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  April 23, 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.

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

(Stock Code: 2600)

Contents

2

Corporate Profile

6

Corporate Information

10

Financial Summary

16

Directors, Supervisors, Senior Management and Staff

30

Particulars and Changes of Shareholding Structure, and Details of Substantial Shareholders

37

Chairmanis Statement

46

Managementis Discussion and Analysis of Financial Position and Results of Operations

58

Report of the Board

66

Report of the Supervisory Committee

72

Report on Corporate Governance and Internal Control

95

Significant Events

102

Connected Transactions

118

Independent Auditoris Report

120

Statements of Financial Position

123

Consolidated Statement of Comprehensive Income

125

Consolidated Statement of Changes in Equity

127

Consolidated Statement of Cash Flows

129

Notes to Financial Statements

Corporate Profile

Aluminum Corporation of China Limited ("Chalco" or the "Company") is a joint stock limited company established in the People's Republic of China (the "PRC"); its shares are listed on the New York Stock Exchange, The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") and the Shanghai Stock Exchange, respectively.

The Company and its subsidiaries (collectively referred to as the "Group") are principally engaged in mining of bauxite; the production and sales of alumina and primary aluminum; operating of coal and electricity businesses as well as trading of other non-ferrous metal products.

The Group is the largest producer of alumina and primary aluminum in the PRC.

The competitiveness of the Group is mainly reflected in:

*

its leading strategic position in the alumina and primary aluminum markets in the PRC;

*

its ownership of adequate and stable supply of bauxite resources as well as refining technology;

*

its excellent management team and a group of highly skilled technical expertise of a complete range;

*

its sustainable scientific innovation capacity and complete scientific innovation system;

*

its active promotion on strategic transformation and clear development strategy.

The Group is principally comprised of the following branches, subsidiaries, associates and a joint venture:

Branches

*

Shandong branch (mainly engaged in producing alumina products);

*

Henan branch (mainly engaged in producing alumina products);

*

Guizhou branch (mainly engaged in producing primary aluminum products);

*

Shanxi branch (mainly engaged in producing alumina products);

*

Guangxi branch (mainly engaged in producing alumina/primary aluminum products);

*

Zhongzhou branch (mainly engaged in producing alumina products);

*

Qinghai branch (mainly engaged in producing primary aluminum products);

*

Lanzhou branch (mainly engaged in producing primary aluminum products);

*

Liancheng branch (mainly engaged in producing primary aluminum products);

*

Chongqing branch (mainly engaged in producing alumina products);

*

Zhengzhou Research Institute (mainly engaged in providing research and development services).

Subsidiaries:

*

Shanxi Huaze Aluminum & Power Co., Ltd. ("Shanxi Huaze") (mainly engaged in producing primary aluminum products);

*

Shanxi Huasheng Aluminum Co., Ltd. ("Shanxi Huasheng") (mainly engaged in producing primary aluminum products);

*

Fushun Aluminum Co., Ltd. ("Fushun Aluminum") (mainly engaged in producing primary aluminum products);

*

Zunyi Aluminum Co., Ltd. ("Zunyi Aluminum") (mainly engaged in producing primary aluminum products);

*

Shandong Huayu Aluminum and Power Co., Ltd. ("Shandong Huayu") (mainly engaged in producing primary aluminum products);

*

Gansu Hualu Aluminum Co., Ltd. ("Gansu Hualu") (mainly engaged in producing primary aluminum products);

*

Baotou Aluminum Co., Ltd. ("Baotou Aluminum") (mainly engaged in producing primary aluminum products);

*

Chalco Mining Co., Ltd. ("Chalco Mining") (mainly engaged in mining bauxite);

*

Chalco Zhongzhou Mining Co., Ltd. ("Zhongzhou Mining") (mainly engaged in mining bauxite);

*

China Aluminum International Trading Co., Ltd. ("Chalco Trading") (mainly engaged in the trading of non-ferrous metal products);

*

Chalco Hong Kong Ltd. ("Chalco Hong Kong") (mainly engaged in developing overseas projects);

*

Shanxi Huaxing Alumina Co., Ltd. ("Shanxi Huaxing") (mainly engaged in producing alumina products);

*

Chalco Zunyi Alumina Co., Ltd. ("Zunyi Alumina") (mainly engaged in producing alumina products);

*

China Aluminum Tai Yue Mining Company Limited ("Tai Yue Mining") (mainly engaged in mining bauxite);

*

Chalco Energy Co., Ltd. ("Chalco Energy") (mainly engaged in energy development);

*

Chalco Ningxia Energy Group Co., Ltd. ("Ningxia Energy") (mainly engaged in power generation and coal resources development).

Joint venture:

*

Guangxi Huayin Aluminum Company Limited ("Guangxi Huayin") (mainly engaged in producing alumina products) in which the Company holds 33% equity interest as of 31 December 2014.

Associates:

*

Jiaozuo Wanfang Aluminum Manufacturing Co.,Ltd. ("Jiaozuo Wanfang") () (mainly engaged in smelting of aluminum, manufacture and distribution of non-ferrous metal) in which the Company holds 17.246% equity interest as of 31 December 2014.

*

Hua Dian Ningxia Ling Wu Power Co., Ltd. ("Ling Wu Power") () (mainly engaged in thermal power generation) in which the Company holds 24.79% equity interest as of 31 December 2014.

Corporate Information

1.

Registered name

Abbreviation of Chinese name

Name in English

ALUMINUM CORPORATION OF CHINA LIMITED

Abbreviation of English name

CHALCO

2.

First registration date

10 September 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

6th Floor, Nexxus Building,

    in Hong Kong

41 Connaught Road, Central, Hong Kong

Internet website

http://www.chalco.com.cn

Corporate e-mail

IR  chalco.com.cn

3.

Legal representative

Ge Honglin

Company (Board) secretary

Xu Bo

Telephone

+86(10) 8229 8322

Fax

+86(10) 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

Yang Ruijun

    securities related affairs

Telephone

+86(10) 8229 8322

Fax

+86(10) 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

Office to the Board

    information and inquiry

Telephone for corporate

+86(10) 8229 8560

    information and inquiry

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 Corporation 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

Shanghai Stock Exchange

New York Stock Exchange, Inc

Stock name

CHALCO

Stock codes

2600 (HK)

601600 (China)

ACH (US)

6.

Principal bankers

China Construction Bank

Industrial and Commercial Bank of China

7.

Registration number of license of

100000000035734

    enterprise legal person

Tax registration number

110108710928831

Institutional organization number

71092883-1

8.

Independent auditors

Ernst & Young

Certified Public Accountants

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

Central, Hong Kong

Ernst & Young Hua Ming LLP

16/F, Ernst & Young Tower,

Oriental Plaza,

1 East Chang'an Avenue, Dongcheng District,

Beijing, the PRC

Postal code:100738

9.

Legal advisers

as to Hong Kong law and 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,

No. 1 Jianguomenwai Avenue, Chaoyang District,

Beijing, the PRC

10.

Corporate information database

Office to the Board

Financial Summary

1.

Financial summary prepared in accordance with International Financial Reporting Standards

The revenue of the Group for the year ended 31 December 2014 amounted to RMB141,772 million, representing a year-on-year decrease of 16.32%. Loss attributable to the owners of the parent for the year amounted to RMB16,217 million, and loss per share attributable to the owners of the parent for the year amounted to RMB1.20.

The following is the summary of the consolidated statements of comprehensive income for the year 2014 and year 2010 to year 2013:

For the year ended 31 December

2014

2013

2012

2011

2010

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

(Restated)

(Restated)

(Restated)

Continuing operations

Revenue

141,772,292

169,431,235

143,436,995

138,205,723

113,060,949

Cost of sales

(141,138,806)

(166,679,798)

(143,425,940)

(130,835,875)

(105,647,804)

Gross profit

633,486

2,751,437

11,055

7,369,848

7,413,145

Selling and distribution expenses

(1,753,234)

(1,859,220)

(1,833,983)

(1,487,990)

(1,448,100)

General and administrative expenses

(4,832,156)

(2,946,879)

(2,750,222)

(2,553,358)

(2,449,996)

Research and development expenses

(293,766)

(193,620)

(184,683)

(206,430)

(162,021)

Impairment loss on property,

    plant and equipment

(5,679,521)

(501,159)

(19,903)

(279,756)

(701,781)

Government grants

823,986

805,882

734,852

159,774

316,752

Other gains/(losses), net

356,935

7,399,252

(16,989)

502,462

471,281

Finance costs, net

(5,670,338)

(5,233,070)

(4,060,624)

(2,916,791)

(2,190,355)

Share of profits and losses of joint ventures

89,510

148,749

37,040

122,262

233,784

Share of profits and losses of associates

350,575

511,869

256,081

400,706

239,458

(Loss)/profit before income tax

    from continuing operations

(15,974,523)

883,241

(7,827,376)

1,110,727

1,722,167

Income tax (expense)/benefit

    from continuing operations

(1,074,910)

(339,551)

371,092

(121,175)

(398,739)

(Loss)/profit for the year

    from continuing operations

(17,049,433)

543,690

(7,456,284)

989,552

1,323,428

Discontinued operation

Profit/(loss) for the year

    from discontinued operation

-

207,144

(1,187,299)

(299,048)

(354,290)

(Loss)/profit for the year

(17,049,433)

750,834

(8,643,583)

690,504

969,138

(Loss)/profit attributable to:

    Owners of the parent

(16,216,880)

975,246

(8,233,754)

237,974

778,008

    Non-controlling interests

(832,553)

(224,412)

(409,829)

452,530

191,130

Proposed final dividend in this year

-

-

-

-

154,179

The following is the summary of the consolidated total assets and total liabilities of the Group:

As at 31 December

2014

2013

2012

2011

2010

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

Total assets

192,631,971

199,507,054

175,016,882

157,134,157

141,322,039

Total liabilities

153,003,129

145,804,935

121,245,732

98,979,471

84,135,184

Net assets

39,628,842

53,702,119

53,771,150

58,154,686

57,186,855

2.

Financial summary prepared in accordance with the PRC Accounting Standards for Business Enterprises

Item

For the year ended

31 December 2014

RMB'000

Operating loss

(16,817,554)

Loss for the year

(17,049,433)

Loss attributable to owners of the parent

(16,216,880)

Loss attributable to owners of the parent

    after excluding gains or losses from non-recurring items

(17,342,133)

Net cash flows generated from the operating activities

13,773,049

Gains or losses from non-recurring items

For the year ended

31 December 2014

RMB'000

Losses from the disposal of non-current assets

(44,144)

Government grants

823,986

Gain on fair value changes and disposal from the financial assets and

    liabilities at fair value through profit or loss

266,867

Investment income from financial products

71,023

Interest income from entrusted loans, other borrowings

61,151

Reversal of impairment of receivables that had been subject to

    individual impairment test

36,551

Other non-operating income and expenses, net

63,189

Gains from non-recurring items before income tax

1,278,623

Income tax expense for gains from non-recurring items

(76,166)

Gains from non-recurring items, net of income tax

1,202,457

Attributable to:

    Owners of the parent

1,125,253

    Non-controlling interests

77,204

Principal accounting information and financial indicators for 2014 and 2013 of the Group:

Increase/

(decrease)

for the year

2014

2013

of 2014 over 2013

RMB'000

RMB'000

(%)

Revenue

141,772,292

173,038,099

(18.07)

(Loss)/profit before income tax

(15,974,523)

1,061,762

N/A

Loss attributable to owners of the parent

(16,216,880)

947,891

N/A

Loss attributable to owners of the parent

    after excluding gains from non-recurring items

(17,342,133)

(7,806,624)

Increased

loss of

122.15

Basic losses per share (RMB)

(1.20)

0.07

N/A

Diluted losses per share (RMB)

(1.20)

0.07

N/A

Basic losses per share after excluding

    gains from non-recurring items (RMB)

(1.28)

(0.58)

N/A

Weighted average rate of (loss)/return on

    net assets (%)

(44.65)

2.15

N/A

Weighted average rate of loss on

    net assets after excluding gains from

    non-recurring items (%)

(47.75)

(17.72)

N/A

Net cash flows generated

    from operating activities

13,773,049

8,251,338

66.92

Net cash flows generated

    from operating activities per share (RMB)

1.02

0.61

66.92

Total assets

192,631,971

199,507,054

(3.45)

Equity attributable to owners of the parent

28,275,687

44,357,725

(36.26)

Equity attributable to owners

    of the parent per share (RMB)

2.09

3.28

(36.26)

3.

Comparison between the financial information prepared in accordance with International Financial Reporting Standards and the PRC Accounting Standards for Business Enterprises

(Loss)/profit attributable to

owners of the parent

Equity attributable to

for the year ended

owners of the parent

31 December

as of 31 December

2014

2013

2014

2013

RMB'000

RMB'000

RMB'000

RMB'000

Prepared in accordance with

    the PRC Accounting Standards

    for Business Enterprises

(16,216,880)

947,891

28,275,687

44,357,725

Prepared in accordance

    with International Financial

    Reporting Standards

(16,216,880)

975,246

28,275,687

44,357,725

Directors, Supervisors, Senior Management and Staff

1.

Profiles of Directors, Supervisors, Senior Management at present and during the reporting period

Whether

Total

receiving

emolument

emolument or

paid/payable

allowance from

Date of

by the

owners of the

appointment/re-

Company

parent or other

Name

Position

Gender

Age

appointment

for 2014

related entity

(Year-Month-Day)

(RMB'000)

Directors

Ge Honglin

Executive Director and Chairman

M

58

2015.2.26

-

Yes

Xiong Weiping ^Note1

Executive Director and Chairman (resigned)

M

58

2013.6.27

669.0

No

Sun Zhaoxue ^Note2

Non-executive Director and

M

52

2014.6.27

-

Yes

Vice Chairman (resigned)

Luo Jianchuan

Executive Director and President

M

51

2013.6.27

591.1

No

Liu Caiming

Non-executive Director

M

52

2015.2.26

-

Yes

Liu Xiangmin

Executive Director and Senior Vice President

M

52

2013.6.27

578.4

No

Jiang Yinggang

Executive Director and Vice President

M

51

2013.6.27

554.6

No

Wang Jun

Non-executive Director

M

49

2013.6.27

150.0

Yes

Wu Jianchang ^Note3

Independent Non-executive Director (resigned)

M

75

2013.6.27

94.3

No

Ma Si-hang,

Frederick

Independent Non-executive Director

M

63

2013.6.27

188.6

No

Wu Zhenfang

Independent Non-executive Director

M

63

2013.8.30

188.6

No

Chen Lijie

Independent Non-executive Director

F

60

2015.2.26

-

No

Supervisors

Zhao Zhao

Chairman of Supervisory Committee

M

52

2013.6.27

-

Yes

Yuan Li

Supervisor

M

56

2013.6.27

513.5

No

Zhang Zhankui

Supervisor

M

56

2013.6.27

-

Yes

Senior Management

M

Xie Weizhi

Vice President and Chief Financial Officer

M

50

2013.3.8

554.6

No

Qiao Guiling

Vice President

F

46

2011.10.25

554.6

No

Xu Bo

Vice President and Secretary to the Board

M

50

2013.5.9

554.6

No

Notes

1.

Due to job re-designation, Mr. Xiong Weiping resigned from the positions of executive Director and chairman of the Company, with effect from 18 December, 2014.

2.

Due to investigation by the competent authorities, Mr. Sun Zhaoxue resigned from the positions of non-executive Director and vice chairman of the Company, with effect from 16 September 2014.

3.

Due to age, Mr. Wu Jianchang resigned from the position of non-executive Director of the Company on 27 June 2014, with effect from 26 February 2015.

1.

Directors, Supervisors and Senior Management as at the latest practicable date prior to the issue of this annual report

Major Working Experience of directors ("Directors"), supervisors ("Supervisors") and Senior Management of the Company as at the latest practicable date prior to the issue of this annual report:

Executive Directors

Mr. Ge Honglin, 58, is the executive Director, Chairman and is also the chairman of Aluminum Corporation of China. He has been serving the Company as the position of chairman since 26 February 2015. Mr. Ge graduated from University of Science & Technology Beijing majoring in metal materials and heat treatment (being engaged in doctoral dissertation research in University of Windsor of Canada from 1987 to 1989) and obtained a doctoral degree in engineering. He is a professor level senior engineer and has more than 20 years of experience in metallurgic industry. Mr. Ge has conducted thorough research on fields such as metal materials, corporate governance and city affairs. He has acquired extensive theoretical knowledge and governmental and corporate working experience. He worked at Shanghai Steel Research Office () and served as vice director of research office, division chief of science research, assistant director and vice director. He acted as vice factory manager (temporary post) of Shanghai 5th Steel Factory (), director and vice president of Shanghai Metallurgical Holding (Group) Company, chairman of the board of Shanghai No. 5 Steel Group Company (), director, vice general manager of Shanghai Baosteel Group Corporation, director and officer of the technology centre of Shanghai Baogang Research Institute () and director of Group Planning Division, president of Shanghai No. 5 Steel Group Company and vice Mayor, acting Mayor and Mayor of Chengdu Municipal People's Government and chairman of Aluminum Corporation of China.

Mr. Luo Jianchuan, 51, is an executive Director and the president. He has been serving the Company since 2001. Mr. Luo graduated from Kunming University of Science and Technology in 1985, majoring in mining, holds a doctorate degree from Central South University and is a professor-grade senior engineer. He has long engaged in corporate management of non-ferrous metals and thus has extensive professional experience and strong management skills in those fields. Mr. Luo formerly served as an engineer of the Lead and Zinc Bureau of China Non-ferrous Metals Industry Corporation, the manager of Haikou Nanxin Industry & Commerce Corporation, assistant to the general manager of Jinpeng Mining Development Corporation, deputy general manager and general manager of Beijing Xinquan Tech-trading Corporation, assistant to the general manager of China Non-Ferrous Metals Industry Trading Group Corporation, deputy chief of the Trading Division of China Copper, Lead & Zinc Group Corporation, general manager of China Aluminum International Trading Corporation Limited, and formerly served as the general manager of the Operations and Sales Division, vice president and senior vice president of the Company.

Mr. Liu Xiangmin, 52, is an executive Director and senior vice president, and has been serving the Company since 2001. Mr. Liu graduated from Central South University of Industry in 1982, majoring in non-ferrous metallurgy; he has a doctorate degree from Central South University and is a professor-grade senior engineer. He has long engaged in non-ferrous metal metallurgy and corporate management and has accumulated extensive and professional experience. Mr. Liu had previously served as the deputy head and head of the Alumina branch of Zhongzhou Aluminum Plant, deputy head of Zhongzhou Aluminum Plant, general manager of Zhongzhou Branch of the Company and vice president of the Company.

Mr. Jiang Yinggang, 51, is an executive Director and vice president, and has been serving the Company since 2001. On 27 June 2013, Mr. Jiang Yinggang was elected as an executive Director of the fifth session of the Board of the Company at the 2012 general meeting of the Company. Graduated in 1983 from Central South University of Industry majoring in the metallurgy of non-ferrous metals, Mr. Jiang holds a master degree in metallurgy engineering of non-ferrous metals and is a professor-grade senior engineer. He has long engaged in production operation and corporate management of production enterprises and has extensive professional experience. He formerly served as deputy head and then head of Corporate Management Department of Qinghai Aluminum Plant; head of Qinghai Aluminum Smelter; deputy general manager and general manager of Qinghai Aluminum Company Limited, and general manager of Qinghai branch of the Company. He has been Vice President of the Company since 2007.

Non-executive Directors

Mr. Liu Caiming, 52, is a non-executive Director. He has been serving the Company since 2011, resigned in 2014 and was re-appointed in 2015. He graduated from Fudan University majoring in political economics and obtained a doctoral degree in Economics. He is a senior accountant and engaged in the financial and accounting industry for more than 30 years. Mr. Liu has extensive experience in corporate management and financial management. He had subsequently served as deputy head and head of the Finance Department of China Non-ferrous Metals Foreign-Engineering Corporation (), deputy general manager of China Non-ferrous Metals Construction Group Limited (), deputy general manager of China Non-ferrous Construction Group Limited (), director and deputy general manager of China Non-ferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (), and deputy general manager of China Nonferrous Metal Mining and Construction (Group) Co., Ltd. (). Mr. Liu has also acted as titular deputy head of Department of Finance of Yunnan Province, director of SASAC of Yunnan Provincial People's Government and assistant to the governor of Yunnan Province and director of SASAC. From January 2007 to February 2011, Mr. Liu acted as deputy general manager of Aluminum Corporation of China, during which, he acted as chairman of Yunnan Copper Industry (Group) Co., Ltd. (), and president of China Copper Co., Ltd. (). He acted as senior vice president and chief financial officer of the Company since 23 February 2011 and executive Director of the Company since 31 May 2011. Mr. Liu resigned as executive Director, chief financial officer and senior vice president of the Company and was re-designated as non-executive Director on 8 March 2013. He resigned as non-executive Director of the Company on 18 March 2014 and was re-appointed as the non-executive Director on 26 February 2015.

Mr. Wang Jun, 49, has been served as a non-executive Director of the Company since 27 June 2013. Graduated from Huazhong Institute of Engineering with a degree of industrial and civil construction, Mr. Wang is an engineer. He has extensive experience in financial and corporate management. Mr. Wang formerly served as the engineer in the engineering department of Babcock & Wilcox Beijing Company Ltd.; deputy manager of the real estate development department of China Yanxing Company; senior deputy manager of equity management department and senior manager of business management department, senior manager, deputy general manager, general manager of custody and settlement department in China Cinda Asset Management Co., Ltd and general manager of the equity management department of China Cinda Asset Management Co., Ltd. Mr. Wang currently serves as the business director of China Cinda Asset Management Co., Ltd..

Independent Non-executive Directors

Mr. Ma Si-hang, Frederick, 63, has been serving as an independent non-executive Director since 27 June 2013. Mr. Ma graduated from University of Hong Kong with a bachelor's degree in Arts. He served as head of Financial Services and the Treasury Bureau of Hong Kong Special Administrative Region in 2002, head of Commerce and Economics Development Bureau in 2007 and resigned in July 2008. He also previously served as the managing director of Great Britain subsidiary of RBC Dominion Securities Inc., managing director and head of Asia Area of Private Banking Department of Chase Bank, executive president of private banking business of JPMorgan Chase & Co. in Asia Pacific, vice chairman and managing director of Kumagai Gumi (Hong Kong) Co., Ltd., chief financial officer and executive director of PCCW Company Limited, and non-executive director of MTR Corporation Ltd. Mr. Ma was awarded the Gold Bauhinia Star (GBS) by the HKSAR government in 2009, and was appointed non-official Justice of the Peace in 2010 by the HKSAR government.

Mr. Wu Zhenfang, 63, has been serving as an independent non-executive Director since 30 August 2013. Mr. Wu graduated from Shanghai Jiao Tong University majoring in business administration with an EMBA degree, and is a professor-level senior engineer. Mr. Wu has extensive experience in enterprise operation and overseas investment. He served as deputy general manager of CNOOC Nanhai West Corporation, general manager of CNOOC Chemical Limited, assistant to general manager, deputy general manager of China National Offshore Oil Corporation ("CNOOC") and chairman of CNOOC Chemical Limited, CNOOC Gas and Power Limited as well as deputy general manager of CNOOC.

Ms. Chen Lijie, 60, has been serving as an independent non-executive Director since 26 February 2015. Ms. Chen graduated from Renmin University of China Law School and obtained a doctoral degree in Laws. Ms. Chen Lijie has more than 30 years of experience in laws. She successively acted as director and deputy director of Commercial Affairs of the Office of Legislative Affairs of the State Council, deputy director of Department of Policies and Laws of the National Economic and Trade Commission, patrol officer of Bureau of Policies, Laws and Regulations of SASAC and chief legal consultant of China Mobile Communications Corporation.

Supervisors

Mr. Zhao Zhao, 52, has been serving as the chairman of the Supervisory Committee of the Company since 27 June 2013. Mr. Zhao obtained a bachelor's degree majoring in roadway engineering from Department of Civil Engineering of Nanjing Institute of Engineering and a Ph.D degree in world economics from Beijing Normal University, School of Economics and Management. Mr. Zhao is a senior political engineer. He has extensive experience in, among others, mass work among youth, supervision and discipline inspection, auditing and etc. He successively served as assistant editor and staff in People's Communication Press, full-time deputy secretary of Y.L.C (Youth League Committee) directly under Ministry of Communications, head of publicity department of Y.L.C of Central Government institutions, head of office of Youth League Working Committee of Central Government institutions, standing deputy head of Guoqing Productivity Center, deputy secretary (assistant inspector) of Youth League Working Committee of Central Government institutions, deputy head of mass work department of Central Enterprises Working Committee, deputy secretary of Central Enterprises Youth League Working Committee, deputy head of Bureau of mass work under State-owned Assets Supervision and Administration Commission of the State Council, secretary of Central Enterprises Youth League Working Committee and president of Central Enterprises Youth Union.

Mr. Yuan Li, 56, is currently the general manager of the Corporate Culture Department of the Company and an employee-elected Supervisor of the Company. Mr. Yuan has been serving the Company since 2001 and has extensive administrative and managerial experience. He had formerly served as the manager of the General Management Office, deputy head of the office and head of Department of Research and Investigation of China Non-ferrous Metals Industry Corporation head of the Secretariat and an assistant inspector of the State Bureau of Non-ferrous Metals Industry; and deputy head of the Department of Political and Labour Affairs and Head of the Political Party Department of Chinalco.

Mr. Zhang Zhankui, 56, is the head of the Finance Department of Chinalco and has been serving as a supervisor of the Company since 2006. Mr. Zhang is a postgraduate in economic management and a senior accountant. He has extensive experience in corporate financial accounting, fund management and auditing. Mr. Zhang had formerly served as the head of the Finance Division and then the head of the Audit Division of China General Design Institute for Non-ferrous Metals; deputy general manager of Beijing Enfei Tech-industry Group; the head of the Accounting Division of the Finance Department and deputy head of the Finance Department of China Copper Lead & Zinc Group Corporation; officer-in-charge of the Company's assets and finance in the Listing Office of the Company; head of the Capital Division of the Finance Department of Company and manager of the General Division of the Finance Department of the Company as well as deputy head of the Finance Department of Chinalco.

Other Senior Management Personnel

Mr. Xie Weizhi, 50, vice president and chief financial officer of the Company, has been working for the Company since March 2013. Mr. Xie is a senior accountant, graduated from the Guanghua School of Management, Peking University with a master's degree in business administration. Mr. Xie joined Aluminum Corporation of China in February 2011. He previously served as the deputy chief and chief of the accounting division of the finance department and the deputy manager of the finance department of China Offshore Oil Nanhai West Corporation (), deputy general manager and general manager of the finance department, and general manager of the treasury department of China National Offshore Oil Corporation, general manager of CNOOC Finance Corporation Limited, and the president of China National Association of Finance Companies (). Mr. Xie has engaged in financial management of large state-owned enterprises for many years and has substantial experience in finance and business management.

Ms. Qiao Guiling, 46, has been working as a vice President of the Company since 2011. Having graduated from Jiaozuo Mining Institute, Ms. Qiao is a senior engineer with a master's degree in engineering. Ms. Qiao worked for government departments before and had long engaged in production and operation and corporate management of manufacturing enterprises with extensive management experiences. She served as the general manager of Jiaozuo Wanfang Aluminum Company Limited from June 2005 to December 2005, the chairman of Jiaozuo Wanfang Group Co., Ltd. as well as the chairman and general manager of Jiaozuo Wanfang Aluminum Company Limited from December 2005 to March 2006, the chairman and general manager of Jiaozuo Wanfang Aluminum Company Limited from March 2006 to April 2008, the chairman of Jiaozuo Wanfang Aluminum Company Limited from April 2008 to December 2009, the general manager of Henan Branch of Aluminum Corporation of China Limited from December 2009 to March 2014 and vice president of Aluminum Corporation of China Limited since 25 October 2011.

Mr. Xu Bo, 50, vice president of the Company and the secretary to the Board, serving the Company since March 2011. Mr. Xu graduated from North China University of Water Resources and Electric Power, majoring in hydraulic structure engineering, and obtained a master's degree in engineering. He also obtained a Ph.D. degree in economics from Renmin University of China. He is a senior engineer. Mr. Xu has extensive experience in mergers and acquisitions, capital operation, corporation management, and enjoys a high reputation in energy sectors such as coal and electric power. He formerly served as deputy head of hydropower and operations department and office manager of Power and Machinery Bureau; general manger and assistant to the head of the bureau in Steel Structure Department of China Huadian Power Station Equipment Engineering Group Corporation (); deputy general manager of China Huadian Power Station Equipment Engineering Group Corporation, standing deputy general manager and general manager of China Huadian Engineering Co., Ltd.; deputy general manager of Huadian Coal Industry Group Company Limited; head of China Huadian Corporation Shaanxi Office; general manager of China Huadian Corporation Shaanxi Branch; executive director and general manager of Huadian Shaanxi Energy Company, the assistant to the president of the Company and executive-director and general manager of Chalco Energy Co., Ltd..

2.

Positions Held in Shareholders Entities of the Company by Directors, Supervisors and Senior Management at present and during the Year

Positions in the Shareholders of the Company

Whether

Receiving

Date of

remuneration

Name

Name of Shareholder

Position(s)

appointment

or allowance

Ge Honglin

Chinalco

Chairman

2014.10.16

Yes

Xiong Weiping

Chinalco

Chairman (resigned)

2013.10.20

No

Sun Zhaoxue

Chinalco

General Manager

2013.10.14

Yes

     (resigned)

Liu Caiming

Chinalco

Deputy General Manager

2007.1.25

Yes

Wang Jun

China Cinda Asset

Business Director

2013.8.19

Yes

Management Co., Ltd.

Zhao Zhao

Chinalco

Head of the CPC

2008.9.10

Yes

    Discipline Inspection

    Committee

Zhang Zhankui

Chinalco

Head of Finance Department

2009.12.1

Yes

Yuan Li

Chinalco

Head of the Political

2004.4.4

No

    Party Department

Positions in Other Entities

Whether

Date of

Receiving

remuneration

Name

Name of other entities

Position(s)

appointment

or allowance

Wu Jianchang ^Note

Jiangxi Copper Company Limited

Independent Director

2008.6.6

Yes

Ma Si-hang,

FWD Group

Independent Director

2013.12.10

Yes

    Frederick

MTR Corporation Limited

Independent Director

2013.7.4

Yes

China Mobile Communications

External Director

2012.12.13

Yes

    Corporation

Agricultural Bank of

Independent Director

2011.4.18

Yes

    China Limited

COFCO Corporation

External Director

2011.3.4

Yes

HPH Management

Independent Director

2011.3.7

Yes

Husky Energy Corporation

Non-executive Director

2010.7.27

Yes

Wu Zhenfang

China Communications

Independent Director

2014.4.22

Yes

    Construction Company Limited

China Guodian Corporation

External Director

2014.6.27

Yes

Wang Jun

China Nuclear Engineering

Director

2010.12.19

No

    Corporation Co., Ltd.

Liu Xiangmin

Guangxi Huayin Aluminium

Vice Chairman

2009.12.1

No

    Company Limited

Jiang Yinggang

Jiaozuo Wanfang Aluminum

Chairman

2009.12.1

No

    Company Limited

Note:

Due to re-election of the board, Mr. Wu Jianchang resigned as the independent director of Jiangxi Copper Company Limited since 11 June 2014.

3.

Decision Making Process and Basis of Determination of Remuneration of Directors, Supervisors and Senior Management and Remuneration

Based on the prevailing market standards and the remuneration strategy of the Company, a designated department of the Company would formulate proposals for the remuneration of the Company's Directors, Supervisors and senior management and submit the proposals to the Remuneration Committee of the Board of the Company. Remuneration of the senior management will be submitted to the Board for approval whereas those of the Directors and the Supervisors will be submitted to the Board for consideration and to the shareholders' general meeting for approval.

The Company determined its remunerations for Directors, Supervisors and senior management based on its development strategy, corporate culture and remuneration strategy, taking into account the remuneration standards of corresponding positions in comparable enterprises (in terms of scale, industry and nature etc.), as well as the opinion and advice of external professional consultancy organizations. The remuneration will be linked to the Company's operating results and individual performance.

In 2014, the total remuneration of the Directors, Supervisors and senior management of the Company amounted to RMB5.19 million (including the travelling expenses of the independent non-executive Directors).

4.

Changes in Directors, Supervisors and Senior Management as at the latest practicable date prior to the issue of this annual report

Name

Position

Status

Reason of change

Ge Honglin

Executive Director, Chairman

Elected

Mr. Ge Honglin was elected as an executive Director of the fifth session of the Board of the Company at 2015 first extraordinary general meeting of the Company. Mr. Ge Honglin was elected as the chairman of the Company by the fifth session of the Board in its sixteenth meeting of the Company.

Xiong Weiping

Former executive Director, Chairman

Resigned

Due to job re-designation, Mr. Xiong Weiping resigned from the positions of executive Director and chairman of the Company, with effect from 18 December 2014.

Sun Zhaoxue

Former non-executive Director, vice Chairman

Resigned

Due to investigation by the competent authorities, Mr. Sun Zhaoxue resigned from the positions of non-executive Director and vice chairman of the Company, with effect from 16 September 2014.

Liu Caiming

non-executive Director

Elected

Mr. Liu Caiming resigned as the non-executive Director of the Company on 18 March 2014. On 26 February 2015, Mr. Liu Caiming was elected as the non-executive Director of the Company at 2015 first extraordinary general meeting of the Company.

Wu Jianchang

Former independent non-executive Director

Resigned

Due to age, Mr. Wu Jianchang tendered his resignation as the independent non-executive Director of the Company on 27 June 2014, with effect from 26 February 2015.

Chen Lijie

Independent non-executive Director

Elected

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

5.

Employees of the Company

As of 31 December 2014, the Group had 75,749 employees. The structure of employees is as follows:

Composition by function

Category

Headcounts

Production personnel

61,485

Sales personnel

561

Technology personnel

4,280

Finance personnel

1,689

Administration personnel

7,734

Total

75,749

By education background

Category

Headcounts

Post-graduates

666

University graduates

9,799

Technical institute graduates

15,993

Secondary/technical school graduates or below

49,291

Total

75,749

Particulars and Changes of Shareholding Structure, and Details of Substantial Shareholders

1.

Share Capital Structure

Aluminum Corporation of China ("Chinalco") is the single largest shareholder of the Group, which directly holds 38.56% equity interest of the Company and together with its subsidiaries holds an aggregate of 41.33% equity interest of the Company. As of 31 December 2014, Chinalco was the Company's ultimate holding company.

As of 31 December 2014, the share capital structure of the Company was as follows:

As of 31 December 2014

Percentage to

total issued

Number of shares

share capital

(In million)

(%)

Holders of A shares

9,580.52

70.84

Holders of H shares

3,943.97

29.16

Total

13,524.49

100

According to the publicly available information and to the best knowledge of the Company's Directors, being the latest practicable date prior to the issue of this report, the share capital structure of the Company can maintain a sufficient public float and is in compliance with the requirement of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Hong Kong Listing Rules").

2.

Changes in Shareholding and Shareholders

There was no change in the share capital structure of the Company during the year ended 31 December 2014.

Particulars of Shareholding

Share

Percentage

(Number)

(%)

Shares not subject to trading moratorium

1. Renminbi ordinary shares

9,580,521,924

70.84

2. Overseas listed foreign invested shares

3,943,965,968

29.16

Total shares not subject to trading moratorium

13,524,487,892

100

Approval of Changes in Shareholding

Not applicable

Transfer of Changes in Shareholding

Not applicable

3.

Share Issuance and Listing

(1)

Status of share issuance in the past three years

Not applicable

(2)

Changes in total number of issued shares and the shareholding structure of the Company

As of 31 December 2014, the total number of issued shares of the Company amounted to 13,524,487,892 shares, which was not increased or decreased nor was there any change in the shareholding structure during the year ended 31 December 2014.

4.

Substantial Shareholders with Shareholding of 5% or more

So far as the Directors are aware, as of 31 December 2014, 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 ("SFO"), or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO, or as otherwise notified to the Company and the Hong Kong Stock Exchange.

Percentage in

the relevant

Percentage in

Name of substantial

Class of

Number of

class of issued

total issued

shareholder

shares

shares held

        Capacity

share capital

share capital

Chinalco

A shares

5,589,357,299 (L)
^{(Note 1)}

    Beneficial owner and interests
      of controlled corporation

58.34% (L)

41.33% (L)

Templeton Asset

H shares

1,143,576,800 (L)

        Investment manager

29.00% (L)

8.46% (L)

    Management Ltd.

BlackRock, Inc.

H shares

212,200,894(L)

        Interests of controlled

5.38% (L)

1.57% (L)

61,426,950(S)

            corporation

1.56%(S)

0.45%(S)

^{(Note 2)}

(L) The letter "L" denotes a long position, and the letter (S) denotes a short position.

Notes

1.

These interests included a direct interest of 5,214,407,195 A shares held by Chinalco, and an aggregate interest of 374,950,104 A shares held by various controlled subsidiaries of Chinalco, comprising 301,217,795 A shares held by Baotou Aluminum (Group) Co., Ltd., 62,472,482 A shares held by Lanzhou Aluminum Factory, 7,140,254 A shares held by Shanxi aluminum plant and 4,119,573 A shares held by Guiyang Aluminum Magnesium Design and Research Institute Co., Ltd..

2.

These interests were held directly by various corporations controlled by BlackRock, Inc.. Among the aggregate interests in the long position in H shares, 3,256,000 H shares were held as derivatives. Among the aggregate interests in the short position in H shares, 7,587,975 H shares were held as derivatives.

Save as disclosed above and so far as the Directors are aware, as of 31 December 2014, no other person (other than the Directors, Supervisors and Chief Executive of the Company) had any interest or short position in the shares or underlying shares of the Company (as the case may be) which would fall to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO and as recorded in the register required to be kept under section 336 of the SFO, or was otherwise a substantial shareholder of the Company.

5.

Number of Shareholders

Unit: Number of Shareholders

Total number of shareholders as of 31 December 2014

491,573

6.

Particulars of Shareholdings Held by Top Ten Shareholders

Number of

Nature of

Percentage of

shares held

shareholders

shareholding

(%)

Chinalco

5,214,407,195

A shares

38.56

HKSCC Nominees Limited

3,927,944,375

H shares

29.04

China Cinda Asset Management Corporation

412,411,763

A shares

3.05

Guokai Financial Limited Company

327,185,100

A shares

3.05

Baotou Aluminum (Group) Co., Ltd.

301,217,795

A shares

2.23

China Construction Bank Corporation Limited

89,688,839

A shares

0.66

Lanzhou Aluminum Factory

62,472,482

A shares

0.46

Customer credit guarantee securities

    account for margin trading of

    Guodu Securities Co., Ltd.

59,544,086

A shares

0.44

Customer credit guarantee securities

    account for margin trading of Industrial

    Securities Co., Ltd.

54,856,654

A shares

0.41

Customer credit guarantee securities

    account for margin trading of China

    Galaxy Securities Co., Ltd.

45,041,566

A shares

0.33

7.

Summary of the Controlling Shareholder

(1)

Particulars of the Legal Person Controlling Shareholder

Name of the controlling shareholder:

Chinalco

Legal representative:

Ge Honglin

Registered capital:

RMB19.701 billion

Date of incorporation:

23 February 2001

Principal operating or managing activities:

mineral resources exploration; bauxite mining; deployment of personnel necessary for overseas engineering projects commensurating with its capacity, scale and performance; operation and management of state-owned assets and equities; production and sales of aluminum, copper, rare earth and related non-ferrous metals mineral products, smelted products and carbon products; exploration design, general project contracting, construction and installation; equipment manufacturing; technological development and technical service; import and export businesses.

(2)

Diagram of the Direct Equity Interests and Controlling Relationship between the Company and the Controlling Shareholder

()

Note:

Chinalco is the largest shareholder of the Company and directly holds 38.56% equity interest in the Company and holds 5,589,357,299 shares in the Company together with its subsidiaries. Its ratio of voting rights in the Company is 41.33%.

Chairman's Statement

Dear Shareholders,

I hereby present the annual report of the Group for the financial year ended 31 December 2014 for shareholders' review. On behalf of the Board of the Company and all employees, I would like to express my sincere gratitude to all shareholders for your care for and support for the Company.

Product Market Reviews

Primary Aluminum Market

In 2014, the international and domestic price of primary aluminum showed an inclination of picking up following an initial dip. In terms of international market, the international price of aluminum was suppressed in the first quarter due to the influence by the extreme cold weather of USA and the downturn of global economy. After the second quarter, the international price of aluminum started to recover with the pickup of the main international economic body especially the economy of USA and shortage of supply resulting from the reduction in production volume of international aluminum plants. In 2014, the average price of three-month aluminum futures at LME amounted to USD1,893 per tonne, representing a year-on-year increase of 0.26%. In terms of domestic market, under the background of overcapacity situation, due to the supply of funds being shrunk in respect of electrolytic aluminum enterprises by the bank and traditional off-season of consumption in the first quarter, the price of aluminum declined sharply and capacity was shut down massively. In the second and third quarter, the primary aluminum supply became strain periodically due to the closed capacity, which led to the reviving of the aluminum price. However, with the occurrence of new capacity and resumption of production one after another, the aluminum price as forced down generally due to the over supply in the fourth quarter. In 2014, the average price of three-month aluminum futures at SHFE amounted to RMB13,697 per tonne, representing a year-on-year decrease of 6.13%.

According to the statistics, the global output and consumption of primary aluminum for year 2014 were approximately 53.90 million tonnes and approximately 54.85 million tonnes, respectively; while the domestic output and consumption of primary aluminum were approximately 28.10 million tonnes and approximately 28.05 million tonnes, respectively. As of the end of December in 2014, the capacity utilization rate of primary aluminum enterprises in the world (inclusive of the PRC) was 79.64%, while that of the PRC was 78.40%.

Alumina Market

In 2014, the domestic and international price of alumina rose after declining. In terms of international market, the price trend of international alumina mainly keeps consistent with that of domestic price of alumina due to China being the main buyer in the international market of alumina. In 2014, the average price of alumina in the international spot market amounted to USD330 per tonne, representing a year-on-year increase of 1.23%. In terms of domestic market, the demands for alumina reduced due to the massively electrolytic aluminum capacity shutting down in the first quarter, resulting in that the price reached a low point throughout the year. Due to the increase in the new and resumption of electrolytic aluminum capacity in the second and third quarter, alumina supply became strain periodically and the price increased accordingly. In 2014, the average spot price of alumina in domestic market amounted to RMB2,541 per tonne, representing a year-on-year increase of 1.76%.

According to the statistics, the global output and consumption of alumina for 2014 were approximately 112.27 million tonnes and approximately 111.28 million tonnes, respectively. The domestic output and consumption of alumina were approximately 51.25 million tonnes and approximately 56.23 million tonnes, respectively. Imported alumina in the PRC amounted to approximately 5.28 million tonnes in 2014. As of the end of December 2014, the alumina capacity utilization rate of alumina enterprises in the world (inclusive of the PRC) was approximately 80.51%, while that of the PRC was approximately 78.85%.

Business Review

In 2014, the macro economy of the PRC presented an overall stable situation, with the economic growth maintaining in reasonable range. However, due to the relatively heavy pressure of downtrend in economy, the severe overcapacity in the aluminum industry has not been effectively eased yet. Confronted with the grim and complicated industry circumstances, the Company intended to implement reform and renovation, closely aiming at the two major targets of "controlling loss, increasing profits to guarantee growth" () and "abandoning unnecessary business, adjusting industrial structure to turn loss and overcome difficulties" (). As such, the Company continued to reduce the cost and increase the efficiency and consolidate the reform to promote the transform and upgrade, with the purpose of accelerating the removal and adjustment in respect of assets and personnel.

1.

The production and operation management was reinforced, and the production costs decreased modestly. Based on the focus of establishment and promotion of the model of CBS (Chalco Business System), the Company continued to strengthen the operation transform. Through the establishment of exemplary plants (workshops), we further enhanced and consolidated basic management including production and operation management. The output of alumina amounted to 12.02 million tonnes, representing a year-on-year decrease of 0.99%, the output of alumina chemicals amounted to 1.82 million tonnes, representing a year-on-year increase of 5.81%, the output of primary aluminum products amounted to 3.38 million tonnes. The manufacturing costs of alumina decreased 5.18% on a year-on-year basis, and the cost of electrolytic aluminum decreased 4.03% on a year-on-year basis,

2.

The Company comprehensively strengthened benchmarking management, prepared and commenced the solutions to turning loss and overcoming difficulties. The Company comprehensively strengthened benchmarking management, by organizing on-site benchmarking seminars in respect of business units including alumina, electrolytic aluminum, carbon, captive power plant, mines and others. We learned from advanced enterprises from the aspects of project design, investment optimization, operation management and others, according to the overall demands of "the four (kinds of) 'first batch"(). In addition, the Company prepared scientific solutions to turning loss and overcoming difficulties to clarify the targets of turning loss and overcoming difficulties and main routes. Through formulation of certain work instructions and supportive documents in relation to activation, disposal and development of assets, staff optimal configuration and others, we guaranteed the implementation of overcoming resolutions.

3.

The Company adjusted and optimized the industrial layout, and accelerated the promotion of transform and upgrade. Centered on optimization of industrial chain, the Company enhanced the layout coordination in major areas to establish competitive industrial bases. In addition, the Company established three large-scale mines, i.e. Guizhou Branch, Zhongzhou Branch and Shanxi Huaxing Alumina, to improve the self-supply proportion and quality of bauxite, with the purpose of enhancing the core business of alumina. In the meantime, we proactively consolidated the boundary conditions, and adjusted and optimized the electrolytic aluminum business. As such, we achieved progress in the structure adjustment project. For example, the 2x330MW captive unit of Baotou Aluminum's captive power plant project was put into production since June 2014; the alumina production line with an output of 800,000 tonnes of Shanxi Huaxing Alumina reached the standard and the production target; 1,600,000 tonnes alumina project of Qingzhen in Guizhou was expected to obtain the condition for trial production in June 2015; 2x350MW captive unit of Huaze Aluminum received approval; Baotou Aluminum entered into a project cooperation agreement in respect of 500,000 tonnes aluminum alloy products and 4x350MW unit project; 2x660MW of Yinxing Power Plant of Chalco Xingxia Energy was approved to provide power supply to Zhejiang.

4.

The Company strengthened the marketing study and analysis and enhanced the application of marketing strategies. The Company researched and judged the market situation in an active manner, by tracking the market trend and strengthening the application of marketing strategies to increase the selling prices of products. Furthermore, we gave full play to the advantages of the information technology platform, in order to promote sunshine purchase. Through implementation of centralized purchasing, united negotiation and separate agreement, the Company enriched the purchasing decision-making model and set up the benchmark mechanism. The e-commerce purchasing platform of the Company won the Integrated Innovation Award of National E-commerce in 2014. Through strict planning and management in respect of supply and demand in market and promotion of logistics efficiency, the Company controlled the transportation cost and reduced fund occupation.

5.

The Company accelerated the application of scientific and technical achievements and gave full play to the core advantages of science and technology. Technical advancement is the significant route for the Company to turn loss and overcome difficulties and achieve transform and upgrade. The Company carried out 125 technical projects in different categories. Among which, the project of "Development and Application of Material Energy-saving Technology in respect of New Type of Cathode Structure Aluminum Electrolyzing Cell ()" won the Second-Prize of National Technical Advancement in 2014. The material and key techniques of 600 kA electrolyzing cell with ultra-large capacity passed the technique examination and the scientific and technical achievements authentications organized by the Ministry of Science and Technology and China Non-ferrous Metals Industry Association, showing that its overall techniques have reached the international advancement level. The efficient green aluminums electrolysis technique carried out the experimental study on packaged technology in respect of aluminum electrolyzing cell of different levels, which basically had the industrial experiment conditions. In alumina enterprises, the Company comprehensively promoted the application of efficient and advanced Bayer process, therefore, the average cycle efficiency of the Company increased by 2.73kg/m³ on a year-on-year basis. Moreover, the key technique of effective magnetic separation of iron mineral in tiny red mud obtained significant breakthrough.

6.

The Company intensified project management and strictly control the capital expenditure. Through benchmark management, we re-formulated the first level standard of construction investments in projects in relation to alumina, electrolytic aluminum, power plant, desulfurization and denitrification and others, refined the second level standard of construction investments in projects in relation to alumina, electrolytic aluminum and captive power plant, and formulated the overall standard of construction investment in mine projects. The Company strictly controlled the commencement of new projects with the investment expenditure within RMB8,700 million. In addition to enhancing the maintenance of financing channels, the Company enriched the financial categories to ensure the stable credit rating. Through successful issuance of perpetual bond of USD400 million with a term of three years, we effectively improved the capital structure of the Company. Adhering to the principle of "Determining Expenditure with Reference to Income, Balancing Income and Expenditure" (), the Company strengthened the collection of receivables and intensified the capital management, with the net cash flow of RMB13,800 million in operation during the year to fully cover the capital expenditure.

7.

The Company continued to conduct in-depth operating target responsibility management reform, with the constant release of enterprise vitality. On the basis of serious summary of the experiences, the Company continued to intensify the operating target responsibility management reform, further optimized the management structure, and encouraged the enthusiasm of the enterprises, with the achievements of market reform in eight enterprises, e.g. Shandong Branch. In order to further narrow the business accounting unit, the Company promoted the independent accounting of three major business units including mine, carbon and captive power plants. According to the principle of "Separation between management and operation" ( ), we achieved the professional management of coal enterprises and coal projects. Moreover, the Company proactively explored and practiced the reform of mixed ownership.

8.

The Company enhanced the safety and environmental facilities establishment, and strived to implement environmental protection. In the situation of limited funding, the Company carried forward twelve desulfurization and denitrification special projects in Shanxi Huaze, Lanzhou Branch, Guangxi Branch, Shanxi Branch, Henan Branch, Zhongzhou Branch and others with a total investment of RMB1.3 billion. Focusing on hidden problems resolving, the Company effectively promoted the management system operation in terms of safety, environment and quality to improve the corporate environmental guarantee capability.

Dividends

The Board did not propose any final dividend for the year ended 31 December 2014 and such proposal was subject to approval of shareholders at the forthcoming 2014 annual general meeting.

Results

For the year ended 31 December 2014, the Group recorded revenue of RMB141,772 million, representing a year-on-year decrease of 16.32% or RMB27,659 million from RMB169,431 million from continuing operations in 2013. Loss attributable to owners of the parent and loss per share attributable to owners of the parent was RMB16,217 million and RMB1.20 respectively.

Business Outlook and Prospects

The Company will particularly focus on the following tasks in the aspect of production and operation in 2015:

1.

Striving to implement a plan to turn loss and overcome difficulties. The Company will further vigorously liquidize our assets, and speed up to optimize the industrial structure. Guizhou Maochang mining project () will meet the condition of ore extraction in June, and Zhongzhou Duancun Leigou project () will meet the condition of ore extraction at the end of the year. The Company will increase efforts to development of alumina core business and complete construction of Guizhou Qingzhen Alumina project (). The Company will launch construction of the second phase alumina project in Xing County and the alumina project of Zhongzhou Branch, optimise energy structure, promote implementation of the boundary conditions under the first batch structural adjustment plan of 2x350MV self-prepared equipment of Huize Aluminum, actively develop joint venture, newly establish projects to realize the diversity of investment entities and accomplish the preparation of the "Thirteenth Five-year Plan"

2.

Continuing to enhance basic management. The Company will deepen operational transformation, enhance the level of comprehensive improvement for basic management, strengthen the management to target company, improve the level of management for areas of mining, increase the technology to deal with underground mining, increase the quality of the ratio of self-explored mines and supplied mines, optimize the production organization of alumina, improve the efficiency of circulation, perform energy saving, reduction of consumption and reliability enhancing for electrolytic aluminum in self-operated power plant, strive to increase the ratio of alloy building of the products with electrolytic aluminum, seize the job of carbon-related comprehensive governance and enhancement of quality and reduction of cost and work hard for approximately 5% and 3% of decrease in production cost of alumina and electrolyzed aluminium, respectively, as compared that in 2014.