1934 ACT FILE NO. 001-15264

         Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

         Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(1): __________

         Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(7): __________

         Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

         If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-              

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date  September 1, 2015       

By                 /s/    Xu Bo                     
Name: Xu Bo
Title: Company Secretary

Certain statements contained in this announcement may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this announcement represent the Company's views as of the date of this announcement. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements, unless required by applicable laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this announcement.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Aluminum Corporation of China Limited*
(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2600)

The Board of Directors (the "Board") of Aluminum Corporation of China Limited* (the "Company") is pleased to announce the unaudited interim results of the Company and its subsidiaries (together the "Group" for the six months ended 30 June 2015. This announcement, containing the full text of the 2015 Interim Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of interim results. This 2015 interim results announcement of the Company is available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk and of the Company at www.chalco.com.cn.

CONTENTS

Corporate Information

2

Market Review

6

Business Review

7

Outlook and Prospects

10

Interim Results

12

Interim Dividend

12

Management's Discussion and Analysis of Financial Conditions and Results of Operations

13

Discussion of Segment Operations

16

Investment of the Company

23

Directors, Supervisors and Senior Management

25

Employees, Pension Plans and Welfare Fund

26

Particulars of Share Capital Structure, Changes and Shareholders

27

Substantial Shareholders with Shareholding of 5% or more

27

Changes in Share

29

Approval of Changes in Share

29

Total Number of Shareholders at the End of the Reporting Period

29

Shareholdings of the Top Ten Shareholders

30

Interests in Shares Held by Directors, Chief Executive and Supervisors

31

Repurchase, Sale and Redemption of the Company's Shares

31

Charge and Pledges on Group Assets

31

External Guarantees Provided by the Company

32

Corporate Governance

35

Code of Conduct for Securities Transactions by the Directors, Supervisors and Relevant Employees

35

Audit Committee

36

Significant Events

37

Independent Review Report

43

Unaudited Interim Condensed Consolidated Financial Statements

45

CORPORATE INFORMATION

1.

Registered name

:

()

Abbreviation of Chinese

:

()

    registered name

English name

:

ALUMINUM CORPORATION OF CHINA LIMITED

Abbreviation of English

:

CHALCO

     registered name

2.

First registration date

:

September 10, 2001

Registered address

:

No. 62 North Xizhimen Street,

Haidian District,

Beijing, the PRC

(Postal Code: 100082)

Place of business

:

No. 62 North Xizhimen Street,

Haidian District,

Beijing, the PRC

(Postal Code: 100082)

Principal place of business in

:

6/F, Nexxus Building, 41 Connaught Road, Central,

     Hong Kong

Hong Kong

Internet website of the

:

http://www.chalco.com.cn

     Company

E-mail of the Company

:

IR@chalco.com.cn

3.

Legal representative

:

Ge Honglin

Company (Board) secretary

:

Xu Bo

Telephone

:

(8610) 8229 8322

Fax

:

(8610) 8229 8158

E-mail

:

IR@chalco.com.cn

Address

:

No. 62 North Xizhimen Street,

Haidian District,

Beijing, the PRC

(Postal Code: 100082)

Representative for the

Company's securities related

    affairs

:

Yang Ruijun

Telephone

:

(8610) 8229 8322

Fax

:

(8610) 8229 8158

E-mail

:

IR@chalco.com.cn

Address

:

No. 62 North Xizhimen Street,

Haidian District,

Beijing, the PRC

(Postal Code: 100082)

Department for corporate

    information and inquiry

:

Office to the Board

Telephone for corporate

    information and inquiry

:

(8610) 8229 8322/8229 8560

4.

Share registrar and transfer office

H shares

:

Hong Kong Registrars Limited

17M Floor, Hopewell Centre,

183 Queen's Road East, Wanchai, Hong Kong

A shares

:

China Securities Depository and Clearing Company Limited,

Shanghai Branch

3/F, China Insurance Building,

No. 166, Lujiazui Road (East),

Shanghai, the PRC

American Depositary Receipt

:

The Bank of New York Corporate Trust Office

101 Barclay Street, New York,

10286 USA

5.

Places of listing

:

The Stock Exchange of Hong Kong Limited

New York Stock Exchange

Shanghai Stock Exchange

Sock name

:

CHALCO

Stock code

:

2600 (HK)

ACH (US)

601600 (PRC)

6.

Principal bankers

:

Industrial and Commercial Bank of China

China Construction Bank

7.

Independent auditors

:

Ernst & Young

Certified Public Accountants

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

Ernst & Young Hua Ming LLP

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

1 East Chang'an Avenue, Dongcheng District,

Beijing, the PRC

(Postal Code: 100738)

8.

Legal advisers

:

as to Hong Kong law:

Baker & McKenzie

14/F, Hutchison House,

10 Harcourt Road,

Central, Hong Kong

as to United States law:

Baker & McKenzie

14/F, Hutchison House,

10 Harcourt Road,

Central, Hong Kong

as to PRC law:

Jincheng Tongda & Neal Law Firm

10/F, China World Trade Tower 3,

Jianguomenwai Avenue, Chaoyang District,

Beijing, the PRC

The board of directors (the "Board") of Aluminum Corporation of China Limited* (the "Company") announces the unaudited interim results of the Company and its subsidiaries (together, the "Group") for the six months ended June 30, 2015. On behalf of the Board and all of its employees, the Board would like to express its gratitude to all shareholders for their attention and support to the Company.

MARKET REVIEW

ALUMINA MARKET

In the first half of 2015, the global output of alumina continued to increase while the growth for production capacity slowed down. According to the statistics, the production and consumption of alumina were approximately 58.80 million tonnes and 57.00 million tonnes, respectively. China's output and consumption of alumina were approximately 28.20 million tonnes and 29.77 million tonnes, respectively. Imported alumina was approximately 1.81 million tonnes, representing a period-on-period decrease of 34.40%. As of the end of June, the global capacity utilization rate of alumina was approximately 82.00%, while the domestic capacity utilization rate of alumina was approximately 85.45%.

In the first half of 2015, the price of alumina had been showing a unilateral downward trend at home and abroad since the beginning of the year, given the depressed price of aluminium. The highest international FOB spot price of alumina recorded was USD354 per tonne and the lowest price recorded was USD320 per tonne, with an average price of USD340 per tonne, representing a period-on-period increase of 5.59%. In the domestic market, the highest and lowest spot prices of alumina recorded were RMB2,800 per tonne and RMB2,300 per tonne, respectively, with an average price of RMB2,577 per tonne, representing a period-on-period increase of 5.66%.

PRIMARY ALUMINUM MARKET

In the first half of 2015, the global output of primary aluminum continued to grow and the increase in the output of China's primary aluminum was still higher than that of the international market. According to the statistics, the global output and consumption of primary aluminum were approximately 28.14 million tonnes and 27.83 million tonnes respectively, while those in China were approximately 15.43 million tonnes and 14.72 million tonnes respectively. As at the end of June, the global capacity utilization rate of primary aluminum was approximately 78.60%, while that of China was approximately 82.29%.

In the first half of 2015, the overall global consumption of aluminum was weak and the growth in consumption for the period was not as strong as that in the corresponding period last year. The price of primary aluminum abroad maintained almost the same as that in the corresponding period last year. The overall price of primary aluminum at home hence moved downwards. In the first half of the year, the highest and lowest prices of the three-month aluminum futures at London Metal Exchange (LME) recorded were USD1,978 per tonne and USD1,617 per tonne respectively, with an average price of USD1,801 per tonne, representing a slight period-on-period increase of 0.33%. The highest and lowest prices of the three-month aluminum futures at Shanghai Futures Exchange (SHFE) recorded were RMB13,620 per tonne and RMB12,445 per tonne respectively, with an average price of RMB13,114 per tonne, representing a period-on-period decrease of 2.44%.

BUSINESS REVIEW

In the first half of 2015, in the face of the imbalance between the demand and supply in the domestic aluminum industry and the alarming scenario brought about by the continuous downward trend of the market price for aluminum products, the Company, with stopping losses, overcoming adversities and achieving development through transitions as its goals, spared no efforts in implementing work plans for stopping losses and overcoming adversities and was meticulous in getting all the tasks on key areas done, ensuring that the Company would be able to turn losses into gains.

With great focus placed on its performance targets for its production and operations, the Company has enhanced its benchmarking management, optimized its production and operation, and facilitated the implementation of new projects and important technological innovation projects in a solid fashion, in a bid to ensure that its overall safety and environmental protection performance would remain stable and consistent. In the first half of the year, the output of alumina amounted to 6.29 million tonnes, representing a period-on-period increase of 4.83%; the output of alumina chemicals amounted to 0.99 million tonnes, representing a period-on-period increase of 8.79%; the output of primary aluminum products amounted to 1.74 million tonnes, representing a period-on-period increase of 6.75%; the output of coal amounted to 4.07 million tonnes; and power generation volume (excluding self-supply power plants) amounted to 4,792.86 million kWh.

In respect of management enhancement, the Company has consistently carried out its work on operational transitions in an in-depth manner and strengthened the establishment of benchmark factories through various projects. Priority was given to work on benchmarking for the alumina business while the major consumption indicators were continuously optimized. For the electrolytic aluminum business, costs have been minimized and efficiency has been improved in a holistic scale through the enhanced on-site management. As for the energy business, the Company has mainly focused on operating the business by placing emphasis on safety and stability, prolonging the operating hours of generating units, lowering the consumption of coal in power generation and implementing coal blending and mixed burning, in turns further reducing costs and improving efficiency. In the meantime, the Company embarked on improving the quality and reducing the costs of carbon and attached high importance on enhancing the quality management and control of carbon products. The Company has also organized and commenced labor competitions between teams on cost reduction and efficiency enhancement, standardization of production safety and optimization of alumina packaging. In the first half of the year, the production cost of alumina decreased by approximately 9% period-on-period; the production cost of electrolytic aluminum decreased by approximately 7% period-on-period.

In terms of structural adjustments, the Company has further enhanced the cooperation and communication with the local governments and fostered the fulfillment of external conditions for implementing projects. The first production line of the Guizhou Qingzhen Alumina Project () successfully commenced operation in late April and 40,000 tonnes of alumina were produced in June. The Guizhou Maochang mine () basically met the conditions for trial exploitation. In the first half of the year, 5,952 meters in total was exploited for the Zhongzhou Duancun Leigou project (). The full-scale operation of the alloying of electrolytic aluminum had been commenced and for the first half of the year, the output of alloys increased by 45% period-on-period, while the alloying rate reached 22%.

As far as asset integration is concerned, the Company entered into a capital contribution agreement to acquire 15% equity interests of China Aluminum Mineral Resources Co., Ltd. () through capital contribution, in order to support it to achieve breakthroughs in prospecting in certain mining areas and for certain mining products, share the the experiencee from such achievements and identify new profit growth points for the Company. Baotou Aluminum Company Limited (), a wholly-owned subsidiary of the Company, entered into an asset transfer agreement to acquire the relevant assets and liabilities of the high-purity aluminum plant and the light metal material plant of Baotou Aluminum (Group) Co., Ltd. () in a bid to raise the alloying ratio of electrolytic aluminum of the Company. Further, Chalco Shandong Co., Ltd., (), a wholly-owned subsidiary of the Company, entered into an asset swap agreement to swap its assets except for the electrolytic aluminum production line (mainly carbon assets), the Aluminum Processing Plant, Hospital Ward Building and relevant liabilities with the Bayer Process alumina production line of Shandong Aluminum Company (), a wholly-owned subsidiary of Aluminum Corporation of China. Through such asset integration, the asset management was reorganized and the existing assets were utilized; on 31 July 2015, the Company acquired approximately 13% equity interests of China Rare Earth Co. Ltd. () through capital contribution of RMB400 million.

In technological R&D, the Company conducted a total of eight material technological projects in the first half of the year. As far as alumina is concerned, the project aimed at improving the circulation efficiency has been continuously implemented across the Company, and the circulation efficiency of the majority of the alumina companies were improved as compared with last year. As for electrolytic aluminum, environmentally-friendly aluminum smelting tests have been conducted on an ongoing basis, and the current efficiency were improved significantly as compared with the test tank at the earlier stage and the issues associated with the protection of electrode poles were resolved in an effective manner in the meantime. The Company launched the major technological project for aluminum smelting with better energy efficiency and formulated the industrial trial plan. It has also initiated and commenced the argumentation for the major technological project regarding research and development on the technology for effective exploitation of the underground bauxite mine (with coal reserves) of Shanxi Huaxing.

For marketing and procurement, the Company carried out work with focus on key areas including earning benefits through marketing, procurement costs reduction, capabilities enhancement, risk control and management and foundation reinforcement. The Company has also enhanced the interaction between futures and spot commodities and in turns safeguarded the overall interests of the Company in an effective manner. In terms of the electrolytic aluminum business, the Company has continued to reinforce the management of liquid aluminum and achieved better results in such respect while risk control measures were strictly implemented, including the policy of payment before delivery. The profitability of chemicals including alumina has been further improved through enhancing the application of marketing strategies. Also, the procurement costs have been more greatly reduced via the further implementation of policies such as centralized procurement, execution of individual contracts through competitive negotiation and regional collaborative procurement. In addition, the Company has taken the initiative to foster the integration of logistic resources and expedited the establishment of large-scale logistic systems, so as to reduce logistic costs.

Regarding the fund management, the Company actively preserved normal financing channels to ensure the maintenance of liabilities in a smooth manner. The financing structure was fine-tuned proactively while the scale of the interest-bearing liabilities was controlled in a reasonable fashion, in a bid to improve the structure of short and long term liabilities. The Company tracked the status of the corporate cash flows in a timely manner in accordance with the measures for the management and control of the cash flow budget and achieved a net operating cash flow of RMB2.8 billion in the first half of the year. In addition, the Company seized the opportunities in the capital markets and disposed of certain assets (shares) in a timely manner via agreed transfers and other methods, realizing available funds of RMB1.6 billion. The Company has completed the non-public issuance of A shares and raised proceeds of approximately RMB8.0 billion in total. It was also committed to the rigid management of budgets and investment plans and strictly controlled capital expenditures and management fees, and the capital expenditures and the management fees for the first half of the year were lower than the annual budget for that period.

In the market-oriented reform, the Company has conducted the assessment on the performance of companies that implemented market-oriented reforms in terms of operational targets and determined the targets for the market-oriented reforms of four companies including Zhongzhou Aluminum Co., Ltd. () and timely dismissed or demoted the person in charge of the companies that failed to meet the operational targets for the assessment period or to complete the task of stopping losses and overcoming adversities. The Company continued to carry out tasks of reallocation and job reassignment for the employees, and the number of employees who had been reallocated and whose job had been reassigned is 3,114. Reforms on the distribution system were facilitated and with Fushun Aluminum and Zhongzhou Aluminum as its pilot projects regarding such reforms. In addition, the Company took the initiative to promote the establishment of the operating protection system and the market-oriented reforms for the mining business and developed an independent financial auditing system. The Company also further invested in mining professionals thanks to which the bottlenecks in mining exploitation technologies were tackled in an effective manner and the key performance indicators for mining were therefore improved.

OUTLOOK AND PROSPECTS

In the second half of 2015, the business model of the aluminum industry in the PRC as an industry with high production volumes and products at low prices will continue, while the conditions and challenges surrounding the market will still be daunting. Even so, the Company's annual operational target of turning losses into gains will remain unchanged and the Company will focus on the following tasks:

1.

The Company will unswervingly strive to achieve the annual operational target. The Company will face challenges head-on, fight its way to accomplish the target with determination and will remain diligent in stopping losses. The Company will be courageous in taking on challenges and stand firm at the bottom-line while forcing the implementation of policies from a problem-oriented perspective. It will also step up its efforts in terms of assessment incentives and accountability and enable the full implementation of policies for stopping losses and overcoming adversities.

2.

The Company will further enhance the basic management. Through embarking on the benchmarking that covers all staff members, factors and processes, the Company will enhance its capabilities to tap into its internal potential and continuously carry out measures for benchmarking and reducing costs. The establishment of benchmark factories will be intensified and the basic management level of the Company will be consistently improved. The Company will also step up its internal production and mining units, ensuring that the annual planned targets can be achieved and lead relevant companies to establish benchmark mines, so as to improve the management of mines. The safety and environmental protection accountability system will be implemented in a full-scale manner in order to ensure the effective operations of safety, environmental protection and occupational health systems.

3.

The Company will further enhance the management for marketing and procurement. In the face of even more challenging market conditions, the Company will need to enhance its capabilities for market forecasts and endeavor to achieve efficiency in a fluctuating market. The Company will enhance its customer and supplier management, increase the proportions of direct sales and purchases and actively explore substantial end users of alloys and users of high value-added products. In addition, the Company will fully utilize its cutting edges in terms of the brand and talents and constantly ratchet up its operational capabilities, in turns realizing profits and improving profitability. Efforts in the centralized procurement of bulk raw and auxiliary materials and the policy of execution of individual contracts through competitive negotiation will be further stepped up, the application of e-commerce procurement platform will be improved, procurement in a transparent manner will be facilitated, which will in turn foster cost reduction in procurement. The Company will endeavor to position China Aluminum Logistics Group Corporation () as its new profit growth point, accelerate the innovations in logistic management and actively facilitate the use of intermodal containers for shipping alumina in bulk and the recycling of packages.

4.

The Company will spare no efforts in fostering structural adjustment projects. The Company will intensify its efforts to complete the construction of and put into operation the second production line of Qingzhen Alumina Project () in the third quarter. The construction of the Zhongzhou Aluminum Co., Ltd. 500,000-tonne Alumina Project and the two 660,000-kW generating units at Ningxia Yinxing Power Plant () will be commenced. The Company will step up the production of Guizhou Tanguanyao Project () to achieve an annual production volume of 40,000 tonnes. The Company will also finish the formalities for the production of Maochang mine project () in order to deliver the products as soon as practicable. The Company will maintain the momentum for the construction of Zhongzhou Duancun Leigou Project () in the first half of the year and make further progress.

5.

The Company will strictly manage its funds. Greater efforts will be made to the centralized management of investments and strictly control the capital expenditure in an attempt to record net cash flows from operating activities of RMB6.5 billion for the year. More efforts will be made to resolve the embezzlement of funds in order to improve the utilization efficiency of funds, adjust the financing structure and reduce finance costs. The effective communication and strategic cooperation with major financial institutions will be maintained so as to fully leverage the financing platforms at home and abroad, innovate the financing models, develop financing channels, further enhance the fundraising capabilities, and thus ensure the satisfaction of the Company's capital requirement.

6.

The Company will continue to foster the reallocation and job reassignment of employees and the reforms on the distribution system. The Company will accomplish tasks on the reallocation and job reassignment of employees based on the details, measures and timetable of such tasks determined by taking into account the advice and implementation plans for the same in accordance with the overall planning of the Company for getting rid of the loss-making scenario. The Company will also enhance the formation of teams of mining professionals, propose effective ways and methods for enhancing the identification and management of human resources of mining professionals, optimizing the composition of the mining professional team and resolve the conflicts between the operations of mines and shortage of talents. In addition, the Company will deepen the reforms on the distribution system and the allocation of the total remuneration will give preference to the companies of profitability the business units with sound personnel structure and high productivity and the key personnel, as an attempt to inspire the motivation of the staff.

INTERIM RESULTS

The revenue of the Group was RMB66.087 billion for the six months ended June 30, 2015, representing a decrease of 5.71% compared with the corresponding period of the preceding year. The net profit attributable to the owners of the Company amounted to RMB28 million. Earnings per share attributable to the owners of the Company was RMB0.002.

INTERIM DIVIDEND

The Company will not distribute interim dividend for the six months ended June 30, 2015.

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

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

BUSINESS SEGMENTS

The Group principally engages in alumina refining, primary aluminum smelting, coal extraction, energy products and trading of related products. Business segments comprise:

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

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

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

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

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

RESULTS OF OPERATIONS

The Group's net profit attributable to the owners of the parent for the first half of 2015 was RMB28 million, representing a decrease of RMB4,151 million in loss from RMB4,123 million of net loss for the corresponding period of the preceding year. This was mainly attributable to the decrease of production cost of the Group's principal products of approximately 6% to 10% in current period as compared with the corresponding period of the preceding year, as well as increased price of alumina products and gains from partial disposal of shares of Jiaozuo Wanfang Aluminum Manufacturing Co., Ltd. () ("Jiaozuo Wanfang"), resulting in turning loss into profit of the Company.

REVENUE

The Group's revenue for the first half of 2015 was RMB66,087 million, representing a decrease of RMB4,005 million or 5.71% from RMB70,092 million of the corresponding period of the preceding year. This was mainly attributable to a decrease in sales volume of trading.

OPERATING COST

Operating cost of the Group was RMB62,746 million for the first half of 2015, representing a decrease of RMB6,771 million or 9.74% from RMB69,517 million of the corresponding period of the preceding year. This was mainly attributable to strict control of costs and expenses in various aspects of the Group, resulting in a decrease in production cost of the principal products to some extent as compared with the corresponding period of the preceding year as well as a decrease in sales volume of trading.

SELLING AND DISTRIBUTION EXPENSES

The Group's selling and distribution expenses for the first half of 2015 were RMB886 million, representing an increase of RMB71 million or 8.71% from RMB815 million of the corresponding period of the preceding year.

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses for the first half of 2015 of the Group were RMB1,219 million, representing a decrease of RMB119 million or 8.89% from RMB1,338 million of the corresponding period of the preceding year.

OTHER GAINS, NET

The Group's other net gains for the first half of 2015 were RMB905 million, representing an increase of RMB693 million or 326.89% from RMB212 million as compared with the corresponding period of the preceding year. This was mainly attributable to gains from partial disposal of shares of Jiaozuo Wanfang.

Affected by the abovementioned major factors, the operating profit of the Group for the first half of 2015 amounted to RMB2,724 million, representing a decrease in loss of RMB4,168 million from the operating loss of RMB1,444 million of corresponding period of the preceding year.

FINANCE COSTS, NET

The Group's net finance costs for the first half of 2015 were RMB2,739 million, representing an increase of RMB52 million or 1.94% from RMB2,687 million of the corresponding period of the preceding year.

SHARE OF PROFITS OF JOINT VENTURES AND ASSOCIATES

The share of profits of joint ventures and associates of the Group in the first half of 2015 amounted to RMB184 million, representing a decrease of RMB152 million or 45.24% from RMB336 million as compared with the corresponding period of the preceding year. This was mainly attributable to a decrease in profit from joint ventures and associates.

INCOME TAX BENEFIT/(EXPENSES)

The Group's income tax benefit for the first half of 2015 was RMB36 million, representing a decrease of RMB487 million from income tax expenses of RMB451 million of the corresponding period of the preceding year. This was mainly attributable to the fact that part of the deferred tax assets recognized in the past years were written down in the corresponding period of the preceding year.

DISCUSSION OF SEGMENT OPERATIONS

ALUMINA SEGMENT

Revenue

The Group's revenue from the alumina segment for the first half of 2015 was RMB16,940 million, representing an increase of RMB1,644 million or 10.75% from RMB15,296 million of the corresponding period of the preceding year. This was mainly attributable to an increase in selling price of the alumina products of the Group and the increase in sales volume.

The revenue from internal sales of the alumina segment for the first half of 2015 was RMB13,427 million, representing an increase of RMB1,119 million or 9.09% from RMB12,308 million of the corresponding period of the preceding year.

The revenue from external sales of the alumina segment for the first half of 2015 was RMB3,513 million, representing an increase of RMB525 million or 17.57% from RMB2,988 million of the corresponding period of the preceding year. This was mainly attributable to an increase in selling price of products of the Group.

Segment Results

The Group's profit in the alumina segment for the first half of 2015 was RMB1,362 million, representing a decrease of loss of RMB1,940 million or 335.64% from the loss of RMB578 million of the corresponding period of the preceding year. This was mainly attributable to an increase in selling price of products and a decrease in cost of sales of the Group.

PRIMARY ALUMINUM SEGMENT

Revenue

The Group's revenue from the primary aluminum segment for the first half of 2015 was RMB20,128 million, representing an increase of RMB1,089 million or 5.72% from RMB19,039 million of the corresponding period of the preceding year.

The revenue from internal sales of the primary aluminum segment for the first half of 2015 was RMB5,792 million, representing an increase of RMB541 million or 10.30% from RMB5,251 million of the corresponding period of the preceding year. This was mainly attributable to an increase in sale of primary aluminum through trading segment.

The revenue from external sales of the primary aluminum segment for the first half of 2015 was RMB14,336 million, representing an increase of RMB548 million or 3.97% from RMB13,788 million of the corresponding period of the preceding year.

Segment Results

The Group's loss in the primary aluminum segment for the first half of 2015 was RMB1,142 million, representing a decrease of loss of RMB1,346 million or 54.10% from the loss of RMB2,488 million of the corresponding period of the preceding year. This was mainly attributable to a decrease in production cost of the Group's products.

TRADING SEGMENT

Revenue

The Group's revenue from the trading segment for the first half of 2015 was RMB50,744 million, representing a decrease of RMB4,695 million or 8.47% from RMB55,439 million of the corresponding period of the preceding year.

The revenue from internal sales of the trading segment was RMB4,855 million for the first half of 2015, representing an increase of RMB49 million or 1.02% from RMB4,806 million of the corresponding period of the preceding year.

The revenue from external sales of the trading segment was RMB45,889 million for the first half of 2015, representing a decrease of RMB4,744 million or 9.37% from RMB50,633 million of the corresponding period of the preceding year, among which, the revenue from the external sales of self-produced products was RMB13,848 million, whereas the revenue from the external sales of products from external suppliers was RMB32,041 million.

Segment Results

The profit in the trading segment of the Group was RMB31 million for the first half of 2015, representing a decrease of RMB209 million or 87.08% from the profit of RMB240 million of the corresponding period of the preceding year. This was mainly attributable to an increase in the provisions for impairment of inventories and a decrease in gains from futures of trading segment of the Group during this period.

ENERGY SEGMENT

Revenue

The Group's revenue from the energy segment for the first half of 2015 was RMB2,257 million, representing a decrease of RMB347 million or 13.33% from RMB2,604 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in coal price.

Segment Results

The profit in the energy segment of the Group was RMB232 million for the first half of 2015, representing an increase of RMB63 million or 37.28% from the profit of RMB169 million of the corresponding period of the preceding year. This was mainly attributable to the decrease in production cost of coal products.

CORPORATE AND OTHER OPERATING SEGMENTS

Revenue

The Group's revenue from the corporate and other operating segments for the first half of 2015 was RMB162 million, which generally leveled off compared with the corresponding period of the preceding year.

Segment Results

The Group's loss in the corporate and other operating segments for the first half of 2015 was RMB271 million, representing a decrease of loss of RMB905 million or 76.96% from the loss of RMB1,176 million of the corresponding period of the preceding year, mainly attributable to gains from partial disposal of shares of Jiaozuo Wanfang by the Group.

STRUCTURE OF ASSETS AND LIABILITIES

Current Assets and Liabilities

As of June 30, 2015, the Group's current assets amounted to RMB68,946 million, representing an increase of RMB5,472 million from RMB63,474 million as of the beginning of the period, mainly attributable to an increase in cash and cash equivalent, inventories and accounts receivable of the Group.

As of 30 June 2015, the Group's cash and cash equivalents amounted to RMB18,093 million, representing an increase of RMB1,824 million from RMB16,269 million as of the beginning of the period.

As of June 30, 2015, the Group's net balance of inventories amounted to RMB23,456 million, representing an increase of RMB1,015 million from RMB22,441 million as of the beginning of the period.

As of June 30, 2015, the Group's current liabilities amounted to RMB85,193 million, representing a decrease of RMB19,043 million from RMB104,236 million as of the beginning of the period, primarily due to the fact that the Group adjusted the structure of long and short-term liabilities by repaying part of the short-term borrowings.

As of June 30, 2015, the current ratio of the Group was 0.81, representing an increase of 0.20 from 0.61 as of the end of 2014, and the quick ratio was 0.49, representing an increase of 0.13 from 0.36 as at the end of 2014.

Non-current Liabilities

As of June 30, 2015, the Group's non-current liabilities amounted to RMB62,770 million, representing an increase of RMB14,002 million from RMB48,768 million as of the beginning of the period, primarily due to the fact that the Group replaced some short-term borrowings by long-term borrowings and debentures.

Debt to asset ratio

As of June 30, 2015, the debt to asset ratio of the Group was 75.62%, representing a decrease of 3.81 percentage points from 79.43% as at the end of 2014.

MEASUREMENT OF FAIR VALUE

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

As of June 30, 2015, the amount of commodity futures contracts of the Group recognized as financial assets at fair value through profit or loss decreased by RMB116 million as compared with the end of 2014. The amount of commodity futures and options contracts of the Group recognized as financial liabilities at fair value through profit or loss increased by RMB173 million as compared with the end of 2014.

PROVISION FOR INVENTORY IMPAIRMENT

On June 30, 2015, the Group assessed the net realizable value of its inventories. For the inventory relevant to aluminum products, the assessment was made on the net realizable value of its inventories on the basis of the estimated selling price of the finished goods available for sale with comprehensive consideration of the coordination scheme of the production and sales between alumina enterprises and electrolytic aluminum enterprises within the Group, and the factors including the financial budget, turnover period of inventory, the purpose of the Company to hold the inventory and the influence of events subsequent to the balance sheet date. For the inventory held by the energy segment, after comprehensively considering the cooperative scheme on production and sale along the chain of the photovoltaic industry, the Group unanimously calculated with the market price for the most recent period.

The provisions for inventory impairment for inventories held as of June 30, 2015 amounted to RMB1,578 million, representing a decrease of RMB466 million as compared with the provisions for impairment of RMB2,044 million as at the end of 2014, among which the net provisions and reversal for the period amounted to RMB579 million, the written-off for the period amounted to RMB1,026 million and the inventory impairment transferred into held for sale disposal group amounted to RMB19 million.

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

CAPITAL EXPENDITURES, CAPITAL COMMITMENTS AND INVESTMENT UNDERTAKINGS

For the six months ended June 30, 2015, the Group's accumulated project investment expenditures (excluding equity interest investments) amounted to RMB3,649 million, which mainly consisted of investments in energy saving and consumption reduction, environmental governance, resources acquisition and technological research and development.

As of June 30, 2015, the Group's capital commitment amounted to RMB47,546 million, of which those contracted but not provided amounted to RMB12,615 million and those authorized but not contracted amounted to RMB34,931 million.

As of June 30, 2015, the Group's investment commitment to joint ventures and associates amounted to RMB1,610 million in total, of which commitment to Guangxi Huazheng Aluminum Co., Ltd. () ("Guangxi Huazheng") accounted for RMB752 million; commitment to Ningxia Yinxing Power Co., Ltd. () ("Yinxing Power") accounted for RMB398 million; commitment to Huaneng Ningxia Energy Co., Ltd. () ("Huaneng Ningxia") accounted for RMB320 million; commitment to Guizhou Chalco Hengtaihe Mining Co., Ltd. () ("Hengtaihe Mining") accounted for RMB75 million; commitment to Guangxi Huazhong Cement Co., Ltd. () ("Guangxi Huazhong") accounted for RMB35 million; commitment to Shanxi Chalco Taiyue New Materials Co., Ltd. () ("Taiyue New Materials") accounted for RMB30 million. In addition, the Group's investment commitment to Chinalco Minerals Resources Co., Ltd. () ("Chinalco Resources") accounted for RMB616 million.

CASH AND CASH EQUIVALENTS

As of June 30, 2015, the Group's cash and cash equivalents amounted to RMB18,093 million, including foreign currency in cash and deposits of RMB1,347.19 million, RMB6.49 million, RMB1.45 million, RMB2.23 million and RMB0.04 million denominated in US dollars, Hong Kong dollars, Euro, Australian dollars and Indonesian Rupiah, respectively.

CASH FLOWS FROM OPERATING ACTIVITIES

For the first half of 2015, the Group's cash inflows generated from operating activities amounted to RMB2,808 million, representing a decrease of RMB1,893 million from the net inflows of RMB4,701 million for the corresponding period of the preceding year, mainly attributable to increase in the Group's inventories and accounts receivable.

CASH FLOWS FROM INVESTING ACTIVITIES

For the first half of 2015, the Group's cash inflows generated from the investing activities amounted to RMB13 million, representing an increase of RMB1,103 million from the net cash outflows of RMB1,090 million for the corresponding period of the preceding year, mainly attributable to the cash inflow from partial disposal of shares of Jiaozuo Wanfang by the Group and redemption of some financial products.

CASH FLOWS FROM FINANCING ACTIVITIES

For the first half of 2015, the Group's net cash outflows used in financing activities amounted to RMB994 million, representing a decrease of RMB6,793 million from the net inflows of RMB5,799 million for the corresponding period of the preceding year, mainly attributable to repayment of certain borrowings of the Group upon completion of non-public issuance of A share with proceeds amounting to approximately RMB8,000 million during the period.

INVESTMENT OF THE COMPANY

USE OF PROCEEDS

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

On May 21, 2015, the Company received the total proceeds of RMB7,999,999,995.20 transferred by Ping An Securities Company, Ltd. ("Ping An Securities"), the lead underwriter. Ernst & Young Hua Ming LLP ("Ernst & Young Hua Ming") verified the proceeds received from the issuance and issued the Capital Verification Report on the Proceeds (Ernst & Young Hua Ming (2015) Yan Zi No. 60968352_A02).

Net proceeds were used for Chalco Xing Xian alumina project and Chalco Zhongzhou Bayer Ore-dressing Process expansion construction project and to supplement the working capital. Among which, proceeds of RMB4,609.93 million were used to swap self-raised funds prepaid to Chalco Xing Xian alumina project; proceeds of RMB1,300.00 million were used to swap self-raised funds prepaid to Chalco Zhongzhou Bayer Ore-dressing Process expansion construction project; the remaining net proceeds of RMB1,987.54 million were used to supplement the working capital of the Company.

The proceeds from the issuance after deduction of issuance expenses will be used for the Chalco Xing Xian alumina project and the Chalco Zhongzhou Bayer Ore-dressing Process expansion construction project and to supplement the working capital. In particular, the proceeds allocated to the Chalco Xing Xian alumina project amounted to RMB4,700,000,000, while those allocated to the Chalco Zhongzhou Bayer Ore-dressing Process expansion construction project amounted to RMB1,300,000,000. The supplemental working capital amounted to RMB2,000,000,000.

In order to facilitate the proceeds investment projects in an effective manner, the Company had made initial investments on the proceeds investment projects of the initial public issuance of shares before the proceeds were in place. As of May 31, 2015, the Company had made an actual investment of RMB7,214,230,000 in advance in the proceeds investment projects by utilizing its self-raised funds. Ernst & Young Hua Ming had verified the investment made in advance into the above proceeds investment projects and issued the Verification Report in Relation to Investments Made to the Proceeds Investment Projects in Advance by Using Self-raised Funds by Aluminum Corporation of China Limited (Ernst & Young Hua Ming (2015) Zhuan Zi No. 60968352_A60) on June 16, 2015. The proceeds from this issuance of the Company swapped with the self-raised funds invested in advance in the proceeds investment projects amounted to RMB5,909,930,000.

For details of this event, please refer to the announcements of the Company dated June 16, 2015 and June 25, 2015.

PROJECTS NOT FUNDED BY PROCEEDS

(1)

The Mining Project of Zhongzhou for the bauxite at Duancun-Leigou (): investment in project construction amounted to RMB1,358 million, and as of the end of June 2015, RMB698 million of capital expenditure had been incurred. The project is expected to satisfy the conditions for trial exploitation at the end of 2015 with 1.60 million tonnes of additional production capacity of bauxite upon completion of the project.

(2)

The underground mining project of the 0-24 line of the Guizhou Maochang mine (): the investment in the project construction amounted to RMB787 million, and as of the end of June 2015, RMB499 million of capital expenditure had been incurred. The project is planned to be completed in 2015 with 1.2 million tonnes of additional production capacity of bauxite.

(3)

The Qingzhen Alumina Project (): investment in project construction amounted to RMB3,800 million, and as of the end of June 2015, RMB1,878 million of capital expenditure had been incurred. The project is expected to be completed in 2015 with 1.60 million tonnes of additional production capacity of alumina, of which 0.80 million tonnes commenced trial production on April 29, 2015.

DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

Mr. Ge Honglin was elected as an executive director of the Company at the 2015 first extraordinary general meeting of the Company and he was elected as the chairman of the Board of the Company at the sixteenth meeting of the fifth session of the Board of the Company.

Mr. Liu Caiming was elected as a non-executive director of the fifth session of the Board of the Company at the 2015 first extraordinary general meeting of the Company.

Ms. Chen Lijie was elected as an independent non-executive director of the fifth session of the Board of the Company at the 2015 first extraordinary general meeting of the Company.

Mr. Wu Jianchang resigned from his position as an independent non-executive director of the Company on June 27, 2014 due to his age, with effect from February 26, 2015.

Mr. Wu Zhenfang resigned from his position as an independent non-executive director of the Company on April 2, 2015 due to being under an investigation by the competent authority, with effect from April 2, 2015.

Mr. Hu Shihai was elected as an independent non-executive director of the fifth session of the Board of the Company at the 2014 annual general meeting of the Company.

As at June 30, 2015, members of the fifth session of the Board and the fifth session of the Supervisory Committee are as follows:

Executive directors

:

Ge Honglin, Luo Jianchuan, Liu Xiangmin and Jiang Yinggang

Non-executive directors

:

Liu Caiming and Wang Jun

Independent non-executive directors

:

Ma Si-hang Frederick, Chen Lijie and Hu Shihai

Supervisors

:

Zhao Zhao, Yuan Li and Zhang Zhankui

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

EMPLOYEES, PENSION PLANS AND WELFARE FUND

As at June 30, 2015, the Group had 70,537 employees. For the first half of 2015, the Group had paid the total remuneration of RMB2,980 million to its employees. The remuneration package of the employees includes salaries, bonuses, subsidies, allowances and welfare benefits including medical care, housing subsidies, childbirth, unemployment, work injury, pension and other miscellaneous items.

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

PARTICULARS OF SHARE CAPITAL STRUCTURE, CHANGES AND SHAREHOLDERS

SHARE CAPITAL STRUCTURE

As at June 30, 2015, the share capital structure of the Company was as follows:

As at June 30, 2015

Percentage to

Number of

issued share

shares held

capital

(in million)

(%)

Holders of A shares

10,959.83

73.54

Among which:

Aluminum Corporation of China ("Chinalco")

4,890.96

32.82

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

238.38

1.60

Shanxi Aluminum Plant (Note 1)

7.14

0.05

Holders of H shares

3,943.97

26.46

Total

14,903.80

100

Note 1:

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

SUBSTANTIAL SHAREHOLDERS WITH SHAREHOLDING OF 5% OR MORE

So far as the Directors are aware, as of June 30, 2015, the following persons (other than the Directors, Supervisors and Chief Executive of the Company) had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed under the provisions of Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance ("Hong Kong SFO") or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the Hong Kong SFO, or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited ("Hong Kong Stock Exchange").

Percentage in

the relevant

class of

Name of substantial

Class of

Number of

issued share

total issued

shareholder

shares

shares held

Capacity

capital

share capital

Chinalco

A shares

4,890,964,006 (L)

Beneficiary owner

44.63% (L)

32.82% (L)

(Note 1)

    and interests

    of controlled

    corporations

Templeton Asset

H shares

1,127,274,800 (L)

Investment

28.58% (L)

7.56% (L)

    Management Ltd.

BlackRock,Inc.

H shares

235,604,329 (L)

Interests of

5.97% (L)

1.58% (L)

11,712,000 (S)

    controlled

0.30% (L)

0.08% (S)

(Note 2)

    corporations

(L)

The letter "L" denotes a long position.

(S)

The letter "S" denotes a short position.

Notes:

1.

These interests included the interest of 4,890,964,006 A shares directly held by Chinalco, and an aggregate interest in 245,518,049 A shares held by various entities controlled by Chinalco, comprising 238,377,795 A shares held by Baotou Aluminum (Group) Co., Ltd. and 7,140,254 A shares held by Shanxi Aluminum Plant.

2.

These interests were directly held by various corporations controlled by BlackRock, Inc. Among the aggregate interests in the long position in H shares, 1,548,000 H shares were held as derivatives. Among the aggregate interests in the short position in H shares, 2,076,000 H shares were held as derivatives.

Save as disclosed above and so far as the Directors are aware, as of June 30, 2015, no other person had an interest or short position in the shares or underlying shares of the Company (as the case may be) which would fall to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the Hong Kong SFO and as recorded in the register required to be kept under Section 336 of the Hong Kong SFO, or was otherwise a substantial shareholder of the Company.

CHANGES IN SHARE

During the reporting period, the Company had issued 1,379,310,344 A shares by way of non-public offering, thus the total share capital of the Company changed from 13,524,487,892 shares preceding the issuance to 14,903,798,236 shares upon the issuance.

APPROVAL OF CHANGES IN SHARE

On April 24, 2015, the Company received the "Approval in Relation to the Non-public Issuance of Shares by Aluminum Corporation of China Limited* (Zheng Jian Xu Ke (2015) No. 684)" (([2015]684)) issued by the China Securities Regulatory Commission. On June 15, 2015, the Company completed relevant procedure on registration and custody for the non-public issuance of 1,379,310,344 A shares at Shanghai Branch of China Securities Depository and Clearing Corporation Limited.

Please refer to the announcements of the Company dated April 24, 2015, June 16, 2015 and June 25, 2015 for details of relevant matters.

TOTAL NUMBER OF SHAREHOLDERS AT THE END OF THE REPORTING PERIOD

As at June 30, 2015, the Company had 687,681 shareholders, including 686,862 holders of A shares and 819 holders (registered shareholders) of H shares.

SHAREHOLDINGS OF THE TOP TEN SHAREHOLDERS

Unit: share

Increase/decrease

Percentage of

of shares during

Nature of

total issued

Total number of

the reporting

Name of shareholder

shareholder

shares

shares held

period

Note

(%)

Chinalco^#

State

32.82

4,890,964,006

Decreased by

323,443,189

HKSCC Nominees Limited

Overseas legal

26.37

3,929,438,355

Increased by

    person

4,853,881

Baotou Aluminum (Group) Co., Ltd.

State-owned legal

1.60

238,377,795

Decreased by

    person

62,840,000

SWS MU Fund Management - ICBC

Domestic non-state-

1.13

169,103,449

Increased by

169,103,449

    - Ruilin Private Placement No.4 Asset

    owned legal

169,103,449

(Frozen)

    Management Plan (    )

    person

China Cinda Asset Management Corporation

State-owned legal

0.99

147,253,426

Decreased by

    person

452,746,574

Huaxia Life Insurance Company Limited -

Domestic non-state

0.93

138,889,655

Increased by

138,889,655

    Universal Insurance Product
(

    -owned legal person

138,889,655

(Frozen)

    )

Truvalue Asset Management - China Merchants

Domestic non-state

0.93

138,593,103

Increased by

138,593,103

    Bank - Pengde Growth No.1 Asset
Management Plan

    -owned legal person

138,593,103

(Frozen)

    ()

Tianan Property Insurance Company Limited -

Domestic non-state-

0.93

138,158,621

Increased by

138,158,621

    Guarantee Profit No.1

    owned legal

138,158,621

(Frozen)

    (

    person

    )

BOSC Asset - Bank of Shanghai - Huifu Deyihaijie

Domestic non-state

0.65

96,531,724

Increased by

96,531,724

    No.19 Asset Management Plan

    -owned legal

96,531,724

(Frozen)

    (

person

    )

Pingan Dahua Fund - Pingan Bank - Pingan Dahua

Domestic non-state-

0.56

83,160,432

Increased by

83,160,432

    Tianyi Private Placement No.1 Specific Customer

    owned legal

83,160,432

(Frozen)

    Asset Management Plan

    person

     (

    )

#

This figure does not include the A shares indirectly held by Chinalco through its subsidiaries and/or controlled entities.

INTERESTS IN SHARES HELD BY DIRECTORS, CHIEF EXECUTIVE AND SUPERVISORS

As of June 30, 2015, none of the Directors, Chief Executive, or Supervisors and their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO) which are (a) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the Hong Kong SFO; or (b) required to be recorded in the register kept by the Company pursuant to Section 352 of the Hong Kong SFO; or (c) required to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies. For the six months ended June 30, 2015, none of the Directors, Supervisors, senior management or their spouses or children under the age of 18 was granted the right to acquire any shares or debentures of the Company or any of its associated corporations (within the meaning of the Hong Kong SFO).

REPURCHASE, SALE AND REDEMPTION OF THE COMPANY'S SHARES

During the reporting period, neither the Company nor its subsidiaries purchased or sold any of their shares during the six months ended June 30, 2015.

CHARGE AND PLEDGES ON GROUP ASSETS

As of June 30, 2015, the Group charged and pledged assets including fixed assets, intangible assets, projects under construction, long-term equity investment, inventories and accounts receivable. The aggregate carrying amount of the assets used for charged and pledged was RMB11.9 billion. Meanwhile, bank borrowings of the Group were pledged by letter of credit, receivable rights of future electricity revenue and relevant benefits. For details, please refer to note 11(f) to the financial statements.

EXTERNAL GUARANTEES PROVIDED BY THE COMPANY

As at June 30, 2015, the aggregate balance of the external guarantees provided by the Company and its subsidiaries amounted to RMB7,283 million.

1.

In March 2013, the Company entered into a guarantee contract with China Development Bank, pursuant to which the Company would provide guarantee in respect of a loan of up to RMB1,020 million in total in proportion to its 34% shareholding for Shanxi Jiexiu Xinyugou Coal Co., Ltd. () (hereinafter referred to as "Xinyugou Coal"), a joint venture of the Company. The guarantee period is two years from the date of expiry of the term for performance of loan under the principal contract. As of 30 June 2015, Xinyugou Coal drew down balance of RMB914 million under the contract, of which overdue principal payments amounted to RMB83 million and overdue interest and default interest amounted to RMB31.1976 million. As of 30 June 2015, the guarantee for principal and interest of Xinyugou Coal provided by the Company in proportion to its shareholding amounted to RMB321.37 million.

2.

In February 2014, Shanxi Huasheng Aluminum Co., Ltd. () (hereinafter referred to as "Shanxi Huasheng") entered into a guarantee contract of the maximum amount () with Shanghai Pudong Development Bank Taiyuan Branch, providing guarantee in respect of a loan of up to RMB200 million in total in proportion to its 43.03% shareholding for Huozhou Coal Group Xingshengyuan Coal Co., Ltd. () (hereinafter referred to as "Xingshengyuan Coal"), a joint venture of Shanxi Huasheng. The guarantee period was from the date of expiry of the term for performance of loan to two years from the date of expiry of the term for performance of loan as agreed under the contract for credit. As of 30 June 2015, Xingshengyuan Coal drew down a loan of RMB40.6 million under the contract, and the balance of guarantee provided by Shanxi Huasheng in proportion to its shareholding amounted to RMB17.47 million.

3.

On December 25, 2006, Chalco Ningxia Energy Group Co., Ltd. () (hereinafter referred to as "Ningxia Energy") entered into a guarantee contract with China Construction Bank Yinchuan Xicheng Branch, providing a third-party joint and several liability for RMB35 million out of RMB70 million, the aggregate amount of project loan of Ningxia Tian Jing Shen Zhou Wind Power Co., Ltd. () (as 50% of its original stake held by Ningxia Energy, which was fully transferred to Ningxia Yinxing Energy Co., Ltd. (), a controlling subsidiary of Ningxia Energy in 2014) with a loan term of 14 years. As of 30 June 2015, the balance of the guarantee provided by Ningxia Energy in proportion to its shareholding amounted to RMB35 million.

4.

On January 20, 2012, Ningxia Energy and China Development Bank entered into the Contract of Pledge for Accounts Receivables of RMB Loan, and offered a pledge guarantee in respect of the loan of RMB30 million for Ningxia Power Investment Corporation with a loan term of 12 years. As of 30 June 2015, the balance of the guarantee amounted to RMB14 million and the balance of the guarantee provided by Ningxia Energy amounted to RMB14 million.

5.

In October 2014, Bank of America Beijing Branch issued a standby letter of credit with an aggregate amount of USD100 million to Bank of America Hong Kong Branch, for withdrawal money of Chalco Trading Hong Kong Co., Ltd. (hereinafter referred to as "Trading Hong Kong") under credit granting of Bank of America Hong Kong Branch. Meanwhile, the Company and Bank of America Beijing Branch entered into a letter of credit and undertook to provide joint and several liability guarantee for Trading Hong Kong with a guarantee term ending October 9, 2015. As of 30 June 2015, financing balance of Trading Hong Kong under the contract amounted to USD96 million and the Company provided joint and several liability guarantee in respect of the above amount of USD96 million (equivalent to approximately RMB586.91 million).

6.

In October 2014, DBS Bank Beijing Branch issued a standby letter of credit with an aggregate amount of USD65 million to DBS Bank Singapore Branch for the withdrawal of funds by Trading Hong Kong under the credit granted by DBS Bank Singapore Branch. Meanwhile, China Aluminum International Trading Co., Ltd. (hereinafter referred to as "Chalco Trading") undertook to provide joint and several liability guarantee for Trading Hong Kong for its financing. The guarantee period is the date of expiry of the term for performance of loan. As of 30 June 2015, the joint and several liability guarantee provided by Chalco Trading in favor of Trading Hong Kong amounted to USD65 million (equivalent to approximately RMB397.38 million).

7.

As of 30 June 2015, Ningxia Energy, a controlling subsidiary of the Company, and its subsidiaries provided a guarantee amount of RMB637.4 million mutually.

8.

Chalco Hong Kong Limited and its certain subsidiaries entered into guarantee agreements with Chalco Hong Kong Investment Company Limited in October 2013 and April 2014, pursuant to which, guarantee was provided in favor of the senior perpetual securities issued by Chalco Hong Kong Investment Company Limited of USD350 million and USD400 million in 2013 and 2014 respectively. As of 30 June 2015, Chalco Hong Kong Investment Company Limited issued senior perpetual securities of USD750 million and the same amount of USD750 million (equivalent to approximately RMB4,585.2 million) was guaranteed by Chalco Hong Kong Limited and its certain subsidiaries.

9.

In February 2015, the Company entered into a guarantee contract with the Kunming Branch of Pingan Bank, pursuant to which the Company would provide guarantee in respect of a loan of up to RMB1,000 million in total in proportion to its 60% shareholding for Guizhou Huajin Aluminum Co., Ltd. () (hereinafter referred to as "Guizhou Huajin"). The guarantee period was from the date of expiry of the term for performance of loan to two years from the date of expiry of the term for performance of loan as agreed under the contract for credit. As of 30 June 2015, Guizhou Huajin drew down a loan of RMB347.83 million under the contract, and the balance of guarantee provided by the Company in proportion to its shareholding amounted to RMB208.7 million.

10.

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

11.

In April 2015, the Company entered into a guarantee contract of the maximum amount with the Chongqing Branch of China Minsheng Banking Corp., Ltd., pursuant to which the Company would provide a guarantee contract of the maximum amount in respect of financing facilities of up to RMB300 million in total in proportion to its 60% shareholding for Guizhou Huajin. The guarantee period was from the effective date of the contract to two years from the next day of expiry of the term for performance of loan. As of 30 June 2015, Guizhou Huajin dealt with financing of RMB300 million under the contract, and the balance of guarantee provided by the Company in proportion to its shareholding amounted to RMB180 million.

As of June 30, 2015, there are overdue principal payments of RMB83 million and overdue interest and default interest of RMB31.1976 million in the loan provided by the Company to Xinyugou Coal. The possible amount repaid with the principal amount of the loan by the Company in proportion to its shareholding amounted to RMB38.8273 million.

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

CORPORATE GOVERNANCE

The Articles of Association, the Terms of Reference of the Audit Committee, the Terms of Reference of the Supervisory Committee and the Code of Conduct Regarding Securities Transactions by the Directors, Supervisors and Relevant Employees form the framework for the code of corporate governance practices of the Company. The Board has reviewed its corporate governance documents and internal control guidelines, and is of the view that such documents have incorporated most of the principles and code provisions in the "Code on Corporate Governance Practices" (the "CG Code") as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") and the requirements under the Internal Control Guidelines stipulated by the Shanghai Stock Exchange.

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

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

For clarity, the Company has adopted a Code of Conduct Regarding Securities Transactions by the Directors, Supervisors and Relevant Employees (the "Required Standards") on terms no less exacting than the required standard of dealings set out in the "Model Code for Securities Transactions by Directors of Listed Issuers" in Appendix 10 to the Hong Kong Listing Rules. Some employees who are likely to be in possession of unpublished price sensitive information of the Group shall be in compliance with the Required Standards. All Directors, Supervisors and relevant employees, upon specific enquiries, have confirmed that they have complied with the Required Standards during the six months ended June 30, 2015.

AUDIT COMMITTEE

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

As of the date of this report, the Audit Committee of the fifth session of the Board of the Company consists of three independent non-executive Directors, namely Mr. Ma Si-hang, Frederick, Ms. Chen Lijie and Mr. Hu Shihai. Mr. Ma Si-hang, Frederick is the Chairman of the committee.

The Audit Committee and the management have reviewed the accounting policies and practices adopted by the Group and discussed auditing, internal control and financial statements matters, including the review of the unaudited condensed interim financial information for the six months ended June 30, 2015.

In the first half of 2015, the Audit Committee convened five meetings in total, including the tenth meeting of the Audit Committee of the fifth session of the Board held on January 26, 2015 for considering the resolution in relation to the proposed substantial provisions for impairment of assets by the Company; the eleventh meeting of the fifth session of the Audit Committee of the Board held on March 24, 2015 for considering 13 resolutions including the resolution in relation to the 2014 annual financial report of the Company; the twelfth meeting of the Audit Committee of the fifth session of the Board held on April 14, 2015 for considering the 2014 20-F report of the Company; the thirteenth meeting of the Audit Committee of the fifth session of the Board held on April 27, 2015 for considering three resolutions including the resolution in relation to the 2015 first quarterly report of the Company; and the fourteenth meeting of the Audit Committee of the fifth session of the Board held on June 25, 2015 for considering three resolutions including the resolution in relation to the acquisition of high-purity aluminum plant and light metal material plant of Baotou Group by Baotou Aluminum.

SIGNIFICANT EVENTS

1.

CORPORATE GOVERNANCE

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

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

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

2.

ASSET TRANSACTIONS

Baotou Aluminum Company Limited (), a wholly-owned subsidiary of the Company, entered into an asset transfer agreement to acquire the relevant assets and liabilities of the high-purity aluminum plant and the light metal material plant of Baotou Aluminum (Group) Co., Ltd. ().

Chalco Shandong Co., Ltd. (), a wholly-owned subsidiary of the Company, entered into an asset swap agreement to swap its assets and relevant liabilities except for the electrolysis production line (mainly carbon assets), the Aluminum Processing Plant and the Hospital Ward Building, with the Bayer Process alumina production line of Shandong Aluminum Company (), a wholly-owned subsidiary of Aluminum Corporation of China.

Please refer to the announcements of the Company dated June 25, 2015 for details of the relevant matters.

3.

DISTRIBUTION OF FINAL DIVIDEND FOR THE YEAR 2014

The non-distribution of the 2014 final dividends of the Company was considered and approved at the 2014 annual general meeting convened on June 25, 2015.

4.

MATERIAL LITIGATION AND ARBITRATION

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

5.

MATERIAL CONNECTED TRANSACTIONS OF THE GROUP DURING THE REPORTING PERIOD

Connected transactions related to daily operations

During the reporting period, the total amount of major and continuing connected transactions between the Group and connected persons was approximately RMB8.2 billion, of which purchase transactions amounted to approximately RMB3.2 billion and sales transactions amounted to approximately RMB5 billion (including sale of products and services).

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

Connected transactions related to acquisition and disposal of assets

Baotou Aluminum Company Limited (), a wholly-owned subsidiary of the Company, entered into an asset transfer agreement to acquire the relevant assets and liabilities of the high-purity aluminum plant and the light metal material plant of Baotou Aluminum (Group) Co., Ltd. ().

Chalco Shandong Co., Ltd. (), a wholly-owned subsidiary of the Company, entered into an asset swap agreement to swap its assets and relevant liabilities except for the electrolysis production line (mainly carbon assets), the Aluminum Processing Plant and the Hospital Ward Building, with the Bayer Process alumina production line of Shandong Aluminum Company (), a wholly-owned subsidiary of Aluminum Corporation of China.

Please refer to the announcement of the Company dated June 25, 2015 for details of the matter.

The Company made contributions to Chinalco Mineral Resources Co., Ltd. () to obtain 15% of its equity interests.

Please refer to the announcement of the Company dated June 25, 2015 for details of the matter.

The Company made investment in China Rare Earth Co., Ltd. () to obtain approximately 13% of its equity interests.

Please refer to the announcement of the Company dated August 3, 2015 for details of the matter.

Transfer of loans

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

6.

PERFORMANCE OF UNDERTAKINGS

The following undertakings by Chinalco were made during or subsisting in the reporting period:

In 2007, the initial issuance of A shares of the Company, Chinalco provided undertakings principally in relation to non-competition in the industry:

The Company will acquire the pseudo-boehmite business from Chinalco within a certain period of time following the listing of the Company's A shares. Once the Company proposes the offer to acquire the pseudo-boehmite business from Chinalco, Chinalco will dispose the above business to the Company at fair price on the principles of fairness and reasonableness.

Up till now, both Shanxi Aluminum Plant, a wholly-owned subsidiary of Chinalco, and the Shandong branch of the Company had minor activities in the pseudo-boehmite market. However, as the pseudo-boehmite business is not among the principal activities of the Company and the pseudo-boehmite business in Shanxi Aluminum Plant of Chinalco was of a small scale, the acquisition of such assets will incur additional cash expenditure and will not improve the Company's performance.

Since the market conditions for pseudo-boehmite are immature, Chinalco does not propose to inject its pseudo-boehmite business to the Company's portfolio for the time being. The Company and Chinalco will strive to resolve the problem of horizontal competition on pseudo-boehmite business as the opportune time arises with reference to the market situations within five years since January 1, 2014.

7.

OTHER SIGNIFICANT EVENTS

Non-public offering of A shares

On August 24, 2012, the proposal that no more than 1,450 million A shares would be offered in the PRC to qualified legal persons, natural persons, or other legally qualified investors was approved at the 29th meeting of the fourth session of the Board of the Company. On October 12, 2012, the Company received the approval of the proposal from the SASAC. The proposal and its related matters were considered and approved at the 2012 second extraordinary general meeting, 2012 second class meeting for holders of A shares and 2012 second class meeting for holders of H Shares on October 12, 2012. On December 7, 2012, the Public Offering Review Committee of the CSRC reviewed and unconditionally approved the application for the non-public issuance of A shares of the Company. The Company received a reply from China Securities Regulatory Commission on the approval of the non-public offering no more than 1,450 million new shares on March 14, 2013, being effective for six months upon the approval date. In July 2013, due to reasons of the sponsoring institution, the approval on the issuance of additional A shares of the Company was temporarily retrieved by the China Securities Regulatory Commission. On January 4, 2015, the Company officially lodged the Request for Resumption of Approval on Non-public Issuance of Shares of Aluminum Corporation of China Limited to the China Securities Regulatory Commission, and the sponsoring institution, auditor and lawyer also respectively submitted their review opinions on post-meeting events to the China Securities Regulatory Commission. On April 24, 2015, the Company received the Approval in Relation to the Non-public Issuance of Shares by Aluminum Corporation of China Limited (Zheng Jian Xu Ke (2015) No. 684) issued by the China Securities Regulatory Commission. In May 2015, the Company initiated the non-public issuance of shares and completed setting the price through book-building on May 15, 2015 to issue 1,379,310,344 shares to qualified investors with issue price of RMB5.8 per share. Total proceeds amounted to RMB7,999,999,995.20. On May 21, 2015, the total proceeds amounting to approximately RMB8,000 million were transferred to the designated account of the Company. On June 15, 2015, the Company completed relevant procedures on registration and custody for the issuance of 1,379,310,344 new A shares at Shanghai Branch of China Securities Depository and Clearing Corporation Limited.

Please refer to the announcements of the Company dated October 12, 2012, March 14, 2013, April 24, 2015, June 16, 2015 and June 25, 2015 for details of the matters.

Transfer of shares of Jiaozuo Wanfang

On January 22, 2015 and January 23, 2015, the Company decreased its shareholding in Jiaozuo Wanfang Aluminum Manufacturing Co., Ltd. ("Jiaozuo Wanfang") by 4,758,858 shares through the securities exchange system of the Shenzhen Stock Exchange. In March 2015, the Company transferred 100,000,000 shares of Jiaozuo Wanfang to Geo-Jade Petroleum Corporation by way of agreement after the public invitation for potential transferees. On June 25, 2015, the Company transferred 42,550,900 shares of Jiaozuo Wanfang by way of block trading through the securities exchange system of the Shenzhen Stock Exchange. As of the publication date of this report, the Company held 60,142,157 shares of Jiaozuo Wanfang, representing 4.99999% of total share capital of Jiaozuo Wanfang.

Please refer to the announcements of the Company dated January 5, 2015, February 20, 2015, March 2, 2015 and April 21, 2015 as well as simplified reports on equity changes dated January 23, 2015, April 13, 2015 and June 25,2015 prepared by the Company and disclosed by Jiaozuo Wanfang.

INDEPENDENT REVIEW REPORT

To the members of Aluminum Corporation of China Limited

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

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Aluminum Corporation of China Limited and its subsidiaries (the "Group") as of 30 June 2015 and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and explanatory notes. The Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim Financial Reporting ("IAS 34"). The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34. Our responsibility is to express a conclusion on this interim financial information based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

Scope of review

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

Conclusion

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

Ernst & Young

Certified Public Accountants

22/F, CITIC Tower

1 Tim Mei Avenue, Central

Hong Kong

27 August 2015

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2015

(Amounts expressed in thousands of RMB unless otherwise stated)

30 June

31 December

Notes

2015

2014

(Unaudited)

(Audited)

ASSETS

Non-current assets

    Intangible assets

6

10,880,203

10,977,959

    Property, plant and equipment

6

93,622,390

94,032,375

    Land use rights and leasehold land

3,222,846

3,274,428

    Investments in joint ventures

7

2,605,009

2,525,747

    Investments in associates

7

3,877,835

4,840,968

    Available-for-sale financial assets

132,670

74,850

    Deferred tax assets

1,090,969

952,057

    Other non-current assets

11,298,024

12,479,204

Total non-current assets

126,729,946

129,157,588

Current assets

    Inventories

23,455,747

22,441,448

    Trade and notes receivables

8

6,739,333

5,312,575

    Financial assets at fair value through profit or loss

5,418

120,901

    Available-for-sale financial assets

4,211,810

4,635,600

    Restricted cash and time deposits

2,025,170

1,663,590

    Cash and cash equivalents

18,092,812

16,268,600

    Other current assets

14,224,634

13,031,669

68,754,924

63,474,383

    Assets of a disposal group classified as held for sale

9

191,190

-

Total current assets

68,946,114

63,474,383

Total assets

195,676,060

192,631,971

EQUITY AND LIABILITIES

Equity

Equity attributable to the owners of the parent

        Share capital

10

14,903,798

13,524,488

Other reserves

26,150,074

19,640,292

    Accumulated losses

        - proposed final dividend

20

-

-

        - others

(4,861,516)

(4,889,093)

36,192,356

28,275,687

Non-controlling interests

11,520,626

11,353,155

Total equity

47,712,982

39,628,842

Non-current liabilities

    Interest-bearing loans and borrowings

11

58,949,195

44,769,211

    Deferred tax liabilities

1,051,545

1,061,265

    Other non-current liabilities

2,769,664

2,937,087

Total non-current liabilities

62,770,404

48,767,563

Current liabilities

    Financial liabilities at fair value through profit or loss

202,059

29,384

    Interest-bearing loans and borrowings

11

55,897,199

75,167,251

    Other payables and accrued expenses

12,163,268

13,211,160

    Trade and notes payables

13

16,832,361

15,748,351

    Income tax payable

84,617

79,420

85,179,504

104,235,566

    Liabilities of a disposal group classified as held for sale

9

13,170

-

Total current liabilities

85,192,674

104,235,566

Total liabilities

147,963,078

153,003,129

Total equity and liabilities

195,676,060

192,631,971

Net current liabilities

16,246,560

40,761,183

Total assets less current liabilities

110,483,386

88,396,405

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

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2015

(Amounts expressed in thousands of RMB unless otherwise stated)

For the six months

ended 30 June

Notes

2015

2014

(Unaudited)

(Unaudited)

Revenue

5

66,087,169

70,092,022

Cost of sales

(62,745,776)

(69,517,084)

Gross profit

3,341,393

574,938

Selling and distribution expenses

14

(885,825)

(814,651)

General and administrative expenses

15

(1,219,192)

(1,338,418)

Research and development expenses

(83,180)

(87,036)

Impairment loss on property, plant and equipment

-

(267,079)

Government grants

16

666,300

275,564

Other gains, net

16

904,905

212,470

Operating profit/(loss)

2,724,401

(1,444,212)

Finance income

17

389,628

529,203

Finance costs

17

(3,129,097)

(3,215,795)

Share of profits of:

    Joint ventures

7

60,332

77,676

    Associates

7

123,353

258,432

Profit/(Loss) before income tax

168,617

(3,794,696)

Income tax benefit/(expense)

18

36,486

(451,092)

Profit/(Loss) for the period

205,103

(4,245,788)

Profit/(Loss) attributable to:

    Owners of the parent

27,577

(4,123,432)

    Non-controlling interests

177,526

(122,356)

205,103

(4,245,788)

Basic and diluted earnings/(losses) per share

    attributable to ordinary equity holders

    of the parent (expressed in RMB per share)

19

0.002

(0.30)

Other comprehensive (loss)/income to be reclassified to

    profit or loss in subsequent periods, net of tax:

    Gain on available-for-sale financial assets

57,820

-

    Share of other comprehensive income of an associate

4,658

-

    Exchange differences on translation

        of foreign operations

(79,249)

74,807

Total other comprehensive (loss)/income

    for the period, net of tax

(16,771)

74,807

Total comprehensive income/(loss) for the period

188,332

(4,170,981)

Total comprehensive income/(loss) for the period

    attributable to:

    Owners of the parent

10,806

(4,048,625)

    Non-controlling interests

177,526

(122,356)

188,332

(4,170,981)

Details of the dividends proposed for the six months ended 30 June 2015 are disclosed in note 20 to the financial statements.

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

Ge Honglin

Xie Weizhi

Director

Chief Financial Officer

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2015

(Amounts expressed in thousands of RMB unless otherwise stated)

Attributable to owners of the parent

Capital reserves

Foreign

Other

Statutory

Available-

currency

Non-

Share

Share

capital

surplus

Special

for-sale

translation

Accumulated

controlling

Total

capital

premium

reserves

reserve

reserve

reserve

reserve

losses

Total

interests

equity

At 1 January 2015

13,524,488

13,098,082

674,094

5,867,557

187,858

-

(187,299)

(4,889,093)

28,275,687

11,353,155

39,628,842

    Profit for the period

-

-

-

-

-

-

-

27,577

27,577

177,526

205,103

Other comprehensive

    loss for the period,

    net of tax

    Gain on available-for-sale

    financial assets

-

-

-

-

-

57,820

-

-

57,820

-

57,820

    Share of other

    comprehensive income

    of an associate

-

-

-

-

-

4,658

-

-

4,658

-

4,658

    Exchange differences

    on translation

    of foreign operations

-

-

-

-

-

-

(79,249)

-

(79,249)

-

(79,249)

Total comprehensive

    income/(loss)

-

-

-

-

-

62,478

(79,249)

27,577

10,806

177,526

188,332

Issuance of shares (note 10)

1,379,310

6,518,162

-

-

-

-

-

-

7,897,472

-

7,897,472

Capital injection

    from non-controlling

    shareholders

-

-

-

-

-

-

-

-

-

111,000

111,000

Other appropriations

-

-

-

-

6,978

-

-

-

6,978

29,235

36,213

Share of reserves of a joint

    venture and associates

-

-

-

-

1,413

-

-

-

1,413

-

1,413

Senior perpetual securities'

    distribution

-

-

-

-

-

-

-

-

-

(147,302)

(147,302)

Dividends paid by subsidiaries

    to non-controlling

    shareholders

-

-

-

-

-

-

-

-

-

(2,988)

(2,988)

At 30 June 2015

     (Unaudited)

14,903,798

19,616,244

674,094

5,867,557

196,249

62,478

(266,548)

(4,861,516)

36,192,356

11,520,626

47,712,982

Attributable to owners of the parent

Capital reserves

Other

Statutory

Exchange

Non-

Share

Share

capital

surplus

Special

fluctuation

Retained

controlling

Total

capital

premium

reserves

reserve

reserve

reserve

earnings

Total

interests

equity

At 1 January 2014

13,524,488

13,098,082

645,012

5,867,557

146,200

(251,401)

11,327,787

44,357,725

9,344,394

53,702,119

    Loss for the period

-

-

-

-

-

-

(4,123,432)

(4,123,432)

(122,356)

(4,245,788)

Other comprehensive income

    for the period, net of tax

Exchange differences on translation of

    foreign operations

-

-

-

-

-

74,807

-

74,807

-

74,807

Total comprehensive income/(loss)

-

-

-

-

-

74,807

(4,123,432)

(4,048,625)

(122,356)

(4,170,981)