China Molybdenum : 2021 FIRST QUARTERLY FINANCIAL REPORT

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.

(Stock Code: 03993)

2021 FIRST QUARTERLY FINANCIAL REPORT

The board of directors (the "Board") of China Molybdenum Co., Ltd.* (the "Company" or "CMOC") is pleased to announce the unaudited results of the Company and its subsidiaries (collectively the "Group") prepared in accordance with the Accounting Standards for Business Enterprises of the People's Republic of China for the first quarter ended 31 March 2021. This announcement is made pursuant to Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

• For identification purposes only
• This report was prepared in both Chinese and English versions. Where there is discrepancy between the Chinese and English versions, the Chinese version shall prevail.

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CONTENTS
I. IMPORTANT NOTICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4
II. BASIC INFORMATION OF THE COMPANY . . . . . . . . . . . . . . . . . . .	4
III. SIGNIFICANT EVENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	11
IV. APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	16

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Abstract:

• Benefiting from the rising prices of copper and cobalt, the Company's performance has been steadily rising. During the reporting period, the Company achieved operating revenue of RMB39.915 billion, up 78% year-on-year; EBITDA of RMB3.306 billion, up 124% year-on-year; and net profit attributable to the parent company of RMB1.007 billion, up 125% year-on-year; all of which were the best single-quarter levels since 2019. During the same period, capital expenditure was RMB684 million, up 37% year-on-year.
• During the reporting period, the production operation of each segment was good, and production was in line with expectations. Operations in DRC achieved copper production of 49,687 tonnes and cobalt production of 3,300 tonnes; molybdenum and tungsten production in China achieved 4,031 tonnes and 2,091 tonnes; Brazil operations produced 1,877 tonnes of niobium and 255.2 thousand tonnes of phosphate; NPM in Australia (based on 80% of equity interests) produced 5,648 tonnes of copper and 4,489 ounces of gold; IXM achieved concentrates sales of 608 thousand tonnes and refined metal sales of 792 thousand tonnes.
• The Company continued to promote cost reduction and efficiency improvement, and achieved significant cost reduction results in the first quarter of 2021. RMB175 million cost reduction was achieved, of which the contribution of the DRC segment was particularly significant, with a total reduction US$16.5 million through measures such as improving recovery rate of copper and reducing administrative costs.
• Continued to increase liquidity reserves and maintained a healthy asset and liability structure. As of the end of first quarter of 2021, the Company's cash and cash equivalents was RMB23.1 billion, and the net interest-bearing debt ratio was further reduced to 23.38%, with sufficient liquidity reserves.

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1. IMPORTANT NOTICE
2. 1. The Board, the supervisory committee, the directors, supervisors and senior management of the Company warrant the truthfulness, accuracy and completeness of the contents set out in this quarterly report, and that it contains no false representation, misleading statement nor material omission, and assume several and joint legal responsibilities.
   2. All the directors of the Company attended the board meeting to consider the quarterly report.
   3. Yuan Honglin, the person in charge of the Company, Wu Yiming, the person in charge of accounting affairs and Rong Yinjie, the person responsible for the accounting department, warrant the truthfulness, accuracy and completeness of the financial statements in this quarterly report.
   4. The first quarterly financial report of the Company is unaudited.

1. BASIC INFORMATION OF THE COMPANY 2.1 Key Financial Data

		Unit: Yuan	Currency: RMB
			Increase/decrease
			as at the end
			of the reporting
	As at the end	As at the	period as
	of the	end of	compared with
Items	reporting period	last year	the end of last year
			(%)
Total assets	132,339,433,186.68	122,441,249,889.87	8.08
Net assets attributable to the shareholders
of the listed company	38,656,028,643.53	38,891,780,788.15	-0..61

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		From the beginning
	From the beginning	of last year	Increase/decrease
	of the year	to the end of the	as compared with
	to the end of the	reporting period	the same period
Items	reporting period	of last year	of last year
			(%)
Net cash flow from operating activities	2,569,906,910.68	5,887,743,222.10	-56.35
Operating revenue	39,915,601,697.31	22,382,525,359.85	78.33
Net profit attributable to the shareholders of
the listed company	1,007,464,715.66	448,129,593.18	124.82
Net profit after deduction of non-recurring
profits or losses attributable to the
shareholders of the listed company	503,258,262.86	209,663,660.36	140.03
Weighted average rate of return on net			increased by 1.50
assets (%)	2.60	1.10	percentage points
Basic earnings per share
(RMB Yuan/Share)	0.047	0.021	123.81
Diluted EPS (RMB Yuan/Share)	N/A	N/A	N/A

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Items and amounts for non-recurring profits or losses

	Unit: Yuan Currency: RMB
	Amount for
Items	the period	Explanations
Profits or losses from disposal of non-current assets	-51,346.39
Government grants included in profit and loss for the	8,358,312.77	Including subsidies for low-
period, except for those closely relevant to the			grade scheelite project of
Company's normal business and in compliance			RMB2 million
with national policies and regulations and granted
continuously according to certain standardized
amounts or quotas
Investment gains arising from changes in fair value	-1,437,905,030.53	Including changes in fair
and disposal of held-for-trading financial assets,			value of derivate financial
derivative financial assets, held-for-trading			instruments of metal trading
financial liabilities, derivative financial liabilities			business of IXM amounting
and other non-current financial assets, except for			to RMB-1,571 million
those effectively hedged associated with normal
business operations of the Company
Other losses in changes of fair value	-2,488,064.92
Gains or losses in changes of fair value of assets and	1,975,217,793.31
liabilities including trading inventories measured at
fair value of IXM's metal trading business
Other non-operating income and expenses other than	-4,577.48
the above items
Effects of non-controlling interests (after tax)	-2,386.67
Income tax effects	-38,918,247.29
Total	504,206,452.80

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2.2 Table showing total number of shareholders, shareholdings of top 10 shareholders and top 10 holders of tradable shares (or shareholders not subject to trading moratorium) as of the end of the reporting period

					Unit: 0'000 Shares
Total number of shareholders (shareholder)			440,555
		Top 10 shareholders
			Number	Subject to pledge or
	Number of		of shares	moratorium
	shares held	Percentage	held with
Name of shareholders	as at the end	of	selling	Status of		Nature of
(full name)	of the period	shareholding	restrictions	shares	Number	shareholders
	(A shares/
	H shares)	(%)
Cathay Fortune Corporation	533,322.00	24.69	0	Nil	0	Domestic non-
(鴻商產業控股	(A shares					state owned legal
集團有限公司)	& H shares)					person
Luoyang Mining Group Co.,	532,978.04	24.68	0	Nil	0	State-owned legal
Ltd. (洛陽礦業集團	(A shares)					person
有限公司)
HKSCC NOMINEES	359,229.43	16.63	0	Unknown	0	Foreign legal person
LIMITED (香港中央	(H shares)
結算（代理人）有限
公司)
Jianxin Fund - Industrial	63,191.70	2.93	0	Nil	0	Unknown
and Commercial Bank	(A shares)
of China - Shaanxi
Province International
Trust - Shan Guotou •
Jinyu No. 6 Directional
Investment Collection
Fund Trust Plan (建信
基金－工商銀行－陝
西省國際信託－陝
國投• 金玉6號定向
投資集合資金信託
計劃)
Hong Kong Securities	55,292.88	2.56	0	Nil	0	Foreign legal person
Clearing Company Ltd.	(A shares)
(香港中央結算有限
公司)

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理有限責任公司) Abu Dhabi Investment

Authority (阿布達 比投資局)

Name of shareholders (full name)

			Number	Subject to pledge or
	Number of		of shares	moratorium
	shares held	Percentage	held with
	as at the end	of	selling	Status of		Nature of
	of the period	shareholding	restrictions	shares	Number	shareholders
	(A shares/
	H shares)	(%)
Minsheng Bank Fund	35,194.25	1.63	0	Nil	0	Unknown
- Bank of Ningbo	(A shares)
-Jiaxing Minliu
Investment Partnership
(Limited Partnership)
*(民生加銀基金－寧
波銀行－嘉興民琉
投資合夥企業（有限
合夥))
China Structural Reform	34,375.27	1.59	0	Nil	0	State-owned legal
Fund Corporation	(A shares)					person
Limited (中國國有
企業結構調整基
金股份有限公司)
Ningbo Shanshan Venture	22,861.51	1.06	0	Pledge	15,000	Domestic non-
Capital Co., Ltd.	(A shares)					state owned legal
(寧波杉杉創業投						person
資有限公司)
Central Huijin Asset	6,424.29	0.30	0	Nil	0	State-owned legal
Management Limited	(A shares)					person
(中央匯金資產管
	6,236.62	0.29	0	Nil	0	Unknown
	(A shares)

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Top 10 shareholders not subject to trading moratorium

	Number of
	tradable
	shares not
	subject to
Name of shareholders	trading	Types and quantity of shares
(full name)	moratorium	Types	Quantity
Cathay Fortune	533,322.00	RMB-denominated	533,322.00
Corporation ( 鴻 商 產		ordinary shares (A
業 控 股 集 團 有 限 公		shares) and overseas
司)		listed foreign-
		invested shares (H
		shares)
Luoyang Mining Group	532,978.04	RMB-denominated	532,978.04
Co., Ltd. ( 洛 陽 礦 業		ordinary shares
集 團 有 限 公 司)		(A shares)
HKSCC NOMINEES	359,229.43	Overseas listed foreign-	359,229.43
LIMITED ( 香 港 中 央		invested shares (H
結 算（代 理 人）有 限		shares)
公 司)
Jianxin Fund - Industrial	63,191.70	RMB-denominated	63,191.70
and Commercial Bank		ordinary shares
of China - Shaanxi		(A shares)
Province International
Trust - Shan Guotou •
Jinyu No. 6 Directional
Investment Collection
Fund Trust Plan ( 建信
基 金－工 商 銀 行－
陝 西 省 國 際 信 託－
陝 國 投 • 金 玉6 號 定
向 投 資 集 合 資 金 信
託 計 劃)
Hong Kong Securities	55,292.88	RMB-denominated	55,292.88
Clearing Company		ordinary shares
Ltd.( 香 港 中 央 結 算		(A shares)
有 限 公 司)

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	Number of
	tradable
	shares not
	subject to
Name of shareholders	trading	Types and quantity of shares
(full name)	moratorium	Types	Quantity
Minsheng Bank Fund	35,194.25	RMB-denominated	35,194.25

- Bank of Ningbo		ordinary shares
-Jiaxing Minliu		(A shares)
Investment Partnership
(Limited Partnership)
( 民 生 加 銀 基 金- 寧
波 銀 行- 嘉 興 民 琉
投 資 合 夥 企 業（有
限 合 夥))
China Structural Reform	34,375.27	RMB-denominated	34,375.27
Fund Corporation		ordinary shares
Limited ( 中 國 國 有		(A shares)
企 業 結 構 調 整 基 金
股 份 有 限 公 司)
Ningbo Shanshan	22,861.51	RMB-denominated	22,861.51
Venture Capital Co.,		ordinary shares
Ltd.( 寧 波 杉 杉 創 業		(A shares)
投 資 有 限 公 司)
Central Huijin Asset	6,424.29	RMB-denominated	6,424.29
Management Limited		ordinary shares
( 中 央 匯 金 資 產 管		(A shares)
理 有 限 責 任 公 司)
Abu Dhabi Investment	6,236.62	RMB-denominated	6,236.62
Authority ( 阿 布 達 比		ordinary shares
投 資 局)		(A shares)

Explanation of the aforesaid shareholders' related relations or concerted action

Cathay Fortune International Company Limited ( 鴻 商 產 業 國 際 有 限 公 司) and Cathay Fortune Investment Limited ( 鴻 商 投 資 有 限 公司)，which are wholly-ownedsubsidiaries of Cathay Fortune Corporation ( 鴻商產業控股集 團有限公司), hold 303 million H shares of the

Company, which were registered under HKSCC NOMINEES LIMITED ( 香港中央結算（代理

人）有 限 公 司). Cathay Fortune Corporation, which holds a total of 5,333.22 million shares of the Company, accounting for 24.69% of the shareholding, is the controlling shareholder of the Company.

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1. SIGNIFICANT EVENTS
   3.1 Particulars of and reasons for material changes in major accounting items and financial indicators of the Company
   3.1.1 Items in Balance Sheet

			Unit: Yuan	Currency: RMB
			Increase/
Items	31 March 2021 31 December 2020	Decrease	Notes
Cash and bank balances	23,082,465,227.80	16,947,648,080.87	36.20%	The increase in cash and bank
				balances was mainly due to the
				increase in net cash inflow of
				the mining business and the
				increase in liquidity reserve
Held-for-trading financial	10,145,779,596.26	7,435,128,840.50	36.46%	The increase in held-for-trading
assets				financial assets was mainly
				due to the increase of account
				receivables of basic metal
				trading business which is
				designated as held-for-trading
				financial assets following the
				rising prices of the commodities
Short-term borrowings	28,927,842,277.74	20,464,481,097.49	41.36%	The increase in short-term loan
				was mainly due to the increase
				of the borrowing during the
				period
Held-for-trading financial	8,074,831,605.64	4,291,950,709.21	88.14%	The increase in held-for-trading
liabilities				financial liabilities was mainly
				due to the increase of gold lease

business and account payables of metal trading business which is designated as held-for-trading financial liabilities

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			Increase/
Items	31 March 2021 31 December 2020	Decrease	Notes
Taxes payable	1,689,914,186.50	845,217,960.37	99.94%	The increase in tax payables was
				mainly due to the increase of
				income tax payables of copper
				and cobalt business
Non-current liabilities due	3,342,254,884.23	5,329,646,086.38	-37.29%	The decrease in non-current
within one year				liabilities due within one year
				was mainly due to the repayment
				of medium-term notes during
				the period
Other current liabilities	179,443,628.68	2,159,431,822.36	-91.69%	The decrease in other current
				liabilities was mainly due to the
				repayment of super short-term
				commercial paper during the
				period
Other comprehensive	-4,829,091,457.28	-3,585,690,161.76	-34.68%	The difference was mainly due to
income				the impact of cash flow hedge
				reserves

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3.1.2 Items in Income Statement
			Unit: Yuan	Currency: RMB
	January to	January to	Increase/
Items	March 2021	March 2020	decrease	Notes
Operating income	39,915,601,697.31	22,382,525,359.85	78.33%	The increase in operating income was
				mainly due to the rising copper
				and cobalt prices and the growth in
				basic metal trading business scale
				during the period
Operating costs	35,703,105,093.64	23,537,038,499.92	51.69%	The increase in operating costs was
				mainly due to the growth in basic
				metal trading business scale during
				the period
Financial expenses	239,840,639.29	367,271,181.67	-34.70%	The increase in finance expenses
				was mainly due to the increase of
				exchange differences caused by the
				exchange rate fluctuation during the
				period
Investment income	9,973,927.84	132,138,573.86	-92.45%	The decrease in investment income
				was mainly due to the decrease of
				investment income on disposal of
				other non-current financial assets
				during the period
Gains from changes in fair	-1,441,896,007.07	2,194,008,739.08	-165.72%	The increase in losses from changes
value				in fair value was mainly due to the
				increase of losses from changes in
				fair value of derivative financial
				instruments during the period
Losses from assets	-8,030,049.33	-25,248,192.70	68.20%	The decrease in losses from assets
impairment				impairment was mainly due to
				decrease of losses on decline in
				value of inventories during the
				period
Income tax expenses	663,453,546.96	-283,734,727.27	333.83%	The increase in income tax expenses
				was mainly due to the significant

increase of the profits from copper and cobalt business during the period

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3.1.3 Items in Cash Flow Statement
			Unit: Yuan	Currency: RMB
	January to	January to	Increase/
Items	March 2021	March 2020	decrease	Notes
Net cash flow from	2,569,906,910.68	5,887,743,222.10	-56.35%	The net operating cash inflow from
operating activities				the basic metal trading business
				decreased by RMB3.8 billion
				during the period
Net cash flow from	-4,419,778,719.54	-7,074,523,037.94	37.53%	The increase in the net cash flow
investing activities				from investing activities was
				mainly due to the decrease of
				structured deposits as compared
				to the same period last year
Net cash flow from	5,682,044,491.04	5,529,037,102.64	2.77%	Remain stable
financing activities

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3.1.4 Output of Major Products
				Production	Sales
				volume increase/	volume increase/
				decrease for the	decrease for the
				reporting period	reporting period
				as compared	as compared
		Production	Sales	with the same	with the same
Principal products	Unit	volume	volume	period last year	period last year
				(%)	(%)
Metal exploration and processing (Note 1)
Molybdenum (Note 2)	Tonnes	4,031	3,969	14.53	14.41
Tungsten	Tonnes	2,091	2,041	-11.20	14.50
Niobium	Tonnes	1,877	1,759	-21.64	-23.75
Phosphate(HA+LA)	Tonnes	255,166	286,127	-11.29	39.10
Copper (TFM)	Tonnes	49,687	46,612	16.38	19.10
Cobalt	Tonnes	3,300	3,794	1.74	-28.87
Copper (80% equity interest of
NPM)	Tonnes	5,648	4,498	-20.42	-7.02
Gold (80% equity interest of NPM)	Ounces	4,489	3,508	-18.85	-5.18
				Purchase	Sales
				volume increase/	volume increase/
				decrease for the	decrease for the
				reporting period	reporting period
				as compared	as compared
		Purchase	Sales	with the same	with the same
	Unit	volume	volume	period last year	period last year

Metal trading

Mineral metals Refined metals

(Note 3)

(Note 4)

Tonnes	621,000	608,000	-9.28	16.21
Tonnes	836,000	791,999	28.85	26.82

Note 1: Data relating to production volume, sales volume in the mining and processing stage of the mines is the data of each mine.

Note 2: Including joint venture Luoyang Fuchuan Mining Co, Ltd.

Note 3: The primary products of metal minerals, mainly are the concentrates.

Note 4: The smelting of metal minerals and chemical products.

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IV. APPENDIX

4.1 Financial statements

CONSOLIDATED BALANCE SHEET 31 March 2021

	Unit: Yuan Currency: RMB Unaudited
Items		31 March 2021	31 December 2020
Current assets:	23,082,465,227.80
Cash and bank balances	16,947,648,080.87
Held-for-trading financial assets	10,145,779,596.26	7,435,128,840.50
Derivative financial assets	1,937,638,345.96	2,060,111,110.42
Accounts receivable	901,664,103.11	702,193,713.91
Financing receivables	459,502,620.18	405,697,607.38
Prepayments	1,071,799,698.01	1,405,838,288.25
Other receivables	1,956,840,370.74	1,676,752,484.31
Including: Interests receivable	430,070,665.77	344,628,170.18
Inventories	22,889,413,875.00	21,170,188,531.54
Other current assets		4,546,552,372.76	5,436,087,014.38
Total current assets		66,991,656,209.82		57,239,645,671.56
Non-current assets:
1,364,993,319.66
Long-term equity investments		1,348,252,898.68
Other investments in equity instruments	86,215,150.08	86,214,350.23
Other non-current financial assets	4,019,510,942.80	4,678,191,536.17
Fixed assets	23,032,647,681.56	23,328,330,597.04
Construction in progress	4,310,229,926.21	3,958,981,388.37
Right-of-use assets	541,766,074.20	487,786,129.11
Intangible assets	21,258,407,848.65	21,511,518,662.57
Long-term inventories	6,022,951,645.34	5,845,918,877.35
Goodwill	399,083,185.52	396,265,256.07
Long-term prepaid expenses	119,930,694.33	127,533,613.45
Deferred tax assets	832,278,895.38	497,166,341.93
Other non-current assets	3,359,761,613.13	2,935,444,567.34
Total non-current assets	65,347,776,976.86		65,201,604,218.31
Total assets	132,339,433,186.68		122,441,249,889.87

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Items	31 March 2021	31 December 2020
Current liabilities:	28,927,842,277.74
Short-term borrowings	20,464,481,097.49
Held-for-trading financial liabilities	8,074,831,605.64	4,291,950,709.21
Derivative financial liabilities	4,589,998,794.81	5,021,779,572.93
Notes payable	729,192,440.19	627,937,567.02
Accounts payable	940,243,845.74	876,914,865.30
Contract liabilities	476,068,929.81	371,984,342.17
Employee benefits payable	731,737,294.07	769,350,564.51
Taxes payable	1,689,914,186.50	845,217,960.37
Other payables	1,503,274,867.14	1,599,240,517.18
Including: Interests payable	144,339,411.59	222,893,031.58
Dividends payable	27,885,796.67	27,885,796.67
Non-current liabilities due within one year	3,342,254,884.23	5,329,646,086.38
Other current liabilities	179,443,628.68	2,159,431,822.36
Total current liabilities	51,184,802,754.55		42,357,935,104.92
Non-current liabilities:
16,669,108,724.06
Long-term borrowings		15,360,372,820.17
Bonds payable	3,642,825,000.00	3,631,225,000.00
Non-current derivative financial liabilities	391,276,700.24	417,159,248.94
Lease liabilities	315,773,877.09	247,794,476.14
Long-term employee benefits payable	334,860,445.95	323,797,716.11
Provisions	2,403,648,489.84	2,750,507,412.49
Deferred income	58,734,869.71	60,587,483.62
Deferred tax liabilities	6,222,394,134.54	6,269,305,883.30
Other non-current liabilities	3,741,232,302.22	3,687,709,740.77
Total non-current liabilities	33,779,854,543.65		32,748,459,781.54
Total liabilities	84,964,657,298.20		75,106,394,886.46

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Items	31 March 2021	31 December 2020
Shareholders' equity (or equity interest):	4,319,848,116.60
Paid-in capital (or share capital)	4,319,848,116.60
Capital reserve	27,582,794,983.23	27,582,794,983.23
Less: Treasury shares	193,840,466.48	193,840,466.48
Other comprehensive income	-4,829,091,457.28	-3,585,690,161.76
Special reserve	415,334.30	230,899.06
Surplus reserve	1,295,599,051.54	1,295,599,051.54
Retained profits	10,480,303,081.62	9,472,838,365.96
Total equity attributable to the shareholders of	38,656,028,643.53
the parent company (or equity interest)	38,891,780,788.15
Minority interests	8,718,747,244.95	8,443,074,215.26
Total shareholders' equity (or equity interest)	47,374,775,888.48		47,334,855,003.41
Total liabilities and shareholders' equity (or
equity interest)	132,339,433,186.68		122,441,249,889.87

- 18 -

BALANCE SHEET OF THE COMPANY

January to March 2021

	Unit: Yuan Currency: RMB Unaudited
Items		31 March 2021	31 December 2020
Current assets:
Cash and bank balances	11,839,959,621.01	7,045,029,428.45
Held-for-trading financial assets	702,017,934.73	200,032,876.71
Accounts receivable	744,106,554.33	365,342,418.35
Financing receivables	61,333,748.03	7,966,803.02
Prepayments	164,906,003.90	143,016,792.20
Other receivables	2,728,688,376.52	3,682,649,191.28
Including: Interests receivable	527,113,303.21	468,074,888.87
Dividends receivable	44,006,084.08	44,006,084.08
Inventories	181,946,784.57	199,847,211.21
Other current assets	78,781,521.21	80,818,294.02
Total current assets	16,501,740,544.30		11,724,703,015.24
Non-current assets:
Long-term equity investments	31,891,514,589.58		31,912,290,109.90
Other non-current financial assets	582,279,860.26	580,980,901.35
Fixed assets	1,771,312,529.61	1,640,559,215.13
Construction in progress	307,898,448.71	268,937,597.32
Intangible assets	300,742,398.69	282,262,342.23
Long-term prepaid expenses	124,427,687.23	132,147,350.14
Deferred tax assets	186,170,415.65	116,038,320.48
Other non-current assets		77,089,457.11	77,089,457.11
Total non-current assets		35,241,435,386.84		35,010,305,293.66
Total assets	51,743,175,931.14		46,735,008,308.90

- 19 -

Items	31 March 2021	31 December 2020
Current liabilities:
Short-term borrowings	5,951,408,000.00	2,195,747,000.00
Held-for-trading financial liabilities	1,777,825,398.24	449,732,550.75
Derivative financial liabilities	783,921,939.90	449,661,924.05
Notes payable	128,816,208.39	122,572,692.44
Accounts payable	165,931,062.75	152,707,814.98
Contract liabilities	695,524,945.79	169,168,094.52
Employee benefits payable	57,540,844.18	92,673,541.26
Taxes payable	57,254,253.10	10,422,432.90
Other payables	3,624,686,128.88	2,162,049,869.58
Including: Interests payable	81,348,398.77	129,344,304.05
Non-current liabilities due within one year	40,200,000.00	2,000,000,000.00
Other current liabilities	158,853,052.72	2,101,491,643.61
Total current liabilities	13,441,961,833.95		9,906,227,564.09
Non-current liabilities:
Long-term borrowings	1,824,800,000.00		200,000,000.00
Bonds payable	2,000,000,000.00	2,000,000,000.00
Non-current derivative financial liabilities	391,276,700.24	406,801,357.57
Provisions	47,570,371.67	47,570,371.67
Deferred income	57,416,536.40	18,402,410.30
Other non-current liabilities	165,364,319.14	165,364,319.14
Total non-current liabilities	4,486,427,927.45		2,838,138,458.68
Total liabilities	17,928,389,761.40		12,744,366,022.77
Shareholders' equity (or equity interest):
Paid-in capital (Share capital)	4,319,848,116.60		4,319,848,116.60
Capital reserve	27,633,234,087.22	27,633,234,087.22
Less: Treasury shares	193,840,466.48	193,840,466.48
Special reserve	222,426.55	230,899.06
Surplus reserve	1,305,892,188.78	1,295,599,051.54
Retained profits	749,429,817.07	935,570,598.19
Total shareholders' equity (or equity interest)	33,814,786,169.74		33,990,642,286.13
Total liabilities and shareholders' equity (or
equity interest)	51,743,175,931.14		46,735,008,308.90

- 20 -

CONSOLIDATED INCOME STATEMENT

January to March 2021

Unit: Yuan Currency: RMB Unaudited

	January to	January to
Items	March 2021	March 2020
I. Total operating income	39,915,601,697.31	22,382,525,359.85
Including: Operating income	39,915,601,697.31	22,382,525,359.85
II. Total operating costs	36,596,220,236.00		24,546,358,007.86
Including: Operating costs	35,703,105,093.64		23,537,038,499.92
Taxes and levies	246,353,223.16	265,580,021.71
Selling expenses	20,243,639.39	23,389,606.80
Administrative expenses	366,277,502.32	333,822,373.26
Research and development expenses	20,400,138.20	19,256,324.50
Financial expenses	239,840,639.29	367,271,181.67
Including: Interest expenses	436,335,185.43	459,960,310.22
Interest income	173,359,004.59	209,528,094.38
Add: Other income	8,358,312.77	2,092,412.10
Investment income
(losses are indicated by "-")	9,973,927.84		132,138,573.86
Including: Income from investments in
associates and joint ventures	8,471,016.24		1,413,710.28
Gains from changes in fair value
(losses are indicated by "-")	-1,441,896,007.07		2,194,008,739.08
Losses from credit impairment
(losses are indicated by "-")	545,823.44		-151,760.94
Losses from assets impairment
(losses are indicated by "-")	-8,030,049.33		-25,248,192.70
Gains from disposal of assets
(losses are indicated by "-")	-51,346.39		-20,142.33
III. Operating profit (loss is indicated by "-")	1,888,282,122.57		138,986,981.06
Add: Non-operating income	4,672,874.77		1,595,265.77
Less: Non-operating expenses	4,677,452.24		3,928,398.21
IV. Total profit (loss is indicated by "-")	1,888,277,545.10		136,653,848.62
Less: Income tax expenses	663,453,546.96		-283,734,727.27

- 21 -

		January to	January to
Items		March 2021	March 2020
V. Net profit (loss is indicated by "-")	1,224,823,998.14	420,388,575.89
(I)	Classified by business continuity
	1. Net profit from continuing operations
	(loss is indicated by "-")	1,224,823,998.14	420,388,575.89
(II)	Classified by ownership:
	1. Net profit attributable to
	owners of the parent company
	(loss is indicated by "-")	1,007,464,715.66		448,129,593.18
	2. Net profit attributable to minority
	interests (loss is indicated by "-")	217,359,282.48		-27,741,017.29
VI. Other comprehensive income, net of tax	-1,185,288,821.52	-317,138,622.02
Other comprehensive income attributable to
	owners of the parent company, net of tax	-1,243,401,295.52	-442,369,002.15
(I)	Other comprehensive income that will
	not be reclassified to profit or loss	0.00		-16,511,875.24
	1. Remeasurement of changes in defined
	benefit plans	0.00		-16,511,875.24
(II)	Other comprehensive income that may be
	reclassified subsequently to profit or loss	-1,243,401,295.52		-425,857,126.91
	1. Cash flow hedges reserve	-1,493,020,852.41	-671,281,398.41
	2. Foreign exchange difference from
	translation of financial statements	249,619,556.89	245,424,271.50
	Other comprehensive income
	attributable to minority interests,
	net of tax	58,112,474.00	125,230,380.13
VII. Total comprehensive income	39,535,176.62		103,249,953.87
Total comprehensive income attributable to
	shareholders of the parent company	-235,936,579.86		5,760,591.03
Total comprehensive income attributable to
	minority interests	275,471,756.48		97,489,362.84
VIII. Earnings per share:
(I)	Basic earnings per share (RMB Yuan/Share)	0.047		0.021
(II)	Diluted earnings per share (RMB Yuan/Share)	N/A	N/A

- 22 -

INCOME STATEMENT OF THE COMPANY

January to March 2021

Unit: Yuan Currency: RMB Unaudited

	January to	January to
Items	March 2021	March 2020
I. Operating revenue	895,930,208.12		821,183,302.84
Less: Operating costs	523,991,226.17		390,755,955.05
Taxes and levies	36,703,359.38	59,811,794.79
Selling expenses	0.00	8,135.31
Administrative expenses	68,974,333.08	55,305,584.12
Research and development expenses	17,063,635.99	12,941,851.40
Financial expenses	48,259,874.80	25,179,587.37
Including: Interest expenses	104,669,254.84	93,557,254.77
Interest income	100,363,631.75	96,069,268.50
Add: Other income	5,546,046.52	167,034.09
Investment income
(losses are indicated by "-")	5,580,256.56		20,723,165.82
Including: Income from investments in
associates and joint ventures	-775,520.32		7,514,036.54
Gains from changes
in fair value
(losses are indicated by "-")	-528,670,003.84		-180,813,653.96
Gains from disposal of assets
(losses are indicated by "-")	338,543.33		63,764.40
II. Operating profit (losses are indicated by "-")	-316,267,378.73		117,320,705.15
Add: Non-operating income	175,903.85		7,020.00
Less: Non-operating expenses	3,954,292.06		3,268,607.48
III. Total profit (loss is indicated by "-")	-320,045,766.94		114,059,117.67
Less: Income tax expenses	-56,825,414.99		10,407,427.51
IV. Net profit (loss is indicated by "-")	-263,220,351.95		103,651,690.16
(I) Net profit from continuing operations
(loss is indicated by "-")	-263,220,351.95		103,651,690.16
V. Other comprehensive income	/		/
VI. Total comprehensive income	-263,220,351.95		103,651,690.16

- 23 -

CONSOLIDATED CASH FLOW STATEMENT

January to March 2021

Unit: Yuan Currency: RMB Unaudited

	January to	January to
Items	March 2021	March 2020
I. Cash flows from operating activities:
Cash receipts from the sale of goods and
the rendering of services	38,859,584,818.00		24,498,608,659.33
Other cash receipts relating to
operating activities	97,172,053.31		598,249,549.54
Sub-total of cash inflows from
operating activities	38,956,756,871.31		25,096,858,208.87
Cash payments for goods purchased and
services received	34,826,496,636.27		17,655,416,027.66
Cash payments to and on behalf of employees	735,894,672.33		607,560,131.35
Payments of various types of taxes	703,782,549.75		867,144,356.46
Other cash payments relating to
operating activities	120,676,102.28		78,994,471.30
Sub-total of cash outflows from
operating activities	36,386,849,960.63		19,209,114,986.77
Net cash flow from operating activities	2,569,906,910.68		5,887,743,222.10

- 24 -

	January to	January to
Items	March 2021	March 2020
II. Cash flows from investing activities:
Cash receipts from disposals and
recovery of investments	1,246,039,975.85		1,169,238,799.41
Cash receipts from investment income	15,114,951.94		8,196,218.33
Net cash receipts from disposals of fixed assets,
intangible assets and other long-term assets	952,223.00		0.00
Other cash receipts relating to
investing activities	1,517,557,856.84		120,440,394.28
Sub-total of cash inflows from
investing activities	2,779,665,007.63		1,297,875,412.02
Cash payments to acquire or construct
fixed assets, intangible assets and
other long-term assets	683,557,858.87		499,954,942.91
Cash payments to acquire investments	3,706,407,292.45		7,573,866,198.26
Other cash payments relating to
investing activities	2,809,478,575.85		298,577,308.79
Sub-total of cash outflows from
investing activities	7,199,443,727.17		8,372,398,449.96
Net cash flow from investing activities	-4,419,778,719.54		-7,074,523,037.94

- 25 -

	January to	January to
Items	March 2021	March 2020
III. Cash flows from financing activities:
Cash receipts from borrowings	32,802,067,785.02		12,766,185,812.09
Other cash receipts relating to
financing activities	1,901,390,423.19		3,130,760,096.62
Sub-total of cash inflows from
financing activities	34,703,458,208.21		15,896,945,908.71
Cash repayments of borrowings	28,079,446,586.48		8,464,426,828.10
Cash payments for distribution of dividends or
profits and settlement of interests	425,324,972.74		469,550,355.08
Other cash payments relating to
financing activities	516,642,157.95		1,433,931,622.89
Sub-total of cash outflows from
financing activities	29,021,413,717.17		10,367,908,806.07
Net cash flow from financing activities	5,682,044,491.04		5,529,037,102.64
IV. Effect of foreign exchange rate
changes on cash and cash equivalents	18,635,071.19		76,889,344.12
V. Net increase (decrease) in cash and
cash equivalents	3,850,807,753.37		4,419,146,630.92
Add: Opening balance of cash and
cash equivalents	11,448,950,438.25		12,392,247,511.85
VI. Closing balance of cash and cash equivalents	15,299,758,191.62		16,811,394,142.77

- 26 -

CASH FLOW STATEMENT OF PARENT COMPANY

January to March 2021

Unit: Yuan Currency: RMB Unaudited

	January to	January to
Items	March 2021	March 2020
I. Cash flows from operating activities:
Cash receipts from the sale of goods and	1,132,433,078.45
the rendering of services		4,227,187,662.38
Other cash receipts relating to	2,304,710,290.54
operating activities		1,469,597,240.29
Sub-total of cash inflows from
operating activities	3,437,143,368.99		5,696,784,902.67
Cash payments for goods purchased and
155,229,163.29
services received		122,791,064.34
Cash payments to and on behalf of employees	150,107,356.88		127,084,558.13
Payments of various types of taxes	53,160,734.22		185,342,436.20
Other cash payments relating to	1,147,660,719.96
operating activities		2,066,505,218.53
Sub-total of cash outflows from
operating activities	1,506,157,974.35		2,501,723,277.20
Net cash flow from operating activities	1,930,985,394.64		3,195,061,625.47

- 27 -

	January to	January to
Items	March 2021	March 2020
II. Cash flows from investing activities:
Cash receipts from disposals and	400,000,000.00
recovery of investments		1,000,000,000.00
Cash receipts from investment income	6,355,776.88		8,196,218.33
Net cash receipts from disposals of fixed assets,	952,223.00
intangible assets and other long-term assets		0.00
Other cash receipts relating to	1,799,911,774.48
investing activities		2,175,220,707.34
Sub-total of cash inflows from
investing activities	2,207,219,774.36		3,183,416,925.67
Cash payments to acquire or construct
fixed assets, intangible assets and	36,901,446.08
other long-term assets		71,932,671.50
Cash payments to acquire investments	1,981,177,157.92		3,730,033,763.63
Other cash payments relating to	1,231,351,001.50
investing activities		2,614,390,197.68
Sub-total of cash outflows from
investing activities	3,249,429,605.50		6,416,356,632.81
Net cash flow from investing activities	-1,042,209,831.14		-3,232,939,707.14
III. Cash flows from financing activities:
Cash receipts from borrowings	9,502,052,000.00		4,930,378,000.00
Other cash receipts relating to
financing activities	2,512,823,355.49		3,155,436,749.63
Sub-total of cash inflows from
financing activities	12,014,875,355.49		8,085,814,749.63
Cash repayments of borrowings	8,098,842,992.35		2,678,000,000.00
Cash payments for distribution of dividends or
profits and settlement of interests	146,715,401.30		103,993,624.94
Other cash payments relating to
financing activities	729,142,624.16		1,589,250,356.98
Sub-total of cash outflows from
financing activities	8,974,701,017.81		4,371,243,981.92
Net cash flow from financing activities	3,040,174,337.68		3,714,570,767.71

- 28 -

	January to		January to
Items	March 2021		March 2020
IV. Effect of foreign exchange rate
changes on cash and cash equivalents	-2,040,451.78	-207,044.61
V. Net increase in cash and
cash equivalents	3,926,909,449.40	3,676,485,641.43
Add: Opening balance of cash and
cash equivalents	4,948,637,106.52	3,233,637,947.06
VI. Closing balance of cash and cash equivalents	8,875,546,555.92	6,910,123,588.49

Luoyang City, Henan Province, the People's Republic of China, 27 April 2021

As at the date of this announcement, the Company's executive directors are Mr. Li Chaochun and Mr. Li Faben; the Company's non-executive directors are Mr. Yuan Honglin, Mr. Guo Yimin and Mr. Cheng Yunlei; and the Company's independent non- executive directors are Mr. Wang Gerry Yougui, Ms. Yan Ye and Mr. Li Shuhua.

- 29 -