 million, representing an increase of RMB56 million or 6.37% from RMB890 million of the corresponding period of the preceding year.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses for the first half of 2016 of the Group were RMB1,218 million, representing a decrease of RMB7 million or 0.57% from RMB1,225 million of the corresponding period of the preceding year.

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OTHER GAINS, NET

The Group's other net gains for the first half of 2016 were RMB433 million, representing a decrease of RMB472 million or 52.15% from RMB905 million as compared with the corresponding period of the preceding year. This was mainly attributable to gains from the disposal of partial shares of Jiaozuo Wanfang in the corresponding period of the preceding year.

Affected by the abovementioned major factors, the operating profit of the Group for the first half of 2016 amounted to RMB2,583 million, representing a decrease of RMB120 million from the operating profit of RMB2,703 million of the corresponding period of the preceding year.

FINANCE COSTS, NET

The Group's net finance costs for the first half of 2016 were RMB2,080 million, representing a decrease of RMB664 million or 24.20% from RMB2,744 million of the corresponding period of the preceding year, which was mainly due to the decrease in interest rates of the Group as well as reduction of interest-bearing liabilities.

SHARE OF PROFITS AND LOSSES OF JOINT VENTURES AND ASSOCIATES

The share of profits and losses of joint ventures and associates of the Group in the first half of 2016 amounted to a loss of RMB5 million, representing a decrease in profit of RMB189 million or 102.72% from profit of RMB184 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in profit from joint ventures and associates.

INCOME TAX EXPENSE

The Group's income tax expense for the first half of 2016 was RMB152 million, representing an increase of RMB188 million from the income tax credit of RMB36 million for the corresponding period of the preceding year. This was mainly attributable to the increase in the income tax expense as a result of the growth in the profit from the primary aluminum segment of the Group.

15

DISCUSSION OF SEGMENT OPERATIONS

ALUMINA SEGMENT

Revenue

The Group's revenue from the alumina segment for the first half of 2016 was RMB12,588 million, representing a decrease of RMB4,351 million or 25.69% from RMB16,939 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in selling price and sales volume of the alumina products of the Group.

The revenue from internal sales of the alumina segment for the first half of 2016 was RMB8,511 million, representing a decrease of RMB4,916 million or 36.61% from RMB13,427 million of the corresponding period of the preceding year.

The revenue from external sales of the alumina segment for the first half of 2016 was RMB4,077 million, representing an increase of RMB565 million or 16.09% from RMB3,512 million of the corresponding period of the preceding year.

Segment Results

The Group's loss in the alumina segment for the first half of 2016 was RMB215 million, representing a decrease in profit of RMB1,551 million or 116.09% from the profit of RMB1,336 million of the corresponding period of the preceding year. This was mainly attributable to the fact that decrease in the selling price of alumina products of the Group was larger than the decrease in the product cost.

PRIMARY ALUMINUM SEGMENT

Revenue

The Group's revenue from the primary aluminum segment for the first half of 2016 was RMB15,535 million, representing a decrease of RMB4,647 million or 23.03% from RMB20,182 million of the corresponding period of the preceding year, which was mainly due to the decrease in selling price and output of the primary aluminum products of the Group.

16

The revenue from internal sales of the primary aluminum segment for the first half of 2016 was RMB2,252 million, representing a decrease of RMB3,540 million or 61.12% from RMB5,792 million of the corresponding period of the preceding year. This was mainly attributable to the increase in the sales volume of molten aluminum and aluminum alloy from the external sales of the primary aluminum enterprises.

The revenue from external sales of the primary aluminum segment for the first half of 2016 was RMB13,283 million, representing a decrease of RMB1,107 million or 7.69% from RMB14,390 million of the corresponding period of the preceding year.

Segment Results

The Group's profit in the primary aluminum segment for the first half of 2016 was RMB1,136 million, representing an increase in profit of RMB2,277 million or 199.56% from the loss of RMB1,141 million of the corresponding period of the preceding year. This was mainly attributable to the fact that the decrease in product cost of the Group was larger that the decrease in selling price.

TRADING SEGMENT

Revenue

The Group's revenue from the trading segment for the first half of 2016 was RMB35,979 million, representing a decrease of RMB14,765 million or 29.10% from RMB50,744 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in trade volume and sales volume of primary aluminium sold via this segment.

The revenue from internal sales of the trading segment was RMB5,776 million for the first half of 2016, representing an increase of RMB921 million or 18.97% from RMB4,855 million of the corresponding period of the preceding year.

The revenue from external sales of the trading segment was RMB30,203 million for the first half of 2016, representing a decrease of RMB15,686 million or 34.18% from RMB45,889 million of the corresponding period of the preceding year, among which, the revenue from the external sales of self-produced products was RMB8,740 million, whereas the revenue from the external sales of products from external suppliers was RMB21,463 million.

17

Segment Results

The profit in the trading segment of the Group was RMB325 million for the first half of 2016, representing an increase of RMB294 million or 948.39% from the profit of RMB31 million of the corresponding period of the preceding year. This was mainly attributable to large volume of gains from massive sales of alumina and primary aluminum in stock as a result of the Group's timely adjustment of marketing strategies and appropriate capture of market chance after accurate analysis and judgment of the market situation.

ENERGY SEGMENT

Revenue

The Group's revenue from the energy segment for the first half of 2016 was RMB2,005 million, representing a decrease of RMB252 million or 11.17% from RMB2,257 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in the price of coal products.

Segment Results

The profit in the energy segment of the Group was RMB112 million for the first half of 2016, representing a decrease of RMB120 million or 51.72% from the profit of RMB232 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in price of coal products.

CORPORATE AND OTHER OPERATING SEGMENTS

Revenue

The Group's revenue from the corporate and other operating segments for the first half of 2016 was RMB198 million, which increased by RMB36 million, or 22.22% from the RMB162 million of the corresponding period of the preceding year.

18

Segment Results

The Group's loss in the corporate and other operating segments for the first half of 2016 was RMB794 million, representing an increase in loss of RMB523 million or 192.99% from the loss of RMB271 million of the corresponding period of the preceding year, which was mainly attributable to large income from the disposal of associates in the corresponding period of the preceding year.

STRUCTURE OF ASSETS AND LIABILITIES

Current Assets and Liabilities

As of June 30, 2016, the Group's current assets amounted to RMB64,425 million, representing an increase of RMB256 million from RMB64,169 million as of the beginning of the year.

As of June 30, 2016, the Group's cash and cash equivalents amounted to RMB18,724 million, representing a decrease of RMB2,029 million from RMB20,753 million as of the beginning of the year.

As of June 30, 2016, the Group's net balance of inventories amounted to RMB19,241 million, representing a decrease of RMB936 million from RMB20,177 million as of the beginning of the year.

As of June 30, 2016, the Group's current liabilities amounted to RMB84,250 million, representing an increase of RMB3,311 million from RMB80,939 million as of the beginning of the year, which was primarily due to the fact that certain long-term bonds of the Group were reclassified into current portion of non-current liabilities due within one year.

As of June 30, 2016, the current ratio of the Group was 0.76, representing a decrease of 0.03 from 0.79 as of the end of 2015, and the quick ratio was 0.48, representing a decrease of 0.02 from 0.50 as of the end of 2015.

Non-current Liabilities

As of June 30, 2016, the Group's non-current liabilities amounted to RMB50,469 million, representing a decrease of RMB7,565 million from RMB58,034 million as of the beginning of the year, primarily due to the fact that certain long-term bonds of the Group were reclassified into current portion of non-current liabilities due within one year.

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Debt to Asset Ratio

As of June 30, 2016, the debt to asset ratio of the Group was 72.62%, representing a decrease of 0.68 percentage points from73.30% as at the end of 2015.

MEASUREMENT OF FAIR VALUE

The Group established the procedures for recognition, measurement and disclosure of fair value in strict compliance with the requirements on fair value under the relevant accounting standards, and took responsibility for the truthfulness of the measurement and disclosure of fair value. At present, except that the short-term investments, financial assets and liabilities at fair value through profit or loss (including derivatives) and listed long-term investments in available-for-sale financial assets are measured at fair value, other assets and liabilities are measured at historical cost or amortised cost.

As of June 30, 2016, the amount of commodity futures contracts of the Group recognized as financial assets at fair value through profit or loss decreased by RMB667,000 as compared with the end of 2015, which was recorded as fair value losses. The Group's financial liabilities at fair value through profit or loss increased by RMB22,881,000 as compared with the end of 2015, which was recorded as fair value loss.

PROVISION FOR INVENTORY IMPAIRMENT

On June 30, 2016, the Group assessed the net realizable value of its inventories. For the inventory relevant to aluminum products, the assessment was made on the net realizable value of its inventories on the basis of the estimated selling price of the finished goods available for sale with comprehensive consideration of the coordination scheme of the production and sales between alumina enterprises and primary aluminum enterprises within the Group, and the factors including the financial budget, turnover period of inventory, the purpose of the Company to hold the inventory and the influence of events subsequent to the balance sheet date. For the inventory held by the energy segment, after comprehensively considering the cooperative scheme on production and sale along the chain of the photovoltaic industry, the Group unanimously calculated with the market price for the most recent period.

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The provisions for inventory impairment for inventories held as of June 30, 2016 amounted to RMB804 million, representing a decrease of RMB1,566 million as compared with the provisions for impairment of RMB2,370 million as at the end of 2015, among which the provisions for the period amounted to RMB13 million and the written-off and reversal for the period amounted to RMB1,579 million.

The Company has always adopted the same approach to determine the net realizable value of the inventories and the provisions of inventory impairment on a consistent basis for the relevant accounting policy.

CAPITAL EXPENDITURES, CAPITAL COMMITMENTS AND INVESTMENT UNDERTAKINGS

For the six months ended June 30, 2016, the Group's accumulated project investment expenditures (excluding equity interest investments) amounted to RMB2,637 million, which mainly consisted of investments in energy saving and consumption reduction, environmental governance, resources acquisition and technological research and development.

As of June 30, 2016, the Group's capital commitment in respect of the investment in non-current assets which has been contracted but not provided amounted to RMB7,946 million.

As of June 30, 2016, the Group's investment commitment to joint ventures and associates amounted to RMB1,697 million in total, of which the commitment to Guangxi Huazheng Aluminum Co., Ltd. () amounted to RMB752 million; the commitment to Chinalco Minerals Resources Co., Ltd. () amounted to RMB370 million; the commitment to Huaneng Ningxia Energy Co., Ltd. () amounted to RMB320 million; the commitment to Ningxia Yinxing Power Co., Ltd. () amounted to RMB205 million; the commitment to Chalco Taiyue New Materials Co., Ltd. () amounted to RMB28 million; and the commitment to Guangxi Huazhong Cement Co., Ltd. () amounted to RMB22 million.

CASH AND CASH EQUIVALENTS

As of June 30, 2016, the Group's cash and cash equivalents amounted to RMB18,724 million, including foreign currency in cash and deposits of RMB1,414,370,000, RMB6,270,000, RMB2,340,000 and RMB550,000 denominated in US dollars, Hong Kong dollars, Australian dollars and Indonesian Rupiah, respectively.

21

CASH FLOWS FROM OPERATING ACTIVITIES

For the first half of 2016, the Group's net cash inflows generated from operating activities amounted to RMB3,896 million, representing an increase of RMB1,051 million from the net inflows of RMB2,845 million for the corresponding period of the preceding year, which was mainly attributable to the improvement in profitability resulting from the increase in the gross margin of the principal products of the Group, as well as the increase in cash liquidity resulting from stocks reduction.

CASH FLOWS FROM INVESTING ACTIVITIES

For the first half of 2016, the Group's net cash outflows used in the investing activities amounted to RMB1,632 million, representing an inflow decrease of RMB1,645 million from the net cash inflows of RMB13 million for the corresponding period of the preceding year, which was mainly attributable to the cash inflow from the disposal of partial shares of Jiaozuo Wanfang at the same period of the preceding year.

CASH FLOWS FROM FINANCING ACTIVITIES

For the first half of 2016, the Group's net cash outflows used in financing activities amounted to RMB4,324 million, representing an outflow increase of RMB3,340 million from the net outflows of RMB984 million for the corresponding period of the preceding year, which was mainly attributable to the cash inflow from the issuance of new shares in 2015 by the Group.

INVESTMENT OF THE COMPANY

USE OF PROCEEDS

According to the Approval in Relation to the Non-public Issuance of Shares by Aluminum Corporation of China Limited (Zheng Jian Xu Ke (2015) No. 684), the non-public issuance of no more than 1,450,000,000 new shares by the Company was approved. In June 2015, the Company completed the additional issuance of 1,379,310,344 RMB-denominated ordinary shares (A shares) with total proceeds of RMB7,999,999,995.20 and net proceeds of RMB7,897,472,064.17 after deduction of all issuance expenses amounting to RMB102,527,931.03.

22

The proceeds raised from the issuance after deduction of issuance expenses were scheduled to be used in the Chalco Xing County alumina project () and the Chalco Zhongzhou Branch Bayer Ore-dressing Process expansion construction project () and the replenishment of the working capital. As at the end of the reporting period, the proceeds raised from the non-public issuance were used as follows: the proceeds scheduled to be allocated to the Chalco Xing County alumina project amounted to RMB4,700,000,000 (the actual amount allocated being RMB4,609,930,000), while those scheduled to be allocated to the Chalco Zhongzhou Branch Bayer Ore-dressing Process expansion construction project amounted to RMB1,300,000,000 (the actual amount allocated being RMB1,300,000,000). The proceeds expected to be allocated to the replenishment of working capital amounted to RMB2,000,000,000 (the actual amount allocated being RMB1,987,540,000, including RMB100 million allocated during the reporting period). The differences between the scheduled allocated amounts and the actual allocated amounts for Chalco Xing County alumina project and the replenishment of working capital respectively have been used to pay for the underwriting fee.

In order to facilitate the investment projects funded by the raised proceeds in an effective manner, the Company had made initial investments to the investment projects funded by the proceeds raised from the non-public issuance of shares before the proceeds were in place. As of May 31, 2015, the Company had made an actual investment of RMB7,214,230,000 in advance to the investment projects funded by the raised proceeds by utilizing its self-raised funds. Ernst & Young Hua Ming had verified the investment made in advance into the above investment projects funded by the raised proceeds and issued the Verification Report in Relation to Investments Made to the Investment Projects Funded by the Raised Proceeds in Advance by Using Self-raised Funds by Aluminum Corporation of China Limited (Ernst & Young Hua Ming (2015) Zhuan Zi No. 60968352_A60) on June 16, 2015. On June 25, 2015, the proposal in relation to the utilization of RMB5,909,930,000 of proceeds raised from the non-public issuance to replace the self-raised funds invested in the investment projects funded by the raised proceeds in advance was considered and approved at the 19th meeting of the fifth session of the Board, among which, RMB4,609,930,000 of self-raised funds invested in Chalco Xing County alumina project in advance and RMB1,300,000,000 of self-raised funds invested in Chalco Zhongzhou Branch Bayer Ore-dressing Process expansion construction project in advance will be replaced by the raised proceeds.

23

The Chalco Xing County alumina project, being the investment project funded by proceeds raised from the non-public issuance of the shares, is operated and constructed by Shanxi Huaxing Alumina Co., Ltd. (). The resolution in relation to the Proposed External Transfer of Equity Interest Held by the Company in Shanxi Huaxing Alumina Co., Ltd. ()was considered and approved at the meetings of the Board and the Supervisory Committee on November 25, 2015, respectively. The Resolution in relation to the Clarification on the Usage of Proceeds from Transfer of Equity Interest Held by the Company in Shanxi Huaxing Alumina Co., Ltd. () was considered and approved at the meetings of the Board and the Supervisory Committee on December 8, 2015, respectively, whereby the Company was approved to use the proceeds from the transfer for permanent replenishment of liquidity required for the operation of the Company.

USE OF NON-PROCEEDS

The mining project of Zhongzhou for the bauxite at Duancun-Leigou (): scheduled investment in project construction amounted to RMB1,358 million, and by the end of June 2016, an aggregate of RMB918 million of capital expenditure had been incurred. The project is expected to commence trial production by the end of 2016 with 1.60 million tonnes of additional production capacity of bauxite each year upon full completion of the project.

The underground mining project of 0-24 line in Guizhou Maochang Mine (): scheduled investment in project construction amounted to RMB787 million, and by the end of June 2016, an aggregate of RMB719 million of capital expenditure had been incurred. The project was completed in construction and was put into trial production in June 2016 with 1.20 million tonnes of additional production capacity of bauxite each year.

The Qingzhen Alumina Project () in Guizhou: scheduled investment in project construction amounted to RMB3,800 million, and by the end of June 2016, an aggregate of RMB3,479 million of capital expenditure had been incurred. Two production lines with production capacity of 0.80 million tonnes of alumina per annum had been set up and were put into trial production in August 2015 with 1.60 million tonnes of production capacity of alumina each year.

24

DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

Mr. Ge Honglin resigned as an executive director and the Chairman of the Board the Company on February 16, 2016 due to his work commitment. The resignation of Mr. Ge has taken effect on the same day.

Mr. Yu Dehui was elected as a non-executive director of the fifth session of the Board of the Company at the 2016 first extraordinary general meeting of the Company held on April 8, 2016. On the same day, Mr. Yu Dehui was elected as the Chairman of the fifth session of the Board of the Company at the 31st meeting of the fifth session of the Board. Mr. Yu Dehui was re-elected as a non-executive director and the Chairman of the sixth session of the Board of the Company at the 2015 annual general meeting and the first meeting of the sixth session of the Board of the Company held on June 28, 2016.

Mr. Liu Xiangmin resigned from the position as the senior vice president of the Company on May 9, 2016 due to his work commitment, effective from the same day. Mr. Lu Dongliang was elected as the senior vice president of the Company at the 33rd meeting of the fifth session of the Board of the Company held on the same day.

Mr. Liu Xiangmin resigned as an executive director of the Company on June 28, 2016 due to the expiration of the term of office of the fifth session of the Board. Mr. Liu Xiangmin was elected as a supervisor of the sixth session of the Supervisory Committee of the Company at the 2015 annual general meeting on the same day. At the first meeting of the sixth session of the Supervisory Committee subsequent to the annual general meeting, Mr. Liu Xiangmin was elected as the chairman of the sixth session of the Supervisory Committee of the Company.

Mr. Lu Dongliang was elected as an executive director of the sixth session of the Board of the Company at the 2015 annual general meeting of the Company held on June 28, 2016.

Mr. Zhao Zhao resigned as the chairman of the Supervisory Committee of the Company on June 28, 2016 due to the expiration of the term of office of the fifth session of the Supervisory Committee.

Ms. Qiao Guiling resigned from the position as the vice president of the Company on February 16, 2016 due to her work commitment, effective from the same day.

Mr. Xu Bo resigned from the position as the company secretary (the secretary to the Board) of the Company on March 17, 2016 due to his work commitment, effective from the same day. Mr. Zhang Zhankui was elected as the company secretary (the secretary to the Board) of the Company at the 29th meeting of the fifth session of the Board of the Company held on the same day.

25

Mr. Yuan Li resigned as a supervisor of the Company on June 28, 2016 due to the expiration of the term of office of the fifth session of the Supervisory Committee of the Company.

Mr. Wu Zuoming was elected as an employee representative supervisor of sixth session of the Supervisory Committee of the Company at the employee's representatives meeting held on June 28, 2016.

As at June 30, 2016, members of the sixth session of the Board and the sixth session of the Supervisory Committee are as follows:

Executive directors

:

Ao Hong, Lu Dongliang and Jiang Yinggang

Non-executive directors

:

Yu Dehui (Chairman of the Board), Liu Caiming and Wang Jun

Independent non-executive directors

:

Chen Lijie, Hu Shihai and Lie-A-Cheong Tai Chong, David

Supervisors

:

Liu Xiangmin (Chairman of the Supervisory Committee), Wang Jun and Wu Zuoming

On July 10, 2015, Mr. Zhao Zhao, the former chairman of the Supervisory Committee (resigned) and Mr. Jiang Yinggang, an executive director and the vice president of the Company, respectively increased their shareholdings in the Company with their self-raised funds through the trading system of the Shanghai Stock Exchange, while shareholdings of other directors, supervisors and senior management of the Company remained unchanged. As at the date of this report, Mr. Zhao Zhao and Mr. Jiang Yinggang held 5,100 A shares and 10,000 A shares of the Company, respectively.

EMPLOYEES, PENSION PLANS AND WELFARE FUND

As at June 30, 2016, the Group had 67,482 employees. For the first half of 2016, the Group had paid the total remuneration of RMB2,738 million to its employees. The remuneration package of the employees includes salaries, bonuses, subsidies, allowances and welfare benefits including medical care, housing subsidies, childbirth, unemployment, work injury, pension and other miscellaneous items.

26

In accordance with the applicable regulations of the PRC, the Company has participated in pension contribution plans organized by the provincial and municipal governments, under which each of the Company's plants is required to contribute an amount equivalent to a specified percentage of the sum of its employees' salaries, bonuses and various allowances to the pension fund. The amount of contribution from each plant was around 20% of the employees' salary.

PARTICULARS OF SHARE CAPITAL STRUCTURE, CHANGES AND SHAREHOLDERS

SHARE CAPITAL STRUCTURE

As at June 30, 2016, the share capital structure of the Company was as follows:

As at June 30, 2016

Percentage to

Number of

issued share

shares held

capital

(in million)

(%)

Holders of A shares

10,959.83

73.54

Among which: Aluminum Corporation of China ("Chinalco")

4,889.86

32.81

                         Baotou Aluminum (Group) Co., Ltd. (Note 1)

238.38

1.60

                         Shanxi Aluminum Plant (Note 1)

7.14

0.05

Holders of H shares

3,943.97

26.46

Among which: Aluminum Corporation of China Overseas Holdings Limited (Note 1)

196.00

1.32

Total

14,903.80

100

Note 1:

These are subsidiaries of and/or enterprises controlled by Chinalco.

27

SUBSTANTIAL SHAREHOLDERS WITH SHAREHOLDING OF 5% OR MORE

So far as the directors are aware, as of June 30, 2016, the following persons (other than the directors, supervisors and chief executive of the Company) had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance ("Hong Kong SFO") or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the Hong Kong SFO, or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange").

Percentage in

the relevant

Percentage in

Name of substantial

Class of

Number of

class of issued

total issued

shareholder

shares

shares held

      Capacity

share capital

share capital

Chinalco

A shares

5,135,382,055 (L) (Note 1)

      Beneficial owner and interests of
        controlled corporation

46.86% (L)

34.46% (L)

Chinalco

H shares

196,000,000 (L) (Note 1)

      Beneficial owner and interests of
        controlled corporation

4.97% (L)

1.32% (L)

Templeton Asset Management Ltd.

H shares

975,030,000 (L)

      Investment manager

24.72 % (L)

6.54% (L)

(L)

The letter "L" denotes a long position.

Note:

1.

These interests included the interest of 4,889,864,006 A shares directly held by Chinalco, and an aggregate interest of 245,518,049 A shares held by various subsidiaries controlled by Chinalco (comprising 238,377,795 A shares held by Baotou Aluminum (Group) Co., Ltd. and 7,140,254 A shares held by Shanxi Aluminum Plant) and 196,000,000 H shares held by Aluminum Corporation of China Overseas Holdings Limited.

28

Save as disclosed above and so far as the directors are aware, as of June 30, 2016, no other person had any interest or short position in the shares or underlying shares of the Company (as the case may be) which would fall to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the Hong Kong SFO and as recorded in the register required to be kept under section 336 of the Hong Kong SFO, or was otherwise a substantial shareholder of the Company.

CHANGES IN SHARE

During the reporting period, there was no change in the shares of the Company.

APPROVAL OF CHANGES IN SHARE

During the reporting period, there was no approval of changes in shares of the Company.

TOTAL NUMBER OF SHAREHOLDERS AT THE END OF THE REPORTING PERIOD

As at June 30, 2016, the Company had 509,255 shareholders, including 508,440 holders of A shares and 815 holders (registered shareholders) of H shares.

29

SHAREHOLDINGS OF TOP TEN SHAREHOLDERS

Unit: Share

Increase/decrease

of shares during

Nature of

Percentage of

Total number

the reporting

Name of shareholder

shareholders

shareholding

of shares held

period

(%)

Chinalco (Note 1)

State

32.81

4,889,864,006

0

HKSCC Nominees Limited (Note 2, Note 3)

Overseas legal person

26.37

3,929,466,926

Increased by 508,571

China Securities Finance Corporation Limited

State-owned legal person

2.73

406,181,590

0

Baotou Aluminum (Group) Co., Ltd.

State-owned legal person

1.60

238,377,795

0

State-owned legal person

0.99

147,253,426

0

Huaxia Life Insurance Co., Ltd. - Universal       Insurance Product
      ()

Domestic non-state-owned
    legal person

0.93

138,889,655

0

Domestic non-state-owned
    legal person

0.93

138,158,621

0

Central Huijin Investment Ltd.
      ()

State-owned legal person

0.92

137,295,400

0

Truvalue Asset Management - China Merchants Bank
- Pengde Growth No. 1 Asset Management Plan
()

Domestic non-state-owned
    legal person

0.84

124,583,103

Decreased by 14,010,000

Domestic non-state-owned
    legal person

0.65

96,531,724

0

Notes:

1.

The number of shares held by Chinalco does not include the A shares of the Company indirectly held by Chinalco through its subsidiaries Baotou Aluminum (Group) Co., Ltd. and Shanxi Aluminum Plant and the H shares of the Company indirectly held by Chinalco through its subsidiary Aluminum Corporation of China Overseas Holdings Limited. Chinalco together with its subsidiaries holds 5,331,382,055 shares in the Company, including 5,135,382,055 A shares and 196,000,000 H shares, accounting for 35.77% of the total share capital of the Company.

2.

HKSCC Nominees Limited holds the 196,000,000 H shares of the Company on behalf of Aluminum Corporation of China Overseas Holdings Limited, a subsidiary of Chinalco.

3.

The 3,929,466,926 H shares of the Company held by HKSCC Nominees Limited include the 196,000,000 H shares it holds on behalf of Aluminum Corporation of China Overseas Holdings Limited, a subsidiary of Chinalco.

30

INTERESTS IN SHARES HELD BY DIRECTORS, CHIEF EXECUTIVE AND SUPERVISORS

As of June 30, 2016, Mr. Jiang Yinggang, an executive director of the Company, held 10,000 A shares of the Company as personal interests in the capacity of beneficial owner, representing 0.000091% of the relevant class of issued share capital (A shares) and 0.000067% of the total issued share capital of the Company.

Save as disclosed above, as of June 30, 2016, none of the directors, president (chief executive), or supervisors of the Company and their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO) which are (a) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the Hong Kong SFO; or (b) required to be recorded in the register kept by the Company pursuant to Section 352 of the Hong Kong SFO; or (c) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers. For the six months ended June 30, 2016, none of the directors, president (chief executive) supervisors, senior management of the Company or their spouses or children under the age of 18 was granted the right to acquire any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO).

REPURCHASE, SALE AND REDEMPTION OF THE COMPANY'S SHARES

During the reporting period, neither the Company nor its subsidiaries purchased or sold any of their shares of the Company during the six months ended June 30, 2016.

CHARGE AND PLEDGES ON GROUP ASSETS

As of June 30, 2016, the Group's charged and pledged assets for bank borrowings including fixed assets, intangible assets, projects under construction, long-term equity investment, inventories and accounts receivable. The aggregate carrying amount of the assets used for charge and pledge was RMB7.709 billion. Meanwhile, bank borrowings of the Group were pledged by letter of credit, receivable rights of future electricity revenue and relevant benefits. For details, please refer to note 11(g) to the financial statements.

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EXTERNAL GUARANTEES PROVIDED BY THE COMPANY

As at June 30, 2016, the aggregate balance of the external guarantees provided by the Company and its subsidiaries amounted to RMB7,110 million. Details of which are as follows:

1.

In March 2013, the Company entered into a guarantee contract with China Development Bank, pursuant to which the Company would provide a guarantee in proportion to its 34% shareholding in Shanxi Jiexiu Xinyugou Coal Co., Ltd. () (hereinafter referred to as "Xinyugou Coal"), a joint venture of the Company, in respect of its loan of up to RMB1.02 billion in total. The guarantee period is two years from the date of expiry of the term for performance of each of the loan under the principal contract. As of June 30, 2016, Xinyugou Coal drew down balance of RMB914 million under the contract. The principal of the loan for which the Company will fulfill its liability of guarantee based on its shareholding proportion amounted to RMB311 million with the interest of RMB24 million thus the total amount of principal and interest amounted to RMB335 million.

2.

In February 2014, Shanxi Huasheng Aluminum Co., Ltd. () (hereinafter referred to as "Shanxi Huasheng") entered into a guarantee contract of the maximum amount () with Shanghai Pudong Development Bank Taiyuan Branch, providing a guarantee in proportion to its 43.03% shareholding in Huozhou Coal Group Xingshengyuan Coal Co., Ltd. () (hereinafter referred to as "Xingshengyuan Coal"), a joint venture of Shanxi Huasheng, in respect of its loan of up to RMB200 million in total. The guarantee period was from the date of expiry of the term for performance of loan to two years from the date of expiry of the term for performance of loan as agreed under the contract for credit. As of June 30, 2016, Xingshengyuan Coal drew down a loan of RMB29 million under the contract, and the balance of guarantee provided by Shanxi Huasheng in proportion to its shareholding amounted to RMB12 million.

3.

On December 25, 2006, Chalco Ningxia Energy Group Co., Ltd. () (hereinafter referred to as "Ningxia Energy") entered into a guarantee contract with China Construction Bank Yinchuan Xicheng Branch, providing a third-party joint and several liability for RMB35 million out of RMB70 million, the aggregate amount of project loan of Ningxia Tian Jing Shen Zhou Wind Power Co., Ltd.
() (as 50% of its original stake held by Ningxia Energy, which was fully transferred to Ningxia Yinxing Energy Co., Ltd. (), a controlling subsidiary of Ningxia Energy in 2014) with a loan term of 14 years. As of June 30, 2016, the balance of the guarantee provided by Ningxia Energy in proportion to its shareholding amounted to RMB30 million.

32

4.

On January 20, 2012, Ningxia Energy and China Development Bank entered into the Contract of Pledge for Accounts Receivables of RMB Loan in relation to the provision of a pledge guarantee in respect of the loan of RMB30 million in total for Ningxia Power Investment Corporation with a loan term of 12 years. As of June 30, 2016, the balance of the guarantee amounted to RMB11 million and the balance of the guarantee provided by Ningxia Energy amounted to RMB11 million.

5

As of June 30, 2016, the guarantee provided between Ningxia Energy and its subsidiaries mutually amounted to RMB869 million.

6.

Chalco Hong Kong Limited and its certain subsidiaries entered into guarantee agreements with Chalco Hong Kong Investment Company Limited in October 2013 and April 2014, pursuant to which, guarantee was provided in favor of the senior perpetual securities issued by Chalco Hong Kong Investment Company Limited of USD350 million and USD400 million in 2013 and 2014 respectively. As of June 30, 2016, Chalco Hong Kong Investment Company Limited issued senior perpetual securities of USD750 million and the same amount of USD750 million (equivalent to approximately RMB4,973 million) was guaranteed by Chalco Hong Kong Limited and its certain subsidiaries.

7.

In February 2015, the Company entered into a guarantee contract with the Kunming Branch of Pingan Bank, pursuant to which the Company would provide a guarantee in proportion to its 60% shareholding in Guizhou Huajin Aluminum Co., Ltd. () (hereinafter referred to as "Guizhou Huajin"), in respect of its loan of up to RMB1 billion in total. The guarantee period was two years from the date of expiry of the term for performance of each of the loan under the principal contract. As of June 30, 2016, Guizhou Huajin drew down a loan of RMB777 million under the principal contract, and the balance of guarantee provided by the Company in proportion to its shareholding amounted to RMB466 million.

33

8.

In April 2015, the Company entered into a guarantee contract with the JIC Leasing (Shanghai) Co., Ltd., pursuant to which the Company would provide a guarantee in proportion to its 60% shareholding in Guizhou Huajin, in respect of its finance lease of up to RMB500 million in total. The guarantee period was two years from the date of expiry of the term for performance of each of the loan under the principal contract. As of 30 June 2016, Guizhou Huajin dealt with finance lease of RMB500 million under the principal contract, and the balance of guarantee provided by the Company in proportion to its shareholding amounted to RMB300 million.

9.

In April 2015, the Company entered into a maximum amount guarantee agreement () with Guiyang Branch of Industrial Bank Co., Ltd. to provide a guarantee in proportion to its 60% shareholding in Guizhou Huajin, in respect of its financing of up to RMB200 million in total. Limit of the guarantee provided by the Company was RMB120 million, and the term of the financing was one year. As of June 30, 2016, the balance of the guarantee provided by the Company to Guizhou Huajin in respect of the financing amounted to RMB86 million.

10.

In March 2016, Chalco Shandong Co., Ltd. entered into a maximum amount guarantee agreement () with Zibo Branch of China CITIC Bank Corporation Limited to provide a joint-liability guarantee for the financing in a total amount of not more than RMB200 million of Chalco Shandong Research Incorporation Limited () and the term is one year. As at June 30, 2016, Chalco Shandong Research Incorporation Limited dealt with financing of RMB50 million and the amount of guarantee balance provided by Chalco Shandong Co., Ltd amounted to RMB50 million.

Save as aforesaid, there were no other external guarantees provided by the Company which were required to be disclosed.

34

CORPORATE GOVERNANCE

The Articles of Association, the Rules of Procedures for the Shareholders' Meeting, the Rules of Procedures for the Board meeting, the Rules of Procedures for the Supervisory Committee meeting, the detailed implementation rules for the special committees under the Board, the Code of Conduct for Securities Dealings by Directors, Supervisors and Specific Employees and other relevant systems of the Company constitute the framework for the codes on corporate governance of the Company. The Board has reviewed its corporate governance documents and internal control guidelines, and is of the view that such documents have incorporated most of the principles and code provisions in the "Code on Corporate Governance Practices" (the "CG Code") as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") and the requirements under the Internal Control Guidelines stipulated by the Shanghai Stock Exchange.

During the reporting period, the Board is of the opinion that the Company has complied with the code provisions of the CG Code and the requirements under the Internal Control Guidelines stipulated by the Shanghai Stock Exchange.

CODE OF CONDUCT FOR SECURITIES TRANSACTIONS BY THE DIRECTORS, SUPERVISORS AND RELEVANT EMPLOYEES

For clarity, the Company has adopted a Code of Conduct Regarding Securities Transactions by the Directors, Supervisors and Relevant Employees (the "Required Standards") on terms no less exacting than the required standard of dealings set out in the "Model Code for Securities Transactions by Directors of Listed Issuers" in Appendix 10 to the Hong Kong Listing Rules. Some employees who are likely to be in possession of unpublished price sensitive information of the Group shall be in compliance with the Required Standards. All directors, supervisors and relevant employees of the Company, upon specific enquiries, have confirmed that they have complied with the Required Standards during the six months ended June 30, 2016.

35

AUDIT COMMITTEE

The Company has established an audit committee with written terms of reference based on the guidelines recommended by the Hong Kong Institute of Certified Public Accountants. The primary duties of the audit committee are to propose the appointment or change of auditors, supervise the implementation of internal auditing system of the Company, be responsible for the communication between internal and external auditing, review and disclose the financial information of the Company, review the system regarding financial examination and control, internal control and risk management of the Company, conduct research subject to other relevant professional events of the Company, and provide viewpoints and suggestions to the Board for reference of decision-making.

As of the date of this report, the Audit Committee under the sixth session of the Board of the Company consists of three independent non-executive directors, namely Ms. Chen Lijie, Mr. Hu Shihai and Mr. Lie-A-Cheong Tai Chong, David. Mr. Lie-A-Cheong Tai Chong, David is the chairman of the committee.

The Audit Committee and the management have reviewed the accounting policies and practices adopted by the Group and discussed auditing, internal control, risk management and financial statements matters, including the review of the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2016.

In the first half of 2016, the Audit Committee convened six meetings in total, including:

Considered and approved the resolution in relation to the amendments to Detailed Implementation Rules for the Audit Committee under the Board of Aluminum Corporation of China Limited (on January 16, 2016 at the 21st meeting of the Audit Committee under the fifth session of the Board of the Company.

36

Considered and approved 12 resolutions including the resolution in relation to the 2015 annual financial report of the Company on March 11, 2016 at the 22nd meeting of the Audit Committee under the fifth session of the Board of the Company.

Considered and approved the resolutions in relation to the partial asset disposal by Chalco Shandong Co., Ltd.,* Henan branch of Chalco and Shanxi Branch of Chalco, all being subsidiaries of the Company, to Shandong Aluminum Company*, China Great Wall Aluminum Corporation and Shanxi Aluminum Plant, respectively, on March 25, 2016 at the 23rd meeting of the Audit Committee under the fifth session of the Board of the Company.

Considered and approved the resolution in relation to the 20-F report of the Company for 2015 on April 13, 2016 at the 24th meeting of the Audit Committee under the fifth session of the Board of the Company.

Considered and approved the resolution in relation to the first quarterly report of the Company for 2016 and re-appointment of auditors on April 21, 2016 at the 25th meeting of the Audit Committee under the fifth session of the Board of the Company.

Considered and approved the 4 resolutions including the resolution in relation to the proposed renewal of the agreements on continuing connected transactions and the annual transaction caps for 2016-2018 by the Company on June 20, 2016 at the 26th meeting of the Audit Committee under the fifth session of the Board of the Company.

37

SIGNIFICANT EVENTS

1.

CORPORATE GOVERNANCE

The Company has strictly complied with the requirements of the Company Law of the People's Republic of China (the "Company Law"), the Securities Law of the People's Republic of China (the "Securities Law"), the relevant provisions of China Securities Regulatory Commission and Shanghai Stock Exchange Listing Rules (the "Shanghai Stock Exchange Listing Rules") and duly performed its corporate governance obligations without being deviated from the relevant requirements issued by China Securities Regulatory Commission. The Company has also strictly complied with the Hong Kong Listing Rules and its latest amendments' requirements in relation to corporate governance. The Company has established a corporate governance structure with clearly defined rights and responsibilities with effective check, balance and coordination. General meetings, board of directors and the supervisory committee safeguarded the interests of investors and shareholders by fulfilling their own responsibilities and operated in compliance with regulations.

The Company will continue to be in strict compliance with the requirements of the regulatory bodies including China Securities Regulatory Commission, Beijing Securities Regulatory Bureau, Shanghai Stock Exchange, Hong Kong Stock Exchange and New York Stock Exchange. Through regulatory compliance and strict self-regulation, the Company will continuously improve its various corporate governance systems to further enhance its corporate governance level and internal control system, aiming at protecting the interest of shareholders of the Company, and the Company will maintain consistent, stable and healthy development to bring returns to the society and shareholders through satisfactory performance results. The Company will also continue to comply with the requirements on corporate governance under the Hong Kong Listing Rules.

Since its incorporation, the Company has been completely separated from its controlling shareholder in terms of business, employees, assets and finance. The Company has independent and comprehensive business and has the ability to operate on its own.

38

2.

ASSET TRANSACTIONS

On May 31, 2016, the Company transferred the environmental protection assets in relation to the desulfurization, denitration and dedusting of the coal-fired generating units of five entities, namely Lanzhou Branch, Baotou Aluminum Co., Ltd., Shandong Huayu Alloy Materials Co., Ltd., Maliantai Power Station and Liupanshan Power Station of Chalco Ningxia Energy Group Co., Ltd., by way of public listing at China Beijing Equity Exchange. On June 29, 2016, the Company entered into the assets transfer agreements with Beijing Aluminum SPC Environment Protection Tech Co., Ltd.* (). For details about the above matter, please refer to the announcement dated June 29, 2016 of the Company.

For other asset transactions of the Company, please refer to "MATERIAL CONNECTED TRANSACTIONS OF THE GROUP DURING THE REPORTING PERIOD" in this section.

3.

DISTRIBUTION OF FINAL DIVIDEND FOR THE YEAR 2015

The non-distribution of the 2015 final dividends of the Company was considered and approved at the 2015 annual general meeting convened on June 28, 2016.

4.

MATERIAL LITIGATION AND ARBITRATION

There was no material litigation or arbitration of the Company during the reporting period.

39

5.

MATERIAL CONNECTED TRANSACTIONS OF THE GROUP DURING THE REPORTING PERIOD

Connected transactions related to daily operations

During the reporting period, the total amount of major and continuing connected transactions between the Group and connected persons was approximately RMB9.2 billion, of which purchase transactions amounted to approximately RMB3.1 billion and sales transactions amounted to approximately RMB6.1 billion (including sale of products and services).

On June 28, 2016, the Company and Chinalco renewed the Labor and Engineering Services Agreement, and the annual transaction caps thereunder for the three years from 2016 to 2018 are RMB300 million, RMB400 million and RMB500 million, respectively.

On June 28, 2016, the Company entered into a cooperative exploration agreement and an income sharing rights transfer agreement with Chinalco, pursuant to which the Company will jointly operate Guizhou Maochang bauxite mine ("Maochang Mine") with Chinalco and hold 58.15% of the income sharing rights thereof. In the meantime, the Company will obtain 80% of Chinalco's income sharing rights in Maochang Mine through one-off acquisition. Upon completion of the transactions under the cooperative exploration agreement and the income sharing rights transfer agreement, the Company will hold a total of 91.63% of the income sharing rights of Maochang Mine.

All of the above connected transactions during the reporting period have been conducted under the relevant agreements which have been published by way of announcement. The continuing connected transactions of the Group were mainly transactions between the Company and Chinalco.

40

Connected transactions related to acquisition and disposal of assets

On March 30, 2016, Chalco Shandong Co., Ltd. (), a wholly-owned subsidiary of the Company, entered into an asset transfer agreement to transfer certain assets to Shandong Aluminum Company (), a wholly-owned subsidiary of Aluminum Corporation of China.

On March 30, 2016, Henan Branch of the Company entered into an asset transfer agreement to transfer certain assets to China Great Wall Aluminum Corporation (), a wholly-owned subsidiary of Aluminum Corporation of China.

On March 30, 2016, Shanxi Branch of the Company entered into an asset transfer agreement to transfer certain assets to Shanxi Aluminum Plant, a wholly-owned subsidiary of Aluminum Corporation of China.

On June 28, 2016, Shanxi Branch of the Company entered into an asset transfer agreement to acquire certain assets including pseudo-boehmite production line of Shanxi Aluminum Plant, a wholly-owned subsidiary of Aluminum Corporation of China.

On 28 June 2016, the Board of the Company approved the participation in the bidding for the 60% equity interest in Chinalco (Shanghai) Co., Ltd. () held by Aluminum Corporation of China. On August 8, 2016, the Company successfully bid for the 60% equity interest in Chinalco (Shanghai) Co., Ltd. and entered into an equity transfer agreement with conditions precedent with Aluminum Corporation of China, which is pending approval at the 2016 second extraordinary general meeting of the Company.

For details about the above matters, please refer to announcements dated March 30, 2016, June 28, 2016 and August 8, 2016 of the Company.

Transfer of loans

There was no connected transaction in relation to the transfers of loans during the reporting period.

41

6.

PERFORMANCE OF UNDERTAKINGS

The following undertakings by Chinalco were made during or subsisting in the reporting period: In 2007, the initial issuance of A shares of the Company, Chinalco provided undertakings principally in relation to non-competition in the industry: The Company will acquire the pseudo-boehmite business from Chinalco within a certain period of time following the listing of the Company's A shares. Once the Company proposes the offer to acquire the pseudo-boehmite business from Chinalco, Chinalco will dispose the above business to the Company at fair price on the principles of fairness and reasonableness.

The acquisition of certain assets including pseudo-boehmite production line of Shanxi Aluminum Plant affiliated to Aluminum Corporation of China, by Shanxi Branch of the Company was considered and approved at the first meeting of the sixth session of the Board of the Company on June 28, 2016. Up till now, the Company has entirely resolved the problem of horizontal competition on pseudo-boehmite business with Aluminum Corporation of China. For details, please refer to the announcement dated June 28, 2016 of the Company.

42

7.

OTHER SIGNIFICANT EVENTS

Listing and trading of shares subject to trading moratorium issued under non-public Issuance

On April 24, 2015, the Company received the Approval in Relation to the Non-public Issuance of Shares by Aluminum Corporation of China Limited (Zheng Jian Xu Ke (2015) No. 684) issued by the China Securities Regulatory Commission approving the non-public issuance of no more than 1,450 million new shares by the Company. On June 15, 2015, the Company completed the non-public issuance of 1,379,310,344 A shares. Target subscribers, including Truvalue Asset Management Co., Ltd.* (), SWS MU (Shanghai) Asset Management Co., Ltd.* (), Caitong Fund Management Co., Ltd.* (), Tian An Property Insurance Co., Ltd.* (), Huaxia Life Insurance Co., Ltd.* (), Shangyin Ruijin Capital Management Co., Ltd.* (), Bosera Fund Management Co., Ltd.* () and Ping An UOB Fund Management Company Ltd.* (), undertook not to transfer such shares subscribed by each of them within 12 months from the completion of the issuance. On June 14, 2016, the Company published the Announcement on the Listing and Trading of Shares Subject to Trading Moratorium Issued under Non-public Issuance by Aluminum Corporation of China Limited. Following the expiry of the period of trading moratorium for the above target subscribers, the shares were officially listed and traded on June 20, 2016.

Development of gold leasing financing with BOCOM

On June 6, 2016, the Company entered into one gold leasing operational agreement, four gold leasing agreements and a general hedging agreement with Beijing Branch of Bank of Communications Co., Ltd., pursuant to which the Company developed gold leasing for working capital financing purpose. For details about this matter, please refer to the announcement dated June 6, 2016 of the Company.

43

Independent Review Report

To the shareholders of Aluminum Corporation of China Limited

(Incorporated in the People's Republic of China with limited liability)

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Aluminum Corporation of China Limited (the "Company") and its subsidiaries (collectively, the "Group") as of 30 June 2016 and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim Financial Reporting ("IAS 34"). The directors of the Company are responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

44

Independent Review Report (continued)

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young

Certified Public Accountants

22/F, CITIC Tower

1 Tim Mei Avenue, Central

Hong Kong

25 August 2016

45

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

As at 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

Notes

30 June

31 December

2016

2015

(Unaudited)

(Restated andaudited)

ASSETS

Non-current assets

    Intangible assets

7

10,332,825

10,439,015

    Property, plant and equipment

7

87,770,403

90,203,100

    Land use rights and leasehold land

2,689,172

2,707,584

    Investments in joint ventures

8

5,378,809

5,150,887

    Investments in associates

8

5,887,121

5,602,701

    Available-for-sale financial investments

330,596

130,440

    Deferred tax assets

1,258,502

1,362,995

    Other non-current assets

7,429,185

9,831,705

Total non-current assets

121,076,613

125,428,427

Current assets

    Inventories

19,241,330

20,177,028

    Trade and notes receivables

9

6,577,937

5,151,039

    Other current assets

18,008,274

15,847,333

    Financial assets at fair value through profit or loss

1,391

2,058

    Available-for-sale financial investments

17,720

224,820

    Restricted cash and time deposits

1,853,885

1,734,739

    Cash and cash equivalents

18,724,058

20,753,136

64,424,595

63,890,153

    Assets of a disposal group classified as held for sale

-

200,187

    Non-current assets held for sale

-

78,838

Total current assets

64,424,595

64,169,178

Total assets

185,501,208

189,597,605

46

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

Notes

30 June2016

31 December2015

(Unaudited)

(Restated andaudited)

EQUITY AND LIABILITIES

Equity

Equity attributable to the owners of the parent

    Share capital

10

14,903,798

14,903,798

    Other reserves

29,098,011

29,073,618

    Accumulated losses

        - proposed final dividend

20

-

-

        - others

(4,807,854)

(4,810,453)

39,193,955

39,166,963

Non-controlling interests

11,588,850

11,457,339

Total equity

50,782,805

50,624,302

Liabilities

Non-current liabilities

    Interest-bearing loans and borrowings

11

46,410,748

53,725,670

    Other non-current liabilities

3,067,204

3,302,659

    Deferred tax liabilities

990,802

1,006,155

Total non-current liabilities

50,468,754

58,034,484

47

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

As at 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

Notes

30 June2016

31 December2015

(Unaudited)

(Restated andaudited)

Current liabilities

    Trade and notes payables

13

12,452,771

14,506,138

    Other payables and accrued expenses

11,182,965

11,780,898

    Financial liabilities at fair value through profit or loss

128,343

161,700

    Income tax payable

61,958

43,356

    Interest-bearing loans and borrowings

11

60,423,612

54,422,862

84,249,649

80,914,954

    Liabilities of a disposal group classified as held for sale

-

23,865

Total current liabilities

84,249,649

80,938,819

Total liabilities

134,718,403

138,973,303

Total equity and liabilities

185,501,208

189,597,605

Net current liabilities

19,825,054

16,769,641

Total assets less current liabilities

101,251,559

108,658,786

The accompanying notes are an integral part of these financial statements.

Yu Dehui

Zhang Zhankui

Director

Chief Financial Officer

48

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

For the six monthsended 30 June

Notes

2016

2015

(Unaudited)

(Restated andunaudited)

Revenue

6

49,705,296

66,141,187

Cost of sales

(45,744,744)

(62,810,920)

Gross profit

3,960,552

3,330,267

Selling and distribution expenses

14

(946,429)

(889,753)

General and administrative expenses

15

(1,217,822)

(1,225,485)

Research and development expenses

(79,779)

(83,180)

Other income

16(a)

433,165

666,300

Other gains, net

16(b)

433,145

904,905

Operating profit

2,582,832

2,703,054

Finance income

17

397,936

389,628

Finance costs

17

(2,478,056)

(3,133,784)

Share of profits and losses of:

    Joint ventures

8

(93,121)

60,332

    Associates

8

88,609

123,353

Profit before income tax

498,200

142,583

Income tax (expense)/credit

18

(152,403)

36,486

Profit for the period

345,797

179,069

Profit attributable to:

    Owners of the parent

57,448

1,543

    Non-controlling interests

288,349

177,526

345,797

179,069

Basic and diluted earnings per share attributable to ordinary equity holders of the parent     (expressed in RMB per share)

19

0.0002

0.0001

49

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

For the six months ended 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

For the six months ended 30 June

2016

2015

(Unaudited)

(Restated andunaudited)

Profit for the period

345,797

179,069

Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods, net of tax:

    Gain on available-for-sale financial investments

55,500

57,820

     (Transfer out)/share of other comprehensive income of an associate

(4,658)

4,658

    Exchange differences on translation of foreign operations

213,963

(79,249)

Total other comprehensive income/(loss) for the period, net of tax

264,805

(16,771)

Total comprehensive income for the period

610,602

162,298

Total comprehensive income/(loss) for the period attributable to:

    Owners of the parent

322,253

(15,228)

    Non-controlling interests

288,349

177,526

610,602

162,298

Details of the dividends proposed for the six months ended 30 June 2016 are disclosed in note 20 to the financial statements.

The accompanying notes are an integral part of these financial statements.

50

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

Attributable to owners of the parent

Capital reserves

Share capital

Share premium

Other capital reserves

Statutory surplus reserve

Special reserve

Gain on available-for-sale financial investments

Other equity instruments

Foreign currency translation reserve

Accumulated losses

Total

Non-controlling interests

Total equity

At 1 January 2016

14,903,798

19,578,582

674,094

5,867,557

98,700

62,598

2,019,288

312,538

(4,677,058)

38,840,097

11,457,339

50,297,436

Add: Adjustment due to business combination under     common control (note 4)

-

460,261

-

-

-

-

-

-

(133,395)

326,866

-

326,866

At 1 January 2016

14,903,798

20,038,843

674,094

5,867,557

98,700

62,598

2,019,288

312,538

(4,810,453)

39,166,963

11,457,339

50,624,302

    Profit for the period

-

-

-

-

-

-

-

-

57,448

57,448

288,349

345,797

Other comprehensive income/(loss) for the period,     net of tax

Gain on available-for-sale financial investments

-

-

-

-

-

55,500

-

-

-

55,500

-

55,500

Transfer out of share of other comprehensive income     of an associate

-

-

-

-

-

(4,658)

-

-

-

(4,658)

-

(4,658)

Exchange differences on translation of foreign operations

-

-

-

-

-

-

-

213,963

-

213,963

-

213,963

Total comprehensive income

-

-

-

-

-

50,842

-

213,963

57,448

322,253

288,349

610,602

Business combination under common control (note 4)

-

(338,284)

-

-

-

-

-

-

-

(338,284)

-

(338,284)

Capital injection from non-controlling shareholders

-

-

-

-

-

-

-

-

-

-

10,000

10,000

Other appropriations

-

-

-

-

32,417

-

-

-

-

32,417

(8,699)

23,718

Share of reserves of joint ventures and an associate

-

-

-

-

10,606

-

-

-

-

10,606

-

10,606

Other equity instruments' distribution

-

-

-

-

-

-

54,849

-

(54,849)

-

(158,139)

(158,139)

At 30 June 2016 (Unaudited)

14,903,798

19,700,559

674,094

5,867,557

141,723

113,440

2,074,137

526,501

(4,807,854)

39,193,955

11,588,850

50,782,805

51

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the six months ended 30 June 2016

(Amounts expressed in thousands of RMB unless otherwise stated)

Attributable to owners of the parent

Capital reserves

(Restated)

Share capital

Share premium

Other capital reserves

Statutory surplus reserve

Special reserve

Gain on available-for-sale financial investments

Foreign currency translation reserve

Accumulated losses

Total

Non-controlling interests

Total equity