Aluminum Corporation of China Limited (ALMMF) 20-F25 Apr 232022 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-15264
Entity Registrant Name	ALUMINUM CORP OF CHINA LTD
Entity Incorporation, State or Country Code	F4
Entity Address, Address Line One	No. 62 North Xizhimen Street
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100082
Title of 12(b) Security	None
No Trading Symbol Flag	true
Security Exchange Name	NONE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Firm ID	1424
Auditor Location	Shanghai, the People’s Republic of China
Entity Central Index Key	0001161611
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	No. 62 North Xizhimen Street
Entity Address, Address Line Two	Haidian District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100082
City Area Code	86
Local Phone Number	10 8229 8322
Contact Personnel Name	Zhu Runzhou
Contact Personnel Email Address	ir@chalco.com.cn
Domestic Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	13,217,625,583
H Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	3,943,965,968

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Non-current assets
Intangible assets	¥ 12,950,823	$ 1,877,693	¥ 13,333,988
Property, plant and equipment	109,276,880	15,843,658	121,383,020
Investment properties	1,917,623	278,029	1,814,589
Right-of-use assets	17,273,642	2,504,443	19,042,009
Investments in joint ventures	3,339,967	484,250	3,350,959
Investments in associates	6,402,638	928,295	6,441,793
Other financial assets measured at fair value	2,161,085	313,328	457,686
Deferred tax assets	2,057,900	298,367	2,096,459
Other non-current assets	2,431,500	352,534	2,832,661
Total non-current assets	157,812,058	22,880,597	170,753,164
Current assets
Inventories	24,712,322	3,582,950	21,642,654
Trade and notes receivables	5,874,021	851,653	7,106,729
Other current assets	4,689,697	679,942	4,275,669
Restricted cash	2,443,249	354,238	1,400,988
Cash and cash equivalents	16,816,684	2,438,190	19,683,619
Total current assets	54,535,973	7,906,973	54,109,659
Total assets	212,348,031	30,787,570	224,862,823
Equity attributable to owners of the Company
Share capital	17,161,592	2,488,197	17,022,673
Shares held for employee share scheme	(404,685)	(58,674)
Other equity instruments	2,000,000	289,973	2,498,429
Other reserves	25,556,558	3,705,353	34,152,443
Retained earnings	10,089,547	1,462,846	6,810,078
Total equity attributable to owners of the Company	54,403,012	7,887,695	60,483,623
Non-controlling interests	33,352,955	4,835,724	29,213,945
Total equity	87,755,967	12,723,419	89,697,568
Non-current liabilities
Interest-bearing loans and borrowings	58,596,765	8,495,732	69,674,935
Deferred tax liabilities	1,451,692	210,476	1,403,291
Other non-current liabilities	2,176,784	315,604	2,171,427
Total non-current liabilities	62,225,241	9,021,812	73,249,653
Current liabilities
Trade and notes payables	22,536,331	3,267,461	18,588,416
Other payables and accrued liabilities	9,521,239	1,380,450	12,382,739
Contract liabilities	2,049,014	297,079	2,363,043
Financial liabilities at fair value through profit or loss	8,767	1,271	68,871
Income tax payable	392,119	56,852	847,163
Interest-bearing loans and borrowings	27,859,353	4,039,226	27,665,370
Total current liabilities	62,366,823	9,042,339	61,915,602
Total liabilities	124,592,064	18,064,151	135,165,255
Total equity and liabilities	212,348,031	30,787,570	224,862,823
Net current liabilities	(7,831,000)	(1,135,366)	(7,805,943)
Total assets less current liabilities	¥ 149,981,208	$ 21,745,231	¥ 162,947,221

CONSOLIDATED STATEMENT OF PROFI

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares	Dec. 31, 2020 CNY (¥) ¥ / shares
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Revenue	¥ 290,987,942	$ 42,189,286	¥ 298,885,350	¥ 203,993,079
Cost of sales	(259,704,084)	(37,653,553)	(264,168,773)	(188,520,176)
Gross profit	31,283,858	4,535,733	34,716,577	15,472,903
Selling and distribution expenses	(418,909)	(60,736)	(383,233)	(372,361)
General and administrative expenses	(6,008,207)	(871,108)	(6,325,461)	(5,061,001)
Research and development expenses	(4,805,174)	(696,685)	(2,417,448)	(1,465,313)
Impairment losses on property, plant and equipment	(3,795,420)	(550,284)	(4,064,673)	(681,257)
Net impairment losses on financial assets	(414,139)	(60,045)	(1,390,765)	(967,942)
Other income	235,785	34,186	173,156	304,399
Other gains/(losses) - net	315,359	45,723	(1,641,015)	373,092
Operating profit	16,393,153	2,376,784	18,667,138	7,602,520
Finance income	477,137	69,178	311,103	266,209
Finance costs	(3,894,867)	(564,703)	(4,532,666)	(5,069,701)
Finance costs, net	(3,417,730)	(495,525)	(4,221,563)	(4,803,492)
Impairment loss on investment in an associate	(75,997)	(11,019)
Share of net profits/ (losses) of investments accounted for using the equity method
Joint ventures	178,910	25,940	164,100	180,502
Associates	130,632	18,940	(423,247)	(93,518)
Total	309,542	44,880	(259,147)	86,984
Profit before income tax	13,208,968	1,915,120	14,186,428	2,886,012
Income tax expense	(2,365,639)	(342,985)	(2,869,551)	(641,329)
Profit for the year	10,843,329	1,572,135	11,316,877	2,244,683
Profit attributable to:
Owners of the Company	4,191,927	607,772	5,759,422	862,054
Non-controlling interests	¥ 6,651,402	$ 964,363	¥ 5,557,455	¥ 1,382,629
Basic earnings per share \| (per share)	¥ 0.239	$ 0.035	¥ 0.326	¥ 0.034
Diluted earnings per share \| (per share)	¥ 0.239	$ 0.035	¥ 0.326	¥ 0.034
Available-for-sale investments:
Exchange differences on translation of foreign operations	¥ (480,513)	$ (69,668)	¥ 254,116	¥ 159,943
Equity investments designated at fair value through other comprehensive income:
Changes in fair value of financial assets measured at fair value through other comprehensive income	(43,884)	(6,363)	(6,172)	(91,646)
Income tax effect	7,236	1,049	5,731	9,406
Share of other comprehensive income of associates and joint ventures accounted for using the equity method	(5,628)	(816)	6,292
Other comprehensive income for the year, net of tax	(522,789)	(75,798)	259,967	77,703
Total comprehensive income for the year attributable to:
Owners of the company	3,676,881	533,097	6,010,739	972,773
Non-controlling interests	6,643,659	963,240	5,566,105	1,349,613
Total comprehensive income for the year	¥ 10,320,540	$ 1,496,337	¥ 11,576,844	¥ 2,322,386

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ¥ in Thousands, $ in Thousands	Attributable to owners of the Company CNY (¥)	Share capital (Note 17) CNY (¥)	Share premium CNY (¥)	Other reserves CNY (¥)	Shares held for employee share scheme CNY (¥)	Statutory surplus reserve CNY (¥)	Special reserve CNY (¥)	Fair value reserve CNY (¥)	Other equity instruments CNY (¥)	Foreign currency translation reserve CNY (¥)	Retained earnings/ (Accumulated losses) CNY (¥)	Non-controlling interests CNY (¥)	CNY (¥)	USD ($)
Balance at December 31	¥ 54,756,244	¥ 17,022,673	¥ 27,363,826	¥ 1,108,544		¥ 5,867,557	¥ 139,891	¥ 49,511	¥ 5,487,104	¥ 182,197	¥ (2,465,059)	¥ 16,096,611	¥ 70,852,855
Changes in accounting policies (Note 3.1.4)	(240)										(240)		(240)
Adjustment due to business combinations under common control (Note 41)	1,855,040		2,496,478				17,664	124,653		4,250	(788,005)	8,237,028	10,092,068
Restated balance at Dec. 31, 2019	56,611,044	17,022,673	29,860,304	1,108,544		5,867,557	157,555	174,164	5,487,104	186,447	(3,253,304)	24,333,639	80,944,683
Profit for the year	862,054										862,054	1,382,629	2,244,683
Other comprehensive income for the year
Changes in fair value of equity investments at fair value through other comprehensive income, net of tax	(51,430)							(51,430)				(30,810)	(82,240)
Exchange differences on translation of foreign operations	162,149									162,149		(2,206)	159,943
Total comprehensive income/(loss)for the year	972,773							(51,430)		162,149	862,054	1,349,613	2,322,386
Business combinations under common control	(13,329)		(13,329)									23,996	10,667
Capital injection from non-controlling shareholders	6,134		6,134									482,717	488,851
Disposal of subsidiaries	3,616			3,616								(15,704)	(12,088)
Release of deferred government subsidies	49,290			49,290									49,290
Other appropriations	39,567						39,567					(6,994)	32,573
Share of reserves of joint ventures and associates	3,838			(58)			3,896						3,838
Distribution of other equity instruments	(275,000)										(275,000)	(146,416)	(421,416)
Underwriting fees of other equity instruments	(675)								(675)				(675)
Dividends distribution by subsidiaries to non- controlling shareholders												(427,418)	(427,418)
Repayment of senior perpetual securities	(2,000,000)								(2,000,000)				(2,000,000)
Issuance of Senior Perpetual Securities	1,000,000								1,000,000				1,000,000
Balance at Dec. 31, 2020	56,397,258	17,022,673	29,853,109	1,161,392		5,867,557	201,018	122,734	4,486,429	348,596	(2,666,250)	25,593,433	81,990,691
Balance at December 31	54,449,317	17,022,673	27,353,768	1,161,392		5,867,557	180,428	7,618	4,486,429	345,205	(1,975,753)	16,855,847	71,305,164
Changes in accounting policies (Note 3.1.4)	63,068										63,068		63,068
Adjustment due to business combinations under common control (Note 41)	1,884,873		2,499,341				20,590	115,116		3,391	(753,565)	8,737,586	10,622,459
Profit for the year	5,759,422										5,759,422	5,557,455	11,316,877
Other comprehensive income for the year
Changes in fair value of equity investments at fair value through other comprehensive income, net of tax	(10,440)							(10,440)				9,999	(441)
Exchange differences on translation of foreign operations	255,465									255,465		(1,349)	254,116
Share of other comprehensive income of associates and joint ventures accounted for using the equity method	6,292							6,292					6,292
Total comprehensive income/(loss)for the year	6,010,739							(4,148)		255,465	5,759,422	5,566,105	11,576,844
Business combinations under common control	(395,624)		(395,624)										(395,624)
Capital injection from non-controlling shareholders	559,083		549,285	9,798								2,137,038	2,696,121
Appropriation to surplus reserves						254,642					(254,642)
Disposal of subsidiaries												(3,886)	(3,886)
Other appropriations	117,324			1,356			115,968					92,918	210,242
Share of reserves of joint ventures and associates	4,343						4,343						4,343
Distribution of other equity instruments	(209,500)										(209,500)	(140,127)	(349,627)
Offset of statutory surplus reserves against accumulated losses						(4,229,913)					4,229,913
Dividends distribution by subsidiaries to non- controlling shareholders												(645,286)	(645,286)
Repayment of senior perpetual securities	(2,000,000)			(12,000)					(1,988,000)			(3,386,250)	(5,386,250)
Disposal of other equity instrument investments								(48,865)			48,865
Balance at Dec. 31, 2021	60,483,623	17,022,673	30,006,770	1,160,546		1,892,286	321,329	167,451	2,498,429	604,061	6,810,078	29,213,945	89,697,568
Balance at December 31	57,264,687	17,022,673	26,958,144	1,159,190		1,892,286	287,983	20,760	2,498,429	600,995	6,824,227	15,518,810	72,783,497
Changes in accounting policies (Note 3.1.4)	61,526										61,526	12,196	73,722
Adjustment due to business combinations under common control (Note 41)	3,157,410		3,048,626	1,356			33,346	146,691		3,066	(75,675)	13,682,939	16,840,349
Profit for the year	4,191,927										4,191,927	6,651,402	10,843,329	$ 1,572,135
Other comprehensive income for the year
Changes in fair value of equity investments at fair value through other comprehensive income, net of tax	(23,061)							(23,061)				(13,587)	(36,648)
Exchange differences on translation of foreign operations	(486,357)									(486,357)		5,844	(480,513)
Share of other comprehensive income of associates and joint ventures accounted for using the equity method	(5,628)							(5,628)					(5,628)	(816)
Total comprehensive income/(loss)for the year	3,676,881							(28,689)		(486,357)	4,191,927	6,643,659	10,320,540	1,496,337
Business combinations under common control	(8,639,315)		(8,549,073)								(90,242)		(8,639,315)
Transactions with non-controlling shareholders	(17,911)			(17,911)								15,846	(2,065)
Appropriation to surplus reserves						168,254					(168,254)
Issuance of shares for employee share scheme (Note 18)		138,919	265,766		¥ (404,685)
Employee share schemes-value of employee services	48,172			48,172								86	48,258
Capital contribution to a branch of the Company	5,080			5,080									5,080
Other appropriations	(4,959)						(4,959)					(12,725)	(17,684)
Share of reserves of joint ventures and associates	3,832			453			3,379						3,832
Distribution of other equity instruments	(109,071)										(109,071)		(109,071)
Dividends distribution by subsidiaries to non- controlling shareholders												(2,507,856)	(2,507,856)
Distribution of dividends	(544,891)										(544,891)		(544,891)
Repayment of senior perpetual securities	(2,498,429)								(2,498,429)				(2,498,429)
Issuance of Senior Perpetual Securities	2,000,000								2,000,000				2,000,000
Balance at Dec. 31, 2022	¥ 54,403,012	¥ 17,161,592	¥ 21,723,463	¥ 1,196,340	¥ (404,685)	¥ 2,060,540	¥ 319,749	¥ 138,762	¥ 2,000,000	¥ 117,704	¥ 10,089,547	¥ 33,352,955	¥ 87,755,967	$ 12,723,419

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
CONSOLIDATED STATEMENT OF CASH FLOWS
Net cash inflows from operating activities	¥ 27,745,178	$ 4,022,673	¥ 35,156,246	¥ 19,418,532
Investing activities
Purchases of intangible assets	(197,352)	(28,613)	(218,264)	(5,395)
Purchases of property, plant and equipment	(4,416,315)	(640,305)	(3,190,928)	(10,325,459)
Purchases of right-of-use assets	(137,529)	(19,940)	(2,544)
Proceeds from disposal of property, plant and equipment	47,875	6,941	1,014,745	1,551,716
Proceeds from disposal of intangible assets	25,320	3,671	9,548	277,715
Proceeds from disposal of right-of-use assets	13,796	2,000	21,421	15,117
Proceeds from disposal of subsidiaries, net of cash	94,496	13,701	20,950	42,910
Proceeds from disposal of a joint venture and an associate	72,079	10,450	113,514
Proceeds from acquisition of subsidiaries, net of cash				3,690
Investments in joint ventures				(4,333)
Investments in associates				(175,433)
Investments in other financial assets measured at fair value	(15,330,000)	(2,222,641)	(11,921,000)	(7,020,000)
Proceeds from disposal of other financial assets measured at fair value	15,000,000	2,174,796	12,850,400	11,320,283
Investment loss/(income) from other financial assets measured at fair value	351,537	50,968	(447,136)	524,727
Dividends received from financial assets at fair value through other comprehensive income	11,499	1,667	15,268	125,617
Dividends received from associates and joint ventures	311,895	45,221	542,961	323,109
Change in deposit of futures contracts	673,392	97,633	(617,559)	(21,664)
Repayment of entrusted loans			60,395	6,000
Assets-related government grants received	61,010	8,846	75,971	53,558
Net cash outflows from investing activities	(3,418,297)	(495,605)	(1,672,258)	(3,307,842)
Financing activities
Instalment payment of bonds and shares issuance expenses	(8,769)	(1,271)	(55,167)	(29,285)
Proceeds from issuance of short-term bonds and medium-term notes	8,500,000	1,232,384	24,845,054	25,900,000
Repayments of senior perpetual securities	(2,498,429)	(362,238)	(5,386,250)	(2,000,000)
Proceeds from issuance of senior perpetual securities	2,000,000	289,973		1,000,000
Repayments of short -term bonds and medium-term notes	(11,543,196)	(1,673,606)	(21,537,420)	(30,638,813)
Repayments of gold leasing arrangements				(6,921,860)
Distributions of senior perpetual securities	(109,071)	(15,814)	(349,627)	(421,416)
Drawdown of short-term and long-term bank and other loans	23,110,651	3,350,729	35,427,456	62,547,304
Repayments of short-term and long-term bank and other loans	(30,462,437)	(4,416,638)	(53,661,147)	(61,447,357)
Lease payments	(1,599,072)	(231,844)	(554,668)	(1,748,202)
Issuance of shares for employee share scheme	404,685	58,674
Capital injection from non-controlling shareholders			2,730,055	259,966
Cash consideration paid for business combination under common control	(8,549,073)	(1,239,499)	(395,624)
Dividends paid by subsidiaries to non-controlling shareholders	(2,513,038)	(364,356)	(579,047)	(423,331)
Proceeds from loans of non-controlling shareholders	50,000	7,249		95,000
Repayments of loans of non-controlling shareholders	(45,000)	(6,524)		(60,000)
Purchases of shares of subsidiary from non-controlling shareholders				(69,192)
Interest paid	(3,775,000)	(547,324)	(3,901,665)	(4,272,577)
Others			4,646
Net cash outflow from financing activities	(27,037,749)	(3,920,105)	(23,413,404)	(18,229,763)
Net (decrease)/increase in cash and cash equivalents	(2,710,868)	(393,037)	10,070,584	(2,119,073)
Cash and cash equivalents at the beginning of the year	19,683,619	2,853,856	9,540,589	11,751,710
Net foreign exchange differences	(156,067)	(22,629)	72,446	(92,048)
Cash and cash equivalents at the end of the year	¥ 16,816,684	$ 2,438,190	¥ 19,683,619	¥ 9,540,589

GENERAL INFORMATION

GENERAL INFORMATION	12 Months Ended
GENERAL INFORMATION	Dec. 31, 2022
GENERAL INFORMATION
GENERAL INFORMATION	1 GENERAL INFORMATION Aluminum Corporation of China Limited (the “Company”) ( 中國鋁業股份有限公司 The Company is a joint stock company which was established on September 10, 2001 and is domiciled in the People’s Republic of China (the “PRC”) with limited liability. The address of its registered office is No. 62 North Xizhimen Street, Haidian District, Beijing, the PRC. The Company’s shares have been listed on the Main Board of the Hong Kong Stock Exchange and the New York Stock Exchange since 2001. The Company also listed its A shares on the Shanghai Stock Exchange in 2007. On August 12, 2022 (U.S.Eastern Time), the Company has notified the New York Stock Exchange (“NYSE”) of its proposed application for voluntary delisting of its American depositary shares (the “ADSs”) from the NYSE. The last trading day of ADSs on the NYSE was on September 1, 2022. On and after such date, the ADSs of the Company would no longer be listed on the NYSE. After the Company completed the delisting on September 1, 2022, the Company will then apply for deregistration of the ADSs. In the opinion of the directors, the ultimate parent of the Company is Aluminum Corporation of China (“Chinalco”) ( 中國鋁業集團有限公司 1 GENERAL INFORMATION (CONTINUED) Information about subsidiaries Particulars of the Company’s principal subsidiaries are as follows: Percentage of equity Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Shanxi Huaxing Aluminum Co. Ltd. (“Shanxi Huaxing”) (山西華興鋁業有限公司) PRC/Mainland China 1,850,000 Manufacture and distribution of alumina 60.00 % 40.00 % Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) (包頭鋁業有限公司) PRC/Mainland China 2,245,510 Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon products 100.00 % — China Aluminum International Trading Co., Ltd. (“Chalco Trading”) (中鋁國際貿易有限公司) PRC/Mainland China 1,731,111 Import and export activities 100.00 % — Chalco Shanxi New Material Co., Ltd. (“Shanxi New Material”) (中鋁山西新材料有限公司) PRC/Mainland China 4,279,601 Manufacture and distribution of alumina, primary aluminum and anode carbon products and electricity generation and supply 85.98 % — China Aluminum International Trading Group Co., Ltd. (“Trading Group”) (中鋁國際貿易集團有限公司) PRC/Mainland China 1,030,000 Import and export activities 100.00 % — Zunyi Aluminum Co., Ltd. (遵義鋁業股份有限公司) PRC/Mainland China 3,204,900 Manufacture and distribution of primary aluminum and alumina 67.45 % — Chalco Hong Kong Ltd. (“Chalco Hong Kong”) ( Hong Kong HKD6,778,835 in thousand Overseas investments and alumina import and export activities, and mining and distribution of bauxite. 100.00 % — Chalco Mining Co., Ltd. (“Chalco Mining“) (中鋁礦業有限公司) PRC/Mainland China 4,028,859 Manufacture, acquisition and distribution of bauxite mines, limestone ore and alumina 100.00 % — Chalco Energy Co., Ltd. (“Chalco Energy”) (中鋁能源有限公司) PRC/Mainland China 1,384,398 Thermoelectric supply and investment management 100.00 % — China Aluminum Ningxia Energy Group Co., Ltd. (“Ningxia Energy“) (中鋁寧夏能源集團) PRC/Mainland China 5,025,800 Thermal power, wind power and solar power generation, coal mining, and power-related equipment manufacturing 70.82 % — Guizhou Huajin Aluminum Co., Ltd. (“Guizhou Huajin“) (貴州華錦鋁業有限公司) PRC/Mainland China 1,000,000 Manufacture and distribution of alumina 60.00 % — 1 GENERAL INFORMATION (CONTINUED) Percentage of equity Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd. (中國鋁業鄭州有色金屬研究院有限公司) PRC/Mainland China 214,858 Research and development services 100.00 % — Chinalco New Materials Co., Ltd (“Chinalco New Material “) (中鋁新材料有限公司) PRC/Mainland China 6,450,000 Manufacture and distribution of alumina, aluminium hydroxide and trading 100.00 % China Aluminum Logistics Group Corporation Co., Ltd. (中鋁物流集團有限公司) PRC/Mainland China 964,291 Logistics and transportation 100.00 % — Chinalco Shanxi Jiaokou Xinghua Technology Ltd. (“Xinghua Technology“) (中鋁集團山西交口興華科技股份有限公司) PRC/Mainland China 588,182 Manufacture and distribution of primary aluminum 33.00 % 33.00 % Chinalco Shanghai Company Limited (“Chinalco Shanghai“) (中鋁(上海)有限公司) PRC/Mainland China 968,300 Trading and engineering project management and leasing 100.00 % — Shanxi Chinalco Resources Co., Ltd. (“Shanxi Chinalco Resources”) (山西中鋁華潤有限公司) PRC/Mainland China 1,641,750 Manufacture and distribution of primary aluminum 40.00 % — Guizhou Huaren New Material Co., Ltd. (“Guizhou Huaren”) (貴州華仁新材料有限公司) PRC/Mainland China 1,200,000 Manufacture and distribution of primary aluminum 40.00 % — Chinalco Materials Co., Ltd. (中鋁物資有限公司) PRC/Mainland China 1,000,000 Import and export activities and trading 100.00 % — Yunnan Aluminum Co., Ltd. (“Yunnan Aluminum”) (雲南鋁業股份有限公司). PRC/Mainland China 3,467,957 Manufacture and distribution of primary aluminum and alumina 29.10 % — Chalco (Shanghai) Carbon Co., Ltd.(“Shanghai Carbon”)( 中鋁（上海）碳素有限公司) PRC/Mainland China 1,000,000 Manufacture and distribution of anode and cathode carbon 100.00 % — Lanzhou Aluminum Co., Ltd.( 蘭州鋁業有限公司) PRC/Mainland China 1,593,648 Manufacture and distribution of primary aluminum 100.00 % —

SIGNIFICANT CHANGES IN THE CURR

SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD	12 Months Ended
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD	Dec. 31, 2022
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD.
SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD	2 SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD In 2022, the Company acquired 19% equity interest in Yunnan Aluminum and the entire equity interests in Pingguo Aluminum, both of which were subsidiaries of Chinalco. These transactions were regarded as business combinations under common control (Note 41) and merger accounting was applied by the Group as described in Note 3.3(a). The comparative information has been restated accordingly.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the Group consisting of the Company and its subsidiaries. 3.1 Basis of preparation 3.1.1 Compliance with IFRS The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. 3.1.2 Going concern As of December 31, 2022, the Group’s current liabilities exceeded its current assets by approximately RMB7,831 million (December 31, 2021: RMB7,806 million). The directors of the Company have considered the Group’s available sources of funds as follows: ● The Group’s expected net cash inflows from operating activities for 2023; ● Unutilized banking facilities of approximately RMB 99,189 million As of December 31, 2022, of which RMB 49,380 million will be available over the 12 months from December 31, 2022. The directors of the Company are in the view that these banking facilities could be renewed upon expiration based on the Group’s past experience and good credit standing; ● Other available sources of financing from banks and other financial institutions given the Group’s credit history. The directors of the Company believe that the Group has adequate resources to continue operations for the foreseeable future of not less than 12 months from December 31, 2022. Accordingly, the directors of the Company are of the opinion that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements. 3.1.3 Historical cost convention The financial statements have been prepared on a historical cost basis except for certain financial assets and financial liabilities measured at fair value. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.1 Basis of preparation (Continued) 3.1.4 New and amended standards adopted by the Group The Group has applied the following amendment for the first time for their annual reporting period commencing January 1, 2022. (i) The amendment to IAS 16 Property, Plant and Equipment-Proceeds before Intended Use The amendment to IAS 16 Property, Plant and Equipment prohibits deduction of the cost of an item of property, plant and equipment from any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. This change in accounting policy has been accounted for retrospectively and the comparative information has been restated. The effect of adjustment on earliest period presented is as following: RMB Items January 1, 2020 Property, plant and equipment (240) Retained earnings (240) For the year ended December 31, 2020 Revenue 117,109 Cost of sales (53,801) RMB Items January 1, 2021 Property, plant and equipment 63,068 Retained earnings 63,068 For the year ended December 31, 2021 Revenue 82,280 Cost of sales (71,626) Other than the amendment to IAS16, there are also new and amended standards that are mandatory for the first time for the Group’s financial year beginning on January 1, 2022 and are applicable by the Group: Annual improvements, Amendments to IFRS 3, Amendments to IAS 37. The adoption of these amended standards did not have any significant financial impact to the Group. As the retrospective application of the amendment to IAS 16 Property, Plant and Equipment did not have material impact to the Group’s financial position and performance, the Group did not present the third balance sheet as of January 1, 2021. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.1 Basis of preparation (Continued) 3.1.5 New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatorily effective for December 31, 2022 reporting periods and have not been early adopted by the Group. Except for the amendments of IAS 12 on deferred income tax which impact is being assessed by management, other new standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 3.2 Principles of consolidation and equity accounting 3.2.1 Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (Note 3.3). Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and balance sheet respectively. 3.2.2 Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (Note 3.2.4), after initially being recognized at cost. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.2 Principles of consolidation and equity accounting (Continued) 3.2.3 Joint arrangements Under IFRS 11 ‘Joint Arrangements’, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group only has joint ventures. Joint ventures Interests in joint ventures are accounted for using the equity method (Note 3.2.4), after initially being recognized at cost in the consolidated statement of financial position. 3.2.4 Equity method Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 3.11. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.2 Principles of consolidation and equity accounting (Continued) 3.2.5 Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. 3.3 Business combination (a) Merger accounting for business combinations under common control The consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control as if they had been combined from the date when the combining entities or businesses first came under the control of the ultimate holding company. The net assets of the combining entities or businesses are consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognized for goodwill or excess of the Group‘s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation of the ultimate holding company’s interest. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.3 Business combination (Continued) (a) Merger accounting for business combinations under common control (Continued) The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The comparative financial data have been restated to reflect the business combinations under common control occurred during this year (Note 41). Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognized as expenses in the period in which they are incurred. (b) Acquisition method of accounting for other business combinations and goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The consideration transferred is measured at the acquisition date fair value which is the sum of acquisition date fair value of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The consideration transferred included the fair value of any assets and liabilities resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportional share of net assets in the event of liquidation at fair value or at the proportional share of the acquiree’s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is, after reassessment, recognized in profit or loss as a gain on bargain purchase. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.3 Business combination (Continued) (b) Acquisition method of accounting for other business combinations and goodwill (Continued) After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash- generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. 3.4 Separate financial statements Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill. 3. 5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-makers, who are responsible for allocating resources and assessing the performance of the operating segments, have been identified as the executive presidents committee of the Company that make strategic decisions. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.6 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in RMB, which is the Company’s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as fair value through other comprehensive income are recognized in other comprehensive income. (c) Group companies The results and financial positions of all the group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities in each statement of financial position presented are translated at the closing rates at the end of the reporting period; (ii) income and expenses in each statement of profit and loss and other comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates at the dates of the transactions); and (iii) all resulting exchange differences are recognized in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.6 Foreign currency translation (Continued) (d) Disposal of foreign operation and partial disposal On the disposal of a foreign operation (that is, a disposal of the group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a joint venture that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the currency translation differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss. 3.7 Property, plant and equipment Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment losses. When an item of property, plant and equipment is classified as held for sale or when it is part of a disposal group classified as held for sale, it is not depreciated and is accounted for in accordance with IFRS 5. Construction in progress represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Except for the coal mining structures which depreciation is calculated using the unit-of-production method, depreciation of property, plant and equipment is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Buildings and infrastructure 8 – 45 years Machinery 3 – 30 years Transportation facilities 6 – 10 years Office and other equipment 3 – 10 years Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. Construction in progress (“CIP”) represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of construction and capitalized borrowing costs on related borrowed funds during the period of construction. CIP is reclassified to the appropriate categories of property, plant and equipment when completed and ready for use. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 3.11). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.8 Investment properties Investment properties are interests in land use rights and buildings (including the leasehold property held as a right-of-use asset which would otherwise meet the definition of an investment property) held to earn rental income and/or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes; or for sale in the ordinary course of business. Such properties are measured initially at cost, including transaction costs. After initial recognition, the Group uses the cost methods to measure all of its investment properties. Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives as follows: Buildings 25 – 50 years Land use rights 40 – 70 years The carrying amounts of investment properties measured using the cost method are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. Any gains or losses on the retirement or disposal of an investment property are recognized in profit or loss in the year of the retirement or disposal. 3.9 Intangible assets (a) Goodwill Goodwill is measured as described in Note 3.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments (Note 5). 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.9 Intangible assets (Continued) (b) Mining rights and mineral exploration rights The Group’s mineral exploration rights and mining rights relate to coal, bauxite and other mines. (i) Recognition Except for mineral exploration rights and mining rights acquired in a business combination, mineral exploration rights and mining rights are initially recorded at cost which includes the acquisition consideration, qualifying exploration and other direct costs. The mineral exploration rights are stated at cost less any impairment, and the mining rights are stated at cost less any amortization and impairment. (ii) Reclassification Mineral exploration rights are converted to mining rights when obtain mining rights certification, or technical feasibility and commercial viability of extracting a mineral resource are demonstrable, and are subject to amortization when commercial production has commenced. The Group assesses the stage of each mine under construction to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria, such as completion of a reasonable period of testing of the mine and equipment, ability to produce in saleable form (within specifications) and ability to sustain ongoing production to assess when a mine is substantially complete and ready for its intended use. (iii) Amortization Mining rights other than coal mining rights are amortized on a straight-line basis over a shorter period of the mining right valid period and expected mining life. Estimated mineable periods of the majority of the mining rights range from 3 to 30 years. Coal mining rights are amortized on a unit-of-production basis over the economically recoverable reserves evaluated based on the reserves estimated in accordance with the standards of the mine concerned. (iv) Impairment An impairment review is performed when there are indicators that the carrying amount of the mineral exploration rights and mining rights may exceed their recoverable amounts. To the extent that this occurs, the excess is fully provided as an impairment loss. (c) Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use specific software. These costs are amortized over their estimated useful lives, which do not exceed 10 years. Costs associated with maintaining computer software programmers are recognized as an expense as incurred. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.9 Intangible assets (Continued) (d) Aluminum production quota Historically the Group acquired aluminum production quotas from third parties as the license for certain newly developed aluminum production lines. Aluminum production quota are initially recorded at cost and subsequently states at cost less any amortization and impairment. Amortization is provided on a straight-line basis over expected useful life of related aluminum production lines. 3.10 Research and development costs Research and development expenditures are classified as research expenditures and development expenditures according to the nature of the expenditures and whether there is significant uncertainty of development activities transforming to assets. Research expenditures are recognized in profit or loss for the current period. Development expenditures are recognized as assets when all of the following criteria are met: (i) it is technically feasible to complete the asset so that it will be available for use or sale; (ii) management intends to complete the asset and intends and has the ability to use or sell it; (iii) it can be demonstrated that the asset will generate probable future economic benefits; (iv) there are adequate technical, financial and other resources to complete the development of the asset and management has the ability to use or sell the asset; and (v) the expenditure attributable to the asset during its development phase can be reliably measured. Development expenditures that do not meet the criteria above are recorded in profit or loss for the current period as incurred. Development expenditures that have been recorded in profit or loss in previous periods will be not recognized as assets in subsequent periods. The Group has not had any development expenditure capitalized. 3.11 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.12 Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance she

SIGNIFICANT ACCOUNTING JUDGEMEN

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	12 Months Ended
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	Dec. 31, 2022
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES	4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these judgements, assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets or liabilities affected in future periods. Judgements In the process of applying the Group’s accounting policies and preparing the Group’s consolidated financial statements, management has made the following judgements, apart from those involving estimates, which have a significant effect on the amounts recognized in the consolidated financial statements. (a) Significant influence over an entity in which the Group holds less than 20% of voting rights At December 31, 2022, the Group owned a 6.68% equity interest in China Copper Mineral Resources Co.,Ltd. (“China Resources”) ( 中銅礦產資源有限公司 4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Judgements (Continued) (a) Significant influence over an entity in which the Group holds less than 20% of voting rights (Continued) At December 31, 2022, the Group owned a 16% equity interest in Baise New Aluminum Power Co., Ltd. (“New Aluminum Power”) ( 百色新鋁電力有限公司 At December 31, 2022, the Group owned 14.71% of the voting right of Chinalco Capital Holdings Co., Ltd. (“Chinalco Capital”) ( 中鋁資本控股有限公司 At December 31, 2022, the Group owned a 14.29% equity interest in Inner Mongolia Geliugou Co., Ltd. (“Inner Mongolia Geliugou”) ( 內蒙古圪柳溝能源有限公司 At December 31, 2022, the Group owned a 19.49% equity interest in Chalco Innovation Development Investment Co., Ltd. (“Chalco Innovation”) ( 中鋁創新開發投資有限公司 (b) Consolidation of entities in which the Group holds less than a majority of voting rights As of December 31, 2022, the Company owned 29.10% of the total issued share capital of Yunnan Aluminum and was the largest shareholder of Yunnan Aluminum. Considering the following factors, the directors of the Company are of the view that the Company have defacto control over Yunnan Aluminum, and accordingly Yunnan Metallurgical is regarded as a defacto agent of the Company in respect of the shareholding of Yunnan Aluminum, and therefore consolidated Yunnan Aluminum in the Company’s consolidated financial statements: (i)Yunnan Metallurgical, which is a fellow subsidiary of the Company under common control of Chinalco, is the second largest shareholder of Yunnan Aluminum with 13% of shareholding. Pursuant to the share transfer agreement between the Company and Yunnan Metallurgical, the Company will be able to nominate more than half of directors of Yunnan Aluminum. In addition, pursuant to Chinalco’s directions to the Company and Yunnan Metallurgical, the Company will have Yunnan Metallurgical’s support in exercising voting rights at the board and shareholders’ meeting. Consequently, the Company is able to have a majority voting rights at the board of Yunnan Aluminum and controls in aggregate 42.10% voting rights at the shareholders’ meeting of Yunnan Aluminum. (ii)Other than the Company and Yunnan Metallurgical, the remaining investors of Yunan Aluminum are made up of a large number of widely dispersed, unrelated individual investors who do not have a mechanism to act collectively to veto the Company’s decisions. 4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Judgements (Continued) (b) Consolidation of entities in which the Group holds less than a majority of voting rights (Continued) (iii)Taking into account the large volume of inter-company transactions between the Group and Yunnan Aluminum and the similarity of industry and synergies of operation between the Group and Yunnan Aluminum, the Company has sufficient experience, ability and incentive to direct the relevant activities of Yunnan Aluminum, which expose the Group to variable returns, thus the Group have control over Yunnan Aluminum. As of December 31, 2022, the Group owned a 40.23% equity interest in Ningxia Yinxing Energy Co., Ltd. (“Yinxing Energy”) ( 寧夏銀星能源股份有限公司 As of December 31, 2022, the Company owned a 40% equity interest in Guizhou Huaren New Materials Co., Ltd. (“Guizhou Huaren”)( 貴州華仁新材料有限公司清鎮市工業投資有限公司貴州成黔企業集團有限公司 As of December 31, 2022, the Company owned 40% of the shares of Shanxi China Aluminum China Resources Co., Ltd. (“Shanxi Zhongrun”)( 山西中鋁華潤有限公司華潤電力工程服務有限公司 4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group’s assumptions and estimates are based on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. (a) Impairment assessment of property, plant and equipment As of December 31, 2022, the Group’s net carrying amount of property, plant and equipment was RMB109,277 million. Management assesses related assets for potential impairment whenever there are indications that the carrying value of an asset or a group of assets may not be recoverable. As of December 31, 2022, management performed impairment assessment on property, plant and equipment with impairment indications at the level of cash generating unit (“CGU”) to which the property, plant and equipment was allocated using discounted cash flow model. The discounted cash flows model used for the impairment assessment of property, plant and equipment involved significant assumptions including product prices, discount rate and the fair value of certain property, plant and equipment to be disposed of. Based on the impairment test, RMB3,795 million of impairment losses were recognized by management for property, plant and equipment for the year ended December 31, 2022. (b) Impairment assessment of goodwill As of December 31, 2022, the Company’s carrying value of goodwill was RMB 3,495 million. Management performed impairment assessment of goodwill on an annual basis. When performing the impairment assessment, the recoverable amount of the CGU to which the goodwill was allocated was estimated by management using discounted cash flow model, and compared with the carrying amount of the CGU to determine if goodwill was impaired. The discounted cash flow models used for the impairment assessment of goodwill involved significant assumptions including product prices, the long-term growth rate and the discount rate. Based on the impairment test, RMB 15 million of impairment losses were recognized by management for goodwill for the year ended December 31, 2022. 4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (c) Property, plant and equipment and intangible assets (excluding goodwill) – estimated useful lives and residual values The Group determines the estimated useful lives and residual values (if applicable) and consequently the related depreciation/amortization charges for its property, plant and equipment and intangible assets (excluding goodwill). These estimates are based on the historical experience, anticipated change of technology, market condition and the actual consumptions of related assets. The depreciation/amortization charge will increase when useful lives are less than previously estimated. In addition, technically obsolete or non-strategic assets that have been abandoned or sold will be written off or written down. Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated residual values. Periodic review could result in change in useful lives and residual values and therefore change in depreciation/amortization expense in future periods. (d) Coal reserve estimates and units-of-production amortization for coal mining rights Coal reserves are estimates of the quantity of ores that can be economically and legally extracted from the Group’s coal mines. The proved and probable reserves are calculated in accordance with the standards of the mine concerned. Estimates and assumptions are required with a number of factors including production techniques, production costs. Because the economic assumptions used to estimate coal reserves changes from time to time, estimates of coal reserves may change accordingly. Changes in reported reserves may affect the Group’s depreciation and amortization recognized by the unit-of-production basis. (e) Estimated net realizable value of inventories In accordance with the Group’s accounting policy, the Group estimated net realizable value of inventories based on specific facts and circumstances. For different types of inventories, it requires the estimation on selling prices, costs of conversion, selling expenses and the related tax expense to calculate the net realizable amount of inventories. For inventories held for executed sales contracts, management estimates the net realizable amount based on the contracted price. For raw materials and work-in-progress, management has established a model in estimating the net realizable amount at which the inventories can be realized in the normal course of business after considering the manufacturing cycles, production capacity and forecasts, estimated future conversion costs and selling prices. Management also takes into account the price or cost fluctuations and other related matters occurring after the end of the reporting period which reflect conditions that existed at the end of the reporting period. It is reasonably possible that if there is a significant change in circumstances including the Group’s business and the external environment, outcomes within the next financial year would be significantly affected. 4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (f) Investments in joint ventures and associates – recoverable amount In accordance with the Group’s accounting policy, each investment in a joint venture and an associate is evaluated in every reporting period to determine whether there are any indicators of impairment. If any such indicators exists, an estimate of the recoverable amount is performed and an impairment loss is recognized to the extent that the carrying amount exceeds the recoverable amount. The recoverable amount of the investment in a joint venture and an associate is measured at the higher of fair value less costs of disposal and value in use. (g) Determination of the lease term The Group leased certain land use rights and property, plant and equipment from Chinalco. The lease term is determined based on the Group’s assessment if the related termination option or extension option would be reasonably exercised taking into account the use of the land and operating status. The Group will reassess the lease term if any significant events or changes in circumstances that may have impact on the exercise of such options and are under the control of the Group occurred. (h) Income tax The Group estimates its income tax provision and deferred taxation in accordance with the prevailing tax rules and regulations, taking into account any special approvals obtained from the relevant tax authorities and any preferential tax treatment to which it is entitled in each location or jurisdiction in which the Group operates. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, the differences will impact on the income tax and deferred tax provisions in the period in which the determination is made. 4 SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED) Estimates and assumptions (Continued) (h) Income tax (Continued) Deferred tax assets are recognized for unused tax losses and deductible temporary differences, such as the provision for impairment of receivables, inventories and property, plant and equipment and accruals of expenses not yet deductible for tax purposes, to the extent that it is probable that taxable profits will be available against which the losses deductible temporary difference can be utilized. Significant estimation is required in determining the recoverability of deferred tax assets. In the event that future tax rules and regulations or related circumstances change, adjustments to current and deferred taxation may be necessary which would impact on the Group’s results or financial position. (i) Impairment of receivables The loss allowances for receivables are based on assumptions about risk of default and expected loss rates to determine the expected loss. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s history, existing market conditions as well as forward looking estimates at the end of each reporting period. The Group takes into account different macroeconomic scenarios in considering forward looking information in mainland China. The Group regularly monitors and reviews the key macroeconomic assumptions and parameters related to the calculation of expected credit losses, including the risk of economic downturn, external market environment, technological environment, changes in customer conditions, gross domestic product (“GDP”) and consumer price index (“CPI”), etc. The key macroeconomic parameters are listed below: Scenarios Year ended 31 December 2022 Year Basic Negative Positive Growth Rate of GDP 2023 5.04 % 4.70 % 6.04 % Growth Rate of CPI 2023 2.12 % 1.63 % 2.67 % Scenarios Year ended 31 December 2021 Year Basic Negative Positive Growth Rate of GDP 2022 5.30 % 5.04 % 5.57 % Growth Rate of CPI 2022 2.20 % 2.09 % 2.31 %

REVENUE AND SEGMENT INFORMATION

REVENUE AND SEGMENT INFORMATION	12 Months Ended
REVENUE AND SEGMENT INFORMATION	Dec. 31, 2022
REVENUE AND SEGMENT INFORMATION
REVENUE AND SEGMENT INFORMATION	5 REVENUE AND SEGMENT INFORMATION (a) Revenue Revenue recognized during the year is as follows: For the years ended December 31 2022 2021 2020 Revenue from contracts with customers (net of value-added tax) Sale of goods 288,853,556 297,102,961 202,036,585 Transportation services 1,817,566 1,470,334 1,621,570 290,671,122 298,573,295 203,658,155 Revenue from other sources Rental income 316,820 312,055 334,924 290,987,942 298,885,350 203,993,079 5 REVENUE AND SEGMENT INFORMATION (Continued) (a) Revenue (Continued) (i) Disaggregated revenue information For the year ended December 31, 2022 Corporate Primary and other Alumina Aluminum Energy Trading operating Inter-segment segment segment Segment Segment segments elimination Total Type of goods or services Sales of goods 55,513,960 138,428,806 9,322,537 252,408,567 1,840,375 (168,660,689) 288,853,556 Transportation services — — — 6,397,541 — (4,579,975) 1,817,566 Total 55,513,960 138,428,806 9,322,537 258,806,108 1,840,375 (173,240,664) 290,671,122 Geographical markets 　　 Mainland China 55,513,960 138,428,806 9,322,537 245,370,030 1,840,375 (173,240,664) 277,235,044 Outside of Mainland China — — — 13,436,078 — — 13,436,078 Total 55,513,960 138,428,806 9,322,537 258,806,108 1,840,375 (173,240,664) 290,671,122 Timing of revenue recognition 　　 Goods transferred at a point in time 55,513,960 138,428,806 9,322,537 252,408,567 1,840,375 (168,660,689) 288,853,556 Services transferred over time — — — 6,397,541 — (4,579,975) 1,817,566 Total 55,513,960 138,428,806 9,322,537 258,806,108 1,840,375 (173,240,664) 290,671,122 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (i) Disaggregated revenue information (Continued) For the year ended December 31, 2021 Corporate Primary and other Alumina Aluminum Energy Trading operating Inter-segment segment segment Segment Segment segments elimination Total Type of goods or services Sales of goods 53,813,335 118,456,198 7,915,219 248,379,137 1,439,359 (132,900,287) 297,102,961 Transportation services — — — 4,255,266 — (2,784,932) 1,470,334 Total 53,813,335 118,456,198 7,915,219 252,634,403 1,439,359 (135,685,219) 298,573,295 Geographical markets Mainland China 53,813,335 118,456,198 7,915,219 239,342,124 1,439,359 (135,685,219) 285,281,016 Outside of Mainland China — — — 13,292,279 — — 13,292,279 Total 53,813,335 118,456,198 7,915,219 252,634,403 1,439,359 (135,685,219) 298,573,295 Timing of revenue recognition Goods transferred at a point in time 53,813,335 118,456,198 7,915,219 248,379,137 1,439,359 (132,900,287) 297,102,961 Services transferred over time — — — 4,255,266 — (2,784,932) 1,470,334 Total 53,813,335 118,456,198 7,915,219 252,634,403 1,439,359 (135,685,219) 298,573,295 For the year ended December 31, 2020 Corporate Primary and other Alumina Aluminum Energy Trading operating Inter-segment segment segment Segment Segment segments elimination Total Type of goods or services Sales of goods 44,177,153 81,245,663 7,184,216 178,623,815 1,126,033 (110,320,295) 202,036,585 Transportation services — — — 3,802,666 — (2,181,096) 1,621,570 Total 44,177,153 81,245,663 7,184,216 182,426,481 1,126,033 (112,501,391) 203,658,155 Geographical markets Mainland China 44,177,153 81,245,663 7,184,216 173,486,314 1,126,033 (112,501,391) 194,717,988 Outside of Mainland China — — — 8,940,167 — — 8,940,167 Total 44,177,153 81,245,663 7,184,216 182,426,481 1,126,033 (112,501,391) 203,658,155 Timing of revenue recognition Goods transferred at a point in time 44,177,153 81,245,663 7,184,216 178,623,815 1,126,033 (110,320,295) 202,036,585 Services transferred over time — — — 3,802,666 — (2,181,096) 1,621,570 Total 44,177,153 81,245,663 7,184,216 182,426,481 1,126,033 (112,501,391) 203,658,155 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (ii) The following table shows the amounts of revenue recognized in the current reporting period that were included in the contract liabilities at the beginning of the reporting period: For the years ended December 31 2022 2021 2020 Revenue recognized that was included in contract liabilities at the beginning of the reporting period: Sale of goods 2,124,417 1,349,157 1,350,929 Others 66,228 88,090 73,541 2,190,645 1,437,247 1,424,470 (iii) Performance obligations Information about the Group’s performance obligations is summarized below: Revenue from sales of products (including sales of the other materials) The performance obligation is satisfied upon delivery of the industrial products and payment is generally due within 30 to 90 days from delivery, except for new customers, where advance is normally required. Sales of goods were made in a short period of time and the performance obligation was mostly satisfied in one year or less at the end of each year, thus the Group applied the expedient of not to disclose the transaction price allocated to unsatisfied performance obligation. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (iii) Performance obligations (Continued) Transportation service The performance obligation is satisfied over time as services are rendered and payment is generally due upon completion of the relevant services. Amounts expected to be recognized as revenue from contract liabilities at December 31, 2022 and 2021: For the years ended December 31 2022 2021 Within one year 2,049,014 2,363,043 After one year 93,240 116,545 2,142,254 2,479,588 (b) Segment information The executive presidents committee of the Company have been identified as the chief operating decision makers. The committee is responsible for the review of the internal reports in order to allocate resources to operating segments and assess their performance. The committee considers the business from a product perspective comprising alumina, primary aluminum and energy for the Group’s manufacturing business, which are identified as separate reportable operating segments. In addition, the Group’s trading business is identified as a separate reportable operating segment. The Group’s reportable operating segments also include corporate and other operating segments. The committee assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment used by the committee is consistent with that applied to the consolidated financial information for the year ended December 31, 2021. Management has determined the reportable operating segments based on the reports reviewed by the committee that are used to make strategic decisions. The Group’s five reportable operating segments are summarized as follows: ● The alumina segment, which consists of mining and purchasing bauxite and other raw materials, refining bauxite into alumina, and selling alumina both internally to the Group’s aluminum enterprises and trading enterprises and externally to customers outside the Group. This segment also includes the production and sale of multi-form alumina bauxite. ● The primary aluminum segment, which consists of procuring alumina and other raw materials, supplemental materials and electricity power, smelting alumina to produce primary aluminum which is sold to the Group’s trading enterprises and external customers, including Chinalco and its subsidiaries. This segment also includes the production and sale of carbon products and aluminum alloy and other aluminum products. 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) ● The trading segment, which consists of the trading of alumina, primary aluminum, aluminum fabrication products, other non-ferrous metal products, coal products and raw materials and supplemental materials and logistics and transport services to internal manufacturing plants and external customers. The products are sourced from fellow subsidiaries and international and domestic suppliers of the Group. Sales of products manufactured by the Group’s manufacturing business are included in the total revenue of the trading segment and are eliminated with the segment revenue of the respective segments which supplied the products to the trading segment. ● The energy segment mainly includes coal mining, electricity generation by thermal power, wind power and solar power, new energy related equipment manufacturing business. Sales of coals are mainly to the Group’s internal and external coal consuming customers; electricity is sold to regional power grid corporations. ● Corporate and other operating segments, which mainly include management of corporate, research and development activities and others. Prepaid current income tax and deferred tax assets are excluded from segment assets, and income tax payable and deferred tax liabilities are excluded from segment liabilities. All sales among the reportable operating segments were conducted on terms mutually agreed among group companies, and have been eliminated upon consolidation. Year ended December 31, 2022 Primary Corporate and Alumina aluminum Energy Trading other operating Inter-segment Segment Segment Segment Segment segments elimination Total Total revenue 55,761,730 138,465,822 9,322,537 258,854,321 1,943,932 (173,360,400) 290,987,942 Inter-segment revenue (39,350,290) (51,962,565) (261,486) (80,283,574) (1,502,485) 173,360,400 — Sales of self-produced products 48,849,680 Sales of products sourced from external suppliers 129,721,067 Revenue from external customers 16,411,440 86,503,257 9,061,051 178,570,747 441,447 — 290,987,942 Segment profit /(loss) before income tax 340,451 10,346,336 2,200,960 2,013,377 (843,055) (849,101) 13,208,968 Income tax expense (2,365,639) Profit for the year 10,843,329 Other items Finance income 62,662 86,864 29,589 20,991 277,031 — 477,137 Finance costs (713,584) (1,088,391) (580,129) (166,221) (1,346,542) — (3,894,867) Share of profits and losses of joint ventures 75,405 — (7,143) 9,065 101,583 — 178,910 Share of profits and losses of associates (46,239) (94,941) (71,493) 45,847 297,458 — 130,632 Depreciation of right-of-use assets (473,827) (601,898) (129,335) (21,335) (55,967) — (1,282,362) Depreciation and amortization (excluding the depreciation of right- of-use assets) (3,674,136) (3,957,718) (1,645,072) (341,700) (72,831) — (9,691,457) Gains/(losses) on disposal of property, plant and equipment, intangible assets and right-of-use assets 90,041 180,999 (1,621) 56,280 (2,040) — 323,659 Gain on disposal of business — — — — 27,804 — 27,804 Realized gain on futures contracts, net — — — 20,104 216,707 — 236,811 Other income 25,510 44,628 54,727 110,885 35 — 235,785 Impairment loss on intangible assets (75,842) — — — — — (75,842) Impairment loss on property, plant and equipment (3,160,902) (634,518) — — — — (3,795,420) Unrealized gain on futures contracts, net — — — 47,725 11,346 — 59,071 (Losses)/gains on disposal of subsidiaries (19,530) 61 4,567 25,296 75,949 — 86,343 Changes for impairment of inventories (392,513) (1,625) 558 (93,295) 3,582 — (483,293) Provision for impairment of receivables (407,608) (26,737) (25,619) 53,201 (7,376) — (414,139) Dividends of equity investments at fair value through other comprehensive income — — 2,160 — 9,339 — 11,499 Investments in associates 187,806 500,489 689,399 396,810 4,628,134 — 6,402,638 Investments in joint ventures 1,076,120 — 343,745 48,675 1,871,427 — 3,339,967 Additions during the period: Intangible assets 138,835 40,719 17,722 — 76 — 197,352 Right-of-use assets 89,337 449,305 1,496 140,021 — — 680,159 Property, plant and equipment 728,647 852,512 921,542 45,186 49,865 — 2,597,752 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) Year ended December 31, 2021 Corporate Primary and other Alumina aluminum Energy Trading operating Inter-segment Segment Segment Segment Segment segments elimination Total Total revenue 54,043,368 118,513,506 7,915,219 252,704,917 1,453,108 (135,744,768) 298,885,350 Inter-segment revenue (36,463,601) (39,899,709) (240,575) (58,162,607) (978,276) 135,744,768 — Sales of self-produced products 47,246,018 Sales of products sourced from external suppliers 147,296,292 Revenue from external customers 17,579,767 78,613,797 7,674,644 194,542,310 474,832 — 298,885,350 Segment profit /(loss) before income tax 2,798,129 12,783,818 (234,808) 1,336,268 (1,981,441) (515,538) 14,186,428 Income tax expense (2,869,551) Profit for the year 11,316,877 Other items Finance income 117,265 71,097 38,313 50,829 33,599 — 311,103 Finance costs (1,041,744) (1,450,695) (578,079) (119,398) (1,342,750) — (4,532,666) Share of profits of joint ventures 80,612 — 16,095 13,240 54,153 — 164,100 Share of profits/(losses) of associates (3,546) (2,182) (633,467) 45,538 170,410 — (423,247) Depreciation of right-of-use assets (334,825) (226,526) (32,088) (128,043) (50,469) — (771,951) Depreciation and amortization (excluding the depreciation of right- of-use assets) (3,491,950) (4,169,274) (1,889,351) (164,469) (74,119) — (9,789,163) (Losses)/gains on disposal of property, plant and equipment, intangible assets and right-of-use assets (611,828) (58,699) (9,772) 3,222 (2,320) — (679,397) Realized loss on futures, forward and option contracts, net — — — (132,354) (413,171) — (545,525) Other income 11,909 57,298 56,022 47,836 91 — 173,156 Impairment loss on intangible assets (413,036) (2,623) — — — — (415,659) Impairment loss on property, plant and equipment (1,854,694) (2,206,546) (3,433) — — — (4,064,673) Unrealized loss on futures contracts,net — — — (30,552) (28,657) — (59,209) Losses on disposal of subsidiaries — — (27,404) — — — (27,404) Changes for impairment of inventories (16,098) (114,170) 12,250 (13,039) (2,601) — (133,658) Provision for impairment of receivables (122,370) (40,627) (176,715) (330,122) (720,931) — (1,390,765) Dividends of equity investments at fair value through other comprehensive income — 4,384 — 3,333 7,579 — 15,296 Investments in associates 196,453 578,313 759,194 382,062 4,525,771 — 6,441,793 Investments in joint ventures 1,076,120 — 353,177 55,712 1,865,950 — 3,350,959 Additions during the period: Intangible assets 97,925 22,351 — 140 — — 120,416 Right-of-use assets 2,934,500 2,721,001 377 212,812 276,430 — 6,145,120 Property, plant and equipment 1,951,823 1,167,984 391,894 35,467 89,344 — 3,636,512 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) Year ended December 31, 2020 Corporate Primary and other Alumina aluminum Energy Trading operating Inter-segment Segment Segment Segment Segment segments elimination Total Total revenue 44,263,444 81,405,264 7,184,216 182,510,025 1,126,586 (112,496,456) 203,993,079 Inter-segment revenue (31,174,724) (34,068,498) (243,788) (46,261,296) (748,150) 112,496,456 — Sales of self-produced products 33,162,614 Sales of products sourced from external suppliers 103,086,115 Revenue from external customers 13,088,720 47,336,766 6,940,428 136,248,729 378,436 — 203,993,079 Segment profit/(loss) before income tax 1,164,996 3,862,836 (77,235) 770,172 (2,192,077) (642,680) 2,886,012 Income tax expense (641,329) Profit for the year 2,244,683 Other items Finance income 44,697 68,645 36,333 73,026 43,508 — 266,209 Finance costs (879,211) (1,667,322) (995,572) (173,520) (1,354,076) — (5,069,701) Share of profits of joint ventures 75,405 — 35,308 5,011 64,778 — 180,502 Share of profits/(losses)of associates (2,262) (338,044) (17,905) 38,683 226,010 — (93,518) Depreciation of right-of-use assets (342,347) (234,387) (96,967) (21,075) (50,469) — (745,245) Depreciation and amortization (excluding the depreciation of right-of-use assets) (3,184,799) (4,122,376) (1,867,632) (232,807) (42,184) — (9,449,798) (Losses)/gains on disposal of property, plant and equipment, intangible assets and right-of-use assets 25,489 (345,537) 99,363 (1,911) (610) — (223,206) Realized loss on futures, forward and option contracts, net — — — 675,442 (152,064) — 523,378 Other income 122,011 69,247 55,561 38,910 18,670 — 304,399 Impairment loss on property, plant and equipment (23,136) (653,170) — (4,951) — — (681,257) Unrealized loss on futures contracts,net — — — (27,705) 17,311 — (10,394) Losses on disposal of a subsidiaries — — — 11,305 — — 11,305 Changes for impairment of inventories (136,827) 103,524 (15,642) 2,184 981 — (45,780) Provision for impairment of receivables (59,105) (22,487) (108,059) (395,053) (383,238) — (967,942) Dividends of equity investments at fair value through other comprehensive income — — — — 125,015 — 125,015 Investments in associates 205,625 612,531 1,565,235 396,454 4,221,258 — 7,001,103 Investments in joint ventures 1,076,085 — 334,763 43,258 1,920,447 — 3,374,553 Additions during the period: Intangible assets 86,698 5,787 — 1,413 266 — 94,164 Right-of- use assets 12,001 6,838 59,010 2,875 2,893 — 83,617 Property, plant and equipment 2,570,240 6,706,374 881,810 328,835 33,440 — 10,520,699 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) As of December 31, 2022 Alumina Primary aluminum Energy Trading Corporate and other Segment Segment Segment Segment operating segments Total Segment assets 90,762,410 94,207,732 34,235,502 35,025,454 42,393,166 296,624,264 Reconciliation: Elimination of inter-segment receivables (85,734,994) Other eliminations (741,195) Corporate and other unallocated assets: Deferred tax assets 2,057,900 Prepaid income tax 142,056 Total assets 212,348,031 Segment liabilities 48,985,559 50,177,428 18,837,349 21,225,051 69,257,860 208,483,247 Elimination of inter-segment payables (85,734,994) Corporate and other unallocated liabilities: Deferred tax liabilities 1,451,692 Income tax payable 392,119 Total liabilities 124,592,064 As of December 31, 2021 Alumina Primary aluminum Energy Trading Corporate and other Segment Segment Segment Segment operating segments Total Segment assets 97,099,222 90,931,136 35,261,548 31,625,689 48,195,444 303,113,039 Reconciliation: Elimination of inter-segment receivables (79,480,000) Other eliminations (928,814) Corporate and other unallocated assets: Deferred tax assets 2,096,459 Prepaid income tax 62,139 Total assets 224,862,823 Segment liabilities 52,154,184 47,125,596 25,419,575 21,037,605 66,657,841 212,394,801 Elimination of inter-segment payables (79,480,000) Corporate and other unallocated liabilities: Deferred tax liabilities 1,403,291 Income tax payable 847,163 Total liabilities 135,165,255 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) The Group mainly operates in Mainland China. Geographical information on operating segments is as follows: For the years ended December 31 2022 2021 2020 Segment revenue from external customers – Mainland China 277,551,864 285,593,071 195,052,913 – Outside of Mainland China 13,436,078 13,292,279 8,940,166 290,987,942 298,885,350 203,993,079 December 31, December 31, 2022 2021 Non-current assets (excluding financial assets and deferred tax assets) – Mainland China 150,927,698 165,459,440 – Outside Mainland China 2,595,140 2,627,731 153,522,838 168,087,171 For the year ended December 31, 2022, revenues of approximately RMB53,183 million (2021: RMB65,128 million, 2020: RMB54,955 million) were derived from entities directly or indirectly owned or controlled by the PRC government including Chinalco. These revenues are mainly attributable to the alumina, primary aluminum, energy and trading segments. There were no individual customers that contributed 10% or more of the Group’s revenue during the years ended December 31, 2020, 2021 and 2022.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
INTANGIBLE ASSETS	Dec. 31, 2022
INTANGIBLE ASSETS
INTANGIBLE ASSETS	6 INTANGIBLE ASSETS Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2022 Opening net carrying amount 3,509,515 7,315,211 984,286 1,524,976 13,333,988 Additions — 134,806 19,356 43,190 197,352 Disposals — — — (1,774) (1,774) Disposal of subsidiaries — — — (8,572) (8,572) Impairment (15,495) (60,347) — — (75,842) Amortization — (444,764) — (58,157) (502,921) Transfer from property, plant and equipment (Note 7) — — — 1,945 1,945 Currency translation differences 874 5,773 — — 6,647 Closing net carrying amount 3,494,894 6,950,679 1,003,642 1,501,608 12,950,823 As of December 31, 2022 Cost 3,510,864 10,585,156 1,239,376 2,118,444 17,453,840 Accumulated amortization and impairment (15,970) (3,634,477) (235,734) (616,836) (4,503,017) Net carrying amount 3,494,894 6,950,679 1,003,642 1,501,608 12,950,823 Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2021 Opening net carrying amount 3,509,857 7,638,216 1,276,295 1,565,165 13,989,533 Additions — 98,352 13,452 8,612 120,416 Disposals — (3,639) — — (3,639) Impairment — (175,245) (237,791) (2,623) (415,659) Amortization — (351,748) — (55,539) (407,287) Transfer from property, plant and equipment (Note 7) — 45,522 — 10,346 55,868 Currency translation differences (342) (1,692) (2,225) (985) (5,244) Reclassifications and internal transfers — 65,445 (65,445) — — Closing net carrying amount 3,509,515 7,315,211 984,286 1,524,976 13,333,988 As of December 31, 2021 Cost 3,509,515 10,435,028 1,220,020 2,098,631 17,263,194 Accumulated amortization and impairment — (3,119,817) (235,734) (573,655) (3,929,206) Net carrying amount 3,509,515 7,315,211 984,286 1,524,976 13,333,988 6 INTANGIBLE ASSETS (CONTINUED) For the years ended December 31, 2020, 2021 and 2022, the amortization expenses of intangible assets recognized in profit or loss were analyzed as follows: For the years ended December 31 2022 2021 2020 Cost of sales 474,639 384,383 467,573 General and administrative expenses 28,282 22,904 25,839 502,921 407,287 493,412 As of December 31, 2022, the Group pledged mining rights and mineral exploration rights totaling RMB1,353 million (December 31, 2021: RMB1,400 million) for certain interest-bearing loans and borrowings as set out in Note 26. Impairment testing of goodwill The lowest level within the Group at which goodwill is monitored for internal management purposes is the operating segment before aggregation. Therefore, goodwill is allocated to the Group’s CGUs and groups of CGUs that are expected to benefit from the synergies of the relevant business combination. A summary of goodwill allocation is presented below: December 31, 2022 December 31, 2021 Alumina Primary aluminum Alumina Primary aluminum Qinghai Branch — 217,267 — 217,267 Guangxi Branch 189,419 — 189,419 — Lanzhou Aluminum Co., Ltd. — 1,924,259 — 1,924,259 PT. Nusapati Prima (“PTNP”) — — 14,621 — Shanxi Huaxing 1,163,949 — 1,163,949 — 1,353,368 2,141,526 1,367,989 2,141,526 The recoverable amount of the CGU or group of CGUs is determined based on value-in-use calculations. These calculation of VIU use pre-tax cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the 5-year period are extrapolated using the estimated growth rate of 2% (2021: 2%) not exceeding the long-term average growth rate for the businesses in which the CGU operates. Other key assumptions applied in the impairment testing include future prices of aluminum and alumina and the discount rate. Management determined these key assumptions based on past performance and their expectations on market development. Furthermore, the Group adopts a pre-tax and inflation rate of 12.62% (2021: 12.62%) that reflects specific risks related to CGU or groups of CGUs as the discount rate. These estimates and judgments may be affected by unexpected changes in the future market or economic conditions. Based on the assessment, other than the impairment of PTNP in 2022, there was no other impairment of goodwill as of December 31, 2022 and December 31, 2021.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	7 PROPERTY, PLANT AND EQUIPMENT Office Buildings and Transportation and other Construction infrastructure Machinery facilities equipment in progress Total Year ended December 31, 2022 Opening net carrying amount 51,127,711 63,707,307 1,150,354 422,674 4,974,974 121,383,020 Reclassifications and internal transfers 1,258,516 2,494,471 73,713 264,322 (4,091,022) — Transfer to intangible assets (Note 6) — — — — (1,945) (1,945) Transfer from right-of-use assets and non-current assets(i) — 69,673 — — — 69,673 Transfer to investment properties (Note 8) (47,419) — — — — (47,419) Additions 245,583 637,092 16,474 36,798 1,661,805 2,597,752 Disposal of subsidiaries(ii) (275,851) (622,777) (2,731) (13,046) — (914,405) Government grants (42,650) (31,401) — — — (74,051) Disposals(iii) (201,361) (588,064) (10,265) (2,950) (235,477) (1,038,117) Depreciation (2,321,947) (6,381,950) (172,736) (66,984) — (8,943,617) Impairment loss(iv) (1,307,597) (2,458,240) (1,092) (178) (28,313) (3,795,420) Currency translation differences 32,739 8,504 151 15 — 41,409 Closing net carrying amount 48,467,724 56,834,615 1,053,868 640,651 2,280,022 109,276,880 As of December 31, 2022 Cost 79,348,680 139,849,462 2,865,120 1,228,931 2,799,011 226,091,204 Accumulated depreciation and impairment (30,880,956) (83,014,847) (1,811,252) (588,280) (518,989) (116,814,324) Net carrying amount 48,467,724 56,834,615 1,053,868 640,651 2,280,022 109,276,880 Office Buildings and Transportation and other Construction infrastructures Machinery facilities equipment in progress Total Year ended December 31, 2021 Opening net carrying amount 53,851,749 69,545,237 1,226,487 395,840 5,906,059 130,925,372 Reclassifications and internal transfers 1,614,203 1,787,874 124,273 66,887 (3,593,237) — Transfer to intangible assets (Note 6) — — — — (55,868) (55,868) Transfer from right-of-use assets and non-current assets (i) 143,646 1,398,593 — 85 — 1,542,324 Transfer to investment properties (Note 8) (139,377) — — — — (139,377) Transfer to right-of-use assets (Note 22) — — — — (68,377) (68,377) Additions 28,425 320,881 14,386 9,954 3,262,866 3,636,512 Government grants (447) (81,171) — — — (81,618) Disposals (136,718) (723,183) (14,711) (5,726) (275,834) (1,156,172) Depreciation (2,149,404) (6,768,573) (196,094) (43,880) — (9,157,951) Impairment loss (2,105,735) (1,754,211) (3,789) (303) (200,635) (4,064,673) Currency translation differences 21,369 (18,140) (198) (183) — 2,848 Closing net carrying amount 51,127,711 63,707,307 1,150,354 422,674 4,974,974 121,383,020 As at December 31, 2021 Cost 78,450,622 138,836,999 2,888,838 972,191 5,842,483 226,991,133 Accumulated depreciation and impairment (27,322,911) (75,129,692) (1,738,484) (549,517) (867,509) (105,608,113) Net carrying amount 51,127,711 63,707,307 1,150,354 422,674 4,974,974 121,383,020 (i) After the expiration of sale and leaseback contracts, the right-of-use assets recognized previously upon initial adoption of IFRS 16, were recognized as property, plant and equipment. (ii) In 2022, certain subsidiaries were disposed of or liquidated, resulted in a decrease in property, plant and equipment with carrying amount of RMB914 million. 7 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (iii) In 2022, property, plant and equipment with carrying amount of RMB610 million was disposed of by the Group as consideration for a capital investment in Chinalco High-end Manufacturing Co., Ltd. (“Chinalco High-end Manufacturing”) (Note (10)). (iv) In the prior years, the Group terminated an alumina production line and the related facilities as a result of urban development by a local government. Based on the relevant rules and regulations, the Group would be entitled to a compensation by the local government from the commercial development of the land on which the production line was located. During the year ended December 31, 2022, the Group was informed by the local government that, because of the real estate market outlook and the change in urban planning, it is no longer feasible to commercially develop this piece of land and to compensate the Group in any form. The change of government decision constitutes an impairment indicator. An impairment test was performed by management based on fair value less cost of disposal and an impairment loss of RMB2,101 million was recognized as of December 31, 2022. The land occupied by the terminated alumina production line is leased from Chinalco. The Group reassessed the leasing term, and accordingly, land use right assets of RMB893 million and lease liabilities of RMB927 million were written off and a disposal gain of RMB35 million was recognized in 2022. Due to the change of production plan and other factors, certain asset groups of the Group were in the status of shutdown, temporary idleness or under-capacity production. The Group considered that there were indications of impairment in these asset groups and conducted impairment tests. As a result, impairment provision of RMB1,694 million was made for property, plant and equipment during the year ended December 31, 2022 (2021: RMB4,065 million). (v) As of December 31, 2022, the Group pledged certain property, plant and equipment with a net carrying value amounting to RMB4,967 million (December 31, 2021: RMB 5,680 (vi) As of December 31, 2022, the Group was in the process of applying for the ownership certificates of buildings with a net carrying value of RMB4,822 million (December 31, 2021: RMB4,904 million). There has been no litigations, claims or assessments against the Group for compensation with respect to the use of these buildings as at the date of approval of these financial statements. Management considers that it is probable that the Group will be able to obtain the relevant ownership certificates from the appropriate authorities. (vii) For the year ended December 31, 2020, 2021 and 2022, depreciation expenses recognized in profit or loss are analyzed as follows: For the years ended December 31 2022 2021 2020 Cost of sales 8,573,282 8,710,009 8,304,401 General and administrative expenses 213,483 253,864 188,231 Research and development expenses 152,217 185,108 155,288 Selling and distribution expenses 4,635 8,970 5,903 8,943,617 9,157,951 8,653,823

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
INVESTMENT PROPERTIES	Dec. 31, 2022
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES	8 INVESTMENT PROPERTIES Buildings Land use rights Total Year ended December 31, 2022 Opening net carrying amount 608,966 1,205,623 1,814,589 Transfer from property, plant and equipment (Note 7) 47,419 — 47,419 Transfer to right-of-use assets (Note 22) — (5,997) (5,997) Disposals (982) — (982) Additions 92,708 14,663 107,371 Depreciation (23,690) (21,087) (44,777) Closing net carrying amount 724,421 1,193,202 1,917,623 As at December 31, 2022 Cost 966,751 1,354,998 2,321,749 Accumulated depreciation and impairment (242,330) (161,796) (404,126) Net carrying amount 724,421 1,193,202 1,917,623 Buildings Land use rights Total Year ended December 31, 2021 Opening net carrying amount 481,489 1,120,387 1,601,876 Transfer from property, plant and equipment (Note 7) 139,377 — 139,377 Transfer from right-of-use assets (Note 22) — 90,314 90,314 Others — 7,472 7,472 Depreciation (11,900) (12,550) (24,450) Closing net carrying amount 608,966 1,205,623 1,814,589 As of December 31, 2021 Cost 779,253 1,346,953 2,126,206 Accumulated depreciation and impairment (170,287) (141,330) (311,617) Net carrying amount 608,966 1,205,623 1,814,589 The Group’s investment properties consist of land use rights held for rental income and buildings leased to third parties under operating leases.

INVESTMENTS IN JOINT VENTURES A

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	12 Months Ended
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	Dec. 31, 2022
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES	9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (a) Investments in joint ventures Movements in investments in joint ventures are as follows: December 31, December 31, 2022 2021 As of January 1 3,350,959 3,374,553 Share of profits for the year 178,910 164,100 Share of changes in reserves 4,302 60 Cash dividends declared (194,204) (187,754) As of December 31 3,339,967 3,350,959 As of December 31, 2022, all joint ventures of the Group were unlisted. As of December 31, 2022, particulars of the Group’s material joint venture are as follows: Place of Registered Effective equity interest held establishment and paid-in Principal Ownership Voting Profit Name and operation capital activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd. (“Guangxi Huayin”) (廣西華銀鋁業有限公司) PRC/Mainland China 2,441,987 Manufacturing 33.00 % 33.00 % 33.00 % Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method. 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued) (a) Investments in joint ventures (Continued) The English name represents the best effort by management of the Group in translating the Chinese name of the company as it does not have any official English name. The following table illustrates the summarized financial information in respect of Guangxi Huayin: December 31, December 31, 2022 2021 Cash and cash equivalents 234,140 224,154 Other current assets 1,191,044 1,498,110 Current assets 1,425,184 1,722,264 Non-current assets 5,385,501 5,024,444 Current liabilities 1,705,062 1,844,884 Non-current liabilities 785,426 526,827 Net assets 4,320,197 4,374,997 Reconciliation to the Group’s interest in the joint venture: Proportion of the Group’s ownership 33.00 % 33.00 % The Group’s share of net assets of the joint venture 1,425,665 1,443,749 Carrying amount of the investment 1,425,665 1,443,749 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued) (a) Investments in joint ventures (Continued) For the year ended December 31 2022 2021 2020 Revenue 5,838,110 5,126,994 4,631,737 Gross profit 883,100 890,301 800,965 Interest income 15,671 14,465 7,388 Depreciation and amortization 321,567 553,493 531,512 Interest expenses 35,989 40,506 51,855 Profit before income tax 270,748 246,447 195,189 Income tax 36,498 44,333 21,152 Other comprehensive income — — — Total comprehensive income for the year 234,250 202,114 174,037 Dividend received 99,000 99,000 99,000 The following table illustrates the aggregate financial information of the Group’s joint ventures that are not individually material: December 31, 2022 December 31, 2021 Share of the joint ventures’ profits and losses for the year 102,180 96,255 Share of the joint ventures’ total comprehensive income 102,180 96,255 Aggregate carrying amount of the Group’s investments in joint ventures 1,914,302 1,907,210 There were no material contingent liabilities relating to the Group’s interests in the joint ventures and the joint ventures themselves. (b) Investments in associates Movements in investments in associates are as follows: December 31, 2022 December 31, 2021 As of January 1 6,441,793 7,001,103 Capital injections 17,089 309,251 Capital reduction — (140,170) Share of profits/(losses) for the year 130,632 (423,247) Dividends declared (104,781) (315,722) Share of changes in reserves (6,098) 10,578 Impairment (75,997) — As of December 31 6,402,638 6,441,793 As of December 31, 2022, all associates of the Group were unlisted. 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) As of December 31, 2022, particular of the Group’s material associate is as follow: Place of Effective equity interest held establishment and Registered and Principal Ownership Voting Profit Name operation paid-in capital activities interest power sharing China Aluminum Investment Development Co., Ltd.(中鋁投資發展有限公司） PRC/Mainland China 1,229,748 Asset management 24.12 % 24.12 % 24.12 % China Aluminum Investment Development Co., Ltd., which is considered a material associate of the Group, is accounted for using the equity method. The English name represents the best effort by management of the Group in translating the Chinese name of the company as it does not have any official English name. The following table illustrates the summarized financial information in respect of China Aluminum Investment Development Co., Ltd.: December 31, December 31, 2022 2021 Cash and cash equivalents 230,401 246,253 Other current assets 1,751,345 1,737,717 Current assets 1,981,746 1,983,970 Non-current assets 3,266,027 3,310,908 Current liabilities 65,186 58,263 Non-current liabilities — — Net assets 5,182,587 5,236,615 Non-controlling interests — — Reconciliation to the Group’s interest in the associate: Proportion of the Group’s ownership 24.12 % 24.12 % The Group’s share of net assets of the associate 1,250,040 1,263,072 Carrying amount of the investment 1,250,040 1,263,072 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) For the years ended December 31 2022 2021 2020 Revenue 167,607 151,219 157,062 Gross profit 81,734 68,469 73,510 Interest income 4,210 1,739 1,823 Depreciation and amortization 44,621 44,630 45,069 Profit before income tax 64,884 85,066 74,109 Income tax 16,774 21,986 20,267 Other comprehensive income — — — Total comprehensive income for the year 48,110 63,080 53,842 Dividend received 24,636 11,015 8,124 The following table illustrates the aggregate financial information of the Group’s associates that are not individually material: December 31, December 31, 2022 2021 Share of the associates’ profits and losses 119,028 (438,462) Share of the associates’ total other comprehensive income (5,628) 6,292 Share of the associates’ total comprehensive income 113,400 (432,170) Aggregate carrying amount of the Group’s investments in the associates 5,152,598 5,178,721 There were no material contingent liabilities relating to the Group’s interests in the associates and the associates themselves.

OTHER FINANCIAL ASSETS MEASURED

OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE	12 Months Ended
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE	Dec. 31, 2022
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE	10 OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE December 31, December 31, 2022 2021 Listed equity investments, at fair value Dongxing securities Co., Ltd.(東興證券股份有限公司) 5,039 7,674 China Aluminum International Engineering Corporation Limited(中鋁國際工程股份有限公司) 29,558 37,459 Zhuhai Kingma Holding Co., Ltd.(珠海金馬控股股份有限公司) 154 — 34,751 45,133 Unlisted equity investments, at fair value Sanmenxia Dachang Mining Co., Ltd.(三門峽達昌礦業有限公司) 19,336 20,921 Inner Mongolia Ganqimaodu Port Development Co., Ltd.(內蒙古甘其毛都港務發展股份有限公司) 12,078 16,669 Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd. (銀川經濟技術開發區投資控股有限公司) 20,149 20,577 Chinalco High End Manufacturing Co., Ltd.(中國鋁業集團高端製造股份有限公司) (i) 1,727,129 - Xingxian Shengxing Highway Investment Management Co., Ltd. (興縣盛興公路投資管理有限公司) 113,850 135,079 Fangchenggang Chisha Pier Co., Ltd.(防城港赤沙碼頭有限公司) 42,700 21,700 Jinlong Copper Co., Ltd.(金隆銅業有限公司) 170,265 170,265 Others 20,827 27,342 2,126,334 412,553 2,161,085 457,686 The above equity investments were irrevocably designated at fair value through other comprehensive income as the Group considers these investments to be strategic in nature. Note: (i) On December 27, 2022, the Group completed its investment in 9.16% equity interest in Chinalco High-end Manufacturing at a consideration comprising certain assets and liabilities related to slab ingot production lines, 100% equity interests in Yunnan Haoxin Aluminum Foil Co., Ltd. (“Yunnan Haoxin”), a subsidiary of the Group, and cash and cash equivalents of RMB220 million (collectively the “Consideration Assets”). Upon completion, gains on disposals of production lines and a subsidiary totalling RMB65 million, representing the valuation of the 9.16% equity interest in Chinalco High-end Manufacturing in excess of the valuation of Consideration Assets, was recognized.

DEFERRED TAX

DEFERRED TAX	12 Months Ended
DEFERRED TAX	Dec. 31, 2022
DEFERRED TAX
DEFERRED TAX	11 DEFERRED TAX Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred taxes relate to the same tax authority. The movements in deferred tax assets and liabilities during the year ended December 31, 2022 without taking into consideration the offsetting of balances within the same tax jurisdiction, are as follows: Movements in deferred tax assets: Unrealized Provision for Accrued profit at impairment expenses Tax losses consolidation Others Total As of December 31, 2020 510,518 109,585 470,379 226,086 230,579 1,547,147 Business combination under common control 124,234 13,550 108,619 225,264 64,619 536,286 As of January 1, 2021 634,752 123,135 578,998 451,350 295,198 2,083,433 Credit/(charged) to profit or loss 444,530 (90,856) (244,843) 75,936 (47,187) 137,580 As of December 31, 2021 1,079,282 32,279 334,155 527,286 248,011 2,221,013 As of December 31, 2021 695,988 23,673 243,610 293,650 188,642 1,445,563 Business combination under common control 383,294 8,606 90,545 233,636 59,369 775,450 As of January 1, 2022 1,079,282 32,279 334,155 527,286 248,011 2,221,013 Credit/(charged) to profit or loss 118,494 (8,612) (141,929) (6,955) 88,440 49,438 As of December 31, 2022 1,197,776 23,667 192,226 520,331 336,451 2,270,451 11 DEFERRED TAX (CONTINUED) Movements in deferred tax liabilities: Fair value Fair value Depreciation and adjustments arising Interest changes of Withholding amortization from acquisition capitalization financial assets Tax and others of subsidiaries Total As of December 31, 2020 25,840 8,900 — 37,107 1,431,152 1,502,999 Business combination under common control — — — 79,384 23,695 103,079 As of January 1, 2021 25,840 8,900 — 116,491 1,454,847 1,606,078 Charged to other comprehensive income — (5,733) — — — (5,733) Credited to profit or loss (7,915) (1,325) — 23,885 (87,145) (72,500) As of December 31, 2021 17,925 1,842 — 140,376 1,367,702 1,527,845 As of December 31, 2021 17,925 1,842 — 71,967 1,346,201 1,437,935 Business combination under common control — — — 68,409 21,501 89,910 As of January 1, 2022 17,925 1,842 — 140,376 1,367,702 1,527,845 Charged to other comprehensive income — (7,236) — — — (7,236) Credited to profit or loss (2,093) 6,375 204,786 38,338 (103,772) 143,634 As of December 31, 2022 15,832 981 204,786 178,714 1,263,930 1,664,243 11 DEFERRED TAX (CONTINUED) For presentation purposes, RMB212 million (2021: RMB 125 million) of deferred tax assets and liabilities have been offset in the consolidated statement of financial position. The following is an analysis of the deferred tax balances of the Group for financial reporting purposes: December 31, December 31, 2022 2021 Net deferred tax assets 2,057,900 2,096,459 Net deferred tax liabilities 1,451,692 1,403,291 As of December 31, 2022, accumulated tax losses and deductible temporary differences not recognized for deferred tax assets are as follows: December 31, December 31, 2022 2021 Deductible temporary differences 16,298,974 12,764,306 Accumulated tax losses 7,674,394 7,192,320 23,973,368 19,956,626 As of December 31, 2022, the expiry profile of these tax losses not recognized for deferred tax assets is analyzed as follows: December 31, December 31, 2022 2021 Expiring in 2022 — 765,163 2023 447,159 556,052 2024 1,199,709 1,397,436 2025 2,133,390 2,146,025 2026 1,160,961 1,440,774 2027 and beyond 2,733,175 886,870 7,674,394 7,192,320

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS	12 Months Ended
OTHER NON-CURRENT ASSETS	Dec. 31, 2022
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS	12 OTHER NON-CURRENT ASSETS December 31, December 31, 2022 2021 Financial assets Long-term receivables (i) 513,281 504,307 Less: impairment (ii) (443,088) (15,542) 70,193 488,765 Prepayment for mining rights 873,277 806,534 Long-term prepaid expenses 838,568 653,241 Deferred losses for sale and leaseback transactions 77,449 97,070 Input VAT to be deducted 241,757 305,150 Others 330,256 481,901 2,361,307 2,343,896 2,431,500 2,832,661 (i) As of December 31, 2022 and December 31, 2021, long-term receivables were denominated in RMB and non-interest bearing. (ii) During the year ended December 31, 2022, an impairment loss of RMB 384 million was recognized for a long-term lease receivable from a third party lessee due to its default on the lease contract of an alumina production line of the Group.

INVENTORIES

INVENTORIES	12 Months Ended
INVENTORIES	Dec. 31, 2022
INVENTORIES
INVENTORIES	13 INVENTORIES December 31, December 31, 2022 2021 Raw materials 7,322,376 6,568,752 Work-in-progress 11,660,396 10,512,450 Finished goods 6,177,766 4,639,875 Spare parts 622,541 645,564 Packaging materials and others 162,874 26,351 25,945,953 22,392,992 Less: provision for impairment of inventories (1,233,631) (750,338) 24,712,322 21,642,654 Movements in the provision for impairment of inventories are as follows: December 31, December 31, 2022 2021 As of January 1 750,338 616,680 Provision for impairment of inventories (Note) 943,732 485,088 Disposal of a subsidiary (5,452) — Reversal arising from increase in net realizable value (4,766) (14,624) Written off upon sales of inventories (450,221) (336,806) As of December 31 1,233,631 750,338 As of December 31, 2022 and December 31, 2021, the Group had no pledged inventories for bank and other borrowings. 13 INVENTORIES (CONTINUED) Note During the year, the Group changed its overall alumina production plan, which reduced the alumina production level of certain subsidiaries considering overall layout of alumina capacity, cost efficiency of production and the supply of bauxite in different regions. Accordingly, a certain amount of bauxite originally intended for the production of alumina now becomes excessive. The Group has decided to dispose of this excessive bauxite directly. Given the change in the intended use of the bauxite inventories, the Group has re-assessed the provision of this excessive bauxite based on the direct selling price of bauxite ores. As a result, an inventory impairment loss of RMB535 million was recognized.

TRADE RECEIVABLES AND NOTES REC

TRADE RECEIVABLES AND NOTES RECEIVABLE	12 Months Ended
TRADE RECEIVABLES AND NOTES RECEIVABLE	Dec. 31, 2022
TRADE RECEIVABLES AND NOTES RECEIVABLE
TRADE RECEIVABLES AND NOTES RECEIVABLE	14 TRADE RECEIVABLES AND NOTES RECEIVABLE December 31, December 31, 2022 2021 Trade receivables 5,055,178 4,043,972 Less: impairment (948,782) (1,012,722) 4,106,396 3,031,250 Notes receivable: Measured at amortized cost 411,145 1,207,602 Measured at fair value through other comprehensive income 1,356,480 2,867,877 5,874,021 7,106,729 As of December 31, 2022, all balances of trade and notes receivables were denominated in RMB, other than an amount of RMB981 million which was denominated in USD (December 31,2021: RMB520 million in USD). As of December 31, 2022, the Group pledged certain trade and notes receivable amounting to RMB289 million (December 31, 2021: RMB1,983 million) for certain secured borrowings as set out in Note 26. Generally, the Group’s sales were on advance payments or documents against payment and only qualified long term customers were granted with credit terms. As of December 31, 2022, the ageing analysis of trade receivables based on invoice date was as follows: As of December 31, 2022 2021 Within 1 year 2,780,524 2,332,703 Between 1 and 2 years 860,619 153,410 Between 2 and 3 years 112,902 237,916 Over 3 years 1,301,133 1,319,943 5,055,178 4,043,972 Less: loss allowance for impairment (948,782) (1,012,722) 4,106,396 3,031,250 14 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED) An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. The Group also assesses impairment loss individually if there is evidence of significant increases in credit risk at an individual level. Set out below is the information about the credit risk exposure on the Group’s trade receivables collectively assessed using a provision matrix: As of December 31, 2022 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) Alumina and primary aluminum Within 1 year 998,902 5,636 0.56 Between 1 and 2 years 4,796 59 1.23 Between 2 and 3 years 12,116 50 0.41 Over 3 years 43,500 37,810 86.92 1,059,314 43,555 Trading Within 1 year 631,722 9,977 1.58 Between 1 and 2 years 358 42 11.73 Between 2 and 3 years — — — Over 3 years 2,918 1,526 52.30 634,998 11,545 Energy Within 1 year 1,117,078 1,752 0.16 Between 1 and 2 years 854,495 3,028 0.35 Between 2 and 3 years 100,772 645 0.64 Over 3 years 149,890 32,807 21.89 2,222,235 38,232 Corporate and other operating segments Within 1 year 32,817 489 1.49 Between 1 and 2 years 869 188 21.63 Between 2 and 3 years — — — Over 3 years 19,727 19,252 97.59 53,413 19,929 3,969,960 113,261 Individually assessed trade receivables 1,085,218 835,521 5,055,178 948,782 14 TRADE RECEIVABLES AND NOTES RECEIVABLE (CONTINUED) Set out below is the information about individually assessed trade receivables: As of December 31, 2022 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) Zhuhai Hongfan nonferrous metal Chemical Co., Ltd 270,419 270,419 100.00 Chalco Henan Aluminum Fabrication Co.,Ltd. 247,163 — — Xinjiang Jiarun Resources Holdings Co., Ltd. 213,293 213,293 100.00 Guizhou Jinpingguo Aluminum Rod Co., Ltd. 111,138 111,138 100.00 Others 243,205 240,671 98.96 1,085,218 835,521 The Group has no individual provision for impairment of notes receivables. The Group measures provision for loss on the basis of expected credit losses. The Group considers that notes receivables are not exposed to significant credit risk and has limited default risk. Movements in the loss allowance for impairment of trade receivables are as follows: 2022 2021 2020 As of January 1 1,012,722 988,802 814,986 Impairment loss 34,807 364,618 405,574 Write off (17,021) (285,178) (142,786) Reversal (38,481) (38,465) (90,752) Others (43,245) (17,055) 1,780 As of December 31 948,782 1,012,722 988,802

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
OTHER CURRENT ASSETS	Dec. 31, 2022
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS	15 OTHER CURRENT ASSETS December 31, 2022 December 31, 2021 Financial assets — Deposits paid to suppliers 525,666 1,315,545 — Dividends receivable 360,342 373,252 — Entrusted loans and loans receivable from third parties 1,417,284 1,466,236 — Entrusted loans and loans receivable from related parties 1,278,093 1,348,016 — Recoverable reimbursement for freight charges 285,428 351,976 — Other financial assets 1,040,632 710,518 4,907,445 5,565,543 Less: impairment allowance (3,194,988) (3,207,132) 1,712,457 2,358,411 Deductible input value added tax receivables 577,041 778,251 Prepaid income tax 142,056 62,139 Prepayments to related parties for purchases 127,748 154,644 Prepayments to suppliers for purchases and others 2,052,125 846,272 Others 78,270 75,952 2,977,240 1,917,258 Less: impairment allowance — — 2,977,240 1,917,258 Total other current assets 4,689,697 4,275,669 As of December 31, 2022, all balances of other current assets were denominated in RMB, other than an amount of RMB151 million which was denominated in USD (December 31, 2021: RMB99 million in USD). As of December 31, 2022 and 2021, except for entrusted loans and loans receivable which were interest-bearing, all amounts in other current assets were non-interest bearing. As of December 31, 2022, the ageing analysis of financial assets included in other current assets was as follows: December 31, 2022 December 31, 2021 Within 1 year 1,355,199 1,888,964 Between 1 and 2 years 181,198 190,999 Between 2 and 3 years 89,680 51,675 Over 3 years 3,281,368 3,433,905 4,907,445 5,565,543 Less: provision for impairment (3,194,988) (3,207,132) 1,712,457 2,358,411 15 OTHER CURRENT ASSETS (CONTINUED) Movements in the provision for impairment of in other current assets are as follows: 2022 2021 2020 As of January 1 3,207,132 2,273,183 1,733,567 Impairment loss 96,725 1,053,773 673,277 Write off (3,020) (135,049) (113,504) Reversal (105,023) (4,877) (20,157) Others (826) 20,102 — As of December 31 3,194,988 3,207,132 2,273,183 Financial assets included in other current assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs. Gross carrying Expected credit As of December 31, 2022 amount losses Stage 1 – 12 months expected credit loss 1,403,623 4,743 Stage 2 – life time expected credit loss 103,277 19,853 Stage 3 – life time expected credit loss with credit-impaired 3,400,545 3,170,392 4,907,445 3,194,988 Gross carrying Expected credit As of December 31, 2021 amount losses Stage 1 – 12 months expected credit loss 2,007,620 6,503 Stage 2 – life time expected credit loss 207,409 9,598 Stage 3 – life time expected credit loss with credit-impaired 3,350,514 3,191,031 5,565,543 3,207,132

CASH AND CASH EQUIVALENTS AND R

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	12 Months Ended
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	Dec. 31, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	16 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH December 31, December 31, 2022 2021 Restricted cash 2,443,249 1,400,988 Cash and cash equivalents 16,816,684 19,683,619 19,259,933 21,084,607 16 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (CONTINUED) Restricted cash mainly represented deposits held for use in issuing notes payable and letters of credit. As of December 31, 2022 and 2021, cash and cash equivalent and restricted cash of the Group were denominated in the following currencies: December 31, December 31, 2022 2021 RMB 17,843,469 19,498,843 USD 1,378,559 1,566,024 HKD 12,517 11,562 EUR 1,989 1,957 Others 23,399 6,221 19,259,933 21,084,607 Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances, time deposits and restricted cash are deposited with creditworthy banks with no recent history of default.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
SHARE CAPITAL	Dec. 31, 2022
SHARE CAPITAL
SHARE CAPITAL	17 SHARE CAPITAL December 31, December 31, 2022 2021 Listed A shares 13,217,626 13,078,707 Listed H shares 3,943,966 3,943,966 17,161,592 17,022,673 As of December 31, 2022 and 2021, all issued shares were registered and fully paid. Both A shares and H shares rank pari passu in all aspects. The number of the Company’s authorized and issued ordinary shares was 17,161,591,551 at par value of RMB1.00 per share as of December 31, 2022, including 138,918,600 restricted share (Note 18).

RESTRICTED SHARES HELD FOR EMPL

RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME	12 Months Ended
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME	Dec. 31, 2022
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME	18 RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Shares Shares (thousands) (thousands) RMB RMB Restricted shares held for employee share scheme (138,919) — (404,685) — These shares are held for the 2021 Restricted A Share Incentive Scheme (the “Incentive Scheme”). 18 RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME (CONTINUED) The establishment of the Incentive Scheme was approved by the shareholders at the 2022 first extraordinary general meeting on April 26, 2022.The Incentive Scheme is designed to provide long-term incentives to middle level managers and above (including Executive Directors) in order to improve the long-term shareholder returns. Under the scheme, participants are granted 112,270 thousands Restricted A Shares with a grant price of RMB3.08 per share on May 25, 2022, and 26,649 thousands Restricted A Shares with a grant price of RMB2.21 per share on November 24, 2022. All these shares are restricted for sale until certain service and performance conditions are met. The fair value of these restricted shares at the grant date was valued based on RMB4.97 per share on May 25, 2022, and RMB4.42 per share on November 24, 2022, respectively. Number of shares (thousands) Repurchase obligation As of December 31, 2021 — — Grant of restricted shares under the Incentive Scheme (138,919) (404,685) As of December 31, 2022 (138,919) (404,685) Expenses arising from share-based payment transactions For the year ended December 31, 2022 2021 2020 Shares issued under employee share scheme 48,258 — —

OTHER EQUITY INSTRUMENTS

OTHER EQUITY INSTRUMENTS	12 Months Ended
OTHER EQUITY INSTRUMENTS	Dec. 31, 2022
OTHER EQUITY INSTRUMENTS.
OTHER EQUITY INSTRUMENTS	19 OTHER EQUITY INSTRUMENTS December 31, Decmber 31, 2021 2022 Outstanding perpetual medium-term notes RMB Issue Redemption RMB 2019 Second Medium-term Notes 1,498,429 — 1,498,429 — 2020 Second Medium-term Notes 1,000,000 — 1,000,000 — 2022 Third Medium-term Notes (i) — 1,000,000 — 1,000,000 2022 Fourth Medium-term Notes (ii) — 1,000,000 — 1,000,000 2,498,429 2,000,000 2,498,429 2,000,000 (i) On August 17, 2022, the Company issued RMB1,000 million perpetual medium-term notes with an initial distribution rate at 2.87% (the “2022 Third Medium-term Notes”). The proceeds from the issuance of the 2022 Third Medium-term Notes were RMB1,000 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 2.87% per annum on the 2022 Third Medium-term Notes have been made annually in arrears from August 17, 2022 and may be deferred at the discretion of the Company. The 2022 Third Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on August 19, 2025 or any coupon distribution date after August 19, 2025 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 0.57 percent, (b) the China Treasury Rate, and (c) a margin of maximum 300 basic points every three years since August 19, 2025. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends to shareholders or decrease the share capital. As of December 31, 2022, no coupon distribution payments are unpaid or deferred. 19 OTHER EQUITY INSTRUMENTS (CONTINUED) (ii) On September 20, 2022, the Company issued RMB1,000 million perpetual medium-term notes with an initial distribution rate at 2.68% (the “2022 Fourth Medium-term Notes”). The proceeds from the issuance of the 2022 Fourth Medium-term Notes were RMB1,000 million. The proceeds were used for the repayment of interest-bearing loans and borrowings. Coupon payments of 2.68% per annum on the 2022 Fourth Medium-term Notes have been made annually in arrears from September 20, 2022 and may be deferred at the discretion of the Company. The 2022 Fourth Medium-term Notes have no fixed maturity date and are callable only at the Group’s option on September 22, 2024 or any coupon distribution date after September 22, 2024 at their principal amounts together with any accrued, unpaid or deferred coupon distribution payments. The coupon distribution rate will be reset to a percentage per annum equal to the sum of (a) the initial spread of 0.59 percent, (b) the China Treasury Rate, and (c) a margin of maximum 300 basic points every two years since September 22, 2024. While any coupon distribution payments are unpaid or deferred, the Company cannot declare or pay dividends to shareholders or decrease the share capital. As of December 31, 2022, no coupon distribution payments are unpaid or deferred. Pursuant to the terms and conditions of the 2022 Third Medium-term Notes and the 2022 Fourth Medium-term Notes, the Group has no contractual obligations to repay their principal or to pay any coupon distributions. Thus in the opinion of the directors of the Company, they do not meet the definition of financial liabilities according to IAS 32 Financial Instruments: Presentation, and are classified as equity and subsequent distributions declared will be treated as distributions to equity owners.

RESERVES

RESERVES	12 Months Ended
RESERVES	Dec. 31, 2022
RESERVES
RESERVES	20 RESERVES The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity of the Group.

INTEREST-BEARING LOANS AND BORR

INTEREST-BEARING LOANS AND BORROWINGS	12 Months Ended
INTEREST-BEARING LOANS AND BORROWINGS	Dec. 31, 2022
INTEREST-BEARING LOANS AND BORROWINGS
INTEREST-BEARING LOANS AND BORROWINGS	21 INTEREST-BEARING LOANS AND BORROWINGS December 31, December 31, 2022 2021 Long-term loans and borrowings Lease liabilities (Note 22(b)) 10,099,506 11,493,471 Medium-term notes and bonds (Note (b)) – Guaranteed (Note (e)) 6,939,665 6,343,589 – Unsecured 12,782,976 12,878,997 Long-term bank and other loans (Note (a)) – Secured (Note (f)) 7,173,497 11,305,535 – Guaranteed (Note (e)) 2,008,337 4,347,079 – Unsecured 38,367,723 33,594,042 47,549,557 49,246,656 Total long-term loans and borrowings 77,371,704 79,962,713 Current portion of lease liabilities (890,033) (974,941) Current portion of medium-term notes and bonds (4,398,561) (2,999,599) Current portion of long-term bank and other loans (13,486,345) (6,313,238) (18,774,939) (10,287,778) Non-current portion of long-term loans and borrowings 58,596,765 69,674,935 December 31, December 31, 2022 2021 Short-term loans and borrowings Bank and other loans (Note (c)) – Secured (Note (f)) 368,995 513,100 – Unsecured 6,092,108 11,424,078 6,461,103 11,937,178 Short-term bonds, unsecured (Note (d)) 2,623,311 5,440,414 Current portion of lease liabilities 890,033 974,941 Current portion of medium-term notes and bonds 4,398,561 2,999,599 Current portion of long-term bank and other loans 13,486,345 6,313,238 21,398,250 15,728,192 Total short-term borrowings and current portion of long-term loans and borrowings 27,859,353 27,665,370 As of December 31, 2022, except for loans and borrowings of the Group amounting to RMB8 million (December 31, 2021: RMB11 million) and RMB737 million (December 31, 2021:RMB1,333 million) which were denominated in JPY and USD, respectively, all loans and borrowings were denominated in RMB. 21 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) As of December 31, 2022, included in the Group’s interest-bearing loans and borrowings are amounts due to fellow subsidiaries RMB12,274 million (December 31, 2021: RMB13,180 million), as set out in Note 38(b). As of December 31, 2022, the amount of interest-bearing loans and borrowings obtained from a joint venture and an associate are RMB117 million (December 31, 2021: RMB0 million). As of December 31, 2022, Shandong Huayu Alloy Materials Co. Ltd. (“Shandong Huayu”), a subsidiary of the Company did not repay the short-term secured bank loans according to the terms of the agreement with principal amount of RMB106 million (December 31, 2021: RMB113 million), which resulted in an event of default. The bank loans were already presented as liabilities. There is no further impact extended to the Group as no guarantees was provided by any entity within the Group to Shandong Huayu and there was no cross default provisions for other debts of the Group triggered by this default. (a) Long-term bank and other loans The maturity of long-term bank and other loans is set out below: Loans from banks and other financial institutions Other loans Total December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 Within 1 year 13,484,315 6,162,067 2,030 151,171 13,486,345 6,313,238 Between 1 and 2 years 6,602,850 17,422,804 2,030 2,445 6,604,880 17,425,249 Between 2 and 5 years 20,575,761 10,780,742 4,060 6,445 20,579,821 10,787,187 Over 5 years 6,878,511 14,720,982 — — 6,878,511 14,720,982 47,541,437 49,086,595 8,120 160,061 47,549,557 49,246,656 The weighted average annual interest rate of long-term bank and other loans for the year ended December 31, 2022 was 4.10% (2021: 4.55%). 21 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (b) Medium-term notes and bonds Outstanding medium-term bonds and private placement notes of the Group as of December 31, 2022 are summarized as follows: Effective December 31, December 31, Face value /maturity interest rate 2022 2021 2018 Medium-term bonds RMB900,000/2023 5.06 % 899,865 899,323 2018 Medium-term bonds RMB1,600,000/2023 4.57 % 1,598,947 1,597,988 2019 Medium-term notes RMB2,000,000/2024 4.31 % 1,993,080 1,989,090 2019 Medium-term bonds RMB2,000,000/2022 3.84 % — 1,999,809 2019 Medium-term bonds RMB2,000,000/2029 4.57 % 1,997,623 1,997,440 2019 Medium-term bonds RMB1,000,000/2022 3.52 % — 999,790 2020 Medium-term bonds RMB1,000,000/2023 3.07 % 999,962 999,787 2020 Medium-term notes RMB900,000/2023 3.04 % 899,787 898,866 2020 Medium-term bonds RMB500,000/2025 3.31 % 499,900 499,876 2021 Medium-term notes RMB1,000,000/2024 3.21 % 997,969 997,028 2022 Medium-term notes RMB2,000,000/2025 3.08 % 1,996,665 — 2022 Medium-term notes RMB400,000/2025 2.73 % 399,557 — 2022 Medium-term notes RMB500,000/2024 2.50 % 499,621 — 2021 Hong Kong Medium-term bonds USD500,000/2024 1.74 % 3,472,428 3,173,180 2021 Hong Kong Medium-term bonds USD500,000/2026 2.24 % 3,467,237 3,170,409 19,722,641 19,222,586 Medium-term notes and bonds were issued for capital expenditures and operating cash flows purposes, as well as for the purpose of re-financing of bank loans. 21 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (c) Short-term bank and other loans The weighted average annual interest rate of short-term bank and other loans for the year ended December 31, 2022 was 2.76% (2021: 3.03%). (d) Short-term bonds Outstanding short-term bonds as of December 31, 2022 and 2021 are summarized as follows: Effective December 31, December 31, Face value /maturity interest rate 2022 2021 Short-term bonds RMB400,000/2021 2.70 % — 406,036 Short-term bonds RMB2,000,000/2021 2.59 % — 2,022,571 Short-term bonds RMB1,000,000/2021 2.55 % — 1,006,240 Short-term bonds RMB2,000,000/2021 2.80 % — 2,005,567 Short-term bonds RMB2,000,000/2022 2.58 % — — Short-term bonds RMB1,000,000/2022 2.30 % — — Short-term bonds RMB600,000/2022 2.05 % 608,105 — Short-term bonds RMB1,000,000/2022 1.93 % 1,009,288 — Short-term bonds RMB1,000,000/2022 1.59 % 1,005,918 — 2,623,311 5,440,414 All the above short-term bonds were issued for working capital needs. (e) Guaranteed interest-bearing loans and borrowings Details of guarantors for the Group’s interest-bearing loans and borrowings are set out as follows: December 31, December 31, Guarantors 2021 2022 Long-term loans The Company 7,443,377 7,397,333 Baotou Aluminum Limited Company(包頭鋁業有限公司) and Baotou Communications Investment Group Limited Company(包頭交通投資集團有限公司) (Note (i) 412,500 825,000 The Company and COSCO SHIPPING BULK Limited company (中遠海運散貨運輸有限公司) (Note (iii) 327,125 318,785 Ningxia Energy (Note (ii) 765,000 935,000 Yunnan Aluminum(Note (ii) — 1,214,550 8,948,002 10,690,668 Notes: (i) The guarantors include a subsidiary of the Company and a third party. (ii) The guarantors are subsidiaries of the Company. (iii) The joint guarantors include the Company and a third party. 21 INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) (f) Secured interest-bearing loans and borrowings, the assets pledged for bank and other borrowings were set out in Note 26.

LEASE

LEASE	12 Months Ended
LEASE	Dec. 31, 2022
LEASE
LEASE	22 LEASE The Group as a lessee The Group has lease contracts for various items of plant and machinery, motor vehicles, other equipment and land use rights used in its operations. (a) Right-of-use assets The carrying amounts of the Group’s right-of-use assets and the movements during 2022 and 2021 are as follows: Buildings Machinery Land use rights Total As of January 1, 2022 359,104 385,186 18,297,719 19,042,009 Additions 56,117 22,393 601,649 680,159 Transfer from investment properties (Note 8) — — 5,997 5,997 Lease modification (Note 7) — (3,816) (977,923) (981,739) Transfer to property, plant and equipment — (64,939) — (64,939) Transfer to investment properties — — (46,981) (46,981) Disposal — — (78,446) (78,446) Depreciation (82,820) (62,167) (1,137,375) (1,282,362) Currency translation differences (56) — — (56) As of December 31, 2022 332,345 276,657 16,664,640 17,273,642 Buildings Machinery Land use rights Total As of January 1, 2021 240,402 1,772,007 13,484,314 15,496,723 Additions 8,546 11,228 117,471 137,245 Transfer from property, plant and equipment (Note 7) — — 68,377 68,377 Lease modification (i) 377,873 — 5,300,918 5,678,791 Transfer to property, plant and equipment (143,646) (1,199,382) — (1,343,028) Transfer to investment properties — — (90,314) (90,314) Disposal — — (32,173) (32,173) Depreciation (124,048) (130,923) (516,980) (771,951) Impairment losses — (67,744) (37,561) (105,305) Currency translation differences (23) — 3,667 3,644 As of December 31, 2021 359,104 385,186 18,297,719 19,042,009 (i) Pursuant to the framework lease contract entered into between the Company and Chinalco in 2001, the annual consideration for certain lands leased by the Group from Chinalco for the period commencing January 1, 2022 was re-negotiated between contract parties, which constitute lease modifications As of December 31, 2021 and results in remeasurement of the lease liabilities and a corresponding adjustment to the right-of-use assets. As of December 31, 2022, the Group has pledged land use rights at a net carrying value amounting to RMB241 million (December 31, 2021: RMB234 million) for bank and other borrowings as set out in Note 26. 22 LEASE (CONTINUED) The Group as a lessee (Continued) (b) Lease liabilities The carrying amount of lease liabilities and the movements during the year are as follows: Year ended December 31, 2022 Carrying amount of January 1 11,493,471 New leases 477,299 Lease modification (951,047) Accretion of interest recognized during the year 678,855 Payments (1,599,072) Carrying amount at December 31 10,099,506 Analyzed into: Current portion 890,033 Non-current portion 9,209,473 (c) The amounts recognized in profit or loss in relation to leases are as follows: 2022 2021 2020 Interests on lease liabilities 678,855 344,886 438,033 Depreciation charge of right-of-use assets 1,282,362 771,951 745,245 Expenses relating to short-term leases and leases of low-value assets 28,967 51,739 91,537 Total amount recognized in profit or loss 1,990,184 1,168,576 1,274,815 (d) The total cash outflow for leases is disclosed in Notes 37(c). The Group as a lessor Rental income recognized by the Group during the year was RMB317 million (2021: RMB312 million, 2020: RMB335 million), details of which are included in Note 5. In the opinions of the directors, the undiscounted lease payments receivable by the Group in future periods under non-cancellable operating leases are not material.

OTHER NON-CURRENT LIABILITIES

OTHER NON-CURRENT LIABILITIES	12 Months Ended
OTHER NON-CURRENT LIABILITIES	Dec. 31, 2022
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES	23 OTHER NON-CURRENT LIABILITIES December 31, December 31, 2022 2021 Financial liabilities – Long-term payables for mining rights 623,085 798,204 – Other financial liabilities 37,782 82,660 660,867 880,864 Obligations in relation to early retirement schemes (Note (i)) 138,464 249,476 Deferred government grants 181,693 206,476 Deferred gain relating to sales and leaseback agreements 42,417 50,631 Contract liabilities 93,240 116,545 Provision for rehabilitation 830,154 506,006 Others 229,949 161,429 1,515,917 1,290,563 2,176,784 2,171,427 (i) Obligations in relation to early retirement schemes Since 2014, certain subsidiaries and branches implemented termination retirement benefit schemes which allow qualified employees to early retire on a voluntary basis. The Group undertakes the obligations to pay the termination retirement employees’ living allowance for a period of no more than five years in the future on a monthly basis according to the termination retirement benefit schemes, in addition to the social insurance and housing fund pursuant to the regulation of the local Social Security Bureau. Living allowance, social insurance and the housing fund are together referred to as the “Payments”. The Payments are forecasted to increase by 3% per annum with reference to the inflation rate and adjusted based on the average death rate in China. The Payments are discounted at the treasury bond rate As of December 31, 2022. As of December 31, 2022, the current portion is included in “Other payables and accrued liabilities”. As of December 31, 2022 and 2021, obligations in relation to retirement benefits under the Group’s early retirement schemes are as follows: December 31, December 31, 2022 2021 As of January 1 502,155 572,358 Provision made during the year (Note 32) 46,919 269,895 Interest costs 5,283 4,782 Payment during the year (283,237) (344,880) As of December 31 271,120 502,155 Non-current 138,464 249,476 Current (Note 24) 132,656 252,679 271,120 502,155

OTHER PAYABLES AND ACCRUED LIAB

OTHER PAYABLES AND ACCRUED LIABILITIES	12 Months Ended
OTHER PAYABLES AND ACCRUED LIABILITIES	Dec. 31, 2022
OTHER PAYABLES AND ACCRUED LIABILITIES
OTHER PAYABLES AND ACCRUED LIABILITIES	24 OTHER PAYABLES AND ACCRUED LIABILITIES December 31, 2022 December 31, 2021 Financial liabilities – Payable for capital expenditures 2,507,415 4,999,157 – Interests payable 360,093 494,085 – Deposits 1,856,949 1,760,156 – Dividends payable by subsidiaries to non-controlling shareholders 435,544 447,848 – Consideration payable for investment projects 73,237 38,374 – Current portion of payables for mining rights (Note 23) 176,971 182,959 – Payable of government levies on self-operated power plants 105,287 411,021 – Restricted shares repurchase obligation 404,685 — – Others 1,424,584 1,283,125 7,344,765 9,616,725 Taxes other than income taxes payable (i) 1,239,287 1,781,725 Accrued payroll and bonus 197,591 249,581 Staff welfare payables 415,986 354,942 Current portion of obligations in relation to early retirement schemes (Note 23) 132,656 252,679 Contributions payable for pension costs 41,118 37,509 Others 149,836 89,578 2,176,474 2,766,014 9,521,239 12,382,739 (i) Taxes other than income taxes payable mainly comprise accruals for value-added tax, resources tax, city construction tax and education surcharge.

TRADE AND NOTES PAYABLES

TRADE AND NOTES PAYABLES	12 Months Ended
TRADE AND NOTES PAYABLES	Dec. 31, 2022
TRADE AND NOTES PAYABLES
TRADE AND NOTES PAYABLES	25 TRADE AND NOTES PAYABLES December 31, 2022 December 31, 2021 Trade payables 15,440,190 13,909,245 Notes payable 7,096,141 4,679,171 22,536,331 18,588,416 As of December 31, 2022, all balances of trade and notes payables were denominated in RMB, other than an amount of RMB261 million which was nominated in USD (December 31, 2021: RMB241 million in USD). 25 TRADE AND NOTES PAYABLES (CONTINUED) The ageing analysis of trade and notes payables is as follows: December 31, 2022 December 31, 2021 Within 1 year 21,523,421 17,012,772 Between 1 and 2 years 511,560 946,337 Between 2 and 3 years 157,729 236,106 Over 3 years 343,621 393,201 22,536,331 18,588,416 The trade and notes payables are non-interest-bearing and are normally settled within one year or normal business cycle.

PLEDGE OF ASSETS

PLEDGE OF ASSETS	12 Months Ended
PLEDGE OF ASSETS	Dec. 31, 2022
PLEDGE OF ASSETS
PLEDGE OF ASSETS	26 PLEDGE OF ASSETS The Group has pledged various assets as collateral against certain secured borrowings as set out in Note 21. As of December 31, 2022, a summary of these pledged assets was as follows: December 31, 2022 December 31, 2021 Carrying value of assets pledged: Property, plant and equipment (Note 7) 4,967,190 5,680,508 Right-of-use assets (Note 22(a)) 241,287 234,369 Intangible assets (Note 6) 1,352,618 1,399,972 Trade and notes receivables (Note 14) 289,110 1,982,986 6,850,205 9,297,835 As of December 31, 2022, in addition to the loans and borrowings which were secured by the above assets, the current portion of long-term loans and borrowings amounting to RMB1,402 million (December 31, 2021: RMB1,525 million), and the non-current portion of long-term loans and borrowings amounting to RMB6,390 million (December 31, 2021: RMB7,959 million) were secured against the contractual rights of receiving electricity fees from its customers in the future.

EXPENSE BY NATURE

EXPENSE BY NATURE	12 Months Ended
EXPENSE BY NATURE	Dec. 31, 2022
EXPENSE BY NATURE
EXPENSE BY NATURE	27 EXPENSE BY NATURE For the years ended December 31 2022 2021 2020 Purchases of inventories in relation to trading activities 128,285,396 138,350,569 91,918,688 Raw materials and consumables used, and changes in work-in-progress and finished goods 58,119,628 62,159,977 44,991,195 Power and utilities 43,449,772 35,419,204 25,464,292 Depreciation of right-of-use assets 1,282,362 771,951 745,245 Depreciation and amortization (other than depreciation of right-of-use assets) expenses 9,691,457 9,789,163 9,449,798 Employee benefits expenses (Note 32) 11,451,648 11,008,847 9,892,157 Repairs and maintenance 3,257,456 3,796,066 2,010,678 Transportation expenses 9,545,420 7,227,249 5,548,616 Taxes other than income tax expense (Note (i)) 2,860,228 2,595,082 1,880,012 Inventory impairment loss 938,966 470,464 1,411,908 Auditors’ remunerations – PricewaterhouseCoopers and PricewaterhouseCoopers Zhong Tian LLP – Audit services 18,170 18,170 18,170 – Non-audit services 3,340 870 700 Others 2,032,531 1,687,303 2,087,392 270,936,374 273,294,915 195,418,851 (i) Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty.

NET IMPAIRMENT LOSSES ON FINANC

NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS	12 Months Ended
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS	Dec. 31, 2022
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS	28 NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS For the years ended December 31 2022 2021 2020 Impairment losses on other non-current assets (Note 12) 426,111 15,716 — (Reversal of)/Impairment losses on trade and notes receivables (Note 14) (3,674) 326,153 314,822 (Reversal of)/Impairment losses on other current assets (Note 15) (8,298) 1,048,896 653,120 414,139 1,390,765 967,942

OTHER INCOME

OTHER INCOME	12 Months Ended
OTHER INCOME	Dec. 31, 2022
OTHER INCOME
OTHER INCOME	29 OTHER INCOME For the year ended December 31, 2022, government grants amounting to RMB236 million (2021: RMB173 million, 2020: RMB304 million) were recognized as income to facilitate the Group’s development. There are no unfulfilled conditions or contingencies attached to the grants.

OTHER (LOSSES) GAINS-NET

OTHER (LOSSES) GAINS-NET	12 Months Ended
OTHER (LOSSES) GAINS-NET	Dec. 31, 2022
OTHER (LOSSES)/GAINS-NET
OTHER (LOSSES)/GAINS-NET	30 OTHER (LOSSES)/GAINS-NET For the years ended December 31 2022 2021 2020 Gains/(losses) on disposal of subsidiaries (i) 86,343 (27,404) 11,305 Realized and unrealized gains/(losses) on futures, forward and option contracts, net (ii) 295,882 (604,734) 512,984 Gains/(losses) on disposal of property, plant and equipment, intangible assets and right-of-use assets, net 323,659 (679,397) (223,206) Others (390,525) (329,480) 72,009 315,359 (1,641,015) 373,092 (i) During the year ended December 31, 2022, the Group disposed of certain subsidiaries with gains totalling RMB 86 million, which included a gain of disposal of Yunnan Haoxin of RMB 37 million (Note 10). (ii) The Group did not apply hedge accounting for these futures, forward and option contracts.

FINANCE INCOME_FINANCE COSTS

FINANCE INCOME/FINANCE COSTS	12 Months Ended
FINANCE INCOME/FINANCE COSTS	Dec. 31, 2022
FINANCE INCOME/FINANCE COSTS
FINANCE INCOME/FINANCE COSTS	31 FINANCE INCOME/FINANCE COSTS An analysis of finance income/finance costs is as follows: For the years ended December 31 2022 2021 2020 Finance income-interest income 477,137 311,103 266,209 Interest expense (3,832,874) (4,512,188) (5,209,163) Less: Interest expense capitalized in property, plant and equipment 5,140 1,727 220,785 Interest expense, net of capitalized interest (3,827,734) (4,510,461) (4,988,378) Exchange losses, net (67,133) (22,205) (81,323) Finance costs (3,894,867) (4,532,666) (5,069,701) Finance costs, net (3,417,730) (4,221,563) (4,803,492) Capitalization rate during the year 3.55% 4.00% 4.00% to 6.68%

EMPLOYEE BENEFIT EXPENSE

EMPLOYEE BENEFIT EXPENSE	12 Months Ended
EMPLOYEE BENEFIT EXPENSE	Dec. 31, 2022
EMPLOYEE BENEFIT EXPENSE
EMPLOYEE BENEFIT EXPENSE	32 EMPLOYEE BENEFIT EXPENSE An analysis of employee benefit expenses is as follows: For the years ended December 31 2022 2021 2020 Salaries and bonuses 7,601,169 6,929,589 6,591,266 Housing fund 718,428 707,809 670,150 Staff welfare and other expenses(i) 3,002,984 3,049,839 2,554,762 Shares issued under employee share scheme (Note 18) 48,258 — — Employment expenses in relation to early retirement schemes 46,919 269,895 67,747 Employment expenses in relation to termination benefits 33,890 51,715 8,232 11,451,648 11,008,847 9,892,157 (i) Staff welfare and other expenses represent staff welfare, staff union expenses, staff education expenses and unemployment insurance expenses etc. In 2020, the group entities in Mainland China were exempt from payment of employee social benefits during the period from February to December 2020 under national Covid-19 supportive policies. Employee benefit expenses include emoluments payable to directors, supervisors and remunerations to senior management as set out in Note 33.

DIRECTORS' AND SUPERVISORS' REM

DIRECTORS' AND SUPERVISORS' REMUNERATION	12 Months Ended
DIRECTORS' AND SUPERVISORS' REMUNERATION	Dec. 31, 2022
DIRECTORS' AND SUPERVISORS' REMUNERATION
DIRECTORS' AND SUPERVISORS' REMUNERATION	33 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (a) Directors’ and supervisors’ remuneration Directors’ and supervisors’ remuneration were as follows: For the years ended December 31 2022 2021 2020 Fees 618 579 683 Basic salaries, housing fund, other allowances and benefits in kind 4,244 4,526 3,996 Pension costs 505 449 207 5,367 5,554 4,886 The remuneration of each director and supervisor of the Company for the year ended December 31, 2022 is set out below: Discretionary Names of directors and supervisors Fees Salaries bonuses Pension costs Total Executive Directors: Liu Jianping(iii) — — — — — Zhu Runzhou(iii) — 1,160 — 101 1,261 Ou Xiaowu (iii) — 933 — 101 1,034 Jiang Tao (iii) — 844 — 101 945 — 2,937 — 303 3,240 Non-Executive Directors: Zhang Jilong(iii) — — — — — Chen Pengjun(iii) — — — — — Wang Jun — — — — — Qiu Guanzhou(iii) 206 — — — 206 Yu Jinsong(iii) 206 — — — 206 Chan Yuen Sau Kelly(iii) 206 — — — 206 618 — — — 618 Supervisors: Ye Guohua(iii) — — — — — Shan Shulan(iii) — — — — — Lin Ni(iii) — — — — — Guan Xiaoguang(i) — 198 — 24 222 Xu Shuxiang(ii) (iii) — 319 — 77 396 Yue Xuguang(iii) — 790 — 101 891 — 1,307 — 202 1,509 33 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) The remuneration of each director and supervisor of the Company for the year ended December 31, 2021 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs Total Executive Directors: Liu Jianping — — — — — Zhu Runzhou — 1,176 — 93 1,269 Ou Xiaowu — 973 — 93 1,066 Jiang Tao — 837 — 77 914 — 2,986 — 263 3,249 Non-Executive Directors: Ao Hong — — — — — Zhang Jilong — — — — — Wang Jun — — — — — Chen Lijie 95 — — — 95 Lie-A-Cheong Tai-Chong, David 95 — — — 95 Hu Shihai 95 — — — 95 Qiu Guanzhou 98 — — — 98 Chan Yuen Sau Kelly 98 — — — 98 Yu Jinsong 98 — — — 98 579 — — — 579 Supervisors: Ye Guohua — — — — — Shan Shulan — — — — — Guan Xiaoguang — 770 — 93 863 Yue Xuguang — 770 — 93 863 Lin Ni — — — — — — 1,540 — 186 1,726 33 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) The remuneration of each director and supervisor of the Company for the year ended December 31, 2020 is set out below: Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Lu Dongliang — — — — — He Zhihui — 866 — 37 903 Jiang Yinggang — 562 — 31 593 Zhu Runzhou — 894 — 44 938 — 2,322 — 112 2,434 Non-executive Directors: Ao Hong — — — — — Wang Jun 50 — — — 50 Chen Lijie 211 — — — 211 Lie-A-Cheong Tai-Chong, David 211 — — — 211 Hu Shihai 211 — — — 211 683 — — — 683 Supervisors: Ye Guohua — — — — — Ou Xiaowu — 134 — 7 141 Shan shulan — — — — — Guan Xiaoguang — 770 — 44 814 Yue Xuguang — 770 — 44 814 Total — 1,674 — 95 1,769 Notes: (i) On March 18, 2022, Mr. Guan Xiaoguang was resigned as a supervisor of the Company. (ii) On March 18, 2022, Ms. Xu Shuxiang was elected as a supervisor in the seventh session of the Supervisory Committee of the Company. (iii) On June 21, 2022, Mr. Liu Jianping, Mr. Zhu Runzhou, Mr. Ou Xiaowu and Mr. Jiang Tao were elected as Executive Directors in the eighth session of the Board of the Company. Mr. Zhang Jilong and Mr. Chen Pengjun were elected as non-executive directors in the eighth session of the Board of the Company. Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly were elected as Independent Non-Executive Directors of the eighth session of the Board of the Company . On June 21, 2022, Ms. Xu Shuxiang and Mr. Yue Xuguang were elected as the employee representative supervisors in the eighth session of the Supervisory Committee of the Company. On June 21, 2022, Mr. Ye Guohua, Ms. Shan Shulan and Ms. Lin Ni were elected as shareholder representative supervisors in the eighth session of the Supervisory Committee of the Company. During the year, in addition to the remuneration disclosed above, share-based compensations with a cost of RMB112 thousand, RMB108 thousand and RMB104 thousand, were provided to Executive Director Mr. Zhu Runzhou, Mr. Ou Xiaowu, and Mr. Jiang Tao, respectively (2021: Nil, 2020: Nil). 33 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) (iv) During the year ended December 31, 2022, 750,000 restricted shares were granted to the directors (2021: Nil, 2020: Nil), and no restricted shares were granted to the supervisors of the Company (2021: Nil, 2020: Nil). (v) During the year ended December 31, 2022, no remuneration was paid to the directors or the supervisors of the Company (among which included the five highest paid employees) as an inducement to join or upon joining the Company or as compensation for loss of office (2021: Nil, 2020: Nil). (vi) Directors of the Company, Mr. Chen Pengjun and Mr. Wang Jun (resigned) waived their remuneration as non-executive directors of the Company for 2022. The annual remuneration before tax as a non-executive director of the Company is RMB150,000 for 2022. In 2021, the director of the Company, Mr. Wang Jun (resigned) waived his remuneration as non-executive director of the Company. The annual remuneration before tax as a non-executive director of the Company was RMB150,000 for 2021. (b) Directors’ retirement benefits During the year, no retirement benefits operated by the Group were paid or made, directly or indirectly, to or receivable by a director in respect of his services as a director or other services in connection with the management of the affairs of the Company or its subsidiaries (2021: Nil, 2020: Nil). (c) Directors’ termination benefits During the year, no payments or benefits in respect of termination of director’s services were paid or made, directly or indirectly, to or receivable by a director; nor are any payable (2021: Nil, 2020: Nil). (d) Consideration provided to third parties for making available directors’ services During the year, no consideration was provided to or receivable by third parties for making available director’s services (2021: Nil, 2020: Nil). (e) Information about loans, quasi-loans and other dealings in favor of directors, controlled bodies corporate by and connected entities with such directors There are no loans, quasi-loans or other dealings in favor of directors, controlled bodies corporate by and connected entities (2021: Nil, 2020: Nil). (f) Directors’ material interests in transactions, arrangements or contracts No significant transactions, arrangements and contracts in relation to the Group’s business to which the Company was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year (2021: Nil, 2020: Nil). 33 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (g) Five highest paid individuals During the year ended December 31, 2022, the five highest paid individuals of the Group include three directors (2021: three directors, 2020: three directors) whose remuneration is reflected in the analysis presented above. The remuneration payable to the remaining two individuals during 2022 (2021: two, 2020: two) is as follows: December 31, December 31, December 31, 2022 2021 2020 Basic salaries, housing fund, other allowances and benefits in kind 1,612 1,699 1,594 Discretionary bonuses — — — Pension costs 202 186 88 1,814 1,885 1,682 The number of the remaining two highest paid individuals during 2022 (2021: two, 2020: two) whose remuneration fell within the following band is as follows: Number of individuals December 31, December 31, December 31, 2022 2021 2020 Nil to RMB1,000,000 2 2 2

INCOME TAX EXPENSE

INCOME TAX EXPENSE	12 Months Ended
INCOME TAX EXPENSE	Dec. 31, 2022
INCOME TAX EXPENSE
INCOME TAX EXPENSE	34 INCOME TAX EXPENSE For the years ended December 31 2022 2021 2020 Current income tax expense 2,271,443 3,079,631 960,202 Deferred tax expense/(benefit) 94,196 (210,080) (318,873) 2,365,639 2,869,551 641,329 The Group’s entities established and operated in mainland China are subject to PRC corporate income tax at the standard rate of 25% (2021: 25%, 2020: 25%) on their respective estimated taxable profits for the year. Certain branches and subsidiaries of the Company located in the western regions of the mainland China are granted tax concessions including a preferential tax rate of 15% (2021: 15%, 2020: 15%). The provision for Hong Kong profits tax is calculated at 16.5% of the estimated assessable profits for the year ended December 31, 2022 (2021: 16.5%,2020: 16.5%). For the years ended December 31 2022 2021 2020 Profit before income tax 13,208,968 14,186,428 2,886,012 Tax expense calculated at the statutory tax rate of the Company 25% (2021: 25%, 2020: 25%) 3,302,242 3,546,607 721,503 Tax effects of: Impact of different tax rates applied to subsidiaries (263,643) (80,794) (77,929) Preferential income tax rates applicable to certain branches and subsidiaries (1,476,012) (1,216,984) (350,681) Impact of change in income tax rate (130,616) 45,101 (52,177) Impact of temporary differences and tax losses not recognized for deferred tax assets 1,214,908 783,320 575,404 Tax incentive in relation to deduction of certain expenses (198,130) (186,889) (80,268) Distribution of other equity instruments deductible for tax purpose (21,182) (76,807) (86,034) Expenses not deductible for tax purposes 66,541 72,721 65,924 Profits and losses attributable to joint ventures and associates (67,477) (1,946) (25,526) Over-provision of current income tax of previous periods (60,992) (14,778) (48,887) Income tax expense 2,365,639 2,869,551 641,329 Effective tax rate 18 % 20 % 22 %

EARNINGS PER SHARE ATTRIBUTABLE

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	12 Months Ended
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	Dec. 31, 2022
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY	35 EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY For the years ended December 31 2022 2021 2020 Profit attributable to owners of the Company (in thousands of RMB) 4,191,927 5,759,422 862,054 Adjustment: cumulative distributions reserved of other equity instruments (in thousands of RMB) (117,292) (209,500) (275,000) Adjusted profit attributable to ordinary shares holders of the Company 4,074,635 5,549,922 587,054 For the purpose of calculating basic earnings per share, the Group adjusted the profit attributable to owners of the Company by deducting the after-tax amounts of cumulative distributions reserved for the year for other equity instruments, which were issued by the Group and classified as equity instrument (Note 19). For the years ended December 31 2022 2021 2020 Number of ordinary shares in issue (thousands) as of January 1 17,022,673 17,022,673 17,022,673 Weighted average number of ordinary shares in issue 17,022,673 17,022,673 17,022,673 Basic earnings per share (RMB) 0.239 0.326 0.034 The restricted shares issued by the Group during 2022 had immaterial dilutive effect, thus the diluted earnings per share approximately equals to the basic earnings per share. Basic earnings per share was calculated by dividing the adjusted profit attributable to ordinary shares holders of the Company by the weighted average number of shares in issue during the year.

DIVIDENDS

DIVIDENDS	12 Months Ended
DIVIDENDS	Dec. 31, 2022
DIVIDENDS
DIVIDENDS	36 DIVIDENDS On March 21, 2023, the Board of Directors proposed a final dividend of RMB0.036 per share, totaling RMB618 million for the year ended December 31, 2022, which is subject to the approval of the shareholders of the Company at the forthcoming annual general meeting. On June 21, 2022, the general meeting of shareholders approved a final dividend of RMB0.0318 per share, totaling RMB545 million for the year ended December 31, 2021, which had been paid as of December 31, 2022.

NOTES TO THE CONSOLIDATED STATE

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	12 Months Ended
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	Dec. 31, 2022
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS	37 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (a) Reconciliation of profit before taxation to cash generated from operations For the years ended December 31 Notes 2022 2021 2020 Cash flows generated from operating activities Profit before income tax 13,208,968 14,186,428 2,886,012 Adjustments for: Share of profits of joint ventures 9(a) (178,910) (164,100) (180,502) Share of (profits)/losses of associates 9(b) (130,632) 423,247 93,518 Depreciation of property, plant and equipment 7 8,943,617 9,157,951 8,653,823 Depreciation of investment properties 8 44,777 24,450 24,405 Depreciation of right-of-use assets 22(a) 1,282,362 771,951 745,245 Amortization of intangible assets 6 502,921 407,287 493,412 Amortization of prepaid expenses included in other non-current assets 200,142 199,475 278,158 (Gains)/losses on disposal of other property, plant and equipment, land use rights, net 30 (323,659) 679,397 223,206 Impairment losses on property, plant and equipment 7 3,795,420 4,064,673 681,257 Impairment losses of intangible assets 6 75,842 415,659 416 Impairment losses of right-of-use assets 22(a) — 105,305 15,790 Impairment losses of inventory 13 938,966 470,464 1,411,908 Impairment (reversals)/losses of trade and notes receivables 28 (3,674) 326,153 314,822 Impairment (reversals)/losses of other current assets 28 (8,298) 1,048,896 653,120 Impairment losses of other non-current assets 28 426,111 15,716 — Impairment losses of investments in joint ventures and associates 9(b) 75,997 — — Realized and unrealized (gains)/losses on futures, option and forward contracts 30 (295,882) 604,734 (512,984) (Gains)/losses on disposal of subsidiaries 30 (86,343) 27,404 (11,305) Gains on disposal of business (27,804) — — (Losses)/gains on disposal of investments in joint ventures and associates — (6,663) 27,736 Losses on accounts receivable factoring and others 3,808 91,283 — Gains on debt restructuring — — (5,020) Dividends of equity investments at fair value through other comprehensive income (11,499) (15,296) (125,015) Finance costs 3,785,280 4,436,030 5,068,257 Change in special reserve (17,684) 208,886 32,573 32,199,826 37,479,330 20,768,832 Changes in working capital: (Increase)/decrease in inventories (4,008,634) 1,324,101 (1,912,675) Increase in trade and notes receivables (1,328,745) (794,608) (4,366,288) Decrease in other current assets 139,610 125,731 230,869 (Increase)/decrease in restricted cash (1,042,261) 300,472 395,872 (Increase)/decrease in other non-current assets 98,364 25,803 (70,637) Increase/(decrease) in trade and notes payables 4,713,149 (2,189,748) 3,521,798 (Decrease)/increase in other payables and accrued liabilities (137,209) 1,712,674 1,884,283 Decrease in other non-current liabilities (76,287) (62,592) (177,045) Cash generated from operations 30,557,813 37,921,163 20,275,009 Mainland China corporate income taxes paid (2,812,635) (2,764,917) (856,477) Net cash generated from operating activities 27,745,178 35,156,246 19,418,532 Major non-cash transactions of investing activities and financing activities Notes receivables endorsed for settlement of purchases of property, plant and equipment and lease liabilities 1,515,934 3,135,322 2,276,782 (Decrease)/increase of right-of-use assets (439,109) 6,269,450 (7,361) Investments in other financial assets measured at fair value 1,417,129 — — Acquisition of business — — 42,230 2,493,954 9,404,772 2,311,651 (b) Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows was, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. 37 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) (b) Reconciliation of liabilities arising from financing activities (Continued) Liabilities from financing activities Other assets Other payables arising from Medium-term financing Cash/bank Borrowings notes and bonds Leases activities Sub Total Overdraft Total Net debt As of January 1, 2021 79,448,062 21,386,635 5,629,835 913,645 107,378,177 899,955 108,278,132 Financing cash flows (18,233,691) 3,276,882 (554,668) (4,480,712) (19,992,189) — (19,992,189) New leases and modification of contract — — 6,073,418 — 6,073,418 — 6,073,418 Foreign exchange adjustments (30,537) (143,597) — — (174,134) — (174,134) Finance expenses — 143,080 344,886 3,942,711 4,430,677 — 4,430,677 Dividends declared — — — 645,286 645,286 — 645,286 Transfer between bank deposits and overdrafts — — — — — (899,955) (899,955) Net debt As of December 31, 2021 61,183,834 24,663,000 11,493,471 1,020,930 98,361,235 — 98,361,235 Financing cash flows (7,396,786) (3,051,965) (1,599,072) (6,238,038) (18,285,861) — (18,285,861) New leases and modification of contract — — (473,748) — (473,748) — (473,748) Foreign exchange adjustments 223,612 585,868 — — 809,480 — 809,480 Finance expenses — 149,049 678,855 2,948,758 3,776,662 — 3,776,662 Dividends declared — — — 3,142,987 3,142,987 — 3,142,987 Transfer between bank deposits and overdrafts — — — — — — — Net debt As of December 31, 2022 54,010,660 22,345,952 10,099,506 874,637 87,330,755 — 87,330,755 (c) Total cash outflow for leases The total cash outflow for leases included in the statement of cash flows is as follows: For the years ended December 31 2022 2021 2020 Within operating activities 65,163 52,728 253,334 Within financing activities 1,599,072 554,668 1,748,202 1,664,235 607,396 2,001,536

SIGNIFICANT RELATED PARTY TRANS

SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES	12 Months Ended
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES	Dec. 31, 2022
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES	38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES The Company is controlled by Chinalco, a state-owned enterprise established in Mainland China. Related parties include Chinalco and its subsidiaries (other than the Group), other government-related entities and their subsidiaries (“Other State-Owned Enterprises”), other entities and corporations over which the Company is able to control or exercise significant influence and key management personnel of the Company and Chinalco as well as their close family members. The principal related party transactions with Chinalco and its fellow subsidiaries, associates and joint ventures of the Group which were carried out in the ordinary course of business, are as follows. (a) Significant related party transactions For the years ended December 31 Notes 2022 2021 2020 Sales of goods and services rendered: Sales of materials and finished goods to: (i) Fellow subsidiaries (ix) 20,662,740 17,435,785 10,043,031 Associates of Chinalco 586,988 1,428,887 575,637 Joint ventures 10,923,463 9,069,718 6,694,824 Associates 1,010,855 720,261 9,233,929 Non-controlling shareholder of a subsidiary and its subsidiaries — — 42,298 33,184,046 28,654,651 26,589,719 Provision of utility services to: (ii) Fellow subsidiaries (ix) 1,159,032 683,050 915,781 Associates of Chinalco 19,936 14,244 3,268 Joint ventures 404,387 242,118 470,984 Associates 65,039 — 18,626 1,648,394 939,412 1,408,659 Rental revenue of land use rights and buildings from: (vi) Fellow subsidiaries (ix) 27,988 29,973 34,425 Associates of Chinalco 237 237 237 Joint ventures 12,733 7,429 1,426 Associates 2,078 917 707 43,036 38,556 36,795 Purchases of engineering, construction and supervisory services from: (iii) Fellow subsidiaries (ix) 579,187 969,568 3,544,097 Associates of Chinalco 2,467 192 265 Joint ventures 23,085 251 — Associates 142,662 176,083 20,195 747,401 1,146,094 3,564,557 Provision of social services and logistics services by: (v) Fellow subsidiaries (ix) 259,188 400,290 397,610 Associates 7 — — 259,195 400,290 397,610 Purchases of primary and auxiliary materials, equipment and finished goods from: Fellow subsidiaries (iv) 4,494,021 3,263,448 3,058,126 Associates of Chinalco (ix) 91,079 35,595 3,919 Joint ventures 5,240,707 6,565,742 5,709,253 Associates 2,659,604 9,175,427 10,576,907 Non-controlling shareholder of a subsidiary and its subsidiaries — — 30,101 12,485,411 19,040,212 19,378,306 Purchases of utility services from: (ii) Fellow subsidiaries (ix) 6,805,618 6,567,433 7,073,895 Associates of Chinalco 121,413 97,314 85,469 Joint ventures 1,074,266 823,146 542,828 Associates 399,634 314,528 161,586 8,400,931 7,802,421 7,863,778 Purchases of other services by: Fellow subsidiaries 320,611 270,972 394,894 320,611 270,972 394,894 38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions (Continued) For the years ended December 31 Notes 2022 2021 2020 Lease payment to: (vi) Fellow subsidiaries (ix) 1,399,258 656,063 577,712 Associates of Chinalco 14 523 — Joint ventures 2,088 — — Associates 54,892 53,711 49,624 1,456,252 710,297 627,336 New right-of-use assets in current period Additions Fellow subsidiaries (vi) 347,836 83,249 22,936 Joint ventures 14,079 — — Associates 6,948 — — Contract modification Fellow subsidiaries (vi) (992,701) 5,675,721 (43,395) Interest expense on lease liabilities 671,239 309,107 311,067 Other significant related party transactions: (viii) Borrowing from a subsidiary of Chinalco (viii) 5,052,000 4,666,000 4,410,000 Repayment of borrowings from a subsidiary of Chinalco (viii) 4,588,000 7,574,007 3,254,563 Interest expense on borrowings and discounted notes (viii) 71,224 142,862 138,623 Interest income from cash and cash equivalents deposited (viii) 190,235 80,135 61,020 Trade receivable factor to a subsidiary of Chinalco (viii) — 1,566,707 — Issuance of notes receivable from a subsidiary of Chinalco (viii) 331,329 556,354 1,026,500 Discounted notes receivable to a subsidiary of Chinalco (viii) 306,826 128,000 606,750 All transactions with related parties were conducted at prices and on terms mutually agreed by the parties involved, which are determined as follows: (i) Sales of materials and finished goods comprised sales of alumina, primary aluminum, copper and scrap materials. Transactions entered into are covered by general agreements on a mutual provision of production supplies and ancillary services. The pricing policy is summarized below: 1. The price prescribed by the PRC government (“state-prescribed price”) is adopted; 2. If there is no state-prescribed price, state-guidance price is adopted; 3. If there is neither state-prescribed price nor state-guidance price, then the market price (being price charged to and from independent third parties) is adopted; and 4. If none of the above is available, then the adoption of a contractual price (being reasonable costs incurred in providing the relevant services plus not more than 5% of such costs is adopted). (ii) Utility services, including electricity, gas, heat and water, are provided at the state-prescribed price. (iii) Engineering, project construction and supervisory services were provided for construction projects. The state-guidance price or prevailing market price (including the tender price where by way of tender) is adopted for pricing purposes. (iv) The pricing policy for purchases of key and auxiliary materials (including bauxite, limestone, carbon, cement and coal) is the same as that set out in (i) above. 38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions (Continued) (v) Social services and logistics services provided by Chinalco Group cover public security, fire services, education and training, school and hospital services, cultural and physical education, newspaper and magazines, broadcasting and printing as well as property management, environmental and hygiene, greenery, nurseries and kindergartens, sanatoriums, canteens and offices, public transport and retirement management and other services. Provisions of these services are covered by the Comprehensive Social and Logistics Services Agreement. The pricing policy is the same as that set out in (i) above. (vi) Pursuant to the land use right lease agreements entered into between the Group and Chinalco Group, operating leases for industrial or commercial land are charged at the market rent rate. The Group also entered into a building rental agreement with Chinalco Group and paid rents based on the market rate for its lease of buildings owned by Chinalco. (vii) Other services are environmental protection operation services. The prevailing market price is adopted for pricing purposes. (viii) Chinalco Finance Company Limited (“Chinalco Finance”) ( 中鋁財務有限責任公司 ), a wholly-owned subsidiary of Chinalco and a non-bank financial institution established in the PRC, provides deposit services, credit services and miscellaneous financial services to the Group. The terms for the provision of financial services to the Group are no less favorable than those of the same type of financial services provided by Chinalco Finance to Chinalco and other members of its group or those of the same type of financial services that may be provided to the Group by other financial institutions. During the year ended December 31, 2022, the Group has no factoring transaction with Chinalco Finance. During the year ended December 31, 2021, the Group derecognized accounts receivable of RMB1,650 million by factoring transaction with Chinalco Finance, and the related fees amounted to RMB83.29 million were recognized in other losses. (ix) These related party transactions also constitute connected transactions or continuing connected transactions as defined in Chapter 14A of the Listing Rules. (x) In 2022, the Company acquired 19% of the issued share capital of Yunnan Aluminum from Yunnan Metallurgical, a subsidiary of Chinalco, for a cash consideration of RMB 6,662 million and 100% equity interests of Pingguo Aluminum from Chinalco for a cash consideration of RMB 1,887 million (Note 41). (xi) In September 2021, p ursuant to the agreement entered into between China Rare Earth Co., Ltd. ( “ China Rare Earth ” , “ 中國稀有稀土有限公司 ” ， a subsidiary of Chinalco), Zunyi Aluminum Co., Ltd. ( “ Zunyi Aluminum ” , “ 遵義鋁業股份有限公司 ” , a subsidiary of the Company), Chalco Mining Co., Ltd. ( “ Chalco Mining ” , “ 中鋁礦業有限公司 ” , a subsidiary of the Company), the Group acquired the gallium business of China Rare Earth for a consideration of RMB 396 million in cash. This transaction is regarded as a business combination under common contr ol. (xii) In 2022, the Group made an equity investment in Chinalco High-end Manufacturing and obtained approximately 9.16% equity interests (Note 10). The English names represent the best effort made by management of the Group in translating the Chinese names of the Companies as they do not have any official English names. 38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (b) Balances with related parties Other than those disclosed elsewhere in the consolidated financial statements, the outstanding balances with related parties at the year-end are as follows: December 31, 2022 December 31, 2021 Cash and cash equivalents deposited with A subsidiary of Chinalco (i) 8,715,645 8,250,506 Trade and notes receivables Fellow subsidiaries 1,111,857 1,222,066 Associates of Chinalco 37,474 36,680 Joint ventures 390,600 632,596 Associates 722 62 Non-controlling shareholder of a subsidiary and its subsidiaries 16,124 24,465 1,556,777 1,915,869 Provision for impairment of receivables (57,930) (79,971) 1,498,847 1,835,898 (i) Pursuant to the agreement entered into between the Company and Chinalco Finance, Chinalco Finance agreed to provide deposit services, credit services and other financial services to the Group. 38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (b) Balances with related parties (Continued) December 31, 2022 December 31, 2021 Other current assets Fellow subsidiaries 90,720 330,757 Associates of Chinalco 20,573 21,820 Joint ventures 1,423,900 1,487,416 Associates 36,002 383,917 Non-controlling shareholder of a subsidiary and its subsidiaries 7,450 7,450 Provision for impairment of other current assets (1,311,839) (1,332,041) 266,806 899,319 Other non-current assets Associates 70,190 111,845 Interest-bearing loans and borrowings: Fellow subsidiaries (including lease liabilities) 12,274,126 13,179,706 Associates of Chinalco 1,696 2,245 Joint ventures 12,610 — Associates 104,446 — 12,392,878 13,181,951 Trade and notes payables Fellow subsidiaries 1,289,819 1,908,490 Associates of Chinalco 22,547 26,920 Joint ventures 112,436 37,807 Associates 199,465 257,118 Non-controlling shareholder of a subsidiary and its subsidiaries 77,008 105,174 1,701,275 2,335,509 Other payables and accrued liabilities Fellow subsidiaries 679,610 1,057,833 Associates of Chinalco 244,093 42,659 Associates 29,573 19,926 Joint ventures 87,374 49,618 Non-controlling shareholder of a subsidiary and its subsidiaries 1,872 — 1,042,522 1,170,036 Contract liabilities: Fellow subsidiaries 36,471 40,787 Associates of Chinalco 654 34,212 Associates 1,362 8,969 Joint ventures 278,941 97,816 317,428 181,784 Apart from transactions with Chinalco and its fellow subsidiaries, associates and joint ventures of the Group, the Group’s transactions with other state-controlled entities include but is not limited to the following: ● Sales and purchases of goods and services, ● Purchases of assets, ● Lease of assets; and ● Bank deposits and borrowings These transactions are conducted in the ordinary course of the Group’s business The terms of all balances were unsecured. 38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (c) Compensation of key management personnel For the years ended December 31 2022 2021 2020 Fees 617 580 683 Basic salaries, other allowances and benefits in kind 5,900 6,225 5,810 Pension costs 707 634 301 7,224 7,439 6,794 Key management includes directors, supervisors and members of senior management. (d) Commitments with related parties As of December 31, 2022 and 2021, except for the other capital commitments disclosed in Note 44(b) to these financial statements, the Group had no significant commitments with related parties.

FINANCIAL AND CAPITAL RISK MANA

FINANCIAL AND CAPITAL RISK MANAGEMENT	12 Months Ended
FINANCIAL AND CAPITAL RISK MANAGEMENT	Dec. 31, 2022
FINANCIAL AND CAPITAL RISK MANAGEMENT
FINANCIAL AND CAPITAL RISK MANAGEMENT	39 FINANCIAL AND CAPITAL RISK MANAGEMENT 39.1 Financial risk management The Group’s activities expose it to a variety of financial risks, including market risk (including foreign currency risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize the potential adverse effects on the Group’s financial performance. Risk management is carried out by the treasury management department (the “Group Treasury”) under policies approved by the Board of Directors of the Company. The Group Treasury identifies, evaluates and hedges financial risks through close cooperation with the Group’s operating units. (a) Market risk (i) Foreign currency risk The Group’s foreign currency risk arose from transaction conducted in currency other than the functional currency of the group entities. The Group’s foreign currency risk primarily arises from foreign currency deposits, trade receivables, trade payables and short-term and long-term loans denominated in United States dollars (“USD”). Related exposures are disclosed in Notes 16, 14, 25 and 21 to the consolidated financial statements, respectively. The Group Treasury closely monitors the international foreign currency market on the change of exchange rates and takes these into consideration when investing in foreign currency deposits and borrowing loans. As of December 31, 2022, the Group only had significant exposure to USD. As of December 31, 2022, if RMB had strengthened/weakened by 5% against USD with all other variables held constant, the profit would As the assets and liabilities denominated in other foreign currencies other than USD were relatively minimal to the total assets and liabilities of the Group, the directors of the Company are of the opinion that the Group was not exposed to significant foreign currency risk arising from other assets and liabilities denominated in currency other than the functional currency of the group entities as of December 31, 2022 and 2021. 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39.1 Financial risk management (Continued) (a) Market risk (Continued) (ii) Interest rate risk As of December 31, 2022, as the Group had no significant interest-bearing assets or liabilities except for bank deposits (Note 16), entrusted loans (Note 15) and Interest-bearing loans (Note 21). Most of the bank deposits are maintained in savings and time deposit accounts in the PRC. The interest rates are regulated by the People’s Bank of China and the Group Treasury closely monitors the fluctuation on such rates periodically. The directors of the Company are of the opinion that the Group was not exposed to any significant interest rate risk for its financial assets held as of December 31, 2022 and 2021. The interest rate risk for the Group’s financial liabilities primarily arises from interest-bearing loans. Loans borrowed at floating interest rates expose the Group to cash flow interest rate risk. The Group Treasury closely monitors market interest rates and maintains a balance between variable rate and fixed rate borrowings in order to reduce the exposures to the interest rate risk described above. As of December 31, 2022, if interest rates had been 100 basis points (December 31, 2021: 100 basis points) higher/lower for bank and other loans borrowed at floating interest rates with all other variables held constant, net profit for the year would have been RMB233 million lower (2021: The fair value interest rate risk of the Group mainly arises from medium term notes and short term bonds issued at fixed rates. As the fluctuation of comparable interest rates of corporate bonds with similar terms was relatively low, the directors of the Company are of the opinion that the Group was not exposed to any significant fair value interest rate risk for its fixed interest rate borrowings held as of December 31, 2022 and 2021. (iii) Commodity price risk The Group uses futures and option contracts to reduce its exposure to fluctuations in the price of primary aluminum and other products. The Group uses the futures contract for offsetting other than speculation. With reference to the hedging of primary aluminum, production company hedges the output of primary aluminum and trading company hedges the quantities of buyout and self-supporting. However, the Group didn’t apply hedging accounting. The Group uses mainly futures contracts and option contracts traded on the Shanghai Futures Exchange and London Metal Exchange (“LME”) to hedge against fluctuations in primary aluminum prices. As of December 31, 2022, the fair values of the outstanding futures contracts amounting to RMB9 million (December 31, 2021: RMB69 million) were recognized in financial liabilities at fair value through profit or loss. As of December 31, 2022, if the commodity futures prices increased December 31, 2022 December 31, 2021 Primary aluminum Decrease/increase RMB9 million Decrease/increase RMB6 million 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39.1 Financial risk management (Continued) (b) Credit risk Credit risk arises from balances with banks and financial institutions, trade and notes receivables, other current and non-current receivables as well as credit exposures of customers, including outstanding receivables and committed transactions. The Group maintains substantially all of its bank balances and cash and short-term investments in Chinalco Finance and several major state-owned banks in the PRC. With strong support from the PRC government to these state-owned banks, the directors of the Company are of the opinion that there is no significant credit risk on such assets being exposed to losses. The Group applies the simplified approach to its trade receivables to provide for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for trade receivables. The Group has made individual assessment for trade receivables from clients with top rating and receivables with pledged assets and impairment provisions are made. To measure the expected credit losses of trade receivables other than those assessed individually as mentioned above, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected credit loss model also incorporates forward-looking information. For other current and non-current receivables, the Group considers the probability of default upon initial recognition of an asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset as of the reporting date with the risk of default as of the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are incorporated: ● internal credit rating ● external credit rating ● actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability to meet its obligations ● significant changes in the expected performance and behavior of the clients The Group measures expected credit loss rates on the basis of a loss rate approach by segmenting its portfolio into appropriate groupings based on shared credit risk characteristics. At the end of each year, the Group updates its historical loss information with forward-looking information. As the historical credit loss rates were comparatively stable and no significant changes were expected to the forward-looking information after the consideration of reasonable and supportable forecasts of comparatively stable customer relationship and customers’ credit ratings, the expected credit loss rates remained consistent during 2022. 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39.1 Financial risk management (Continued) (b) Credit risk (Continued) The table below shows the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as of December 31, 2022. The amounts presented are carrying amounts for financial assets and the exposure to credit risk for the financial guarantee contracts, if any. Stage 1 Stage 2 Stage 3 Simplified Total Trade receivables — — — 5,055,178 5,055,178 Financial assets in other current assets 1,409,640 107,559 3,390,246 — 4,907,445 Restricted cash 2,443,249 — — — 2,443,249 Notes receivable — — — 1,767,625 1,767,625 Cash and cash equivalents 16,816,684 — — — 16,816,684 Financial assets in other non-current assets — — 513,281 — 513,281 Total 20,669,573 107,559 3,903,527 6,822,803 31,503,462 The carrying amounts of short-term investments and these receivables included in Notes 12, 14, 15 and 16 represent the Group’s maximum exposure to credit risk. The directors of the Company are of the opinion that the Group was not exposed to any significant concentration of credit risk as of December 31, 2022 and 2021. (c) Liquidity risk Cash flow forecast is performed in the operating entities of the Group and aggregated by the Group Treasury. The Group Treasury monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. This forecast takes into consideration of the Group’s debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements, for example, currency restrictions. Management also monitors rolling forecasts of the Group’s liquidity reserve on the basis of expected cash flows. As of December 31, 2022, the Group’s current liabilities exceeded its current assets by approximately RMB7,831 million (December 31, 2021: RMB7,806 million), please refer to Note 3.1.2 for the assessment made by the Company. The table below analyzes the maturity profile of the Group’s financial liabilities as at the end of the reporting period. The amounts disclosed in the table are the contractual undiscounted cash flows. 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39.1 Financial risk management (Continued) (c) Liquidity risk (Continued) Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2022 Lease liabilities, including current portion 1,651,935 1,314,558 3,092,936 13,939,859 19,999,288 Long-term bank and other loans, including current portion 13,486,345 6,604,880 20,579,821 6,878,511 47,549,557 Medium-term notes and bonds, including current portion 4,400,000 6,712,761 6,110,823 2,000,000 19,223,584 Short-term bonds 2,600,000 — — — 2,600,000 Short-term bank and other loans 6,461,103 — — — 6,461,103 Interest payables for loans and borrowings 2,285,428 1,490,176 1,468,119 1,046,655 6,290,378 Financial liabilities at fair value through profit or loss 8,767 — — — 8,767 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 6,786,894 — — — 6,786,894 Financial liabilities included in other non-current liabilities 203,428 50,198 150,595 839,964 1,244,185 Trade and notes payables 22,536,331 — — — 22,536,331 　　　　　 60,420,231 16,172,573 31,402,294 24,704,989 132,700,087 Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2021 Lease liabilities, including current portion 1,513,435 1,402,567 4,137,823 14,651,190 21,705,015 Long-term bank and other loans, including current portion 6,164,215 17,424,952 10,787,187 14,720,982 49,097,336 Medium-term notes and bonds, including current portion 3,000,000 4,400,000 9,875,700 2,000,000 19,275,700 Short-term bonds 5,400,000 — — — 5,400,000 Short-term bank and other loans 11,937,178 — — — 11,937,178 Interest payables for loans and borrowings 2,703,535 2,242,239 3,961,075 1,680,780 10,587,629 Financial liabilities at fair value through profit or loss 68,871 — — — 68,871 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 8,939,681 — — — 8,939,681 Financial liabilities included in other non-current liabilities 352,273 202,541 147,002 885,208 1,587,024 Trade and notes payables 18,588,416 — — — 18,588,416 58,667,604 25,672,299 28,908,787 33,938,160 147,186,850 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (a) Financial instruments by category The carrying amounts of each of the categories of financial instruments of the Group as of the end of the reporting period are as follows: Financial assets As of December 31, 2022 Debt Equity instruments Financial instruments at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 5,055,178 — — 5,055,178 Notes receivable — 411,145 — 1,356,480 1,767,625 Restricted cash — 2,443,249 — — 2,443,249 Cash and cash equivalents — 16,816,684 — — 16,816,684 Financial assets included in other current assets — 4,907,445 — — 4,907,445 Subtotal — 29,633,701 — 1,356,480 30,990,181 Non-current Other financial assets measured at fair value — — 2,161,085 — 2,161,085 Other non-current assets — 513,281 — — 513,281 Subtotal — 513,281 2,161,085 — 2,674,366 Total — 30,146,982 2,161,085 1,356,480 33,664,547 Financial liabilities As of December 31, 2022 Financial assets at fair Financial value through profit or liabilities at loss-held for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 8,767 — 8,767 Interest-bearing loans and borrowings — 27,859,353 27,859,353 Financial liabilities included in other payables and accrued liabilities (Note 24) — 7,344,765 7,344,765 Trade and notes payables — 22,536,331 22,536,331 Subtotal 8,767 57,740,449 57,749,216 Non-current Financial liabilities included in other non-current liabilities (Note 23) — 660,867 660,867 Interest-bearing loans and borrowings — 58,596,765 58,596,765 Subtotal — 59,257,632 59,257,632 Total 8,767 116,998,081 117,006,848 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial assets As of December 31, 2021 Equity Debt instruments instruments Financial at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 4,043,972 — — 4,043,972 Notes receivable — 1,207,602 — 2,867,877 4,075,479 Restricted cash — 1,400,988 — — 1,400,988 Cash and cash equivalents — 19,683,619 — — 19,683,619 Financial assets included in other current assets — 5,565,543 — — 5,565,543 Subtotal — 31,901,724 — 2,867,877 34,769,601 Non-current Other financial assets measured at fair value — — 457,686 — 457,686 Other non-current assets — 504,307 — — 504,307 Subtotal — 504,307 457,686 — 961,993 Total — 32,406,031 457,686 2,867,877 35,731,594 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial Liabilities As of December 31, 2021 Financial assets at fair value Financial through profit or loss- held liabilities at for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 68,871 — 68,871 Interest-bearing loans and borrowings — 27,665,370 27,665,370 Financial liabilities included in other payables and accrued liabilities (Note 24) — 9,616,725 9,616,725 Trade and notes payables — 18,588,416 18,588,416 Subtotal 68,871 55,870,511 55,939,382 Non-current Financial liabilities included in other non- current liabilities (Note 23) — 880,864 880,864 Interest-bearing loans and borrowings — 69,674,935 69,674,935 Subtotal — 70,555,799 70,555,799 Total 68,871 126,426,310 126,495,181 (b) Fair value and fair value hierarchy Fair value Management has assessed that the fair values of cash and cash equivalents, restricted cash and time deposits, trade and notes receivables, financial assets included in other current assets, entrusted loans, trade and notes payables, financial liabilities included in other payables and accrued liabilities, short-term and the current portion of interest-bearing loans and borrowings, interest payable and the current portion of long-term payables approximate to their carrying amounts largely due to the short term maturities of these instruments. Other than those with carrying amounts that reasonably approximate to fair values and those carried at fair value, are as follows: Carrying amounts Fair values December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Financial liabilities Financial liabilities included in other non-current liabilities (Note 23) 660,867 880,864 590,869 768,170 Long-term interest-bearing loans and borrowings, excluding lease liability (Note 21) 49,387,292 59,156,405 45,885,166 55,623,890 50,048,159 60,037,269 46,476,035 56,392,060 The fair values of the financial assets and liabilities are determined as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) The fair values of the financial assets included in other non-current assets and financial liabilities included in other non-current liabilities and long-term interest-bearing loans and borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining maturities. Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2022 (Level 1) (Level 2) (Level 3) Total Notes receivable — — 1,356,480 1,356,480 Listed equity investments 34,751 — — 34,751 Other unlisted investment — — 2,126,334 2,126,334 34,751 — 3,482,814 3,517,565 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total Notes receivable — — 2,867,877 2,867,877 Listed equity investments 45,133 — — 45,133 Other unlisted investment — — 412,553 412,553 45,133 — 3,280,430 3,325,563 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Fair value hierarchy (Continued) Liabilities measured at fair value Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2022 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 8,767 — — 8,767 8,767 — — 8,767 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 68,871 — — 68,871 68,871 — — 68,871 Liabilities for which fair values are disclosed ： As of December 31, 2022 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — — 590,869 590,869 Long-term interest-bearing loans and borrowings — — 45,885,166 45,885,166 — — 46,476,035 46,476,035 As of December 31, 2021 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — — 768,170 768,170 Long-term interest-bearing loans and borrowings — — 55,623,890 55,623,890 — — 56,392,060 56,392,060 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Fair value hierarchy (Continued) During the year ended December 31, 2022, the Group had no transfers of fair value measurements between Level 1 Level 2 Level 3 assets Below is a summary of significant unobservable inputs to the valuation of financial instruments as of December 31, 2022: Valuation Technique Significant unobservable input Other equity investments December 31, 2022 Discounted cashflow model Discount rate, gross margin,sales growth rate Notes receivable December 31, 2022 Discounted cashflow model Discount rate Financial liabilities included in other non-current liabilities December 31, 2022 Discounted cashflow model Discount rate Long-term interest-bearing loans and borrowings December 31, 2022 Discounted cashflow model Discount rate 39.3 Capital risk management The Group’s capital management objectives are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, issue new shares or sell assets to reduce debts. Consistent with other entities in the industry, the Group monitors capital on the basis of its debt to asset ratio. Debt to asset ratio as of December 31, 2022 and 2021 are as follows: December 31, December 31, 2022 2021 Debt to asset ratio 58.67 % 60.11 %

NON - CONTROLLING INTERESTS

NON - CONTROLLING INTERESTS	12 Months Ended
NON - CONTROLLING INTERESTS	Dec. 31, 2022
NON - CONTROLLING INTERESTS
NON - CONTROLLING INTERESTS	40 NON - CONTROLLING INTERESTS Details of the Group’s subsidiaries that have material non-controlling interests are set out below: December 31, December 31, 2022 2021 Percentage of equity interest held by non-controlling interests Yunnan Aluminum 70.90 % 70.90 % Ningxia Energy 29.18 % 29.18 % Profit/(loss) for the year allocated to non-controlling interests Yunnan Aluminum 3,822,549 2,850,754 Ningxia Energy 818,960 (90,237) Dividends distributed to non-controlling interests Yunnan Aluminum 464,414 103,234 Ningxia Energy 1,630 115,380 Accumulated balances of non-controlling interests at the year end Yunnan Aluminum 17,602,176 14,261,948 Ningxia Energy 5,893,332 5,055,069 40 NON - CONTROLLING INTERESTS (CONTINUED) The following tables illustrate the summarized financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations: Yunnan Aluminum 2022 2021 Revenue 48,463,025 41,668,819 Total expenses 43,195,002 37,456,484 Profit for the year 5,268,023 4,212,335 Total comprehensive income for the year 5,250,479 4,225,069 Current assets 8,245,650 5,360,494 Non-current assets 30,798,212 32,476,625 Current liabilities 9,046,545 9,836,320 Non-current liabilities 4,720,806 7,090,461 Net cash flows from operating activities 6,916,119 6,961,628 Net cash flows used in investing activities (1,033,033) (1,181,811) Net cash flows used in financing activities (4,590,174) (4,773,308) Effect of foreign exchange rate changes, net 4,194 (1,466) Net increase in cash and cash equivalents 1,297,106 1,005,043 40 NON - CONTROLLING INTERESTS (CONTINUED) Ningxia Energy 2022 2021 Revenue 9,038,881 7,670,316 Total expenses 7,397,765 7,979,557 Profit/(loss) for the year 1,641,116 (309,241) Total comprehensive income/(loss) for the year 1,641,116 (309,241) Current assets 3,615,322 2,912,805 Non-current assets 27,756,457 29,086,775 Current liabilities 9,043,923 8,256,229 Non-current liabilities 9,651,197 12,710,354 Net cash flows from operating activities 3,529,657 5,458,921 Net cash flows used in investing activities (760,210) (802,678) Net cash flows used in financing activities (2,446,726) (5,381,480) Effect of foreign exchange rate changes, net — — Net increase/(decrease) in cash and cash equivalents 322,721 (725,237)

BUSINESS COMBINATION UNDER COMM

BUSINESS COMBINATION UNDER COMMON CONTROL	12 Months Ended
BUSINESS COMBINATION UNDER COMMON CONTROL	Dec. 31, 2022
BUSINESS COMBINATION UNDER COMMON CONTROL.
BUSINESS COMBINATION UNDER COMMON CONTROL	41 BUSINESS COMBINATION UNDER COMMON CONTROL (a) Acquisition 19% of the issued share capital of Yunnan Aluminum Pursuant to the agreement entered into in July 2022 between Yunnan Metallurgical, the Company has agreed to acquire and Yunnan Metallurgical has agreed to dispose of 658,911,907 shares in Yunnan Aluminum, representing approximately 19% of the total issued share capital of Yunnan Aluminum for a cash consideration of RMB6,662 million. Upon the completion of the transaction, the Company held 1,009,202,685 shares in Yunnan Aluminum, representing approximately 29.10% of the total issued share capital of Yunnan Aluminum and became the largest shareholder of Yunnan Aluminum. The acquisition was completed on November 22, 2022. As the Company, Yunnan Aluminum is under common control of Chinalco before and after the transactions, and that control is not transitory, the transaction is regarded as business combination under common control. The consolidated financial statements for the year ended December 31, 2022 has combined the financial statements of the acquired company from the beginning of the earliest period presented (Note 3.3(a)). The comparative financial data have been restated accordingly. 41 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) (a) Acquisition 19% of the issued share capital of Yunnan Aluminum (continued) Revenue and net profit of the acquired entities for the period from January 1, 2022 to the acquisition date and for the year ended December 31, 2021 are as follows: For the period from January 1, 2022 to the acquisition date 2021 Revenue 44,816,260 41,668,819 Net profit 4,722,177 4,212,335 Details of the purchase consideration, the net assets acquired are as follows: Purchase consideration: Cash paid 6,661,599 Total purchase consideration 6,661,599 The carrying amounts of assets, liabilities and equity of the acquired companies at the acquisition date and December 31, 2021 are as follows: Acquisition date December 31, 2021 Current assets 7,784,570 5,360,494 Non-current assets 30,958,951 32,476,625 Current liabilities (9,439,091) (9,836,320) Non-current liabilities (4,130,537) (7,090,461) Net assets 25,173,893 20,910,338 Less: non-controlling interests 3,318,207 2,719,017 Net assets attributable to owners of the company 21,855,686 18,191,321 The adjustment on the beginning balance of the Group’s total equity amounting to RMB9,965 million and RMB16,104 million for the year ended December 31, 2021 and 2022, respectively, represented the total equity of Yunnan Aluminum at the same date which were combined to the consolidated balance sheet of the Group. The consideration of RMB6,662 million paid in 2022 was treated as a decrease in capital reserves. (b) Acquisition 100% of equity interests in Pingguo Aluminum Pursuant to the agreement entered into in August 2022 between Chinalco and the Company, the Company agreed to acquire the 100% of equity interests of Pingguo Aluminum, for a cash consideration of RMB1,887 million. The acquisition was completed on December 1, 2022. 41 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) (b) Acquisition 100% of equity interests in Pingguo Aluminum (continued) As the Company, Pingguo Aluminum is under common control of Chinalco before and after the transactions, and that control is not transitory, the transaction is regarded as business combination under common control. The consolidated financial statements for the year ended December 31, 2022 has combined the financial statements of the acquired company from the beginning of the earliest period presented (Note 3.3(a)). The comparative financial data have been restated accordingly. Revenue and net profit of the acquired entities for the period from January 1, 2022 to the acquisition date and for the year ended December 31, 2021 are as follows: For the period from January 1, 2022 to the acquisition date 2021 Revenue 437,080 463,874 Net profit 68,312 36,887 Details of the purchase consideration, the net assets acquired are as follows: Purchase consideration : Cash paid 1,887,474 Total purchase consideration 1,887,474 The carrying amounts of assets, liabilities and equity of the acquired companies at the acquisition date and December 31, 2021 are as follows: Acquisition date December 31, 2021 Current assets 428,011 319,694 Non-current assets 472,321 494,583 Current liabilities (136,806) (117,723) Non-current liabilities — - Net assets 763,526 696,554 Less: non-controlling interests 6,564 5,834 Net assets attributable to owners of the company 756,962 690,720 The adjustment on the beginning balance of the Group’s total equity amounting to RMB657 million and RMB736 million for the year ended 31 December 2021 and 2022, respectively, represented the total equity of Pingguo Aluminum at the same date which were combined to the consolidated balance sheet of the Group. The consideration of RMB1,887 million paid in 2022 was treated as a decrease in capital reserves. 41 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) (c) Acquisition of gallium business In September 2021, pursuant to the agreement entered into between China Rare Earth, Zunyi Aluminum and Chalco Mining, the Group acquired the gallium business of China Rare Earth, a subsidiary of Chinalco, for a cash consideration of RMB396 million. This transaction is regarded as a business combination under common control. The consolidated financial statements for the year ended December 31, 2021 has combined the financial statements of the acquired gallium business from the beginning of the earliest period presented (Note 3.3(a)). The comparative financial data have been restated accordingly. Revenue and net profit of the gallium business for the period from January 1, 2021 to the acquisition date and for the year ended December 31, 2020 are as follows: For the period from January 1, 2021 to the acquisition date 2020 Revenue 178,229 112,428 Net profit 32,315 26,219 Details of the purchase consideration, the net assets acquired are as follows: Purchase consideration: Cash paid 395,624 Total purchase consideration 395,624 The carrying amounts of assets, liabilities and equity of the gallium business at the acquisition date and December 31, 2020 are as follows: Acquisition date December 31, 2020 Current assets 103,353 66,215 Non-current assets 70,660 74,270 Current liabilities (3,770) (7,037) Non-current liabilities (4,480) — Net assets – closing balance 165,763 133,448 Net assets – beginning balance 133,448 95,389 41 BUSINESS COMBINATION UNDER COMMON CONTROL (CONTINUED) (d) Acquisition of Henan Zhongzhou Logistics In April 2020, pursuant to the agreement entered into between Chalco Logistics Group Zhongzhou Co., Ltd. (“Chalco Logistics Zhongzhou”, “ 中鋁物流集團中州有限公司河南中州物流有限公司中鋁物流集團有限公司河南中州鋁廠有限公司中鋁中州鋁業有限公司 (e) Acquisition of Chongqing Xinan Transportation Pursuant to the agreement entered into between Chalco Logistics, Southwest Aluminum Industry (Group) Co., Ltd. (“Southwest Aluminum Industry”, “ 西南鋁業集團有限責任公司重慶西南鋁運輸有限公司

DISPOSAL OF SUBSIDIARIES

DISPOSAL OF SUBSIDIARIES	12 Months Ended
DISPOSAL OF SUBSIDIARIES	Dec. 31, 2022
DISPOSAL OF SUBSIDIARIES
DISPOSAL OF SUBSIDIARIES	42 DISPOSAL OF SUBSIDIARIES For the year ended December 31, 2020, 2021 and 2022, except for the disposal of 100% equity interests in Yunnan Haoxin as disclosed in Note 10, other disposals or liquidations of subsidiaries are not material.

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	12 Months Ended
CONTINGENT LIABILITIES	Dec. 31, 2022
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES	43 CONTINGENT LIABILITIES As of December 31, 2022 and the date of this report, the Group is in process of application with related government departments for re-verifying carbon emission data for certain coal-fired power plants to avoid unnecessary obligations of excessive emission, the conclusion of which will not result in material additional liabilities to be recognized by the Group. The Group is a defendant in a number of lawsuits arising in the ordinary course of business. While the outcomes of such lawsuits cannot be determined at present, management believes that any resulting liabilities will not have a material adverse effect on the financial position or operating results the Group.

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2022
COMMITMENTS
COMMITMENTS	44 COMMITMENTS (a) Capital commitments December 31, 2022 December 31, 2021 Property, plant and equipment 2,181,828 1,794,574 44 COMMITMENTS (CONTINUED) (b) Other capital commitments As of December 31, 2022, the commitments to make capital contributions to the Group’s joint ventures and associates were as follows: December 31, 2022 December 31, 2021 Associates 31,800 31,800 Joint ventures 410,000 410,000 Investments measured at fair value 1,019,000 — 1,460,800 441,800

EVENTS AFTER THE REPORTING PERI

EVENTS AFTER THE REPORTING PERIOD	12 Months Ended
EVENTS AFTER THE REPORTING PERIOD	Dec. 31, 2022
EVENTS AFTER THE REPORTING PERIOD
EVENTS AFTER THE REPORTING PERIOD	45 EVENTS AFTER THE REPORTING PERIOD As of the date of this report, except for the dividend proposed by the Board of Directors disclosed in Note 36, no significant subsequent event happened.

COMPARATIVE AMOUNT

COMPARATIVE AMOUNT	12 Months Ended
COMPARATIVE AMOUNT	Dec. 31, 2022
COMPARATIVE AMOUNT
COMPARATIVE AMOUNT	46 COMPARATIVE AMOUNT Certain comparative amounts have been restated as a result of the business combinations under common control as disclosed in Note 41 and application of new amendment to IAS16 as described in Note 3.1.4.

APPROVAL OF THE FINANCIAL STATE

APPROVAL OF THE FINANCIAL STATEMENT	12 Months Ended
APPROVAL OF THE FINANCIAL STATEMENT	Dec. 31, 2022
APPROVAL OF THE FINANCIAL STATEMENT
APPROVAL OF THE FINANCIAL STATEMENT	47 APPROVAL OF THE FINANCIAL STATEMENT The financial statements were approved and authorized for issue by the Board of Directors on April 25, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation	3.1 Basis of preparation 3.1.1 Compliance with IFRS The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. 3.1.2 Going concern As of December 31, 2022, the Group’s current liabilities exceeded its current assets by approximately RMB7,831 million (December 31, 2021: RMB7,806 million). The directors of the Company have considered the Group’s available sources of funds as follows: ● The Group’s expected net cash inflows from operating activities for 2023; ● Unutilized banking facilities of approximately RMB 99,189 million As of December 31, 2022, of which RMB 49,380 million will be available over the 12 months from December 31, 2022. The directors of the Company are in the view that these banking facilities could be renewed upon expiration based on the Group’s past experience and good credit standing; ● Other available sources of financing from banks and other financial institutions given the Group’s credit history. The directors of the Company believe that the Group has adequate resources to continue operations for the foreseeable future of not less than 12 months from December 31, 2022. Accordingly, the directors of the Company are of the opinion that it is appropriate to adopt the going concern basis in preparing the consolidated financial statements. 3.1.3 Historical cost convention The financial statements have been prepared on a historical cost basis except for certain financial assets and financial liabilities measured at fair value. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.1 Basis of preparation (Continued) 3.1.4 New and amended standards adopted by the Group The Group has applied the following amendment for the first time for their annual reporting period commencing January 1, 2022. (i) The amendment to IAS 16 Property, Plant and Equipment-Proceeds before Intended Use The amendment to IAS 16 Property, Plant and Equipment prohibits deduction of the cost of an item of property, plant and equipment from any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. This change in accounting policy has been accounted for retrospectively and the comparative information has been restated. The effect of adjustment on earliest period presented is as following: RMB Items January 1, 2020 Property, plant and equipment (240) Retained earnings (240) For the year ended December 31, 2020 Revenue 117,109 Cost of sales (53,801) RMB Items January 1, 2021 Property, plant and equipment 63,068 Retained earnings 63,068 For the year ended December 31, 2021 Revenue 82,280 Cost of sales (71,626) Other than the amendment to IAS16, there are also new and amended standards that are mandatory for the first time for the Group’s financial year beginning on January 1, 2022 and are applicable by the Group: Annual improvements, Amendments to IFRS 3, Amendments to IAS 37. The adoption of these amended standards did not have any significant financial impact to the Group. As the retrospective application of the amendment to IAS 16 Property, Plant and Equipment did not have material impact to the Group’s financial position and performance, the Group did not present the third balance sheet as of January 1, 2021. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.1 Basis of preparation (Continued) 3.1.5 New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatorily effective for December 31, 2022 reporting periods and have not been early adopted by the Group. Except for the amendments of IAS 12 on deferred income tax which impact is being assessed by management, other new standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
Principles of consolidation and equity accounting	3.2 Principles of consolidation and equity accounting 3.2.1 Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group (Note 3.3). Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss and other comprehensive income, statement of changes in equity and balance sheet respectively. 3.2.2 Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (Note 3.2.4), after initially being recognized at cost. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.2 Principles of consolidation and equity accounting (Continued) 3.2.3 Joint arrangements Under IFRS 11 ‘Joint Arrangements’, investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group only has joint ventures. Joint ventures Interests in joint ventures are accounted for using the equity method (Note 3.2.4), after initially being recognized at cost in the consolidated statement of financial position. 3.2.4 Equity method Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment. Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Unrealized gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 3.11. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.2 Principles of consolidation and equity accounting (Continued) 3.2.5 Changes in ownership interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Company. When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable IFRSs. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate.
Business combination	3.3 Business combination (a) Merger accounting for business combinations under common control The consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control as if they had been combined from the date when the combining entities or businesses first came under the control of the ultimate holding company. The net assets of the combining entities or businesses are consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognized for goodwill or excess of the Group‘s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation of the ultimate holding company’s interest. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.3 Business combination (Continued) (a) Merger accounting for business combinations under common control (Continued) The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The comparative financial data have been restated to reflect the business combinations under common control occurred during this year (Note 41). Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognized as expenses in the period in which they are incurred. (b) Acquisition method of accounting for other business combinations and goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The consideration transferred is measured at the acquisition date fair value which is the sum of acquisition date fair value of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The consideration transferred included the fair value of any assets and liabilities resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportional share of net assets in the event of liquidation at fair value or at the proportional share of the acquiree’s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is, after reassessment, recognized in profit or loss as a gain on bargain purchase. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.3 Business combination (Continued) (b) Acquisition method of accounting for other business combinations and goodwill (Continued) After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash- generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained.
Separate financial statements	3.4 Separate financial statements Investments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable. Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill.
Segment reporting	3. 5 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-makers, who are responsible for allocating resources and assessing the performance of the operating segments, have been identified as the executive presidents committee of the Company that make strategic decisions.
Foreign currency translation	3.6 Foreign currency translation (a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in RMB, which is the Company’s functional and presentation currency. (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as fair value through other comprehensive income are recognized in other comprehensive income. (c) Group companies The results and financial positions of all the group entities (none of which has the currency of a hyper-inflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities in each statement of financial position presented are translated at the closing rates at the end of the reporting period; (ii) income and expenses in each statement of profit and loss and other comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates at the dates of the transactions); and (iii) all resulting exchange differences are recognized in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.6 Foreign currency translation (Continued) (d) Disposal of foreign operation and partial disposal On the disposal of a foreign operation (that is, a disposal of the group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, a disposal involving loss of joint control over a joint venture that includes a foreign operation, or a disposal involving loss of significant influence over an associate that includes a foreign operation), all of the currency translation differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.
Property, plant and equipment	3.7 Property, plant and equipment Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment losses. When an item of property, plant and equipment is classified as held for sale or when it is part of a disposal group classified as held for sale, it is not depreciated and is accounted for in accordance with IFRS 5. Construction in progress represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Except for the coal mining structures which depreciation is calculated using the unit-of-production method, depreciation of property, plant and equipment is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows: Buildings and infrastructure 8 – 45 years Machinery 3 – 30 years Transportation facilities 6 – 10 years Office and other equipment 3 – 10 years Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. Construction in progress (“CIP”) represents buildings under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of construction and capitalized borrowing costs on related borrowed funds during the period of construction. CIP is reclassified to the appropriate categories of property, plant and equipment when completed and ready for use. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 3.11). Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.
Investment properties	3.8 Investment properties Investment properties are interests in land use rights and buildings (including the leasehold property held as a right-of-use asset which would otherwise meet the definition of an investment property) held to earn rental income and/or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes; or for sale in the ordinary course of business. Such properties are measured initially at cost, including transaction costs. After initial recognition, the Group uses the cost methods to measure all of its investment properties. Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives as follows: Buildings 25 – 50 years Land use rights 40 – 70 years The carrying amounts of investment properties measured using the cost method are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. Any gains or losses on the retirement or disposal of an investment property are recognized in profit or loss in the year of the retirement or disposal.
Intangible assets	3.9 Intangible assets (a) Goodwill Goodwill is measured as described in Note 3.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments (Note 5). 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.9 Intangible assets (Continued) (b) Mining rights and mineral exploration rights The Group’s mineral exploration rights and mining rights relate to coal, bauxite and other mines. (i) Recognition Except for mineral exploration rights and mining rights acquired in a business combination, mineral exploration rights and mining rights are initially recorded at cost which includes the acquisition consideration, qualifying exploration and other direct costs. The mineral exploration rights are stated at cost less any impairment, and the mining rights are stated at cost less any amortization and impairment. (ii) Reclassification Mineral exploration rights are converted to mining rights when obtain mining rights certification, or technical feasibility and commercial viability of extracting a mineral resource are demonstrable, and are subject to amortization when commercial production has commenced. The Group assesses the stage of each mine under construction to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the unique nature of each mine construction project. The Group considers various relevant criteria, such as completion of a reasonable period of testing of the mine and equipment, ability to produce in saleable form (within specifications) and ability to sustain ongoing production to assess when a mine is substantially complete and ready for its intended use. (iii) Amortization Mining rights other than coal mining rights are amortized on a straight-line basis over a shorter period of the mining right valid period and expected mining life. Estimated mineable periods of the majority of the mining rights range from 3 to 30 years. Coal mining rights are amortized on a unit-of-production basis over the economically recoverable reserves evaluated based on the reserves estimated in accordance with the standards of the mine concerned. (iv) Impairment An impairment review is performed when there are indicators that the carrying amount of the mineral exploration rights and mining rights may exceed their recoverable amounts. To the extent that this occurs, the excess is fully provided as an impairment loss. (c) Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use specific software. These costs are amortized over their estimated useful lives, which do not exceed 10 years. Costs associated with maintaining computer software programmers are recognized as an expense as incurred. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.9 Intangible assets (Continued) (d) Aluminum production quota Historically the Group acquired aluminum production quotas from third parties as the license for certain newly developed aluminum production lines. Aluminum production quota are initially recorded at cost and subsequently states at cost less any amortization and impairment. Amortization is provided on a straight-line basis over expected useful life of related aluminum production lines.
Research and development costs	3.10 Research and development costs Research and development expenditures are classified as research expenditures and development expenditures according to the nature of the expenditures and whether there is significant uncertainty of development activities transforming to assets. Research expenditures are recognized in profit or loss for the current period. Development expenditures are recognized as assets when all of the following criteria are met: (i) it is technically feasible to complete the asset so that it will be available for use or sale; (ii) management intends to complete the asset and intends and has the ability to use or sell it; (iii) it can be demonstrated that the asset will generate probable future economic benefits; (iv) there are adequate technical, financial and other resources to complete the development of the asset and management has the ability to use or sell the asset; and (v) the expenditure attributable to the asset during its development phase can be reliably measured. Development expenditures that do not meet the criteria above are recorded in profit or loss for the current period as incurred. Development expenditures that have been recorded in profit or loss in previous periods will be not recognized as assets in subsequent periods. The Group has not had any development expenditure capitalized.
Impairment of non-financial assets	3.11 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Non-current assets (or disposal groups) held for sale	3.12 Non-current assets (or disposal groups) held for sale Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognized for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset (or disposal group) is recognized at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.
Investments and other financial assets	3.13 Investments and other financial assets (a) Classification The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables and notes receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are initially measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below. For a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.13 Investments and other financial assets (Continued) (a) Classification (Continued) The Group’s business model for managing financial assets refers to how it manages its financial assets to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the market place. (b) Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: (i) Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. (ii) Financial assets at fair value through other comprehensive income (debt instruments) For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to profit or loss. (iii) Financial assets designated at fair value through other comprehensive income (equity investments) Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity investments designated at fair value through other comprehensive income when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis. Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in other comprehensive income. Equity investments designated at fair value through other comprehensive income are not subject to impairment assessment. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.13 Investments and other financial assets (Continued) (b) Subsequent measurement (Continued) (iv) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in profit or loss. This category includes derivative instruments, wealth management products and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other gains in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: ● the rights to receive cash flows from the asset have expired; or ● the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.13 Investments and other financial assets (Continued) (c) Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. General approach ECLs are recognized in three stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For those have objective evidence of impairment at the reporting date, lifetime ECL are recognized and interest revenue is calculated on the net carrying amount. At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Debt investments at fair value through other comprehensive income and financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables, notes receivable and contract assets which apply the simplified approach as detailed below. Stage 1 - Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 - Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 - Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.13 Investments and other financial assets (Continued) (c) Impairment of financial assets (Continued) Simplified approach For trade receivables, notes receivable and contract assets that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For trade receivables, notes receivable and contract assets that contain a significant financial component and lease receivables, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above.
Financial liabilities	3.14 Financial liabilities (a) Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade and other payables, derivative financial instruments and interest-bearing bank and other borrowings. (b) Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: (i) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in profit or loss. The net fair value gain or loss recognized in profit or loss does not include any interest charged on these financial liabilities. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.14 Financial liabilities (Continued) (b) Subsequent measurement (Continued) (ii) Financial liabilities at amortized cost (loans and borrowings) After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss. (iii) Financial liabilities at amortized cost (trade and other payables) These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are subsequently measured at amortized cost using the effective interest method. (iv) Financial guarantee contracts Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee contract is recognized initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contracts at the higher of: (i) the ECL allowance determined in accordance with the policy as set out in “Impairment of financial assets”; and (ii) the amount initially recognized less, when appropriate, the cumulative amount of income recognized. (c) Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.
Offsetting financial instruments	3.15 Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the balance sheet where the Group currently has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
Derivatives	3.16 Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument. The Group’s derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other gains/(losses).
Inventories	3.17 Inventories Raw materials and stores, work in progress and finished goods are stated at the lower of cost and net realizable value. Cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Cash and cash equivalents	3.18 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.
Borrowing costs	3.19 Borrowing costs General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred.
Current and deferred income tax	3.20 Current and deferred income tax The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.20 Current and deferred income tax (Continued) Current income tax The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates or jointly ventures operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty. Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
Employee benefits	3.21 Employee benefits Employee benefits mainly include salaries, bonuses, allowances and subsidies, pension insurance, social insurance and housing funds, labor union fees, employees’ education fees and other expenses related to the employees for their services. The Group recognizes employee benefits as liabilities during the accounting period when employees rendered the services and allocates the related cost of assets and expenses based on different beneficiaries. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.21 Employee benefits (Continued) (a) Bonus plans The expected cost of bonus plans is recognized as a liability when the Group has a present legal or constructive obligation as a result of services rendered by employees and a reliable estimate of the obligation can be made. (b) Retirement benefit obligations The Group primarily pays contributions on a monthly basis to participate in a pension plan organized by the relevant municipal and provincial governments in the PRC. The municipal and provincial governments undertake to assume the retirement benefit obligations of all existing and future retired employees payable under these plans. The Group has no legal or constructive obligations for further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to their current and past services. (c) In addition, the Company and its eligible subsidiaries have established an enterprise annuity plan in accordance with national policies and relevant requirements under the Company’s system. Fees required for the enterprise annuity plan shall be jointly paid by the enterprise and its employees. Employees may elect to join or not to join the enterprise annuity plan on voluntary basis. As of December 31, 2022, the Group had no forfeited contributions available to offset contributions payable in future years. For the year ended December 31, 2022, other than the early retirement scheme implemented by the Group as described in Note 23(i), the Group didn’t have any other defined benefit plan. (d) Other social insurance and housing funds The Group provides other social insurance and housing funds to the qualified employees in the PRC based on certain percentages of their salaries. These percentages are not to exceed the upper limits of the percentages prescribed by the Ministry of Human Resources and Social Security of the PRC. These benefits are paid to social security organisations and the amounts are expensed as incurred. The Group has no legal or constructive obligations for further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to their current and past services. (e) Termination benefit obligations Termination benefit obligations are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefit obligations when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. The specific terms vary among the terminated employees depending on various factors including position, length of service and district of the employees concerned. Benefits falling due for more than 12 months after the end of the reporting period are discounted to their present values. (f) The Abolition of the use of the accrued benefits derived from employers’ “mandatory” contributions to MPF and ORSO to offset the long service payment (“LSP”) and severance payment (the “Amendment”) accrued from the Transition Date (not later than 2025) was enacted on June 17, 2022. As the LSP is a defined benefit plan, the Amendment changes the employer’s legal obligation which is considered as a plan amendment under HKAS 19/IAS 19 and thus the impact should be considered in 2022. However, as the Group only has very few employees that in the scope of the Amendment, the Group is of the view that the Amendment will have immaterial impact to the Group’s financial position and performance.
Share-based payment	3.22 Share-based payment (a) Equity-settled share-based payment transactions The Group operates a share incentive plan, under which the Company issued restricted shares to certain employees of the Group as the consideration for the services received from such employees. The fair value of the services received in exchange for the grant of the restricted shares is recognized as an expense on the consolidated statement of profit with a corresponding increase in equity. In terms of the restricted shares awarded to employees, the total amount to be expensed is determined by reference to the fair value of equity instruments granted. In addition, the Company has an obligation to re-purchase the restricted shares forfeited due to unsatisfaction of service condition or performance condition. Accordingly, treasury shares and corresponding liability for the consideration of re-purchase of the restricted shares are recognized at the issue date of the shares. Service and non-marketing performance conditions are included in calculation of the number of restricted shares that are expected to vest. The total amount expensed is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Group revises its estimates of the number of restricted shares that are expected to vest based on the non-marketing performance and service conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated income statement, with a corresponding adjustment to equity.
Provisions	3.23 Provisions Provisions for legal claims, asset retirement obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.
Revenue recognition	3.24 Revenue recognition Revenue from contracts with customers Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.24 Revenue recognition (continued) When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group a significant financial benefit for more than one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15. (a) Sale of industrial products Revenue from the sale of industrial products (including sales of scrap and other materials) is recognized at the point in time when control of the asset is transferred to the customer, generally on acceptance of the industrial products. Revenue from electricity is recognized upon transmission of electricity based on the confirmation from the power grid. (b) Rendering of services The Group provides transportation service and the revenue from services is recognized over time, using an input method to measure progress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group.
Earning per share	3.25 Earnings per share (a) Basic earnings per share Basic earnings per share is calculated by dividing: ● the profit attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares; ● by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. (b) Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: ● the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and ● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
Dividend income	3.26 Dividend income Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.
Leases	3.27 Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including in-substance fixed payments), less any lease incentives receivable; 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.27 Leases (Continued) ● variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable by the Group under residual value guarantees; ● the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: ● where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received; ● uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third-party financing, and, ● makes adjustments specific to the lease, e.g. term, country, currency and security. If a readily observable amortizing loan rate is available to the individual lessee (through recent financing or market data) which has a similar payment profile to the lease, then the Group entities use that rate as a starting point to determine the incremental borrowing rate. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: ● the amount of the initial measurement of lease liability; ● any lease payments made at or before the commencement date less any lease incentives received; ● any initial direct costs, and ● restoration costs. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.27 Leases (Continued) Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis as follows: Buildings 2 – 20 years Machinery 2 – 10 years Land use rights 10 – 50 years If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the recognition exemption for leases of low-value assets to leases of office equipment that are considered to be of low value (i.e. below RMB30,000). Rental income Rental income is recognized on a time proportion basis over the lease terms. Variable lease payments that do not depend on an index or a rate are recognized as income in the accounting period in which they are incurred.
Dividend distribution	3.28 Dividend distribution Provision is made for the amount of any dividend declared, being appropriately authorized and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
Government grants	3.29 Government grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the costs, which it is intended to compensate, are expensed. Asset-related government grants are recognized when the government document designates that the government grants are used for constructing or forming long-term assets. If the government document is inexplicit, the Group should make a judgement based on the basic conditions to obtain the government grants, and recognizes them as asset-related government grants if the conditions are to construct or to form long-term assets. Otherwise, the government grants should be income-related. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3.29 Government grants (Continued) For asset-related government grants that is related to long lived assets that already exist at the time of recognizing the government grant, the grant is deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense. If the asset is not yet purchased or constructed at the time of recognizing the government grant, the grant is recognized as deferred income and will be deducted from the cost of the asset once the asset is recognized. Income-related government grants that are specific to compensate expenses or costs that have already incurred, they are directly recognized in profit or loss for the current period as deduction of the related expenses or costs. If the income-related government grants are specific to compensate future expenses or costs of the Group, they are recognized as deferred income and will be released to profit or loss when the related expenses or costs are incurred.
Interest income	3.30 Interest income Interest income on financial assets at amortized cost and financial assets at FVOCI calculated using the effective interest method is recognized in profit or loss as part of other income. Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Any other interest income is included in other income. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).

GENERAL INFORMATION (Tables)

GENERAL INFORMATION (Tables)	12 Months Ended
GENERAL INFORMATION (Tables)	Dec. 31, 2022
GENERAL INFORMATION
Schedule of company's principal subsidiaries	Particulars of the Company’s principal subsidiaries are as follows: Percentage of equity Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Shanxi Huaxing Aluminum Co. Ltd. (“Shanxi Huaxing”) (山西華興鋁業有限公司) PRC/Mainland China 1,850,000 Manufacture and distribution of alumina 60.00 % 40.00 % Baotou Aluminum Co., Ltd. (“Baotou Aluminum“) (包頭鋁業有限公司) PRC/Mainland China 2,245,510 Manufacture and distribution of primary aluminum, aluminum alloy and related fabricated products and carbon products 100.00 % — China Aluminum International Trading Co., Ltd. (“Chalco Trading”) (中鋁國際貿易有限公司) PRC/Mainland China 1,731,111 Import and export activities 100.00 % — Chalco Shanxi New Material Co., Ltd. (“Shanxi New Material”) (中鋁山西新材料有限公司) PRC/Mainland China 4,279,601 Manufacture and distribution of alumina, primary aluminum and anode carbon products and electricity generation and supply 85.98 % — China Aluminum International Trading Group Co., Ltd. (“Trading Group”) (中鋁國際貿易集團有限公司) PRC/Mainland China 1,030,000 Import and export activities 100.00 % — Zunyi Aluminum Co., Ltd. (遵義鋁業股份有限公司) PRC/Mainland China 3,204,900 Manufacture and distribution of primary aluminum and alumina 67.45 % — Chalco Hong Kong Ltd. (“Chalco Hong Kong”) ( Hong Kong HKD6,778,835 in thousand Overseas investments and alumina import and export activities, and mining and distribution of bauxite. 100.00 % — Chalco Mining Co., Ltd. (“Chalco Mining“) (中鋁礦業有限公司) PRC/Mainland China 4,028,859 Manufacture, acquisition and distribution of bauxite mines, limestone ore and alumina 100.00 % — Chalco Energy Co., Ltd. (“Chalco Energy”) (中鋁能源有限公司) PRC/Mainland China 1,384,398 Thermoelectric supply and investment management 100.00 % — China Aluminum Ningxia Energy Group Co., Ltd. (“Ningxia Energy“) (中鋁寧夏能源集團) PRC/Mainland China 5,025,800 Thermal power, wind power and solar power generation, coal mining, and power-related equipment manufacturing 70.82 % — Guizhou Huajin Aluminum Co., Ltd. (“Guizhou Huajin“) (貴州華錦鋁業有限公司) PRC/Mainland China 1,000,000 Manufacture and distribution of alumina 60.00 % — 1 GENERAL INFORMATION (CONTINUED) Percentage of equity Place of attributable to registration and Registered the Company Name business capital Principal activities Direct Indirect Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd. (中國鋁業鄭州有色金屬研究院有限公司) PRC/Mainland China 214,858 Research and development services 100.00 % — Chinalco New Materials Co., Ltd (“Chinalco New Material “) (中鋁新材料有限公司) PRC/Mainland China 6,450,000 Manufacture and distribution of alumina, aluminium hydroxide and trading 100.00 % China Aluminum Logistics Group Corporation Co., Ltd. (中鋁物流集團有限公司) PRC/Mainland China 964,291 Logistics and transportation 100.00 % — Chinalco Shanxi Jiaokou Xinghua Technology Ltd. (“Xinghua Technology“) (中鋁集團山西交口興華科技股份有限公司) PRC/Mainland China 588,182 Manufacture and distribution of primary aluminum 33.00 % 33.00 % Chinalco Shanghai Company Limited (“Chinalco Shanghai“) (中鋁(上海)有限公司) PRC/Mainland China 968,300 Trading and engineering project management and leasing 100.00 % — Shanxi Chinalco Resources Co., Ltd. (“Shanxi Chinalco Resources”) (山西中鋁華潤有限公司) PRC/Mainland China 1,641,750 Manufacture and distribution of primary aluminum 40.00 % — Guizhou Huaren New Material Co., Ltd. (“Guizhou Huaren”) (貴州華仁新材料有限公司) PRC/Mainland China 1,200,000 Manufacture and distribution of primary aluminum 40.00 % — Chinalco Materials Co., Ltd. (中鋁物資有限公司) PRC/Mainland China 1,000,000 Import and export activities and trading 100.00 % — Yunnan Aluminum Co., Ltd. (“Yunnan Aluminum”) (雲南鋁業股份有限公司). PRC/Mainland China 3,467,957 Manufacture and distribution of primary aluminum and alumina 29.10 % — Chalco (Shanghai) Carbon Co., Ltd.(“Shanghai Carbon”)( 中鋁（上海）碳素有限公司) PRC/Mainland China 1,000,000 Manufacture and distribution of anode and cathode carbon 100.00 % — Lanzhou Aluminum Co., Ltd.( 蘭州鋁業有限公司) PRC/Mainland China 1,593,648 Manufacture and distribution of primary aluminum 100.00 % —

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of new and revised IFRSs adapted for the first time for the current year's financial statements	RMB Items January 1, 2020 Property, plant and equipment (240) Retained earnings (240) For the year ended December 31, 2020 Revenue 117,109 Cost of sales (53,801) RMB Items January 1, 2021 Property, plant and equipment 63,068 Retained earnings 63,068 For the year ended December 31, 2021 Revenue 82,280 Cost of sales (71,626)
Schedule of estimated useful lives of property, plant and equipment	Buildings and infrastructure 8 – 45 years Machinery 3 – 30 years Transportation facilities 6 – 10 years Office and other equipment 3 – 10 years
Schedule of estimated useful lives of investment properties	Buildings 25 – 50 years Land use rights 40 – 70 years
Schedule of estimated useful lives of right-of-use assets	Buildings 2 – 20 years Machinery 2 – 10 years Land use rights 10 – 50 years

SIGNIFICANT ACCOUNTING JUDGEM_2

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables)	12 Months Ended
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables)	Dec. 31, 2022
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
Schedule of key macroeconomic parameters for estimation of expected credit losses	Scenarios Year ended 31 December 2022 Year Basic Negative Positive Growth Rate of GDP 2023 5.04 % 4.70 % 6.04 % Growth Rate of CPI 2023 2.12 % 1.63 % 2.67 % Scenarios Year ended 31 December 2021 Year Basic Negative Positive Growth Rate of GDP 2022 5.30 % 5.04 % 5.57 % Growth Rate of CPI 2022 2.20 % 2.09 % 2.31 %

REVENUE AND SEGMENT INFORMATI_2

REVENUE AND SEGMENT INFORMATION (Tables)	12 Months Ended
REVENUE AND SEGMENT INFORMATION (Tables)	Dec. 31, 2022
REVENUE AND SEGMENT INFORMATION
Schedule of revenue recognized during the years	For the years ended December 31 2022 2021 2020 Revenue from contracts with customers (net of value-added tax) Sale of goods 288,853,556 297,102,961 202,036,585 Transportation services 1,817,566 1,470,334 1,621,570 290,671,122 298,573,295 203,658,155 Revenue from other sources Rental income 316,820 312,055 334,924 290,987,942 298,885,350 203,993,079
Schedule of disaggregated revenue information	For the year ended December 31, 2022 Corporate Primary and other Alumina Aluminum Energy Trading operating Inter-segment segment segment Segment Segment segments elimination Total Type of goods or services Sales of goods 55,513,960 138,428,806 9,322,537 252,408,567 1,840,375 (168,660,689) 288,853,556 Transportation services — — — 6,397,541 — (4,579,975) 1,817,566 Total 55,513,960 138,428,806 9,322,537 258,806,108 1,840,375 (173,240,664) 290,671,122 Geographical markets 　　 Mainland China 55,513,960 138,428,806 9,322,537 245,370,030 1,840,375 (173,240,664) 277,235,044 Outside of Mainland China — — — 13,436,078 — — 13,436,078 Total 55,513,960 138,428,806 9,322,537 258,806,108 1,840,375 (173,240,664) 290,671,122 Timing of revenue recognition 　　 Goods transferred at a point in time 55,513,960 138,428,806 9,322,537 252,408,567 1,840,375 (168,660,689) 288,853,556 Services transferred over time — — — 6,397,541 — (4,579,975) 1,817,566 Total 55,513,960 138,428,806 9,322,537 258,806,108 1,840,375 (173,240,664) 290,671,122 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (a) Revenue (Continued) (i) Disaggregated revenue information (Continued) For the year ended December 31, 2021 Corporate Primary and other Alumina Aluminum Energy Trading operating Inter-segment segment segment Segment Segment segments elimination Total Type of goods or services Sales of goods 53,813,335 118,456,198 7,915,219 248,379,137 1,439,359 (132,900,287) 297,102,961 Transportation services — — — 4,255,266 — (2,784,932) 1,470,334 Total 53,813,335 118,456,198 7,915,219 252,634,403 1,439,359 (135,685,219) 298,573,295 Geographical markets Mainland China 53,813,335 118,456,198 7,915,219 239,342,124 1,439,359 (135,685,219) 285,281,016 Outside of Mainland China — — — 13,292,279 — — 13,292,279 Total 53,813,335 118,456,198 7,915,219 252,634,403 1,439,359 (135,685,219) 298,573,295 Timing of revenue recognition Goods transferred at a point in time 53,813,335 118,456,198 7,915,219 248,379,137 1,439,359 (132,900,287) 297,102,961 Services transferred over time — — — 4,255,266 — (2,784,932) 1,470,334 Total 53,813,335 118,456,198 7,915,219 252,634,403 1,439,359 (135,685,219) 298,573,295 For the year ended December 31, 2020 Corporate Primary and other Alumina Aluminum Energy Trading operating Inter-segment segment segment Segment Segment segments elimination Total Type of goods or services Sales of goods 44,177,153 81,245,663 7,184,216 178,623,815 1,126,033 (110,320,295) 202,036,585 Transportation services — — — 3,802,666 — (2,181,096) 1,621,570 Total 44,177,153 81,245,663 7,184,216 182,426,481 1,126,033 (112,501,391) 203,658,155 Geographical markets Mainland China 44,177,153 81,245,663 7,184,216 173,486,314 1,126,033 (112,501,391) 194,717,988 Outside of Mainland China — — — 8,940,167 — — 8,940,167 Total 44,177,153 81,245,663 7,184,216 182,426,481 1,126,033 (112,501,391) 203,658,155 Timing of revenue recognition Goods transferred at a point in time 44,177,153 81,245,663 7,184,216 178,623,815 1,126,033 (110,320,295) 202,036,585 Services transferred over time — — — 3,802,666 — (2,181,096) 1,621,570 Total 44,177,153 81,245,663 7,184,216 182,426,481 1,126,033 (112,501,391) 203,658,155
Schedule of revenue that was included in contract liabilities at beginning of period	For the years ended December 31 2022 2021 2020 Revenue recognized that was included in contract liabilities at the beginning of the reporting period: Sale of goods 2,124,417 1,349,157 1,350,929 Others 66,228 88,090 73,541 2,190,645 1,437,247 1,424,470
Schedule of performance obligations	Amounts expected to be recognized as revenue from contract liabilities at December 31, 2022 and 2021: For the years ended December 31 2022 2021 Within one year 2,049,014 2,363,043 After one year 93,240 116,545 2,142,254 2,479,588
Schedule of operating segments	Prepaid current income tax and deferred tax assets are excluded from segment assets, and income tax payable and deferred tax liabilities are excluded from segment liabilities. All sales among the reportable operating segments were conducted on terms mutually agreed among group companies, and have been eliminated upon consolidation. Year ended December 31, 2022 Primary Corporate and Alumina aluminum Energy Trading other operating Inter-segment Segment Segment Segment Segment segments elimination Total Total revenue 55,761,730 138,465,822 9,322,537 258,854,321 1,943,932 (173,360,400) 290,987,942 Inter-segment revenue (39,350,290) (51,962,565) (261,486) (80,283,574) (1,502,485) 173,360,400 — Sales of self-produced products 48,849,680 Sales of products sourced from external suppliers 129,721,067 Revenue from external customers 16,411,440 86,503,257 9,061,051 178,570,747 441,447 — 290,987,942 Segment profit /(loss) before income tax 340,451 10,346,336 2,200,960 2,013,377 (843,055) (849,101) 13,208,968 Income tax expense (2,365,639) Profit for the year 10,843,329 Other items Finance income 62,662 86,864 29,589 20,991 277,031 — 477,137 Finance costs (713,584) (1,088,391) (580,129) (166,221) (1,346,542) — (3,894,867) Share of profits and losses of joint ventures 75,405 — (7,143) 9,065 101,583 — 178,910 Share of profits and losses of associates (46,239) (94,941) (71,493) 45,847 297,458 — 130,632 Depreciation of right-of-use assets (473,827) (601,898) (129,335) (21,335) (55,967) — (1,282,362) Depreciation and amortization (excluding the depreciation of right- of-use assets) (3,674,136) (3,957,718) (1,645,072) (341,700) (72,831) — (9,691,457) Gains/(losses) on disposal of property, plant and equipment, intangible assets and right-of-use assets 90,041 180,999 (1,621) 56,280 (2,040) — 323,659 Gain on disposal of business — — — — 27,804 — 27,804 Realized gain on futures contracts, net — — — 20,104 216,707 — 236,811 Other income 25,510 44,628 54,727 110,885 35 — 235,785 Impairment loss on intangible assets (75,842) — — — — — (75,842) Impairment loss on property, plant and equipment (3,160,902) (634,518) — — — — (3,795,420) Unrealized gain on futures contracts, net — — — 47,725 11,346 — 59,071 (Losses)/gains on disposal of subsidiaries (19,530) 61 4,567 25,296 75,949 — 86,343 Changes for impairment of inventories (392,513) (1,625) 558 (93,295) 3,582 — (483,293) Provision for impairment of receivables (407,608) (26,737) (25,619) 53,201 (7,376) — (414,139) Dividends of equity investments at fair value through other comprehensive income — — 2,160 — 9,339 — 11,499 Investments in associates 187,806 500,489 689,399 396,810 4,628,134 — 6,402,638 Investments in joint ventures 1,076,120 — 343,745 48,675 1,871,427 — 3,339,967 Additions during the period: Intangible assets 138,835 40,719 17,722 — 76 — 197,352 Right-of-use assets 89,337 449,305 1,496 140,021 — — 680,159 Property, plant and equipment 728,647 852,512 921,542 45,186 49,865 — 2,597,752 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) Year ended December 31, 2021 Corporate Primary and other Alumina aluminum Energy Trading operating Inter-segment Segment Segment Segment Segment segments elimination Total Total revenue 54,043,368 118,513,506 7,915,219 252,704,917 1,453,108 (135,744,768) 298,885,350 Inter-segment revenue (36,463,601) (39,899,709) (240,575) (58,162,607) (978,276) 135,744,768 — Sales of self-produced products 47,246,018 Sales of products sourced from external suppliers 147,296,292 Revenue from external customers 17,579,767 78,613,797 7,674,644 194,542,310 474,832 — 298,885,350 Segment profit /(loss) before income tax 2,798,129 12,783,818 (234,808) 1,336,268 (1,981,441) (515,538) 14,186,428 Income tax expense (2,869,551) Profit for the year 11,316,877 Other items Finance income 117,265 71,097 38,313 50,829 33,599 — 311,103 Finance costs (1,041,744) (1,450,695) (578,079) (119,398) (1,342,750) — (4,532,666) Share of profits of joint ventures 80,612 — 16,095 13,240 54,153 — 164,100 Share of profits/(losses) of associates (3,546) (2,182) (633,467) 45,538 170,410 — (423,247) Depreciation of right-of-use assets (334,825) (226,526) (32,088) (128,043) (50,469) — (771,951) Depreciation and amortization (excluding the depreciation of right- of-use assets) (3,491,950) (4,169,274) (1,889,351) (164,469) (74,119) — (9,789,163) (Losses)/gains on disposal of property, plant and equipment, intangible assets and right-of-use assets (611,828) (58,699) (9,772) 3,222 (2,320) — (679,397) Realized loss on futures, forward and option contracts, net — — — (132,354) (413,171) — (545,525) Other income 11,909 57,298 56,022 47,836 91 — 173,156 Impairment loss on intangible assets (413,036) (2,623) — — — — (415,659) Impairment loss on property, plant and equipment (1,854,694) (2,206,546) (3,433) — — — (4,064,673) Unrealized loss on futures contracts,net — — — (30,552) (28,657) — (59,209) Losses on disposal of subsidiaries — — (27,404) — — — (27,404) Changes for impairment of inventories (16,098) (114,170) 12,250 (13,039) (2,601) — (133,658) Provision for impairment of receivables (122,370) (40,627) (176,715) (330,122) (720,931) — (1,390,765) Dividends of equity investments at fair value through other comprehensive income — 4,384 — 3,333 7,579 — 15,296 Investments in associates 196,453 578,313 759,194 382,062 4,525,771 — 6,441,793 Investments in joint ventures 1,076,120 — 353,177 55,712 1,865,950 — 3,350,959 Additions during the period: Intangible assets 97,925 22,351 — 140 — — 120,416 Right-of-use assets 2,934,500 2,721,001 377 212,812 276,430 — 6,145,120 Property, plant and equipment 1,951,823 1,167,984 391,894 35,467 89,344 — 3,636,512 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) Year ended December 31, 2020 Corporate Primary and other Alumina aluminum Energy Trading operating Inter-segment Segment Segment Segment Segment segments elimination Total Total revenue 44,263,444 81,405,264 7,184,216 182,510,025 1,126,586 (112,496,456) 203,993,079 Inter-segment revenue (31,174,724) (34,068,498) (243,788) (46,261,296) (748,150) 112,496,456 — Sales of self-produced products 33,162,614 Sales of products sourced from external suppliers 103,086,115 Revenue from external customers 13,088,720 47,336,766 6,940,428 136,248,729 378,436 — 203,993,079 Segment profit/(loss) before income tax 1,164,996 3,862,836 (77,235) 770,172 (2,192,077) (642,680) 2,886,012 Income tax expense (641,329) Profit for the year 2,244,683 Other items Finance income 44,697 68,645 36,333 73,026 43,508 — 266,209 Finance costs (879,211) (1,667,322) (995,572) (173,520) (1,354,076) — (5,069,701) Share of profits of joint ventures 75,405 — 35,308 5,011 64,778 — 180,502 Share of profits/(losses)of associates (2,262) (338,044) (17,905) 38,683 226,010 — (93,518) Depreciation of right-of-use assets (342,347) (234,387) (96,967) (21,075) (50,469) — (745,245) Depreciation and amortization (excluding the depreciation of right-of-use assets) (3,184,799) (4,122,376) (1,867,632) (232,807) (42,184) — (9,449,798) (Losses)/gains on disposal of property, plant and equipment, intangible assets and right-of-use assets 25,489 (345,537) 99,363 (1,911) (610) — (223,206) Realized loss on futures, forward and option contracts, net — — — 675,442 (152,064) — 523,378 Other income 122,011 69,247 55,561 38,910 18,670 — 304,399 Impairment loss on property, plant and equipment (23,136) (653,170) — (4,951) — — (681,257) Unrealized loss on futures contracts,net — — — (27,705) 17,311 — (10,394) Losses on disposal of a subsidiaries — — — 11,305 — — 11,305 Changes for impairment of inventories (136,827) 103,524 (15,642) 2,184 981 — (45,780) Provision for impairment of receivables (59,105) (22,487) (108,059) (395,053) (383,238) — (967,942) Dividends of equity investments at fair value through other comprehensive income — — — — 125,015 — 125,015 Investments in associates 205,625 612,531 1,565,235 396,454 4,221,258 — 7,001,103 Investments in joint ventures 1,076,085 — 334,763 43,258 1,920,447 — 3,374,553 Additions during the period: Intangible assets 86,698 5,787 — 1,413 266 — 94,164 Right-of- use assets 12,001 6,838 59,010 2,875 2,893 — 83,617 Property, plant and equipment 2,570,240 6,706,374 881,810 328,835 33,440 — 10,520,699 5 REVENUE AND SEGMENT INFORMATION (CONTINUED) (b) Segment information (Continued) As of December 31, 2022 Alumina Primary aluminum Energy Trading Corporate and other Segment Segment Segment Segment operating segments Total Segment assets 90,762,410 94,207,732 34,235,502 35,025,454 42,393,166 296,624,264 Reconciliation: Elimination of inter-segment receivables (85,734,994) Other eliminations (741,195) Corporate and other unallocated assets: Deferred tax assets 2,057,900 Prepaid income tax 142,056 Total assets 212,348,031 Segment liabilities 48,985,559 50,177,428 18,837,349 21,225,051 69,257,860 208,483,247 Elimination of inter-segment payables (85,734,994) Corporate and other unallocated liabilities: Deferred tax liabilities 1,451,692 Income tax payable 392,119 Total liabilities 124,592,064 As of December 31, 2021 Alumina Primary aluminum Energy Trading Corporate and other Segment Segment Segment Segment operating segments Total Segment assets 97,099,222 90,931,136 35,261,548 31,625,689 48,195,444 303,113,039 Reconciliation: Elimination of inter-segment receivables (79,480,000) Other eliminations (928,814) Corporate and other unallocated assets: Deferred tax assets 2,096,459 Prepaid income tax 62,139 Total assets 224,862,823 Segment liabilities 52,154,184 47,125,596 25,419,575 21,037,605 66,657,841 212,394,801 Elimination of inter-segment payables (79,480,000) Corporate and other unallocated liabilities: Deferred tax liabilities 1,403,291 Income tax payable 847,163 Total liabilities 135,165,255
Schedule of geographical information of operating segments	For the years ended December 31 2022 2021 2020 Segment revenue from external customers – Mainland China 277,551,864 285,593,071 195,052,913 – Outside of Mainland China 13,436,078 13,292,279 8,940,166 290,987,942 298,885,350 203,993,079 December 31, December 31, 2022 2021 Non-current assets (excluding financial assets and deferred tax assets) – Mainland China 150,927,698 165,459,440 – Outside Mainland China 2,595,140 2,627,731 153,522,838 168,087,171

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
INTANGIBLE ASSETS (Tables)	Dec. 31, 2022
INTANGIBLE ASSETS
Schedule of intangible assets	Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2022 Opening net carrying amount 3,509,515 7,315,211 984,286 1,524,976 13,333,988 Additions — 134,806 19,356 43,190 197,352 Disposals — — — (1,774) (1,774) Disposal of subsidiaries — — — (8,572) (8,572) Impairment (15,495) (60,347) — — (75,842) Amortization — (444,764) — (58,157) (502,921) Transfer from property, plant and equipment (Note 7) — — — 1,945 1,945 Currency translation differences 874 5,773 — — 6,647 Closing net carrying amount 3,494,894 6,950,679 1,003,642 1,501,608 12,950,823 As of December 31, 2022 Cost 3,510,864 10,585,156 1,239,376 2,118,444 17,453,840 Accumulated amortization and impairment (15,970) (3,634,477) (235,734) (616,836) (4,503,017) Net carrying amount 3,494,894 6,950,679 1,003,642 1,501,608 12,950,823 Computer Software, Mineral production exploration quota and Goodwill Mining rights rights others Total Year ended December 31, 2021 Opening net carrying amount 3,509,857 7,638,216 1,276,295 1,565,165 13,989,533 Additions — 98,352 13,452 8,612 120,416 Disposals — (3,639) — — (3,639) Impairment — (175,245) (237,791) (2,623) (415,659) Amortization — (351,748) — (55,539) (407,287) Transfer from property, plant and equipment (Note 7) — 45,522 — 10,346 55,868 Currency translation differences (342) (1,692) (2,225) (985) (5,244) Reclassifications and internal transfers — 65,445 (65,445) — — Closing net carrying amount 3,509,515 7,315,211 984,286 1,524,976 13,333,988 As of December 31, 2021 Cost 3,509,515 10,435,028 1,220,020 2,098,631 17,263,194 Accumulated amortization and impairment — (3,119,817) (235,734) (573,655) (3,929,206) Net carrying amount 3,509,515 7,315,211 984,286 1,524,976 13,333,988
Schedule of amortization expenses of intangible assets recognized in profit or loss	For the years ended December 31 2022 2021 2020 Cost of sales 474,639 384,383 467,573 General and administrative expenses 28,282 22,904 25,839 502,921 407,287 493,412
Schedule of summary of goodwill allocated to each segment	December 31, 2022 December 31, 2021 Alumina Primary aluminum Alumina Primary aluminum Qinghai Branch — 217,267 — 217,267 Guangxi Branch 189,419 — 189,419 — Lanzhou Aluminum Co., Ltd. — 1,924,259 — 1,924,259 PT. Nusapati Prima (“PTNP”) — — 14,621 — Shanxi Huaxing 1,163,949 — 1,163,949 — 1,353,368 2,141,526 1,367,989 2,141,526

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
PROPERTY, PLANT AND EQUIPMENT (Tables)	Dec. 31, 2022
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	Office Buildings and Transportation and other Construction infrastructure Machinery facilities equipment in progress Total Year ended December 31, 2022 Opening net carrying amount 51,127,711 63,707,307 1,150,354 422,674 4,974,974 121,383,020 Reclassifications and internal transfers 1,258,516 2,494,471 73,713 264,322 (4,091,022) — Transfer to intangible assets (Note 6) — — — — (1,945) (1,945) Transfer from right-of-use assets and non-current assets(i) — 69,673 — — — 69,673 Transfer to investment properties (Note 8) (47,419) — — — — (47,419) Additions 245,583 637,092 16,474 36,798 1,661,805 2,597,752 Disposal of subsidiaries(ii) (275,851) (622,777) (2,731) (13,046) — (914,405) Government grants (42,650) (31,401) — — — (74,051) Disposals(iii) (201,361) (588,064) (10,265) (2,950) (235,477) (1,038,117) Depreciation (2,321,947) (6,381,950) (172,736) (66,984) — (8,943,617) Impairment loss(iv) (1,307,597) (2,458,240) (1,092) (178) (28,313) (3,795,420) Currency translation differences 32,739 8,504 151 15 — 41,409 Closing net carrying amount 48,467,724 56,834,615 1,053,868 640,651 2,280,022 109,276,880 As of December 31, 2022 Cost 79,348,680 139,849,462 2,865,120 1,228,931 2,799,011 226,091,204 Accumulated depreciation and impairment (30,880,956) (83,014,847) (1,811,252) (588,280) (518,989) (116,814,324) Net carrying amount 48,467,724 56,834,615 1,053,868 640,651 2,280,022 109,276,880 Office Buildings and Transportation and other Construction infrastructures Machinery facilities equipment in progress Total Year ended December 31, 2021 Opening net carrying amount 53,851,749 69,545,237 1,226,487 395,840 5,906,059 130,925,372 Reclassifications and internal transfers 1,614,203 1,787,874 124,273 66,887 (3,593,237) — Transfer to intangible assets (Note 6) — — — — (55,868) (55,868) Transfer from right-of-use assets and non-current assets (i) 143,646 1,398,593 — 85 — 1,542,324 Transfer to investment properties (Note 8) (139,377) — — — — (139,377) Transfer to right-of-use assets (Note 22) — — — — (68,377) (68,377) Additions 28,425 320,881 14,386 9,954 3,262,866 3,636,512 Government grants (447) (81,171) — — — (81,618) Disposals (136,718) (723,183) (14,711) (5,726) (275,834) (1,156,172) Depreciation (2,149,404) (6,768,573) (196,094) (43,880) — (9,157,951) Impairment loss (2,105,735) (1,754,211) (3,789) (303) (200,635) (4,064,673) Currency translation differences 21,369 (18,140) (198) (183) — 2,848 Closing net carrying amount 51,127,711 63,707,307 1,150,354 422,674 4,974,974 121,383,020 As at December 31, 2021 Cost 78,450,622 138,836,999 2,888,838 972,191 5,842,483 226,991,133 Accumulated depreciation and impairment (27,322,911) (75,129,692) (1,738,484) (549,517) (867,509) (105,608,113) Net carrying amount 51,127,711 63,707,307 1,150,354 422,674 4,974,974 121,383,020 (i) After the expiration of sale and leaseback contracts, the right-of-use assets recognized previously upon initial adoption of IFRS 16, were recognized as property, plant and equipment. (ii) In 2022, certain subsidiaries were disposed of or liquidated, resulted in a decrease in property, plant and equipment with carrying amount of RMB914 million. 7 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (iii) In 2022, property, plant and equipment with carrying amount of RMB610 million was disposed of by the Group as consideration for a capital investment in Chinalco High-end Manufacturing Co., Ltd. (“Chinalco High-end Manufacturing”) (Note (10)). (iv) In the prior years, the Group terminated an alumina production line and the related facilities as a result of urban development by a local government. Based on the relevant rules and regulations, the Group would be entitled to a compensation by the local government from the commercial development of the land on which the production line was located. During the year ended December 31, 2022, the Group was informed by the local government that, because of the real estate market outlook and the change in urban planning, it is no longer feasible to commercially develop this piece of land and to compensate the Group in any form. The change of government decision constitutes an impairment indicator. An impairment test was performed by management based on fair value less cost of disposal and an impairment loss of RMB2,101 million was recognized as of December 31, 2022. The land occupied by the terminated alumina production line is leased from Chinalco. The Group reassessed the leasing term, and accordingly, land use right assets of RMB893 million and lease liabilities of RMB927 million were written off and a disposal gain of RMB35 million was recognized in 2022. Due to the change of production plan and other factors, certain asset groups of the Group were in the status of shutdown, temporary idleness or under-capacity production. The Group considered that there were indications of impairment in these asset groups and conducted impairment tests. As a result, impairment provision of RMB1,694 million was made for property, plant and equipment during the year ended December 31, 2022 (2021: RMB4,065 million). (v) As of December 31, 2022, the Group pledged certain property, plant and equipment with a net carrying value amounting to RMB4,967 million (December 31, 2021: RMB 5,680 (vi) As of December 31, 2022, the Group was in the process of applying for the ownership certificates of buildings with a net carrying value of RMB4,822 million (December 31, 2021: RMB4,904 million). There has been no litigations, claims or assessments against the Group for compensation with respect to the use of these buildings as at the date of approval of these financial statements. Management considers that it is probable that the Group will be able to obtain the relevant ownership certificates from the appropriate authorities.
Schedule of depreciation expenses recognized in profit or loss	For the years ended December 31 2022 2021 2020 Cost of sales 8,573,282 8,710,009 8,304,401 General and administrative expenses 213,483 253,864 188,231 Research and development expenses 152,217 185,108 155,288 Selling and distribution expenses 4,635 8,970 5,903 8,943,617 9,157,951 8,653,823

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
INVESTMENT PROPERTIES (Tables)	Dec. 31, 2022
INVESTMENT PROPERTIES
Schedule of net carrying amount of investment properties	Buildings Land use rights Total Year ended December 31, 2022 Opening net carrying amount 608,966 1,205,623 1,814,589 Transfer from property, plant and equipment (Note 7) 47,419 — 47,419 Transfer to right-of-use assets (Note 22) — (5,997) (5,997) Disposals (982) — (982) Additions 92,708 14,663 107,371 Depreciation (23,690) (21,087) (44,777) Closing net carrying amount 724,421 1,193,202 1,917,623 As at December 31, 2022 Cost 966,751 1,354,998 2,321,749 Accumulated depreciation and impairment (242,330) (161,796) (404,126) Net carrying amount 724,421 1,193,202 1,917,623 Buildings Land use rights Total Year ended December 31, 2021 Opening net carrying amount 481,489 1,120,387 1,601,876 Transfer from property, plant and equipment (Note 7) 139,377 — 139,377 Transfer from right-of-use assets (Note 22) — 90,314 90,314 Others — 7,472 7,472 Depreciation (11,900) (12,550) (24,450) Closing net carrying amount 608,966 1,205,623 1,814,589 As of December 31, 2021 Cost 779,253 1,346,953 2,126,206 Accumulated depreciation and impairment (170,287) (141,330) (311,617) Net carrying amount 608,966 1,205,623 1,814,589

INVESTMENTS IN JOINT VENTURES_2

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)	12 Months Ended
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables)	Dec. 31, 2022
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of information about joint venture	Place of Registered Effective equity interest held establishment and paid-in Principal Ownership Voting Profit Name and operation capital activities interest power sharing Guangxi Huayin Aluminum Co.,Ltd. (“Guangxi Huayin”) (廣西華銀鋁業有限公司) PRC/Mainland China 2,441,987 Manufacturing 33.00 % 33.00 % 33.00 % Guangxi Huayin, which is considered a material joint venture of the Group, is accounted for using the equity method.
Schedule of summarized financial information joint venture	December 31, December 31, 2022 2021 Cash and cash equivalents 234,140 224,154 Other current assets 1,191,044 1,498,110 Current assets 1,425,184 1,722,264 Non-current assets 5,385,501 5,024,444 Current liabilities 1,705,062 1,844,884 Non-current liabilities 785,426 526,827 Net assets 4,320,197 4,374,997 Reconciliation to the Group’s interest in the joint venture: Proportion of the Group’s ownership 33.00 % 33.00 % The Group’s share of net assets of the joint venture 1,425,665 1,443,749 Carrying amount of the investment 1,425,665 1,443,749 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Continued) (a) Investments in joint ventures (Continued) For the year ended December 31 2022 2021 2020 Revenue 5,838,110 5,126,994 4,631,737 Gross profit 883,100 890,301 800,965 Interest income 15,671 14,465 7,388 Depreciation and amortization 321,567 553,493 531,512 Interest expenses 35,989 40,506 51,855 Profit before income tax 270,748 246,447 195,189 Income tax 36,498 44,333 21,152 Other comprehensive income — — — Total comprehensive income for the year 234,250 202,114 174,037 Dividend received 99,000 99,000 99,000
Schedule of information about associate	As of December 31, 2022, particular of the Group’s material associate is as follow: Place of Effective equity interest held establishment and Registered and Principal Ownership Voting Profit Name operation paid-in capital activities interest power sharing China Aluminum Investment Development Co., Ltd.(中鋁投資發展有限公司） PRC/Mainland China 1,229,748 Asset management 24.12 % 24.12 % 24.12 % China Aluminum Investment Development Co., Ltd., which is considered a material associate of the Group, is accounted for using the equity method.
Schedule of summarized financial information associates	December 31, December 31, 2022 2021 Cash and cash equivalents 230,401 246,253 Other current assets 1,751,345 1,737,717 Current assets 1,981,746 1,983,970 Non-current assets 3,266,027 3,310,908 Current liabilities 65,186 58,263 Non-current liabilities — — Net assets 5,182,587 5,236,615 Non-controlling interests — — Reconciliation to the Group’s interest in the associate: Proportion of the Group’s ownership 24.12 % 24.12 % The Group’s share of net assets of the associate 1,250,040 1,263,072 Carrying amount of the investment 1,250,040 1,263,072 9 INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (CONTINUED) (b) Investments in associates (Continued) For the years ended December 31 2022 2021 2020 Revenue 167,607 151,219 157,062 Gross profit 81,734 68,469 73,510 Interest income 4,210 1,739 1,823 Depreciation and amortization 44,621 44,630 45,069 Profit before income tax 64,884 85,066 74,109 Income tax 16,774 21,986 20,267 Other comprehensive income — — — Total comprehensive income for the year 48,110 63,080 53,842 Dividend received 24,636 11,015 8,124
Associates
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of movements in investments	December 31, 2022 December 31, 2021 As of January 1 6,441,793 7,001,103 Capital injections 17,089 309,251 Capital reduction — (140,170) Share of profits/(losses) for the year 130,632 (423,247) Dividends declared (104,781) (315,722) Share of changes in reserves (6,098) 10,578 Impairment (75,997) — As of December 31 6,402,638 6,441,793
Schedule of summarized financial information associates	December 31, December 31, 2022 2021 Share of the associates’ profits and losses 119,028 (438,462) Share of the associates’ total other comprehensive income (5,628) 6,292 Share of the associates’ total comprehensive income 113,400 (432,170) Aggregate carrying amount of the Group’s investments in the associates 5,152,598 5,178,721
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Schedule of movements in investments	December 31, December 31, 2022 2021 As of January 1 3,350,959 3,374,553 Share of profits for the year 178,910 164,100 Share of changes in reserves 4,302 60 Cash dividends declared (194,204) (187,754) As of December 31 3,339,967 3,350,959
Schedule of summarized financial information joint venture	December 31, 2022 December 31, 2021 Share of the joint ventures’ profits and losses for the year 102,180 96,255 Share of the joint ventures’ total comprehensive income 102,180 96,255 Aggregate carrying amount of the Group’s investments in joint ventures 1,914,302 1,907,210

OTHER FINANCIAL ASSETS MEASUR_2

OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE (Tables)	12 Months Ended
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE (Tables)	Dec. 31, 2022
OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE
Schedule of equity investments designated at fair value through other comprehensive income/available-for-sale financial investments	December 31, December 31, 2022 2021 Listed equity investments, at fair value Dongxing securities Co., Ltd.(東興證券股份有限公司) 5,039 7,674 China Aluminum International Engineering Corporation Limited(中鋁國際工程股份有限公司) 29,558 37,459 Zhuhai Kingma Holding Co., Ltd.(珠海金馬控股股份有限公司) 154 — 34,751 45,133 Unlisted equity investments, at fair value Sanmenxia Dachang Mining Co., Ltd.(三門峽達昌礦業有限公司) 19,336 20,921 Inner Mongolia Ganqimaodu Port Development Co., Ltd.(內蒙古甘其毛都港務發展股份有限公司) 12,078 16,669 Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd. (銀川經濟技術開發區投資控股有限公司) 20,149 20,577 Chinalco High End Manufacturing Co., Ltd.(中國鋁業集團高端製造股份有限公司) (i) 1,727,129 - Xingxian Shengxing Highway Investment Management Co., Ltd. (興縣盛興公路投資管理有限公司) 113,850 135,079 Fangchenggang Chisha Pier Co., Ltd.(防城港赤沙碼頭有限公司) 42,700 21,700 Jinlong Copper Co., Ltd.(金隆銅業有限公司) 170,265 170,265 Others 20,827 27,342 2,126,334 412,553 2,161,085 457,686 The above equity investments were irrevocably designated at fair value through other comprehensive income as the Group considers these investments to be strategic in nature. Note: (i) On December 27, 2022, the Group completed its investment in 9.16% equity interest in Chinalco High-end Manufacturing at a consideration comprising certain assets and liabilities related to slab ingot production lines, 100% equity interests in Yunnan Haoxin Aluminum Foil Co., Ltd. (“Yunnan Haoxin”), a subsidiary of the Group, and cash and cash equivalents of RMB220 million (collectively the “Consideration Assets”). Upon completion, gains on disposals of production lines and a subsidiary totalling RMB65 million, representing the valuation of the 9.16% equity interest in Chinalco High-end Manufacturing in excess of the valuation of Consideration Assets, was recognized.

DEFERRED TAX (Tables)

DEFERRED TAX (Tables)	12 Months Ended
DEFERRED TAX (Tables)	Dec. 31, 2022
DEFERRED TAX
Schedule of movements in deferred tax assets and deferred tax liabilities	Unrealized Provision for Accrued profit at impairment expenses Tax losses consolidation Others Total As of December 31, 2020 510,518 109,585 470,379 226,086 230,579 1,547,147 Business combination under common control 124,234 13,550 108,619 225,264 64,619 536,286 As of January 1, 2021 634,752 123,135 578,998 451,350 295,198 2,083,433 Credit/(charged) to profit or loss 444,530 (90,856) (244,843) 75,936 (47,187) 137,580 As of December 31, 2021 1,079,282 32,279 334,155 527,286 248,011 2,221,013 As of December 31, 2021 695,988 23,673 243,610 293,650 188,642 1,445,563 Business combination under common control 383,294 8,606 90,545 233,636 59,369 775,450 As of January 1, 2022 1,079,282 32,279 334,155 527,286 248,011 2,221,013 Credit/(charged) to profit or loss 118,494 (8,612) (141,929) (6,955) 88,440 49,438 As of December 31, 2022 1,197,776 23,667 192,226 520,331 336,451 2,270,451 11 DEFERRED TAX (CONTINUED) Movements in deferred tax liabilities: Fair value Fair value Depreciation and adjustments arising Interest changes of Withholding amortization from acquisition capitalization financial assets Tax and others of subsidiaries Total As of December 31, 2020 25,840 8,900 — 37,107 1,431,152 1,502,999 Business combination under common control — — — 79,384 23,695 103,079 As of January 1, 2021 25,840 8,900 — 116,491 1,454,847 1,606,078 Charged to other comprehensive income — (5,733) — — — (5,733) Credited to profit or loss (7,915) (1,325) — 23,885 (87,145) (72,500) As of December 31, 2021 17,925 1,842 — 140,376 1,367,702 1,527,845 As of December 31, 2021 17,925 1,842 — 71,967 1,346,201 1,437,935 Business combination under common control — — — 68,409 21,501 89,910 As of January 1, 2022 17,925 1,842 — 140,376 1,367,702 1,527,845 Charged to other comprehensive income — (7,236) — — — (7,236) Credited to profit or loss (2,093) 6,375 204,786 38,338 (103,772) 143,634 As of December 31, 2022 15,832 981 204,786 178,714 1,263,930 1,664,243
Schedule of analysis of the deferred tax balances of the Group for financial reporting purposes	December 31, December 31, 2022 2021 Net deferred tax assets 2,057,900 2,096,459 Net deferred tax liabilities 1,451,692 1,403,291
Schedule of Accumulated Tax Losses And Deductible Temporary Differences	December 31, December 31, 2022 2021 Deductible temporary differences 16,298,974 12,764,306 Accumulated tax losses 7,674,394 7,192,320 23,973,368 19,956,626
Schedule of the expiry profile of unprovided tax losses	December 31, December 31, 2022 2021 Expiring in 2022 — 765,163 2023 447,159 556,052 2024 1,199,709 1,397,436 2025 2,133,390 2,146,025 2026 1,160,961 1,440,774 2027 and beyond 2,733,175 886,870 7,674,394 7,192,320

OTHER NON-CURRENT ASSETS (Table

OTHER NON-CURRENT ASSETS (Tables)	12 Months Ended
OTHER NON-CURRENT ASSETS (Tables)	Dec. 31, 2022
OTHER NON-CURRENT ASSETS
Schedule of other non-current assets	December 31, December 31, 2022 2021 Financial assets Long-term receivables (i) 513,281 504,307 Less: impairment (ii) (443,088) (15,542) 70,193 488,765 Prepayment for mining rights 873,277 806,534 Long-term prepaid expenses 838,568 653,241 Deferred losses for sale and leaseback transactions 77,449 97,070 Input VAT to be deducted 241,757 305,150 Others 330,256 481,901 2,361,307 2,343,896 2,431,500 2,832,661 (i) As of December 31, 2022 and December 31, 2021, long-term receivables were denominated in RMB and non-interest bearing. (ii) During the year ended December 31, 2022, an impairment loss of RMB 384 million was recognized for a long-term lease receivable from a third party lessee due to its default on the lease contract of an alumina production line of the Group.

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
INVENTORIES (Tables)	Dec. 31, 2022
INVENTORIES
Schedule of inventories	December 31, December 31, 2022 2021 Raw materials 7,322,376 6,568,752 Work-in-progress 11,660,396 10,512,450 Finished goods 6,177,766 4,639,875 Spare parts 622,541 645,564 Packaging materials and others 162,874 26,351 25,945,953 22,392,992 Less: provision for impairment of inventories (1,233,631) (750,338) 24,712,322 21,642,654
Schedule of provision for inventories	December 31, December 31, 2022 2021 As of January 1 750,338 616,680 Provision for impairment of inventories (Note) 943,732 485,088 Disposal of a subsidiary (5,452) — Reversal arising from increase in net realizable value (4,766) (14,624) Written off upon sales of inventories (450,221) (336,806) As of December 31 1,233,631 750,338

TRADE RECEIVABLES AND NOTES R_2

TRADE RECEIVABLES AND NOTES RECEIVABLES (Tables)	12 Months Ended
TRADE RECEIVABLES AND NOTES RECEIVABLES (Tables)	Dec. 31, 2022
TRADE RECEIVABLES AND NOTES RECEIVABLE
Schedule of trade and notes receivables	December 31, December 31, 2022 2021 Trade receivables 5,055,178 4,043,972 Less: impairment (948,782) (1,012,722) 4,106,396 3,031,250 Notes receivable: Measured at amortized cost 411,145 1,207,602 Measured at fair value through other comprehensive income 1,356,480 2,867,877 5,874,021 7,106,729
Schedule of ageing analysis of trade and notes receivables	As of December 31, 2022 2021 Within 1 year 2,780,524 2,332,703 Between 1 and 2 years 860,619 153,410 Between 2 and 3 years 112,902 237,916 Over 3 years 1,301,133 1,319,943 5,055,178 4,043,972 Less: loss allowance for impairment (948,782) (1,012,722) 4,106,396 3,031,250
Schedule of credit risk exposure	As of December 31, 2022 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) Alumina and primary aluminum Within 1 year 998,902 5,636 0.56 Between 1 and 2 years 4,796 59 1.23 Between 2 and 3 years 12,116 50 0.41 Over 3 years 43,500 37,810 86.92 1,059,314 43,555 Trading Within 1 year 631,722 9,977 1.58 Between 1 and 2 years 358 42 11.73 Between 2 and 3 years — — — Over 3 years 2,918 1,526 52.30 634,998 11,545 Energy Within 1 year 1,117,078 1,752 0.16 Between 1 and 2 years 854,495 3,028 0.35 Between 2 and 3 years 100,772 645 0.64 Over 3 years 149,890 32,807 21.89 2,222,235 38,232 Corporate and other operating segments Within 1 year 32,817 489 1.49 Between 1 and 2 years 869 188 21.63 Between 2 and 3 years — — — Over 3 years 19,727 19,252 97.59 53,413 19,929 3,969,960 113,261 Individually assessed trade receivables 1,085,218 835,521 5,055,178 948,782 As of December 31, 2022 Expected credit Gross carrying Expected credit losses loss amount losses rate (%) Zhuhai Hongfan nonferrous metal Chemical Co., Ltd 270,419 270,419 100.00 Chalco Henan Aluminum Fabrication Co.,Ltd. 247,163 — — Xinjiang Jiarun Resources Holdings Co., Ltd. 213,293 213,293 100.00 Guizhou Jinpingguo Aluminum Rod Co., Ltd. 111,138 111,138 100.00 Others 243,205 240,671 98.96 1,085,218 835,521
Schedule of movements on the provision for impairment of trade and notes receivables	2022 2021 2020 As of January 1 1,012,722 988,802 814,986 Impairment loss 34,807 364,618 405,574 Write off (17,021) (285,178) (142,786) Reversal (38,481) (38,465) (90,752) Others (43,245) (17,055) 1,780 As of December 31 948,782 1,012,722 988,802

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
OTHER CURRENT ASSETS (Tables)	Dec. 31, 2022
OTHER CURRENT ASSETS
Schedule of other current assets	December 31, 2022 December 31, 2021 Financial assets — Deposits paid to suppliers 525,666 1,315,545 — Dividends receivable 360,342 373,252 — Entrusted loans and loans receivable from third parties 1,417,284 1,466,236 — Entrusted loans and loans receivable from related parties 1,278,093 1,348,016 — Recoverable reimbursement for freight charges 285,428 351,976 — Other financial assets 1,040,632 710,518 4,907,445 5,565,543 Less: impairment allowance (3,194,988) (3,207,132) 1,712,457 2,358,411 Deductible input value added tax receivables 577,041 778,251 Prepaid income tax 142,056 62,139 Prepayments to related parties for purchases 127,748 154,644 Prepayments to suppliers for purchases and others 2,052,125 846,272 Others 78,270 75,952 2,977,240 1,917,258 Less: impairment allowance — — 2,977,240 1,917,258 Total other current assets 4,689,697 4,275,669
Schedule of ageing analysis of financial assets included in other current assets	December 31, 2022 December 31, 2021 Within 1 year 1,355,199 1,888,964 Between 1 and 2 years 181,198 190,999 Between 2 and 3 years 89,680 51,675 Over 3 years 3,281,368 3,433,905 4,907,445 5,565,543 Less: provision for impairment (3,194,988) (3,207,132) 1,712,457 2,358,411
Schedule of movements in the provision for impairment of other current assets	2022 2021 2020 As of January 1 3,207,132 2,273,183 1,733,567 Impairment loss 96,725 1,053,773 673,277 Write off (3,020) (135,049) (113,504) Reversal (105,023) (4,877) (20,157) Others (826) 20,102 — As of December 31 3,194,988 3,207,132 2,273,183
Schedule of financial assets included in other current assets at amortized cost	Gross carrying Expected credit As of December 31, 2022 amount losses Stage 1 – 12 months expected credit loss 1,403,623 4,743 Stage 2 – life time expected credit loss 103,277 19,853 Stage 3 – life time expected credit loss with credit-impaired 3,400,545 3,170,392 4,907,445 3,194,988 Gross carrying Expected credit As of December 31, 2021 amount losses Stage 1 – 12 months expected credit loss 2,007,620 6,503 Stage 2 – life time expected credit loss 207,409 9,598 Stage 3 – life time expected credit loss with credit-impaired 3,350,514 3,191,031 5,565,543 3,207,132

CASH AND CASH EQUIVALENTS AND_2

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	Dec. 31, 2022
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Schedule of cash and cash equivalents and restricted cash	December 31, December 31, 2022 2021 Restricted cash 2,443,249 1,400,988 Cash and cash equivalents 16,816,684 19,683,619 19,259,933 21,084,607
Schedule of cash and cash equivalents and restricted cash denominated in foreign currency	December 31, December 31, 2022 2021 RMB 17,843,469 19,498,843 USD 1,378,559 1,566,024 HKD 12,517 11,562 EUR 1,989 1,957 Others 23,399 6,221 19,259,933 21,084,607

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
SHARE CAPITAL (Tables)	Dec. 31, 2022
SHARE CAPITAL
Schedule of Number of Company's Authorised and Issued Ordinary Shares	December 31, December 31, 2022 2021 Listed A shares 13,217,626 13,078,707 Listed H shares 3,943,966 3,943,966 17,161,592 17,022,673

RESTRICTED SHARES HELD FOR EM_2

RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME (Tables)	12 Months Ended
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME (Tables)	Dec. 31, 2022
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Schedule of Restricted shares held for employee share scheme	December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Shares Shares (thousands) (thousands) RMB RMB Restricted shares held for employee share scheme (138,919) — (404,685) —
Schedule of shares granted and purchase obligation of restricted shares under the Incentive Scheme	Number of shares (thousands) Repurchase obligation As of December 31, 2021 — — Grant of restricted shares under the Incentive Scheme (138,919) (404,685) As of December 31, 2022 (138,919) (404,685)
Schedule of shares issued under employee share scheme	For the year ended December 31, 2022 2021 2020 Shares issued under employee share scheme 48,258 — —

OTHER EQUITY INSTRUMENTS (Table

OTHER EQUITY INSTRUMENTS (Tables)	12 Months Ended
OTHER EQUITY INSTRUMENTS (Tables)	Dec. 31, 2022
OTHER EQUITY INSTRUMENTS.
Schedule of outstanding perpetual medium-term notes	December 31, Decmber 31, 2021 2022 Outstanding perpetual medium-term notes RMB Issue Redemption RMB 2019 Second Medium-term Notes 1,498,429 — 1,498,429 — 2020 Second Medium-term Notes 1,000,000 — 1,000,000 — 2022 Third Medium-term Notes (i) — 1,000,000 — 1,000,000 2022 Fourth Medium-term Notes (ii) — 1,000,000 — 1,000,000 2,498,429 2,000,000 2,498,429 2,000,000

INTEREST -BEARING LOANS AND BOR

INTEREST -BEARING LOANS AND BORROWINGS (Tables)	12 Months Ended
INTEREST -BEARING LOANS AND BORROWINGS (Tables)	Dec. 31, 2022
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	December 31, December 31, 2022 2021 Long-term loans and borrowings Lease liabilities (Note 22(b)) 10,099,506 11,493,471 Medium-term notes and bonds (Note (b)) – Guaranteed (Note (e)) 6,939,665 6,343,589 – Unsecured 12,782,976 12,878,997 Long-term bank and other loans (Note (a)) – Secured (Note (f)) 7,173,497 11,305,535 – Guaranteed (Note (e)) 2,008,337 4,347,079 – Unsecured 38,367,723 33,594,042 47,549,557 49,246,656 Total long-term loans and borrowings 77,371,704 79,962,713 Current portion of lease liabilities (890,033) (974,941) Current portion of medium-term notes and bonds (4,398,561) (2,999,599) Current portion of long-term bank and other loans (13,486,345) (6,313,238) (18,774,939) (10,287,778) Non-current portion of long-term loans and borrowings 58,596,765 69,674,935 December 31, December 31, 2022 2021 Short-term loans and borrowings Bank and other loans (Note (c)) – Secured (Note (f)) 368,995 513,100 – Unsecured 6,092,108 11,424,078 6,461,103 11,937,178 Short-term bonds, unsecured (Note (d)) 2,623,311 5,440,414 Current portion of lease liabilities 890,033 974,941 Current portion of medium-term notes and bonds 4,398,561 2,999,599 Current portion of long-term bank and other loans 13,486,345 6,313,238 21,398,250 15,728,192 Total short-term borrowings and current portion of long-term loans and borrowings 27,859,353 27,665,370
Schedule of maturity of long-term bank and other loans	Loans from banks and other financial institutions Other loans Total December 31, December 31, December 31, December 31, December 31, December 31, 2022 2021 2022 2021 2022 2021 Within 1 year 13,484,315 6,162,067 2,030 151,171 13,486,345 6,313,238 Between 1 and 2 years 6,602,850 17,422,804 2,030 2,445 6,604,880 17,425,249 Between 2 and 5 years 20,575,761 10,780,742 4,060 6,445 20,579,821 10,787,187 Over 5 years 6,878,511 14,720,982 — — 6,878,511 14,720,982 47,541,437 49,086,595 8,120 160,061 47,549,557 49,246,656
Schedule of interest-bearing loans and borrowings in which the Group received guarantees	December 31, December 31, Guarantors 2021 2022 Long-term loans The Company 7,443,377 7,397,333 Baotou Aluminum Limited Company(包頭鋁業有限公司) and Baotou Communications Investment Group Limited Company(包頭交通投資集團有限公司) (Note (i) 412,500 825,000 The Company and COSCO SHIPPING BULK Limited company (中遠海運散貨運輸有限公司) (Note (iii) 327,125 318,785 Ningxia Energy (Note (ii) 765,000 935,000 Yunnan Aluminum(Note (ii) — 1,214,550 8,948,002 10,690,668 Notes: (i) The guarantors include a subsidiary of the Company and a third party. (ii) The guarantors are subsidiaries of the Company. (iii) The joint guarantors include the Company and a third party.
Medium-term notes and bonds and long-term bonds and private placement notes
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	Effective December 31, December 31, Face value /maturity interest rate 2022 2021 2018 Medium-term bonds RMB900,000/2023 5.06 % 899,865 899,323 2018 Medium-term bonds RMB1,600,000/2023 4.57 % 1,598,947 1,597,988 2019 Medium-term notes RMB2,000,000/2024 4.31 % 1,993,080 1,989,090 2019 Medium-term bonds RMB2,000,000/2022 3.84 % — 1,999,809 2019 Medium-term bonds RMB2,000,000/2029 4.57 % 1,997,623 1,997,440 2019 Medium-term bonds RMB1,000,000/2022 3.52 % — 999,790 2020 Medium-term bonds RMB1,000,000/2023 3.07 % 999,962 999,787 2020 Medium-term notes RMB900,000/2023 3.04 % 899,787 898,866 2020 Medium-term bonds RMB500,000/2025 3.31 % 499,900 499,876 2021 Medium-term notes RMB1,000,000/2024 3.21 % 997,969 997,028 2022 Medium-term notes RMB2,000,000/2025 3.08 % 1,996,665 — 2022 Medium-term notes RMB400,000/2025 2.73 % 399,557 — 2022 Medium-term notes RMB500,000/2024 2.50 % 499,621 — 2021 Hong Kong Medium-term bonds USD500,000/2024 1.74 % 3,472,428 3,173,180 2021 Hong Kong Medium-term bonds USD500,000/2026 2.24 % 3,467,237 3,170,409 19,722,641 19,222,586
Short-term bonds
INTEREST BEARING LOANS AND BORROWINGS
Schedule of interest bearing loans and borrowings	Effective December 31, December 31, Face value /maturity interest rate 2022 2021 Short-term bonds RMB400,000/2021 2.70 % — 406,036 Short-term bonds RMB2,000,000/2021 2.59 % — 2,022,571 Short-term bonds RMB1,000,000/2021 2.55 % — 1,006,240 Short-term bonds RMB2,000,000/2021 2.80 % — 2,005,567 Short-term bonds RMB2,000,000/2022 2.58 % — — Short-term bonds RMB1,000,000/2022 2.30 % — — Short-term bonds RMB600,000/2022 2.05 % 608,105 — Short-term bonds RMB1,000,000/2022 1.93 % 1,009,288 — Short-term bonds RMB1,000,000/2022 1.59 % 1,005,918 — 2,623,311 5,440,414

LEASE (Tables)

LEASE (Tables)	12 Months Ended
LEASE (Tables)	Dec. 31, 2022
LEASE
Summary of carrying amounts of right-of-use assets and the movements during the period	Buildings Machinery Land use rights Total As of January 1, 2022 359,104 385,186 18,297,719 19,042,009 Additions 56,117 22,393 601,649 680,159 Transfer from investment properties (Note 8) — — 5,997 5,997 Lease modification (Note 7) — (3,816) (977,923) (981,739) Transfer to property, plant and equipment — (64,939) — (64,939) Transfer to investment properties — — (46,981) (46,981) Disposal — — (78,446) (78,446) Depreciation (82,820) (62,167) (1,137,375) (1,282,362) Currency translation differences (56) — — (56) As of December 31, 2022 332,345 276,657 16,664,640 17,273,642 Buildings Machinery Land use rights Total As of January 1, 2021 240,402 1,772,007 13,484,314 15,496,723 Additions 8,546 11,228 117,471 137,245 Transfer from property, plant and equipment (Note 7) — — 68,377 68,377 Lease modification (i) 377,873 — 5,300,918 5,678,791 Transfer to property, plant and equipment (143,646) (1,199,382) — (1,343,028) Transfer to investment properties — — (90,314) (90,314) Disposal — — (32,173) (32,173) Depreciation (124,048) (130,923) (516,980) (771,951) Impairment losses — (67,744) (37,561) (105,305) Currency translation differences (23) — 3,667 3,644 As of December 31, 2021 359,104 385,186 18,297,719 19,042,009 (i) Pursuant to the framework lease contract entered into between the Company and Chinalco in 2001, the annual consideration for certain lands leased by the Group from Chinalco for the period commencing January 1, 2022 was re-negotiated between contract parties, which constitute lease modifications As of December 31, 2021 and results in remeasurement of the lease liabilities and a corresponding adjustment to the right-of-use assets.
Summary of carrying amounts of lease liabilities and the movements during the period	Year ended December 31, 2022 Carrying amount of January 1 11,493,471 New leases 477,299 Lease modification (951,047) Accretion of interest recognized during the year 678,855 Payments (1,599,072) Carrying amount at December 31 10,099,506 Analyzed into: Current portion 890,033 Non-current portion 9,209,473
Summary of amounts recognised in profit or loss in relation to leases	2022 2021 2020 Interests on lease liabilities 678,855 344,886 438,033 Depreciation charge of right-of-use assets 1,282,362 771,951 745,245 Expenses relating to short-term leases and leases of low-value assets 28,967 51,739 91,537 Total amount recognized in profit or loss 1,990,184 1,168,576 1,274,815

OTHER NON-CURRENT LIABILITIES (

OTHER NON-CURRENT LIABILITIES (Tables)	12 Months Ended
OTHER NON-CURRENT LIABILITIES (Tables)	Dec. 31, 2022
OTHER NON-CURRENT LIABILITIES
Schedule of other non current liabilities	December 31, December 31, 2022 2021 Financial liabilities – Long-term payables for mining rights 623,085 798,204 – Other financial liabilities 37,782 82,660 660,867 880,864 Obligations in relation to early retirement schemes (Note (i)) 138,464 249,476 Deferred government grants 181,693 206,476 Deferred gain relating to sales and leaseback agreements 42,417 50,631 Contract liabilities 93,240 116,545 Provision for rehabilitation 830,154 506,006 Others 229,949 161,429 1,515,917 1,290,563 2,176,784 2,171,427 (i) Obligations in relation to early retirement schemes Since 2014, certain subsidiaries and branches implemented termination retirement benefit schemes which allow qualified employees to early retire on a voluntary basis. The Group undertakes the obligations to pay the termination retirement employees’ living allowance for a period of no more than five years in the future on a monthly basis according to the termination retirement benefit schemes, in addition to the social insurance and housing fund pursuant to the regulation of the local Social Security Bureau. Living allowance, social insurance and the housing fund are together referred to as the “Payments”. The Payments are forecasted to increase by 3% per annum with reference to the inflation rate and adjusted based on the average death rate in China. The Payments are discounted at the treasury bond rate As of December 31, 2022. As of December 31, 2022, the current portion is included in “Other payables and accrued liabilities”.
Schedule of obligations in relation to retirement benefits under the Group's early retirement schemes	As of December 31, 2022 and 2021, obligations in relation to retirement benefits under the Group’s early retirement schemes are as follows: December 31, December 31, 2022 2021 As of January 1 502,155 572,358 Provision made during the year (Note 32) 46,919 269,895 Interest costs 5,283 4,782 Payment during the year (283,237) (344,880) As of December 31 271,120 502,155 Non-current 138,464 249,476 Current (Note 24) 132,656 252,679 271,120 502,155

OTHER PAYABLES AND ACCRUED LI_2

OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	12 Months Ended
OTHER PAYABLES AND ACCRUED LIABILITIES (Tables)	Dec. 31, 2022
OTHER PAYABLES AND ACCRUED LIABILITIES
Schedule of other payables and accrued liabilities	December 31, 2022 December 31, 2021 Financial liabilities – Payable for capital expenditures 2,507,415 4,999,157 – Interests payable 360,093 494,085 – Deposits 1,856,949 1,760,156 – Dividends payable by subsidiaries to non-controlling shareholders 435,544 447,848 – Consideration payable for investment projects 73,237 38,374 – Current portion of payables for mining rights (Note 23) 176,971 182,959 – Payable of government levies on self-operated power plants 105,287 411,021 – Restricted shares repurchase obligation 404,685 — – Others 1,424,584 1,283,125 7,344,765 9,616,725 Taxes other than income taxes payable (i) 1,239,287 1,781,725 Accrued payroll and bonus 197,591 249,581 Staff welfare payables 415,986 354,942 Current portion of obligations in relation to early retirement schemes (Note 23) 132,656 252,679 Contributions payable for pension costs 41,118 37,509 Others 149,836 89,578 2,176,474 2,766,014 9,521,239 12,382,739 (i) Taxes other than income taxes payable mainly comprise accruals for value-added tax, resources tax, city construction tax and education surcharge.

TRADE AND NOTES PAYABLES (Table

TRADE AND NOTES PAYABLES (Tables)	12 Months Ended
TRADE AND NOTES PAYABLES (Tables)	Dec. 31, 2022
TRADE AND NOTES PAYABLES
Schedule of trade and notes payables	December 31, 2022 December 31, 2021 Trade payables 15,440,190 13,909,245 Notes payable 7,096,141 4,679,171 22,536,331 18,588,416
Schedule of ageing analysis of trade and notes payables	December 31, 2022 December 31, 2021 Within 1 year 21,523,421 17,012,772 Between 1 and 2 years 511,560 946,337 Between 2 and 3 years 157,729 236,106 Over 3 years 343,621 393,201 22,536,331 18,588,416

PLEDGE OF ASSETS (Tables)

PLEDGE OF ASSETS (Tables)	12 Months Ended
PLEDGE OF ASSETS (Tables)	Dec. 31, 2022
PLEDGE OF ASSETS
Summary of pledged assets	December 31, 2022 December 31, 2021 Carrying value of assets pledged: Property, plant and equipment (Note 7) 4,967,190 5,680,508 Right-of-use assets (Note 22(a)) 241,287 234,369 Intangible assets (Note 6) 1,352,618 1,399,972 Trade and notes receivables (Note 14) 289,110 1,982,986 6,850,205 9,297,835

EXPENSE BY NATURE (Tables)

EXPENSE BY NATURE (Tables)	12 Months Ended
EXPENSE BY NATURE (Tables)	Dec. 31, 2022
EXPENSE BY NATURE
Schedule of expenses by nature	For the years ended December 31 2022 2021 2020 Purchases of inventories in relation to trading activities 128,285,396 138,350,569 91,918,688 Raw materials and consumables used, and changes in work-in-progress and finished goods 58,119,628 62,159,977 44,991,195 Power and utilities 43,449,772 35,419,204 25,464,292 Depreciation of right-of-use assets 1,282,362 771,951 745,245 Depreciation and amortization (other than depreciation of right-of-use assets) expenses 9,691,457 9,789,163 9,449,798 Employee benefits expenses (Note 32) 11,451,648 11,008,847 9,892,157 Repairs and maintenance 3,257,456 3,796,066 2,010,678 Transportation expenses 9,545,420 7,227,249 5,548,616 Taxes other than income tax expense (Note (i)) 2,860,228 2,595,082 1,880,012 Inventory impairment loss 938,966 470,464 1,411,908 Auditors’ remunerations – PricewaterhouseCoopers and PricewaterhouseCoopers Zhong Tian LLP – Audit services 18,170 18,170 18,170 – Non-audit services 3,340 870 700 Others 2,032,531 1,687,303 2,087,392 270,936,374 273,294,915 195,418,851 (i) Taxes other than income tax expense mainly comprise surcharges, land use tax, property tax and stamp duty.

NET IMPAIRMENT LOSSES ON FINA_2

NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS (Tables)	12 Months Ended
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS (Tables)	Dec. 31, 2022
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
Schedule of net impairment losses on financial assets	For the years ended December 31 2022 2021 2020 Impairment losses on other non-current assets (Note 12) 426,111 15,716 — (Reversal of)/Impairment losses on trade and notes receivables (Note 14) (3,674) 326,153 314,822 (Reversal of)/Impairment losses on other current assets (Note 15) (8,298) 1,048,896 653,120 414,139 1,390,765 967,942

OTHER (LOSSES)_GAINS-NET (Table

OTHER (LOSSES)/GAINS-NET (Tables)	12 Months Ended
OTHER (LOSSES)/GAINS-NET (Tables)	Dec. 31, 2022
OTHER (LOSSES)/GAINS-NET
Schedule of other gains, net	For the years ended December 31 2022 2021 2020 Gains/(losses) on disposal of subsidiaries (i) 86,343 (27,404) 11,305 Realized and unrealized gains/(losses) on futures, forward and option contracts, net (ii) 295,882 (604,734) 512,984 Gains/(losses) on disposal of property, plant and equipment, intangible assets and right-of-use assets, net 323,659 (679,397) (223,206) Others (390,525) (329,480) 72,009 315,359 (1,641,015) 373,092 (i) During the year ended December 31, 2022, the Group disposed of certain subsidiaries with gains totalling RMB 86 million, which included a gain of disposal of Yunnan Haoxin of RMB 37 million (Note 10). (ii) The Group did not apply hedge accounting for these futures, forward and option contracts.

FINANCE INCOME_FINANCE COSTS (T

FINANCE INCOME/FINANCE COSTS (Tables)	12 Months Ended
FINANCE INCOME/FINANCE COSTS (Tables)	Dec. 31, 2022
FINANCE INCOME/FINANCE COSTS
Schedule of analysis of finance income/finance costs	For the years ended December 31 2022 2021 2020 Finance income-interest income 477,137 311,103 266,209 Interest expense (3,832,874) (4,512,188) (5,209,163) Less: Interest expense capitalized in property, plant and equipment 5,140 1,727 220,785 Interest expense, net of capitalized interest (3,827,734) (4,510,461) (4,988,378) Exchange losses, net (67,133) (22,205) (81,323) Finance costs (3,894,867) (4,532,666) (5,069,701) Finance costs, net (3,417,730) (4,221,563) (4,803,492) Capitalization rate during the year 3.55% 4.00% 4.00% to 6.68%

EMPLOYEE BENEFIT EXPENSES (Tabl

EMPLOYEE BENEFIT EXPENSES (Tables)	12 Months Ended
EMPLOYEE BENEFIT EXPENSES (Tables)	Dec. 31, 2022
EMPLOYEE BENEFIT EXPENSE
Schedule of analysis of employee benefit expenses	For the years ended December 31 2022 2021 2020 Salaries and bonuses 7,601,169 6,929,589 6,591,266 Housing fund 718,428 707,809 670,150 Staff welfare and other expenses(i) 3,002,984 3,049,839 2,554,762 Shares issued under employee share scheme (Note 18) 48,258 — — Employment expenses in relation to early retirement schemes 46,919 269,895 67,747 Employment expenses in relation to termination benefits 33,890 51,715 8,232 11,451,648 11,008,847 9,892,157 (i) Staff welfare and other expenses represent staff welfare, staff union expenses, staff education expenses and unemployment insurance expenses etc. In 2020, the group entities in Mainland China were exempt from payment of employee social benefits during the period from February to December 2020 under national Covid-19 supportive policies.

DIRECTORS' AND SUPERVISORS' R_2

DIRECTORS' AND SUPERVISORS' REMUNERATION (Tables)	12 Months Ended
DIRECTORS' AND SUPERVISORS' REMUNERATION (Tables)	Dec. 31, 2022
DIRECTORS' AND SUPERVISORS' REMUNERATION
Schedule of directors' and supervisors' remuneration	For the years ended December 31 2022 2021 2020 Fees 618 579 683 Basic salaries, housing fund, other allowances and benefits in kind 4,244 4,526 3,996 Pension costs 505 449 207 5,367 5,554 4,886
Schedule of remuneration of each director and supervisor	Discretionary Names of directors and supervisors Fees Salaries bonuses Pension costs Total Executive Directors: Liu Jianping(iii) — — — — — Zhu Runzhou(iii) — 1,160 — 101 1,261 Ou Xiaowu (iii) — 933 — 101 1,034 Jiang Tao (iii) — 844 — 101 945 — 2,937 — 303 3,240 Non-Executive Directors: Zhang Jilong(iii) — — — — — Chen Pengjun(iii) — — — — — Wang Jun — — — — — Qiu Guanzhou(iii) 206 — — — 206 Yu Jinsong(iii) 206 — — — 206 Chan Yuen Sau Kelly(iii) 206 — — — 206 618 — — — 618 Supervisors: Ye Guohua(iii) — — — — — Shan Shulan(iii) — — — — — Lin Ni(iii) — — — — — Guan Xiaoguang(i) — 198 — 24 222 Xu Shuxiang(ii) (iii) — 319 — 77 396 Yue Xuguang(iii) — 790 — 101 891 — 1,307 — 202 1,509 Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs Total Executive Directors: Liu Jianping — — — — — Zhu Runzhou — 1,176 — 93 1,269 Ou Xiaowu — 973 — 93 1,066 Jiang Tao — 837 — 77 914 — 2,986 — 263 3,249 Non-Executive Directors: Ao Hong — — — — — Zhang Jilong — — — — — Wang Jun — — — — — Chen Lijie 95 — — — 95 Lie-A-Cheong Tai-Chong, David 95 — — — 95 Hu Shihai 95 — — — 95 Qiu Guanzhou 98 — — — 98 Chan Yuen Sau Kelly 98 — — — 98 Yu Jinsong 98 — — — 98 579 — — — 579 Supervisors: Ye Guohua — — — — — Shan Shulan — — — — — Guan Xiaoguang — 770 — 93 863 Yue Xuguang — 770 — 93 863 Lin Ni — — — — — — 1,540 — 186 1,726 Discretionary Pension Names of directors and supervisors Fees Salaries bonuses costs total Executive Directors: Lu Dongliang — — — — — He Zhihui — 866 — 37 903 Jiang Yinggang — 562 — 31 593 Zhu Runzhou — 894 — 44 938 — 2,322 — 112 2,434 Non-executive Directors: Ao Hong — — — — — Wang Jun 50 — — — 50 Chen Lijie 211 — — — 211 Lie-A-Cheong Tai-Chong, David 211 — — — 211 Hu Shihai 211 — — — 211 683 — — — 683 Supervisors: Ye Guohua — — — — — Ou Xiaowu — 134 — 7 141 Shan shulan — — — — — Guan Xiaoguang — 770 — 44 814 Yue Xuguang — 770 — 44 814 Total — 1,674 — 95 1,769 Notes: (i) On March 18, 2022, Mr. Guan Xiaoguang was resigned as a supervisor of the Company. (ii) On March 18, 2022, Ms. Xu Shuxiang was elected as a supervisor in the seventh session of the Supervisory Committee of the Company. (iii) On June 21, 2022, Mr. Liu Jianping, Mr. Zhu Runzhou, Mr. Ou Xiaowu and Mr. Jiang Tao were elected as Executive Directors in the eighth session of the Board of the Company. Mr. Zhang Jilong and Mr. Chen Pengjun were elected as non-executive directors in the eighth session of the Board of the Company. Mr. Qiu Guanzhou, Mr. Yu Jinsong and Ms. Chan Yuen Sau Kelly were elected as Independent Non-Executive Directors of the eighth session of the Board of the Company . On June 21, 2022, Ms. Xu Shuxiang and Mr. Yue Xuguang were elected as the employee representative supervisors in the eighth session of the Supervisory Committee of the Company. On June 21, 2022, Mr. Ye Guohua, Ms. Shan Shulan and Ms. Lin Ni were elected as shareholder representative supervisors in the eighth session of the Supervisory Committee of the Company. During the year, in addition to the remuneration disclosed above, share-based compensations with a cost of RMB112 thousand, RMB108 thousand and RMB104 thousand, were provided to Executive Director Mr. Zhu Runzhou, Mr. Ou Xiaowu, and Mr. Jiang Tao, respectively (2021: Nil, 2020: Nil). 33 DIRECTORS’ AND SUPERVISORS’ REMUNERATION (CONTINUED) (a) Directors’ and supervisors’ remuneration (Continued) (iv) During the year ended December 31, 2022, 750,000 restricted shares were granted to the directors (2021: Nil, 2020: Nil), and no restricted shares were granted to the supervisors of the Company (2021: Nil, 2020: Nil). (v) During the year ended December 31, 2022, no remuneration was paid to the directors or the supervisors of the Company (among which included the five highest paid employees) as an inducement to join or upon joining the Company or as compensation for loss of office (2021: Nil, 2020: Nil). (vi) Directors of the Company, Mr. Chen Pengjun and Mr. Wang Jun (resigned) waived their remuneration as non-executive directors of the Company for 2022. The annual remuneration before tax as a non-executive director of the Company is RMB150,000 for 2022. In 2021, the director of the Company, Mr. Wang Jun (resigned) waived his remuneration as non-executive director of the Company. The annual remuneration before tax as a non-executive director of the Company was RMB150,000 for 2021.
Schedule of remuneration payable to the remaining two highest paid individuals	December 31, December 31, December 31, 2022 2021 2020 Basic salaries, housing fund, other allowances and benefits in kind 1,612 1,699 1,594 Discretionary bonuses — — — Pension costs 202 186 88 1,814 1,885 1,682
Schedule of remuneration of the directors and supervisors of the Company whose remuneration fell within the following band	Number of individuals December 31, December 31, December 31, 2022 2021 2020 Nil to RMB1,000,000 2 2 2

INCOME TAX EXPENSE (Tables)

INCOME TAX EXPENSE (Tables)	12 Months Ended
INCOME TAX EXPENSE (Tables)	Dec. 31, 2022
INCOME TAX EXPENSE
Schedule of income tax expense	For the years ended December 31 2022 2021 2020 Current income tax expense 2,271,443 3,079,631 960,202 Deferred tax expense/(benefit) 94,196 (210,080) (318,873) 2,365,639 2,869,551 641,329
Schedule of reconciliation of the tax expense applicable to profit before tax at the statutory rates	For the years ended December 31 2022 2021 2020 Profit before income tax 13,208,968 14,186,428 2,886,012 Tax expense calculated at the statutory tax rate of the Company 25% (2021: 25%, 2020: 25%) 3,302,242 3,546,607 721,503 Tax effects of: Impact of different tax rates applied to subsidiaries (263,643) (80,794) (77,929) Preferential income tax rates applicable to certain branches and subsidiaries (1,476,012) (1,216,984) (350,681) Impact of change in income tax rate (130,616) 45,101 (52,177) Impact of temporary differences and tax losses not recognized for deferred tax assets 1,214,908 783,320 575,404 Tax incentive in relation to deduction of certain expenses (198,130) (186,889) (80,268) Distribution of other equity instruments deductible for tax purpose (21,182) (76,807) (86,034) Expenses not deductible for tax purposes 66,541 72,721 65,924 Profits and losses attributable to joint ventures and associates (67,477) (1,946) (25,526) Over-provision of current income tax of previous periods (60,992) (14,778) (48,887) Income tax expense 2,365,639 2,869,551 641,329 Effective tax rate 18 % 20 % 22 %

EARNINGS PER SHARE ATTRIBUTAB_2

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (Tables)	12 Months Ended
	Dec. 31, 2022
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
Schedule of basic earnings per share	For the years ended December 31 2022 2021 2020 Profit attributable to owners of the Company (in thousands of RMB) 4,191,927 5,759,422 862,054 Adjustment: cumulative distributions reserved of other equity instruments (in thousands of RMB) (117,292) (209,500) (275,000) Adjusted profit attributable to ordinary shares holders of the Company 4,074,635 5,549,922 587,054 For the years ended December 31 2022 2021 2020 Number of ordinary shares in issue (thousands) as of January 1 17,022,673 17,022,673 17,022,673 Weighted average number of ordinary shares in issue 17,022,673 17,022,673 17,022,673 Basic earnings per share (RMB) 0.239 0.326 0.034

NOTES TO THE CONSOLIDATED STA_2

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)	12 Months Ended
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (Tables)	Dec. 31, 2022
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Schedule of cash flows generated from operating activities	For the years ended December 31 Notes 2022 2021 2020 Cash flows generated from operating activities Profit before income tax 13,208,968 14,186,428 2,886,012 Adjustments for: Share of profits of joint ventures 9(a) (178,910) (164,100) (180,502) Share of (profits)/losses of associates 9(b) (130,632) 423,247 93,518 Depreciation of property, plant and equipment 7 8,943,617 9,157,951 8,653,823 Depreciation of investment properties 8 44,777 24,450 24,405 Depreciation of right-of-use assets 22(a) 1,282,362 771,951 745,245 Amortization of intangible assets 6 502,921 407,287 493,412 Amortization of prepaid expenses included in other non-current assets 200,142 199,475 278,158 (Gains)/losses on disposal of other property, plant and equipment, land use rights, net 30 (323,659) 679,397 223,206 Impairment losses on property, plant and equipment 7 3,795,420 4,064,673 681,257 Impairment losses of intangible assets 6 75,842 415,659 416 Impairment losses of right-of-use assets 22(a) — 105,305 15,790 Impairment losses of inventory 13 938,966 470,464 1,411,908 Impairment (reversals)/losses of trade and notes receivables 28 (3,674) 326,153 314,822 Impairment (reversals)/losses of other current assets 28 (8,298) 1,048,896 653,120 Impairment losses of other non-current assets 28 426,111 15,716 — Impairment losses of investments in joint ventures and associates 9(b) 75,997 — — Realized and unrealized (gains)/losses on futures, option and forward contracts 30 (295,882) 604,734 (512,984) (Gains)/losses on disposal of subsidiaries 30 (86,343) 27,404 (11,305) Gains on disposal of business (27,804) — — (Losses)/gains on disposal of investments in joint ventures and associates — (6,663) 27,736 Losses on accounts receivable factoring and others 3,808 91,283 — Gains on debt restructuring — — (5,020) Dividends of equity investments at fair value through other comprehensive income (11,499) (15,296) (125,015) Finance costs 3,785,280 4,436,030 5,068,257 Change in special reserve (17,684) 208,886 32,573 32,199,826 37,479,330 20,768,832 Changes in working capital: (Increase)/decrease in inventories (4,008,634) 1,324,101 (1,912,675) Increase in trade and notes receivables (1,328,745) (794,608) (4,366,288) Decrease in other current assets 139,610 125,731 230,869 (Increase)/decrease in restricted cash (1,042,261) 300,472 395,872 (Increase)/decrease in other non-current assets 98,364 25,803 (70,637) Increase/(decrease) in trade and notes payables 4,713,149 (2,189,748) 3,521,798 (Decrease)/increase in other payables and accrued liabilities (137,209) 1,712,674 1,884,283 Decrease in other non-current liabilities (76,287) (62,592) (177,045) Cash generated from operations 30,557,813 37,921,163 20,275,009 Mainland China corporate income taxes paid (2,812,635) (2,764,917) (856,477) Net cash generated from operating activities 27,745,178 35,156,246 19,418,532 Major non-cash transactions of investing activities and financing activities Notes receivables endorsed for settlement of purchases of property, plant and equipment and lease liabilities 1,515,934 3,135,322 2,276,782 (Decrease)/increase of right-of-use assets (439,109) 6,269,450 (7,361) Investments in other financial assets measured at fair value 1,417,129 — — Acquisition of business — — 42,230 2,493,954 9,404,772 2,311,651
Schedule of reconciliation of liabilities arising from financing activities	Liabilities from financing activities Other assets Other payables arising from Medium-term financing Cash/bank Borrowings notes and bonds Leases activities Sub Total Overdraft Total Net debt As of January 1, 2021 79,448,062 21,386,635 5,629,835 913,645 107,378,177 899,955 108,278,132 Financing cash flows (18,233,691) 3,276,882 (554,668) (4,480,712) (19,992,189) — (19,992,189) New leases and modification of contract — — 6,073,418 — 6,073,418 — 6,073,418 Foreign exchange adjustments (30,537) (143,597) — — (174,134) — (174,134) Finance expenses — 143,080 344,886 3,942,711 4,430,677 — 4,430,677 Dividends declared — — — 645,286 645,286 — 645,286 Transfer between bank deposits and overdrafts — — — — — (899,955) (899,955) Net debt As of December 31, 2021 61,183,834 24,663,000 11,493,471 1,020,930 98,361,235 — 98,361,235 Financing cash flows (7,396,786) (3,051,965) (1,599,072) (6,238,038) (18,285,861) — (18,285,861) New leases and modification of contract — — (473,748) — (473,748) — (473,748) Foreign exchange adjustments 223,612 585,868 — — 809,480 — 809,480 Finance expenses — 149,049 678,855 2,948,758 3,776,662 — 3,776,662 Dividends declared — — — 3,142,987 3,142,987 — 3,142,987 Transfer between bank deposits and overdrafts — — — — — — — Net debt As of December 31, 2022 54,010,660 22,345,952 10,099,506 874,637 87,330,755 — 87,330,755
Schedule of total cash outflow for leases	For the years ended December 31 2022 2021 2020 Within operating activities 65,163 52,728 253,334 Within financing activities 1,599,072 554,668 1,748,202 1,664,235 607,396 2,001,536

SIGNIFICANT RELATED PARTY TRA_2

SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
Summary of significant related party transactions	For the years ended December 31 Notes 2022 2021 2020 Sales of goods and services rendered: Sales of materials and finished goods to: (i) Fellow subsidiaries (ix) 20,662,740 17,435,785 10,043,031 Associates of Chinalco 586,988 1,428,887 575,637 Joint ventures 10,923,463 9,069,718 6,694,824 Associates 1,010,855 720,261 9,233,929 Non-controlling shareholder of a subsidiary and its subsidiaries — — 42,298 33,184,046 28,654,651 26,589,719 Provision of utility services to: (ii) Fellow subsidiaries (ix) 1,159,032 683,050 915,781 Associates of Chinalco 19,936 14,244 3,268 Joint ventures 404,387 242,118 470,984 Associates 65,039 — 18,626 1,648,394 939,412 1,408,659 Rental revenue of land use rights and buildings from: (vi) Fellow subsidiaries (ix) 27,988 29,973 34,425 Associates of Chinalco 237 237 237 Joint ventures 12,733 7,429 1,426 Associates 2,078 917 707 43,036 38,556 36,795 Purchases of engineering, construction and supervisory services from: (iii) Fellow subsidiaries (ix) 579,187 969,568 3,544,097 Associates of Chinalco 2,467 192 265 Joint ventures 23,085 251 — Associates 142,662 176,083 20,195 747,401 1,146,094 3,564,557 Provision of social services and logistics services by: (v) Fellow subsidiaries (ix) 259,188 400,290 397,610 Associates 7 — — 259,195 400,290 397,610 Purchases of primary and auxiliary materials, equipment and finished goods from: Fellow subsidiaries (iv) 4,494,021 3,263,448 3,058,126 Associates of Chinalco (ix) 91,079 35,595 3,919 Joint ventures 5,240,707 6,565,742 5,709,253 Associates 2,659,604 9,175,427 10,576,907 Non-controlling shareholder of a subsidiary and its subsidiaries — — 30,101 12,485,411 19,040,212 19,378,306 Purchases of utility services from: (ii) Fellow subsidiaries (ix) 6,805,618 6,567,433 7,073,895 Associates of Chinalco 121,413 97,314 85,469 Joint ventures 1,074,266 823,146 542,828 Associates 399,634 314,528 161,586 8,400,931 7,802,421 7,863,778 Purchases of other services by: Fellow subsidiaries 320,611 270,972 394,894 320,611 270,972 394,894 38 SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED) (a) Significant related party transactions (Continued) For the years ended December 31 Notes 2022 2021 2020 Lease payment to: (vi) Fellow subsidiaries (ix) 1,399,258 656,063 577,712 Associates of Chinalco 14 523 — Joint ventures 2,088 — — Associates 54,892 53,711 49,624 1,456,252 710,297 627,336 New right-of-use assets in current period Additions Fellow subsidiaries (vi) 347,836 83,249 22,936 Joint ventures 14,079 — — Associates 6,948 — — Contract modification Fellow subsidiaries (vi) (992,701) 5,675,721 (43,395) Interest expense on lease liabilities 671,239 309,107 311,067 Other significant related party transactions: (viii) Borrowing from a subsidiary of Chinalco (viii) 5,052,000 4,666,000 4,410,000 Repayment of borrowings from a subsidiary of Chinalco (viii) 4,588,000 7,574,007 3,254,563 Interest expense on borrowings and discounted notes (viii) 71,224 142,862 138,623 Interest income from cash and cash equivalents deposited (viii) 190,235 80,135 61,020 Trade receivable factor to a subsidiary of Chinalco (viii) — 1,566,707 — Issuance of notes receivable from a subsidiary of Chinalco (viii) 331,329 556,354 1,026,500 Discounted notes receivable to a subsidiary of Chinalco (viii) 306,826 128,000 606,750
Summary of outstanding balances with related entities	December 31, 2022 December 31, 2021 Cash and cash equivalents deposited with A subsidiary of Chinalco (i) 8,715,645 8,250,506 Trade and notes receivables Fellow subsidiaries 1,111,857 1,222,066 Associates of Chinalco 37,474 36,680 Joint ventures 390,600 632,596 Associates 722 62 Non-controlling shareholder of a subsidiary and its subsidiaries 16,124 24,465 1,556,777 1,915,869 Provision for impairment of receivables (57,930) (79,971) 1,498,847 1,835,898 (i) Pursuant to the agreement entered into between the Company and Chinalco Finance, Chinalco Finance agreed to provide deposit services, credit services and other financial services to the Group. December 31, 2022 December 31, 2021 Other current assets Fellow subsidiaries 90,720 330,757 Associates of Chinalco 20,573 21,820 Joint ventures 1,423,900 1,487,416 Associates 36,002 383,917 Non-controlling shareholder of a subsidiary and its subsidiaries 7,450 7,450 Provision for impairment of other current assets (1,311,839) (1,332,041) 266,806 899,319 Other non-current assets Associates 70,190 111,845 Interest-bearing loans and borrowings: Fellow subsidiaries (including lease liabilities) 12,274,126 13,179,706 Associates of Chinalco 1,696 2,245 Joint ventures 12,610 — Associates 104,446 — 12,392,878 13,181,951 Trade and notes payables Fellow subsidiaries 1,289,819 1,908,490 Associates of Chinalco 22,547 26,920 Joint ventures 112,436 37,807 Associates 199,465 257,118 Non-controlling shareholder of a subsidiary and its subsidiaries 77,008 105,174 1,701,275 2,335,509 Other payables and accrued liabilities Fellow subsidiaries 679,610 1,057,833 Associates of Chinalco 244,093 42,659 Associates 29,573 19,926 Joint ventures 87,374 49,618 Non-controlling shareholder of a subsidiary and its subsidiaries 1,872 — 1,042,522 1,170,036 Contract liabilities: Fellow subsidiaries 36,471 40,787 Associates of Chinalco 654 34,212 Associates 1,362 8,969 Joint ventures 278,941 97,816 317,428 181,784
Summary of compensation of key management personnel	For the years ended December 31 2022 2021 2020 Fees 617 580 683 Basic salaries, other allowances and benefits in kind 5,900 6,225 5,810 Pension costs 707 634 301 7,224 7,439 6,794

FINANCIAL AND CAPITAL RISK MA_2

FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	12 Months Ended
FINANCIAL AND CAPITAL RISK MANAGEMENT (Tables)	Dec. 31, 2022
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of carrying amounts of each of the categories of financial instruments of the Group	As of December 31, 2022 Debt Equity instruments Financial instruments at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 5,055,178 — — 5,055,178 Notes receivable — 411,145 — 1,356,480 1,767,625 Restricted cash — 2,443,249 — — 2,443,249 Cash and cash equivalents — 16,816,684 — — 16,816,684 Financial assets included in other current assets — 4,907,445 — — 4,907,445 Subtotal — 29,633,701 — 1,356,480 30,990,181 Non-current Other financial assets measured at fair value — — 2,161,085 — 2,161,085 Other non-current assets — 513,281 — — 513,281 Subtotal — 513,281 2,161,085 — 2,674,366 Total — 30,146,982 2,161,085 1,356,480 33,664,547 Financial liabilities As of December 31, 2022 Financial assets at fair Financial value through profit or liabilities at loss-held for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 8,767 — 8,767 Interest-bearing loans and borrowings — 27,859,353 27,859,353 Financial liabilities included in other payables and accrued liabilities (Note 24) — 7,344,765 7,344,765 Trade and notes payables — 22,536,331 22,536,331 Subtotal 8,767 57,740,449 57,749,216 Non-current Financial liabilities included in other non-current liabilities (Note 23) — 660,867 660,867 Interest-bearing loans and borrowings — 58,596,765 58,596,765 Subtotal — 59,257,632 59,257,632 Total 8,767 116,998,081 117,006,848 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial assets As of December 31, 2021 Equity Debt instruments instruments Financial at at fair value assets at fair fair value through value through Financial through other other profit or loss- assets at comprehensive comprehensive held for trading amortized cost income income Total Current Trade receivables — 4,043,972 — — 4,043,972 Notes receivable — 1,207,602 — 2,867,877 4,075,479 Restricted cash — 1,400,988 — — 1,400,988 Cash and cash equivalents — 19,683,619 — — 19,683,619 Financial assets included in other current assets — 5,565,543 — — 5,565,543 Subtotal — 31,901,724 — 2,867,877 34,769,601 Non-current Other financial assets measured at fair value — — 457,686 — 457,686 Other non-current assets — 504,307 — — 504,307 Subtotal — 504,307 457,686 — 961,993 Total — 32,406,031 457,686 2,867,877 35,731,594 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (a) Financial instruments by category (Continued) Financial Liabilities As of December 31, 2021 Financial assets at fair value Financial through profit or loss- held liabilities at for trading amortized cost Total Current Financial liabilities at fair value through profit or loss 68,871 — 68,871 Interest-bearing loans and borrowings — 27,665,370 27,665,370 Financial liabilities included in other payables and accrued liabilities (Note 24) — 9,616,725 9,616,725 Trade and notes payables — 18,588,416 18,588,416 Subtotal 68,871 55,870,511 55,939,382 Non-current Financial liabilities included in other non- current liabilities (Note 23) — 880,864 880,864 Interest-bearing loans and borrowings — 69,674,935 69,674,935 Subtotal — 70,555,799 70,555,799 Total 68,871 126,426,310 126,495,181
Schedule of carrying amounts and fair values of the Group's financial instruments	Carrying amounts Fair values December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Financial liabilities Financial liabilities included in other non-current liabilities (Note 23) 660,867 880,864 590,869 768,170 Long-term interest-bearing loans and borrowings, excluding lease liability (Note 21) 49,387,292 59,156,405 45,885,166 55,623,890 50,048,159 60,037,269 46,476,035 56,392,060
Schedule of fair value measurement hierarchy	Assets measured at fair value Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2022 (Level 1) (Level 2) (Level 3) Total Notes receivable — — 1,356,480 1,356,480 Listed equity investments 34,751 — — 34,751 Other unlisted investment — — 2,126,334 2,126,334 34,751 — 3,482,814 3,517,565 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total Notes receivable — — 2,867,877 2,867,877 Listed equity investments 45,133 — — 45,133 Other unlisted investment — — 412,553 412,553 45,133 — 3,280,430 3,325,563 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Fair value hierarchy (Continued) Liabilities measured at fair value Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2022 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 8,767 — — 8,767 8,767 — — 8,767 Fair value measurement using Significant Significant Quoted prices in observable unobservable active markets inputs inputs As of December 31, 2021 (Level 1) (Level 2) (Level 3) Total Financial liabilities at fair value through profit or loss: Futures contracts 68,871 — — 68,871 68,871 — — 68,871 Liabilities for which fair values are disclosed ： As of December 31, 2022 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — — 590,869 590,869 Long-term interest-bearing loans and borrowings — — 45,885,166 45,885,166 — — 46,476,035 46,476,035 As of December 31, 2021 Fair value measurement using Quoted prices in Significant Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total Financial liabilities at amortized cost: Financial liabilities included in other non-current liabilities — — 768,170 768,170 Long-term interest-bearing loans and borrowings — — 55,623,890 55,623,890 — — 56,392,060 56,392,060 39 FINANCIAL AND CAPITAL RISK MANAGEMENT (CONTINUED) 39 .2 Financial instruments (Continued) (b) Fair value and fair value hierarchy (Continued) Fair value hierarchy (Continued)
Summary of significant unobservable inputs to the valuation of financial instruments	Valuation Technique Significant unobservable input Other equity investments December 31, 2022 Discounted cashflow model Discount rate, gross margin,sales growth rate Notes receivable December 31, 2022 Discounted cashflow model Discount rate Financial liabilities included in other non-current liabilities December 31, 2022 Discounted cashflow model Discount rate Long-term interest-bearing loans and borrowings December 31, 2022 Discounted cashflow model Discount rate
Schedule of debt to asset ratio	December 31, December 31, 2022 2021 Debt to asset ratio 58.67 % 60.11 %
Commodity price risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of impact of change in futures prices	December 31, 2022 December 31, 2021 Primary aluminum Decrease/increase RMB9 million Decrease/increase RMB6 million
Credit risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of maximum exposure to credit risk	Stage 1 Stage 2 Stage 3 Simplified Total Trade receivables — — — 5,055,178 5,055,178 Financial assets in other current assets 1,409,640 107,559 3,390,246 — 4,907,445 Restricted cash 2,443,249 — — — 2,443,249 Notes receivable — — — 1,767,625 1,767,625 Cash and cash equivalents 16,816,684 — — — 16,816,684 Financial assets in other non-current assets — — 513,281 — 513,281 Total 20,669,573 107,559 3,903,527 6,822,803 31,503,462
Liquidity risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Schedule of maturity profile of Group's financial liabilities	Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2022 Lease liabilities, including current portion 1,651,935 1,314,558 3,092,936 13,939,859 19,999,288 Long-term bank and other loans, including current portion 13,486,345 6,604,880 20,579,821 6,878,511 47,549,557 Medium-term notes and bonds, including current portion 4,400,000 6,712,761 6,110,823 2,000,000 19,223,584 Short-term bonds 2,600,000 — — — 2,600,000 Short-term bank and other loans 6,461,103 — — — 6,461,103 Interest payables for loans and borrowings 2,285,428 1,490,176 1,468,119 1,046,655 6,290,378 Financial liabilities at fair value through profit or loss 8,767 — — — 8,767 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 6,786,894 — — — 6,786,894 Financial liabilities included in other non-current liabilities 203,428 50,198 150,595 839,964 1,244,185 Trade and notes payables 22,536,331 — — — 22,536,331 　　　　　 60,420,231 16,172,573 31,402,294 24,704,989 132,700,087 Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total As of December 31, 2021 Lease liabilities, including current portion 1,513,435 1,402,567 4,137,823 14,651,190 21,705,015 Long-term bank and other loans, including current portion 6,164,215 17,424,952 10,787,187 14,720,982 49,097,336 Medium-term notes and bonds, including current portion 3,000,000 4,400,000 9,875,700 2,000,000 19,275,700 Short-term bonds 5,400,000 — — — 5,400,000 Short-term bank and other loans 11,937,178 — — — 11,937,178 Interest payables for loans and borrowings 2,703,535 2,242,239 3,961,075 1,680,780 10,587,629 Financial liabilities at fair value through profit or loss 68,871 — — — 68,871 Financial liabilities included other payables and accrued liabilities, excluding accrued interest 8,939,681 — — — 8,939,681 Financial liabilities included in other non-current liabilities 352,273 202,541 147,002 885,208 1,587,024 Trade and notes payables 18,588,416 — — — 18,588,416 58,667,604 25,672,299 28,908,787 33,938,160 147,186,850

NON - CONTROLLING INTERESTS (Ta

NON - CONTROLLING INTERESTS (Tables)	12 Months Ended
NON - CONTROLLING INTERESTS (Tables)	Dec. 31, 2022
NON - CONTROLLING INTERESTS
Schedule of Group's subsidiaries that have material non-controlling interests	December 31, December 31, 2022 2021 Percentage of equity interest held by non-controlling interests Yunnan Aluminum 70.90 % 70.90 % Ningxia Energy 29.18 % 29.18 % Profit/(loss) for the year allocated to non-controlling interests Yunnan Aluminum 3,822,549 2,850,754 Ningxia Energy 818,960 (90,237) Dividends distributed to non-controlling interests Yunnan Aluminum 464,414 103,234 Ningxia Energy 1,630 115,380 Accumulated balances of non-controlling interests at the year end Yunnan Aluminum 17,602,176 14,261,948 Ningxia Energy 5,893,332 5,055,069
Yunnan Aluminum
NON - CONTROLLING INTERESTS
Summarized financial information of subsidiaries	Yunnan Aluminum 2022 2021 Revenue 48,463,025 41,668,819 Total expenses 43,195,002 37,456,484 Profit for the year 5,268,023 4,212,335 Total comprehensive income for the year 5,250,479 4,225,069 Current assets 8,245,650 5,360,494 Non-current assets 30,798,212 32,476,625 Current liabilities 9,046,545 9,836,320 Non-current liabilities 4,720,806 7,090,461 Net cash flows from operating activities 6,916,119 6,961,628 Net cash flows used in investing activities (1,033,033) (1,181,811) Net cash flows used in financing activities (4,590,174) (4,773,308) Effect of foreign exchange rate changes, net 4,194 (1,466) Net increase in cash and cash equivalents 1,297,106 1,005,043
Ningxia Energy
NON - CONTROLLING INTERESTS
Summarized financial information of subsidiaries	Ningxia Energy 2022 2021 Revenue 9,038,881 7,670,316 Total expenses 7,397,765 7,979,557 Profit/(loss) for the year 1,641,116 (309,241) Total comprehensive income/(loss) for the year 1,641,116 (309,241) Current assets 3,615,322 2,912,805 Non-current assets 27,756,457 29,086,775 Current liabilities 9,043,923 8,256,229 Non-current liabilities 9,651,197 12,710,354 Net cash flows from operating activities 3,529,657 5,458,921 Net cash flows used in investing activities (760,210) (802,678) Net cash flows used in financing activities (2,446,726) (5,381,480) Effect of foreign exchange rate changes, net — — Net increase/(decrease) in cash and cash equivalents 322,721 (725,237)

BUSINESS COMBINATION UNDER CO_2

BUSINESS COMBINATION UNDER COMMON CONTROL (Tables)	12 Months Ended
BUSINESS COMBINATION UNDER COMMON CONTROL (Tables)	Dec. 31, 2022
Yunnan Aluminum
BUSINESS COMBINATION
Schedule of revenue and net profit of the acquired	For the period from January 1, 2022 to the acquisition date 2021 Revenue 44,816,260 41,668,819 Net profit 4,722,177 4,212,335
Schedule of details of the purchase consideration, the net assets acquired	Purchase consideration: Cash paid 6,661,599 Total purchase consideration 6,661,599
Schedule of values of the assets and liabilities at the acquisition date	Acquisition date December 31, 2021 Current assets 7,784,570 5,360,494 Non-current assets 30,958,951 32,476,625 Current liabilities (9,439,091) (9,836,320) Non-current liabilities (4,130,537) (7,090,461) Net assets 25,173,893 20,910,338 Less: non-controlling interests 3,318,207 2,719,017 Net assets attributable to owners of the company 21,855,686 18,191,321
Pingguo Aluminum
BUSINESS COMBINATION
Schedule of revenue and net profit of the acquired	For the period from January 1, 2022 to the acquisition date 2021 Revenue 437,080 463,874 Net profit 68,312 36,887
Schedule of details of the purchase consideration, the net assets acquired	Purchase consideration : Cash paid 1,887,474 Total purchase consideration 1,887,474
Schedule of values of the assets and liabilities at the acquisition date	Acquisition date December 31, 2021 Current assets 428,011 319,694 Non-current assets 472,321 494,583 Current liabilities (136,806) (117,723) Non-current liabilities — - Net assets 763,526 696,554 Less: non-controlling interests 6,564 5,834 Net assets attributable to owners of the company 756,962 690,720
Gallium business
BUSINESS COMBINATION
Schedule of revenue and net profit of the acquired	For the period from January 1, 2021 to the acquisition date 2020 Revenue 178,229 112,428 Net profit 32,315 26,219
Schedule of details of the purchase consideration, the net assets acquired	Purchase consideration: Cash paid 395,624 Total purchase consideration 395,624
Schedule of values of the assets and liabilities at the acquisition date	Acquisition date December 31, 2020 Current assets 103,353 66,215 Non-current assets 70,660 74,270 Current liabilities (3,770) (7,037) Non-current liabilities (4,480) — Net assets – closing balance 165,763 133,448 Net assets – beginning balance 133,448 95,389

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
COMMITMENTS (Tables)	Dec. 31, 2022
COMMITMENTS
Schedule of capital commitments on property, plant and equipment	December 31, 2022 December 31, 2021 Property, plant and equipment 2,181,828 1,794,574
Schedule of commitments to make capital contributions to the Group's joint ventures and associates	December 31, 2022 December 31, 2021 Associates 31,800 31,800 Joint ventures 410,000 410,000 Investments measured at fair value 1,019,000 — 1,460,800 441,800

GENERAL INFORMATION (Details)

GENERAL INFORMATION (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 HKD ($)
Shanxi Huaxing
GENERAL INFORMATION
Registered capital	¥ 1,850,000
Ownership interest in subsidiary (in percent)	60%	60%
Indirect ownership interest in subsidiary (in percent)	40%	40%
Baotou Aluminum Company Limited [Member]
GENERAL INFORMATION
Registered capital	¥ 2,245,510
Ownership interest in subsidiary (in percent)	100%	100%
Chalco Trading
GENERAL INFORMATION
Registered capital	¥ 1,731,111
Ownership interest in subsidiary (in percent)	100%	100%
Shanxi New Material
GENERAL INFORMATION
Registered capital	¥ 4,279,601
Ownership interest in subsidiary (in percent)	85.98%	85.98%
China Aluminum International Trading Group Co. Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,030,000
Ownership interest in subsidiary (in percent)	100%	100%
Zunyi Aluminum Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 3,204,900
Ownership interest in subsidiary (in percent)	67.45%	67.45%
Chalco Hong Kong
GENERAL INFORMATION
Registered capital \| $		$ 6,778,835
Ownership interest in subsidiary (in percent)	100%	100%
Chalco Mining
GENERAL INFORMATION
Registered capital	¥ 4,028,859
Ownership interest in subsidiary (in percent)	100%	100%
Chalco Energy Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,384,398
Ownership interest in subsidiary (in percent)	100%	100%
Ningxia Energy
GENERAL INFORMATION
Registered capital	¥ 5,025,800
Ownership interest in subsidiary (in percent)	70.82%	70.82%
Guizhou Huajin
GENERAL INFORMATION
Registered capital	¥ 1,000,000
Ownership interest in subsidiary (in percent)	60%	60%
Chalco Zhengzhou Research Institute of Non-ferrous Metal Co., Ltd
GENERAL INFORMATION
Registered capital	¥ 214,858
Ownership interest in subsidiary (in percent)	100%	100%
China Aluminum Logistics Group Corporation Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 964,291
Ownership interest in subsidiary (in percent)	100%	100%
Xinghua Technology
GENERAL INFORMATION
Registered capital	¥ 588,182
Ownership interest in subsidiary (in percent)	33%	33%
Indirect ownership interest in subsidiary (in percent)	33%	33%
Chinalco Shanghai
GENERAL INFORMATION
Registered capital	¥ 968,300
Ownership interest in subsidiary (in percent)	100%	100%
Shanxi Chinalco Resources Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,641,750
Ownership interest in subsidiary (in percent)	40%	40%
Guizhou Huaren New Material Company Limited
GENERAL INFORMATION
Registered capital	¥ 1,200,000
Ownership interest in subsidiary (in percent)	40%	40%
Chinalco Materials Co. Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,000,000
Ownership interest in subsidiary (in percent)	100%	100%
Chinalco New Materials Co., Ltd
GENERAL INFORMATION
Registered capital	¥ 6,450,000
Ownership interest in subsidiary (in percent)	100%	100%
Yunnan Aluminum
GENERAL INFORMATION
Registered capital	¥ 3,467,957
Ownership interest in subsidiary (in percent)	29.10%	29.10%
Shanghai Carbon
GENERAL INFORMATION
Registered capital	¥ 1,000,000
Ownership interest in subsidiary (in percent)	100%	100%
Lanzhou Aluminum Co., Ltd.
GENERAL INFORMATION
Registered capital	¥ 1,593,648
Ownership interest in subsidiary (in percent)	100%	100%

SIGNIFICANT CHANGES IN THE CU_2

SIGNIFICANT CHANGES IN THE CURRENT REPORTING PERIOD (Details)	Dec. 31, 2022
Yunnan Aluminum
Disclosure of associates [line items]
Equity interest acquired (as a percent)	19%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2022 CNY (¥)
PROPERTY, PLANT AND EQUIPMENT
Impairment loss	¥ 75,997,000
Lease threshold considered to be of low value	¥ 30,000
Minimum \| Buildings
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	25 years
Minimum \| Land use rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	40 years
Useful life, leases (in years)	10 years
Minimum \| Mining rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, intangible assets (in years)	3 years
Maximum \| Buildings
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	50 years
Maximum \| Land use rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	70 years
Useful life, leases (in years)	50 years
Maximum \| Mining rights
PROPERTY, PLANT AND EQUIPMENT
Useful life, intangible assets (in years)	30 years
Maximum \| Computer software
PROPERTY, PLANT AND EQUIPMENT
Useful life, intangible assets (in years)	10 years
Buildings and infrastructure \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	8 years
Buildings and infrastructure \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	45 years
Buildings \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, leases (in years)	2 years
Buildings \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, leases (in years)	20 years
Machinery \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	3 years
Useful life, leases (in years)	2 years
Machinery \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	30 years
Useful life, leases (in years)	10 years
Transportation facilities \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	6 years
Transportation facilities \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	10 years
Office and other equipment \| Minimum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	3 years
Office and other equipment \| Maximum
PROPERTY, PLANT AND EQUIPMENT
Useful life, properties (in years)	10 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Basis of preparation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)	Jan. 01, 2021 CNY (¥)	Jan. 01, 2020 CNY (¥)
Disclosure of initial application of standards or interpretations [line items]
Net current liabilities	¥ 7,831,000		¥ 7,805,943		$ 1,135,366
Unutilized banking facilities	99,189,000
Unutilized banking facilities subject to renewal	¥ 49,380,000
Unutilized banking facilities, renewal term	12 months	12 months
Amount is recognized in consideration for goodwill	¥ 0
Cost of sales	(259,704,084)	$ (37,653,553)	(264,168,773)	¥ (188,520,176)
Property, plant and equipment	109,276,880		121,383,020	130,925,372	15,843,658
Retained earnings	10,089,547		6,810,078		$ 1,462,846
Revenue	¥ 290,987,942	$ 42,189,286	298,885,350	203,993,079
Previously Stated
Disclosure of initial application of standards or interpretations [line items]
Cost of sales				(53,801)
Property, plant and equipment							¥ 240
Retained earnings							¥ (240)
Revenue				¥ 117,109
Changes in accounting policy
Disclosure of initial application of standards or interpretations [line items]
Cost of sales			(71,626)
Property, plant and equipment						¥ 63,068
Retained earnings						¥ 63,068
Revenue			¥ 82,280

SIGNIFICANT ACCOUNTING JUDGEM_3

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) director	Dec. 31, 2022 USD ($) director	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Net carrying amount of property, plant and equipment	¥ 109,276,880		¥ 121,383,020	¥ 130,925,372	$ 15,843,658
Carrying value of goodwill \| ¥	3,495,000
Impairment of property, plant and equipment	3,795,420	$ 550,284	4,064,673	¥ 681,257
Impairment of goodwill	¥ 0	$ 15,000	¥ 0
Yinxing Energy
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	40.23%	40.23%
Ownership interest held by others (in percent)	59.77%	59.77%
Guizhou Huaren New Material Company Limited
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	40%	40%
Shanxi Zhongrun
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	40%	40%
Yunnan Metallurgical Group Co., Ltd.
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	13%	13%
Yunnan Aluminum Co., Ltd.
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	29.10%	29.10%
Voting rights in associate (in percent)	42.10%	42.10%
China Resources
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	6.68%	6.68%
Chalco Resources
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Number of directors can be appointed	1	1
Total number of directors	5	5
New Aluminum Power
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	16%	16%
Number of directors can be appointed	1	1
Total number of directors	9	9
Chinalco Capital
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	14.71%	14.71%
Number of directors can be appointed	1	1
Total number of directors	3	3
Inner Mongolia Geliugou
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	14.29%	14.29%
Number of directors can be appointed	1	1
Total number of directors	7	7
Chalco Innovation Development Investment Co
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Ownership interest in associate (in percent)	19.49%	19.49%
Number of directors can be appointed	1	1
Total number of directors	7	7

SIGNIFICANT ACCOUNTING JUDGEM_4

SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES - Key macroeconomic parameters (Details) - Later than one year	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Basic
key macroeconomic parameters
Growth rate of GDP	5.04%	5.30%
Growth Rate of CPI	2.12%	2.20%
Negative
key macroeconomic parameters
Growth rate of GDP	4.70%	5.04%
Growth Rate of CPI	1.63%	2.09%
Positive
key macroeconomic parameters
Growth rate of GDP	6.04%	5.57%
Growth Rate of CPI	2.67%	2.31%

REVENUE AND SEGMENT INFORMATI_3

REVENUE AND SEGMENT INFORMATION - Revenue (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Revenue
Sales of goods	¥ 288,853,556		¥ 297,102,961	¥ 202,036,585
Transportation services	1,817,566		1,470,334	1,621,570
Total revenue from contracts with customers (net of value-added tax)	290,671,122		298,573,295	203,658,155
Rental income	316,820		312,055	334,924
Total revenue	¥ 290,987,942	$ 42,189,286	¥ 298,885,350	¥ 203,993,079

REVENUE AND SEGMENT INFORMATI_4

REVENUE AND SEGMENT INFORMATION - Disaggregated revenue (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregated revenue:
Sales of goods	¥ 288,853,556	¥ 297,102,961	¥ 202,036,585
Transportation services	1,817,566	1,470,334	1,621,570
Total revenue from contracts with customers (net of value-added tax)	290,671,122	298,573,295	203,658,155
Sale of goods	2,124,417	1,349,157	1,350,929
Others	66,228	88,090	73,541
Revenue recognised that was included in contract liabilities at the beginning of the reporting period	2,190,645	1,437,247	1,424,470
Amounts expected to be recognised allocated to remaining performance obligations	2,142,254	2,479,588
Within 1 year
Disaggregated revenue:
Amounts expected to be recognised allocated to remaining performance obligations	2,049,014	2,363,043
Later than one year
Disaggregated revenue:
Amounts expected to be recognised allocated to remaining performance obligations	93,240	116,545
Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	288,853,556	297,102,961	202,036,585
Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	1,817,566	1,470,334	1,621,570
Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	277,235,044	285,281,016	194,717,988
Outside of Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	13,436,078	13,292,279	8,940,167
Operating segment
Disaggregated revenue:
Inter-segment revenue	173,360,400
Inter-segment elimination
Disaggregated revenue:
Sales of goods	(168,660,689)	(132,900,287)	(110,320,295)
Transportation services	(4,579,975)	(2,784,932)	(2,181,096)
Inter-segment revenue		135,744,768	112,496,456
Total revenue from contracts with customers (net of value-added tax)	(173,240,664)	(135,685,219)	(112,501,391)
Inter-segment elimination \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	(168,660,689)	(132,900,287)	(110,320,295)
Inter-segment elimination \| Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	(4,579,975)	(2,784,932)	(2,181,096)
Inter-segment elimination \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	(173,240,664)	(135,685,219)	(112,501,391)
Alumina \| Operating segment
Disaggregated revenue:
Sales of goods	55,513,960	53,813,335	44,177,153
Inter-segment revenue	(39,350,290)	(36,463,601)	(31,174,724)
Total revenue from contracts with customers (net of value-added tax)	55,513,960	53,813,335	44,177,153
Alumina \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	55,513,960	53,813,335	44,177,153
Alumina \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	55,513,960	53,813,335	44,177,153
Primary aluminum \| Operating segment
Disaggregated revenue:
Sales of goods	138,428,806	118,456,198	81,245,663
Inter-segment revenue	(51,962,565)	(39,899,709)	(34,068,498)
Total revenue from contracts with customers (net of value-added tax)	138,428,806	118,456,198	81,245,663
Primary aluminum \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	138,428,806	118,456,198	81,245,663
Primary aluminum \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	138,428,806	118,456,198	81,245,663
Energy \| Operating segment
Disaggregated revenue:
Sales of goods	9,322,537	7,915,219	7,184,216
Inter-segment revenue	(261,486)	(240,575)	(243,788)
Total revenue from contracts with customers (net of value-added tax)	9,322,537	7,915,219	7,184,216
Energy \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	9,322,537	7,915,219	7,184,216
Energy \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	9,322,537	7,915,219	7,184,216
Trading \| Operating segment
Disaggregated revenue:
Sales of goods	252,408,567	248,379,137	178,623,815
Transportation services	6,397,541	4,255,266	3,802,666
Inter-segment revenue	(80,283,574)	(58,162,607)	(46,261,296)
Total revenue from contracts with customers (net of value-added tax)	258,806,108	252,634,403	182,426,481
Trading \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	252,408,567	248,379,137	178,623,815
Trading \| Operating segment \| Services transferred over time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	6,397,541	4,255,266	3,802,666
Trading \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	245,370,030	239,342,124	173,486,314
Trading \| Operating segment \| Outside of Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	13,436,078	13,292,279	8,940,167
Corporate and other operating segments \| Operating segment
Disaggregated revenue:
Sales of goods	1,840,375	1,439,359	1,126,033
Inter-segment revenue	(1,502,485)	(978,276)	(748,150)
Total revenue from contracts with customers (net of value-added tax)	1,840,375	1,439,359	1,126,033
Corporate and other operating segments \| Operating segment \| Goods transferred at a point in time
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	1,840,375	1,439,359	1,126,033
Corporate and other operating segments \| Operating segment \| Mainland China
Disaggregated revenue:
Total revenue from contracts with customers (net of value-added tax)	¥ 1,840,375	¥ 1,439,359	¥ 1,126,033

REVENUE AND SEGMENT INFORMATI_5

REVENUE AND SEGMENT INFORMATION - Information about operating segments results (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) segment	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Segment information
Number of reportable operating segments \| segment	5	5
Total revenue	¥ 290,987,942	$ 42,189,286	¥ 298,885,350	¥ 203,993,079
Gain on Disposal of Business	27,804
Total revenue from contracts with customers (net of value-added tax)	290,671,122		298,573,295	203,658,155
Segment profit /(loss) before income tax	13,208,968	1,915,120	14,186,428	2,886,012
Income tax expense	(2,365,639)	(342,985)	(2,869,551)	(641,329)
Profit for the year	10,843,329	1,572,135	11,316,877	2,244,683
Finance income	477,137	69,178	311,103	266,209
Finance costs	(3,894,867)	(564,703)	(4,532,666)	(5,069,701)
Share of the joint ventures associates profits and losses for the year	130,632	18,940	(423,247)	(93,518)
Share of profits for the year	178,910	25,940	164,100	180,502
Depreciation of right-of-use assets	(1,282,362)		(771,951)	(745,245)
Depreciation and amortization (excluding the amortization of right-of-use)	(9,691,457)		(9,789,163)	(9,449,798)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	323,659		(679,397)	(223,206)
Realized gain/(loss) on futures, forward and option contracts, net	236,811		(545,525)	523,378
Other income	235,785		173,156	304,399
Impairment losses on property, plant and equipment	(3,795,420)	(550,284)	(4,064,673)	(681,257)
Unrealized loss on futures contracts,net	59,071		(59,209)	(10,394)
Gain on disposal of business	27,804
Unrealized (losses)/gains on futures, forward and option contracts, net	59,071		(59,209)	(10,394)
Gain (loss) on disposal of subsidiaries	86,343		(27,404)	11,305
Changes for impairment of inventories	(483,293)		(133,658)	(45,780)
Provision for impairment of receivables	414,139		1,390,765	967,942
Dividends of equity investments at fair value through other comprehensive income	11,499	$ 1,667	15,268	125,617
Investments in associates	6,402,638		6,441,793	7,001,103	$ 928,295
Investments in joint ventures	3,339,967		3,350,959	3,374,553	$ 484,250
Impairment losses	(75,842)		(415,659)	(416)
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(414,139)		(1,390,765)	(967,942)
Gain on disposal and dividends of equity investments designated at fair value through other comprehensive income			15,296
Dividends from other financial assets measured at fair value				125,015
Capital expenditure in:
Intangible assets	197,352		120,416	94,164
Additions	680,159		6,145,120	83,617
Property, plant and equipment	2,597,752		3,636,512	10,520,699
Revenue from external customer
Segment information
Total revenue	290,987,942		298,885,350	203,993,079
Operating segment
Segment information
Inter-segment revenue	173,360,400
Inter-segment elimination
Segment information
Total revenue	(173,360,400)		(135,744,768)	(112,496,456)
Inter-segment revenue			135,744,768	112,496,456
Total revenue from contracts with customers (net of value-added tax)	(173,240,664)		(135,685,219)	(112,501,391)
Segment profit /(loss) before income tax	(849,101)		(515,538)	(642,680)
Alumina \| Operating segment
Segment information
Total revenue	55,761,730		54,043,368	44,263,444
Inter-segment revenue	(39,350,290)		(36,463,601)	(31,174,724)
Total revenue from contracts with customers (net of value-added tax)	55,513,960		53,813,335	44,177,153
Segment profit /(loss) before income tax	340,451		2,798,129	1,164,996
Finance income	62,662		117,265	44,697
Finance costs	(713,584)		(1,041,744)	(879,211)
Share of the joint ventures associates profits and losses for the year	(46,239)		(3,546)	(2,262)
Share of profits for the year	75,405		80,612	75,405
Depreciation of right-of-use assets	(473,827)		(334,825)	(342,347)
Depreciation and amortization (excluding the amortization of right-of-use)	(3,674,136)		(3,491,950)	(3,184,799)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	90,041		(611,828)	25,489
Other income	25,510		11,909	122,011
Impairment losses on property, plant and equipment	(3,160,902)		(1,854,694)	(23,136)
Gain (loss) on disposal of subsidiaries	(19,530)
Changes for impairment of inventories	(392,513)		(16,098)	(136,827)
Provision for impairment of receivables	407,608		122,370	59,105
Investments in associates	187,806		196,453	205,625
Investments in joint ventures	1,076,120		1,076,120	1,076,085
Impairment losses	(75,842)		(413,036)
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(407,608)		(122,370)	(59,105)
Capital expenditure in:
Intangible assets	138,835		97,925	86,698
Additions	89,337		2,934,500	12,001
Property, plant and equipment	728,647		1,951,823	2,570,240
Alumina \| Operating segment \| Revenue from external customer
Segment information
Total revenue	16,411,440		17,579,767	13,088,720
Primary aluminum \| Operating segment
Segment information
Total revenue	138,465,822		118,513,506	81,405,264
Inter-segment revenue	(51,962,565)		(39,899,709)	(34,068,498)
Total revenue from contracts with customers (net of value-added tax)	138,428,806		118,456,198	81,245,663
Segment profit /(loss) before income tax	10,346,336		12,783,818	3,862,836
Finance income	86,864		71,097	68,645
Finance costs	(1,088,391)		(1,450,695)	(1,667,322)
Share of the joint ventures associates profits and losses for the year	(94,941)		(2,182)	(338,044)
Depreciation of right-of-use assets	(601,898)		(226,526)	(234,387)
Depreciation and amortization (excluding the amortization of right-of-use)	(3,957,718)		(4,169,274)	(4,122,376)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	180,999		(58,699)	(345,537)
Other income	44,628		57,298	69,247
Impairment losses on property, plant and equipment	(634,518)		(2,206,546)	(653,170)
Gain (loss) on disposal of subsidiaries	61
Changes for impairment of inventories	(1,625)		(114,170)	103,524
Provision for impairment of receivables	26,737		40,627	22,487
Investments in associates	500,489		578,313	612,531
Impairment losses			(2,623)
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(26,737)		(40,627)	(22,487)
Gain on disposal and dividends of equity investments designated at fair value through other comprehensive income			4,384
Capital expenditure in:
Intangible assets	40,719		22,351	5,787
Additions	449,305		2,721,001	6,838
Property, plant and equipment	852,512		1,167,984	6,706,374
Primary aluminum \| Operating segment \| Revenue from external customer
Segment information
Total revenue	86,503,257		78,613,797	47,336,766
Energy \| Operating segment
Segment information
Total revenue	9,322,537		7,915,219	7,184,216
Inter-segment revenue	(261,486)		(240,575)	(243,788)
Total revenue from contracts with customers (net of value-added tax)	9,322,537		7,915,219	7,184,216
Segment profit /(loss) before income tax	2,200,960		(234,808)	(77,235)
Finance income	29,589		38,313	36,333
Finance costs	(580,129)		(578,079)	(995,572)
Share of the joint ventures associates profits and losses for the year	(71,493)		(633,467)	(17,905)
Share of profits for the year	(7,143)		16,095	35,308
Depreciation of right-of-use assets	(129,335)		(32,088)	(96,967)
Depreciation and amortization (excluding the amortization of right-of-use)	(1,645,072)		(1,889,351)	(1,867,632)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(1,621)		(9,772)	99,363
Other income	54,727		56,022	55,561
Impairment losses on property, plant and equipment			(3,433)
Gain (loss) on disposal of subsidiaries	4,567		(27,404)
Changes for impairment of inventories	558		12,250	(15,642)
Provision for impairment of receivables	25,619		176,715	108,059
Dividends of equity investments at fair value through other comprehensive income	2,160
Investments in associates	689,399		759,194	1,565,235
Investments in joint ventures	343,745		353,177	334,763
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(25,619)		(176,715)	(108,059)
Capital expenditure in:
Intangible assets	17,722
Additions	1,496		377	59,010
Property, plant and equipment	921,542		391,894	881,810
Energy \| Operating segment \| Revenue from external customer
Segment information
Total revenue	9,061,051		7,674,644	6,940,428
Trading \| Operating segment
Segment information
Total revenue	258,854,321		252,704,917	182,510,025
Inter-segment revenue	(80,283,574)		(58,162,607)	(46,261,296)
Sales of self- produced products	48,849,680		47,246,018	33,162,614
Sales of products sourced from external suppliers	129,721,067		147,296,292	103,086,115
Total revenue from contracts with customers (net of value-added tax)	258,806,108		252,634,403	182,426,481
Segment profit /(loss) before income tax	2,013,377		1,336,268	770,172
Finance income	20,991		50,829	73,026
Finance costs	(166,221)		(119,398)	(173,520)
Share of the joint ventures associates profits and losses for the year	45,847		45,538	38,683
Share of profits for the year	9,065		13,240	5,011
Depreciation of right-of-use assets	(21,335)		(128,043)	(21,075)
Depreciation and amortization (excluding the amortization of right-of-use)	(341,700)		(164,469)	(232,807)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	56,280		3,222	(1,911)
Realized gain/(loss) on futures, forward and option contracts, net	20,104		(132,354)	675,442
Other income	110,885		47,836	38,910
Impairment losses on property, plant and equipment				(4,951)
Unrealized loss on futures contracts,net	47,725		(30,552)	(27,705)
Unrealized (losses)/gains on futures, forward and option contracts, net	47,725		(30,552)	(27,705)
Gain (loss) on disposal of subsidiaries	25,296			11,305
Changes for impairment of inventories	(93,295)		(13,039)	2,184
Provision for impairment of receivables	(53,201)		330,122	395,053
Investments in associates	396,810		382,062	396,454
Investments in joint ventures	48,675		55,712	43,258
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	53,201		(330,122)	(395,053)
Gain on disposal and dividends of equity investments designated at fair value through other comprehensive income			3,333
Capital expenditure in:
Intangible assets			140	1,413
Additions	140,021		212,812	2,875
Property, plant and equipment	45,186		35,467	328,835
Trading \| Operating segment \| Revenue from external customer
Segment information
Total revenue	178,570,747		194,542,310	136,248,729
Corporate and other operating segments \| Operating segment
Segment information
Total revenue	1,943,932		1,453,108	1,126,586
Inter-segment revenue	(1,502,485)		(978,276)	(748,150)
Gain on Disposal of Business	27,804
Total revenue from contracts with customers (net of value-added tax)	1,840,375		1,439,359	1,126,033
Segment profit /(loss) before income tax	(843,055)		(1,981,441)	(2,192,077)
Finance income	277,031		33,599	43,508
Finance costs	(1,346,542)		(1,342,750)	(1,354,076)
Share of the joint ventures associates profits and losses for the year	297,458		170,410	226,010
Share of profits for the year	101,583		54,153	64,778
Depreciation of right-of-use assets	(55,967)		(50,469)	(50,469)
Depreciation and amortization (excluding the amortization of right-of-use)	(72,831)		(74,119)	(42,184)
(Losses)/gains on disposal of property, plant and equipment and intangible assets	(2,040)		(2,320)	(610)
Realized gain/(loss) on futures, forward and option contracts, net	216,707		(413,171)	(152,064)
Other income	35		91	18,670
Unrealized loss on futures contracts,net	11,346		(28,657)	17,311
Gain on disposal of business	27,804
Unrealized (losses)/gains on futures, forward and option contracts, net	11,346		(28,657)	17,311
Gain (loss) on disposal of subsidiaries	75,949
Changes for impairment of inventories	3,582		(2,601)	981
Provision for impairment of receivables	7,376		720,931	383,238
Dividends of equity investments at fair value through other comprehensive income	9,339
Investments in associates	4,628,134		4,525,771	4,221,258
Investments in joint ventures	1,871,427		1,865,950	1,920,447
Reversal of/(provision for) impairment of receivables, net of bad debts recovered	(7,376)		(720,931)	(383,238)
Gain on disposal and dividends of equity investments designated at fair value through other comprehensive income			7,579
Dividends from other financial assets measured at fair value				125,015
Capital expenditure in:
Intangible assets	76			266
Additions			276,430	2,893
Property, plant and equipment	49,865		89,344	33,440
Corporate and other operating segments \| Operating segment \| Revenue from external customer
Segment information
Total revenue	¥ 441,447		¥ 474,832	¥ 378,436

REVENUE AND SEGMENT INFORMATI_6

REVENUE AND SEGMENT INFORMATION - Information about operating segments assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
ASSETS
Assets	¥ 212,348,031	$ 30,787,570	¥ 224,862,823
Deferred tax assets	2,057,900	298,367	2,096,459
Prepaid income tax	142,056		62,139
Liabilities
Liabilities	124,592,064	18,064,151	135,165,255
Deferred tax liabilities	1,451,692	210,476	1,403,291
Income tax payable	392,119	$ 56,852	847,163
Other elimination
ASSETS
Elimination of inter-segment receivables	(741,195)		(928,814)
Operating segment
ASSETS
Assets	296,624,264		303,113,039
Liabilities
Liabilities	208,483,247		212,394,801
Operating segment \| Alumina
ASSETS
Assets	90,762,410		97,099,222
Liabilities
Liabilities	48,985,559		52,154,184
Operating segment \| Primary aluminum
ASSETS
Assets	94,207,732		90,931,136
Liabilities
Liabilities	50,177,428		47,125,596
Operating segment \| Energy
ASSETS
Assets	34,235,502		35,261,548
Liabilities
Liabilities	18,837,349		25,419,575
Operating segment \| Trading
ASSETS
Assets	35,025,454		31,625,689
Liabilities
Liabilities	21,225,051		21,037,605
Operating segment \| Corporate and other operating segments
ASSETS
Assets	42,393,166		48,195,444
Liabilities
Liabilities	69,257,860		66,657,841
Inter-segment elimination
ASSETS
Elimination of inter-segment receivables	(85,734,994)		(79,480,000)
Liabilities
Elimination of inter-segment payables	(85,734,994)		(79,480,000)
Corporate and other unallocated assets
ASSETS
Deferred tax assets	2,057,900		2,096,459
Prepaid income tax	142,056		62,139
Liabilities
Deferred tax liabilities	1,451,692		1,403,291
Income tax payable	¥ 392,119		¥ 847,163

REVENUE AND SEGMENT INFORMATI_7

REVENUE AND SEGMENT INFORMATION - Geographical information of the operating segments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of geographical areas [line items]
Non-current assets (excluding financial assets and deferred tax assets)	¥ 153,522,838		¥ 168,087,171
Revenue	290,987,942	$ 42,189,286	298,885,350	¥ 203,993,079
PRC Government
Disclosure of geographical areas [line items]
Revenue	53,183,000		65,128,000	54,955,000
Mainland China
Disclosure of geographical areas [line items]
Non-current assets (excluding financial assets and deferred tax assets)	150,927,698		165,459,440
Revenue	277,551,864		285,593,071	195,052,913
Outside of Mainland China
Disclosure of geographical areas [line items]
Non-current assets (excluding financial assets and deferred tax assets)	2,595,140		2,627,731
Revenue	¥ 13,436,078		¥ 13,292,279	¥ 8,940,166

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
INTANGIBLE ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	¥ 13,333,988		¥ 13,989,533
Additions	197,352		120,416	¥ 94,164
Disposals	(1,774)		(3,639)
Disposal of subsidiaries	(8,572)
Impairment	(75,842)		(415,659)
Amortization	(502,921)		(407,287)	(493,412)
Transfer from property, plant and equipment (Note 7)	1,945		55,868
Currency translation differences	6,647		(5,244)
Closing net carrying amount	12,950,823	$ 1,877,693	13,333,988	13,989,533
Goodwill.
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	3,509,515		3,509,857
Impairment	(15,495)
Currency translation differences	874		(342)
Closing net carrying amount	3,494,894		3,509,515	3,509,857
Mining rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	7,315,211		7,638,216
Additions	134,806		98,352
Disposals			(3,639)
Impairment	(60,347)		(175,245)
Amortization	(444,764)		(351,748)
Transfer from property, plant and equipment (Note 7)			45,522
Currency translation differences	5,773		(1,692)
Reclassifications and internal transfers			65,445
Closing net carrying amount	6,950,679		7,315,211	7,638,216
Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	984,286		1,276,295
Additions	19,356		13,452
Impairment			(237,791)
Currency translation differences			(2,225)
Reclassifications and internal transfers			(65,445)
Closing net carrying amount	1,003,642		984,286	1,276,295
Computer software, production quota and others
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	1,524,976		1,565,165
Additions	43,190		8,612
Disposals	(1,774)
Disposal of subsidiaries	(8,572)
Impairment			(2,623)
Amortization	(58,157)		(55,539)
Transfer from property, plant and equipment (Note 7)	1,945		10,346
Currency translation differences			(985)
Closing net carrying amount	1,501,608		1,524,976	¥ 1,565,165
Cost
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	17,263,194
Closing net carrying amount	17,453,840		17,263,194
Cost \| Goodwill.
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	3,509,515
Closing net carrying amount	3,510,864		3,509,515
Cost \| Mining rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	10,435,028
Closing net carrying amount	10,585,156		10,435,028
Cost \| Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	1,220,020
Closing net carrying amount	1,239,376		1,220,020
Cost \| Computer software, production quota and others
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	2,098,631
Closing net carrying amount	2,118,444		2,098,631
Accumulated amortization and impairment
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(3,929,206)
Closing net carrying amount	(4,503,017)		(3,929,206)
Accumulated amortization and impairment \| Goodwill.
Reconciliation of changes in intangible assets and goodwill
Closing net carrying amount	(15,970)
Accumulated amortization and impairment \| Mining rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(3,119,817)
Closing net carrying amount	(3,634,477)		(3,119,817)
Accumulated amortization and impairment \| Mineral exploration rights
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(235,734)
Closing net carrying amount	(235,734)		(235,734)
Accumulated amortization and impairment \| Computer software, production quota and others
Reconciliation of changes in intangible assets and goodwill
Opening net carrying amount	(573,655)
Closing net carrying amount	¥ (616,836)		¥ (573,655)

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expenses of intangible assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Information about reconciliation of changes in intangible assets and goodwill
Amortization	¥ 502,921	¥ 407,287	¥ 493,412
Cost of sales
Information about reconciliation of changes in intangible assets and goodwill
Amortization	474,639	384,383	467,573
General and administrative expenses
Information about reconciliation of changes in intangible assets and goodwill
Amortization	28,282	22,904	¥ 25,839
Mining rights
Information about reconciliation of changes in intangible assets and goodwill
Amortization	444,764	351,748
Mining rights carrying value	¥ 1,353,000	¥ 1,400,000

INTANGIBLE ASSETS - Impairment

INTANGIBLE ASSETS - Impairment testing of goodwill (Details) ¥ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Groups of CGUs according to operating segments
Goodwill	¥ 3,495,000
Nominal pre-tax cash flow projections period approved by management	5 years	5 years
Estimated growth rate for cash flows beyond approved period	2%		2%
Pre-tax rate that reflects specific risks related to CGUs and groups of CGUs as discount rate	12.62%		12.62%
Impairment of goodwill	¥ 0	$ 15	¥ 0
Alumina
Groups of CGUs according to operating segments
Goodwill	1,353,368		1,367,989
Alumina \| Guangxi Branch
Groups of CGUs according to operating segments
Goodwill	189,419		189,419
Alumina \| PT. Nusapati Prima ("PTNP")
Groups of CGUs according to operating segments
Goodwill			14,621
Alumina \| Shanxi Huaxing
Groups of CGUs according to operating segments
Goodwill	1,163,949		1,163,949
Primary aluminum
Groups of CGUs according to operating segments
Goodwill	2,141,526		2,141,526
Primary aluminum \| Qinghai Branch
Groups of CGUs according to operating segments
Goodwill	217,267		217,267
Primary aluminum \| Lanzhou Aluminum Co,. Ltd
Groups of CGUs according to operating segments
Goodwill	¥ 1,924,259		¥ 1,924,259

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	¥ 121,383,020		¥ 130,925,372
Transfer to intangible assets (Note 6)	(1,945)		(55,868)
Transfer from right-of-use assets and non-current assets	69,673		1,542,324
Transfer to investment properties (Note 7)	(47,419)		(139,377)
Transfer to right-of-use assets (Note 20)			(68,377)
Additions	2,597,752		3,636,512
Disposal of subsidiaries	(914,405)
Government grants	(74,051)		(81,618)
Disposals	(1,038,117)		(1,156,172)
Depreciation	(8,943,617)		(9,157,951)
Impairment loss	(3,795,420)	$ (550,284)	(4,064,673)	¥ (681,257)
Currency translation differences	41,409		2,848
Property, plant and equipment at end of period	109,276,880	15,843,658	121,383,020	130,925,372
Disposal of property, plant and equipment for capital investment	610,000
Impairment losses on property, plant and equipment	3,795,420	$ 550,284	4,064,673	681,257
Land use right assets written off	893,000
Lease liabilities written off	927,000
Disposal gain	35,000
Impairment Provision on Property, Plant and Equipment	1,694,000		4,065,000
Property, plant and equipment, pledged as security	4,967,190		5,680,508
Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	226,991,133
Property, plant and equipment at end of period	226,091,204		226,991,133
Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(105,608,113)
Property, plant and equipment at end of period	(116,814,324)		(105,608,113)
Buildings and infrastructure
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	51,127,711		53,851,749
Reclassifications and internal transfers	1,258,516		1,614,203
Transfer from right-of-use assets and non-current assets			143,646
Transfer to investment properties (Note 7)	(47,419)		(139,377)
Additions	245,583		28,425
Disposal of subsidiaries	(275,851)
Government grants	(42,650)		(447)
Disposals	(201,361)		(136,718)
Depreciation	(2,321,947)		(2,149,404)
Impairment loss	(1,307,597)		(2,105,735)
Currency translation differences	32,739		21,369
Property, plant and equipment at end of period	48,467,724		51,127,711	53,851,749
Impairment losses on property, plant and equipment	1,307,597		2,105,735
Buildings and infrastructure \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	78,450,622
Property, plant and equipment at end of period	79,348,680		78,450,622
Buildings and infrastructure \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(27,322,911)
Property, plant and equipment at end of period	(30,880,956)		(27,322,911)
Machinery
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	63,707,307		69,545,237
Reclassifications and internal transfers	2,494,471		1,787,874
Transfer from right-of-use assets and non-current assets	69,673		1,398,593
Additions	637,092		320,881
Disposal of subsidiaries	(622,777)
Government grants	(31,401)		(81,171)
Disposals	(588,064)		(723,183)
Depreciation	(6,381,950)		(6,768,573)
Impairment loss	(2,458,240)		(1,754,211)
Currency translation differences	8,504		(18,140)
Property, plant and equipment at end of period	56,834,615		63,707,307	69,545,237
Impairment losses on property, plant and equipment	2,458,240		1,754,211
Machinery \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	138,836,999
Property, plant and equipment at end of period	139,849,462		138,836,999
Machinery \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(75,129,692)
Property, plant and equipment at end of period	(83,014,847)		(75,129,692)
Transportation facilities
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	1,150,354		1,226,487
Reclassifications and internal transfers	73,713		124,273
Additions	16,474		14,386
Disposal of subsidiaries	(2,731)
Disposals	(10,265)		(14,711)
Depreciation	(172,736)		(196,094)
Impairment loss	(1,092)		(3,789)
Currency translation differences	151		(198)
Property, plant and equipment at end of period	1,053,868		1,150,354	1,226,487
Impairment losses on property, plant and equipment	1,092		3,789
Transportation facilities \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	2,888,838
Property, plant and equipment at end of period	2,865,120		2,888,838
Transportation facilities \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(1,738,484)
Property, plant and equipment at end of period	(1,811,252)		(1,738,484)
Office and other equipment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	422,674		395,840
Reclassifications and internal transfers	264,322		66,887
Transfer from right-of-use assets and non-current assets			85
Additions	36,798		9,954
Disposal of subsidiaries	(13,046)
Disposals	(2,950)		(5,726)
Depreciation	(66,984)		(43,880)
Impairment loss	(178)		(303)
Currency translation differences	15		(183)
Property, plant and equipment at end of period	640,651		422,674	395,840
Impairment losses on property, plant and equipment	178		303
Office and other equipment \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	972,191
Property, plant and equipment at end of period	1,228,931		972,191
Office and other equipment \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(549,517)
Property, plant and equipment at end of period	(588,280)		(549,517)
Construction in progress
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	4,974,974		5,906,059
Reclassifications and internal transfers	(4,091,022)		(3,593,237)
Transfer to intangible assets (Note 6)	(1,945)		(55,868)
Transfer to right-of-use assets (Note 20)			(68,377)
Additions	1,661,805		3,262,866
Disposals	(235,477)		(275,834)
Impairment loss	(28,313)		(200,635)
Property, plant and equipment at end of period	2,280,022		4,974,974	¥ 5,906,059
Impairment losses on property, plant and equipment	28,313		200,635
Construction in progress \| Cost
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	5,842,483
Property, plant and equipment at end of period	2,799,011		5,842,483
Construction in progress \| Accumulated amortization and impairment
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	(867,509)
Property, plant and equipment at end of period	(518,989)		(867,509)
Alumina production line and the related facilities
PROPERTY, PLANT AND EQUIPMENT
Impairment loss	(2,101,000)
Impairment losses on property, plant and equipment	2,101,000
In process applications, Ownership certificates of buildings
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment at beginning of period	4,904,000
Property, plant and equipment at end of period	¥ 4,822,000		¥ 4,904,000

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Depreciation and amortisation expense
Depreciation of property, plant and equipment	¥ 8,943,617	¥ 9,157,951	¥ 8,653,823
Cost of sales [member]
Depreciation and amortisation expense
Depreciation of property, plant and equipment	8,573,282	8,710,009	8,304,401
General and administrative expenses
Depreciation and amortisation expense
Depreciation of property, plant and equipment	213,483	253,864	188,231
Research and development expenses
Depreciation and amortisation expense
Depreciation of property, plant and equipment	152,217	185,108	155,288
Selling and distribution expenses
Depreciation and amortisation expense
Depreciation of property, plant and equipment	¥ 4,635	¥ 8,970	¥ 5,903

INVESTMENT PROPERTIES (Details)

INVESTMENT PROPERTIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Investment properties
Investment properties at beginning of period	¥ 1,814,589		¥ 1,601,876
Transfer from property, plant and equipment (Note 7)	47,419		139,377
Transfer to right-of-use assets (Note 22)	(5,997)
Transfer to right-of-use assets (Note 22)	46,981		90,314
Disposals	(982)
Additions	107,371
Others			7,472
Depreciation	(44,777)		(24,450)	¥ (24,405)
Investment properties at end of period	1,917,623	$ 278,029	1,814,589	1,601,876
Cost
Investment properties
Investment properties at beginning of period	2,126,206
Investment properties at end of period	2,321,749		2,126,206
Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period	(311,617)
Investment properties at end of period	(404,126)		(311,617)
Buildings
Investment properties
Investment properties at beginning of period	608,966		481,489
Transfer from property, plant and equipment (Note 7)	47,419		139,377
Disposals	(982)
Additions	92,708
Depreciation	(23,690)		(11,900)
Investment properties at end of period	724,421		608,966	481,489
Buildings \| Cost
Investment properties
Investment properties at beginning of period	779,253
Investment properties at end of period	966,751		779,253
Buildings \| Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period	(170,287)
Investment properties at end of period	(242,330)		(170,287)
Land use rights
Investment properties
Investment properties at beginning of period	1,205,623		1,120,387
Transfer to right-of-use assets (Note 22)	(5,997)
Transfer to right-of-use assets (Note 22)			90,314
Additions	14,663
Others			7,472
Depreciation	(21,087)		(12,550)
Investment properties at end of period	1,193,202		1,205,623	¥ 1,120,387
Land use rights \| Cost
Investment properties
Investment properties at beginning of period	1,346,953
Investment properties at end of period	1,354,998		1,346,953
Land use rights \| Accumulated amortization and impairment
Investment properties
Investment properties at beginning of period	(141,330)
Investment properties at end of period	¥ (161,796)		¥ (141,330)

INVESTMENTS IN JOINT VENTURES_3

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Joint ventures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
As of January 1	¥ 3,350,959		¥ 3,374,553
Capital injections	17,089		309,251
Share of profits for the year	178,910	$ 25,940	164,100	¥ 180,502
Share of changes in reserves	(6,098)		10,578
Cash dividends declared	(104,781)		(315,722)
Impairment	(75,997)
As of December 31	3,339,967	$ 484,250	3,350,959	3,374,553
China Aluminum Investment Development Co
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Registered and paid-in capital	1,229,748
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
As of January 1	3,350,959		3,374,553
Share of profits for the year	178,910		164,100
Share of changes in reserves	4,302		60
Cash dividends declared	(194,204)		(187,754)
As of December 31	3,339,967		3,350,959	¥ 3,374,553
Guangxi Huayin Aluminum Co., Ltd.
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
As of January 1	1,443,749
As of December 31	1,425,665		¥ 1,443,749
Registered and paid-in capital	¥ 2,441,987
Ownership interest in joint venture (as a percent)	33%	33%	33%
Voting power in joint venture (as a percent)	33%	33%
Profit sharing in joint venture (as a percent)	33%	33%

INVESTMENTS IN JOINT VENTURES_4

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Financial information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Disclosure of joint ventures [line items]
Cash and cash equivalents	¥ 16,816,684		¥ 19,683,619		$ 2,438,190
Other current assets	4,689,697		4,275,669		679,942
Total current assets	54,535,973		54,109,659		7,906,973
Non-current assets	157,812,058		170,753,164		22,880,597
Total current liabilities	62,366,823		61,915,602		9,042,339
Non-current liabilities	62,225,241		73,249,653		9,021,812
Non-controlling interests	33,352,955		29,213,945		4,835,724
Reconciliation to the Group's interest in the joint venture:
Carrying amount of the investment	3,339,967		3,350,959	¥ 3,374,553	484,250
Revenue	290,987,942	$ 42,189,286	298,885,350	203,993,079
Gross profit	31,283,858	4,535,733	34,716,577	15,472,903
Profit before income tax	13,208,968	1,915,120	14,186,428	2,886,012
Income tax	2,365,639	342,985	2,869,551	641,329
Other comprehensive income	(522,789)	(75,798)	259,967	77,703
Total comprehensive income for the year	10,320,540	1,496,337	11,576,844	2,322,386
Share of profits for the year	178,910	25,940	164,100	180,502
Dividends of equity investments at fair value through other comprehensive income	11,499	$ 1,667	15,268	125,617
Reconciliation to the Group's interest in the associate:
Carrying amount of the investment	6,402,638		6,441,793	7,001,103	$ 928,295
Guangxi Huayin Aluminum Co., Ltd.
Disclosure of joint ventures [line items]
Cash and cash equivalents	234,140		224,154
Other current assets	1,191,044		1,498,110
Total current assets	1,425,184		1,722,264
Non-current assets	5,385,501		5,024,444
Total current liabilities	1,705,062		1,844,884
Non-current liabilities	785,426		526,827
Net assets	¥ 4,320,197		¥ 4,374,997
Reconciliation to the Group's interest in the joint venture:
Proportion of the Group's ownership	33%	33%	33%
The Group's share of net assets of the joint venture	¥ 1,425,665		¥ 1,443,749
Carrying amount of the investment	1,425,665		1,443,749
Revenue	5,838,110		5,126,994	4,631,737
Gross profit	883,100		890,301	800,965
Interest income	15,671		14,465	7,388
Depreciation and amortization	321,567		553,493	531,512
Interest expenses	35,989		40,506	51,855
Profit before income tax	270,748		246,447	195,189
Income tax	36,498		44,333	21,152
Total comprehensive income for the year	234,250		202,114	174,037
Dividends of equity investments at fair value through other comprehensive income	99,000		99,000	99,000
Associates
Reconciliation to the Group's interest in the joint venture:
Revenue	167,607		151,219	157,062
Gross profit	81,734		68,469	73,510
Interest income	4,210		1,739	1,823
Depreciation and amortization	44,621		44,630	45,069
Profit before income tax	64,884		85,066	74,109
Income tax	16,774		21,986	20,267
Total comprehensive income for the year	48,110		63,080	53,842
Dividends of equity investments at fair value through other comprehensive income	24,636		11,015	¥ 8,124
China Aluminum Investment Development Co
Disclosure of joint ventures [line items]
Cash and cash equivalents	230,401		246,253
Other current assets	1,751,345		1,737,717
Total current assets	1,981,746		1,983,970
Non-current assets	3,266,027		3,310,908
Total current liabilities	65,186		58,263
Net assets	¥ 5,182,587		¥ 5,236,615
Reconciliation to the Group's interest in the associate:
Proportion of ownership interest in associate	24.12%	24.12%	24.12%
Group's share of net assets of the associate	¥ 1,250,040		¥ 1,263,072
Carrying amount of the investment	¥ 1,250,040		¥ 1,263,072

INVESTMENTS IN JOINT VENTURES_5

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Joint ventures not individually material (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of profits for the year	¥ 178,910	$ 25,940	¥ 164,100	¥ 180,502
Aggregate carrying amount of the Group's investments in joint ventures	3,339,967		3,350,959	3,374,553	$ 484,250
Joint venture
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of profits for the year	178,910		164,100
Aggregate carrying amount of the Group's investments in joint ventures	3,339,967		3,350,959	¥ 3,374,553
Aggregated individually immaterial joint ventures
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of profits for the year	102,180		96,255
Share of the joint ventures' total comprehensive income	102,180		96,255
Aggregate carrying amount of the Group's investments in joint ventures	¥ 1,914,302		¥ 1,907,210

INVESTMENTS IN JOINT VENTURES_6

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Associates (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Movements in investments in associates
As at January 1	¥ 6,441,793		¥ 7,001,103
Capital injections	17,089		309,251
Capital reduction			(140,170)
Associates	130,632	$ 18,940	(423,247)	¥ (93,518)
Cash dividends declared	(104,781)		(315,722)
Share of changes in reserves	(6,098)		10,578
Impairment	(75,997)
As at December 31	6,402,638	$ 928,295	6,441,793	7,001,103
Total subscription amount				¥ 175,433
China Aluminum Investment Development Co
Movements in investments in associates
As at January 1	1,263,072
As at December 31	1,250,040		¥ 1,263,072
Registered and paid-in capital	¥ 1,229,748
Ownership interest in associate (in percent)	24.12%	24.12%	24.12%
Voting power in associate (as a percent)	24.12%	24.12%
Profit sharing in associate (as a percent)	24.12%	24.12%
Guangxi Huayin Aluminum Co., Ltd.
Movements in investments in associates
Registered and paid-in capital	¥ 2,441,987

INVESTMENTS IN JOINT VENTURES_7

INVESTMENTS IN JOINT VENTURES AND ASSOCIATES - Associates not individually material (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of the associates' profits	¥ 130,632	$ 18,940	¥ (423,247)	¥ (93,518)
Aggregate carrying amount of the Group's investments in the associates	6,402,638		6,441,793	¥ 7,001,103	$ 928,295
Aggregate associates that are not individually material
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Share of the associates' profits	119,028		(438,462)
Share of the associates' total other comprehensive income	(5,628)		6,292
Share of the associates' total comprehensive income	113,400		(432,170)
Aggregate carrying amount of the Group's investments in the associates	¥ 5,152,598		¥ 5,178,721

OTHER FINANCIAL ASSETS MEASUR_3

OTHER FINANCIAL ASSETS MEASURED AT FAIR VALUE (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Dec. 27, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020	Dec. 31, 2022 USD ($)
Disclosure of financial assets [line items]
Other financial assets measured at fair value		¥ 2,161,085	¥ 457,686		$ 313,328
Yunnan Haoxin
Disclosure of financial assets [line items]
Percentage of equity interests transferred		100%	100%	100%
Chinalco High End Manufacturing Co., Ltd.
Disclosure of financial assets [line items]
Percentage of equity interest acquired	9.16%
Cash and cash equivalents as consideration	¥ 220,000
Gains on disposals of production lines and a subsidiary	¥ 65,000
Chinalco High End Manufacturing Co., Ltd. \| Yunnan Haoxin
Disclosure of financial assets [line items]
Percentage of equity interests transferred	100%
At fair values
Disclosure of financial assets [line items]
Other financial assets measured at fair value		¥ 2,161,085	¥ 457,686
At fair values \| Listed equity investments
Disclosure of financial assets [line items]
Other financial assets measured at fair value		34,751	45,133
At fair values \| Listed equity investments \| Dongxing securities Co., Ltd
Disclosure of financial assets [line items]
Other financial assets measured at fair value		5,039	7,674
At fair values \| Listed equity investments \| China Aluminum International Engineering Corporation Limited
Disclosure of financial assets [line items]
Other financial assets measured at fair value		29,558	37,459
At fair values \| Listed equity investments \| Zhuhai Kingma Holding Co Ltd
Disclosure of financial assets [line items]
Other financial assets measured at fair value		154
At fair values \| Unlisted Investments
Disclosure of financial assets [line items]
Other financial assets measured at fair value		2,126,334	412,553
At fair values \| Unlisted Investments \| Sanmenxia Dachang Mining Co., Ltd
Disclosure of financial assets [line items]
Other financial assets measured at fair value		19,336	20,921
At fair values \| Unlisted Investments \| Inner Mongolia Ganqimaodu Port Development Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value		12,078	16,669
At fair values \| Unlisted Investments \| Yinchuan Economic and Technological Development Zone Investment Holding Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value		20,149	20,577
At fair values \| Unlisted Investments \| Chinalco High End Manufacturing Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value		1,727,129
At fair values \| Unlisted Investments \| Xingxian Shengxing Highway Investment Management Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value		113,850	135,079
At fair values \| Unlisted Investments \| Fangchenggang Chisha Pier Co., Ltd.
Disclosure of financial assets [line items]
Other financial assets measured at fair value		42,700	21,700
At fair values \| Unlisted Investments \| jinlong Copper Co Ltd [Member]
Disclosure of financial assets [line items]
Other financial assets measured at fair value		170,265	170,265
At fair values \| Unlisted Investments \| Other Equity Investments
Disclosure of financial assets [line items]
Other financial assets measured at fair value		¥ 20,827	¥ 27,342

DEFERRED TAX - Assets (Details)

DEFERRED TAX - Assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Movements in deferred tax assets:
As at January 1,	¥ 2,096,459
As at December 31,	2,057,900	$ 298,367	¥ 2,096,459
Temporary Difference [Member]
Movements in deferred tax assets:
As of December 31	1,445,563		1,547,147
Business combination under common control			775,450	¥ 536,286
As at January 1,	2,221,013		2,083,433
Credit/(charged) to profit or loss	49,438		137,580
As at December 31,	2,270,451		2,221,013	2,083,433
Provision for impairment
Movements in deferred tax assets:
As of December 31	695,988		510,518
Business combination under common control			383,294	124,234
As at January 1,	1,079,282		634,752
Credit/(charged) to profit or loss	118,494		444,530
As at December 31,	1,197,776		1,079,282	634,752
Accrued expenses
Movements in deferred tax assets:
As of December 31	23,673		109,585
Business combination under common control			8,606	13,550
As at January 1,	32,279		123,135
Credit/(charged) to profit or loss	(8,612)		(90,856)
As at December 31,	23,667		32,279	123,135
Unused tax losses [member]
Movements in deferred tax assets:
As of December 31	243,610		470,379
Business combination under common control			90,545	108,619
As at January 1,	334,155		578,998
Credit/(charged) to profit or loss	(141,929)		(244,843)
As at December 31,	192,226		334,155	578,998
Unrealized profit at consolidation
Movements in deferred tax assets:
As of December 31	293,650		226,086
Business combination under common control			233,636	225,264
As at January 1,	527,286		451,350
Credit/(charged) to profit or loss	(6,955)		75,936
As at December 31,	520,331		527,286	451,350
Others
Movements in deferred tax assets:
As of December 31	188,642		230,579
Business combination under common control			59,369	64,619
As at January 1,	248,011		295,198
Credit/(charged) to profit or loss	88,440		(47,187)
As at December 31,	¥ 336,451		¥ 248,011	¥ 295,198

DEFERRED TAX - Liabilities (Det

DEFERRED TAX - Liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Movements in deferred tax liabilities:
As at January 1,	¥ 1,403,291
As at December 31,	1,451,692	$ 210,476	¥ 1,403,291
Temporary Difference [Member]
Movements in deferred tax liabilities:
As of December 31	1,437,935		1,502,999
Business combination under common control			89,910	¥ 103,079
As at January 1,	1,527,845		1,606,078
Charged to other comprehensive income	(7,236)		(5,733)
Credited to profit or loss	143,634		(72,500)
As at December 31,	1,664,243		1,527,845
Interest capitalization
Movements in deferred tax liabilities:
As of December 31	17,925		25,840
As at January 1,	17,925		25,840
Credited to profit or loss	(2,093)		(7,915)
As at December 31,	15,832		17,925
Fair value changes of financial assets
Movements in deferred tax liabilities:
As of December 31	1,842		8,900
As at January 1,	1,842		8,900
Charged to other comprehensive income	(7,236)		(5,733)
Credited to profit or loss	6,375		(1,325)
As at December 31,	981		1,842
Withholding Tax
Movements in deferred tax liabilities:
Credited to profit or loss	204,786
As at December 31,	204,786
Depreciation and amortization
Movements in deferred tax liabilities:
As of December 31	71,967		37,107
Business combination under common control			68,409	79,384
As at January 1,	140,376		116,491
Credited to profit or loss	38,338		23,885
As at December 31,	178,714		140,376
Fair value adjustments arising from acquisition of subsidiaries
Movements in deferred tax liabilities:
As of December 31	1,346,201		1,431,152
Business combination under common control			21,501	¥ 23,695
As at January 1,	1,367,702		1,454,847
Credited to profit or loss	(103,772)		(87,145)
As at December 31,	¥ 1,263,930		¥ 1,367,702

DEFERRED TAX - Balances (Detail

DEFERRED TAX - Balances (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
DEFERRED TAX
Deferred Tax Assets And Liabilities Offset	¥ 212,000	¥ 125,000
Net deferred tax assets	2,057,900	2,096,459
Net deferred tax liabilities	¥ 1,451,692	¥ 1,403,291

DEFERRED TAX - Deductible tempo

DEFERRED TAX - Deductible temporary differences (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
DEFERRED TAX
Deductible temporary differences	¥ 16,298,974	¥ 12,764,306
Accumulated tax losses	7,674,394	7,192,320
Deductible Temporary Differences and Accumulated Losses For Which No Deferred Tax Asset Is Recognised	¥ 23,973,368	¥ 19,956,626

DEFERRED TAX - Unrecognised tax

DEFERRED TAX - Unrecognised tax losses (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Tax losses
Unrecognised tax losses	¥ 7,674,394	¥ 7,192,320
2022
Tax losses
Unrecognised tax losses		765,163
2023
Tax losses
Unrecognised tax losses	447,159	556,052
2024
Tax losses
Unrecognised tax losses	1,199,709	1,397,436
2025
Tax losses
Unrecognised tax losses	2,133,390	2,146,025
2026
Tax losses
Unrecognised tax losses	1,160,961	1,440,774
2027 and beyond
Tax losses
Unrecognised tax losses	¥ 2,733,175	¥ 886,870

OTHER NON-CURRENT ASSETS (Detai

OTHER NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
OTHER NON-CURRENT ASSETS
Financial assets, Long-term receivables	¥ 513,281		¥ 504,307
Less: impairment	(443,088)		(15,542)
Financial assets, Long-term receivables, net of impairment	70,193		488,765
Prepayment for mining rights	873,277		806,534
Long-term prepaid expenses	838,568		653,241
Deferred losses for sales and leaseback transactions	77,449		97,070
Input VAT to be deducted	241,757		305,150
Others	330,256		481,901
Total non-financial assets	2,361,307		2,343,896
Total other non-current assets	2,431,500	$ 352,534	¥ 2,832,661
Impairment loss on long term lease receivable	¥ 384,000

INVENTORIES (Details)

INVENTORIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Inventories
Total inventories	¥ 24,712,322	$ 3,582,950	¥ 21,642,654
Cost
Inventories
Raw materials	7,322,376		6,568,752
Work-in-progress	11,660,396		10,512,450
Finished goods	6,177,766		4,639,875
Spare parts	622,541		645,564
Packaging materials and others	162,874		26,351
Total inventories	25,945,953		22,392,992
Provision for impairment
Inventories
Total inventories	¥ (1,233,631)		¥ (750,338)	¥ (616,680)

INVENTORIES - Movements in the

INVENTORIES - Movements in the provision for impairment of inventories (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Movements in the provision for impairment of inventories
As at January 1	¥ (21,642,654)
As at December 31	(24,712,322)	$ (3,582,950)	¥ (21,642,654)
Inventories pledged for bank and other borrowings	0		0
Bauxite inventories
Movements in the provision for impairment of inventories
Impairment loss on inventories	535,000
Accumulated Impairment
Movements in the provision for impairment of inventories
As at January 1	750,338		616,680
Provision for impairment of inventories (Note)	943,732		485,088
Disposal of a subsidiary	(5,452)
Reversal arising from increase in net realizable value	(4,766)		(14,624)
Written off upon sales of inventories	(450,221)		(336,806)
As at December 31	¥ 1,233,631		¥ 750,338

TRADE RECEIVABLES AND NOTES R_3

TRADE RECEIVABLES AND NOTES RECEIVABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Trade receivables	¥ 4,106,396		¥ 3,031,250
Total trade and notes receivables	5,874,021	$ 851,653	7,106,729
Trade receivables and notes receivables (Note 14)	289,000		1,983,000
Notes receivable
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Measured at amortized cost	411,145		1,207,602
Measured at fair value through other comprehensive income	1,356,480		2,867,877
USD
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Total trade and notes receivables	981,000		520,000
Cost
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Trade receivables	5,055,178		4,043,972
Accumulated Impairment
TRADE TRADE RECEIVABLES AND NOTES RECEIVABLES
Less: provision for impairment	¥ (948,782)		¥ (1,012,722)	¥ (988,802)	¥ (814,986)

TRADE RECEIVABLES AND NOTES R_4

TRADE RECEIVABLES AND NOTES RECEIVABLES - Ageing analysis of trade receivables (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TRADE AND NOTES RECEIVABLES
Trade receivables	¥ 4,106,396	¥ 3,031,250
Cost
TRADE AND NOTES RECEIVABLES
Trade receivables	5,055,178	4,043,972
Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade receivables	2,780,524	2,332,703
Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade receivables	860,619	153,410
Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	112,902	237,916
Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	1,301,133	1,319,943
Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: impairment allowance	¥ (948,782)	¥ (1,012,722)	¥ (988,802)	¥ (814,986)

TRADE RECEIVABLES AND NOTES R_5

TRADE RECEIVABLES AND NOTES RECEIVABLES - Credit risk exposure (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
TRADE AND NOTES RECEIVABLES
Trade and notes receivables	¥ 5,874,021	$ 851,653	¥ 7,106,729
Trade receivables	4,106,396		3,031,250
Cost
TRADE AND NOTES RECEIVABLES
Trade receivables	5,055,178		4,043,972
Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade receivables	2,780,524		2,332,703
Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade receivables	860,619		153,410
Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	112,902		237,916
Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade receivables	1,301,133		1,319,943
Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment	¥ (948,782)		¥ (1,012,722)	¥ (988,802)	¥ (814,986)
Individually assessed \| China Aluminum ZiBo International Trading Co.,Ltd.
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			100%
Individually assessed \| Aluminum Industry Co., Ltd., Luoyang, Henan
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			100%
Individually assessed \| Xinjiang Jiarun Resources Holdings Co., Ltd.
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			100%
Individually assessed \| Others
TRADE AND NOTES RECEIVABLES
Expected credit loss rate			98.96%
Individually assessed \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			¥ 1,085,218
Individually assessed \| Cost \| China Aluminum ZiBo International Trading Co.,Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			270,419
Individually assessed \| Cost \| Zhuhai Hongfan nonferrous metal Chemical Co., Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			247,163
Individually assessed \| Cost \| Aluminum Industry Co., Ltd., Luoyang, Henan
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			213,293
Individually assessed \| Cost \| Xinjiang Jiarun Resources Holdings Co., Ltd.
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			111,138
Individually assessed \| Cost \| Others
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			243,205
Individually assessed \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(835,521)
Individually assessed \| Accumulated Impairment \| China Aluminum ZiBo International Trading Co.,Ltd.
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(270,419)
Individually assessed \| Accumulated Impairment \| Aluminum Industry Co., Ltd., Luoyang, Henan
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(213,293)
Individually assessed \| Accumulated Impairment \| Xinjiang Jiarun Resources Holdings Co., Ltd.
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(111,138)
Individually assessed \| Accumulated Impairment \| Others
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(240,671)
Total \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			3,969,960
Total \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(113,261)
Alumina and primary aluminum \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.56%	0.56%
Alumina and primary aluminum \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	1.23%	1.23%
Alumina and primary aluminum \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.41%	0.41%
Alumina and primary aluminum \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	86.92%	86.92%
Alumina and primary aluminum \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			1,059,314
Alumina and primary aluminum \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			998,902
Alumina and primary aluminum \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			4,796
Alumina and primary aluminum \| Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			12,116
Alumina and primary aluminum \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			43,500
Alumina and primary aluminum \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(43,555)
Alumina and primary aluminum \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(5,636)
Alumina and primary aluminum \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(59)
Alumina and primary aluminum \| Accumulated Impairment \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(50)
Alumina and primary aluminum \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(37,810)
Energy \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.16%	0.16%
Energy \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.35%	0.35%
Energy \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	0.64%	0.64%
Energy \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	21.89%	21.89%
Energy \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			2,222,235
Energy \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			1,117,078
Energy \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			854,495
Energy \| Cost \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			100,772
Energy \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			149,890
Energy \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(38,232)
Energy \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,752)
Energy \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(3,028)
Energy \| Accumulated Impairment \| Between 2 and 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(645)
Energy \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(32,807)
Trading \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	1.58%	1.58%
Trading \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	11.73%	11.73%
Trading \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	52.30%	52.30%
Trading \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			634,998
Trading \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			631,722
Trading \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			358
Trading \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			2,918
Trading \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(11,545)
Trading \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(9,977)
Trading \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(42)
Trading \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(1,526)
Corporate and other operating segments \| Within 1 year
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	1.49%	1.49%
Corporate and other operating segments \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	21.63%	21.63%
Corporate and other operating segments \| Over 3 years
TRADE AND NOTES RECEIVABLES
Expected credit loss rate	97.59%	97.59%
Corporate and other operating segments \| Cost
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			53,413
Corporate and other operating segments \| Cost \| Within 1 year
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			32,817
Corporate and other operating segments \| Cost \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			869
Corporate and other operating segments \| Cost \| Over 3 years
TRADE AND NOTES RECEIVABLES
Trade and notes receivables			19,727
Corporate and other operating segments \| Accumulated Impairment
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(19,929)
Corporate and other operating segments \| Accumulated Impairment \| Within 1 year
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(489)
Corporate and other operating segments \| Accumulated Impairment \| Between 1 and 2 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			(188)
Corporate and other operating segments \| Accumulated Impairment \| Over 3 years
TRADE AND NOTES RECEIVABLES
Less: provision for impairment			¥ (19,252)

TRADE RECEIVABLES AND NOTES R_6

TRADE RECEIVABLES AND NOTES RECEIVABLES - Movements on the provision for impairment of trade receivables (Details) - Accumulated Impairment - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in other provisions
Allowance account for credit losses of financial assets at beginning of period	¥ 1,012,722	¥ 988,802	¥ 814,986
Provision for impairment	34,807	364,618	405,574
Written off	(17,021)	(285,178)	(142,786)
Reversal	(38,481)	(38,465)	(90,752)
Others (Note)	(43,245)	(17,055)	1,780
Allowance account for credit losses of financial assets at end of period	¥ 948,782	¥ 1,012,722	¥ 988,802

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Financial assets
Deposits paid to suppliers	¥ 525,666		¥ 1,315,545
Dividends receivable	360,342		373,252
Entrusted loans and loans receivable from third parties	1,417,284		1,466,236
Entrusted loans and loans receivable from related parties	1,278,093		1,348,016
Recoverable reimbursement for freight charges	285,428		351,976
Other financial assets	1,040,632		710,518
Financial assets included in other current assets	4,907,445		5,565,543
Financial assets included in other current assets, net of provision for impairment	1,712,457		2,358,411
Deductible input value added tax receivables	577,041		778,251
Prepaid income tax	142,056		62,139
Prepayments to related parties for purchases	127,748		154,644
Prepayments to suppliers for purchases and others	2,052,125		846,272
Other receivables	78,270		75,952
Other current assets, excluded financial assets	2,977,240		1,917,258
Other current assets, excluded financial assets, net of provision for impairment	2,977,240		1,917,258
Total other current assets	4,689,697	$ 679,942	4,275,669
USD
Financial assets
Other receivables	151,000		99,000
Other current assets [member]
Financial assets
Less: impairment allowance	¥ (3,194,988)		¥ (3,207,132)

OTHER CURRENT ASSETS - Analysis

OTHER CURRENT ASSETS - Analysis of financial assets included in other current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
OTHER CURRENT ASSETS
Financial assets included in other current assets	¥ 4,907,445	¥ 5,565,543
Financial assets included in other current assets, net of provision for impairment	1,712,457	2,358,411
Within 1 year
OTHER CURRENT ASSETS
Financial assets included in other current assets	1,355,199	1,888,964
Between 1 and 2 years
OTHER CURRENT ASSETS
Financial assets included in other current assets	181,198	190,999
Between 2 and 3 years
OTHER CURRENT ASSETS
Financial assets included in other current assets	89,680	51,675
Over 3 years
OTHER CURRENT ASSETS
Financial assets included in other current assets	3,281,368	3,433,905
Other current assets [member]
OTHER CURRENT ASSETS
Less: provision for impairment	¥ (3,194,988)	¥ (3,207,132)

OTHER CURRENT ASSETS - Movement

OTHER CURRENT ASSETS - Movements in the provision for impairment of other current assets (Details) - Impairment on other current assets - Other current assets [member] - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Provision for impairment of other current assets
At beginning of year	¥ 3,207,132	¥ 2,273,183	¥ 1,733,567
Provision for impairment	96,725	1,053,773	673,277
Write off	(3,020)	(135,049)	(113,504)
Reversal	(105,023)	(4,877)	(20,157)
Others	(826)	20,102
As at December 31,	¥ 3,194,988	¥ 3,207,132	¥ 2,273,183

OTHER CURRENT ASSETS - Financia

OTHER CURRENT ASSETS - Financial assets included in other current assets at amortized cost (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	¥ 4,907,445	¥ 5,565,543
Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	3,194,988	3,207,132
Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	4,907,445	5,565,543
Accumulated Impairment
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	948,782	1,012,722	¥ 988,802	¥ 814,986
Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	3,194,988	3,207,132
12-month expected credit losses \| Financial instruments not credit-impaired \| Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	1,403,623	2,007,620
12-month expected credit losses \| Financial instruments not credit-impaired \| Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	4,743	6,503
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	103,277	207,409
Lifetime expected credit losses \| Financial instruments not credit-impaired \| Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	19,853	9,598
Lifetime expected credit losses \| Financial instruments credit-impaired \| Cost \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	3,400,545	3,350,514
Lifetime expected credit losses \| Financial instruments credit-impaired \| Accumulated Impairment \| Other current assets [member]
Financial assets at amortized cost and stages for measurement of ECLs
Expected credit losses	3,170,392	3,191,031
Within 1 year
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	1,355,199	1,888,964
Between 1 and 2 years
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	181,198	190,999
Between 2 and 3 years
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	89,680	51,675
Over 3 years
Financial assets at amortized cost and stages for measurement of ECLs
Financial assets included in other current assets	¥ 3,281,368	¥ 3,433,905

CASH AND CASH EQUIVALENTS AND_3

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Total (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Restricted cash	¥ 2,443,249		¥ 1,400,988
Cash and cash equivalents	16,816,684	$ 2,438,190	19,683,619
Total cash and cash equivalents, and cash and cash equivalents restricted	¥ 19,259,933		¥ 21,084,607

CASH AND CASH EQUIVALENTS AND_4

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Cash and cash equivalent and restricted cash denominated in foreign currencies (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	¥ 19,259,933	¥ 21,084,607
RMB
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	17,843,469	19,498,843
USD
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	1,378,559	1,566,024
HKD
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	12,517	11,562
EUR
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	1,989	1,957
Others
Cash and cash equivalent and restricted cash of the group
Cash and cash equivalents	¥ 23,399	¥ 6,221

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - ¥ / shares	Dec. 31, 2022	Dec. 31, 2021
SHARE CAPITAL
Shares authorized (in shares)	17,161,591,551
Number of shares issued	17,161,592	17,022,673
Par value per share	¥ 1
Restricted A Shares under Incentive Scheme
SHARE CAPITAL
Number of shares issued	48,258,000
Restricted A Shares under Incentive Scheme \| Restricted Shares
SHARE CAPITAL
Number of shares issued	138,918,600
Listed A Shares
SHARE CAPITAL
Number of shares issued	13,217,626	13,078,707
Listed H Shares
SHARE CAPITAL
Number of shares issued	3,943,966	3,943,966

RESTRICTED SHARES HELD FOR EM_3

RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME (Details) ¥ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Thousands			12 Months Ended
	Nov. 24, 2022 EquityInstruments ¥ / shares	May 25, 2022 EquityInstruments ¥ / shares	Dec. 31, 2022 CNY (¥) USD ($) shares	Dec. 31, 2022 USD ($) shares
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Shares Held for Employee Share Scheme			¥ (404,685)	$ (58,674)
Restricted A shares under the Incentive Scheme
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Number of restricted shares granted	26,649	112,270	138,919
Grant price (per share)	¥ 2.21	¥ 3.08
Fair value at grant date (per share)	¥ 4.42	¥ 4.97
Restricted A shares under the Incentive Scheme \| Restricted Shares
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Shares Held for Employee Share Scheme \| ¥			¥ (404,685)
Restricted shares held for employee share scheme \| shares			(138,919)	(138,919)

RESTRICTED SHARES HELD FOR EM_4

RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME - Granted and Repurchase obligation (Details) - Restricted A shares under the Incentive Scheme ¥ in Thousands, $ in Thousands			12 Months Ended
	Nov. 24, 2022 EquityInstruments	May 25, 2022 EquityInstruments	Dec. 31, 2022 CNY (¥) USD ($)
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Granted (in shares)	(26,649)	(112,270)	(138,919)
Ending balance (in shares) \| $			(138,919)
Granted			¥ (404,685)
Ending balance			¥ (404,685)

RESTRICTED SHARES HELD FOR EM_5

RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME - Shares issued (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Number of shares issued	17,161,592	17,022,673
Restricted A shares under the Incentive Scheme
RESTRICTED SHARES HELD FOR EMPLOYEE SHARE SCHEME
Number of shares issued	48,258,000

OTHER EQUITY INSTRUMENTS (Detai

OTHER EQUITY INSTRUMENTS (Details) $ in Thousands			12 Months Ended
OTHER EQUITY INSTRUMENTS (Details) $ in Thousands	Sep. 20, 2022 CNY (¥)	Aug. 17, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 CNY (¥)
OTHER EQUITY INSTRUMENTS
Beginning balance			¥ 2,498,429,000
Issue			2,000,000,000
Redemption			2,498,429,000
Ending balance			2,000,000,000	$ 289,973
Proceeds from issuance of senior perpetual securities			2,000,000,000	$ 289,973	¥ 1,000,000,000
Proceeds from Medium-term Notes			2,000,000,000
2019 Second Medium-term Notes
OTHER EQUITY INSTRUMENTS
Beginning balance			1,498,429,000
Redemption			1,498,429,000
2020 Second Medium-term Notes
OTHER EQUITY INSTRUMENTS
Beginning balance			1,000,000,000
Redemption			1,000,000,000
2022 Third Medium-term Notes
OTHER EQUITY INSTRUMENTS
Issue		¥ 1,000,000,000	1,000,000,000
Ending balance			1,000,000,000
Notional amount		¥ 1,000,000,000
Interest rate (as a percent)		2.87%
Proceeds from Medium-term Notes		¥ 1,000,000,000	1,000,000,000
Initial spread (as a percent)		0.57%
Amount of unpaid or deferred coupon distribution payments			0
2022 Third Medium-term Notes \| Maximum
OTHER EQUITY INSTRUMENTS
Margin rate (as a percent)		3%
Margin rate term (in years)		3 years
2022 Fourth Medium-term Notes
OTHER EQUITY INSTRUMENTS
Issue			1,000,000,000
Ending balance			1,000,000,000
Notional amount	¥ 1,000,000,000
Interest rate (as a percent)	2.68%
Proceeds from issuance of senior perpetual securities	¥ 1,000,000,000
Proceeds from Medium-term Notes			1,000,000,000
Initial spread (as a percent)	0.59%
Amount of unpaid or deferred coupon distribution payments			¥ 0
2022 Fourth Medium-term Notes \| Maximum
OTHER EQUITY INSTRUMENTS
Margin rate (as a percent)	3%
Margin rate term (in years)	2 years

INTEREST BEARING LOANS AND BORR

INTEREST BEARING LOANS AND BORROWINGS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
INTEREST BEARING LOANS AND BORROWINGS
Lease liabilities	¥ 10,099,506		¥ 11,493,471
Medium-term notes and bonds	19,722,641		19,222,586
Bank and other loans	47,549,557		49,246,656
Total Long-term loans and borrowings	77,371,704		79,962,713
Current portion of lease liabilities	(890,033)		(974,941)
Current portion of medium-term notes and bonds	(4,398,561)		(2,999,599)
Current portion of long-term bank and other loans	(13,486,345)		(6,313,238)
Current portion of long-term loans and borrowings	(18,774,939)		(10,287,778)
Non-current portion of long-term loans and borrowings	58,596,765	$ 8,495,732	69,674,935
Secured
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans	7,173,497		11,305,535
Guaranteed
INTEREST BEARING LOANS AND BORROWINGS
Medium-term notes and bonds	6,939,665		6,343,589
Bank and other loans	2,008,337		4,347,079
Unsecured
INTEREST BEARING LOANS AND BORROWINGS
Medium-term notes and bonds	12,782,976		12,878,997
Bank and other loans	¥ 38,367,723		¥ 33,594,042

INTEREST BEARING LOANS AND BO_2

INTEREST BEARING LOANS AND BORROWINGS - Short-term loans and borrowings (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Loans and borrowings
Short-term bonds, unsecured (Note (d))	¥ 2,623,311		¥ 5,440,414
Bank and other loans, current	6,461,103		11,937,178
Current portion of lease liabilities	890,033		974,941
Current portion of medium-term notes and bonds	4,398,561		2,999,599
Current portion of long-term bank and other loans	13,486,345		6,313,238
Current portion of long term borrowings Including bonds	21,398,250		15,728,192
Interest-bearing loans and borrowings	27,859,353	$ 4,039,226	27,665,370
JPY
Loans and borrowings
Interest-bearing loans and borrowings	8,000		11,000
USD
Loans and borrowings
Interest-bearing loans and borrowings	737,000		1,333,000
Secured
Loans and borrowings
Bank and other loans, current	368,995		513,100
Unsecured
Loans and borrowings
Bank and other loans, current	¥ 6,092,108		¥ 11,424,078

INTEREST BEARING LOANS AND BO_3

INTEREST BEARING LOANS AND BORROWINGS - Other information (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	¥ 27,859,353	$ 4,039,226	¥ 27,665,370
Bank and other loans, current	6,461,103		11,937,178
Joint venture
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	117,000		0
Fellow of Subsidiaries
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	12,274,000		13,180,000
JPY
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	8,000		11,000
USD
INTEREST BEARING LOANS AND BORROWINGS
Interest-bearing loans and borrowings	737,000		1,333,000
Secured
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans, current	368,995		513,100
Secured \| Shandong Huayu
INTEREST BEARING LOANS AND BORROWINGS
Bank and other loans, current	¥ 106,000		¥ 113,000

INTEREST BEARING LOANS AND BO_4

INTEREST BEARING LOANS AND BORROWINGS - Maturity of long-term bank and other loans (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Maturity of long-term bank and other loans
Bank and other loans	¥ 47,549,557	¥ 49,246,656
Within 1 year
Maturity of long-term bank and other loans
Bank and other loans	13,486,345	6,313,238
Between 1 and 2 years
Maturity of long-term bank and other loans
Bank and other loans	6,604,880	17,425,249
Between 2 and 5 years
Maturity of long-term bank and other loans
Bank and other loans	20,579,821	10,787,187
Over 5 years
Maturity of long-term bank and other loans
Bank and other loans	¥ 6,878,511	¥ 14,720,982
Bank and other loans \| Weighted average
Maturity of long-term bank and other loans
Weighted average interest (as a percent)	4.10%	4.55%
Loans from banks and other financial institutions
Maturity of long-term bank and other loans
Bank and other loans	¥ 47,541,437	¥ 49,086,595
Loans from banks and other financial institutions \| Within 1 year
Maturity of long-term bank and other loans
Bank and other loans	13,484,315	6,162,067
Loans from banks and other financial institutions \| Between 1 and 2 years
Maturity of long-term bank and other loans
Bank and other loans	6,602,850	17,422,804
Loans from banks and other financial institutions \| Between 2 and 5 years
Maturity of long-term bank and other loans
Bank and other loans	20,575,761	10,780,742
Loans from banks and other financial institutions \| Over 5 years
Maturity of long-term bank and other loans
Bank and other loans	6,878,511	14,720,982
Other loans
Maturity of long-term bank and other loans
Bank and other loans	8,120	160,061
Other loans \| Within 1 year
Maturity of long-term bank and other loans
Bank and other loans	2,030	151,171
Other loans \| Between 1 and 2 years
Maturity of long-term bank and other loans
Bank and other loans	2,030	2,445
Other loans \| Between 2 and 5 years
Maturity of long-term bank and other loans
Bank and other loans	¥ 4,060	¥ 6,445
Short-term bank and other loans \| Weighted average
Maturity of long-term bank and other loans
Weighted average interest (as a percent)	2.76%	3.03%

INTEREST BEARING LOANS AND BO_5

INTEREST BEARING LOANS AND BORROWINGS - Medium-term and long-term notes and bonds and private placement notes (Details) ¥ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Disclosure of detailed information about borrowings [line items]
Medium-term notes and bonds	¥ 19,722,641		¥ 19,222,586
2018 medium-term 5.06% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 900,000
Interest rate (as a percent)	5.06%	5.06%
Medium-term notes and bonds	¥ 899,865		899,323
2018 medium-term 4.57% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,600,000
Interest rate (as a percent)	4.57%	4.57%
Medium-term notes and bonds	¥ 1,598,947		1,597,988
2019 Medium -term 4.31% notes
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	4.31%	4.31%
Medium-term notes and bonds	¥ 1,993,080		1,989,090
2019 Medium-Term 3.84% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	3.84%	3.84%
Medium-term notes and bonds			1,999,809
2019 Medium-term 4.57% bonds.
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	4.57%	4.57%
Medium-term notes and bonds	¥ 1,997,623		1,997,440
2019 Medium-term 3.52% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	3.52%	3.52%
Medium-term notes and bonds			999,790
2020 Medium-Term 3.31% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 500,000
Interest rate (as a percent)	3.31%	3.31%
Medium-term notes and bonds	¥ 499,900		499,876
2021 Medium-term 3.21% notes
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	3.21%	3.21%
Medium-term notes and bonds	¥ 997,969		997,028
2022 Medium-term 3.08% notes
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	3.08%	3.08%
Medium-term notes and bonds	¥ 1,996,665
2022 Medium-term 2.73% notes
Disclosure of detailed information about borrowings [line items]
Face value	¥ 400,000
Interest rate (as a percent)	2.73%	2.73%
Medium-term notes and bonds	¥ 399,557
2020 Medium-Term 3.04% notes
Disclosure of detailed information about borrowings [line items]
Face value	¥ 900,000
Interest rate (as a percent)	3.04%	3.04%
Medium-term notes and bonds	¥ 899,787		898,866
2022 Medium-term 2.50% notes
Disclosure of detailed information about borrowings [line items]
Face value	¥ 500,000
Interest rate (as a percent)	2.50%	2.50%
Medium-term notes and bonds	¥ 499,621
2021 Hong Kong Medium-term 1.74% bonds
Disclosure of detailed information about borrowings [line items]
Face value \| $		$ 500,000
Interest rate (as a percent)	1.74%	1.74%
Medium-term notes and bonds	¥ 3,472,428		3,173,180
2021 Hong Kong Medium-term 2.24% bonds.
Disclosure of detailed information about borrowings [line items]
Face value \| $		$ 500,000
Interest rate (as a percent)	2.24%	2.24%
Medium-term notes and bonds	¥ 3,467,237		3,170,409
2020 Medium-Term 3.07% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	3.07%	3.07%
Medium-term notes and bonds	¥ 999,962		¥ 999,787

INTEREST BEARING LOANS AND BO_6

INTEREST BEARING LOANS AND BORROWINGS - Short-term bank, other loans and short-term bonds (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Short-term bonds, unsecured (Note (d))	¥ 2,623,311	¥ 5,440,414
Short-term bank and other loans
Disclosure of detailed information about borrowings [line items]
Short-term bonds, unsecured (Note (d))	¥ 2,623,311	¥ 5,440,414
Short-term bank and other loans \| Weighted average
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)	2.76%	3.03%
Weighted average interest (as a percent)	2.76%	3.03%
Short-term 2.30% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	2.30%
Weighted average interest (as a percent)	2.30%
Short-term 2.70 % bonds
Disclosure of detailed information about borrowings [line items]
Face value		¥ 400,000
Interest rate (as a percent)		2.70%
Short-term bonds, unsecured (Note (d))		¥ 406,036
Weighted average interest (as a percent)		2.70%
Short-term 2.59 % bonds
Disclosure of detailed information about borrowings [line items]
Face value		¥ 2,000,000
Interest rate (as a percent)		2.59%
Short-term bonds, unsecured (Note (d))		¥ 2,022,571
Weighted average interest (as a percent)		2.59%
Short-term 2.55 % bonds
Disclosure of detailed information about borrowings [line items]
Face value		¥ 1,000,000
Interest rate (as a percent)		2.55%
Short-term bonds, unsecured (Note (d))		¥ 1,006,240
Weighted average interest (as a percent)		2.55%
Short-term 2.80 % bonds
Disclosure of detailed information about borrowings [line items]
Face value		¥ 2,000,000
Interest rate (as a percent)		2.80%
Short-term bonds, unsecured (Note (d))		¥ 2,005,567
Weighted average interest (as a percent)		2.80%
Short-term 2.58% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 2,000,000
Interest rate (as a percent)	2.58%
Weighted average interest (as a percent)	2.58%
Short-term 2.05% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 600,000
Interest rate (as a percent)	2.05%
Short-term bonds, unsecured (Note (d))	¥ 608,105
Weighted average interest (as a percent)	2.05%
Short-term 1.93% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	1.93%
Short-term bonds, unsecured (Note (d))	¥ 1,009,288
Weighted average interest (as a percent)	1.93%
Short-term 1.59% bonds
Disclosure of detailed information about borrowings [line items]
Face value	¥ 1,000,000
Interest rate (as a percent)	1.59%
Short-term bonds, unsecured (Note (d))	¥ 1,005,918
Weighted average interest (as a percent)	1.59%

INTEREST BEARING LOANS AND BO_7

INTEREST BEARING LOANS AND BORROWINGS - Guaranteed interest-bearing loans and borrowings (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about borrowings [line items]
Bank and other loans	¥ 47,549,557	¥ 49,246,656
Bank and other loans, current	6,461,103	11,937,178
Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	8,948,002	10,690,668
Guaranteed
Disclosure of detailed information about borrowings [line items]
Bank and other loans	2,008,337	4,347,079
Baotou Aluminum Co. Ltd and Baotou Communications Investment Group Co. Ltd \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	412,500	825,000
Guizhou Investment \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans		935,000
The Company \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	7,443,377	7,397,333
The Company and COSCO SHIPPING BULK Limited company \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	327,125	318,785
Ningxia Energy \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans	¥ 765,000
Yunnan Aluminum \| Guaranteed \| Long-term loans
Disclosure of detailed information about borrowings [line items]
Bank and other loans		¥ 1,214,550

LEASE - Carrying amount of righ

LEASE - Carrying amount of right-of-use and movement during the year (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	¥ 19,042,009		¥ 15,496,723
Additions	680,159		6,145,120	¥ 83,617
Additions	680,159		137,245
Transfer from investment properties (Note 8)	5,997
Transfer from property, plant and equipment (Note 7)			68,377
Lease modification (Note 7)	(981,739)		5,678,791
Transfer to property, plant and equipment	(64,939)		(1,343,028)
Transfer to investment properties	(46,981)		(90,314)
Disposals	(78,446)		(32,173)
Depreciation	(1,282,362)		(771,951)	(745,245)
Impairment losses			(105,305)	(15,790)
Currency translation differences	56		3,644
Balance at the end	17,273,642	$ 2,504,443	19,042,009	15,496,723
Right of Use Assets Pledged as Security	241,287		234,369
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	359,104		240,402
Additions	56,117		8,546
Lease modification (Note 7)			377,873
Transfer to property, plant and equipment			(143,646)
Depreciation	(82,820)		(124,048)
Currency translation differences	56		(23)
Balance at the end	332,345		359,104	240,402
Machinery
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	385,186		1,772,007
Additions	22,393		11,228
Lease modification (Note 7)	(3,816)
Transfer to property, plant and equipment	(64,939)		(1,199,382)
Depreciation	(62,167)		(130,923)
Impairment losses			(67,744)
Balance at the end	276,657		385,186	1,772,007
Land use rights
Disclosure of quantitative information about right-of-use assets [line items]
Balance at the beginning	18,297,719		13,484,314
Additions	601,649		117,471
Transfer from investment properties (Note 8)	5,997
Transfer from property, plant and equipment (Note 7)			68,377
Lease modification (Note 7)	(977,923)		5,300,918
Transfer to investment properties	(46,981)		(90,314)
Disposals	(78,446)		(32,173)
Depreciation	(1,137,375)		(516,980)
Impairment losses			(37,561)
Currency translation differences			3,667
Balance at the end	¥ 16,664,640		¥ 18,297,719	¥ 13,484,314

LEASE - Carrying amount of leas

LEASE - Carrying amount of lease liabilities and movement during the year (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lease liabilities
Carrying amount of January 1	¥ 11,493,471
New leases	477,299
Lease modification	(951,047)
Accretion of interest recognized during the year	678,855	¥ 344,886	¥ 438,033
Payments	(1,599,072)
Carrying amount at 31 December	10,099,506	11,493,471
Current portion	890,033	¥ 974,941
Non-current portion	¥ 9,209,473

LEASE - Amount recognized in pr

LEASE - Amount recognized in profit or loss in relation to leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASE
Interest on lease liabilities	¥ 678,855	¥ 344,886	¥ 438,033
Depreciation charge of right-of-use assets	1,282,362	771,951	745,245
Expense relating to short-term leases and leases of low-value assets	28,967	51,739	91,537
Total amount recognized in profit or loss	¥ 1,990,184	¥ 1,168,576	¥ 1,274,815

LEASE (Details)

LEASE (Details) - CNY (¥) ¥ in Millions	12 Months Ended
LEASE (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LEASE
Rental income recognized	¥ 317	¥ 312	¥ 335

OTHER NON-CURRENT LIABILITIES_2

OTHER NON-CURRENT LIABILITIES (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
Financial liabilities
-Long-term payables for mining rights	¥ 623,085	¥ 798,204
-Other financial liabilities	37,782	82,660
Financial liabilities included in other non-current liabilities	660,867	880,864
Obligations in relation to early retirement schemes (Note (i))	138,464	249,476
Deferred government grants	181,693	206,476
Deferred gain relating to sales and leaseback agreements	42,417	50,631
Contract liabilities	93,240	116,545
Provision for rehabilitation	830,154	506,006
Others	229,949	161,429
Other non current liabilities excluding financial liabilities	1,515,917	1,290,563
Other non current liabilities	¥ 2,176,784	2,171,427		$ 315,604
Percentage of forecasted increase in living expenses, social insurance and housing fund	3%			3%
Retirement benefits under the Group's early retirement schemes
As at 1 January	¥ 502,155	572,358
Provision made during the year (Note 32)	46,919	269,895	¥ 67,747
Interest costs	5,283	4,782
Payment during the year	(283,237)	(344,880)
As at 31 December	271,120	502,155	¥ 572,358
Non-current	138,464	249,476
Current (note 24)	¥ 132,656	¥ 252,679

OTHER PAYABLES AND ACCRUED LI_3

OTHER PAYABLES AND ACCRUED LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Financial liabilities
- Payable for capital expenditures	¥ 2,507,415		¥ 4,999,157
- Interest payable	360,093		494,085
- Deposits	1,856,949		1,760,156
- Dividends payable by subsidiaries to non-controlling shareholders	435,544		447,848
- Consideration payable for investment projects	73,237		38,374
- Current portion of payables for mining rights (Note 23)	176,971		182,959
- Payable of the government levies on self-operated power plants	105,287		411,021
- Restricted shares repurchase obligation	404,685
- Others	1,424,584		1,283,125
Financial liabilities included in other payables and accrued liabilities	7,344,765		9,616,725
Taxes other than income taxes payable (i)	1,239,287		1,781,725
Accrued payroll and bonus	197,591		249,581
Staff welfare payables	415,986		354,942
Current portion of obligations in relation to early retirement schemes (Note 23)	132,656		252,679
Contribution payable for pension insurance	41,118		37,509
Others	149,836		89,578
Other payables and accrued liabilities, excluded financial liabilities	2,176,474		2,766,014
Total other payables and accrued liabilities	¥ 9,521,239	$ 1,380,450	¥ 12,382,739

TRADE AND NOTES PAYABLES (Detai

TRADE AND NOTES PAYABLES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
TRADE AND NOTES PAYABLES
Trade payables	¥ 15,440,190		¥ 13,909,245
Notes payable	7,096,141		4,679,171
Total trade and notes payables	22,536,331	$ 3,267,461	18,588,416
USD
TRADE AND NOTES PAYABLES
Total trade and notes payables	¥ 261,000		¥ 241,000

TRADE AND NOTES PAYABLES - AGEI

TRADE AND NOTES PAYABLES - AGEING ANALYSIS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
OTHER CURRENT LIABILITIES
Trade and notes payables	¥ 22,536,331	$ 3,267,461	¥ 18,588,416
Within 1 year
OTHER CURRENT LIABILITIES
Trade and notes payables	21,523,421		17,012,772
Between 1 and 2 years
OTHER CURRENT LIABILITIES
Trade and notes payables	511,560		946,337
Between 2 and 3 years
OTHER CURRENT LIABILITIES
Trade and notes payables	157,729		236,106
Over 3 years
OTHER CURRENT LIABILITIES
Trade and notes payables	¥ 343,621		¥ 393,201

PLEDGE OF ASSETS (Details)

PLEDGE OF ASSETS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
PLEDGE OF ASSETS
Property, plant and equipment (Note 7)	¥ 4,967,190	¥ 5,680,508
Right of Use Assets Pledged as Security	241,287	234,369
Intangible assets (Note 6)	1,352,618	1,399,972
Trade and notes receivables (Note 14)	289,110	1,982,986
Assets pledged as security	6,850,205	9,297,835
Current portion of long-term loans and borrowings secured by contractual right to charge users for electricity generated in the future	1,402,000	1,525,000
Non-current portion of long-term loans and borrowings secured by contractual right to charge users for electricity generated in the future	¥ 6,390,000	¥ 7,959,000

EXPENSE BY NATURE (Details)

EXPENSE BY NATURE (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EXPENSE BY NATURE (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EXPENSE BY NATURE
Purchase of inventories in relation to trading activities	¥ 128,285,396	¥ 138,350,569	¥ 91,918,688
Raw materials and consumables used, and changes in work-in-progress and finished goods	58,119,628	62,159,977	44,991,195
Power and utilities	43,449,772	35,419,204	25,464,292
Depreciation of right-of-use assets	1,282,362	771,951	745,245
Depreciation and amortization (other than depreciation of right-of-use assets) expenses	9,691,457	9,789,163	9,449,798
Employee benefit expenses (Note 32)	11,451,648	11,008,847	9,892,157
Repairs and maintenance	3,257,456	3,796,066	2,010,678
Transportation expenses	9,545,420	7,227,249	5,548,616
Taxes other than income tax expense (Note (i))	2,860,228	2,595,082	1,880,012
Inventory impairment loss	938,966	470,464	1,411,908
-Audit services	18,170	18,170	18,170
-Non-audit services	3,340	870	700
Others	2,032,531	1,687,303	2,087,392
Total - Expense by nature	¥ 270,936,374	¥ 273,294,915	¥ 195,418,851

NET IMPAIRMENT LOSSES ON FINA_3

NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
NET IMPAIRMENT LOSSES ON FINANCIAL ASSETS
Impairment losses on other non-current assets (Note 12)	¥ 426,111		¥ 15,716
(Reversal of)/Impairment losses on trade and notes receivables (Note 14)	(3,674)		326,153	¥ 314,822
(Reversal of)/Impairment losses on other current assets (Note 15)	(8,298)		1,048,896	653,120
Total	¥ 414,139	$ 60,045	¥ 1,390,765	¥ 967,942

OTHER INCOME (Details)

OTHER INCOME (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
OTHER INCOME (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
OTHER INCOME
Other income	¥ 235,785	$ 34,186	¥ 173,156	¥ 304,399

OTHER (LOSSES)GAINS-NET (Detail

OTHER (LOSSES)GAINS-NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Disclosure of subsidiaries [line items]
Gains/(losses) on disposal of subsidiaries (i)	¥ 86,343		¥ (27,404)	¥ 11,305
Realized and unrealized gains/(losses) on futures, forward and option contracts, net (ii)	295,882		(604,734)	512,984
Gains/(losses) on disposal of property, plant and equipment, intangible assets and right-of-use assets, net	323,659		(679,397)	(223,206)
Others	(390,525)		(329,480)	72,009
Other gains, net	315,359	$ 45,723	(1,641,015)	373,092
Gain on disposal of subsidiaries	86,343		¥ (27,404)	¥ 11,305
Yunnan Hoaxin [Member]
Disclosure of subsidiaries [line items]
Gains/(losses) on disposal of subsidiaries (i)	¥ 37,000

OTHER (LOSSES)GAINS-NET - Addit

OTHER (LOSSES)GAINS-NET - Additional information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
IFRS Statement [Line Items]
Gain (loss) on disposal of subsidiaries	¥ 86,343	¥ (27,404)	¥ 11,305
Yunnan Hoaxin [Member]
IFRS Statement [Line Items]
Gain (loss) on disposal of subsidiaries	¥ 37,000

FINANCE INCOME_FINANCE COSTS (D

FINANCE INCOME/FINANCE COSTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
FINANCE INCOME/FINANCE COSTS
Finance income-interest income	¥ 477,137	$ 69,178	¥ 311,103	¥ 266,209
Interest expense	(3,832,874)		(4,512,188)	(5,209,163)
Less: Interest expense capitalized in property, plant and equipment	5,140		1,727	220,785
Interest expense, net of capitalised interest	(3,827,734)		(4,510,461)	(4,988,378)
Exchange losses, net	(67,133)		(22,205)	(81,323)
Finance costs	(3,894,867)	$ (564,703)	(4,532,666)	(5,069,701)
Finance costs, net	¥ (3,417,730)		¥ (4,221,563)	¥ (4,803,492)
Capitalization rate during the year	3.55%	3.55%	4%
Minimum
FINANCE INCOME/FINANCE COSTS
Capitalization rate during the year				4%
Maximum
FINANCE INCOME/FINANCE COSTS
Capitalization rate during the year				6.68%

EMPLOYEE BENEFIT EXPENSE (Detai

EMPLOYEE BENEFIT EXPENSE (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
EMPLOYEE BENEFIT EXPENSE (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT EXPENSE
Salaries and bonuses	¥ 7,601,169	¥ 6,929,589	¥ 6,591,266
Housing fund	718,428	707,809	670,150
Staff welfare and other expenses(i)	3,002,984	3,049,839	2,554,762
Shares issued under employee share scheme (Note 18)	48,258
Employment expense in relation to early retirement schemes (Note 23)	46,919	269,895	67,747
Employment expenses in relation to termination benefits	33,890	51,715	8,232
Total employee benefits expenses	¥ 11,451,648	¥ 11,008,847	¥ 9,892,157

DIRECTORS' AND SUPERVISORS' R_3

DIRECTORS' AND SUPERVISORS' REMUNERATION (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
DIRECTORS' AND SUPERVISORS' REMUNERATION
Fees	¥ 618	¥ 579	¥ 683
Basic salaries, housing fund, other allowances and benefits in kind	4,244	4,526	3,996
Pension costs	505	449	207
Total remuneration	¥ 5,367	¥ 5,554	¥ 4,886

DIRECTORS' AND SUPERVISORS' R_4

DIRECTORS' AND SUPERVISORS' REMUNERATION - Remuneration of each director and supervisor (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant related party transactions
Fees	¥ 618	¥ 579	¥ 683
Salaries	4,244	4,526	3,996
Pension costs	505	449	207
Total remuneration	5,367	5,554	4,886
Executive Directors
Significant related party transactions
Salaries	2,937	2,986	2,322
Pension costs	303	263	112
Total remuneration	3,240	3,249	2,434
Jiang Yinggang
Significant related party transactions
Salaries			562
Pension costs			31
Total remuneration			593
He Zhihui
Significant related party transactions
Salaries			866
Pension costs			37
Total remuneration			903
Zhu Runzhou
Significant related party transactions
Salaries	1,160	1,176	894
Pension costs	101	93	44
Total remuneration	1,261	1,269	938
Jiang Tao
Significant related party transactions
Salaries	844	837
Pension costs	101	77
Total remuneration	945	914
Non-executive Directors
Significant related party transactions
Fees	618	579	683
Total remuneration	618	579	683
Wang Jun
Significant related party transactions
Fees			50
Total remuneration			50
Chen Lijie
Significant related party transactions
Fees		95	211
Total remuneration		95	211
Lie-A-Cheong Tai-Chong, David
Significant related party transactions
Fees		95	211
Total remuneration		95	211
Hu Shihai
Significant related party transactions
Fees		95	211
Total remuneration		95	211
Chan Yuen Sau Kelly
Significant related party transactions
Fees	206	98
Total remuneration	206	98
Qiu Guanzhou
Significant related party transactions
Fees	206	98
Total remuneration	206	98
Yu Jingsong
Significant related party transactions
Fees	206	98
Total remuneration	206	98
Supervisors
Significant related party transactions
Salaries	1,307	1,540	1,674
Pension costs	202	186	95
Total remuneration	1,509	1,726	1,769
Xu Shuxiang [Member]
Significant related party transactions
Salaries	319
Pension costs	77
Total remuneration	396
Ou Xiaowu
Significant related party transactions
Salaries	933	973	134
Pension costs	101	93	7
Total remuneration	1,034	1,066	141
Guan Xiaoguang
Significant related party transactions
Salaries	198	770	770
Pension costs	24	93	44
Total remuneration	222	863	814
Yue Xuguang
Significant related party transactions
Salaries	790	770	770
Pension costs	101	93	44
Total remuneration	¥ 891	¥ 863	¥ 814

DIRECTORS' AND SUPERVISORS' R_5

DIRECTORS' AND SUPERVISORS' REMUNERATION - Remuneration of the directors and supervisors of the Company fell within following band (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) EquityInstruments employee	Dec. 31, 2021 CNY (¥) EquityInstruments	Dec. 31, 2020 CNY (¥) EquityInstruments
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 5,367,000	¥ 5,554,000	¥ 4,886,000
share-based compensation cost
Retirement benefits paid	505,000	449,000	207,000
Emoluments paid to directors or supervisors	¥ 0
Number of highest paid employees included in the emoluments paid to directors or supervisors \| employee	5
Executive Directors
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 3,240,000	3,249,000	2,434,000
Retirement benefits paid	303,000	263,000	112,000
Zhu Runzhou
Directors' and supervisors' remuneration
Key management personnel compensation	1,261,000	1,269,000	938,000
share-based compensation cost	112,000
Retirement benefits paid	101,000	93,000	44,000
Ou Xiaowu
Directors' and supervisors' remuneration
Key management personnel compensation	1,034,000	1,066,000	141,000
share-based compensation cost	108,000
Retirement benefits paid	101,000	93,000	¥ 7,000
Jiang Tao
Directors' and supervisors' remuneration
Key management personnel compensation	945,000	914,000
share-based compensation cost	104,000
Retirement benefits paid	¥ 101,000	¥ 77,000
Directors [Member]
Directors' and supervisors' remuneration
Number of restricted shares granted \| EquityInstruments	750,000
Retirement benefits paid	¥ 0
Termination benefits paid	0
Consideration paid or received for making available directors services	0
Loans, quasi-loans or other dealings provided	0
Amount of material interests in transactions, arrangements or contracts.	0
Supervisors
Directors' and supervisors' remuneration
Key management personnel compensation	¥ 1,509,000	¥ 1,726,000	¥ 1,769,000
Number of restricted shares granted \| EquityInstruments	0
Retirement benefits paid	¥ 202,000	¥ 186,000	¥ 95,000
Non-executive Directors
Directors' and supervisors' remuneration
Key management personnel compensation	618,000	579,000	683,000
Annual emoluments before tax	¥ 150,000,000	¥ 150,000,000
Wang Jun
Directors' and supervisors' remuneration
Key management personnel compensation			¥ 50,000

DIRECTORS' AND SUPERVISORS' R_6

DIRECTORS' AND SUPERVISORS' REMUNERATION - Five highest paid individuals (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) employee	Dec. 31, 2021 CNY (¥) employee	Dec. 31, 2020 CNY (¥) employee
Significant related party transactions
Emoluments paid to key management personnel, number of highest paid employees \| employee	5
Number of directors among five highest paid employees \| employee	3	3	3
Basic salaries, housing fund, other allowances and benefits in kind	¥ 4,244	¥ 4,526	¥ 3,996
Pension costs	505	449	207
Total remuneration	5,367	5,554	4,886
Highest paid employees other than directors and supervisors
Significant related party transactions
Basic salaries, housing fund, other allowances and benefits in kind	1,612	1,699	1,594
Pension costs	202	186	88
Total remuneration	¥ 1,814	¥ 1,885	¥ 1,682

DIRECTORS' AND SUPERVISORS' R_7

DIRECTORS' AND SUPERVISORS' REMUNERATION - Five highest paid individuals, Others (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) employee	Dec. 31, 2021 CNY (¥) employee	Dec. 31, 2020 CNY (¥) employee
Significant related party transactions
Number of remaining highest paid individuals other than director and supervisor \| employee	2	2	2
Nil to RMB1,000,000
Significant related party transactions
Number of remaining highest paid individuals other than director and supervisor \| employee	2	2	2
Minimum \| Nil to RMB1,000,000
Significant related party transactions
Remuneration amount for remaining two highest paid individuals \| ¥
Maximum \| Nil to RMB1,000,000
Significant related party transactions
Remuneration amount for remaining two highest paid individuals \| ¥	¥ 1,000,000	¥ 1,000,000	¥ 1,000,000

INCOME TAX EXPENSE (Details)

INCOME TAX EXPENSE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
INCOME TAX EXPENSE (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income Tax Disclosure [line items]
Current income tax expense	¥ 2,271,443		¥ 3,079,631	¥ 960,202
Deferred tax expense/(benefit)	94,196		(210,080)	(318,873)
Total income tax expense	¥ 2,365,639	$ 342,985	¥ 2,869,551	¥ 641,329
Applicable tax rate	25%	25%	25%	25%
Tax concessions including a preferred tax rate	15%	15%	15%	15%
Hongkong
Income Tax Disclosure [line items]
Applicable tax rate	16.50%	16.50%	16.50%	16.50%

INCOME TAX EXPENSE - Reconcilia

INCOME TAX EXPENSE - Reconciliation of tax (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Reconciliation of income tax expense (benefit)
Profit before income tax	¥ 13,208,968		¥ 14,186,428	¥ 2,886,012
Tax expense calculated at the statutory tax rate of the Company 25% (2021: 25%, 2020: 25%)	3,302,242		3,546,607	721,503
Impact of different tax rates applied to subsidiaries	(263,643)		(80,794)	(77,929)
Preferential income tax rates applicable to certain branches and subsidiaries	(1,476,012)		(1,216,984)	(350,681)
Impact of change in income tax rate	(130,616)		45,101	(52,177)
Impact of temporary differences and tax losses not recognized for deferred tax assets	1,214,908		783,320	575,404
Tax incentive in relation to deduction of certain expenses	(198,130)		(186,889)	(80,268)
Distribution of other equity instruments deductible for tax purpose	(21,182)		(76,807)	(86,034)
Expenses not deductible for tax purposes	66,541		72,721	65,924
Profits and losses attributable to joint ventures and associates	(67,477)		(1,946)	(25,526)
Over-provision of current income tax of previous periods	(60,992)		(14,778)	(48,887)
Income tax expense	¥ 2,365,639	$ 342,985	¥ 2,869,551	¥ 641,329
Effective tax rate	18%	18%	20%	22%
Applicable tax rate	25%	25%	25%	25%

EARNINGS PER SHARE ATTRIBUTAB_3

EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2020 CNY (¥) ¥ / shares shares
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
Profit attributable to owners of the Company (in thousands of RMB)	¥ 4,191,927	$ 607,772	¥ 5,759,422	¥ 862,054
Adjustment: cumulative distributions reserved of other equity instruments (in thousands of RMB) \| ¥	(117,292)		(209,500)	(275,000)
Adjusted profit attributable to ordinary shares holders of the Company \| ¥	¥ 4,074,635		¥ 5,549,922	¥ 587,054
Number of ordinary shares in issue (thousands) as of January 1 \| shares	17,022,673	17,022,673	17,022,673	17,022,673
Weighted average number of ordinary shares in issue \| shares	17,022,673	17,022,673	17,022,673	17,022,673
Basic earnings per share \| (per share)	¥ 0.239	$ 0.035	¥ 0.326	¥ 0.034

DIVIDENDS (Details)

DIVIDENDS (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands			12 Months Ended
	Mar. 21, 2023	Jun. 21, 2022	Dec. 31, 2022	Dec. 31, 2021
DIVIDENDS
Final dividend payable			¥ 618,000	¥ 545,000
Proposed final dividend per share	¥ 0.036	¥ 0.0318
Proposed final dividend			¥ 3,142,987	¥ 645,286

NOTES TO THE CONSOLIDATED STA_3

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Supplemental disclosures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Profit before income tax	¥ 13,208,968	$ 1,915,120	¥ 14,186,428	¥ 2,886,012
Adjustments for:
Share of profits of joint ventures	(178,910)	(25,940)	(164,100)	(180,502)
Share of (profits)/losses of associates	(130,632)	(18,940)	423,247	93,518
Depreciation of property, plant and equipment	8,943,617		9,157,951	8,653,823
Depreciation of investment properties	44,777		24,450	24,405
Depreciation of right-of-use assets	1,282,362		771,951	745,245
Amortization of intangible assets	502,921		407,287	493,412
Amortization of prepaid expenses included in other non-current assets	200,142		199,475	278,158
(Gains)/losses on disposal of other property, plant and equipment, land use rights, net	(323,659)		679,397	223,206
Impairment losses on property, plant and equipment	3,795,420	550,284	4,064,673	681,257
Impairment loss of intangible assets	75,842		415,659	416
Impairment loss of right-of-use assets			105,305	15,790
Impairment loss of inventory	938,966		470,464	1,411,908
Impairment (reversals)/losses of trade and notes receivables	(3,674)		326,153	314,822
Impairment (reversals)/losses of other current assets	(8,298)		1,048,896	653,120
Impairment losses of other non-current assets	426,111		15,716
Impairment losses of investments in joint ventures and associates	75,997
Realized and unrealized (gains)/losses on futures, option and forward contracts	(295,882)		604,734	(512,984)
(Gains)/losses on disposal of subsidiaries	(86,343)		27,404	(11,305)
Gain on disposal of business	(27,804)
(Losses)/gains on disposal of investments in joint ventures and associates			(6,663)	27,736
Losses on accounts receivable factoring and others	3,808		91,283
Gains on debt restructuring				(5,020)
Dividends of equity investments at fair value through other comprehensive income	(11,499)		(15,296)	(125,015)
Finance cost	3,785,280		4,436,030	5,068,257
Change in Special Reserve	(17,684)		208,886	32,573
Cash flows generated from operating activities before working capital changes	32,199,826		37,479,330	20,768,832
Changes in working capital:
(Increase)/decrease in inventories	(4,008,634)		1,324,101	(1,912,675)
Increase in trade and notes receivables	(1,328,745)		(794,608)	(4,366,288)
Decrease in other current assets	139,610		125,731	230,869
(Increase)/decrease in restricted cash	(1,042,261)		300,472	395,872
(Increase)/decrease in other non-current assets	98,364		25,803	(70,637)
Increase/(decrease) in trade and notes payables	4,713,149		(2,189,748)	3,521,798
(Decrease)/increase in other payables and accrued liabilities	(137,209)		1,712,674	1,884,283
Decrease in other non-current liabilities	(76,287)		(62,592)	(177,045)
Cash generated from operations	30,557,813		37,921,163	20,275,009
Mainland China corporate income taxes paid	(2,812,635)		(2,764,917)	(856,477)
Net cash generated from operating activities	27,745,178	$ 4,022,673	35,156,246	19,418,532
Major non-cash transactions of investing activities and financing activities
Notes receivables endorsed as payment for purchase of property, plant and equipment and lease liabilities	1,515,934		3,135,322	2,276,782
(Decrease)/increase of right-of-use assets	(439,109)		6,269,450	(7,361)
Investments in other financial assets measured at fair value	1,417,129
Acquisition of business				42,230
Major non-cash transactions of investing activities and financing activities	¥ 2,493,954		¥ 9,404,772	¥ 2,311,651

NOTES TO THE CONSOLIDATED STA_4

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Financing activities (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	¥ 98,361,235	¥ 108,278,132
New leases and modification of contract	473,748	6,073,418
Foreign exchange adjustments	(809,480)	(174,134)
Finance expenses	3,776,662	4,430,677
Dividends declared	3,142,987	645,286
Other changes	(18,285,861)	(19,992,189)
Financing cash flows	(18,285,861)	(19,992,189)
Transfer between bank deposits and overdrafts		(899,955)
Net debt as at 31 December	87,330,755	98,361,235
Borrowings.
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	61,183,834	79,448,062
Foreign exchange adjustments	(223,612)	(30,537)
Other changes	(7,396,786)	(18,233,691)
Financing cash flows	(7,396,786)	(18,233,691)
Net debt as at 31 December	54,010,660	61,183,834
Medium-term notes and bonds, including current portion
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	24,663,000	21,386,635
Foreign exchange adjustments	(585,868)	(143,597)
Finance expenses	149,049	143,080
Other changes	(3,051,965)	3,276,882
Financing cash flows	(3,051,965)	3,276,882
Net debt as at 31 December	22,345,952	24,663,000
Leases
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	11,493,471	5,629,835
New leases and modification of contract	473,748	6,073,418
Finance expenses	678,855	344,886
Other changes	(1,599,072)	(554,668)
Financing cash flows	(1,599,072)	(554,668)
Net debt as at 31 December	10,099,506	11,493,471
Other payables arising from financing activities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	1,020,930	913,645
Finance expenses	2,948,758	3,942,711
Dividends declared	3,142,987	645,286
Other changes	(6,238,038)	(4,480,712)
Financing cash flows	(6,238,038)	(4,480,712)
Net debt as at 31 December	874,637	1,020,930
Sub Total
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January	98,361,235	107,378,177
New leases and modification of contract	473,748	6,073,418
Foreign exchange adjustments	(809,480)	(174,134)
Finance expenses	3,776,662	4,430,677
Dividends declared	3,142,987	645,286
Other changes	(18,285,861)	(19,992,189)
Financing cash flows	(18,285,861)	(19,992,189)
Net debt as at 31 December	¥ 87,330,755	98,361,235
Cash/bank Overdraft
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Net debt as at 1 January		899,955
Transfer between bank deposits and overdrafts		¥ (899,955)

NOTES TO THE CONSOLIDATED STA_5

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS - Cashflows from leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
Within operating activities	¥ 253,334	¥ 52,728	¥ 65,163
Within financing activities	1,748,202	554,668	1,599,072
Total cash outflow from leases	¥ 2,001,536	¥ 607,396	¥ 1,664,235

SIGNIFICANT RELATED PARTY BALAN

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Significant related party transactions - Table Content (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Sales of goods and services rendered
Sales of materials and finished goods	¥ 26,589,719	¥ 28,654,651	¥ 33,184,046
Provision of utility services	1,408,659	939,412	1,648,394
New right-of-use assets in current period
Interest expense on lease liabilities	678,855	344,886	438,033
Other significant related party transactions
Interest expense on borrowings and discounted notes	71,224	142,862	138,623
Provision of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	3,564,557	1,146,094	747,401
Other significant related party transactions
Purchase of services	3,564,557	1,146,094	747,401
Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	36,795	38,556	43,036
Provision of social services and logistics services
Purchase of goods and services
Purchase of services	397,610	400,290	259,195
Other significant related party transactions
Purchase of services	397,610	400,290	259,195
Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	19,378,306	19,040,212	12,485,411
Purchases of utilities services
Purchase of goods and services
Purchase of services	7,863,778	7,802,421	8,400,931
Other significant related party transactions
Purchase of services	7,863,778	7,802,421	8,400,931
Purchases of other services
Purchase of goods and services
Purchase of services	394,894	270,972	320,611
Other significant related party transactions
Purchase of services	394,894	270,972	320,611
Lease payment
Lease payment
Lease payment	1,456,252	710,297	627,336
New right-of-use assets in current period
Interest expense on lease liabilities	671,239	309,107	311,067
Cash and cash equivalents deposited
Other significant related party transactions
Interest income from deposited	190,235	80,135	61,020
Chinalco and its subsidiaries
Sales of goods and services rendered
Sales of materials and finished goods	10,043,031	17,435,785	20,662,740
Provision of utility services	915,781	683,050	1,159,032
Chinalco and its subsidiaries \| Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	34,425	29,973	27,988
Fellow subsidiaries
New right-of-use assets in current period
Additions	347,836	83,249	22,936
Contract modification	(992,701)	5,675,721	(43,395)
Fellow subsidiaries \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	3,544,097	969,568	579,187
Other significant related party transactions
Purchase of services	3,544,097	969,568	579,187
Fellow subsidiaries \| Provision of social services and logistics services
Purchase of goods and services
Purchase of services	397,610	400,290	259,188
Other significant related party transactions
Purchase of services	397,610	400,290	259,188
Fellow subsidiaries \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	3,058,126	3,263,448	4,494,021
Fellow subsidiaries \| Purchases of utilities services
Purchase of goods and services
Purchase of services	7,073,895	6,567,433	6,805,618
Other significant related party transactions
Purchase of services	7,073,895	6,567,433	6,805,618
Fellow subsidiaries \| Lease payment
Lease payment
Lease payment	1,399,258	656,063	577,712
Associates of Chinalco
Sales of goods and services rendered
Sales of materials and finished goods	575,637	1,428,887	586,988
Provision of utility services	3,268	14,244	19,936
Other significant related party transactions
Derecognised accounts receivable	1,650,000		83,290
Associates of Chinalco \| Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	237	237	237
Associates of Chinalco \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	265	192	2,467
Other significant related party transactions
Purchase of services	265	192	2,467
Associates of Chinalco \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	3,919	35,595	91,079
Associates of Chinalco \| Purchases of utilities services
Purchase of goods and services
Purchase of services	85,469	97,314	121,413
Other significant related party transactions
Purchase of services	85,469	97,314	121,413
Associates of Chinalco \| Lease payment
Lease payment
Lease payment	14	523
Joint ventures
Sales of goods and services rendered
Sales of materials and finished goods	6,694,824	9,069,718	10,923,463
Provision of utility services	470,984	242,118	404,387
New right-of-use assets in current period
Additions	14,079
Joint ventures \| Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	1,426	7,429	12,733
Joint ventures \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services		251	23,085
Other significant related party transactions
Purchase of services		251	23,085
Joint ventures \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	5,709,253	6,565,742	5,240,707
Joint ventures \| Purchases of utilities services
Purchase of goods and services
Purchase of services	542,828	823,146	1,074,266
Other significant related party transactions
Purchase of services	542,828	823,146	1,074,266
Joint ventures \| Purchases of other services
Purchase of goods and services
Purchase of services	394,894	270,972	320,611
Other significant related party transactions
Purchase of services	394,894	270,972	320,611
Joint ventures \| Lease payment
Lease payment
Lease payment	2,088
Associates
Sales of goods and services rendered
Sales of materials and finished goods	9,233,929	720,261	1,010,855
Provision of utility services	18,626		65,039
New right-of-use assets in current period
Additions	6,948
Associates \| Rental revenue of land use rights and buildings
Sales of goods and services rendered
Rental revenue of land use rights and buildings	707	917	2,078
Associates \| Purchases of engineering, construction and supervisory services
Purchase of goods and services
Purchase of services	20,195	176,083	142,662
Other significant related party transactions
Purchase of services	20,195	176,083	142,662
Associates \| Provision of social services and logistics services
Purchase of goods and services
Purchase of services			7
Other significant related party transactions
Purchase of services			7
Associates \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	10,576,907	9,175,427	2,659,604
Associates \| Purchases of utilities services
Purchase of goods and services
Purchase of services	161,586	314,528	399,634
Other significant related party transactions
Purchase of services	161,586	314,528	399,634
Associates \| Lease payment
Lease payment
Lease payment	54,892	53,711	49,624
Fellow of Subsidiaries
Other significant related party transactions
Borrowing from related parties	5,052,000	4,666,000	4,410,000
Repayment of borrowings	4,588,000	7,574,007	3,254,563
Trade receivable factor		1,566,707
Issuance of notes receivable from a related parties	331,329	556,354	1,026,500
Derecognised accounts receivable	306,826	¥ 128,000	¥ 606,750
Non-controlling shareholder of a subsidiary and its subsidiaries
Sales of goods and services rendered
Sales of materials and finished goods	42,298
Non-controlling shareholder of a subsidiary and its subsidiaries \| Purchases of primary and auxiliary materials, equipment and finished goods
Purchase of goods and services
Purchase of goods	¥ 30,101
China Rare Earth
Other significant related party transactions
Consideration				¥ 396,000

SIGNIFICANT RELATED PARTY BAL_2

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Balances with related parties (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Balances with related parties
Trade and notes receivables, before provision for impairment	¥ 1,915,869	¥ 1,556,777
Provision for impairment of receivables	(79,971)	(57,930)
Trade and notes receivables	1,835,898	1,498,847
Provision for impairment of other current assets	(1,332,041)	(1,311,839)
Other current assets	899,319	266,806
Interest-bearing loans and borrowings	13,181,951	12,392,878
Trade and notes payables	2,335,509	1,701,275
Other payables and accrued liabilities	1,170,036	1,042,522
Contract Liabilities	181,784	317,428
Fellow of Subsidiaries
Balances with related parties
Cash and cash equivalents	8,250,506	8,715,645
Trade and notes receivables, before provision for impairment	1,222,066	1,111,857
Other current assets, before provision for impairment	330,757	90,720
Interest-bearing loans and borrowings	13,179,706	12,274,126
Trade and notes payables	1,908,490	1,289,819
Other payables and accrued liabilities	1,057,833	679,610
Contract Liabilities	40,787	36,471
Associates of Chinalco
Balances with related parties
Trade and notes receivables, before provision for impairment	36,680	37,474
Other current assets, before provision for impairment	21,820	20,573
Interest-bearing loans and borrowings	2,245	1,696
Trade and notes payables	26,920	22,547
Other payables and accrued liabilities	42,659	244,093
Contract Liabilities	34,212	654
Joint ventures
Balances with related parties
Trade and notes receivables, before provision for impairment	632,596	390,600
Other current assets, before provision for impairment	1,487,416	1,423,900
Interest-bearing loans and borrowings		12,610
Trade and notes payables	37,807	112,436
Other payables and accrued liabilities	49,618	87,374
Contract Liabilities	97,816	278,941
Associates
Balances with related parties
Trade and notes receivables, before provision for impairment	62	722
Other current assets, before provision for impairment	383,917	36,002
Other non-current assets	111,845	70,190
Interest-bearing loans and borrowings		104,446
Trade and notes payables	257,118	199,465
Other payables and accrued liabilities	19,926	29,573
Contract Liabilities	8,969	1,362
Non-controlling shareholder of a subsidiary and its subsidiaries
Balances with related parties
Trade and notes receivables, before provision for impairment	24,465	16,124
Other current assets, before provision for impairment	7,450	7,450
Trade and notes payables	¥ 105,174	77,008
Other payables and accrued liabilities		¥ 1,872

SIGNIFICANT RELATED PARTY BAL_3

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS - Compensation of directors, supervisors and senior management (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant related party transactions
Fees	¥ 618	¥ 579	¥ 683
Basic salaries, housing fund, other allowances and benefits in kind	4,244	4,526	3,996
Pension costs	505	449	207
Total remuneration	5,367	5,554	4,886
Key management personnel
Significant related party transactions
Fees	683	580	617
Basic salaries, housing fund, other allowances and benefits in kind	5,810	6,225	5,900
Pension costs	301	634	707
Total remuneration	¥ 6,794	¥ 7,439	¥ 7,224

SIGNIFICANT RELATED PARTY BAL_4

SIGNIFICANT RELATED PARTY BALANCES AND TRANSACTIONS (Details) - CNY (¥) ¥ in Thousands	Dec. 27, 2022	Dec. 01, 2022	Nov. 22, 2022
Chinalco High End Manufacturing Co., Ltd
Disclosure of transactions between related parties [line items]
Equity method investment percentage	9.16%
Yunnan Aluminum
Disclosure of transactions between related parties [line items]
Equity interest acquired (as a percent)			19%
Cash consideration			¥ 6,661,599
Yunnan Aluminum \| Yunnan Metallurgical Group Co., Ltd.
Disclosure of transactions between related parties [line items]
Equity interest acquired (as a percent)			19%
Cash consideration			¥ 6,662,000
Pingguo Aluminum Company Limited [Member]
Disclosure of transactions between related parties [line items]
Equity interest acquired (as a percent)		100%
Cash consideration		¥ 1,887,474

FINANCIAL AND CAPITAL RISK MA_3

FINANCIAL AND CAPITAL RISK MANAGEMENT (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Debt to asset ratio	58.67	60.11
Foreign currency risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Percentage of reasonably possible increase in assumption	5%	5%
Percentage of reasonably possible decrease in assumption	5%	5%
Increase (decrease) in profit or loss due to reasonably possible increase in assumption	¥ 47	¥ 29
Increase (decrease) in profit or loss due to reasonably possible decrease in assumption	¥ 47	¥ 29
Interest rate risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Percentage of reasonably possible increase in assumption	1%	1%
Percentage of reasonably possible decrease in assumption		1%
Increase (decrease) in profit or loss due to reasonably possible increase in assumption	¥ 233	¥ 277
Increase (decrease) in profit or loss due to reasonably possible decrease in assumption	¥ 233	¥ 277

FINANCIAL AND CAPITAL RISK MA_4

FINANCIAL AND CAPITAL RISK MANAGEMENT - Commodity price risk (Details) - Commodity price risk - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Percentage of reasonably possible increase in assumption	3%
Percentage of reasonably possible decrease in assumption	3%	3%
Primary aluminum
FINANCIAL AND CAPITAL RISK MANAGEMENT
Increase (decrease) in profit or loss due to reasonably possible increase in assumption	¥ 9	¥ 6
Increase (decrease) in profit or loss due to reasonably possible decrease in assumption	(9)	(6)
Primary aluminum \| Futures contracts \| Financial liabilities at fair value through profit or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial liability		¥ 69
Primary aluminum \| Futures contracts \| Financial assets at fair value through profits or loss
FINANCIAL AND CAPITAL RISK MANAGEMENT
Fair values of the outstanding financial liability	¥ 9

FINANCIAL AND CAPITAL RISK MA_5

FINANCIAL AND CAPITAL RISK MANAGEMENT - Credit risk (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	¥ 33,664,547	¥ 35,731,594
Credit risk
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	31,503,462
Credit risk \| Trade receivables
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	5,055,178
Credit risk \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	4,907,445
Credit risk \| Restricted cash
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	2,443,249
Credit risk \| Notes receivable
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	1,767,625
Credit risk \| Cash and cash equivalents
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	16,816,684
Credit risk \| Financial assets in other non-current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	513,281
Credit risk \| 12-month expected credit losses
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	20,669,573
Credit risk \| 12-month expected credit losses \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	1,409,640
Credit risk \| 12-month expected credit losses \| Restricted cash
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	2,443,249
Credit risk \| 12-month expected credit losses \| Cash and cash equivalents
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	16,816,684
Credit risk \| Lifetime expected credit losses \| Financial instruments not credit-impaired
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	107,559
Credit risk \| Lifetime expected credit losses \| Financial instruments not credit-impaired \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	107,559
Credit risk \| Lifetime expected credit losses \| Financial instruments credit-impaired
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	3,903,527
Credit risk \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Financial assets in other current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	3,390,246
Credit risk \| Lifetime expected credit losses \| Financial instruments credit-impaired \| Financial assets in other non-current assets
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	513,281
Credit risk \| Simplified
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	6,822,803
Credit risk \| Simplified \| Trade receivables
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	5,055,178
Credit risk \| Simplified \| Notes receivable
FINANCIAL AND CAPITAL RISK MANAGEMENT
Financial assets	¥ 1,767,625

FINANCIAL AND CAPITAL RISK MA_6

FINANCIAL AND CAPITAL RISK MANAGEMENT - Liquidity Maturity profile (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	¥ 132,700,087		¥ 147,186,850
Net current liabilities	7,831,000	$ 1,135,366	7,805,943
Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	19,999,288		21,705,015
Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	47,549,557		49,097,336
Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	19,223,584		19,275,700
Short-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,600,000		5,400,000
Short-term bank and other loans
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,461,103		11,937,178
Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,290,378		10,587,629
Financial liabilities at fair value through profit or loss
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	8,767		68,871
Financial liabilities included in other payables and accrued liabilities, excluding accrued interest
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,786,894		8,939,681
Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,244,185		1,587,024
Trade and notes payables [member]
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	22,536,331		18,588,416
Within 1 year
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	60,420,231		58,667,604
Within 1 year \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,651,935		1,513,435
Within 1 year \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	13,486,345		6,164,215
Within 1 year \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	4,400,000		3,000,000
Within 1 year \| Short-term bonds
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,600,000		5,400,000
Within 1 year \| Short-term bank and other loans
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,461,103		11,937,178
Within 1 year \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,285,428		2,703,535
Within 1 year \| Financial liabilities at fair value through profit or loss
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	8,767		68,871
Within 1 year \| Financial liabilities included in other payables and accrued liabilities, excluding accrued interest
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,786,894		8,939,681
Within 1 year \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	203,428		352,273
Within 1 year \| Trade and notes payables [member]
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	22,536,331		18,588,416
Between 1 and 2 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	16,172,573		25,672,299
Between 1 and 2 years \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,314,558		1,402,567
Between 1 and 2 years \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,604,880		17,424,952
Between 1 and 2 years \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,712,761		4,400,000
Between 1 and 2 years \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,490,176		2,242,239
Between 1 and 2 years \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	50,198		202,541
2 to 5 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	31,402,294		28,908,787
2 to 5 years \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	3,092,936		4,137,823
2 to 5 years \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	20,579,821		10,787,187
2 to 5 years \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,110,823		9,875,700
2 to 5 years \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,468,119		3,961,075
2 to 5 years \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	150,595		147,002
Over 5 years
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	24,704,989		33,938,160
Over 5 years \| Lease liabilities, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	13,939,859		14,651,190
Over 5 years \| Long-term bank and other loans, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	6,878,511		14,720,982
Over 5 years \| Medium-term notes and bonds, including current portion
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	2,000,000		2,000,000
Over 5 years \| Interest payables for loans and borrowings
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	1,046,655		1,680,780
Over 5 years \| Financial liabilities included in other non-current liabilities
Maturity Analysis For Derivative Financial Liabilities
Total financial liabilities	¥ 839,964		¥ 885,208

FINANCIAL AND CAPITAL RISK MA_7

FINANCIAL AND CAPITAL RISK MANAGEMENT - Financial instruments by category (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
OTHER CURRENT ASSETS
Current financial assets	¥ 30,990,181	¥ 34,769,601
Non-current financial assets	2,674,366	961,993
Total financial assets	33,664,547	35,731,594
OTHER CURRENT LIABILITIES
Current financial liabilities	57,749,216	55,939,382
Non-current financial liabilities	59,257,632	70,555,799
Total financial liabilities		126,495,181
Financial liabilities at fair value through profit or loss
OTHER CURRENT LIABILITIES
Current financial liabilities	8,767	68,871
Interest-bearing loans and borrowings
OTHER CURRENT LIABILITIES
Current financial liabilities	27,859,353	27,665,370
Financial liabilities included in other payables and accrued liabilities
OTHER CURRENT LIABILITIES
Current financial liabilities	7,344,765	9,616,725
Trade and notes payables
OTHER CURRENT LIABILITIES
Current financial liabilities	22,536,331	18,588,416
Financial liabilities included in other non-current liabilities
OTHER CURRENT ASSETS
Total financial assets	880,864	660,867
OTHER CURRENT LIABILITIES
Non-current financial liabilities	660,867	880,864
Interest bearing loans and borrowings
OTHER CURRENT LIABILITIES
Non-current financial liabilities	58,596,765	69,674,935
Total financial liabilities	117,006,848
Financial assets at fair value through profit or loss-held for trading
OTHER CURRENT LIABILITIES
Current financial liabilities	8,767	68,871
Total financial liabilities		68,871
Financial assets at fair value through profit or loss-held for trading \| Financial liabilities at fair value through profit or loss
OTHER CURRENT LIABILITIES
Current financial liabilities	8,767	68,871
Financial assets at fair value through profit or loss-held for trading \| Interest bearing loans and borrowings
OTHER CURRENT LIABILITIES
Total financial liabilities	8,767
Financial liabilities at amortized cost
OTHER CURRENT LIABILITIES
Current financial liabilities	57,740,449	55,870,511
Non-current financial liabilities	59,257,632	70,555,799
Total financial liabilities		126,426,310
Financial liabilities at amortized cost \| Interest-bearing loans and borrowings
OTHER CURRENT LIABILITIES
Current financial liabilities	27,859,353	27,665,370
Financial liabilities at amortized cost \| Financial liabilities included in other payables and accrued liabilities
OTHER CURRENT LIABILITIES
Current financial liabilities	7,344,765	9,616,725
Financial liabilities at amortized cost \| Trade and notes payables
OTHER CURRENT LIABILITIES
Current financial liabilities	22,536,331	18,588,416
Financial liabilities at amortized cost \| Financial liabilities included in other non-current liabilities
OTHER CURRENT LIABILITIES
Non-current financial liabilities	660,867	880,864
Financial liabilities at amortized cost \| Interest bearing loans and borrowings
OTHER CURRENT LIABILITIES
Non-current financial liabilities	58,596,765	69,674,935
Total financial liabilities	116,998,081
Trade receivables
OTHER CURRENT ASSETS
Current financial assets	5,055,178	4,043,972
Notes receivables [member]
OTHER CURRENT ASSETS
Current financial assets	1,767,625	4,075,479
Restricted cash and time deposits
OTHER CURRENT ASSETS
Current financial assets	2,443,249	1,400,988
Cash and cash equivalents
OTHER CURRENT ASSETS
Current financial assets	16,816,684	19,683,619
Financial assets in other current assets
OTHER CURRENT ASSETS
Current financial assets	4,907,445	5,565,543
Other financial assets measured at fair value
OTHER CURRENT ASSETS
Non-current financial assets	2,161,085	457,686
Other non-current assets
OTHER CURRENT ASSETS
Non-current financial assets	513,281	504,307
Financial assets at amortized cost
OTHER CURRENT ASSETS
Current financial assets	29,633,701	31,901,724
Non-current financial assets	513,281	504,307
Total financial assets	30,146,982	32,406,031
Financial assets at amortized cost \| Trade receivables
OTHER CURRENT ASSETS
Current financial assets	5,055,178	4,043,972
Financial assets at amortized cost \| Notes receivables [member]
OTHER CURRENT ASSETS
Current financial assets	411,145	1,207,602
Financial assets at amortized cost \| Restricted cash and time deposits
OTHER CURRENT ASSETS
Current financial assets	2,443,249	1,400,988
Financial assets at amortized cost \| Cash and cash equivalents
OTHER CURRENT ASSETS
Current financial assets	16,816,684	19,683,619
Financial assets at amortized cost \| Financial assets in other current assets
OTHER CURRENT ASSETS
Current financial assets	4,907,445	5,565,543
Financial assets at amortized cost \| Other non-current assets
OTHER CURRENT ASSETS
Non-current financial assets	513,281	504,307
Equity investments designated at fair value through other comprehensive income [member]
OTHER CURRENT ASSETS
Non-current financial assets	2,161,085	457,686
Total financial assets	2,161,085	457,686
Equity investments designated at fair value through other comprehensive income [member] \| Other financial assets measured at fair value
OTHER CURRENT ASSETS
Non-current financial assets	2,161,085	457,686
Debt instrument at fair value through other comprehensive income
OTHER CURRENT ASSETS
Current financial assets	1,356,480	2,867,877
Total financial assets	1,356,480	2,867,877
Debt instrument at fair value through other comprehensive income \| Notes receivables [member]
OTHER CURRENT ASSETS
Current financial assets	¥ 1,356,480	¥ 2,867,877

FINANCIAL AND CAPITAL RISK MA_8

FINANCIAL AND CAPITAL RISK MANAGEMENT - Fair value (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair value measurement of assets
Financial assets	¥ 33,664,547	¥ 35,731,594
Fair value measurement of liabilities
Financial liabilities		126,495,181
Financial Liabilities For Which Carrying Amount Do Not Reasonably Approximate Fair Value
Fair value measurement of assets
Financial assets	60,037,269	50,048,159
Financial assets, at fair value	56,392,060	46,476,035
Financial liabilities included in other non-current liabilities
Fair value measurement of assets
Financial assets	880,864	660,867
Financial assets, at fair value	768,170	590,869
Long-term interest-bearing loans and borrowings, excluding lease liability
Fair value measurement of assets
Financial assets	59,156,405	49,387,292
Financial assets, at fair value	¥ 55,623,890	¥ 45,885,166

FINANCIAL AND CAPITAL RISK MA_9

FINANCIAL AND CAPITAL RISK MANAGEMENT - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities at fair value	¥ 8,767	¥ 68,871
Futures contracts
Fair value measurement of liabilities
Liabilities at fair value	8,767	68,871
Financial liabilities included in other non-current liabilities
Fair value measurement of assets
Assets at fair value	768,170	590,869
Assets measured at fair value
Fair value measurement of assets
Assets at fair value	3,517,565	3,325,563
Notes receivable
Fair value measurement of assets
Assets at fair value	1,356,480	2,867,877
Listed equity investments
Fair value measurement of assets
Assets at fair value	34,751	45,133
Other unlisted investments
Fair value measurement of assets
Assets at fair value	2,126,334	412,553
Quoted prices in active markets (Level 1) \| Liabilities measured at fair value
Fair value measurement of liabilities
Liabilities at fair value	8,767	68,871
Quoted prices in active markets (Level 1) \| Futures contracts
Fair value measurement of liabilities
Liabilities at fair value	8,767	68,871
Quoted prices in active markets (Level 1) \| Assets measured at fair value
Fair value measurement of assets
Assets at fair value	34,751	45,133
Quoted prices in active markets (Level 1) \| Listed equity investments
Fair value measurement of assets
Assets at fair value	34,751	45,133
Significant unobservable inputs (Level 3) \| Assets measured at fair value
Fair value measurement of assets
Assets at fair value	3,482,814	3,280,430
Significant unobservable inputs (Level 3) \| Notes receivable
Fair value measurement of assets
Assets at fair value	1,356,480	2,867,877
Significant unobservable inputs (Level 3) \| Other unlisted investments
Fair value measurement of assets
Assets at fair value	2,126,334	412,553
Fair value of instruments not measured at fair value
Fair value measurement of liabilities
Liabilities at fair value	46,476,035	56,392,060
Fair value of instruments not measured at fair value \| Financial liabilities included in other non-current liabilities
Fair value measurement of liabilities
Liabilities at fair value	590,869	768,170
Fair value of instruments not measured at fair value \| Long-term interest-bearing loans and borrowings
Fair value measurement of liabilities
Liabilities at fair value	45,885,166	55,623,890
Fair value of instruments not measured at fair value \| Significant unobservable inputs (Level 3)
Fair value measurement of liabilities
Liabilities at fair value	46,476,035	56,392,060
Fair value of instruments not measured at fair value \| Significant unobservable inputs (Level 3) \| Financial liabilities included in other non-current liabilities
Fair value measurement of liabilities
Liabilities at fair value	590,869	768,170
Fair value of instruments not measured at fair value \| Significant unobservable inputs (Level 3) \| Long-term interest-bearing loans and borrowings
Fair value measurement of liabilities
Liabilities at fair value	¥ 45,885,166	¥ 55,623,890

FINANCIAL AND CAPITAL RISK M_10

FINANCIAL AND CAPITAL RISK MANAGEMENT - Transfers of fair value (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Transfer of financial assets fair value from Level 1 to Level 2	¥ 0
Transfer of financial assets fair value from Level 2 to Level 1	0
Transfer of financial liabilities fair value from Level 1 to Level 2	0
Transfer of financial liabilities fair value from Level 2 to Level 1	0
Financial assets fair value transfer into Level	0
Financial assets fair value transfer out of Level 3	¥ 0
Financial liabilities fair value transfer out of Level 3		¥ 0

FINANCIAL AND CAPITAL RISK M_11

FINANCIAL AND CAPITAL RISK MANAGEMENT - Debt to asset ratio (Details)	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL AND CAPITAL RISK MANAGEMENT
Debt to asset ratio	58.67	60.11

NON - CONTROLLING INTERESTS (De

NON - CONTROLLING INTERESTS (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 USD ($)
NON - CONTROLLING INTERESTS
Profit/(loss) for the year allocated to non-controlling interests	¥ 6,651,402	$ 964,363	¥ 5,557,455	¥ 1,382,629
Accumulated balances of non-controlling interests at the year end	33,352,955		29,213,945		$ 4,835,724
Revenue	290,987,942	42,189,286	298,885,350	203,993,079
Profit for the year	10,843,329	1,572,135	11,316,877	2,244,683
Total comprehensive income/(loss)for the year	10,320,540	1,496,337	11,576,844	2,322,386
Current assets	54,535,973		54,109,659		7,906,973
Non-current assets	157,812,058		170,753,164		22,880,597
Current liabilities	62,366,823		61,915,602		9,042,339
Non-current liabilities	62,225,241		73,249,653		$ 9,021,812
Net cash flows from operating activities	27,745,178	4,022,673	35,156,246	19,418,532
Net cash flows used in investing activities	(3,418,297)	(495,605)	(1,672,258)	(3,307,842)
Net cash flows used in financing activities	(27,037,749)	(3,920,105)	(23,413,404)	(18,229,763)
Effect of foreign exchange rate changes, net	¥ (156,067)	$ (22,629)	¥ 72,446	¥ (92,048)
Ningxia Energy
NON - CONTROLLING INTERESTS
Non-controlling interests (in percent)	29.18%	29.18%	29.18%
Profit/(loss) for the year allocated to non-controlling interests	¥ 818,960		¥ (90,237)
Dividends distributed to non-controlling interests	1,630		115,380
Accumulated balances of non-controlling interests at the year end	5,893,332		5,055,069
Revenue	9,038,881		7,670,316
Total expenses	7,397,765		7,979,557
Profit for the year	1,641,116		(309,241)
Total comprehensive income/(loss)for the year	1,641,116		(309,241)
Current assets	3,615,322		2,912,805
Non-current assets	27,756,457		29,086,775
Current liabilities	9,043,923		8,256,229
Non-current liabilities	9,651,197		12,710,354
Net cash flows from operating activities	3,529,657		5,458,921
Net cash flows used in investing activities	(760,210)		(802,678)
Net cash flows used in financing activities	(2,446,726)		(5,381,480)
Net increase/(decrease) in cash and cash equivalents	¥ 322,721		¥ (725,237)
Yunnan Aluminum
NON - CONTROLLING INTERESTS
Non-controlling interests (in percent)	70.90%	70.90%	70.90%
Profit/(loss) for the year allocated to non-controlling interests	¥ 3,822,549		¥ 2,850,754
Dividends distributed to non-controlling interests	464,414		103,234
Accumulated balances of non-controlling interests at the year end	17,602,176		14,261,948
Revenue	48,463,025		41,668,819
Total expenses	43,195,002		37,456,484
Profit for the year	5,268,023		4,212,335
Total comprehensive income/(loss)for the year	5,250,479		4,225,069
Current assets	8,245,650		5,360,494
Non-current assets	30,798,212		32,476,625
Current liabilities	9,046,545		9,836,320
Non-current liabilities	4,720,806		7,090,461
Net cash flows from operating activities	6,916,119		6,961,628
Net cash flows used in investing activities	(1,033,033)		(1,181,811)
Net cash flows used in financing activities	(4,590,174)		(4,773,308)
Effect of foreign exchange rate changes, net	4,194		(1,466)
Net increase/(decrease) in cash and cash equivalents	¥ 1,297,106		¥ 1,005,043

BUSINESS COMBINATION UNDER CO_3

BUSINESS COMBINATION UNDER COMMON CONTROL - (Details) - CNY (¥) ¥ in Thousands		9 Months Ended	11 Months Ended		12 Months Ended
	Nov. 22, 2022	Sep. 30, 2021	Dec. 01, 2022	Nov. 22, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Jun. 30, 2020	Apr. 30, 2020	Dec. 31, 2019
Gallium business
Disclosure of detailed information about business combination [line items]
Cash consideration		¥ 395,624
Revenue		178,229				¥ 112,428
Net profit		32,315				26,219
Purchase consideration:
Cash paid		395,624
Total purchase consideration		395,624
Current assets		103,353				66,215
Non-current assets		70,660				74,270
Current liabilities		(3,770)				(7,037)
Non-current liabilities		(4,480)
Net assets		¥ 165,763				133,448				¥ 95,389
Chongqing Xinan Transportation
Disclosure of detailed information about business combination [line items]
Cash consideration								¥ 8,189
Purchase consideration:
Cash paid								¥ 8,189
Equity interest acquired (as a percent)								51%
Yunnan Aluminum
Disclosure of detailed information about business combination [line items]
Cash consideration	¥ 6,661,599			¥ 6,661,599
Revenue				44,816,260	¥ 41,668,819
Net profit				4,722,177	4,212,335
Purchase consideration:
Cash paid	6,661,599			6,661,599
Total purchase consideration	6,661,599			6,661,599
Current assets	7,784,570			7,784,570	5,360,494
Non-current assets	30,958,951			30,958,951	32,476,625
Current liabilities	(9,439,091)			(9,439,091)	(9,836,320)
Non-current liabilities	(4,130,537)			(4,130,537)	(7,090,461)
Net assets	25,173,893			25,173,893	20,910,338	9,965,000	¥ 16,104,000
Less: Non-controlling interests	3,318,207			3,318,207	2,719,017
Net assets attributable to owners of the company	¥ 21,855,686			¥ 21,855,686	18,191,321
Equity interest acquired (as a percent)	19%			19%
Percentage of equity interest agreed to dispose	19%
Number of shares held	1,009,202,685			1,009,202,685
Percentage of equity interest held	29.10%
Yunnan Aluminum \| Yunnan Metallurgical Group Co., Ltd.
Disclosure of detailed information about business combination [line items]
Cash consideration	¥ 6,662,000			¥ 6,662,000
Purchase consideration:
Cash paid	¥ 6,662,000			¥ 6,662,000
Equity interest acquired (as a percent)	19%			19%
Number of shares agreed to dispose	658,911,907
Pingguo Aluminum
Disclosure of detailed information about business combination [line items]
Cash consideration			¥ 1,887,474
Revenue			437,080		463,874
Net profit			68,312		36,887
Purchase consideration:
Cash paid			1,887,474
Total purchase consideration			1,887,474
Current assets			428,011		319,694
Non-current assets			472,321		494,583
Current liabilities			(136,806)		(117,723)
Net assets			763,526		696,554	¥ 657,000	¥ 736,000
Less: Non-controlling interests			6,564		5,834
Net assets attributable to owners of the company			¥ 756,962		¥ 690,720
Equity interest acquired (as a percent)			100%
Henan Zhongzhou Logistics
Purchase consideration:
Equity interest acquired (as a percent)									100%

DISPOSAL OF SUBSIDIARIES (Detai

DISPOSAL OF SUBSIDIARIES (Details)	12 Months Ended
DISPOSAL OF SUBSIDIARIES (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Yunnan Haoxin
Disclosure of subsidiaries [line items]
Percentage of equity interests transferred	100%	100%	100%

COMMITMENTS (Details)

COMMITMENTS (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Capital commitments on property, plant and equipment
Property, plant and equipment	¥ 2,181,828	¥ 1,794,574
Other capital commitments
Capital contribution commitment	1,460,800	441,800
Associates
Other capital commitments
Capital contribution commitment	31,800	31,800
Joint ventures
Other capital commitments
Capital contribution commitment	410,000	¥ 410,000
Investments measured at fair value
Other capital commitments
Capital contribution commitment	¥ 1,019,000